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    811-21977

                             Invesco Exchange-Traded Fund Trust II                        

(Exact name of registrant as specified in charter)

3500 Lacey Road

                              Downers Grove, IL 60515                            

(Address of principal executive offices) (Zip code)

Daniel E. Draper

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:  October 31

Date of reporting period:  April 30, 2019

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, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

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

April 30, 2019

TAO	Invesco China Real Estate ETF
HAO	Invesco China Small Cap ETF
CQQQ	Invesco China Technology ETF
PIZ	Invesco DWA Developed Markets Momentum ETF
PIE	Invesco DWA Emerging Markets Momentum ETF
FRN	Invesco Frontier Markets ETF
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF
PDN	Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
PXH	Invesco FTSE RAFI Emerging Markets ETF
PBD	Invesco Global Clean Energy ETF
PIO	Invesco Global Water ETF
IPKW	Invesco International BuyBack Achievers™ ETF
CUT	Invesco MSCI Global Timber ETF
LVL	Invesco S&P Global Dividend Opportunities Index ETF
CGW	Invesco S&P Global Water Index ETF
IDHQ	Invesco S&P International Developed Quality ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

Table of Contents

International Portfolios
Schedules of Investments
Invesco China Real Estate ETF (TAO)	3
Invesco China Small Cap ETF (HAO)	5
Invesco China Technology ETF (CQQQ)	11
Invesco DWA Developed Markets Momentum ETF (PIZ)	13
Invesco DWA Emerging Markets Momentum ETF (PIE)	16
Invesco Frontier Markets ETF (FRN)	19
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)	21
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)	33
Invesco FTSE RAFI Emerging Markets ETF (PXH)	49
Invesco Global Clean Energy ETF (PBD)	54
Invesco Global Water ETF (PIO)	57
Invesco International BuyBack AchieversTM ETF (IPKW)	59
Invesco MSCI Global Timber ETF (CUT)	61
Invesco S&P Global Dividend Opportunities Index ETF (LVL)	63
Invesco S&P Global Water Index ETF (CGW)	66
Invesco S&P International Developed Quality ETF (IDHQ)	68
Statements of Assets and Liabilities	72
Statements of Operations	76
Statements of Changes in Net Assets	80
Financial Highlights	88
Notes to Financial Statements	96
Fund Expenses	110
Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement	112

2

Invesco China Real Estate ETF (TAO)

April 30, 2019

(Unaudited)

Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Real Estate Development	53.7
Diversified Real Estate Activities	25.5
Real Estate Operating Companies	13.5
Retail REITs	5.6
Sub-Industry Types Each Less Than 3%	1.7
Money Market Funds Plus Other Assets Less Liabilities	(0.0)

Schedule of Investments^(a)

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.0%
		Diversified Real Estate Activities—25.5%
	135,662	Chinese Estates Holdings Ltd. (Hong Kong)	$	141,794
	328,605	Far East Consortium International Ltd. (Hong Kong)		155,812
	562,267	Hang Lung Properties Ltd. (Hong Kong)		1,321,565
	425,252	Henderson Land Development Co. Ltd. (Hong Kong)		2,618,053
	1,010,406	Joy City Property Ltd. (China)		144,244
	169,256	Kerry Properties Ltd. (Hong Kong)		722,726
	1,623,840	New World Development Co. Ltd. (Hong Kong)		2,686,599
	935,921	Shenzhen Investment Ltd. (China)		372,202
	183,518	Sun Hung Kai Properties Ltd. (Hong Kong)		3,167,249
	138,978	Swire Pacific Ltd., Class A (Hong Kong)		1,759,058
	254,038	Swire Pacific Ltd., Class B (Hong Kong)		503,193
	328,434	Wharf Holdings Ltd. (The) (Hong Kong)		944,017
	220,738	Wheelock & Co. Ltd. (Hong Kong)		1,571,394
				16,107,906
		Diversified REITs—0.7%
	290,523	Sunlight Real Estate Investment Trust (Hong Kong)		213,669
	379,263	Yuexiu Real Estate Investment Trust (Hong Kong)		256,213
				469,882
		Office REITs—1.0%
	565,149	Champion REIT (Hong Kong)		478,317
	342,407	Prosperity (Hong Kong)		147,082
				625,399
		Real Estate Development—53.7%
	411,245	Agile Group Holdings Ltd. (China)		621,685
	364,916	China Aoyuan Group Ltd. (China)		442,342
	856,965	China Evergrande Group (China)(b)		2,747,173
	1,181,154	China Jinmao Holdings Group Ltd. (China)		764,813
	398,885	China Overseas Grand Oceans Group Ltd. (China)		212,524
	783,644	China Overseas Land & Investment Ltd. (China)		2,931,648
	698,264	China Resources Land Ltd. (China)		3,039,452
	562,864	China SCE Group Holdings Ltd. (China)		265,454

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Real Estate Development (continued)
	1,246,706	China South City Holdings Ltd. (China)	$	189,102
	448,175	China Vanke Co. Ltd., H-Shares (China)		1,733,769
	1,034,520	CIFI Holdings Group Co. Ltd. (China)		687,008
	359,813	CK Asset Holdings Ltd. (Hong Kong)		2,889,364
	2,028,805	Country Garden Holdings Co. Ltd. (China)		3,268,679
	485,944	Future Land Development Holdings Ltd. (China)		579,139
	166,756	Greentown China Holdings Ltd. (China)		150,912
	288,197	Guangzhou R&F Properties Co. Ltd., H-Shares (China)		572,324
	189,498	Hopson Development Holdings Ltd. (China)		207,966
	290,665	Jiayuan International Group Ltd. (China)		130,042
	336,840	K Wah International Holdings Ltd. (Hong Kong)		211,239
	621,018	Kaisa Group Holdings Ltd. (China)		263,593
	342,550	KWG Group Holdings Ltd. (China)		400,822
	418,601	Landing International Development Ltd. (Hong Kong)(c)		133,391
	358,409	Logan Property Holdings Co. Ltd. (China)		571,050
	422,014	Longfor Group Holdings Ltd. (China)		1,554,568
	552,113	Poly Property Group Co. Ltd. (China)		231,531
	442,598	Powerlong Real Estate Holdings Ltd. (China)		214,941
	181,006	Ronshine China Holdings Ltd. (China)(c)(d)		249,173
	299,975	Shimao Property Holdings Ltd. (China)		913,835
	984,828	Shui On Land Ltd. (China)		239,761
	941,283	Sino Land Co. Ltd. (Hong Kong)		1,655,710
	886,949	Sino-Ocean Group Holding Ltd. (China)		397,948
	652,040	Sunac China Holdings Ltd. (China)		3,361,844
	151,111	Times China Holdings Ltd. (China)		274,663
	1,077,591	Wang On Properties Ltd. (Hong Kong)		141,474
	186,866	Yanlord Land Group Ltd. (China)		200,429
	1,758,255	Yuexiu Property Co. Ltd. (China)		407,885
	518,077	Yuzhou Properties Co. Ltd. (China)		273,388
	1,161,803	Zall Smart Commerce Group Ltd. (China)(b)(c)		453,147
	362,571	Zhenro Properties Group Ltd. (China)(d)		250,020
				33,833,808

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

3

Invesco China Real Estate ETF (TAO) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Real Estate Management & Development—0.0%
	76,080	Asian Growth Properties Ltd. (Hong Kong)(c)(e)	$	0
		Real Estate Operating Companies—13.5%
	451,630	China Logistics Property Holdings Co. Ltd. (China)(c)(d)		170,972
	244,118	Hang Lung Group Ltd. (Hong Kong)		726,560
	331,492	Hongkong Land Holdings Ltd. (Hong Kong)		2,310,499
	175,181	Hysan Development Co. Ltd. (Hong Kong)		980,249
	191,799	Red Star Macalline Group Corp. Ltd., H-Shares (China)(d)		181,399
	6,017,791	Renhe Commercial Holdings Co. Ltd. (China)(c)		199,432
	531,535	SOHO China Ltd. (China)(c)		192,414
	299,086	Swire Properties Ltd. (Hong Kong)		1,214,201
	327,643	Wharf Real Estate Investment Co. Ltd. (Hong Kong)		2,509,922
				8,485,648
		Retail REITs—5.6%
	397,663	Fortune Real Estate Investment Trust (Hong Kong)		514,984
	259,537	Link REIT (Hong Kong)		3,026,950
				3,541,934
		Total Common Stocks & Other Equity Interests (Cost $58,941,335)		63,064,577
		Money Market Funds—0.0%
	11,241	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(f) (Cost $11,241)		11,241
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $58,952,576)—100.0%		63,075,818
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—1.3%
	589,431	Invesco Government & Agency Portfolio—Institutional Class 2.34%(f)(g)		589,431
	197,076	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(f)(g)		197,135
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $786,566)		786,566
		Total Investments in Securities (Cost $59,739,142)—101.3%		63,862,384
		Other assets less liabilities—(1.3)%		(821,856	)
		Net Assets—100.0%	$	63,040,528

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 April 30, 2019.

^(c)  Non-income producing security.

^(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 April 30, 2019 was $851,564, which represented 1.35% of the Fund’s Net Assets.

^(e)  Security valued using significant unobservable inputs (Level 3). See Note 5.

^(f)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2K.

This Fund has holdings greater than 10% of net assets in the following countries:

Hong Kong	52.3	%
China	47.7	%

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

4

Invesco China Small Cap ETF (HAO)

April 30, 2019

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Industrials	19.3
Consumer Discretionary	14.8
Real Estate	14.6
Information Technology	11.3
Materials	9.7
Financials	7.9
Health Care	7.7
Consumer Staples	5.9
Utilities	3.8
Communication Services	3.0
Energy	2.1
Money Market Funds Plus Other Assets Less Liabilities	(0.1)

Schedule of Investments^(a)

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.1%
		Communication Services—3.0%
	24,844	Bilibili, Inc. ADR (China)(b)	$	442,223
	11,731	Bitauto Holdings Ltd. ADR (China)(b)(c)		150,626
	5,089	Changyou.com Ltd. ADR (China)(b)(c)		98,981
	453,546	CITIC Telecom International Holdings Ltd. (China)		187,884
	54,061	Fang Holdings Ltd. ADR (China)(b)		82,173
	11,153	HUYA, Inc. ADR (China)(b)(c)		266,445
	36,050	IMAX China Holding, Inc. (Hong Kong)(d)		99,253
	404,955	Leyou Technologies Holdings Ltd. (China)(b)(c)		116,138
	82,394	NetDragon Websoft Holdings Ltd. (Hong Kong)		240,501
	19,550	Sogou, Inc. ADR (China)(b)(c)		111,239
	9,724	Sohu.com Ltd. ADR (China)(b)(c)		200,995
	181,252	Tian Ge Interactive Holdings Ltd. (China)(d)		56,140
				2,052,598
		Consumer Discretionary—14.8%
	236,014	361 Degrees International Ltd. (China)		52,044
	193,566	Ajisen China Holdings Ltd. (Hong Kong)		82,160
	1,635,437	Asia Television Holdings Ltd. (Hong Kong)(b)		47,737
	502,331	BAIC Motor Corp. Ltd., H-Shares (China)(d)		352,158
	9,632	Baozun, Inc. ADR (China)(b)(c)		467,152
	1,149,681	Bosideng International Holdings Ltd. (Hong Kong)		316,531
	8,653	Bright Scholar Education Holdings Ltd. ADR (China)(b)(c)		104,874
	172,873	Chaowei Power Holdings Ltd. (China)		79,546
	156,970	China Animation Characters Co. Ltd. (Hong Kong)(d)		45,418

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Discretionary (continued)
	1,154,119	China Dongxiang Group Co. Ltd. (China)	$	170,645
	166,348	China Education Group Holdings Ltd. (China)(c)(d)		257,408
	985,887	China First Capital Group Ltd. (Hong Kong)(b)		414,692
	228,054	China Harmony New Energy Auto Holding Ltd. (China)		80,810
	143,478	China Lilang Ltd. (China)		149,597
	470,386	China Maple Leaf Educational Systems Ltd. (China)		219,442
	176,837	China New Higher Education Group Ltd. (China)(d)		78,891
	689,261	China Travel International Investment Hong Kong Ltd. (China)		159,018
	383,541	China Yongda Automobiles Services Holdings Ltd. (China)		371,544
	353,547	China Yuhua Education Corp. Ltd. (China)(d)		157,725
	341,216	China ZhengTong Auto Services Holdings Ltd. (China)		188,757
	428,747	Citychamp Watch & Jewellery Group Ltd. (Hong Kong)		95,090
	163,294	Cogobuy Group (China)(b)(d)		59,944
	265,273	Cosmo Lady China Holdings Co. Ltd. (China)(d)		81,826
	180,290	Crystal International Group Ltd. (Hong Kong)(d)		87,325
	263,860	Dah Chong Hong Holdings Ltd. (China)		96,525
	338,220	Fu Shou Yuan International Group Ltd. (China)		289,703

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

5

Invesco China Small Cap ETF (HAO) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Discretionary (continued)
	137,996	Golden Eagle Retail Group Ltd. (China)	$	163,582
	3,681,144	GOME Retail Holdings Ltd. (China)(b)(c)		422,290
	286,126	Goodbaby International Holdings Ltd. (China)		81,329
	207,213	Grand Baoxin Auto Group Ltd. (China)		72,369
	419,358	Haichang Ocean Park Holdings Ltd. (China)(b)(d)		88,732
	1,306	Hailiang Education Group, Inc. ADR (China)(b)(c)		75,213
	114,833	Hisense Home Appliances Group Co. Ltd., H-Shares (China)		156,909
	2,145,015	Huayi Tencent Entertainment Co. Ltd. (Hong Kong)(b)		57,416
	16,725,409	Imperial Pacific International Holdings Ltd. (Hong Kong)(b)		383,737
	55,770	JNBY Design Ltd. (China)(d)		110,184
	23,620	Jumei International Holding Ltd. ADR (China)(b)		57,397
	11,933	Kandi Technologies Group, Inc. (China)(b)(c)		63,006
	236,542	Kasen International Holdings Ltd. (China)(c)		192,058
	519,981	Li Ning Co. Ltd. (China)(b)		945,131
	338,784	Ozner Water International Holding Ltd. (China)(d)		68,660
	645,044	Pou Sheng International Holdings Ltd. (Hong Kong)		151,284
	121,928	Q Technology Group Co. Ltd. (China)(d)		125,729
	235,869	Qingling Motors Co. Ltd., H-Shares (China)		70,652
	388,037	Shanghai Jin Jiang International Hotels Group Co. Ltd., H-Shares (China)		95,953
	589,602	Skyworth Digital Holdings Ltd. (Hong Kong)		174,354
	10,532	Tarena International, Inc. ADR (China)		53,503
	199,458	TCL Electronics Holdings Ltd. (China)		106,779
	228,847	Tianneng Power International Ltd. (China)		214,688
	23,608	Tuniu Corp. ADR (China)(b)(c)		108,597
	508,408	Virscend Education Co. Ltd. (China)(d)		225,516
	174,241	Wisdom Education International Holdings Co. Ltd. (China)(d)		102,163
	92,120	Xiabuxiabu Catering Management China Holdings Co. Ltd. (China)(d)		162,038
	251,034	Xingda International Holdings Ltd. (China)		79,674
	140,063	Xinhua Winshare Publishing and Media Co. Ltd., H-Shares (China)		107,474
	371,059	Xtep International Holdings Ltd. (China)		211,415
	323,068	Yadea Group Holdings Ltd. (China)(d)		110,772
	158,103	Zhongsheng Group Holdings Ltd. (China)		415,138
				9,960,304
		Consumer Staples—5.9%
	200,002	Ausnutria Dairy Corp. Ltd. (China)		322,740
	2,056,001	C.P. Pokphand Co. Ltd. (Hong Kong)		175,583
	698,297	China Agri-Industries Holdings Ltd. (China)		225,188
	230,490	China Foods Ltd. (China)		90,487
	1,348,437	China Huishan Dairy Holdings Co. Ltd. (China)(b)(e)		0
	222,871	China Huiyuan Juice Group Ltd. (China)(b)(e)		0
	758,961	China Modern Dairy Holdings Ltd. (China)(b)(c)		114,153
	649,534	Dali Foods Group Co. Ltd. (China)(d)		461,978
	60,696	Health and Happiness H&H International Holdings Ltd. (China)(b)		372,126

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Consumer Staples (continued)
	544,006	Tibet Water Resources Ltd. (Hong Kong)(b)	$	158,790
	117,201	Tsingtao Brewery Co. Ltd., H-Shares (China)		746,941
	396,480	Uni-President China Holdings Ltd. (China)		362,853
	94,149	Vinda International Holdings Ltd. (Hong Kong)		180,488
	132,076	Yihai International Holding Ltd. (China)		651,508
	188,206	Zhou Hei Ya International Holdings Co. Ltd. (China)(d)		99,316
				3,962,151
		Energy—2.1%
	657,700	Anton Oilfield Services Group/Hong Kong (China)(b)		90,539
	662,752	China Coal Energy Co. Ltd., H-Shares (China)		292,289
	540,401	China Suntien Green Energy Corp. Ltd., H-Shares (China)		155,672
	287,725	NewOcean Energy Holdings Ltd. (Hong Kong)(b)		79,217
	314,347	Sinopec Kantons Holdings Ltd. (China)		140,237
	667,003	Sinopec Oilfield Service Corp., H-Shares (China)(b)		89,269
	531,289	Yanzhou Coal Mining Co. Ltd., H-Shares (China)		566,137
				1,413,360
		Financials—7.9%
	150,073	Bank of Chongqing Co. Ltd., H-Shares (China)		97,366
	434,620	Bank of Gansu Co. Ltd., H-Shares (China)(b)(d)		121,322
	351,263	Central China Securities Co. Ltd., H-Shares (China)(d)		90,442
	962,510	China Everbright Bank Co. Ltd., H-Shares (China)		474,789
	316,870	China International Capital Corp. Ltd., H-Shares (China)(d)		680,155
	263,507	China Merchants Securities Co. Ltd., H-Shares (China)(d)		360,057
	3,212,211	China Minsheng Financial Holding Corp. Ltd. (Hong Kong)(b)		56,912
	1,922,006	China Reinsurance Group Corp., H-Shares (China)		391,976
	4,407,740	Chong Sing Holdings FinTech GR (China)(b)		32,024
	795,200	Chongqing Rural Commercial Bank Co. Ltd., H-Shares (China)		464,223
	251,286	CSC Financial Co. Ltd., H-Shares (China)(d)		214,279
	87,193	Everbright Securities Co. Ltd., H-Shares (China)(d)		83,576
	12,747	Fanhua, Inc. ADR (China)(c)		331,167
	1,000,859	Guotai Junan International Holdings Ltd. (China)		201,565
	170,458	Guotai Junan Securities Co. Ltd., H-Shares (China)(d)		364,147
	275,852	Huishang Bank Corp. Ltd., H-Shares (China)		118,141
	15,353	LexinFintech Holdings Ltd. ADR (China)(b)		198,054
	1,932	Noah Holdings Ltd. ADR (China)(b)		104,985
	260,034	Orient Securities Co. Ltd., H-Shares (China)(d)		187,931
	18,717	PPDAI Group, Inc. ADR (China)		97,703
	16,848	Qudian, Inc. ADR (China)(b)		118,610

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

6

Invesco China Small Cap ETF (HAO) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Financials (continued)
	101,924	Sheng Ye Capital Ltd. (China)(b)(d)	$	95,748
	3,470	Yirendai Ltd. ADR (China)(c)		54,965
	602,410	Yixin Group Ltd. (China)(b)(d)		147,427
	69,808	ZhongAn Online P&C Insurance Co. Ltd., H-Shares (China)(b)(d)		251,812
				5,339,376
		Health Care—7.7%
	209,136	3SBio, Inc. (China)(d)		386,529
	98,078	AK Medical Holdings Ltd. (China)(d)		49,880
	863,000	China Animal Healthcare Ltd. (China)(b)(e)		0
	426,928	China Grand Pharmaceutical and Healthcare Holdings Ltd. (Hong Kong)(b)		251,409
	205,597	China Resources Medical Holdings Co. Ltd. (China)		149,375
	88,705	China Shineway Pharmaceutical Group Ltd. (China)		88,644
	97,163	Consun Pharmaceutical Group Ltd. (China)		68,116
	261,934	Dawnrays Pharmaceutical Holdings Ltd. (China)		47,743
	133,656	Essex Bio-Technology Ltd. (China)		123,172
	282,321	Genertec Universal Medical Group Co. Ltd. (China)(d)		224,910
	302,003	Genscript Biotech Corp. (China)(b)(c)		769,886
	69,860	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., H-Shares (China)		361,971
	2,279,911	Hua Han Health Industry Holdings Ltd. (Hong Kong)(b)(e)		0
	698,045	Lifetech Scientific Corp. (China)(b)		146,809
	38,270	Livzon Pharmaceutical Group, Inc., H-Shares (China)		139,023
	497,199	Luye Pharma Group Ltd. (China)(d)		449,960
	126,296	Microport Scientific Corp. (China)		118,804
	12,644	Shanghai Haohai Biological Technology Co. Ltd., H-Shares (China)(d)		81,066
	1,497,412	Sihuan Pharmaceutical Holdings Group Ltd. (China)		402,725
	8,228	Sinovac Biotech Ltd. (China)(b)(e)		53,235
	533,705	SSY Group Ltd. (Hong Kong)		504,086
	187,354	Tong Ren Tang Technologies Co. Ltd., H-Shares (China)		259,822
	202,793	United Laboratories International Holdings Ltd. (The) (Hong Kong)		118,645
	33,512	YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H-Shares (China)(d)		165,950
	8,085	Zai Lab Ltd. ADR (China)(b)(c)		215,465
				5,177,225
		Industrials—19.3%
	7,426	51job, Inc. ADR (China)(b)		685,717
	64,664	A-Living Services Co. Ltd., H-Shares (China)(b)(d)		103,028
	123,826	Anhui Expressway Co. Ltd., H-Shares (China)		83,651
	889,118	AviChina Industry & Technology Co. Ltd., H-Shares (China)(c)		522,451
	50,032	BEST, Inc. ADR (China)(b)(c)		296,690
	120,544	CAR, Inc. (China)(b)		97,567

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	89,818	China Aircraft Leasing Group Holdings Ltd. (China)(d)	$	103,036
	757,085	China Communications Services Corp. Ltd., H-Shares (China)		609,883
	501,866	China Eastern Airlines Corp. Ltd., H-Shares (China)		356,310
	1,961,664	China Energy Engineering Corp. Ltd., H-Shares (China)		235,038
	134,477	China High Speed Transmission Equipment Group Co. Ltd. (Hong Kong)		101,474
	162,898	China International Marine Containers Group Co. Ltd., H-Shares (China)		205,351
	1,650	China International Marine Containers Group Co. Ltd., H-Shares (China) Rts. expiring 12/31/19(b)		0
	313,863	China Lesso Group Holdings Ltd. (China)		222,033
	229,616	China Machinery Engineering Corp., H-Shares (China)		111,217
	626,930	China Southern Airlines Co. Ltd., H-Shares (China)		546,588
	190,111	CIMC Enric Holdings Ltd. (China)		184,649
	748,065	CITIC Resources Holdings Ltd. (China)		70,560
	1,186,107	COSCO SHIPPING Development Co. Ltd., H-Shares (China)(b)		160,256
	369,599	COSCO SHIPPING Energy Transportation Co. Ltd., H-Shares (China)		238,849
	816,222	COSCO SHIPPING Holdings Co. Ltd., H-Shares (China)(b)		379,740
	163,696	COSCO SHIPPING International Hong Kong Co. Ltd. (China)		56,962
	78,957	CSSC Offshore and Marine Engineering Group Co. Ltd., H-Shares (China)(b)		74,776
	539,627	Dalian Port PDA Co. Ltd., H-Shares (China)(c)		69,470
	107,980	Dongfang Electric Corp. Ltd., H-Shares (China)(b)		82,443
	63,580	Dongjiang Environmental Co. Ltd., H-Shares (China)		70,749
	377,559	Greentown Service Group Co. Ltd. (China)(d)		325,805
	453,435	Guangshen Railway Co. Ltd., H-Shares (China)		162,408
	206,732	Haitian International Holdings Ltd. (China)		517,528
	213,465	Harbin Electric Co. Ltd., H-Shares (China)(c)		114,278
	385,893	Jiangsu Expressway Co. Ltd., H-Shares (China)		548,929
	514,508	Lonking Holdings Ltd. (China)		174,445
	908,164	Metallurgical Corp. of China Ltd., H-Shares (China)		251,194
	347,634	Qingdao Port International Co. Ltd., H-Shares (China)(b)(d)		241,492
	213,747	Qinhuangdao Port Co. Ltd., H-Shares (China)		47,134
	289,426	Sany Heavy Equipment International Holdings Co. Ltd. (China)(b)		138,342
	21,122	Seaspan Corp. (Hong Kong)		214,177
	780,425	Shanghai Electric Group Co. Ltd., H-Shares (China)		304,395
	141,226	Shanghai Industrial Holdings Ltd. (China)		331,941

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

7

Invesco China Small Cap ETF (HAO) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Industrials (continued)
	221,643	Shenzhen Expressway Co. Ltd., H-Shares (China)	$	269,800
	315,771	Shenzhen International Holdings Ltd. (China)		681,016
	2,602,695	Shougang Concord International Enterprises Co. Ltd. (China)(b)		106,159
	263,599	Sichuan Expressway Co. Ltd., H-Shares (China)		88,030
	115,386	SingAsia Holdings Ltd. (Singapore)(b)		76,038
	383,353	Sinopec Engineering Group Co. Ltd., H-Shares (China)		370,385
	678,552	Sinotrans Ltd., H-Shares (China)		278,499
	209,519	Sinotruk Hong Kong Ltd. (China)		453,467
	405,210	SITC International Holdings Co. Ltd. (China)		430,239
	508,199	Tianjin Port Development Holdings Ltd. (China)		58,947
	244,690	Xinjiang Goldwind Science & Technology Co. Ltd., H-Shares (China)		266,978
	211,284	Yuexiu Transport Infrastructure Ltd. (China)		172,089
	454,408	Zhejiang Expressway Co. Ltd., H-Shares (China)		487,110
	412,683	Zoomlion Heavy Industry Science and Technology Co. Ltd., H-Shares (China)		241,969
				13,021,282
		Information Technology—11.3%
	24,717	21Vianet Group, Inc. ADR (China)(b)		194,276
	1,001,943	AGTech Holdings Ltd. (Hong Kong)(b)		60,024
	2,827,938	Anxin-China Holdings Ltd. (China)(b)(e)		0
	199,581	BYD Electronic International Co. Ltd. (China)		356,658
	125,948	Camsing International Holding Ltd. (Hong Kong)		134,049
	12,362	Cheetah Mobile, Inc. ADR (China)(b)(c)		77,881
	448,090	China Railway Signal & Communication Corp. Ltd., H-Shares (China)(d)		328,982
	686,631	Chinasoft International Ltd. (China)(c)		391,215
	438,657	Comba Telecom Systems Holdings Ltd. (Hong Kong)(b)		106,793
	1,155,484	Coolpad Group Ltd. (China)(b)(e)		0
	2,981	Daqo New Energy Corp. ADR (China)(b)(c)		110,446
	323,157	Digital China Holdings Ltd. (Hong Kong)(b)		154,053
	490,842	FIT Hon Teng Ltd. (Taiwan)(d)		255,888
	3,826,002	GCL-Poly Energy Holdings Ltd. (China)(b)(c)		273,098
	18,198	GDS Holdings Ltd. ADR (China)(b)(c)		712,088
	580,313	Hi Sun Technology China Ltd. (Hong Kong)(b)		99,857
	17,366	Hollysys Automation Technologies Ltd. (China)		363,470
	142,514	Hua Hong Semiconductor Ltd. (China)(d)		336,784
	8,537	JinkoSolar Holding Co. Ltd. ADR (China)(b)(c)		166,130
	271,283	Ju Teng International Holdings Ltd. (Hong Kong)		79,185
	243,708	Kingboard Laminates Holdings Ltd. (Hong Kong)		255,655
	574,254	Kingdee International Software Group Co. Ltd. (China)		702,684
	172,931	Legend Holdings Corp., H-Shares (China)(d)		470,604
	35,350	Link Motion, Inc. ADR (China)(b)(e)		0
	491,832	Meitu, Inc. (China)(b)(c)(d)		180,549

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Information Technology (continued)
	57,212	Nanjing Sample Technology Co. Ltd., H-Shares (China)	$	57,100
	308,064	National Agricultural Holdings Ltd. (China)(b)(e)		0
	127,054	O-Net Technologies Group Ltd. (China)(b)		73,686
	84,806	Shanghai Fudan Microelectronics Group Co. Ltd., H-Shares (China)(b)		139,661
	148,353	Wasion Holdings Ltd. (China)		75,638
	897,150	Xinyi Solar Holdings Ltd. (China)		511,161
	10,242	Xunlei Ltd. ADR (China)(b)(c)		35,847
	54,374	Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., H-Shares (China)(c)(d)		133,901
	238,929	ZTE Corp., H-Shares (China)(b)		758,321
				7,595,684
		Materials—9.7%
	1,248,090	Aluminum Corp. of China Ltd., H-Shares (China)(b)		488,393
	343,035	Angang Steel Co. Ltd., H-Shares (China)		230,427
	739,301	BBMG Corp., H-Shares (China)		260,085
	525,711	China BlueChemical Ltd., H-Shares (China)		178,914
	630,776	China Hongqiao Group Ltd. (China)		519,389
	345,902	China Metal Resources Utilization Ltd. (China)(b)(d)		169,305
	1,145,204	China Molybdenum Co. Ltd., H-Shares (China)		430,616
	365,388	China Oriental Group Co. Ltd. (China)		224,019
	219,540	China Sanjiang Fine Chemicals Co. Ltd. (China)		57,366
	448,060	China Zhongwang Holdings Ltd. (China)		244,436
	223,613	CPMC Holdings Ltd. (China)		94,343
	367,312	Dongyue Group Ltd. (China)		267,335
	378,595	Fufeng Group Ltd. (China)		200,266
	237,249	Greatview Aseptic Packaging Co. Ltd. (China)		144,247
	255,191	Huabao International Holdings Ltd. (Hong Kong)		119,701
	376,928	Jiangxi Copper Co. Ltd., H-Shares (China)		499,662
	1,236,552	Jinchuan Group International Resources Co. Ltd. (China)(b)		115,059
	415,707	Lee & Man Paper Manufacturing Ltd. (China)		337,000
	548,820	Maanshan Iron & Steel Co. Ltd., H-Shares (China)(c)		252,535
	687,283	MMG Ltd. (China)(b)		296,975
	104,105	Shandong Chenming Paper Holdings Ltd., H-Shares (China)		54,007
	1,073,582	Shougang Fushan Resources Group Ltd. (China)		260,000
	386,542	Silver Grant International Industries Ltd. (China)(b)		73,905
	558,244	Sinofert Holdings Ltd. (China)(b)		69,021
	973,088	Sinopec Shanghai Petrochemical Co. Ltd., H-Shares (China)		440,317
	321,158	Tiangong International Co. Ltd. (China)		84,737
	724,800	West China Cement Ltd. (China)		101,624
	331,749	Zhaojin Mining Industry Co. Ltd., H-Shares (China)		285,429
				6,499,113

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

8

Invesco China Small Cap ETF (HAO) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Real Estate—14.6%
	270,708	Beijing Capital Land Ltd., H-Shares (China)(c)	$	113,523
	223,604	Beijing North Star Co. Ltd., H-Shares (China)		88,639
	515,534	C C Land Holdings Ltd. (Hong Kong)		118,938
	216,190	Central China Real Estate Ltd. (China)		107,470
	406,046	China Aoyuan Group Ltd. (China)		492,199
	502,867	China Logistics Property Holdings Co. Ltd. (China)(b)(d)		190,368
	443,418	China Overseas Grand Oceans Group Ltd. (China)		236,252
	404,935	China Overseas Property Holdings Ltd. (China)		191,489
	626,193	China SCE Group Holdings Ltd. (China)		295,321
	1,386,604	China South City Holdings Ltd. (China)		210,322
	121,884	Colour Life Services Group Co. Ltd. (China)(d)		88,709
	457,163	Fantasia Holdings Group Co. Ltd. (China)		86,825
	540,226	Future Land Development Holdings Ltd. (China)		643,831
	185,068	Greentown China Holdings Ltd. (China)		167,485
	226,020	Guorui Properties Ltd. (China)(d)		47,535
	210,432	Hopson Development Holdings Ltd. (China)		230,940
	323,343	Jiayuan International Group Ltd. (China)		144,662
	1,126,063	Joy City Property Ltd. (China)		160,755
	690,708	Kaisa Group Holdings Ltd. (China)		293,173
	381,546	KWG Group Holdings Ltd. (China)		446,452
	400,194	Logan Property Holdings Co. Ltd. (China)		637,625
	296,018	LVGEM China Real Estate Investment Co. Ltd. (China)		92,819
	563,025	Mingfa Group International Co. Ltd. (Hong Kong)(b)(e)		0
	403,850	Minmetals Land Ltd. (China)		77,729
	613,626	Poly Property Group Co. Ltd. (China)		257,327
	493,182	Powerlong Real Estate Holdings Ltd. (China)		239,506
	213,131	Red Star Macalline Group Corp. Ltd., H-Shares (China)(d)		201,574
	280,104	Redco Group (China)(d)		111,750
	6,688,723	Renhe Commercial Holdings Co. Ltd. (China)(b)		221,667
	201,699	Ronshine China Holdings Ltd. (China)(b)(d)		277,659
	443,117	Shanghai Industrial Urban Development Group Ltd. (China)		88,675
	1,041,203	Shenzhen Investment Ltd. (China)		414,071
	1,096,196	Shui On Land Ltd. (China)		266,874
	987,510	Sino-Ocean Group Holding Ltd. (China)		443,067
	677,907	Skyfame Realty Holdings Ltd. (China)		111,467
	592,197	SOHO China Ltd. (China)(b)		214,373
	461,544	Suncity Group Holdings Ltd. (China)(b)		141,780
	248,080	Sunshine 100 China Holdings Ltd. (China)(b)(d)		50,278
	168,173	Times China Holdings Ltd. (China)		305,676
	11,456	Xinyuan Real Estate Co. Ltd. ADR (China)		50,979
	207,693	Yanlord Land Group Ltd. (China)		222,768
	1,957,896	Yuexiu Property Co. Ltd. (China)		454,199
	577,187	Yuzhou Properties Co. Ltd. (China)		304,580
	403,850	Zhenro Properties Group Ltd. (China)(d)		278,485
				9,819,816

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Utilities—3.8%
	10,036,788	Beijing Enterprises Clean Energy Group Ltd. (China)(b)	$	161,194
	626,542	Beijing Jingneng Clean Energy Co. Ltd., H-Shares (China)		125,382
	722,194	China Datang Corp. Renewable Power Co. Ltd., H-Shares (China)		82,848
	189,750	China Everbright Greentech Ltd. (China)(d)		139,312
	1,408,523	China Oil & Gas Group Ltd. (China)(b)		86,177
	1,364,663	China Power International Development Ltd. (China)		363,544
	106,252	China Tian Lun Gas Holdings Ltd. (China)		110,513
	269,449	China Water Affairs Group Ltd. (Hong Kong)		277,163
	1,974,414	Concord New Energy Group Ltd. (Hong Kong)		96,891
	888,724	Datang International Power Generation Co. Ltd., H-Shares (China)		229,958
	643,502	Huadian Fuxin Energy Corp. Ltd., H-Shares (China)		138,618
	516,560	Huadian Power International Corp. Ltd., H-Shares (China)		220,572
	1,511,775	Huaneng Renewables Corp. Ltd., H-Shares (China)		435,492
	297,968	SIIC Environment Holdings Ltd. (Singapore)		67,859
				2,535,523
		Total Common Stocks & Other Equity Interests (Cost $72,731,432)		67,376,432
		Money Market Funds—0.2%
	128,950	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(f) (Cost $128,950)		128,950
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $72,860,382)—100.3%		67,505,382
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—6.7%
	3,414,675	Invesco Government & Agency Portfolio—Institutional Class 2.34%(f)(g)		3,414,675
	1,137,884	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(f)(g)		1,138,225
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,552,900)		4,552,900
		Total Investments in Securities (Cost $77,413,282)—107.0%		72,058,282
		Other assets less liabilities—(7.0)%		(4,743,627	)
		Net Assets—100.0%	$	67,314,655

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

9

Invesco China Small Cap ETF (HAO) (continued)

April 30, 2019

(Unaudited)

Abbreviations:

ADR—American Depositary Receipt

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 April 30, 2019.

^(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 April 30, 2019 was $10,821,411, which represented 16.08% of the Fund’s Net Assets.

^(e)  Security valued using significant unobservable inputs (Level 3). See Note 5.

^(f)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2K.

This Fund has holdings greater than 10% of net assets in the following country:

China 91.3 % 

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

10

Invesco China Technology ETF (CQQQ)

April 30, 2019

(Unaudited)

Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Interactive Media & Services	34.3
Internet & Direct Marketing Retail	28.7
Electronic Equipment, Instruments & Components	11.2
Entertainment	6.5
Semiconductors & Semiconductor Equipment	5.8
Technology Hardware, Storage & Peripherals	4.3
IT Services	4.2
Industry Types Each Less Than 3%	5.1
Money Market Funds Plus Other Assets Less Liabilities	(0.1)

Schedule of Investments^(a)

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.1%
		Communications Equipment—2.4%
	1,859,521	BYD Electronic International Co. Ltd. (China)	$	3,323,028
	4,114,434	Comba Telecom Systems Holdings Ltd. (Hong Kong)(b)(c)		1,001,678
	1,185,660	O-Net Technologies Group Ltd. (China)(c)		687,633
	507,527	Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., H-Shares (China)(b)(d)		1,249,831
	2,226,611	ZTE Corp., H-Shares (China)(c)		7,066,894
				13,329,064
		Electronic Equipment, Instruments & Components—11.2%
	2,108,220	AAC Technologies Holdings, Inc. (China)		13,624,131
	2,144,054	Anxin-China Holdings Ltd. (China)(c)(e)		0
	1,174,405	Camsing International Holding Ltd. (Hong Kong)(b)		1,249,940
	4,177,756	China Railway Signal & Communication Corp. Ltd., H-Shares (China)(d)		3,067,259
	33,527,639	China Youzan Ltd. (Hong Kong)(b)(c)		2,649,596
	4,570,505	FIT Hon Teng Ltd. (Taiwan)(d)		2,382,717
	161,830	Hollysys Automation Technologies Ltd. (China)		3,387,102
	2,543,134	Ju Teng International Holdings Ltd. (Hong Kong)		742,317
	1,978,970	Kingboard Holdings Ltd. (China)		6,444,883
	2,270,082	Kingboard Laminates Holdings Ltd. (Hong Kong)		2,381,367
	536,882	Nanjing Sample Technology Co. Ltd., H-Shares (China)		535,828
	2,172,269	PAX Global Technology Ltd. (Hong Kong)		1,013,397
	1,802,093	Sunny Optical Technology Group Co. Ltd. (China)		21,970,861

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Electronic Equipment, Instruments & Components (continued)
	12,601,460	Tongda Group Holdings Ltd. (Hong Kong)(b)	$	1,365,289
	5,524,834	Truly International Holdings Ltd. (Hong Kong)(b)(c)		929,561
	2,064,205	VSTECS Holdings Ltd. (China)		1,131,374
	1,390,690	Wasion Holdings Ltd. (China)		709,047
				63,584,669
		Entertainment—6.5%
	231,525	Bilibili, Inc. ADR (China)(c)		4,121,145
	47,235	Changyou.com Ltd. ADR (China)(c)		918,721
	103,932	HUYA, Inc. ADR (China)(c)		2,482,936
	3,776,961	Leyou Technologies Holdings Ltd. (China)(b)(c)		1,083,203
	766,104	NetDragon Websoft Holdings Ltd. (Hong Kong)		2,236,187
	91,538	NetEase, Inc. ADR (China)		26,045,307
				36,887,499
		Interactive Media & Services—34.3%
	264,542	58.com, Inc. ADR (China)(c)		18,991,470
	162,634	Autohome, Inc. ADR (China)(b)(c)		18,782,601
	255,149	Baidu, Inc. ADR (China)(c)		42,413,418
	109,330	Bitauto Holdings Ltd. ADR (China)(b)(c)		1,403,797
	501,771	Fang Holdings Ltd. ADR (China)(c)		762,692
	407,253	Momo, Inc. ADR (China)		14,282,363
	185,354	SINA Corp. (China)(c)		11,666,181
	181,461	Sogou, Inc. ADR (China)(b)(c)		1,032,513
	90,607	Sohu.com Ltd. ADR (China)(c)		1,872,847
	1,158,150	Tencent Holdings Ltd. (China)		57,277,156
	1,683,597	Tian Ge Interactive Holdings Ltd. (China)(d)		521,470

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

11

Invesco China Technology ETF (CQQQ) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Interactive Media & Services (continued)
	186,007	Weibo Corp. ADR (China)(b)(c)	$	12,741,479
	142,334	YY, Inc. ADR (China)(c)		12,042,880
				193,790,867
		Internet & Direct Marketing Retail—28.7%
	265,366	Alibaba Group Holding Ltd. ADR (China)(c)		49,243,969
	89,769	Baozun, Inc. ADR (China)(b)(c)		4,353,796
	514,830	Ctrip.com International Ltd. ADR (China)(c)		22,678,261
	1,136,800	JD.com, Inc. ADR (China)(c)		34,410,936
	5,590,462	Meituan Dianping, Class B (China)(c)(d)		40,616,965
	1,234,920	Vipshop Holdings Ltd. ADR (China)(c)		10,632,661
				161,936,588
		IT Services—4.2%
	230,333	21Vianet Group, Inc. ADR (China)(c)		1,810,417
	9,342,109	AGTech Holdings Ltd. (Hong Kong)(c)		559,665
	6,396,225	Chinasoft International Ltd. (China)(b)		3,644,317
	3,014,835	Digital China Holdings Ltd. (Hong Kong)(c)		1,437,210
	169,587	GDS Holdings Ltd. ADR (China)(b)(c)		6,635,939
	5,402,478	Hi Sun Technology China Ltd. (Hong Kong)(c)		929,633
	1,782,327	SUNeVision Holdings Ltd. (Hong Kong)		1,519,842
	2,748,342	TravelSky Technology Ltd., H-Shares (China)		7,058,798
				23,595,821
		Semiconductors & Semiconductor Equipment—5.8%
	755,038	ASM Pacific Technology Ltd. (Hong Kong)		8,743,366
	27,676	Daqo New Energy Corp. ADR (China)(c)		1,025,396
	35,653,526	GCL-Poly Energy Holdings Ltd. (China)(b)(c)		2,544,928
	1,324,898	Hua Hong Semiconductor Ltd. (China)(d)		3,130,957
	79,559	JinkoSolar Holding Co. Ltd. ADR (China)(b)(c)		1,548,218
	9,211,104	Semiconductor Manufacturing International Corp. (China)(c)		9,850,506
	787,741	Shanghai Fudan Microelectronics Group Co. Ltd., H-Shares (China)(c)		1,297,271
	8,353,208	Xinyi Solar Holdings Ltd. (China)		4,759,329
				32,899,971
		Software—2.7%
	115,256	Cheetah Mobile, Inc. ADR (China)(c)		726,113
	5,352,427	Kingdee International Software Group Co. Ltd. (China)		6,549,481
	2,913,316	Kingsoft Corp. Ltd. (China)(b)		7,445,380
	367,331	Link Motion, Inc. ADR (China)(c)(e)		0
	534,446	National Agricultural Holdings Ltd. (China)(c)(e)		0
	95,489	Xunlei Ltd. ADR (China)(b)(c)		334,212
				15,055,186
		Technology Hardware, Storage & Peripherals—4.3%
	32,020,701	China Goldjoy Group Ltd. (Hong Kong)(b)		1,265,253
	1,977,868	Coolpad Group Ltd. (China)(c)(e)		0
	1,611,766	Legend Holdings Corp., H-Shares (China)(d)		4,386,163
	18,412,729	Lenovo Group Ltd. (China)		17,062,296
	4,584,524	Meitu, Inc. (China)(b)(c)(d)		1,682,952
				24,396,664
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $533,789,019)—100.1%		565,476,329

Number of Shares			Value
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—3.4%
	14,319,187	Invesco Government & Agency Portfolio—Institutional Class 2.34%(f)(g)	$	14,319,187
	4,771,631	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(f)(g)		4,773,062
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $19,092,249)		19,092,249
		Total Investments in Securities (Cost $552,881,268)—103.5%		584,568,578
		Other assets less liabilities—(3.5)%		(19,771,228	)
		Net Assets—100.0%	$	564,797,350

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)  All or a portion of this security was out on loan at April 30, 2019.

^(c)  Non-income producing security.

^(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 April 30, 2019 was $57,038,314, which represented 10.10% of the Fund’s Net Assets.

^(e)  Security valued using significant unobservable inputs (Level 3). See Note 5.

^(f)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2K.

This Fund has holdings greater than 10% of net assets in the following country:

China 94.7 % 

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

12

Invesco DWA Developed Markets Momentum ETF (PIZ)

April 30, 2019

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Industrials	15.7
Health Care	13.9
Financials	13.2
Consumer Staples	11.0
Consumer Discretionary	10.9
Information Technology	9.1
Materials	8.7
Communication Services	5.4
Energy	3.9
Real Estate	3.5
Sector Types Each Less Than 3%	4.3
Money Market Funds Plus Other Assets Less Liabilities	0.4

Schedule of Investments

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.6%
		Australia—5.6%
	26,613	CSL Ltd.	$	3,719,527
	205,661	Magellan Financial Group Ltd.		6,457,499
				10,177,026
		Belgium—0.5%
	5,941	Ackermans & van Haaren N.V.		954,769
		Canada—17.2%
	90,324	Algonquin Power & Utilities Corp.		1,026,653
	18,598	Bank of Nova Scotia (The)		1,020,042
	50,964	Canadian Apartment Properties REIT		1,815,867
	33,862	Canadian National Railway Co.		3,132,462
	18,013	CGI, Inc., Class A(a)		1,291,253
	5,609	Constellation Software, Inc.		4,928,807
	26,580	Emera, Inc.(b)		994,082
	38,975	Fortis, Inc.		1,434,762
	115,449	Kirkland Lake Gold Ltd.		3,716,991
	25,668	Metro, Inc.		925,437
	94,206	Pembina Pipeline Corp.		3,354,496
	18,119	Royal Bank of Canada		1,438,125
	6,274	Shopify, Inc., Class A(a)		1,519,295
	54,865	Toromont Industries Ltd.		2,841,544
	36,204	Toronto-Dominion Bank (The)		2,056,727
				31,496,543
		Denmark—9.8%
	117,778	Ambu A/S, Class B(b)		3,375,997
	8,988	Chr. Hansen Holding A/S		916,117
	10,966	Coloplast A/S, Class B		1,182,257
	48,334	GN Store Nord A/S		2,471,969

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Denmark (continued)
	60,126	Novo Nordisk A/S, Class B	$	2,937,863
	27,115	Novozymes A/S, Class B		1,262,611
	60,351	Royal Unibrew A/S		4,321,366
	15,384	SimCorp A/S		1,506,843
				17,975,023
		Finland—2.0%
	29,426	Elisa Oyj		1,247,548
	24,874	Huhtamaki Oyj(b)		948,073
	44,817	Neste Oyj		1,478,666
				3,674,287
		France—6.0%
	7,645	Airbus SE		1,044,238
	2,600	Kering S.A.		1,535,584
	10,508	Pernod Ricard S.A.		1,829,452
	9,070	Safran S.A.		1,320,402
	6,229	Teleperformance		1,195,818
	20,610	Ubisoft Entertainment S.A.(a)		1,964,223
	21,663	Vinci S.A.		2,185,482
				11,075,199
		Germany—3.7%
	11,081	adidas AG		2,845,074
	18,462	Deutsche Wohnen SE		829,063
	6,424	Hannover Rueck SE		967,597
	5,207	MTU Aero Engines AG		1,223,702
	10,279	Symrise AG		987,237
				6,852,673

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

13

Invesco DWA Developed Markets Momentum ETF (PIZ) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Hong Kong—4.0%
	67,945	Jardine Matheson Holdings Ltd.	$	4,470,781
	145,578	Link REIT		1,697,859
	164,603	Techtronic Industries Co. Ltd.		1,189,613
				7,358,253
		Ireland—1.1%
	9,008	Kerry Group PLC, Class A		1,007,508
	19,330	Kingspan Group PLC		1,015,568
				2,023,076
		Israel—1.2%
	16,517	Nice Ltd.(a)		2,276,878
		Italy—0.5%
	189,006	Snam SpA		961,023
		Japan—6.4%
	18,046	Daifuku Co. Ltd.		1,098,558
	9,127	Hikari Tsushin, Inc.		1,683,220
	1,378	Japan Hotel REIT Investment Corp.		1,122,196
	1,653	Keyence Corp.		1,025,862
	77,871	Nexon Co. Ltd.(a)		1,115,889
	9,812	OBIC Co. Ltd.		1,132,950
	12,000	Oriental Land Co. Ltd.		1,322,020
	21,955	PeptiDream, Inc.(a)		1,180,790
	10,654	SoftBank Group Corp.		1,105,337
	18,439	Yamaha Corp.		951,957
				11,738,779
		Luxembourg—0.7%
	2,763	Eurofins Scientific SE(b)		1,263,370
		Netherlands—1.8%
	18,745	Argenx SE(a)		2,399,060
	34,921	Koninklijke Ahold Delhaize N.V.		839,858
				3,238,918
		New Zealand—8.1%
	425,477	a2 Milk Co. Ltd.(a)		4,758,498
	758,229	Auckland International Airport Ltd.		4,030,134
	90,601	Fisher & Paykel Healthcare Corp. Ltd.		955,269
	622,065	Ryman Healthcare Ltd.		5,040,491
				14,784,392
		Norway—0.8%
	42,348	Aker BP ASA		1,393,236
		Russia—0.5%
	116,907	Evraz PLC		956,499
		Singapore—0.5%
	112,979	Oversea-Chinese Banking Corp. Ltd.		1,004,295
		South Africa—0.6%
	41,105	Anglo American PLC		1,061,764
		Sweden—3.5%
	71,026	Fabege AB(b)		985,061
	32,088	Hexagon AB, Class B		1,748,389
	20,543	Investor AB, Class B		978,228
	87,484	Nibe Industrier AB, Class B		1,174,207

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Sweden (continued)
	110,378	Tele2 AB, Class B	$	1,471,041
				6,356,926
		Switzerland—4.4%
	508	Givaudan S.A.		1,315,615
	10,118	Nestle S.A.		973,572
	10,524	Schindler Holding AG-PC		2,270,045
	8,044	Sika AG		1,231,466
	1,192	Straumann Holding AG		962,256
	14,001	Swiss RE AG		1,347,339
				8,100,293
		United Kingdom—19.4%
	51,037	Bunzl PLC(b)		1,536,279
	43,317	Compass Group PLC		984,276
	51,429	Croda International PLC		3,473,623
	25,381	Diageo PLC		1,069,899
	64,004	Fevertree Drinks PLC		2,623,316
	50,308	Halma PLC		1,180,185
	103,935	Hiscox Ltd.		2,268,184
	70,315	HomeServe PLC		994,578
	84,353	InterContinental Hotels Group PLC		5,463,150
	86,937	Intermediate Capital Group PLC		1,339,625
	288,328	Legal & General Group PLC		1,045,695
	15,518	London Stock Exchange Group PLC		1,014,334
	13,454	Next PLC		1,011,317
	59,486	Ocado Group PLC(a)		1,056,604
	33,646	Persimmon PLC		980,768
	21,538	Reckitt Benckiser Group PLC		1,739,995
	424,065	Rightmove PLC		2,988,612
	35,005	Spirax-Sarco Engineering PLC		3,764,827
	421,039	Taylor Wimpey PLC		995,682
				35,530,949
		United States—1.3%
	110,698	Burford Capital Ltd.		2,359,492
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $159,699,198)—99.6%		182,613,663
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—3.4%
	4,661,802	Invesco Government & Agency Portfolio—Institutional Class 2.34%(c)(d)		4,661,802
	1,553,468	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(c)(d)		1,553,934
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,215,736)		6,215,736
		Total Investments in Securities (Cost $165,914,934)—103.0%		188,829,399
		Other assets less liabilities—(3.0)%		(5,560,046	)
		Net Assets—100.0%	$	183,269,353

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

14

Invesco DWA Developed Markets Momentum ETF (PIZ) (continued)

April 30, 2019

(Unaudited)

Abbreviations:

PC—Participation Certificate

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  All or a portion of this security was out on loan at April 30, 2019.

^(c)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(d)  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 2K.

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

15

Invesco DWA Emerging Markets Momentum ETF (PIE)

April 30, 2019

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Consumer Discretionary	19.4
Information Technology	16.1
Financials	15.3
Industrials	11.2
Consumer Staples	11.0
Real Estate	10.8
Utilities	5.5
Materials	5.2
Communication Services	3.1
Sector Types Each Less Than 3%	2.4
Money Market Funds Plus Other Assets Less Liabilities	0.0

Schedule of Investments

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.9%
		Brazil—9.8%
	82,800	B2W Cia Digital(a)	$	801,737
	87,080	Banco Bradesco S.A. (Preference Shares)		784,322
	79,260	Banco Santander Brasil S.A. ADR		907,527
	50,406	Braskem S.A. ADR		1,232,427
	93,600	Braskem S.A. (Preference Shares), Class A		1,132,119
	96,500	Centrais Eletricas Brasileiras S.A.		798,813
	217,202	Cia Energetica de Minas Gerais ADR		803,647
	218,400	Cia Energetica de Minas Gerais (Preference Shares)		814,929
	127,800	Equatorial Energia S.A.		2,656,097
	64,962	GOL Linhas Aereas Inteligentes S.A. ADR(a)		734,720
	37,900	IRB Brasil Resseguros S.A.		900,896
	205,400	Petroleo Brasileiro S.A. (Preference Shares)		1,409,613
	622,900	Rumo S.A.(a)		2,854,084
				15,830,931
		China—39.1%
	650,413	Agile Group Holdings Ltd.		983,238
	731,715	Alibaba Health Information Technology Ltd.(a)		874,842
	602,727	ANTA Sports Products Ltd.		4,248,452
	1,994,935	Ausnutria Dairy Corp. Ltd.		3,219,196
	3,898,409	China Aoyuan Group Ltd.(b)		4,725,555
	1,866,458	China Jinmao Holdings Group Ltd.		1,208,556
	201,609	China Merchants Bank Co. Ltd., H-Shares		998,357
	235,989	China Overseas Land & Investment Ltd.		882,846
	1,959,368	China SCE Group Holdings Ltd.		924,065
	208,774	China Vanke Co. Ltd., H-Shares		807,644
	954,086	Greentown Service Group Co. Ltd.(c)		823,306
	872,262	Guangdong Investment Ltd.		1,634,365
	70,620	Huazhu Group Ltd. ADR		2,994,288

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		China (continued)
	39,379	JinkoSolar Holding Co. Ltd. ADR(a)(b)	$	766,315
	806,045	Kingdee International Software Group Co. Ltd.		986,314
	576,734	Li Ning Co. Ltd.(a)		1,048,286
	1,226,524	Logan Property Holdings Co. Ltd.		1,954,209
	286,142	Longfor Group Holdings Ltd.		1,054,058
	30,293	New Oriental Education & Technology Group, Inc. ADR(a)		2,891,770
	87,352	Ping An Insurance Group Co. of China Ltd., H-Shares		1,051,622
	882,119	Shenzhen Expressway Co. Ltd., H-Shares		1,073,780
	310,151	Shenzhou International Group Holdings Ltd.		4,162,809
	701,226	Sinotruk Hong Kong Ltd.		1,517,681
	1,700,761	SITC International Holdings Co. Ltd.		1,805,815
	126,472	TAL Education Group ADR(a)		4,865,378
	101,423	Tencent Holdings Ltd.		5,015,949
	942,081	Times China Holdings Ltd.		1,712,350
	637,692	TravelSky Technology Ltd., H-Shares		1,637,838
	542,688	Weichai Power Co. Ltd., H-Shares		886,795
	86,383	Wuxi Biologics Cayman, Inc.(a)(c)		868,741
	582,830	Xiabuxiabu Catering Management China Holdings Co. Ltd.(c)		1,025,194
	1,102,652	Xtep International Holdings Ltd.		628,248
	812,814	Yihai International Holding Ltd.		4,009,471
				63,287,333
		Colombia—0.4%
	38,277	Ecopetrol S.A. ADR		707,742

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

16

Invesco DWA Emerging Markets Momentum ETF (PIE) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Egypt—0.6%
	648,373	Egypt Kuwait Holding Co. SAE	$	944,679
		Hong Kong—0.7%
	4,331,122	Bosideng International Holdings Ltd.		1,192,447
		Hungary—0.6%
	21,373	OTP Bank Nyrt		946,719
		India—2.1%
	13,445	HDFC Bank Ltd. ADR		1,541,469
	32,175	WNS Holdings Ltd. ADR(a)		1,838,801
				3,380,270
		Indonesia—0.5%
	11,802,034	PT Mitra Adiperkasa Tbk		824,072
		Malaysia—2.4%
	108,100	Fraser & Neave Holdings Bhd		912,490
	171,500	Hong Leong Bank Bhd		828,775
	1,257,800	QL Resources Bhd		2,074,784
				3,816,049
		Mexico—1.3%
	206,303	Grupo Aeroportuario del Centro Norte SAB de CV, Class B		1,266,694
	14,792	Grupo Elektra SAB de CV		784,136
				2,050,830
		Philippines—3.2%
	1,301,469	Ayala Land, Inc.		1,222,488
	117,131	Manila Electric Co.		865,348
	109,098	SM Investments Corp.		1,988,834
	1,483,488	SM Prime Holdings, Inc.		1,179,958
				5,256,628
		South Africa—7.5%
	14,854	Anglo American Platinum Ltd.		748,044
	17,430	Capitec Bank Holdings Ltd.		1,625,147
	265,119	Clicks Group Ltd.		3,618,323
	262,221	Impala Platinum Holdings Ltd.(a)		1,047,329
	17,413	Naspers Ltd., Class N		4,439,533
	172,894	Sibanye Gold Ltd. ADR		651,810
				12,130,186
		Taiwan—23.1%
	883,000	Accton Technology Corp.		3,743,342
	523,000	Chailease Holding Co. Ltd.		2,225,640
	1,381,000	China Life Insurance Co. Ltd.		1,148,562
	297,000	Chong Hong Construction Co. Ltd.		836,187
	1,217,000	CTBC Financial Holding Co. Ltd.		832,968
	1,485,199	E.Sun Financial Holding Co. Ltd.		1,218,400
	589,000	Elite Material Co. Ltd.		1,890,838
	250,000	Formosa Chemicals & Fibre Corp.		898,029
	810,000	Getac Technology Corp.		1,217,582
	614,509	International CSRC Investment Holdings Co.		835,228
	455,000	Iteq Corp.		1,494,531
	20,000	Largan Precision Co. Ltd.		3,009,611
	1,390,598	Lien Hwa Industrial Corp.		1,525,558
	591,000	Lite-On Technology Corp.		832,920
	920,000	Mega Financial Holding Co. Ltd.		882,755
	638,000	Primax Electronics Ltd.		1,304,864

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Taiwan (continued)
	161,000	Realtek Semiconductor Corp.	$	1,088,929
	1,103,000	Sinbon Electronics Co. Ltd.		3,890,715
	1,011,000	Taiwan High Speed Rail Corp.		1,230,174
	283,680	Taiwan Semiconductor Manufacturing Co. Ltd.		2,377,694
	997,000	Uni-President Enterprises Corp.		2,368,202
	130,000	Voltronic Power Technology Corp.		2,566,260
				37,418,989
		Thailand—8.6%
	642,858	Airports of Thailand PCL NVDR		1,379,351
	122,316	Bangkok Bank PCL (Foreign Shares)		777,765
	136,064	Electricity Generating PCL NVDR		1,261,549
	1,758,789	Home Product Center PCL NVDR		864,933
	157,345	Kasikornbank PCL NVDR		941,359
	386,873	Kiatnakin Bank PCL NVDR		799,800
	1,151,846	Minor International PCL NVDR		1,352,991
	57,592	Minor International PLC Wts. expiring 12/31/99(a)(d)		0
	66,871	Siam Cement PCL (The) NVDR		967,718
	1,304,441	Thanachart Capital PCL NVDR		2,165,556
	1,324,427	Tisco Financial Group PCL NVDR		3,474,417
				13,985,439
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $144,115,164)—99.9%		161,772,314
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—0.4%
	458,178	Invesco Government & Agency Portfolio—Institutional Class 2.34%(e)(f)		458,178
	152,680	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(e)(f)		152,726
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $610,904)		610,904
		Total Investments in Securities (Cost $144,726,068)—100.3%		162,383,218
		Other assets less liabilities—(0.3)%		(547,116	)
		Net Assets—100.0%	$	161,836,102

Abbreviations:

ADR—American Depositary Receipt

NVDR—Non-voting Depositary Receipt

Wts.—Warrants

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  All or a portion of this security was out on loan at April 30, 2019.

^(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

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

17

Invesco DWA Emerging Markets Momentum ETF (PIE) (continued)

April 30, 2019

(Unaudited)

resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2019 was $2,717,241, which represented 1.68% of the Fund’s Net Assets.

^(d)  Security valued using significant unobservable inputs (Level 3). See Note 5.

^(e)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2K.

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

18

Invesco Frontier Markets ETF (FRN)

April 30, 2019

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Financials	49.1
Consumer Discretionary	10.2
Materials	9.0
Communication Services	9.0
Industrials	7.1
Energy	5.4
Consumer Staples	5.2
Real Estate	3.8
Utilities	0.8
Other Assets Less Liabilities	0.4

Schedule of Investments

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.6%
		Argentina—14.1%
	24,692	Adecoagro S.A.(a)	$	167,906
	6,319	Banco Macro S.A. ADR		256,425
	16,585	BBVA Banco Frances S.A. ADR		133,012
	15,276	Central Puerto S.A. ADR		123,430
	7,530	Cresud S.A.C.I.F.y A. ADR(a)		75,300
	6,972	Despegar.com Corp.(a)		101,722
	25,372	Grupo Financiero Galicia S.A. ADR		552,602
	14,455	Grupo Supervielle S.A. ADR		73,431
	14,374	Loma Negra Cia Industrial Argentina S.A. ADR(a)		143,740
	11,124	MercadoLibre, Inc.(a)		5,385,573
	15,335	Pampa Energia S.A. ADR(a)		321,268
	10,763	Telecom Argentina S.A. ADR(a)		141,533
	10,155	Transportadora de Gas del Sur S.A. ADR		103,175
	42,582	YPF S.A. ADR		576,135
				8,155,252
		Bahrain—1.8%
	3,943,869	Gulf Finance House EC		1,071,555
		Kazakhstan—4.2%
	288,379	KAZ Minerals PLC		2,430,862
		Kenya—10.3%
	3,813,500	Equity Group Holdings PLC		1,543,515
	2,887,145	KCB Group Ltd.		1,211,429
	11,502,387	Safaricom PLC		3,204,277
				5,959,221
		Kuwait—15.6%
	208,268	Agility Public Warehousing Co. KSC		499,378
	89,779	Ahli United Bank Kscp/Kuwait		89,646
	203,511	Boubyan Bank KSCP		363,639
	89,786	Boubyan Petrochemicals Co. KSCP		271,319

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Kuwait (continued)
	190,419	Burgan Bank SAK	$	205,148
	303,241	Gulf Bank KSCP		302,793
	18,241	Humansoft Holding Co. KSC		199,456
	34,654	Integrated Holding Co. KCSC(a)		81,954
	838,646	Kuwait Finance House KSCP		1,831,826
	143,101	Kuwait International Bank KSCP		133,019
	103,717	Mabanee Co. SAKC		212,919
	430,475	Mobile Telecommunications Co. KSC		653,242
	1,271,026	National Bank of Kuwait SAKP		3,882,589
	25,808	National Gulf Holdings(a)(b)		0
	228,292	National Industries Group Holding SAK		164,217
	177,206	Warba Bank KSCP(a)		139,693
				9,030,838
		Morocco—10.7%
	43,690	Attijariwafa Bank		2,023,808
	35,997	Banque Centrale Populaire		988,314
	26,824	BMCE Bank		528,031
	29,195	Cosumar		568,655
	3,498	Lafargeholcim Maroc S.A.		568,262
	79,775	Maroc Telecom		1,210,841
	15,672	Societe d’Exploitation des Ports		299,574
				6,187,485
		Nigeria—15.8%
	33,429,097	Access Bank PLC		646,265
	2,954,298	Dangote Cement PLC		1,479,203
	34,010,569	Guaranty Trust Bank PLC		3,121,972
	311,437	Nestle Nigeria PLC		1,316,785
	35,568,660	United Bank For Africa PLC		672,787
	33,016,325	Zenith Bank PLC		1,956,183
				9,193,195

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

19

Invesco Frontier Markets ETF (FRN) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Oman—3.0%
	1,657,602	Bank Muscat SAOG	$	1,739,406
		Panama—6.0%
	33,155	Banco Latinoamericano de Comercio Exterior S.A., Class E		717,143
	33,483	Copa Holdings S.A., Class A		2,787,794
				3,504,937
		Romania—10.5%
	5,140,744	Banca Transilvania S.A.		2,668,709
	297,775	BRD-Groupe Societe Generale S.A.		956,245
	16,942,196	OMV Petrom S.A.		1,525,695
	123,514	Societatea Nationala de Gaze Naturale ROMGAZ S.A.		955,253
				6,105,902
		Uruguay—0.4%
	29,533	Arcos Dorados Holdings, Inc., Class A		206,140
		Vietnam—7.2%
	47,204	Bank for Foreign Trade of Vietnam JSC		137,634
	27,190	Bank for Investment and Development of Vietnam JSC(a)		40,632
	135,780	Ho Chi Minh City Development Joint Stock Commercial Bank		163,840
	229,775	Hoa Phat Group JSC(a)		331,527
	85,125	Masan Group Corp.(a)		317,654
	66,611	No Va Land Investment Group Corp.(a)		169,048
	12,180	PetroVietnam Gas JSC		58,997
	10,200	Saigon Beer Alcohol Beverage Corp.		104,770
	286,950	Saigon Thuong Tin Commercial JSB(a)		147,249
	51,840	Ssi Securities Corp.		57,433
	54,290	Vietjet Aviation JSC		270,197
	99,734	Vietnam Dairy Products JSC		555,898
	166,260	Vietnam Export Import Commercial Jsb(a)		121,371
	151,908	Vincom Retail JSC(a)		234,834
	198,026	Vingroup JSC(a)		966,851
	133,220	Vinhomes JSC(a)(c)		526,301
				4,204,236
		Total Investments in Securities (Cost $52,380,813)—99.6%		57,789,029
		Other assets less liabilities—0.4%		237,496
		Net Assets—100.0%	$	58,026,525

Abbreviations:

ADR—American Depositary Receipt

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security valued using significant unobservable inputs (Level 3). See Note 5.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2019 represented less than 1% of the Fund’s Net Assets.

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

20

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)

April 30, 2019

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Financials	27.1
Industrials	12.3
Consumer Discretionary	11.2
Energy	9.4
Materials	8.0
Consumer Staples	7.5
Communication Services	6.0
Health Care	5.4
Utilities	5.0
Information Technology	4.7
Real Estate	2.6
Money Market Funds Plus Other Assets Less Liabilities	0.8

Schedule of Investments

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.2%
		Australia—5.5%
	55,304	AGL Energy Ltd.	$	865,319
	81,666	Amcor Ltd.		921,414
	551,188	AMP Ltd.		880,655
	77,662	APA Group		525,852
	6,449	ASX Ltd.		338,165
	186,161	Aurizon Holdings Ltd.		623,700
	219,873	Australia & New Zealand Banking Group Ltd.		4,209,408
	59,889	Bank of Queensland Ltd.		390,757
	57,025	Bendigo & Adelaide Bank Ltd.		413,412
	231,466	BGP Holdings PLC(a)(b)		0
	245,712	BHP Group Ltd.		6,468,121
	152,540	BHP Group PLC		3,598,151
	49,646	BlueScope Steel Ltd.		469,988
	112,329	Boral Ltd.		383,454
	94,730	Brambles Ltd.		803,442
	34,950	Caltex Australia Ltd.		669,354
	50,697	Challenger Ltd.		293,315
	6,939	CIMIC Group Ltd.		247,082
	59,274	Coca-Cola Amatil Ltd.		367,136
	127,127	Coles Group Ltd.(a)		1,128,322
	120,558	Commonwealth Bank of Australia		6,323,377
	20,465	Computershare Ltd.		256,829
	44,004	Crown Resorts Ltd.		411,621
	7,583	CSL Ltd.		1,059,827
	53,436	Dexus		470,137
	67,449	Downer EDI Ltd.		367,449
	180,522	Fortescue Metals Group Ltd.		908,482
	58,465	Goodman Group		541,542

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Australia (continued)
	104,162	GPT Group (The)	$	420,092
	171,479	Incitec Pivot Ltd.		406,744
	210,050	Insurance Australia Group Ltd.		1,165,009
	71,624	LendLease Group		670,487
	20,671	Macquarie Group Ltd.		1,959,789
	209,647	Medibank Private Ltd.		422,022
	148,534	Metcash Ltd.		300,046
	325,263	Mirvac Group		647,890
	238,189	National Australia Bank Ltd.		4,249,911
	24,223	Newcrest Mining Ltd.		426,405
	61,595	Oil Search Ltd.		337,291
	36,897	Orica Ltd.		483,041
	182,387	Origin Energy Ltd.		946,110
	63,840	Qantas Airways Ltd.		252,079
	153,696	QBE Insurance Group Ltd.		1,398,754
	6,852	Ramsay Health Care Ltd.		315,024
	31,098	Rio Tinto Ltd.		2,087,490
	91,126	Rio Tinto PLC		5,304,260
	81,590	Santos Ltd.		412,901
	420,810	Scentre Group		1,131,435
	29,284	Sonic Healthcare Ltd.		528,686
	244,339	South32 Ltd.		574,407
	291,538	Stockland		773,600
	121,784	Suncorp Group Ltd.		1,137,474
	84,788	Tabcorp Holdings Ltd.		285,858
	754,102	Telstra Corp. Ltd.		1,794,019
	74,457	Transurban Group		704,344
	22,562	Treasury Wine Estates Ltd.		273,141

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

21

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Australia (continued)
	269,234	Vicinity Centres	$	481,331
	117,324	Wesfarmers Ltd.		2,973,652
	251,736	Westpac Banking Corp.		4,874,343
	81,643	Woodside Petroleum Ltd.		2,033,666
	101,406	Woolworths Group Ltd.		2,273,282
	25,107	WorleyParsons Ltd.		253,057
				76,233,951
		Austria—0.3%
	6,194	ANDRITZ AG		295,019
	31,153	Erste Group Bank AG		1,246,401
	19,479	OMV AG		1,042,388
	18,328	Raiffeisen Bank International AG		488,241
	23,855	voestalpine AG		765,403
	9,683	Wienerberger AG		222,027
				4,059,479
		Belgium—0.8%
	26,624	Ageas		1,402,364
	56,481	Anheuser-Busch InBev S.A./N.V.		5,017,022
	25,385	bpost S.A.(c)		304,689
	3,592	Colruyt S.A.		258,682
	22,259	KBC Group N.V.		1,646,913
	19,802	Proximus SADP		553,693
	7,818	Solvay S.A.		938,810
	5,124	UCB S.A.		406,108
	12,292	Umicore S.A.(c)		475,260
				11,003,541
		Brazil—0.0%
	99,768	Yamana Gold, Inc.		218,048
		Canada—7.1%
	9,603	Agnico Eagle Mines Ltd.		396,056
	16,590	Air Canada(a)		396,621
	23,044	Algonquin Power & Utilities Corp.		261,926
	23,762	Alimentation Couche-Tard, Inc., Class B		1,395,302
	31,393	AltaGas Ltd.(c)		415,633
	59,559	ARC Resources Ltd.		376,782
	10,483	Atco Ltd., Class I		358,083
	56,356	Bank of Montreal		4,433,238
	107,177	Bank of Nova Scotia (The)		5,878,322
	61,656	Barrick Gold Corp.		780,554
	132,218	Baytex Energy Corp.(a)		267,345
	26,634	BCE, Inc.		1,186,769
	233,652	Bombardier, Inc., Class B(a)		397,757
	54,714	Brookfield Asset Management, Inc., Class A		2,627,102
	11,317	CAE, Inc.		262,145
	28,072	Cameco Corp.		308,433
	7,747	Canadian Apartment Properties REIT		276,029
	37,346	Canadian Imperial Bank of Commerce		3,131,878
	25,861	Canadian National Railway Co.		2,392,316
	98,896	Canadian Natural Resources Ltd.		2,956,882
	4,288	Canadian Pacific Railway Ltd.		956,831
	6,216	Canadian Tire Corp. Ltd., Class A		681,394
	11,072	Canadian Utilities Ltd., Class A		303,961
	10,437	Capital Power Corp.		234,313

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Canada (continued)
	29,083	Celestica, Inc.(a)	$	206,469
	156,182	Cenovus Energy, Inc.		1,541,850
	11,469	CGI, Inc., Class A(a)		822,150
	28,216	CI Financial Corp.		404,194
	362,514	Crescent Point Energy Corp.		1,390,553
	19,270	Empire Co. Ltd., Class A		426,885
	110,168	Enbridge, Inc.		4,053,088
	88,946	Encana Corp.		613,603
	1,955	Fairfax Financial Holdings Ltd.		928,494
	17,136	Finning International, Inc.		306,364
	30,416	Fortis, Inc.		1,119,685
	4,232	Franco-Nevada Corp.		301,985
	10,902	George Weston Ltd.		810,680
	19,141	Gibson Energy, Inc.		314,321
	7,555	Gildan Activewear, Inc.		277,443
	34,268	Great-West Lifeco, Inc.		857,719
	32,111	H&R Real Estate Investment Trust		546,403
	48,120	Husky Energy, Inc.		520,120
	32,887	Hydro One Ltd.(d)		530,025
	9,516	IGM Financial, Inc.		261,740
	23,231	Imperial Oil Ltd.		672,131
	8,193	Intact Financial Corp.		667,585
	35,201	Inter Pipeline Ltd.		570,983
	16,773	Keyera Corp.		386,033
	77,067	Kinross Gold Corp.(a)		244,057
	15,196	Loblaw Cos. Ltd.		741,387
	38,946	Magna International, Inc.		2,158,938
	212,263	Manulife Financial Corp.		3,892,751
	59,649	MEG Energy Corp.(a)		264,279
	4,960	Methanex Corp.		270,787
	13,777	Metro, Inc.		496,718
	26,318	National Bank of Canada		1,248,599
	28,841	Nutrien Ltd.		1,557,826
	8,920	Onex Corp.		515,294
	8,199	Open Text Corp.		313,893
	9,054	Parkland Fuel Corp.		277,906
	27,331	Pembina Pipeline Corp.		973,205
	57,937	Power Corp. of Canada		1,323,954
	42,737	Power Financial Corp.		1,014,416
	3,579	Restaurant Brands International, Inc.		232,640
	29,342	RioCan Real Estate Investment Trust		561,887
	22,514	Rogers Communications, Inc., Class B		1,128,880
	101,788	Royal Bank of Canada		8,079,025
	11,563	Saputo, Inc.		393,771
	38,568	Shaw Communications, Inc., Class B		777,840
	21,725	SNC-Lavalin Group, Inc.		539,411
	56,311	Sun Life Financial, Inc.		2,329,966
	131,220	Suncor Energy, Inc.		4,309,619
	53,924	Teck Resources Ltd., Class B		1,269,932
	16,443	TELUS Corp.		602,983
	15,760	Thomson Reuters Corp.		969,945
	122,142	Toronto-Dominion Bank (The)		6,938,813
	24,595	Tourmaline Oil Corp.(c)		366,219
	54,184	TransAlta Corp.		364,127
	57,390	TransCanada Corp.		2,727,859
	12,113	Vermilion Energy, Inc.		308,048

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

22

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Canada (continued)
	4,411	West Fraser Timber Co. Ltd.	$	226,157
	15,976	Wheaton Precious Metals Corp.		344,175
	66,452	Whitecap Resources, Inc.		266,262
	5,785	WSP Global, Inc.		311,096
				97,548,840
		Chile—0.0%
	29,934	Antofagasta PLC		354,333
	57,094	Lundin Mining Corp.		305,164
				659,497
		China—0.3%
	36,304	AAC Technologies Holdings, Inc.		234,610
	286,096	BOC (Hong Kong) Holdings Ltd.		1,279,982
	97,908	China Mengniu Dairy Co. Ltd.		361,910
	1,477,038	Lenovo Group Ltd.		1,368,709
	293,139	Semiconductor Manufacturing International Corp.(a)		313,488
				3,558,699
		Denmark—0.8%
	574	AP Moller—Maersk A/S, Class A		698,797
	885	AP Moller—Maersk A/S, Class B		1,152,075
	5,660	Carlsberg A/S, Class B		730,520
	3,509	Coloplast A/S, Class B		378,309
	104,002	Danske Bank A/S		1,843,002
	2,918	Drilling Co. of 1972 A/S (The)(a)		223,833
	5,540	DSV A/S		511,450
	21,730	ISS A/S(c)		675,225
	8,015	Jyske Bank A/S(c)		322,566
	53,841	Novo Nordisk A/S, Class B		2,630,766
	5,664	Novozymes A/S, Class B		263,744
	5,860	Orsted A/S(d)		448,276
	9,111	Pandora A/S		381,856
	9,265	Vestas Wind Systems A/S		837,260
				11,097,679
		Finland—1.0%
	9,177	Elisa Oyj		389,069
	42,096	Fortum Oyj		888,815
	7,536	Kesko Oyj, Class B		391,031
	18,755	Kone Oyj, Class B		1,026,976
	8,381	Metso Oyj(c)		311,928
	17,682	Neste Oyj		583,390
	384,121	Nokia Oyj		2,014,238
	11,107	Nokian Renkaat Oyj		371,188
	434,500	Nordea Bank Abp		3,509,895
	74,403	Outokumpu Oyj(c)		283,420
	38,787	Sampo Oyj, Class A		1,771,781
	53,332	Stora Enso Oyj, Class R		661,346
	44,918	UPM-Kymmene Oyj		1,264,028
	28,021	Wartsila Oyj Abp		446,553
				13,913,658
		France—10.0%
	10,777	Accor S.A.		453,642
	76,897	Air France-KLM(a)		887,639
	23,792	Air Liquide S.A.		3,160,983

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		France (continued)
	24,520	Airbus SE	$	3,349,211
	7,519	Alstom S.A.		330,321
	3,972	Amundi S.A.(d)		285,114
	7,156	Arkema S.A.		733,485
	7,677	Atos SE		789,640
	359,422	AXA S.A.(c)		9,564,591
	208,447	BNP Paribas S.A.		11,084,637
	88,847	Bollore S.A.		421,782
	38,564	Bouygues S.A.(c)		1,449,555
	15,401	Bureau Veritas S.A.		389,729
	8,822	Capgemini SE		1,068,765
	140,887	Carrefour S.A.		2,742,586
	23,655	Casino Guichard Perrachon S.A.(c)		967,621
	158,639	CGG S.A.(a)		286,948
	81,349	Cie de Saint-Gobain		3,322,157
	19,443	Cie Generale des Etablissements Michelin SCA		2,509,093
	20,562	CNP Assurances		484,842
	3,578	Covivio		386,952
	195,917	Credit Agricole S.A.		2,685,271
	34,182	Danone S.A.		2,761,225
	1,796	Dassault Systemes SE		283,902
	6,922	Edenred		325,892
	9,549	Eiffage S.A.		996,316
	98,136	Electricite de France S.A.		1,412,157
	15,488	Elis S.A.(a)		275,983
	311,105	Engie S.A.		4,603,997
	5,549	EssilorLuxottica S.A.		674,736
	5,429	Eurazeo SE		425,596
	19,115	Eutelsat Communications S.A.		344,683
	12,522	Faurecia S.A.		635,433
	3,561	Gecina S.A.		531,177
	19,567	Getlink SE		314,678
	588	Hermes International		413,307
	2,956	ICADE		252,435
	2,262	Iliad S.A.		229,927
	4,056	Imerys S.A.		215,823
	4,500	Ingenico Group S.A.		379,043
	1,807	Kering S.A.		1,067,231
	17,651	Klepierre S.A.		626,480
	21,757	Lagardere SCA		591,534
	12,581	Legrand S.A.		923,801
	7,426	L’Oreal S.A.(c)		2,039,801
	8,368	LVMH Moet Hennessy Louis Vuitton SE(c)		3,273,399
	135,784	Natixis S.A.		798,605
	4,929	Nexity S.A.		230,238
	290,515	Orange S.A.		4,546,729
	8,024	Pernod Ricard S.A.		1,396,985
	80,159	Peugeot S.A.(c)		2,098,528
	17,783	Publicis Groupe S.A.		1,053,868
	42,772	Renault S.A.		2,915,383
	58,103	Rexel S.A.		780,090
	4,944	Rubis SCA		270,388
	11,742	Safran S.A.		1,709,389
	92,127	Sanofi(c)		8,000,593
	39,258	Schneider Electric SE		3,319,973

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

23

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		France (continued)
	20,723	SCOR SE	$	844,435
	242,429	Societe Generale S.A.		7,667,101
	7,353	Sodexo S.A.		842,592
	16,899	SPIE S.A.		325,746
	66,302	Suez		930,666
	1,846	Teleperformance		354,388
	4,833	Thales S.A.		576,570
	296,147	TOTAL S.A.		16,443,595
	11,703	Unibail-Rodamco-Westfield		2,009,959
	41,025	Valeo S.A.(c)		1,488,267
	80,150	Veolia Environnement S.A.		1,891,697
	37,287	Vinci S.A.		3,761,716
	84,055	Vivendi S.A.		2,436,967
				137,647,588
		Germany—9.6%
	10,133	Aareal Bank AG		353,287
	6,504	adidas AG		1,669,918
	53,078	Allianz SE		12,777,280
	26,806	Aroundtown S.A.		217,080
	7,817	Aurubis AG		380,382
	110,263	BASF SE		8,957,720
	82,894	Bayer AG		5,512,648
	63,603	Bayerische Motoren Werke AG		5,410,146
	10,987	Bayerische Motoren Werke AG (Preference Shares)		810,204
	2,922	Beiersdorf AG		319,085
	15,014	Brenntag AG		808,667
	53,240	CECONOMY AG(a)		356,803
	283,314	Commerzbank AG(a)		2,543,891
	12,600	Continental AG		2,080,845
	17,726	Covestro AG(d)		968,445
	186,853	Daimler AG		12,216,761
	616,457	Deutsche Bank AG		5,090,975
	6,983	Deutsche Boerse AG		930,494
	44,690	Deutsche Lufthansa AG		1,077,810
	26,502	Deutsche Pfandbriefbank AG(d)		368,587
	114,795	Deutsche Post AG		3,975,310
	405,379	Deutsche Telekom AG		6,775,557
	14,045	Deutsche Wohnen SE		630,711
	386,974	E.ON SE		4,149,469
	20,065	Evonik Industries AG		597,251
	20,590	Freenet AG		482,272
	14,327	Fresenius Medical Care AG & Co. KGaA		1,203,578
	35,667	Fresenius SE & Co. KGaA		2,021,785
	18,288	GEA Group AG		510,745
	5,639	Hannover Rueck SE		849,358
	18,457	HeidelbergCement AG		1,489,303
	5,919	Henkel AG & Co. KGaA		563,510
	10,064	Henkel AG & Co. KGaA (Preference Shares)		1,017,793
	2,003	HOCHTIEF AG		298,553
	5,629	HUGO BOSS AG		392,132
	37,513	Infineon Technologies AG		883,909
	14,068	Innogy SE(d)		652,555
	29,565	K+S AG		599,054
	5,159	KION Group AG		352,915

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Germany (continued)
	10,166	LANXESS AG	$	586,742
	3,142	LEG Immobilien AG		365,329
	10,726	Leoni AG(a)(c)		246,904
	5,597	Merck KGaA		595,141
	49,311	METRO AG		834,469
	1,812	MTU Aero Engines AG		425,840
	21,894	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		5,471,666
	8,439	OSRAM Licht AG(c)		288,362
	10,422	Porsche Automobil Holding SE (Preference Shares)		722,287
	38,640	ProSiebenSat.1 Media SE		607,770
	3,366	Rheinmetall AG		385,904
	117,474	RWE AG		2,997,743
	8,585	RWE AG (Preference Shares)(a)		218,883
	11,166	Salzgitter AG		367,529
	31,647	SAP SE		4,063,787
	77,081	Siemens AG		9,220,705
	3,647	Symrise AG		350,273
	6,093	Talanx AG		243,229
	98,206	Telefonica Deutschland Holding AG		318,732
	90,248	thyssenkrupp AG(c)		1,267,802
	79,101	TUI AG		880,439
	44,713	Uniper SE		1,353,468
	8,741	United Internet AG		350,013
	6,611	Volkswagen AG		1,180,987
	38,370	Volkswagen AG (Preference Shares)(a)		6,666,919
	24,850	Vonovia SE		1,238,463
				131,546,174
		Hong Kong—1.6%
	415,078	AIA Group Ltd.		4,229,929
	181,612	CK Asset Holdings Ltd.		1,458,378
	179,652	CK Hutchison Holdings Ltd.		1,886,880
	104,362	CLP Holdings Ltd.		1,183,241
	133,248	Hang Lung Properties Ltd.		313,189
	41,357	Hang Seng Bank Ltd.		1,085,928
	98,935	Henderson Land Development Co. Ltd.		609,091
	255,475	Hong Kong & China Gas Co. Ltd.		609,592
	19,602	Hong Kong Exchanges & Clearing Ltd.		679,601
	67,144	Hongkong Land Holdings Ltd.		467,994
	8,003	Jardine Matheson Holdings Ltd.		526,597
	7,519	Jardine Strategic Holdings Ltd.		284,369
	63,167	Kerry Properties Ltd.		269,724
	109,237	Link REIT		1,274,019
	99,347	MTR Corp. Ltd.		591,366
	418,223	New World Development Co. Ltd.		691,939
	98,100	NWS Holdings Ltd.		203,818
	52,406	Power Assets Holdings Ltd.		365,387
	152,920	Sino Land Co. Ltd.		268,985
	122,688	Sun Hung Kai Properties Ltd.		2,117,413
	41,151	Swire Pacific Ltd., Class A		520,852
	73,005	Swire Pacific Ltd., Class B		144,607
	81,712	Swire Properties Ltd.		331,726
	43,634	Techtronic Industries Co. Ltd.		315,350
	736,379	WH Group Ltd.(d)		872,910
	94,561	Wharf Holdings Ltd. (The)		271,796

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

24

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Hong Kong (continued)
	80,083	Wharf Real Estate Investment Co. Ltd.	$	613,479
				22,188,160
		Ireland—0.4%
	63,634	AIB Group PLC		295,100
	119,203	Bank of Ireland Group PLC		760,132
	70,304	CRH PLC		2,346,287
	18,153	James Hardie Industries PLC		246,340
	4,381	Kerry Group PLC, Class A		489,997
	4,725	Paddy Power Betfair PLC		399,644
	24,192	Smurfit Kappa Group PLC		708,026
				5,245,526
		Israel—0.3%
	76,355	Bank Hapoalim BM		560,841
	104,457	Bank Leumi Le-Israel BM		713,881
	305,756	Bezeq The Israeli Telecommunication Corp. Ltd.		208,875
	73,566	Israel Chemicals Ltd.		389,179
	97,823	Israel Discount Bank Ltd., Class A		380,861
	90,453	Teva Pharmaceutical Industries Ltd.(a)(c)		1,390,580
				3,644,217
		Italy—3.2%
	155,837	A2A SpA		260,224
	265,167	Assicurazioni Generali SpA		5,141,090
	47,285	Atlantia SpA		1,288,773
	533,318	Banco BPM SpA(a)(c)		1,267,102
	99,792	BPER Banca SpA		479,110
	1,072,380	Enel SpA		6,777,045
	425,618	Eni SpA		7,258,839
	86,327	Hera SpA		307,074
	2,520,495	Intesa Sanpaolo SpA		6,601,371
	54,204	Leonardo SpA		625,385
	58,292	Mediobanca Banca di Credito Finanziario SpA		617,348
	42,058	Pirelli & C SpA(a)(d)		306,751
	74,634	Poste Italiane SpA(d)		795,439
	22,215	Prysmian SpA		427,969
	94,004	Saipem SpA(a)		475,868
	130,592	Saras SpA		232,996
	189,010	Snam SpA		961,044
	2,754,094	Telecom Italia SpA(a)		1,538,936
	1,573,730	Telecom Italia SpA-RSP		819,935
	95,073	Terna Rete Elettrica Nazionale SpA		568,755
	436,833	UniCredit SpA		6,036,262
	300,199	Unione di Banche Italiane SpA		935,284
	148,447	Unipol Gruppo SpA		754,630
	110,416	UnipolSai Assicurazioni SpA(c)		302,181
				44,779,411
		Japan—20.9%
	106,769	Aeon Co. Ltd.		1,969,535
	27,163	AGC, Inc.		923,115
	14,409	Air Water, Inc.		218,900
	27,817	Aisin Seiki Co. Ltd.		1,075,216
	44,952	Ajinomoto Co., Inc.		723,470
	17,363	Alfresa Holdings Corp.		482,500

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	19,333	Alps Alpine Co. Ltd.	$	407,403
	29,824	Amada Holdings Co. Ltd.		330,976
	11,159	ANA Holdings, Inc.		389,551
	13,637	Aozora Bank Ltd.		331,696
	23,160	Asahi Group Holdings Ltd.		1,004,172
	126,488	Asahi Kasei Corp.		1,298,099
	105,711	Astellas Pharma, Inc.		1,432,259
	10,093	Bandai Namco Holdings, Inc.		480,295
	6,138	Bank of Kyoto Ltd. (The)		264,533
	65,702	Bridgestone Corp.		2,599,174
	23,041	Brother Industries Ltd.		451,614
	102,745	Canon, Inc.		2,849,646
	16,666	Casio Computer Co. Ltd.		209,644
	11,156	Central Japan Railway Co.		2,393,469
	65,966	Chiba Bank Ltd. (The)		344,119
	66,896	Chubu Electric Power Co., Inc.		970,630
	4,203	Chugai Pharmaceutical Co. Ltd.		265,671
	48,477	Chugoku Electric Power Co., Inc. (The)		577,589
	11,078	Coca-Cola Bottlers Japan Holdings, Inc.		272,238
	164,434	Concordia Financial Group Ltd.		637,805
	26,952	Cosmo Energy Holdings Co. Ltd.		555,859
	21,922	Credit Saison Co. Ltd.		278,712
	28,851	Dai Nippon Printing Co. Ltd.		682,062
	34,775	Daicel Corp.		387,794
	185,330	Dai-ichi Life Holdings, Inc.		2,654,109
	29,857	Daiichi Sankyo Co. Ltd.		1,469,326
	12,833	Daikin Industries Ltd.		1,624,649
	6,066	Daito Trust Construction Co. Ltd.		809,617
	66,644	Daiwa House Industry Co. Ltd.		1,861,544
	208,311	Daiwa Securities Group, Inc.		963,421
	9,119	Denka Co. Ltd.		273,468
	50,898	Denso Corp.		2,217,805
	17,073	Dentsu, Inc.		695,183
	12,563	DIC Corp.		367,161
	29,118	East Japan Railway Co.		2,735,981
	10,456	Ebara Corp.		319,665
	9,068	Eisai Co. Ltd.		525,476
	16,764	Electric Power Development Co. Ltd.		388,338
	8,771	FANUC Corp.		1,636,072
	1,310	Fast Retailing Co. Ltd.		755,830
	13,013	Fuji Electric Co. Ltd.		458,595
	29,751	FUJIFILM Holdings Corp.		1,384,774
	71,924	Fujikura Ltd.		295,768
	27,235	Fujitsu Ltd.		1,989,286
	18,955	Fukuoka Financial Group, Inc.		438,411
	10,674	Furukawa Electric Co. Ltd.		280,615
	20,592	Hakuhodo DY Holdings, Inc.		346,297
	15,592	Hankyu Hanshin Holdings, Inc.		580,981
	31,911	Haseko Corp.		384,221
	46,163	Hino Motors Ltd.		434,378
	10,637	Hitachi Construction Machinery Co. Ltd.		281,743
	125,555	Hitachi Ltd.		4,158,675
	29,415	Hitachi Metals Ltd.		338,322
	39,140	Hokkaido Electric Power Co., Inc.		218,938
	208,112	Honda Motor Co. Ltd.		5,794,436
	11,656	Hoya Corp.		817,882

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

25

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	40,034	Idemitsu Kosan Co. Ltd.	$	1,295,826
	18,620	IHI Corp.		440,861
	19,517	Iida Group Holdings Co. Ltd.		329,270
	131,435	Inpex Corp.		1,275,701
	55,722	Isetan Mitsukoshi Holdings Ltd.		529,828
	52,770	Isuzu Motors Ltd.		755,955
	162,314	ITOCHU Corp.		2,914,730
	39,565	J Front Retailing Co. Ltd.		481,352
	12,081	Japan Airlines Co. Ltd.		404,490
	488,992	Japan Display, Inc.(a)(c)		342,459
	20,594	Japan Exchange Group, Inc.		334,312
	48,864	Japan Post Bank Co. Ltd.		536,572
	247,399	Japan Post Holdings Co. Ltd.		2,761,095
	14,533	Japan Post Insurance Co. Ltd.		292,944
	95,078	Japan Tobacco, Inc.		2,199,066
	95,317	JFE Holdings, Inc.		1,630,338
	23,008	JGC Corp.		328,051
	18,622	JSR Corp.		282,235
	39,764	JTEKT Corp.		510,193
	492,186	JXTG Holdings, Inc.		2,389,450
	53,776	Kajima Corp.		794,267
	6,667	Kaneka Corp.		256,204
	85,472	Kansai Electric Power Co., Inc. (The)		1,032,571
	16,130	Kao Corp.		1,239,276
	26,167	Kawasaki Heavy Industries Ltd.		607,568
	21,859	Kawasaki Kisen Kaisha Ltd.(a)(c)		315,986
	159,225	KDDI Corp.		3,631,974
	14,619	Keikyu Corp.		248,868
	5,542	Keio Corp.		333,391
	1,244	Keyence Corp.		772,034
	5,362	Kikkoman Corp.		248,421
	13,796	Kintetsu Group Holdings Co. Ltd.		611,298
	57,402	Kirin Holdings Co. Ltd.		1,298,535
	102,203	Kobe Steel Ltd.		779,083
	6,175	Koito Manufacturing Co. Ltd.		367,035
	75,597	Komatsu Ltd.		1,935,826
	60,537	Konica Minolta, Inc.		605,506
	28,996	K’s Holdings Corp.		258,523
	90,253	Kubota Corp.		1,363,823
	39,032	Kuraray Co. Ltd.		521,128
	24,701	Kyocera Corp.		1,594,615
	68,093	Kyushu Electric Power Co., Inc.		658,462
	10,195	Kyushu Railway Co.		331,366
	3,675	Lawson, Inc.		171,253
	52,015	LIXIL Group Corp.		675,786
	12,208	Makita Corp.		443,927
	258,677	Marubeni Corp.		1,846,681
	13,653	Marui Group Co. Ltd.		276,676
	124,401	Mazda Motor Corp.		1,469,356
	133,248	Mebuki Financial Group, Inc.		338,579
	22,837	Medipal Holdings Corp.		511,590
	7,669	MEIJI Holdings Co. Ltd.		602,503
	26,106	MinebeaMitsumi, Inc.		461,763
	230,031	Mitsubishi Chemical Holdings Corp.		1,629,786
	139,995	Mitsubishi Corp.		3,841,299
	197,987	Mitsubishi Electric Corp.		2,812,260

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	69,058	Mitsubishi Estate Co. Ltd.	$	1,162,903
	20,922	Mitsubishi Gas Chemical Co., Inc.		311,834
	45,795	Mitsubishi Heavy Industries Ltd.		1,900,056
	18,204	Mitsubishi Materials Corp.(c)		471,383
	81,500	Mitsubishi Motors Corp.		455,888
	19,322	Mitsubishi Tanabe Pharma Corp.		242,533
	2,002,211	Mitsubishi UFJ Financial Group, Inc.		9,885,664
	200,504	Mitsui & Co. Ltd.		3,229,667
	25,860	Mitsui Chemicals, Inc.		631,088
	25,410	Mitsui E&S Holdings Co. Ltd.(a)		249,366
	67,401	Mitsui Fudosan Co. Ltd.		1,553,476
	10,801	Mitsui Mining & Smelting Co. Ltd.		278,911
	29,152	Mitsui OSK Lines Ltd.		738,125
	4,090,680	Mizuho Financial Group, Inc.		6,372,462
	46,779	MS&AD Insurance Group Holdings, Inc.		1,444,006
	24,733	Murata Manufacturing Co. Ltd.		1,323,535
	14,701	Nagoya Railroad Co. Ltd.		397,306
	41,277	NEC Corp.		1,387,945
	24,751	NGK Insulators Ltd.		365,348
	17,312	NGK Spark Plug Co. Ltd.		335,282
	14,525	NH Foods Ltd.		582,956
	24,567	NHK Spring Co. Ltd.(c)		220,579
	6,401	Nidec Corp.		907,203
	31,759	Nikon Corp.		441,988
	2,744	Nintendo Co. Ltd.		936,224
	11,955	Nippon Electric Glass Co. Ltd.		327,387
	10,520	Nippon Express Co. Ltd.		576,180
	106,008	Nippon Light Metal Holdings Co. Ltd.		233,194
	24,610	Nippon Paper Industries Co. Ltd.		487,007
	28,187	Nippon Sheet Glass Co. Ltd.		231,570
	113,390	Nippon Steel Corp.		2,016,331
	95,867	Nippon Telegraph & Telephone Corp.		3,973,262
	55,123	Nippon Yusen K.K.(c)		938,390
	415,417	Nissan Motor Co. Ltd.		3,331,915
	14,800	Nisshin Seifun Group, Inc.		343,373
	28,214	Nisshinbo Holdings, Inc.		249,524
	3,470	Nissin Foods Holdings Co. Ltd.		228,374
	2,240	Nitori Holdings Co. Ltd.		266,487
	12,943	Nitto Denko Corp.		696,104
	19,481	NOK Corp.		311,521
	579,097	Nomura Holdings, Inc.		2,172,361
	16,799	Nomura Real Estate Holdings, Inc.		355,211
	58,408	NSK Ltd.		603,090
	98,347	NTN Corp.		322,304
	48,419	NTT Data Corp.		562,552
	101,300	NTT DoCoMo, Inc.		2,192,446
	87,614	Obayashi Corp.		856,670
	16,408	Odakyu Electric Railway Co. Ltd.		385,100
	122,676	OJI Holdings Corp.		733,578
	42,658	Olympus Corp.		476,467
	12,714	Omron Corp.		679,222
	17,284	Ono Pharmaceutical Co. Ltd.		322,712
	3,053	Oriental Land Co. Ltd.		336,344
	138,421	ORIX Corp.		1,953,119
	37,874	Osaka Gas Co. Ltd.		698,820
	29,248	Otsuka Holdings Co. Ltd.		1,042,292

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

26

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	4,177	Pan Pacific International Holdings Corp.	$	268,903
	333,871	Panasonic Corp.		3,060,672
	47,801	Rakuten, Inc.		530,049
	31,480	Recruit Holdings Co. Ltd.		940,938
	47,248	Renesas Electronics Corp.(a)		251,565
	28,124	Rengo Co. Ltd.		246,708
	308,956	Resona Holdings, Inc.		1,302,955
	111,055	Ricoh Co. Ltd.		1,119,773
	6,151	Rohm Co. Ltd.		450,107
	17,844	Santen Pharmaceutical Co. Ltd.		271,405
	17,541	SBI Holdings, Inc.		373,736
	9,928	Secom Co. Ltd.		832,392
	20,621	Sega Sammy Holdings, Inc.		259,950
	15,298	Seibu Holdings, Inc.		248,202
	33,870	Seiko Epson Corp.		541,008
	19,076	Seino Holdings Co. Ltd.		258,457
	33,961	Sekisui Chemical Co. Ltd.		543,071
	80,787	Sekisui House Ltd.		1,299,846
	63,619	Seven & i Holdings Co. Ltd.		2,204,316
	11,078	SG Holdings Co. Ltd.		295,911
	19,812	Sharp Corp.(a)		219,867
	21,430	Shikoku Electric Power Co., Inc.		215,887
	9,610	Shimadzu Corp.		256,612
	2,312	Shimano, Inc.		338,159
	69,223	Shimizu Corp.		589,833
	21,131	Shin-Etsu Chemical Co. Ltd.		1,978,867
	19,695	Shinsei Bank Ltd.(a)		272,680
	8,188	Shionogi & Co. Ltd.		476,099
	8,225	Shiseido Co. Ltd.		643,821
	60,996	Shizuoka Bank Ltd. (The)		465,514
	12,585	Showa Denko K.K.		425,432
	16,550	Skylark Holdings Co. Ltd.		272,378
	2,036	SMC Corp.		842,004
	123,526	Softbank Corp.		1,455,139
	60,900	SoftBank Group Corp.		6,318,290
	204,186	Sojitz Corp.		702,162
	46,180	Sompo Holdings, Inc.		1,725,297
	85,993	Sony Corp.		4,024,202
	17,336	Sony Financial Holdings, Inc.		352,868
	9,825	Stanley Electric Co. Ltd.		265,529
	79,512	Subaru Corp.		1,942,199
	243,185	Sumitomo Chemical Co. Ltd.		1,205,281
	151,643	Sumitomo Corp.		2,164,189
	85,565	Sumitomo Electric Industries Ltd.		1,132,800
	24,510	Sumitomo Forestry Co. Ltd.		336,043
	12,383	Sumitomo Heavy Industries Ltd.		436,393
	25,955	Sumitomo Metal Mining Co. Ltd.		810,751
	203,727	Sumitomo Mitsui Financial Group, Inc.		7,355,208
	43,086	Sumitomo Mitsui Trust Holdings, Inc.		1,494,809
	23,318	Sumitomo Realty & Development Co. Ltd.		859,024
	32,974	Sumitomo Rubber Industries Ltd.		404,718
	8,480	Suntory Beverage & Food Ltd.		373,082
	9,475	Suzuken Co. Ltd.		544,467
	31,630	Suzuki Motor Corp.		1,438,437
	4,438	Sysmex Corp.		253,110
	83,442	T&D Holdings, Inc.		896,416

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	15,632	Taiheiyo Cement Corp.	$	501,066
	18,571	Taisei Corp.		812,872
	28,150	Takashimaya Co. Ltd.(c)		315,684
	62,399	Takeda Pharmaceutical Co. Ltd.		2,303,791
	10,751	TDK Corp.		935,373
	28,436	Teijin Ltd.		486,891
	16,648	Terumo Corp.		500,299
	16,667	Tobu Railway Co. Ltd.		469,893
	6,879	Toho Gas Co. Ltd.		282,881
	46,578	Tohoku Electric Power Co., Inc.		531,962
	69,269	Tokio Marine Holdings, Inc.		3,484,130
	705,726	Tokyo Electric Power Co. Holdings, Inc.(a)		3,979,312
	6,605	Tokyo Electron Ltd.		1,046,422
	50,851	Tokyo Gas Co. Ltd.		1,290,736
	21,572	Tokyo Tatemono Co. Ltd.		242,304
	38,501	Tokyu Corp.		626,387
	79,518	Tokyu Fudosan Holdings Corp.		446,943
	31,890	Toppan Printing Co. Ltd.		515,680
	173,116	Toray Industries, Inc.		1,178,199
	54,264	Toshiba Corp.		1,802,710
	34,384	Tosoh Corp.		551,070
	8,874	TOTO Ltd.		373,684
	20,514	Toyo Seikan Group Holdings Ltd.		408,714
	6,089	Toyo Suisan Kaisha Ltd.		231,532
	11,759	Toyoda Gosei Co. Ltd.		243,890
	17,097	Toyota Industries Corp.		967,103
	265,996	Toyota Motor Corp.		16,491,155
	23,393	Toyota Tsusho Corp.		772,940
	4,938	Trend Micro, Inc.		246,512
	16,978	Ube Industries Ltd.		361,283
	10,097	Unicharm Corp.		330,810
	17,214	West Japan Railway Co.		1,276,966
	188,072	Yahoo! Japan Corp.		499,837
	3,570	Yakult Honsha Co. Ltd.		242,007
	113,130	Yamada Denki Co. Ltd.(c)		535,304
	27,968	Yamaguchi Financial Group, Inc.		205,915
	6,274	Yamaha Corp.		323,910
	35,617	Yamaha Motor Co. Ltd.		731,688
	25,044	Yamato Holdings Co. Ltd.		542,479
	15,491	Yamazaki Baking Co. Ltd.		229,774
	9,076	Yaskawa Electric Corp.		333,703
	13,623	Yokogawa Electric Corp.		283,530
	12,912	Yokohama Rubber Co. Ltd. (The)		242,647
				287,926,814
		Luxembourg—0.3%
	107,668	ArcelorMittal		2,332,186
	5,111	RTL Group S.A.(c)		286,968
	34,849	SES S.A. FDR, Class A		592,469
	36,880	Tenaris S.A.		511,683
				3,723,306
		Macau—0.1%
	65,745	Galaxy Entertainment Group Ltd.		491,491
	159,331	Sands China Ltd.		875,311
	226,593	SJM Holdings Ltd.		273,515
				1,640,317

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

27

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Mongolia—0.0%
	146,188	Turquoise Hill Resources Ltd.(a)	$	217,348
		Netherlands—4.5%
	52,535	ABN AMRO Group N.V. CVA(c)(d)		1,234,630
	509,406	Aegon N.V.		2,658,071
	14,526	Akzo Nobel N.V.		1,232,343
	7,540	ASML Holding N.V.(c)		1,567,828
	16,578	ASR Nederland N.V.		735,727
	11,444	Boskalis Westminster N.V.		312,809
	7,356	Heineken Holding N.V.		746,483
	11,312	Heineken N.V.		1,220,069
	527,429	ING Groep N.V.(c)		6,712,418
	106,455	Koninklijke Ahold Delhaize N.V.		2,560,268
	9,579	Koninklijke DSM N.V.		1,093,379
	359,212	Koninklijke KPN N.V.		1,101,429
	57,247	Koninklijke Philips N.V.		2,435,711
	46,828	NN Group N.V.		2,037,280
	13,709	Randstad N.V.		782,319
	572,746	Royal Dutch Shell PLC, Class A		18,293,179
	473,087	Royal Dutch Shell PLC, Class B		15,199,555
	14,005	SBM Offshore N.V.		259,288
	17,568	Signify N.V.(d)		526,273
	10,114	Wolters Kluwer N.V.		704,796
				61,413,855
		New Zealand—0.0%
	65,771	Fletcher Building Ltd.		226,331
	163,247	Spark New Zealand Ltd.		399,551
				625,882
		Norway—0.7%
	92,537	DNB ASA(c)		1,772,623
	120,816	Equinor ASA		2,688,759
	15,773	Gjensidige Forsikring ASA		305,610
	29,540	Mowi ASA		638,453
	189,470	Norsk Hydro ASA		809,808
	64,214	Orkla ASA		502,276
	54,660	Storebrand ASA		460,162
	67,245	Telenor ASA		1,346,844
	21,113	Yara International ASA		949,993
				9,474,528
		Poland—0.3%
	21,277	Bank Polska Kasa Opieki S.A.		631,957
	17,496	KGHM Polska Miedz S.A.(a)		470,067
	87,051	PGE Polska Grupa Energetyczna S.A.(a)		216,485
	32,633	Polski Koncern Naftowy ORLEN S.A.		834,728
	167,459	Polskie Gornictwo Naftowe i Gazownictwo S.A.		253,719
	54,447	Powszechna Kasa Oszczednosci Bank Polski S.A.		558,110
	60,110	Powszechny Zaklad Ubezpieczen S.A.		659,497
				3,624,563
		Portugal—0.2%
	949,933	Banco Comercial Portugues S.A., Class R(a)		266,254
	314,295	EDP-Energias de Portugal S.A.		1,190,187
	48,047	Galp Energia SGPS S.A.		806,079

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Portugal (continued)
	23,134	Jeronimo Martins SGPS S.A.	$	376,450
				2,638,970
		Russia—0.0%
	33,900	Evraz PLC		277,360
		Singapore—0.8%
	142,863	Ascendas Real Estate Investment Trust		314,861
	222,045	CapitaLand Ltd.		575,829
	130,454	CapitaLand Mall Trust		231,927
	39,348	City Developments Ltd.		258,427
	192,260	ComfortDelGro Corp. Ltd.		379,944
	128,856	DBS Group Holdings Ltd.		2,674,245
	299,250	Genting Singapore Ltd.		216,545
	11,812	Jardine Cycle & Carriage Ltd.		308,230
	103,096	Keppel Corp. Ltd.		512,753
	164,266	Oversea-Chinese Banking Corp. Ltd.		1,460,196
	43,166	Singapore Airlines Ltd.		306,969
	153,757	Singapore Press Holdings Ltd.		283,522
	99,844	Singapore Technologies Engineering Ltd.		290,466
	638,066	Singapore Telecommunications Ltd.		1,485,946
	81,609	United Overseas Bank Ltd.		1,668,512
	158,027	Wilmar International Ltd.		422,582
				11,390,954
		South Africa—0.2%
	73,643	Anglo American PLC		1,902,237
	77,588	Investec PLC		490,566
				2,392,803
		South Korea—3.9%
	1,178	Amorepacific Corp.		209,754
	380	Amorepacific Corp. (Preference Shares)		38,060
	36,215	BNK Financial Group, Inc.		217,324
	1,013	CJ CheilJedang Corp.		273,163
	191	CJ CheilJedang Corp. (Preference Shares)		22,646
	2,063	CJ Corp.		211,042
	447	CJ Corp. (Preference Shares)(a)(b)		18,922
	4,007	Daelim Industrial Co. Ltd.		332,044
	4,878	DB Insurance Co. Ltd.		285,627
	38,030	Doosan Infracore Co. Ltd.(a)		236,680
	3,043	E-MART, Inc.		448,055
	6,212	GS Engineering & Construction Corp.		215,903
	5,554	GS Holdings Corp.		247,235
	32,022	Hana Financial Group, Inc.		1,008,783
	9,212	Hankook Tire Co. Ltd.		313,467
	13,853	Hanwha Chemical Corp.		244,294
	9,463	Hyundai Engineering & Construction Co. Ltd.		425,294
	2,596	Hyundai Glovis Co. Ltd.		354,460
	5,593	Hyundai Heavy Industries Co. Ltd.(a)		596,095
	9,022	Hyundai Marine & Fire Insurance Co. Ltd.		295,417
	9,025	Hyundai Mobis Co. Ltd.		1,796,270
	19,770	Hyundai Motor Co.		2,344,001
	4,881	Hyundai Motor Co. (2nd Preference Shares)		365,610
	3,100	Hyundai Motor Co. (Preference Shares)		214,955
	12,919	Hyundai Steel Co.		512,049

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

28

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		South Korea (continued)
	35,830	Industrial Bank of Korea	$	434,015
	49,432	KB Financial Group, Inc.		1,955,022
	33,510	Kia Motors Corp.		1,298,059
	62,706	Korea Electric Power Corp.(a)		1,519,137
	6,793	Korea Gas Corp.		268,370
	747	Korea Zinc Co. Ltd.		289,361
	11,598	Korean Air Lines Co. Ltd.		329,130
	8,023	KT&G Corp.		700,549
	3,072	LG Chem Ltd.		949,357
	513	LG Chem Ltd. (Preference Shares)		88,051
	7,181	LG Corp.		448,755
	57,734	LG Display Co. Ltd.(a)		985,998
	20,552	LG Electronics, Inc.		1,333,597
	3,295	LG Electronics, Inc. (Preference Shares)		85,467
	218	LG Household & Health Care Ltd.		265,373
	55	LG Household & Health Care Ltd. (Preference Shares)		38,090
	27,617	LG Uplus Corp.		338,076
	1,670	Lotte Chemical Corp.		383,850
	2,309	Lotte Shopping Co. Ltd.		351,840
	32,005	Mirae Asset Daewoo Co. Ltd.		213,705
	11,727	Mirae Asset Daewoo Co. Ltd. (Preference Shares)		39,855
	2,901	NAVER Corp.		296,768
	11,476	POSCO		2,505,141
	5,229	Samsung C&T Corp.		458,822
	3,445	Samsung Electro-Mechanics Co. Ltd.		319,978
	375,033	Samsung Electronics Co. Ltd.		14,720,081
	66,660	Samsung Electronics Co. Ltd. (Preference Shares)		2,122,803
	2,344	Samsung Fire & Marine Insurance Co. Ltd.		610,004
	223	Samsung Fire & Marine Insurance Co. Ltd. (Preference Shares)		37,703
	44,475	Samsung Heavy Industries Co. Ltd.(a)		312,960
	7,494	Samsung Life Insurance Co. Ltd.		544,657
	2,084	Samsung SDI Co. Ltd.		421,920
	40,412	Shinhan Financial Group Co. Ltd.		1,525,634
	3,069	SK Holdings Co. Ltd.		673,885
	33,955	SK Hynix, Inc.		2,296,319
	8,427	SK Innovation Co. Ltd.		1,316,550
	2,636	SK Telecom Co. Ltd.		558,498
	4,237	S-Oil Corp.		334,419
	3,068	Woongjin Coway Co. Ltd.		230,596
	32,601	Woori Financial Group, Inc.		386,529
				53,216,074
		Spain—3.8%
	2,912	Acciona S.A.		337,117
	22,792	Acerinox S.A.		236,886
	36,045	ACS Actividades de Construccion y Servicios S.A.		1,653,394
	3,075	Aena SME S.A.(d)		569,822
	10,605	Amadeus IT Group S.A.		842,886
	990,158	Banco Bilbao Vizcaya Argentaria S.A.		6,012,195
	1,440,026	Banco de Sabadell S.A.(c)		1,671,936
	3,280,695	Banco Santander S.A.(c)		16,587,327
	184,015	Bankia S.A.		508,346

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Spain (continued)
	53,959	Bankinter S.A.	$	430,439
	384,762	CaixaBank S.A.		1,224,185
	350,936	Distribuidora Internacional de Alimentacion S.A.(c)		244,236
	18,265	Enagas S.A.		519,928
	52,695	Endesa S.A.		1,311,619
	34,513	Ferrovial S.A.		849,385
	12,163	Grifols S.A.		337,233
	9,486	Grifols S.A. (Preference Shares), Class B		182,640
	568,780	Iberdrola S.A.		5,161,925
	42,365	Industria de Diseno Textil S.A.(c)		1,280,495
	206,774	Mapfre S.A.		619,882
	18,541	MERLIN Properties SOCIMI S.A.		252,464
	36,961	Naturgy Energy Group S.A.		1,048,810
	27,995	Red Electrica Corp. S.A.		579,949
	203,588	Repsol S.A.		3,452,079
	797,936	Telefonica S.A.		6,646,046
				52,561,224
		Sweden—1.9%
	17,494	Alfa Laval AB(c)		405,570
	38,319	Assa Abloy AB, Class B		816,619
	31,607	Atlas Copco AB, Class A(c)		981,443
	18,734	Atlas Copco AB, Class B(c)		532,650
	18,351	BillerudKorsnas AB		249,202
	21,817	Boliden AB(c)		647,157
	16,008	Castellum AB		287,517
	25,333	Electrolux AB, Series B		621,680
	18,810	Epiroc AB, Class A(a)		194,297
	11,351	Epiroc AB, Class B(a)		112,175
	36,219	Essity AB, Class B		1,073,601
	20,899	Getinge AB, Class B		293,806
	112,956	Hennes & Mauritz AB, Class B		1,967,355
	7,864	Hexagon AB, Class B		428,488
	31,396	Husqvarna AB, Class B(c)		286,193
	7,800	ICA Gruppen AB		281,830
	18,653	Industrivarden AB, Class A		431,263
	14,901	Industrivarden AB, Class C		334,798
	722	NCC AB, Class A		11,885
	16,958	NCC AB, Class B		280,053
	65,902	Sandvik AB(c)		1,217,622
	32,081	Securitas AB, Class B		560,172
	154,882	Skandinaviska Enskilda Banken AB, Class A		1,476,354
	2,220	Skandinaviska Enskilda Banken AB, Class C		21,484
	51,092	Skanska AB, Class B		888,365
	41,007	SKF AB, Class B		758,087
	35,158	SSAB AB, Class A(c)		132,506
	88,016	SSAB AB, Class B(c)		283,209
	1,162	Svenska Cellulosa AB SCA, Class A		11,331
	34,232	Svenska Cellulosa AB SCA, Class B		298,217
	161,869	Svenska Handelsbanken AB, Class A		1,764,813
	3,951	Svenska Handelsbanken AB, Class B		42,890
	100,443	Swedbank AB, Class A		1,627,598
	8,171	Swedish Match AB		397,600
	34,073	Tele2 AB, Class B		454,101

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

29

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Sweden (continued)
	2,932	Telefonaktiebolaget LM Ericsson, Class A	$	29,114
	232,613	Telefonaktiebolaget LM Ericsson, Class B		2,299,998
	372,765	Telia Co. AB		1,585,667
	20,534	Trelleborg AB, Class B		339,109
	137,671	Volvo AB, Class B		2,201,160
				26,626,979
		Switzerland—6.2%
	154,369	ABB Ltd.		3,176,760
	24,038	Adecco Group AG		1,380,475
	22,102	Alcon, Inc.(a)		1,272,763
	5,195	Baloise Holding AG		890,134
	4	Chocoladefabriken Lindt & Spruengli AG		303,435
	36	Chocoladefabriken Lindt & Spruengli AG-PC		239,352
	27,788	Cie Financiere Richemont S.A.		2,031,606
	14,373	Clariant AG(a)		295,359
	10,068	Coca-Cola HBC AG		359,760
	312,411	Credit Suisse Group AG(a)		4,169,568
	2,884	Dufry AG(a)		281,721
	1,338	Geberit AG		561,067
	351	Georg Fischer AG		341,011
	316	Givaudan S.A.		818,375
	1,997,422	Glencore PLC		7,925,089
	785	Helvetia Holding AG		498,810
	14,791	Julius Baer Group Ltd.(a)		712,987
	4,035	Kuehne + Nagel International AG		586,243
	48,203	LafargeHolcim Ltd.		2,477,795
	2,029	Lonza Group AG(a)		626,621
	149,499	Nestle S.A.		14,385,061
	111,130	Novartis AG		9,074,708
	317	Partners Group Holding AG		238,792
	2,276	PSP Swiss Property AG		232,291
	33,719	Roche Holding AG		8,888,050
	1,282	Roche Holding AG-BR		335,408
	735	Schindler Holding AG		156,088
	1,555	Schindler Holding AG-PC		335,416
	265	SGS S.A.		699,298
	4,444	Sika AG		680,338
	1,505	Sonova Holding AG		303,511
	33,237	STMicroelectronics N.V.		609,948
	3,665	Swatch Group AG (The)		215,080
	2,385	Swatch Group AG (The)-BR		728,373
	3,861	Swiss Life Holding AG		1,815,314
	5,639	Swiss Prime Site AG(a)		452,669
	43,899	Swiss RE AG		4,224,471
	2,479	Swisscom AG		1,154,839
	385,466	UBS Group AG(a)		5,169,179
	1,851	Vifor Pharma AG		241,956
	19,276	Zurich Insurance Group AG		6,145,998
				85,035,719
		United Kingdom—14.2%
	63,809	3i Group PLC		890,491
	12,989	Admiral Group PLC		373,206
	33,327	Aggreko PLC		370,688
	23,204	Ashtead Group PLC		641,903

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		United Kingdom (continued)
	23,912	Associated British Foods PLC	$	797,714
	64,930	AstraZeneca PLC		4,846,830
	539,844	Aviva PLC		3,022,682
	39,370	Babcock International Group PLC		269,455
	314,589	BAE Systems PLC		2,025,963
	66,230	Balfour Beatty PLC		216,888
	2,794,221	Barclays PLC		5,984,205
	98,808	Barratt Developments PLC		775,185
	80,632	BBA Aviation PLC		285,915
	36,265	Beazley PLC		272,315
	10,153	Bellway PLC		411,903
	11,100	Berkeley Group Holdings PLC (The)		543,513
	2,813,910	BP PLC		20,506,099
	234,591	British American Tobacco PLC		9,144,155
	96,105	British Land Co. PLC (The)		744,206
	1,182,636	BT Group PLC		3,531,364
	18,473	Bunzl PLC		556,061
	19,229	Burberry Group PLC		505,619
	275,616	Capita PLC(a)		457,937
	1,089,325	Centrica PLC		1,508,855
	12,885	Close Brothers Group PLC		260,698
	113,405	CNH Industrial N.V., Class A		1,228,736
	171,765	Cobham PLC(a)		258,181
	89,091	Compass Group PLC		2,024,381
	4,760	Croda International PLC		321,500
	258,828	CYBG PLC		685,640
	8,079	DCC PLC		721,244
	6,132	Derwent London PLC		253,409
	86,034	Diageo PLC		3,626,636
	211,952	Direct Line Insurance Group PLC		910,169
	191,905	Dixons Carphone PLC		363,007
	57,221	Drax Group PLC		254,373
	109,359	DS Smith PLC		508,960
	24,801	easyJet PLC		376,181
	29,316	Experian PLC		850,346
	311,198	Fiat Chrysler Automobiles N.V.		4,789,867
	218,514	G4S PLC		615,880
	371,526	GlaxoSmithKline PLC		7,620,604
	43,435	Greene King PLC		362,960
	89,263	Hammerson PLC		374,588
	124,486	Hays PLC		246,026
	18,337	Hiscox Ltd.		400,170
	1,988,692	HSBC Holdings PLC		17,294,958
	32,163	IG Group Holdings PLC		213,756
	23,198	IMI PLC		317,693
	93,517	Imperial Brands PLC		2,969,812
	51,295	Inchcape PLC		410,921
	42,795	Informa PLC		434,602
	72,392	Inmarsat PLC		514,526
	10,666	InterContinental Hotels Group PLC		690,787
	23,224	Intermediate Capital Group PLC		357,862
	106,913	International Consolidated Airlines Group S.A.		753,194
	4,524	Intertek Group PLC		315,528
	211,865	Intu Properties PLC(c)		260,399
	441,832	ITV PLC		787,096

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

30

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		United Kingdom (continued)
	360,623	J Sainsbury PLC	$	1,046,031
	67,419	John Wood Group PLC(c)		413,526
	23,004	Johnson Matthey PLC		1,000,738
	429,087	Kingfisher PLC		1,477,321
	77,617	Land Securities Group PLC		933,941
	800,545	Legal & General Group PLC		2,903,380
	8,239,974	Lloyds Banking Group PLC		6,721,296
	7,394	London Stock Exchange Group PLC		483,309
	137,886	Man Group PLC		281,496
	309,853	Marks & Spencer Group PLC		1,154,864
	58,600	Meggitt PLC		415,888
	18,199	Micro Focus International PLC		459,746
	28,063	Mondi PLC		614,800
	483,613	National Grid PLC		5,271,294
	12,024	Next PLC		903,826
	67,740	Pearson PLC		733,143
	38,512	Pennon Group PLC		375,843
	23,251	Persimmon PLC		677,758
	62,555	Petrofac Ltd.		361,510
	38,449	Phoenix Group Holdings PLC		362,146
	52,920	Playtech PLC		301,621
	254,887	Prudential PLC		5,765,118
	206,377	Quilter PLC(d)		397,054
	30,617	Reckitt Benckiser Group PLC		2,473,462
	65,080	RELX PLC		1,492,363
	62,279	Rentokil Initial PLC		316,641
	9,086,935	Rolls-Royce Holdings PLC		11,846
	116,237	Rolls-Royce Holdings PLC		1,385,915
	423,087	Royal Bank of Scotland Group PLC		1,321,532
	256,571	Royal Mail PLC		845,562
	28,444	RPC Group PLC		292,569
	94,402	RSA Insurance Group PLC		667,024
	48,452	Sage Group PLC (The)		458,195
	7,834	Schroders PLC		323,439
	12,766	Seadrill Ltd.(a)		112,196
	48,967	Segro PLC		433,062
	21,301	Severn Trent PLC		565,378
	37,009	Smith & Nephew PLC		714,294
	30,310	Smiths Group PLC		601,595
	179,663	SSE PLC		2,680,621
	45,742	St. James’s Place PLC		668,768
	350,027	Standard Chartered PLC		3,194,189
	429,527	Standard Life Aberdeen PLC		1,561,709
	35,447	Subsea 7 S.A.		449,262
	42,501	Tate & Lyle PLC		425,300
	323,837	Taylor Wimpey PLC		765,817
	40,038	TechnipFMC PLC		992,089
	1,168,055	Tesco PLC		3,803,792
	624,371	Thomas Cook Group PLC(a)		217,165
	34,130	Travis Perkins PLC		621,798
	70,461	Unilever N.V. CVA		4,260,988
	51,319	Unilever PLC		3,115,962
	67,071	United Utilities Group PLC		724,679
	5,759,971	Vodafone Group PLC		10,662,761
	16,204	Weir Group PLC (The)		350,558
	9,260	Whitbread PLC		538,402

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		United Kingdom (continued)
	136,107	William Hill PLC	$	285,139
	366,406	WM Morrison Supermarkets PLC		1,031,279
	190,100	WPP PLC		2,370,188
				194,849,030
		United States—0.3%
	45,955	Bausch Health Cos., Inc.(a)		1,056,979
	10,094	Carnival PLC		530,967
	19,043	Ferguson PLC		1,350,502
	72,240	Samsonite International S.A.(d)		207,179
	5,751	Waste Connections, Inc.		531,579
				3,677,206
		Zambia—0.0%
	55,533	First Quantum Minerals Ltd.		584,145
		Total Common Stocks & Other Equity Interests (Cost $1,322,839,966)		1,365,241,545
		Money Market Funds—0.1%
	905,957	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(e) (Cost $905,957)		905,957
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $1,323,745,923)—99.3%		1,366,147,502
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—5.3%
	54,849,524	Invesco Government & Agency Portfolio—Institutional Class 2.34%(e)(f)		54,849,524
	18,277,691	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(e)(f)		18,283,175
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $73,132,699)		73,132,699
		Total Investments in Securities (Cost $1,396,878,622)—104.6%		1,439,280,201
		Other assets less liabilities—(4.6)%		(63,322,205	)
		Net Assets—100.0%	$	1,375,957,996

Abbreviations:

BR—Bearer Shares

CVA—Dutch Certificates

FDR—Fiduciary Depositary Receipt

PC—Participation Certificate

REIT—Real Estate Investment Trust

RSP—Registered Savings Plan Shares

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

31

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF) (continued)

April 30, 2019

(Unaudited)

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security valued using significant unobservable inputs (Level 3). See Note 5.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(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 April 30, 2019 was $8,163,060, which represented less than 1% of the Fund’s Net Assets.

^(e)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2K.

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

32

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)

April 30, 2019

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Industrials	23.9
Consumer Discretionary	15.5
Financials	10.1
Materials	9.4
Information Technology	8.1
Consumer Staples	7.6
Real Estate	7.4
Communication Services	5.8
Health Care	5.7
Energy	3.8
Utilities	2.0
Money Market Funds Plus Other Assets Less Liabilities	0.7

Schedule of Investments

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.3%
		Australia—5.8%
	54,333	Abacus Property Group	$	144,173
	83,722	Adelaide Brighton Ltd.		255,157
	51,681	ALS Ltd.		288,823
	97,213	Alumina Ltd.		153,268
	18,821	Ansell Ltd.		357,673
	26,916	Aristocrat Leisure Ltd.		494,081
	25,862	Atlas Arteria Ltd.		127,421
	107,771	Ausdrill Ltd.		124,402
	346,351	AusNet Services		432,708
	154,493	Australian Pharmaceutical Industries Ltd.		156,585
	84,973	Automotive Holdings Group Ltd.(a)		143,540
	78,776	Aveo Group		118,101
	29,929	Bapcor Ltd.		119,863
	102,215	Beach Energy Ltd.		153,241
	35,732	Bega Cheese Ltd.(a)		127,259
	945	Blackmores Ltd.		61,552
	11,116	Breville Group Ltd.		150,534
	7,725	Brickworks Ltd.		89,008
	50,189	BWP Trust		130,704
	18,477	carsales.com Ltd.		175,048
	28,788	Charter Hall Group		198,775
	53,343	Charter Hall Retail REIT		174,586
	103,928	Cleanaway Waste Management Ltd.		164,587
	2,386	Cochlear Ltd.		314,599
	21,320	Costa Group Holdings Ltd.		85,085
	252,375	Cromwell Property Group		199,838
	171,376	CSR Ltd.		429,418
	3,316	Domino’s Pizza Enterprises Ltd.		100,361
	53,381	DuluxGroup Ltd.		366,329

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Australia (continued)
	80,958	Eclipx Group Ltd.	$	57,837
	19,606	Elders Ltd.		83,350
	49,540	Estia Health Ltd.		100,771
	61,793	Evolution Mining Ltd.		138,743
	9,364	Flight Centre Travel Group Ltd.		253,089
	80,747	G8 Education Ltd.(a)		173,343
	51,772	Genworth Mortgage Insurance Australia Ltd.		87,091
	68,195	GrainCorp Ltd., Class A		431,992
	27,100	Growthpoint Properties Australia Ltd.		80,303
	12,566	GUD Holdings Ltd.		104,543
	41,623	GWA Group Ltd.		98,729
	130,470	Harvey Norman Holdings Ltd.(a)		382,937
	155,822	Healius Ltd.		342,187
	240,516	Healthscope Ltd.		414,754
	28,431	Iluka Resources Ltd.		172,896
	39,288	Independence Group NL		123,332
	44,342	Inghams Group Ltd.(a)		138,885
	13,923	InvoCare Ltd.(a)		150,034
	97,096	IOOF Holdings Ltd.(a)		443,533
	13,278	IRESS Ltd.		133,924
	25,938	JB Hi-Fi Ltd.(a)		470,469
	28,732	Link Administration Holdings Ltd.		153,695
	5,410	Magellan Financial Group Ltd.		169,867
	217,323	Mayne Pharma Group Ltd.(b)		107,074
	9,370	McMillan Shakespeare Ltd.		87,517
	20,011	Mineral Resources Ltd.		219,581
	18,563	Monadelphous Group Ltd.		247,593

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

33

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Australia (continued)
	58,837	National Storage REIT	$	74,128
	39,225	Navitas Ltd.		159,853
	26,115	New Hope Corp. Ltd.		49,445
	54,374	nib Holdings Ltd.		220,059
	156,327	Nine Entertainment Co. Holdings Ltd.		192,554
	23,875	Northern Star Resources Ltd.		137,628
	53,635	NRW Holdings Ltd.		110,988
	62,610	Nufarm Ltd.(a)		222,984
	77,137	OceanaGold Corp.		215,607
	170,574	Orora Ltd.		363,777
	47,650	OZ Minerals Ltd.		334,043
	54,900	Pact Group Holdings Ltd.		101,627
	33,424	Pendal Group Ltd.		214,788
	8,755	Perpetual Ltd.(a)		252,158
	269,198	Perseus Mining Ltd.(b)		85,264
	24,123	Platinum Asset Management Ltd.(a)		84,555
	12,224	Premier Investments Ltd.		146,954
	131,808	Qube Holdings Ltd.		262,548
	65,739	RCR Tomlinson Ltd.(b)(c)		0
	1,758	REA Group Ltd.		98,866
	37,729	Regis Resources Ltd.		127,201
	111,167	Resolute Mining Ltd.		88,417
	22,180	Sandfire Resources NL		109,904
	32,733	SEEK Ltd.		419,543
	15,768	Seven Group Holdings Ltd.		217,416
	355,902	Seven West Media Ltd.(b)		141,533
	97,433	Shopping Centres Australasia Property Group		175,560
	312,058	Sigma Healthcare Ltd.(a)		115,312
	160,867	Southern Cross Media Group Ltd.		142,665
	25,238	St. Barbara Ltd.		56,844
	146,742	Star Entertainment Group Ltd. (The)		468,911
	52,546	Steadfast Group Ltd.		126,117
	41,474	Super Retail Group Ltd.		252,798
	80,878	Sydney Airport		433,776
	28,221	Tassal Group Ltd.		101,700
	38,385	TPG Telecom Ltd.		182,097
	112,977	Virgin Australia Holdings Ltd.(b)(c)		0
	223,726	Viva Energy Group Ltd.(a)(d)		348,008
	52,168	Viva Energy REIT		90,327
	70,050	Vocus Group Ltd.(b)		192,781
	7,712	Washington H Soul Pattinson & Co. Ltd.		124,792
	73,875	Whitehaven Coal Ltd.		218,387
				18,666,703
		Austria—0.9%
	7,233	ams AG		305,149
	5,899	BAWAG Group AG(d)		286,125
	7,468	CA Immobilien Anlagen AG		261,543
	894	Do & Co. AG		75,443
	6,118	EVN AG		91,191
	15,470	IMMOFINANZ AG		396,156
	2,755	Lenzing AG(a)		309,062
	5,679	Oesterreichische Post AG		220,847
	6,482	S IMMO AG		141,655
	1,007	Schoeller-Bleckmann Oilfield Equipment AG		94,121
	12,617	Telekom Austria AG(b)		94,454
	17,094	UNIQA Insurance Group AG		181,994

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Austria (continued)
	5,504	Verbund AG(a)	$	272,764
	8,412	Vienna Insurance Group AG Wiener Versicherung Gruppe		233,798
				2,964,302
		Belgium—1.4%
	2,518	Ackermans & van Haaren N.V.		404,664
	1,331	Aedifica S.A.		119,332
	25,783	AGFA-Gevaert N.V.(b)		111,304
	950	Barco N.V.		168,643
	2,420	Befimmo S.A.		138,588
	12,105	Bekaert S.A./ N.V.		330,198
	953	Cie d’Entreprises CFE		94,734
	3,016	Cofinimmo S.A.		385,324
	3,256	D’Ieteren S.A./N.V.		134,648
	29,893	Econocom Group S.A./N.V.(a)		124,088
	3,504	Elia System Operator S.A./N.V.		236,009
	31,753	Euronav N.V.		299,631
	1,038	Galapagos N.V.(b)		118,714
	1,409	Gimv N.V.		84,638
	1,472	Melexis N.V.(a)		117,952
	14,660	Ontex Group N.V.(a)		368,020
	6,249	Orange Belgium S.A.		130,821
	1,599	Sofina S.A.		328,653
	8,889	Telenet Group Holding N.V.		471,397
	2,706	Tessenderlo Group S.A.(b)		97,650
	1,126	Warehouses De Pauw CVA		168,843
				4,433,851
		Cambodia—0.0%
	97,552	NagaCorp Ltd.		125,089
		Canada—7.2%
	17,788	Aecon Group, Inc.		253,226
	52,543	Alamos Gold, Inc., Class A		242,951
	12,083	Allied Properties Real Estate Investment Trust		426,031
	47,474	Artis Real Estate Investment Trust		368,089
	8,778	ATS Automation Tooling Systems, Inc.(b)		139,970
	66,156	B2Gold Corp.(b)		179,013
	62,071	Birchcliff Energy Ltd.		161,499
	47,361	BlackBerry Ltd.(b)		432,699
	10,018	Boardwalk Real Estate Investment Trust		289,622
	1,166	Boyd Group Income Fund		127,582
	15,582	Canadian Western Bank		347,966
	23,376	Canfor Corp.(b)		243,457
	23,874	Cascades, Inc.		142,513
	9,478	CCL Industries, Inc., Class B		402,667
	50,281	Centerra Gold, Inc.(b)		254,919
	56,679	CES Energy Solutions Corp.		109,970
	25,547	Chartwell Retirement Residences		278,981
	16,673	Choice Properties Real Estate Investment Trust		169,060
	15,647	Cineplex, Inc.		298,005
	1,991	Cogeco Communications, Inc.		131,682
	2,367	Colliers International Group, Inc.		151,465
	53,359	Cominar Real Estate Investment Trust		445,848

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

34

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Canada (continued)
	510	Constellation Software, Inc.	$	448,153
	57,777	Corus Entertainment, Inc., Class B		327,283
	2,569	Descartes Systems Group, Inc. (The)(b)		102,172
	27,319	Detour Gold Corp.(b)		241,671
	12,519	Dollarama, Inc.		374,490
	24,710	Dream Global Real Estate Investment Trust		253,309
	20,053	Dream Office Real Estate Investment Trust		347,335
	45,483	ECN Capital Corp.		145,051
	79,956	Eldorado Gold Corp.(a)(b)		331,664
	53,786	Element Fleet Management Corp.		332,264
	8,855	Emera, Inc.(a)		331,174
	16,687	Enerflex Ltd.		229,862
	56,490	Enerplus Corp.		514,843
	25,851	Ensign Energy Services, Inc.		108,193
	49,303	Entertainment One Ltd.		306,329
	24,176	First Capital Realty, Inc.		383,703
	1,615	FirstService Corp.		139,962
	7,824	Genworth MI Canada, Inc.		242,130
	5,403	Granite Real Estate Investment Trust		244,967
	3,076	Great Canadian Gaming Corp.(b)		117,740
	24,893	Home Capital Group, Inc.(a)(b)		350,486
	42,323	Hudbay Minerals, Inc.		280,643
	29,001	Hudson’s Bay Co.(a)		160,614
	84,992	IAMGOLD Corp.(b)		254,622
	13,412	Innergex Renewable Energy, Inc.		141,179
	62,341	Just Energy Group, Inc.		226,619
	4,521	Kirkland Lake Gold Ltd.		145,558
	10,504	Laurentian Bank of Canada		331,393
	12,547	Linamar Corp.		474,010
	10,325	Maple Leaf Foods, Inc.		239,934
	33,636	Martinrea International, Inc.		340,811
	27,747	Mullen Group Ltd.		206,679
	9,290	NFI Group, Inc.		233,976
	10,649	Norbord, Inc.		270,104
	8,654	North West Co., Inc. (The)		182,061
	15,529	Northland Power, Inc.		274,978
	7,605	Northview Apartment Real Estate Investment Trust		159,314
	25,535	NuVista Energy Ltd.(b)		82,763
	11,702	Osisko Gold Royalties Ltd.		131,704
	15,158	Pan American Silver Corp.		192,236
	16,102	Paramount Resources Ltd., Class A(b)		106,772
	8,208	Pason Systems, Inc.		121,729
	84,395	Peyto Exploration & Development Corp.		379,564
	21,227	PrairieSky Royalty Ltd.(a)		304,708
	142,472	Precision Drilling Corp.(b)		348,448
	2,634	Premium Brands Holdings Corp.		157,684
	10,854	Pretium Resources, Inc.(b)		82,059
	12,029	Quebecor, Inc., Class B		298,758
	6,783	Ritchie Bros Auctioneers, Inc.		235,075
	19,982	Russel Metals, Inc.		350,561
	29,837	Secure Energy Services, Inc.		177,886
	44,684	SEMAFO, Inc.(b)		118,254
	53,115	Seven Generations Energy Ltd., Class A(a)(b)		414,591
	15,464	ShawCor Ltd.		228,534
	541	Shopify, Inc., Class A(b)		131,007

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Canada (continued)
	7,464	Sierra Wireless, Inc.(b)	$	99,542
	18,094	SmartCentres Real Estate Investment Trust		455,713
	9,765	SSR Mining, Inc.(b)		111,936
	14,714	Stantec, Inc.		366,975
	11,916	Stars Group, Inc. (The)(b)		223,934
	5,565	Stella-Jones, Inc.		189,265
	33,906	Superior Plus Corp.		294,396
	14,837	TFI International, Inc.		485,302
	6,950	TMX Group Ltd.		441,531
	32,566	TORC Oil & Gas Ltd.		116,203
	8,076	Torex Gold Resources, Inc.(b)		76,906
	5,695	Toromont Industries Ltd.		294,953
	11,602	TransAlta Renewables, Inc.		119,625
	17,818	Transcontinental, Inc., Class A		213,254
	18,352	WestJet Airlines Ltd.		257,981
	8,259	Westshore Terminals Investment Corp.		129,055
	3,360	Winpak Ltd.		110,252
				23,241,647
		China—0.8%
	91,404	CapitaLand Retail China Trust		101,396
	358,591	China Travel International Investment Hong Kong Ltd.		82,730
	297,648	CITIC Telecom International Holdings Ltd.		123,302
	470,019	Guotai Junan International Holdings Ltd.		94,658
	61,217	Kerry Logistics Network Ltd.		109,085
	75,508	Minth Group Ltd.		238,206
	402,043	MMG Ltd.(b)		173,723
	110,981	Nexteer Automotive Group Ltd.		173,713
	760,360	Noble Group Ltd.(b)(c)		11,312
	418,436	Shui On Land Ltd.		101,870
	102,874	SITC International Holdings Co. Ltd.		109,228
	319,654	Tingyi Cayman Islands Holding Corp.		525,599
	127,245	Towngas China Co. Ltd.(b)		101,207
	143,327	Uni-President China Holdings Ltd.		131,171
	586,328	Want Want China Holdings Ltd.		464,853
	342,043	Xinyi Solar Holdings Ltd.		194,883
				2,736,936
		Colombia—0.1%
	54,145	Gran Tierra Energy, Inc.(b)		129,607
	12,957	Parex Resources, Inc.(b)		219,803
				349,410
		Denmark—1.4%
	11,954	Alm. Brand A/S(a)		113,858
	2,971	Chr. Hansen Holding A/S		302,824
	8,388	D/S Norden A/S(a)		132,840
	5,142	Demant A/S(a)(b)		162,095
	4,461	DFDS A/S		211,477
	9,228	FLSmidth & Co. A/S		462,671
	938	Genmab A/S(b)		155,591
	5,474	GN Store Nord A/S		279,959
	3,414	H. Lundbeck A/S		143,496
	10,410	Matas A/S		103,293
	2,005	Nilfisk Holding A/S(b)		84,574
	9,363	NKT A/S(b)		172,315
	2,278	Ringkjoebing Landbobank A/S		147,042

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

35

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Denmark (continued)
	609	Rockwool International A/S, Class B	$	162,543
	2,966	Royal Unibrew A/S		212,377
	15,457	Scandinavian Tobacco Group A/S(d)		183,883
	2,096	Schouw & Co. A/S(a)		148,886
	1,360	SimCorp A/S		133,210
	17,612	Sydbank A/S		379,912
	4,745	Topdanmark A/S		255,426
	16,377	Tryg A/S		500,039
				4,448,311
		Egypt—0.1%
	202,688	Centamin PLC		233,847
		Faroe Islands—0.1%
	3,305	Bakkafrost P/F		169,311
		Finland—1.4%
	11,193	Cargotec Oyj, Class B		458,107
	13,554	Citycon Oyj(a)		138,381
	7,228	Cramo Oyj		151,883
	7,835	DNA Oyj		186,326
	14,768	Finnair Oyj		123,301
	12,854	Huhtamaki Oyj(a)		489,930
	16,373	Kemira Oyj		231,384
	12,568	Konecranes Oyj		522,834
	28,156	Metsa Board Oyj, Class B		157,015
	14,201	Orion Oyj, Class B(a)		471,563
	38,958	Outotec Oyj(b)		205,029
	20,519	Ramirent Oyj		143,723
	10,839	Sanoma Oyj		110,419
	10,628	Tieto Oyj		301,582
	12,310	Uponor Oyj		146,925
	16,064	Valmet Oyj		441,072
	34,617	YIT Oyj(a)		212,016
				4,491,490
		France—3.4%
	4,175	Adevinta ASA, Class A(b)		42,013
	5,127	Adevinta ASA, Class B(b)		50,324
	2,425	Aeroports de Paris		493,534
	13,047	ALD S.A.(d)		191,545
	2,480	Alten S.A.		270,430
	32,597	Altran Technologies S.A.		423,948
	2,191	bioMerieux		173,723
	11,740	CIE Plastic Omnium S.A.		355,108
	21,146	Coface S.A.(b)		213,285
	180	Dassault Aviation S.A.		272,129
	36,385	Derichebourg S.A.		158,214
	30,608	Elior Group S.A.(a)(d)		423,292
	2,115	Eramet		147,716
	26,388	Europcar Mobility Group(a)(d)		219,876
	5,585	Fnac Darty S.A.(b)		490,401
	1,395	Gaztransport Et Technigaz S.A.		126,086
	1,468	Ipsen S.A.		171,264
	5,984	IPSOS		173,357
	8,707	JCDecaux S.A.		284,932
	8,454	Korian S.A.		339,752
	6,078	Maisons DU Monde S.A.(d)		130,647

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		France (continued)
	16,223	Mercialys S.A.	$	213,083
	2,964	Mersen S.A.		105,300
	13,793	Metropole Television S.A.(a)		273,449
	13,063	Neopost S.A.		320,024
	13,757	Nexans S.A.		481,488
	4,297	Orpea		523,461
	6,790	Rallye S.A.(a)		78,987
	1,597	Remy Cointreau S.A.		212,623
	3,717	Rothschild & Co.		127,677
	2,968	SEB S.A.		542,842
	4,944	Societe BIC S.A.		425,806
	3,145	Sopra Steria Group		401,100
	9,945	Tarkett S.A.		240,740
	227,040	Technicolor S.A.(b)		271,746
	35,901	Television Francaise 1(a)		391,882
	5,365	Ubisoft Entertainment S.A.(b)		511,308
	217,721	Vallourec S.A.(a)(b)		539,240
	2,686	Vicat S.A.(a)		141,780
	623	Virbac S.A.(b)		110,874
	1,317	Worldline S.A.(b)(d)		82,875
				11,147,861
		Georgia—0.0%
	6,284	Bank of Georgia Group PLC		140,823
		Germany—4.6%
	5,033	1&1 Drillisch AG(a)		187,490
	2,188	ADO Properties S.A.(d)		114,758
	17,613	alstria office REIT-AG		275,950
	6,973	Axel Springer SE		394,640
	2,948	BayWa AG(a)		86,725
	2,818	Bechtle AG		288,653
	12,448	Bilfinger SE		458,971
	3,150	CANCOM SE		158,718
	1,419	Carl Zeiss Meditec AG-BR		139,229
	3,295	CTS Eventim AG & Co. KGaA		168,535
	3,149	Delivery Hero SE(b)(d)		145,010
	1,941	Deutsche Beteiligungs AG		77,005
	10,238	Deutsche EuroShop AG		306,808
	28,174	Deutz AG		277,225
	10,357	DIC Asset AG		113,401
	1,006	Draegerwerk AG & Co. KGaA		46,957
	2,355	Draegerwerk AG & Co. KGaA (Preference Shares)		141,200
	9,572	Duerr AG		430,488
	7,644	DWS Group GmbH & Co. KGaA(b)(d)		280,643
	14,420	ElringKlinger AG(a)		109,245
	2,299	Fielmann AG		163,092
	5,412	Fraport AG Frankfurt Airport Services Worldwide		447,857
	3,412	FUCHS PETROLUB SE		135,746
	6,795	FUCHS PETROLUB SE (Preference Shares)		295,316
	4,477	Gerresheimer AG		336,164
	11,749	Grand City Properties S.A.		275,983
	1,352	GRENKE AG(a)		143,412
	4,909	Hamburger Hafen und Logistik AG, Class A		123,234
	128,690	Heidelberger Druckmaschinen AG(a)(b)		240,131

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

36

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Germany (continued)
	9,708	Hella GmbH & Co. KGaA	$	527,233
	1,627	Hornbach Holding AG & Co. KGaA		88,160
	2,199	Indus Holding AG		116,937
	3,753	Jenoptik AG		148,051
	8,065	Jungheinrich AG (Preference Shares)		280,373
	60,957	Kloeckner & Co. SE		427,307
	3,034	Knorr-Bremse AG(b)		328,630
	2,422	Koenig & Bauer AG		117,314
	3,188	Krones AG(a)		296,363
	22,069	Nordex SE(b)		357,141
	4,179	Norma Group SE		197,359
	679	Pfeiffer Vacuum Technology AG		113,915
	543	Puma SE		335,610
	139	Rational AG		93,778
	3,779	RHOEN-KLINIKUM AG		111,384
	8,486	Rocket Internet SE(b)(d)		223,491
	849	Sartorius AG (Preference Shares)		155,281
	31,775	Schaeffler AG (Preference Shares)		270,994
	8,650	Scout24 AG(a)(d)		444,957
	8,990	Siemens Healthineers AG(d)		383,055
	1,926	Siltronic AG		188,564
	1,920	Sixt SE(a)		213,561
	2,431	Sixt SE (Preference Shares)		186,078
	6,048	Software AG		230,181
	1,988	Stabilus S.A.		110,640
	1,936	Stroeer SE & Co. KGaA(a)		130,723
	30,255	Suedzucker AG		464,523
	13,332	TAG Immobilien AG		299,421
	6,179	Takkt AG		97,086
	50,769	Tele Columbus AG(b)(d)		108,673
	7,984	TLG Immobilien AG		234,876
	3,231	Wacker Chemie AG		282,582
	5,024	Wacker Neuson SE		139,071
	2,315	Wirecard AG(a)		346,874
	8,732	Zalando SE(b)(d)		410,423
				14,823,195
		Ghana—0.1%
	117,476	Tullow Oil PLC		345,042
		Hong Kong—2.6%
	30,203	ASM Pacific Technology Ltd.		349,752
	68,981	Bank of East Asia Ltd. (The)		217,615
	160,687	Brightoil Petroleum Holdings Ltd.(b)(c)		7,681
	54,764	Cafe de Coral Holdings Ltd.		134,861
	165,482	Cathay Pacific Airways Ltd.		278,426
	283,544	Champion REIT		239,979
	222,783	Chow Tai Fook Jewellery Group Ltd.		238,248
	41,450	CK Infrastructure Holdings Ltd.		336,549
	24,972	Dah Sing Financial Holdings Ltd.		130,981
	31,079	Dairy Farm International Holdings Ltd.		243,349
	429,520	First Pacific Co. Ltd.		177,931
	233,630	Fortune Real Estate Investment Trust		302,557
	199,649	Global Brands Group Holding Ltd.		24,430
	546,900	Haitong International Securities Group Ltd.		197,975
	81,251	Hang Lung Group Ltd.		241,825
	63,684	HKBN Ltd.		113,968

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Hong Kong (continued)
	467,433	Hutchison Port Holdings Trust	$	109,847
	212,338	Hutchison Telecommunications Hong Kong Holdings Ltd.(a)		89,857
	66,157	Hysan Development Co. Ltd.		370,190
	52,545	Johnson Electric Holdings Ltd.		123,503
	153,700	K Wah International Holdings Ltd.		96,388
	1,667,195	Li & Fung Ltd.		276,258
	71,580	Lifestyle International Holdings Ltd.		124,631
	50,594	Luk Fook Holdings International Ltd.		181,213
	299,252	Man Wah Holdings Ltd.		154,100
	281,030	Mapletree North Asia Commercial Trust(d)		280,782
	112,529	Melco International Development Ltd.		275,965
	806,105	Pacific Basin Shipping Ltd.		165,426
	134,940	Pacific Textiles Holdings Ltd.		114,207
	525,542	PCCW Ltd.		316,850
	244,484	Sa Sa International Holdings Ltd.(a)		82,893
	193,599	Shangri-La Asia Ltd.		274,406
	110,680	SmarTone Telecommunications Holdings Ltd.		115,259
	394,050	Sun Art Retail Group Ltd.		344,054
	153,547	Value Partners Group Ltd.		115,472
	32,652	Vitasoy International Holdings Ltd.		164,396
	31,858	VTech Holdings Ltd.		290,545
	65,001	Wheelock & Co. Ltd.		462,731
	307,420	Xinyi Glass Holdings Ltd.		351,095
	131,867	Yue Yuen Industrial Holdings Ltd.		426,088
				8,542,283
		India—0.1%
	2,797	Rhi Magnesita N.V.		180,930
		Indonesia—0.1%
	960,165	Golden Agri-Resources Ltd.		204,561
		Ireland—0.7%
	39,341	C&C Group PLC		149,243
	60,767	Cairn Homes PLC(b)		87,579
	19,002	Dalata Hotel Group PLC		125,431
	16,730	Glanbia PLC		307,301
	81,622	Green REIT PLC		154,957
	114,562	Greencore Group PLC		343,502
	86,568	Hibernia REIT PLC		138,734
	9,872	Kingspan Group PLC		518,659
	31,819	UDG Healthcare PLC		272,529
				2,097,935
		Israel—1.3%
	6,864	Airport City Ltd.(b)		113,796
	12,727	Alony Hetz Properties & Investments Ltd.		154,802
	4,051	Azrieli Group Ltd.		230,393
	1,597	Delek Group Ltd.(a)		303,479
	2,217	Elbit Systems Ltd.		308,324
	9,474	First International Bank of Israel Ltd.		237,705
	20,843	Gazit-Globe Ltd.		168,261
	30,185	Harel Insurance Investments & Financial Services Ltd.(a)		225,906
	804	Israel Corp. Ltd. (The)(b)		193,420
	26,104	Jerusalem Economy Ltd.(b)		86,699

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

37

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Israel (continued)
	1,887	Melisron Ltd.	$	95,162
	19,749	Mizrahi Tefahot Bank Ltd.		426,624
	2,646	Nice Ltd.(b)		364,753
	240,552	Oil Refineries Ltd.(b)		117,971
	16,230	Partner Communications Co. Ltd.(b)		73,195
	1,249	Paz Oil Co. Ltd.		181,714
	19,079	Phoenix Holdings Ltd. (The)		108,614
	19,292	Plus500 Ltd.		132,792
	20,394	Shufersal Ltd.		135,356
	3,121	Strauss Group Ltd.		79,503
	16,821	Tower Semiconductor Ltd.(b)		306,010
				4,044,479
		Italy—2.9%
	9,437	ACEA SpA		171,121
	6,041	Amplifon SpA		115,973
	51,491	Anima Holding SpA(b)(d)		204,625
	7,680	ASTM SpA		195,378
	30,136	Autogrill SpA		292,647
	27,993	Azimut Holding SpA(a)		564,692
	8,891	Banca Generali SpA		250,698
	6,259	Banca IFIS SpA		107,812
	48,877	Banca Mediolanum SpA		358,512
	132,160	Banca Monte dei Paschi di Siena SpA(a)(b)		200,247
	31,767	Banca Popolare di Sondrio SCPA		86,369
	18,694	Brembo SpA		245,119
	11,935	Buzzi Unicem SpA(a)		265,237
	6,947	Buzzi Unicem SpA-RSP		105,727
	24,995	Cerved Group SpA		243,704
	1,044	Danieli & C. Officine Meccaniche SpA		21,247
	3,681	Danieli & C. Officine Meccaniche SpA-RSP		53,299
	26,397	Davide Campari-Milano SpA		265,804
	7,944	De’Longhi SpA		203,341
	1,043	DiaSorin SpA		101,810
	33,860	Enav SpA(d)		184,574
	13,010	ERG SpA		239,846
	3,733	Ferrari N.V.		505,167
	109,551	Fincantieri SpA		133,824
	24,537	FinecoBank Banca Fineco SpA		322,696
	1,804	IMA Industria Macchine Automatiche SpA		141,522
	18,890	Infrastrutture Wireless Italiane SpA(d)		156,235
	5,122	Interpump Group SpA		192,183
	159,448	Iren SpA		372,397
	77,388	Italgas SpA		482,212
	26,143	Maire Tecnimont SpA		93,228
	4,640	MARR SpA		112,581
	81,836	Mediaset SpA(a)(b)		271,839
	5,649	Moncler SpA		231,519
	152,439	OVS SpA(a)(b)(d)		317,589
	41,096	Piaggio & C. SpA		113,299
	73,974	PRADA SpA		208,852
	6,502	Recordati SpA		262,252
	78,599	Salini Impregilo SpA(a)		163,840
	7,655	Salvatore Ferragamo SpA(a)		173,124
	38,787	Societa Cattolica di Assicurazioni SC		361,224
	11,925	Societa Iniziative Autostradali e Servizi SpA		195,921

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Italy (continued)
	3,028	Tod’s SpA(a)	$	148,702
				9,437,988
		Ivory Coast—0.0%
	5,552	Endeavour Mining Corp.(b)		78,501
		Japan—31.8%
	11,893	77 Bank Ltd. (The)		169,465
	2,907	ABC-Mart, Inc.		180,619
	37,421	Acom Co. Ltd.(a)		131,037
	7,545	Adastria Co. Ltd.		184,941
	16,807	ADEKA Corp.		251,256
	10,316	Advantest Corp.		290,839
	2,875	Aeon Delight Co. Ltd.		96,672
	23,409	AEON Financial Service Co. Ltd.		483,208
	21,155	Aeon Mall Co. Ltd.		323,664
	6,331	Aica Kogyo Co. Ltd.		218,281
	14,874	Aida Engineering Ltd.		116,455
	42,551	Aiful Corp.(b)		99,333
	2,913	Ain Holdings, Inc.		231,209
	71,914	Akebono Brake Industry Co. Ltd.(b)		83,294
	6,052	Alpen Co. Ltd.		93,789
	9,531	Amano Corp.		247,314
	8,855	Anritsu Corp.		153,129
	8,576	AOKI Holdings, Inc.		89,398
	16,810	Aoyama Trading Co. Ltd.		368,122
	3,973	Arata Corp.		141,797
	5,804	Arcs Co. Ltd.		117,253
	13,371	Asahi Diamond Industrial Co. Ltd.		94,482
	7,616	Asahi Holdings, Inc.		147,704
	30,149	Asics Corp.		369,503
	4,256	ASKUL Corp.(a)		114,258
	13,448	Autobacs Seven Co. Ltd.		234,246
	10,304	Avex, Inc.		130,355
	3,867	Awa Bank Ltd. (The)		96,801
	16,755	Azbil Corp.		401,217
	8,369	Bank of the Ryukyus Ltd.		90,246
	11,231	Belluna Co. Ltd.		84,302
	15,401	Benesse Holdings, Inc.		423,830
	42,142	Bic Camera, Inc.		451,028
	2,544	BML, Inc.		71,609
	7,396	Calbee, Inc.		203,203
	11,285	Canon Marketing Japan, Inc.		243,381
	6,296	Capcom Co. Ltd.		141,607
	4,717	Cawachi Ltd.		83,180
	9,113	Central Glass Co. Ltd.		211,675
	98,987	Chiyoda Corp.(a)(b)		312,848
	4,675	Chudenko Corp.(a)		95,326
	26,749	Chugoku Bank Ltd. (The)		257,703
	11,639	Chugoku Marine Paints Ltd.		109,728
	82,388	Citizen Watch Co. Ltd.(a)		461,595
	13,041	CKD Corp.		149,993
	4,840	cocokara fine, Inc.		192,079
	6,068	Colowide Co. Ltd.(a)		121,605
	15,255	COMSYS Holdings Corp.		399,541
	966	Cosmos Pharmaceutical Corp.		153,866
	8,290	CyberAgent, Inc.		329,739

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

38

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	8,193	Daibiru Corp.	$	72,312
	12,620	Daido Metal Co. Ltd.		79,204
	10,749	Daido Steel Co. Ltd.		435,268
	6,261	Daifuku Co. Ltd.		381,141
	5,033	Daihen Corp.		140,540
	4,788	Daiho Corp.		128,110
	4,931	Daiichikosho Co. Ltd.		240,850
	12,830	Daikyonishikawa Corp.		128,674
	20,943	Daio Paper Corp.(a)		241,444
	4,282	Daiseki Co. Ltd.		117,070
	3,493	Daishi Hokuetsu Financial Group, Inc.		102,399
	6,237	Daiwabo Holdings Co. Ltd.		317,520
	28,732	DCM Holdings Co. Ltd.		284,031
	21,753	DeNA Co. Ltd.		338,868
	4,490	Descente Ltd.		95,101
	13,696	Dexerials Corp.		86,326
	2,370	Disco Corp.		406,012
	17,626	DMG Mori Co. Ltd.		251,630
	4,808	Doutor Nichires Holdings Co. Ltd.		91,562
	14,885	Dowa Holdings Co. Ltd.		483,136
	2,397	DTS Corp.		84,473
	6,922	Duskin Co. Ltd.		170,168
	2,246	DyDo Group Holdings, Inc.		100,024
	2,689	Earth Corp.		123,133
	32,763	EDION Corp.		277,107
	2,933	Eizo Corp.		112,185
	10,474	Exedy Corp.		238,680
	6,509	Ezaki Glico Co. Ltd.		342,471
	16,872	FamilyMart UNY Holdings Co. Ltd.		449,617
	4,005	Fancl Corp.		118,667
	7,466	FCC Co. Ltd.		153,577
	9,420	Foster Electric Co. Ltd.		146,406
	2,397	FP Corp.		145,273
	13,693	Fuji Corp.		205,195
	14,429	Fuji Media Holdings, Inc.		193,553
	54,304	Fuji Oil Co. Ltd.		135,547
	5,996	Fuji Oil Holdings, Inc.		191,926
	3,718	Fuji Seal International, Inc.		129,525
	2,995	Fuji Soft, Inc.		118,052
	10,069	Fujitec Co. Ltd.		122,681
	12,474	Fujitsu General Ltd.		181,552
	6,037	Fukuyama Transporting Co. Ltd.		231,452
	12,094	Furukawa Co. Ltd.		149,852
	5,672	Futaba Corp.		91,872
	16,543	Futaba Industrial Co. Ltd.		103,677
	3,776	Fuyo General Lease Co. Ltd.		187,486
	11,807	Geo Holdings Corp.		160,395
	12,405	Glory Ltd.		311,865
	6,393	GMO Internet, Inc.		98,672
	24,949	Gree, Inc.		96,772
	22,224	GS Yuasa Corp.		444,380
	51,758	GungHo Online Entertainment, Inc.		161,257
	107,915	Gunma Bank Ltd. (The)		425,362
	3,997	Gunze Ltd.		169,749
	26,188	H2O Retailing Corp.		332,244
	108,857	Hachijuni Bank Ltd. (The)		435,917
	2,648	Hamakyorex Co. Ltd.		97,599

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	7,784	Hamamatsu Photonics K.K.	$	314,855
	14,790	Hanwa Co. Ltd.		424,279
	6,506	Happinet Corp.		76,991
	54,567	Hazama Ando Corp.		365,985
	12,705	Heiwa Corp.(a)		252,332
	7,130	Heiwa Real Estate Co. Ltd.		136,870
	8,828	Heiwado Co. Ltd.		162,491
	1,824	Hikari Tsushin, Inc.		336,386
	4,391	Hirose Electric Co. Ltd.		507,010
	59,814	Hiroshima Bank Ltd. (The)		321,156
	4,866	HIS Co. Ltd.		154,663
	6,481	Hisamitsu Pharmaceutical Co., Inc.		274,079
	9,341	Hitachi Capital Corp.		215,965
	23,969	Hitachi Chemical Co. Ltd.(a)		634,869
	10,973	Hitachi High-Technologies Corp.		487,689
	8,702	Hitachi Transport System Ltd.		240,648
	104,279	Hitachi Zosen Corp.		322,083
	2,761	Hogy Medical Co. Ltd.		90,236
	2,817	Hokkoku Bank Ltd. (The)		86,502
	36,433	Hokuetsu Corp.		198,235
	23,188	Hokuhoku Financial Group, Inc.		254,209
	50,486	Hokuriku Electric Power Co.(b)		374,424
	5,040	Horiba Ltd.		303,192
	4,796	Hoshizaki Corp.		310,044
	17,754	Hosiden Corp.		168,015
	7,486	House Foods Group, Inc.		300,448
	37,986	Hulic Co. Ltd.		326,739
	26,000	Hyakugo Bank Ltd. (The)		83,807
	32,028	Ibiden Co. Ltd.		571,975
	4,492	IBJ Leasing Co. Ltd.		105,146
	25,527	IDOM, Inc.		61,884
	3,855	Inaba Denki Sangyo Co. Ltd.		156,623
	7,955	Inabata & Co. Ltd.		108,852
	4,822	Internet Initiative Japan, Inc.		97,111
	1,789	Iriso Electronics Co. Ltd.		92,522
	15,345	Ishihara Sangyo Kaisha Ltd.		170,569
	6,456	Ito EN Ltd.		320,554
	10,211	Itochu Enex Co. Ltd.		83,247
	9,814	ITOCHU Techno-Solutions Corp.		239,766
	29,556	Itoham Yonekyu Holdings, Inc.		183,904
	11,794	Iwatani Corp.		368,513
	59,707	Iyo Bank Ltd. (The)		330,231
	7,264	Izumi Co. Ltd.		316,322
	26,359	J Trust Co. Ltd.(a)		86,621
	6,575	Jaccs Co. Ltd.		113,760
	6,161	JAFCO Co. Ltd.		231,504
	4,103	Japan Airport Terminal Co. Ltd.		172,593
	11,952	Japan Aviation Electronics Industry Ltd.		192,520
	13,453	Japan Petroleum Exploration Co. Ltd.		291,950
	23,190	Japan Securities Finance Co. Ltd.(a)		119,932
	12,633	Japan Steel Works Ltd. (The)		242,281
	5,088	Jeol Ltd.		102,559
	6,120	Joyful Honda Co. Ltd.		70,885
	9,299	Juki Corp.		106,370
	4,915	Juroku Bank Ltd. (The)		99,999
	83,746	JVC Kenwood Corp.		221,067

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

39

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	13,143	Kadokawa Dwango Corp.	$	165,209
	5,340	Kaga Electronics Co. Ltd.		98,194
	7,439	Kagome Co. Ltd.		202,047
	5,770	Kakaku.com, Inc.		118,120
	4,463	Kaken Pharmaceutical Co. Ltd.		190,141
	16,900	Kamigumi Co. Ltd.		402,413
	6,429	Kanamoto Co. Ltd.		151,929
	25,359	Kandenko Co. Ltd.		212,890
	16,811	Kanematsu Corp.		185,808
	22,744	Kansai Paint Co. Ltd.		431,906
	3,193	Kato Sangyo Co. Ltd.		103,781
	3,938	Kato Works Co. Ltd.		98,755
	10,705	Keihan Holdings Co. Ltd.		454,152
	14,662	Keihin Corp.		240,648
	13,740	Keisei Electric Railway Co. Ltd.		479,898
	19,256	Kenedix, Inc.		91,288
	20,158	Kewpie Corp.		464,426
	4,835	KH Neochem Co. Ltd.		140,003
	27,100	Kinden Corp.		433,843
	10,895	Kintetsu World Express, Inc.		164,146
	4,997	Kissei Pharmaceutical Co. Ltd.		123,383
	17,539	Kitz Corp.		133,541
	8,296	Kiyo Bank Ltd. (The)		112,625
	3,054	Kobayashi Pharmaceutical Co. Ltd.		242,949
	5,814	Koei Tecmo Holdings Co. Ltd.		105,552
	8,557	Kohnan Shoji Co. Ltd.		188,926
	13,333	Kokuyo Co. Ltd.		169,034
	7,639	Komeri Co. Ltd.		160,702
	8,603	Komori Corp.		99,181
	8,556	Konami Holdings Corp.		388,717
	6,297	Konoike Transport Co. Ltd.		101,600
	1,282	Kose Corp.		239,997
	8,948	Kumagai Gumi Co. Ltd.		261,511
	12,433	Kumiai Chemical Industry Co. Ltd.		90,868
	3,787	Kureha Corp.		225,775
	16,362	Kurita Water Industries Ltd.		423,980
	11,826	KYB Corp.(b)		319,607
	7,743	Kyoei Steel Ltd.		128,129
	7,111	Kyokuto Kaihatsu Kogyo Co. Ltd.		99,730
	8,143	KYORIN Holdings, Inc.		152,514
	2,179	Kyoritsu Maintenance Co. Ltd.		111,518
	12,754	Kyowa Exeo Corp.		346,978
	23,119	Kyowa Hakko Kirin Co. Ltd.		447,538
	6,339	Kyudenko Corp.		179,854
	70,115	Kyushu Financial Group, Inc.		281,404
	254,953	Leopalace21 Corp.(a)(b)		430,358
	10,527	Lintec Corp.		226,750
	18,849	Lion Corp.		387,219
	7,322	Lixil Viva Corp.		86,056
	8,139	M3, Inc.		143,890
	9,217	Mabuchi Motor Co. Ltd.		340,129
	16,431	Macnica Fuji Electronics Holdings, Inc.		236,488
	32,117	Maeda Corp.		317,782
	12,792	Maeda Road Construction Co. Ltd.		252,682
	5,224	Makino Milling Machine Co. Ltd.		219,983
	4,683	Mandom Corp.		120,633
	11,339	Maruha Nichiro Corp.		358,368

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	9,367	Maruichi Steel Tube Ltd.	$	258,197
	14,540	Marusan Securities Co. Ltd.(a)		82,246
	11,098	Matsui Securities Co. Ltd.		98,649
	11,074	Matsumotokiyoshi Holdings Co. Ltd.		363,416
	12,125	Maxell Holdings Ltd.		184,093
	12,510	Megmilk Snow Brand Co. Ltd.		275,529
	12,710	Meidensha Corp.		180,536
	3,003	Meitec Corp.		139,129
	12,433	Miraca Holdings, Inc.		317,369
	12,945	Mirait Holdings Corp.		189,569
	16,063	MISUMI Group, Inc.		415,078
	12,777	Mitsubishi Logistics Corp.(a)		340,491
	4,641	Mitsubishi Pencil Co. Ltd.		95,133
	90,177	Mitsubishi UFJ Lease & Finance Co. Ltd.		456,654
	3,292	Mitsui Sugar Co. Ltd.		79,274
	5,812	Mitsui-Soko Holdings Co. Ltd.		91,948
	6,956	Miura Co. Ltd.		176,312
	5,368	Mizuno Corp.		123,289
	3,065	Mochida Pharmaceutical Co. Ltd.		142,001
	3,636	Modec, Inc.		111,161
	30,652	Monex Group, Inc.		93,022
	4,198	Morinaga & Co. Ltd.		174,328
	14,102	Morinaga Milk Industry Co. Ltd.		464,052
	11,788	Musashi Seimitsu Industry Co. Ltd.		183,422
	4,371	Musashino Bank Ltd. (The)		84,496
	13,964	Nabtesco Corp.		425,032
	5,458	Nachi-Fujikoshi Corp.		268,551
	13,916	Nagase & Co. Ltd.		211,286
	17,421	Nankai Electric Railway Co. Ltd.		473,945
	4,672	Nanto Bank Ltd. (The)		87,253
	6,052	NEC Networks & System Integration Corp.		145,465
	7,536	NET One Systems Co. Ltd.		194,058
	19,808	Nexon Co. Ltd.(b)		283,848
	11,564	Nichias Corp.		222,403
	13,854	Nichicon Corp.		134,466
	4,912	Nichiha Corp.		134,735
	10,270	NichiiGakkan Co. Ltd.		125,684
	9,364	Nichi-iko Pharmaceutical Co. Ltd.		111,906
	18,037	Nichirei Corp.		414,912
	13,408	Nifco, Inc.		376,808
	7,147	Nihon Kohden Corp.		207,592
	10,315	Nihon Parkerizing Co. Ltd.		134,014
	7,192	Nihon Unisys Ltd.		183,586
	14,259	Nikkiso Co. Ltd.		175,781
	7,099	Nikkon Holdings Co. Ltd.		166,807
	13,346	Nippo Corp.		270,335
	6,632	Nippon Chemi-Con Corp.		134,992
	39,749	Nippon Denko Co. Ltd.		82,799
	5,374	Nippon Densetsu Kogyo Co. Ltd.		115,514
	9,887	Nippon Flour Mills Co. Ltd.		166,448
	4,615	Nippon Gas Co. Ltd.		121,078
	30,900	Nippon Kayaku Co. Ltd.		361,783
	11,402	Nippon Paint Holdings Co. Ltd.		431,510
	2,631	Nippon Shinyaku Co. Ltd.		180,951
	6,795	Nippon Shokubai Co. Ltd.		469,778
	10,604	Nippon Signal Co. Ltd.		98,161
	7,686	Nippon Soda Co. Ltd.		211,516

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

40

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	4,179	Nippon Steel Trading Corp.	$	174,289
	70,177	Nippon Suisan Kaisha Ltd.		489,585
	11,999	Nippon Television Holdings, Inc.		174,962
	15,451	Nippon Thompson Co. Ltd.		79,492
	46,683	Nippon Yakin Kogyo Co. Ltd.(a)		106,045
	29,065	Nipro Corp.		359,349
	16,275	Nishimatsu Construction Co. Ltd.		351,438
	12,045	Nishimatsuya Chain Co. Ltd.		95,819
	27,443	Nishi-Nippon Financial Holdings, Inc.		225,704
	8,502	Nishi-Nippon Railroad Co. Ltd.		199,468
	3,875	Nishio Rent All Co. Ltd.		107,161
	8,049	Nissan Chemical Corp.		356,288
	14,917	Nissan Shatai Co. Ltd.		136,614
	9,254	Nissha Co. Ltd.		107,101
	6,272	Nisshin Oillio Group Ltd. (The)		178,798
	9,421	Nissin Electric Co. Ltd.		89,071
	11,719	Nissin Kogyo Co. Ltd.		155,622
	2,444	Nitta Corp.		80,315
	5,331	Nitto Boseki Co. Ltd.		110,665
	5,390	Nitto Kogyo Corp.		105,114
	7,808	NOF Corp.		277,267
	8,027	Nojima Corp.		137,585
	2,831	NOMURA Co. Ltd.		78,798
	10,330	Nomura Research Institute Ltd.		503,631
	3,171	Noritake Co. Ltd.		153,461
	88,277	North Pacific Bank Ltd.		215,590
	4,021	NS Solutions Corp.		107,804
	3,698	NS United Kaiun Kaisha Ltd.		80,750
	3,766	NSD Co. Ltd.		93,224
	2,518	OBIC Co. Ltd.		290,743
	5,332	Ogaki Kyoritsu Bank Ltd. (The)		120,069
	1,755	Okamoto Industries, Inc.		90,606
	12,432	Okamura Corp.		125,018
	38,055	Okasan Securities Group, Inc.		138,724
	37,318	Oki Electric Industry Co. Ltd.(a)		435,921
	7,807	Okinawa Electric Power Co., Inc. (The)		128,908
	4,714	OKUMA Corp.(a)		275,539
	8,602	Okumura Corp.		277,272
	35,112	Onward Holdings Co. Ltd.		192,623
	3,599	Open House Co. Ltd.		131,357
	2,329	Oracle Corp. Japan		159,135
	152,167	Orient Corp.		159,852
	3,679	Osaka Soda Co. Ltd.		88,626
	12,620	Osaki Electric Co. Ltd.		83,510
	10,182	OSG Corp.		203,777
	10,470	Otsuka Corp.		410,809
	6,310	Outsourcing, Inc.		82,320
	8,398	Pacific Industrial Co. Ltd.		136,932
	6,540	PALTAC CORPORATION		358,783
	2,768	Paramount Bed Holdings Co. Ltd.		129,733
	11,690	Park24 Co. Ltd.		244,873
	82,551	Penta-Ocean Construction Co. Ltd.		377,270
	20,373	Persol Holdings Co. Ltd.		381,211
	4,579	Pigeon Corp.		193,849
	1,719	Pilot Corp.		70,998
	3,953	Piolax, Inc.		74,002

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	5,916	Plenus Co. Ltd.	$	97,524
	5,242	Pola Orbis Holdings, Inc.		164,732
	18,989	Press Kogyo Co. Ltd.		102,127
	8,688	Prima Meat Packers Ltd.		158,666
	7,610	Raito Kogyo Co. Ltd.		97,777
	4,838	Relo Group, Inc.		131,620
	12,504	Resorttrust, Inc.		174,018
	5,532	Restar Holdings Corp.(a)		89,356
	5,701	Rinnai Corp.		382,882
	8,223	Rohto Pharmaceutical Co. Ltd.		229,986
	9,161	Round One Corp.		122,887
	3,582	Royal Holdings Co. Ltd.		87,447
	8,714	Ryobi Ltd.		197,869
	1,698	Ryohin Keikaku Co. Ltd.		322,296
	4,103	Ryosan Co. Ltd.		110,334
	3,452	S Foods, Inc.		118,709
	4,572	Saizeriya Co. Ltd.		102,585
	4,013	Sakai Chemical Industry Co. Ltd.		98,942
	10,552	Sakata INX Corp.		95,596
	2,690	Sakata Seed Corp.		85,380
	3,049	San-A Co. Ltd.		119,359
	18,243	Sanden Holdings Corp.(b)		130,711
	7,475	Sangetsu Corp.		139,869
	17,118	San-In Godo Bank Ltd. (The)		112,967
	8,034	Sanken Electric Co. Ltd.		172,041
	10,132	Sanki Engineering Co. Ltd.		110,440
	8,502	Sankyo Co. Ltd.		334,736
	8,239	Sankyu, Inc.		393,549
	6,929	Sanrio Co. Ltd.(a)		157,711
	35,109	Sanwa Holdings Corp.		420,520
	2,218	Sanyo Chemical Industries Ltd.		111,722
	2,257	Sanyo Denki Co. Ltd.		105,175
	7,472	Sanyo Special Steel Co. Ltd.		149,205
	20,410	Sapporo Holdings Ltd.		416,355
	4,113	Sato Holdings Corp.		99,598
	5,595	Sawai Pharmaceutical Co. Ltd.		299,405
	6,831	SCREEN Holdings Co. Ltd.(a)		327,520
	4,914	SCSK Corp.		232,519
	8,827	Seiko Holdings Corp.		199,484
	6,801	Seiren Co. Ltd.		101,488
	31,054	Senko Group Holdings Co. Ltd.		248,711
	54,360	Senshu Ikeda Holdings, Inc.		134,710
	94,164	Seven Bank Ltd.		255,331
	2,631	Shibuya Corp.		81,499
	8,920	Shiga Bank Ltd. (The)(a)		212,398
	3,937	Shima Seiki Manufacturing Ltd.		131,675
	10,291	Shimachu Co. Ltd.		247,723
	5,424	Shimamura Co. Ltd.		403,726
	2,425	Shindengen Electric Manufacturing Co. Ltd.		99,395
	17,726	Shinko Electric Industries Co. Ltd.		155,814
	8,667	Shinko Plantech Co. Ltd.		90,347
	16,791	Shinmaywa Industries Ltd.		206,693
	7,092	Ship Healthcare Holdings, Inc.		290,684
	1,486	SHO-BOND Holdings Co. Ltd.		101,935
	1,168	Shochiku Co. Ltd.		140,003
	13,088	Showa Corp.		191,311

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

41

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	9,656	Siix Corp.	$	153,976
	6,597	Sinfonia Technology Co. Ltd.		93,350
	33,705	SKY Perfect JSAT Holdings, Inc.		134,366
	8,131	Sohgo Security Services Co. Ltd.		361,743
	10,629	Sotetsu Holdings, Inc.		293,461
	9,006	Square Enix Holdings Co. Ltd.		309,701
	6,336	Starts Corp., Inc.		140,572
	5,839	Sugi Holdings Co. Ltd.		294,113
	27,896	SUMCO Corp.		365,685
	5,397	Sumitomo Bakelite Co. Ltd.		209,823
	14,720	Sumitomo Dainippon Pharma Co. Ltd.		323,807
	49,489	Sumitomo Mitsui Construction Co. Ltd.		321,706
	8,508	Sumitomo Osaka Cement Co. Ltd.		345,285
	2,107	Sumitomo Seika Chemicals Co. Ltd.		81,442
	14,472	Sumitomo Warehouse Co. Ltd. (The)		184,514
	9,929	Sundrug Co. Ltd.		265,308
	85,510	Suruga Bank Ltd.(b)		376,206
	1,475	Sushiro Global Holdings Ltd.		96,281
	6,789	Tachi-S Co. Ltd.		104,296
	26,107	Tadano Ltd.		273,787
	6,816	Taikisha Ltd.		205,322
	4,167	Taisho Pharmaceutical Holdings Co. Ltd.		384,617
	2,731	Taiyo Holdings Co. Ltd.		95,754
	20,945	Taiyo Nippon Sanso Corp.		347,720
	17,624	Taiyo Yuden Co. Ltd.(a)		425,191
	23,809	Takara Holdings, Inc.		276,623
	25,994	Takara Leben Co. Ltd.		80,520
	10,583	Takasago Thermal Engineering Co. Ltd.		167,048
	5,275	Takeuchi Manufacturing Co. Ltd.		99,177
	10,114	Takuma Co. Ltd.		121,595
	16,488	Tamura Corp.		101,556
	2,232	TechnoPro Holdings, Inc.		133,269
	3,931	Tekken Corp.		102,427
	6,050	T-Gaia Corp.		98,104
	14,722	THK Co. Ltd.		384,127
	9,997	TIS, Inc.		454,185
	8,893	Toa Corp.		127,915
	17,255	Toagosei Co. Ltd.		187,617
	55,266	Toda Corp.		339,908
	880	Toei Co. Ltd.		113,857
	9,931	Toho Co. Ltd.		415,073
	17,788	Toho Holdings Co. Ltd.		415,253
	5,558	Toho Zinc Co. Ltd.		144,770
	12,093	Tokai Carbon Co. Ltd.(a)		138,873
	15,736	Tokai Holdings Corp.(a)		130,833
	14,138	Tokai Rika Co. Ltd.		244,868
	68,385	Tokai Tokyo Financial Holdings, Inc.		225,955
	2,564	Token Corp.(a)		156,085
	14,345	Tokuyama Corp.		354,198
	8,145	Tokyo Broadcasting System Holdings, Inc.		154,380
	6,636	Tokyo Century Corp.		305,062
	20,861	Tokyo Dome Corp.		206,597
	6,067	Tokyo Ohka Kogyo Co. Ltd.		192,837
	6,151	Tokyo Seimitsu Co. Ltd.		177,834
	15,727	Tokyo Steel Manufacturing Co. Ltd.		134,147
	18,774	Tokyu Construction Co. Ltd.		134,684

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	16,640	Tomy Co. Ltd.	$	177,493
	13,443	Topcon Corp.		162,342
	9,209	Toppan Forms Co. Ltd.		83,925
	7,532	Topre Corp.		140,394
	5,567	Toshiba Machine Co. Ltd.		126,260
	5,955	Toshiba Plant Systems & Services Corp.		106,508
	7,129	Toshiba TEC Corp.		196,508
	4,965	Totetsu Kogyo Co. Ltd.		145,105
	3,684	Towa Pharmaceutical Co. Ltd.		90,335
	29,340	Toyo Construction Co. Ltd.		107,481
	15,170	Toyo Engineering Corp.(b)		80,498
	5,704	Toyo Ink SC Holdings Co. Ltd.		136,179
	33,677	Toyo Tire Corp.		392,785
	30,432	Toyobo Co. Ltd.		396,470
	23,726	Toyota Boshoku Corp.		350,218
	4,581	TPR Co. Ltd.		89,625
	4,570	transcosmos, Inc.		99,545
	4,995	Trusco Nakayama Corp.		125,800
	14,158	TS Tech Co. Ltd.		422,674
	16,460	TSI Holdings Co. Ltd.		102,270
	7,218	Tsubaki Nakashima Co. Ltd.		133,505
	8,438	Tsubakimoto Chain Co.		312,519
	8,758	Tsumura & Co.		268,539
	4,731	Tsuruha Holdings, Inc.		402,268
	5,617	TV Asahi Holdings Corp.		98,647
	13,386	UACJ Corp.		269,583
	8,100	Ulvac, Inc.		270,545
	15,018	Unipres Corp.		231,254
	4,280	United Arrows Ltd.		135,077
	11,835	United Super Markets Holdings, Inc.		106,688
	34,167	Unitika Ltd.(b)		135,288
	6,795	Unizo Holdings Co. Ltd.		119,946
	3,352	U-Shin Ltd.(a)(b)		29,555
	19,895	Ushio, Inc.		240,794
	15,612	USS Co. Ltd.		298,012
	11,590	Valor Holdings Co. Ltd.		281,594
	8,667	Vital KSK Holdings, Inc.		82,487
	22,529	VT Holdings Co. Ltd.		90,622
	10,115	Wacoal Holdings Corp.		249,390
	20,897	Wacom Co. Ltd.		83,869
	4,600	Warabeya Nichiyo Holdings Co. Ltd.		73,683
	5,983	Welcia Holdings Co. Ltd.(a)		235,022
	6,784	World Co. Ltd.		130,898
	8,518	Xebio Holdings Co. Ltd.		89,406
	8,798	Yamabiko Corp.		86,578
	7,153	Yamato Kogyo Co. Ltd.		197,490
	9,804	Yamazen Corp.		102,551
	3,051	Yaoko Co. Ltd.		144,640
	5,446	Yokogawa Bridge Holdings Corp.		88,065
	12,215	Yokohama Reito Co. Ltd.(a)		96,404
	10,268	Yoshinoya Holdings Co. Ltd.(a)		155,437
	3,968	Zenkoku Hosho Co. Ltd.		138,591
	11,724	Zensho Holdings Co. Ltd.		263,586
	30,392	Zeon Corp.		295,529
	5,429	ZERIA Pharmaceutical Co. Ltd.		95,784
	7,405	ZOZO, Inc.		130,647
				103,213,530

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

42

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Jordan—0.1%
	12,106	Hikma Pharmaceuticals PLC	$	278,631
		Kazakhstan—0.1%
	21,169	KAZ Minerals PLC		178,442
		Liechtenstein—0.0%
	1,295	Liechtensteinische Landesbank AG		88,324
		Luxembourg—0.2%
	15,187	APERAM S.A.		466,350
	686	Eurofins Scientific SE(a)		313,671
				780,021
		Macau—0.2%
	101,765	MGM China Holdings Ltd.		209,616
	203,971	Wynn Macau Ltd.		584,973
				794,589
		Mexico—0.1%
	17,352	Fresnillo PLC(a)		169,386
		Netherlands—2.0%
	13,316	Aalberts N.V.		522,314
	100,812	Altice Europe N.V.(b)		318,604
	8,588	Altice Europe N.V., Class B(b)		27,045
	3,020	AMG Advanced Metallurgical Group N.V.		91,450
	16,262	Arcadis N.V.(a)		306,724
	4,771	ASM International N.V.		323,806
	8,987	BE Semiconductor Industries N.V.		258,038
	4,408	Corbion N.V.		140,791
	10,577	Eurocommercial Properties N.V. CVA		306,298
	5,252	Euronext N.V.(d)		364,633
	3,540	Flow Traders(a)(d)		101,404
	29,844	Fugro N.V. CVA(a)(b)		271,583
	4,843	GrandVision N.V.(d)		108,877
	3,207	IMCD N.V.		258,774
	9,701	Intertrust N.V.(d)		183,844
	116,469	Koninklijke BAM Groep N.V.		566,487
	5,703	Koninklijke Volkerwessels N.V.		121,819
	8,597	Koninklijke Vopak N.V.		382,978
	8,234	NIBC Holding N.V.(d)		78,529
	2,437	NSI N.V.		96,409
	10,124	OCI N.V.(b)		293,293
	181,429	PostNL N.V.		469,483
	3,017	Sligro Food Group N.V.		110,057
	5,821	TKH Group N.V. CVA		312,611
	14,186	TomTom N.V.(b)		122,226
	3,328	Vastned Retail N.V.		116,739
	11,921	Wereldhave N.V.(a)		304,872
				6,559,688
		New Zealand—0.7%
	45,416	Air New Zealand Ltd.		81,323
	78,091	Auckland International Airport Ltd.		415,069
	52,172	Chorus Ltd.		208,413
	56,323	Contact Energy Ltd.		252,040
	26,208	Fisher & Paykel Healthcare Corp. Ltd.		276,329
	87,771	Kiwi Property Group Ltd.		90,143
	41,933	Mercury NZ Ltd.		103,471

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		New Zealand (continued)
	86,673	Meridian Energy Ltd.	$	234,677
	23,327	Ryman Healthcare Ltd.		189,015
	61,809	SKYCITY Entertainment Group Ltd.		168,179
	33,779	Trade Me Group Ltd.		144,850
	52,963	Z Energy Ltd.		223,582
				2,387,091
		Norway—1.2%
	5,122	Aker BP ASA		168,512
	47,881	Aker Solutions ASA(b)(d)		245,122
	7,490	Atea ASA		106,709
	16,151	Austevoll Seafood ASA		187,331
	8,543	Borregaard ASA		86,492
	48,838	DNO ASA		110,524
	40,816	Elkem ASA(b)(d)		168,031
	15,669	Entra ASA(d)		226,496
	19,474	Frontline Ltd.(b)		160,791
	11,676	Kongsberg Gruppen ASA		168,777
	26,810	Leroy Seafood Group ASA		193,274
	14,424	Norwegian Air Shuttle ASA(a)(b)		60,181
	15,621	Norwegian Finans Holding ASA(b)		128,256
	120,821	Petroleum Geo-Services ASA(b)		266,652
	4,870	Salmar ASA		220,762
	5,127	Schibsted ASA, Class B		122,372
	4,175	Schibsted ASA, Class A		109,306
	12,836	SpareBank 1 SMN		138,788
	30,301	SpareBank 1 SR-Bank ASA		349,175
	13,789	TGS Nopec Geophysical Co. ASA		359,415
	5,301	Tomra Systems ASA		159,260
	17,796	Veidekke ASA		198,488
	31,974	XXL ASA(d)		97,244
				4,031,958
		Poland—0.9%
	17,149	Alior Bank S.A.(b)		262,738
	6,107	Asseco Poland S.A.		84,551
	59,224	Bank Millennium S.A.(b)		149,217
	2,123	CCC S.A.		115,021
	29,361	Cyfrowy Polsat S.A.(b)		203,251
	60,626	Enea S.A.(b)		121,154
	49,757	Energa S.A.(b)		97,484
	29,641	Eurocash S.A.(a)		168,023
	9,883	Grupa Azoty S.A.		106,882
	16,441	Grupa Lotos S.A.		357,157
	11,992	Jastrzebska Spolka Weglowa S.A.(b)		181,849
	56	LPP S.A.		125,295
	1,621	mBank S.A.		187,587
	142,158	Orange Polska S.A.(b)		183,300
	24,825	PLAY Communications S.A.(d)		152,785
	3,411	Santander Bank Polska S.A.		353,566
	326,759	Tauron Polska Energia S.A.(b)		147,840
				2,997,700
		Portugal—0.4%
	37,876	CTT-Correios de Portugal S.A.		107,223
	67,867	Mota-Engil SGPS S.A.(b)		180,563
	65,051	Navigator Co. S.A. (The)		287,237
	36,361	NOS SGPS S.A.		243,887

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

43

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Portugal (continued)
	61,864	REN—Redes Energeticas Nacionais SGPS S.A.	$	176,794
	347,108	Sonae SGPS S.A.		386,670
				1,382,374
		Russia—0.2%
	35,416	Polymetal International PLC		372,408
	141,330	VEON Ltd.		337,368
				709,776
		Singapore—1.7%
	163,065	Ascott Residence Trust		143,754
	23,181	BOC Aviation Ltd.(d)		199,444
	47,605	BW LPG Ltd.(b)(d)		217,450
	233,858	CapitaLand Commercial Trust		333,297
	107,535	CDL Hospitality Trusts		126,400
	177,436	Ezion Holdings Ltd. Wts. expiring 04/16/23(b)(c)		0
	1,165,297	Ezra Holdings Ltd.(b)(c)		0
	67,644	Frasers Centrepoint Trust		118,770
	84,079	Frasers Commercial Trust		91,417
	133,514	Frasers Logistics & Industrial Trust(d)		115,741
	57,469	IGG, Inc.		72,959
	220,017	Keppel REIT		197,194
	313,483	Keppel Infrastructure Trust		109,392
	207,426	Mapletree Commercial Trust		294,102
	157,077	Mapletree Industrial Trust		237,716
	244,938	Mapletree Logistics Trust		266,315
	259,598	Netlink Nbn Trust(d)		158,291
	67,176	SATS Ltd.		258,104
	225,164	Sembcorp Industries Ltd.		440,006
	206,140	Sembcorp Marine Ltd.(b)		258,962
	63,191	Singapore Exchange Ltd.		342,602
	226,503	Singapore Post Ltd.		173,055
	149,859	StarHub Ltd.		170,645
	242,996	Suntec Real Estate Investment Trust		330,255
	98,568	UOL Group Ltd.		548,887
	36,597	Venture Corp. Ltd.		456,253
				5,661,011
		South Korea—6.6%
	4,649	AMOREPACIFIC Group		299,281
	46,913	Asiana Airlines, Inc.(b)		265,458
	1,228	Celltrion Healthcare Co. Ltd.(b)		79,473
	1,216	Celltrion, Inc.(b)		220,684
	7,639	Cheil Worldwide, Inc.		166,428
	2,321	CJ CGV Co. Ltd.		85,338
	878	CJ ENM Co. Ltd.		164,529
	9,459	CJ Hello Co. Ltd.		70,124
	1,384	CJ Logistics Corp.(b)		186,603
	852	Com2uS Corp.		72,790
	6,193	Daesang Corp.		140,756
	80,496	Daewoo Engineering & Construction Co. Ltd.(b)		347,301
	14,303	Daewoo Shipbuilding & Marine Engineering Co. Ltd.(b)		355,693
	8,156	Daishin Securities Co. Ltd.		89,020
	6,979	Daishin Securities Co. Ltd. (Preference Shares)		54,965

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		South Korea (continued)
	5,011	Daou Technology, Inc.	$	95,017
	8,111	DB HiTek Co. Ltd.		111,095
	47,684	DGB Financial Group, Inc.		343,705
	20,722	Dongkuk Steel Mill Co. Ltd.(b)		133,931
	5,267	Doosan Bobcat, Inc.		144,057
	5,277	Doosan Corp.		463,033
	61,779	Doosan Heavy Industries & Construction Co. Ltd.(b)		369,674
	2,932	Fila Korea Ltd.		206,820
	642	Green Cross Corp.		79,141
	613	GS Home Shopping, Inc.		89,839
	6,697	GS Retail Co. Ltd.		224,447
	4,049	Hanjin Kal Corp.		128,248
	4,031	Hanjin Transportation Co. Ltd.		145,622
	198	Hanmi Pharm Co. Ltd.		73,647
	20,283	Hanon Systems		217,910
	5,738	Hansol Paper Co. Ltd.		73,435
	8,209	Hanwha Aerospace Co. Ltd.(b)		217,145
	12,743	Hanwha Corp.		322,898
	6,567	Hanwha Corp. (Preference Shares)		82,920
	72,366	Hanwha Life Insurance Co. Ltd.		247,177
	12,318	Harim Holdings Co. Ltd.		141,301
	6,697	HDC Holdings Co. Ltd.		98,608
	9,701	Hite Jinro Co. Ltd.		168,583
	2,958	Hotel Shilla Co. Ltd.		291,204
	3,998	Huchems Fine Chemical Corp.		74,953
	2,221	Hyosung Corp.		142,787
	5,369	Hyundai Corp.		107,780
	4,106	Hyundai Department Store Co. Ltd.		356,768
	988	Hyundai Elevator Co. Ltd.(b)		72,737
	10,877	Hyundai Greenfood Co. Ltd.		129,893
	1,072	Hyundai Home Shopping Network Corp.		91,769
	68,701	Hyundai Merchant Marine Co. Ltd.(b)		236,423
	3,090	Hyundai Mipo Dockyard Co. Ltd.		148,661
	8,090	Hyundai Rotem Co. Ltd.(b)		150,283
	10,067	Hyundai Wia Corp.		430,033
	1,233	Innocean Worldwide, Inc.		75,258
	2,645	IS Dongseo Co. Ltd.		82,306
	24,166	JB Financial Group Co. Ltd.		117,711
	2,715	Kakao Corp.		278,903
	13,221	Kangwon Land, Inc.		384,809
	1,567	KCC Corp.		476,210
	4,060	KEPCO Plant Service & Engineering Co. Ltd.		127,380
	1,551	KIWOOM Securities Co. Ltd.		109,140
	6,603	Kolon Industries, Inc.		261,147
	6,454	Korea Aerospace Industries Ltd.		193,374
	6,723	Korea Investment Holdings Co. Ltd.		393,659
	3,949	Korea Line Corp.(b)		80,964
	790	Korea Petrochemical Industries Co. Ltd.		101,443
	19,228	Korean Reinsurance Co.		150,117
	8,112	Kumho Industrial Co. Ltd.		99,651
	3,618	Kumho Petrochemical Co. Ltd.		284,323
	35,636	Kumho Tire Co., Inc.(b)		137,889
	4,372	LF Corp.		93,193
	2,369	LG Hausys Ltd.		123,302
	4,132	LG Innotek Co. Ltd.		433,309

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

44

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		South Korea (continued)
	10,255	LG International Corp.	$	167,237
	2,616	LIG Nex1 Co. Ltd.		83,867
	72	Lotte Chilsung Beverage Co. Ltd.		106,692
	6,744	Lotte Corp.		283,177
	2,787	LOTTE Fine Chemical Co. Ltd.		114,758
	4,442	LOTTE Himart Co. Ltd.		180,813
	7,898	LS Corp.		335,013
	3,464	LS Industrial Systems Co. Ltd.		142,634
	13,790	Mando Corp.		394,287
	11,113	Meritz Fire & Marine Insurance Co. Ltd.		226,417
	51,276	Meritz Securities Co. Ltd.		222,109
	948	NCSoft Corp.		426,870
	829	Netmarble Corp.(b)(d)		90,483
	23,380	NH Investment & Securities Co. Ltd.		275,200
	1,522	NHN Corp.(b)		109,445
	665	NongShim Co. Ltd.		159,682
	4,307	OCI Co. Ltd.		343,262
	8,781	Orange Life Insurance Ltd.(d)		267,606
	130	Ottogi Corp.		80,794
	41,786	Pan Ocean Co. Ltd.(b)		170,449
	5,125	Paradise Co. Ltd.		81,384
	8,917	Partron Co. Ltd.		105,723
	7,943	Poongsan Corp.		189,030
	23,626	POSCO International Corp.		370,120
	1,793	S-1 Corp.		150,421
	7,198	Samsung Card Co. Ltd.		228,606
	34,067	Samsung Engineering Co. Ltd.(b)		497,233
	2,385	Samsung SDS Co. Ltd.		443,047
	12,792	Samsung Securities Co. Ltd.		390,391
	4,427	Seoul Semiconductor Co. Ltd.		72,574
	2,088	SFA Engineering Corp.		74,983
	1,543	Shinsegae, Inc.		449,103
	1,308	SK Gas Co. Ltd.		96,184
	84,188	SK Networks Co. Ltd.		422,327
	4,683	SKC Co. Ltd.		143,318
	13,814	Taeyoung Engineering & Construction Co. Ltd.		151,367
	4,990	Youngone Corp.		157,840
	670	Yuhan Corp.		140,808
				21,359,329
		Spain—1.9%
	5,394	Almirall S.A.		86,807
	26,050	Applus Services S.A.		326,392
	17,144	Atresmedia Corp. de Medios de Comunicacion S.A.(a)		92,224
	10,337	Bolsas y Mercados Espanoles SHMSF S.A.		292,861
	4,949	Cellnex Telecom S.A.(d)		152,081
	17,084	Cia de Distribucion Integral Logista Holdings S.A.		404,747
	5,161	CIE Automotive S.A.		143,789
	2,291	Construcciones y Auxiliar de Ferrocarriles S.A.		107,836
	12,812	Ebro Foods S.A.		269,938
	11,215	EDP Renovaveis S.A.		111,233
	13,982	Ence Energia y Celulosa S.A.		75,089
	13,982	Euskaltel S.A.(d)		131,312

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Spain (continued)
	28,787	Faes Farma S.A.	$	131,950
	6,913	Fomento de Construcciones y Contratas S.A.(b)		84,602
	52,269	Gestamp Automocion S.A.(d)		333,015
	22,307	Indra Sistemas S.A.(b)		262,494
	30,273	Inmobiliaria Colonial Socimi S.A.		325,529
	330,141	Liberbank S.A.(b)		145,924
	37,132	Mediaset Espana Comunicacion S.A.(a)		287,136
	18,455	Melia Hotels International S.A.		182,627
	6,331	Metrovacesa S.A.(b)(d)		73,080
	6,863	Neinor Homes S.A.(b)(d)		78,067
	36,171	Prosegur Cash S.A.(d)		77,506
	52,002	Prosegur Cia de Seguridad S.A.		270,296
	144,054	Sacyr S.A.		352,265
	21,546	Siemens Gamesa Renewable Energy S.A.		386,104
	10,986	Tecnicas Reunidas S.A.(a)		327,500
	165,107	Unicaja Banco S.A.(d)		189,476
	4,427	Viscofan S.A.		265,680
	16,571	Zardoya Otis S.A.(a)		133,712
				6,101,272
		Sweden—3.1%
	16,028	AAK AB		260,058
	10,593	AF Poyry AB, Class B		197,223
	33,293	Arjo AB, Class B		123,271
	4,991	Atrium Ljungberg AB, Class B		81,374
	17,214	Attendo AB(d)		93,704
	18,846	Axfood AB		345,428
	5,027	Beijer Ref AB		106,179
	22,036	Betsson AB		167,076
	24,284	Bilia AB, Class A(a)		208,182
	10,091	Bonava AB, Class B(a)		128,542
	17,162	Bravida Holding AB(d)		150,105
	5,835	Bure Equity AB		108,269
	12,809	Clas Ohlson AB, Class B(a)		106,171
	39,451	Cloetta AB, Class B		120,343
	41,148	Dometic Group AB(a)(d)		375,867
	21,491	Elekta AB, Class B		254,317
	26,368	Fabege AB(a)		365,698
	8,653	Fastighets AB Balder, Class B(b)		273,239
	19,309	Hemfosa Fastigheter AB		159,439
	1,255	Hemfosa Fastigheter AB (Preference Shares)		24,224
	31,580	Hexpol AB		245,816
	18,120	Holmen AB, Class B(a)		380,629
	10,625	Hufvudstaden AB, Class A		176,808
	7,110	Indutrade AB		216,737
	9,275	Intrum AB(a)		235,709
	7,481	Investment AB Latour, Class B		105,839
	19,011	JM AB(a)		361,551
	77,593	Klovern AB, Class B		104,880
	2,542	Klovern AB (Preference Shares)		88,906
	29,440	Kungsleden AB		223,274
	2,529	Lifco AB, Class B		120,348
	9,283	Lindab International AB		104,481
	10,281	Loomis AB, Class B		379,584
	3,284	Lundin Petroleum AB		107,362

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

45

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Sweden (continued)
	14,508	Mekonomen AB(a)(b)	$	105,909
	11,064	Modern Times Group MTG AB, Class B		142,915
	6,242	Mycronic AB		87,326
	20,010	Netent AB		63,523
	18,418	Nibe Industrier AB, Class B		247,206
	27,903	Nobia AB(a)		175,370
	2,088	Nolato AB, Class B		96,770
	11,064	Nordic Entertainment Group AB, Class B(b)		281,639
	6,004	Pandox AB, Class B		102,816
	36,762	Peab AB		335,648
	102,341	Ratos AB, Class B(a)		232,094
	14,302	Resurs Holding AB(d)		88,459
	10,537	Saab AB, Class B(a)		346,364
	174,373	SAS AB(b)		317,682
	15,127	Scandic Hotels Group AB(d)		140,660
	6,547	Sweco AB, Class B		166,932
	3,845	Swedish Orphan Biovitrum AB(b)		69,969
	7,742	Thule Group AB(d)		179,812
	17,249	Wallenstam AB, Class B(a)		165,744
	17,245	Wihlborgs Fastigheter AB(a)		229,104
				10,076,575
		Switzerland—3.8%
	1,706	Allreal Holding AG		272,223
	1,047	ALSO Holding AG(b)		131,517
	8,711	Arbonia AG(b)		94,034
	371,370	Aryzta AG(b)		555,233
	6,143	Ascom Holding AG		83,675
	1,004	Autoneum Holding AG(a)		132,914
	373	Banque Cantonale Vaudoise		294,300
	169	Barry Callebaut AG		309,474
	29	Belimo Holding AG		151,972
	268	Bell Food Group AG		77,060
	3,427	BKW AG		218,265
	1,202	Bobst Group S.A.		86,346
	963	Bucher Industries AG		327,174
	443	Burckhardt Compression Holding AG		133,683
	3,645	Cembra Money Bank AG		338,209
	154	Conzzeta AG		132,842
	913	Daetwyler Holding AG-BR		141,564
	6,775	DKSH Holding AG		415,875
	290	dormakaba Holding AG(b)		218,852
	12,260	EFG International AG		92,040
	205	Emmi AG		180,557
	541	EMS-Chemie Holding AG		327,573
	1,957	Flughafen Zurich AG		322,262
	105	Forbo Holding AG		168,680
	9,501	Galenica AG(d)		484,374
	125,437	GAM Holding AG(b)		519,474
	1,501	Huber + Suhner AG		119,903
	7,127	Implenia AG		223,951
	173	Inficon Holding AG		97,196
	121,683	IWG PLC		539,190
	4,744	Landis+Gyr Group AG(b)		331,009
	9,176	Logitech International S.A.		358,755
	80,683	Mediclinic International PLC		360,881
	1,106	Mobimo Holding AG		255,064

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Switzerland (continued)
	25,471	OC Oerlikon Corp. AG(b)	$	332,448
	6,156	Oriflame Holding AG(a)		127,241
	1,904	Panalpina Welttransport Holding AG		408,827
	757	Rieter Holding AG		109,650
	152	Schweiter Technologies AG-BR		147,525
	1,909	SFS Group AG(a)		176,287
	316	Siegfried Holding AG(b)		119,857
	9,844	SIG Combibloc Group AG(b)		95,832
	165	St. Galler Kantonalbank AG		74,728
	274	Straumann Holding AG		221,190
	4,300	Sulzer AG		452,787
	5,573	Sunrise Communications Group AG(a)(b)(d)		369,984
	579	Tecan Group AG		130,460
	1,063	Temenos AG		176,715
	993	U-Blox Holding AG		83,221
	1,070	Valiant Holding AG		119,916
	887	Valora Holding AG(b)		225,885
	1,578	VAT Group AG(b)(d)		195,895
	4,055	Vontobel Holding AG		238,962
	2,467	Wizz Air Holdings PLC(b)(d)		109,348
				12,412,879
		Ukraine—0.0%
	47,255	Ferrexpo PLC		127,705
		United Arab Emirates—0.1%
	37,722	Borr Drilling Ltd.(b)		107,310
	2,549	NMC Health PLC		93,775
				201,085
		United Kingdom—8.7%
	49,637	888 Holdings PLC		93,634
	156,786	AA PLC		151,558
	22,689	Ascential PLC		105,477
	38,815	Ashmore Group PLC(a)		232,259
	244,505	Assura PLC		189,974
	24,673	Auto Trader Group PLC(d)		181,861
	3,681	AVEVA Group PLC		160,470
	87,079	B&M European Value Retail S.A.		447,839
	92,987	BCA Marketplace PLC		249,961
	15,070	Big Yellow Group PLC		204,515
	27,758	Bodycote PLC		310,120
	27,243	Bovis Homes Group PLC		394,220
	33,813	Brewin Dolphin Holdings PLC		144,231
	32,871	Britvic PLC		391,456
	20,738	BTG PLC(b)		225,878
	86,864	Cairn Energy PLC(b)		193,867
	88,630	Capital & Counties Properties PLC		279,728
	52,828	Card Factory PLC		140,906
	65,225	Cineworld Group PLC		270,397
	144,087	Coats Group PLC		162,293
	16,232	Computacenter PLC		255,411
	195,558	ConvaTec Group PLC(d)		353,218
	41,143	Countryside Properties PLC(d)		181,826
	6,953	Cranswick PLC		262,683
	68,850	Crest Nicholson Holdings PLC		345,562
	26,169	Daily Mail & General Trust PLC, Class A		224,137
	3,135	Dechra Pharmaceuticals PLC		108,713

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

46

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		United Kingdom (continued)
	11,070	Dialog Semiconductor PLC(b)	$	428,012
	10,694	Dignity PLC		99,192
	7,700	Diploma PLC		160,610
	46,716	Domino’s Pizza Group PLC		162,911
	16,290	Dunelm Group PLC		181,572
	137,546	EI Group PLC(b)		382,293
	47,983	Electrocomponents PLC		403,842
	78,805	Elementis PLC		166,943
	38,101	Equiniti Group PLC(d)		106,593
	42,129	Essentra PLC		232,098
	169,199	Firstgroup PLC(b)		243,516
	34,691	Galliford Try PLC		245,119
	2,069	Games Workshop Group PLC		112,098
	4,048	Genus PLC		127,285
	7,560	Go-Ahead Group PLC (The)		190,903
	37,182	Grafton Group PLC		427,526
	55,725	Grainger PLC		183,068
	43,795	Great Portland Estates PLC		430,826
	10,518	Greggs PLC		246,401
	25,011	GVC Holdings PLC		212,849
	39,023	Halfords Group PLC		118,838
	19,116	Halma PLC		448,446
	10,843	Hargreaves Lansdown PLC		319,038
	41,480	Hastings Group Holdings PLC(d)		102,906
	9,080	Hill & Smith Holdings PLC		151,042
	21,916	HomeServe PLC		309,993
	56,864	Howden Joinery Group PLC		376,584
	20,458	Hunting PLC		157,087
	60,863	Ibstock PLC(d)		207,247
	176,977	Indivior PLC(b)		88,203
	10,635	J D Wetherspoon PLC		189,664
	22,427	JD Sports Fashion PLC		184,017
	100,579	Jupiter Fund Management PLC		492,093
	12,629	Just Eat PLC(b)		115,082
	218,953	Just Group PLC		194,669
	12,861	Keller Group PLC		117,867
	65,757	Kier Group PLC(a)		321,808
	36,816	Lancashire Holdings Ltd.		329,967
	71,618	LondonMetric Property PLC		188,784
	16,923	Marshalls PLC		142,298
	180,738	Marston’s PLC		239,153
	88,589	McCarthy & Stone PLC(d)		148,057
	88,382	Merlin Entertainments PLC(d)		421,933
	8,329	Metro Bank PLC(a)(b)		81,436
	56,023	Mitchells & Butlers PLC(b)		186,603
	49,411	Mitie Group PLC		84,448
	55,048	Moneysupermarket.com Group PLC		261,003
	36,092	Morgan Advanced Materials PLC		131,461
	44,212	National Express Group PLC		236,888
	38,178	NewRiver REIT PLC		114,224
	10,623	Ocado Group PLC(b)		188,688
	34,419	OneSavings Bank PLC		195,186
	196,870	Ophir Energy PLC(b)		145,520
	48,901	Pagegroup PLC		342,974
	43,253	Paragon Banking Group PLC		258,590
	99,299	Pets at Home Group PLC		195,989

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		United Kingdom (continued)
	20,932	Polypipe Group PLC	$	119,958
	320,537	Premier Oil PLC(a)(b)		416,949
	74,113	Primary Health Properties PLC		126,955
	57,033	Provident Financial PLC(b)		394,804
	31,324	PZ Cussons PLC		83,713
	69,275	QinetiQ Group PLC		272,195
	3,166	Rathbone Brothers PLC		104,009
	29,787	Redrow PLC		239,204
	1,827	Renishaw PLC		107,465
	108,299	Restaurant Group PLC (The)		203,305
	26,037	Rightmove PLC		183,497
	72,598	Rotork PLC		295,190
	18,413	Safestore Holdings PLC		154,586
	210,299	Saga PLC		161,478
	22,628	Savills PLC		266,081
	79,044	Senior PLC		238,860
	213,255	Serco Group PLC(b)		346,400
	23,952	Shaftesbury PLC		268,379
	112,481	SIG PLC		222,007
	13,760	Spectris PLC		492,942
	4,643	Spirax-Sarco Engineering PLC		499,360
	110,566	Spire Healthcare Group PLC(d)		193,003
	67,308	Sports Direct International PLC(b)		261,308
	34,471	SSP Group PLC		312,769
	15,068	St. Modwen Properties PLC		80,734
	98,245	Stagecoach Group PLC		168,678
	23,196	Superdry PLC		156,036
	40,607	Synthomer PLC		221,807
	143,357	TalkTalk Telecom Group PLC(a)		232,114
	3,786	Ted Baker PLC		79,365
	7,755	Telecom Plus PLC		142,750
	112,573	TP ICAP PLC		412,677
	140,997	Tritax Big Box REIT PLC		273,143
	114,598	UK Commercial Property REIT Ltd.		132,215
	14,288	Ultra Electronics Holdings PLC		296,535
	24,502	Unite Group PLC (The)		300,894
	40,552	Vesuvius PLC		326,445
	9,600	Victrex PLC		304,366
	11,089	WH Smith PLC		296,063
	16,262	Workspace Group PLC		209,138
				28,391,014
		United States—0.5%
	55,108	Alacer Gold Corp.(b)		145,431
	4,434	BRP, Inc.		137,252
	18,394	Cott Corp.		283,868
	12,519	QIAGEN N.V.(b)		483,055
	23,673	Reliance Worldwide Corp. Ltd.		81,312
	47,705	Sims Metal Management Ltd.		346,516
				1,477,434
		Total Common Stocks & Other Equity Interests (Cost $317,346,082)		322,284,309

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

47

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Money Market Funds—0.1%
	216,511	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(e) (Cost $216,511)	$	216,511
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $317,562,593)—99.4%		322,500,820
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—6.9%
	16,649,503	Invesco Government & Agency Portfolio—Institutional Class 2.34%(e)(f)		16,649,503
	5,548,170	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(e)(f)		5,549,834
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $22,199,337)		22,199,337
		Total Investments in Securities (Cost $339,761,930)—106.3%		344,700,157
		Other assets less liabilities—(6.3)%		(20,385,575	)
		Net Assets—100.0%	$	324,314,582

Abbreviations:

BR—Bearer Shares

CVA—Dutch Certificates

REIT—Real Estate Investment Trust

RSP—Registered Savings Plan Shares

Wts.—Warrants

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at April 30, 2019.

^(b)  Non-income producing security.

^(c)  Security valued using significant unobservable inputs (Level 3). See Note 5.

^(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 April 30, 2019 was $13,016,435, which represented 4.01% of the Fund’s Net Assets.

^(e)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2K.

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

48

Invesco FTSE RAFI Emerging Markets ETF (PXH)

April 30, 2019

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Financials	34.0
Energy	16.7
Materials	10.1
Communication Services	9.3
Information Technology	9.1
Consumer Discretionary	5.8
Consumer Staples	4.9
Industrials	3.3
Real Estate	3.3
Sector Types Each Less Than 3%	3.6
Money Market Funds Plus Other Assets Less Liabilities	(0.1)

Schedule of Investments

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.1%
		Brazil—12.4%
	1,437,550	Ambev S.A.	$	6,721,401
	341,885	B3 S.A.—Brasil Bolsa Balcao		2,981,530
	450,629	Banco Bradesco S.A.		3,536,313
	1,730,360	Banco Bradesco S.A. (Preference Shares)		15,585,198
	101,600	Banco BTG Pactual S.A.		1,064,276
	832,958	Banco do Brasil S.A.		10,475,496
	155,400	Banco do Estado do Rio Grande do Sul S.A. (Preference Shares), Class B		960,653
	182,500	Banco Santander Brasil S.A.		2,079,418
	311,755	BR Malls Participacoes S.A.		970,708
	104,709	Braskem S.A. (Preference Shares), Class A		1,266,485
	532,800	BRF S.A.(a)		4,187,895
	536,100	CCR S.A.		1,586,464
	149,910	Centrais Eletricas Brasileiras S.A.		1,240,933
	106,700	Centrais Eletricas Brasileiras S.A. (Preference Shares), Class B		935,918
	99,479	Cia Brasileira de Distribuicao (Preference Shares), Class A		2,430,125
	170,692	Cia de Saneamento Basico do Estado de Sao Paulo		2,030,865
	34,500	Cia de Saneamento do Parana		684,708
	71,680	Cia Energetica de Minas Gerais		320,630
	864,523	Cia Energetica de Minas Gerais (Preference Shares)		3,225,848
	154,400	Cia Energetica de Sao Paulo (Preference Shares), Class B		1,009,191
	25,700	Cia Paranaense de Energia		247,807

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Brazil (continued)
	128,308	Cia Paranaense de Energia (Preference Shares), Class B	$	1,338,200
	509,582	Cia Siderurgica Nacional S.A.(a)		1,875,635
	767,722	Cielo S.A.		1,492,571
	87,600	Cosan S.A.		1,039,367
	174,500	EDP—Energias do Brasil S.A.		773,484
	492,767	Embraer S.A.		2,449,926
	40,500	Equatorial Energia S.A.		841,721
	735,417	Gerdau S.A. (Preference Shares)		2,634,268
	118,300	Hypera S.A.		840,914
	36,600	IRB Brasil Resseguros S.A.		869,995
	2,374,175	Itau Unibanco Holding S.A. (Preference Shares)		20,332,213
	840,809	Itausa—Investimentos Itau S.A. (Preference Shares)		2,535,006
	216,600	Klabin S.A.		910,199
	702,400	Kroton Educacional S.A.		1,733,641
	55,710	Lojas Americanas S.A.		180,515
	189,020	Lojas Americanas S.A. (Preference Shares)		752,195
	100,860	Lojas Renner S.A.		1,196,951
	1,507,900	Metalurgica Gerdau S.A. (Preference Shares)		2,595,681
	312,900	Petrobras Distribuidora S.A.		1,877,257
	1,418,462	Petroleo Brasileiro S.A.		10,757,948
	1,884,047	Petroleo Brasileiro S.A. (Preference Shares)		12,929,781
	99,300	Sul America S.A.		784,285
	93,568	Suzano S.A.		964,743

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

49

Invesco FTSE RAFI Emerging Markets ETF (PXH) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Brazil (continued)
	259,543	Telefonica Brasil S.A. (Preference Shares)	$	3,059,747
	443,066	TIM Participacoes S.A.		1,311,152
	647,092	Ultrapar Participacoes S.A.		3,439,975
	1,774,038	Vale S.A.		22,499,381
				165,558,613
		Chile—1.0%
	8,778,196	Banco de Chile		1,283,383
	21,754,100	Banco Santander Chile		1,523,504
	917,136	Cencosud S.A.		1,733,933
	335,166	Empresas CMPC S.A.		1,124,222
	102,483	Empresas COPEC S.A.		1,281,641
	11,694,728	Enel Americas S.A.		2,044,960
	9,680,578	Enel Chile S.A.		972,074
	154,876	Latam Airlines Group S.A.		1,530,576
	191,157	S.A.C.I. Falabella		1,406,200
				12,900,493
		China—35.1%
	1,142,763	Agile Group Holdings Ltd.		1,727,531
	22,314,514	Agricultural Bank of China Ltd., H-Shares		10,296,293
	934,327	Air China Ltd., H-Shares		1,113,513
	75,126	Alibaba Group Holding Ltd. ADR(a)		13,941,132
	4,162,316	Aluminum Corp. of China Ltd., H-Shares(a)		1,628,765
	372,721	Anhui Conch Cement Co. Ltd., H-Shares		2,273,268
	173,551	ANTA Sports Products Ltd.		1,223,312
	1,501,887	BAIC Motor Corp. Ltd., H-Shares(b)		1,052,895
	43,793	Baidu, Inc. ADR(a)		7,279,710
	66,680,791	Bank of China Ltd., H-Shares		31,787,564
	6,546,247	Bank of Communications Co. Ltd., H-Shares		5,515,422
	223,199	Beijing Enterprises Holdings Ltd.		1,187,773
	173,290	BYD Co. Ltd., H-Shares(c)		1,179,505
	4,091,725	CGN Power Co. Ltd., H-Shares(b)		1,079,597
	4,767,479	China Cinda Asset Management Co. Ltd., H-Shares		1,270,048
	7,562,052	China CITIC Bank Corp. Ltd., H-Shares		4,848,334
	3,704,573	China Communications Construction Co. Ltd., H-Shares		3,565,086
	1,235,011	China Communications Services Corp. Ltd., H-Shares		994,885
	297,151	China Conch Venture Holdings Ltd.		1,003,709
	68,392,184	China Construction Bank Corp., H-Shares		60,412,195
	2,527,172	China Everbright Bank Co. Ltd., H-Shares		1,246,610
	906,074	China Everbright International Ltd.		886,972
	830,947	China Evergrande Group(c)		2,663,767
	1,481,706	China Galaxy Securities Co. Ltd., H-Shares		968,867
	6,437,794	China Huarong Asset Management Co. Ltd., H-Shares(b)		1,378,578
	3,328,623	China Jinmao Holdings Group Ltd.		2,155,327
	2,746,508	China Life Insurance Co. Ltd., H-Shares		7,771,749
	1,921,120	China Longyuan Power Group Corp. Ltd., H-Shares		1,322,310
	1,687,785	China Merchants Bank Co. Ltd., H-Shares		8,357,821
	541,824	China Merchants Port Holdings Co. Ltd.		1,093,952
	5,906,923	China Minsheng Banking Corp. Ltd., H-Shares		4,434,672

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		China (continued)
	2,885,509	China Mobile Ltd.	$	27,492,773
	4,306,091	China National Building Material Co. Ltd., H-Shares		4,001,250
	962,580	China Oilfield Services Ltd., H-Shares		1,030,626
	1,646,680	China Oriental Group Co. Ltd.		1,009,576
	1,726,726	China Overseas Land & Investment Ltd.		6,459,761
	1,058,787	China Pacific Insurance Group Co. Ltd., H-Shares		4,338,848
	28,696,715	China Petroleum & Chemical Corp., H-Shares		22,056,389
	2,099,116	China Railway Construction Corp. Ltd., H-Shares		2,477,607
	3,655,987	China Railway Group Ltd., H-Shares		2,879,904
	300,883	China Resources Beer Holdings Co. Ltd.		1,374,902
	1,176,072	China Resources Land Ltd.		5,119,288
	1,324,946	China Resources Power Holdings Co. Ltd.		1,854,323
	2,475,201	China Shenhua Energy Co. Ltd., H-Shares		5,470,720
	1,023,119	China State Construction International Holdings Ltd.		1,060,234
	728,362	China Taiping Insurance Holdings Co. Ltd.		2,209,577
	10,130,806	China Telecom Corp. Ltd., H-Shares		5,242,699
	8,523,984	China Tower Corp. Ltd., H-Shares(b)		2,303,368
	4,636,510	China Unicom Hong Kong Ltd.		5,502,066
	560,897	China Vanke Co. Ltd., H-Shares		2,169,835
	1,422,683	CIFI Holdings Group Co. Ltd.		944,780
	2,710,006	CITIC Ltd.		3,944,766
	670,768	CITIC Securities Co. Ltd., H-Shares		1,450,050
	8,754,822	CNOOC Ltd.		15,823,715
	2,752,758	Country Garden Holdings Co. Ltd.		4,435,065
	1,409,568	CRRC Corp. Ltd., H-Shares		1,230,726
	502,477	CSPC Pharmaceutical Group Ltd.		968,396
	80,025	Ctrip.com International Ltd. ADR(a)		3,525,101
	1,743,020	Dongfeng Motor Group Co. Ltd., H-Shares		1,690,721
	162,963	ENN Energy Holdings Ltd.		1,539,190
	1,346,081	Fosun International Ltd.		2,086,362
	10,289,228	GCL-Poly Energy Holdings Ltd.(a)(c)		734,439
	992,277	Geely Automobile Holdings Ltd.		1,990,777
	677,839	GF Securities Co. Ltd., H-Shares		915,835
	2,217,669	Great Wall Motor Co. Ltd., H-Shares		1,800,616
	681,215	Guangdong Investment Ltd.		1,276,399
	855,629	Guangzhou Automobile Group Co. Ltd., H-Shares		919,386
	1,126,185	Guangzhou R&F Properties Co. Ltd., H-Shares		2,236,465
	1,538,179	Haitong Securities Co. Ltd., H-Shares		1,980,219
	54,934	Haitong Securities Co. Ltd., H-Shares Rts. expiring 05/24/19(a)(d)		0
	222,887	Hengan International Group Co. Ltd.		1,964,544
	4,139,933	Huaneng Power International, Inc., H-Shares		2,649,000
	55,185,782	Industrial & Commercial Bank of China Ltd., H-Shares		41,431,190
	175,754	JD.com, Inc. ADR(a)		5,320,074
	1,331,582	Jiangxi Copper Co. Ltd., H-Shares		1,765,168
	350,016	Kingboard Holdings Ltd.		1,139,892

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

50

Invesco FTSE RAFI Emerging Markets ETF (PXH) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		China (continued)
	1,515,573	Kunlun Energy Co. Ltd.	$	1,599,529
	644,410	Longfor Group Holdings Ltd.		2,373,805
	10,731	NetEase, Inc. ADR		3,053,291
	333,580	New China Life Insurance Co. Ltd., H-Shares		1,847,459
	4,017,201	People’s Insurance Co. Group of China Ltd. (The), H-Shares		1,643,666
	15,175,669	PetroChina Co. Ltd., H-Shares		9,633,012
	4,488,498	PICC Property & Casualty Co. Ltd., H-Shares		5,040,363
	1,408,205	Ping An Insurance Group Co. of China Ltd., H-Shares		16,953,242
	3,442,665	Postal Savings Bank of China Co. Ltd., H-Shares(b)(c)		2,093,139
	539,307	Shanghai Pharmaceuticals Holding Co. Ltd., H-Shares		1,128,741
	87,481	Shenzhou International Group Holdings Ltd.		1,174,159
	904,600	Shimao Property Holdings Ltd.		2,755,747
	2,034,134	Sinopec Shanghai Petrochemical Co. Ltd., H-Shares		920,434
	614,526	Sinopharm Group Co. Ltd., H-Shares		2,412,548
	474,838	Sunac China Holdings Ltd.		2,448,211
	278,138	Tencent Holdings Ltd.		13,755,518
	194,419	Vipshop Holdings Ltd. ADR(a)		1,673,948
	917,173	Weichai Power Co. Ltd., H-Shares		1,498,733
	1,055,462	Yangzijiang Shipbuilding Holdings Ltd.		1,217,364
	1,295,284	Yanzhou Coal Mining Co. Ltd., H-Shares		1,380,245
	2,506,347	Zijin Mining Group Co. Ltd., H-Shares		977,569
				469,058,507
		Hong Kong—0.1%
	417,014	Haier Electronics Group Co. Ltd.		1,193,306
	842,513	Nine Dragons Paper Holdings Ltd.		778,573
				1,971,879
		India—8.9%
	408,578	Axis Bank Ltd.(a)		4,504,689
	974,723	Bharat Petroleum Corp. Ltd.		5,323,200
	665,913	Bharti Airtel Ltd.		3,066,577
	187,923	Bharti Airtel Ltd. Rts. expiring 05/17/19(a)		270,995
	253,075	Bharti Infratel Ltd.		955,302
	831,449	Coal India Ltd.		3,014,214
	231,340	Gail India Ltd.		1,183,911
	179,784	Grasim Industries Ltd.		2,329,441
	128,626	HCL Technologies Ltd.		2,188,373
	33,791	Hero MotoCorp Ltd.		1,220,321
	828,696	Hindalco Industries Ltd.		2,454,976
	1,009,218	Hindustan Petroleum Corp. Ltd.		4,226,009
	55,211	Hindustan Unilever Ltd.		1,395,243
	275,955	Housing Development Finance Corp. Ltd.		7,915,375
	174,751	Indiabulls Housing Finance Ltd.		1,747,290
	2,395,986	Indian Oil Corp. Ltd.		5,444,503
	801,966	Infosys Ltd.		8,663,187
	523,009	ITC Ltd.		2,266,000
	492,727	JSW Steel Ltd.		2,184,388
	92,565	Larsen & Toubro Ltd.		1,794,706

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		India (continued)
	218,751	Mahindra & Mahindra Ltd.	$	2,029,510
	19,361	Maruti Suzuki India Ltd.		1,855,661
	1,504,231	NTPC Ltd.		2,899,084
	1,596,351	Oil & Natural Gas Corp. Ltd.		3,883,365
	676,663	Power Finance Corp. Ltd.(a)		1,124,630
	732,701	REC Ltd.		1,554,338
	705,076	Reliance Industries Ltd.		14,119,007
	526,456	Reliance Infrastructure Ltd.		816,701
	67,500	Shriram Transport Finance Co. Ltd.		1,078,146
	1,167,860	State Bank of India(a)		5,204,295
	239,973	Sun Pharmaceutical Industries Ltd.		1,578,975
	136,193	Tata Consultancy Services Ltd.		4,425,985
	1,870,277	Tata Motors Ltd.(a)		5,762,455
	704,072	Tata Motors Ltd., Class A(a)		1,035,553
	268,753	Tata Steel Ltd.		2,152,999
	93,278	Tech Mahindra Ltd.		1,121,287
	1,904,051	Vedanta Ltd.		4,567,560
	302,227	Wipro Ltd.		1,297,268
	520,525	Yes Bank Ltd.		1,257,275
				119,912,794
		Indonesia—1.9%
	10,464,893	PT Adaro Energy Tbk		958,364
	6,825,331	PT Astra International Tbk		3,652,151
	1,162,984	PT Bank Central Asia Tbk		2,346,371
	6,586,654	PT Bank Mandiri (Persero) Tbk(a)		3,570,660
	2,769,371	PT Bank Negara Indonesia (Persero) Tbk(a)		1,865,681
	14,615,746	PT Bank Rakyat Indonesia (Persero) Tbk(a)		4,482,162
	1,702,969	PT Indofood Sukses Makmur Tbk		830,571
	6,671,495	PT Perusahaan Gas Negara (Persero) Tbk		1,086,166
	1,040,273	PT Semen Indonesia (Persero) Tbk		985,522
	17,605,269	PT Telekomunikasi Indonesia (Persero) Tbk		4,682,384
	627,610	PT United Tractors Tbk		1,196,863
				25,656,895
		Malaysia—1.4%
	1,631,800	CIMB Group Holdings Bhd		2,079,958
	996,200	Genting Bhd		1,696,275
	1,493,100	Genting Malaysia Bhd		1,148,399
	1,431,600	Malayan Banking Bhd		3,202,878
	837,500	Petronas Chemicals Group Bhd		1,823,074
	227,300	Petronas Gas Bhd		971,983
	766,600	Public Bank Bhd		4,171,847
	15,330,100	Sapura Energy Bhd(a)		1,205,051
	975,900	Tenaga Nasional Bhd		2,898,549
				19,198,014
		Mexico—4.1%
	1,585,349	Alfa SAB de CV, Class A		1,596,775
	16,907,272	America Movil SAB de CV, Series L		12,549,647
	1,373,643	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander		2,299,165
	15,652,065	Cemex SAB de CV, Series CPO(a)(e)		7,215,967
	239,957	Coca-Cola Femsa SAB de CV		1,525,425
	1,497,774	Fibra Uno Administracion S.A. de CV		2,225,060
	684,595	Fomento Economico Mexicano SAB de CV, Series CPO(f)		6,655,250

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

51

Invesco FTSE RAFI Emerging Markets ETF (PXH) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Mexico (continued)
	1,064,392	Grupo Financiero Banorte SAB de CV, Class O	$	6,704,871
	1,626,403	Grupo Mexico SAB de CV, Series B		4,752,784
	1,221,874	Grupo Televisa SAB, Series CPO(c)(g)		2,476,776
	654,550	Mexichem SAB de CV		1,514,319
	1,779,082	Wal-Mart de Mexico SAB de CV		5,210,176
				54,726,215
		Romania—0.1%
	108,449	NEPI Rockcastle PLC		901,936
		Russia—8.9%
	4,501,207	Gazprom PJSC ADR		22,479,028
	352,935	LUKOIL PJSC ADR		29,921,829
	329,396	Magnit PJSC GDR(b)		4,697,187
	316,728	MMC Norilsk Nickel PJSC ADR		7,031,362
	573,659	Mobile TeleSystems PJSC ADR		4,520,433
	19,278	Novatek PJSC GDR(b)		3,714,870
	40,626	Novolipetsk Steel PJSC GDR(b)		1,070,089
	1,018,871	Rosneft Oil Co. PJSC GDR(b)		6,777,530
	1,336,194	RusHydro PJSC ADR		1,052,921
	1,631,459	Sberbank of Russia PJSC ADR		23,321,706
	137,417	Severstal PJSC GDR(b)		2,224,781
	346,930	Surgutneftegas PJSC ADR		1,298,212
	365,770	Surgutneftegas PJSC (Preference Shares) ADR		2,203,764
	93,880	Tatneft PJSC ADR		6,596,009
	1,867,464	VTB Bank PJSC GDR(b)		2,084,090
				118,993,811
		South Africa—7.5%
	556,153	Absa Group Ltd.		6,372,217
	128,045	AngloGold Ashanti Ltd.		1,538,996
	155,459	Aspen Pharmacare Holdings Ltd.		1,115,824
	134,412	Barloworld Ltd.		1,193,054
	113,004	Bid Corp. Ltd.		2,381,035
	120,225	Bidvest Group Ltd. (The)		1,820,619
	101,756	Exxaro Resources Ltd.		1,159,286
	1,192,771	FirstRand Ltd.		5,650,088
	95,894	Foschini Group Ltd. (The)		1,235,844
	564,060	Gold Fields Ltd.		2,122,664
	1,315,123	Growthpoint Properties Ltd.		2,282,344
	304,909	Impala Platinum Holdings Ltd.(a)		1,217,828
	154,573	Investec Ltd.		984,933
	611,676	Life Healthcare Group Holdings Ltd.		1,111,459
	70,577	Mr. Price Group Ltd.		1,066,464
	1,204,027	MTN Group Ltd.		8,681,508
	31,438	Naspers Ltd., Class N		8,015,278
	221,478	Nedbank Group Ltd.		4,110,310
	728,591	Netcare Ltd.		1,218,702
	18,206	Oceana Group Ltd.		88,895
	1,521,382	Old Mutual Ltd.		2,439,729
	189,721	Pick n Pay Stores Ltd.		918,019
	2,323,539	Redefine Properties Ltd.		1,596,433
	166,899	Remgro Ltd.		2,260,245
	686,955	Sanlam Ltd.		3,665,677
	347,710	Sappi Ltd.		1,653,631

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		South Africa (continued)
	336,217	Sasol Ltd.	$	11,127,848
	223,256	Shoprite Holdings Ltd.		2,683,822
	1,229,596	Sibanye Gold Ltd.(a)		1,153,584
	104,661	SPAR Group Ltd. (The)		1,416,286
	670,334	Standard Bank Group Ltd.		9,304,837
	239,650	Telkom S.A. SOC Ltd.		1,417,381
	70,380	Tiger Brands Ltd.		1,219,699
	213,409	Truworths International Ltd.		1,125,231
	359,631	Vodacom Group Ltd.		2,892,852
	612,486	Woolworths Holdings Ltd.		2,038,309
				100,280,931
		Taiwan—12.7%
	1,890,000	Acer, Inc.		1,281,366
	1,222,000	Asia Cement Corp.		1,651,031
	248,738	Asustek Computer, Inc.		1,899,685
	6,023,000	AU Optronics Corp.		2,153,786
	368,000	Catcher Technology Co. Ltd.		2,911,750
	3,216,440	Cathay Financial Holding Co. Ltd.		4,652,758
	315,760	Chailease Holding Co. Ltd.		1,343,725
	3,813,000	China Development Financial Holding Corp.		1,227,771
	1,246,376	China Life Insurance Co. Ltd.		1,036,596
	2,850,360	China Steel Corp.		2,301,430
	1,503,000	Chunghwa Telecom Co. Ltd.		5,398,952
	5,362,838	CTBC Financial Holding Co. Ltd.		3,670,562
	754,506	Delta Electronics, Inc.		3,967,743
	3,013,947	E.Sun Financial Holding Co. Ltd.		2,472,527
	1,755,000	Far Eastern New Century Corp.		1,913,967
	513,000	Far EasTone Telecommunications Co. Ltd.		1,258,386
	2,313,321	First Financial Holding Co. Ltd.		1,650,714
	1,074,920	Formosa Chemicals & Fibre Corp.		3,861,238
	492,000	Formosa Petrochemical Corp.		1,823,048
	1,277,280	Formosa Plastics Corp.		4,629,473
	2,501,928	Fubon Financial Holding Co. Ltd.		3,692,046
	4,846,064	Hon Hai Precision Industry Co. Ltd.		13,628,134
	4,849,490	Innolux Corp.		1,553,670
	1,475,000	Inventec Corp.		1,183,780
	15,000	Largan Precision Co. Ltd.		2,257,209
	1,455,313	Lite-On Technology Corp.		2,051,030
	691,091	MediaTek, Inc.		6,608,763
	3,459,080	Mega Financial Holding Co. Ltd.		3,319,042
	347,000	Micro-Star International Co. Ltd.(a)		961,238
	1,053,940	Nan Ya Plastics Corp.		2,663,756
	212,000	Novatek Microelectronics Corp.		1,382,415
	1,047,106	Pegatron Corp.		1,975,544
	837,740	Pou Chen Corp.		1,017,997
	481,200	Powertech Technology, Inc.		1,199,068
	175,000	President Chain Store Corp.		1,631,015
	1,370,000	Quanta Computer, Inc.		2,624,640
	7,861,998	Shin Kong Financial Holding Co. Ltd.		2,223,678
	3,387,326	Taishin Financial Holding Co. Ltd.		1,534,661
	2,168,697	Taiwan Cement Corp.		2,947,648
	1,479,980	Taiwan Cooperative Financial Holding Co. Ltd.		981,832
	526,400	Taiwan Mobile Co. Ltd.		1,924,960

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

52

Invesco FTSE RAFI Emerging Markets ETF (PXH) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Taiwan (continued)
	5,723,000	Taiwan Semiconductor Manufacturing Co. Ltd.	$	47,967,930
	1,212,000	Tatung Co. Ltd.(a)		933,484
	1,452,941	Uni-President Enterprises Corp.		3,451,211
	9,698,000	United Microelectronics Corp.		4,221,161
	1,918,000	Walsin Lihwa Corp.		1,073,797
	1,373,875	Wistron Corp.		1,138,190
	3,766,671	Yuanta Financial Holding Co. Ltd.		2,181,917
				169,436,324
		Thailand—3.6%
	447,814	Advanced Info Service PCL NVDR		2,665,142
	225,141	Bangkok Bank PCL (Foreign Shares)		1,431,594
	2,727,355	Banpu PCL NVDR		1,401,053
	2,288,285	Charoen Pokphand Foods PCL NVDR		1,953,195
	935,329	CP ALL PCL NVDR		2,270,572
	6,291,424	IRPC PCL NVDR		1,113,439
	172,321	Kasikornbank PCL NVDR		1,030,957
	242,877	Kasikornbank PCL (Foreign Shares)		1,453,078
	3,961,240	Krung Thai Bank PCL NVDR		2,345,104
	661,464	PTT Exploration & Production PCL NVDR		2,766,028
	1,358,373	PTT Global Chemical PCL NVDR		2,925,236
	8,541,211	PTT PCL NVDR		13,042,570
	367,000	Siam Cement PCL (The) NVDR		5,311,010
	1,264,471	Siam Commercial Bank PCL (The) NVDR		5,188,589
	768,319	Thai Oil PCL NVDR		1,666,596
	668,088	Thanachart Capital PCL NVDR		1,109,120
				47,673,283
		Turkey—1.9%
	2,714,962	Akbank T.A.S.(a)		2,783,410
	73,357	BIM Birlesik Magazalar AS		1,020,571
	3,803,208	Emlak Konut Gayrimenkul Yatirim Ortakligi AS		962,031
	1,123,992	Eregli Demir ve Celik Fabrikalari TAS		1,724,728
	1,398,154	Haci Omer Sabanci Holding AS		1,803,465
	799,188	KOC Holding AS		2,168,833
	97,491	Tupras Turkiye Petrol Rafinerileri AS		2,013,676
	788,276	Turk Hava Yollari AO(a)		1,889,644
	972,515	Turkcell Iletisim Hizmetleri AS		2,036,425
	2,092,243	Turkiye Garanti Bankasi AS(a)		2,863,494
	1,597,725	Turkiye Halk Bankasi AS		1,565,741
	2,202,009	Turkiye Is Bankasi AS, Class C(a)		1,977,179
	1,759,453	Turkiye Vakiflar Bankasi TAO, Class D		1,190,751
	2,380,209	Yapi ve Kredi Bankasi AS(a)		825,368
				24,825,316
		United Kingdom—0.1%
	48,313	Mondi Ltd.		1,062,524
		United States—0.4%
	1,083,382	JBS S.A.		5,421,984
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $1,221,535,656)—100.1%		1,337,579,519

Number of Shares			Value
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—0.3%
	2,929,344	Invesco Government & Agency Portfolio—Institutional Class 2.34%(h)(i)	$	2,929,344
	976,155	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(h)(i)		976,448
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,905,792)		3,905,792
		Total Investments in Securities (Cost $1,225,441,448)—100.4%		1,341,485,311
		Other assets less liabilities—(0.4)%		(4,780,057	)
		Net Assets—100.0%	$	1,336,705,254

Abbreviations:

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

NVDR—Non-voting Depositary Receipt

REIT—Real Estate Investment Trust

Rts.—Rights

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2019 was $28,476,124, which represented 2.13% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  Security valued using significant unobservable inputs (Level 3). See Note 5.

^(e)  Each CPO for Cemex SAB de CV represents two Series A shares and one Series B share.

^(f)  Each CPO for Fomento Economico Mexicano SAB de CV represents one Series B share and four Series D shares.

^(g)  Each CPO for Grupo Televisa SAB represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares.

^(h)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

⁽ⁱ⁾  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 2K.

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

53

Invesco Global Clean Energy ETF (PBD)

April 30, 2019

(Unaudited)

Portfolio Composition
Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Renewable Electricity	22.8
Semiconductors	12.8
Heavy Electrical Equipment	11.0
Electrical Components & Equipment	9.9
Semiconductor Equipment	7.9
Automobile Manufacturers	5.0
Electronic Equipment & Instruments	4.1
Independent Power Producers & Energy Traders	3.9
Building Products	3.7
Electric Utilities	3.5
Sub-Industry Types Each Less Than 3%	15.2
Money Market Funds Plus Other Assets Less Liabilities	0.2

Schedule of Investments

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.8%
		Austria—0.7%
	7,256	Verbund AG	$	359,588
		Canada—6.3%
	34,074	Ballard Power Systems, Inc.(a)(b)		111,706
	48,633	Boralex, Inc., Class A		661,238
	31,146	Canadian Solar, Inc.(a)(b)		622,297
	32,817	Innergex Renewable Energy, Inc.		345,442
	38,870	Northland Power, Inc.		688,287
	69,832	TransAlta Renewables, Inc.		720,019
				3,148,989
		Chile—1.5%
	21,259	Sociedad Quimica y Minera de Chile S.A. ADR		757,671
		China—11.2%
	124,216	BYD Co. Ltd., H-Shares		845,481
	996,943	China Longyuan Power Group Corp. Ltd., H-Shares		686,197
	5,305	Daqo New Energy Corp. ADR(a)(b)		196,550
	7,391,186	GCL-Poly Energy Holdings Ltd.(a)(b)		527,578
	2,528,642	Huaneng Renewables Corp. Ltd., H-Shares		728,418
	9,735	JinkoSolar Holding Co. Ltd. ADR(a)(b)		189,443
	34,318	Kandi Technologies Group, Inc.(a)(b)		181,199
	146,614	NIO, Inc. ADR(a)(b)		711,078
	433,166	Wasion Holdings Ltd.		220,851
	575,632	Xinjiang Goldwind Science & Technology Co. Ltd., H-Shares(a)		628,064

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		China (continued)
	1,215,487	Xinyi Solar Holdings Ltd.	$	692,537
				5,607,396
		Denmark—4.0%
	11,417	Novozymes A/S, Class B		531,633
	9,091	Orsted A/S(c)		695,439
	8,531	Vestas Wind Systems A/S		770,930
				1,998,002
		Finland—0.6%
	38,285	Caverion Oyj(a)		278,460
		France—0.7%
	6,720	Albioma S.A.		157,777
	7,631	Neoen S.A.(b)(c)		162,489
				320,266
		Germany—5.9%
	25,714	Cropenergies AG		168,584
	23,473	Encavis AG		170,727
	47,516	Nordex SE(b)		768,947
	21,015	OSRAM Licht AG(a)		718,086
	75,654	PNE AG		208,572
	22,841	SMA Solar Technology AG		519,126
	20,085	VERBIO Vereinigte Bio Energie AG		174,447
	13,560	Voltabox AG(a)(b)		238,588
				2,967,077

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

54

Invesco Global Clean Energy ETF (PBD) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Guernsey—1.5%
	457,460	Renewables Infrastructure Group Ltd. (The)	$	741,882
		Hong Kong—2.0%
	324,289	Canvest Environmental Protection Group Co. Ltd.(c)		157,486
	855,656	China High Speed Transmission Equipment Group Co. Ltd.(a)		645,663
	31,360,249	FDG Electric Vehicles Ltd.(a)(b)		199,864
				1,003,013
		Ireland—1.9%
	18,157	Kingspan Group PLC		953,940
		Italy—1.5%
	213,290	Falck Renewables SpA		761,085
		Japan—5.7%
	32,927	EF-ON, Inc.		246,564
	15,856	eRex Co. Ltd.(a)		143,932
	40,963	GS Yuasa Corp.		819,076
	16,587	Meidensha Corp.		235,606
	22,112	Renova, Inc.(b)		190,992
	44,978	Takuma Co. Ltd.		540,746
	27,789	Tanaka Chemical Corp.(b)		217,322
	15,853	West Holdings Corp.		208,811
	16,770	W-Scope Corp.(a)		262,448
				2,865,497
		Netherlands—1.9%
	32,072	Signify N.V.(c)		960,759
		New Zealand—2.1%
	78,171	Contact Energy Ltd.		349,807
	135,987	Mercury NZ Ltd.		335,552
	126,321	Meridian Energy Ltd.		342,029
				1,027,388
		Norway—1.4%
	151,484	NEL ASA(b)		126,828
	58,076	Scatec Solar ASA(c)		549,363
				676,191
		South Korea—4.3%
	6,085	CS Wind Corp.		198,466
	8,450	Ecopro Co. Ltd.(b)		196,394
	4,274	Samsung SDI Co. Ltd.		865,301
	43,515	Seoul Semiconductor Co. Ltd.		713,361
	167,837	Unison Co. Ltd.(b)		191,809
				2,165,331
		Spain—3.7%
	29,795	Atlantica Yield PLC		610,500
	84,704	Audax Renovables S.A.(a)(b)		218,714
	20,730	EDP Renovaveis S.A.		205,604
	45,161	Siemens Gamesa Renewable Energy S.A.(a)		809,285
				1,844,103
		Sweden—1.8%
	66,900	Nibe Industrier AB, Class B		897,930

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Switzerland—3.1%
	1,731	Credit Suisse Real Estate Fund Green Property	$	235,273
	207	Gurit Holding AG-BR		223,455
	13,082	Landis+Gyr Group AG(b)		912,787
	268,779	Meyer Burger Technology AG(b)		184,505
				1,556,020
		Taiwan—4.8%
	1,019,131	Epistar Corp.		890,474
	225,000	Everlight Electronics Co. Ltd.		224,993
	56,000	Gigasolar Materials Corp.		144,979
	413,000	Lextar Electronics Corp.		233,892
	589,000	Motech Industries, Inc.(b)		162,780
	264,000	Sino-American Silicon Products, Inc.		570,700
	566,241	United Renewable Energy Co. Ltd.(b)		192,406
				2,420,224
		Thailand—1.9%
	1,135,292	BCPG PCL NVDR		643,658
	282,516	SPCG PCL NVDR		159,288
	8,252,697	Super Energy Corp. PCL NVDR(b)		162,857
				965,803
		United Kingdom—4.1%
	111,123	Drax Group PLC		493,991
	347,833	GCP Infrastructure Investments Ltd.		589,488
	384,879	Greencoat UK Wind PLC		711,478
	25,734	Ricardo PLC		257,650
				2,052,607
		United States—27.2%
	6,927	Acuity Brands, Inc.		1,013,628
	14,089	Ameresco, Inc., Class A(b)		212,180
	30,837	Bloom Energy Corp., Class A(a)(b)		420,000
	47,558	Clearway Energy, Inc., Class C		754,746
	14,581	Cree, Inc.(b)		963,658
	18,156	Enphase Energy, Inc.(a)(b)		182,286
	11,143	First Solar, Inc.(b)		685,629
	32,814	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		872,524
	17,077	Itron, Inc.(b)		916,352
	6,495	Ormat Technologies, Inc.		379,048
	32,040	Pattern Energy Group, Inc., Class A		740,765
	41,921	Plug Power, Inc.(a)(b)		104,383
	2,011,505	REC Silicon ASA(a)(b)		162,014
	24,366	Renewable Energy Group, Inc.(b)		587,708
	15,733	SolarEdge Technologies, Inc.(b)		696,972
	95,113	SunPower Corp.(a)(b)		686,716
	40,982	Sunrun, Inc.(b)		623,336
	42,658	TerraForm Power, Inc., Class A		578,443
	3,115	Tesla, Inc.(a)(b)		743,519
	23,999	TPI Composites, Inc.(b)		742,769
	5,340	Universal Display Corp.(a)		852,264
	20,815	Veeco Instruments, Inc.(b)		253,527
	34,403	Vivint Solar, Inc.(b)		186,120

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

55

Invesco Global Clean Energy ETF (PBD) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		United States (continued)
	6,798	Willdan Group, Inc.(b)	$	268,725
				13,627,312
		Total Common Stocks & Other Equity Interests (Cost $42,721,202)		49,956,534
		Money Market Funds—0.0%
	5,980	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $5,980)		5,980
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $42,727,182)—99.8%		49,962,514
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—15.0%
	5,612,600	Invesco Government & Agency Portfolio—Institutional Class 2.34%(d)(e)		5,612,600
	1,874,138	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		1,874,701
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,487,301)		7,487,301
		Total Investments in Securities (Cost $50,214,483)—114.8%		57,449,815
		Other assets less liabilities—(14.8)%		(7,400,729	)
		Net Assets—100.0%	$	50,049,086

Abbreviations:

ADR—American Depositary Receipt

BR—Bearer Shares

NVDR—Non-voting Depositary Receipt

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at April 30, 2019.

^(b)  Non-income producing security.

^(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 April 30, 2019 was $2,525,536, which represented 5.05% of the Fund’s Net Assets.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2K.

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

56

Invesco Global Water ETF (PIO)

April 30, 2019

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Industrials	48.5
Utilities	27.9
Health Care	11.3
Materials	8.3
Sector Types Each Less Than 3%	3.6
Money Market Funds Plus Other Assets Less Liabilities	0.4

Schedule of Investments

Number of Shares			Value
		Common Stocks—99.6%
		Brazil—3.9%
	613,441	Cia de Saneamento Basico do Estado de Sao Paulo	$	7,298,617
		Canada—0.5%
	35,974	Stantec, Inc.		897,211
		Cayman Islands—0.1%
	7,261	Consolidated Water Co. Ltd.		91,924
		China—3.4%
	3,462,244	Beijing Enterprises Water Group Ltd.		2,149,174
	2,561,890	CT Environmental Group Ltd.(a)		99,923
	2,158,534	Guangdong Investment Ltd.		4,044,466
				6,293,563
		Finland—0.3%
	39,460	Uponor Oyj(b)		470,973
		France—7.2%
	415,939	Suez		5,838,442
	324,466	Veolia Environnement S.A.		7,658,032
				13,496,474
		Hong Kong—0.3%
	512,740	China Water Affairs Group Ltd.		527,419
		India—0.1%
	230,993	Jain Irrigation Systems Ltd.		180,998
		Italy—1.2%
	20,253	ACEA SpA		367,246
	546,760	Hera SpA		1,944,882
				2,312,128
		Japan—5.2%
	86,369	Kurita Water Industries Ltd.		2,238,033
	9,033	METAWATER Co. Ltd.		270,483
	54,857	Miura Co. Ltd.		1,390,450
	3,746	Torishima Pump Manufacturing Co. Ltd.		33,903
	138,290	TOTO Ltd.(b)		5,823,390
				9,756,259

Number of Shares			Value
		Common Stocks (continued)
		Netherlands—1.6%
	59,537	Aalberts N.V.	$	2,335,310
	32,970	Arcadis N.V.(b)		621,860
				2,957,170
		Singapore—0.1%
	427,263	CITIC Envirotech Ltd.		125,555
	69,593	SIIC Environment Holdings Ltd.		15,849
				141,404
		South Korea—1.1%
	28,391	Woongjin Coway Co. Ltd.		2,133,912
		Spain—1.3%
	21,056	Acciona S.A.		2,437,619
		Switzerland—7.7%
	34,218	Geberit AG		14,348,726
		Taiwan—0.0%
	14,000	Forest Water Environment Engineering Co. Ltd.		26,459
		United Kingdom—11.7%
	196,300	Halma PLC		4,605,038
	77,133	HomeServe PLC		1,091,016
	220,673	Pennon Group PLC		2,153,575
	60,960	Polypipe Group PLC		349,352
	180,679	Severn Trent PLC		4,795,639
	32,967	Spirax-Sarco Engineering PLC		3,545,638
	493,505	United Utilities Group PLC		5,332,150
				21,872,408
		United States—53.9%
	116,538	A.O. Smith Corp.		6,126,403
	67,368	American Water Works Co., Inc.		7,288,544
	112,155	Danaher Corp.		14,853,808
	84,340	Ecolab, Inc.		15,525,307
	137,043	Ferguson PLC		9,718,893
	122,026	HD Supply Holdings, Inc.(c)		5,575,368
	23,694	IDEX Corp.		3,711,902

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

57

Invesco Global Water ETF (PIO) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks (continued)
		United States (continued)
	322,740	Pentair PLC	$	12,583,633
	966,954	Reliance Worldwide Corp. Ltd.		3,321,283
	22,008	Roper Technologies, Inc.		7,916,277
	29,947	Toro Co. (The)		2,190,623
	29,407	Waters Corp.(c)		6,279,571
	64,561	Xylem, Inc.		5,384,387
				100,475,999
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $146,913,847)—99.6%		185,719,263
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—0.7%
	1,025,568	Invesco Government & Agency Portfolio—Institutional Class 2.34%(d)(e)		1,025,568
	341,754	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		341,856
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,367,424)		1,367,424
		Total Investments in Securities (Cost $148,281,271)—100.3%		187,086,687
		Other assets less liabilities—(0.3)%		(585,829	)
		Net Assets—100.0%	$	186,500,858

Notes to Schedule of Investments:

^(a)  Security valued using significant unobservable inputs (Level 3). See Note 5.

^(b)  All or a portion of this security was out on loan at April 30, 2019.

^(c)  Non-income producing security.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2K.

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

58

Invesco International BuyBack Achievers^™ ETF (IPKW)

April 30, 2019

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Consumer Discretionary	30.5
Information Technology	19.3
Financials	12.4
Industrials	11.4
Consumer Staples	7.5
Real Estate	7.1
Health Care	6.4
Materials	4.9
Money Market Funds Plus Other Assets Less Liabilities	0.5

Schedule of Investments

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.5%
		Australia—7.5%
	704,943	Coca-Cola Amatil Ltd.	$	4,366,333
	529,779	Crown Resorts Ltd.		4,955,642
	1,077,341	Qantas Airways Ltd.		4,253,988
				13,575,963
		Brazil—2.8%
	2,397,900	Minerva S.A.(a)		5,098,944
		Canada—19.8%
	80,377	Canadian Tire Corp. Ltd., Class A		8,810,877
	125,976	CGI, Inc., Class A(a)		9,030,528
	234,017	Dream Office Real Estate Investment Trust		4,053,372
	177,861	Magna International, Inc.		9,859,571
	76,241	Methanex Corp.		4,162,310
				35,916,658
		China—2.2%
	5,022,206	CAR, Inc.(a)		4,064,931
		Denmark—4.8%
	493,132	Danske Bank A/S		8,738,711
		Germany—5.2%
	95,062	AURELIUS Equity Opportunities SE & Co. KGaA(b)		4,715,285
	165,209	GEA Group AG		4,613,934
				9,329,219
		India—4.7%
	792,596	Infosys Ltd. ADR		8,528,333
		Indonesia—2.6%
	153,445,957	PT Waskita Beton Precast Tbk		4,737,980
		Japan—29.7%
	577,375	Astellas Pharma, Inc.		7,822,751
	224,465	Bridgestone Corp.		8,879,845

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	173,934	Doutor Nichires Holdings Co. Ltd.	$	3,312,359
	120,363	JAFCO Co. Ltd.		4,522,731
	232,644	Nissan Shatai Co. Ltd.		2,130,612
	106,728	Pilot Corp.		4,408,070
	913,672	Rakuten, Inc.		10,131,402
	108,762	Ryosan Co. Ltd.		2,924,733
	423,515	TSI Holdings Co. Ltd.		2,631,402
	239,375	Tsugami Corp.(b)		2,142,823
	160,277	Yurtec Corp.		1,126,796
	210,354	ZERIA Pharmaceutical Co. Ltd.		3,711,296
				53,744,820
		Mexico—2.6%
	2,993,278	Corp. Inmobiliaria Vesta SAB de CV		4,703,230
		Netherlands—3.0%
	79,868	ASM International N.V.		5,420,611
		South Korea—2.3%
	7,743	Lotte Food Co. Ltd.		4,175,911
		Taiwan—5.0%
	7,358,000	Lextar Electronics Corp.		4,167,017
	5,420,000	Taiwan Mask Corp.(a)		4,823,469
				8,990,486
		United Kingdom—7.3%
	3,412,889	Hansteen Holdings PLC		4,182,260
	762,770	Paragon Banking Group PLC		4,560,251
	90,508	Sole Realisation Co. PLC(a)(c)		0
	1,137,630	Sports Direct International PLC(a)		4,416,587
				13,159,098
		Total Common Stocks & Other Equity Interests (Cost $197,690,294)		180,184,895

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

59

Invesco International BuyBack Achievers^™ ETF (IPKW) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Money Market Funds—0.2%
	303,624	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $303,624)	$	303,624
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $197,993,918)—99.7%		180,488,519
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—3.6%
	5,002,448	Invesco Government & Agency Portfolio—Institutional Class 2.34%(d)(e)		5,002,448
	1,666,983	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		1,667,483
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,669,931)		6,669,931
		Total Investments in Securities (Cost $204,663,849)—103.3%		187,158,450
		Other assets less liabilities—(3.3)%		(6,036,862	)
		Net Assets—100.0%	$	181,121,588

Abbreviations:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  All or a portion of this security was out on loan at April 30, 2019.

^(c)  Security valued using significant unobservable inputs (Level 3). See Note 5.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2K.

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

60

Invesco MSCI Global Timber ETF (CUT)

April 30, 2019

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Materials	90.8
Real Estate	8.7
Financials	0.1
Money Market Funds Plus Other Assets Less Liabilities	0.4

Schedule of Investments

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.6%
		Australia—6.7%
	812,512	Amcor Ltd.	$	9,167,343
	968,870	Orora Ltd.		2,066,276
	20,883	Quintis Ltd.(a)(b)		0
				11,233,619
		Brazil—4.5%
	251,142	Duratex S.A.		631,940
	565,234	Klabin S.A.		2,375,233
	435,153	Suzano S.A.		4,486,693
				7,493,866
		Canada—4.2%
	55,729	Canfor Corp.(a)		580,407
	23,131	Canfor Pulp Products, Inc.		252,254
	55,922	Cascades, Inc.(c)		333,819
	55,172	Interfor Corp.(a)		684,933
	33,385	Mercer International, Inc.		472,731
	31,570	Norbord, Inc.		800,750
	39,047	Stella-Jones, Inc.(c)		1,327,981
	43,619	West Fraser Timber Co. Ltd.		2,236,398
	309,780	Western Forest Products, Inc.		432,937
				7,122,210
		Chile—2.0%
	999,464	Empresas CMPC S.A.		3,352,428
		China—0.9%
	579,004	Greatview Aseptic Packaging Co. Ltd.		352,034
	1,237,005	Lee & Man Paper Manufacturing Ltd.		1,002,798
	294,035	Youyuan International Holdings Ltd.(a)		89,949
				1,444,781
		Finland—10.4%
	86,221	Huhtamaki Oyj(c)		3,286,316
	154,392	Metsa Board Oyj, Class B		860,983
	441,545	Stora Enso Oyj, Class R		5,475,402
	279,878	UPM-Kymmene Oyj		7,875,988
				17,498,689
		Hong Kong—0.7%
	6,815,674	Ming LAM Holdings Ltd.(a)		33,012

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Hong Kong (continued)
	1,316,036	Nine Dragons Paper Holdings Ltd.	$	1,216,160
				1,249,172
		India—0.1%
	4,828	Invesco India ETF(d)		123,114
		Indonesia—1.1%
	2,193,907	PT Indah Kiat Pulp & Paper Corp. Tbk		1,139,292
	1,131,837	PT Pabrik Kertas Tjiwi Kimia Tbk		800,229
				1,939,521
		Ireland—3.1%
	180,147	Smurfit Kappa Group PLC		5,275,408
		Japan—5.2%
	9,173	Daiken Corp.		172,794
	54,974	Daio Paper Corp.		633,774
	98,903	Hokuetsu Corp.		538,139
	74,482	Nippon Paper Industries Co. Ltd.		1,473,925
	689,887	OJI Holdings Corp.		4,125,385
	9,453	Pack Corp. (The)		303,854
	141,616	Rengo Co. Ltd.		1,242,279
	6,713	Tokushu Tokai Paper Co. Ltd.		247,123
				8,737,273
		Pakistan—0.0%
	24,400	Packages Ltd.		50,534
		Portugal—1.1%
	48,478	Altri SGPS S.A.		379,490
	31,430	Corticeira Amorim SGPS S.A.		378,302
	174,033	Navigator Co. S.A. (The)		768,453
	19,205	Semapa-Sociedade de Investimento e Gestao		314,667
				1,840,912
		South Africa—1.2%
	424,837	Sappi Ltd.		2,020,430
		South Korea—0.2%
	13,124	Hansol Paper Co. Ltd.		167,961
	17,196	Moorim P&P Co. Ltd.		89,796
				257,757

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

61

Invesco MSCI Global Timber ETF (CUT) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Spain—0.5%
	109,312	Ence Energia y Celulosa S.A.	$	587,049
	14,771	Miquel y Costas & Miquel S.A.		261,551
				848,600
		Sweden—4.7%
	141,429	BillerudKorsnas AB(c)		1,920,571
	84,405	Holmen AB, Class B(c)		1,773,013
	484,827	Svenska Cellulosa AB SCA, Class B		4,223,647
				7,917,231
		Taiwan—0.6%
	567,000	Cheng Loong Corp.		362,391
	304,000	Chung Hwa Pulp Corp.		93,854
	402,000	Long Chen Paper Co. Ltd.		235,468
	915,000	YFY, Inc.		352,367
				1,044,080
		Thailand—0.1%
	245,384	Polyplex Thailand PCL NVDR		109,914
		United Kingdom—8.1%
	1,094,875	DS Smith PLC		5,095,582
	94,953	Mondi Ltd.		2,088,254
	294,243	Mondi PLC		6,446,228
				13,630,064
		United States—44.2%
	69,451	Avery Dennison Corp.		7,684,753
	72,971	Bemis Co., Inc.		4,189,995
	31,400	Boise Cascade Co.		869,466
	38,691	CatchMark Timber Trust, Inc., Class A		386,910
	12,967	Clearwater Paper Corp.(a)		261,544
	50,413	Domtar Corp.		2,465,196
	249,014	Graphic Packaging Holding Co.		3,456,314
	181,293	International Paper Co.		8,486,325
	113,157	Louisiana-Pacific Corp.		2,834,583
	13,566	Neenah, Inc.		920,453
	34,488	P.H. Glatfelter Co.		544,221
	75,712	Packaging Corp. of America		7,507,602
	51,273	PotlatchDeltic Corp.		1,982,214
	103,704	Rayonier, Inc.		3,296,750
	46,259	Resolute Forest Products, Inc.		365,909
	24,785	Schweitzer-Mauduit International, Inc.		881,602
	125,735	Sealed Air Corp.		5,861,766
	79,821	Sonoco Products Co.		5,033,512
	27,914	Verso Corp., Class A(a)		623,041
	203,161	WestRock Co.		7,797,319
	334,514	Weyerhaeuser Co.		8,964,975
				74,414,450
		Total Common Stocks & Other Equity Interests (Cost $146,188,436)		167,604,053

Number of Shares			Value
		Money Market Funds—0.0%
	6,476	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(e) (Cost $6,476)	$	6,476
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $146,194,912)-99.6%		167,610,529
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—4.1%
	5,135,806	Invesco Government & Agency Portfolio—Institutional Class 2.34%(e)(f)		5,135,806
	1,711,424	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(e)(f)		1,711,937
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,847,743)		6,847,743
		Total Investments in Securities (Cost $153,042,655)—103.7%		174,458,272
		Other assets less liabilities—(3.7)%		(6,179,530	)
		Net Assets—100.0%	$	168,278,742

Abbreviations:

ETF—Exchange-Traded Fund

NVDR—Non-voting Depositary Receipt

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security valued using significant unobservable inputs (Level 3). See Note 5.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  Affiliated company. See Note 4.

^(e)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2K.

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

62

Invesco S&P Global Dividend Opportunities Index ETF (LVL)

April 30, 2019

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Financials	25.2
Communication Services	15.3
Industrials	10.3
Consumer Staples	10.0
Consumer Discretionary	8.8
Materials	8.0
Real Estate	7.1
Health Care	6.6
Utilities	6.4
Energy	2.1
Money Market Funds Plus Other Assets Less Liabilities	0.2

Schedule of Investments

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.8%
		Australia—14.8%
	59,936	Amcor Ltd.	$	676,241
	113,702	AusNet Services		142,052
	14,390	Charter Hall Group		99,360
	10,622	Commonwealth Bank of Australia		557,133
	100,608	DuluxGroup Ltd.		690,426
	21,418	GPT Group (The)		86,380
	56,609	Mirvac Group		112,759
	28,996	Sonic Healthcare Ltd.		523,487
	49,922	Stockland		132,469
	73,979	Transurban Group		699,822
	60,429	Vicinity Centres		108,034
	36,204	Westpac Banking Corp.		701,015
				4,529,178
		Canada—17.8%
	15,068	BCE, Inc.		671,406
	5,523	Canadian Imperial Bank of Commerce		463,165
	2,506	Fortis, Inc.		92,252
	22,404	Great-West Lifeco, Inc.		560,766
	7,071	H&R Real Estate Investment Trust		120,321
	3,263	Intact Financial Corp.		265,877
	27,775	Power Corp. of Canada		634,704
	29,033	Power Financial Corp.		689,134
	5,788	RioCan Real Estate Investment Trust		110,838
	25,755	Shaw Communications, Inc., Class B		519,427
	10,131	Sun Life Financial, Inc.		419,188
	15,398	TELUS Corp.		564,662
	6,117	Toronto-Dominion Bank (The)		347,503
				5,459,243

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Finland—1.5%
	10,766	Elisa Oyj	$	456,437
		France—8.2%
	4,758	Cie Generale des Etablissements Michelin SCA		614,014
	952	Covivio		102,957
	5,584	Danone S.A.		451,076
	593	Gecina S.A.		88,455
	1,362	ICADE		116,311
	39,837	Orange S.A.		623,472
	5,227	Vinci S.A.(a)		527,328
				2,523,613
		Germany—1.5%
	1,849	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		462,095
		Hong Kong—0.2%
	21,603	Hong Kong & China Gas Co. Ltd.		51,547
		Italy—0.3%
	16,201	Terna Rete Elettrica Nazionale SpA		96,919
		Japan—0.9%
	75	GLP J-Reit		80,673
	11	Kenedix Office Investment Corp.		73,580
	2,689	Osaka Gas Co. Ltd.		49,615
	50	United Urban Investment Corp.		79,821
				283,689
		Singapore—3.9%
	74,840	Mapletree Commercial Trust		106,113
	74,151	Singapore Exchange Ltd.		402,024

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

63

Invesco S&P Global Dividend Opportunities Index ETF (LVL) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Singapore (continued)
	301,141	Singapore Telecommunications Ltd.	$	701,305
				1,209,442
		South Korea—1.2%
	5,006	Hyundai Motor Co. (2nd Preference Shares)		374,973
		Spain—0.4%
	13,500	Iberdrola S.A.		122,518
		Sweden—2.8%
	12,885	ICA Gruppen AB(a)		465,561
	22,439	Securitas AB, Class B		391,812
				857,373
		Switzerland—6.3%
	595	Helvetia Holding AG		378,079
	4,357	Nestle S.A.		419,238
	861	PSP Swiss Property AG		87,874
	1,683	Roche Holding AG-BR		440,322
	1,454	Swiss Prime Site AG(b)		116,720
	1,082	Swisscom AG(a)		504,048
				1,946,281
		United Kingdom—4.6%
	129,229	DS Smith PLC		601,436
	8,967	Experian PLC		260,099
	14,572	RELX PLC		334,153
	13,464	SSE PLC		200,887
				1,396,575
		United States—35.4%
	2,321	Air Products & Chemicals, Inc.		477,638
	1,011	American Electric Power Co., Inc.		86,491
	1,686	American National Insurance Co.		191,007
	1,259	Apartment Investment & Management Co., Class A		62,144
	1,701	Aqua America, Inc.		66,441
	44,430	Arbor Realty Trust, Inc.(a)		606,914
	316	AvalonBay Communities, Inc.		63,494
	668	Camden Property Trust		67,234
	2,104	Clorox Co. (The)		336,072
	5,667	Colgate-Palmolive Co.		412,501
	4,051	Cracker Barrel Old Country Store, Inc.(a)		683,566
	665	Crown Castle International Corp.		83,644
	1,646	Dominion Energy, Inc.		128,174
	653	DTE Energy Co.		82,089
	1,153	Duke Energy Corp.		105,061
	2,177	Eli Lilly & Co.		254,796
	1,112	Entergy Corp.		107,753
	200	Essex Property Trust, Inc.		56,500
	1,056	Everest Re Group Ltd.		248,688
	1,029	Eversource Energy		73,738
	8,122	Exxon Mobil Corp.		652,034
	4,009	Genuine Parts Co.		411,083
	3,698	Hubbell, Inc.		471,865
	2,776	Johnson & Johnson		391,971
	1,334	NorthWestern Corp.		93,180
	3,913	PepsiCo, Inc.		501,060

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		United States (continued)
	9,983	Pfizer, Inc.	$	405,410
	1,469	Portland General Electric Co.		76,843
	4,534	Procter & Gamble Co. (The)		482,780
	364	PS Business Parks, Inc.		55,918
	1,527	Public Service Enterprise Group, Inc.		91,085
	657	Sempra Energy		84,063
	11,566	Six Flags Entertainment Corp.		614,039
	2,488	Southern Co. (The)		132,411
	888	Spire, Inc.		74,761
	23,573	Starwood Property Trust, Inc.		543,358
	5,658	Telephone & Data Systems, Inc.		180,377
	1,853	Travelers Cos., Inc. (The)		266,369
	1,336	UDR, Inc.		60,053
	4,604	United Parcel Service, Inc., Class B		489,037
	8,469	Verizon Communications, Inc.		484,342
	1,499	WP Carey, Inc.		118,901
				10,874,885
		Total Common Stocks & Other Equity Interests (Cost $29,265,882)		30,644,768
		Money Market Funds—0.3%
	88,262	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(c) (Cost $88,262)		88,262
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $29,354,144)—100.1%		30,733,030
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—8.0%
	1,841,983	Invesco Government & Agency Portfolio—Institutional Class 2.34%(c)(d)		1,841,983
	614,255	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(c)(d)		614,440
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,456,423)		2,456,423
		Total Investments in Securities (Cost $31,810,567)—108.1%		33,189,453
		Other assets less liabilities—(8.1)%		(2,496,434	)
		Net Assets—100.0%	$	30,693,019

Abbreviations:

BR—Bearer Shares

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at April 30, 2019.

^(b)  Non-income producing security.

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

64

Invesco S&P Global Dividend Opportunities Index ETF (LVL) (continued)

April 30, 2019

(Unaudited)

^(c)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(d)  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 2K.

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

65

Invesco S&P Global Water Index ETF (CGW)

April 30, 2019

(Unaudited)

Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Water Utilities	34.2
Machinery	29.5
Multi-Utilities	12.6
Building Products	6.8
Health Care Equipment & Supplies	4.9
Electronic Equipment, Instruments & Components	4.8
Industry Types Each Less Than 3%	6.9
Money Market Funds Plus Other Assets Less Liabilities	0.3

Schedule of Investments

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.7%
		Austria—1.6%
	203,468	ANDRITZ AG	$	9,691,135
		Brazil—2.1%
	1,078,577	Cia de Saneamento Basico do Estado de Sao Paulo ADR		12,899,781
		Canada—2.8%
	1,542,811	Algonquin Power & Utilities Corp.		17,536,114
		China—4.6%
	18,641,999	Beijing Enterprises Water Group Ltd.		11,571,945
	9,078,642	Guangdong Investment Ltd.		17,010,737
				28,582,682
		France—8.0%
	1,337,783	Suez		18,778,159
	1,316,848	Veolia Environnement S.A.		31,080,186
				49,858,345
		Hong Kong—0.4%
	2,690,784	China Water Affairs Group Ltd.		2,767,816
		Italy—1.8%
	141,145	ACEA SpA		2,559,373
	2,350,487	Hera SpA		8,360,926
				10,920,299
		Japan—2.7%
	268,885	Ebara Corp.		8,220,457
	303,161	Kurita Water Industries Ltd.		7,855,647
	30,896	METAWATER Co. Ltd.		925,146
				17,001,250
		Netherlands—1.7%
	272,777	Aalberts N.V.		10,699,547

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Singapore—0.9%
	2,872,125	Sembcorp Industries Ltd.	$	5,612,586
		South Korea—1.9%
	152,754	Woongjin Coway Co. Ltd.		11,481,232
		Sweden—3.2%
	849,620	Alfa Laval AB(a)		19,697,085
		Switzerland—6.8%
	74,459	Geberit AG		31,223,092
	11,629	Georg Fischer AG		11,298,047
				42,521,139
		United Kingdom—13.1%
	1,071,439	Halma PLC		25,135,084
	1,314,313	Pennon Group PLC		12,826,544
	757,994	Severn Trent PLC		20,118,916
	2,152,023	United Utilities Group PLC		23,251,860
				81,332,404
		United States—48.1%
	116,645	Advanced Drainage Systems, Inc.		3,271,892
	100,301	Aegion Corp.(b)		1,996,993
	116,059	American States Water Co.		8,259,919
	570,453	American Water Works Co., Inc.		61,717,310
	562,227	Aqua America, Inc.(a)		21,960,587
	41,338	AquaVenture Holdings Ltd.(b)		804,024
	82,546	Badger Meter, Inc.		4,579,652
	151,702	California Water Service Group		7,644,264
	38,031	Connecticut Water Service, Inc.		2,607,786
	231,308	Danaher Corp.		30,634,431
	88,578	Energy Recovery, Inc.(a)(b)		861,864
	165,027	Evoqua Water Technologies Corp.(b)		2,247,668
	108,900	Franklin Electric Co., Inc.		5,320,854

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

66

Invesco S&P Global Water Index ETF (CGW) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		United States (continued)
	54,059	Gorman-Rupp Co. (The)	$	1,800,165
	195,759	IDEX Corp.		30,667,605
	30,583	Lindsay Corp.		2,599,555
	51,752	Middlesex Water Co.		3,001,098
	448,592	Mueller Water Products, Inc., Class A		4,813,392
	467,522	Olin Corp.		10,140,552
	447,014	Pentair PLC		17,429,076
	2,240,393	Reliance Worldwide Corp. Ltd.		7,695,276
	188,373	Select Energy Services, Inc., Class A(b)		2,170,057
	74,377	SJW Group		4,615,837
	174,252	Tetra Tech, Inc.		11,277,589
	78,323	Watts Water Technologies, Inc., Class A		6,703,666
	509,104	Xylem, Inc.		42,459,274
	40,814	York Water Co. (The)		1,388,900
				298,669,286
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $490,910,411)—99.7%		619,270,701
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—1.6%
	3,390,205	Invesco Government & Agency Portfolio—Institutional Class 2.34%(c)(d)		3,390,205
	6,232,293	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(c)(d)		6,234,162
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $9,624,367)		9,624,367
		Total Investments in Securities (Cost $500,534,778)—101.3%		628,895,068
		Other assets less liabilities—(1.3)%		(7,913,739	)
		Net Assets—100.0%	$	620,981,329

Abbreviations:

ADR—American Depositary Receipt

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at April 30, 2019.

^(b)  Non-income producing security.

^(c)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(d)  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 2K.

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

67

Invesco S&P International Developed Quality ETF (IDHQ)

April 30, 2019

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Health Care	20.3
Information Technology	16.5
Industrials	15.5
Consumer Discretionary	12.9
Consumer Staples	11.9
Materials	7.7
Financials	7.2
Communication Services	3.7
Sector Types Each Less Than 3%	3.5
Money Market Funds Plus Other Assets Less Liabilities	0.8

Schedule of Investments

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.2%
		Australia—6.8%
	4,277	AGL Energy Ltd.	$	66,920
	16,704	Alumina Ltd.		26,336
	4,929	Aristocrat Leisure Ltd.		90,479
	3,283	BlueScope Steel Ltd.		31,079
	11,052	Brambles Ltd.		93,736
	814	CIMIC Group Ltd.		28,985
	3,629	Coca-Cola Amatil Ltd.		22,478
	555	Cochlear Ltd.		73,178
	12,448	Coles Group Ltd.(a)		110,483
	3,303	Computershare Ltd.		41,451
	2,264	Crown Resorts Ltd.		21,178
	3,417	CSL Ltd.		477,572
	428	Domino’s Pizza Enterprises Ltd.		12,954
	915	Magellan Financial Group Ltd.		28,730
	18,331	Medibank Private Ltd.		36,900
	8,130	Rio Tinto PLC		473,231
	30,087	South32 Ltd.		70,730
	73,663	Telstra Corp. Ltd.		175,245
	8,339	Woolworths Group Ltd.		186,941
				2,068,606
		Belgium—0.4%
	100	Sofina S.A.		20,554
	452	Solvay S.A.		54,277
	773	UCB S.A.		61,265
				136,096
		Canada—4.3%
	6,257	Canadian National Railway Co.		578,814
	1,124	Canadian Pacific Railway Ltd.		250,811
	1,509	CGI, Inc., Class A(a)		108,172
	1,767	CI Financial Corp.		25,312

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Canada (continued)
	185	Constellation Software, Inc.	$	162,565
	1,354	Gildan Activewear, Inc.		49,723
	632	Methanex Corp.		34,504
	2,817	Teck Resources Ltd., Class B		66,342
	432	West Fraser Timber Co. Ltd.		22,149
				1,298,392
		Chile—0.1%
	4,752	Lundin Mining Corp.		25,399
		Denmark—5.2%
	712	Chr. Hansen Holding A/S		72,572
	1,128	Coloplast A/S, Class B		121,611
	726	Demant A/S(a)		22,886
	1,477	DSV A/S		136,356
	362	Genmab A/S(a)		60,047
	1,043	GN Store Nord A/S		53,343
	477	H. Lundbeck A/S		20,049
	15,929	Novo Nordisk A/S, Class B		778,319
	1,795	Novozymes A/S, Class B		83,584
	916	Pandora A/S		38,391
	50	Rockwool International A/S, Class B		13,345
	2,000	Vestas Wind Systems A/S		180,736
				1,581,239
		Finland—1.8%
	1,042	Elisa Oyj		44,177
	2,423	Fortum Oyj		51,159
	3,326	Kone Oyj, Class B		182,123
	2,334	Neste Oyj		77,007
	855	Nokian Renkaat Oyj		28,573
	938	Orion Oyj, Class B(b)		31,148

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

68

Invesco S&P International Developed Quality ETF (IDHQ) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Finland (continued)
	3,496	UPM-Kymmene Oyj	$	98,380
	2,752	Wartsila Oyj Abp		43,857
				556,424
		France—4.9%
	1,712	Accor S.A.		72,064
	1,747	Bureau Veritas S.A.		44,209
	14	Dassault Aviation S.A.		21,165
	1,196	EssilorLuxottica S.A.		145,429
	288	Hermes International		202,436
	650	Kering S.A.		383,896
	1,701	L’Oreal S.A.(b)		467,237
	1,366	Publicis Groupe S.A.		80,953
	641	Thales S.A.		76,470
				1,493,859
		Germany—10.7%
	1,491	adidas AG		382,818
	6,263	BASF SE		508,804
	6,012	Bayer AG		399,812
	684	Continental AG		112,960
	2,081	Covestro AG(c)		113,694
	1,604	Fresenius Medical Care AG & Co. KGaA		134,748
	374	Hannover Rueck SE		56,333
	118	HOCHTIEF AG		17,588
	6,642	Infineon Technologies AG		156,504
	788	Merck KGaA		83,790
	1,049	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		262,162
	7,634	SAP SE		980,281
	3,703	TUI AG		41,216
				3,250,710
		Hong Kong—2.7%
	9,485	Bank of East Asia Ltd. (The)		29,922
	1,969	Dairy Farm International Holdings Ltd.		15,417
	5,284	Hang Seng Bank Ltd.		138,744
	9,434	Hong Kong Exchanges & Clearing Ltd.		327,077
	12,985	Link REIT		151,443
	10,063	Power Assets Holdings Ltd.		70,162
	8,487	Techtronic Industries Co. Ltd.		61,337
	9,277	Wharf Holdings Ltd. (The)		26,665
				820,767
		Ireland—0.8%
	5,560	AIB Group PLC		25,784
	6,202	Bank of Ireland Group PLC		39,549
	1,225	Glanbia PLC		22,501
	358	ICON PLC(a)		48,896
	878	Kingspan Group PLC		46,129
	827	Ryanair Holdings PLC ADR(a)		64,208
				247,067
		Israel—0.6%
	968	Check Point Software Technologies Ltd.(a)		116,896
	6,055	Israel Chemicals Ltd.		32,032
	48	Israel Corp. Ltd. (The)(a)		11,547
	8,237	Israel Discount Bank Ltd., Class A		32,070
				192,545

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Italy—1.8%
	3,742	Davide Campari-Milano SpA	$	37,680
	174	DiaSorin SpA		16,984
	16,279	Eni SpA		277,635
	973	Ferrari N.V.		131,671
	1,458	Moncler SpA		59,755
	659	Salvatore Ferragamo SpA		14,904
	6,136	UnipolSai Assicurazioni SpA(b)		16,793
				555,422
		Japan—14.9%
	1,839	Advantest Corp.		51,847
	13,182	Astellas Pharma, Inc.		178,601
	709	Capcom Co. Ltd.		15,947
	5,225	Chiba Bank Ltd. (The)		27,257
	258	Disco Corp.		44,199
	2,205	Eisai Co. Ltd.		127,776
	553	Fancl Corp.		16,385
	6,578	GungHo Online Entertainment, Inc.		20,494
	3,198	Gunma Bank Ltd. (The)		12,605
	1,980	Haseko Corp.		23,840
	549	Hisamitsu Pharmaceutical Co., Inc.		23,217
	434	Hoshizaki Corp.		28,057
	2,275	Hoya Corp.		159,633
	3,733	Japan Exchange Group, Inc.		60,599
	570	Kagome Co. Ltd.		15,482
	315	Kaken Pharmaceutical Co. Ltd.		13,420
	2,860	Kao Corp.		219,735
	7,684	Kirin Holdings Co. Ltd.		173,826
	946	Koito Manufacturing Co. Ltd.		56,229
	684	Konami Holdings Corp.		31,076
	191	Kose Corp.		35,756
	2,581	M3, Inc.		45,630
	427	McDonald’s Holdings Co. Japan Ltd.		19,745
	1,380	Mitsubishi Gas Chemical Co., Inc.		20,568
	616	Mixi, Inc.		13,263
	941	MonotaRO Co. Ltd.		21,646
	1,021	Nihon M&A Center, Inc.		28,877
	2,614	Nikon Corp.		36,379
	787	Nintendo Co. Ltd.		268,516
	939	Nissan Chemical Corp.		41,565
	731	Nomura Research Institute Ltd.		35,639
	7,709	NTT DoCoMo, Inc.		166,847
	370	Oracle Corp. Japan		25,281
	709	Otsuka Corp.		27,819
	846	Pigeon Corp.		35,815
	12,611	Recruit Holdings Co. Ltd.		376,943
	179	Ryohin Keikaku Co. Ltd.		33,976
	2,484	Santen Pharmaceutical Co. Ltd.		37,781
	368	Seria Co. Ltd.		10,904
	553	Shimano, Inc.		80,883
	1,926	Shionogi & Co. Ltd.		111,989
	3,449	Shiseido Co. Ltd.		269,974
	1,101	Showa Denko K.K.		37,219
	8,678	Sony Corp.		406,103
	4,293	Subaru Corp.		104,863
	1,731	SUMCO Corp.		22,691
	1,298	Sumitomo Dainippon Pharma Co. Ltd.		28,553

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

69

Invesco S&P International Developed Quality ETF (IDHQ) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	379	Sundrug Co. Ltd.	$	10,127
	640	Suzuken Co. Ltd.		36,777
	1,790	Taisei Corp.		78,350
	1,889	Tokai Carbon Co. Ltd.		21,693
	4,889	Tokio Marine Holdings, Inc.		245,910
	1,412	Tokyo Electron Ltd.		223,701
	2,269	Tosoh Corp.		36,365
	2,345	Unicharm Corp.		76,830
	9,156	Yahoo! Japan Corp.		24,334
	941	Yamaha Corp.		48,581
	1,738	Yaskawa Electric Corp.		63,902
	393	Zenkoku Hosho Co. Ltd.		13,726
				4,525,746
		Luxembourg—0.1%
	332	RTL Group S.A.(b)		18,641
		Macau—0.4%
	21,729	Sands China Ltd.		119,372
		Mexico—0.0%
	1,320	Fresnillo PLC		12,885
		Netherlands—5.3%
	2,887	ASML Holding N.V.		600,308
	7,887	Koninklijke Ahold Delhaize N.V.		189,684
	1,123	Koninklijke DSM N.V.		128,183
	6,005	Koninklijke Philips N.V.		255,497
	2,724	NXP Semiconductors N.V.		287,709
	2,319	Wolters Kluwer N.V.		161,600
				1,622,981
		New Zealand—0.3%
	3,852	Fisher & Paykel Healthcare Corp. Ltd.		40,614
	12,128	Spark New Zealand Ltd.		29,684
	3,510	Z Energy Ltd.		14,817
				85,115
		Norway—0.9%
	1,019	Austevoll Seafood ASA		11,819
	1,040	Kongsberg Gruppen ASA		15,033
	1,961	Leroy Seafood Group ASA		14,137
	2,461	Mowi ASA		53,190
	5,976	Orkla ASA		46,744
	523	Salmar ASA		23,708
	5,107	Telenor ASA		102,288
				266,919
		Portugal—0.3%
	3,231	Galp Energia SGPS S.A.		54,206
	1,613	Jeronimo Martins SGPS S.A.		26,248
	3,374	Navigator Co. S.A. (The)		14,898
				95,352
		Singapore—0.6%
	12,863	ComfortDelGro Corp. Ltd.		25,420
	38,265	Genting Singapore Ltd.		27,690
	4,357	SATS Ltd.		16,740
	7,630	Singapore Exchange Ltd.		41,367

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Singapore (continued)
	12,670	Singapore Technologies Engineering Ltd.	$	36,860
	1,953	Venture Corp. Ltd.		24,348
				172,425
		South Korea—6.4%
	105	BGF Retail Co. Ltd.		19,640
	60	Hyundai Heavy Industries Holdings Co. Ltd.		17,566
	252	Hyundai Mipo Dockyard Co. Ltd.		12,124
	753	KT&G Corp.		65,750
	187	Kumho Petrochemical Co. Ltd.		14,696
	61	LG Household & Health Care Ltd.		74,256
	31	Medy-Tox, Inc.		14,837
	142	OCI Co. Ltd.		11,317
	533	Orange Life Insurance Ltd.(c)		16,244
	87	Pearl Abyss Corp.(a)		12,981
	34,220	Samsung Electronics Co. Ltd.		1,343,138
	4,599	SK Hynix, Inc.		311,023
	433	Woongjin Coway Co. Ltd.		32,545
				1,946,117
		Spain—2.4%
	452	Aena SME S.A.(c)		83,759
	3,760	Amadeus IT Group S.A.		298,845
	1,718	Endesa S.A.		42,762
	9,567	Industria de Diseno Textil S.A.(b)		289,166
	6,526	Mapfre S.A.		19,564
				734,096
		Sweden—3.2%
	1,990	Alfa Laval AB(b)		46,135
	6,720	Atlas Copco AB, Class A		208,666
	822	Axfood AB		15,066
	1,968	Boliden AB(b)		58,377
	5,925	Epiroc AB, Class A(a)		61,202
	5,740	Hennes & Mauritz AB, Class B		99,973
	1,671	Hexpol AB		13,007
	9,482	Sandvik AB(b)		175,192
	2,805	SKF AB, Class B		51,855
	4,450	Svenska Cellulosa AB SCA, Class B		38,767
	1,325	Swedish Orphan Biovitrum AB(a)		24,112
	11,952	Volvo AB, Class B		191,095
				983,447
		Switzerland—10.7%
	297	Geberit AG		124,542
	47	Givaudan S.A.		121,720
	427	Kuehne + Nagel International AG		62,039
	15,677	Novartis AG		1,280,160
	193	Partners Group Holding AG		145,384
	5,384	Roche Holding AG		1,419,178
	42	SGS S.A.		110,832
				3,263,855
		United Kingdom—13.0%
	2,291	Admiral Group PLC		65,826
	3,780	Ashtead Group PLC		104,568
	6,024	Barratt Developments PLC		47,261
	1,041	Berkeley Group Holdings PLC (The)		50,973
	4,395	Burberry Group PLC		115,565

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

70

Invesco S&P International Developed Quality ETF (IDHQ) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		United Kingdom (continued)
	12,765	Compass Group PLC	$	290,054
	17,802	Diageo PLC		750,417
	8,633	Direct Line Insurance Group PLC		37,072
	1,640	easyJet PLC		24,876
	6,224	Experian PLC		180,535
	2,436	Hargreaves Lansdown PLC		71,675
	2,028	IMI PLC		27,773
	7,498	International Consolidated Airlines Group S.A.		52,823
	1,432	Intertek Group PLC		99,875
	29,383	ITV PLC		52,344
	57,925	Legal & General Group PLC		210,080
	2,239	Mondi PLC		49,052
	21,577	National Grid PLC		235,185
	933	Next PLC		70,132
	6,097	Pearson PLC		65,987
	2,484	Persimmon PLC		72,408
	14,690	RELX PLC		336,859
	5,879	Royal Mail PLC		19,375
	6,966	RSA Insurance Group PLC		49,220
	7,434	Sage Group PLC (The)		70,301
	3,661	St. James’s Place PLC		53,525
	21,607	Standard Life Aberdeen PLC		78,561
	23,157	Taylor Wimpey PLC		54,762
	10,341	Unilever N.V. CVA		625,351
				3,962,435
		United States—0.6%
	2,005	Ferguson PLC		142,192
	274	Mellanox Technologies Ltd.(a)		32,962
				175,154
		Total Common Stocks & Other Equity Interests (Cost $29,360,765)		30,211,066
		Money Market Funds—0.0%
	1,169	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $1,169)		1,169
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $29,361,934)—99.2%		30,212,235

Number of Shares			Value
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—3.3%
	774,697	Invesco Government & Agency Portfolio—Institutional Class 2.34%(d)(e)	$	774,697
	237,448	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		237,519
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,012,216)		1,012,216
		Total Investments in Securities (Cost $30,374,150)—102.5%		31,224,451
		Other assets less liabilities—(2.5)%		(761,382	)
		Net Assets—100.0%	$	30,463,069

Abbreviations:

ADR—American Depositary Receipt

CVA—Dutch Certificates

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  All or a portion of this security was out on loan at April 30, 2019.

^(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 April 30, 2019 was $213,697, which represented less than 1% of the Fund’s Net Assets.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2K.

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

71

Statements of Assets and Liabilities

April 30, 2019

(Unaudited)

	Invesco China Real Estate ETF (TAO)			Invesco China Small Cap ETF (HAO)			Invesco China Technology ETF (CQQQ)			Invesco DWA Developed Markets Momentum ETF (PIZ)
Assets:
Unaffiliated investments in securities, at value(a)	$	63,064,577		$	67,376,432		$	565,476,329		$	182,613,663
Affiliated investments in securities, at value		797,807			4,681,850			19,092,249			6,215,736
Foreign currencies, at value		46,680			—			546			82,989
Deposits with brokers:
Cash segregated as collateral		—			—			—			—
Receivable for:
Dividends		111,107			45,554			137,708			592,279
Securities lending		3,587			12,058			140,611			8,531
Expenses absorbed		1,718			—			—			—
Investments sold		—			—			—			29
Foreign tax reclaims		—			—			—			722,257
Shares sold		—			—			—			—
Total assets		64,025,476			72,115,894			584,847,443			190,235,484
Liabilities:
Due to custodian		—			—			513,700			600,277
Due to foreign custodian		—			75			—			—
Payable for:
Collateral upon return of securities loaned		786,566			4,552,900			19,092,249			6,215,736
Shares repurchased		—			—			—			—
Collateral upon receipt of securities in-kind		—			—			—			—
Investments purchased		—			—			—			2
Accrued unitary management fees		—			—			444,144			120,181
Accrued advisory fees		—			2,889			—			—
Accrued trustees’ and officer’s fees		3,537			5,006			—			—
Accrued tax expenses		—			—			—			—
Accrued expenses		194,845			240,369			—			29,935
Total liabilities		984,948			4,801,239			20,050,093			6,966,131
Net Assets	$	63,040,528		$	67,314,655		$	564,797,350		$	183,269,353
Net assets consist of:
Shares of beneficial interest	$	65,715,760		$	143,572,345		$	620,409,044		$	275,253,098
Distributable earnings		(2,675,232	)		(76,257,690	)		(55,611,694	)		(91,983,745	)
Net Assets	$	63,040,528		$	67,314,655		$	564,797,350		$	183,269,353
Shares outstanding (unlimited amount authorized, $0.01 par value)		2,160,000			2,500,000			11,050,000			6,850,000
Net asset value	$	29.19		$	26.93		$	51.11		$	26.75
Market price	$	29.27		$	26.87		$	51.08		$	26.80
Unaffiliated investments in securities, at cost	$	58,941,335		$	72,731,432		$	533,789,019		$	159,699,198
Affiliated investments in securities, at cost	$	797,807		$	4,681,850		$	19,092,249		$	6,215,736
Foreign currencies (due to foreign custodian), at cost	$	47,860		$	(75	)	$	546		$	82,976
(a) Includes securities on loan with an aggregate value of:	$	749,732		$	3,469,808		$	18,240,422		$	5,940,081

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

72

Invesco DWA Emerging Markets Momentum ETF (PIE)			Invesco Frontier Markets ETF (FRN)			Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)			Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)			Invesco FTSE RAFI Emerging Markets ETF (PXH)		Invesco Global Clean Energy ETF (PBD)			Invesco Global Water ETF (PIO)			Invesco International BuyBack Achievers™ ETF  (IPKW)
$	161,772,314		$	57,789,029		$	1,365,241,545		$	322,284,309		$	1,337,579,519	$	49,956,534		$	185,719,263		$	180,184,895
	610,904			—			74,038,656			22,415,848			3,905,792		7,493,281			1,367,424			6,973,555
	—			2,280,555			336,102			82,694			190,872		1,988			85,079			—
	—			—			—			—			514,205		—			—			—
	635,060			222,858			7,748,153			1,580,542			2,014,190		47,405			429,959			845,966
	1,266			—			69,518			35,481			2,557		22,955			3,782			8,336
	—			288,759			—			—			—		—			—			—
	11			—			137,443,126			10,705,081			132		—			—			12,143,251
	—			961			2,368,768			258,480			5,280		46,155			399,463			304,120
	—			—			20,383			2,693			462,968		—			—			—
	163,019,555			60,582,162			1,587,266,251			357,365,128			1,344,675,515		57,568,318			188,004,970			200,460,123
	431,690			2,048,923			—			—			2,135,178		—			18,010			—
	21,772			—			—			—			—		—			—			19,995
	610,904			—			73,132,699			22,199,337			3,905,792		7,487,301			1,367,424			6,669,931
	—			—			137,596,580			10,712,151			—		—			—			—
	—			—			—			—			514,205		—			—			—
	6			34,253			1,153			239			463,104		—			46			12,566,958
	119,081			—			558,960			134,782			540,129		30,832			113,679			81,596
	—			—			—			—			—		—			—			—
	—			3,659			—			—			—		—			—			—
	—			—			—			—			411,853		—			—			—
	—			468,802			18,863			4,037			—		1,099			4,953			55
	1,183,453			2,555,637			211,308,255			33,050,546			7,970,261		7,519,232			1,504,112			19,338,535
$	161,836,102		$	58,026,525		$	1,375,957,996		$	324,314,582		$	1,336,705,254	$	50,049,086		$	186,500,858		$	181,121,588
$	277,516,097		$	128,284,989		$	1,391,752,170		$	332,321,060		$	1,322,108,827	$	143,615,397		$	198,093,720		$	224,846,741
	(115,679,995	)		(70,258,464	)		(15,794,174	)		(8,006,478	)		14,596,427		(93,566,311	)		(11,592,862	)		(43,725,153	)
$	161,836,102		$	58,026,525		$	1,375,957,996		$	324,314,582		$	1,336,705,254	$	50,049,086		$	186,500,858		$	181,121,588
	9,350,000			4,240,000			33,000,000			10,600,000			61,650,000		4,025,000			6,750,000			5,500,000
$	17.31		$	13.69		$	41.70		$	30.60		$	21.68	$	12.43		$	27.63		$	32.93
$	17.30		$	13.73		$	41.78		$	30.60		$	21.76	$	12.42		$	27.66		$	33.01
$	144,115,164		$	52,380,813		$	1,322,839,966		$	317,346,082		$	1,221,535,656	$	42,721,202		$	146,913,847		$	197,690,294
$	610,904		$	—		$	74,038,656		$	22,415,848		$	3,905,792	$	7,493,281		$	1,367,424		$	6,973,555
$	(21,703	)	$	2,283,477		$	335,943		$	82,488		$	191,196	$	1,981		$	85,585		$	(20,201	)
$	592,743		$	—		$	68,766,599		$	20,626,145		$	3,584,009	$	6,794,638		$	1,305,555		$	6,361,030

73

Statements of Assets and Liabilities (continued)

April 30, 2019

(Unaudited)

	Invesco MSCI Global Timber ETF (CUT)			Invesco S&P Global Dividend Opportunities Index ETF (LVL)			Invesco S&P Global Water Index ETF (CGW)		Invesco S&P International Developed Quality ETF (IDHQ)
Assets:
Unaffiliated investments in securities, at value(a)	$	167,480,939		$	30,644,768		$	619,270,701	$	30,211,066
Affiliated investments in securities, at value		6,977,333			2,544,685			9,624,367		1,013,385
Foreign currencies, at value		—			4,275			3,917,657		7,388
Deposits with brokers:
Cash segregated as collateral		—			—			696,539		—
Receivable for:
Dividends		826,443			50,102			1,117,845		122,741
Securities lending		18,650			2,463			18,743		1,496
Expenses absorbed		—			9,585			—		—
Investments sold		—			—			—		173,659
Foreign tax reclaims		206,630			46,281			1,424,092		127,648
Shares sold		—			—			348,038		—
Total assets		175,509,995			33,302,159			636,417,982		31,657,383
Liabilities:
Due to custodian		—			—			5,747		—
Due to foreign custodian		40,281			—			—		—
Payable for:
Collateral upon return of securities loaned		6,847,743			2,456,423			9,624,367		1,012,216
Shares repurchased		—			—			—		173,659
Collateral upon receipt of securities in-kind		—			—			696,539		—
Investments purchased		103			10			4,269,539		27
Accrued unitary management fees		—			—			—		7,772
Accrued advisory fees		42,324			—			250,886		—
Accrued trustees’ and officer’s fees		4,774			3,654			12,081		—
Accrued expenses		296,028			149,053			577,494		640
Total liabilities		7,231,253			2,609,140			15,436,653		1,194,314
Net Assets	$	168,278,742		$	30,693,019		$	620,981,329	$	30,463,069
Net assets consist of:
Shares of beneficial interest	$	168,318,578		$	70,453,876		$	515,469,726	$	34,808,288
Distributable earnings		(39,836	)		(39,760,857	)		105,511,603		(4,345,219	)
Net Assets	$	168,278,742		$	30,693,019		$	620,981,329	$	30,463,069
Shares outstanding (unlimited amount authorized, $0.01 par value)		6,100,000			2,640,000			17,080,000		1,300,000
Net asset value	$	27.59		$	11.63		$	36.36	$	23.43
Market price	$	27.70		$	11.57		$	36.42	$	23.52
Unaffiliated investments in securities, at cost	$	146,065,065		$	29,265,882		$	490,910,411	$	29,360,765
Affiliated investments in securities, at cost	$	6,977,590		$	2,544,685		$	9,624,367	$	1,013,385
Foreign currencies (due to foreign custodian), at cost	$	(40,317	)	$	4,337		$	3,917,668	$	7,401
(a) Includes securities on loan with an aggregate value of:	$	6,461,653		$	2,364,155		$	9,457,164	$	971,103

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

74

(This Page Intentionally Left Blank)

75

Statements of Operations

For the six months ended April 30, 2019

(Unaudited)

	Invesco China Real Estate ETF (TAO)			Invesco China Small Cap ETF (HAO)			Invesco China Technology ETF (CQQQ)			Invesco DWA Developed Markets Momentum ETF (PIZ)
Investment income:
Unaffiliated dividend income	$	450,916		$	111,904		$	700,147		$	2,424,317
Affiliated dividend income		1,533			2,755			1,813			1,726
Securities lending income		19,960			54,256			533,629			12,561
Foreign withholding tax		—			(5,705	)		(12,663	)		(231,346	)
Total investment income		472,409			163,210			1,222,926			2,207,258
Expenses:
Unitary management fees		—			—			1,753,635			764,013
Advisory fees		111,584			178,121			—			—
Custodian & transfer agent fees		27,126			40,264			—			—
Sub-licensing fees		22,872			36,182			—			—
Accounting & administration fees		13,908			15,062			—			—
Professional fees		13,391			13,561			—			12,923
Printing		3,216			5,269			—			—
Trustees’ and officer’s fees		2,540			2,661			—			—
Listing fee and expense		2,480			2,480			—			—
Intraday valuation fees		997			1,984			—			—
Insurance		705			749			—			—
Other expenses		868			1,634			—			—
Total expenses		199,687			297,967			1,753,635			776,936
Less: Waivers		(43,565	)		(55,270	)		(143	)		(218	)
Net expenses		156,122			242,697			1,753,492			776,718
Net investment income (loss)		316,287			(79,487	)		(530,566	)		1,430,540
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(1,278,749	)		(9,221,460	)		(57,254,828	)		(10,928,842	)
Affiliated investment securities		—			—			—			—
Unaffiliated in-kind redemptions		—			643,703			12,925,044			8,795,050
Affiliated in-kind redemptions		—			—			—			—
Foreign currencies		(509	)		234			(648	)		671
Net realized gain (loss)		(1,279,258	)		(8,577,523	)		(44,330,432	)		(2,133,121	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		11,390,389			19,676,635			162,373,868			16,594,723
Affiliated investment securities		—			—			—			—
Foreign currencies		866			105			65			(4,786	)
Net change in unrealized appreciation (depreciation)		11,391,255			19,676,740			162,373,933			16,589,937
Net realized and unrealized gain (loss)		10,111,997			11,099,217			118,043,501			14,456,816
Net increase in net assets resulting from operations	$	10,428,284		$	11,019,730		$	117,512,935		$	15,887,356

^(a) Net of foreign taxes of $276.

^(b) Net of foreign taxes of $411,853.

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

76

Invesco DWA Emerging Markets Momentum ETF (PIE)			Invesco Frontier Markets ETF (FRN)			Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)			Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)			Invesco FTSE RAFI Emerging Markets ETF (PXH)			Invesco Global Clean Energy ETF (PBD)			Invesco Global Water ETF (PIO)			Invesco International BuyBack Achievers™ ETF  (IPKW)
$	1,393,605		$	1,199,717		$	29,562,214		$	4,989,963		$	10,759,800		$	254,814		$	1,627,621		$	3,062,272
	1,460			1,504			10,207			2,162			111,457			243			429			2,238
	4,690			14			240,486			131,048			21,262			189,665			11,122			35,052
	(140,043	)		(79,554	)		(2,740,179	)		(483,757	)		(684,503	)		(29,899	)		(16,733	)		(299,590	)
	1,259,712			1,121,681			27,072,728			4,639,416			10,208,016			414,823			1,622,439			2,799,972
	767,484			—			3,118,195			793,333			3,049,558			180,974			640,539			549,161
	—			131,150			—			—			—			—			—			—
	—			336,436			—			—			—			—			—			—
	—			26,230			—			—			—			—			—			—
	—			14,770			—			—			—			—			—			—
	—			13,735			1,873			971			—			363			1,312			—
	—			4,986			—			—			—			—			—			—
	—			2,598			—			—			—			—			—			—
	—			2,480			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			747			—			—			—			—			—			—
	—			497			—			—			—			—			—			—
	767,484			533,629			3,120,068			794,304			3,049,558			181,337			641,851			549,161
	(182	)		(350,116	)		(803	)		(157	)		(26,933	)		(20	)		(30	)		(146	)
	767,302			183,513			3,119,265			794,147			3,022,625			181,317			641,821			549,015
	492,410			938,168			23,953,463			3,845,269			7,185,391			233,506			980,618			2,250,957
	(15,499,703	)		(2,919,748	)		(19,011,958	)		(7,963,890	)		(10,651,976	)(a)		(870,499	)		(1,415,289	)		(6,226,982	)
	—			—			—			—			1,826,163			—			—			—
	1,916,484			178,726			33,943,260			10,469,982			16,800,682			1,456,467			1,425,842			(6,912,892	)
	—			—			—			—			—			—			—			—
	(144,022	)		(40,283	)		(87,598	)		(26,854	)		(984,339	)		(20,538	)		3,355			(27,811	)
	(13,727,241	)		(2,781,305	)		14,843,704			2,479,238			6,990,530			565,430			13,908			(13,167,685	)
	27,146,271			6,224,037			46,826,434			11,065,208			92,664,957	(b)		5,760,610			26,211,239			22,435,414
	—			—			—			—			(629,576	)		—			—			—
	1,903			(2,292	)		7,659			(6,487	)		(11,817	)		(314	)		6,406			(4,490	)
	27,148,174			6,221,745			46,834,093			11,058,721			92,023,564			5,760,296			26,217,645			22,430,924
	13,420,933			3,440,440			61,677,797			13,537,959			99,014,094			6,325,726			26,231,553			9,263,239
$	13,913,343		$	4,378,608		$	85,631,260		$	17,383,228		$	106,199,485		$	6,559,232		$	27,212,171		$	11,514,196

77

Statements of Operations (continued)

For the six months ended April 30, 2019

(Unaudited)

	Invesco MSCI Global Timber ETF (CUT)			Invesco S&P Global Dividend Opportunities Index ETF (LVL)			Invesco S&P Global Water Index ETF (CGW)			Invesco S&P International Developed Quality ETF (IDHQ)
Investment income:
Unaffiliated dividend income	$	3,816,590		$	644,102		$	5,967,928		$	600,335
Affiliated dividend income		5,072			746			8,663			318
Securities lending income		54,408			6,574			27,321			3,054
Foreign withholding tax		(206,083	)		(46,743	)		(397,815	)		(66,958	)
Total investment income		3,669,987			604,679			5,606,097			536,749
Expenses:
Unitary management fees		—			—			—			51,107
Advisory fees		403,454			76,238			1,392,838			—
Custodian & transfer agent fees		31,915			24,055			27,411			—
Sub-licensing fees		48,414			6,709			122,572			—
Accounting & administration fees		20,574			13,908			31,119			—
Professional fees		13,918			13,682			15,588			495
Printing		9,973			3,199			19,898			—
Trustees’ and officer’s fees		3,248			2,537			4,433			—
Listing fee and expense		2,480			2,480			2,480			—
Intraday valuation fees		1,984			992			992			—
Insurance		1,011			705			1,370			—
Other expenses		1,952			866			4,433			—
Total expenses		538,923			145,371			1,623,134			51,602
Less: Waivers		(97,528	)		(47,846	)		(670	)		(22	)
Net expenses		441,395			97,525			1,622,464			51,580
Net investment income		3,228,592			507,154			3,983,633			485,169
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(300,024	)		244,921			(2,652,053	)		(762,296	)
Affiliated investment securities		(8,437	)		—			—			—
Unaffiliated in-kind redemptions		1,081,250			173,145			6,032,972			1,211,881
Affiliated in-kind redemptions		(78	)		—			—			—
Foreign currencies		9,310			(752	)		285			(4,282	)
Net realized gain		782,021			417,314			3,381,204			445,303
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(1,448,045	)		2,442,412			70,838,265			2,862,226
Affiliated investment securities		37,284			—			—			—
Foreign currencies		(4,358	)		(257	)		(18,358	)		(763	)
Net change in unrealized appreciation (depreciation)		(1,415,119	)		2,442,155			70,819,907			2,861,463
Net realized and unrealized gain (loss)		(633,098	)		2,859,469			74,201,111			3,306,766
Net increase in net assets resulting from operations	$	2,595,494		$	3,366,623		$	78,184,744		$	3,791,935

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

78

(This Page Intentionally Left Blank)

79

Statements of Changes in Net Assets

For the six months ended April 30, 2019 and the year ended October 31, 2018^(a)

(Unaudited)

	Invesco China Real Estate ETF (TAO)
	Six Months Ended April 30, 2019			Five Months Ended October 31, 2018(b)			Year Ended May 31, 2018
Operations:
Net investment income (loss)	$	316,287		$	1,618,309		$	4,081,900
Net realized gain (loss)		(1,279,258	)		5,809,274			(710,055	)
Net change in unrealized appreciation (depreciation)		11,391,255			(20,178,892	)		10,807,512
Net increase (decrease) in net assets resulting from operations		10,428,284			(12,751,309	)		14,179,357
Distributions to Shareholders from:
Distributable earnings		(2,864,832	)		—			(3,971,680	)
Shareholder Transactions:
Proceeds from shares sold		18,919,394			1,560,368			32,072,370
Value of shares repurchased		—			(35,595,627	)		(2,973,908	)
Net increase (decrease) in net assets resulting from shares transactions		18,919,394			(34,035,259	)		29,098,462
Increase (Decrease) in Net Assets		26,482,846			(46,786,568	)		39,306,139
Net Assets:
Beginning of period		36,557,682			83,344,250			44,038,111
End of period	$	63,040,528		$	36,557,682		$	83,344,250
Changes in Shares Outstanding:
Shares sold		650,000			50,000			1,100,000
Shares repurchased		—			(1,300,000	)		(100,000	)
Shares outstanding, beginning of period		1,510,000			2,760,000			1,760,000
Shares outstanding, end of period		2,160,000			1,510,000			2,760,000

^(a)  Effective October 31, 2018, Invesco China Real Estate ETF, Invesco China Small Cap ETF and Invesco China Technology ETF changed fiscal year end to October 31.

^(b)  For the period June 1, 2018 through October 31, 2018.

^(c)  For the period September 1, 2018 through October 31, 2018.

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

80

Invesco China Small Cap ETF (HAO)									Invesco China Technology ETF (CQQQ)
Six Months Ended April 30, 2019			Five Months Ended October 31, 2018(b)			Year Ended May 31, 2018			Six Months Ended April 30, 2019			Two Months Ended October 31, 2018(c)			Year Ended August 31, 2018
$	(79,487	)	$	1,240,225		$	2,089,774		$	(530,566	)	$	250,492		$	2,087,528
	(8,577,523	)		(69,902	)		9,404,735			(44,330,432	)		(9,579,998	)		38,165,068
	19,676,740			(24,937,663	)		15,109,775			162,373,933			(64,668,718	)		(102,224,494	)
	11,019,730			(23,767,340	)		26,604,284			117,512,935			(73,998,224	)		(61,971,898	)
	(3,108,404	)		—			(3,252,830	)		(1,984,086	)		—			(5,489,280	)
	—			—			11,812,995			115,388,579			94,850,663			398,909,634
	(2,732,144	)		(8,334,088	)		(26,614,585	)		(71,661,195	)		—			(155,778,516	)
	(2,732,144	)		(8,334,088	)		(14,801,590	)		43,727,384			94,850,663			243,131,118
	5,179,182			(32,101,428	)		8,549,864			159,256,233			20,852,439			175,669,940
	62,135,473			94,236,901			85,687,037			405,541,117			384,688,678			209,018,738
$	67,314,655		$	62,135,473		$	94,236,901		$	564,797,350		$	405,541,117		$	384,688,678
	—			—			400,000			2,600,000			2,200,000			6,650,000
	(100,000	)		(300,000	)		(900,000	)		(1,550,000	)		—			(2,650,000	)
	2,600,000			2,900,000			3,400,000			10,000,000			7,800,000			3,800,000
	2,500,000			2,600,000			2,900,000			11,050,000			10,000,000			7,800,000

81

Statements of Changes in Net Assets (continued)

For the six months ended April 30, 2019 and the year ended October 31, 2018^(a)

(Unaudited)

	Invesco DWA Developed Markets Momentum ETF (PIZ)						Invesco DWA Emerging Markets Momentum ETF (PIE)
	Six Months Ended April 30, 2019			Year Ended October 31, 2018			Six Months Ended April 30, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	1,430,540		$	2,162,248		$	492,410		$	5,227,883
Net realized gain (loss)		(2,133,121	)		7,529,102			(13,727,241	)		(805,903	)
Net change in unrealized appreciation (depreciation)		16,589,937			(32,086,298	)		27,148,174			(47,584,115	)
Net increase (decrease) in net assets resulting from operations		15,887,356			(22,394,948	)		13,913,343			(43,162,135	)
Distributions to Shareholders from:
Distributable earnings		(546,882	)		(2,902,784	)		(2,121,350	)		(6,235,039	)
Shareholder Transactions:
Proceeds from shares sold		28,264,615			120,271,026			2,565,877			74,057,773
Value of shares repurchased		(83,518,080	)		(103,874,858	)		(45,237,296	)		(44,653,680	)
Transaction fees		—			—			55,553			276,198
Net increase (decrease) in net assets resulting from shares transactions		(55,253,465	)		16,396,168			(42,615,866	)		29,680,291
Increase (Decrease) in Net Assets		(39,912,991	)		(8,901,564	)		(30,823,873	)		(19,716,883	)
Net Assets:
Beginning of period		223,182,344			232,083,908			192,659,975			212,376,858
End of period	$	183,269,353		$	223,182,344		$	161,836,102		$	192,659,975
Changes in Shares Outstanding:
Shares sold		1,100,000			4,350,000			150,000			3,500,000
Shares repurchased		(3,350,000	)		(3,750,000	)		(2,750,000	)		(2,450,000	)
Shares outstanding, beginning of period		9,100,000			8,500,000			11,950,000			10,900,000
Shares outstanding, end of period		6,850,000			9,100,000			9,350,000			11,950,000

^(a)  Effective October 31, 2018, Invesco Frontier Markets ETF changed its fiscal year end to October 31.

^(b)  For the period June 1, 2018 through October 31, 2018.

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

82

Invesco Frontier Markets ETF (FRN)									Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)
Six Months Ended April 30, 2019			Five Months Ended October 31, 2018(b)			Year Ended May 31, 2018			Six Months Ended April 30, 2019			Year Ended October 31, 2018
$	938,168		$	593,012		$	1,995,265		$	23,953,463		$	37,870,601
	(2,781,305	)		(1,724,094	)		3,690,785			14,843,704			30,435,990
	6,221,745			(6,095,872	)		(2,340,256	)		46,834,093			(169,409,936	)
	4,378,608			(7,226,954	)		3,345,794			85,631,260			(101,103,345	)
	(957,884	)		—			(2,284,088	)		(16,461,467	)		(39,591,975	)
	4,862,875			—			33,925,310			193,285,388			325,024,707
	(2,022,122	)		(15,424,518	)		(24,745,195	)		(161,964,189	)		(123,802,230	)
	23,707			65,946			251,008			45,454			44,658
	2,864,460			(15,358,572	)		9,431,123			31,366,653			201,267,135
	6,285,184			(22,585,526	)		10,492,829			100,536,446			60,571,815
	51,741,341			74,326,867			63,834,038			1,275,421,550			1,214,849,735
$	58,026,525		$	51,741,341		$	74,326,867		$	1,375,957,996		$	1,275,421,550
	350,000			—			2,200,000			5,050,000			7,400,000
	(150,000	)		(1,100,000	)		(1,700,000	)		(3,900,000	)		(2,750,000	)
	4,040,000			5,140,000			4,640,000			31,850,000			27,200,000
	4,240,000			4,040,000			5,140,000			33,000,000			31,850,000

83

Statements of Changes in Net Assets (continued)

For the six months ended April 30, 2019 and the year ended October 31, 2018

(Unaudited)

	Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)						Invesco FTSE RAFI Emerging Markets ETF (PXH)
	Six Months Ended April 30, 2019			Year Ended October 31, 2018			Six Months Ended April 30, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	3,845,269		$	5,357,442		$	7,185,391		$	35,274,811
Net realized gain (loss)		2,479,238			21,055,482			6,990,530			34,978,087
Net change in unrealized appreciation (depreciation)		11,058,721			(51,693,808	)		92,023,564			(122,503,582	)
Net increase (decrease) in net assets resulting from operations		17,383,228			(25,280,884	)		106,199,485			(52,250,684	)
Distributions to Shareholders from:
Distributable earnings		(1,964,817	)		(6,547,030	)		(8,112,208	)		(34,680,231	)
Shareholder Transactions:
Proceeds from shares sold		60,476,472			183,475,668			199,747,513			381,359,053
Value of shares repurchased		(43,479,358	)		(66,459,873	)		(90,627,566	)		(132,537,225	)
Transaction fees		36,406			17,894			165,141			240,894
Net increase (decrease) in net assets resulting from shares transactions		17,033,520			117,033,689			109,285,088			249,062,722
Increase (Decrease) in Net Assets		32,451,931			85,205,775			207,372,365			162,131,807
Net Assets:
Beginning of period		291,862,651			206,656,876			1,129,332,889			967,201,082
End of period	$	324,314,582		$	291,862,651		$	1,336,705,254		$	1,129,332,889
Changes in Shares Outstanding:
Shares sold		2,150,000			5,650,000			9,450,000			17,550,000
Shares repurchased		(1,450,000	)		(1,950,000	)		(4,200,000	)		(5,800,000	)
Shares outstanding, beginning of period		9,900,000			6,200,000			56,400,000			44,650,000
Shares outstanding, end of period		10,600,000			9,900,000			61,650,000			56,400,000

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

84

Invesco Global Clean Energy ETF (PBD)						Invesco Global Water ETF (PIO)						Invesco International BuyBack Achievers™ ETF (IPKW)
Six Months Ended April 30, 2019			Year Ended October 31, 2018			Six Months Ended April 30, 2019			Year Ended October 31, 2018			Six Months Ended April 30, 2019			Year Ended October 31, 2018
$	233,506		$	810,399		$	980,618		$	3,299,083		$	2,250,957		$	5,484,909
	565,430			1,250,812			13,908			18,398,033			(13,167,685	)		6,211,206
	5,760,296			(10,593,025	)		26,217,645			(28,996,844	)		22,430,924			(50,584,076	)
	6,559,232			(8,531,814	)		27,212,171			(7,299,728	)		11,514,196			(38,887,961	)
	(477,209	)		(989,690	)		(740,715	)		(3,250,758	)		(2,257,256	)		(5,721,629	)
	—			1,306,907			1,323,444			37,473,227			—			216,364,968
	(5,696,798	)		(2,624,568	)		(6,211,417	)		(62,872,083	)		(71,521,882	)		(126,159,214	)
	2,761			1,049			1,562			2,991			13,462			41,908
	(5,694,037	)		(1,316,612	)		(4,886,411	)		(25,395,865	)		(71,508,420	)		90,247,662
	387,986			(10,838,116	)		21,585,045			(35,946,351	)		(62,251,480	)		45,638,072
	49,661,100			60,499,216			164,915,813			200,862,164			243,373,068			197,734,996
$	50,049,086		$	49,661,100		$	186,500,858		$	164,915,813		$	181,121,588		$	243,373,068
	—			100,000			50,000			1,450,000			—			5,800,000
	(500,000	)		(200,000	)		(250,000	)		(2,450,000	)		(2,350,000	)		(3,550,000	)
	4,525,000			4,625,000			6,950,000			7,950,000			7,850,000			5,600,000
	4,025,000			4,525,000			6,750,000			6,950,000			5,500,000			7,850,000

85

Statements of Changes in Net Assets (continued)

For the six months ended April 30, 2019 and the year ended October 31, 2018^(a)

(Unaudited)

	Invesco MSCI Global Timber ETF (CUT)									Invesco S&P Global Dividend Opportunities Index ETF (LVL)
	Six Months Ended April 30, 2019			Five Months Ended October 31, 2018(b)			Year Ended May 31, 2018			Six Months Ended April 30, 2019			Five Months Ended October 31, 2018(b)			Year Ended May 31, 2018
Operations:
Net investment income	$	3,228,592		$	1,344,021		$	4,392,097		$	507,154		$	613,552		$	1,476,069
Net realized gain (loss)		782,021			11,717,144			4,296,270			417,314			(716,194	)		4,094,203
Net change in unrealized appreciation (depreciation)		(1,415,119	)		(49,008,354	)		36,165,164			2,442,155			120,041			(3,385,288	)
Net increase (decrease) in net assets resulting from operations		2,595,494			(35,947,189	)		44,853,531			3,366,623			17,399			2,184,984
Distributions to Shareholders from:
Distributable earnings		(4,947,600	)		—			(3,518,655	)		(401,815	)		(837,522	)		(1,765,272	)
Shareholder Transactions:
Proceeds from shares sold		2,732,273			11,140,448			9,311,470			—			8,947,465			—
Value of shares repurchased		(5,564,859	)		(37,927,735	)		(4,659,172	)		(2,686,792	)		(14,280,682	)		(23,910,516	)
Transaction fees		682			7,303			—			264			330			—
Net increase (decrease) in net assets resulting from shares transactions		(2,831,904	)		(26,779,984	)		4,652,298			(2,686,528	)		(5,332,887	)		(23,910,516	)
Increase (Decrease) in Net Assets		(5,184,010	)		(62,727,173	)		45,987,174			278,280			(6,153,010	)		(23,490,804	)
Net Assets:
Beginning of period		173,462,752			236,189,925			190,202,751			30,414,739			36,567,749			60,058,553
End of period	$	168,278,742		$	173,462,752		$	236,189,925		$	30,693,019		$	30,414,739		$	36,567,749
Changes in Shares Outstanding:
Shares sold		100,000			350,000			300,000			—			800,000			—
Shares repurchased		(200,000	)		(1,200,000	)		(150,000	)		(240,000	)		(1,280,000	)		(2,160,000	)
Shares outstanding, beginning of period		6,200,000			7,050,000			6,900,000			2,880,000			3,360,000			5,520,000
Shares outstanding, end of period		6,100,000			6,200,000			7,050,000			2,640,000			2,880,000			3,360,000

^(a)  Effective October 31, 2018, Invesco MSCI Global Timber ETF, Invesco S&P Global Dividend Opportunities Index ETF and Invesco S&P Global Water Index ETF changed fiscal year end to October 31.

^(b)  For the period June 1, 2018 through October 31, 2018.

^(c)  For the period September 1, 2018 through October 31, 2018.

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

86

Invesco S&P Global Water Index ETF (CGW)									Invesco S&P International Developed Quality ETF (IDHQ)
Six Months Ended April 30, 2019			Two Months Ended October 31,  2018(c)			Year Ended August 31, 2018			Six Months Ended April 30, 2019			Year Ended October 31, 2018
$	3,983,633		$	646,014		$	10,489,169		$	485,169		$	851,083
	3,381,204			6,087,031			70,908,281			445,303			1,264,249
	70,819,907			(56,210,255	)		(37,440,161	)		2,861,463			(5,178,013	)
	78,184,744			(49,477,210	)		43,957,289			3,791,935			(3,062,681	)
	(10,958,575	)		—			(10,492,264	)		(375,114	)		(814,149	)
	40,351,904			16,098,469			98,720,757			5,322,327			22,491,922
	(17,898,280	)		(29,428,527	)		(148,333,764	)		(10,317,948	)		(14,783,286	)
	3,327			565			—			2,797			4,530
	22,456,951			(13,329,493	)		(49,613,007	)		(4,992,824	)		7,713,166
	89,683,120			(62,806,703	)		(16,147,982	)		(1,576,003	)		3,836,336
	531,298,209			594,104,912			610,252,894			32,039,072			28,202,736
$	620,981,329		$	531,298,209		$	594,104,912		$	30,463,069		$	32,039,072
	1,200,000			480,000			2,800,000			250,000			950,000
	(560,000	)		(880,000	)		(4,240,000	)		(450,000	)		(650,000	)
	16,440,000			16,840,000			18,280,000			1,500,000			1,200,000
	17,080,000			16,440,000			16,840,000			1,300,000			1,500,000

87

Financial Highlights

Invesco China Real Estate ETF (TAO)

	Six Months Ended April 30, 2019 (Unaudited)			Five Months Ended October 31, 2018			Years Ended May 31,
							2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	24.21		$	30.20		$	25.02		$	18.92		$	24.50		$	20.52		$	22.03
Net investment income(a)		0.19			0.77	(b)		1.74	(c)		0.68			0.81			0.66			0.68
Net realized and unrealized gain (loss) on investments		6.69			(6.76	)		5.09			5.82			(5.42	)		3.86			(1.54	)
Total from investment operations		6.88			(5.99	)		6.83			6.50			(4.61	)		4.52			(0.86	)
Distributions to shareholders from:
Net investment income		(1.90	)		—			(1.65	)		(0.40	)		(0.97	)		(0.54	)		(0.65	)
Net asset value at end of period	$	29.19		$	24.21		$	30.20		$	25.02		$	18.92		$	24.50		$	20.52
Market price at end of period	$	29.27		$	24.17	(d)	$	30.28	(d)	$	25.14		$	18.83		$	24.55		$	20.43
Net Asset Value Total Return(e)		30.17	%		(19.83	)%		27.61	%		34.94	%		(19.05	)%		22.50	%		(3.82	)%
Market Price Total Return(e)		30.66	%		(20.18	)%		27.37	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	63,041		$	36,558		$	83,344		$	44,038		$	12,490		$	34,548		$	22,778
Ratio to average net assets of:
Expenses, after Waivers		0.70	%(f)		0.70	%(f)		0.70	%		0.70	%		0.70	%		0.70	%		0.71	%
Expenses, prior to Waivers		0.89	%(f)		0.84	%(f)		0.81	%		0.99	%		1.15	%		0.88	%		0.95	%
Net investment income, after Waivers		1.42	%(f)		6.58	%(b)(f)		5.95	%(c)		3.14	%		3.94	%		3.04	%		3.32	%
Portfolio turnover rate(g)		2	%		2	%		20	%		17	%		32	%		16	%		9	%

^(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 non-cash taxable distribution received during the year. Net investment income per share and the ratio of net investment income to average net assets excluding the non-cash taxable distribution are $0.60 and 5.14%, respectively.

^(c)  Net Investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the year. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.82 and 2.82%, respectively.

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

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

^(f)  Annualized.

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

Invesco China Small Cap ETF (HAO)

	Six Months Ended April 30, 2019 (Unaudited)			Five Months Ended October 31, 2018			Years Ended May 31,
							2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	23.90		$	32.50		$	25.20		$	22.06		$	34.78		$	24.72		$	24.68
Net investment income (loss)(a)		(0.03	)		0.45			0.66			0.55			0.72			0.51			0.56
Net realized and unrealized gain (loss) on investments		4.26			(9.05	)		7.69			3.35			(12.50	)		10.14			0.03
Total from investment operations		4.23			(8.60	)		8.35			3.90			(11.78	)		10.65			0.59
Distributions to shareholders from:
Net investment income		(1.20	)		—			(1.05	)		(0.76	)		(0.94	)		(0.59	)		(0.55	)
Net asset value at end of period	$	26.93		$	23.90		$	32.50		$	25.20		$	22.06		$	34.78		$	24.72
Market price at end of period	$	26.87		$	23.50	(b)	$	32.46	(b)	$	24.97		$	22.04		$	34.56		$	24.70
Net Asset Value Total Return(c)		18.86	%		(26.46	)%		33.51	%		18.05	%		(34.14	)%		43.88	%		2.24	%
Market Price Total Return(c)		20.54	%		(27.60	)%		34.61	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	67,315		$	62,135		$	94,237		$	85,687		$	94,879		$	299,087		$	206,421
Ratio to average net assets of:
Expenses, after Waivers		0.75	%(d)		0.63	%(d)		0.75	%		0.75	%		0.75	%		0.75	%		0.76	%
Expenses, prior to Waivers		0.92	%(d)		0.85	%(d)		0.81	%		0.90	%		0.87	%		0.83	%		0.84	%
Net investment income (loss), after Waivers		(0.25	)%(d)		3.83	%(d)		2.24	%		2.27	%		2.83	%		1.86	%		2.23	%
Portfolio turnover rate(e)		18	%		7	%		34	%		27	%		28	%		31	%		29	%

^(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 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.

88

Financial Highlights (continued)

Invesco China Technology ETF (CQQQ)

	Six Months Ended April 30, 2019 (Unaudited)			Two Months Ended October 31, 2018			Years Ended August 31,
							2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	40.55		$	49.32		$	55.00		$	39.26		$	29.55		$	38.09		$	29.55
Net investment income (loss)(a)		(0.05	)		0.03			0.31			0.52			0.32			0.46			0.43
Net realized and unrealized gain (loss) on investments		10.78			(8.80	)		(5.13	)		15.82			10.03			(8.65	)		8.39
Total from investment operations		10.73			(8.77	)		(4.82	)		16.34			10.35			(8.19	)		8.82
Distributions to shareholders from:
Net investment income		(0.17	)		—			(0.86	)		(0.60	)		(0.64	)		(0.35	)		(0.28	)
Net asset value at end of period	$	51.11		$	40.55		$	49.32		$	55.00		$	39.26		$	29.55		$	38.09
Market price at end of period	$	51.08		$	40.81	(b)	$	49.36	(b)	$	55.21		$	39.08		$	29.31		$	37.88
Net Asset Value Total Return(c)		26.59	%		(17.78	)%		(9.05	)%		42.43	%		35.19	%		(21.62	)%		29.89	%
Market Price Total Return(c)		25.71	%		(17.32	)%		(9.33	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	564,797		$	405,541		$	384,689		$	209,019		$	45,153		$	45,804		$	78,077
Ratio to average net assets of:
Expenses		0.70	%(d)		0.70	%(d)		0.65	%		0.70	%		0.70	%		0.70	%		0.71	%
Net investment income (loss)		(0.21	)%(d)		0.39	%(d)		0.52	%		1.20	%		0.94	%		1.20	%		1.22	%
Portfolio turnover rate(e)		26	%		4	%		21	%		10	%		48	%		32	%		39	%

^(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 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.

Invesco DWA Developed Markets Momentum ETF (PIZ)

	Six Months Ended April 30, 2019 (Unaudited)			Years Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	24.53		$	27.30		$	22.29		$	23.36		$	24.49		$	25.39
Net investment income(a)		0.18			0.24			0.36			0.35			0.27			0.38
Net realized and unrealized gain (loss) on investments		2.11			(2.68	)		5.05			(1.04	)		(1.15	)		(0.43	)
Total from investment operations		2.29			(2.44	)		5.41			(0.69	)		(0.88	)		(0.05	)
Distributions to shareholders from:
Net investment income		(0.07	)		(0.33	)		(0.40	)		(0.38	)		(0.25	)		(0.85	)
Net asset value at end of period	$	26.75		$	24.53		$	27.30		$	22.29		$	23.36		$	24.49
Market price at end of period(b)	$	26.80		$	24.47		$	27.35		$	22.27		$	23.21		$	24.55
Net Asset Value Total Return(c)		9.37	%		(9.09	)%		24.58	%		(2.97	)%		(3.63	)%		(0.35	)%
Market Price Total Return(c)		9.84	%		(9.48	)%		24.91	%		(2.43	)%		(4.48	)%		(0.43	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	183,269		$	223,182		$	232,084		$	173,891		$	263,996		$	383,322
Ratio to average net assets of:
Expenses		0.81	%(d)		0.80	%		0.81	%		0.81	%		0.81	%		0.80	%
Net investment income		1.50	%(d)		0.88	%		1.46	%		1.50	%		1.10	%		1.48	%
Portfolio turnover rate(e)		55	%		94	%		98	%		124	%		120	%		99	%

^(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 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.

89

Financial Highlights (continued)

Invesco DWA Emerging Markets Momentum ETF (PIE)

	Six Months Ended April 30, 2019 (Unaudited)			Years Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	16.12		$	19.48		$	16.11		$	16.02		$	18.91		$	18.78
Net investment income(a)		0.05			0.40			0.28			0.16			0.12			0.13
Net realized and unrealized gain (loss) on investments		1.32			(3.29	)		3.34			0.14	(b)		(2.94	)		0.08
Total from investment operations		1.37			(2.89	)		3.62			0.30			(2.82	)		0.21
Distributions to shareholders from:
Net investment income		(0.19	)		(0.49	)		(0.26	)		(0.21	)		(0.10	)		(0.10	)
Return of capital		—			—			—			(0.01	)		—			—
Total distributions		(0.19	)		(0.49	)		(0.26	)		(0.22	)		(0.10	)		(0.10	)
Transaction fees(a)		0.01			0.02			0.01			0.01			0.03			0.02
Net asset value at end of period	$	17.31		$	16.12		$	19.48		$	16.11		$	16.02		$	18.91
Market price at end of period(c)	$	17.30		$	16.08		$	19.54		$	16.10		$	15.97		$	18.79
Net Asset Value Total Return(d)		8.73	%		(15.11	)%		22.72	%		2.00	%(b)		(14.78	)%		1.27	%
Market Price Total Return(d)		8.93	%		(15.58	)%		23.18	%		2.25	%		(14.50	)%		0.74	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	161,836		$	192,660		$	212,377		$	183,668		$	196,268		$	402,684
Ratio to average net assets of:
Expenses		0.90	%(e)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income		0.58	%(e)		2.01	%		1.67	%		1.04	%		0.68	%		0.69	%
Portfolio turnover rate(f)		95	%		163	%		174	%		160	%		176	%		147	%

^(a)  Based on average shares outstanding.

^(b)  Includes settlement proceeds recorded during the period. Had these settlement proceeds not been recorded Net realized and unrealized gain (loss) on investments per share would have been $0.10 and total return would have been lower.

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

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

^(e)  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.

Invesco Frontier Markets ETF (FRN)

	Six Months Ended April 30, 2019 (Unaudited)			Five Months Ended October 31, 2018			Years Ended May 31,
							2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	12.81		$	14.46		$	13.76		$	11.48		$	13.23		$	16.79		$	17.41
Net investment income(a)		0.23			0.14			0.42			0.34			0.34			0.23			0.38
Net realized and unrealized gain (loss) on investments		0.88			(1.81	)		0.77			2.41			(1.89	)		(3.36	)		(0.35	)
Total from investment operations		1.11			(1.67	)		1.19			2.75			(1.55	)		(3.13	)		0.03
Distributions to shareholders from:
Net investment income		(0.24	)		—			(0.54	)		(0.47	)		(0.20	)		(0.43	)		(0.65	)
Transaction fees(a)		0.01			0.02			0.05			—			—			—			—
Net asset value at end of period	$	13.69		$	12.81		$	14.46		$	13.76		$	11.48		$	13.23		$	16.79
Market price at end of period	$	13.73		$	12.75	(b)	$	14.35	(b)	$	13.74		$	11.33		$	13.33		$	16.86
Net Asset Value Total Return(c)		8.97	%		(11.41	)%		8.89	%		24.72	%		(11.59	)%		(18.75	)%		0.24	%
Market Price Total Return(c)		9.81	%		(11.15	)%		8.23	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	58,027		$	51,741		$	74,327		$	63,834		$	39,481		$	62,058		$	87,970
Ratio to average net assets of:
Expenses, after Waivers		0.70	%(d)		0.70	%(d)		0.70	%		0.70	%		0.70	%		0.70	%		0.71	%
Expenses, prior to Waivers		2.03	%(d)		0.82	%(d)		1.15	%		1.17	%		1.28	%		0.77	%		0.81	%
Net investment income, after Waivers		3.58	%(d)		2.40	%(d)		2.83	%		2.83	%		2.96	%		1.50	%		2.28	%
Portfolio turnover rate(e)		31	%		21	%		98	%		74	%		57	%		94	%		24	%

^(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 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.

90

Financial Highlights (continued)

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)

	Six Months Ended April 30, 2019 (Unaudited)			Years Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	40.04		$	44.66		$	36.74		$	38.60		$	41.20		$	42.99
Net investment income(a)		0.69			1.34			1.20			1.09			1.16			1.55	(b)
Net realized and unrealized gain (loss) on investments		1.45			(4.56	)		7.98			(1.82	)		(2.65	)		(1.79	)
Total from investment operations		2.14			(3.22	)		9.18			(0.73	)		(1.49	)		(0.24	)
Distributions to shareholders from:
Net investment income		(0.48	)		(1.40	)		(1.26	)		(1.13	)		(1.11	)		(1.55	)
Transaction fees(a)		0.00	(c)		0.00	(c)		—			—			—			—
Net asset value at end of period	$	41.70		$	40.04		$	44.66		$	36.74		$	38.60		$	41.20
Market price at end of period(d)	$	41.78		$	39.98		$	44.81		$	36.68		$	38.34		$	41.71
Net Asset Value Total Return(e)		5.43	%		(7.45	)%		25.38	%		(1.73	)%		(3.72	)%		(0.72	)%
Market Price Total Return(e)		5.82	%		(7.92	)%		25.99	%		(1.24	)%		(5.55	)%		(0.07	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	1,375,958		$	1,275,422		$	1,214,850		$	938,650		$	787,536		$	762,267
Ratio to average net assets of:
Expenses		0.45	%(f)		0.45	%		0.45	%		0.45	%		0.46	%		0.45	%
Net investment income		3.46	%(f)		3.02	%		2.95	%		3.05	%		2.87	%		3.57	%(b)
Portfolio turnover rate(g)		12	%		10	%		13	%		14	%		12	%		16	%

^(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 $1.31 and 3.00%, respectively.

^(c)  Amount represents less than $0.005.

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

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

^(f)  Annualized.

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

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)

	Six Months Ended April 30, 2019 (Unaudited)			Years Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	29.48		$	33.33		$	27.37		$	26.60		$	26.48		$	27.40
Net investment income(a)		0.35			0.75			0.59			0.53			0.46			0.48
Net realized and unrealized gain (loss) on investments		0.94			(3.66	)		5.99			0.86			0.12			(0.79	)
Total from investment operations		1.29			(2.91	)		6.58			1.39			0.58			(0.31	)
Distributions to shareholders from:
Net investment income		(0.17	)		(0.94	)		(0.62	)		(0.62	)		(0.46	)		(0.61	)
Transaction fees(a)		0.00	(b)		0.00	(b)		—			—			—			—
Net asset value at end of period	$	30.60		$	29.48		$	33.33		$	27.37		$	26.60		$	26.48
Market price at end of period(c)	$	30.60		$	29.48		$	33.44		$	27.30		$	26.66		$	27.11
Net Asset Value Total Return(d)		4.44	%		(9.05	)%		24.36	%		5.37	%		2.18	%		(1.21	)%
Market Price Total Return(d)		4.44	%		(9.36	)%		25.09	%		4.87	%		0.01	%		(0.58	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	324,315		$	291,863		$	206,657		$	162,854		$	143,621		$	105,915
Ratio to average net assets of:
Expenses		0.49	%(e)		0.49	%		0.49	%		0.49	%		0.50	%		0.49	%
Net investment income		2.38	%(e)		2.25	%		1.98	%		2.01	%		1.73	%		1.73	%
Portfolio turnover rate(f)		25	%		21	%		19	%		25	%		24	%		24	%

^(a)  Based on average shares outstanding.

^(b)  Amount represents less than $0.005.

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

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

^(e)  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.

91

Financial Highlights (continued)

Invesco FTSE RAFI Emerging Markets ETF (PXH)

	Six Months Ended April 30, 2019 (Unaudited)			Years Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	20.02		$	21.66		$	18.81		$	15.44		$	20.38		$	21.41
Net investment income(a)		0.12			0.73			0.57			0.42			0.53			0.60
Net realized and unrealized gain (loss) on investments		1.68			(1.66	)		2.81			3.37			(5.02	)		(1.02	)
Total from investment operations		1.80			(0.93	)		3.38			3.79			(4.49	)		(0.42	)
Distributions to shareholders from:
Net investment income		(0.14	)		(0.71	)		(0.53	)		(0.42	)		(0.45	)		(0.61	)
Transaction fees(a)		0.00	(b)		0.00	(b)		—			—			—			—
Net asset value at end of period	$	21.68		$	20.02		$	21.66		$	18.81		$	15.44		$	20.38
Market price at end of period(c)	$	21.76		$	20.03		$	21.62		$	18.80		$	15.37		$	20.25
Net Asset Value Total Return(d)		9.03	%		(4.44	)%		18.10	%		25.08	%		(22.16	)%		(2.03	)%
Market Price Total Return(d)		9.38	%		(4.22	)%		17.94	%		25.57	%		(22.00	)%		(1.73	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	1,336,705		$	1,129,333		$	967,201		$	625,398		$	293,398		$	387,200
Ratio to average net assets of:
Expenses, after Waivers		0.49	%(e)(f)		0.48	%		0.48	%(e)		0.48	%		0.49	%		0.49	%
Expenses, prior to Waivers		0.49	%(e)(f)		0.49	%		0.49	%(e)		0.49	%		0.49	%		0.49	%
Net investment income, after Waivers		1.15	%(f)		3.30	%		2.84	%		2.66	%		2.88	%		2.91	%
Portfolio turnover rate(g)		22	%		16	%		24	%		16	%		34	%		22	%

^(a)  Based on average shares outstanding.

^(b)  Amount represents less than $0.005.

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

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

^(e)  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.

^(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.

Invesco Global Clean Energy ETF (PBD)

	Six Months Ended April 30, 2019 (Unaudited)			Years Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	10.97		$	13.08		$	10.65		$	11.46		$	12.52		$	12.04
Net investment income(a)		0.06			0.18			0.23			0.20			0.13			0.11
Net realized and unrealized gain (loss) on investments		1.51			(2.07	)		2.39			(0.80	)(b)		(1.07	)		0.47	(b)
Total from investment operations		1.57			(1.89	)		2.62			(0.60	)		(0.94	)		0.58
Distributions to shareholders from:
Net investment income		(0.11	)		(0.22	)		(0.19	)		(0.21	)		(0.12	)		(0.10	)
Transaction fees(a)		0.00	(c)		0.00	(c)		—			—			—			—
Net asset value at end of period	$	12.43		$	10.97		$	13.08		$	10.65		$	11.46		$	12.52
Market price at end of period(d)	$	12.42		$	10.95		$	13.07		$	10.62		$	11.46		$	12.60
Net Asset Value Total Return(e)		14.55	%		(14.69	)%		24.90	%		(5.29	)%(b)		(7.51	)%		4.79	%(b)
Market Price Total Return(e)		14.68	%		(14.78	)%		25.17	%		(5.56	)%		(8.10	)%		5.55	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	50,049		$	49,661		$	60,499		$	56,152		$	66,762		$	77,288
Ratio to average net assets of:
Expenses		0.75	%(f)		0.75	%		0.75	%		0.75	%		0.77	%		0.76	%
Net investment income		0.97	%(f)		1.43	%		1.98	%		1.83	%		1.11	%		0.83	%
Portfolio turnover rate(g)		19	%		46	%		40	%		57	%		51	%		53	%

^(a)  Based on average shares outstanding.

^(b)  Includes settlement proceeds recorded during the period. Had these settlement proceeds not been recorded Net realized and unrealized gain (loss) on investments per share would have been $(0.83) and $0.42 for the year ended October 31, 2016 and the year ended October 31, 2014, respectively, and total return would have been lower.

^(c)  Amount represents less than $0.005.

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

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

^(f)  Annualized.

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

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

92

Financial Highlights (continued)

Invesco Global Water ETF (PIO)

	Six Months Ended April 30, 2019 (Unaudited)			Years Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	23.73		$	25.27		$	21.32		$	21.89		$	23.35		$	21.91
Net investment income(a)		0.14			0.45			0.28			0.34			0.29			0.34
Net realized and unrealized gain (loss) on investments		3.87			(1.54	)		3.95			(0.60	)		(1.45	)		1.44
Total from investment operations		4.01			(1.09	)		4.23			(0.26	)		(1.16	)		1.78
Distributions to shareholders from:
Net investment income		(0.11	)		(0.45	)		(0.28	)		(0.31	)		(0.30	)		(0.34	)
Transaction fees(a)		0.00	(b)		0.00	(b)		—			—			—			—
Net asset value at end of period	$	27.63		$	23.73		$	25.27		$	21.32		$	21.89		$	23.35
Market price at end of period(c)	$	27.66		$	23.69		$	25.25		$	21.29		$	21.77		$	23.30
Net Asset Value Total Return(d)		17.00	%		(4.45	)%		20.01	%		(1.14	)%		(5.03	)%		8.08	%
Market Price Total Return(d)		17.32	%		(4.53	)%		20.08	%		(0.78	)%		(5.35	)%		7.59	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	186,501		$	164,916		$	200,862		$	188,665		$	241,832		$	288,367
Ratio to average net assets of:
Expenses		0.75	%(e)		0.75	%		0.75	%		0.74	%		0.76	%		0.76	%
Net investment income		1.15	%(e)		1.77	%		1.22	%		1.62	%		1.27	%		1.46	%
Portfolio turnover rate(f)		16	%		34	%		34	%		67	%		78	%		28	%

^(a)  Based on average shares outstanding.

^(b)  Amount represents less than $0.005.

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

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

^(e)  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.

Invesco International BuyBack Achievers^TM ETF (IPKW)

	Six Months Ended April 30, 2019 (Unaudited)			Years Ended October 31,												For the Period February 24,  2014(a) Through October 31, 2014
				2018			2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period	$	31.00		$	35.31		$	27.94		$	27.02		$	25.05		$	25.03
Net investment income(b)		0.35			0.69			0.47			0.74	(c)		0.44			0.33
Net realized and unrealized gain (loss) on investments		1.92			(4.28	)		7.28			0.89			1.82			(0.09	)
Total from investment operations		2.27			(3.59	)		7.75			1.63			2.26			0.24
Distributions to shareholders from:
Net investment income		(0.34	)		(0.73	)		(0.38	)		(0.71	)		(0.29	)		(0.22	)
Transaction fees(b)		0.00	(d)		0.01			—			—			—			—
Net asset value at end of period	$	32.93		$	31.00		$	35.31		$	27.94		$	27.02		$	25.05
Market price at end of period(e)	$	33.01		$	30.96		$	35.47		$	28.02		$	26.96		$	25.35
Net Asset Value Total Return(f)		7.44	%		(10.40	)%		28.03	%		6.25	%		9.04	%		0.91	%(g)
Market Price Total Return(f)		7.88	%		(10.96	)%		28.24	%		6.78	%		7.51	%		2.11	%(g)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	181,122		$	243,373		$	197,735		$	92,202		$	58,099		$	17,537
Ratio to average net assets of:
Expenses		0.55	%(h)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%(h)
Net investment income		2.25	%(h)		1.90	%		1.47	%		2.76	%(c)		1.68	%		1.88	%(h)
Portfolio turnover rate(i)		15	%		121	%		118	%		106	%		162	%		130	%

^(a)  Commencement of investment operations.

^(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 $0.51 and 1.90%, respectively.

^(d)  Amount represents less than $0.005.

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

^(f)  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 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.

^(g)  The net asset value total return from Fund Inception (February 27, 2014, the first day of trading on the exchange) to October 31, 2014 was 1.23%. The market price total return from Fund Inception to October 31, 2014 was 1.87%.

^(h)  Annualized.

⁽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.

93

Financial Highlights (continued)

Invesco MSCI Global Timber ETF (CUT)

	Six Months Ended April 30, 2019 (Unaudited)			Five Months Ended October 31, 2018			Years Ended May 31,
							2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	27.98		$	33.50		$	27.57		$	23.63		$	26.28		$	25.37		$	22.19
Net investment income(a)		0.54			0.20			0.63			0.47			0.67			0.61			0.53
Net realized and unrealized gain (loss) on investments		(0.11	)		(5.72	)		5.80			3.99			(2.96	)		0.99			3.01
Total from investment operations		0.43			(5.52	)		6.43			4.46			(2.29	)		1.60			3.54
Distributions to shareholders from:
Net investment income		(0.82	)		—			(0.50	)		(0.52	)		(0.36	)		(0.69	)		(0.36	)
Transaction fees(a)		0.00	(b)		0.00	(b)		—			—			—			—			—
Net asset value at end of period	$	27.59		$	27.98		$	33.50		$	27.57		$	23.63		$	26.28		$	25.37
Market price at end of period		27.70	(c)	$	27.94	(c)	$	33.54	(c)	$	27.52		$	23.59		$	26.26		$	25.33
Net Asset Value Total Return(d)		2.10	%		(16.48	)%		23.42	%		19.09	%		(8.72	)%		6.50	%		15.93	%
Market Price Total Return(d)		2.66	%		(16.70	)%		23.79	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	168,279		$	173,463		$	236,190		$	190,203		$	163,060		$	199,709		$	253,668
Ratio to average net assets of:
Expenses, after Waivers		0.55	%(e)		0.55	%(e)		0.55	%		0.57	%		0.60	%		0.70	%		0.71	%
Expenses, prior to Waivers		0.67	%(e)		0.64	%(e)		0.67	%		0.70	%		0.75	%		0.76	%		0.75	%
Net investment income, after Waivers		4.00	%(e)		1.50	%(e)		2.02	%		1.85	%		2.83	%		2.44	%		2.18	%
Portfolio turnover rate(f)		7	%		4	%		10	%		8	%		60	%		29	%		5	%

^(a)  Based on average shares outstanding.

^(b)  Amount represents less than $0.005.

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

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

^(e)  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.

Invesco S&P Global Dividend Opportunities Index ETF (LVL)

	Six Months Ended April 30, 2019 (Unaudited)			Five Months Ended October 31, 2018			Years Ended May 31,
							2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	10.56		$	10.88		$	10.88		$	9.54		$	11.77		$	14.01		$	13.07
Net investment income(a)		0.18			0.20			0.30			0.51			0.52			0.65			0.80
Net realized and unrealized gain (loss) on investments		1.04			(0.25	)		0.03			1.33			(2.20	)		(2.18	)		1.03
Total from investment operations		1.22			(0.05	)		0.33			1.84			(1.68	)		(1.53	)		1.83
Distributions to shareholders from:
Net investment income		(0.15	)		(0.27	)		(0.33	)		(0.50	)		(0.55	)		(0.71	)		(0.89	)
Transaction fees(a)		0.00	(b)		0.00	(b)		—			—			—			—			—
Net asset value at end of period	$	11.63		$	10.56		$	10.88		$	10.88		$	9.54		$	11.77		$	14.01
Market price at end of period		11.57	(c)	$	10.54	(c)	$	10.86	(c)	$	10.85		$	9.49		$	11.76		$	14.08
Net Asset Value Total Return(d)		11.65	%		(0.58	)%		3.07	%		19.90	%		(14.31	)%		(11.23	)%		14.89	%
Market Price Total Return(d)		11.29	%		(0.58	)%		3.17	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	30,693		$	30,415		$	36,568		$	60,059		$	52,650		$	76,292		$	99,774
Ratio to average net assets of:
Expenses, after Waivers		0.64	%(e)		0.64	%(e)		0.64	%		0.64	%		0.64	%		0.65	%		0.66	%
Expenses, prior to Waivers		0.95	%(e)		0.91	%(e)		0.77	%		0.77	%		0.77	%		0.74	%		0.75	%
Net investment income, after Waivers		3.33	%(e)		4.22	%(e)		2.73	%		5.00	%		5.46	%		5.16	%		6.14	%
Portfolio turnover rate(f)		17	%		64	%		66	%		107	%		85	%		74	%		94	%

^(a) Based on average shares outstanding.

^(b)  Amount represents less than $0.005.

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

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

^(e)  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 Global Water Index ETF (CGW)

	Six Months Ended April 30, 2019 (Unaudited)			Two Months Ended October 31, 2018			Years Ended August 31,
							2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	32.32		$	35.28		$	33.38		$	30.27		$	26.67		$	29.02		$	23.90
Net investment income(a)		0.24			0.04			0.59			0.61			0.54			0.48			0.51
Net realized and unrealized gain (loss) on investments		4.47			(3.00	)		1.92			2.97			3.51			(2.33	)		5.03
Total from investment operations		4.71			(2.96	)		2.51			3.58			4.05			(1.85	)		5.54
Distributions to shareholders from:
Net investment income		(0.67	)		—			(0.61	)		(0.47	)		(0.45	)		(0.50	)		(0.42	)
Transaction fees(a)		0.00	(b)		0.00	(b)		—			—			—			—			—
Net asset value at end of period	$	36.36		$	32.32		$	35.28		$	33.38		$	30.27		$	26.67		$	29.02
Market value at end of period		36.42	(c)	$	32.27	(c)	$	35.23	(c)	$	33.46		$	30.32		$	26.64		$	29.08
Net Asset Value Total Return(d)		15.01	%		(8.39	)%		7.51	%		12.09	%		15.40	%		(6.47	)%		23.27	%
Market Price Total Return(d)		15.39	%		(8.40	)%		7.09	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	620,981		$	531,298		$	594,105		$	610,253		$	432,244		$	346,709		$	367,914
Ratio to average net assets of:
Net expenses		0.58	%(e)		0.60	%(e)		0.62	%		0.63	%		0.64	%		0.64	%		0.65	%
Net investment income		1.43	%(e)		0.67	%(e)		1.71	%		1.98	%		1.93	%		1.69	%		1.83	%
Portfolio turnover rate(f)		5	%		5	%		13	%		8	%		6	%		9	%		7	%

^(a)  Based on average shares outstanding.

^(b)  Amount represents less than $0.005.

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

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

^(e)  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.

Invesco S&P International Developed Quality ETF (IDHQ)

	Six Months Ended April 30, 2019 (Unaudited)			Years Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	21.36		$	23.50		$	19.65		$	20.19		$	19.42		$	19.67
Net investment income(a)		0.30			0.58			0.45			0.41			0.33			0.35
Net realized and unrealized gain (loss) on investments		1.99			(2.18	)		3.88			(0.54	)(b)		0.75			(0.21	)
Total from investment operations		2.29			(1.60	)		4.33			(0.13	)		1.08			0.14
Distributions to shareholders from:
Net investment income		(0.22	)		(0.54	)		(0.48	)		(0.41	)		(0.31	)		(0.39	)
Transaction fees(a)		0.00	(c)		0.00	(c)		—			—			—			—
Net asset value at end of period	$	23.43		$	21.36		$	23.50		$	19.65		$	20.19		$	19.42
Market price at end of period(d)	$	23.52		$	21.31		$	23.71		$	19.61		$	20.14		$	19.59
Net Asset Value Total Return(e)		10.82	%		(7.00	)%		22.36	%		(0.62	)%(b)		5.60	%		0.66	%
Market Price Total Return(e)		11.51	%		(8.05	)%		23.70	%		(0.59	)%		4.42	%		1.48	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	30,463		$	32,039		$	28,203		$	20,628		$	19,180		$	16,505
Ratio to average net assets of:
Expenses		0.29	%(f)		0.29	%		0.31	%		0.45	%		0.49	%		0.47	%
Net investment income		2.75	%(f)		2.47	%		2.10	%		2.09	%		1.66	%		1.73	%
Portfolio turnover rate(g)		22	%		54	%		49	%		165	%		78	%		57	%

^(a)  Based on average shares outstanding.

^(b)  Includes settlement proceeds recorded during the period. Had these settlement proceeds not been recorded Net realized and unrealized gain (loss) on investments per share would have been $(0.71) and total return would have been lower.

^(c)  Amount represents less than $0.005.

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

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

^(f)  Annualized.

^(g)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended October 31, 2016, 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.

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

April 30, 2019

(Unaudited)

NOTE 1—Organization

Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust on October 10, 2006 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 China Real Estate ETF (TAO)	“China Real Estate ETF”
Invesco China Small Cap ETF (HAO)	“China Small Cap ETF”
Invesco China Technology ETF (CQQQ)	“China Technology ETF”
Invesco DWA Developed Markets Momentum ETF (PIZ)	“DWA Developed Markets Momentum ETF”
Invesco DWA Emerging Markets Momentum ETF (PIE)	“DWA Emerging Markets Momentum ETF”
Invesco Frontier Markets ETF (FRN)	“Frontier Markets ETF”
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)	“FTSE RAFI Developed Markets ex-U.S. ETF”
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)	“FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF”
Invesco FTSE RAFI Emerging Markets ETF (PXH)	“FTSE RAFI Emerging Markets ETF”
Invesco Global Clean Energy ETF (PBD)	“Global Clean Energy ETF”
Invesco Global Water ETF (PIO)	“Global Water ETF”
Invesco International BuyBack AchieversTM ETF (IPKW)	“International BuyBack AchieversTM ETF”
Invesco MSCI Global Timber ETF (CUT)	“MSCI Global Timber ETF”
Invesco S&P Global Dividend Opportunities Index ETF (LVL)	“S&P Global Dividend Opportunities Index ETF”
Invesco S&P Global Water Index ETF (CGW)	“S&P Global Water Index ETF”
Invesco S&P International Developed Quality ETF (IDHQ)	“S&P International Developed Quality 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 the following exchanges:

Fund	Exchange
China Real Estate ETF	NYSE Arca, Inc.
China Small Cap ETF	NYSE Arca, Inc.
China Technology ETF	NYSE Arca, Inc.
DWA Developed Markets Momentum ETF	The Nasdaq Stock Market
DWA Emerging Markets Momentum ETF	The Nasdaq Stock Market
Frontier Markets ETF	NYSE Arca, Inc.
FTSE RAFI Developed Markets ex-U.S. ETF	NYSE Arca, Inc.
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	NYSE Arca, Inc.
FTSE RAFI Emerging Markets ETF	NYSE Arca, Inc.
Global Clean Energy ETF	NYSE Arca, Inc.
Global Water ETF	The Nasdaq Stock Market
International BuyBack AchieversTM ETF	The Nasdaq Stock Market
MSCI Global Timber ETF	NYSE Arca, Inc.
S&P Global Dividend Opportunities Index ETF	NYSE Arca, Inc.
S&P Global Water Index ETF	NYSE Arca, Inc.
S&P International Developed Quality ETF	NYSE Arca, Inc.

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

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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
China Real Estate ETF	AlphaShares China Real Estate Index
China Small Cap ETF	AlphaShares China Small Cap Index
China Technology ETF	AlphaShares China Technology Index
DWA Developed Markets Momentum ETF	Dorsey Wright® Developed Markets Technical Leaders Index
DWA Emerging Markets Momentum ETF	Dorsey Wright® Emerging Markets Technical Leaders Index
Frontier Markets ETF	S&P/BNY Mellon New Frontier Index (USD)*
FTSE RAFI Developed Markets ex-U.S. ETF	FTSE RAFITM Developed ex U.S. 1000 Index
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	FTSE RAFITM Developed ex U.S. Mid-Small 1500 Index
FTSE RAFI Emerging Markets ETF	FTSE RAFITM Emerging Markets Index
Global Clean Energy ETF	WilderHill New Energy Global Innovation Index
Global Water ETF	Nasdaq OMX Global Water IndexSM
International BuyBack AchieversTM ETF	Nasdaq International BuyBack AchieversTM Index
MSCI Global Timber ETF	MSCI ACWI IMI Timber Select Capped Index
S&P Global Dividend Opportunities Index ETF	S&P Global Dividend Opportunities Index
S&P Global Water Index ETF	S&P Global Water Index
S&P International Developed Quality ETF	S&P Quality Developed ex-U.S. LargeMidCap Index

* Prior to April 1, 2019, the Underlying Index was BNY Mellon New Frontier Index.

NOTE 2—Significant Accounting Policies

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

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

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

Securities, including restricted securities in a fund that are held as investments (the “Underlying Fund”), if any, of a Fund, are valued in accordance with the Underlying Fund’s valuation policy. The policies of Underlying Funds affiliated with the Funds as a result of having the same investment adviser are the same as those set forth below.

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

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

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

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities

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

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

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

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

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions 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.

B. Other Risks

Index Risk. Unlike many investment companies, the Funds do not utilize investing strategies that seek returns in excess of their Underlying Indexes. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.

Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying 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, which may be more likely to trade at a premium or discount to each Fund’s NAV and possibly face trading halts and/or delisting. This risk may be heightened for the Funds because the Funds invest in non-U.S. securities, which may have lower trading volumes.

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 particular industries will become negative. 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.

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 faces more risks than if it were diversified broadly over numerous industries or industry groups. Such industry based

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risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Geographic Concentration Risk. A natural or other disaster could occur in a country or geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact a Fund’s investments in the affected country or region.

Non-Diversified Fund Risk. China Real Estate ETF, China Small Cap ETF, China Technology ETF, Frontier Markets ETF, Global Water ETF, International BuyBack Achievers^TM ETF, MSCI Global Timber ETF, S&P Global Dividend Opportunities Index ETF and S&P Global Water Index ETF are non-diversified and can invest a greater portion of their assets in securities of individual issuers than diversified funds. 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 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.

Issuer-Specific Changes Risk. The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than that of larger issuers.

Micro-Capitalization Company Risk. For certain Funds, investing in the securities of micro-capitalization companies involve substantially greater risks of loss and price fluctuations because their earnings and revenues tend to be less predictable (and some companies may be experiencing significant losses), and their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations.

Non-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its 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 Underlying Index. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.

Sampling Risk. FTSE RAFI Emerging Markets ETF’s use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its Underlying Index. As a result, an adverse development 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.

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 comparable to those applicable to domestic issuers. Foreign securities also are 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. As the Funds may invest 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 Funds’ returns. Such risks may be exacerbated in emerging markets, where securities laws are relatively new and unsettled.

Small- and Mid-Capitalization Company Risk. For certain Funds, 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.

Emerging Markets Risk. The risks of foreign investments are usually much greater for emerging markets. Emerging markets are riskier because they develop unevenly and may never fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, the securities markets in many of these countries have far lower trading volumes and less liquidity then developed markets. Because these markets are so small, they may be more likely to suffer sharp and frequent price changes or long term price depression due to adverse publicity, investor perceptions or the transactions of a few large investors. Traditional measures of investment value used in the U.S., such as price to earnings ratios, may not apply to certain small markets, making it more difficult to value their securities.

REIT Risk. For certain Funds, in addition to the risks pertaining to real estate investments more generally, REITs are subject to additional risks. The value of a REIT can depend on the structure of and cash flow generated by the REIT. REITs whose investments are concentrated in a limited number or type of properties, investments or narrow geographic area are also subject to certain requirements under federal tax law. In addition, REITs may have expenses, including advisory and administration expenses, and each Fund and its shareholders will incur its pro rata share of the underlying expenses.

Investment in Investment Companies Risk. For certain Funds, investing in other investment companies, including exchange-traded funds (“ETFs”), business development companies and closed-end funds, subjects the 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, the Fund and its shareholders will incur its pro rata share of the underlying

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investment companies’ expenses, which will reduce the Fund’s performance, and the purchase of shares of some investment companies (in the case of closed-end investment companies) may sometimes require the payment of substantial premiums above the value of such companies’ portfolio securities or NAVs. In addition, investments by the Fund 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 the shares and the listing exchange may halt trading of the ETF’s or closed-end fund’s shares.

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 directly the underlying foreign securities 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. 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.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of the Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to the 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 the Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to the Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism (described below) to minimize realization of capital gains to the extent possible.

Currency Risk. The Funds may invest in non-U.S. dollar denominated equity securities of foreign issuers. Because a Fund’s NAV is determined in U.S. dollars, the Fund’s NAV could decline if the currency of the non-U.S. market in which the Fund invests depreciates against the U.S. dollar, even if the value of the Fund’s holdings, measured in the foreign currency, increases.

C. 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 the accrual basis from settlement date. 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.

The Funds may periodically participate in litigation related to each 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 each Fund’s NAV and, accordingly, they reduce each 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.

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

E. Dividends and Distributions to Shareholders — Each Fund (except for China Real Estate ETF, China Small Cap ETF, China Technology ETF, Frontier Markets ETF, MSCI Global Timber ETF, and S&P Global Water Index ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on ex-dividend date. China Real Estate ETF, China Small Cap ETF, China Technology ETF, Frontier Markets ETF, MSCI Global Timber ETF, and S&P Global Water Index ETF each declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and

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records them on 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.

F. 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.

G. Expenses — Each Fund (except for China Real Estate ETF, China Small Cap ETF, Frontier Markets ETF, MSCI Global Timber ETF, S&P Global Dividend Opportunities Index ETF, and S&P Global Water Index ETF) has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.

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 each Fund’s unitary management fee and 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.

China Real Estate ETF, China Small Cap ETF, Frontier Markets ETF, MSCI Global Timber ETF, S&P Global Dividend Opportunities Index ETF, and S&P Global Water Index ETF are responsible for all of their 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, 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 (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.

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.

H. 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.

I. 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 his 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. However, based on experience, the Trust believes the risk of loss to be remote.

J. 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 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. The Funds do 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)

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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 each 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.

The Funds 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 each Fund invests.

K. Securities Lending — During the six-month period ended April 30, 2019, each Fund participated in securities lending. Each Fund loaned 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 generally invested in an affiliated money market fund 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. 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.

NOTE 3—Investment Advisory Agreement and Other Agreements

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

Pursuant to an Investment Advisory Agreement, each Fund listed below accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

	Unitary Management Fees (as a % of Net Assets)
China Technology ETF		0.70	%
DWA Developed Markets Momentum ETF		0.80	%
DWA Emerging Markets Momentum ETF		0.90	%
FTSE RAFI Developed Markets ex-U.S. ETF		0.45	%
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		0.49	%
FTSE RAFI Emerging Markets ETF		0.49	%
Global Clean Energy ETF		0.75	%
Global Water ETF		0.75	%
International BuyBack AchieversTM ETF		0.55	%
S&P International Developed Quality ETF		0.29	%

The Adviser has agreed to waive a portion of its unitary management fee to prevent the expenses (excluding interest expenses, brokerage commissions and other trading expenses, acquired fund fees and expenses, if any, taxes, and litigation expenses and other extraordinary expenses) of China Technology ETF from exceeding such Fund’s unitary management fee through at least May 18, 2020. Neither the Adviser nor the Trust can discontinue the agreement prior to its expiration.

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Pursuant to another Investment Advisory Agreement, each of the following Funds accrues daily and pays monthly to the Adviser an annual fee equal to a percentage of its average daily net assets as follows:

	Management Fees (as a % of Net Assets)
China Real Estate ETF		0.50	%
China Small Cap ETF		0.55	%
Frontier Markets ETF		0.50	%
MSCI Global Timber ETF		0.50	%
S&P Global Dividend Opportunities Index ETF		0.50	%
S&P Global Water Index ETF		0.50	%

The Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of each of those Funds (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) from exceeding the percentage of the Fund’s average daily net assets per year (the “Expense Cap”) shown in the table below through at least August 31, 2021. Neither the Adviser nor the Funds can discontinue the agreement prior to its expiration.

	Expense Cap
China Real Estate ETF		0.65	%
China Small Cap ETF		0.70	%
Frontier Markets ETF		0.65	%
MSCI Global Timber ETF		0.55	%
S&P Global Dividend Opportunities Index ETF		0.60	%
S&P Global Water Index ETF		0.63	%

Further, the Adviser agrees to reimburse each Fund listed below in the amount equal to the licensing fees that each Fund pays that cause the Fund’s operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses and extraordinary expenses) to exceed the following percentages:

Fund	Limit			Contract End Date
China Real Estate ETF		0.70	%		12/31/2020
China Small Cap ETF		0.75	%		12/31/2020
Frontier Markets ETF		0.70	%		12/31/2020
MSCI Global Timber ETF		0.55	%		12/31/2020
S&P Global Dividend Opportunities Index ETF		0.64	%		12/31/2020
S&P Global Water Index ETF		0.63	%		04/06/2020

Additionally, through August 31, 2021, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six-month period ended April 30, 2019, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

China Real Estate ETF	$	43,565
China Small Cap ETF		55,270
China Technology ETF		143
DWA Developed Markets Momentum ETF		218
DWA Emerging Markets Momentum ETF		182
Frontier Markets ETF		350,116
FTSE RAFI Developed Markets ex-U.S. ETF		803
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		157
FTSE RAFI Emerging Markets ETF		26,933
Global Clean Energy ETF		20
Global Water ETF		30
International BuyBack AchieversTM ETF		146

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MSCI Global Timber ETF	$	97,528
S&P Global Dividend Opportunities Index ETF		47,846
S&P Global Water Index ETF		670
S&P International Developed Quality ETF		22

The fees waived and/or expenses borne by the Adviser for China Real Estate ETF, China Small Cap ETF, Frontier Markets ETF, MSCI Global Timber ETF, S&P Global Dividend Opportunities Index ETF, and S&P Global Water Index ETF are subject to recapture by the Adviser up to three years from the date the fees were waived or the expense 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 recapture by the Adviser and the expiration schedule at April 30, 2019 are as follows:

	Total Potential Recapture Amounts		Potential Recapture Amounts Expiring
			5/31/2019		5/31/2020		5/31/2021		10/31/2021		4/30/2022
China Real Estate ETF	$	109,794	$	—	$	—	$	31,613	$	34,712	$	43,469
China Small Cap ETF	$	128,197		—		—		—		73,122		55,075
Frontier Markets ETF	$	441,923		—		—		60,879		31,048		349,996
MSCI Global Timber ETF	$	225,672		—		—		53,954		76,595		95,123
S&P Global Dividend Opportunities Index ETF	$	112,752		—		—		25,090		39,876		47,786

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

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

Fund	Licensor
China Real Estate ETF	AlphaShares
China Small Cap ETF	AlphaShares
China Technology ETF	AlphaShares
DWA Developed Markets Momentum ETF	Dorsey Wright & Associates, LLC
DWA Emerging Markets Momentum ETF	Dorsey Wright & Associates, LLC
Frontier Markets ETF	The Bank of New York Corporation
FTSE RAFI Developed Markets ex-U.S. ETF	FTSE International Ltd.
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	FTSE International Ltd.
FTSE RAFI Emerging Markets ETF	FTSE International Ltd.
Global Clean Energy ETF	WilderHill New Energy Finance, LLC
Global Water ETF	Nasdaq, Inc.
International BuyBack AchieversTM ETF	Nasdaq, Inc.
MSCI Global Timber ETF	MSCI, Inc.
S&P Global Dividend Opportunities Index ETF	S&P Dow Jones Indices LLC
S&P Global Water Index ETF	S&P Dow Jones Indices LLC
S&P International Developed Quality ETF	S&P Dow Jones Indices LLC

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are 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 The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

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NOTE 4—Investments in Affiliates

The Adviser also serves as the adviser for Invesco India ETF, and therefore Invesco India ETF is considered to be affiliated with the Funds. The tables below show certain Funds’ transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the six-month period ended April 30, 2019.

FTSE RAFI Emerging Markets ETF

	Value October 31, 2018		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value April 30, 2019		Dividend Income
Invesco India ETF*	$	7,884,352	$	—		$(9,080,939)	$	(629,576	)	$	1,826,163	$	—	$	82,459

* At April 30, 2019, this security was no longer held.

MSCI Global Timber ETF

	Value October 31, 2018		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2018		Dividend Income
Invesco India ETF	$	237,787	$	11,133		$(154,575)	$	37,284	$	(8,515	)	$	123,114	$	1,208

NOTE 5—Additional Valuation Information

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

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

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

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

Except for the Funds listed below, as of April 30, 2019, all of the securities in each Fund 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.

During the six-month period ended April 30, 2019, there were no material transfers in and out of Level 3.

	Level 1		Level 2		Level 3		Total
China Real Estate ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	63,064,577	$	—	$	0	$	63,064,577
Money Market Funds		797,807		—		—		797,807
Total Investments	$	63,862,384	$	—	$	0	$	63,862,384
China Small Cap ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	67,323,197	$	—	$	53,235	$	67,376,432
Money Market Funds		4,681,850		—		—		4,681,850
Total Investments	$	72,005,047	$	—	$	53,235	$	72,058,282

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	Level 1		Level 2		Level 3		Total
China Technology ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	565,476,329	$	—	$	0	$	565,476,329
Money Market Funds		19,092,249		—		—		19,092,249
Total Investments	$	584,568,578	$	—	$	0	$	584,568,578
DWA Emerging Markets Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	161,772,314	$	—	$	0	$	161,772,314
Money Market Funds		610,904		—		—		610,904
Total Investments	$	162,383,218	$	—	$	0	$	162,383,218
Frontier Markets ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	57,789,029	$	—	$	0	$	57,789,029
FTSE RAFI Developed Markets ex-U.S. ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	1,365,222,623	$	—	$	18,922	$	1,365,241,545
Money Market Funds		74,038,656		—		—		74,038,656
Total Investments	$	1,439,261,279	$	—	$	18,922	$	1,439,280,201
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	322,158,624	$	106,692	$	18,993	$	322,284,309
Money Market Funds		22,415,848		—		—		22,415,848
Total Investments	$	344,574,472	$	106,692	$	18,993	$	344,700,157
FTSE RAFI Emerging Markets ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	1,337,308,524	$	270,995	$	0	$	1,337,579,519
Money Market Funds		3,905,792		—		—		3,905,792
Total Investments	$	1,341,214,316	$	270,995	$	0	$	1,341,485,311
Global Water ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	185,619,340	$	—	$	99,923	$	185,719,263
Money Market Funds		1,367,424		—		—		1,367,424
Total Investments	$	186,986,764	$	—	$	99,923	$	187,086,687
International BuyBack AchieversTM ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	180,184,895	$	—	$	0	$	180,184,895
Money Market Funds		6,973,555		—		—		6,973,555
Total Investments	$	187,158,450	$	—	$	0	$	187,158,450
MSCI Global Timber ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	167,604,053	$	—	$	0	$	167,604,053
Money Market Funds		6,854,219		—		—		6,854,219
Total Investments	$	174,458,272	$	—	$	0	$	174,458,272

NOTE 6—Tax Information

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

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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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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 October 31, 2018, which expire as follows:

			Post-effective/no expiration
	2019		Short-Term		Long-Term		Total*
China Real Estate ETF	$	—	$	1,202,402	$	3,876,691	$	5,079,093
China Small Cap ETF		—		7,291,300		52,902,817		60,194,117
China Technology ETF		—		10,736,447		11,086,146		21,822,593
DWA Developed Markets Momentum ETF		11,083,378		102,240,499		—		113,323,877
DWA Emerging Markets Momentum ETF		18,886,830		100,829,572		—		119,716,402
Frontier Markets ETF		—		11,608,522		60,616,574		72,225,096
FTSE RAFI Developed Markets ex-U.S. ETF		1,248,239		—		53,448,191		54,696,430
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		—		—		13,353,789		13,353,789
FTSE RAFI Emerging Markets ETF		—		—		61,663,589		61,663,589
Global Clean Energy ETF		31,202,293		11,053,611		58,330,373		100,586,277
Global Water ETF		4,235,497		37,815,586		8,111,125		50,162,208
International BuyBack AchieversTM ETF		—		13,640,434		—		13,640,434
MSCI Global Timber ETF		—		11,316,300		11,613,022		22,929,322
S&P Global Dividend Opportunities Index ETF		—		17,021,211		24,533,773		41,554,984
S&P Global Water Index ETF		—		2,164,644		20,188,132		22,352,776
S&P International Developed Quality ETF		2,056,117		2,878,011		547,832		5,481,960

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

NOTE 7—Investment Transactions

For the six-month period ended April 30, 2019, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
China Real Estate ETF	$	897,118	$	3,408,982
China Small Cap ETF		11,416,578		14,534,812
China Technology ETF		128,406,318		129,517,325
DWA Developed Markets Momentum ETF		107,698,356		107,191,963
DWA Emerging Markets Momentum ETF		161,674,446		181,468,325
Frontier Markets ETF		18,317,439		16,525,257
FTSE RAFI Developed Markets ex-U.S. ETF		174,117,636		169,675,819
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		82,478,133		79,976,827
FTSE RAFI Emerging Markets ETF		380,455,997		272,840,144
Global Clean Energy ETF		9,208,426		9,877,740
Global Water ETF		27,245,428		27,652,407
International BuyBack AchieversTM ETF		30,326,535		37,349,777
MSCI Global Timber ETF		12,172,366		14,612,586
S&P Global Dividend Opportunities Index ETF		5,448,161		5,371,895
S&P Global Water Index ETF		29,011,879		35,680,099
S&P International Developed Quality ETF		7,763,299		8,000,235

107

For the six-month period ended April 30, 2019, in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received		Value of Securities Delivered
China Real Estate ETF	$	18,919,566	$	—
China Small Cap ETF		—		2,730,088
China Technology ETF		115,358,671		71,669,053
DWA Developed Markets Momentum ETF		27,686,617		83,360,154
DWA Emerging Markets Momentum ETF		1,699,573		26,348,389
Frontier Markets ETF		1,308,404		536,699
FTSE RAFI Developed Markets ex-U.S. ETF		185,098,506		155,390,352
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		56,193,877		40,337,829
FTSE RAFI Emerging Markets ETF		86,003,473		84,031,004
Global Clean Energy ETF		—		5,172,909
Global Water ETF		1,246,412		5,861,697
International BuyBack AchieversTM ETF		—		64,867,104
MSCI Global Timber ETF		2,530,769		5,047,638
S&P Global Dividend Opportunities Index ETF		—		2,638,296
S&P Global Water Index ETF		38,380,354		16,958,324
S&P International Developed Quality ETF		4,969,493		9,632,224

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

At April 30, 2019, 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
China Real Estate ETF	$	7,255,371		$    (3,785,705)		$	3,469,666		$	60,392,718
China Small Cap ETF		11,560,065		(18,966,613	)		(7,406,548	)		79,464,830
China Technology ETF		76,533,919		(63,477,904	)		13,056,015			571,512,563
DWA Developed Markets Momentum ETF		25,085,776		(2,754,473	)		22,331,303			166,498,096
DWA Emerging Markets Momentum ETF		20,576,025		(3,304,025	)		17,272,000			145,111,218
Frontier Markets ETF		9,375,229		(5,504,586	)		3,870,643			53,918,386
FTSE RAFI Developed Markets ex-U.S. ETF		133,163,743		(121,141,912	)		12,021,831			1,427,258,370
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		28,195,353		(27,844,438	)		350,915			344,349,242
FTSE RAFI Emerging Markets ETF		173,860,059		(106,970,384	)		66,889,675			1,274,595,636
Global Clean Energy ETF		10,536,968		(4,125,141	)		6,411,827			51,037,988
Global Water ETF		40,937,671		(3,171,165	)		37,766,506			149,320,181
International BuyBack AchieversTM ETF		6,238,344		(24,529,977	)		(18,291,633	)		205,450,083
MSCI Global Timber ETF		28,367,216		(8,516,352	)		19,850,864			154,607,408
S&P Global Dividend Opportunities Index ETF		2,093,450		(820,436	)		1,273,014			31,916,439
S&P Global Water Index ETF		140,843,339		(18,712,354	)		122,130,985			506,764,083
S&P International Developed Quality ETF		2,413,783		(1,935,059	)		478,724			30,745,727

NOTE 8—Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the following Funds’ unitary management fee, pays for such compensation for China Technology ETF, DWA Developed Markets Momentum ETF, DWA Emerging Markets Momentum ETF, FTSE RAFI Developed Markets ex-U.S. ETF, FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, FTSE RAFI Emerging Markets ETF, Global Clean Energy ETF, Global Water ETF, International BuyBack Achievers^™ ETF, and S&P International Developed Quality ETF. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

108

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 his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the 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 9—Capital

Shares are created and redeemed by each Fund only in Creation Units of 50,000 Shares, except for S&P Global Dividend Opportunities Index ETF and S&P Global Water Index ETF, which are created and redeemed in Creation Units of 80,000 Shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

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

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

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

NOTE 10—Subsequent Event

Effective as of the close of markets on June 21, 2019, China Technology ETF changed its investment objective, principal investment strategy, index provider and underlying index. The new underlying index is as follows:

Current Underlying Index	New Underlying Index
AlphaShares China Technology Index	FTSE China Incl A 25% Technology Capped Index

109

Calculating your ongoing Fund expenses

Example

As a shareholder of Invesco China Real Estate ETF, Invesco China Small Cap ETF, Invesco Frontier Markets ETF, Invesco MSCI Global Timber ETF, Invesco S&P Global Dividend Opportunities Index ETF and Invesco S&P Global Water Index ETF, you incur advisory fees and other Fund expenses. As a shareholder of the Invesco China Technology ETF, Invesco DWA Developed Markets Momentum ETF, Invesco DWA Emerging Markets Momentum ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International BuyBack Achievers^™ ETF and Invesco S&P International Developed Quality ETF, you incur a unitary management fee. In addition to the unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. 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 through the six-month period ended April 30, 2019.

In addition to the fees and expenses which the Invesco FTSE RAFI Emerging Markets 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 are included in the Portfolio total returns.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs such as sales charges and brokerage commissions. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, 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 November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco China Real Estate ETF (TAO)
Actual	$	1,000.00	$	1,301.73		0.70	%	$	3.99
Hypothetical (5% return before expenses)		1,000.00		1,021.32		0.70			3.51
Invesco China Small Cap ETF (HAO)
Actual		1,000.00		1,188.58		0.75			4.07
Hypothetical (5% return before expenses)		1,000.00		1,021.08		0.75			3.76

110

Calculating your ongoing Fund expenses (continued)

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco China Technology ETF (CQQQ)
Actual	$	1,000.00	$	1,265.94		0.70	%	$	3.93
Hypothetical (5% return before expenses)		1,000.00		1,021.32		0.70			3.51
Invesco DWA Developed Markets Momentum ETF (PIZ)
Actual		1,000.00		1,093.70		0.81			4.20
Hypothetical (5% return before expenses)		1,000.00		1,020.78		0.81			4.06
Invesco DWA Emerging Markets Momentum ETF (PIE)
Actual		1,000.00		1,087.30		0.90			4.66
Hypothetical (5% return before expenses)		1,000.00		1,020.33		0.90			4.51
Invesco Frontier Markets ETF (FRN)
Actual		1,000.00		1,089.72		0.70			3.63
Hypothetical (5% return before expenses)		1,000.00		1,021.32		0.70			3.51
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)
Actual		1,000.00		1,054.30		0.45			2.29
Hypothetical (5% return before expenses)		1,000.00		1,022.56		0.45			2.26
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)
Actual		1,000.00		1,044.40		0.49			2.48
Hypothetical (5% return before expenses)		1,000.00		1,022.36		0.49			2.46
Invesco FTSE RAFI Emerging Markets ETF (PXH)
Actual		1,000.00		1,090.30		0.49			2.54
Hypothetical (5% return before expenses)		1,000.00		1,022.36		0.49			2.46
Invesco Global Clean Energy ETF (PBD)
Actual		1,000.00		1,145.50		0.75			3.99
Hypothetical (5% return before expenses)		1,000.00		1,021.08		0.75			3.76
Invesco Global Water ETF (PIO)
Actual		1,000.00		1,170.00		0.75			4.04
Hypothetical (5% return before expenses)		1,000.00		1,021.08		0.75			3.76
Invesco International BuyBack Achievers™ ETF (IPKW)
Actual		1,000.00		1,074.40		0.55			2.83
Hypothetical (5% return before expenses)		1,000.00		1,022.07		0.55			2.76
Invesco MSCI Global Timber ETF (CUT)
Actual		1,000.00		1,020.97		0.55			2.76
Hypothetical (5% return before expenses)		1,000.00		1,022.07		0.55			2.76
Invesco S&P Global Dividend Opportunities Index ETF (LVL)
Actual		1,000.00		1,116.50		0.64			3.36
Hypothetical (5% return before expenses)		1,000.00		1,021.62		0.64			3.21
Invesco S&P Global Water Index ETF (CGW)
Actual		1,000.00		1,150.07		0.58			3.09
Hypothetical (5% return before expenses)		1,000.00		1,021.92		0.58			2.91
Invesco S&P International Developed Quality ETF (IDHQ)
Actual		1,000.00		1,108.20		0.29			1.52
Hypothetical (5% return before expenses)		1,000.00		1,023.36		0.29			1.45

⁽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 April 30, 2019. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

111

Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement

At a meeting held on April 11, 2019, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 73 series (each, a “Fund” and collectively, the “Funds”):

Invesco 1-30 Laddered Treasury ETF

Invesco California AMT-Free Municipal Bond ETF

Invesco CEF Income Composite ETF

Invesco China Technology ETF

Invesco DWA Developed Markets Momentum ETF

Invesco DWA Emerging Markets Momentum ETF

Invesco DWA SmallCap Momentum ETF

Invesco DWA Tactical Multi-Asset Income ETF

Invesco DWA Tactical Sector Rotation ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco FTSE International Low Beta Equal Weight ETF

Invesco FTSE RAFI Developed Markets ex-U.S. ETF

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

Invesco FTSE RAFI Emerging Markets ETF

Invesco Fundamental High Yield^® Corporate Bond ETF

Invesco Fundamental Investment Grade Corporate Bond ETF

Invesco Global Clean Energy ETF

Invesco Global Short Term High Yield Bond ETF

Invesco Global Water ETF

Invesco International BuyBack Achievers^TM ETF

Invesco International Corporate Bond ETF

Invesco KBW Bank ETF

Invesco KBW High Dividend Yield Financial ETF

Invesco KBW Premium Yield Equity REIT ETF

Invesco KBW Property & Casualty Insurance ETF

Invesco KBW Regional Banking ETF

Invesco LadderRite 0-5 Year Corporate Bond ETF

Invesco MSCI Emerging Markets Equal Country Weight ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

Invesco Preferred ETF

Invesco PureBeta^SM 0-5 Yr US TIPS ETF

Invesco PureBeta^SM FTSE Developed ex-North America ETF

Invesco PureBeta^SM FTSE Emerging Markets ETF

Invesco PureBeta^SM MSCI USA ETF

Invesco PureBeta^SM MSCI USA Small Cap ETF

Invesco PureBeta^SM US Aggregate Bond ETF

Invesco Russell 1000 Enhanced Equal Weight ETF

Invesco Russell 1000 Equal Weight ETF

Invesco Russell 1000 Low Beta Equal Weight ETF

Invesco S&P 500 Enhanced Value ETF

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF

Invesco S&P 500^® High Beta ETF

Invesco S&P 500^® High Dividend Low Volatility ETF

Invesco S&P 500^® Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500 Momentum ETF

Invesco S&P Emerging Markets Low Volatility ETF

Invesco S&P Emerging Markets Momentum ETF

Invesco S&P High Income Infrastructure ETF

Invesco S&P International Developed High Dividend Low Volatility ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

Invesco S&P International Developed Quality ETF

Invesco S&P MidCap Low Volatility ETF

Invesco S&P SmallCap Consumer Discretionary ETF

Invesco S&P SmallCap Consumer Staples ETF

Invesco S&P SmallCap Energy ETF

Invesco S&P SmallCap Financials ETF

Invesco S&P SmallCap Health Care ETF

Invesco S&P SmallCap High Dividend Low Volatility ETF

Invesco S&P SmallCap Industrials ETF

Invesco S&P SmallCap Information Technology ETF

Invesco S&P SmallCap Low Volatility ETF

Invesco S&P SmallCap Materials ETF

Invesco S&P SmallCap Quality ETF

Invesco S&P SmallCap Utilities & Communication Services ETF

Invesco Senior Loan ETF

Invesco Shipping ETF

Invesco Taxable Municipal Bond ETF

Invesco Treasury Collateral ETF

Invesco Variable Rate Preferred ETF

Invesco VRDO Tax-Free Weekly ETF

Also at the April 11, 2019 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong

112

Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).

Investment Advisory Agreement

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser from its relationships with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2018, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s Global Performance Measurement and Risk Group, an independent organization within Invesco, with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that such Funds’ performance prior to the closing of the Transaction on April 6, 2018 is that of their predecessor Guggenheim ETFs. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year, five-year and since-inception periods for Invesco Global Short Term High Yield Bond ETF and the one-year, ten-year and since-inception periods for Invesco VRDO Tax-Free Weekly ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Global Short Term High Yield Bond ETF’s and Invesco VRDO Tax-Free Weekly ETF’s level of correlation to its underlying index, as well as the Adviser’s expectations for each Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees also considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with its line of credit), litigation expenses and other extraordinary expenses (including Acquired Fund Fees and Expenses, if any).

0.04%:	Invesco PureBetaTM MSCI USA ETF
0.05%:	Invesco PureBetaTM US Aggregate Bond ETF
0.06%:	Invesco PureBetaTM MSCI USA Small Cap ETF
0.07%:	Invesco PureBetaTM 0-5 Yr US TIPS ETF, Invesco PureBetaTM FTSE Developed ex-North America ETF
0.08%:	Invesco Treasury Collateral ETF

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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

0.10%:	Invesco S&P 500 Minimum Variance ETF (the Trustees noted that, prior to April 20, 2018, Invesco S&P 500 Minimum Variance ETF’s unitary advisory fee was 0.13%)
0.13%:	Invesco S&P 500 Enhanced Value ETF, Invesco S&P 500 Momentum ETF
0.14%:	Invesco PureBetaTM FTSE Emerging Markets ETF
0.15%:	Invesco DWA Tactical Sector Rotation ETF
0.20%:	Invesco Russell 1000 Equal Weight ETF
0.22%:	Invesco Fundamental Investment Grade Corporate Bond ETF, Invesco LadderRite 0-5 Year Corporate Bond ETF
0.25%:	Invesco 1-30 Laddered Treasury ETF, Invesco DWA Tactical Multi-Asset Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF, Invesco VRDO Tax-Free Weekly ETF
0.28%:	Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Taxable Municipal Bond ETF
0.29%:	Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF, Invesco S&P SmallCap Utilities & Communication Services ETF
0.30%:	Invesco S&P 500® High Dividend Low Volatility ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF
0.35%:	Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF, Invesco Russell 1000 Low Beta Equal Weight ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF
0.45%:	Invesco FTSE International Low Beta Equal Weight ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P High Income Infrastructure ETF
0.49%:	Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF
0.50%:	Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF, Invesco Variable Rate Preferred ETF
0.55%:	Invesco International BuyBack AchieversTM ETF
0.60%:	Invesco DWA SmallCap Momentum ETF
0.65%:	Invesco Senior Loan ETF, Invesco Shipping ETF
0.70%:	Invesco China Technology ETF, Invesco MSCI Emerging Markets Equal Country Weight ETF
0.75%:	Invesco Global Clean Energy ETF, Invesco Global Water ETF
0.80%:	Invesco DWA Developed Markets Momentum ETF
0.90%:	Invesco DWA Emerging Markets Momentum ETF

The Trustees noted that the Adviser represented that it does not serve as the investment adviser to any clients, other than other ETFs also overseen by the Trustees, with comparable investment strategies as the Funds, but that it provides sub-advisory services to other clients. The Trustees further noted the Adviser’s explanation with respect to the sub-advisory fees it receives for such services in comparison to the advisory fees charged to the Funds.

The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were equal to or lower than the median net expense ratios of their open-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Median1	Equal to/Lower than Open-End Index Fund Median2	Equal to/Lower than Open-End Active Fund Median3
Invesco 1-30 Laddered Treasury ETF			X
Invesco California AMT-Free Municipal Bond ETF		N/A	X
Invesco CEF Income Composite ETF	X	N/A	X
Invesco China Technology ETF		N/A	X

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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

Invesco Fund	Equal to/Lower than ETF Median1	Equal to/Lower than Open-End Index Fund Median2	Equal to/Lower than Open-End Active Fund Median3
Invesco DWA Developed Markets Momentum ETF			X
Invesco DWA Emerging Markets Momentum ETF			X
Invesco DWA SmallCap Momentum ETF		X	X
Invesco DWA Tactical Multi-Asset Income ETF	N/A	N/A	X
Invesco DWA Tactical Sector Rotation ETF	X	N/A	N/A
Invesco Emerging Markets Sovereign Debt ETF			X
Invesco FTSE International Low Beta Equal Weight ETF	X	X	X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF			X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	X	X	X
Invesco FTSE RAFI Emerging Markets ETF	X		X
Invesco Fundamental High Yield® Corporate Bond ETF		X	X
Invesco Fundamental Investment Grade Corporate Bond ETF			X
Invesco Global Clean Energy ETF		N/A	X
Invesco Global Short Term High Yield Bond ETF	X	X	X
Invesco Global Water ETF		N/A	X
Invesco International BuyBack AchieversTM ETF			X
Invesco International Corporate Bond ETF			X
Invesco KBW Bank ETF	X		X
Invesco KBW High Dividend Yield Financial ETF	X		X
Invesco KBW Premium Yield Equity REIT ETF	X		X
Invesco KBW Property & Casualty Insurance ETF	X		X
Invesco KBW Regional Banking ETF	X		X
Invesco LadderRite 0-5 Year Corporate Bond ETF			X
Invesco MSCI Emerging Markets Equal Country Weight ETF			X
Invesco National AMT-Free Municipal Bond ETF			X
Invesco New York AMT-Free Municipal Bond ETF		N/A	X
Invesco Preferred ETF		N/A	X
Invesco PureBetaTM 0-5 Yr US TIPS ETF	X		X
Invesco PureBetaTM FTSE Developed ex-North America ETF	X	X	X
Invesco PureBetaTM FTSE Emerging Markets ETF	X	X	X
Invesco PureBetaTM MSCI USA ETF	X	X	X
Invesco PureBetaTM MSCI USA Small Cap ETF	X	X	X
Invesco PureBetaTM US Aggregate Bond ETF	X		X
Invesco Russell 1000 Enhanced Equal Weight ETF			X
Invesco Russell 1000 Equal Weight ETF	X	X	X
Invesco Russell 1000 Low Beta Equal Weight ETF			X
Invesco S&P 500 Enhanced Value ETF	X	X	X
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF	X	X	X
Invesco S&P 500 High Beta ETF	X	X	X
Invesco S&P 500® High Dividend Low Volatility ETF	X	X	X
Invesco S&P 500® Low Volatility ETF	X	X	X
Invesco S&P 500 Minimum Variance ETF	X	X	X

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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

Invesco Fund	Equal to/Lower than ETF Median1	Equal to/Lower than Open-End Index Fund Median2	Equal to/Lower than Open-End Active Fund Median3
Invesco S&P 500 Momentum ETF	X	X	X
Invesco S&P Emerging Markets Low Volatility ETF	X	X	X
Invesco S&P Emerging Markets Momentum ETF	X	X	X
Invesco S&P High Income Infrastructure ETF	X	N/A	X
Invesco S&P International Developed High Dividend Low Volatility ETF	X	X	X
Invesco S&P International Developed Low Volatility ETF	X		X
Invesco S&P International Developed Momentum ETF	X		X
Invesco S&P International Developed Quality ETF	X		X
Invesco S&P MidCap Low Volatility ETF			X
Invesco S&P SmallCap Consumer Discretionary ETF	X		X
Invesco S&P SmallCap Consumer Staples ETF	X		X
Invesco S&P SmallCap Energy ETF	X		X
Invesco S&P SmallCap Financials ETF	X		X
Invesco S&P SmallCap Health Care ETF	X		X
Invesco S&P SmallCap High Dividend Low Volatility ETF	X	X	X
Invesco S&P SmallCap Industrials ETF	X		X
Invesco S&P SmallCap Information Technology ETF	X	X	X
Invesco S&P SmallCap Low Volatility ETF	X	X	X
Invesco S&P SmallCap Materials ETF	X		X
Invesco S&P SmallCap Quality ETF	X		X
Invesco S&P SmallCap Utilities & Communication Services ETF	X	X	X
Invesco Senior Loan ETF		X	X
Invesco Shipping ETF			X
Invesco Taxable Municipal Bond ETF		N/A	X
Invesco Treasury Collateral ETF	X		X
Invesco Variable Rate Preferred ETF		X	X
Invesco VRDO Tax-Free Weekly ETF		N/A	X

¹  The information provided by the Adviser indicated that certain Funds did not have any comparable ETF peers. Those Funds have been designated in this column with an “N/A” for not available.

²  The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.

³  The information provided by the Adviser indicated that certain Funds did not have any comparable open-end active fund peers. Those Funds have been designated in this column with an “N/A” for not available.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco International Corporate Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Senior Loan ETF, Invesco Taxable Municipal Bond ETF and Invesco VRDO Tax-Free Weekly ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained in detail its view that it believes that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, noting, in particular, the unique underlying investment strategy and complexity of each Fund, the limited number of peers in the Lipper data, and/or the differing pricing philosophy of certain of the peers.

The Trustees considered that the Adviser had agreed to waive a portion of its unitary advisory fee, at least until February 28, 2021, for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF. The Trustees further considered that the

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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

Adviser had agreed to waive a portion of its unitary advisory fee, until April 6, 2020, to the extent necessary to prevent Invesco MSCI Emerging Markets Equal Country Weight ETF’s operating expenses (including acquired fund fees and expenses, but excluding interest expenses, brokerage commissions and other trading expenses, taxes and litigation expenses, and extraordinary expenses) from exceeding the unitary advisory fee.

The Trustees determined that each Fund’s unitary advisory fee was reasonable, noting the nature of the indexes, the distinguishing factors of the Funds and the administrative, operational and management oversight costs for the Adviser. The Trustees also noted that a portion of each Fund’s operating expenses was attributable to a license fee payable out of the unitary advisory fee charged to that Fund. The Board concluded that the unitary advisory fee charged to each Fund was reasonable and appropriate in light of the services provided.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.

The Trustees noted that the Adviser had not identified any further benefits that it derived from its relationships with the Funds and had noted that it does not have any soft-dollar arrangements.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

Investment Sub-Advisory Agreement

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 11, 2019. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided under the Sub-Advisory Agreement. The Board also considered the benefits described by the Adviser in having multiple affiliated Sub-Advisers. The Board reviewed the qualifications and background of each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and noted that the Adviser compensates the Sub-Advisers from its fee.

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc. and Invesco Advisers, Inc. and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.

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Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF was reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee was reasonable and appropriate.

The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that Invesco Advisers, Inc. noted that it receives management fees from money market funds into which the Funds’ excess cash may be invested. The Trustees noted that the Adviser waives its fees on assets invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ assets invested in the money market funds.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.

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Board Considerations Regarding Continuation of Investment Advisory Agreement (continued)

At a meeting held on April 11, 2019, the Board of Trustees of the Invesco Exchange-Traded Fund Trust (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco China Real Estate ETF, Invesco China Small Cap ETF, Invesco Frontier Markets ETF, Invesco MSCI Global Timber ETF, Invesco S&P Global Dividend Opportunities Index ETF, Invesco S&P Global Water Index ETF and Invesco Solar ETF (each, a “Fund” and collectively, the “Funds”).

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees and expenses paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser from its relationships with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2018, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s Global Performance Measurement and Risk Group, an independent organization within Invesco, with respect to general expected tracking error ranges. The Trustees also considered that the Funds were created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that each Fund’s performance prior to the closing of the Transaction on April 6, 2018, and on May 18, 2018 for the Invesco Solar ETF, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

The Trustees also considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee, and gross and net expense ratio. The Trustees also compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. databases on the net advisory fees and net expense ratios of comparable exchange-traded funds (“ETFs”) and open-end (non-ETF) actively-managed funds and to open-end (non-ETF) index funds for Invesco China Real Estate ETF, Invesco Frontier Markets ETF, Invesco MSCI Global Timber ETF and Invesco S&P Global Dividend Opportunities Index ETF. The Trustees noted that the annual contractual advisory fee charged to each Fund is:

● 0.50% of the Fund’s average daily net assets for Invesco China Real Estate ETF, Invesco Frontier Markets ETF, Invesco S&P Global Dividend Opportunities Index ETF, Invesco S&P Global Water Index ETF, Invesco Solar ETF, Invesco MSCI Global Timber ETF; and

● 0.55% of the Fund’s average daily net assets for Invesco China Small Cap ETF.

The Trustees also noted that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund (excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, Acquired Fund Fees and Expenses, if applicable, and extraordinary expenses) from exceeding the percentage of that Fund’s average daily net assets, until at least August 31, 2021, as set forth below:

● 0.55% for Invesco MSCI Global Timber ETF;

● 0.60% for Invesco S&P Global Dividend Opportunities Index ETF;

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Board Considerations Regarding Continuation of Investment Advisory Agreement (continued)

● 0.63% for Invesco S&P Global Water Index ETF;

● 0.65% for each of Invesco China Real Estate ETF, Invesco Frontier Markets ETF, Invesco Solar ETF; and

● 0.70% for Invesco China Small Cap ETF.

The Trustees noted that the Adviser represented that it does not serve as the investment adviser to any clients, other than other ETFs also overseen by the Trustees, with comparable investment strategies as the Funds, but that it provides sub-advisory services to other clients. The Trustees further noted the Adviser’s explanation with respect to the sub-advisory fees it receives for such services in comparison to the advisory fees charged to the Funds. The Trustees noted that the contractual advisory fees for certain Funds were equal to or lower than the median net advisory fees of their ETF peer funds as illustrated in the table below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees of their open-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Median		Equal to/Lower than Open-End Index Fund Median*		Equal to/Lower than Open-End Active Fund Median
Invesco China Real Estate ETF						X
Invesco China Small Cap ETF		X		N/A		X
Invesco Frontier Markets ETF						X
Invesco MSCI Global Timber ETF						X
Invesco S&P Global Dividend Opportunities Index ETF		X				X
Invesco S&P Global Water Index ETF				N/A		X
Invesco Solar ETF				N/A		X

* The information provided by the Adviser indicated that certain Funds did not have open-end index fund peers. Those Funds have been designated with an “N/A” for not available.

The Trustees determined that the contractual advisory fees were reasonable, noting the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser. The Trustees noted that the net expense ratio for Invesco China Small Cap ETF was lower than the median net expense ratio of its ETF peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Median		Equal to/Lower than Open-End Index Fund Median*		Equal to/Lower than Open-End Active Fund Median
Invesco China Real Estate ETF						X
Invesco China Small Cap ETF		X		N/A		X
Invesco Frontier Markets ETF						X
Invesco MSCI Global Timber ETF						X
Invesco S&P Global Dividend Opportunities Index ETF						X
Invesco S&P Global Water Index ETF				N/A		X
Invesco Solar ETF				N/A		X

* The information provided by the Adviser indicated that certain Funds did not have open-end index fund peers. Those Funds have been designated with an “N/A” for not available.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco China Real Estate ETF’s and Invesco S&P Global Dividend Opportunities Index ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained in detail its view that it believes that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, noting, in particular, the unique underlying investment strategy and complexity of each Fund, the limited number of peers in the Lipper data, and/or the differing pricing philosophy of certain of the peers.

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Board Considerations Regarding Continuation of Investment Advisory Agreement (continued)

The Trustees noted that a significant component of the non-advisory fee expenses was the license fees paid by the Funds and noted that the Adviser has agreed to reimburse the amount equal to the licensing fee paid that causes each Fund’s annual operating expenses (excluding interest expenses, offering costs, brokerage commissions and other trading expenses, taxes, Acquired Fund Fees and Expenses and extraordinary expenses) to exceed a percentage of that Fund’s average daily net assets through December 31, 2020 (April 6, 2020 for Invesco S&P Global Water Index ETF and May 18, 2020 for Invesco Solar ETF) as set forth below:

Invesco China Real Estate ETF	0.70	%
Invesco China Small Cap ETF	0.75	%
Invesco Frontier Markets ETF	0.70	%
Invesco MSCI Global Timber ETF	0.55	%
Invesco S&P Global Dividend Opportunities Index ETF	0.64	%
Invesco S&P Global Water Index ETF	0.63	%
Invesco Solar ETF	0.70	%

The Board concluded that the advisory fee and expense ratio of each Fund (giving effect to the Fund’s Expense Cap) were reasonable and appropriate in light of the services provided.

In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees also noted that the Excess Expense Agreement or Amended and Restated Excess Expense Agreement, as applicable, with the Trust provides that the Adviser is entitled to be reimbursed by each Fund for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the flat advisory fee was reasonable and appropriate.

The Trustees noted that the Adviser had not identified any further benefits that it derived from its relationships with the Funds and had noted that it does not have any soft-dollar arrangements.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

121

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 on Form N-Q (or any successor Form). The Form N-Qs (or any successor Form) will be 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.

©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 P-PS-SAR-8 invesco.com/ETFs

Invesco Semi-Annual Report to Shareholders

April 30, 2019

PCY	Invesco Emerging Markets Sovereign Debt ETF
PGHY	Invesco Global Short Term High Yield Bond ETF
PICB	Invesco International Corporate Bond ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

Table of Contents

Fixed Income Portfolios
Schedules of Investments
Invesco Emerging Markets Sovereign Debt ETF (PCY)	3
Invesco Global Short Term High Yield Bond ETF (PGHY)	9
Invesco International Corporate Bond ETF (PICB)	22
Statements of Assets and Liabilities	32
Statements of Operations	33
Statements of Changes in Net Assets	34
Financial Highlights	36
Notes to Financial Statements	38
Fund Expenses	46
Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement	47

2

Invesco Emerging Markets Sovereign Debt ETF (PCY)

April 30, 2019

(Unaudited)

Portfolio Composition
Country Breakdown (% of the Fund’s Net Assets) as of April 30, 2019 (Unaudited)
Trinidad and Tobago	2.6
Colombia	2.6
Mexico	2.6
Dominican Republic	2.6
Chile	2.6
Indonesia	2.6
Qatar	2.6
Romania	2.6
Saudi Arabia	2.5
Peru	2.5
Kazakhstan	2.5
Russia	2.5
United Arab Emirates	2.5
Bahrain	2.5
Paraguay	2.5
Poland	2.5
Sri Lanka	2.5
Philippines	2.5
Panama	2.5
Croatia	2.5
Pakistan	2.5
China	2.5
Hungary	2.5
Brazil	2.5
El Salvador	2.5
Oman	2.5
Egypt	2.5
Ecuador	2.5
Costa Rica	2.5
Jordan	2.5
Ukraine	2.5
Nigeria	2.5
Kenya	2.4
Angola	2.4
South Africa	2.4
Mongolia	2.4
Lebanon	2.4
Turkey	2.3
Argentina	2.1
Slovenia	1.3
Money Market Funds Plus Other Assets Less Liabilities	1.5

3

Schedule of Investments

Invesco Emerging Markets Sovereign Debt ETF (PCY)

April 30, 2019

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Sovereign Debt Obligations—98.5%
		Angola—2.4%
$	23,300,000	Angolan Government International Bond(a)		9.500	%		11/12/2025	$	26,194,909
	25,390,000	Angolan Government International Bond(a)		8.250			05/09/2028		26,643,047
	24,610,000	Angolan Government International Bond(a)		9.375			05/08/2048		26,496,209
									79,334,165
		Argentina—2.1%
	29,140,000	Argentine Republic Government International Bond		7.500			04/22/2026		21,946,062
	34,472,000	Argentine Republic Government International Bond		7.125			07/06/2036		23,759,309
	32,102,000	Argentine Republic Government International Bond		7.625			04/22/2046		22,431,273
									68,136,644
		Bahrain—2.5%
	25,485,000	Bahrain Government International Bond(a)		6.750			09/20/2029		27,093,741
	29,300,000	Bahrain Government International Bond(a)		6.000			09/19/2044		27,542,791
	25,432,000	Bahrain Government International Bond(a)		7.500			09/20/2047		27,215,800
									81,852,332
		Brazil—2.5%
	21,226,000	Brazil Government International Bond		8.250			01/20/2034		27,063,150
	26,820,000	Brazil Government International Bond		5.625			01/07/2041		26,853,525
	27,480,000	Brazilian Government International Bond		5.625			02/21/2047		27,084,975
									81,001,650
		Chile—2.6%
	27,427,000	Chile Government International Bond		3.125			01/21/2026		27,601,847
	27,391,000	Chile Government International Bond		3.240			02/06/2028		27,610,402
	27,752,000	Chile Government International Bond		3.860			06/21/2047		27,932,666
									83,144,915
		China—2.5%
	52,100,000	China Government International Bond		3.500			10/19/2028		54,302,736
	26,010,000	China Government International Bond		4.000			10/19/2048		26,779,272
									81,082,008
		Colombia—2.6%
	20,857,000	Colombia Government International Bond		7.375			09/18/2037		27,244,456
	23,821,000	Colombia Government International Bond		6.125			01/18/2041		28,079,004
	25,098,000	Colombia Government International Bond		5.625			02/26/2044		28,219,564
									83,543,024
		Costa Rica—2.5%
	31,323,000	Costa Rica Government International Bond(a)		5.625			04/30/2043		26,624,550
	27,764,000	Costa Rica Government International Bond(a)		7.000			04/04/2044		26,757,555
	27,320,000	Costa Rica Government International Bond(a)		7.158			03/12/2045		26,671,150
									80,053,255
		Croatia—2.5%
	36,955,000	Croatia Government International Bond(a)		5.500			04/04/2023		40,073,817
	36,751,000	Croatia Government International Bond(a)		6.000			01/26/2024		41,207,941
									81,281,758
		Dominican Republic—2.6%
	23,930,000	Dominican Republic International Bond(a)		7.450			04/30/2044		27,160,550
	25,964,000	Dominican Republic International Bond(a)		6.850			01/27/2045		27,911,300
	27,045,000	Dominican Republic International Bond(a)		6.500			02/15/2048		28,187,922
									83,259,772
		Ecuador—2.5%
	25,608,000	Ecuador Government International Bond(a)		9.650			12/13/2026		27,368,550
	25,405,000	Ecuador Government International Bond(a)		9.625			06/02/2027		27,024,569

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

4

Invesco Emerging Markets Sovereign Debt ETF (PCY) (continued)

April 30, 2019

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Sovereign Debt Obligations (continued)
		Ecuador (continued)
$	25,260,000	Ecuador Government International Bond(a)		8.875	%		10/23/2027	$	25,796,775
									80,189,894
		Egypt—2.5%
	26,403,000	Egypt Government International Bond, GMTN(a)		8.500			01/31/2047		26,925,251
	27,592,000	Egypt Government International Bond(a)		7.903			02/21/2048		26,741,891
	25,930,000	Egypt Government International Bond(a)		8.700			03/01/2049		26,812,787
									80,479,929
		El Salvador—2.5%
	24,450,000	El Salvador Government International Bond(a)		8.250			04/10/2032		26,497,687
	25,920,000	El Salvador Government International Bond(a)		7.650			06/15/2035		26,924,400
	26,442,000	El Salvador Government International Bond(a)		7.625			02/01/2041		27,202,208
									80,624,295
		Hungary—2.5%
	24,301,500	Hungary Government International Bond		5.750			11/22/2023		26,982,806
	24,334,000	Hungary Government International Bond		5.375			03/25/2024		26,813,342
	18,103,000	Hungary Government International Bond		7.625			03/29/2041		27,277,148
									81,073,296
		Indonesia—2.6%
	18,653,000	Indonesia Government International Bond(a)		8.500			10/12/2035		26,903,222
	22,616,000	Indonesia Government International Bond(a)		6.625			02/17/2037		28,167,798
	20,257,000	Indonesia Government International Bond(a)		7.750			01/17/2038		28,064,251
									83,135,271
		Jordan—2.5%
	26,681,000	Jordan Government International Bond(a)		6.125			01/29/2026		26,871,502
	27,504,000	Jordan Government International Bond(a)		5.750			01/31/2027		26,908,263
	26,739,000	Jordan Government International Bond(a)		7.375			10/10/2047		26,119,645
									79,899,410
		Kazakhstan—2.5%
	24,894,000	Kazakhstan Government International Bond, EMTN(a)		5.125			07/21/2025		27,504,982
	25,285,000	Kazakhstan Government International Bond(a)		4.875			10/14/2044		27,208,683
	21,188,000	Kazakhstan Government International Bond, EMTN(a)		6.500			07/21/2045		27,555,630
									82,269,295
		Kenya—2.4%
	25,840,000	Kenya Government International Bond(a)		6.875			06/24/2024		26,436,904
	26,700,000	Kenya Government International Bond(a)		7.250			02/28/2028		26,570,638
	26,600,000	Kenya Government International Bond(a)		8.250			02/28/2048		26,347,433
									79,354,975
		Lebanon—2.4%
	29,324,000	Lebanon Government International Bond		6.650			04/22/2024		25,218,640
	31,640,000	Lebanon Government International Bond		6.750			11/29/2027		25,854,942
	33,282,000	Lebanon Government International Bond, EMTN		6.650			02/26/2030		26,500,793
									77,574,375
		Mexico—2.6%
	24,225,000	Mexico Government International Bond, GMTN		6.050			01/11/2040		27,828,469
	28,809,750	Mexico Government International Bond		4.600			01/23/2046		27,830,218
	26,950,000	Mexico Government International Bond, GMTN		5.750			10/12/2110		27,758,500
									83,417,187
		Mongolia—2.4%
	26,500,000	Mongolia Government International Bond, EMTN(a)		5.125			12/05/2022		26,098,366
	26,220,000	Mongolia Government International Bond(a)		5.625			05/01/2023		25,952,739
	23,200,000	Mongolia Government International Bond, EMTN(a)		8.750			03/09/2024		25,710,472
									77,761,577

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

5

Invesco Emerging Markets Sovereign Debt ETF (PCY) (continued)

April 30, 2019

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Sovereign Debt Obligations (continued)
		Nigeria—2.5%
$	27,520,000	Nigeria Government International Bond(a)		7.696	%		02/23/2038	$	27,227,187
	27,290,000	Nigeria Government International Bond (a)		7.625			11/28/2047		26,222,552
	23,980,000	Nigeria Government International Bond(a)		9.248			01/21/2049		26,167,216
									79,616,955
		Oman—2.5%
	28,632,000	Oman Government International Bond(a)		5.625			01/17/2028		27,293,826
	29,425,000	Oman Government International Bond(a)		6.500			03/08/2047		26,389,547
	29,566,000	Oman Government International Bond(a)		6.750			01/17/2048		26,889,390
									80,572,763
		Pakistan—2.5%
	24,406,000	Pakistan Government International Bond(a)		8.250			04/15/2024		26,450,003
	24,994,000	Pakistan Government International Bond(a)		8.250			09/30/2025		27,154,181
	27,744,000	Pakistan Government International Bond(a)		6.875			12/05/2027		27,626,698
									81,230,882
		Panama—2.5%
	22,318,500	Panama Government International Bond		7.125			01/29/2026		27,301,105
	19,309,500	Panama Government International Bond		8.875			09/30/2027		26,816,068
	26,297,000	Panama Government International Bond		3.875			03/17/2028		27,280,114
									81,397,287
		Paraguay—2.5%
	25,301,000	Paraguay Government International Bond(a)		5.000			04/15/2026		26,819,060
	24,475,000	Paraguay Government International Bond(a)		6.100			08/11/2044		27,687,344
	25,490,000	Paraguay Government International Bond(a)		5.600			03/13/2048		27,338,025
									81,844,429
		Peru—2.5%
	25,438,000	Peruvian Government International Bond		4.125			08/25/2027		27,473,040
	17,506,500	Peruvian Government International Bond		8.750			11/21/2033		27,178,841
	21,899,000	Peruvian Government International Bond		5.625			11/18/2050		28,030,720
									82,682,601
		Philippines—2.5%
	17,767,000	Philippine Government International Bond		9.500			02/02/2030		27,369,246
	19,640,000	Philippine Government International Bond		7.750			01/14/2031		27,655,673
	20,158,000	Philippine Government International Bond		6.375			10/23/2034		26,694,917
									81,719,836
		Poland—2.5%
	26,709,000	Republic of Poland Government International Bond		3.000			03/17/2023		26,990,246
	26,123,000	Republic of Poland Government International Bond		4.000			01/22/2024		27,482,702
	26,712,000	Republic of Poland Government International Bond		3.250			04/06/2026		27,299,771
									81,772,719
		Qatar—2.6%
	21,283,000	Qatar Government International Bond(a)		6.400			01/20/2040		27,801,344
	22,874,000	Qatar Government International Bond(a)		5.750			01/20/2042		27,913,028
	24,200,000	Qatar Government International Bond(a)		5.103			04/23/2048		27,064,530
									82,778,902
		Romania—2.6%
	25,791,000	Romanian Government International Bond, EMTN(a)		4.875			01/22/2024		27,511,543
	23,952,000	Romanian Government International Bond, EMTN(a)		6.125			01/22/2044		27,807,074
	27,070,000	Romanian Government International Bond(a)		5.125			06/15/2048		27,414,466
									82,733,083
		Russia—2.5%
	24,600,000	Russian Foreign Bond—Eurobond(a)		5.625			04/04/2042		27,329,370
	23,600,000	Russian Foreign Bond—Eurobond(a)		5.875			09/16/2043		27,004,866

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

6

Invesco Emerging Markets Sovereign Debt ETF (PCY) (continued)

April 30, 2019

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Sovereign Debt Obligations (continued)
		Russia (continued)
$	26,800,000	Russian Foreign Bond—Eurobond(a)		5.250	%		06/23/2047	$	27,791,868
									82,126,104
		Saudi Arabia—2.5%
	27,867,000	Saudi Government International Bond, EMTN(a)		4.500			10/26/2046		27,562,637
	27,295,000	Saudi Government International Bond, EMTN(a)		4.625			10/04/2047		27,497,802
	26,113,000	Saudi Government International Bond, EMTN(a)		5.000			04/17/2049		27,669,961
									82,730,400
		Slovenia—1.3%
	37,139,000	Slovenia Government International Bond(a)		5.250			02/18/2024		41,303,767
		South Africa—2.4%
	25,485,000	Republic of South Africa Government International Bond		6.250			03/08/2041		26,318,895
	28,860,000	Republic of South Africa Government International Bond		5.375			07/24/2044		26,619,079
	26,149,000	Republic of South Africa Government International Bond		6.300			06/22/2048		26,263,663
									79,201,637
		Sri Lanka—2.5%
	28,061,000	Sri Lanka Government International Bond(a)		6.125			06/03/2025		27,235,417
	27,100,000	Sri Lanka Government International Bond(a)		6.850			11/03/2025		27,120,948
	27,665,000	Sri Lanka Government International Bond(a)		6.825			07/18/2026		27,408,435
									81,764,800
		Trinidad and Tobago—2.6%
	33,005,000	Trinidad & Tobago Government International Bond(a)		4.375			01/16/2024		33,582,587
	50,101,000	Trinidad & Tobago Government International Bond(a)		4.500			08/04/2026		49,975,748
									83,558,335
		Turkey—2.3%
	25,226,000	Turkey Government International Bond		8.000			02/14/2034		25,362,220
	27,274,000	Turkey Government International Bond		6.875			03/17/2036		24,482,370
	26,387,000	Turkey Government International Bond		7.250			03/05/2038		24,457,583
									74,302,173
		Ukraine—2.5%
	28,575,000	Ukraine Government International Bond(a)		7.750			09/01/2025		26,991,059
	28,023,000	Ukraine Government International Bond(a)		7.750			09/01/2026		26,160,171
	28,663,000	Ukraine Government International Bond(a)		7.750			09/01/2027		26,493,354
									79,644,584
		United Arab Emirates—2.5%
	27,370,000	Abu Dhabi Government International Bond(a)		3.125			10/11/2027		27,253,951
	26,470,000	Abu Dhabi Government International Bond(a)		4.125			10/11/2047		27,014,012
	26,171,000	Emirate of Dubai Government International Bonds, EMTN		5.250			01/30/2043		27,802,657
									82,070,620
		Total Sovereign Debt Obligations (Cost $3,244,318,488)							3,191,520,904
Number of Shares
		Money Market Funds—0.3%
	9,469,957	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(b) (Cost $9,469,957)							9,469,957
		Total Investments in Securities (Cost $3,253,788,445)—98.8%							3,200,990,861
		Other assets less liabilities—1.2%							39,016,963
		Net Assets—100.0%						$	3,240,007,824

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

7

Invesco Emerging Markets Sovereign Debt ETF (PCY) (continued)

April 30, 2019

(Unaudited)

Abbreviations:

EMTN—Euro Medium-Term Note

GMTN—Global Medium-Term Note

Notes to Schedule of Investments:

^(a)  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 April 30, 2019 was $2,043,668,895, which represented 63.08% of the Fund’s Net Assets.

^(b)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

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

8

Invesco Global Short Term High Yield Bond ETF (PGHY)

April 30, 2019

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019 (Unaudited)
Financials	28.7
Consumer, Cyclical	13.0
Government	11.1
Consumer, Non-cyclical	9.2
Communications	8.4
Energy	8.2
Industrial	7.6
Basic Materials	6.9
Sector Types Each Less Than 3%	4.4
Money Market Funds Plus Other Assets Less Liabilities	2.5

Schedule of Investments

Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds—86.3%
		Argentina—1.0%
$	500,000	Banco Hipotecario SA(a)		9.750	%		11/30/2020	$	481,250
	525,000	Cia General de Combustibles SA(a)		9.500			11/07/2021		455,175
	500,000	Genneia SA(a)		8.750			01/20/2022		398,500
	476,000	Telecom Argentina SA(a)		6.500			06/15/2021		452,543
	500,000	YPF SA(a)		8.500			03/23/2021		490,225
									2,277,693
		Australia—0.2%
	669	Emeco Pty Ltd., Series B		9.250			03/31/2022		717
	500,000	Virgin Australia Holdings Ltd.(a)		8.500			11/15/2019		511,500
									512,217
		Bahrain—0.6%
	600,000	Batelco International Finance No.1 Ltd., EMTN		4.250			05/01/2020		598,357
	600,000	BBK BSC		3.500			03/24/2020		593,580
									1,191,937
		Bermuda—0.2%
	500,000	Teekay Corp.		8.500			01/15/2020		518,625
		Brazil—6.3%
	600,000	B3 SA—Brasil Bolsa Balcao(a)		5.500			07/16/2020		618,300
	700,000	Banco Bradesco SA(a)		6.750			09/29/2019		708,428
	500,000	Banco Bradesco SA(a)		5.900			01/16/2021		516,817
	700,000	Banco BTG Pactual SA(a)		4.000			01/16/2020		702,625
	500,000	Banco do Brasil SA(a)		6.000			01/22/2020		512,120
	400,000	Banco do Brasil SA(a)		5.375			01/15/2021		410,344
	500,000	Banco do Estado do Rio Grande do Sul SA(a)		7.375			02/02/2022		527,875
	400,000	Banco do Nordeste do Brasil SA(a)		4.375			05/03/2019		400,204
	670,000	Banco Nacional de Desenvolvimento Economico e Social(a)		6.500			06/10/2019		672,094
	500,000	Banco Nacional de Desenvolvimento Economico e Social(a)		5.500			07/12/2020		516,495
	400,000	Banco Pan SA(a)		8.500			04/23/2020		412,972

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

9

Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)

April 30, 2019

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Brazil (continued)
$	500,000	Banco Safra SA(a)		6.750	%		01/27/2021	$	523,738
	475,000	Banco Votorantim SA(a)		7.375			01/21/2020		488,419
	500,000	Caixa Economica Federal(a)		4.250			05/13/2019		500,375
	500,000	Centrais Eletricas Brasileiras SA(a)		6.875			07/30/2019		504,375
	500,000	Centrais Eletricas Brasileiras SA(a)		5.750			10/27/2021		518,813
	475,000	CSN Islands XI Corp.(a)		6.875			09/21/2019		483,312
	500,000	CSN Resources SA(a)		6.500			07/21/2020		510,000
	500,000	Eldorado Intl. Finance GmbH(a)		8.625			06/16/2021		525,755
	500,000	Itau Unibanco Holding SA, EMTN(a)		6.200			04/15/2020		511,810
	500,000	Itau Unibanco Holding SA, EMTN(a)		5.750			01/22/2021		516,250
	500,000	Itau Unibanco Holding SA/Cayman Island, EMTN(a)		6.200			12/21/2021		529,047
	700,000	Marfrig Holdings Europe BV(a)		6.875			06/24/2019		703,500
	500,000	Petrobras Global Finance BV(b)		5.375			01/27/2021		517,550
	500,000	Petrobras Global Finance BV(b)		8.375			05/23/2021		551,125
	500,000	Petrobras Global Finance BV(b)		6.125			01/17/2022		532,135
									13,914,478
		Canada—1.7%
	500,000	1011778 BC ULC/New Red Finance, Inc.(a)		4.625			01/15/2022		502,813
	500,000	Air Canada(a)		7.750			04/15/2021		536,250
	500,000	Athabasca Oil Corp.(a)		9.875			02/24/2022		489,220
	150,000	Baytex Energy Corp.(a)		5.125			06/01/2021		150,750
	500,000	Bombardier, Inc.(a)		8.750			12/01/2021		555,000
	600,000	Canbriam Energy, Inc.(a)		9.750			11/15/2019		477,000
	500,000	Eldorado Gold Corp.(a)		6.125			12/15/2020		498,750
	485,000	NCSG Crane & Heavy Haul Services, Inc.(a)		9.500			08/15/2019		55,775
	500,000	Tervita Escrow Corp(a)		7.625			12/01/2021		508,750
									3,774,308
		Chile—0.2%
	400,000	Latam Airlines Group SA(a)		7.250			06/09/2020		417,800
		China—9.9%
	500,000	CFLD Cayman Investment Ltd.		6.500			12/21/2020		501,219
	500,000	CFLD Cayman Investment Ltd.		9.000			07/31/2021		518,710
	600,000	China South City Holdings Ltd.		5.750			03/09/2020		576,600
	600,000	China South City Holdings Ltd.		6.750			09/13/2021		525,217
	500,000	Dr Peng Holding Hongkong Ltd.		5.050			06/01/2020		418,997
	500,000	Easy Tactic Ltd.		8.750			01/10/2021		519,243
	500,000	Easy Tactic Ltd.		7.000			04/25/2021		506,743
	500,000	Easy Tactic Ltd.		5.750			01/13/2022		488,916
	400,000	Fortune Star BVI Ltd.		5.375			12/05/2020		403,483
	500,000	Full Dragon Hong Kong International Development Ltd.		5.600			02/14/2021		496,197
	600,000	Greenland Global Investment Ltd.		4.375			07/03/2019		598,500
	600,000	Greenland Global Investment Ltd., EMTN		3.500			09/06/2019		596,294
	700,000	Greenland Global Investment Ltd., EMTN		4.850			08/17/2020		694,379
	500,000	Greenland Global Investment Ltd., EMTN		5.250			02/12/2021		495,266
	900,000	Hanrui Overseas Investment Co. Ltd.		4.900			06/28/2019		892,078
	400,000	Huachen Energy Co. Ltd.		6.625			05/18/2020		272,000
	500,000	Huai An Traffic Holding Co. Ltd.		4.950			10/25/2019		497,813
	600,000	Huayi Finance I Ltd.		4.000			12/02/2019		594,043
	500,000	Jiangsu Nantong Sanjian International Co. Ltd.		7.800			10/26/2020		376,221
	500,000	Jiuding Group Finance Co. Ltd.		6.500			07/25/2020		432,491
	500,000	New Metro Global Ltd.		6.500			04/23/2021		503,641
	600,000	Oceanwide Holdings International 2017 Co. Ltd.		8.500			05/28/2019		597,296
	700,000	Oceanwide Holdings International 2017 Co. Ltd.		7.750			07/27/2020		622,907
	250,000	Oriental Capital Co. Ltd.		5.150			11/22/2019		242,500
	600,000	Prime Bloom Holdings Ltd.		7.500			12/19/2019		598,500
	800,000	Qinghai Provincial Investment Group Co. Ltd.		7.250			02/22/2020		730,000

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

10

Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)

April 30, 2019

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		China (continued)
$	500,000	Qinghai Provincial Investment Group Co. Ltd.		6.400	%		07/10/2021	$	422,437
	600,000	Rock International Investment, Inc.		6.625			03/27/2020		485,399
	400,000	Scenery Journey Ltd.		11.000			11/06/2020		416,712
	400,000	Shandong Energy Australia Pty Ltd.		4.550			07/26/2020		398,990
	500,000	Shanxi Road & Bridge Construction Group Co. Ltd.		4.850			11/04/2019		494,500
	900,000	Tahoe Group Global Co. Ltd.		7.875			01/17/2021		759,766
	400,000	Top Wise Excellence Enterprise Co. Ltd.(c)		6.000			03/16/2020		125,000
	600,000	Tunghsu Venus Holdings Ltd.		7.000			06/12/2020		420,368
	640,000	West China Cement Ltd.		6.500			09/11/2019		641,680
	500,000	Xiangyu Investment BVI Co Ltd.		4.750			07/14/2019		495,625
	600,000	Xin Jiang Guang Hui Industry Investment Group Co. Ltd.		7.875			03/30/2020		587,099
	500,000	Xinhu BVI Holding Co. Ltd.		6.000			03/01/2020		485,500
	400,000	Xuzhou Economic Technology Development Zone International Investment Co. Ltd.		4.500			06/16/2019		399,674
	600,000	Yango Justice International Ltd.		7.500			11/16/2020		587,663
	500,000	Yihua Overseas Investment Ltd.		8.500			10/23/2020		418,750
	600,000	Zhongrong International Bond 2016 Ltd.		6.950			06/21/2019		596,232
	600,000	Zhongrong International Resources Co. Ltd.		7.250			10/26/2020		420,250
									21,854,899
		Colombia—0.4%
	400,000	Avianca Holdings SA/Avianca Leasing LLC/Grupo Taca Holdings Ltd.(a)		8.375			05/10/2020		397,100
	500,000	Bancolombia SA		6.125			07/26/2020		516,875
									913,975
		Costa Rica—0.2%
	500,000	Banco Nacional de Costa Rica(a)		5.875			04/25/2021		505,625
		El Salvador—0.2%
	500,000	Agricola Senior Trust(a)		6.750			06/18/2020		514,375
		Finland—0.2%
	500,000	Nokia OYJ		5.375			05/15/2019		500,312
		Georgia—0.2%
	500,000	Georgian Oil and Gas Corp JSC(a)		6.750			04/26/2021		518,119
		India—2.3%
	400,000	ABJA Investment Co. Pte Ltd.		4.850			01/31/2020		402,750
	500,000	IDBI Bank Ltd./GIFT-IFC, EMTN		5.000			09/25/2019		502,580
	400,000	IDBI Bank Ltd./GIFT-IFC, EMTN		4.125			04/23/2020		400,626
	500,000	IDBI Bank Ltd./GIFT-IFC, GMTN		4.250			11/30/2020		500,954
	500,000	JSW Steel Ltd.		4.750			11/12/2019		501,000
	500,000	Jubilant Pharma Ltd.		4.875			10/06/2021		499,672
	500,000	Lodha Developers International Ltd.		12.000			03/13/2020		487,500
	400,000	Reliance Communications Ltd.		6.500			11/06/2020		93,544
	500,000	Syndicate Bank/London, EMTN		3.875			12/04/2019		500,755
	500,000	Tata Motors Ltd.		4.625			04/30/2020		502,653
	600,000	Union Bank of India, EMTN		4.500			10/28/2019		602,541
									4,994,575
		Indonesia—0.7%
	500,000	Bukit Makmur Mandiri Utama PT(a)		7.750			02/13/2022		523,533
	500,000	Global Prime Capital Pte Ltd.		7.250			04/26/2021		514,550
	500,000	TBG Global Pte Ltd.		5.250			02/10/2022		504,701
									1,542,784
		Israel—1.2%
	550,000	Teva Pharmaceutical Finance Co. BV, Series 2		3.650			11/10/2021		540,619
	550,000	Teva Pharmaceutical Finance IV BV		3.650			11/10/2021		540,619
	600,000	Teva Pharmaceutical Finance IV LLC		2.250			03/18/2020		591,232
	500,000	Teva Pharmaceutical Finance Netherlands III BV		1.700			07/19/2019		498,885

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

11

Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)

April 30, 2019

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Israel (continued)
$	550,000	Teva Pharmaceutical Finance Netherlands III BV		2.200	%		07/21/2021	$	528,638
									2,699,993
		Italy—0.3%
	530,000	Telecom Italia Capital SA		7.175			06/18/2019		533,445
		Jordan—0.2%
	500,000	Hikma Pharmaceuticals PLC		4.250			04/10/2020		501,970
		Kazakhstan—0.3%
	500,000	Halyk Savings Bank of Kazakhstan JSC(a)		7.250			01/28/2021		526,259
		Kuwait—0.4%
	800,000	Kuwait Energy PLC		9.500			08/04/2019		794,720
		Macau—0.6%
	800,000	Studio City Co. Ltd.(a)		5.875			11/30/2019		808,000
	450,000	Studio City Co. Ltd.(a)		7.250			11/30/2021		465,750
									1,273,750
		Mexico—0.5%
	500,000	BBVA Bancomer SA(a)		7.250			04/22/2020		516,360
	700,000	Grupo Idesa SA de CV(a)		7.875			12/18/2020		528,500
									1,044,860
		Mongolia—0.3%
	600,000	Trade & Development Bank of Mongolia LLC, EMTN(a)		9.375			05/19/2020		624,250
		Netherlands—0.2%
	500,000	Samvardhana Motherson Automotive Systems Group BV		4.875			12/16/2021		501,832
		Nigeria—0.4%
	200,000	Access Bank PLC(a)		10.500			10/19/2021		218,706
	500,000	IHS Netherlands Holdco BV(a)		9.500			10/27/2021		520,021
									738,727
		Peru—0.2%
	500,000	Volcan Cia Minera SAA(a)		5.375			02/02/2022		517,500
		Russia—4.5%
	400,000	Alfa Bank AO Via Alfa Bond Issuance PLC(a)		7.500			09/26/2019		406,993
	500,000	ALFA Bank AO Via ALFA Bond Issuance PLC(a)		7.750			04/28/2021		536,125
	700,000	Bank Otkritie Financial Corp. OJSC Via OFCB Capital PLC		4.500			11/11/2019		702,625
	800,000	Bank Otkritie Financial Corp. OJSC Via OFCB Capital PLC		10.000			12/17/2019		0
	500,000	Credit Bank of Moscow Via CBOM Finance PLC(a)		5.875			11/07/2021		496,438
	200,000	Credit Europe Bank Ltd. Via CEB Capital SA		8.500			11/15/2019		198,942
	500,000	Evraz PLC		8.250			01/28/2021		536,250
	500,000	Evraz PLC		6.750			01/31/2022		534,020
	500,000	Gazprombank OJSC Via GPB Eurobond Finance PLC, EMTN		7.250			05/03/2019		500,000
	400,000	Gazprombank OJSC Via GPB Eurobond Finance PLC, EMTN		4.960			09/05/2019		401,768
	200,000	GTLK Europe DAC		5.950			07/19/2021		205,276
	400,000	Metalloinvest Finance DAC(a)		5.625			04/17/2020		407,958
	500,000	Mobile Telesystems OJSC Via MTS International Funding Ltd.(a)		8.625			06/22/2020		528,692
	500,000	O1 Properties Finance PLC(a)		8.250			09/27/2021		367,650
	500,000	Polyus Finance PLC(a)		5.625			04/29/2020		508,321
	200,000	Promsvyazbank OJSC Via PSB Finance SA, EMTN(a)(c)		10.200			11/06/2019		31,000
	500,000	Rusal Capital DAC(a)		5.125			02/02/2022		497,030
	600,000	Sberbank of Russia Via SB Capital SA		5.180			06/28/2019		602,742
	500,000	Sberbank of Russia Via SB Capital SA(a)		6.125			02/07/2022		529,905
	200,000	Sberbank of Russia Via SB Capital SA, Series 7		5.717			06/16/2021		207,853
	600,000	TMK OAO Via TMK Capital SA(a)		6.750			04/03/2020		614,745
	500,000	Vimpel Communications Via VIP Finance Ireland Ltd. OJSC(a)		7.748			02/02/2021		541,701

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

12

Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)

April 30, 2019

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		Russia (continued)
$	500,000	VTB Bank OJSC Via VTB Capital SA(a)		6.551	%		10/13/2020	$	519,100
									9,875,134
		Saudi Arabia—0.2%
	400,000	Dar Al-Arkan Sukuk Co. Ltd.		6.500			05/28/2019		401,312
		Singapore—0.5%
	500,000	Avation Capital SA(a)		6.500			05/15/2021		502,500
	500,000	Yanlord Land HK Co. Ltd.		5.875			01/23/2022		506,660
									1,009,160
		South Africa—1.2%
	600,000	AngloGold Ashanti Holdings PLC		5.375			04/15/2020		610,743
	500,000	Eskom Holdings SOC Ltd.(a)		5.750			01/26/2021		496,788
	500,000	FirstRand Bank Ltd., EMTN		4.250			04/30/2020		503,156
	400,000	Gold Fields Orogen Holdings BVI Ltd.(a)		4.875			10/07/2020		406,080
	500,000	MTN Mauritius Investments Ltd.(a)		5.373			02/13/2022		507,085
									2,523,852
		Spain—0.2%
	500,000	Codere Finance 2 Luxembourg SA(a)		7.625			11/01/2021		466,817
		Sri Lanka—0.3%
	600,000	National Savings Bank(a)		5.150			09/10/2019		601,500
		Trinidad and Tobago—0.2%
	500,000	Petroleum Co. of Trinidad & Tobago Ltd.(a)		9.750			08/14/2019		492,000
		Turkey—5.4%
	500,000	Akbank T.A.S., EMTN(a)		4.000			01/24/2020		491,887
	500,000	Albaraka Turk Katilim Bankasi AS		6.250			06/30/2019		501,100
	500,000	Global Liman Isletmeleri(a)		8.125			11/14/2021		484,545
	200,000	KOC Holding AS(a)		3.500			04/24/2020		196,817
	500,000	Mersin Uluslararasi Liman Isletmeciligi AS(a)		5.875			08/12/2020		499,775
	500,000	TC Ziraat Bankasi AS(a)		4.250			07/03/2019		499,279
	500,000	TC Ziraat Bankasi AS, EMTN(a)		4.750			04/29/2021		471,453
	500,000	Turk Telekomunikasyon AS(a)		3.750			06/19/2019		498,800
	600,000	Turkiye Garanti Bankasi AS, EMTN(a)		4.750			10/17/2019		598,512
	500,000	Turkiye Garanti Bankasi AS(a)		6.250			04/20/2021		493,250
	500,000	Turkiye Halk Bankasi AS(a)		4.750			06/04/2019		498,504
	700,000	Turkiye Halk Bankasi AS(a)		3.875			02/05/2020		667,626
	700,000	Turkiye Halk Bankasi AS(a)		4.750			02/11/2021		630,937
	200,000	Turkiye Halk Bankasi AS(a)		5.000			07/13/2021		178,874
	600,000	Turkiye Is Bankasi AS(a)		5.000			04/30/2020		589,888
	200,000	Turkiye Is Bankasi AS, EMTN(a)		5.000			06/25/2021		187,703
	200,000	Turkiye Is Bankasi AS, EMTN(a)		5.375			10/06/2021		187,965
	800,000	Turkiye Sinai Kalkinma Bankasi AS		5.375			10/30/2019		797,605
	500,000	Turkiye Sinai Kalkinma Bankasi AS		4.875			05/18/2021		470,093
	400,000	Turkiye Sinai Kalkinma Bankasi AS, Series 1		5.125			04/22/2020		389,964
	500,000	Turkiye Vakiflar Bankasi TAO, GMTN(a)		5.500			10/27/2021		471,147
	600,000	Yapi ve Kredi Bankasi AS(a)		5.125			10/22/2019		598,212
	600,000	Yapi ve Kredi Bankasi AS(a)		4.000			01/22/2020		589,200
	500,000	Yapi ve Kredi Bankasi AS, GMTN(a)		5.750			02/24/2022		472,362
	600,000	Yasar Holding AS(a)		8.875			05/06/2020		390,258
									11,855,756
		Ukraine—0.2%
	500,000	Kernel Holding SA(a)		8.750			01/31/2022		513,123
		United Arab Emirates—0.7%
	550,000	DAE Funding LLC(a)		4.000			08/01/2020		553,437
	500,000	DAE Funding LLC(a)		5.250			11/15/2021		516,250

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

13

Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)

April 30, 2019

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		United Arab Emirates (continued)
$	650,000	EA Partners I BV		6.875	%		09/28/2020	$	380,921
	200,000	EA Partners II BV(c)(e)		6.750			06/01/2021		98,380
									1,548,988
		United Kingdom—1.0%
	500,000	Fiat Chrysler Automobiles N.V.		4.500			04/15/2020		505,625
	700,000	Jaguar Land Rover Automotive PLC(a)		4.250			11/15/2019		701,750
	510,000	Jaguar Land Rover Automotive PLC(a)		3.500			03/15/2020		506,991
	500,000	Virgin Media Secured Finance PLC		5.250			01/15/2021		516,875
									2,231,241
		United States—42.9%
	407,000	ADT Security Corp. (The)		5.250			03/15/2020		413,105
	419,000	ADT Security Corp. (The)		6.250			10/15/2021		442,443
	425,000	AES Corp. (The)		4.000			03/15/2021		430,312
	450,000	AK Steel Corp.(b)		7.625			10/01/2021		450,000
	400,000	Allegheny Technologies, Inc.		5.950			01/15/2021		410,000
	500,000	Ally Financial, Inc.		3.750			11/18/2019		501,875
	500,000	Ally Financial, Inc.		8.000			03/15/2020		521,875
	500,000	Ally Financial, Inc.		4.125			03/30/2020		503,750
	500,000	Ally Financial, Inc.		7.500			09/15/2020		527,500
	600,000	Ally Financial, Inc.		4.250			04/15/2021		609,750
	400,000	Ally Financial, Inc.		4.125			02/13/2022		405,500
	400,000	American Airlines Group, Inc.(a)		5.500			10/01/2019		404,000
	400,000	American Airlines Group, Inc.(a)		4.625			03/01/2020		403,904
	351,000	Anixter, Inc.		5.125			10/01/2021		363,724
	400,000	Antero Resources Corp.		5.375			11/01/2021		404,500
	400,000	APX Group, Inc.		8.750			12/01/2020		396,000
	413,000	Arconic, Inc.		6.150			08/15/2020		427,007
	526,000	Arconic, Inc.		5.400			04/15/2021		542,324
	400,000	Arconic, Inc.		5.870			02/23/2022		419,761
	400,000	Artesyn Embedded Technologies, Inc.(a)		9.750			10/15/2020		384,000
	400,000	B&G Foods, Inc.		4.625			06/01/2021		401,500
	487,000	Ball Corp.		4.375			12/15/2020		496,131
	500,000	Blackstone CQP Holdco LP(a)		6.500			03/20/2021		502,500
	150,000	Blackstone CQP Holdco LP(a)		6.000			08/18/2021		150,000
	507,000	Cablevision Systems Corp.		8.000			04/15/2020		529,450
	350,000	Calumet Specialty Products Partners LP/Calumet Finance Corp.(b)		6.500			04/15/2021		339,500
	400,000	Calumet Specialty Products Partners LP/Calumet Finance Corp.(b)		7.625			01/15/2022		373,000
	200,000	Carpenter Technology Corp.(b)		5.200			07/15/2021		204,864
	500,000	CEC Entertainment, Inc.		8.000			02/15/2022		505,000
	500,000	Centene Corp.		5.625			02/15/2021		508,750
	462,000	CenturyLink, Inc., Series Q		6.150			09/15/2019		466,620
	400,000	CenturyLink, Inc., Series S		6.450			06/15/2021		418,000
	500,000	CenturyLink, Inc., Series V		5.625			04/01/2020		510,625
	600,000	Cenveo Corp.(a)(c)(e)		6.000			08/01/2019		169,368
	483,000	CF Industries, Inc.		7.125			05/01/2020		502,471
	500,000	Chesapeake Energy Corp.		6.625			08/15/2020		517,000
	449,000	Chesapeake Energy Corp.		6.125			02/15/2021		462,470
	66,000	Chesapeake Energy Corp.		5.375			06/15/2021		65,670
	400,000	CHS/Community Health Systems, Inc.(b)		5.125			08/01/2021		396,000
	600,000	CHS/Community Health Systems, Inc.(b)		6.875			02/01/2022		395,625
	500,000	CIT Group, Inc.		4.125			03/09/2021		508,125
	400,000	Clear Channel International BV(a)		8.750			12/15/2020		411,000
	500,000	CNG Holdings, Inc.(a)		9.375			05/15/2020		495,000
	500,000	CNO Financial Group, Inc.		4.500			05/30/2020		507,500
	400,000	CommScope, Inc.(a)		5.000			06/15/2021		401,500
	328,000	CoreCivic, Inc.—REIT		4.125			04/01/2020		330,562
	400,000	Credit Acceptance Corp.		6.125			02/15/2021		401,250

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

14

Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)

April 30, 2019

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		United States (continued)
$	450,000	CSC Holdings LLC		6.750	%		11/15/2021	$	482,625
	400,000	CSC Holdings LLC(a)		5.125			12/15/2021		402,000
	512,000	CTP Transportation Products LLC/CTP Finance, Inc.(a)		8.250			12/15/2019		503,040
	100,000	DBP Holding Corp.(a)(c)(e)		7.750			10/15/2020		40,375
	450,000	DCP Midstream Operating LP(a)		5.350			03/15/2020		458,456
	350,000	Dell International LLC/EMC Corp.(a)		5.875			06/15/2021		356,551
	500,000	Dell, Inc.		5.875			06/15/2019		501,875
	600,000	Dell, Inc.		4.625			04/01/2021		611,625
	500,000	Delta Air Lines, Inc.		3.400			04/19/2021		502,841
	500,000	Denbury Resources, Inc.(a)		9.000			05/15/2021		510,000
	450,000	DISH DBS Corp.		7.875			09/01/2019		456,750
	425,000	DISH DBS Corp.		5.125			05/01/2020		428,719
	400,000	DISH DBS Corp.		6.750			06/01/2021		413,475
	400,000	DPL, Inc.		7.250			10/15/2021		431,500
	300,000	DriveTime Automotive Group, Inc./Bridgecrest Acceptance Corp.(a)		8.000			06/01/2021		306,000
	500,000	Edgewell Personal Care Co.		4.700			05/19/2021		511,875
	350,000	EMC Corp.		2.650			06/01/2020		348,222
	425,000	Energen Corp.		4.625			09/01/2021		431,851
	125,000	Enviva Partners LP/Enviva Partners Finance Corp.		8.500			11/01/2021		130,469
	400,000	Equinix, Inc.—REIT		5.375			01/01/2022		411,000
	500,000	Ferrellgas LP/Ferrellgas Finance Corp.(b)		6.500			05/01/2021		448,750
	400,000	Ferrellgas LP/Ferrellgas Finance Corp.(b)		6.750			01/15/2022		356,000
	500,000	First Quality Finance Co., Inc.(a)		4.625			05/15/2021		501,250
	425,000	Forum Energy Technologies, Inc.		6.250			10/01/2021		401,625
	450,000	Freeport-McMoRan, Inc.		4.000			11/14/2021		456,187
	325,000	GameStop Corp.(a)		6.750			03/15/2021		325,000
	150,000	GCI LLC		6.750			06/01/2021		150,469
	500,000	Genworth Holdings, Inc.(b)		7.700			06/15/2020		502,500
	511,000	Genworth Holdings, Inc.		7.200			02/15/2021		502,057
	450,000	Genworth Holdings, Inc.(b)		7.625			09/24/2021		441,000
	400,000	GEO Group, Inc. (The)—REIT		5.875			01/15/2022		396,000
	98,659	Goodman Networks, Inc.(f)		8.000			05/11/2022		47,726
	481,000	Goodyear Tire & Rubber Co. (The)		8.750			08/15/2020		516,474
	500,000	Graphic Packaging International LLC		4.750			04/15/2021		514,500
	800,000	Guitar Center Escrow Issuer, Inc.(a)		9.500			10/15/2021		781,000
	432,546	Guitar Center, Inc., 8.000% PIK Rate, 5.000% Cash Rate(a)(g)		13.000			04/15/2022		356,850
	400,000	Harland Clarke Holdings Corp.(a)		6.875			03/01/2020		395,000
	500,000	Harland Clarke Holdings Corp.(a)		9.250			03/01/2021		513,750
	400,000	HC2 Holdings, Inc.(a)		11.500			12/01/2021		348,500
	463,000	HCA Healthcare, Inc.		6.250			02/15/2021		486,729
	500,000	HCA, Inc.		4.250			10/15/2019		503,315
	500,000	HCA, Inc.		6.500			02/15/2020		513,289
	400,000	HCA, Inc.		7.500			02/15/2022		441,000
	500,000	Hecla Mining Co.		6.875			05/01/2021		501,250
	500,000	Hertz Corp. (The)		5.875			10/15/2020		500,625
	500,000	Hertz Corp. (The)		7.375			01/15/2021		499,375
	500,000	Hexion, Inc.(b)		6.625			04/15/2020		398,750
	495,000	Hexion, Inc.		10.000			04/15/2020		397,237
	778,000	Hexion, Inc./Hexion Nova Scotia Finance ULC		9.000			11/15/2020		155,600
	694,000	Hornbeck Offshore Services, Inc.		5.875			04/01/2020		466,715
	700,000	Hornbeck Offshore Services, Inc.		5.000			03/01/2021		442,750
	500,000	Hughes Satellite Systems Corp.		6.500			06/15/2019		502,637
	700,000	Hughes Satellite Systems Corp.		7.625			06/15/2021		749,000
	500,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp.		6.000			08/01/2020		504,375
	400,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp.		5.875			02/01/2022		405,500
	400,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp.		6.250			02/01/2022		413,112
	500,000	International Game Technology PLC(a)		6.250			02/15/2022		523,750
	600,000	INVISTA Finance LLC(a)		4.250			10/15/2019		604,920

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

15

Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)

April 30, 2019

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		United States (continued)
$	420,550	iStar, Inc.—REIT		4.625	%		09/15/2020	$	425,807
	100,000	iStar, Inc.—REIT		6.500			07/01/2021		102,250
	400,000	Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp.(a)		6.750			11/15/2021		413,500
	150,000	JBS USA LUX SA/JBS USA Finance, Inc.(a)		7.250			06/01/2021		150,750
	500,000	Jurassic Holdings III, Inc.(a)		6.875			02/15/2021		500,000
	425,000	KB Home		8.000			03/15/2020		443,062
	400,000	KB Home		7.000			12/15/2021		429,500
	438,000	Kinetic Concepts, Inc./KCI USA, Inc.(a)		7.875			02/15/2021		447,746
	500,000	Kinetic Concepts, Inc./KCI USA, Inc.(a)		12.500			11/01/2021		542,450
	400,000	L Brands, Inc.		7.000			05/01/2020		416,000
	477,000	L Brands, Inc.		6.625			04/01/2021		502,639
	400,000	L Brands, Inc.		5.625			02/15/2022		416,500
	215,000	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(a)		5.875			08/01/2021		219,838
	400,000	Laredo Petroleum, Inc.(b)		5.625			01/15/2022		379,000
	498,000	Leidos Holdings, Inc.		4.450			12/01/2020		505,509
	500,000	Lennar Corp.		4.500			06/15/2019		500,625
	470,000	Lennar Corp.		4.500			11/15/2019		472,056
	500,000	Lennar Corp.		6.625			05/01/2020		516,875
	400,000	Lennar Corp.		2.950			11/29/2020		397,000
	500,000	Lennar Corp.		8.375			01/15/2021		544,950
	500,000	Lennar Corp.		4.750			04/01/2021		510,280
	400,000	Lennar Corp.		6.250			12/15/2021		422,500
	400,000	Lennar Corp.		4.125			01/15/2022		405,000
	400,000	M/I Homes, Inc.		6.750			01/15/2021		407,500
	510,000	Mallinckrodt International Finance SA/Mallinckrodt CB LLC(a)(b)		4.875			04/15/2020		510,000
	400,000	Martin Midstream Partners LP/Martin Midstream Finance Corp.		7.250			02/15/2021		394,000
	400,000	Mattel, Inc.		4.350			10/01/2020		404,000
	400,000	Mattel, Inc.		2.350			08/15/2021		385,000
	567,000	MDC Holdings, Inc.		5.625			02/01/2020		576,922
	397,000	Meritage Homes Corp.		7.150			04/15/2020		410,399
	484,000	MGM Resorts International		5.250			03/31/2020		491,260
	307,000	MGM Resorts International		6.750			10/01/2020		322,350
	400,000	MGM Resorts International		6.625			12/15/2021		430,380
	400,000	Michaels Stores, Inc.(a)		5.875			12/15/2020		401,300
	290,000	Midcontinent Express Pipeline LLC(a)		6.700			09/15/2019		293,988
	150,000	Momentive Performance Materials, Inc.		3.880			10/24/2021		166,687
	609,000	Monitronics International, Inc.		9.125			04/01/2020		27,405
	150,000	Nationstar Mortgage LLC/Nationstar Capital Corp.		6.500			07/01/2021		150,563
	376,000	Navient Corp., MTN		4.875			06/17/2019		376,733
	500,000	Navient Corp., MTN		8.000			03/25/2020		519,375
	458,000	Navient Corp.		5.000			10/26/2020		465,443
	500,000	Navient Corp.		5.875			03/25/2021		518,750
	410,000	Navient Corp.		6.625			07/26/2021		430,500
	400,000	Navient Corp., MTN		7.250			01/25/2022		430,000
	650,000	Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc.(a)		8.125			11/15/2021		542,750
	500,000	NCR Corp.		4.625			02/15/2021		497,500
	400,000	NCR Corp.		5.875			12/15/2021		404,500
	520,000	Neovia Logistics Services LLC/SPL Logistics Finance Corp.(a)		8.875			08/01/2020		524,212
	500,000	Netflix, Inc.		5.375			02/01/2021		519,375
	400,000	Netflix, Inc.		5.500			02/15/2022		422,000
	500,000	Newfield Exploration Co.		5.750			01/30/2022		533,272
	580,000	Nielsen Finance LLC/Nielsen Finance Co.		4.500			10/01/2020		581,450
	500,000	NuStar Logistics LP		4.800			09/01/2020		508,750
	400,000	NuStar Logistics LP		6.750			02/01/2021		418,000
	400,000	NuStar Logistics LP		4.750			02/01/2022		406,000
	400,000	Omnimax International, Inc.(a)		12.000			08/15/2020		407,500
	400,000	Owens & Minor, Inc.		3.875			09/15/2021		328,000
	445,000	Penske Automotive Group, Inc.		3.750			08/15/2020		447,670

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

16

Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)

April 30, 2019

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		United States (continued)
$	21,285	Petroquest Energy, Inc., 10.000% PIK Rate, 0% Cash Rate(g)		10.000	%		02/15/2024	$	18,624
	400,000	Prestige Brands, Inc.(a)		5.375			12/15/2021		404,000
	500,000	PulteGroup, Inc.		4.250			03/01/2021		508,125
	500,000	Pyxus International, Inc.(a)		8.500			04/15/2021		514,375
	400,000	Pyxus International, Inc.(b)		9.875			07/15/2021		359,000
	450,000	QEP Resources, Inc.		6.875			03/01/2021		466,875
	400,000	Qwest Corp.		6.750			12/01/2021		427,294
	425,000	Range Resources Corp.		5.750			06/01/2021		439,755
	400,000	Rent-A-Center, Inc.		4.750			05/01/2021		399,252
	636,000	Revlon Consumer Products Corp.(b)		5.750			02/15/2021		575,580
	581,465	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer (Luxembourg) SA		5.750			10/15/2020		583,936
	500,000	RHP Hotel Properties LP/RHP Finance Corp.—REIT		5.000			04/15/2021		503,125
	500,000	Rockies Express Pipeline LLC(a)(b)		5.625			04/15/2020		513,675
	500,000	Sable Permian Resources Land LLC/AEPB Finance Corp.(a)		8.000			06/15/2020		400,000
	500,000	Sable Permian Resources Land LLC/AEPB Finance Corp.(a)		7.125			11/01/2020		125,000
	400,000	Sable Permian Resources Land LLC/AEPB Finance Corp.(a)		13.000			11/30/2020		391,000
	200,000	Sanchez Energy Corp.		7.750			06/15/2021		28,000
	450,000	Sanmina Corp.(a)		4.375			06/01/2019		450,846
	517,000	Scientific Games International, Inc.		6.625			05/15/2021		524,755
	325,000	Sealed Air Corp.(a)		6.500			12/01/2020		338,813
	665,600	Sears Holdings Corp., Series AI(c)(e)		8.000			12/15/2019		33,280
	450,000	Select Medical Corp.		6.375			06/01/2021		451,125
	468,000	SESI LLC		7.125			12/15/2021		400,140
	500,000	Sinclair Television Group, Inc.		5.375			04/01/2021		501,250
	400,000	Springleaf Finance Corp.		8.250			12/15/2020		432,072
	380,000	Springleaf Finance Corp.		7.750			10/01/2021		414,200
	470,000	Sprint Capital Corp.		6.900			05/01/2019		470,000
	480,000	Sprint Communications, Inc.(a)		7.000			03/01/2020		494,400
	506,000	Sprint Communications, Inc.		7.000			08/15/2020		526,240
	450,000	Sprint Communications, Inc.		11.500			11/15/2021		519,750
	450,000	Sprint Corp.		7.250			09/15/2021		472,500
	400,000	Starwood Property Trust, Inc.—REIT		3.625			02/01/2021		399,000
	400,000	Starwood Property Trust, Inc.—REIT		5.000			12/15/2021		409,500
	350,000	Steel Dynamics, Inc.		5.125			10/01/2021		352,625
	440,000	Symantec Corp.		4.200			09/15/2020		445,800
	90,000	Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.(a)		5.250			04/15/2021		90,393
	470,000	TEGNA, Inc.		5.125			07/15/2020		473,525
	520,000	Tenet Healthcare Corp.		4.750			06/01/2020		527,800
	421,000	Tenet Healthcare Corp.		6.000			10/01/2020		436,788
	600,000	Tenet Healthcare Corp.		4.500			04/01/2021		611,250
	350,000	Tenet Healthcare Corp.		4.375			10/01/2021		355,688
	500,000	Toll Brothers Finance Corp.		6.750			11/01/2019		510,000
	400,000	Toll Brothers Finance Corp.		5.875			02/15/2022		423,500
	500,000	TPC Group, Inc.(a)		8.750			12/15/2020		496,875
	400,000	TRI Pointe Group, Inc./TRI Pointe Homes, Inc.		4.375			06/15/2019		400,312
	436,000	Triumph Group, Inc.		4.875			04/01/2021		431,640
	48,000	TRU Taj LLC/TRU Taj Finance, Inc.(d)		12.000			08/15/2021		23,760
	500,000	Unit Corp.		6.625			05/15/2021		492,500
	564,000	United Continental Holdings, Inc.		6.000			12/01/2020		589,549
	399,000	WESCO Distribution, Inc.		5.375			12/15/2021		404,486
	500,000	Whiting Petroleum Corp.		5.750			03/15/2021		514,850
	470,000	WPX Energy, Inc.		6.000			01/15/2022		491,150
	400,000	WR Grace & Co.-Conn(a)		5.125			10/01/2021		416,000
	100,000	Wyndham Destinations, Inc.		5.625			03/01/2021		104,250
	400,000	Xerox Corp.		5.625			12/15/2019		407,000
	400,000	Xerox Corp.		2.800			05/15/2020		398,920
	400,000	Xerox Corp.		3.500			08/20/2020		400,000
	400,000	Xerox Corp.		2.750			09/01/2020		398,160

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

17

Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)

April 30, 2019

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Corporate Bonds (continued)
		United States (continued)
$	400,000	Xerox Corp.		4.500	%		05/15/2021	$	406,400
	457,000	Yum! Brands, Inc.		5.300			09/15/2019		461,570
	420,000	Yum! Brands, Inc.		3.875			11/01/2020		423,150
									94,435,426
		Zambia—0.1%
	125,000	First Quantum Minerals Ltd.(a)		7.000			02/15/2021		127,500
		Total Corporate Bonds (Cost $195,018,973)							189,790,837
		Sovereign Debt Obligations—11.1%
		Argentina—0.8%
	500,000	Argentine Republic Government International Bond		6.875			04/22/2021		421,005
	600,000	Argentine Republic Government International Bond		5.625			01/26/2022		468,306
	550,000	Provincia de Buenos Aires(a)		5.750			06/15/2019		547,937
	500,000	Provincia de Cordoba(a)		7.125			06/10/2021		403,500
									1,840,748
		Bahrain—0.5%
	500,000	Bahrain Government International Bond(a)		5.500			03/31/2020		505,668
	500,000	Bahrain Government International Bond(a)		5.875			01/26/2021		509,408
									1,015,076
		Brazil—0.5%
	500,000	Brazilian Government International Bond		8.875			10/14/2019		518,125
	500,000	Brazilian Government International Bond		4.875			01/22/2021		516,000
									1,034,125
		Costa Rica—0.5%
	500,000	Costa Rica Government International Bond(a)		9.995			08/01/2020		527,500
	500,000	Instituto Costarricense de Electricidad(a)		6.950			11/10/2021		501,250
									1,028,750
		Croatia—0.7%
	500,000	Croatia Government International Bond(a)		6.750			11/05/2019		509,643
	500,000	Croatia Government International Bond(a)		6.625			07/14/2020		521,162
	500,000	Croatia Government International Bond(a)		6.375			03/24/2021		530,150
									1,560,955
		Ecuador—0.2%
	400,000	Ecuador Government International Bond(a)		10.500			03/24/2020		419,104
		Egypt—0.5%
	500,000	Egypt Government International Bond(a)		5.750			04/29/2020		507,610
	500,000	Egypt Government International Bond, GMTN(a)		6.125			01/31/2022		506,552
									1,014,162
		El Salvador—0.2%
	400,000	El Salvador Government International Bond(a)		7.375			12/01/2019		405,354
		Georgia—0.2%
	500,000	Georgia Government International Bond(a)		6.875			04/12/2021		530,570
		Honduras—0.2%
	500,000	Honduras Government International Bond(a)		8.750			12/16/2020		534,375
		Kenya—0.2%
	400,000	Kenya Government International Bond(a)		5.875			06/24/2019		400,860
		Lebanon—1.4%
	800,000	Lebanon Government International Bond, EMTN		6.000			05/20/2019		800,360
	500,000	Lebanon Government International Bond, GMTN		5.450			11/28/2019		493,292
	300,000	Lebanon Government International Bond, GMTN		6.375			03/09/2020		294,836

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

18

Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)

April 30, 2019

(Unaudited)

Principal Amount			Interest Rate			Maturity Date		Value
		Sovereign Debt Obligations (continued)
		Lebanon (continued)
$	500,000	Lebanon Government International Bond, GMTN		5.800	%		04/14/2020	$	486,218
	500,000	Lebanon Government International Bond, EMTN		6.150			06/19/2020		484,005
	500,000	Lebanon Government International Bond, EMTN(a)		8.250			04/12/2021		486,230
									3,044,941
		Mongolia—0.2%
	500,000	Mongolia Government International Bond, EMTN(a)		10.875			04/06/2021		551,656
		Namibia—0.1%
	200,000	Namibia International Bonds(a)		5.500			11/03/2021		204,775
		Nigeria—0.2%
	500,000	Nigeria Government International Bond(a)		6.750			01/28/2021		516,545
		Oman—0.2%
	500,000	Oman Government International Bond(a)		3.625			06/15/2021		489,920
		Pakistan—0.1%
	200,000	Third Pakistan International Sukuk Co. Ltd. (The)(a)		5.500			10/13/2021		202,000
		Senegal—0.2%
	400,000	Senegal Government International Bond(a)		8.750			05/13/2021		433,480
		Serbia—0.3%
	500,000	Serbia International Bond(a)		4.875			02/25/2020		506,248
	200,000	Serbia International Bond(a)		7.250			09/28/2021		217,791
								724,039
		South Africa—0.7%
	500,000	Republic of South Africa Government International Bond		6.875			05/27/2019		501,735
	500,000	Republic of South Africa Government International Bond		5.500			03/09/2020		508,285
	500,000	ZAR Sovereign Capital Fund Pty Ltd.(a)		3.903			06/24/2020		501,095
								1,511,115
		Sri Lanka—0.7%
	500,000	Sri Lanka Government International Bond(a)		6.250			10/04/2020		504,472
	500,000	Sri Lanka Government International Bond(a)		6.250			07/27/2021		504,169
	500,000	Sri Lanka Government International Bond(a)		5.750			01/18/2022		497,287
								1,505,928
		Turkey—1.5%
	700,000	Export Credit Bank of Turkey, EMTN(a)		5.375			02/08/2021		674,614
	200,000	Export Credit Bank of Turkey(a)		5.000			09/23/2021		188,105
	500,000	Hazine Mustesarligi Varlik Kiralama AS(a)		4.251			06/08/2021		482,277
	500,000	Hazine Mustesarligi Varlik Kiralama AS(a)		5.800			02/21/2022		489,597
	500,000	Turkey Government International Bond		7.500			11/07/2019		505,355
	500,000	Turkey Government International Bond		7.000			06/05/2020		505,371
	500,000	Turkey Government International Bond		5.625			03/30/2021		493,910
								3,339,229
		Ukraine—0.7%
	500,000	Ukraine Government International Bond(a)		7.750			09/01/2019		502,750
	500,000	Ukraine Government International Bond(a)		7.750			09/01/2020		501,470
	550,000	Ukraine Government International Bond(a)		7.750			09/01/2021		546,750
								1,550,970
		Vietnam—0.3%
	600,000	Vietnam Government International Bond(a)		6.750			01/29/2020		616,350
		Total Sovereign Debt Obligations (Cost $24,725,495)							24,475,027

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

19

Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests—0.1%
		United States—0.1%
	1	Avaya Holdings Corp.(h)(i)	$	19
	6,207	Goodman Networks, Inc.(d)(f)(h)		0
	946	Guitar Center, Inc. Wts. expiring 04/16/25(d)(h)		0
	2,367	Petroquest Energy, Inc.(d)(h)		0
	3,051	Premier Brands Group(h)(j)		67,122
	9,560	Premier Brands Group Wts. expiring 03/20/24(h)(j)		23,900
	4,449	Remington Outdoor Co., Inc.(d)(h)		25,783
	4,487	Remington Outdoor Co., Inc. Wts. expiring 05/15/22(d)(h)		0
	2,156	TRU Taj LLC/TRU Taj Finance, Inc.(d)(h)		30,055
		Total Common Stocks & Other Equity Interests (Cost $147,370)		146,879
		Preferred Stocks—0.0%
		United States—0.0%
	7,385	Goodman Networks, Inc., 0.00% Pfd.(d)(f)(h) (Cost $0)		5,538
		Money Market Funds—1.6%
	3,601,484	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(k) (Cost $3,601,484)		3,601,484
		Total Investments in Securities
		(excluding investments purchased with cash collateral from securities on loan) (Cost 223,493,731)—99.1%		218,020,174
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—2.5%
	4,093,270	Invesco Government & Agency Portfolio—Institutional Class, 2.34%(k)(l)		4,093,270
	1,364,014	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(k)(l)		1,364,423
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,457,693)		5,457,693
		Total Investments in Securities (Cost $228,951,015)—101.6%		223,477,458
		Other assets less liabilities—(1.6)%		(3,477,883	)
		Net Assets—100.0%	$	219,999,575

Abbreviations:

EMTN—Euro Medium-Term Note

GMTN—Global Medium-Term Note

MTN—Medium-Term Note

PIK—Pay-in-Kind

REIT—Real Estate Investment Trust

Wts.—Warrants

Notes to Schedule of Investments:

^(a)  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 April 30, 2019 was $85,868,889, which represented 39.03% of the Fund’s Net Assets.

^(b)  All or a portion of this security was out on loan at April 30, 2019.

^(c)  Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The aggregate value of these securities at April 30, 2019 was $497,403, which represented less than 1% of the Fund’s Net Assets.

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

^(e)  The borrower has filed for protection in federal bankruptcy court.

^(f)  Acquired as part of the Goodman Networks, Inc. reorganization.

^(g)  All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(h)  Non-income producing security.

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

20

Invesco Global Short Term High Yield Bond ETF (PGHY) (continued)

April 30, 2019

(Unaudited)

⁽ⁱ⁾  Acquired as part of the Avaya Holdings Corp. reorganization.

^(j)  Acquired as part of the Nine West Holding, Inc. reorganization.

^(k)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(l)  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 2K.

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

21

Invesco International Corporate Bond ETF (PICB)

April 30, 2019

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019 (Unaudited)
Financials	47.9
Utilities	16.8
Consumer, Non-cyclical	11.9
Communications	9.7
Consumer, Cyclical	4.8
Energy	4.5
Sector Types Each Less Than 3%	3.1
Money Market Funds Plus Other Assets Less Liabilities	1.3

Schedule of Investments

Foreign Currency(a)		Principal Amount			Interest Rate			Maturity Date		Value
				Corporate Bonds—98.6%
				Australia—1.4%
	EUR		100,000	Australia & New Zealand Banking Group Ltd.		0.750	%		09/29/2026	$	113,321
	GBP		250,000	BHP Billiton Finance Ltd., Series 12, EMTN		4.300			09/25/2042		427,980
	EUR		100,000	National Australia Bank Ltd., EMTN		0.875			01/20/2022		114,736
	EUR		150,000	National Australia Bank Ltd., EMTN		2.750			08/08/2022		183,157
	EUR		200,000	National Australia Bank Ltd., EMTN		1.375			08/30/2028		233,539
	EUR		100,000	National Australia Bank Ltd., GMTN		1.250			05/18/2026		117,118
	EUR		150,000	Telstra Corp. Ltd., EMTN		3.500			09/21/2022		187,830
	EUR		150,000	Telstra Corp. Ltd., EMTN		2.500			09/15/2023		185,489
	EUR		100,000	Westpac Banking Corp., EMTN		0.250			01/17/2022		112,815
											1,675,985
				Belgium—3.3%
	CAD		400,000	Anheuser-Busch InBev Finance, Inc., Series MPLE		2.600			05/15/2024		295,272
	EUR		100,000	Anheuser-Busch InBev SA, EMTN		0.800			04/20/2023		115,415
	GBP		150,000	Anheuser-Busch InBev SA, EMTN		9.750			07/30/2024		269,871
	GBP		250,000	Anheuser-Busch InBev SA, EMTN		1.750			03/07/2025		320,466
	EUR		300,000	Anheuser-Busch InBev SA, EMTN		1.500			03/17/2025		356,029
	GBP		200,000	Anheuser-Busch InBev SA, EMTN		4.000			09/24/2025		290,421
	EUR		100,000	Anheuser-Busch InBev SA, EMTN		2.700			03/31/2026		127,357
	EUR		200,000	Anheuser-Busch InBev SA, EMTN		1.150			01/22/2027		228,071
	EUR		100,000	Anheuser-Busch InBev SA, EMTN		1.125			07/01/2027		113,362
	EUR		300,000	Anheuser-Busch InBev SA, EMTN		2.000			03/17/2028		361,658
	GBP		300,000	Anheuser-Busch InBev SA, EMTN		2.250			05/24/2029		380,479
	EUR		200,000	Anheuser-Busch InBev SA, EMTN		1.500			04/18/2030		227,135
	EUR		300,000	Anheuser-Busch InBev SA, EMTN		2.750			03/17/2036		375,547
	GBP		200,000	Anheuser-Busch InBev SA, EMTN		2.850			05/25/2037		252,696
	EUR		200,000	KBC Group NV, EMTN		0.750			03/01/2022		228,517
											3,942,296
				Canada—14.5%
	CAD		600,000	Bank of Montreal, DPNT		2.100			10/06/2020		446,298
	CAD		500,000	Bank of Montreal, DPNT		1.880			03/31/2021		370,659
	CAD		450,000	Bank of Montreal, DPNT		3.400			04/23/2021		343,230
	CAD		850,000	Bank of Montreal, DPNT		1.610			10/28/2021		624,559

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

22

Invesco International Corporate Bond ETF (PICB) (continued)

April 30, 2019

(Unaudited)

Foreign Currency(a)		Principal Amount			Interest Rate			Maturity Date		Value
				Corporate Bonds (continued)
				Canada (continued)
	CAD		450,000	Bank of Montreal, DPNT		2.120	%		03/16/2022	$	334,476
	CAD		700,000	Bank of Montreal, DPNT		2.270			07/11/2022		521,883
	CAD		800,000	Bank of Montreal, DPNT		2.890			06/20/2023		610,122
	CAD		500,000	Bank of Nova Scotia (The), DPNT		3.270			01/11/2021		379,215
	CAD		400,000	Bank of Nova Scotia (The), DPNT		2.873			06/04/2021		302,135
	CAD		750,000	Bank of Nova Scotia (The), DPNT		1.900			12/02/2021		554,332
	CAD		600,000	Bank of Nova Scotia (The), DPNT		1.830			04/27/2022		441,610
	CAD		700,000	Bank of Nova Scotia (The), DPNT		2.980			04/17/2023		534,882
	CAD		700,000	Bank of Nova Scotia (The), DPNT		2.290			06/28/2024		519,109
	CAD		400,000	Bank of Nova Scotia (The), DPNT		2.620			12/02/2026		299,382
	CAD		300,000	Bell Canada, Inc., MTN		3.250			06/17/2020		225,395
	CAD		300,000	Bell Canada, Inc., MTN		2.700			02/27/2024		224,164
	CAD		300,000	Bell Canada, Inc., MTN		3.800			08/21/2028		233,700
	CAD		300,000	Bell Canada, Inc., Series M-26		3.350			03/22/2023		229,614
	CAD		500,000	Canadian Imperial Bank of Commerce, DPNT		1.900			04/26/2021		370,622
	CAD		450,000	Canadian Imperial Bank of Commerce, DPNT		2.040			03/21/2022		333,636
	CAD		600,000	Canadian Imperial Bank of Commerce, DPNT		2.300			07/11/2022		447,467
	CAD		600,000	Canadian Imperial Bank of Commerce, DPNT		3.300			05/26/2025		467,770
	CAD		300,000	Canadian Natural Resources Ltd., MTN		2.890			08/14/2020		224,547
	CAD		300,000	Canadian Natural Resources Ltd., MTN		3.310			02/11/2022		227,861
	CAD		300,000	HSBC Bank Canada, DPNT		1.816			07/07/2020		222,112
	CAD		300,000	HSBC Bank Canada, DPNT		2.449			01/29/2021		224,208
	CAD		300,000	HSBC Bank Canada, DPNT		2.908			09/29/2021		226,644
	CAD		300,000	HSBC Bank Canada, DPNT		2.170			06/29/2022		222,034
	CAD		400,000	HSBC Bank Canada, DPNT		3.245			09/15/2023		307,003
	CAD		500,000	Rogers Communications, Inc.		5.340			03/22/2021		393,272
	CAD		600,000	Royal Bank of Canada, DPNT		2.860			03/04/2021		452,765
	CAD		550,000	Royal Bank of Canada, DPNT		1.583			09/13/2021		404,196
	CAD		700,000	Royal Bank of Canada, DPNT		1.968			03/02/2022		517,991
	CAD		500,000	Royal Bank of Canada, DPNT		2.000			03/21/2022		370,294
	CAD		700,000	Royal Bank of Canada, DPNT		2.360			12/05/2022		523,413
	CAD		600,000	Royal Bank of Canada, DPNT		2.949			05/01/2023		458,060
	CAD		400,000	Royal Bank of Canada, DPNT		2.333			12/05/2023		298,037
	CAD		500,000	Shaw Communications, Inc.		6.750			11/09/2039		476,832
	CAD		300,000	TELUS Corp., MTN		2.350			03/28/2022		222,765
	CAD		750,000	Toronto-Dominion Bank (The), DPNT		2.621			12/22/2021		564,959
	CAD		1,100,000	Toronto-Dominion Bank (The), DPNT		1.994			03/23/2022		815,187
	CAD		700,000	Toronto-Dominion Bank (The), DPNT		1.909			07/18/2023		513,895
	CAD		700,000	Toronto-Dominion Bank (The), DPNT		3.226			07/24/2024		544,503
	EUR		200,000	Toronto-Dominion Bank (The), EMTN		0.625			07/20/2023		228,898
											17,253,736
				Denmark—1.1%
	EUR		200,000	Danske Bank A/S, EMTN		0.500			05/06/2021		225,869
	EUR		200,000	Danske Bank A/S, EMTN		0.875			05/22/2023		222,775
	EUR		200,000	Danske Bank A/S, EMTN		0.750			06/02/2023		226,485
	GBP		200,000	Orsted A/S, EMTN		4.875			01/12/2032		327,867
	GBP		150,000	Orsted A/S, EMTN		5.750			04/09/2040		287,967
											1,290,963
				Finland—0.8%
	EUR		150,000	Fortum OYJ, EMTN		2.250			09/06/2022		178,568
	EUR		200,000	Nordea Bank Abp, EMTN		3.250			07/05/2022		246,973
	EUR		200,000	Nordea Bank Abp, EMTN		1.000			02/22/2023		231,756
	EUR		200,000	Nordea Bank Abp, EMTN		1.125			02/12/2025		234,915
	EUR		100,000	OP Corporate Bank PLC, EMTN		0.750			03/03/2022		114,540
											1,006,752

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

23

Invesco International Corporate Bond ETF (PICB) (continued)

April 30, 2019

(Unaudited)

Foreign Currency(a)		Principal Amount			Interest Rate			Maturity Date		Value
				Corporate Bonds (continued)
				France—21.2%
	EUR		200,000	Air Liquide Finance SA, EMTN		1.250	%		06/13/2028	$	238,464
	EUR		200,000	Autoroutes du Sud de la France SA, EMTN		5.625			07/04/2022		265,193
	EUR		200,000	Autoroutes du Sud de la France SA, EMTN		1.250			01/18/2027		236,544
	EUR		100,000	Banque Federative du Credit Mutuel SA, EMTN		3.250			08/23/2022		124,447
	EUR		100,000	Banque Federative du Credit Mutuel SA, EMTN		3.000			11/28/2023		126,346
	EUR		200,000	Banque Federative du Credit Mutuel SA, EMTN		2.625			03/18/2024		249,334
	EUR		400,000	Banque Federative du Credit Mutuel SA, EMTN		3.000			05/21/2024		492,474
	EUR		300,000	Banque Federative du Credit Mutuel SA, EMTN		1.250			01/14/2025		351,478
	EUR		100,000	Banque Federative du Credit Mutuel SA, EMTN		3.000			09/11/2025		124,353
	EUR		100,000	Banque Federative du Credit Mutuel SA, EMTN		2.375			03/24/2026		119,416
	EUR		200,000	Banque Federative du Credit Mutuel SA, EMTN		1.250			05/26/2027		233,480
	EUR		200,000	BNP Paribas SA, EMTN		2.875			10/24/2022		246,276
	EUR		200,000	BNP Paribas SA, EMTN		2.875			09/26/2023		250,764
	EUR		100,000	BNP Paribas SA, EMTN		1.125			10/10/2023		115,369
	EUR		200,000	BNP Paribas SA, EMTN		2.375			05/20/2024		248,006
	EUR		200,000	BNP Paribas SA, EMTN		2.375			02/17/2025		239,408
	EUR		200,000	BNP Paribas SA, EMTN		1.500			11/17/2025		233,550
	GBP		300,000	BNP Paribas SA, EMTN		3.375			01/23/2026		407,521
	EUR		100,000	BNP Paribas SA, EMTN		1.625			02/23/2026		121,241
	EUR		200,000	BNP Paribas SA, EMTN		1.125			06/11/2026		226,216
	EUR		100,000	BNP Paribas SA, EMTN		1.500			05/25/2028		119,431
	EUR		200,000	BPCE SA		4.625			07/18/2023		261,187
	EUR		100,000	BPCE SA		1.000			07/15/2024		115,762
	GBP		200,000	BPCE SA		5.250			04/16/2029		306,913
	EUR		100,000	BPCE SA, EMTN		1.125			01/18/2023		115,085
	EUR		200,000	BPCE SA, EMTN		0.875			01/31/2024		227,539
	EUR		200,000	BPCE SA, EMTN		1.000			10/05/2028		227,931
	EUR		100,000	Capgemini SE		2.500			07/01/2023		122,414
	EUR		200,000	CNP Assurances		1.875			10/20/2022		233,403
	EUR		200,000	Coentreprise de Transport d’electricite SA		1.500			07/29/2028		233,464
	EUR		200,000	Coentreprise de Transport d’Electricite SA		2.125			07/29/2032		240,048
	EUR		100,000	Credit Agricole SA		2.700			07/15/2025		118,141
	EUR		500,000	Credit Agricole SA		2.625			03/17/2027		611,689
	EUR		100,000	Credit Agricole SA, EMTN		2.000			03/25/2029		113,889
	EUR		200,000	Credit Agricole SA/London, EMTN		0.875			01/19/2022		229,708
	EUR		100,000	Credit Agricole SA/London, EMTN		0.750			12/01/2022		114,776
	EUR		200,000	Credit Agricole SA/London, EMTN		5.125			04/18/2023		268,893
	EUR		500,000	Credit Agricole SA/London, EMTN		3.125			07/17/2023		630,066
	EUR		200,000	Credit Agricole SA/London, EMTN		2.375			05/20/2024		247,075
	EUR		100,000	Credit Agricole SA/London, EMTN		1.000			09/16/2024		116,341
	EUR		100,000	Credit Agricole SA/London, EMTN		1.375			03/13/2025		116,464
	EUR		200,000	Credit Agricole SA/London, EMTN		3.125			02/05/2026		261,819
	EUR		200,000	Credit Agricole SA/London, EMTN		1.250			04/14/2026		233,778
	EUR		200,000	Credit Agricole SA/London, EMTN		1.875			12/20/2026		239,907
	EUR		100,000	Credit Agricole SA/London, EMTN		1.375			05/03/2027		117,637
	EUR		300,000	Danone SA, EMTN		2.250			11/15/2021		355,722
	EUR		100,000	Danone SA, EMTN		0.709			11/03/2024		115,191
	EUR		200,000	Danone SA, EMTN		1.208			11/03/2028		233,799
	EUR		300,000	Electricite de France SA, EMTN		3.875			01/18/2022		372,531
	EUR		300,000	Electricite de France SA, EMTN		2.750			03/10/2023		371,543
	EUR		250,000	Electricite de France SA, EMTN		4.625			09/11/2024		345,208
	EUR		300,000	Electricite de France SA, EMTN		1.000			10/13/2026		345,398
	EUR		100,000	Electricite de France SA, EMTN		4.125			03/25/2027		140,443
	GBP		200,000	Electricite de France SA, EMTN		6.250			05/30/2028		343,783
	EUR		200,000	Electricite de France SA, EMTN		4.625			04/26/2030		300,630
	GBP		450,000	Electricite de France SA, EMTN		6.125			06/02/2034		827,280
	GBP		200,000	Electricite de France SA, EMTN		5.500			03/27/2037		350,007
	GBP		500,000	Electricite de France SA, EMTN		5.500			10/17/2041		902,222

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

24

Invesco International Corporate Bond ETF (PICB) (continued)

April 30, 2019

(Unaudited)

Foreign Currency(a)		Principal Amount			Interest Rate			Maturity Date		Value
				Corporate Bonds (continued)
				France (continued)
	GBP		350,000	Electricite de France SA, EMTN		5.125	%		09/22/2050	$	629,255
	GBP		400,000	Electricite de France SA, EMTN		6.000			01/23/2114		792,870
	EUR		150,000	Engie Alliance GIE, EMTN		5.750			06/24/2023		208,023
	EUR		200,000	Engie SA, EMTN		2.375			05/19/2026		256,977
	GBP		100,000	Engie SA, EMTN		7.000			10/30/2028		185,153
	GBP		450,000	Engie SA, EMTN		5.000			10/01/2060		902,077
	EUR		200,000	Holding d’Infrastructures de Transport SAS		4.875			10/27/2021		249,302
	EUR		200,000	HSBC France SA, EMTN		0.600			03/20/2023		228,361
	EUR		200,000	LVMH Moet Hennessy Louis Vuitton SE, EMTN		0.750			05/26/2024		232,129
	EUR		100,000	Orange SA, EMTN		3.000			06/15/2022		122,624
	GBP		200,000	Orange SA, EMTN		8.125			11/20/2028		385,476
	GBP		300,000	Orange SA, EMTN		3.250			01/15/2032		415,553
	EUR		200,000	Orange SA, EMTN		8.125			01/28/2033		403,913
	GBP		150,000	Orange SA, EMTN		5.625			01/23/2034		262,582
	GBP		100,000	Orange SA, EMTN		5.375			11/22/2050		190,323
	EUR		200,000	RTE Reseau de Transport d’Electricite SADIR, EMTN		1.625			11/27/2025		241,926
	EUR		200,000	Sanofi, EMTN		0.500			01/13/2027		225,148
	EUR		300,000	Sanofi, Series 12FX, EMTN		1.375			03/21/2030		356,589
	EUR		200,000	Sanofi, Series 20FX, EMTN		1.875			03/21/2038		245,470
	EUR		300,000	Sanofi, Series 8FXD, EMTN		1.000			03/21/2026		352,290
	EUR		100,000	Societe Generale SA, EMTN		1.000			04/01/2022		114,471
	EUR		200,000	Societe Generale SA, EMTN		4.250			07/13/2022		254,555
	EUR		100,000	Societe Generale SA, EMTN		0.750			05/26/2023		114,592
	EUR		200,000	Societe Generale SA, EMTN		1.250			02/15/2024		229,202
	EUR		200,000	Societe Generale SA, EMTN		1.125			01/23/2025		226,165
	EUR		100,000	Societe Generale SA, EMTN		2.625			02/27/2025		120,484
	EUR		100,000	Societe Generale SA, EMTN		2.125			09/27/2028		118,626
	EUR		200,000	Total Capital Canada Ltd., EMTN		2.125			09/18/2029		256,169
	EUR		200,000	Total Capital International SA, EMTN		0.250			07/12/2023		227,191
	EUR		400,000	Total Capital International SA, EMTN		0.750			07/12/2028		456,781
	GBP		150,000	Veolia Environnement SA, EMTN		6.125			10/29/2037		289,162
	EUR		100,000	Vinci SA, EMTN		1.750			09/26/2030		118,987
	EUR		200,000	Vivendi SA		0.750			05/26/2021		227,696
	GBP		200,000	Westfield America Management Ltd.		2.625			03/30/2029		261,198
											25,178,317
				Germany—12.0%
	GBP		300,000	Allianz Finance II BV, Series 62		4.500			03/13/2043		540,302
	EUR		300,000	Bayer Capital Corp. BV		1.500			06/26/2026		346,559
	EUR		200,000	Bayer Capital Corp. BV		2.125			12/15/2029		233,184
	EUR		200,000	BMW Finance NV, EMTN		0.375			07/10/2023		225,482
	EUR		150,000	BMW Finance NV, EMTN		1.500			02/06/2029		172,624
	EUR		200,000	BMW US Capital LLC, EMTN		0.625			04/20/2022		228,101
	EUR		200,000	Commerzbank AG, EMTN		7.750			03/16/2021		253,261
	EUR		200,000	Commerzbank AG, EMTN		0.500			08/28/2023		225,563
	EUR		250,000	Commerzbank AG, EMTN		0.500			09/13/2023		278,831
	EUR		100,000	Commerzbank AG, EMTN		4.000			03/23/2026		124,778
	EUR		100,000	Daimler AG, EMTN		1.400			01/12/2024		117,809
	EUR		200,000	Daimler AG, EMTN		0.850			02/28/2025		228,392
	EUR		100,000	Daimler AG, EMTN		1.500			03/09/2026		117,760
	EUR		200,000	Daimler AG, EMTN		1.375			05/11/2028		233,005
	EUR		200,000	Daimler AG, EMTN		1.500			07/03/2029		232,782
	EUR		200,000	Daimler AG, EMTN		2.125			07/03/2037		239,576
	GBP		200,000	Daimler International Finance BV, EMTN		2.000			09/04/2023		262,493
	EUR		200,000	Daimler International Finance BV, EMTN		1.000			11/11/2025		228,622
	EUR		100,000	Daimler International Finance BV, EMTN		1.375			06/26/2026		116,305
	EUR		100,000	Deutsche Bahn Finance GMBH, EMTN		1.125			12/18/2028		116,746
	NOK		400,000	Deutsche Bank AG, EMTN		2.375			06/24/2020		46,097
	EUR		200,000	Deutsche Bank AG, EMTN		0.375			01/18/2021		221,815

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

25

Invesco International Corporate Bond ETF (PICB) (continued)

April 30, 2019

(Unaudited)

Foreign Currency(a)		Principal Amount			Interest Rate			Maturity Date		Value
				Corporate Bonds (continued)
				Germany (continued)
	EUR		200,000	Deutsche Bank AG, EMTN		1.625	%		02/12/2021	$	226,409
	EUR		200,000	Deutsche Bank AG, EMTN		1.250			09/08/2021		224,702
	EUR		300,000	Deutsche Bank AG, EMTN		1.500			01/20/2022		337,618
	EUR		100,000	Deutsche Bank AG, EMTN		2.375			01/11/2023		115,674
	GBP		200,000	Deutsche Bank AG, EMTN		3.875			02/12/2024		262,592
	EUR		200,000	Deutsche Telekom International Finance BV, EMTN		4.250			07/13/2022		253,992
	EUR		300,000	Deutsche Telekom International Finance BV, EMTN		0.625			04/03/2023		342,833
	EUR		150,000	Deutsche Telekom International Finance BV, EMTN		0.875			01/30/2024		172,753
	EUR		250,000	Deutsche Telekom International Finance BV, EMTN		1.375			01/30/2027		290,102
	EUR		200,000	Deutsche Telekom International Finance BV, EMTN		1.500			04/03/2028		232,014
	GBP		300,000	E.ON International Finance BV, EMTN		6.375			06/07/2032		542,280
	GBP		250,000	E.ON International Finance BV, EMTN		5.875			10/30/2037		454,336
	GBP		200,000	E.ON International Finance BV, EMTN		6.750			01/27/2039		400,718
	EUR		200,000	HeidelbergCement AG, EMTN		1.500			02/07/2025		233,552
	GBP		300,000	innogy Finance BV, EMTN		6.250			06/03/2030		520,998
	GBP		200,000	innogy Finance BV, EMTN		4.750			01/31/2034		315,763
	GBP		300,000	innogy Finance BV, EMTN		6.125			07/06/2039		565,821
	EUR		100,000	Landesbank Baden-Wuerttemberg, EMTN		0.500			06/07/2022		113,194
	EUR		100,000	SAP SE		1.250			03/10/2028		117,529
	EUR		200,000	SAP SE		1.625			03/10/2031		237,794
	EUR		200,000	Siemens Financieringsmaatschappij NV, EMTN		2.875			03/10/2028		268,623
	GBP		200,000	Siemens Financieringsmaatschappij NV, EMTN		3.750			09/10/2042		321,229
	EUR		100,000	Volkswagen Financial Services AG, EMTN		1.500			10/01/2024		114,777
	EUR		300,000	Volkswagen International Finance NV		1.125			10/02/2023		343,372
	EUR		200,000	Volkswagen International Finance NV, EMTN		0.875			01/16/2023		228,795
	EUR		250,000	Volkswagen International Finance NV, EMTN		1.625			01/16/2030		267,048
	EUR		400,000	Volkswagen International Finance NV, Series 10Y		1.875			03/30/2027		455,336
	EUR		300,000	Volkswagen International Finance NV, Series 4Y		0.500			03/30/2021		338,439
	EUR		300,000	Volkswagen Leasing GmbH, EMTN		2.375			09/06/2022		357,455
	EUR		100,000	Volkswagen Leasing GmbH, EMTN		2.625			01/15/2024		121,584
	EUR		100,000	Volkswagen Leasing GmbH, EMTN		1.125			04/04/2024		113,539
	EUR		100,000	Volkswagen Leasing GmbH, EMTN		1.375			01/20/2025		113,505
	EUR		200,000	Vonovia Finance BV, DIP, EMTN		1.250			12/06/2024		233,471
	EUR		200,000	Vonovia Finance BV, EMTN		2.250			12/15/2023		243,702
											14,271,636
				Hong Kong—0.4%
	EUR		100,000	CK Hutchison Finance 16 II Ltd.		0.875			10/03/2024		113,449
	EUR		100,000	CK Hutchison Finance 16 Ltd., Series A		1.250			04/06/2023		115,968
	EUR		200,000	Hutchison Whampoa Finance 14 Ltd.		1.375			10/31/2021		231,444
											460,861
				Italy—4.7%
	EUR		200,000	Assicurazioni Generali SpA, EMTN		5.125			09/16/2024		276,775
	EUR		100,000	Assicurazioni Generali SpA, EMTN		4.125			05/04/2026		122,050
	EUR		100,000	Autostrade Per L’italia SpA, EMTN		5.875			06/09/2024		135,987
	EUR		250,000	Enel Finance International NV		1.375			06/01/2026		289,746
	GBP		300,000	Enel Finance International NV, EMTN		5.625			08/14/2024		453,942
	EUR		200,000	Enel Finance International NV, EMTN		1.000			09/16/2024		230,379
	EUR		200,000	Enel Finance International NV, EMTN		1.966			01/27/2025		240,234
	GBP		450,000	Enel Finance International NV, EMTN		5.750			09/14/2040		768,264
	GBP		250,000	Enel SpA, EMTN		5.750			06/22/2037		417,293
	EUR		100,000	Eni SpA, EMTN		3.250			07/10/2023		127,367
	EUR		200,000	Eni SpA, EMTN		3.750			09/12/2025		268,951
	EUR		150,000	Eni SpA, EMTN		1.500			02/02/2026		178,384
	EUR		100,000	Eni SpA, EMTN		3.625			01/29/2029		137,904
	EUR		200,000	Intesa Sanpaolo SpA, EMTN		2.000			06/18/2021		232,107
	EUR		200,000	Intesa Sanpaolo SpA, EMTN		1.125			03/04/2022		227,272
	EUR		100,000	Intesa Sanpaolo SpA, EMTN		4.000			10/30/2023		126,109

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

26

Invesco International Corporate Bond ETF (PICB) (continued)

April 30, 2019

(Unaudited)

Foreign Currency(a)		Principal Amount			Interest Rate			Maturity Date		Value
				Corporate Bonds (continued)
				Italy (continued)
	EUR		100,000	Intesa Sanpaolo SpA, EMTN		1.375	%		01/18/2024	$	112,929
	EUR		200,000	Snam SpA, EMTN		0.875			10/25/2026		222,960
	EUR		200,000	Terna Rete Elettrica Nazionale SpA, EMTN		0.875			02/02/2022		229,898
	EUR		200,000	Terna Rete Elettrica Nazionale SpA, EMTN		1.375			07/26/2027		232,620
	EUR		200,000	UniCredit SpA, EMTN		3.250			01/14/2021		236,410
	EUR		100,000	UniCredit SpA, EMTN		2.000			03/04/2023		116,496
	EUR		200,000	UniCredit SpA, EMTN		2.125			10/24/2026		231,919
											5,615,996
				Japan—1.0%
	JPY		30,000,000	Development Bank of Japan, Inc.		1.050			06/20/2023		281,489
	JPY		20,000,000	Development Bank of Japan, Inc.		2.300			03/19/2026		207,849
	EUR		200,000	Takeda Pharmaceutical Co. Ltd.(b)		1.125			11/21/2022		231,751
	EUR		200,000	Takeda Pharmaceutical Co. Ltd.(b)		2.250			11/21/2026		244,627
	EUR		200,000	Takeda Pharmaceutical Co. Ltd.(b)		3.000			11/21/2030		251,584
											1,217,300
				Luxembourg—0.1%
	EUR		100,000	Logicor Financing Sarl, EMTN		1.500			11/14/2022		115,513
				Netherlands—6.8%
	EUR		150,000	ABN AMRO Bank NV, EMTN		6.375			04/27/2021		189,232
	EUR		200,000	ABN AMRO Bank NV, EMTN		7.125			07/06/2022		271,777
	EUR		300,000	ABN AMRO Bank NV, EMTN		2.500			11/29/2023		372,908
	EUR		250,000	ABN AMRO Bank NV, EMTN		1.000			04/16/2025		292,078
	EUR		200,000	ASML Holding NV		1.375			07/07/2026		236,624
	EUR		600,000	Cooperatieve Rabobank UA		3.875			07/25/2023		769,123
	EUR		200,000	Cooperatieve Rabobank UA		4.125			07/14/2025		276,795
	EUR		100,000	Cooperatieve Rabobank UA, EMTN		3.750			11/09/2020		118,457
	EUR		300,000	Cooperatieve Rabobank UA, EMTN		4.000			01/11/2022		373,487
	NOK		1,000,000	Cooperatieve Rabobank UA, EMTN		1.625			01/20/2022		115,421
	EUR		100,000	Cooperatieve Rabobank UA, EMTN		4.125			09/14/2022		126,586
	EUR		400,000	Cooperatieve Rabobank UA, EMTN		1.375			02/03/2027		480,282
	GBP		150,000	Cooperatieve Rabobank UA, EMTN		5.250			09/14/2027		229,548
	GBP		300,000	Cooperatieve Rabobank UA, EMTN		4.625			05/23/2029		444,592
	EUR		300,000	Cooperatieve Rabobank UA, GMTN		1.250			03/23/2026		356,428
	EUR		250,000	ING Bank NV, EMTN		4.500			02/21/2022		315,793
	EUR		300,000	ING Groep NV, EMTN		0.750			03/09/2022		342,051
	EUR		100,000	ING Groep NV, EMTN		1.000			09/20/2023		114,792
	EUR		100,000	ING Groep NV, EMTN		2.125			01/10/2026		120,896
	GBP		300,000	ING Groep NV, EMTN		3.000			02/18/2026		398,352
	EUR		100,000	ING Groep NV, EMTN		1.375			01/11/2028		114,455
	EUR		200,000	ING Groep NV, EMTN		2.000			09/20/2028		239,405
	EUR		200,000	ING Groep NV, EMTN		2.500			11/15/2030		248,784
	GBP		300,000	Koninklijke KPN NV, EMTN		5.750			09/17/2029		454,910
	EUR		150,000	Shell International Finance BV, EMTN		0.375			02/15/2025		170,560
	EUR		200,000	Shell International Finance BV, EMTN		1.875			09/15/2025		248,122
	EUR		250,000	Shell International Finance BV, EMTN		2.500			03/24/2026		322,318
	EUR		150,000	Shell International Finance BV, EMTN		1.625			01/20/2027		183,742
	EUR		150,000	Shell International Finance BV, EMTN		0.750			08/15/2028		170,685
											8,098,203
				Norway—0.8%
	EUR		100,000	DNB Bank ASA, EMTN		4.250			01/18/2022		125,133
	EUR		150,000	Equinor ASA, EMTN		1.250			02/17/2027		177,806
	GBP		200,000	Equinor ASA, EMTN		6.875			03/11/2031		395,575
	EUR		200,000	Equinor ASA, EMTN		1.625			02/17/2035		239,890
											938,404

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

27

Invesco International Corporate Bond ETF (PICB) (continued)

April 30, 2019

(Unaudited)

Foreign Currency(a)		Principal Amount			Interest Rate			Maturity Date		Value
				Corporate Bonds (continued)
				Portugal—0.2%
	EUR		100,000	EDP Finance BV, EMTN		2.625	%		01/18/2022	$	119,990
	EUR		100,000	EDP Finance BV, EMTN		1.125			02/12/2024		115,483
											235,473
				Spain—4.4%
	EUR		200,000	Abertis Infraestructuras SA		1.375			05/20/2026		225,040
	EUR		200,000	Banco Bilbao Vizcaya Argentaria SA, GMTN		0.625			01/17/2022		227,895
	EUR		200,000	Banco Bilbao Vizcaya Argentaria SA, GMTN		3.500			02/10/2027		248,835
	EUR		200,000	Banco Santander SA, DIP, EMTN		3.250			04/04/2026		247,112
	EUR		200,000	Banco Santander SA, EMTN		1.375			12/14/2022		234,116
	EUR		200,000	Banco Santander SA, EMTN		1.125			01/17/2025		229,126
	EUR		200,000	Banco Santander SA, EMTN		2.500			03/18/2025		236,627
	EUR		200,000	Banco Santander SA, EMTN		3.125			01/19/2027		244,546
	EUR		200,000	Banco Santander SA, EMTN		2.125			02/08/2028		225,241
	EUR		200,000	CaixaBank SA, EMTN		1.125			05/17/2024		228,941
	EUR		100,000	CaixaBank SA, EMTN		1.125			03/27/2026		112,607
	GBP		150,000	Iberdrola Finanzas SA, EMTN		7.375			01/29/2024		243,684
	EUR		100,000	Iberdrola Finanzas SA, EMTN		1.000			03/07/2025		116,438
	EUR		100,000	Iberdrola International BV, EMTN		1.125			04/21/2026		117,130
	EUR		200,000	Mapfre SA		1.625			05/19/2026		233,719
	EUR		100,000	Naturgy Finance BV, EMTN		1.375			01/19/2027		116,186
	EUR		200,000	Santander Consumer Finance SA		0.875			01/24/2022		228,988
	EUR		200,000	Telefonica Emisiones SA, EMTN		1.477			09/14/2021		232,177
	EUR		200,000	Telefonica Emisiones SA, EMTN		0.750			04/13/2022		228,301
	EUR		200,000	Telefonica Emisiones SA, EMTN		2.242			05/27/2022		238,581
	EUR		200,000	Telefonica Emisiones SA, EMTN		3.987			01/23/2023		255,349
	EUR		100,000	Telefonica Emisiones SA, EMTN		1.528			01/17/2025		118,031
	GBP		200,000	Telefonica Emisiones SA, EMTN		5.375			02/02/2026		307,168
	EUR		200,000	Telefonica Emisiones SA, EMTN		1.460			04/13/2026		233,142
	EUR		100,000	Telefonica Emisiones SA, EMTN		1.788			03/12/2029		116,113
											5,245,093
				Sweden—1.1%
	EUR		200,000	Svenska Handelsbanken AB, EMTN		2.625			08/23/2022		243,361
	SEK		2,000,000	Telia Co. AB, EMTN		3.625			11/08/2023		233,943
	GBP		400,000	Vattenfall AB, EMTN		6.875			04/15/2039		862,735
											1,340,039
				Switzerland—2.8%
	EUR		150,000	Credit Suisse AG/London, EMTN		1.375			01/31/2022		174,561
	EUR		200,000	Credit Suisse AG/London, EMTN		1.000			06/07/2023		231,836
	EUR		150,000	Credit Suisse AG/London, EMTN		1.500			04/10/2026		179,044
	GBP		150,000	Credit Suisse Group Funding Guernsey Ltd.		2.750			08/08/2025		197,756
	EUR		250,000	Credit Suisse Group Funding Guernsey Ltd., EMTN		1.250			04/14/2022		288,990
	CHF		350,000	Credit Suisse Group Funding Guernsey Ltd., EMTN		1.000			04/14/2023		354,448
	EUR		100,000	Glencore Finance Europe Ltd., EMTN		1.875			09/13/2023		117,046
	EUR		100,000	Holcim Finance Luxembourg SA, EMTN		1.375			05/26/2023		117,054
	EUR		100,000	Holcim Finance Luxembourg SA, EMTN		2.250			05/26/2028		120,500
	EUR		150,000	Novartis Finance SA		0.125			09/20/2023		169,435
	EUR		200,000	Richemont International Holding SA		1.000			03/26/2026		232,411
	EUR		100,000	Richemont International Holding SA		1.500			03/26/2030		119,038
	EUR		100,000	Richemont International Holding SA		2.000			03/26/2038		121,606
	EUR		100,000	Roche Finance Europe BV, EMTN		0.875			02/25/2025		116,896
	EUR		200,000	UBS AG/London, GMTN		0.625			01/23/2023		228,034
	EUR		200,000	UBS Group Funding Switzerland AG		1.750			11/16/2022		236,197
	EUR		100,000	UBS Group Funding Switzerland AG		1.500			11/30/2024		116,817
	EUR		200,000	UBS Group Funding Switzerland AG, EMTN		1.250			09/01/2026		231,900
											3,353,569

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

28

Invesco International Corporate Bond ETF (PICB) (continued)

April 30, 2019

(Unaudited)

Foreign Currency(a)		Principal Amount			Interest Rate			Maturity Date		Value
				Corporate Bonds (continued)
				United Kingdom—21.9%
	GBP		100,000	ABP Finance PLC, EMTN		6.250	%		12/14/2026	$	158,635
	GBP		200,000	Annington Funding PLC, EMTN		2.646			07/12/2025		259,854
	GBP		150,000	Annington Funding PLC, EMTN		3.184			07/12/2029		197,427
	GBP		200,000	Annington Funding PLC, EMTN		3.685			07/12/2034		268,906
	GBP		200,000	Annington Funding PLC, EMTN		3.935			07/12/2047		275,165
	EUR		213,000	Barclays PLC, EMTN		1.875			03/23/2021		246,631
	EUR		200,000	Barclays PLC, EMTN		1.875			12/08/2023		234,738
	GBP		350,000	Barclays PLC, EMTN		3.125			01/17/2024		467,590
	GBP		400,000	Barclays PLC, EMTN		3.250			02/12/2027		528,198
	GBP		150,000	BAT International Finance PLC, EMTN		7.250			03/12/2024		238,731
	GBP		150,000	BAT International Finance PLC, EMTN		4.000			09/04/2026		210,316
	EUR		200,000	BAT International Finance PLC, EMTN		2.250			01/16/2030		222,754
	GBP		150,000	BAT International Finance PLC, EMTN		6.000			11/24/2034		249,809
	GBP		200,000	BAT International Finance PLC, EMTN		2.250			09/09/2052		184,046
	GBP		250,000	BG Energy Capital PLC, EMTN		5.125			12/01/2025		397,029
	GBP		250,000	BG Energy Capital PLC, EMTN		5.000			11/04/2036		457,156
	EUR		100,000	BP Capital Markets PLC, EMTN		1.373			03/03/2022		116,673
	EUR		100,000	BP Capital Markets PLC, EMTN		1.526			09/26/2022		117,864
	EUR		100,000	BP Capital Markets PLC, EMTN		1.109			02/16/2023		116,469
	EUR		100,000	BP Capital Markets PLC, EMTN		1.573			02/16/2027		119,580
	GBP		150,000	British Telecommunications PLC		5.750			12/07/2028		245,684
	EUR		100,000	British Telecommunications PLC, EMTN		0.625			03/10/2021		113,412
	EUR		200,000	British Telecommunications PLC, EMTN		1.125			03/10/2023		230,885
	EUR		200,000	British Telecommunications PLC, EMTN		1.750			03/10/2026		235,011
	EUR		200,000	British Telecommunications PLC, EMTN		1.500			06/23/2027		227,452
	GBP		100,000	British Telecommunications PLC, EMTN		3.125			11/21/2031		133,699
	GBP		100,000	British Telecommunications PLC, EMTN		6.375			06/23/2037		183,780
	GBP		150,000	BUPA Finance PLC		5.000			04/25/2023		212,410
	GBP		300,000	Cadent Finance PLC, EMTN		2.125			09/22/2028		380,666
	GBP		200,000	Cadent Finance PLC, EMTN		2.625			09/22/2038		251,091
	GBP		200,000	Cadent Finance PLC, EMTN		2.750			09/22/2046		250,105
	GBP		150,000	Centrica PLC, EMTN		4.375			03/13/2029		223,487
	GBP		250,000	Centrica PLC, EMTN		7.000			09/19/2033		473,910
	GBP		150,000	Centrica PLC, EMTN		4.250			09/12/2044		224,506
	GBP		295,203	Connect Plus M25 Issuer PLC		2.607			03/31/2039		401,313
	GBP		100,000	Diageo Finance PLC, EMTN		1.750			10/12/2026		130,131
	GBP		150,000	Friends Life Holdings PLC		8.250			04/21/2022		231,687
	EUR		200,000	GlaxoSmithKline Capital PLC, EMTN		1.375			12/02/2024		237,686
	GBP		200,000	GlaxoSmithKline Capital PLC, EMTN		3.375			12/20/2027		288,965
	GBP		300,000	GlaxoSmithKline Capital PLC, EMTN		5.250			12/19/2033		523,017
	GBP		200,000	GlaxoSmithKline Capital PLC, EMTN		6.375			03/09/2039		404,163
	GBP		300,000	GlaxoSmithKline Capital PLC, EMTN		5.250			04/10/2042		553,284
	GBP		250,000	GlaxoSmithKline Capital PLC, EMTN		4.250			12/18/2045		412,888
	GBP		200,000	Heathrow Funding Ltd., EMTN		7.125			02/14/2024		315,395
	GBP		200,000	HSBC Bank PLC, EMTN		5.375			08/22/2033		324,104
	GBP		100,000	HSBC Bank PLC, EMTN		4.750			03/24/2046		157,673
	CAD		400,000	HSBC Holdings PLC		3.196			12/05/2023		303,295
	EUR		200,000	HSBC Holdings PLC		0.875			09/06/2024		228,133
	GBP		300,000	HSBC Holdings PLC		2.625			08/16/2028		391,930
	GBP		200,000	HSBC Holdings PLC		6.750			09/11/2028		335,039
	EUR		300,000	HSBC Holdings PLC, EMTN		1.500			03/15/2022		350,172
	GBP		200,000	HSBC Holdings PLC, EMTN		6.500			05/20/2024		314,154
	EUR		200,000	HSBC Holdings PLC, EMTN		3.000			06/30/2025		250,608
	EUR		200,000	HSBC Holdings PLC, EMTN		2.500			03/15/2027		252,925
	EUR		200,000	HSBC Holdings PLC, EMTN		3.125			06/07/2028		258,973
	GBP		200,000	HSBC Holdings PLC, EMTN		7.000			04/07/2038		373,273
	GBP		200,000	Imperial Brands Finance PLC, EMTN		8.125			03/15/2024		328,567
	GBP		150,000	Imperial Brands Finance PLC, EMTN		5.500			09/28/2026		228,198

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

29

Invesco International Corporate Bond ETF (PICB) (continued)

April 30, 2019

(Unaudited)

Foreign Currency(a)		Principal Amount			Interest Rate			Maturity Date		Value
				Corporate Bonds (continued)
				United Kingdom (continued)
	EUR		100,000	Lloyds Bank PLC, EMTN		1.000	%		11/19/2021	$	114,869
	GBP		200,000	Lloyds Bank PLC, EMTN		7.500			04/15/2024		328,330
	GBP		200,000	Lloyds Bank PLC, EMTN		7.625			04/22/2025		334,135
	GBP		300,000	Lloyds Bank PLC, EMTN		6.500			09/17/2040		630,269
	GBP		150,000	Motability Operations Group PLC, EMTN		3.625			03/10/2036		226,901
	GBP		200,000	Nationwide Building Society, EMTN		3.250			01/20/2028		280,159
	EUR		200,000	Natwest Markets PLC, EMTN		0.625			03/02/2022		224,661
	GBP		150,000	Rio Tinto Finance PLC, EMTN		4.000			12/11/2029		230,760
	EUR		200,000	Royal Bank of Scotland Group PLC, EMTN		2.500			03/22/2023		238,358
	EUR		100,000	Santander UK Group Holdings PLC		1.125			09/08/2023		113,832
	GBP		150,000	Santander UK Group Holdings PLC, EMTN		3.625			01/14/2026		207,332
	GBP		300,000	Scottish Widows Ltd.		5.500			06/16/2023		432,144
	GBP		250,000	Scottish Widows Ltd.		7.000			06/16/2043		422,927
	GBP		200,000	Severn Trent Utilities Finance PLC, EMTN		3.625			01/16/2026		283,900
	EUR		100,000	Sky PLC, EMTN		1.500			09/15/2021		116,149
	EUR		200,000	Sky PLC, EMTN		2.500			09/15/2026		252,434
	GBP		200,000	Society of Lloyd’s		4.750			10/30/2024		283,648
	GBP		200,000	SSE PLC, EMTN		8.375			11/20/2028		388,393
	EUR		200,000	Standard Chartered PLC, EMTN		1.625			06/13/2021		231,817
	GBP		200,000	Standard Chartered PLC, EMTN		5.125			06/06/2034		297,515
	GBP		200,000	Standard Chartered PLC, EMTN		4.375			01/18/2038		325,630
	GBP		200,000	Thames Water Utilities Finance PLC, EMTN		4.000			06/19/2025		284,425
	GBP		150,000	Thames Water Utilities Finance PLC, EMTN		5.125			09/28/2037		248,982
	GBP		200,000	Thames Water Utilities Finance PLC, EMTN		5.500			02/11/2041		355,225
	GBP		300,000	THFC Funding No. 3 PLC, EMTN		5.200			10/11/2043		532,621
	GBP		200,000	University of Oxford		2.544			12/08/2117		258,607
	EUR		200,000	Vodafone Group PLC, EMTN		1.250			08/25/2021		230,481
	EUR		200,000	Vodafone Group PLC, EMTN		4.650			01/20/2022		251,856
	EUR		100,000	Vodafone Group PLC, EMTN		1.750			08/25/2023		118,957
	EUR		200,000	Vodafone Group PLC, EMTN		2.200			08/25/2026		244,404
	EUR		200,000	Vodafone Group PLC, EMTN		1.600			07/29/2031		224,367
	GBP		300,000	Vodafone Group PLC, EMTN		3.375			08/08/2049		357,772
	GBP		300,000	Vodafone Group PLC, EMTN		3.000			08/12/2056		328,631
	GBP		200,000	Wellcome Trust Finance PLC		4.625			07/25/2036		359,449
	GBP		200,000	Wellcome Trust Ltd. (The)		2.517			02/07/2118		254,890
											26,064,072
				United States—0.1%
	EUR		100,000	Medtronic Global Holdings SCA		1.625			03/07/2031		118,123
				Total Corporate Bonds (Cost $118,840,990)							117,422,331
				Sovereign Debt Obligations—0.1%
				Spain—0.1%
	EUR		100,000	Fondo De Titulizacion Del Deficit Del Sistema Electrico FTA (Cost $114,156)		0.850			12/17/2023		115,723
		Number of Shares
				Money Market Funds—0.1%
			77,510	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(c) (Cost $77,510)							77,510
				Total Investments in Securities (Cost $119,032,656)—98.8%							117,615,564
				Other assets less liabilities—1.2%							1,403,904
				Net Assets—100.0%						$	119,019,468

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

30

Invesco International Corporate Bond ETF (PICB) (continued)

April 30, 2019

(Unaudited)

Abbreviations:

CAD—Canadian Dollar

CHF—Swiss Franc

DIP—Debtor-In-Possession

DPNT—Deposit Note

EUR—Euro

EMTN—Euro Medium-Term Note

GBP—British Pound

GMTN—Global Medium-Term Note

JPY—Japanese Yen

MTN—Medium-Term Note

NOK—Norwegian Krone

SEK—Swedish Krona

Notes to Schedule of Investments:

^(a)  Foreign denominated security. Principal amount denominated in currency indicated.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2019 was $727,962, which represented less than 1% of the Fund’s Net Assets.

^(c)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

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

31

Statements of Assets and Liabilities

April 30, 2019

(Unaudited)

	Invesco Emerging Markets Sovereign Debt ETF (PCY)			Invesco Global Short Term High Yield Bond ETF (PGHY)			Invesco International Corporate Bond ETF (PICB)
Assets:
Unaffiliated investments in securities, at value(a)	$	3,191,520,904		$	214,418,281		$	117,538,054
Affiliated investments in securities, at value		9,469,957			9,059,177			77,510
Cash		—			122,263			—
Foreign currencies, at value		—			—			328,681
Cash segregated as collateral		3,160,379			1,789,333			—
Receivable for:
Dividends and interest		41,268,367			3,967,770			1,320,953
Investments sold		2,287,352			141			228,701
Shares sold		216,303			1,705,303			—
Securities lending		747			8,840			—
Foreign tax reclaims		—			—			47,684
Investments matured, at value(a)		—			2,000,886			—
Total assets		3,247,924,009			233,071,994			119,541,583
Liabilities:
Due to custodian		95,488			—			—
Payable for:
Collateral upon receipt of securities in-kind		3,160,379			1,789,333			—
Shares repurchased		3,055,396			—			—
Investments purchased		242,799			5,763,014			473,295
Collateral upon return of securities loaned		—			5,457,693			—
Accrued unitary management fees		1,362,123			62,379			48,820
Total liabilities		7,916,185			13,072,419			522,115
Net Assets	$	3,240,007,824		$	219,999,575		$	119,019,468
Net assets consist of:
Shares of beneficial interest	$	3,593,804,894		$	231,241,298		$	120,799,797
Distributable earnings		(353,797,070	)		(11,241,723	)		(1,780,329	)
Net Assets	$	3,240,007,824		$	219,999,575		$	119,019,468
Shares outstanding (unlimited amount authorized, $0.01 par value)		115,800,000			9,500,000			4,550,000
Net asset value	$	27.98		$	23.16		$	26.16
Market price	$	27.98		$	23.18		$	26.13
Unaffiliated investments in securities, at cost	$	3,244,318,488		$	219,891,838		$	118,955,146
Affiliated investments in securities, at cost	$	9,469,957		$	9,059,177		$	77,510
Foreign currencies, at cost	$	—		$	—		$	332,726
Investments matured, at cost	$	—		$	3,641,936		$	—
(a) Includes securities on loan with an aggregate value of:	$	—		$	5,255,100		$	—

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

32

Statements of Operations

For the six months ended April 30, 2019

(Unaudited)

	Invesco Emerging Markets Sovereign Debt ETF (PCY)			Invesco Global Short Term High Yield Bond ETF (PGHY)			Invesco International Corporate Bond ETF (PICB)
Investment income:
Unaffiliated interest income	$	99,669,139		$	5,674,535		$	1,197,463
Affiliated dividend income		144,675			29,365			914
Securities lending income		2,729			40,451			—
Foreign withholding tax		—			—			(33	)
Total investment income		99,816,543			5,744,351			1,198,344
Expenses:
Unitary management fees		8,776,913			370,152			291,676
Less: Waivers		(11,133	)		(2,288	)		(52	)
Net expenses		8,765,780			367,864			291,624
Net investment income		91,050,763			5,376,487			906,720
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(36,803,316	)		(1,903,303	)		11,907
In-kind redemptions		(14,998,844	)		(14,600	)		(290,893	)
Foreign currencies		—			—			(49,205	)
Net realized gain (loss)		(51,802,160	)		(1,917,903	)		(328,191	)
Change in net unrealized appreciation of:
Investment securities		285,229,741			2,270,075			4,084,631
Foreign currencies		—			—			42,430
Net change in unrealized appreciation		285,229,741			2,270,075			4,127,061
Net realized and unrealized gain		233,427,581			352,172			3,798,870
Net increase in net assets resulting from operations	$	324,478,344		$	5,728,659		$	4,705,590

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

33

Statements of Changes in Net Assets

For the six months ended April 30, 2019 and the year ended October 31, 2018

(Unaudited)

	Invesco Emerging Markets Sovereign Debt ETF (PCY)
	Six Months Ended April 30, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	91,050,763		$	207,115,522
Net realized gain (loss)		(51,802,160	)		(195,368,204	)
Net change in unrealized appreciation (depreciation)		285,229,741			(381,155,584	)
Net increase (decrease) in net assets resulting from operations		324,478,344			(369,408,266	)
Distributions to Shareholders from:
Distributable earnings		(91,166,369	)		(206,825,184	)
Shareholder Transactions:
Proceeds from shares sold		578,960,488			932,638,168
Value of shares repurchased		(1,276,629,214	)		(1,622,750,219	)
Transaction fees		—			—
Net increase (decrease) in net assets resulting from shares transactions		(697,668,726	)		(690,112,051	)
Increase (Decrease) in Net Assets		(464,356,751	)		(1,266,345,501	)
Net Assets:
Beginning of period		3,704,364,575			4,970,710,076
End of period	$	3,240,007,824		$	3,704,364,575
Changes in Shares Outstanding:
Shares sold		21,300,000			33,100,000
Shares repurchased		(46,900,000	)		(59,500,000	)
Shares outstanding, beginning of period		141,400,000			167,800,000
Shares outstanding, end of period		115,800,000			141,400,000

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

34

Invesco Global Short Term High Yield Bond ETF (PGHY)						Invesco International Corporate Bond ETF (PICB)
Six Months Ended April 30, 2019			Year Ended October 31, 2018			Six Months Ended April 30, 2019			Year Ended October 31, 2018
$	5,376,487		$	12,163,750		$	906,720		$	2,330,961
	(1,917,903	)		(1,800,498	)		(328,191	)		(730,343	)
	2,270,075			(7,819,168	)		4,127,061			(6,694,101	)
	5,728,659			2,544,084			4,705,590			(5,093,483	)
	(5,638,195	)		(12,214,323	)		(918,721	)		(2,351,554	)
	11,580,548			78,433,142			2,597,030			4,034,954
	(8,071,439	)		(74,455,451	)		(6,337,028	)		(37,583,540	)
	—			—			3,257			—
	3,509,109			3,977,691			(3,736,741	)		(33,548,586	)
	3,599,573			(5,692,548	)		50,128			(40,993,623	)
	216,400,002			222,092,550			118,969,340			159,962,963
$	219,999,575		$	216,400,002			119,019,468		$	118,969,340
	500,000			3,300,000			100,000			150,000
	(350,000	)		(3,150,000	)		(250,000	)		(1,400,000	)
	9,350,000			9,200,000			4,700,000			5,950,000
	9,500,000			9,350,000			4,550,000			4,700,000

35

Financial Highlights

Invesco Emerging Markets Sovereign Debt ETF (PCY)

	Six Months Ended April 30, 2019 (Unaudited)			Years Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	26.20		$	29.62		$	29.81		$	28.08		$	29.03		$	27.93
Net investment income(a)		0.70			1.26			1.45			1.46			1.48			1.28
Net realized and unrealized gain (loss) on investments		1.78			(3.42	)		(0.17	)		1.74			(0.97	)		1.10
Total from investment operations		2.48			(2.16	)		1.28			3.20			0.51			2.38
Distributions to shareholders from:
Net investment income		(0.70	)		(1.26	)		(1.46	)		(1.47	)		(1.46	)		(1.28	)
Return of capital		—			—			(0.01	)		—			—			—
Total distributions		(0.70	)		(1.26	)		(1.47	)		(1.47	)		(1.46	)		(1.28	)
Net asset value at end of period	$	27.98		$	26.20		$	29.62		$	29.81		$	28.08		$	29.03
Market price at end of period(b)	$	27.98		$	26.13		$	29.62		$	29.70		$	28.02		$	29.08
Net Asset Value Total Return(c)		9.60	%		(7.42	)%		4.49	%		11.79	%		1.87	%		8.77	%
Market Price Total Return(c)		9.90	%		(7.66	)%		4.88	%		11.61	%		1.49	%		9.00	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	3,240,008		$	3,704,365		$	4,970,710		$	4,125,597		$	2,653,385		$	2,429,411
Ratio to average net assets of:
Expenses		0.50	%(d)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		5.19	%(d)		4.51	%		4.98	%		5.06	%		5.25	%		4.52	%
Portfolio turnover rate(e)		17	%		54	%		30	%		30	%		27	%		14	%

^(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 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.

Invesco Global Short Term High Yield Bond ETF (PGHY)

	Six Months Ended April 30, 2019 (Unaudited)			Years Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	23.14		$	24.14		$	24.16		$	23.50		$	24.12		$	24.84
Net investment income(a)		0.58			1.24			1.34			1.51			1.04			0.99
Net realized and unrealized gain (loss) on investments		0.05			(1.00	)		0.02			0.59			(0.62	)		(0.67	)
Total from investment operations		0.63			0.24			1.36			2.10			0.42			0.32
Distributions to shareholders from:
Net investment income		(0.61	)		(1.24	)		(1.37	)		(1.42	)		(1.03	)		(1.00	)
Return of capital		—			—			(0.01	)		(0.02	)		(0.01	)		(0.04	)
Total distributions		(0.61	)		(1.24	)		(1.38	)		(1.44	)		(1.04	)		(1.04	)
Net asset value at end of period	$	23.16		$	23.14		$	24.14		$	24.16		$	23.50		$	24.12
Market price at end of period(b)	$	23.18		$	23.03		$	24.19		$	24.23		$	23.37		$	24.04
Net Asset Value Total Return(c)		2.77	%		1.05	%		5.76	%		9.27	%		1.83	%		1.27	%
Market Price Total Return(c)		3.36	%		0.36	%		5.66	%		10.17	%		1.61	%		0.04	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	220,000		$	216,400		$	222,093		$	68,862		$	27,029		$	37,389
Ratio to average net assets of:
Expenses		0.35	%(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		5.08	%(d)		5.25	%		5.52	%		6.43	%		4.43	%		4.03	%
Portfolio turnover rate(e)		36	%		42	%		38	%		53	%		50	%		29	%

^(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 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.

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Financial Highlights (continued)

Invesco International Corporate Bond ETF (PICB)

	Six Months Ended April 30, 2019 (Unaudited)			Years Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	25.31		$	26.88		$	25.08		$	25.95		$	28.77		$	29.50
Net investment income(a)		0.20			0.43			0.42			0.55			0.62			0.77
Net realized and unrealized gain (loss) on investments		0.85			(1.57	)		1.80			(0.86	)		(2.82	)		(0.75	)
Total from investment operations		1.05			(1.14	)		2.22			(0.31	)		(2.20	)		0.02
Distributions to shareholders from:
Net investment income		(0.20	)		(0.43	)		(0.23	)		—			(0.03	)		(0.74	)
Net realized gains		—			—			—			—			—			(0.03	)
Return of capital		—			—			(0.19	)		(0.56	)		(0.59	)		—
Total distributions		(0.20	)		(0.43	)		(0.42	)		(0.56	)		(0.62	)		(0.77	)
Transaction fees(a)		0.00	(b)		—			0.00	(b)		0.00	(b)		0.00	(b)		0.02
Net asset value at end of period	$	26.16		$	25.31		$	26.88		$	25.08		$	25.95		$	28.77
Market price at end of period(c)	$	26.13		$	25.28		$	26.89		$	25.02		$	25.89		$	28.77
Net Asset Value Total Return(d)		4.17	%		(4.31	)%		8.95	%		(1.26	)%		(7.73	)%		0.09	%
Market Price Total Return(d)		4.18	%		(4.46	)%		9.25	%		(1.26	)%		(7.94	)%		(0.08	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	119,019		$	118,969		$	159,963		$	160,539		$	189,454		$	263,233
Ratio to average net assets of:
Expenses		0.50	%(e)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		1.55	%(e)		1.58	%		1.62	%		2.12	%		2.29	%		2.57	%
Portfolio turnover rate(f)		4	%		12	%		14	%		24	%		13	%		17	%

^(a)  Based on average shares outstanding.

^(b)  Amount represents less than $0.005.

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

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

^(e)  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 II

April 30, 2019

(Unaudited)

Note 1—Organization

Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust on October 10, 2006 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 Emerging Markets Sovereign Debt ETF (PCY)	“Emerging Markets Sovereign Debt ETF”
Invesco Global Short Term High Yield Bond ETF (PGHY)	“Global Short Term High Yield Bond ETF”
Invesco International Corporate Bond ETF (PICB)	“International Corporate Bond 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.

The market price of each Share may differ to some degree from the 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 of each Fund are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

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

Fund	Underlying Index
Emerging Markets Sovereign Debt ETF	DBIQ Emerging Market USD Liquid Balanced Index
Global Short Term High Yield Bond ETF	DB Global Short Maturity High Yield Bond Index
International Corporate Bond ETF	S&P International Corporate Bond Index®

Note 2—Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions 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.

B. Other Risks

Index Risk. Unlike many investment companies, the Funds do not utilize investing strategies that seek returns in excess of their Underlying Indexes. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.

Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying 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, which may be more likely to trade at a premium or discount to each Fund’s NAV and possibly face trading halts and/or delisting. This risk may be heightened for the Funds because the Funds invest in non-U.S. securities, which may have lower trading volumes.

Changing Global Fixed-Income Market Conditions. Each Fund invests in fixed-income securities. The current historically low interest rate environment was created in part by the Federal Reserve Board (“FRB”) and certain foreign central banks keeping the federal funds and equivalent foreign rates near, at or below zero. The “tapering” in 2015 of the FRB’s quantitative easing program, combined with the FRB’s raising of the target range for the Federal Funds Rate (and possible continued fluctuations in equivalent foreign rates) may expose fixed-income markets to heightened volatility and reduced liquidity for certain fixed-income investments, particularly those with longer maturities, although it is difficult to predict the impact of this rate increase and any future rate increases on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Funds’ transaction costs.

Fixed-Income Securities Risk. Each Fund invests in fixed-income securities. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down.

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When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

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

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 an 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 faces more risks than if it were diversified broadly over numerous industries or industry groups. Such industry based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Geographic Concentration Risk. A natural or other disaster could occur in a country or geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact a Fund’s investments in the affected country or region.

Non-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its 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 Underlying Index. To the extent that a Fund issues and redeems Creation Units principally for cash, it will incur higher costs in buying and selling securities than if it issued and redeemed Creation Units principally in-kind. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Sampling Risk. Each Fund’s 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 that a Fund holds could result in a greater decline in NAV than would be the case if a Fund held all of the securities in its Underlying Index. To the extent the assets in a Fund are smaller, these risks will be greater.

Foreign Investment Risk. Investments in the securities of non-U.S issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability, local taxation, potential currency transfer restrictions or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. These risks may be exacerbated in emerging market countries. 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. Such risks may be exacerbated in emerging markets, where securities laws are relatively new and unsettled.

Valuation Risk. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including “fair valued” securities, 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. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a security is sold at a discount to its established value.

Global Bonds Risk. Each Fund invests in global bonds. Global bonds are subject to the same risks as other debt issues, notably credit risk, market risk, interest rate risk and liquidity risk. Generally, investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. These additional risks include greater market volatility, the availability of less reliable financial information, higher transactional costs, taxation by foreign governments, decreased market liquidity and political instability. Foreign issuers often are subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping than are U.S. securities and, therefore, not all material information regarding these issuers will be available. Securities exchanges or foreign governments may adopt rules or regulations that may negatively impact a Fund’s ability to invest in foreign securities or may prevent the Fund from repatriating its investments. In addition, a Fund may not receive shareholder communications or be permitted to vote the securities that it holds, as the issuers may be under no legal obligation to distribute them.

Sovereign Debt Risk. Risks of sovereign debt include the relative size of the debt burden to the economy as a whole and the government debtor’s policy towards the International Monetary Fund and the political constraints to which a government debtor may be subject. The governmental authority that controls the repayment of sovereign debt may be unwilling or unable to repay the

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principal and/or interest when due in accordance with the terms of such securities due to the extent of its foreign reserves. If an issuer of sovereign debt defaults on payments of principal and/or interest, these Funds may have limited legal recourse against the issuer and/or guarantor. In certain cases, remedies must be pursued in the courts of the defaulting party itself, and the Fund’s ability to obtain recourse may be limited.

C. 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 the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to each 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 each Fund’s NAV and, accordingly, they reduce each 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.

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

E. Dividends and Distributions to Shareholders — Each Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on 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.

F. 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.

G. Expenses — Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.

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 each Fund’s unitary management fee and 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.

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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.

H. 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. Certain prior year amounts have been reclassified to conform to the current year presentation. 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.

I. Indemnifications — Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of his 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. However, based on experience, the Trust believes the risk of loss to be remote.

J. 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 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. The Funds do 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 each 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.

The Funds 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 each Fund invests.

K. Securities Lending — During the six-month period ended April 30, 2019, Emerging Markets Sovereign Debt ETF and Global Short Term High Yield Bond ETF participated in securities lending. Each Fund loaned portfolio securities having a market value up to one-third of the 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 generally invested in an affiliated money market fund 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. 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.

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.

42

As compensation for its services, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

	% of Average Daily Net Assets
Emerging Markets Sovereign Debt ETF		0.50	%
Global Short Term High Yield Bond ETF		0.35	%
International Corporate Bond ETF		0.50	%

Further, through August 31, 2021, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration.

For the six-month period ended April 30, 2019, the Adviser waived fees for each Fund in the following amounts:

Emerging Markets Sovereign Debt ETF	$	11,133
Global Short Term High Yield Bond ETF		2,288
International Corporate Bond ETF		52

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

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

Fund	Licensor
Emerging Markets Sovereign Debt ETF	Deutsche Bank Securities Inc.
Global Short Term High Yield Bond ETF	Deutsche Bank Securities Inc.
International Corporate Bond ETF	S&P Dow Jones Indices LLC

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are 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 The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

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

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2019. 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.

43

During the six-month period ended April 30, 2019, there were no material transfers in and out of Level 3.

	Level 1		Level 2		Level 3		Total
Emerging Markets Sovereign Debt ETF
Investments in Securities
Sovereign Debt Obligations	$	—	$	3,191,520,904	$	—	$	3,191,520,904
Money Market Funds		9,469,957		—		—		9,469,957
Total Investments	$	9,469,957	$	3,191,520,904	$	—	$	3,200,990,861
Global Short Term High Yield Bond ETF
Investments in Securities
Corporate Bonds	$	—	$	189,767,077	$	23,760	$	189,790,837
Sovereign Debt Obligations		—		24,475,027		—		24,475,027
Common Stocks & Other Equity Interests		91,041		—		55,838		146,879
Preferred Stocks		—		—		5,538		5,538
Money Market Funds		9,059,177		—		—		9,059,177
Investments Matured		—		1,055,119		945,767		2,000,886
Total Investments	$	9,150,218	$	215,297,223	$	1,030,903	$	225,478,344
International Corporate Bond ETF
Investments in Securities
Corporate Bonds	$	—	$	117,422,331	$	—	$	117,422,331
Sovereign Debt Obligations		—		115,723		—		115,723
Money Market Funds		77,510		—		—		77,510
Total Investments	$	77,510	$	117,538,054	$	—	$	117,615,564

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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 October 31, 2018, which expire as follows:

			Post-effective/no expiration
	2019		Short-Term		Long-Term		Total*
Emerging Markets Sovereign Debt ETF	$	818,907	$	39,473,767	$	197,919,758	$	238,212,432
Global Short Term High Yield Bond ETF		—		1,023,935		911,430		1,935,365
International Corporate Bond ETF		—		—		—		—

* Capital loss carryforwards as of the date listed above 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-month period ended April 30, 2019, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
Emerging Markets Sovereign Debt ETF	$	612,249,317	$	600,478,724
Global Short Term High Yield Bond ETF		72,010,838		73,855,003
International Corporate Bond ETF		5,472,566		4,214,771

44

For the six-month period ended April 30, 2019, in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received		Value of Securities Delivered
Emerging Markets Sovereign Debt ETF	$	535,532,309	$	1,237,657,280
Global Short Term High Yield Bond ETF		8,783,532		4,732,612
International Corporate Bond ETF		1,277,105		5,953,994

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

At April 30, 2019, 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
Emerging Markets Sovereign Debt ETF	$	55,959,860	$	(119,917,070	)	$	(63,957,210	)	$	3,264,948,071
Global Short Term High Yield Bond ETF		1,254,747		(9,702,495	)		(8,447,748	)		233,926,092
International Corporate Bond ETF		2,300,819		(3,727,282	)		(1,426,463	)		119,042,027

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 each Fund’s unitary management fee, pays for such compensation. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the 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 8—Capital

Shares are issued and redeemed by each Fund only in Creation Units of 50,000 Shares (100,000 Shares for Emerging Markets Sovereign Debt ETF). Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for such Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

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

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

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

45

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, 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. 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 through the six-month period ended April 30, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, 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 November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco Emerging Markets Sovereign Debt ETF (PCY)
Actual	$	1,000.00	$	1,096.00		0.50	%	$	2.60
Hypothetical (5% return before expenses)		1,000.00		1,022.32		0.50			2.51
Invesco Global Short Term High Yield Bond ETF (PGHY)
Actual		1,000.00		1,027.70		0.35			1.76
Hypothetical (5% return before expenses)		1,000.00		1,023.06		0.35			1.76
Invesco International Corporate Bond ETF (PICB)
Actual		1,000.00		1,041.70		0.50			2.53
Hypothetical (5% return before expenses)		1,000.00		1,022.32		0.50			2.51

⁽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 April 30, 2019. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

46

Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement

At a meeting held on April 11, 2019, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 73 series (each, a “Fund” and collectively, the “Funds”):

Invesco 1-30 Laddered Treasury ETF

Invesco California AMT-Free Municipal Bond ETF

Invesco CEF Income Composite ETF

Invesco China Technology ETF

Invesco DWA Developed Markets Momentum ETF

Invesco DWA Emerging Markets Momentum ETF

Invesco DWA SmallCap Momentum ETF

Invesco DWA Tactical Multi-Asset Income ETF

Invesco DWA Tactical Sector Rotation ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco FTSE International Low Beta Equal Weight ETF

Invesco FTSE RAFI Developed Markets ex-U.S. ETF

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

Invesco FTSE RAFI Emerging Markets ETF Invesco Fundamental High Yield^® Corporate Bond ETF

Invesco Fundamental Investment Grade Corporate Bond ETF

Invesco Global Clean Energy ETF

Invesco Global Short Term High Yield Bond ETF

Invesco Global Water ETF

Invesco International BuyBack Achievers^TM ETF

Invesco International Corporate Bond ETF

Invesco KBW Bank ETF

Invesco KBW High Dividend Yield Financial ETF

Invesco KBW Premium Yield Equity REIT ETF

Invesco KBW Property & Casualty Insurance ETF

Invesco KBW Regional Banking ETF

Invesco LadderRite 0-5 Year Corporate Bond ETF

Invesco MSCI Emerging Markets Equal Country Weight ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

Invesco Preferred ETF

Invesco PureBeta^SM 0-5 Yr US TIPS ETF

Invesco PureBeta^SM FTSE Developed ex-North America ETF

Invesco PureBeta^SM FTSE Emerging Markets ETF

Invesco PureBeta^SM MSCI USA ETF

Invesco PureBeta^SM MSCI USA Small Cap ETF

Invesco PureBeta^SM US Aggregate Bond ETF

Invesco Russell 1000 Enhanced Equal Weight ETF

Invesco Russell 1000 Equal Weight ETF

Invesco Russell 1000 Low Beta Equal Weight ETF

Invesco S&P 500 Enhanced Value ETF

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF

Invesco S&P 500^® High Beta ETF

Invesco S&P 500^® High Dividend Low Volatility ETF

Invesco S&P 500^® Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500 Momentum ETF

Invesco S&P Emerging Markets Low Volatility ETF

Invesco S&P Emerging Markets Momentum ETF

Invesco S&P High Income Infrastructure ETF

Invesco S&P International Developed High Dividend Low Volatility ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

Invesco S&P International Developed Quality ETF

Invesco S&P MidCap Low Volatility ETF

Invesco S&P SmallCap Consumer Discretionary ETF

Invesco S&P SmallCap Consumer Staples ETF

Invesco S&P SmallCap Energy ETF

Invesco S&P SmallCap Financials ETF

Invesco S&P SmallCap Health Care ETF

Invesco S&P SmallCap High Dividend Low Volatility ETF

Invesco S&P SmallCap Industrials ETF

Invesco S&P SmallCap Information Technology ETF

Invesco S&P SmallCap Low Volatility ETF

Invesco S&P SmallCap Materials ETF

Invesco S&P SmallCap Quality ETF

Invesco S&P SmallCap Utilities & Communication Services ETF

Invesco Senior Loan ETF

Invesco Shipping ETF

Invesco Taxable Municipal Bond ETF

Invesco Treasury Collateral ETF

Invesco Variable Rate Preferred ETF

Invesco VRDO Tax-Free Weekly ETF

Also at the April 11, 2019 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).

47

Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

Investment Advisory Agreement

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser from its relationships with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2018, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s Global Performance Measurement and Risk Group, an independent organization within Invesco, with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that such Funds’ performance prior to the closing of the Transaction on April 6, 2018 is that of their predecessor Guggenheim ETFs. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year, five-year and since-inception periods for Invesco Global Short Term High Yield Bond ETF and the one-year, ten-year and since-inception periods for Invesco VRDO Tax-Free Weekly ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Global Short Term High Yield Bond ETF’s and Invesco VRDO Tax-Free Weekly ETF’s level of correlation to its underlying index, as well as the Adviser’s expectations for each Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees also considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with its line of credit), litigation expenses and other extraordinary expenses (including Acquired Fund Fees and Expenses, if any).

0.04%:	Invesco PureBetaTM MSCI USA ETF
0.05%:	Invesco PureBetaTM US Aggregate Bond ETF
0.06%:	Invesco PureBetaTM MSCI USA Small Cap ETF
0.07%:	Invesco PureBetaTM 0-5 Yr US TIPS ETF, Invesco PureBetaTM FTSE Developed ex-North America ETF
0.08%:	Invesco Treasury Collateral ETF
0.10%:	Invesco S&P 500 Minimum Variance ETF (the Trustees noted that, prior to April 20, 2018, Invesco S&P 500 Minimum Variance ETF’s unitary advisory fee was 0.13%)
0.13%:	Invesco S&P 500 Enhanced Value ETF, Invesco S&P 500 Momentum ETF
0.14%:	Invesco PureBetaTM FTSE Emerging Markets ETF

48

Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

0.15%:	Invesco DWA Tactical Sector Rotation ETF
0.20%:	Invesco Russell 1000 Equal Weight ETF
0.22%:	Invesco Fundamental Investment Grade Corporate Bond ETF, Invesco LadderRite 0-5 Year Corporate Bond ETF
0.25%:	Invesco 1-30 Laddered Treasury ETF, Invesco DWA Tactical Multi-Asset Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF, Invesco VRDO Tax-Free Weekly ETF
0.28%:	Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Taxable Municipal Bond ETF
0.29%:	Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF, Invesco S&P SmallCap Utilities & Communication Services ETF
0.30%:	Invesco S&P 500® High Dividend Low Volatility ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF
0.35%:	Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF, Invesco Russell 1000 Low Beta Equal Weight ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF
0.45%:	Invesco FTSE International Low Beta Equal Weight ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P High Income Infrastructure ETF
0.49%:	Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF
0.50%:	Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF, Invesco Variable Rate Preferred ETF
0.55%:	Invesco International BuyBack AchieversTM ETF
0.60%:	Invesco DWA SmallCap Momentum ETF
0.65%:	Invesco Senior Loan ETF, Invesco Shipping ETF
0.70%:	Invesco China Technology ETF, Invesco MSCI Emerging Markets Equal Country Weight ETF
0.75%:	Invesco Global Clean Energy ETF, Invesco Global Water ETF
0.80%:	Invesco DWA Developed Markets Momentum ETF
0.90%:	Invesco DWA Emerging Markets Momentum ETF

The Trustees noted that the Adviser represented that it does not serve as the investment adviser to any clients, other than other ETFs also overseen by the Trustees, with comparable investment strategies as the Funds, but that it provides sub-advisory services to other clients. The Trustees further noted the Adviser’s explanation with respect to the sub-advisory fees it receives for such services in comparison to the advisory fees charged to the Funds.

The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were equal to or lower than the median net expense ratios of their open-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF  Median1	Equal to/Lower than Open-End Index Fund Median2	Equal to/Lower than Open-End Active Fund Median3
Invesco 1-30 Laddered Treasury ETF			X
Invesco California AMT-Free Municipal Bond ETF		N/A	X
Invesco CEF Income Composite ETF	X	N/A	X
Invesco China Technology ETF		N/A	X
Invesco DWA Developed Markets Momentum ETF			X
Invesco DWA Emerging Markets Momentum ETF			X
Invesco DWA SmallCap Momentum ETF		X	X
Invesco DWA Tactical Multi-Asset Income ETF	N/A	N/A	X

49

Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

Invesco Fund	Equal to/Lower than ETF  Median1	Equal to/Lower than Open-End Index Fund Median2	Equal to/Lower than Open-End Active Fund Median3
Invesco DWA Tactical Sector Rotation ETF	X	N/A	N/A
Invesco Emerging Markets Sovereign Debt ETF			X
Invesco FTSE International Low Beta Equal Weight ETF	X	X	X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF			X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	X	X	X
Invesco FTSE RAFI Emerging Markets ETF	X		X
Invesco Fundamental High Yield® Corporate Bond ETF		X	X
Invesco Fundamental Investment Grade Corporate Bond ETF			X
Invesco Global Clean Energy ETF		N/A	X
Invesco Global Short Term High Yield Bond ETF	X	X	X
Invesco Global Water ETF		N/A	X
Invesco International BuyBack AchieversTM ETF			X
Invesco International Corporate Bond ETF			X
Invesco KBW Bank ETF	X		X
Invesco KBW High Dividend Yield Financial ETF	X		X
Invesco KBW Premium Yield Equity REIT ETF	X		X
Invesco KBW Property & Casualty Insurance ETF	X		X
Invesco KBW Regional Banking ETF	X		X
Invesco LadderRite 0-5 Year Corporate Bond ETF			X
Invesco MSCI Emerging Markets Equal Country Weight ETF			X
Invesco National AMT-Free Municipal Bond ETF			X
Invesco New York AMT-Free Municipal Bond ETF		N/A	X
Invesco Preferred ETF		N/A	X
Invesco PureBetaTM 0-5 Yr US TIPS ETF	X		X
Invesco PureBetaTM FTSE Developed ex-North America ETF	X	X	X
Invesco PureBetaTM FTSE Emerging Markets ETF	X	X	X
Invesco PureBetaTM MSCI USA ETF	X	X	X
Invesco PureBetaTM MSCI USA Small Cap ETF	X	X	X
Invesco PureBetaTM US Aggregate Bond ETF	X		X
Invesco Russell 1000 Enhanced Equal Weight ETF			X
Invesco Russell 1000 Equal Weight ETF	X	X	X
Invesco Russell 1000 Low Beta Equal Weight ETF			X
Invesco S&P 500 Enhanced Value ETF	X	X	X
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF	X	X	X
Invesco S&P 500 High Beta ETF	X	X	X
Invesco S&P 500® High Dividend Low Volatility ETF	X	X	X
Invesco S&P 500® Low Volatility ETF	X	X	X
Invesco S&P 500 Minimum Variance ETF	X	X	X
Invesco S&P 500 Momentum ETF	X	X	X
Invesco S&P Emerging Markets Low Volatility ETF	X	X	X
Invesco S&P Emerging Markets Momentum ETF	X	X	X
Invesco S&P High Income Infrastructure ETF	X	N/A	X

50

Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

Invesco Fund	Equal to/Lower than ETF  Median1	Equal to/Lower than Open-End Index Fund Median2	Equal to/Lower than Open-End Active Fund Median3
Invesco S&P International Developed High Dividend Low Volatility ETF	X	X	X
Invesco S&P International Developed Low Volatility ETF	X		X
Invesco S&P International Developed Momentum ETF	X		X
Invesco S&P International Developed Quality ETF	X		X
Invesco S&P MidCap Low Volatility ETF			X
Invesco S&P SmallCap Consumer Discretionary ETF	X		X
Invesco S&P SmallCap Consumer Staples ETF	X		X
Invesco S&P SmallCap Energy ETF	X		X
Invesco S&P SmallCap Financials ETF	X		X
Invesco S&P SmallCap Health Care ETF	X		X
Invesco S&P SmallCap High Dividend Low Volatility ETF	X	X	X
Invesco S&P SmallCap Industrials ETF	X		X
Invesco S&P SmallCap Information Technology ETF	X	X	X
Invesco S&P SmallCap Low Volatility ETF	X	X	X
Invesco S&P SmallCap Materials ETF	X		X
Invesco S&P SmallCap Quality ETF	X		X
Invesco S&P SmallCap Utilities & Communication Services ETF	X	X	X
Invesco Senior Loan ETF		X	X
Invesco Shipping ETF			X
Invesco Taxable Municipal Bond ETF		N/A	X
Invesco Treasury Collateral ETF	X		X
Invesco Variable Rate Preferred ETF		X	X
Invesco VRDO Tax-Free Weekly ETF		N/A	X

¹  The information provided by the Adviser indicated that certain Funds did not have any comparable ETF peers. Those Funds have been designated in this column with an “N/A” for not available.

²  The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.

³  The information provided by the Adviser indicated that certain Funds did not have any comparable open-end active fund peers. Those Funds have been designated in this column with an “N/A” for not available.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco International Corporate Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Senior Loan ETF, Invesco Taxable Municipal Bond ETF and Invesco VRDO Tax-Free Weekly ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained in detail its view that it believes that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, noting, in particular, the unique underlying investment strategy and complexity of each Fund, the limited number of peers in the Lipper data, and/or the differing pricing philosophy of certain of the peers.

The Trustees considered that the Adviser had agreed to waive a portion of its unitary advisory fee, at least until February 28, 2021, for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF. The Trustees further considered that the Adviser had agreed to waive a portion of its unitary advisory fee, until April 6, 2020, to the extent necessary to prevent Invesco MSCI Emerging Markets Equal Country Weight ETF’s operating expenses (including acquired fund fees and expenses, but excluding interest expenses, brokerage commissions and other trading expenses, taxes and litigation expenses, and extraordinary expenses) from exceeding the unitary advisory fee.

51

Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

The Trustees determined that each Fund’s unitary advisory fee was reasonable, noting the nature of the indexes, the distinguishing factors of the Funds and the administrative, operational and management oversight costs for the Adviser. The Trustees also noted that a portion of each Fund’s operating expenses was attributable to a license fee payable out of the unitary advisory fee charged to that Fund. The Board concluded that the unitary advisory fee charged to each Fund was reasonable and appropriate in light of the services provided.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.

The Trustees noted that the Adviser had not identified any further benefits that it derived from its relationships with the Funds and had noted that it does not have any soft-dollar arrangements.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

Investment Sub-Advisory Agreement

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 11, 2019. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided under the Sub-Advisory Agreement. The Board also considered the benefits described by the Adviser in having multiple affiliated Sub-Advisers. The Board reviewed the qualifications and background of each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and noted that the Adviser compensates the Sub-Advisers from its fee.

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc. and Invesco Advisers, Inc. and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF was reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee was reasonable and appropriate.

52

Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that Invesco Advisers, Inc. noted that it receives management fees from money market funds into which the Funds’ excess cash may be invested. The Trustees noted that the Adviser waives its fees on assets invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ assets invested in the money market funds.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.

53

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 on Form N-Q (or any successor Form). The Trust’s Forms N-Q (or any successor Form) 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.

©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 P-PS-SAR-9 invesco.com/ETFs

Invesco Semi-Annual Report to Shareholders

April 30, 2019

PBTP	Invesco PureBetaSM 0-5 Yr US TIPS ETF
PBDM	Invesco PureBetaSM FTSE Developed ex-North America ETF
PBEE	Invesco PureBetaSM FTSE Emerging Markets ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

Table of Contents

PureBeta Portfolios
Schedules of Investments
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)	3
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)	4
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)	20
Statements of Assets and Liabilities	30
Statements of Operations	31
Statements of Changes in Net Assets	32
Financial Highlights	33
Notes to Financial Statements	35
Fund Expenses	43
Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement	44

2

Invesco PureBeta^SM 0-5 Yr US TIPS ETF (PBTP)

April 30, 2019

(Unaudited)

Portfolio Composition
Duration Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Maturing in 0-5 Years	99.9
Money Market Fund Plus Other Assets Less Liabilities	0.1

Schedule of Investments

Principal Amount			Interest Rate			Maturity Date		Value
		U.S. Treasury Securities—99.9%
		U.S. Treasury Inflation—Indexed Notes—99.9%(a)
$	185,866	U.S. Treasury Inflation—Indexed Notes		1.875	%		07/15/2019	$	187,993
	230,279	U.S. Treasury Inflation—Indexed Notes		1.375			01/15/2020		232,029
	560,214	U.S. Treasury Inflation—Indexed Notes		0.125			04/15/2020		557,380
	388,868	U.S. Treasury Inflation—Indexed Notes		1.250			07/15/2020		393,926
	439,101	U.S. Treasury Inflation—Indexed Notes		1.125			01/15/2021		444,369
	497,003	U.S. Treasury Inflation—Indexed Notes		0.125			04/15/2021		493,136
	417,213	U.S. Treasury Inflation—Indexed Notes		0.625			07/15/2021		420,760
	477,999	U.S. Treasury Inflation—Indexed Notes		0.125			01/15/2022		474,223
	478,639	U.S. Treasury Inflation—Indexed Notes		0.125			04/15/2022		474,058
	467,160	U.S. Treasury Inflation—Indexed Notes		0.125			07/15/2022		465,038
	464,874	U.S. Treasury Inflation—Indexed Notes		0.125			01/15/2023		460,261
	496,613	U.S. Treasury Inflation—Indexed Notes		0.625			04/15/2023		500,615
	461,631	U.S. Treasury Inflation—Indexed Notes		0.375			07/15/2023		463,287
	460,420	U.S. Treasury Inflation—Indexed Notes		0.625			01/15/2024		465,488
	178,401	U.S. Treasury Inflation—Indexed Notes		0.500			04/15/2024		179,094
		Total U.S. Treasury Securities (Cost $6,188,136)							6,211,657
Number of Shares
		Money Market Funds—0.1%
	5,809	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(b) (Cost $5,809)							5,809
		Total Investments in Securities (Cost $6,193,945)—100.0%							6,217,466
		Other assets less liabilities—0.0%							2,668
		Net Assets—100.0%						$	6,220,134

Notes to Schedule of Investments:

^(a)  Principal amount of security and interest payments are adjusted for inflation. See Note 2K.

^(b)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

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

3

Invesco PureBeta^SM FTSE Developed ex-North America ETF (PBDM)

April 30, 2019

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Financials	18.9
Industrials	15.0
Consumer Discretionary	11.3
Consumer Staples	11.0
Health Care	10.4
Information Technology	7.7
Materials	7.6
Energy	5.5
Communication Services	5.3
Real Estate	3.4
Utilities	3.4
Money Market Funds Plus Other Assets Less Liabilities	0.5

Schedule of Investments

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.5%
		Australia—7.3%
	72	Adelaide Brighton Ltd.	$	219
	104	AGL Energy Ltd.		1,627
	80	ALS Ltd.		447
	397	Alumina Ltd.		626
	184	Amcor Ltd.		2,076
	465	AMP Ltd.		743
	23	Ansell Ltd.		437
	181	APA Group		1,226
	101	Aristocrat Leisure Ltd.		1,854
	31	ASX Ltd.		1,626
	103	Atlas Arteria Ltd.		507
	312	Aurizon Holdings Ltd.		1,045
	280	AusNet Services		350
	446	Australia & New Zealand Banking Group Ltd.		8,539
	62	Bank of Queensland Ltd.		405
	76	Bendigo & Adelaide Bank Ltd.		551
	465	BHP Group Ltd.		12,241
	323	BHP Group PLC		7,619
	83	BlueScope Steel Ltd.		786
	185	Boral Ltd.		632
	252	Brambles Ltd.		2,137
	41	Caltex Australia Ltd.		785
	91	Challenger Ltd.		526
	15	CIMIC Group Ltd.		534
	84	Coca-Cola Amatil Ltd.		520
	9	Cochlear Ltd.		1,187
	174	Coles Group Ltd.(a)		1,544
	272	Commonwealth Bank of Australia		14,267
	77	Computershare Ltd.		966

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Australia (continued)
	56	Crown Resorts Ltd.	$	524
	70	CSL Ltd.		9,783
	80	CSR Ltd.		200
	162	Dexus		1,425
	36	Domain Holdings Australia Ltd.		68
	10	Domino’s Pizza Enterprises Ltd.		303
	94	Downer EDI Ltd.		512
	62	DuluxGroup Ltd.		425
	161	Evolution Mining Ltd.		361
	9	Flight Centre Travel Group Ltd.		243
	255	Fortescue Metals Group Ltd.		1,283
	279	Goodman Group		2,584
	286	GPT Group (The)		1,153
	84	Harvey Norman Holdings Ltd.		247
	275	Healthscope Ltd.		474
	66	Iluka Resources Ltd.		401
	268	Incitec Pivot Ltd.		636
	366	Insurance Australia Group Ltd.		2,030
	58	IOOF Holdings Ltd.		265
	89	LendLease Group		833
	48	Macquarie Group Ltd.		4,551
	20	Magellan Financial Group Ltd.		628
	437	Medibank Private Ltd.		880
	154	Metcash Ltd.		311
	588	Mirvac Group		1,171
	436	National Australia Bank Ltd.		7,779
	122	Newcrest Mining Ltd.		2,148
	95	Northern Star Resources Ltd.		548

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

4

Invesco PureBeta^SM FTSE Developed ex-North America ETF (PBDM) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Australia (continued)
	49	Nufarm Ltd.	$	175
	216	Oil Search Ltd.		1,183
	60	Orica Ltd.		785
	278	Origin Energy Ltd.		1,442
	192	Orora Ltd.		409
	47	OZ Minerals Ltd.		329
	7	Perpetual Ltd.(b)		202
	37	Platinum Asset Management Ltd.		130
	101	Qantas Airways Ltd.		399
	204	QBE Insurance Group Ltd.		1,857
	189	Qube Holdings Ltd.		376
	20	Ramsay Health Care Ltd.		919
	8	REA Group Ltd.		450
	58	Rio Tinto Ltd.		3,893
	174	Rio Tinto PLC		10,128
	281	Santos Ltd.		1,422
	787	Scentre Group		2,116
	55	SEEK Ltd.		705
	16	Seven Group Holdings Ltd.		221
	118	Shopping Centres Australasia Property Group		213
	71	Sonic Healthcare Ltd.		1,282
	788	South32 Ltd.		1,852
	131	Star Entertainment Group Ltd. (The)		419
	384	Stockland		1,019
	205	Suncorp Group Ltd.		1,915
	175	Sydney Airport		939
	299	Tabcorp Holdings Ltd.		1,008
	661	Telstra Corp. Ltd.		1,573
	57	TPG Telecom Ltd.		270
	413	Transurban Group		3,907
	109	Treasury Wine Estates Ltd.		1,320
	520	Vicinity Centres		930
	95	Vocus Group Ltd.(a)		261
	14	Washington H Soul Pattinson & Co. Ltd.		227
	174	Wesfarmers Ltd.		4,410
	531	Westpac Banking Corp.		10,282
	108	Whitehaven Coal Ltd.		319
	12	Wisetech Global Ltd.		189
	144	Woodside Petroleum Ltd.		3,587
	205	Woolworths Group Ltd.		4,596
	59	WorleyParsons Ltd.		595
				176,042
		Austria—0.2%
	11	ANDRITZ AG		524
	44	Erste Group Bank AG		1,760
	22	OMV AG		1,177
	20	Raiffeisen Bank International AG		533
	22	Telekom Austria AG(a)		165
	10	Verbund AG		496
	6	Vienna Insurance Group AG Wiener Versicherung Gruppe		167
	18	voestalpine AG		577
				5,399

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Belgium—1.0%
	3	Ackermans & van Haaren N.V.	$	482
	29	Ageas		1,527
	120	Anheuser-Busch InBev S.A./N.V.		10,659
	8	Colruyt S.A.		576
	7	Galapagos N.V.(a)		801
	11	Groupe Bruxelles Lambert S.A.		1,051
	42	KBC Group N.V.		3,108
	22	Proximus SADP		615
	2	Sofina S.A.		411
	11	Solvay S.A.		1,321
	8	Telenet Group Holding N.V.		424
	19	UCB S.A.		1,506
	33	Umicore S.A.(b)		1,276
				23,757
		Cambodia—0.0%
	230	NagaCorp Ltd.		295
		Chile—0.0%
	55	Antofagasta PLC		651
		China—0.4%
	110	AAC Technologies Holdings, Inc.		711
	569	BOC (Hong Kong) Holdings Ltd.		2,546
	424	China Mengniu Dairy Co. Ltd.		1,567
	398	China Travel International Investment Hong Kong Ltd.		92
	455	FIH Mobile Ltd.(a)		68
	369	Guotai Junan International Holdings Ltd.		74
	87	Kerry Logistics Network Ltd.		155
	1,138	Lenovo Group Ltd.		1,054
	109	Minth Group Ltd.		344
	351	MMG Ltd.(a)		152
	129	Nexteer Automotive Group Ltd.		202
	444	Semiconductor Manufacturing International Corp.(a)		475
	567	Shougang Fushan Resources Group Ltd.		137
	546	Shui On Land Ltd.		133
	295	Tingyi Cayman Islands Holding Corp.		485
	162	Towngas China Co. Ltd.(a)		129
	182	Uni-President China Holdings Ltd.		166
	874	Want Want China Holdings Ltd.		693
	495	Xinyi Solar Holdings Ltd.		282
				9,465
		Denmark—1.6%
	26	Ambu A/S, Class B		745
	1	AP Moller—Maersk A/S, Class A		1,217
	1	AP Moller—Maersk A/S, Class B		1,302
	16	Carlsberg A/S, Class B		2,065
	15	Chr. Hansen Holding A/S		1,529
	21	Coloplast A/S, Class B		2,264
	103	Danske Bank A/S		1,825
	18	Demant A/S(a)		567
	4	Drilling Co. of 1972 A/S (The)(a)		307
	28	DSV A/S		2,585
	9	Genmab A/S(a)		1,493
	21	GN Store Nord A/S		1,074

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

5

Invesco PureBeta^SM FTSE Developed ex-North America ETF (PBDM) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Denmark (continued)
	9	H. Lundbeck A/S	$	378
	29	ISS A/S		901
	11	Jyske Bank A/S		443
	262	Novo Nordisk A/S, Class B		12,802
	33	Novozymes A/S, Class B		1,537
	23	Orsted A/S(c)		1,760
	15	Pandora A/S		629
	1	Rockwool International A/S, Class B		267
	19	Tryg A/S		580
	31	Vestas Wind Systems A/S		2,801
				39,071
		Finland—1.1%
	23	Elisa Oyj		975
	68	Fortum Oyj		1,436
	14	Huhtamaki Oyj(b)		534
	10	Kesko Oyj, Class B		519
	60	Kone Oyj, Class B		3,285
	17	Metso Oyj		633
	66	Neste Oyj		2,178
	859	Nokia Oyj		4,504
	21	Nokian Renkaat Oyj		702
	487	Nordea Bank Abp		3,934
	16	Orion Oyj, Class B(b)		531
	76	Sampo Oyj, Class A		3,472
	86	Stora Enso Oyj, Class R		1,066
	83	UPM-Kymmene Oyj		2,336
	71	Wartsila Oyj Abp		1,131
				27,236
		France—9.9%
	31	Accor S.A.		1,305
	13	Adevinta ASA, Class A(a)		131
	14	Adevinta ASA, Class B(a)		137
	4	Aeroports de Paris		814
	34	Air France-KLM(a)		392
	65	Air Liquide S.A.		8,636
	86	Airbus SE		11,747
	13	ALD S.A.(c)		191
	24	Alstom S.A.		1,054
	9	Amundi S.A.(c)		646
	11	Arkema S.A.		1,127
	14	Atos SE		1,440
	300	AXA S.A.		7,983
	6	bioMerieux		476
	167	BNP Paribas S.A.		8,881
	155	Bollore S.A.		736
	32	Bouygues S.A.(b)		1,203
	43	Bureau Veritas S.A.		1,088
	24	Capgemini SE		2,908
	87	Carrefour S.A.		1,694
	9	Casino Guichard Perrachon S.A.(b)		368
	76	Cie de Saint-Gobain		3,104
	27	Cie Generale des Etablissements Michelin SCA		3,484
	9	CIE Plastic Omnium S.A.		272
	25	CNP Assurances		589
	7	Covivio		757

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		France (continued)
	174	Credit Agricole S.A.	$	2,385
	94	Danone S.A.		7,593
	21	Dassault Systemes SE		3,320
	37	Edenred		1,742
	12	Eiffage S.A.		1,252
	76	Electricite de France S.A.		1,094
	30	Elis S.A.(a)		535
	252	Engie S.A.		3,729
	45	EssilorLuxottica S.A.		5,472
	7	Eurazeo SE		549
	27	Eutelsat Communications S.A.		487
	11	Faurecia S.A.		558
	8	Gecina S.A.		1,193
	72	Getlink SE		1,158
	5	Hermes International		3,514
	5	ICADE		427
	4	Iliad S.A.		407
	6	Imerys S.A.		319
	10	Ingenico Group S.A.		842
	5	Ipsen S.A.		583
	11	JCDecaux S.A.		360
	12	Kering S.A.		7,087
	31	Klepierre S.A.		1,100
	18	Lagardere SCA		489
	41	Legrand S.A.		3,011
	38	L’Oreal S.A.(b)		10,438
	39	LVMH Moet Hennessy Louis Vuitton SE		15,256
	133	Natixis S.A.		782
	294	Orange S.A.		4,601
	7	Orpea		853
	33	Pernod Ricard S.A.		5,745
	84	Peugeot S.A.		2,199
	33	Publicis Groupe S.A.		1,956
	4	Remy Cointreau S.A.		533
	29	Renault S.A.		1,977
	48	Rexel S.A.		644
	13	Rubis SCA		711
	50	Safran S.A.		7,279
	168	Sanofi(b)		14,590
	4	Sartorius Stedim Biotech		542
	79	Schneider Electric SE		6,681
	25	SCOR SE(b)		1,019
	4	SEB S.A.		732
	4	Societe BIC S.A.		344
	112	Societe Generale S.A.		3,542
	13	Sodexo S.A.		1,490
	58	Suez		814
	9	Teleperformance		1,728
	16	Thales S.A.		1,909
	389	TOTAL S.A.		21,599
	13	Ubisoft Entertainment S.A.(a)		1,239
	21	Unibail-Rodamco-Westfield		3,607
	38	Valeo S.A.(b)		1,378
	78	Veolia Environnement S.A.		1,841
	72	Vinci S.A.		7,264
	148	Vivendi S.A.		4,291

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

6

Invesco PureBeta^SM FTSE Developed ex-North America ETF (PBDM) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		France (continued)
	4	Wendel S.A.	$	553
	6	Worldline S.A.(a)(c)		378
				238,884
		Germany—8.2%
	7	1&1 Drillisch AG(b)		261
	29	adidas AG		7,446
	66	Allianz SE		15,888
	98	Aroundtown S.A.		794
	7	Axel Springer SE		396
	141	BASF SE		11,455
	144	Bayer AG		9,576
	50	Bayerische Motoren Werke AG		4,253
	9	Bayerische Motoren Werke AG (Preference Shares)		664
	16	Beiersdorf AG		1,747
	25	Brenntag AG		1,346
	6	Carl Zeiss Meditec AG-BR		589
	165	Commerzbank AG(a)		1,482
	17	Continental AG		2,807
	25	Covestro AG(c)		1,366
	132	Daimler AG		8,630
	17	Delivery Hero SE(a)(c)		783
	314	Deutsche Bank AG		2,593
	28	Deutsche Boerse AG		3,731
	37	Deutsche Lufthansa AG		892
	149	Deutsche Post AG		5,160
	496	Deutsche Telekom AG		8,290
	56	Deutsche Wohnen SE		2,515
	5	DWS Group GmbH & Co. KGaA(a)(c)		184
	333	E.ON SE		3,571
	26	Evonik Industries AG		774
	4	Fielmann AG		284
	6	Fraport AG Frankfurt Airport Services Worldwide		496
	33	Fresenius Medical Care AG & Co. KGaA		2,772
	63	Fresenius SE & Co. KGaA		3,571
	5	FUCHS PETROLUB SE		199
	11	FUCHS PETROLUB SE (Preference Shares)		478
	26	GEA Group AG		726
	4	GRENKE AG(b)		424
	9	Hannover Rueck SE		1,356
	4	Hapag-Lloyd AG(c)		123
	23	HeidelbergCement AG		1,856
	7	Hella GmbH & Co. KGaA		380
	16	Henkel AG & Co. KGaA		1,523
	27	Henkel AG & Co. KGaA (Preference Shares)		2,731
	3	HOCHTIEF AG		447
	10	HUGO BOSS AG		697
	173	Infineon Technologies AG		4,076
	20	Innogy SE(c)		928
	30	K+S AG		608
	11	KION Group AG		752
	8	Knorr-Bremse AG(a)		867
	14	LANXESS AG		808
	10	LEG Immobilien AG		1,163
	20	Merck KGaA		2,127
	26	METRO AG		440

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Germany (continued)
	8	MTU Aero Engines AG	$	1,880
	23	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		5,748
	15	OSRAM Licht AG(b)		513
	24	Porsche Automobil Holding SE (Preference Shares)		1,663
	36	ProSiebenSat.1 Media SE		566
	1	Puma SE		618
	1	Rational AG		675
	7	Rheinmetall AG		803
	10	Rocket Internet SE(a)(c)		263
	83	RWE AG		2,118
	6	RWE AG (Preference Shares)(a)		153
	151	SAP SE		19,390
	5	Sartorius AG (Preference Shares)		914
	17	Scout24 AG(b)(c)		874
	120	Siemens AG		14,355
	21	Siemens Healthineers AG(c)		895
	12	Suedzucker AG(b)		184
	20	Symrise AG		1,921
	6	Talanx AG		239
	106	Telefonica Deutschland Holding AG		344
	74	thyssenkrupp AG(b)		1,040
	69	TUI AG		768
	31	Uniper SE		938
	18	United Internet AG		721
	5	Volkswagen AG		893
	29	Volkswagen AG (Preference Shares)		5,039
	80	Vonovia SE		3,987
	2	Wacker Chemie AG		175
	18	Wirecard AG(b)		2,697
	21	Zalando SE(a)(c)		987
				198,386
		Hong Kong—3.3%
	1,844	AIA Group Ltd.		18,792
	43	ASM Pacific Technology Ltd.		498
	188	Bank of East Asia Ltd. (The)		593
	462	Brightoil Petroleum Holdings Ltd.(a)(d)		22
	53	Cafe de Coral Holdings Ltd.		131
	125	Cathay Pacific Airways Ltd.		210
	309	Champion		262
	169	Chow Tai Fook Jewellery Group Ltd.		181
	413	CK Asset Holdings Ltd.		3,316
	411	CK Hutchison Holdings Ltd.		4,317
	98	CK Infrastructure Holdings Ltd.		796
	253	CLP Holdings Ltd.		2,869
	58	Dah Sing Banking Group Ltd.		111
	23	Dah Sing Financial Holdings Ltd.		121
	47	Dairy Farm International Holdings Ltd.		368
	369	First Pacific Co. Ltd.		153
	43	Great Eagle Holdings Ltd.		203
	355	Haitong International Securities Group Ltd.		129
	138	Hang Lung Group Ltd.		411
	321	Hang Lung Properties Ltd.		755
	110	Hang Seng Bank Ltd.		2,888
	187	Henderson Land Development Co. Ltd.		1,151

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

7

Invesco PureBeta^SM FTSE Developed ex-North America ETF (PBDM) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Hong Kong (continued)
	1,376	Hong Kong & China Gas Co. Ltd.	$	3,283
	190	Hong Kong Exchanges & Clearing Ltd.		6,587
	185	Hongkong Land Holdings Ltd.		1,289
	141	Huabao International Holdings Ltd.		66
	802	Hutchison Port Holdings Trust		188
	204	Hutchison Telecommunications Hong Kong Holdings Ltd.		86
	98	Hysan Development Co. Ltd.		548
	33	Jardine Matheson Holdings Ltd.		2,171
	29	Jardine Strategic Holdings Ltd.		1,097
	54	Johnson Electric Holdings Ltd.		127
	94	Kerry Properties Ltd.		401
	917	Li & Fung Ltd.		152
	71	Lifestyle International Holdings Ltd.		124
	329	Link		3,837
	318	Mapletree North Asia Commercial Trust(c)		318
	126	Melco International Development Ltd.		309
	222	MTR Corp. Ltd.		1,321
	872	New World Development Co. Ltd.		1,443
	221	NWS Holdings Ltd.		459
	659	PCCW Ltd.		397
	207	Power Assets Holdings Ltd.		1,443
	164	Sa Sa International Holdings Ltd.(b)		56
	175	Shangri-La Asia Ltd.		248
	293	Shun Tak Holdings Ltd.		130
	470	Sino Land Co. Ltd.		827
	348	Sun Art Retail Group Ltd.		304
	218	Sun Hung Kai Properties Ltd.		3,762
	80	Swire Pacific Ltd., Class A		1,013
	146	Swire Pacific Ltd., Class B		289
	167	Swire Properties Ltd.		678
	198	Techtronic Industries Co. Ltd.		1,431
	46	Television Broadcasts Ltd.		90
	1,144	United Energy Group Ltd.		214
	120	Vitasoy International Holdings Ltd.		604
	25	VTech Holdings Ltd.		228
	1,328	WH Group Ltd.(c)		1,574
	193	Wharf Holdings Ltd. (The)		555
	193	Wharf Real Estate Investment Co. Ltd.		1,479
	130	Wheelock & Co. Ltd.		925
	317	Xinyi Glass Holdings Ltd.		362
	114	Yue Yuen Industrial Holdings Ltd.		368
				79,060
		Indonesia—0.0%
	1,011	Golden Agri-Resources Ltd.		215
		Ireland—0.6%
	120	AIB Group PLC		557
	146	Bank of Ireland Group PLC		931
	127	CRH PLC		4,238
	31	Glanbia PLC		569
	70	James Hardie Industries PLC		950
	23	Kerry Group PLC, Class A		2,573
	24	Kingspan Group PLC		1,261
	12	Paddy Power Betfair PLC		1,015
	38	Smurfit Kappa Group PLC		1,112
				13,206

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Israel—0.5%
	10	Airport City Ltd.(a)	$	166
	16	Alony Hetz Properties & Investments Ltd.		195
	18	Amot Investments Ltd.		106
	5	Azrieli Group Ltd.		284
	163	Bank Hapoalim BM		1,197
	228	Bank Leumi Le-Israel BM		1,558
	324	Bezeq The Israeli Telecommunication Corp. Ltd.		221
	1	Delek Group Ltd.		190
	4	Elbit Systems Ltd.		556
	8	First International Bank of Israel Ltd.		201
	15	Gazit-Globe Ltd.		121
	18	Harel Insurance Investments & Financial Services Ltd.		135
	99	Israel Chemicals Ltd.		524
	1	Israel Corp. Ltd. (The)		241
	185	Israel Discount Bank Ltd., Class A		720
	2	Melisron Ltd.		101
	87	Migdal Insurance & Financial Holding Ltd.		90
	20	Mizrahi Tefahot Bank Ltd.		432
	10	Nice Ltd.(a)		1,378
	237	Oil Refineries Ltd.(a)		116
	2	Paz Oil Co. Ltd.		291
	20	Phoenix Holdings Ltd. (The)		114
	17	Shufersal Ltd.		113
	6	Strauss Group Ltd.		153
	152	Teva Pharmaceutical Industries Ltd.(a)		2,337
	15	Tower Semiconductor Ltd.(a)		273
				11,813
		Italy—2.1%
	245	A2A SpA		409
	199	Assicurazioni Generali SpA		3,858
	84	Atlantia SpA		2,289
	40	Banca Mediolanum SpA		293
	241	Banco BPM SpA(a)		573
	11	Buzzi Unicem SpA		244
	10	Buzzi Unicem SpA-RSP		152
	90	Davide Campari-Milano SpA		906
	4	DiaSorin SpA		390
	1,204	Enel SpA		7,609
	387	Eni SpA		6,600
	20	Ferrari N.V.		2,707
	62	FinecoBank Banca Fineco SpA		815
	121	Hera SpA		430
	2,321	Intesa Sanpaolo SpA		6,079
	78	Italgas SpA		486
	61	Leonardo SpA		704
	55	Mediaset SpA(a)(b)		183
	110	Mediobanca Banca di Credito Finanziario SpA		1,165
	26	Moncler SpA		1,066
	67	Pirelli & C SpA(a)(c)		489
	73	Poste Italiane SpA(c)		778
	81	PRADA SpA		229
	40	Prysmian SpA		771
	16	Recordati SpA		645
	91	Saipem SpA(a)		461
	10	Salvatore Ferragamo SpA(b)		226

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

8

Invesco PureBeta^SM FTSE Developed ex-North America ETF (PBDM) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Italy (continued)
	352	Snam SpA	$	1,790
	1,600	Telecom Italia SpA(a)		894
	957	Telecom Italia SpA-RSP		499
	224	Terna Rete Elettrica Nazionale SpA		1,340
	342	UniCredit SpA		4,726
	156	Unione di Banche Italiane SpA		486
	90	UnipolSai Assicurazioni SpA(b)		246
				50,538
		Japan—23.7%
	11	77 Bank Ltd. (The)		157
	4	ABC-Mart, Inc.		249
	60	Acom Co. Ltd.(b)		210
	28	Advantest Corp.		789
	110	Aeon Co. Ltd.		2,029
	18	AEON Financial Service Co. Ltd.		372
	19	Aeon Mall Co. Ltd.		291
	30	AGC, Inc.		1,020
	8	Aica Kogyo Co. Ltd.		276
	46	Aiful Corp.(a)		107
	4	Ain Holdings, Inc.		318
	24	Air Water, Inc.		365
	28	Aisin Seiki Co. Ltd.		1,082
	76	Ajinomoto Co., Inc.		1,223
	28	Alfresa Holdings Corp.		778
	30	Alps Alpine Co. Ltd.		632
	52	Amada Holdings Co. Ltd.		577
	18	ANA Holdings, Inc.		628
	7	Aoyama Trading Co. Ltd.		153
	18	Aozora Bank Ltd.		438
	14	Aplus Financial Co. Ltd.(a)		11
	3	Ariake Japan Co. Ltd.		174
	60	Asahi Group Holdings Ltd.		2,601
	16	Asahi Intecc Co. Ltd.		806
	197	Asahi Kasei Corp.		2,022
	28	Asics Corp.		343
	3	ASKUL Corp.		81
	300	Astellas Pharma, Inc.		4,065
	10	Autobacs Seven Co. Ltd.		174
	6	Awa Bank Ltd. (The)		150
	20	Azbil Corp.		479
	31	Bandai Namco Holdings, Inc.		1,475
	11	Bank of Kyoto Ltd. (The)		474
	10	Benefit One, Inc.		208
	11	Benesse Holdings, Inc.		303
	24	Bic Camera, Inc.		257
	95	Bridgestone Corp.		3,758
	37	Brother Industries Ltd.		725
	12	Calbee, Inc.		330
	7	Canon Marketing Japan, Inc.		151
	158	Canon, Inc.		4,382
	14	Capcom Co. Ltd.		315
	34	Casio Computer Co. Ltd.		428
	28	Central Japan Railway Co.		6,007
	104	Chiba Bank Ltd. (The)		543
	111	Chubu Electric Power Co., Inc.		1,611
	34	Chugai Pharmaceutical Co. Ltd.		2,149

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	27	Chugoku Bank Ltd. (The)	$	260
	46	Chugoku Electric Power Co., Inc. (The)		548
	43	Citizen Watch Co. Ltd.		241
	23	Coca-Cola Bottlers Japan Holdings, Inc.		565
	16	COMSYS Holdings Corp.		419
	188	Concordia Financial Group Ltd.		729
	10	Cosmo Energy Holdings Co. Ltd.		206
	1	Cosmos Pharmaceutical Corp.		159
	25	Credit Saison Co. Ltd.		318
	15	CyberAgent, Inc.		597
	47	Dai Nippon Printing Co. Ltd.		1,111
	47	Daicel Corp.		524
	6	Daido Steel Co. Ltd.		243
	15	Daifuku Co. Ltd.		913
	168	Dai-ichi Life Holdings, Inc.		2,406
	98	Daiichi Sankyo Co. Ltd.		4,823
	7	Daiichikosho Co. Ltd.		342
	41	Daikin Industries Ltd.		5,191
	7	Daishi Hokuetsu Financial Group, Inc.		205
	11	Daito Trust Construction Co. Ltd.		1,468
	101	Daiwa House Industry Co. Ltd.		2,821
	241	Daiwa Securities Group, Inc.		1,115
	17	DeNA Co. Ltd.		265
	14	Denka Co. Ltd.		420
	70	Denso Corp.		3,050
	35	Dentsu, Inc.		1,425
	13	DIC Corp.		380
	4	Disco Corp.		685
	16	DMG Mori Co. Ltd.		228
	7	Dowa Holdings Co. Ltd.		227
	57	East Japan Railway Co.		5,356
	16	Ebara Corp.		489
	41	Eisai Co. Ltd.		2,376
	26	Electric Power Development Co. Ltd.		602
	5	Exedy Corp.		114
	8	Ezaki Glico Co. Ltd.		421
	36	FamilyMart UNY Holdings Co. Ltd.		959
	12	Fancl Corp.		356
	30	FANUC Corp.		5,596
	8	Fast Retailing Co. Ltd.		4,616
	4	FP Corp.		242
	18	Fuji Electric Co. Ltd.		634
	7	Fuji Media Holdings, Inc.		94
	7	Fuji Oil Holdings, Inc.		224
	7	Fuji Seal International, Inc.		244
	57	FUJIFILM Holdings Corp.		2,653
	43	Fujikura Ltd.		177
	9	Fujitsu General Ltd.		131
	30	Fujitsu Ltd.		2,191
	23	Fukuoka Financial Group, Inc.		532
	5	Fukuyama Transporting Co. Ltd.		192
	10	Furukawa Electric Co. Ltd.		263
	3	Fuyo General Lease Co. Ltd.		149
	9	Glory Ltd.		226
	9	GMO Internet, Inc.		139
	6	GMO Payment Gateway, Inc.		472

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

9

Invesco PureBeta^SM FTSE Developed ex-North America ETF (PBDM) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	3	Goldwin, Inc.	$	477
	12	GS Yuasa Corp.		240
	59	GungHo Online Entertainment, Inc.		184
	68	Gunma Bank Ltd. (The)		268
	14	H2O Retailing Corp.		178
	65	Hachijuni Bank Ltd. (The)		260
	38	Hakuhodo DY Holdings, Inc.		639
	21	Hamamatsu Photonics K.K.		849
	34	Hankyu Hanshin Holdings, Inc.		1,267
	44	Haseko Corp.		530
	8	Heiwa Corp.		159
	3	Hikari Tsushin, Inc.		553
	42	Hino Motors Ltd.		395
	5	Hirose Electric Co. Ltd.		577
	46	Hiroshima Bank Ltd. (The)		247
	5	HIS Co. Ltd.		159
	11	Hisamitsu Pharmaceutical Co., Inc.		465
	7	Hitachi Capital Corp.		162
	16	Hitachi Chemical Co. Ltd.		424
	17	Hitachi Construction Machinery Co. Ltd.		450
	10	Hitachi High-Technologies Corp.		444
	142	Hitachi Ltd.		4,703
	31	Hitachi Metals Ltd.		357
	7	Hitachi Transport System Ltd.		194
	28	Hokkaido Electric Power Co., Inc.		157
	20	Hokuhoku Financial Group, Inc.		219
	27	Hokuriku Electric Power Co.(a)		200
	267	Honda Motor Co. Ltd.		7,434
	6	Horiba Ltd.		361
	8	Hoshizaki Corp.		517
	12	House Foods Group, Inc.		482
	57	Hoya Corp.		4,000
	56	Hulic Co. Ltd.		482
	17	Ibiden Co. Ltd.		304
	32	Ichigo, Inc.		103
	35	Idemitsu Kosan Co. Ltd.		1,133
	21	IHI Corp.		497
	22	Iida Group Holdings Co. Ltd.		371
	145	Inpex Corp.		1,407
	57	Isetan Mitsukoshi Holdings Ltd.		542
	79	Isuzu Motors Ltd.		1,132
	9	Ito EN Ltd.		447
	217	ITOCHU Corp.		3,897
	16	ITOCHU Techno-Solutions Corp.		391
	21	Itoham Yonekyu Holdings, Inc.		131
	43	Iyo Bank Ltd. (The)		238
	6	Izumi Co. Ltd.		261
	39	J Front Retailing Co. Ltd.		474
	19	Japan Airlines Co. Ltd.		636
	7	Japan Airport Terminal Co. Ltd.		294
	7	Japan Aviation Electronics Industry Ltd.		113
	85	Japan Exchange Group, Inc.		1,380
	5	Japan Petroleum Exploration Co. Ltd.		109
	65	Japan Post Bank Co. Ltd.		714
	203	Japan Post Holdings Co. Ltd.		2,266
	30	Japan Post Insurance Co. Ltd.		605
	10	Japan Steel Works Ltd. (The)		192

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	182	Japan Tobacco, Inc.	$	4,210
	82	JFE Holdings, Inc.		1,403
	34	JGC Corp.		485
	30	JSR Corp.		455
	36	JTEKT Corp.		462
	487	JXTG Holdings, Inc.		2,364
	12	Kagome Co. Ltd.		326
	72	Kajima Corp.		1,063
	21	Kakaku.com, Inc.		430
	5	Kaken Pharmaceutical Co. Ltd.		213
	16	Kamigumi Co. Ltd.		381
	16	Kandenko Co. Ltd.		134
	9	Kaneka Corp.		346
	115	Kansai Electric Power Co., Inc. (The)		1,389
	28	Kansai Mirai Financial Group, Inc.		195
	31	Kansai Paint Co. Ltd.		589
	74	Kao Corp.		5,685
	23	Kawasaki Heavy Industries Ltd.		534
	13	Kawasaki Kisen Kaisha Ltd.(a)		188
	275	KDDI Corp.		6,273
	15	Keihan Holdings Co. Ltd.		636
	39	Keikyu Corp.		664
	18	Keio Corp.		1,083
	22	Keisei Electric Railway Co. Ltd.		768
	18	Kewpie Corp.		415
	14	Keyence Corp.		8,688
	28	Kikkoman Corp.		1,297
	21	Kinden Corp.		336
	28	Kintetsu Group Holdings Co. Ltd.		1,241
	127	Kirin Holdings Co. Ltd.		2,873
	5	Kissei Pharmaceutical Co. Ltd.		123
	10	Kobayashi Pharmaceutical Co. Ltd.		796
	47	Kobe Steel Ltd.		358
	9	Koei Tecmo Holdings Co. Ltd.		163
	18	Koito Manufacturing Co. Ltd.		1,070
	13	Kokuyo Co. Ltd.		165
	140	Komatsu Ltd.		3,585
	4	Komeri Co. Ltd.		84
	15	Konami Holdings Corp.		681
	72	Konica Minolta, Inc.		720
	4	Kose Corp.		749
	26	K’s Holdings Corp.		232
	170	Kubota Corp.		2,569
	56	Kuraray Co. Ltd.		748
	17	Kurita Water Industries Ltd.		441
	2	Kusuri NO Aoki Holdings Co. Ltd.		140
	49	Kyocera Corp.		3,163
	7	KYORIN Holdings, Inc.		131
	4	Kyoritsu Maintenance Co. Ltd.		205
	14	Kyowa Exeo Corp.		381
	40	Kyowa Hakko Kirin Co. Ltd.		774
	6	Kyudenko Corp.		170
	73	Kyushu Electric Power Co., Inc.		706
	61	Kyushu Financial Group, Inc.		245
	25	Kyushu Railway Co.		813
	7	Lawson, Inc.		326

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

10

Invesco PureBeta^SM FTSE Developed ex-North America ETF (PBDM) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	8	LINE Corp.(a)	$	268
	8	Lintec Corp.		172
	40	Lion Corp.		822
	41	LIXIL Group Corp.		533
	64	M3, Inc.		1,131
	8	Mabuchi Motor Co. Ltd.		295
	21	Maeda Corp.		208
	9	Maeda Road Construction Co. Ltd.		178
	39	Makita Corp.		1,418
	248	Marubeni Corp.		1,770
	6	Maruha Nichiro Corp.		190
	33	Marui Group Co. Ltd.		669
	10	Maruichi Steel Tube Ltd.		276
	16	Matsui Securities Co. Ltd.		142
	12	Matsumotokiyoshi Holdings Co. Ltd.		394
	90	Mazda Motor Corp.		1,063
	161	Mebuki Financial Group, Inc.		409
	25	Medipal Holdings Corp.		560
	7	Megmilk Snow Brand Co. Ltd.		154
	21	MEIJI Holdings Co. Ltd.		1,650
	67	MinebeaMitsumi, Inc.		1,185
	8	Miraca Holdings, Inc.		204
	44	MISUMI Group, Inc.		1,137
	195	Mitsubishi Chemical Holdings Corp.		1,382
	197	Mitsubishi Corp.		5,405
	303	Mitsubishi Electric Corp.		4,304
	181	Mitsubishi Estate Co. Ltd.		3,048
	30	Mitsubishi Gas Chemical Co., Inc.		447
	45	Mitsubishi Heavy Industries Ltd.		1,867
	11	Mitsubishi Logistics Corp.		293
	20	Mitsubishi Materials Corp.		518
	99	Mitsubishi Motors Corp.		554
	2	Mitsubishi Shokuhin Co. Ltd.		52
	35	Mitsubishi Tanabe Pharma Corp.		439
	1,939	Mitsubishi UFJ Financial Group, Inc.		9,574
	69	Mitsubishi UFJ Lease & Finance Co. Ltd.		349
	259	Mitsui & Co. Ltd.		4,172
	29	Mitsui Chemicals, Inc.		708
	144	Mitsui Fudosan Co. Ltd.		3,319
	9	Mitsui Mining & Smelting Co. Ltd.		232
	17	Mitsui OSK Lines Ltd.		430
	16	Miura Co. Ltd.		406
	3,916	Mizuho Financial Group, Inc.		6,100
	4	Mochida Pharmaceutical Co. Ltd.		185
	18	MonotaRO Co. Ltd.		414
	6	Morinaga & Co. Ltd.		249
	6	Morinaga Milk Industry Co. Ltd.		197
	77	MS&AD Insurance Group Holdings, Inc.		2,377
	90	Murata Manufacturing Co. Ltd.		4,816
	18	Nabtesco Corp.		548
	17	Nagase & Co. Ltd.		258
	29	Nagoya Railroad Co. Ltd.		784
	17	Nankai Electric Railway Co. Ltd.		463
	40	NEC Corp.		1,345
	64	Nexon Co. Ltd.(a)		917
	42	NGK Insulators Ltd.		620

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	30	NGK Spark Plug Co. Ltd.	$	581
	16	NH Foods Ltd.		642
	26	NHK Spring Co. Ltd.		233
	17	Nichirei Corp.		391
	36	Nidec Corp.		5,102
	14	Nifco, Inc.		393
	12	Nihon Kohden Corp.		349
	20	Nihon M&A Center, Inc.		566
	10	Nihon Unisys Ltd.		255
	55	Nikon Corp.		765
	17	Nintendo Co. Ltd.		5,800
	8	Nippo Corp.		162
	13	Nippon Electric Glass Co. Ltd.		356
	11	Nippon Express Co. Ltd.		602
	6	Nippon Gas Co. Ltd.		157
	27	Nippon Kayaku Co. Ltd.		316
	24	Nippon Paint Holdings Co. Ltd.		908
	15	Nippon Paper Industries Co. Ltd.		297
	8	Nippon Shinyaku Co. Ltd.		550
	5	Nippon Shokubai Co. Ltd.		346
	127	Nippon Steel Corp.		2,258
	101	Nippon Telegraph & Telephone Corp.		4,186
	8	Nippon Television Holdings, Inc.		117
	25	Nippon Yusen K.K.		426
	19	Nipro Corp.		235
	25	Nishi-Nippon Financial Holdings, Inc.		206
	12	Nishi-Nippon Railroad Co. Ltd.		282
	21	Nissan Chemical Corp.		930
	296	Nissan Motor Co. Ltd.		2,374
	10	Nissan Shatai Co. Ltd.		92
	41	Nisshin Seifun Group, Inc.		951
	20	Nisshinbo Holdings, Inc.		177
	11	Nissin Foods Holdings Co. Ltd.		724
	12	Nitori Holdings Co. Ltd.		1,428
	24	Nitto Denko Corp.		1,291
	2	Noevir Holdings Co. Ltd.		105
	11	NOF Corp.		391
	18	NOK Corp.		288
	514	Nomura Holdings, Inc.		1,928
	19	Nomura Real Estate Holdings, Inc.		402
	17	Nomura Research Institute Ltd.		829
	44	North Pacific Bank Ltd.		107
	5	NS Solutions Corp.		134
	72	NSK Ltd.		743
	67	NTN Corp.		220
	100	NTT Data Corp.		1,162
	178	NTT DoCoMo, Inc.		3,852
	107	Obayashi Corp.		1,046
	2	OBIC Business Consultants Co. Ltd.		80
	10	OBIC Co. Ltd.		1,155
	48	Odakyu Electric Railway Co. Ltd.		1,127
	139	OJI Holdings Corp.		831
	5	OKUMA Corp.		292
	172	Olympus Corp.		1,921
	31	Omron Corp.		1,656
	70	Ono Pharmaceutical Co. Ltd.		1,307

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

11

Invesco PureBeta^SM FTSE Developed ex-North America ETF (PBDM) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	5	Open House Co. Ltd.	$	182
	5	Oracle Corp. Japan		342
	90	Orient Corp.		95
	29	Oriental Land Co. Ltd.		3,195
	197	ORIX Corp.		2,780
	62	Osaka Gas Co. Ltd.		1,144
	11	OSG Corp.		220
	16	Otsuka Corp.		628
	66	Otsuka Holdings Co. Ltd.		2,352
	5	PALTAC CORPORATION		274
	20	Pan Pacific International Holdings Corp.		1,288
	326	Panasonic Corp.		2,989
	17	Park24 Co. Ltd.		356
	44	Penta-Ocean Construction Co. Ltd.		201
	13	PeptiDream, Inc.(a)		699
	27	Persol Holdings Co. Ltd.		505
	17	Pigeon Corp.		720
	4	Pilot Corp.		165
	12	Pola Orbis Holdings, Inc.		377
	127	Rakuten, Inc.		1,408
	184	Recruit Holdings Co. Ltd.		5,500
	16	Relo Group, Inc.		435
	101	Renesas Electronics Corp.(a)		538
	33	Rengo Co. Ltd.		289
	347	Resona Holdings, Inc.		1,463
	10	Resorttrust, Inc.		139
	108	Ricoh Co. Ltd.		1,089
	6	Rinnai Corp.		403
	14	Rohm Co. Ltd.		1,024
	15	Rohto Pharmaceutical Co. Ltd.		420
	4	Ryohin Keikaku Co. Ltd.		759
	24	San-In Godo Bank Ltd. (The)		158
	8	Sankyo Co. Ltd.		315
	8	Sankyu, Inc.		382
	9	Sanrio Co. Ltd.		205
	57	Santen Pharmaceutical Co. Ltd.		867
	31	Sanwa Holdings Corp.		371
	10	Sapporo Holdings Ltd.		204
	6	Sawai Pharmaceutical Co. Ltd.		321
	36	SBI Holdings, Inc.		767
	6	SCREEN Holdings Co. Ltd.		288
	7	SCSK Corp.		331
	30	Secom Co. Ltd.		2,515
	31	Sega Sammy Holdings, Inc.		391
	34	Seibu Holdings, Inc.		552
	44	Seiko Epson Corp.		703
	23	Seino Holdings Co. Ltd.		312
	57	Sekisui Chemical Co. Ltd.		911
	92	Sekisui House Ltd.		1,480
	119	Seven & i Holdings Co. Ltd.		4,123
	104	Seven Bank Ltd.		282
	33	SG Holdings Co. Ltd.		881
	23	Sharp Corp.(a)		255
	8	Shiga Bank Ltd. (The)		190
	24	Shikoku Electric Power Co., Inc.		242
	5	Shima Seiki Manufacturing Ltd.		167

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	7	Shimachu Co. Ltd.	$	169
	43	Shimadzu Corp.		1,148
	3	Shimamura Co. Ltd.		223
	12	Shimano, Inc.		1,755
	90	Shimizu Corp.		767
	64	Shin-Etsu Chemical Co. Ltd.		5,993
	26	Shinsei Bank Ltd.(a)		360
	44	Shionogi & Co. Ltd.		2,558
	60	Shiseido Co. Ltd.		4,697
	83	Shizuoka Bank Ltd. (The)		633
	4	SHO-BOND Holdings Co. Ltd.		274
	2	Shochiku Co. Ltd.		240
	23	Showa Denko K.K.		778
	19	SKY Perfect JSAT Holdings, Inc.		76
	30	Skylark Holdings Co. Ltd.		494
	9	SMC Corp.		3,722
	247	Softbank Corp.		2,910
	133	SoftBank Group Corp.		13,799
	11	Sohgo Security Services Co. Ltd.		489
	199	Sojitz Corp.		684
	53	Sompo Holdings, Inc.		1,980
	195	Sony Corp.		9,125
	28	Sony Financial Holdings, Inc.		570
	12	Sotetsu Holdings, Inc.		331
	12	Square Enix Holdings Co. Ltd.		413
	23	Stanley Electric Co. Ltd.		622
	97	Subaru Corp.		2,369
	6	Sugi Holdings Co. Ltd.		302
	34	SUMCO Corp.		446
	5	Sumitomo Bakelite Co. Ltd.		194
	239	Sumitomo Chemical Co. Ltd.		1,185
	172	Sumitomo Corp.		2,455
	26	Sumitomo Dainippon Pharma Co. Ltd.		572
	119	Sumitomo Electric Industries Ltd.		1,575
	21	Sumitomo Forestry Co. Ltd.		288
	18	Sumitomo Heavy Industries Ltd.		634
	38	Sumitomo Metal Mining Co. Ltd.		1,187
	203	Sumitomo Mitsui Financial Group, Inc.		7,329
	59	Sumitomo Mitsui Trust Holdings, Inc.		2,047
	5	Sumitomo Osaka Cement Co. Ltd.		203
	62	Sumitomo Realty & Development Co. Ltd.		2,284
	28	Sumitomo Rubber Industries Ltd.		344
	10	Sundrug Co. Ltd.		267
	20	Suntory Beverage & Food Ltd.		880
	12	Suzuken Co. Ltd.		690
	66	Suzuki Motor Corp.		3,001
	29	Sysmex Corp.		1,654
	89	T&D Holdings, Inc.		956
	18	Tadano Ltd.		189
	19	Taiheiyo Cement Corp.		609
	33	Taisei Corp.		1,444
	7	Taisho Pharmaceutical Holdings Co. Ltd.		646
	23	Taiyo Nippon Sanso Corp.		382
	18	Taiyo Yuden Co. Ltd.		434
	7	Takara Bio, Inc.		153
	28	Takara Holdings, Inc.		325

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

12

Invesco PureBeta^SM FTSE Developed ex-North America ETF (PBDM) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	23	Takashimaya Co. Ltd.	$	258
	233	Takeda Pharmaceutical Co. Ltd.		8,602
	19	TDK Corp.		1,653
	6	TechnoPro Holdings, Inc.		358
	28	Teijin Ltd.		479
	100	Terumo Corp.		3,005
	18	THK Co. Ltd.		470
	13	TIS, Inc.		591
	32	Tobu Railway Co. Ltd.		902
	37	Toda Corp.		228
	18	Toho Co. Ltd.		752
	14	Toho Gas Co. Ltd.		576
	75	Tohoku Electric Power Co., Inc.		857
	31	Tokai Carbon Co. Ltd.		356
	8	Tokai Rika Co. Ltd.		139
	36	Tokai Tokyo Financial Holdings, Inc.		119
	104	Tokio Marine Holdings, Inc.		5,231
	11	Tokuyama Corp.		272
	6	Tokyo Broadcasting System Holdings, Inc.		114
	7	Tokyo Century Corp.		322
	247	Tokyo Electric Power Co. Holdings, Inc.(a)		1,393
	24	Tokyo Electron Ltd.		3,802
	66	Tokyo Gas Co. Ltd.		1,675
	33	Tokyo Tatemono Co. Ltd.		371
	78	Tokyu Corp.		1,269
	81	Tokyu Fudosan Holdings Corp.		455
	17	Topcon Corp.		205
	41	Toppan Printing Co. Ltd.		663
	240	Toray Industries, Inc.		1,633
	84	Toshiba Corp.		2,791
	6	Toshiba Plant Systems & Services Corp.		107
	45	Tosoh Corp.		721
	23	TOTO Ltd.		969
	25	Toyo Seikan Group Holdings Ltd.		498
	14	Toyo Suisan Kaisha Ltd.		532
	16	Toyo Tire Corp.		187
	14	Toyobo Co. Ltd.		182
	12	Toyoda Gosei Co. Ltd.		249
	10	Toyota Boshoku Corp.		148
	25	Toyota Industries Corp.		1,414
	390	Toyota Motor Corp.		24,179
	35	Toyota Tsusho Corp.		1,156
	18	Trend Micro, Inc.		899
	8	TS Tech Co. Ltd.		239
	10	Tsumura & Co.		307
	6	Tsuruha Holdings, Inc.		510
	3	TV Asahi Holdings Corp.		53
	17	Ube Industries Ltd.		362
	8	Ulvac, Inc.		267
	61	Unicharm Corp.		1,999
	19	Ushio, Inc.		230
	34	USS Co. Ltd.		649
	10	Wacoal Holdings Corp.		247
	8	Welcia Holdings Co. Ltd.(b)		314
	29	West Japan Railway Co.		2,151
	360	Yahoo! Japan Corp.		957

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	19	Yakult Honsha Co. Ltd.	$	1,288
	116	Yamada Denki Co. Ltd.		549
	36	Yamaguchi Financial Group, Inc.		265
	26	Yamaha Corp.		1,342
	44	Yamaha Motor Co. Ltd.		904
	56	Yamato Holdings Co. Ltd.		1,213
	6	Yamato Kogyo Co. Ltd.		166
	20	Yamazaki Baking Co. Ltd.		297
	3	Yaoko Co. Ltd.		142
	40	Yaskawa Electric Corp.		1,471
	38	Yokogawa Electric Corp.		791
	17	Yokohama Rubber Co. Ltd. (The)		319
	8	Zenkoku Hosho Co. Ltd.		279
	15	Zensho Holdings Co. Ltd.		337
	23	Zeon Corp.		224
	28	ZOZO, Inc.		494
				571,200
		Jordan—0.0%
	22	Hikma Pharmaceuticals PLC		506
		Kazakhstan—0.0%
	37	KAZ Minerals PLC		312
		Luxembourg—0.2%
	95	ArcelorMittal		2,058
	2	Eurofins Scientific SE(b)		914
	72	L’Occitane International S.A.		129
	6	RTL Group S.A.(b)		337
	56	SES S.A. FDR, Class A		952
	74	Tenaris S.A.		1,027
				5,417
		Macau—0.2%
	335	Galaxy Entertainment Group Ltd.		2,504
	265	Macau Legend Development Ltd.		43
	118	MGM China Holdings Ltd.		243
	380	Sands China Ltd.		2,088
	296	SJM Holdings Ltd.		357
	231	Wynn Macau Ltd.		663
				5,898
		Mexico—0.0%
	29	Fresnillo PLC(b)		283
		Netherlands—4.1%
	15	Aalberts N.V.		588
	64	ABN AMRO Group N.V. CVA(b)(c)		1,504
	1	Adyen N.V.(a)(c)		813
	277	Aegon N.V.		1,446
	36	Akzo Nobel N.V.		3,054
	62	ASML Holding N.V.(b)		12,892
	22	ASR Nederland N.V.		976
	13	Boskalis Westminster N.V.		355
	17	Exor N.V.		1,131
	8	GrandVision N.V.(c)		180
	16	Heineken Holding N.V.		1,624
	37	Heineken N.V.		3,991
	599	ING Groep N.V.(b)		7,623

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

13

Invesco PureBeta^SM FTSE Developed ex-North America ETF (PBDM) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Netherlands (continued)
	166	Koninklijke Ahold Delhaize N.V.	$	3,992
	27	Koninklijke DSM N.V.		3,082
	508	Koninklijke KPN N.V.		1,558
	143	Koninklijke Philips N.V.		6,084
	10	Koninklijke Vopak N.V.		446
	52	NN Group N.V.		2,262
	15	OCI N.V.(a)		435
	16	Randstad N.V.		913
	695	Royal Dutch Shell PLC, Class A		22,198
	584	Royal Dutch Shell PLC, Class B		18,763
	18	Signify N.V.(c)		539
	41	Wolters Kluwer N.V.		2,857
				99,306
		New Zealand—0.3%
	110	a2 Milk Co. Ltd.(a)		1,230
	80	Air New Zealand Ltd.		143
	147	Auckland International Airport Ltd.		781
	114	Contact Energy Ltd.		510
	89	Fisher & Paykel Healthcare Corp. Ltd.		938
	130	Fletcher Building Ltd.		447
	225	Kiwi Property Group Ltd.		231
	108	Mercury NZ Ltd.		267
	195	Meridian Energy Ltd.		528
	65	Ryman Healthcare Ltd.		527
	106	SKYCITY Entertainment Group Ltd.		289
	291	Spark New Zealand Ltd.		712
	14	Xero Ltd.(a)		537
				7,140
		Norway—0.7%
	4	Aker ASA, Class A		273
	16	Aker BP ASA		527
	162	DNB ASA		3,103
	153	Equinor ASA		3,405
	26	Gjensidige Forsikring ASA		504
	40	Leroy Seafood Group ASA		288
	64	Mowi ASA		1,383
	212	Norsk Hydro ASA		906
	123	Orkla ASA		962
	8	Salmar ASA		363
	14	Schibsted ASA, Class B		334
	13	Schibsted ASA, Class A		340
	102	Telenor ASA		2,043
	28	Yara International ASA		1,260
				15,691
		Poland—0.3%
	24	Bank Polska Kasa Opieki S.A.		713
	10	CD Projekt S.A.(a)		561
	41	Cyfrowy Polsat S.A.(a)		284
	7	Dino Polska S.A.(a)(c)		232
	15	Grupa Lotos S.A.		326
	21	KGHM Polska Miedz S.A.(a)		564
	2	mBank S.A.		231
	111	PGE Polska Grupa Energetyczna S.A.(a)		276
	48	Polski Koncern Naftowy ORLEN S.A.		1,228

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Poland (continued)
	266	Polskie Gornictwo Naftowe i Gazownictwo S.A.	$	403
	130	Powszechna Kasa Oszczednosci Bank Polski S.A.		1,333
	86	Powszechny Zaklad Ubezpieczen S.A.		944
	5	Santander Bank Polska S.A.		518
				7,613
		Portugal—0.1%
	360	EDP-Energias de Portugal S.A.		1,363
	82	Galp Energia SGPS S.A.		1,376
	39	Jeronimo Martins SGPS S.A.		635
				3,374
		Russia—0.1%
	73	Evraz PLC		597
	41	Polymetal International PLC		431
	100	VEON Ltd.		239
				1,267
		Singapore—1.3%
	377	Ascendas Real Estate Investment Trust		831
	33	BOC Aviation Ltd.(c)		284
	374	CapitaLand Commercial Trust		533
	399	CapitaLand Ltd.		1,035
	366	CapitaLand Mall Trust		651
	74	City Developments Ltd.		486
	325	ComfortDelGro Corp. Ltd.		642
	277	DBS Group Holdings Ltd.		5,749
	55	Frasers Property Ltd.		75
	916	Genting Singapore Ltd.		663
	16	Jardine Cycle & Carriage Ltd.		417
	300	Keppel		269
	227	Keppel Corp. Ltd.		1,129
	291	Mapletree Commercial Trust		413
	201	Mapletree Industrial Trust		304
	367	Mapletree Logistics Trust		399
	95	Olam International Ltd.		138
	510	Oversea-Chinese Banking Corp. Ltd.		4,533
	100	SATS Ltd.		384
	144	Sembcorp Industries Ltd.		281
	129	Sembcorp Marine Ltd.(a)		162
	37	SIA Engineering Co. Ltd.		68
	81	Singapore Airlines Ltd.		576
	130	Singapore Exchange Ltd.		705
	240	Singapore Post Ltd.		183
	253	Singapore Press Holdings Ltd.		467
	242	Singapore Technologies Engineering Ltd.		704
	1,142	Singapore Telecommunications Ltd.		2,660
	91	StarHub Ltd.		104
	299	Suntec Real Estate Investment Trust		406
	196	United Overseas Bank Ltd.		4,007
	75	UOL Group Ltd.		418
	40	Venture Corp. Ltd.		499
	308	Wilmar International Ltd.		824
	58	Wing Tai Holdings Ltd.		87
				31,086

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

14

Invesco PureBeta^SM FTSE Developed ex-North America ETF (PBDM) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		South Africa—0.2%
	151	Anglo American PLC	$	3,900
	101	Investec PLC		639
				4,539
		South Korea—4.5%
	5	Amorepacific Corp.		890
	2	Amorepacific Corp. (Preference Shares)		200
	4	AMOREPACIFIC Group		257
	1	BGF Co. Ltd.		7
	1	BGF Retail Co. Ltd.		187
	46	BNK Financial Group, Inc.		276
	8	Celltrion Healthcare Co. Ltd.(a)		518
	12	Celltrion, Inc.(a)		2,178
	11	Cheil Worldwide, Inc.		240
	1	CJ CheilJedang Corp.		270
	1	CJ CheilJedang Corp. (Preference Shares)		119
	2	CJ Corp.		205
	2	CJ ENM Co. Ltd.		375
	1	CJ Logistics Corp.(a)		135
	4	Daelim Industrial Co. Ltd.		331
	28	Daewoo Engineering & Construction Co. Ltd.(a)		121
	7	Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)		174
	7	DB Insurance Co. Ltd.		410
	24	DGB Financial Group, Inc.		173
	5	Dongsuh Cos., Inc.		84
	4	Doosan Bobcat, Inc.		109
	1	Doosan Corp.		88
	10	Doosan Heavy Industries & Construction Co. Ltd.(a)		60
	21	Doosan Infracore Co. Ltd.(a)		131
	3	E-MART, Inc.		442
	8	Fila Korea Ltd.		564
	9	GS Engineering & Construction Corp.		313
	8	GS Holdings Corp.		356
	4	GS Retail Co. Ltd.		134
	46	Hana Financial Group, Inc.		1,449
	12	Hankook Tire Co. Ltd.		408
	1	Hanmi Pharm Co. Ltd.		372
	2	Hanmi Science Co. Ltd.		129
	25	Hanon Systems		269
	2	Hanssem Co. Ltd.		176
	6	Hanwha Aerospace Co. Ltd.(a)		159
	13	Hanwha Chemical Corp.		229
	8	Hanwha Corp.		203
	3	Hanwha Corp. (Preference Shares)		38
	38	Hanwha Life Insurance Co. Ltd.		130
	3	HDC Holdings Co. Ltd.		44
	5	HDC Hyundai Development Co-Engineering & Construction		199
	2	Helixmith Co. Ltd.(a)		446
	5	Hite Jinro Co. Ltd.		87
	5	HLB, Inc.(a)		359
	5	Hotel Shilla Co. Ltd.		492
	1	Hyosung TNC Co. Ltd.		142
	2	Hyundai Construction Equipment Co. Ltd.		84
	2	Hyundai Department Store Co. Ltd.		174
	11	Hyundai Engineering & Construction Co. Ltd.		494

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		South Korea (continued)
	3	Hyundai Glovis Co. Ltd.	$	410
	7	Hyundai Heavy Industries Co. Ltd.(a)		746
	2	Hyundai Heavy Industries Holdings Co. Ltd.		586
	10	Hyundai Marine & Fire Insurance Co. Ltd.		327
	3	Hyundai Mipo Dockyard Co. Ltd.		144
	10	Hyundai Mobis Co. Ltd.		1,990
	22	Hyundai Motor Co.		2,608
	6	Hyundai Motor Co. (2nd Preference Shares)		449
	4	Hyundai Motor Co. (Preference Shares)		277
	12	Hyundai Steel Co.		476
	2	Hyundai Wia Corp.		85
	42	Industrial Bank of Korea		509
	8	Kakao Corp.		822
	17	Kangwon Land, Inc.		495
	62	KB Financial Group, Inc.		2,452
	1	KCC Corp.		304
	3	KEPCO Plant Service & Engineering Co. Ltd.		94
	41	Kia Motors Corp.		1,588
	10	Korea Aerospace Industries Ltd.		300
	40	Korea Electric Power Corp.(a)		969
	4	Korea Gas Corp.		158
	6	Korea Investment Holdings Co. Ltd.		351
	2	Korea Zinc Co. Ltd.		775
	8	Korean Air Lines Co. Ltd.		227
	17	KT&G Corp.		1,484
	3	Kumho Petrochemical Co. Ltd.		236
	7	LG Chem Ltd.		2,163
	1	LG Chem Ltd. (Preference Shares)		172
	14	LG Corp.		875
	35	LG Display Co. Ltd.(a)		598
	17	LG Electronics, Inc.		1,103
	3	LG Electronics, Inc. (Preference Shares)		78
	1	LG Household & Health Care Ltd.		1,217
	1	LG Household & Health Care Ltd. (Preference Shares)		693
	31	LG Uplus Corp.		379
	2	Lotte Chemical Corp.		460
	4	Lotte Corp.		168
	3	LOTTE Fine Chemical Co. Ltd.		124
	2	Lotte Shopping Co. Ltd.		305
	3	LS Corp.		127
	5	Mando Corp.		143
	1	Medy-Tox, Inc.		479
	66	Mirae Asset Daewoo Co. Ltd.		441
	22	Mirae Asset Daewoo Co. Ltd. (Preference Shares)		75
	21	NAVER Corp.		2,148
	3	NCSoft Corp.		1,351
	3	Netmarble Corp.(a)(c)		327
	20	NH Investment & Securities Co. Ltd.		235
	2	NHN Corp.(a)		144
	1	NongShim Co. Ltd.		240
	3	OCI Co. Ltd.		239
	3	Orion Corp.		249
	1	Ottogi Corp.		621
	7	Paradise Co. Ltd.		111
	11	POSCO		2,401

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

15

Invesco PureBeta^SM FTSE Developed ex-North America ETF (PBDM) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		South Korea (continued)
	3	POSCO Chemical Co. Ltd.	$	147
	8	POSCO International Corp.		125
	3	S-1 Corp.		252
	2	Samsung Biologics Co. Ltd.(a)(c)		582
	13	Samsung C&T Corp.		1,141
	5	Samsung Card Co. Ltd.		159
	9	Samsung Electro-Mechanics Co. Ltd.		836
	733	Samsung Electronics Co. Ltd.		28,770
	112	Samsung Electronics Co. Ltd. (Preference Shares)		3,567
	25	Samsung Engineering Co. Ltd.(a)		365
	5	Samsung Fire & Marine Insurance Co. Ltd.		1,301
	1	Samsung Fire & Marine Insurance Co. Ltd. (Preference Shares)		169
	62	Samsung Heavy Industries Co. Ltd.(a)		436
	10	Samsung Life Insurance Co. Ltd.		727
	8	Samsung SDI Co. Ltd.		1,620
	5	Samsung SDS Co. Ltd.		929
	10	Samsung Securities Co. Ltd.		305
	70	Shinhan Financial Group Co. Ltd.		2,643
	1	Shinsegae, Inc.		291
	8	SillaJen, Inc.(a)		448
	5	SK Holdings Co. Ltd.		1,098
	80	SK Hynix, Inc.		5,410
	9	SK Innovation Co. Ltd.		1,406
	24	SK Networks Co. Ltd.		120
	4	SK Telecom Co. Ltd.		847
	3	SKC Co. Ltd.		92
	6	S-Oil Corp.		474
	16	Ssangyong Cement Industrial Co. Ltd.		79
	9	Woongjin Coway Co. Ltd.		676
	86	Woori Financial Group, Inc.		1,020
	1	Yuhan Corp.		210
				108,203
		Spain—2.8%
	3	Acciona S.A.		347
	27	Acerinox S.A.		281
	39	ACS Actividades de Construccion y Servicios S.A.		1,789
	10	Aena SME S.A.(c)		1,853
	64	Amadeus IT Group S.A.		5,087
	1,031	Banco Bilbao Vizcaya Argentaria S.A.		6,260
	889	Banco de Sabadell S.A.		1,032
	2,514	Banco Santander S.A.		12,711
	185	Bankia S.A.		511
	109	Bankinter S.A.		870
	550	CaixaBank S.A.		1,750
	33	Cellnex Telecom S.A.(c)		1,014
	3	Corp. Financiera Alba S.A.		154
	24	EDP Renovaveis S.A.		238
	36	Enagas S.A.		1,025
	50	Endesa S.A.		1,245
	74	Ferrovial S.A.		1,821
	11	Fomento de Construcciones y Contratas S.A.(a)		135
	52	Grifols S.A.		1,442
	41	Grifols S.A. (Preference Shares), Class B		789
	958	Iberdrola S.A.		8,694
	162	Industria de Diseno Textil S.A.		4,896

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Spain (continued)
	47	Inmobiliaria Colonial Socimi S.A.	$	505
	157	Mapfre S.A.		471
	53	MERLIN Properties SOCIMI S.A.		722
	49	Naturgy Energy Group S.A.		1,390
	68	Red Electrica Corp. S.A.		1,409
	207	Repsol S.A.		3,510
	36	Siemens Gamesa Renewable Energy S.A.		645
	698	Telefonica S.A.		5,814
	28	Zardoya Otis S.A.		226
				68,636
		Sweden—2.5%
	50	Alfa Laval AB		1,159
	140	Assa Abloy AB, Class B		2,984
	96	Atlas Copco AB, Class A		2,981
	60	Atlas Copco AB, Class B(b)		1,706
	43	Boliden AB(b)		1,275
	42	Castellum AB		754
	35	Electrolux AB, Series B		859
	56	Elekta AB, Class B		663
	100	Epiroc AB, Class A(a)		1,033
	60	Epiroc AB, Class B(a)		593
	94	Essity AB, Class B		2,786
	15	Fastighets AB Balder, Class B(a)		474
	134	Hennes & Mauritz AB, Class B		2,334
	40	Hexagon AB, Class B		2,179
	59	Husqvarna AB, Class B		538
	12	ICA Gruppen AB		434
	33	Industrivarden AB, Class A		763
	27	Industrivarden AB, Class C		607
	19	Investment AB Latour, Class B(b)		269
	21	Investor AB, Class A		996
	70	Investor AB, Class B		3,333
	37	Kinnevik AB, Class B(b)		1,076
	12	L E Lundbergforetagen AB, Class B		410
	28	Lundin Petroleum AB		915
	46	Nibe Industrier AB, Class B		617
	14	Saab AB, Class B(b)		460
	170	Sandvik AB(b)		3,141
	51	Securitas AB, Class B		890
	227	Skandinaviska Enskilda Banken AB, Class A		2,164
	3	Skandinaviska Enskilda Banken AB, Class C		29
	56	Skanska AB, Class B		974
	60	SKF AB, Class B		1,109
	94	Svenska Cellulosa AB SCA, Class B		819
	224	Svenska Handelsbanken AB, Class A		2,442
	9	Svenska Handelsbanken AB, Class B		98
	153	Swedbank AB, Class A		2,479
	27	Swedish Match AB		1,314
	25	Swedish Orphan Biovitrum AB(a)		455
	82	Tele2 AB, Class B		1,093
	6	Telefonaktiebolaget LM Ericsson, Class A		60
	455	Telefonaktiebolaget LM Ericsson, Class B		4,499
	417	Telia Co. AB		1,774
	39	Trelleborg AB, Class B		644
	230	Volvo AB, Class B		3,677
				59,859

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

16

Invesco PureBeta^SM FTSE Developed ex-North America ETF (PBDM) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Switzerland—8.3%
	276	ABB Ltd.	$	5,680
	24	Adecco Group AG		1,378
	68	Alcon, Inc.(a)		3,916
	7	Baloise Holding AG		1,199
	1	Banque Cantonale Vaudoise		789
	79	Cie Financiere Richemont S.A.		5,776
	33	Clariant AG(a)		678
	31	Coca-Cola HBC AG		1,108
	391	Credit Suisse Group AG(a)		5,219
	4	DKSH Holding AG		246
	5	Dufry AG(a)		488
	1	EMS-Chemie Holding AG		606
	3	Flughafen Zurich AG		494
	6	Geberit AG		2,516
	1	Georg Fischer AG		972
	1	Givaudan S.A.		2,590
	1,754	Glencore PLC		6,959
	1	Helvetia Holding AG		635
	34	Julius Baer Group Ltd.(a)		1,639
	8	Kuehne + Nagel International AG		1,162
	73	LafargeHolcim Ltd.(a)		3,752
	23	Logitech International S.A.		899
	12	Lonza Group AG(a)		3,706
	62	Mediclinic International PLC		277
	470	Nestle S.A.		45,224
	341	Novartis AG		27,846
	30	OC Oerlikon Corp. AG(a)		392
	6	Pargesa Holding S.A.-BR		472
	3	Partners Group Holding AG		2,260
	6	PSP Swiss Property AG		612
	108	Roche Holding AG		28,468
	4	Roche Holding AG-BR		1,047
	3	Schindler Holding AG		637
	6	Schindler Holding AG-PC		1,294
	1	SGS S.A.		2,639
	22	Sika AG		3,368
	8	Sonova Holding AG		1,613
	99	STMicroelectronics N.V.		1,817
	2	Straumann Holding AG		1,615
	3	Sulzer AG		316
	7	Swatch Group AG (The)		411
	5	Swatch Group AG (The)-BR		1,527
	5	Swiss Life Holding AG		2,351
	12	Swiss Prime Site AG(a)		963
	47	Swiss RE AG		4,523
	4	Swisscom AG		1,863
	9	Temenos AG		1,496
	526	UBS Group AG(a)		7,054
	7	Vifor Pharma AG		915
	23	Zurich Insurance Group AG		7,333
				200,740
		Taiwan—0.0%
	160	FIT Hon Teng Ltd.(c)		83
		United Arab Emirates—0.0%
	13	NMC Health PLC		478

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		United Kingdom—13.7%
	151	3i Group PLC	$	2,107
	32	Admiral Group PLC		919
	61	Ashmore Group PLC(b)		365
	76	Ashtead Group PLC		2,102
	55	Associated British Foods PLC		1,835
	205	AstraZeneca PLC		15,303
	149	Auto Trader Group PLC(c)		1,098
	10	AVEVA Group PLC		436
	610	Aviva PLC		3,415
	130	B&M European Value Retail S.A.		669
	40	Babcock International Group PLC		274
	490	BAE Systems PLC		3,156
	2,620	Barclays PLC		5,611
	159	Barratt Developments PLC		1,247
	20	Bellway PLC		811
	20	Berkeley Group Holdings PLC (The)		979
	3,100	BP PLC		22,591
	357	British American Tobacco PLC		13,916
	150	British Land Co. PLC (The)		1,162
	1,279	BT Group PLC		3,819
	53	Bunzl PLC		1,595
	64	Burberry Group PLC		1,683
	116	Capital & Counties Properties PLC		366
	887	Centrica PLC		1,229
	154	Cineworld Group PLC		638
	152	CNH Industrial N.V., Class A		1,647
	380	Cobham PLC(a)		571
	243	Compass Group PLC		5,522
	208	ConvaTec Group PLC(c)		376
	19	Croda International PLC		1,283
	188	CYBG PLC		498
	15	DCC PLC		1,339
	16	Derwent London PLC		661
	369	Diageo PLC		15,555
	218	Direct Line Insurance Group PLC		936
	196	DS Smith PLC		912
	35	easyJet PLC		531
	140	Experian PLC		4,061
	173	Fiat Chrysler Automobiles N.V.		2,663
	246	G4S PLC		693
	766	GlaxoSmithKline PLC		15,712
	88	GVC Holdings PLC		749
	60	Halma PLC		1,408
	126	Hammerson PLC		529
	39	Hargreaves Lansdown PLC(b)		1,147
	43	Hiscox Ltd.		938
	95	Howden Joinery Group PLC		629
	3,152	HSBC Holdings PLC		27,412
	43	IMI PLC		589
	146	Imperial Brands PLC		4,636
	66	Inchcape PLC		529
	198	Informa PLC		2,011
	28	InterContinental Hotels Group PLC		1,813
	128	International Consolidated Airlines Group S.A.		902
	25	Intertek Group PLC		1,744
	591	ITV PLC		1,053

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

17

Invesco PureBeta^SM FTSE Developed ex-North America ETF (PBDM) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		United Kingdom (continued)
	256	J Sainsbury PLC	$	743
	56	JD Sports Fashion PLC		459
	104	John Wood Group PLC		638
	30	Johnson Matthey PLC		1,305
	91	Just Eat PLC(a)		829
	348	Kingfisher PLC		1,198
	113	Land Securities Group PLC		1,360
	908	Legal & General Group PLC		3,293
	10,913	Lloyds Banking Group PLC		8,902
	48	London Stock Exchange Group PLC		3,137
	258	Marks & Spencer Group PLC		962
	123	Meggitt PLC		873
	739	Melrose Industries PLC		1,948
	111	Merlin Entertainments PLC(c)		530
	53	Micro Focus International PLC		1,339
	58	Mondi PLC		1,271
	527	National Grid PLC		5,744
	21	Next PLC		1,578
	68	Ocado Group PLC(a)		1,208
	121	Pearson PLC		1,310
	66	Pennon Group PLC		644
	49	Persimmon PLC		1,428
	88	Phoenix Group Holdings PLC		829
	403	Prudential PLC		9,115
	251	Quilter PLC(c)		483
	96	Reckitt Benckiser Group PLC		7,756
	293	RELX PLC		6,719
	5	Renishaw PLC		294
	292	Rentokil Initial PLC		1,485
	137	Rightmove PLC		965
	261	Rolls-Royce Holdings PLC		3,112
	18,531	Rolls-Royce Holdings PLC		24
	709	Royal Bank of Scotland Group PLC		2,215
	145	Royal Mail PLC		478
	65	RPC Group PLC		669
	162	RSA Insurance Group PLC		1,145
	172	Sage Group PLC (The)		1,627
	18	Schroders PLC		743
	158	Segro PLC		1,397
	37	Severn Trent PLC		982
	135	Smith & Nephew PLC		2,606
	63	Smiths Group PLC		1,250
	11	Spirax-Sarco Engineering PLC		1,183
	159	SSE PLC		2,372
	83	St. James’s Place PLC		1,213
	415	Standard Chartered PLC		3,787
	393	Standard Life Aberdeen PLC		1,429
	40	Subsea 7 S.A.		507
	74	Tate & Lyle PLC		740
	515	Taylor Wimpey PLC		1,218
	73	TechnipFMC PLC		1,809
	1,482	Tesco PLC		4,826
	40	Travis Perkins PLC		729
	234	Unilever N.V. CVA		14,151
	168	Unilever PLC		10,200
	108	United Utilities Group PLC		1,167

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		United Kingdom (continued)
	4,101	Vodafone Group PLC	$	7,592
	40	Weir Group PLC (The)		865
	28	Whitbread PLC		1,628
	342	WM Morrison Supermarkets PLC		963
	188	WPP PLC		2,344
				329,691
		United States—0.3%
	26	Carnival PLC		1,368
	36	Ferguson PLC		2,553
	35	QIAGEN N.V.(a)		1,350
	203	Samsonite International S.A.(c)		582
	26	Sims Metal Management Ltd.		189
				6,042
		Total Common Stocks & Other Equity Interests (Cost $2,496,107)		2,401,382
		Money Market Funds—0.0%
	422	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(e) (Cost $422)		422
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $2,496,529)—99.5%		2,401,804
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—2.8%
	50,291	Invesco Government & Agency Portfolio—Institutional Class 2.34%(e)(f)		50,291
	16,773	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(e)(f)		16,778
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $67,069)		67,069
		Total Investments in Securities (Cost $2,563,598)—102.3%		2,468,873
		Other assets less liabilities—(2.3)%		(56,275	)
		Net Assets—100.0%	$	2,412,598

Abbreviations:

BR—Bearer Shares

CVA—Dutch Certificates

FDR—Fiduciary Depositary Receipt

PC—Participation Certificate

RSP—Registered Savings Plan Shares

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  All or a portion of this security was out on loan at April 30, 2019.

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

18

Invesco PureBeta^SM FTSE Developed ex-North America ETF (PBDM) (continued)

April 30, 2019

(Unaudited)

^(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 April 30, 2019 was $23,017, which represented less than 1% of the Fund’s Net Assets.

^(d)  Security valued using significant unobservable inputs (Level 3). See Note 5.

^(e)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2L.

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

19

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE)

April 30, 2019

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Financials	29.7
Consumer Discretionary	12.8
Communication Services	12.6
Information Technology	10.2
Energy	8.4
Materials	7.0
Industrials	5.0
Consumer Staples	4.9
Real Estate	3.5
Sector Types Each Less Than 3%	6.0
Money Market Funds Plus Other Assets Less Liabilities	(0.1)

Schedule of Investments

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.1%
		Bahrain—0.1%
	2,356	Ahli United Bank BSC	$	1,958
		Brazil—8.3%
	96	Alpargatas S.A. (Preference Shares)		380
	2,193	Ambev S.A.		10,254
	172	Atacadao S.A.		923
	101	Azul S.A. (Preference Shares)(a)		869
	88	B2W Cia Digital(a)		852
	1,007	B3 S.A.—Brasil Bolsa Balcao		8,782
	528	Banco Bradesco S.A.		4,143
	2,035	Banco Bradesco S.A. (Preference Shares)		18,329
	105	Banco BTG Pactual S.A.		1,100
	529	Banco do Brasil S.A.		6,653
	94	Banco do Estado do Rio Grande do Sul S.A. (Preference Shares), Class B		581
	194	Banco Santander Brasil S.A.		2,210
	336	BB Seguridade Participacoes S.A.		2,404
	407	BR Malls Participacoes S.A.		1,267
	118	Bradespar S.A. (Preference Shares)		953
	99	Braskem S.A. (Preference Shares), Class A		1,197
	285	BRF S.A.(a)		2,240
	544	CCR S.A.		1,610
	154	Centrais Eletricas Brasileiras S.A.		1,275
	119	Centrais Eletricas Brasileiras S.A. (Preference Shares), Class B		1,044
	76	Cia Brasileira de Distribuicao (Preference Shares), Class A		1,857
	10	Cia de Gas de Sao Paulo—COMGAS (Preference Shares), Class A		209
	178	Cia de Saneamento Basico do Estado de Sao Paulo		2,118

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Brazil (continued)
	87	Cia de Transmissao de Energia Electrica Paulista (Preference Shares)	$	462
	40	Cia Energetica de Minas Gerais		179
	487	Cia Energetica de Minas Gerais (Preference Shares)		1,817
	12	Cia Paranaense de Energia		116
	46	Cia Paranaense de Energia (Preference Shares), Class B		480
	289	Cia Siderurgica Nacional S.A.(a)		1,064
	585	Cielo S.A.		1,137
	78	Cosan S.A.		925
	61	CVC Brasil Operadora e Agencia de Viagens S.A.		877
	151	EDP—Energias do Brasil S.A.		669
	378	Embraer S.A.		1,879
	97	Energisa S.A.		1,026
	91	Engie Brasil Energia S.A.		1,025
	82	Equatorial Energia S.A.		1,704
	120	Estacio Participacoes S.A.		826
	113	Fleury S.A.		594
	504	Gerdau S.A. (Preference Shares)		1,805
	144	Grendene S.A.		268
	4	Guararapes Confeccoes S.A.		146
	69	Hapvida Participacoes e Investimentos S.A.(b)		529
	209	Hypera S.A.		1,486
	100	IRB Brasil Resseguros S.A.		2,377
	2,379	Itau Unibanco Holding S.A. (Preference Shares)		20,374
	2,223	Itausa—Investimentos Itau S.A. (Preference Shares)		6,702
	330	Klabin S.A.		1,387

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

20

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Brazil (continued)
	725	Kroton Educacional S.A.	$	1,789
	278	Localiza Rent a Car S.A.		2,548
	128	Lojas Americanas S.A.		415
	389	Lojas Americanas S.A. (Preference Shares)		1,548
	364	Lojas Renner S.A.		4,320
	36	M Dias Branco S.A.		379
	36	Magazine Luiza S.A.		1,743
	141	Multiplan Empreendimentos Imobiliarios S.A.		855
	97	Natura Cosmeticos S.A.		1,283
	161	Notre Dame Intermedica Participacoes S.A.		1,431
	123	Odontoprev S.A.		520
	176	Petrobras Distribuidora S.A.		1,056
	1,504	Petroleo Brasileiro S.A.		11,407
	2,011	Petroleo Brasileiro S.A. (Preference Shares)		13,801
	50	Porto Seguro S.A.		685
	112	Raia Drogasil S.A.		1,960
	573	Rumo S.A.(a)		2,625
	83	Sao Martinho S.A.		401
	116	Sul America S.A.		916
	299	Suzano S.A.		3,083
	207	Telefonica Brasil S.A. (Preference Shares)		2,440
	424	TIM Participacoes S.A.		1,255
	110	Transmissora Alianca de Energia Eletrica S.A.		731
	420	Ultrapar Participacoes S.A.		2,233
	220	Usinas Siderurgicas de Minas Gerais S.A. Usiminas (Preference Shares), Class A		481
	1,773	Vale S.A.		22,486
	204	Via Varejo S.A.		212
	386	WEG S.A.		1,815
				205,522
		Chile—1.1%
	1,563	AES Gener S.A.		423
	1,441	Aguas Andinas S.A., Class A		827
	13,841	Banco de Chile		2,024
	21	Banco de Credito e Inversiones S.A.		1,393
	30,580	Banco Santander Chile		2,142
	652	Cencosud S.A.		1,233
	79	Cia Cervecerias Unidas S.A.		1,088
	3,671	Colbun S.A.		818
	100	Embotelladora Andina S.A. (Preference Shares), Class B		356
	63	Empresa Nacional de Telecomunicaciones S.A.		657
	585	Empresas CMPC S.A.		1,962
	248	Empresas COPEC S.A.		3,101
	13,688	Enel Americas S.A.		2,394
	13,952	Enel Chile S.A.		1,401
	261	Engie Energia Chile S.A.		499
	87,586	Itau CorpBanca		780
	161	Latam Airlines Group S.A.		1,591
	312	Parque Arauco S.A.		858
	123	Plaza S.A.		293
	371	S.A.C.I. Falabella		2,729
	48	Sociedad Quimica y Minera de Chile S.A. (Preference Shares), Series B		1,705
				28,274

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		China—34.1%
	643	3SBio, Inc.(b)	$	1,188
	12	51job, Inc. ADR(a)		1,108
	50	58.com, Inc. ADR(a)		3,589
	685	Agile Group Holdings Ltd.		1,036
	15,708	Agricultural Bank of China Ltd., H-Shares		7,248
	895	Air China Ltd., H-Shares		1,067
	613	Alibaba Group Holding Ltd. ADR(a)		113,754
	1,851	Alibaba Health Information Technology Ltd.(a)		2,213
	2,138	Aluminum Corp. of China Ltd., H-Shares(a)		837
	570	Angang Steel Co. Ltd., H-Shares(c)		383
	596	Anhui Conch Cement Co. Ltd., H-Shares		3,635
	287	Anhui Expressway Co. Ltd., H-Shares		194
	68	Anhui Gujing Distillery Co. Ltd., Class B		575
	611	ANTA Sports Products Ltd.		4,307
	28	Autohome, Inc. ADR(a)(c)		3,234
	1,285	AviChina Industry & Technology Co. Ltd., H-Shares(c)		755
	795	BAIC Motor Corp. Ltd., H-Shares(b)		557
	141	Baidu, Inc. ADR(a)		23,438
	38,890	Bank of China Ltd., H-Shares		18,539
	3,982	Bank of Communications Co. Ltd., H-Shares		3,355
	1,035	BBMG Corp., H-Shares		364
	17	BeiGene Ltd. ADR(a)		2,112
	916	Beijing Capital International Airport Co. Ltd., H-Shares		815
	270	Beijing Enterprises Holdings Ltd.		1,437
	2,611	Beijing Enterprises Water Group Ltd.		1,621
	850	Beijing Jingneng Clean Energy Co. Ltd., H-Shares		170
	403	Beijing North Star Co. Ltd., H-Shares		160
	200	Bengang Steel Plates Co. Ltd., Class B		58
	530	BOE Technology Group Co. Ltd., Class B		190
	1,449	Brilliance China Automotive Holdings Ltd.		1,594
	344	BYD Co. Ltd., H-Shares(c)		2,341
	405	BYD Electronic International Co. Ltd.		724
	381	CAR, Inc.(a)		308
	683	Central China Securities Co. Ltd., H-Shares		176
	5,628	CGN Power Co. Ltd., H-Shares(b)		1,485
	1,220	China Agri-Industries Holdings Ltd.		393
	1,070	China BlueChemical Ltd., H-Shares		364
	4,787	China Cinda Asset Management Co. Ltd., H-Shares		1,275
	4,166	China CITIC Bank Corp. Ltd., H-Shares		2,671
	967	China Coal Energy Co. Ltd., H-Shares		426
	2,207	China Communications Construction Co. Ltd., H-Shares		2,124
	1,325	China Communications Services Corp. Ltd., H-Shares		1,067
	820	China Conch Venture Holdings Ltd.		2,770
	45,531	China Construction Bank Corp., H-Shares		40,218
	1,848	China Dongxiang Group Co. Ltd.		273
	823	China Eastern Airlines Corp. Ltd., H-Shares		584
	1,681	China Everbright Bank Co. Ltd., H-Shares		829
	1,893	China Everbright International Ltd.		1,853
	438	China Everbright Ltd.		797
	1,117	China Evergrande Group(c)		3,581
	413	China Foods Ltd.		162

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

21

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		China (continued)
	1,830	China Galaxy Securities Co. Ltd., H-Shares	$	1,197
	1,324	China Hongqiao Group Ltd.		1,090
	4,732	China Huarong Asset Management Co. Ltd., H-Shares(b)		1,013
	488	China International Capital Corp. Ltd., H-Shares(b)		1,047
	252	China International Marine Containers Group Co. Ltd., H-Shares		318
	2	China International Marine Containers Group Co. Ltd., H-Shares Rts. expiring 12/31/19(a)(d)		0
	2,929	China Jinmao Holdings Group Ltd.		1,897
	3,802	China Life Insurance Co. Ltd., H-Shares		10,758
	101	China Literature Ltd.(a)(b)(c)		458
	1,665	China Longyuan Power Group Corp. Ltd., H-Shares		1,146
	552	China Machinery Engineering Corp., H-Shares		267
	672	China Medical System Holdings Ltd.		595
	1,934	China Merchants Bank Co. Ltd., H-Shares		9,577
	634	China Merchants Port Holdings Co. Ltd.		1,280
	479	China Merchants Securities Co. Ltd., H-Shares(b)		655
	3,199	China Minsheng Banking Corp. Ltd., H-Shares		2,402
	2,690	China Mobile Ltd.		25,630
	2,133	China Molybdenum Co. Ltd., H-Shares		802
	31	China National Accord Medicines Corp. Ltd., Class B		111
	1,942	China National Building Material Co. Ltd., H-Shares		1,805
	951	China Oilfield Services Ltd., H-Shares		1,018
	1,947	China Overseas Land & Investment Ltd.		7,284
	1,319	China Pacific Insurance Group Co. Ltd., H-Shares		5,405
	13,038	China Petroleum & Chemical Corp., H-Shares		10,021
	2,059	China Power International Development Ltd.		549
	991	China Railway Construction Corp. Ltd., H-Shares		1,170
	2,009	China Railway Group Ltd., H-Shares		1,583
	823	China Railway Signal & Communication Corp. Ltd., H-Shares(b)		604
	3,507	China Reinsurance Group Corp., H-Shares		715
	791	China Resources Beer Holdings Co. Ltd.		3,615
	1,150	China Resources Cement Holdings Ltd.		1,151
	395	China Resources Gas Group Ltd.		1,828
	1,367	China Resources Land Ltd.		5,950
	819	China Resources Pharmaceutical Group Ltd.(b)		1,165
	965	China Resources Power Holdings Co. Ltd.		1,351
	1,737	China Shenhua Energy Co. Ltd., H-Shares		3,839
	1,400	China South City Holdings Ltd.		212
	881	China Southern Airlines Co. Ltd., H-Shares		768
	931	China State Construction International Holdings Ltd.		965
	726	China Taiping Insurance Holdings Co. Ltd.		2,202
	7,093	China Telecom Corp. Ltd., H-Shares		3,671
	18,000	China Tower Corp. Ltd., H-Shares(b)		4,864
	1,225	China Traditional Chinese Medicine Holdings Co. Ltd.		695
	2,979	China Unicom Hong Kong Ltd.		3,535
	790	China Vanke Co. Ltd., H-Shares		3,056
	604	China Zhongwang Holdings Ltd.		330
	400	Chongqing Changan Automobile Co. Ltd., Class B		210

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		China (continued)
	1,330	Chongqing Rural Commercial Bank Co. Ltd., H-Shares	$	776
	1,761	CIFI Holdings Group Co. Ltd.		1,169
	335	CIMC Enric Holdings Ltd.		325
	2,508	CITIC Ltd.		3,651
	1,145	CITIC Securities Co. Ltd., H-Shares		2,475
	8,115	CNOOC Ltd.		14,667
	2,169	COSCO SHIPPING Development Co. Ltd., H-Shares(a)		293
	577	COSCO SHIPPING Energy Transportation Co. Ltd., H-Shares		373
	1,313	COSCO SHIPPING Holdings Co. Ltd., H-Shares(a)		611
	918	COSCO SHIPPING Ports Ltd.		915
	3,772	Country Garden Holdings Co. Ltd.		6,077
	625	Country Garden Services Holdings Co. Ltd.(a)		1,155
	2,058	CRRC Corp. Ltd., H-Shares		1,797
	390	CSC Financial Co. Ltd., H-Shares(b)		333
	575	CSG Holding Co. Ltd., Class B		200
	2,233	CSPC Pharmaceutical Group Ltd.		4,304
	144	CSSC Offshore and Marine Engineering Group Co. Ltd., H-Shares(a)		136
	195	Ctrip.com International Ltd. ADR(a)		8,590
	1,079	Dali Foods Group Co. Ltd.(b)		767
	1,647	Datang International Power Generation Co. Ltd., H-Shares		426
	400	Dazhong Transportation Group Co. Ltd., Class B		212
	197	Dongfang Electric Corp. Ltd., H-Shares(a)		150
	1,500	Dongfeng Motor Group Co. Ltd., H-Shares		1,455
	384	ENN Energy Holdings Ltd.		3,627
	134	Everbright Securities Co. Ltd., H-Shares(b)		128
	1,039	Far East Horizon Ltd.		1,154
	1,182	Fosun International Ltd.		1,832
	871	Future Land Development Holdings Ltd.		1,038
	243	Fuyao Glass Industry Group Co. Ltd., H-Shares(b)		853
	6,506	GCL-Poly Energy Holdings Ltd.(a)(c)		464
	22	GDS Holdings Ltd. ADR(a)		861
	2,471	Geely Automobile Holdings Ltd.		4,957
	440	Genscript Biotech Corp.(a)		1,122
	811	GF Securities Co. Ltd., H-Shares		1,096
	5,777	GOME Retail Holdings Ltd.(a)		663
	1,628	Great Wall Motor Co. Ltd., H-Shares		1,322
	441	Greentown China Holdings Ltd.		399
	400	Guangdong Electric Power Development Co. Ltd., Class B		137
	1,479	Guangdong Investment Ltd.		2,771
	832	Guangshen Railway Co. Ltd., H-Shares		298
	1,583	Guangzhou Automobile Group Co. Ltd., H-Shares		1,701
	106	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., H-Shares		549
	502	Guangzhou R&F Properties Co. Ltd., H-Shares		997
	438	Guotai Junan Securities Co. Ltd., H-Shares(b)		936
	182	Haidilao International Holding Ltd.(a)(b)		701
	302	Haitian International Holdings Ltd.		756
	1,742	Haitong Securities Co. Ltd., H-Shares		2,243
	62	Haitong Securities Co. Ltd., H-Shares Rts. expiring 05/24/19(a)(d)		0

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

22

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		China (continued)
	68	Health and Happiness H&H International Holdings Ltd.(a)	$	417
	362	Hengan International Group Co. Ltd.		3,191
	10,886	HengTen Networks Group Ltd.(a)		312
	361	Hopson Development Holdings Ltd.		396
	1,493	Huadian Fuxin Energy Corp. Ltd., H-Shares		322
	938	Huadian Power International Corp. Ltd., H-Shares		401
	2,119	Huaneng Power International, Inc., H-Shares		1,356
	2,643	Huaneng Renewables Corp. Ltd., H-Shares		761
	902	Huatai Securities Co. Ltd., H-Shares(b)		1,697
	100	Huaxin Cement Co. Ltd., Class B		294
	51	Huazhu Group Ltd. ADR		2,162
	39,778	Industrial & Commercial Bank of China Ltd., H-Shares		29,864
	500	Inner Mongolia Yitai Coal Co. Ltd., Class B		598
	66	iQIYI, Inc. ADR(a)(c)		1,459
	407	JD.com, Inc. ADR(a)		12,320
	641	Jiangsu Expressway Co. Ltd., H-Shares		912
	567	Jiangxi Bank Co. Ltd., H-Shares(a)		455
	625	Jiangxi Copper Co. Ltd., H-Shares		829
	585	Jiayuan International Group Ltd.		262
	344	Kingboard Holdings Ltd.		1,120
	435	Kingsoft Corp. Ltd.		1,112
	1,421	Kunlun Energy Co. Ltd.		1,500
	609	KWG Group Holdings Ltd.		713
	100	Lao Feng Xiang Co. Ltd., Class B		345
	769	Lee & Man Paper Manufacturing Ltd.		623
	204	Legend Holdings Corp., H-Shares(b)		555
	838	Li Ning Co. Ltd.(a)		1,523
	74	Livzon Pharmaceutical Group, Inc., H-Shares		269
	534	Logan Property Holdings Co. Ltd.		851
	826	Longfor Group Holdings Ltd.		3,043
	800	Luye Pharma Group Ltd.(b)		724
	761	Maanshan Iron & Steel Co. Ltd., H-Shares(c)		350
	953	Meitu, Inc.(a)(b)		350
	253	Meituan Dianping, Class B(a)(c)		1,838
	1,253	Metallurgical Corp. of China Ltd., H-Shares		347
	49	Momo, Inc. ADR		1,718
	36	NetEase, Inc. ADR		10,243
	438	New China Life Insurance Co. Ltd., H-Shares		2,426
	70	New Oriental Education & Technology Group, Inc. ADR(a)		6,682
	82	NIO, Inc. ADR(a)(c)		398
	476	Orient Securities Co. Ltd., H-Shares(b)		344
	4,257	People’s Insurance Co. Group of China Ltd. (The), H-Shares		1,742
	10,565	PetroChina Co. Ltd., H-Shares		6,706
	3,404	PICC Property & Casualty Co. Ltd., H-Shares		3,823
	56	Pinduoduo, Inc. ADR(a)(c)		1,245
	81	Ping An Healthcare and Technology Co. Ltd.(a)(b)		396
	2,541	Ping An Insurance Group Co. of China Ltd., H-Shares		30,591
	832	Poly Property Group Co. Ltd.		349
	4,788	Postal Savings Bank of China Co. Ltd., H-Shares(b)(c)		2,911
	574	Qingdao Port International Co. Ltd., H-Shares(a)(b)		399
	315	Red Star Macalline Group Corp. Ltd., H-Shares(b)		298

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		China (continued)
	379	Shandong Chenming Paper Holdings Ltd., Class B	$	193
	280	Shandong Chenming Paper Holdings Ltd., H-Shares		145
	875	Shandong Weigao Group Medical Polymer Co. Ltd., H-Shares		859
	100	Shanghai Bailian Group Co. Ltd., Class B		103
	100	Shanghai Baosight Software Co. Ltd., Class B		231
	200	Shanghai Chlor-Alkali Chemical Co. Ltd., Class B		144
	1,483	Shanghai Electric Group Co. Ltd., H-Shares		578
	286	Shanghai Fosun Pharmaceutical Group Co. Ltd., H-Shares		982
	200	Shanghai Haixin Group Co., Class B		95
	100	Shanghai Huayi Group Co. Ltd., Class B		92
	239	Shanghai Industrial Holdings Ltd.		562
	100	Shanghai Jinjiang International Hotels Development Co. Ltd., Class B		221
	100	Shanghai Jinjiang International Industrial Investment Co. Ltd., Class B		104
	147	Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B		181
	500	Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		757
	100	Shanghai Mechanical and Electrical Industry Co. Ltd., Class B		185
	399	Shanghai Pharmaceuticals Holding Co. Ltd., H-Shares		835
	200	Shanghai Shibei Hi-Tech Co. Ltd., Class B		104
	100	Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class B		148
	480	Shanghai Zhenhua Heavy Industries Co. Ltd., Class B		185
	316	Shenzhen Expressway Co. Ltd., H-Shares		385
	462	Shenzhen International Holdings Ltd.		996
	1,744	Shenzhen Investment Ltd.		694
	367	Shenzhou International Group Holdings Ltd.		4,926
	594	Shimao Property Holdings Ltd.		1,810
	520	Sichuan Expressway Co. Ltd., H-Shares		174
	1,956	Sihuan Pharmaceutical Holdings Group Ltd.		526
	31	SINA Corp.(a)		1,951
	3,210	Sino Biopharmaceutical Ltd.		3,085
	1,024	Sinofert Holdings Ltd.(a)		127
	1,556	Sino-Ocean Group Holding Ltd.		698
	767	Sinopec Engineering Group Co. Ltd., H-Shares		741
	1,220	Sinopec Oilfield Service Corp., H-Shares(a)		163
	1,895	Sinopec Shanghai Petrochemical Co. Ltd., H-Shares		857
	563	Sinopharm Group Co. Ltd., H-Shares		2,210
	1,019	Sinotrans Ltd., H-Shares		418
	348	Sinotruk Hong Kong Ltd.		753
	1,087	SOHO China Ltd.(a)		393
	1,125	Sunac China Holdings Ltd.		5,800
	333	Sunny Optical Technology Group Co. Ltd.		4,060
	163	TAL Education Group ADR(a)		6,271
	2,902	Tencent Holdings Ltd.		143,521
	197	Tianjin Capital Environmental Protection Group Co. Ltd., H-Shares(a)		80
	503	TravelSky Technology Ltd., H-Shares		1,292

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

23

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		China (continued)
	185	Tsingtao Brewery Co. Ltd., H-Shares	$	1,179
	209	Vipshop Holdings Ltd. ADR(a)		1,799
	25	Weibo Corp. ADR(a)		1,713
	997	Weichai Power Co. Ltd., H-Shares		1,629
	100	Weifu High-Technology Group Co. Ltd., Class B		195
	258	Wuxi Biologics Cayman, Inc.(a)(b)		2,595
	55	Wuxi Little Swan Co. Ltd., Class B		370
	4,645	Xiaomi Corp., Class B(a)(b)(c)		7,117
	256	Xinhua Winshare Publishing and Media Co. Ltd., H-Shares		196
	320	Xinjiang Goldwind Science & Technology Co. Ltd., H-Shares(c)		349
	88	Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., H-Shares(b)		217
	1,116	Yangzijiang Shipbuilding Holdings Ltd.		1,287
	381	Yanlord Land Group Ltd.		409
	100	Yantai Changyu Pioneer Wine Co. Ltd., Class B		215
	956	Yanzhou Coal Mining Co. Ltd., H-Shares		1,019
	3,258	Yuexiu Property Co. Ltd.		756
	21	YY, Inc. ADR(a)		1,777
	419	Zhaojin Mining Industry Co. Ltd., H-Shares		361
	753	Zhejiang Expressway Co. Ltd., H-Shares		807
	174	ZhongAn Online P&C Insurance Co. Ltd., H-Shares(a)(b)		628
	308	Zhongsheng Group Holdings Ltd.		809
	265	Zhuzhou CRRC Times Electric Co. Ltd., H-Shares		1,344
	2,832	Zijin Mining Group Co. Ltd., H-Shares		1,105
	564	Zoomlion Heavy Industry Science and Technology Co. Ltd., H-Shares		331
	376	ZTE Corp., H-Shares(a)		1,193
	166	ZTO Express Cayman, Inc. ADR		3,308
				840,105
		Colombia—0.5%
	105	Almacenes Exito S.A.		470
	140	Bancolombia S.A.		1,705
	226	Bancolombia S.A. (Preference Shares)		2,857
	48	Corp. Financiera Colombiana S.A.(a)		373
	2,336	Ecopetrol S.A.		2,155
	2,133	Grupo Aval Acciones y Valores S.A. (Preference Shares)		821
	134	Grupo de Inversiones Suramericana S.A.		1,491
	40	Grupo de Inversiones Suramericana S.A. (Preference Shares)		431
	202	Interconexion Electrica S.A. ESP		988
				11,291
		Czech Republic—0.2%
	83	CEZ AS		1,928
	38	Komercni banka AS		1,438
	261	Moneta Money Bank AS(b)		835
	25	O2 Czech Republic AS		271
				4,472
		Egypt—0.2%
	110	Abou Kir Fertilizers & Chemical Industries		171
	681	Commercial International Bank Egypt SAE		3,024
	495	Eastern Co. SAE		523

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Egypt (continued)
	237	Egypt Kuwait Holding Co. SAE	$	345
	278	ElSewedy Electric Co.		252
	1,319	Global Telecom Holding SAE(a)		344
	581	Talaat Moustafa Group		383
	198	Telecom Egypt Co.		163
				5,205
		Greece—0.3%
	657	Alpha Bank AE(a)		1,018
	921	Eurobank Ergasias S.A.(a)		769
	21	FF Group(a)(d)		11
	34	Hellenic Petroleum S.A.		314
	118	Hellenic Telecommunications Organization S.A.		1,637
	55	JUMBO S.A.		999
	29	Motor Oil (Hellas) Corinth Refineries S.A.		739
	58	Mytilineos Holdings S.A.		628
	271	National Bank of Greece S.A.(a)		593
	112	OPAP S.A.		1,205
	21	Titan Cement Co. S.A.		456
				8,369
		Hong Kong—0.3%
	6,576	Alibaba Pictures Group Ltd.(a)		1,475
	1,015	Bosideng International Holdings Ltd.		279
	806	China Gas Holdings Ltd.		2,594
	4,041	Fullshare Holdings Ltd.(c)		453
	624	Haier Electronics Group Co. Ltd.		1,786
	559	Kingboard Laminates Holdings Ltd.		586
	799	Landing International Development Ltd.(a)		255
	849	Nine Dragons Paper Holdings Ltd.		785
				8,213
		Hungary—0.4%
	228	Magyar Telekom Telecommunications PLC(a)		359
	211	MOL Hungarian Oil & Gas PLC		2,421
	117	OTP Bank Nyrt		5,183
	73	Richter Gedeon Nyrt		1,444
				9,407
		India—11.5%
	206	Axis Bank Ltd. GDR(a)(b)		11,206
	305	Dr Reddy’s Laboratories Ltd. ADR		12,777
	46	GAIL India Ltd. GDR(b)		1,408
	233	HDFC Bank Ltd. ADR		26,713
	3,778	Infosys Ltd. ADR		40,651
	4,347	Invesco India ETF(e)		110,848
	245	Larsen & Toubro Ltd. GDR(b)		4,714
	300	Mahindra & Mahindra Ltd. GDR(b)		2,745
	823	Reliance Industries Ltd. GDR(b)		32,961
	26	Reliance Infrastructure Ltd. GDR(b)		121
	173	State Bank of India GDR(a)(b)		7,733
	993	Tata Motors Ltd. ADR(a)		15,292
	1,016	Tata Steel Ltd. GDR(b)		8,128
	573	Vedanta Ltd. ADR		5,478
	665	Wipro Ltd. ADR		3,039
				283,814
		Indonesia—2.3%
	6,659	PT Adaro Energy Tbk		610

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

24

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Indonesia (continued)
	228	PT Astra Agro Lestari Tbk	$	174
	10,321	PT Astra International Tbk		5,523
	4,922	PT Bank Central Asia Tbk		9,930
	1,624	PT Bank Danamon Indonesia Tbk		1,008
	9,443	PT Bank Mandiri (Persero) Tbk(a)		5,119
	3,684	PT Bank Negara Indonesia (Persero) Tbk(a)		2,482
	26,988	PT Bank Rakyat Indonesia (Persero) Tbk		8,276
	1,976	PT Barito Pacific Tbk		559
	1,940	PT Bukit Asam Tbk		539
	4,395	PT Bumi Serpong Damai Tbk(a)		442
	3,830	PT Charoen Pokphand Indonesia Tbk		1,418
	228	PT Gudang Garam Tbk		1,352
	4,190	PT Hanjaya Mandala Sampoerna Tbk		1,029
	1,380	PT Indah Kiat Pulp & Paper Corp. Tbk		717
	669	PT Indocement Tunggal Prakarsa Tbk		1,033
	1,116	PT Indofood CBP Sukses Makmur Tbk		762
	2,085	PT Indofood Sukses Makmur Tbk		1,017
	962	PT Jasa Marga (Persero) Tbk		412
	9,856	PT Kalbe Farma Tbk		1,069
	1,149	PT Matahari Department Store Tbk		328
	2,860	PT Media Nusantara Citra Tbk		189
	5,479	PT Perusahaan Gas Negara (Persero) Tbk		892
	1,437	PT Semen Indonesia (Persero) Tbk		1,361
	3,314	PT Surya Citra Media Tbk		432
	23,671	PT Telekomunikasi Indonesia (Persero) Tbk		6,296
	1,136	PT Tower Bersama Infrastructure Tbk		315
	559	PT Unilever Indonesia Tbk		1,785
	749	PT United Tractors Tbk		1,428
	1,163	PT Vale Indonesia Tbk(a)		249
	2,072	PT XL Axiata Tbk(a)		424
				57,170
		Isle of Man—0.0%
	182	MAS Real Estate, Inc.		281
		Kuwait—0.8%
	465	Agility Public Warehousing Co. KSC		1,115
	437	Boubyan Bank KSCP		781
	196	Boubyan Petrochemicals Co. KSCP		592
	893	Gulf Bank KSCP		892
	50	Humansoft Holding Co. KSC		547
	1,828	Kuwait Finance House KSCP		3,993
	1,071	Mobile Telecommunications Co. KSC		1,625
	3,096	National Bank of Kuwait SAKP		9,457
				19,002
		Malaysia—2.9%
	790	AirAsia Group Bhd		522
	488	Alliance Bank Malaysia Bhd		479
	1,003	AMMB Holdings Bhd		1,084
	775	Astro Malaysia Holdings Bhd		272
	2,192	Axiata Group Bhd		2,105
	74	British American Tobacco Malaysia Bhd		624
	3,458	CIMB Group Holdings Bhd		4,408
	2,399	Dialog Group Bhd		1,868
	1,920	DiGi.com Bhd		2,136
	1,077	FGV Holdings Bhd(a)		326
	52	Fraser & Neave Holdings Bhd		439

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Malaysia (continued)
	1,181	Gamuda Bhd	$	1,000
	1,132	Genting Bhd		1,928
	1,469	Genting Malaysia Bhd		1,130
	341	HAP Seng Consolidated Bhd		815
	763	Hartalega Holdings Bhd		928
	313	Hong Leong Bank Bhd		1,513
	120	Hong Leong Financial Group Bhd		558
	1,464	IHH Healthcare Bhd		1,969
	1,718	IJM Corp. Bhd		972
	1,554	IOI Corp. Bhd		1,695
	1,083	IOI Properties Group Bhd		359
	189	KLCCP Stapled Group		352
	230	Kuala Lumpur Kepong Bhd		1,376
	2,982	Malayan Banking Bhd		6,672
	465	Malaysia Airports Holdings Bhd		858
	1,436	Maxis Bhd		1,862
	694	MISC Bhd		1,158
	29	Nestle Malaysia Bhd		1,025
	1,422	Petronas Chemicals Group Bhd		3,095
	152	Petronas Dagangan Bhd		889
	406	Petronas Gas Bhd		1,736
	331	PPB Group Bhd		1,502
	984	Press Metal Aluminium Holdings Bhd		1,130
	1,562	Public Bank Bhd		8,500
	366	QL Resources Bhd		604
	669	RHB Bank Bhd		964
	1,679	Sime Darby Bhd		942
	1,846	Sime Darby Plantation Bhd		2,304
	1,849	Sime Darby Property Bhd		496
	655	Telekom Malaysia Bhd		461
	2,015	Tenaga Nasional Bhd		5,985
	861	Top Glove Corp. Bhd		1,014
	919	UEM Sunrise Bhd		207
	555	Westports Holdings Bhd		510
	2,413	YTL Corp. Bhd		659
	1,756	YTL Power International Bhd		378
				71,809
		Mexico—3.3%
	1,456	Alfa SAB de CV, Class A		1,467
	184	Alpek SAB de CV		226
	274	Alsea SAB de CV		610
	13,994	America Movil SAB de CV, Series L		10,387
	204	Arca Continental SAB de CV		1,154
	363	Banco del Bajio S.A.(b)		778
	840	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander		1,406
	288	Becle SAB de CV		451
	7,597	Cemex SAB de CV, Series CPO(a)(f)		3,502
	270	Coca-Cola Femsa SAB de CV		1,716
	131	Concentradora Fibra Danhos S.A. de CV		191
	104	El Puerto de Liverpool SAB de CV		671
	1,497	Fibra Uno Administracion S.A. de CV		2,224
	1,067	Fomento Economico Mexicano SAB de CV, Series CPO(g)		10,373
	224	Gmexico Transportes SAB de CV(b)		273
	98	Gruma SAB de CV, Class B		976

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

25

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Mexico (continued)
	154	Grupo Aeroportuario del Centro Norte SAB de CV, Class B	$	946
	185	Grupo Aeroportuario del Pacifico SAB de CV, Class B		1,875
	99	Grupo Aeroportuario del Sureste SAB de CV, Class B		1,625
	1,195	Grupo Bimbo SAB de CV, Series A		2,652
	252	Grupo Carso SAB de CV, Series A1		974
	175	Grupo Comercial Chedraui S.A. de CV		345
	33	Grupo Elektra SAB de CV		1,749
	1,431	Grupo Financiero Banorte SAB de CV, Class O		9,014
	1,176	Grupo Financiero Inbursa SAB de CV, Class O		1,794
	325	Grupo Lala SAB de CV		432
	1,828	Grupo Mexico SAB de CV, Series B		5,342
	1,241	Grupo Televisa SAB, Series CPO(h)		2,516
	93	Industrias Bachoco SAB de CV, Series B		380
	67	Industrias Penoles SAB de CV		766
	273	Infraestructura Energetica Nova SAB de CV		1,189
	437	Kimberly-Clark de Mexico SAB de CV, Class A		753
	157	Megacable Holdings SAB de CV, Series CPO(i)		689
	535	Mexichem SAB de CV		1,238
	346	Nemak SAB de CV(b)		188
	111	Promotora y Operadora de Infraestructura SAB de CV		1,125
	120	Regional SAB de CV		652
	676	Telesites SAB de CV(a)		458
	2,629	Wal-Mart de Mexico SAB de CV		7,699
				80,806
		Pakistan—0.1%
	373	Fauji Fertilizer Co. Ltd.		274
	400	Habib Bank Ltd.		360
	294	National Bank of Pakistan(a)		82
	400	Oil & Gas Development Co. Ltd.		399
	345	Pakistan Petroleum Ltd.		414
				1,529
		Peru—0.4%
	112	Cia de Minas Buenaventura SAA ADR		1,816
	34	Credicorp Ltd.		8,063
				9,879
		Philippines—1.4%
	816	Aboitiz Power Corp.		590
	2,129	Alliance Global Group, Inc.		611
	121	Ayala Corp.		2,099
	3,474	Ayala Land, Inc.		3,263
	935	Bank of the Philippine Islands		1,522
	968	BDO Unibank, Inc.		2,489
	1,995	Bloomberry Resorts Corp.		488
	1,649	DMCI Holdings, Inc.		353
	1,155	Energy Development Corp.(a)(d)		0
	15	Globe Telecom, Inc.		512
	48	GT Capital Holdings, Inc.		797
	528	International Container Terminal Services, Inc.		1,282
	1,464	JG Summit Holdings, Inc.		1,854
	214	Jollibee Foods Corp.		1,251
	1,614	LT Group, Inc.		497

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Philippines (continued)
	137	Manila Electric Co.	$	1,012
	5,931	Megaworld Corp.		637
	7,448	Metro Pacific Investments Corp.		653
	838	Metropolitan Bank & Trust Co.		1,194
	60	PLDT, Inc.		1,416
	185	San Miguel Corp.		641
	339	San Miguel Food And Beverage, Inc.		755
	683	Semirara Mining & Power Corp.		313
	243	SM Investments Corp.		4,430
	4,543	SM Prime Holdings, Inc.		3,614
	424	Universal Robina Corp.		1,239
				33,512
		Qatar—1.3%
	3	Al Meera Consumer Goods Co. QSC		118
	96	Barwa Real Estate Co.		915
	94	Commercial Bank PQSC (The)		1,314
	62	Doha Bank QPSC		370
	94	Ezdan Holding Group QSC(a)		276
	49	Gulf International Services QSC(a)		213
	100	Industries Qatar QSC		3,323
	192	Masraf Al Rayan QSC		1,914
	218	Mesaieed Petrochemical Holding Co.		1,184
	45	Ooredoo QPSC		803
	141	Qatar Aluminum Manufacturing Co.(a)		407
	26	Qatar Electricity & Water Co. QSC		1,192
	25	Qatar Fuel QSC		1,380
	140	Qatar Gas Transport Co. Ltd.		824
	76	Qatar Insurance Co. SAQ		800
	22	Qatar International Islamic Bank QSC		418
	58	Qatar Islamic Bank SAQ		2,655
	227	Qatar National Bank QPSC		12,218
	31	Qatar Navigation QSC		576
	98	United Development Co. QSC		363
	193	Vodafone Qatar QSC		409
				31,672
		Romania—0.1%
	183	NEPI Rockcastle PLC		1,522
		Russia—4.3%
	3,217	Gazprom PJSC ADR		16,066
	246	LUKOIL PJSC ADR		20,856
	162	Magnit PJSC GDR(b)		2,310
	74	Magnitogorsk Iron & Steel Works PJSC GDR(b)		656
	246	MMC Norilsk Nickel PJSC ADR		5,461
	247	Mobile TeleSystems PJSC ADR		1,946
	53	Novatek PJSC GDR(b)		10,213
	47	Novolipetsk Steel PJSC GDR(b)		1,238
	60	PhosAgro PJSC GDR(b)		756
	29	Polyus PJSC GDR(b)		1,137
	593	Rosneft Oil Co. PJSC GDR(b)		3,945
	75	Rostelecom PJSC ADR		515
	2,987	RusHydro PJSC ADR		2,354
	1,357	Sberbank of Russia PJSC ADR		19,398
	207	Severstal PJSC GDR(b)		3,351
	89	Sistema PJSFC GDR(b)		234
	391	Surgutneftegas PJSC ADR		1,463

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

26

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Russia (continued)
	415	Surgutneftegas PJSC (Preference Shares) ADR	$	2,500
	141	Tatneft PJSC ADR		9,907
	1,277	VTB Bank PJSC GDR(b)		1,425
				105,731
		South Africa—7.2%
	355	Absa Group Ltd.		4,067
	53	African Rainbow Minerals Ltd.		629
	29	Anglo American Platinum Ltd.		1,460
	206	AngloGold Ashanti Ltd.		2,476
	194	Aspen Pharmacare Holdings Ltd.		1,392
	13	Assore Ltd.		337
	364	Attacq Ltd.		355
	159	AVI Ltd.		1,020
	101	Barloworld Ltd.		896
	167	Bid Corp. Ltd.		3,519
	172	Bidvest Group Ltd. (The)		2,605
	188	Brait SE(a)		302
	27	Capitec Bank Holdings Ltd.		2,517
	129	Clicks Group Ltd.		1,761
	138	Coronation Fund Managers Ltd.		492
	206	Dis-Chem Pharmacies Ltd.(b)		388
	173	Discovery Ltd.		1,738
	41	Distell Group Holdings Ltd.		393
	120	Exxaro Resources Ltd.		1,367
	1,622	FirstRand Ltd.		7,683
	547	Fortress REIT Ltd., Class A		735
	432	Fortress REIT Ltd., Class B		327
	119	Foschini Group Ltd. (The)		1,534
	407	Gold Fields Ltd.		1,532
	1,503	Growthpoint Properties Ltd.		2,608
	218	Harmony Gold Mining Co. Ltd.(a)		373
	133	Hyprop Investments Ltd.		649
	353	Impala Platinum Holdings Ltd.(a)		1,410
	84	Imperial Logistics Ltd.		366
	158	Investec Ltd.		1,007
	49	JSE Ltd.		474
	1,001	KAP Industrial Holdings Ltd.		513
	27	Kumba Iron Ore Ltd.		807
	62	Liberty Holdings Ltd.		448
	670	Life Healthcare Group Holdings Ltd.		1,217
	59	Massmart Holdings Ltd.		388
	539	MMI Holdings Ltd.		671
	84	Motus Holdings Ltd.		520
	123	Mr. Price Group Ltd.		1,859
	908	MTN Group Ltd.		6,547
	220	MultiChoice Group Ltd.(a)		1,971
	217	Naspers Ltd., Class N		55,325
	202	Nedbank Group Ltd.		3,749
	705	Netcare Ltd.		1,179
	183	Northam Platinum Ltd.(a)		761
	20	Oceana Group Ltd.		98
	2,446	Old Mutual Ltd.		3,922
	363	Pepkor Holdings Ltd.(b)		504
	185	Pick n Pay Stores Ltd.		895
	62	Pioneer Foods Group Ltd.		373
	79	PSG Group Ltd.		1,461

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		South Africa (continued)
	366	Rand Merchant Investment Holdings Ltd.	$	884
	2,745	Redefine Properties Ltd.		1,886
	259	Remgro Ltd.		3,508
	127	Resilient REIT Ltd.		503
	85	Reunert Ltd.		460
	389	RMB Holdings Ltd.		2,265
	883	Sanlam Ltd.		4,712
	22	Santam Ltd.		515
	269	Sappi Ltd.		1,279
	284	Sasol Ltd.		9,400
	243	Shoprite Holdings Ltd.		2,921
	915	Sibanye Gold Ltd.(a)		858
	101	SPAR Group Ltd. (The)		1,367
	652	Standard Bank Group Ltd.		9,050
	201	Super Group Ltd.(a)		515
	154	Telkom S.A. SOC Ltd.		911
	79	Tiger Brands Ltd.		1,369
	216	Truworths International Ltd.		1,139
	287	Tsogo Sun Holdings Ltd.		431
	319	Vodacom Group Ltd.		2,566
	390	Vukile Property Fund Ltd.		559
	484	Woolworths Holdings Ltd.		1,611
				178,329
		Taiwan—12.8%
	1,555	Acer, Inc.		1,054
	180	Advantech Co. Ltd.		1,456
	1,703	ASE Technology Holding Co. Ltd.		3,951
	1,123	Asia Cement Corp.		1,517
	353	Asustek Computer, Inc.		2,696
	4,650	AU Optronics Corp.		1,663
	1,241	Capital Securities Corp.		373
	373	Catcher Technology Co. Ltd.		2,951
	4,057	Cathay Financial Holding Co. Ltd.		5,869
	588	Chailease Holding Co. Ltd.		2,502
	3,214	Chang Hwa Commercial Bank Ltd.		1,924
	887	Cheng Shin Rubber Industry Co. Ltd.		1,184
	308	Chicony Electronics Co. Ltd.		759
	1,092	China Airlines Ltd.		346
	6,936	China Development Financial Holding Corp.		2,233
	1,362	China Life Insurance Co. Ltd.		1,133
	373	China Motor Corp.		335
	6,319	China Steel Corp.		5,102
	1,921	Chunghwa Telecom Co. Ltd.		6,900
	2,016	Compal Electronics, Inc.		1,302
	9,327	CTBC Financial Holding Co. Ltd.		6,384
	1,102	Delta Electronics, Inc.		5,795
	5,248	E.Sun Financial Holding Co. Ltd.		4,305
	96	Eclat Textile Co. Ltd.		1,367
	501	Epistar Corp.		438
	582	Eternal Materials Co. Ltd.		481
	1,093	Eva Airways Corp.		536
	1,192	Evergreen Marine Corp. Taiwan Ltd.		523
	1,164	Far Eastern International Bank		433
	2,059	Far Eastern New Century Corp.		2,245
	787	Far EasTone Telecommunications Co. Ltd.		1,931
	204	Feng Hsin Steel Co. Ltd.		401
	175	Feng TAY Enterprise Co. Ltd.		1,419
	4,913	First Financial Holding Co. Ltd.		3,506

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

27

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Taiwan (continued)
	1,762	Formosa Chemicals & Fibre Corp.	$	6,329
	680	Formosa Petrochemical Corp.		2,520
	2,487	Formosa Plastics Corp.		9,014
	535	Formosa Taffeta Co. Ltd.		645
	538	Foxconn Technology Co. Ltd.		1,205
	3,774	Fubon Financial Holding Co. Ltd.		5,569
	161	Giant Manufacturing Co. Ltd.		1,227
	102	Globalwafers Co. Ltd.		1,112
	6,094	Hon Hai Precision Industry Co. Ltd.		17,138
	163	Hotai Motor Co. Ltd.		2,463
	379	HTC Corp.(a)		513
	4,330	Hua Nan Financial Holdings Co. Ltd.		2,831
	4,518	Innolux Corp.		1,447
	1,466	Inventec Corp.		1,177
	52	Largan Precision Co. Ltd.		7,825
	1,041	Lite-On Technology Corp.		1,467
	755	MediaTek, Inc.		7,220
	5,561	Mega Financial Holding Co. Ltd.		5,336
	2,857	Nan Ya Plastics Corp.		7,221
	421	Nanya Technology Corp.		891
	276	Novatek Microelectronics Corp.		1,800
	70	OBI Pharma, Inc.(a)		352
	4	OBI Pharma, Inc. Rts. expiring 06/05/19(a)		3
	423	Oriental Union Chemical Corp.		356
	1,052	Pegatron Corp.		1,985
	1,393	Pou Chen Corp.		1,693
	280	President Chain Store Corp.		2,610
	1,327	Quanta Computer, Inc.		2,542
	247	Realtek Semiconductor Corp.		1,671
	5,665	Shin Kong Financial Holding Co. Ltd.		1,602
	5,505	SinoPac Financial Holdings Co. Ltd.		2,120
	674	Synnex Technology International Corp.		840
	4,924	Taishin Financial Holding Co. Ltd.		2,231
	2,217	Taiwan Business Bank		915
	2,268	Taiwan Cement Corp.		3,083
	4,555	Taiwan Cooperative Financial Holding Co. Ltd.		3,022
	387	Taiwan Fertilizer Co. Ltd.		563
	939	Taiwan Glass Industry Corp.		375
	1,094	Taiwan High Speed Rail Corp.		1,331
	800	Taiwan Mobile Co. Ltd.		2,925
	164	Taiwan Secom Co. Ltd.		459
	12,241	Taiwan Semiconductor Manufacturing Co. Ltd.		102,599
	949	Teco Electric and Machinery Co. Ltd.		709
	183	TPK Holding Co. Ltd.		338
	164	Transcend Information, Inc.(a)		372
	246	U-Ming Marine Transport Corp.		257
	556	Unimicron Technology Corp.		620
	2,462	Uni-President Enterprises Corp.		5,848
	5,816	United Microelectronics Corp.		2,531
	479	Vanguard International Semiconductor Corp.		1,062
	1,635	Walsin Lihwa Corp.		915
	255	Walsin Technology Corp.		1,560
	423	Wan Hai Lines Ltd.		223
	1,497	Wistron Corp.		1,240
	203	Yageo Corp.		2,000
	5,657	Yuanta Financial Holding Co. Ltd.		3,277
	502	Yulon Motor Co. Ltd.		317
	14	Yulon Nissan Motor Co. Ltd.		117
				314,627

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Thailand—3.6%
	570	Advanced Info Service PCL NVDR	$	3,392
	2,219	Airports of Thailand PCL NVDR		4,761
	246	Bangkok Bank PCL (Foreign Shares)		1,564
	4,584	Bangkok Dusit Medical Services PCL NVDR		3,661
	4,219	Bangkok Expressway & Metro PCL NVDR		1,441
	300	Bangkok Life Assurance PCL NVDR		266
	2,260	Banpu PCL NVDR		1,161
	519	Berli Jucker PCL NVDR		837
	3,874	BTS Group Holdings PCL NVDR		1,432
	472	BTS Group Holdings PCL Wts. expiring 11/29/19(a)		17
	168	Bumrungrad Hospital PCL NVDR		931
	1,281	Central Pattana PCL NVDR		3,029
	1,869	Charoen Pokphand Foods PCL NVDR		1,595
	2,700	CP ALL PCL NVDR		6,554
	264	Delta Electronics Thailand PCL NVDR		618
	2,413	Digital Telecommunications Infrastructure Fund, Class F		1,202
	139	Electricity Generating PCL NVDR		1,289
	899	Energy Absolute PCL NVDR		1,570
	187	Global Power Synergy PCL NVDR		365
	238	Glow Energy PCL NVDR		682
	394	Gulf Energy Development PCL NVDR		1,290
	3,046	Home Product Center PCL NVDR		1,498
	949	Indorama Ventures PCL NVDR		1,360
	967	Intouch Holdings PCL NVDR		1,802
	5,534	IRPC PCL NVDR		979
	435	Kasikornbank PCL NVDR		2,603
	606	Kasikornbank PCL (Foreign Shares)		3,626
	3,260	Krung Thai Bank PCL NVDR		1,930
	3,465	Land & Houses PCL NVDR		1,216
	1,872	Minor International PCL NVDR		2,199
	93	Minor International PLC Wts. expiring 12/31/99(a)(d)		0
	343	Muangthai Capital PCL NVDR		553
	714	PTT Exploration & Production PCL NVDR		2,986
	1,037	PTT Global Chemical PCL NVDR		2,233
	7,298	PTT PCL NVDR		11,144
	450	Ratch Group PCL NVDR		877
	429	Siam Cement PCL (The) NVDR		6,208
	52	Siam City Cement PCL NVDR		353
	1,229	Siam Commercial Bank PCL (The) NVDR		5,043
	170	Siam Makro PCL NVDR		181
	635	Thai Airways International PCL NVDR(a)		253
	524	Thai Oil PCL NVDR		1,137
	1,437	Thai Union Group PCL NVDR		851
	10,918	TMB Bank PCL NVDR		691
	390	Total Access Communication PCL NVDR		620
	5,752	True Corp. PCL NVDR		928
				88,928
		Turkey—0.7%
	1,284	Akbank T.A.S.(a)		1,316
	81	Anadolu Efes Biracilik ve Malt Sanayii AS		269
	99	Arcelik AS(a)		304
	150	Aselsan Elektronik Sanayi ve Ticaret AS		514
	117	BIM Birlesik Magazalar AS		1,628
	38	Coca-Cola Icecek AS		202
	1,084	Emlak Konut Gayrimenkul Yatirim Ortakligi AS		274
	127	Enerjisa Enerji AS(b)		114

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

28

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Turkey (continued)
	281	Enka Insaat ve Sanayi AS	$	253
	710	Eregli Demir ve Celik Fabrikalari TAS		1,089
	36	Ford Otomotiv Sanayi AS		318
	409	Haci Omer Sabanci Holding AS		528
	78	Iskenderun Demir ve Celik AS		90
	446	KOC Holding AS		1,210
	27	Koza Altin Isletmeleri AS(a)		193
	370	Petkim Petrokimya Holding AS		277
	227	Soda Sanayii AS		295
	85	TAV Havalimanlari Holding AS		360
	88	Tekfen Holding AS		392
	71	Tofas Turk Otomobil Fabrikasi AS		213
	65	Tupras Turkiye Petrol Rafinerileri AS		1,343
	264	Turk Hava Yollari AO(a)		633
	305	Turk Telekomunikasyon AS(a)		218
	529	Turkcell Iletisim Hizmetleri AS		1,108
	1,051	Turkiye Garanti Bankasi AS		1,438
	335	Turkiye Halk Bankasi AS		328
	628	Turkiye Is Bankasi AS, Class C(a)		564
	352	Turkiye Sise ve Cam Fabrikalari AS		360
	436	Turkiye Vakiflar Bankasi TAO, Class D		295
	88	Ulker Biskuvi Sanayi AS		280
	827	Yapi ve Kredi Bankasi AS(a)		287
				16,693
		United Arab Emirates—0.9%
	1,324	Abu Dhabi Commercial Bank PJSC		3,561
	359	Abu Dhabi Islamic Bank PJSC		468
	716	Abu Dhabi National Oil Co. for Distribution PJSC		507
	1,329	Air Arabia PJSC(a)		369
	1,779	Aldar Properties PJSC		862
	427	Arabtec Holding PJSC		241
	977	DAMAC Properties Dubai Co. PJSC		330
	1,782	Dana Gas PJSC		463
	83	DP World Ltd.		1,660
	938	Dubai Financial Market PJSC		197
	865	Dubai Investments PJSC		320
	784	Dubai Islamic Bank PJSC		1,103
	471	Emaar Development PJSC		503
	1,164	Emaar Malls PJSC		551
	1,793	Emaar Properties PJSC		2,343
	877	Emirates Telecommunications Group Co. PJSC		3,987
	1,390	First Abu Dhabi Bank PJSC		6,055
				23,520
		United Kingdom—0.1%
	62	Mondi Ltd.		1,364
		United States—0.9%
	601	iShares MSCI Saudi Arabia ETF		21,125
	504	JBS S.A.		2,522
				23,647
		Total Investments in Securities
		(excluding investments purchased with cash collateral from securities on loan) (Cost $2,473,825)-100.1%		2,466,651

Number of Shares			Value
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—0.7%
	13,304	Invesco Government & Agency Portfolio—Institutional Class 2.34%(j)(k)	$	13,304
	4,076	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(j)(k)		4,078
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $17,382)		17,382
		Total Investments in Securities (Cost $2,491,207)—100.8%		2,484,033
		Other assets less liabilities—(0.8)%		(20,493	)
		Net Assets—100.0%	$	2,463,540

Abbreviations:

ADR—American Depositary Receipt

ETF—Exchange-Traded Fund

GDR—Global Depositary Receipt

NVDR—Non-voting Depositary Receipt

REIT—Real Estate Investment Trust

Rts.—Rights

Wts.—Warrants

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2019 was $132,875, which represented 5.39% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  Security valued using significant unobservable inputs (Level 3). See Note 5.

^(e)  Affiliated company. See Note 4.

^(f)  Each CPO for Cemex SAB de CV represents two Series A shares and one Series B share.

^(g)  Each CPO for Fomento Economico Mexicano SAB de CV represents one Series B share and four Series D shares.

^(h)  Each CPO for Grupo Televisa SAB represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares.

⁽ⁱ⁾  Each CPO for Megacable Holdings SAB de CV represents two Series shares.

^(j)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(k)  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 2L.

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

29

Statements of Assets and Liabilities

April 30, 2019

(Unaudited)

	Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)		Invesco PureBetaSM  FTSE Developed ex-North America ETF (PBDM)			Invesco PureBetaSM  FTSE Emerging Markets ETF (PBEE)
Assets:
Unaffiliated investments in securities, at value(a)	$	6,211,657	$	2,401,382		$	2,355,803
Affiliated investments in securities, at value		5,809		67,491			128,230
Foreign currencies, at value		—		—			325
Receivable for:
Investments sold		174,409		—			29,352
Dividends and interest		7,714		10,889			2,787
Foreign tax reclaims		—		1,309			—
Securities lending		—		72			24
Total assets		6,399,589		2,481,143			2,516,521
Liabilities:
Due to custodian		—		—			679
Due to foreign custodian		—		1,334			—
Payable for:
Investments purchased		179,109		—			34,636
Collateral upon return of securities loaned		—		67,069			17,382
Accrued unitary management fees		346		142			284
Total liabilities		179,455		68,545			52,981
Net Assets	$	6,220,134	$	2,412,598		$	2,463,540
Net assets consist of:
Shares of beneficial interest	$	6,188,215	$	2,500,025		$	2,500,025
Distributable earnings		31,919		(87,427	)		(36,485	)
Net Assets	$	6,220,134	$	2,412,598		$	2,463,540
Shares outstanding (unlimited amount authorized, $0.01 par value)		250,001		100,001			100,001
Net asset value	$	24.88	$	24.13		$	24.64
Market price	$	24.91	$	24.26		$	24.71
Unaffiliated investments in securities, at cost	$	6,188,136	$	2,496,107		$	2,364,582
Affiliated investments in securities, at cost	$	5,809	$	67,491		$	126,625
Foreign currencies (due to foreign custodian), at cost	$	—	$	(1,344	)	$	323
(a) Includes securities on loan with an aggregate value of:	$	—	$	63,558		$	16,376

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

30

Statements of Operations

For the six months ended April 30, 2019

(Unaudited)

	Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)			Invesco PureBetaSM  FTSE Developed ex-North America ETF (PBDM)			Invesco PureBetaSM  FTSE Emerging Markets ETF (PBEE)
Investment income:
Unaffiliated dividend income	$	—		$	41,040		$	18,998
Affiliated dividend income		45			33			1,230
Non-cash dividend income		—			2,505			106
Unaffiliated interest income		26,246			—			—
Securities lending income		—			164			72
Foreign withholding tax		—			(4,376	)		(1,223	)
Total investment income		26,291			39,366			19,183
Expenses:
Unitary management fees		1,307			797			1,609
Less: Waivers		(4	)		(3	)		(2	)
Net expenses		1,303			794			1,607
Net investment income		24,988			38,572			17,576
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(3,352	)		(8,313	)		(15,899	)
Affiliated investment securities		—			—			(6	)
Foreign currencies		—			(140	)		(84	)
Net realized gain (loss)		(3,352	)		(8,453	)		(15,989	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		78,067			132,641			299,606
Affiliated investment securities		—			—			14,830
Foreign currencies		—			(76	)		(22	)
Net change in unrealized appreciation		78,067			132,565			314,414
Net realized and unrealized gain		74,715			124,112			298,425
Net increase in net assets resulting from operations	$	99,703		$	162,684		$	316,001

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

31

Statements of Changes in Net Assets

For the Six months ended April 30, 2019 and the year ended October 31, 2018

(Unaudited)

	Invesco PureBetaSM 0-5  Yr US TIPS ETF (PBTP)						Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)						Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)
	Six Months Ended April 30, 2019			Year Ended October 31, 2018			Six Months Ended April 30, 2019			Year Ended October 31, 2018			Six Months Ended April 30, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	24,988		$	62,729		$	38,572		$	73,233		$	17,576		$	66,292
Net realized gain (loss)		(3,352	)		(7,087	)		(8,453	)		1,782			(15,989	)		(17,911	)
Net change in unrealized appreciation (depreciation)		78,067			(47,279	)		132,565			(261,228	)		314,414			(324,388	)
Net increase (decrease) in net assets resulting from operations		99,703			8,363			162,684			(186,213	)		316,001			(276,007	)
Distributions to Shareholders from:
Distributable earnings		(7,780	)		(67,160	)		(30,281	)		(70,376	)		(18,331	)		(64,729	)
Shareholder Transactions:
Proceeds from shares sold		3,688,190			—			—			—			—			—
Increase (Decrease) in Net Assets		3,780,113			(58,797	)		132,403			(256,589	)		297,670			(340,736	)
Net Assets:
Beginning of period		2,440,021			2,498,818			2,280,195			2,536,784			2,165,870			2,506,606
End of period	$	6,220,134		$	2,440,021		$	2,412,598		$	2,280,195		$	2,463,540		$	2,165,870
Changes in Shares Outstanding:
Shares sold		150,000			—			—			—			—			—
Shares outstanding, beginning of period		100,001			100,001			100,001			100,001			100,001			100,001
Shares outstanding, end of period		250,001			100,001			100,001			100,001			100,001			100,001

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

32

Financial Highlights

Invesco PureBeta^SM 0-5 Yr US TIPS ETF (PBTP)

	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			For the Period September 19,  2017(a) Through October 31, 2017
Per Share Operating Performance:
Net asset value at beginning of period	$	24.40		$	24.99		$	25.00
Net investment income(b)		0.16			0.63			0.06
Net realized and unrealized gain (loss) on investments		0.40			(0.55	)		(0.07	)
Total from investment operations		0.56			0.08			(0.01	)
Distributions to shareholders from:
Net investment income		(0.08	)		(0.67	)		—
Net asset value at end of period	$	24.88		$	24.40		$	24.99
Market price at end of period(c)	$	24.91		$	24.40		$	24.99
Net Asset Value Total Return(d)		2.29	%		0.33	%		(0.04	)%(e)
Market Price Total Return(d)		2.42	%		0.33	%		(0.04	)%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	6,220		$	2,440		$	2,499
Ratio to average net assets of:
Expenses		0.07	%(f)		0.07	%		0.07	%(f)
Net investment income		1.34	%(f)		2.53	%		2.22	%(f)
Portfolio turnover rate(g)		17	%		19	%		0	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

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

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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 the sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  The net asset value total return from Fund Inception (September 22, 2017, the first day of trading on the exchange) to October 31, 2017 was 0.12%. The market price total return from Fund Inception to October 31, 2017 was 0.12%.

^(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.

Invesco PureBeta^SM FTSE Developed ex-North America ETF (PBDM)

	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			For the Period September 19,  2017(a) Through October 31, 2017
Per Share Operating Performance:
Net asset value at beginning of period	$	22.80		$	25.37		$	25.00
Net investment income(b)		0.39			0.73			0.07
Net realized and unrealized gain (loss) on investments		1.25			(2.60	)		0.30
Total from investment operations		1.64			(1.87	)		0.37
Distributions to shareholders from:
Net investment income		(0.29	)		(0.70	)		—
Net realized gains		(0.02	)		—			—
Total distributions		(0.31	)		(0.70	)		—
Net asset value at end of period	$	24.13		$	22.80		$	25.37
Market price at end of period(c)	$	24.26		$	23.03		$	25.54
Net Asset Value Total Return(d)		7.31	%		(7.60	)%		1.48	%(e)
Market Price Total Return(d)		6.80	%		(7.30	)%		2.16	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	2,413		$	2,280		$	2,537
Ratio to average net assets of:
Expenses		0.07	%(f)		0.07	%		0.07	%(f)
Net investment income		3.39	%(f)		2.89	%		2.38	%(f)
Portfolio turnover rate(g)		2	%		7	%		2	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

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

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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 the sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  The net asset value total return from Fund Inception (September 22, 2017, the first day of trading on the exchange) to October 31, 2017 was 1.80%. The market price total return from Fund Inception to October 31, 2017 was 2.12%.

^(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.

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Financial Highlights (continued)

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE)

	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			For the Period September 19,  2017(a) Through October 31, 2017
Per Share Operating Performance:
Net asset value at beginning of period	$	21.66		$	25.07		$	25.00
Net investment income(b)		0.18			0.66			0.03
Net realized and unrealized gain (loss) on investments		2.98			(3.42	)		0.04
Total from investment operations		3.16			(2.76	)		0.07
Distributions to shareholders from:
Net investment income		(0.18	)		(0.65	)		—
Net asset value at end of period	$	24.64		$	21.66		$	25.07
Market price at end of period(c)	$	24.71		$	21.75		$	25.20
Net Asset Value Total Return(d)		14.69	%		(11.28	)%		0.28	%(e)
Market Price Total Return(d)		14.53	%		(11.38	)%		0.80	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	2,464		$	2,166		$	2,507
Ratio to average net assets of:
Expenses, after Waivers		0.14	%(f)(g)		0.11	%		0.14	%(g)
Expenses, prior to Waivers		0.14	%(f)(g)		0.14	%		0.14	%(g)
Net investment income		1.53	%(g)		2.64	%		1.03	%(g)
Portfolio turnover rate(h)		4	%		16	%		1	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

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

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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 the sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  The net asset value total return from Fund Inception (September 22, 2017, the first day of trading on the exchange) to October 31, 2017 was 1.05%. The market price total return from Fund Inception to October 31, 2017 was (0.39)%.

^(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)  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.

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

April 30, 2019

(Unaudited)

Note 1—Organization

Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust on October 10, 2006 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 PureBetaSM 0-5 Yr US TIPS ETF (PBTP)	“PureBetaSM 0-5 Yr US TIPS ETF”
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)	“PureBetaSM FTSE Developed ex-North America ETF”
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)	“PureBetaSM FTSE Emerging Markets 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 Cboe BZX Exchange, Inc.

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

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

Fund	Underlying Index
PureBetaSM 0-5 Yr US TIPS ETF	ICE BofAML 0-5 Year US Inflation-Linked Treasury IndexSM
PureBetaSM FTSE Developed ex-North America ETF	FTSE Developed ex North America Index
PureBetaSM FTSE Emerging Markets ETF	FTSE Emerging Index

Note 2—Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions 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.

B. Other Risks

Index Risk. Unlike many investment companies, the Funds do not utilize investing strategies that seek returns in excess of their Underlying Indexes. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.

Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying 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, which may be more likely to trade at a premium or discount to each Fund’s NAV and possibly face trading halts and/or delisting. This risk may be heightened for the Funds because the Funds invest in non-U.S. securities, which may have lower trading volumes.

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 particular industries will become negative. 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.

Fixed-Income Securities Risk. Certain Fund invests in fixed-income securities. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the

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general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

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 faces more risks than if it were diversified broadly over numerous industries or industry groups. Such industry based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Geographic Concentration Risk. A natural or other disaster could occur in a country or geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact a Fund’s investments in the affected country or region.

Non-Diversified Fund Risk. Each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than diversified funds. 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 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.

Non-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its 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 Underlying Index. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.

Small- and Mid-Capitalization Company Risk. For certain Funds, 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.

Inflation-Linked Security Risk. For certain Funds, the value of inflation-linked securities generally will fluctuate in response to changes in real interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.

Foreign Investments 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 comparable to those applicable to domestic issuers. Foreign securities also are 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. As the Funds may invest 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 Funds’ returns. Such risks may be exacerbated in emerging markets, where securities laws are relatively new and unsettled.

Currency Risk. Certain Funds may invest in non-U.S. dollar denominated equity securities of foreign issuers. Because a Fund’s NAV is determined in U.S. dollars, the Fund’s NAV could decline if the currency of the non-U.S. market in which the Fund invests depreciates against the U.S. dollar, even if the value of the Fund’s holdings, measured in the foreign currency, increases.

Sampling Risk. For PureBeta^SM FTSE Emerging Markets ETF, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than are in its Underlying Index. As a result, an adverse development 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 their Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

Liquidity Risk. For PureBeta^SM 0-5 Yr US TIPS ETF, liquidity risk exists when a particular investment is difficult to purchase or sell. If the Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.

U.S. Government Obligations Risk. Certain Funds may invest in U.S. government obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U.S. Government securities include securities that are issued or guaranteed by the United States Treasury, by various agencies of the U.S.

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Government, or by various instrumentalities which have been established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the “full faith and credit” of the United States. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate.

C. 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 the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to each 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 each Fund’s NAV and, accordingly, they reduce each 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.

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

E. 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 ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on 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.

F. 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.

G. Expenses — Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.

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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 each Fund’s unitary management fee and 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.

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.

H. 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.

I. Indemnifications — Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of his 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. However, based on experience, the Trust believes the risk of loss to be remote.

J. 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 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. The Funds do 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 each 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.

The Funds 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 each Fund invests.

K. Treasury Inflation-Protected Securities — PureBeta^SM 0-5 Yr US TIPS ETF may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be included as Treasury Inflation-Protected Securities inflation adjustment in the Statements of Operations, even though investors do not receive their principal until maturity.

L. Securities Lending — During the six-month period ended April 30, 2019, PureBeta^SM FTSE Developed ex-North America ETF and PureBeta^SM FTSE Emerging Markets ETF participated in securities lending. Each Fund loaned 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 generally invested in an affiliated money market fund 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. Dividends received on cash collateral investments for securities lending

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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.

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.

As compensation for its services, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

	% of Average Daily Net Assets
PureBetaSM 0-5 Yr US TIPS ETF		0.07	%
PureBetaSM FTSE Developed ex-North America ETF		0.07	%
PureBetaSM FTSE Emerging Markets ETF		0.14	%

Further, through August 31, 2021, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration.

For the six-month period ended April 30, 2019, the Adviser waived fees for each Fund in the following amounts:

PureBetaSM 0-5 Yr US TIPS ETF	$	4
PureBetaSM FTSE Developed ex-North America ETF		3
PureBetaSM FTSE Emerging Markets ETF		2

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

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

Fund	Licensor
PureBetaSM 0-5 Yr US TIPS ETF	ICE Data Indices, LLC
PureBetaSM FTSE Developed ex-North America ETF	FTSE International Ltd.
PureBetaSM FTSE Emerging Markets ETF	FTSE International Ltd.

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 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 The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

Note 4—Investments in Affiliates

The Adviser also serves as the adviser for Invesco India ETF, and therefore Invesco India ETF is considered to be affiliated with the Funds. The table below shows certain Funds’ transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the six-month period ended April 30, 2019.

PureBeta^SM FTSE Emerging Markets ETF

	Value October 31, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2019		Dividend Income
Invesco India ETF	$	93,889	$	4,876	$	(2,741	)	$	14,830	$	(6	)	$	110,848	$	24

Note 5—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes

40

the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

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

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2019. 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
PureBetaSM 0-5 Yr US TIPS ETF
Investments in Securities
U.S. Treasury Securities	$	—	$	6,211,657	$	—	$	6,211,657
Money Market Funds		5,809		—		—		5,809
Total Investments	$	5,809	$	6,211,657	$	—	$	6,217,466
PureBetaSM FTSE Developed ex-North America ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	2,401,360	$	—	$	22	$	2,401,382
Money Market Funds		67,491		—		—		67,491
Total Investments	$	2,468,851	$	—	$	22	$	2,468,873
PureBetaSM FTSE Emerging Markets ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	2,466,637	$	3	$	11	$	2,466,651
Money Market Funds		17,382		—		—		17,382
Total Investments	$	2,484,019	$	3	$	11	$	2,484,033

Note 6—Tax Information

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

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

The Funds had capital loss carryforwards as of October 31, 2018, which expire as follows:

	Post-effective/no expiration
	Short-Term		Long-Term		Total*
PureBetaSM 0-5 Yr US TIPS ETF	$	6,722	$	365	$	7,087
PureBetaSM FTSE Developed ex-North America ETF		—		—		—
PureBetaSM FTSE Emerging Markets ETF		2,932		15,412		18,344

* Capital loss carryforwards as of the date listed above 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.

41

Note 7—Investment Transactions

For the six-month period ended April 30, 2019, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
PureBetaSM FTSE Developed ex-North America ETF	$	53,212	$	52,026
PureBetaSM FTSE Emerging Markets ETF		99,257		95,176

For the six-month period ended April 30, 2019, the cost of securities purchased and proceeds from sales of U.S. Treasury obligations (other than short-term securities, money market funds and in-kind transactions), for the PureBeta^SM 0-5 Yr US TIPS ETF amounted to $823,069 and $602,907, respectively.

For the six-month period ended April 30, 2019, in-kind transactions associated with creations and redemptions for the PureBeta^SM 0-5 Yr US TIPS ETF amounted to $3,226,201 and $0, respectively.

At April 30, 2019, 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
PureBetaSM 0-5 Yr US TIPS ETF	$	23,919	$	(398	)	$	23,521		$	6,193,945
PureBetaSM FTSE Developed ex-North America ETF		175,770		(273,295	)		(97,525	)		2,566,398
PureBetaSM FTSE Emerging Markets ETF		233,220		(241,426	)		(8,206	)		2,492,239

Note 8—Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the 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 9—Capital

Shares are created and redeemed by each Fund only in Creation Units of 50,000 Shares for PureBeta^SM 0-5 Yr US TIPS ETF and 100,000 Shares for PureBeta^SM FTSE Developed ex-North America ETF and PureBeta^SM FTSE Emerging Markets ETF. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

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

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

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

42

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, 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. 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 through the six-month period ended April 30, 2019.

In addition to the fees and expenses which the Invesco PureBeta^SM FTSE Emerging Markets 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

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, 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 November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)
Actual	$	1,000.00	$	1,022.90		0.07	%	$	0.35
Hypothetical (5% return before expenses)		1,000.00		1,024.45		0.07			0.35
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)
Actual		1,000.00		1,073.10		0.07			0.36
Hypothetical (5% return before expenses)		1,000.00		1,024.45		0.07			0.35
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)
Actual		1,000.00		1,146.90		0.14			0.75
Hypothetical (5% return before expenses)		1,000.00		1,024.10		0.14			0.70

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2019. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

43

Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement

At a meeting held on April 11, 2019, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 73 series (each, a “Fund” and collectively, the “Funds”):

Invesco 1-30 Laddered Treasury ETF

Invesco California AMT-Free Municipal Bond ETF

Invesco CEF Income Composite ETF

Invesco China Technology ETF

Invesco DWA Developed Markets Momentum ETF

Invesco DWA Emerging Markets Momentum ETF

Invesco DWA SmallCap Momentum ETF

Invesco DWA Tactical Multi-Asset Income ETF

Invesco DWA Tactical Sector Rotation ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco FTSE International Low Beta Equal Weight ETF

Invesco FTSE RAFI Developed Markets ex-U.S. ETF

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

Invesco FTSE RAFI Emerging Markets ETF

Invesco Fundamental High Yield^® Corporate Bond ETF

Invesco Fundamental Investment Grade Corporate Bond ETF

Invesco Global Clean Energy ETF

Invesco Global Short Term High Yield Bond ETF

Invesco Global Water ETF

Invesco International BuyBack Achievers^TM ETF

Invesco International Corporate Bond ETF

Invesco KBW Bank ETF

Invesco KBW High Dividend Yield Financial ETF

Invesco KBW Premium Yield Equity REIT ETF

Invesco KBW Property & Casualty Insurance ETF

Invesco KBW Regional Banking ETF

Invesco LadderRite 0-5 Year Corporate Bond ETF

Invesco MSCI Emerging Markets Equal Country Weight ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

Invesco Preferred ETF

Invesco PureBeta^SM 0-5 Yr US TIPS ETF

Invesco PureBeta^SM FTSE Developed ex-North America ETF

Invesco PureBeta^SM FTSE Emerging Markets ETF

Invesco PureBeta^SM MSCI USA ETF

Invesco PureBeta^SM MSCI USA Small Cap ETF

Invesco PureBeta^SM US Aggregate Bond ETF

Invesco Russell 1000 Enhanced Equal Weight ETF

Invesco Russell 1000 Equal Weight ETF

Invesco Russell 1000 Low Beta Equal Weight ETF

Invesco S&P 500 Enhanced Value ETF

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF

Invesco S&P 500^® High Beta ETF

Invesco S&P 500^® High Dividend Low Volatility ETF

Invesco S&P 500^® Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500 Momentum ETF

Invesco S&P Emerging Markets Low Volatility ETF

Invesco S&P Emerging Markets Momentum ETF

Invesco S&P High Income Infrastructure ETF

Invesco S&P International Developed High Dividend Low Volatility ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

Invesco S&P International Developed Quality ETF

Invesco S&P MidCap Low Volatility ETF

Invesco S&P SmallCap Consumer Discretionary ETF

Invesco S&P SmallCap Consumer Staples ETF

Invesco S&P SmallCap Energy ETF

Invesco S&P SmallCap Financials ETF

Invesco S&P SmallCap Health Care ETF

Invesco S&P SmallCap High Dividend Low Volatility ETF

Invesco S&P SmallCap Industrials ETF

Invesco S&P SmallCap Information Technology ETF

Invesco S&P SmallCap Low Volatility ETF

Invesco S&P SmallCap Materials ETF

Invesco S&P SmallCap Quality ETF

Invesco S&P SmallCap Utilities & Communication Services ETF

Invesco Senior Loan ETF

Invesco Shipping ETF

Invesco Taxable Municipal Bond ETF

Invesco Treasury Collateral ETF

Invesco Variable Rate Preferred ETF

Invesco VRDO Tax-Free Weekly ETF

Also at the April 11, 2019 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).

44

Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

Investment Advisory Agreement

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser from its relationships with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2018, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s Global Performance Measurement and Risk Group, an independent organization within Invesco, with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that such Funds’ performance prior to the closing of the Transaction on April 6, 2018 is that of their predecessor Guggenheim ETFs. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year, five-year and since-inception periods for Invesco Global Short Term High Yield Bond ETF and the one-year, ten-year and since-inception periods for Invesco VRDO Tax-Free Weekly ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Global Short Term High Yield Bond ETF’s and Invesco VRDO Tax-Free Weekly ETF’s level of correlation to its underlying index, as well as the Adviser’s expectations for each Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees also considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with its line of credit), litigation expenses and other extraordinary expenses (including Acquired Fund Fees and Expenses, if any).

0.04%:	Invesco PureBetaTM MSCI USA ETF
0.05%:	Invesco PureBetaTM US Aggregate Bond ETF
0.06%:	Invesco PureBetaTM MSCI USA Small Cap ETF
0.07%:	Invesco PureBetaTM 0-5 Yr US TIPS ETF, Invesco PureBetaTM FTSE Developed ex-North America ETF
0.08%:	Invesco Treasury Collateral ETF
0.10%:	Invesco S&P 500 Minimum Variance ETF (the Trustees noted that, prior to April 20, 2018, Invesco S&P 500 Minimum Variance ETF’s unitary advisory fee was 0.13%)
0.13%:	Invesco S&P 500 Enhanced Value ETF, Invesco S&P 500 Momentum ETF
0.14%:	Invesco PureBetaTM FTSE Emerging Markets ETF

45

Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

0.15%:	Invesco DWA Tactical Sector Rotation ETF
0.20%:	Invesco Russell 1000 Equal Weight ETF
0.22%:	Invesco Fundamental Investment Grade Corporate Bond ETF, Invesco LadderRite 0-5 Year Corporate Bond ETF
0.25%:	Invesco 1-30 Laddered Treasury ETF, Invesco DWA Tactical Multi-Asset Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF, Invesco VRDO Tax-Free Weekly ETF
0.28%:	Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Taxable Municipal Bond ETF
0.29%:	Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF, Invesco S&P SmallCap Utilities & Communication Services ETF
0.30%:	Invesco S&P 500® High Dividend Low Volatility ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF
0.35%:	Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF, Invesco Russell 1000 Low Beta Equal Weight ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF
0.45%:	Invesco FTSE International Low Beta Equal Weight ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P High Income Infrastructure ETF
0.49%:	Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF
0.50%:	Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF, Invesco Variable Rate Preferred ETF
0.55%:	Invesco International BuyBack AchieversTM ETF
0.60%:	Invesco DWA SmallCap Momentum ETF
0.65%:	Invesco Senior Loan ETF, Invesco Shipping ETF
0.70%:	Invesco China Technology ETF, Invesco MSCI Emerging Markets Equal Country Weight ETF
0.75%:	Invesco Global Clean Energy ETF, Invesco Global Water ETF
0.80%:	Invesco DWA Developed Markets Momentum ETF
0.90%:	Invesco DWA Emerging Markets Momentum ETF

The Trustees noted that the Adviser represented that it does not serve as the investment adviser to any clients, other than other ETFs also overseen by the Trustees, with comparable investment strategies as the Funds, but that it provides sub-advisory services to other clients. The Trustees further noted the Adviser’s explanation with respect to the sub-advisory fees it receives for such services in comparison to the advisory fees charged to the Funds.

The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were equal to or lower than the median net expense ratios of their open-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Median1	Equal to/Lower than Open-End Index Fund Median2	Equal to/Lower than Open-End Active Fund Median3
Invesco 1-30 Laddered Treasury ETF			X
Invesco California AMT-Free Municipal Bond ETF		N/A	X
Invesco CEF Income Composite ETF	X	N/A	X
Invesco China Technology ETF		N/A	X
Invesco DWA Developed Markets Momentum ETF			X
Invesco DWA Emerging Markets Momentum ETF			X
Invesco DWA SmallCap Momentum ETF		X	X
Invesco DWA Tactical Multi-Asset Income ETF	N/A	N/A	X

46

Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

Invesco Fund	Equal to/Lower than ETF Median1	Equal to/Lower than Open-End Index Fund Median2	Equal to/Lower than Open-End Active Fund Median3
Invesco DWA Tactical Sector Rotation ETF	X	N/A	N/A
Invesco Emerging Markets Sovereign Debt ETF			X
Invesco FTSE International Low Beta Equal Weight ETF	X	X	X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF			X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	X	X	X
Invesco FTSE RAFI Emerging Markets ETF	X		X
Invesco Fundamental High Yield® Corporate Bond ETF		X	X
Invesco Fundamental Investment Grade Corporate Bond ETF			X
Invesco Global Clean Energy ETF		N/A	X
Invesco Global Short Term High Yield Bond ETF	X	X	X
Invesco Global Water ETF		N/A	X
Invesco International BuyBack AchieversTM ETF			X
Invesco International Corporate Bond ETF			X
Invesco KBW Bank ETF	X		X
Invesco KBW High Dividend Yield Financial ETF	X		X
Invesco KBW Premium Yield Equity REIT ETF	X		X
Invesco KBW Property & Casualty Insurance ETF	X		X
Invesco KBW Regional Banking ETF	X		X
Invesco LadderRite 0-5 Year Corporate Bond ETF			X
Invesco MSCI Emerging Markets Equal Country Weight ETF			X
Invesco National AMT-Free Municipal Bond ETF			X
Invesco New York AMT-Free Municipal Bond ETF		N/A	X
Invesco Preferred ETF		N/A	X
Invesco PureBetaTM 0-5 Yr US TIPS ETF	X		X
Invesco PureBetaTM FTSE Developed ex-North America ETF	X	X	X
Invesco PureBetaTM FTSE Emerging Markets ETF	X	X	X
Invesco PureBetaTM MSCI USA ETF	X	X	X
Invesco PureBetaTM MSCI USA Small Cap ETF	X	X	X
Invesco PureBetaTM US Aggregate Bond ETF	X		X
Invesco Russell 1000 Enhanced Equal Weight ETF			X
Invesco Russell 1000 Equal Weight ETF	X	X	X
Invesco Russell 1000 Low Beta Equal Weight ETF			X
Invesco S&P 500 Enhanced Value ETF	X	X	X
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF	X	X	X
Invesco S&P 500 High Beta ETF	X	X	X
Invesco S&P 500® High Dividend Low Volatility ETF	X	X	X
Invesco S&P 500® Low Volatility ETF	X	X	X
Invesco S&P 500 Minimum Variance ETF	X	X	X
Invesco S&P 500 Momentum ETF	X	X	X
Invesco S&P Emerging Markets Low Volatility ETF	X	X	X
Invesco S&P Emerging Markets Momentum ETF	X	X	X
Invesco S&P High Income Infrastructure ETF	X	N/A	X

47

Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

Invesco Fund	Equal to/Lower than ETF Median1	Equal to/Lower than Open-End Index Fund Median2	Equal to/Lower than Open-End Active Fund Median3
Invesco S&P International Developed High Dividend Low Volatility ETF	X	X	X
Invesco S&P International Developed Low Volatility ETF	X		X
Invesco S&P International Developed Momentum ETF	X		X
Invesco S&P International Developed Quality ETF	X		X
Invesco S&P MidCap Low Volatility ETF			X
Invesco S&P SmallCap Consumer Discretionary ETF	X		X
Invesco S&P SmallCap Consumer Staples ETF	X		X
Invesco S&P SmallCap Energy ETF	X		X
Invesco S&P SmallCap Financials ETF	X		X
Invesco S&P SmallCap Health Care ETF	X		X
Invesco S&P SmallCap High Dividend Low Volatility ETF	X	X	X
Invesco S&P SmallCap Industrials ETF	X		X
Invesco S&P SmallCap Information Technology ETF	X	X	X
Invesco S&P SmallCap Low Volatility ETF	X	X	X
Invesco S&P SmallCap Materials ETF	X		X
Invesco S&P SmallCap Quality ETF	X		X
Invesco S&P SmallCap Utilities & Communication Services ETF	X	X	X
Invesco Senior Loan ETF		X	X
Invesco Shipping ETF			X
Invesco Taxable Municipal Bond ETF		N/A	X
Invesco Treasury Collateral ETF	X		X
Invesco Variable Rate Preferred ETF		X	X
Invesco VRDO Tax-Free Weekly ETF		N/A	X

¹  The information provided by the Adviser indicated that certain Funds did not have any comparable ETF peers. Those Funds have been designated in this column with an “N/A” for not available.

²  The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.

³  The information provided by the Adviser indicated that certain Funds did not have any comparable open-end active fund peers. Those Funds have been designated in this column with an “N/A” for not available.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco International Corporate Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Senior Loan ETF, Invesco Taxable Municipal Bond ETF and Invesco VRDO Tax-Free Weekly ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained in detail its view that it believes that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, noting, in particular, the unique underlying investment strategy and complexity of each Fund, the limited number of peers in the Lipper data, and/or the differing pricing philosophy of certain of the peers.

The Trustees considered that the Adviser had agreed to waive a portion of its unitary advisory fee, at least until February 28, 2021, for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF. The Trustees further considered that the Adviser had agreed to waive a portion of its unitary advisory fee, until April 6, 2020, to the extent necessary to prevent Invesco MSCI Emerging Markets Equal Country Weight ETF’s operating expenses (including acquired fund fees and expenses, but excluding interest expenses, brokerage commissions and other trading expenses, taxes and litigation expenses, and extraordinary expenses) from exceeding the unitary advisory fee.

48

Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

The Trustees determined that each Fund’s unitary advisory fee was reasonable, noting the nature of the indexes, the distinguishing factors of the Funds and the administrative, operational and management oversight costs for the Adviser. The Trustees also noted that a portion of each Fund’s operating expenses was attributable to a license fee payable out of the unitary advisory fee charged to that Fund. The Board concluded that the unitary advisory fee charged to each Fund was reasonable and appropriate in light of the services provided.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.

The Trustees noted that the Adviser had not identified any further benefits that it derived from its relationships with the Funds and had noted that it does not have any soft-dollar arrangements.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

Investment Sub-Advisory Agreement

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 11, 2019. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided under the Sub-Advisory Agreement. The Board also considered the benefits described by the Adviser in having multiple affiliated Sub-Advisers. The Board reviewed the qualifications and background of each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and noted that the Adviser compensates the Sub-Advisers from its fee.

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc. and Invesco Advisers, Inc. and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF was reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee was reasonable and appropriate.

49

Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that Invesco Advisers, Inc. noted that it receives management fees from money market funds into which the Funds’ excess cash may be invested. The Trustees noted that the Adviser waives its fees on assets invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ assets invested in the money market funds.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.

50

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 on Form N-Q (or any successor Form). The Form N-Qs (or any successor Form) will be 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.

©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 P-PBETA-SAR-1 invesco.com/ETFs

Invesco Semi-Annual Report to Shareholders

April 30, 2019

IDLB	Invesco FTSE International Low Beta Equal Weight ETF
EWEM	Invesco MSCI Emerging Markets Equal Country Weight ETF
EELV	Invesco S&P Emerging Markets Low Volatility ETF
EEMO	Invesco S&P Emerging Markets Momentum ETF
IDHD	Invesco S&P International Developed High Dividend Low Volatility ETF
IDLV	Invesco S&P International Developed Low Volatility ETF
IDMO	Invesco S&P International Developed Momentum ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold accounts through a financial intermediary, you may contact your financial intermediary to enroll in electronic delivery. Please note that not all financial intermediaries may offer this service.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

Table of Contents

HBLV Portfolios
Schedules of Investments
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)	3
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM)	13
Invesco S&P Emerging Markets Low Volatility ETF (EELV)	23
Invesco S&P Emerging Markets Momentum ETF (EEMO)	27
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)	30
Invesco S&P International Developed Low Volatility ETF (IDLV)	33
Invesco S&P International Developed Momentum ETF (IDMO)	37
Statements of Assets and Liabilities	42
Statements of Operations	44
Statements of Changes in Net Assets	46
Financial Highlights	48
Notes to Financial Statements	52
Fund Expenses	61
Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement	63

2

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)

April 30, 2019

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Industrials	16.8
Financials	14.9
Consumer Staples	13.2
Consumer Discretionary	12.3
Communication Services	7.9
Materials	7.7
Real Estate	7.3
Health Care	6.5
Utilities	6.0
Information Technology	5.0
Energy	1.9
Money Market Funds Plus Other Assets Less Liabilities	0.5

Schedule of Investments

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.5%
		Australia—5.5%
	8,400	AGL Energy Ltd.	$	131,431
	11,968	Amcor Ltd.		135,032
	75,475	AMP Ltd.		120,589
	25,124	Atlas Arteria Ltd.		123,785
	39,488	Aurizon Holdings Ltd.		132,298
	101,633	AusNet Services		126,974
	20,030	Bank of Queensland Ltd.(a)		130,690
	18,270	Bendigo & Adelaide Bank Ltd.		132,451
	15,272	Brambles Ltd.		129,528
	22,674	Challenger Ltd.		131,184
	22,895	Coca-Cola Amatil Ltd.		141,809
	1,084	Cochlear Ltd.		142,928
	2,426	Commonwealth Bank of Australia		127,246
	10,373	Computershare Ltd.		130,177
	16,165	Crown Resorts Ltd.		151,210
	14,790	Dexus		130,124
	4,577	Domino’s Pizza Enterprises Ltd.		138,525
	25,324	DuluxGroup Ltd.		173,787
	49,419	Evolution Mining Ltd.		110,960
	4,066	Flight Centre Travel Group Ltd.		109,895
	13,957	Goodman Group		129,279
	30,474	GPT Group (The)		122,904
	51,553	Harvey Norman Holdings Ltd.(a)		151,311
	72,127	Healthscope Ltd.		124,378
	52,608	Incitec Pivot Ltd.		124,785
	25,913	Insurance Australia Group Ltd.		143,722
	71,439	Mirvac Group		142,299
	7,211	National Australia Bank Ltd.		128,663
	7,271	Newcrest Mining Ltd.		127,994

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Australia (continued)
	19,072	Northern Star Resources Ltd.	$	109,941
	56,787	Orora Ltd.		121,108
	16,864	OZ Minerals Ltd.		118,222
	31,164	Qantas Airways Ltd.		123,054
	2,926	Ramsay Health Care Ltd.		134,524
	46,583	Scentre Group		125,248
	75,839	Shopping Centres Australasia Property Group		136,651
	39,928	Star Entertainment Group Ltd. (The)		127,589
	52,717	Stockland		139,885
	25,017	Sydney Airport		134,175
	60,372	Telstra Corp. Ltd.		143,626
	14,757	Transurban Group		139,597
	72,713	Vicinity Centres		129,995
	6,212	Washington H Soul Pattinson & Co. Ltd.		100,520
	6,697	Westpac Banking Corp.		129,673
	40,377	Whitehaven Coal Ltd.		119,361
	6,317	Woolworths Group Ltd.		141,612
				6,020,739
		Austria—0.6%
	2,517	ANDRITZ AG		119,884
	2,548	OMV AG		136,353
	17,060	Telekom Austria AG(b)		127,716
	2,697	Verbund AG		133,656
	5,445	Vienna Insurance Group AG Wiener Versicherung Gruppe		151,335
				668,944

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

3

Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Belgium—1.4%
	840	Ackermans & van Haaren N.V.	$	134,995
	2,650	Ageas		139,583
	1,800	Colruyt S.A.		129,629
	1,339	Groupe Bruxelles Lambert S.A.		127,883
	1,797	KBC Group N.V.		132,958
	4,934	Proximus SADP		137,962
	650	Sofina S.A.		133,599
	1,186	Solvay S.A.		142,419
	2,982	Telenet Group Holding N.V.		158,140
	1,458	UCB S.A.		115,555
	3,084	Umicore S.A.(a)		119,240
				1,471,963
		Canada—3.6%
	2,242	Alimentation Couche-Tard, Inc., Class B		131,650
	2,310	Bank of Nova Scotia (The)		126,696
	2,873	BCE, Inc.		128,016
	1,465	Canadian Imperial Bank of Commerce		122,857
	1,147	Canadian Tire Corp. Ltd., Class A		125,733
	5,011	Canadian Utilities Ltd., Class A		137,568
	1,946	CGI, Inc., Class A(b)		139,498
	151	Constellation Software, Inc.		132,689
	260	Fairfax Financial Holdings Ltd.		123,483
	3,560	Fortis, Inc.		131,052
	1,708	Franco-Nevada Corp.		121,878
	1,863	George Weston Ltd.		138,534
	5,610	Great-West Lifeco, Inc.		140,417
	8,242	Hydro One Ltd.(c)		132,833
	1,532	Intact Financial Corp.		124,831
	2,563	Loblaw Cos. Ltd.		125,044
	3,398	Metro, Inc.		122,512
	2,707	National Bank of Canada		128,428
	6,157	Power Corp. of Canada		140,697
	5,896	Power Financial Corp.		139,949
	6,738	RioCan Real Estate Investment Trust		129,030
	2,304	Rogers Communications, Inc., Class B		115,525
	1,629	Royal Bank of Canada		129,296
	3,922	Saputo, Inc.		133,561
	6,208	Shaw Communications, Inc., Class B		125,203
	3,365	Sun Life Financial, Inc.		139,233
	5,738	Teck Resources Ltd., Class B		135,132
	3,588	TELUS Corp.		131,576
	2,491	Thomson Reuters Corp.		153,308
	5,951	Wheaton Precious Metals Corp.		128,204
				3,934,433
		China—1.1%
	20,949	AAC Technologies Holdings, Inc.		135,381
	40,489	China Mengniu Dairy Co. Ltd.		149,665
	78,577	Kerry Logistics Network Ltd.		140,019
	140,199	Lenovo Group Ltd.		129,917
	92,423	Nexteer Automotive Group Ltd.		144,665
	563,044	Shougang Fushan Resources Group Ltd.		136,358
	92,325	Tingyi Cayman Islands Holding Corp.		151,808
	157,146	Towngas China Co. Ltd.(b)		124,989
	141,871	Uni-President China Holdings Ltd.		129,838
				1,242,640

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Denmark—1.6%
	1,085	Carlsberg A/S, Class B	$	140,038
	1,256	Chr. Hansen Holding A/S		128,020
	4,265	Demant A/S(b)		134,449
	763	Genmab A/S(b)		126,562
	2,645	GN Store Nord A/S		135,275
	2,774	H. Lundbeck A/S		116,596
	3,414	Jyske Bank A/S		137,397
	2,670	Novo Nordisk A/S, Class B		130,461
	2,770	Novozymes A/S, Class B		128,985
	1,790	Orsted A/S(c)		136,931
	2,425	Pandora A/S		101,635
	534	Rockwool International A/S, Class B		142,525
	4,683	Tryg A/S		142,986
				1,701,860
		Finland—1.1%
	3,002	Elisa Oyj		127,273
	5,789	Fortum Oyj		122,229
	3,487	Huhtamaki Oyj(a)		132,907
	2,158	Kesko Oyj, Class B		111,975
	2,694	Kone Oyj, Class B		147,517
	3,580	Nokian Renkaat Oyj		119,641
	14,146	Nordea Bank Abp		114,272
	3,631	Orion Oyj, Class B(a)		120,572
	2,647	Sampo Oyj, Class A		120,914
	7,817	Wartsila Oyj Abp		124,575
				1,241,875
		France—5.9%
	3,014	Accor S.A.		126,870
	1,525	Adevinta ASA, Class A(b)		15,346
	1,874	Adevinta ASA, Class B(b)		18,394
	649	Aeroports de Paris		132,084
	9,988	Air France-KLM(b)		115,294
	1,030	Air Liquide S.A.		136,845
	3,034	Alstom S.A.		133,288
	1,524	bioMerieux		120,837
	31,301	Bollore S.A.		148,595
	3,405	Bouygues S.A.(a)		127,988
	5,919	CNP Assurances(a)		139,567
	1,324	Covivio		143,188
	1,692	Danone S.A.		136,680
	926	Dassault Systemes SE		146,377
	2,950	Edenred		138,888
	8,696	Electricite de France S.A.		125,134
	8,259	Elis S.A.(b)		147,168
	8,072	Engie S.A.		119,456
	1,082	EssilorLuxottica S.A.		131,567
	1,820	Eurazeo SE		142,675
	6,452	Eutelsat Communications S.A.		116,343
	873	Gecina S.A.		130,221
	8,998	Getlink SE		144,706
	206	Hermes International		144,798
	1,548	ICADE		132,195
	1,256	Iliad S.A.		127,669
	951	Ipsen S.A.		110,948
	3,765	Klepierre S.A.		133,630

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

4

Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		France (continued)
	5,132	Lagardere SCA	$	139,530
	1,940	Legrand S.A.		142,451
	521	L’Oreal S.A.(a)		143,110
	8,635	Orange S.A.		135,143
	1,176	Orpea		143,261
	753	Pernod Ricard S.A.		131,098
	2,400	Publicis Groupe S.A.		142,230
	1,022	Remy Cointreau S.A.(a)		136,068
	1,851	Renault S.A.		126,166
	2,184	Rubis SCA		119,443
	1,546	Sanofi		134,259
	1,142	Sartorius Stedim Biotech		154,861
	2,868	SCOR SE		116,867
	1,411	Societe BIC S.A.		121,524
	1,181	Sodexo S.A.		135,333
	9,778	Suez		137,252
	744	Teleperformance		142,830
	1,077	Thales S.A.		128,485
	784	Unibail-Rodamco-Westfield		134,650
	6,112	Veolia Environnement S.A.		144,255
	1,395	Vinci S.A.		140,735
	1,059	Wendel S.A.		146,454
				6,482,756
		Germany—4.6%
	3,247	1&1 Drillisch AG		120,958
	542	adidas AG		139,160
	593	Allianz SE		142,751
	14,998	Aroundtown S.A.		121,457
	2,231	Axel Springer SE		126,264
	1,318	Bayerische Motoren Werke AG		112,111
	224	Bayerische Motoren Werke AG (Preference Shares)		16,518
	1,415	Beiersdorf AG		154,519
	1,557	Carl Zeiss Meditec AG-BR		152,769
	3,519	Delivery Hero SE(b)(c)		162,048
	1,026	Deutsche Boerse AG		136,716
	7,755	Deutsche Telekom AG		129,618
	2,797	Deutsche Wohnen SE		125,603
	11,576	E.ON SE		124,128
	1,951	Fielmann AG		138,405
	1,635	Fraport AG Frankfurt Airport Services Worldwide		135,300
	3,174	FUCHS PETROLUB SE		126,277
	865	Hannover Rueck SE		130,288
	481	Henkel AG & Co. KGaA		45,793
	820	Henkel AG & Co. KGaA (Preference Shares)		82,928
	835	HOCHTIEF AG		124,459
	2,788	Innogy SE(c)		129,324
	2,181	KION Group AG		149,197
	1,166	LEG Immobilien AG		135,574
	1,238	Merck KGaA		131,639
	7,755	METRO AG		131,235
	547	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		136,704
	238	Puma SE		147,100
	197	Rational AG		132,908

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Germany (continued)
	5,521	Rocket Internet SE(b)(c)	$	145,404
	1,235	SAP SE		158,586
	836	Sartorius AG (Preference Shares)		152,903
	2,492	Scout24 AG(a)(c)		128,189
	1,163	Siemens AG		139,122
	8,638	Suedzucker AG(a)		132,624
	1,492	Symrise AG		143,298
	3,326	Talanx AG		132,772
	3,618	United Internet AG		144,874
	2,623	Vonovia SE		130,724
				5,050,247
		Hong Kong—4.3%
	36,194	Bank of East Asia Ltd. (The)		114,182
	49,209	Cafe de Coral Holdings Ltd.		121,182
	73,939	Cathay Pacific Airways Ltd.		124,403
	157,030	Champion REIT		132,903
	11,830	CK Hutchison Holdings Ltd.		124,250
	15,406	CK Infrastructure Holdings Ltd.		125,088
	10,929	CLP Holdings Ltd.		123,911
	65,653	Dah Sing Banking Group Ltd.		125,525
	14,294	Dairy Farm International Holdings Ltd.		111,922
	312,878	First Pacific Co. Ltd.		129,611
	26,517	Great Eagle Holdings Ltd.		124,889
	5,200	Hang Seng Bank Ltd.		136,539
	23,080	Henderson Land Development Co. Ltd.		142,091
	56,279	Hong Kong & China Gas Co. Ltd.		134,288
	17,678	Hongkong Land Holdings Ltd.		123,216
	286,537	Huabao International Holdings Ltd.		134,404
	327,721	Hutchison Telecommunications Hong Kong Holdings Ltd.		138,684
	23,658	Hysan Development Co. Ltd.		132,382
	1,834	Jardine Matheson Holdings Ltd.		120,677
	3,187	Jardine Strategic Holdings Ltd.		120,532
	11,530	Link REIT		134,473
	141,549	Mapletree North Asia Commercial Trust(c)		141,424
	22,380	MTR Corp. Ltd.		133,218
	53,175	NWS Holdings Ltd.		110,479
	217,611	PCCW Ltd.		131,198
	18,579	Power Assets Holdings Ltd.		129,537
	92,325	Shangri-La Asia Ltd.		130,861
	67,859	Sino Land Co. Ltd.		119,363
	127,108	Sun Art Retail Group Ltd.		110,981
	8,686	Swire Pacific Ltd., Class A		109,940
	16,556	Swire Pacific Ltd., Class B		32,794
	31,620	Swire Properties Ltd.		128,368
	805,450	United Energy Group Ltd.		150,918
	30,778	Vitasoy International Holdings Ltd.		154,961
	12,294	VTech Holdings Ltd.		112,121
	147,156	WH Group Ltd.(c)		174,440
	39,597	Yue Yuen Industrial Holdings Ltd.		127,946
				4,673,701
		Ireland—0.5%
	28,415	AIB Group PLC		131,773
	6,318	Glanbia PLC		116,051

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

5

Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Ireland (continued)
	1,240	Kerry Group PLC, Class A	$	138,689
	1,621	Paddy Power Betfair PLC		137,106
				523,619
		Israel—3.0%
	8,962	Airport City Ltd.(b)		148,579
	11,790	Alony Hetz Properties & Investments Ltd.		143,405
	22,515	Amot Investments Ltd.(a)		132,552
	2,300	Azrieli Group Ltd.		130,808
	20,545	Bank Hapoalim BM		150,907
	21,539	Bank Leumi Le-Israel BM		147,202
	147,428	Bezeq The Israeli Telecommunication Corp. Ltd.		100,714
	735	Delek Group Ltd.		139,672
	960	Elbit Systems Ltd.		133,510
	5,374	First International Bank of Israel Ltd.		134,835
	16,530	Gazit-Globe Ltd.		133,443
	18,208	Harel Insurance Investments & Financial Services Ltd.		136,269
	22,371	Israel Chemicals Ltd.		118,347
	462	Israel Corp. Ltd. (The)		111,144
	36,362	Israel Discount Bank Ltd., Class A		141,570
	2,685	Melisron Ltd.		135,406
	130,734	Migdal Insurance & Financial Holding Ltd.		135,272
	6,785	Mizrahi Tefahot Bank Ltd.		146,572
	1,111	Nice Ltd.(b)		153,152
	241,585	Oil Refineries Ltd.(b)		118,478
	834	Paz Oil Co. Ltd.		121,336
	22,240	Phoenix Holdings Ltd. (The)		126,609
	18,014	Shufersal Ltd.		119,560
	5,075	Strauss Group Ltd.		129,278
	7,060	Tower Semiconductor Ltd.(b)		128,437
				3,317,057
		Italy—2.6%
	71,950	A2A SpA		120,145
	7,629	Assicurazioni Generali SpA		147,912
	19,293	Banca Mediolanum SpA		141,514
	6,763	Buzzi Unicem SpA		150,297
	10,568	Buzzi Unicem SpA-RSP		160,836
	13,650	Davide Campari-Milano SpA		137,449
	1,310	DiaSorin SpA		127,873
	21,176	Enel SpA		133,825
	7,378	Eni SpA		125,830
	1,026	Ferrari N.V.		138,843
	39,436	Hera SpA		140,278
	21,313	Italgas SpA		132,803
	40,464	Mediaset SpA(a)(b)		134,412
	3,358	Moncler SpA		137,624
	14,582	Poste Italiane SpA(c)		155,413
	6,207	Prysmian SpA		119,577
	3,488	Recordati SpA		140,685
	6,359	Salvatore Ferragamo SpA		143,813
	26,122	Snam SpA		132,820
	20,753	Terna Rete Elettrica Nazionale SpA		124,151
	52,779	UnipolSai Assicurazioni SpA(a)		144,443
				2,890,543

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan—31.6%
	2,265	ABC-Mart, Inc.	$	140,730
	38,325	Acom Co. Ltd.		134,202
	6,495	AEON Financial Service Co. Ltd.		134,070
	7,960	Aeon Mall Co. Ltd.		121,785
	1,895	Ain Holdings, Inc.		150,409
	8,761	Ajinomoto Co., Inc.		141,002
	4,408	Alfresa Holdings Corp.		122,494
	6,347	Alps Alpine Co. Ltd.		133,750
	3,415	ANA Holdings, Inc.		119,215
	5,203	Aoyama Trading Co. Ltd.		113,940
	4,446	Aozora Bank Ltd.		108,141
	3,012	Asahi Group Holdings Ltd.		130,594
	5,379	ASKUL Corp.(a)		144,406
	7,873	Autobacs Seven Co. Ltd.		137,137
	4,870	Awa Bank Ltd. (The)		121,908
	3,028	Bandai Namco Holdings, Inc.		144,093
	6,464	Benefit One, Inc.		134,126
	11,202	Bic Camera, Inc.		119,890
	3,251	Bridgestone Corp.		128,610
	6,916	Brother Industries Ltd.		135,557
	4,608	Calbee, Inc.		126,604
	6,889	Canon Marketing Japan, Inc.		148,574
	4,446	Canon, Inc.		123,310
	6,516	Capcom Co. Ltd.		146,555
	574	Central Japan Railway Co.		123,149
	7,843	Chubu Electric Power Co., Inc.		113,798
	9,990	Chugoku Electric Power Co., Inc. (The)		119,028
	5,020	Coca-Cola Bottlers Japan Holdings, Inc.		123,365
	8,821	Credit Saison Co. Ltd.		112,148
	4,166	CyberAgent, Inc.		165,705
	5,546	Dai Nippon Printing Co. Ltd.		131,112
	12,428	Daicel Corp.		138,591
	2,612	Daiichikosho Co. Ltd.		127,581
	888	Daito Trust Construction Co. Ltd.		118,520
	4,102	Daiwa House Industry Co. Ltd.		114,580
	25,670	Daiwa Securities Group, Inc.		118,722
	3,016	Dentsu, Inc.		122,806
	1,366	East Japan Railway Co.		128,352
	5,042	Electric Power Development Co. Ltd.		116,798
	2,590	Ezaki Glico Co. Ltd.		136,273
	4,373	FamilyMart UNY Holdings Co. Ltd.		116,535
	5,551	Fancl Corp.		164,474
	261	Fast Retailing Co. Ltd.		150,589
	2,134	FP Corp.		129,333
	8,490	Fuji Media Holdings, Inc.		113,886
	3,797	Fuji Oil Holdings, Inc.		121,538
	3,415	Fuji Seal International, Inc.		118,969
	2,832	FUJIFILM Holdings Corp.		131,817
	30,278	Fujikura Ltd.		124,510
	9,384	Fujitsu General Ltd.		136,579
	1,877	Fujitsu Ltd.		137,099
	3,200	Fukuyama Transporting Co. Ltd.		122,685
	5,216	Glory Ltd.		131,132
	1,111	Goldwin, Inc.		176,762
	8,448	Hakuhodo DY Holdings, Inc.		142,071
	3,641	Hamamatsu Photonics K.K.		147,275

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

6

Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	3,502	Hankyu Hanshin Holdings, Inc.	$	130,490
	6,504	Heiwa Corp.(a)		129,175
	688	Hikari Tsushin, Inc.		126,882
	1,281	Hirose Electric Co. Ltd.		147,912
	3,508	HIS Co. Ltd.		111,500
	3,332	Hitachi High-Technologies Corp.		148,089
	12,457	Hitachi Metals Ltd.		143,276
	4,306	Hitachi Transport System Ltd.		119,079
	19,852	Hokkaido Electric Power Co., Inc.		111,046
	14,781	Hokuriku Electric Power Co.(b)		109,622
	4,533	Honda Motor Co. Ltd.		126,212
	2,529	Horiba Ltd.		152,137
	3,223	House Foods Group, Inc.		129,354
	2,127	Hoya Corp.		149,248
	14,038	Hulic Co. Ltd.		120,749
	9,063	Ibiden Co. Ltd.		161,852
	4,787	IHI Corp.		113,341
	6,923	Iida Group Holdings Co. Ltd.		116,797
	12,820	Isetan Mitsukoshi Holdings Ltd.		121,898
	2,837	Ito EN Ltd.		140,863
	7,180	ITOCHU Corp.		128,934
	5,390	ITOCHU Techno-Solutions Corp.		131,683
	21,744	Itoham Yonekyu Holdings, Inc.		135,296
	3,503	Japan Airlines Co. Ltd.		117,286
	7,190	Japan Exchange Group, Inc.		116,718
	11,792	Japan Post Bank Co. Ltd.		129,487
	10,735	Japan Post Holdings Co. Ltd.		119,808
	5,640	Japan Post Insurance Co. Ltd.		113,686
	4,997	Japan Tobacco, Inc.		115,576
	7,775	JSR Corp.		117,838
	4,955	Kagome Co. Ltd.		134,580
	2,640	Kaken Pharmaceutical Co. Ltd.		112,474
	13,985	Kandenko Co. Ltd.		117,405
	3,251	Kaneka Corp.		124,932
	8,677	Kansai Electric Power Co., Inc. (The)		104,825
	6,844	Kansai Paint Co. Ltd.		129,967
	1,704	Kao Corp.		130,919
	5,315	KDDI Corp.		121,237
	3,140	Keihan Holdings Co. Ltd.		133,212
	7,871	Keikyu Corp.		133,993
	2,223	Keio Corp.		133,729
	5,562	Kewpie Corp.		128,144
	8,090	Kinden Corp.		129,513
	2,862	Kintetsu Group Holdings Co. Ltd.		126,815
	5,649	Kirin Holdings Co. Ltd.		127,790
	1,570	Kobayashi Pharmaceutical Co. Ltd.		124,895
	16,025	Kobe Steel Ltd.		122,157
	7,360	Koei Tecmo Holdings Co. Ltd.		133,620
	8,612	Kokuyo Co. Ltd.		109,182
	5,090	Komeri Co. Ltd.		107,079
	3,251	Konami Holdings Corp.		147,700
	12,994	Konica Minolta, Inc.		129,969
	818	Kose Corp.		153,134
	13,764	K’s Holdings Corp.		122,717
	9,674	Kuraray Co. Ltd.		129,160
	1,820	Kusuri NO Aoki Holdings Co. Ltd.		127,788

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	6,462	KYORIN Holdings, Inc.	$	121,030
	2,754	Kyoritsu Maintenance Co. Ltd.		140,945
	6,767	Kyowa Hakko Kirin Co. Ltd.		130,996
	3,687	Kyudenko Corp.		104,610
	10,623	Kyushu Electric Power Co., Inc.		102,725
	3,763	Kyushu Railway Co.		122,308
	2,182	Lawson, Inc.		101,680
	5,640	Lintec Corp.		121,485
	6,356	Lion Corp.		130,573
	6,582	Maeda Road Construction Co. Ltd.		130,015
	3,864	Maruha Nichiro Corp.		122,121
	4,272	Maruichi Steel Tube Ltd.		117,756
	11,713	Matsui Securities Co. Ltd.		104,116
	11,125	Mazda Motor Corp.		131,402
	5,503	Medipal Holdings Corp.		123,277
	5,274	Megmilk Snow Brand Co. Ltd.		116,158
	1,627	MEIJI Holdings Co. Ltd.		127,823
	4,785	Miraca Holdings, Inc.		122,144
	4,529	Mitsubishi Corp.		124,270
	7,352	Mitsubishi Estate Co. Ltd.		123,804
	3,200	Mitsubishi Heavy Industries Ltd.		132,769
	22,232	Mitsubishi Motors Corp.		124,359
	4,966	Mitsubishi Shokuhin Co. Ltd.		128,414
	9,219	Mitsubishi Tanabe Pharma Corp.		115,719
	8,032	Mitsui & Co. Ltd.		129,377
	5,148	Mitsui Chemicals, Inc.		125,632
	80,786	Mizuho Financial Group, Inc.		125,848
	2,466	Mochida Pharmaceutical Co. Ltd.		114,250
	5,407	MonotaRO Co. Ltd.		124,379
	2,906	Morinaga & Co. Ltd.		120,676
	4,017	Morinaga Milk Industry Co. Ltd.		132,187
	2,520	Murata Manufacturing Co. Ltd.		134,853
	4,704	Nagoya Railroad Co. Ltd.		127,129
	4,748	Nankai Electric Railway Co. Ltd.		129,171
	3,854	NEC Corp.		129,591
	8,651	Nexon Co. Ltd.(b)		123,969
	3,502	NH Foods Ltd.		140,552
	5,244	Nichirei Corp.		120,630
	4,297	Nihon Kohden Corp.		124,811
	8,730	Nikon Corp.		121,495
	6,582	Nippo Corp.		133,324
	2,158	Nippon Express Co. Ltd.		118,193
	10,516	Nippon Kayaku Co. Ltd.		123,123
	3,300	Nippon Paint Holdings Co. Ltd.		124,889
	1,911	Nippon Shokubai Co. Ltd.		132,119
	2,959	Nippon Telegraph & Telephone Corp.		122,637
	8,349	Nippon Television Holdings, Inc.		121,740
	5,303	Nishi-Nippon Railroad Co. Ltd.		124,415
	2,564	Nissan Chemical Corp.		113,495
	14,662	Nissan Motor Co. Ltd.		117,599
	14,566	Nissan Shatai Co. Ltd.		133,399
	6,039	Nisshin Seifun Group, Inc.		140,110
	1,877	Nissin Foods Holdings Co. Ltd.		123,532
	1,032	Nitori Holdings Co. Ltd.		122,774
	3,763	NOF Corp.		133,627
	6,756	Nomura Real Estate Holdings, Inc.		142,854

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

7

Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	12,060	NTT Data Corp.	$	140,118
	5,469	NTT DoCoMo, Inc.		118,366
	3,307	OBIC Business Consultants Co. Ltd.(a)		132,280
	1,355	OBIC Co. Ltd.		156,456
	5,470	Odakyu Electric Railway Co. Ltd.		128,382
	11,683	Olympus Corp.		130,493
	6,137	Ono Pharmaceutical Co. Ltd.		114,585
	117,056	Orient Corp.		122,968
	1,185	Oriental Land Co. Ltd.		130,549
	9,154	ORIX Corp.		129,163
	6,232	Osaka Gas Co. Ltd.		114,988
	6,462	OSG Corp.		129,327
	3,057	Otsuka Holdings Co. Ltd.		108,940
	2,497	PALTAC CORPORATION		136,985
	2,181	Pan Pacific International Holdings Corp.		140,406
	13,677	Panasonic Corp.		125,380
	2,694	PeptiDream, Inc.(b)		144,889
	3,054	Pigeon Corp.		129,289
	2,815	Pilot Corp.		116,265
	16,903	Rakuten, Inc.		187,432
	14,586	Rengo Co. Ltd.		127,951
	1,964	Rinnai Corp.		131,903
	1,962	Rohm Co. Ltd.		143,572
	4,781	Rohto Pharmaceutical Co. Ltd.		133,718
	542	Ryohin Keikaku Co. Ltd.		102,877
	3,512	Sankyo Co. Ltd.		138,273
	2,578	Sankyu, Inc.		123,142
	6,083	Sanrio Co. Ltd.(a)		138,455
	10,943	Sanwa Holdings Corp.		131,070
	2,270	Sawai Pharmaceutical Co. Ltd.		121,474
	3,097	SCREEN Holdings Co. Ltd.		148,489
	1,538	Secom Co. Ltd.		128,950
	7,095	Seibu Holdings, Inc.		115,113
	9,387	Seino Holdings Co. Ltd.		127,183
	8,726	Sekisui House Ltd.		140,399
	2,908	Seven & i Holdings Co. Ltd.		100,758
	43,598	Seven Bank Ltd.		118,219
	5,470	Shiga Bank Ltd. (The)(a)		130,249
	10,236	Shikoku Electric Power Co., Inc.		103,118
	4,751	Shimachu Co. Ltd.		114,365
	1,498	Shimamura Co. Ltd.		111,501
	873	Shimano, Inc.		127,687
	1,876	Shiseido Co. Ltd.		146,846
	29,402	SKY Perfect JSAT Holdings, Inc.		117,212
	8,792	Skylark Holdings Co. Ltd.		144,698
	345	SMC Corp.		142,677
	2,906	Sohgo Security Services Co. Ltd.		129,286
	34,293	Sojitz Corp.		117,928
	3,471	Sompo Holdings, Inc.		129,677
	2,638	Sony Corp.		123,450
	6,827	Sony Financial Holdings, Inc.		138,961
	4,272	Sotetsu Holdings, Inc.		117,947
	4,446	Stanley Electric Co. Ltd.		120,157
	5,025	Subaru Corp.		122,743
	2,965	Sugi Holdings Co. Ltd.		149,348
	3,402	Sumitomo Bakelite Co. Ltd.		132,262

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	5,044	Sumitomo Dainippon Pharma Co. Ltd.	$	110,957
	3,589	Sumitomo Mitsui Financial Group, Inc.		129,575
	3,415	Sumitomo Mitsui Trust Holdings, Inc.		118,479
	3,080	Sumitomo Osaka Cement Co. Ltd.		124,998
	3,415	Sumitomo Realty & Development Co. Ltd.		125,807
	4,102	Sundrug Co. Ltd.		109,608
	2,914	Suntory Beverage & Food Ltd.		128,203
	2,335	Suzuken Co. Ltd.		134,177
	2,500	Suzuki Motor Corp.		113,692
	2,732	Taisei Corp.		119,582
	1,323	Taisho Pharmaceutical Holdings Co. Ltd.		122,114
	9,131	Taiyo Nippon Sanso Corp.		151,589
	5,605	Takara Bio, Inc.		122,392
	9,680	Takashimaya Co. Ltd.		108,555
	3,185	Takeda Pharmaceutical Co. Ltd.		117,591
	7,526	Teijin Ltd.		128,863
	4,160	Terumo Corp.		125,015
	3,579	Toho Co. Ltd.		149,587
	2,869	Toho Gas Co. Ltd.		117,980
	9,930	Tohoku Electric Power Co., Inc.		113,409
	2,647	Tokio Marine Holdings, Inc.		133,140
	2,857	Tokyo Century Corp.		131,339
	20,259	Tokyo Electric Power Co. Holdings, Inc.(b)		114,233
	4,557	Tokyo Gas Co. Ltd.		115,669
	18,264	Toray Industries, Inc.		124,302
	4,081	Toshiba Corp.		135,575
	6,906	Toshiba Plant Systems & Services Corp.		123,517
	8,860	Tosoh Corp.		141,999
	3,506	Toyo Suisan Kaisha Ltd.		133,315
	5,640	Toyoda Gosei Co. Ltd.		116,978
	7,927	Toyota Boshoku Corp.		117,010
	2,136	Toyota Motor Corp.		132,427
	2,647	Trend Micro, Inc.		132,142
	4,040	Tsumura & Co.		123,875
	7,024	TV Asahi Holdings Corp.		123,358
	3,941	Unicharm Corp.		129,120
	7,095	USS Co. Ltd.		135,434
	5,108	Wacoal Holdings Corp.		125,940
	3,577	Welcia Holdings Co. Ltd.(a)		140,511
	1,723	West Japan Railway Co.		127,815
	27,032	Yamada Denki Co. Ltd.(a)		127,909
	13,677	Yamaguchi Financial Group, Inc.		100,697
	4,934	Yamato Holdings Co. Ltd.		106,876
	7,458	Yamazaki Baking Co. Ltd.		110,623
	2,442	Yaoko Co. Ltd.		115,769
	3,478	Zenkoku Hosho Co. Ltd.		121,476
	5,515	Zensho Holdings Co. Ltd.		123,992
	12,617	Zeon Corp.		122,687
				34,631,353
		Luxembourg—0.5%
	68,465	L’Occitane International S.A.		123,047
	2,306	RTL Group S.A.(a)		129,475
	6,288	SES S.A. FDR, Class A		106,903
	9,661	Tenaris S.A.		134,039
				493,464

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

8

Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Macau—0.1%
	743,163	Macau Legend Development Ltd.	$	120,302
		Mexico—0.1%
	10,920	Fresnillo PLC(a)		106,598
		Netherlands—1.6%
	3,675	Aalberts N.V.		144,150
	1,414	Akzo Nobel N.V.		119,960
	2,945	ASR Nederland N.V.		130,698
	2,120	Exor N.V.		141,033
	5,938	GrandVision N.V.(c)		133,494
	1,340	Heineken Holding N.V.		135,982
	1,322	Heineken N.V.		142,586
	4,965	Koninklijke Ahold Delhaize N.V.		119,409
	40,963	Koninklijke KPN N.V.		125,602
	2,605	Koninklijke Vopak N.V.		116,047
	2,925	NN Group N.V.		127,254
	4,927	Signify N.V.(c)		147,595
	2,036	Wolters Kluwer N.V.		141,879
				1,725,689
		New Zealand—1.1%
	13,486	a2 Milk Co. Ltd.(b)		150,826
	74,599	Air New Zealand Ltd.		133,579
	24,222	Auckland International Airport Ltd.		128,745
	29,702	Contact Energy Ltd.		132,914
	132,281	Kiwi Property Group Ltd.		135,856
	53,755	Mercury NZ Ltd.		132,642
	52,375	Meridian Energy Ltd.		141,811
	48,569	SKYCITY Entertainment Group Ltd.		132,154
	50,344	Spark New Zealand Ltd.		123,218
				1,211,745
		Norway—0.8%
	7,113	Gjensidige Forsikring ASA		137,818
	16,575	Leroy Seafood Group ASA		119,490
	5,456	Mowi ASA		117,922
	15,974	Orkla ASA		124,947
	2,578	Salmar ASA		116,863
	1,874	Schibsted ASA, Class B		44,729
	1,525	Schibsted ASA, Class A		39,926
	6,464	Telenor ASA		129,467
				831,162
		Poland—0.9%
	4,280	Bank Polska Kasa Opieki S.A.		127,122
	19,372	Cyfrowy Polsat S.A.(b)		134,103
	4,600	Dino Polska S.A.(b)(c)		152,608
	61	LPP S.A.		136,482
	41,000	PGE Polska Grupa Energetyczna S.A.(b)		101,962
	71,206	Polskie Gornictwo Naftowe i Gazownictwo S.A.		107,885
	12,652	Powszechna Kasa Oszczednosci Bank Polski S.A.		129,689
	11,847	Powszechny Zaklad Ubezpieczen S.A.		129,979
				1,019,830

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Portugal—0.3%
	36,076	EDP-Energias de Portugal S.A.	$	136,614
	8,504	Jeronimo Martins SGPS S.A.		138,382
				274,996
		Russia—0.4%
	17,661	Evraz PLC		144,497
	10,970	Polymetal International PLC		115,352
	49,227	VEON Ltd.		117,510
				377,359
		Singapore—3.0%
	61,365	Ascendas Real Estate Investment Trust		135,245
	14,697	BOC Aviation Ltd.(c)		126,449
	89,822	CapitaLand Commercial Trust		128,015
	49,607	CapitaLand Ltd.		128,646
	71,188	CapitaLand Mall Trust		126,561
	73,372	ComfortDelGro Corp. Ltd.		144,997
	102,224	Frasers Property Ltd.		139,683
	4,722	Jardine Cycle & Carriage Ltd.		123,219
	140,199	Keppel REIT		125,656
	99,365	Mapletree Commercial Trust		140,886
	86,169	Mapletree Industrial Trust		130,406
	124,040	Mapletree Logistics Trust		134,866
	34,696	SATS Ltd.		133,309
	65,571	Sembcorp Industries Ltd.		128,136
	73,252	SIA Engineering Co. Ltd.		134,536
	17,276	Singapore Airlines Ltd.		122,856
	22,580	Singapore Exchange Ltd.		122,422
	169,071	Singapore Post Ltd.		129,175
	69,792	Singapore Press Holdings Ltd.		128,694
	46,103	Singapore Technologies Engineering Ltd.		134,123
	57,085	Singapore Telecommunications Ltd.		132,941
	89,856	Suntec Real Estate Investment Trust		122,123
	10,009	Venture Corp. Ltd.		124,781
	54,856	Wilmar International Ltd.		146,691
	84,932	Wing Tai Holdings Ltd.		127,910
				3,272,326
		South Africa—0.2%
	4,723	Anglo American PLC		121,998
	19,459	Investec PLC		123,033
				245,031
		South Korea—7.6%
	16,030	BGF Co. Ltd.		113,074
	20,025	BNK Financial Group, Inc.		120,169
	5,717	Cheil Worldwide, Inc.		124,554
	453	CJ CheilJedang Corp.		122,155
	1,095	CJ CheilJedang Corp. (Preference Shares)		129,827
	1,175	CJ Corp.		120,201
	605	CJ ENM Co. Ltd.		113,371
	748	CJ Logistics Corp.(b)		100,852
	1,529	Daelim Industrial Co. Ltd.		126,702
	1,970	DB Insurance Co. Ltd.		115,352
	16,864	DGB Financial Group, Inc.		121,555
	6,808	Dongsuh Cos., Inc.		113,938
	4,476	Doosan Bobcat, Inc.		122,423
	792	E-MART, Inc.		116,615

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

9

Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		South Korea (continued)
	2,592	Fila Korea Ltd.	$	182,837
	2,642	GS Holdings Corp.		117,608
	3,721	GS Retail Co. Ltd.		124,707
	3,713	Hana Financial Group, Inc.		116,970
	3,340	Hankook Tire Co. Ltd.		113,654
	299	Hanmi Pharm Co. Ltd.		111,215
	1,766	Hanmi Science Co. Ltd.		113,687
	11,579	Hanon Systems		124,399
	9,256	Hanwha Corp. (Preference Shares)		116,874
	7,990	Hite Jinro Co. Ltd.		138,849
	1,475	Hyundai Department Store Co. Ltd.		128,162
	1,008	Hyundai Glovis Co. Ltd.		137,633
	3,777	Hyundai Marine & Fire Insurance Co. Ltd.		123,674
	2,316	Hyundai Mipo Dockyard Co. Ltd.		111,423
	10,178	Industrial Bank of Korea		123,288
	1,368	Kakao Corp.		140,530
	4,842	Kangwon Land, Inc.		140,930
	3,281	KB Financial Group, Inc.		129,763
	3,975	Kia Motors Corp.		153,977
	308	Korea Zinc Co. Ltd.		119,308
	3,866	Korean Air Lines Co. Ltd.		109,710
	1,374	KT&G Corp.		119,974
	1,454	Kumho Petrochemical Co. Ltd.		114,264
	338	LG Chem Ltd.		104,454
	53	LG Chem Ltd. (Preference Shares)		9,097
	1,961	LG Corp.		122,547
	199	LG Household & Health Care Ltd. (Preference Shares)		137,817
	9,408	LG Uplus Corp.		115,169
	449	Lotte Chemical Corp.		103,203
	93	Lotte Chilsung Beverage Co. Ltd.		137,810
	2,852	LOTTE Fine Chemical Co. Ltd.		117,435
	778	Lotte Shopping Co. Ltd.		118,550
	274	Medy-Tox, Inc.		131,142
	320	NCSoft Corp.		144,091
	1,176	Netmarble Corp.(b)(c)		128,357
	540	NongShim Co. Ltd.		129,666
	1,262	Orion Corp.		104,685
	191	Ottogi Corp.		118,706
	538	POSCO		117,442
	2,121	POSCO Chemical Co. Ltd.		104,039
	1,390	S-1 Corp.		116,612
	4,233	Samsung Card Co. Ltd.		134,438
	1,322	Samsung Electro-Mechanics Co. Ltd.		122,790
	8,881	Samsung Engineering Co. Ltd.(b)		129,625
	451	Samsung Fire & Marine Insurance Co. Ltd.		117,368
	39	Samsung Fire & Marine Insurance Co. Ltd. (Preference Shares)		6,594
	1,596	Samsung Life Insurance Co. Ltd.		115,996
	620	Samsung SDI Co. Ltd.		125,523
	3,308	Shinhan Financial Group Co. Ltd.		124,884
	544	SK Holdings Co. Ltd.		119,450
	1,945	SK Hynix, Inc.		131,537
	760	SK Innovation Co. Ltd.		118,735
	545	SK Telecom Co. Ltd.		115,471
	1,406	S-Oil Corp.		110,973

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		South Korea (continued)
	1,533	Woongjin Coway Co. Ltd.	$	115,223
	9,662	Woori Financial Group, Inc.		114,556
				8,338,209
		Spain—2.3%
	11,692	Acerinox S.A.		121,519
	2,905	ACS Actividades de Construccion y Servicios S.A.		133,253
	727	Aena SME S.A.(c)		134,719
	1,641	Amadeus IT Group S.A.		130,427
	15,886	Bankinter S.A.		126,725
	2,629	Corp. Financiera Alba S.A.		135,236
	13,579	EDP Renovaveis S.A.		134,679
	4,529	Enagas S.A.		128,922
	5,153	Endesa S.A.		128,262
	6,016	Ferrovial S.A.		148,057
	8,743	Fomento de Construcciones y Contratas S.A.(b)		106,997
	3,064	Grifols S.A.		84,953
	2,420	Grifols S.A. (Preference Shares), Class B		46,594
	15,294	Iberdrola S.A.		138,800
	13,438	Inmobiliaria Colonial Socimi S.A.		144,500
	45,497	Mapfre S.A.		136,394
	10,300	MERLIN Properties SOCIMI S.A.		140,250
	5,917	Red Electrica Corp. S.A.		122,577
	7,408	Repsol S.A.		125,612
	14,887	Telefonica S.A.		123,995
				2,492,471
		Sweden—2.0%
	6,364	Assa Abloy AB, Class B		135,624
	6,977	Castellum AB		125,313
	4,872	Electrolux AB, Series B		119,560
	10,889	Elekta AB, Class B		128,856
	4,703	Essity AB, Class B		139,406
	4,163	Fastighets AB Balder, Class B(b)		131,457
	16,089	Husqvarna AB, Class B(a)		146,661
	3,329	ICA Gruppen AB(a)		120,284
	10,008	Investment AB Latour, Class B(a)		141,591
	4,162	L E Lundbergforetagen AB, Class B		142,107
	8,252	Securitas AB, Class B		144,090
	12,364	Skandinaviska Enskilda Banken AB, Class A		117,855
	198	Skandinaviska Enskilda Banken AB, Class C		1,916
	10,936	Svenska Handelsbanken AB, Class A		119,232
	312	Svenska Handelsbanken AB, Class B		3,387
	6,992	Swedbank AB, Class A		113,300
	2,701	Swedish Match AB		131,430
	9,680	Tele2 AB, Class B		129,008
	29,367	Telia Co. AB		124,921
				2,215,998
		Switzerland—3.2%
	277	Alcon, Inc.(b)		15,951
	159	Banque Cantonale Vaudoise		125,452
	77	Barry Callebaut AG		141,003
	1	Chocoladefabriken Lindt & Spruengli AG		75,859
	11	Chocoladefabriken Lindt & Spruengli AG-PC		73,135

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

10

Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Switzerland (continued)
	3,770	Coca-Cola HBC AG	$	134,714
	2,169	DKSH Holding AG		133,141
	718	Flughafen Zurich AG		118,234
	321	Geberit AG		134,606
	144	Georg Fischer AG		139,902
	53	Givaudan S.A.		137,259
	218	Helvetia Holding AG		138,523
	3,468	Logitech International S.A.		135,589
	1,462	Nestle S.A.		140,676
	1,399	Novartis AG		114,240
	1,568	Pargesa Holding S.A.-BR		123,409
	1,262	PSP Swiss Property AG		128,801
	459	Roche Holding AG		120,989
	186	Schindler Holding AG		39,500
	388	Schindler Holding AG-PC		83,692
	52	SGS S.A.		137,221
	945	Sika AG		144,671
	708	Sonova Holding AG		142,781
	498	Swatch Group AG (The)		29,225
	332	Swatch Group AG (The)-BR		101,392
	300	Swiss Life Holding AG		141,050
	1,523	Swiss Prime Site AG(b)		122,258
	1,291	Swiss RE AG		124,235
	280	Swisscom AG		130,438
	400	Zurich Insurance Group AG		127,537
				3,455,483
		Taiwan—0.1%
	247,039	FIT Hon Teng Ltd.(c)		128,788
		United Arab Emirates—0.1%
	3,656	NMC Health PLC		134,501
		United Kingdom—7.3%
	4,418	Admiral Group PLC		126,940
	23,376	Ashmore Group PLC(a)		139,876
	4,393	Associated British Foods PLC		146,552
	1,524	AstraZeneca PLC		113,762
	20,777	Auto Trader Group PLC(c)		153,144
	57,403	Barclays PLC		122,936
	2,422	Berkeley Group Holdings PLC (The)		118,593
	44,455	BT Group PLC		132,743
	4,130	Bunzl PLC		124,318
	75,642	Centrica PLC		104,774
	35,672	Cineworld Group PLC		147,882
	11,810	CNH Industrial N.V., Class A		127,961
	80,002	Cobham PLC(b)		120,252
	5,747	Compass Group PLC		130,587
	1,957	Croda International PLC		132,180
	1,469	DCC PLC		131,143
	2,958	Derwent London PLC		122,241
	3,340	Diageo PLC		140,793
	27,146	Direct Line Insurance Group PLC		116,571
	7,303	easyJet PLC		110,772
	5,020	Experian PLC		145,611
	6,387	GlaxoSmithKline PLC		131,008
	14,310	GVC Holdings PLC		121,781
	6,362	Halma PLC		149,247

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		United Kingdom (continued)
	6,093	Hiscox Ltd.	$	132,968
	18,183	Howden Joinery Group PLC		120,418
	15,538	HSBC Holdings PLC		135,129
	10,383	IMI PLC		142,194
	16,143	Inchcape PLC		129,320
	14,007	Informa PLC		142,247
	16,003	International Consolidated Airlines Group S.A.		112,740
	152,360	Lloyds Banking Group PLC		124,279
	2,207	London Stock Exchange Group PLC		144,261
	36,096	Marks & Spencer Group PLC		134,535
	11,237	National Grid PLC		122,481
	11,385	Pearson PLC		123,219
	12,414	Pennon Group PLC		121,150
	13,891	Phoenix Group Holdings PLC		130,838
	1,704	Reckitt Benckiser Group PLC		137,661
	5,594	RELX PLC		128,277
	2,246	Renishaw PLC		132,111
	20,422	Rightmove PLC		143,925
	9,752	Rolls-Royce Holdings PLC		116,275
	710,426	Rolls-Royce Holdings PLC		926
	34,498	Royal Mail PLC		113,693
	18,191	RSA Insurance Group PLC		128,534
	15,332	Sage Group PLC (The)		144,990
	3,614	Schroders PLC		149,210
	14,705	Segro PLC		130,050
	4,762	Severn Trent PLC		126,394
	6,712	Smith & Nephew PLC		129,545
	6,657	Smiths Group PLC		132,129
	1,489	Spirax-Sarco Engineering PLC		160,144
	7,991	SSE PLC		119,228
	16,283	Standard Chartered PLC		148,591
	40,854	Standard Life Aberdeen PLC		148,540
	13,791	Tate & Lyle PLC		138,004
	2,428	Unilever N.V. CVA		146,828
	2,408	Unilever PLC		146,208
	11,417	United Utilities Group PLC		123,357
	1,971	Whitbread PLC		114,599
	11,783	WPP PLC		146,912
				8,033,577
		United States—0.5%
	1,828	Ferguson PLC		129,639
	3,329	QIAGEN N.V.(b)		128,452
	41,956	Samsonite International S.A.(c)		120,326
	1,561	Waste Connections, Inc.		144,287
				522,704
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $106,603,671)—99.5%		108,851,963

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

11

Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—2.8%
	2,343,298	Invesco Government & Agency Portfolio—Institutional Class 2.34%(d)(e)	$	2,343,298
	780,865	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		781,100
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,124,398)		3,124,398
		Total Investments in Securities (Cost $109,728,069)—102.3%		111,976,361
		Other assets less liabilities—(2.3)%		(2,537,829	)
		Net Assets—100.0%	$	109,438,532

Abbreviations:

BR—Bearer Shares

CVA—Dutch Certificates

FDR—Fiduciary Depositary Receipt

PC—Participation Certificate

REIT—Real Estate Investment Trust

RSP—Registered Savings Plan Shares

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at April 30, 2019.

^(b)  Non-income producing security.

^(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 April 30, 2019 was $2,531,486, which represented 2.31% of the Fund’s Net Assets.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2K.

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

12

Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM)

April 30, 2019

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Financials	39.7
Energy	10.6
Materials	7.8
Communication Services	7.4
Consumer Discretionary	7.1
Consumer Staples	6.5
Industrials	5.6
Information Technology	5.3
Utilities	4.6
Real Estate	3.4
Health Care	1.8
Money Market Funds Plus Other Assets Less Liabilities	0.2

Schedule of Investments

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.7%
		Brazil—4.1%
	6,730	Ambev S.A.	$	31,467
	600	Atacadao S.A.		3,220
	261	B2W Cia Digital(a)		2,527
	2,938	B3 S.A.—Brasil Bolsa Balcao		25,622
	1,725	Banco Bradesco S.A.		13,537
	5,632	Banco Bradesco S.A. (Preference Shares)		50,727
	1,227	Banco do Brasil S.A.		15,431
	587	Banco Santander Brasil S.A.		6,688
	999	BB Seguridade Participacoes S.A.		7,147
	1,184	BR Malls Participacoes S.A.		3,687
	246	Braskem S.A. (Preference Shares), Class A		2,975
	700	BRF S.A.(a)		5,502
	1,729	CCR S.A.		5,117
	300	Centrais Eletricas Brasileiras S.A.		2,483
	322	Centrais Eletricas Brasileiras S.A. (Preference Shares), Class B		2,824
	227	Cia Brasileira de Distribuicao (Preference Shares), Class A		5,545
	500	Cia de Saneamento Basico do Estado de Sao Paulo		5,949
	1,247	Cia Energetica de Minas Gerais (Preference Shares)		4,653
	1,000	Cia Siderurgica Nacional S.A.(a)		3,681
	1,744	Cielo S.A.		3,391
	233	Cosan S.A.		2,765
	951	Embraer S.A.		4,728
	291	Engie Brasil Energia S.A.		3,277
	241	Equatorial Energia S.A.		5,009

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Brazil (continued)
	1,472	Gerdau S.A. (Preference Shares)	$	5,273
	496	Hypera S.A.		3,526
	156	IRB Brasil Resseguros S.A.		3,708
	6,814	Itau Unibanco Holding S.A. (Preference Shares)		58,354
	6,306	Itausa—Investimentos Itau S.A. (Preference Shares)		19,012
	1,005	Klabin S.A.		4,223
	1,994	Kroton Educacional S.A.		4,922
	714	Localiza Rent a Car S.A.		6,543
	1,056	Lojas Americanas S.A. (Preference Shares)		4,202
	1,024	Lojas Renner S.A.		12,152
	145	M Dias Branco S.A.		1,527
	109	Magazine Luiza S.A.		5,277
	403	Multiplan Empreendimentos Imobiliarios S.A.		2,444
	200	Natura Cosmeticos S.A.		2,645
	499	Petrobras Distribuidora S.A.		2,994
	4,248	Petroleo Brasileiro S.A.		32,218
	5,595	Petroleo Brasileiro S.A. (Preference Shares)		38,397
	138	Porto Seguro S.A.		1,891
	330	Raia Drogasil S.A.		5,776
	1,557	Rumo S.A.(a)		7,134
	300	Sul America S.A.		2,369
	831	Suzano S.A.		8,568
	639	Telefonica Brasil S.A. (Preference Shares)		7,533
	1,209	TIM Participacoes S.A.		3,578
	1,032	Ultrapar Participacoes S.A.		5,486

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

13

Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Brazil (continued)
	4,424	Vale S.A.	$	56,108
	1,198	WEG S.A.		5,635
				529,447
		Chile—3.8%
	24,200	Aguas Andinas S.A., Class A		13,886
	233,712	Banco de Chile		34,169
	440	Banco de Credito e Inversiones S.A.		29,193
	598,808	Banco Santander Chile		41,936
	13,248	Cencosud S.A.		25,047
	1,368	Cia Cervecerias Unidas S.A.		18,839
	73,029	Colbun S.A.		16,267
	2,628	Embotelladora Andina S.A. (Preference Shares), Class B		9,349
	1,397	Empresa Nacional de Telecomunicaciones S.A.		14,578
	11,568	Empresas CMPC S.A.		38,802
	3,609	Empresas COPEC S.A.		45,134
	260,649	Enel Americas S.A.		45,578
	259,618	Enel Chile S.A.		26,069
	1,422,596	Itau CorpBanca		12,663
	2,806	Latam Airlines Group S.A.		27,731
	6,633	S.A.C.I. Falabella		48,794
	1,091	Sociedad Quimica y Minera de Chile S.A. (Preference Shares), Series B		38,763
				486,798
		China—4.4%
	500	3SBio, Inc.(b)		924
	8	51job, Inc. ADR(a)		739
	28	58.com, Inc. ADR(a)		2,010
	250	AAC Technologies Holdings, Inc.		1,616
	453	Agile Group Holdings Ltd.		685
	400	Agricultural Bank of China Ltd.		223
	9,646	Agricultural Bank of China Ltd., H-Shares		4,451
	603	Air China Ltd., H-Shares		719
	428	Alibaba Group Holding Ltd. ADR(a)		79,424
	1,157	Alibaba Health Information Technology Ltd.(a)		1,383
	100	Aluminum Corp. of China Ltd.(a)		62
	2,000	Aluminum Corp. of China Ltd., H-Shares(a)		783
	359	Angang Steel Co. Ltd., H-Shares(c)		241
	408	Anhui Conch Cement Co. Ltd., H-Shares		2,488
	317	ANTA Sports Products Ltd.		2,234
	18	Autohome, Inc. ADR(a)		2,079
	1,000	AviChina Industry & Technology Co. Ltd., H-Shares(c)		588
	500	BAIC Motor Corp. Ltd., H-Shares(b)		351
	92	Baidu, Inc. ADR(a)		15,293
	100	Bank of Beijing Co. Ltd.		95
	200	Bank of China Ltd.		116
	26,241	Bank of China Ltd., H-Shares		12,509
	200	Bank of Communications Co. Ltd.		186
	3,000	Bank of Communications Co. Ltd., H-Shares		2,528
	100	Bank of Jiangsu Co. Ltd.		109
	100	Bank of Shanghai Co. Ltd.		188
	100	Baoshan Iron & Steel Co. Ltd.		106
	11	Baozun, Inc. ADR(a)(c)		534
	1,000	BBMG Corp., H-Shares		352

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		China (continued)
	559	Beijing Capital International Airport Co. Ltd., H-Shares	$	497
	167	Beijing Enterprises Holdings Ltd.		889
	2,000	Beijing Enterprises Water Group Ltd.		1,242
	200	BOE Technology Group Co. Ltd		107
	1,000	Brilliance China Automotive Holdings Ltd.		1,100
	212	BYD Co. Ltd., H-Shares(c)		1,443
	223	BYD Electronic International Co. Ltd.		399
	249	CAR, Inc.(a)		202
	3,000	CGN Power Co. Ltd., H-Shares(b)		792
	1,000	China Agri-Industries Holdings Ltd.		323
	3,000	China Cinda Asset Management Co. Ltd., H-Shares		799
	3,000	China CITIC Bank Corp. Ltd., H-Shares		1,923
	1,000	China Coal Energy Co. Ltd., H-Shares		441
	1,462	China Communications Construction Co. Ltd., H-Shares		1,407
	790	China Communications Services Corp. Ltd., H-Shares		636
	500	China Conch Venture Holdings Ltd.		1,689
	31,766	China Construction Bank Corp., H-Shares		28,060
	462	China Eastern Airlines Corp. Ltd., H-Shares		328
	200	China Everbright Bank Co. Ltd.		124
	1,000	China Everbright Bank Co. Ltd., H-Shares		493
	1,000	China Everbright International Ltd.		979
	306	China Everbright Ltd.		557
	861	China Evergrande Group(c)		2,760
	1,000	China Galaxy Securities Co. Ltd., H-Shares		654
	716	China Hongqiao Group Ltd.		590
	3,000	China Huarong Asset Management Co. Ltd., H-Shares(b)		642
	400	China International Capital Corp. Ltd., H-Shares(b)		859
	2,000	China Jinmao Holdings Group Ltd.		1,295
	2,458	China Life Insurance Co. Ltd., H-Shares		6,955
	60	China Literature Ltd.(a)(b)		272
	1,000	China Longyuan Power Group Corp. Ltd., H-Shares		688
	452	China Medical System Holdings Ltd.		400
	1,000	China Mengniu Dairy Co. Ltd.		3,696
	100	China Merchants Bank Co. Ltd.		511
	1,289	China Merchants Bank Co. Ltd., H-Shares		6,383
	439	China Merchants Port Holdings Co. Ltd.		886
	200	China Minsheng Banking Corp. Ltd., Class A		190
	1,800	China Minsheng Banking Corp. Ltd., H-Shares		1,351
	2,029	China Mobile Ltd.		19,332
	100	China Molybdenum Co. Ltd.		63
	1,234	China Molybdenum Co. Ltd., H-Shares		464
	1,278	China National Building Material Co. Ltd., H-Shares		1,188
	100	China National Nuclear Power Co. Ltd.		88
	598	China Oilfield Services Ltd., H-Shares		640
	369	China Oriental Group Co. Ltd.		226
	1,267	China Overseas Land & Investment Ltd.		4,740
	871	China Pacific Insurance Group Co. Ltd., H-Shares		3,569

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

14

Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		China (continued)
	100	China Petroleum & Chemical Corp.	$	84
	8,428	China Petroleum & Chemical Corp., H-Shares		6,478
	1,000	China Power International Development Ltd.		266
	100	China Railway Construction Corp. Ltd.		161
	500	China Railway Construction Corp. Ltd., H-Shares		590
	1,251	China Railway Group Ltd., H-Shares		985
	488	China Railway Signal & Communication Corp. Ltd., H-Shares(b)		358
	2,000	China Reinsurance Group Corp., H-Shares		408
	482	China Resources Beer Holdings Co. Ltd.		2,203
	807	China Resources Cement Holdings Ltd.		808
	294	China Resources Gas Group Ltd.		1,360
	916	China Resources Land Ltd.		3,987
	500	China Resources Pharmaceutical Group Ltd.(b)		711
	581	China Resources Power Holdings Co. Ltd.		813
	1,123	China Shenhua Energy Co. Ltd., H-Shares		2,482
	100	China Shipbuilding Industry Co. Ltd.		84
	606	China Southern Airlines Co. Ltd., H-Shares		528
	200	China State Construction Engineering Corp. Ltd.		182
	667	China State Construction International Holdings Ltd.		691
	534	China Taiping Insurance Holdings Co. Ltd.		1,620
	4,584	China Telecom Corp. Ltd., H-Shares		2,372
	13,102	China Tower Corp. Ltd., H-Shares(b)		3,540
	749	China Traditional Chinese Medicine Holdings Co. Ltd.		425
	721	China Travel International Investment Hong Kong Ltd.		166
	2,000	China Unicom Hong Kong Ltd.		2,373
	200	China United Network Communications Ltd.		198
	400	China Vanke Co. Ltd., H-Shares		1,547
	100	China Yangtze Power Co. Ltd.		250
	400	China Zhongwang Holdings Ltd.		218
	1,000	Chongqing Rural Commercial Bank Co. Ltd., H-Shares		584
	1,154	CIFI Holdings Group Co. Ltd.		766
	2,000	CITIC Ltd.		2,911
	753	CITIC Securities Co. Ltd., H-Shares		1,628
	5,899	CNOOC Ltd.		10,662
	407	COSCO SHIPPING Energy Transportation Co. Ltd., H-Shares		263
	1,000	COSCO SHIPPING Holdings Co. Ltd., H-Shares(a)(c)		465
	555	COSCO SHIPPING Ports Ltd.		553
	2,507	Country Garden Holdings Co. Ltd.		4,039
	330	Country Garden Services Holdings Co. Ltd.(a)		610
	100	CRRC Corp. Ltd.		128
	1,372	CRRC Corp. Ltd., H-Shares		1,198
	1,547	CSPC Pharmaceutical Group Ltd.		2,982
	135	Ctrip.com International Ltd. ADR(a)		5,947
	500	Dali Foods Group Co. Ltd.(b)		356
	100	Daqin Railway Co. Ltd.		127
	1,009	Datang International Power Generation Co. Ltd., H-Shares		261

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		China (continued)
	896	Dongfeng Motor Group Co. Ltd., H-Shares	$	869
	260	ENN Energy Holdings Ltd.		2,456
	1,000	Far East Horizon Ltd.		1,110
	100	Focus Media Information Technology Co. Ltd.		91
	1,000	Fosun International Ltd.		1,550
	586	Future Land Development Holdings Ltd.		698
	167	Fuyao Glass Industry Group Co. Ltd., H-Shares(b)		586
	100	GD Power Development Co. Ltd.		40
	18	GDS Holdings Ltd. ADR(a)(c)		704
	1,631	Geely Automobile Holdings Ltd.		3,272
	303	Genscript Biotech Corp.(a)(c)		772
	400	GF Securities Co. Ltd., H-Shares		540
	3,000	GOME Retail Holdings Ltd.(a)(c)		344
	1,000	Great Wall Motor Co. Ltd., H-Shares		812
	500	Greentown China Holdings Ltd.		453
	321	Greentown Service Group Co. Ltd.(b)		277
	972	Guangdong Investment Ltd.		1,821
	916	Guangzhou Automobile Group Co. Ltd., H-Shares		984
	400	Guangzhou R&F Properties Co. Ltd., H-Shares		794
	200	Guotai Junan Securities Co. Ltd., H-Shares(b)		427
	211	Haitian International Holdings Ltd.		528
	38	Haitong Securities Co. Ltd., H-Shares Rts. expiring 05/24/19(a)		0
	1,070	Haitong Securities Co. Ltd., H-Shares		1,378
	214	Hengan International Group Co. Ltd.		1,886
	8,000	HengTen Networks Group Ltd.(a)		229
	100	Hesteel Co. Ltd.		48
	148	Hua Hong Semiconductor Ltd.(b)		350
	539	Huadian Power International Corp. Ltd., H-Shares		230
	1,397	Huaneng Power International, Inc., H-Shares		894
	2,000	Huaneng Renewables Corp. Ltd., H-Shares		576
	539	Huatai Securities Co. Ltd., H-Shares(b)		1,014
	100	Huaxia Bank Co. Ltd.		119
	40	Huazhu Group Ltd. ADR		1,696
	300	Industrial & Commercial Bank of China Ltd.		259
	22,936	Industrial & Commercial Bank of China Ltd., H-Shares		17,219
	100	Industrial Bank Co. Ltd.		296
	200	Inner Mongolia BaoTou Steel Union Co. Ltd.		51
	300	Inner Mongolia Yitai Coal Co. Ltd., Class B		359
	39	iQIYI, Inc. ADR(a)(c)		862
	241	JD.com, Inc. ADR(a)		7,295
	404	Jiangsu Expressway Co. Ltd., H-Shares		575
	412	Jiangxi Copper Co. Ltd., H-Shares		546
	327	Jiayuan International Group Ltd.		146
	1,000	Kaisa Group Holdings Ltd.		424
	229	Kingboard Holdings Ltd.		746
	761	Kingdee International Software Group Co. Ltd.		931
	272	Kingsoft Corp. Ltd.		695
	1,067	Kunlun Energy Co. Ltd.		1,126
	500	KWG Group Holdings Ltd.		585
	511	Lee & Man Paper Manufacturing Ltd.		414
	100	Legend Holdings Corp., H-Shares(b)		272

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

15

Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		China (continued)
	2,381	Lenovo Group Ltd.	$	2,206
	454	Logan Property Holdings Co. Ltd.		723
	500	Longfor Group Holdings Ltd.		1,842
	500	Luye Pharma Group Ltd.(b)		453
	572	Maanshan Iron & Steel Co. Ltd., H-Shares(c)		263
	500	Meitu, Inc.(a)(b)(c)		184
	100	Meituan Dianping, Class B(a)(b)(c)		727
	100	Metallurgical Corp. of China Ltd.		49
	1,000	Metallurgical Corp. of China Ltd., H-Shares		277
	798	MMG Ltd.(a)		345
	48	Momo, Inc. ADR		1,683
	26	NetEase, Inc. ADR		7,398
	300	New China Life Insurance Co. Ltd., H-Shares		1,662
	43	New Oriental Education & Technology Group, Inc. ADR(a)		4,105
	290	Nexteer Automotive Group Ltd.		454
	9	Noah Holdings Ltd. ADR(a)		489
	2,000	People’s Insurance Co. Group of China Ltd. (The), H-Shares		818
	100	PetroChina Co. Ltd.		110
	6,969	PetroChina Co. Ltd., H-Shares		4,424
	2,279	PICC Property & Casualty Co. Ltd., H-Shares		2,559
	63	Pinduoduo, Inc. ADR(a)(c)		1,401
	100	Ping An Bank Co. Ltd.		206
	100	Ping An Insurance Group Co, of China Ltd.		1,278
	1,722	Ping An Insurance Group Co. of China Ltd., H-Shares		20,731
	100	Poly Developments and Holdings Group Co. Ltd.		200
	1,000	Postal Savings Bank of China Co. Ltd., H-Shares(b)(c)		608
	100	Power Construction Corp. of China Ltd.		79
	1,000	Semiconductor Manufacturing International Corp.(a)		1,069
	672	Shandong Weigao Group Medical Polymer Co. Ltd., H-Shares		660
	884	Shanghai Electric Group Co. Ltd., H-Shares		345
	147	Shanghai Fosun Pharmaceutical Group Co. Ltd., H-Shares		505
	162	Shanghai Industrial Holdings Ltd.		381
	300	Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		454
	300	Shanghai Pharmaceuticals Holding Co. Ltd., H-Shares		628
	200	Shanghai Pudong Development Bank Co. Ltd.		355
	100	Shenwan Hongyuan Group Co. Ltd.		76
	314	Shenzhen International Holdings Ltd.		677
	1,088	Shenzhen Investment Ltd.		433
	248	Shenzhou International Group Holdings Ltd.		3,329
	500	Shimao Property Holdings Ltd.		1,523
	1,000	Shui On Land Ltd.		243
	1,000	Sihuan Pharmaceutical Holdings Group Ltd.		269
	20	SINA Corp.(a)		1,259
	2,296	Sino Biopharmaceutical Ltd.		2,207
	1,000	Sino-Ocean Group Holding Ltd.		449
	500	Sinopec Engineering Group Co. Ltd., H-Shares		483

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		China (continued)
	1,097	Sinopec Shanghai Petrochemical Co. Ltd., H-Shares	$	496
	400	Sinopharm Group Co. Ltd., H-Shares		1,570
	1,000	Sinotrans Ltd., H-Shares		410
	228	Sinotruk Hong Kong Ltd.		494
	500	SOHO China Ltd.(a)		181
	800	Sunac China Holdings Ltd.		4,125
	100	Suning.com Co. Ltd.		187
	236	Sunny Optical Technology Group Co. Ltd.		2,877
	117	TAL Education Group ADR(a)		4,501
	100	TCL Corp.		53
	1,887	Tencent Holdings Ltd.		93,323
	29	Tencent Music Entertainment Group ADR(a)(c)		499
	575	Tingyi Cayman Islands Holding Corp.		946
	187	Tong Ren Tang Technologies Co. Ltd., H-Shares(c)		259
	100	Tongling Nonferrous Metals Group Co. Ltd.		37
	325	Towngas China Co. Ltd.(a)		259
	308	TravelSky Technology Ltd., H-Shares		791
	119	Tsingtao Brewery Co. Ltd., H-Shares		758
	428	Uni-President China Holdings Ltd.		392
	131	Vipshop Holdings Ltd. ADR(a)		1,128
	2,000	Want Want China Holdings Ltd.		1,586
	18	Weibo Corp. ADR(a)		1,233
	642	Weichai Power Co. Ltd., H-Shares		1,049
	152	Wuxi Biologics Cayman, Inc.(a)(b)		1,529
	1,000	Xiaomi Corp., Class B(a)(b)(c)		1,532
	200	Xinjiang Goldwind Science & Technology Co. Ltd., H-Shares(c)		218
	981	Xinyi Solar Holdings Ltd.		559
	613	Yanzhou Coal Mining Co. Ltd., H-Shares		653
	156	Yihai International Holding Ltd.		770
	2,000	Yuexiu Property Co. Ltd.		464
	120	Yum China Holdings, Inc.		5,705
	1,000	Yuzhou Properties Co. Ltd.		528
	14	YY, Inc. ADR(a)		1,185
	500	Zhaojin Mining Industry Co. Ltd., H-Shares		430
	474	Zhejiang Expressway Co. Ltd., H-Shares		508
	100	ZhongAn Online P&C Insurance Co. Ltd., H-Shares(a)(b)		361
	188	Zhongsheng Group Holdings Ltd.		494
	200	Zhuzhou CRRC Times Electric Co. Ltd., H-Shares		1,015
	100	Zijin Mining Group Co. Ltd.		49
	2,000	Zijin Mining Group Co. Ltd., H-Shares		780
	250	ZTE Corp., H-Shares(a)		794
	106	ZTO Express Cayman, Inc. ADR		2,113
				573,065
		Colombia—4.4%
	5,577	Bancolombia S.A.		67,911
	10,993	Bancolombia S.A. (Preference Shares)		138,958
	11,201	Cementos Argos S.A.		27,937
	119,967	Ecopetrol S.A.		110,676
	7,062	Grupo Argos S.A.		40,160
	95,086	Grupo Aval Acciones y Valores S.A. (Preference Shares)		36,587

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

16

Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Colombia (continued)
	5,702	Grupo de Inversiones Suramericana S.A.	$	63,442
	2,746	Grupo de Inversiones Suramericana S.A. (Preference Shares)		29,585
	10,773	Interconexion Electrica S.A. ESP		52,673
				567,929
		Czech Republic—3.7%
	9,427	CEZ AS		218,942
	4,440	Komercni banka AS		168,017
	28,352	Moneta Money Bank AS(b)		90,688
				477,647
		Egypt—5.0%
	112,533	Commercial International Bank Egypt SAE		499,660
	77,704	Eastern Co. SAE		82,086
	66,002	ElSewedy Electric Co.		59,939
				641,685
		Greece—4.6%
	65,589	Alpha Bank AE(a)		101,585
	1,216	FF Group(a)(d)		654
	11,585	Hellenic Telecommunications Organization S.A.		160,733
	5,210	JUMBO S.A.		94,589
	2,916	Motor Oil (Hellas) Corinth Refineries S.A.		74,314
	10,542	OPAP S.A.		113,419
	2,213	Titan Cement Co. S.A.		48,015
				593,309
		Hong Kong—0.1%
	4,631	Alibaba Pictures Group Ltd.(a)		1,039
	306	China Ding Yi Feng Holdings Ltd.(a)(c)(d)		901
	1,062	China First Capital Group Ltd.(a)		447
	600	China Gas Holdings Ltd.		1,931
	2,500	Fullshare Holdings Ltd.(c)		280
	417	Haier Electronics Group Co. Ltd.		1,193
	18	Hutchison China MediTech Ltd. ADR(a)		542
	500	Kingboard Laminates Holdings Ltd.		525
	540	Nine Dragons Paper Holdings Ltd.		499
	498	SSY Group Ltd.		470
	788	Sun Art Retail Group Ltd.		688
				8,515
		Hungary—4.2%
	11,750	MOL Hungarian Oil & Gas PLC		134,834
	7,138	OTP Bank Nyrt		316,178
	4,454	Richter Gedeon Nyrt		88,087
				539,099
		India—4.4%
	419	Axis Bank Ltd. GDR(a)(b)		22,794
	596	Dr Reddy’s Laboratories Ltd. ADR		24,966
	151	GAIL India Ltd. GDR(b)		4,621
	511	HDFC Bank Ltd. ADR		58,586
	1,381	ICICI Bank Ltd. ADR		15,812
	8,494	Infosys Ltd. ADR		91,395
	7,034	Invesco India ETF(c),(e)		179,367
	648	Larsen & Toubro Ltd. GDR(b)(c)		12,468
	865	Mahindra & Mahindra Ltd. GDR(b)		7,915
	1,698	Reliance Industries Ltd. GDR(b)		68,005

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		India (continued)
	205	State Bank of India GDR(a)(b)(c)	$	9,163
	1,464	Tata Motors Ltd. ADR(a)		22,546
	3,240	Tata Steel Ltd. GDR(b)(c)		25,920
	1,342	Vedanta Ltd. ADR		12,829
	1,579	Wipro Ltd. ADR		7,216
				563,603
		Indonesia—4.1%
	66,174	PT Adaro Energy Tbk		6,060
	91,260	PT Astra International Tbk		48,832
	44,640	PT Bank Central Asia Tbk		90,063
	13,219	PT Bank Danamon Indonesia Tbk		8,210
	85,819	PT Bank Mandiri (Persero) Tbk(a)		46,523
	34,294	PT Bank Negara Indonesia (Persero) Tbk(a)		23,103
	251,883	PT Bank Rakyat Indonesia (Persero) Tbk		77,244
	19,475	PT Bank Tabungan Negara (Persero) Tbk		3,458
	13,241	PT Bukit Asam Tbk		3,680
	35,394	PT Bumi Serpong Damai Tbk(a)		3,564
	33,925	PT Charoen Pokphand Indonesia Tbk		12,558
	2,211	PT Gudang Garam Tbk		13,107
	42,781	PT Hanjaya Mandala Sampoerna Tbk		10,508
	12,576	PT Indah Kiat Pulp & Paper Corp. Tbk		6,531
	8,462	PT Indocement Tunggal Prakarsa Tbk		13,064
	10,723	PT Indofood CBP Sukses Makmur Tbk		7,318
	20,184	PT Indofood Sukses Makmur Tbk		9,844
	10,010	PT Jasa Marga (Persero) Tbk		4,285
	96,977	PT Kalbe Farma Tbk		10,514
	6,441	PT Pabrik Kertas Tjiwi Kimia Tbk		4,554
	77,494	PT Pakuwon Jati Tbk		3,888
	50,152	PT Perusahaan Gas Negara (Persero) Tbk		8,165
	13,635	PT Semen Indonesia (Persero) Tbk		12,917
	26,889	PT Surya Citra Media Tbk		3,510
	227,410	PT Telekomunikasi Indonesia (Persero) Tbk		60,483
	9,375	PT Tower Bersama Infrastructure Tbk		2,599
	7,016	PT Unilever Indonesia Tbk		22,402
	7,717	PT United Tractors Tbk		14,717
				531,701
		Luxembourg—0.0%
	226	Reinet Investments SCA		3,799
		Malaysia—3.8%
	6,400	AirAsia Group Bhd		4,226
	4,300	Alliance Bank Malaysia Bhd		4,223
	7,100	AMMB Holdings Bhd		7,676
	11,600	Axiata Group Bhd		11,138
	600	British American Tobacco Malaysia Bhd		5,059
	20,154	CIMB Group Holdings Bhd		25,689
	15,600	Dialog Group Bhd		12,150
	13,300	DiGi.com Bhd		14,797
	552	Fraser & Neave Holdings Bhd		4,660
	8,400	Gamuda Bhd		7,111
	9,000	Genting Bhd		15,325
	12,700	Genting Malaysia Bhd		9,768
	1,000	Genting Plantations Bhd		2,544
	2,700	HAP Seng Consolidated Bhd		6,452
	5,600	Hartalega Holdings Bhd		6,813
	2,800	Hong Leong Bank Bhd		13,531

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

17

Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Malaysia (continued)
	1,000	Hong Leong Financial Group Bhd	$	4,649
	10,500	IHH Healthcare Bhd		14,120
	12,400	IJM Corp. Bhd		7,018
	8,000	IOI Corp. Bhd		8,727
	7,000	IOI Properties Group Bhd		2,320
	1,800	Kuala Lumpur Kepong Bhd		10,771
	16,487	Malayan Banking Bhd		36,886
	3,900	Malaysia Airports Holdings Bhd		7,197
	10,092	Maxis Bhd		13,083
	4,800	MISC Bhd		8,011
	256	Nestle Malaysia Bhd		9,046
	10,200	Petronas Chemicals Group Bhd		22,203
	855	Petronas Dagangan Bhd		5,000
	3,000	Petronas Gas Bhd		12,829
	2,400	PPB Group Bhd		10,890
	5,800	Press Metal Aluminium Holdings Bhd		6,663
	12,531	Public Bank Bhd		68,194
	2,793	QL Resources Bhd		4,607
	4,300	RHB Bank Bhd		6,199
	10,100	Sime Darby Bhd		5,667
	10,100	Sime Darby Plantation Bhd		12,605
	12,801	Sime Darby Property Bhd		3,437
	6,400	SP Setia BHD Group		3,514
	4,800	Telekom Malaysia Bhd		3,378
	13,441	Tenaga Nasional Bhd		39,922
	6,000	Top Glove Corp. Bhd		7,067
	4,400	Westports Holdings Bhd		4,044
	14,000	YTL Corp. Bhd		3,826
				493,035
		Mexico—4.7%
	12,591	Alfa SAB de CV, Class A		12,682
	2,089	Alsea SAB de CV		4,654
	137,988	America Movil SAB de CV, Series L		102,423
	1,831	Arca Continental SAB de CV		10,358
	7,587	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santander		12,699
	58,866	Cemex SAB de CV, Series CPO(a)(f)		27,139
	2,180	Coca-Cola Femsa SAB de CV		13,858
	779	El Puerto de Liverpool SAB de CV		5,025
	14,000	Fibra Uno Administracion S.A. de CV		20,798
	7,975	Fomento Economico Mexicano SAB de CV, Series CPO(g)		77,528
	890	Gruma SAB de CV, Class B		8,865
	1,485	Grupo Aeroportuario del Pacifico SAB de CV, Class B		15,047
	863	Grupo Aeroportuario del Sureste SAB de CV, Class B		14,166
	6,834	Grupo Bimbo SAB de CV, Series A		15,168
	1,894	Grupo Carso SAB de CV, Series A1		7,319
	10,573	Grupo Financiero Banorte SAB de CV, Class O		66,602
	9,651	Grupo Financiero Inbursa SAB de CV, Class O		14,723
	14,143	Grupo Mexico SAB de CV, Series B		41,330
	9,951	Grupo Televisa SAB, Series CPO(h)		20,171
	578	Industrias Penoles SAB de CV		6,611
	2,229	Infraestructura Energetica Nova SAB de CV		9,710
	6,328	Kimberly-Clark de Mexico SAB de CV, Class A		10,901

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Mexico (continued)
	1,244	Megacable Holdings SAB de CV, Series CPO(i)	$	5,461
	4,359	Mexichem SAB de CV		10,085
	947	Promotora y Operadora de Infraestructura SAB de CV		9,600
	21,447	Wal-Mart de Mexico SAB de CV		62,809
				605,732
		Pakistan—3.5%
	154,387	Habib Bank Ltd.		139,112
	107,837	MCB Bank Ltd.		144,981
	167,953	Oil & Gas Development Co. Ltd.		167,335
				451,428
		Peru—4.3%
	4,367	Cia de Minas Buenaventura SAA ADR		70,789
	1,675	Credicorp Ltd.		396,808
	2,120	Southern Copper Corp.		81,450
				549,047
		Philippines—4.3%
	18,726	Aboitiz Equity Ventures, Inc.		19,979
	13,976	Aboitiz Power Corp.		10,111
	38,234	Alliance Global Group, Inc.		10,976
	2,358	Ayala Corp.		40,904
	68,866	Ayala Land, Inc.		64,687
	8,552	Bank of the Philippine Islands		13,924
	18,325	BDO Unibank, Inc.		47,120
	37,828	DMCI Holdings, Inc.		8,101
	316	Globe Telecom, Inc.		10,794
	852	GT Capital Holdings, Inc.		14,142
	4,439	International Container Terminal Services, Inc.		10,775
	27,209	JG Summit Holdings, Inc.		34,460
	4,129	Jollibee Foods Corp.		24,134
	2,141	Manila Electric Co.		15,817
	107,159	Megaworld Corp.		11,515
	134,669	Metro Pacific Investments Corp.		11,810
	15,119	Metropolitan Bank & Trust Co.		21,542
	821	PLDT, Inc.		19,378
	19,730	Robinsons Land Corp.		9,276
	2,147	Security Bank Corp.		7,416
	2,288	SM Investments Corp.		41,710
	94,690	SM Prime Holdings, Inc.		75,316
	8,373	Universal Robina Corp.		24,470
				548,357
		Poland—4.1%
	791	Alior Bank S.A.(a)		12,119
	298	Bank Handlowy w Warszawie S.A.		4,842
	5,253	Bank Millennium S.A.(a)		13,235
	1,452	Bank Polska Kasa Opieki S.A.		43,126
	250	CCC S.A.		13,545
	583	CD Projekt S.A.(a)		32,728
	2,215	Cyfrowy Polsat S.A.(a)		15,333
	425	Dino Polska S.A.(a)(b)		14,100
	801	Grupa Lotos S.A.		17,401
	458	Jastrzebska Spolka Weglowa S.A.(a)		6,945
	1,212	KGHM Polska Miedz S.A.(a)		32,563
	11	LPP S.A.		24,611

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

18

Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Poland (continued)
	128	mBank S.A.	$	14,813
	5,336	Orange Polska S.A.(a)		6,880
	7,287	PGE Polska Grupa Energetyczna S.A.(a)		18,122
	2,562	Polski Koncern Naftowy ORLEN S.A.		65,534
	15,013	Polskie Gornictwo Naftowe i Gazownictwo S.A.		22,746
	7,473	Powszechna Kasa Oszczednosci Bank Polski S.A.		76,602
	5,160	Powszechny Zaklad Ubezpieczen S.A.		56,613
	301	Santander Bank Polska S.A.		31,200
				523,058
		Qatar—3.8%
	1,817	Barwa Real Estate Co.		17,320
	1,890	Commercial Bank PQSC (The)		26,420
	7,584	Ezdan Holding Group QSC(a)		22,307
	1,717	Industries Qatar QSC		57,057
	3,459	Masraf Al Rayan QSC		34,483
	763	Ooredoo QPSC		13,620
	472	Qatar Electricity & Water Co. QSC		21,646
	1,489	Qatar Insurance Co. SAQ		15,674
	1,091	Qatar Islamic Bank SAQ		49,947
	4,283	Qatar National Bank QPSC		230,532
				489,006
		Romania—0.0%
	578	NEPI Rockcastle PLC		4,807
		Russia—4.3%
	15,504	Gazprom PJSC ADR		77,427
	1,377	LUKOIL PJSC ADR		116,742
	1,005	Magnit PJSC GDR(b)		14,331
	486	Magnitogorsk Iron & Steel Works PJSC GDR(b)		4,306
	1,772	MMC Norilsk Nickel PJSC ADR		39,338
	1,407	Mobile TeleSystems PJSC ADR		11,087
	257	Novatek PJSC GDR(b)		49,524
	341	Novolipetsk Steel PJSC GDR(b)		8,982
	328	PhosAgro PJSC GDR(b)		4,130
	515	Polymetal International PLC		5,415
	151	Polyus PJSC GDR(b)		5,919
	2,415	Rosneft Oil Co. PJSC GDR(b)		16,065
	6,356	Sberbank of Russia PJSC ADR		90,859
	1,349	Severstal PJSC GDR(b)		21,840
	2,048	Surgutneftegas PJSC ADR		7,664
	1,984	Surgutneftegas PJSC (Preference Shares) ADR		11,954
	718	Tatneft PJSC ADR		50,447
	3,144	VTB Bank PJSC GDR(b)		3,509
	350	X5 Retail Group NV GDR(b)		10,622
				550,161
		Singapore—0.0%
	100	BOC Aviation Ltd.(b)		860
		South Africa—4.1%
	1,178	Absa Group Ltd.		13,497
	83	Anglo American Platinum Ltd.		4,180
	673	AngloGold Ashanti Ltd.		8,089
	634	Aspen Pharmacare Holdings Ltd.		4,551
	548	Bid Corp. Ltd.		11,547
	552	Bidvest Group Ltd. (The)		8,359

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		South Africa (continued)
	62	Capitec Bank Holdings Ltd.	$	5,781
	391	Clicks Group Ltd.		5,336
	582	Discovery Ltd.		5,848
	387	Exxaro Resources Ltd.		4,409
	5,503	FirstRand Ltd.		26,067
	1,642	Fortress REIT Ltd., Class A		2,207
	1,171	Fortress REIT Ltd., Class B		887
	346	Foschini Group Ltd. (The)		4,459
	1,265	Gold Fields Ltd.		4,760
	4,858	Growthpoint Properties Ltd.		8,431
	383	Hyprop Investments Ltd.		1,870
	431	Investec Ltd.		2,746
	99	Kumba Iron Ore Ltd.		2,960
	198	Liberty Holdings Ltd.		1,430
	2,029	Life Healthcare Group Holdings Ltd.		3,687
	1,456	MMI Holdings Ltd.		1,813
	420	Mr. Price Group Ltd.		6,347
	2,773	MTN Group Ltd.		19,994
	717	MultiChoice Group Ltd.(a)		6,424
	717	Naspers Ltd., Class N		182,803
	654	Nedbank Group Ltd.		12,137
	1,812	Netcare Ltd.		3,031
	64	Oceana Group Ltd.		313
	8,081	Old Mutual Ltd.		12,959
	564	Pick n Pay Stores Ltd.		2,729
	232	PSG Group Ltd.		4,290
	1,052	Rand Merchant Investment Holdings Ltd.		2,541
	8,956	Redefine Properties Ltd.		6,153
	865	Remgro Ltd.		11,714
	425	Resilient REIT Ltd.		1,683
	1,154	RMB Holdings Ltd.		6,720
	2,920	Sanlam Ltd.		15,582
	815	Sappi Ltd.		3,876
	917	Sasol Ltd.		30,350
	725	Shoprite Holdings Ltd.		8,715
	297	SPAR Group Ltd. (The)		4,019
	2,117	Standard Bank Group Ltd.		29,386
	446	Telkom S.A. SOC Ltd.		2,638
	248	Tiger Brands Ltd.		4,298
	681	Truworths International Ltd.		3,591
	985	Vodacom Group Ltd.		7,923
	1,628	Woolworths Holdings Ltd.		5,418
				528,548
		South Korea—4.0%
	24	Amorepacific Corp.		4,273
	6	Amorepacific Corp. (Preference Shares)		601
	19	AMOREPACIFIC Group		1,223
	5	BGF Retail Co. Ltd.		935
	173	BNK Financial Group, Inc.		1,038
	37	Celltrion Healthcare Co. Ltd.(a)		2,395
	10	Celltrion Pharm, Inc.(a)		509
	62	Celltrion, Inc.(a)		11,252
	46	Cheil Worldwide, Inc.		1,002
	6	CJ CheilJedang Corp.		1,618
	10	CJ Corp.		1,023
	1	CJ Corp. (Preference Shares)(a)(d)		42

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

19

Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		South Korea (continued)
	8	CJ ENM Co. Ltd.	$	1,499
	5	CJ Logistics Corp.(a)		674
	18	Daelim Industrial Co. Ltd.		1,492
	110	Daewoo Engineering & Construction Co. Ltd.(a)		475
	28	Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)		696
	33	DB Insurance Co. Ltd.		1,932
	112	DGB Financial Group, Inc.		807
	34	Doosan Bobcat, Inc.		930
	16	E-MART, Inc.		2,356
	36	Fila Korea Ltd.		2,539
	44	GS Engineering & Construction Corp.		1,529
	34	GS Holdings Corp.		1,514
	18	GS Retail Co. Ltd.		603
	224	Hana Financial Group, Inc.		7,057
	49	Hankook Tire Co. Ltd.		1,667
	5	Hanmi Pharm Co. Ltd.		1,860
	8	Hanmi Science Co. Ltd.		515
	124	Hanon Systems		1,332
	71	Hanwha Chemical Corp.		1,252
	27	Hanwha Corp.		684
	201	Hanwha Life Insurance Co. Ltd.		687
	20	HDC Hyundai Development Co-Engineering & Construction		798
	9	Helixmith Co. Ltd.(a)		2,005
	21	HLB, Inc.(a)		1,508
	21	Hotel Shilla Co. Ltd.		2,067
	9	Hyundai Department Store Co. Ltd.		782
	58	Hyundai Engineering & Construction Co. Ltd.		2,607
	12	Hyundai Glovis Co. Ltd.		1,638
	28	Hyundai Heavy Industries Co. Ltd.(a)		2,984
	7	Hyundai Heavy Industries Holdings Co. Ltd.		2,049
	41	Hyundai Marine & Fire Insurance Co. Ltd.		1,343
	51	Hyundai Mobis Co. Ltd.		10,151
	102	Hyundai Motor Co.		12,093
	25	Hyundai Motor Co. (2nd Preference Shares)		1,873
	16	Hyundai Motor Co. (Preference Shares)		1,109
	60	Hyundai Steel Co.		2,378
	188	Industrial Bank of Korea		2,277
	37	Kakao Corp.		3,801
	88	Kangwon Land, Inc.		2,561
	296	KB Financial Group, Inc.		11,707
	4	KCC Corp.		1,216
	196	Kia Motors Corp.		7,592
	55	Korea Aerospace Industries Ltd.		1,648
	191	Korea Electric Power Corp.(a)		4,627
	18	Korea Gas Corp.		711
	28	Korea Investment Holdings Co. Ltd.		1,640
	6	Korea Zinc Co. Ltd.		2,324
	31	Korean Air Lines Co. Ltd.		880
	42	KT Corp. ADR		505
	87	KT&G Corp.		7,597
	12	Kumho Petrochemical Co. Ltd.		943
	34	LG Chem Ltd.		10,507
	5	LG Chem Ltd. (Preference Shares)		858
	71	LG Corp.		4,437

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		South Korea (continued)
	173	LG Display Co. Ltd.(a)	$	2,955
	79	LG Electronics, Inc.		5,126
	7	LG Household & Health Care Ltd.		8,521
	2	LG Household & Health Care Ltd. (Preference Shares)		1,385
	9	LG Innotek Co. Ltd.		944
	81	LG Uplus Corp.		992
	13	Lotte Chemical Corp.		2,988
	20	Lotte Corp.		840
	7	Lotte Shopping Co. Ltd.		1,067
	3	Medy-Tox, Inc.		1,436
	265	Mirae Asset Daewoo Co. Ltd.		1,769
	104	NAVER Corp.		10,639
	13	NCSoft Corp.		5,854
	17	Netmarble Corp.(a)(b)		1,856
	93	NH Investment & Securities Co. Ltd.		1,095
	12	OCI Co. Ltd.		956
	22	Orange Life Insurance Ltd.(b)		670
	14	Orion Corp.		1,161
	1	Ottogi Corp.		622
	159	Pan Ocean Co. Ltd.(a)		649
	4	Pearl Abyss Corp.(a)		597
	59	POSCO		12,879
	18	POSCO Chemical Co. Ltd.		883
	33	POSCO International Corp.		517
	11	S-1 Corp.		923
	11	Samsung Biologics Co. Ltd.(a)(b)		3,202
	57	Samsung C&T Corp.		5,002
	19	Samsung Card Co. Ltd.		603
	42	Samsung Electro-Mechanics Co. Ltd.		3,901
	3,590	Samsung Electronics Co. Ltd.		140,908
	640	Samsung Electronics Co. Ltd. (Preference Shares)		20,381
	104	Samsung Engineering Co. Ltd.(a)		1,518
	23	Samsung Fire & Marine Insurance Co. Ltd.		5,986
	329	Samsung Heavy Industries Co. Ltd.(a)		2,315
	52	Samsung Life Insurance Co. Ltd.		3,779
	41	Samsung SDI Co. Ltd.		8,301
	26	Samsung SDS Co. Ltd.		4,830
	41	Samsung Securities Co. Ltd.		1,251
	318	Shinhan Financial Group Co. Ltd.		12,005
	5	Shinsegae, Inc.		1,455
	44	SillaJen, Inc.(a)		2,463
	24	SK Holdings Co. Ltd.		5,270
	434	SK Hynix, Inc.		29,351
	48	SK Innovation Co. Ltd.		7,499
	15	SK Telecom Co. Ltd.		3,178
	34	S-Oil Corp.		2,684
	39	Woongjin Coway Co. Ltd.		2,931
	353	Woori Financial Group, Inc.		4,185
	6	Yuhan Corp.		1,261
				510,810
		Taiwan—4.4%
	3,000	Acer, Inc.		2,034
	321	Advantech Co. Ltd.		2,597
	104	Airtac International Group		1,387

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

20

Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Taiwan (continued)
	3,180	ASE Technology Holding Co. Ltd.	$	7,379
	2,000	Asia Cement Corp.		2,702
	649	Asustek Computer, Inc.		4,957
	8,000	AU Optronics Corp.		2,861
	603	Catcher Technology Co. Ltd.		4,771
	6,515	Cathay Financial Holding Co. Ltd.		9,424
	1,020	Chailease Holding Co. Ltd.		4,341
	5,200	Chang Hwa Commercial Bank Ltd.		3,113
	2,000	Cheng Shin Rubber Industry Co. Ltd.		2,670
	538	Chicony Electronics Co. Ltd.		1,325
	2,000	China Airlines Ltd.		634
	12,000	China Development Financial Holding Corp.		3,864
	2,093	China Life Insurance Co. Ltd.		1,741
	10,585	China Steel Corp.		8,547
	3,498	Chunghwa Telecom Co. Ltd.		12,565
	4,000	Compal Electronics, Inc.		2,582
	14,149	CTBC Financial Holding Co. Ltd.		9,684
	2,000	Delta Electronics, Inc.		10,518
	9,070	E.Sun Financial Holding Co. Ltd.		7,441
	164	Eclat Textile Co. Ltd.		2,335
	2,100	Eva Airways Corp.		1,030
	2,100	Evergreen Marine Corp. Taiwan Ltd.		921
	3,160	Far Eastern New Century Corp.		3,446
	1,469	Far EasTone Telecommunications Co. Ltd.		3,604
	307	Feng TAY Enterprise Co. Ltd.		2,489
	9,084	First Financial Holding Co. Ltd.		6,482
	3,236	Formosa Chemicals & Fibre Corp.		11,624
	1,140	Formosa Petrochemical Corp.		4,224
	4,000	Formosa Plastics Corp.		14,498
	1,000	Formosa Taffeta Co. Ltd.		1,206
	1,000	Foxconn Technology Co. Ltd.		2,239
	6,000	Fubon Financial Holding Co. Ltd.		8,854
	293	Giant Manufacturing Co. Ltd.		2,233
	201	Globalwafers Co. Ltd.		2,192
	752	Highwealth Construction Corp.		1,203
	207	Hiwin Technologies Corp.		1,966
	12,120	Hon Hai Precision Industry Co. Ltd.		34,084
	251	Hotai Motor Co. Ltd.		3,793
	6,905	Hua Nan Financial Holdings Co. Ltd.		4,514
	8,000	Innolux Corp.		2,563
	2,000	Inventec Corp.		1,605
	93	Largan Precision Co. Ltd.		13,995
	2,000	Lite-On Technology Corp.		2,819
	1,381	MediaTek, Inc.		13,206
	10,000	Mega Financial Holding Co. Ltd.		9,595
	622	Micro-Star International Co. Ltd.		1,723
	4,744	Nan Ya Plastics Corp.		11,990
	1,000	Nanya Technology Corp.		2,116
	148	Nien Made Enterprise Co. Ltd.		1,159
	532	Novatek Microelectronics Corp.		3,469
	2,000	Pegatron Corp.		3,773
	136	Phison Electronics Corp.		1,279
	2,000	Pou Chen Corp.		2,430
	681	Powertech Technology, Inc.		1,697
	526	President Chain Store Corp.		4,902
	2,488	Quanta Computer, Inc.		4,767

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Taiwan (continued)
	421	Realtek Semiconductor Corp.	$	2,848
	600	Ruentex Development Co. Ltd.		823
	338	Ruentex Industries Ltd.		807
	3,000	Shanghai Commercial & Savings Bank Ltd. (The)		4,835
	9,532	Shin Kong Financial Holding Co. Ltd.		2,696
	9,180	SinoPac Financial Holdings Co. Ltd.		3,535
	379	Standard Foods Corp.		671
	1,305	Synnex Technology International Corp.		1,626
	161	TaiMed Biologics, Inc.(a)		818
	9,123	Taishin Financial Holding Co. Ltd.		4,133
	3,120	Taiwan Business Bank		1,287
	4,231	Taiwan Cement Corp.		5,751
	8,240	Taiwan Cooperative Financial Holding Co. Ltd.		5,467
	2,000	Taiwan High Speed Rail Corp.		2,434
	1,480	Taiwan Mobile Co. Ltd.		5,412
	22,671	Taiwan Semiconductor Manufacturing Co. Ltd.		190,019
	1,722	Tatung Co. Ltd.(a)		1,326
	4,320	Uni-President Enterprises Corp.		10,261
	11,000	United Microelectronics Corp.		4,788
	1,000	Vanguard International Semiconductor Corp.		2,217
	291	Walsin Technology Corp.		1,780
	331	Win Semiconductors Corp.		2,217
	3,000	Winbond Electronics Corp.		1,558
	2,619	Wistron Corp.		2,170
	1,391	WPG Holdings Ltd.		1,834
	234	Yageo Corp.		2,306
	9,000	Yuanta Financial Holding Co. Ltd.		5,213
	407	Zhen Ding Technology Holding Ltd.		1,455
				573,449
		Thailand—4.1%
	4,422	Advanced Info Service PCL NVDR		26,317
	18,173	Airports of Thailand PCL NVDR		38,993
	1,100	Bangkok Bank PCL NVDR		6,995
	16,482	Bangkok Dusit Medical Services PCL NVDR		13,165
	32,500	Bangkok Expressway & Metro PCL NVDR		11,096
	9,000	Banpu PCL NVDR		4,623
	5,054	Berli Jucker PCL NVDR		8,153
	24,519	BTS Group Holdings PCL NVDR		9,063
	1,500	Bumrungrad Hospital PCL NVDR		8,316
	5,709	Central Pattana PCL NVDR		13,501
	14,557	Charoen Pokphand Foods PCL NVDR		12,425
	21,310	CP ALL PCL NVDR		51,731
	2,200	Delta Electronics Thailand PCL NVDR		5,151
	600	Electricity Generating PCL NVDR		5,563
	5,504	Energy Absolute PCL NVDR		9,612
	2,200	Glow Energy PCL NVDR		6,305
	1,800	Gulf Energy Development PCL NVDR		5,892
	16,650	Home Product Center PCL NVDR		8,188
	7,000	Indorama Ventures PCL NVDR		10,031
	43,400	IRPC PCL NVDR		7,681
	7,603	Kasikornbank PCL NVDR		45,487
	15,100	Krung Thai Bank PCL NVDR		8,939
	13,000	Land & Houses PCL NVDR		4,561
	9,614	Minor International PCL NVDR		11,293

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

21

Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Thailand (continued)
	480	Minor International PLC Wts. expiring 12/31/99(a)(d)	$	0
	2,700	Muangthai Capital PCL NVDR		4,356
	5,893	PTT Exploration & Production PCL NVDR		24,643
	9,375	PTT Global Chemical PCL NVDR		20,189
	44,828	PTT PCL NVDR		68,453
	2,200	Robinson PCL NVDR		4,014
	1,628	Siam Cement PCL (The) NVDR		23,560
	7,761	Siam Commercial Bank PCL (The) NVDR		31,846
	4,744	Thai Oil PCL NVDR		10,290
	8,300	Thai Union Group PCL NVDR		4,914
	47,500	TMB Bank PCL NVDR		3,006
	43,400	True Corp. PCL NVDR		7,001
				535,353
		Turkey—3.4%
	34,740	Akbank T.A.S.(a)		35,616
	3,331	Anadolu Efes Biracilik ve Malt Sanayii AS		11,060
	3,248	Arcelik AS(a)		9,979
	5,497	Aselsan Elektronik Sanayi ve Ticaret AS		18,822
	3,360	BIM Birlesik Magazalar AS		46,746
	22,502	Eregli Demir ve Celik Fabrikalari TAS		34,529
	1,128	Ford Otomotiv Sanayi AS		9,958
	14,758	Haci Omer Sabanci Holding AS		19,036
	12,228	KOC Holding AS		33,184
	13,260	Petkim Petrokimya Holding AS		9,929
	2,919	TAV Havalimanlari Holding AS		12,372
	1,974	Tupras Turkiye Petrol Rafinerileri AS		40,773
	8,872	Turk Hava Yollari AO(a)		21,268
	17,337	Turkcell Iletisim Hizmetleri AS		36,303
	36,553	Turkiye Garanti Bankasi AS		50,027
	10,046	Turkiye Halk Bankasi AS		9,845
	25,315	Turkiye Is Bankasi AS, Class C(a)		22,730
	10,849	Turkiye Sise ve Cam Fabrikalari AS		11,086
				433,263
		United Arab Emirates—4.1%
	27,276	Abu Dhabi Commercial Bank PJSC		73,367
	50,953	Aldar Properties PJSC		24,692
	24,004	DAMAC Properties Dubai Co. PJSC		8,103
	2,195	DP World Ltd.		43,900
	21,787	Dubai Islamic Bank PJSC		30,666
	10,580	Emaar Development PJSC		11,291
	25,818	Emaar Malls PJSC		12,230
	46,134	Emaar Properties PJSC		60,287
	22,831	Emirates Telecommunications Group Co. PJSC		103,801
	35,821	First Abu Dhabi Bank PJSC		156,034
				524,371
		United Kingdom—0.0%
	182	Mondi Ltd.		4,003
		United States—0.0%
	1,363	JBS S.A.		6,821
		Total Common Stocks & Other Equity Interests (Cost $12,102,412)		12,848,706

Number of Shares			Value
		Money Market Fund—0.1%
	11,624	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(j) (Cost $11,624)	$	11,624
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $12,114,036)—99.8%		12,860,330
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—0.5%
	47,274	Invesco Government & Agency Portfolio—Institutional Class 2.34%(j)(k)		47,274
	15,491	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(j)(k)		15,496
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $62,770)		62,770
		Total Investments in Securities (Cost $12,176,806)—100.3%		12,923,100
		Other assets less liabilities—(0.3)%		(34,273	)
		Net Assets—100.0%	$	12,888,827

Abbreviations:

ADR—American Depositary Receipt

ETF—Exchange-Traded Fund

GDR—Global Depositary Receipt

NVDR—Non-voting Depositary Receipt

REIT—Real Estate Investment Trust

Rts.—Rights

Wts.—Warrants

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2019 was $418,615, which represented 3.25% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  Security valued using significant unobservable inputs (Level 3). See Note 5.

^(e)  Affiliated company. See Note 4.

^(f)  Each CPO for Cemex SAB de CV represents two Series A shares and one Series B share.

^(g)  Each CPO for Fomento Economico Mexicano SAB de CV represents one Series B share and four Series D shares.

^(h)  Each CPO for Grupo Televisa SAB represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L shares.

⁽ⁱ⁾  Each CPO for Megacable Holdings SAB de CV represents two Series shares.

^(j)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(k)  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 2K.

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

22

Invesco S&P Emerging Markets Low Volatility ETF (EELV)

April 30, 2019

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Financials	39.8
Consumer Staples	12.3
Industrials	9.0
Communication Services	7.7
Information Technology	7.4
Utilities	6.9
Materials	5.5
Real Estate	3.8
Consumer Discretionary	3.0
Energy	3.0
Health Care	1.2
Money Market Funds Plus Other Assets Less Liabilities	0.4

Schedule of Investments

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.6%
		Brazil—1.6%
	314,707	Ambev S.A.	$	1,471,442
	131,737	Engie Brasil Energia S.A.		1,483,680
	315,200	Klabin S.A.		1,324,537
	107,800	Telefonica Brasil S.A. (Preference Shares)		1,270,852
				5,550,511
		Chile—6.0%
	18,531,094	Banco de Chile		2,709,267
	28,508	Banco de Credito e Inversiones S.A.		1,891,474
	31,388,256	Banco Santander Chile		2,198,212
	806,082	Cencosud S.A.		1,523,975
	128,133	Cia Cervecerias Unidas S.A.		1,764,544
	441,039	Embotelladora Andina S.A. (Preference Shares), Class B		1,569,021
	424,973	Empresas CMPC S.A.		1,425,455
	148,803	Empresas COPEC S.A.		1,860,913
	9,041,640	Enel Americas S.A.		1,581,037
	20,337,540	Enel Chile S.A.		2,042,192
	275,324	S.A.C.I. Falabella		2,025,354
				20,591,444
		China—8.9%
	2,991,275	Agricultural Bank of China Ltd., H-Shares		1,380,225
	3,951,715	Bank of China Ltd., H-Shares		1,883,832
	2,128,916	Bank of Communications Co. Ltd., H-Shares		1,793,680
	221,745	Beijing Enterprises Holdings Ltd.		1,180,036
	6,696,861	CGN Power Co. Ltd., H-Shares(a)		1,766,959
	2,217,500	China CITIC Bank Corp. Ltd., H-Shares		1,421,728
	1,694,862	China Construction Bank Corp., H-Shares		1,497,106
	2,861,632	China Everbright Bank Co. Ltd., H-Shares		1,411,593

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		China (continued)
	5,020,205	China Huishan Dairy Holdings Co. Ltd.(b)(c)	$	0
	453,273	China Life Insurance Co. Ltd., H-Shares		1,282,619
	638,810	China Merchants Port Holdings Co. Ltd.		1,289,769
	1,980,969	China Minsheng Banking Corp. Ltd., H-Shares		1,487,229
	166,586	China Mobile Ltd.		1,587,211
	704,280	China Resources Power Holdings Co. Ltd.		985,672
	2,671,468	China Telecom Corp. Ltd., H-Shares		1,382,486
	1,065,234	China Unicom Hong Kong Ltd.		1,264,095
	1,078,306	CITIC Ltd.		1,569,615
	1,398,857	CRRC Corp. Ltd., H-Shares		1,221,374
	695,781	Guangdong Investment Ltd.		1,303,691
	2,003,964	Industrial & Commercial Bank of China Ltd., H-Shares		1,504,493
	1,003,236	Jiangxi Copper Co. Ltd., H-Shares		1,329,907
	135,928	Ping An Insurance Group Co. of China Ltd., H-Shares		1,636,424
				30,179,744
		Colombia—1.0%
	120,897	Bancolombia S.A. (Preference Shares)		1,528,214
	181,074	Grupo de Inversiones Suramericana S.A.		2,014,669
				3,542,883
		Czech Republic—1.7%
	80,203	CEZ AS		1,862,717
	56,188	Komercni banka AS		2,126,250
	552,729	Moneta Money Bank AS(a)(d)		1,767,975
				5,756,942

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

23

Invesco S&P Emerging Markets Low Volatility ETF (EELV) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Egypt—0.5%
	374,646	Commercial International Bank Egypt SAE	$	1,663,472
		Greece—0.4%
	130,065	OPAP S.A.		1,399,334
		Hungary—1.2%
	110,365	MOL Hungarian Oil & Gas PLC		1,266,459
	31,730	OTP Bank Nyrt		1,405,483
	74,105	Richter Gedeon Nyrt		1,465,579
				4,137,521
		India—1.4%
	14,972	HDFC Bank Ltd. ADR		1,716,540
	136,779	Infosys Ltd. ADR		1,471,742
	349,995	Wipro Ltd. ADR		1,599,477
				4,787,759
		Indonesia—0.5%
	760,740	PT Bank Central Asia Tbk		1,534,826
		Malaysia—10.0%
	1,266,400	AMMB Holdings Bhd		1,369,164
	1,058,495	CIMB Group Holdings Bhd		1,349,200
	1,237,563	DiGi.com Bhd		1,376,899
	765,700	Genting Bhd		1,303,792
	433,200	Hong Leong Bank Bhd		2,093,442
	971,447	IHH Healthcare Bhd		1,306,384
	1,719,700	IOI Corp. Bhd		1,875,885
	550,578	Kuala Lumpur Kepong Bhd		3,294,546
	939,892	Malayan Banking Bhd		2,102,794
	748,000	Malaysia Airports Holdings Bhd		1,380,394
	40,400	Nestle Malaysia Bhd		1,427,607
	893,245	Petronas Chemicals Group Bhd		1,944,420
	269,600	Petronas Dagangan Bhd		1,576,715
	394,600	Petronas Gas Bhd		1,687,393
	587,580	PPB Group Bhd		2,666,103
	423,524	Public Bank Bhd		2,304,823
	878,700	QL Resources Bhd		1,449,446
	1,318,400	RHB Bank Bhd		1,900,511
	548,072	Tenaga Nasional Bhd		1,627,845
				34,037,363
		Mexico—4.0%
	1,214,568	Alfa SAB de CV, Class A		1,223,321
	2,050,918	America Movil SAB de CV, Series L		1,522,321
	285,852	Arca Continental SAB de CV		1,617,026
	261,605	Coca-Cola Femsa SAB de CV		1,663,043
	187,737	Fomento Economico Mexicano SAB de CV, Series CPO(e)		1,825,074
	143,335	Gruma SAB de CV, Class B		1,427,782
	796,019	Kimberly-Clark de Mexico SAB de CV, Class A		1,371,271
	155,162	Promotora y Operadora de Infraestructura SAB de CV		1,572,917
	500,256	Wal-Mart de Mexico SAB de CV		1,465,037
				13,687,792
		Peru—0.5%
	7,290	Credicorp Ltd.		1,727,001

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Philippines—0.4%
	579,722	International Container Terminal Services, Inc.	$	1,407,241
		Poland—0.8%
	44,948	Bank Polska Kasa Opieki S.A.		1,335,019
	120,578	Powszechny Zaklad Ubezpieczen S.A.		1,322,922
				2,657,941
		Qatar—1.9%
	166,543	Barwa Real Estate Co.		1,587,561
	38,646	Industries Qatar QSC		1,284,220
	191,460	Masraf Al Rayan QSC		1,908,685
	38,889	Qatar Islamic Bank SAQ		1,780,376
				6,560,842
		Russia—0.8%
	15,615	LUKOIL PJSC ADR		1,323,840
	20,797	Tatneft PJSC ADR		1,461,197
				2,785,037
		South Africa—4.1%
	63,013	Bid Corp. Ltd.		1,327,707
	15,313	Capitec Bank Holdings Ltd.		1,427,761
	121,615	Discovery Ltd.		1,222,067
	913,995	Growthpoint Properties Ltd.		1,586,203
	276,401	Pick n Pay Stores Ltd.		1,337,444
	75,411	PSG Group Ltd.		1,394,364
	573,371	Rand Merchant Investment Holdings Ltd.		1,385,009
	2,560,563	Redefine Properties Ltd.		1,759,285
	98,618	Remgro Ltd.		1,335,543
	97,364	SPAR Group Ltd. (The)		1,317,542
				14,092,925
		South Korea—8.4%
	249,100	BNK Financial Group, Inc.		1,494,835
	4,989	CJ CheilJedang Corp.		1,345,319
	185,380	DGB Financial Group, Inc.		1,336,215
	30,903	GS Holdings Corp.		1,375,642
	430,559	Hanwha Life Insurance Co. Ltd.		1,470,642
	116,789	Industrial Bank of Korea		1,414,685
	34,447	KB Financial Group, Inc.		1,362,369
	136,416	KT Corp. ADR		1,641,084
	16,299	KT Corp.		381,610
	17,898	KT&G Corp.		1,562,810
	20,085	LG Corp.		1,255,151
	5,161	NongShim Co. Ltd.		1,239,276
	13,463	Samsung C&T Corp.		1,181,319
	50,201	Samsung Card Co. Ltd.		1,594,365
	6,028	Samsung Fire & Marine Insurance Co. Ltd.		1,568,730
	20,579	Samsung Life Insurance Co. Ltd.		1,495,662
	43,867	Samsung Securities Co. Ltd.		1,338,748
	40,579	Shinhan Financial Group Co. Ltd.		1,531,938
	5,751	SK Holdings Co. Ltd.		1,262,793
	6,554	SK Telecom Co. Ltd.		1,388,619
	106,954	Woori Financial Group, Inc.		1,268,084
				28,509,896
		Taiwan—27.7%
	205,095	Advantech Co. Ltd.		1,659,291
	195,838	Asustek Computer, Inc.		1,495,672

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

24

Invesco S&P Emerging Markets Low Volatility ETF (EELV) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Taiwan (continued)
	1,378,000	Cathay Financial Holding Co. Ltd.	$	1,993,353
	4,637,800	Chang Hwa Commercial Bank Ltd.		2,776,587
	1,114,435	Cheng Shin Rubber Industry Co. Ltd.		1,487,668
	5,211,000	China Airlines Ltd.		1,652,626
	6,543,472	China Development Financial Holding Corp.		2,106,972
	2,246,680	China Life Insurance Co. Ltd.		1,868,537
	3,103,140	China Steel Corp.		2,505,529
	716,222	Chunghwa Telecom Co. Ltd.		2,572,753
	3,634,000	Compal Electronics, Inc.		2,346,147
	2,835,053	CTBC Financial Holding Co. Ltd.		1,940,435
	3,598,625	E.Sun Financial Holding Co. Ltd.		2,952,174
	4,001,000	Eva Airways Corp.		1,961,592
	3,505,000	Evergreen Marine Corp. Taiwan Ltd.		1,536,932
	963,993	Far EasTone Telecommunications Co. Ltd.		2,364,670
	5,025,183	First Financial Holding Co. Ltd.		3,585,816
	396,095	Formosa Chemicals & Fibre Corp.		1,422,820
	456,146	Formosa Plastics Corp.		1,653,291
	771,000	Foxconn Technology Co. Ltd.		1,726,585
	1,482,875	Fubon Financial Holding Co. Ltd.		2,188,250
	1,321,000	Highwealth Construction Corp.		2,113,959
	570,400	Hon Hai Precision Industry Co. Ltd.		1,604,083
	5,543,591	Hua Nan Financial Holdings Co. Ltd.		3,623,848
	1,057,000	International CSRC Investment Holdings Co.		1,436,653
	1,754,000	Inventec Corp.		1,407,696
	1,108,000	Lite-On Technology Corp.		1,561,548
	2,696,777	Mega Financial Holding Co. Ltd.		2,587,600
	782,930	Nan Ya Plastics Corp.		1,978,798
	1,166,000	Pou Chen Corp.		1,416,889
	992,000	Quanta Computer, Inc.		1,900,469
	4,464,000	Shin Kong Financial Holding Co. Ltd.		1,262,592
	5,313,421	SinoPac Financial Holdings Co. Ltd.		2,046,203
	1,108,264	Synnex Technology International Corp.		1,380,802
	6,281,835	Taishin Financial Holding Co. Ltd.		2,846,047
	5,898,480	Taiwan Business Bank		2,433,760
	5,675,390	Taiwan Cooperative Financial Holding Co. Ltd.		3,765,105
	1,311,000	Taiwan Fertilizer Co. Ltd.		1,907,040
	1,468,000	Taiwan High Speed Rail Corp.		1,786,246
	946,162	Taiwan Mobile Co. Ltd.		3,459,963
	172,397	Taiwan Semiconductor Manufacturing Co. Ltd.		1,444,964
	2,331,000	Teco Electric and Machinery Co. Ltd.		1,742,536
	588,181	Uni-President Enterprises Corp.		1,397,123
	1,960,000	Wistron Corp.		1,623,766
	1,660,937	WPG Holdings Ltd.		2,190,323
	3,225,472	Yuanta Financial Holding Co. Ltd.		1,868,417
				94,584,130
		Thailand—14.5%
	302,710	Advanced Info Service PCL NVDR		1,801,563
	816,387	Airports of Thailand PCL NVDR		1,751,684
	298,869	Bangkok Bank PCL NVDR		1,900,404
	4,789,109	Bangkok Expressway & Metro PCL NVDR		1,635,123
	846,136	Berli Jucker PCL NVDR		1,364,949
	6,507,232	BTS Group Holdings PCL NVDR		2,405,179
	244,972	Bumrungrad Hospital PCL NVDR		1,358,185
	675,539	Central Pattana PCL NVDR		1,597,594

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Thailand (continued)
	1,912,160	CH Karnchang PCL NVDR	$	1,602,201
	1,765,015	Charoen Pokphand Foods PCL NVDR		1,506,552
	713,954	CP ALL PCL NVDR		1,733,169
	784,860	Delta Electronics Thailand PCL NVDR		1,837,691
	214,934	Electricity Generating PCL NVDR		1,992,810
	607,869	Glow Energy PCL NVDR		1,742,209
	3,038,154	Home Product Center PCL NVDR		1,494,096
	1,025,245	Intouch Holdings PCL NVDR		1,910,793
	253,253	Kasikornbank PCL NVDR		1,515,155
	878,532	Kiatnakin Bank PCL NVDR		1,816,229
	3,190,163	Krung Thai Bank PCL NVDR		1,888,617
	4,817,984	Land & Houses PCL NVDR		1,690,256
	883,277	PTT PCL NVDR		1,348,779
	1,657,144	Ratch Group PCL NVDR		3,231,236
	660,933	Robinson PCL NVDR		1,205,931
	127,244	Siam Cement PCL (The) NVDR		1,841,401
	363,938	Siam Commercial Bank PCL (The) NVDR		1,493,371
	2,286,392	Thai Union Group PCL NVDR		1,353,573
	929,339	Thanachart Capital PCL NVDR		1,542,834
	597,989	Tisco Financial Group PCL NVDR		1,568,726
	18,519,067	TMB Bank PCL NVDR		1,171,762
				49,302,072
		Turkey—0.3%
	1,232,285	Enerjisa Enerji AS(a)		1,110,594
		United Arab Emirates—3.0%
	518,909	Abu Dhabi Commercial Bank PJSC		1,395,756
	2,693,568	Aldar Properties PJSC		1,305,297
	1,289,554	Dubai Islamic Bank PJSC		1,815,062
	3,039,898	Emaar Malls PJSC		1,440,023
	520,610	Emirates Telecommunications Group Co. PJSC		2,366,957
	397,532	First Abu Dhabi Bank PJSC		1,731,623
				10,054,718
		Total Common Stocks & Other Equity Interests (Cost $328,615,402)		339,661,988
		Money Market Fund—0.1%
	177,946	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(f) (Cost $177,946)		177,946
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $328,793,348)—99.7%		339,839,934

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

25

Invesco S&P Emerging Markets Low Volatility ETF (EELV) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—0.1%
	384,413	Invesco Government & Agency Portfolio—Institutional Class 2.34%(f)(g)	$	384,413
	128,099	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(f)(g)		128,138
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $512,551)		512,551
		Total Investments in Securities (Cost $329,305,899)—99.8%		340,352,485
		Other assets less liabilities—0.2%		595,206
		Net Assets—100.0%	$	340,947,691

Abbreviations:

ADR—American Depositary Receipt

NVDR—Non-voting Depositary Receipt

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  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 April 30, 2019 was $4,645,528, which represented 1.36% of the Fund’s Net Assets.

^(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 April 30, 2019.

^(e)  Each CPO for Fomento Economico Mexicano SAB de CV represents one Series B share and four Series D shares.

^(f)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2K.

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

26

Invesco S&P Emerging Markets Momentum ETF (EEMO)

April 30, 2019

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Financials	31.6
Energy	25.2
Information Technology	10.4
Materials	9.5
Consumer Staples	8.7
Industrials	4.6
Consumer Discretionary	4.0
Utilities	3.7
Sector Types Each Less than 3%	2.4
Money Market Fund Plus Other Assets Less Liabilities	(0.1)

Schedule of Investments

Number of Shares			Value
		Common Stocks & Other Equity Interests—100.1%
		Brazil—23.2%
	2,000	Atacadao S.A.	$	10,733
	11,051	B3 S.A.—Brasil Bolsa Balcao		96,374
	23,146	Banco Bradesco S.A. (Preference Shares)		208,474
	1,200	Banco BTG Pactual S.A.		12,570
	7,222	Banco do Brasil S.A.		90,826
	2,600	Banco Santander Brasil S.A.		29,625
	700	Braskem S.A. (Preference Shares), Class A		8,467
	2,323	Centrais Eletricas Brasileiras S.A.		19,229
	1,600	Centrais Eletricas Brasileiras S.A. (Preference Shares), Class B		14,034
	1,000	Cia Brasileira de Distribuicao (Preference Shares), Class A		24,429
	1,800	Cia de Saneamento Basico do Estado de Sao Paulo		21,416
	1,500	Cia Energetica de Minas Gerais		6,710
	10,137	Cia Energetica de Minas Gerais (Preference Shares)		37,825
	2,640	Engie Brasil Energia S.A.		29,733
	4,200	Gerdau S.A. (Preference Shares)		15,044
	500	GOL Linhas Aereas Inteligentes SA (Preference Shares)(a)		2,883
	800	Hapvida Participacoes e Investimentos S.A.(b)		6,128
	1,000	IRB Brasil Resseguros S.A.		23,770
	25,336	Itau Unibanco Holding S.A. (Preference Shares)		216,975
	2,500	Itau Unibanco Holding S.A.		18,575
	24,683	Itausa—Investimentos Itau S.A. (Preference Shares)		74,418
	3,600	Klabin S.A.		15,128
	3,100	Localiza Rent a Car S.A.		28,408
	900	Lojas Americanas S.A.		2,916

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Brazil (continued)
	4,000	Lojas Americanas S.A. (Preference Shares)	$	15,918
	3,700	Lojas Renner S.A.		43,910
	679	Magazine Luiza S.A.		32,875
	1,100	Natura Cosmeticos S.A.		14,547
	1,900	Petrobras Distribuidora S.A.		11,399
	17,262	Petroleo Brasileiro S.A.		130,919
	23,034	Petroleo Brasileiro S.A. (Preference Shares)		158,077
	700	Porto Seguro S.A.		9,590
	7,500	Rumo S.A.(a)		34,365
	6,270	Suzano S.A.		64,648
	12,840	Vale S.A.		162,844
				1,693,782
		Chile—0.6%
	143,971	Banco de Chile		21,049
	312,579	Banco Santander Chile		21,891
				42,940
		China—5.2%
	9,410	China Railway Construction Corp. Ltd., H-Shares		11,107
	22,912	China Railway Group Ltd., H-Shares		18,048
	12,054	China Resources Cement Holdings Ltd.		12,061
	4,022	China Resources Gas Group Ltd.		18,610
	8,928	China Resources Power Holdings Co. Ltd.		12,495
	67,378	China Telecom Corp. Ltd., H-Shares		34,868
	67,992	CNOOC Ltd.		122,891
	21,276	Guangdong Investment Ltd.		39,865
	998	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., H-Shares		5,171

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

27

Invesco S&P Emerging Markets Momentum ETF (EEMO) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		China (continued)
	8,182	Huadian Power International Corp. Ltd., H-Shares	$	3,494
	39,278	Lenovo Group Ltd.		36,397
	3,316	Shenzhou International Group Holdings Ltd.		44,507
	1,975	Wuxi Biologics Cayman, Inc.(a)(b)		19,862
				379,376
		Colombia—0.3%
	20,805	Ecopetrol S.A.		19,194
		Czech Republic—0.3%
	1,001	CEZ AS		23,248
		Hungary—0.4%
	2,274	MOL Hungarian Oil & Gas PLC		26,095
		India—23.7%
	1,972	Asian Paints Ltd.		41,484
	1,620	Aurobindo Pharma Ltd.		19,077
	492	Avenue Supermarts Ltd.(a)(b)		9,164
	9,592	Axis Bank Ltd.(a)		105,755
	1,402	Bajaj Finance Ltd.		62,405
	229	Bajaj Finserv Ltd.		24,760
	1,504	Berger Paints India Ltd.		6,897
	512	Britannia Industries Ltd.		21,318
	379	Colgate-Palmolive India Ltd.		6,583
	3,458	Dabur India Ltd.		19,792
	635	Divi’s Laboratories Ltd.		15,948
	470	Dr Reddy’s Laboratories Ltd.		19,824
	1,845	Havells India Ltd.		20,549
	5,593	Hindustan Unilever Ltd.		141,341
	1,056	Indiabulls Ventures Ltd.		4,506
	30,846	Infosys Ltd.		333,212
	3,891	Kotak Mahindra Bank Ltd.		77,567
	202	Larsen & Toubro Infotech Ltd.(b)		4,986
	2,602	Marico Ltd.		13,445
	245	Nestle India Ltd.		38,413
	779	Pidilite Industries Ltd.		13,827
	20,413	Reliance Industries Ltd.		408,766
	6,537	Tata Consultancy Services Ltd.		212,439
	2,617	Tech Mahindra Ltd.		31,459
	1,527	Titan Co. Ltd.		25,435
	304	Torrent Pharmaceuticals Ltd.		7,832
	373	United Breweries Ltd.		7,610
	9,070	Wipro Ltd.		38,932
				1,733,326
		Indonesia—3.0%
	73,593	PT Bank Central Asia Tbk		148,477
	16,120	PT Bank Danamon Indonesia Tbk		10,011
	18,571	PT Bukit Asam Tbk		5,161
	76,428	PT Charoen Pokphand Indonesia Tbk		28,292
	13,406	PT Indah Kiat Pulp & Paper Corp. Tbk		6,961
	14,238	PT Indofood CBP Sukses Makmur Tbk		9,717
	13,216	PT Pabrik Kertas Tjiwi Kimia Tbk		9,344
				217,963
		Malaysia—2.5%
	17,900	Dialog Group Bhd		13,941
	3,200	Hong Leong Bank Bhd		15,464

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Malaysia (continued)
	11,200	Petronas Chemicals Group Bhd	$	24,380
	5,700	PPB Group Bhd		25,863
	17,328	Public Bank Bhd		94,299
	6,800	QL Resources Bhd		11,217
				185,164
		Mexico—0.9%
	21,696	Wal-Mart de Mexico SAB de CV		63,538
		Peru—0.9%
	277	Credicorp Ltd.		65,621
		Poland—0.9%
	500	CD Projekt S.A.(a)		28,069
	233	Dino Polska S.A.(a)(b)		7,730
	805	Grupa Lotos S.A.		17,487
	8,882	Polskie Gornictwo Naftowe i Gazownictwo S.A.		13,457
				66,743
		Qatar—3.9%
	1,597	Industries Qatar QSC		53,069
	4,304	Qatar National Bank QPSC		231,662
				284,731
		Russia—14.6%
	2,470	Evraz PLC		20,209
	36,314	Gazprom PJSC ADR		181,352
	3,675	LUKOIL PJSC ADR		311,567
	4,102	MMC Norilsk Nickel PJSC ADR		91,064
	843	Novatek PJSC GDR(b)		162,446
	1,139	Novolipetsk Steel PJSC GDR(b)		30,001
	289	Polyus PJSC GDR(b)		11,329
	1,381	Severstal PJSC GDR(b)		22,358
	7,390	Surgutneftegas PJSC (Preference Shares) ADR		44,525
	2,780	Tatneft PJSC ADR		195,323
				1,070,174
		South Africa—3.0%
	572	Anglo American Platinum Ltd.		28,806
	2,983	AngloGold Ashanti Ltd.		35,853
	577	Capitec Bank Holdings Ltd.		53,799
	1,275	Clicks Group Ltd.		17,401
	1,281	Exxaro Resources Ltd.		14,594
	1,770	Nedbank Group Ltd.		32,849
	861	PSG Group Ltd.		15,920
	3,164	RMB Holdings Ltd.		18,424
				217,646
		South Korea—1.7%
	174	Daelim Industrial Co. Ltd.		14,419
	256	Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)		6,366
	517	Fila Korea Ltd.		36,468
	418	GS Engineering & Construction Corp.		14,528
	194	HLB, Inc.(a)		13,934
	103	Hyundai Elevator Co. Ltd.		7,583
	390	Hyundai Engineering & Construction Co. Ltd.		17,528
	252	Hyundai Rotem Co. Ltd.(a)		4,681
	104	POSCO Chemical Co. Ltd.		5,101

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

28

Invesco S&P Emerging Markets Momentum ETF (EEMO) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		South Korea (continued)
	680	Ssangyong Cement Industrial Co. Ltd.	$	3,359
				123,967
		Taiwan—9.8%
	12,000	Asia Cement Corp.		16,213
	6,419	Chailease Holding Co. Ltd.		27,316
	87,524	E.Sun Financial Holding Co. Ltd.		71,801
	1,263	Eclat Textile Co. Ltd.		17,984
	20,000	Far Eastern New Century Corp.		21,812
	2,399	Feng TAY Enterprise Co. Ltd.		19,448
	51,620	First Financial Holding Co. Ltd.		36,834
	64,063	Hua Nan Financial Holdings Co. Ltd.		41,878
	11,000	Lite-On Technology Corp.		15,503
	2,000	Makalot Industrial Co. Ltd.		13,786
	61,000	Mega Financial Holding Co. Ltd.		58,530
	3,321	Novatek Microelectronics Corp.		21,656
	2,766	President Chain Store Corp.		25,779
	2,000	Radiant Opto-Electronics Corp.		6,731
	3,000	Realtek Semiconductor Corp.		20,291
	1,128	Simplo Technology Co. Ltd.		9,564
	49,000	SinoPac Financial Holdings Co. Ltd.		18,870
	8,000	TA Chen Stainless Pipe		11,352
	45,000	Taiwan Business Bank		18,567
	20,000	Taiwan Cement Corp.		27,184
	66,880	Taiwan Cooperative Financial Holding Co. Ltd.		44,369
	4,000	Taiwan Fertilizer Co. Ltd.		5,819
	19,000	Taiwan High Speed Rail Corp.		23,119
	610	TCI Co. Ltd.		9,100
	22,000	Uni-President Enterprises Corp.		52,257
	2,000	Walsin Technology Corp.		12,233
	747	Wiwynn Corp.		7,772
	89,555	Yuanta Financial Holding Co. Ltd.		51,876
	2,000	Zhen Ding Technology Holding Ltd.		7,152
				714,796
		Thailand—1.8%
	16,901	Bangkok Dusit Medical Services PCL NVDR		13,500
	63,334	Bangkok Expressway & Metro PCL NVDR		21,624
	53,842	BTS Group Holdings PCL NVDR		19,901
	19,476	Charoen Pokphand Foods PCL NVDR		16,624
	1,718	Electricity Generating PCL NVDR		15,929
	2,618	Glow Energy PCL NVDR		7,503
	4,010	Gulf Energy Development PCL NVDR		13,126
	18,963	Home Product Center PCL NVDR		9,325
	3,760	Krungthai Card PCL NVDR		4,770
	1,718	Ratch Group PCL NVDR		3,350
	6,464	Siam Global House PCL NVDR		3,503
				129,155
		Turkey—0.8%
	1,370	BIM Birlesik Magazalar AS		19,060
	3,580	Soda Sanayii AS		4,654
	960	TAV Havalimanlari Holding AS		4,069
	1,748	Tekfen Holding AS		7,795
	778	Tupras Turkiye Petrol Rafinerileri AS		16,069
	3,899	Turkiye Sise ve Cam Fabrikalari AS		3,984
				55,631

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		United Arab Emirates—2.1%
	15,722	Abu Dhabi Commercial Bank PJSC	$	42,289
	26,192	First Abu Dhabi Bank PJSC		114,091
				156,380
		United States—0.5%
	7,800	JBS S.A.		39,037
		Total Common Stocks & Other Equity Interests (Cost $7,160,135)		7,308,507
		Money Market Fund—0.0%
	1,584	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(c) (Cost $1,584)		1,584
		Total Investments in Securities (Cost $7,161,719)—100.1%		7,310,091
		Other assets less liabilities—(0.1)%		(7,053	)
		Net Assets—100.0%	$	7,303,038

Abbreviations:

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

NVDR—Non-voting Depositary Receipt

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2019 was $274,004, which represented 3.75% of the Fund’s Net Assets.

^(c)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

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

29

Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)

April 30, 2019

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Real Estate	24.9
Financials	24.6
Utilities	14.7
Energy	9.0
Communication Services	8.5
Industrials	7.7
Consumer Discretionary	4.5
Sector Types Each Less than 3%	5.6
Money Market Funds Plus Other Assets Less Liabilities	0.5

Schedule of Investments

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.5%
		Australia—21.1%
	6,704	AGL Energy Ltd.	$	104,895
	8,066	Amcor Ltd.		91,006
	35,512	Aurizon Holdings Ltd.		118,977
	91,458	AusNet Services		114,262
	5,933	Australia & New Zealand Banking Group Ltd.		113,586
	4,273	Caltex Australia Ltd.		81,835
	1,929	Commonwealth Bank of Australia		101,178
	10,395	Crown Resorts Ltd.		97,236
	10,653	Dexus		93,726
	21,148	GPT Group (The)		85,291
	7,823	National Australia Bank Ltd.		139,583
	34,350	Scentre Group		92,357
	50,776	Stockland		134,735
	10,374	Suncorp Group Ltd.		96,894
	21,393	Sydney Airport		114,738
	10,069	Transurban Group		95,250
	58,681	Vicinity Centres		104,909
	5,236	Wesfarmers Ltd.		132,710
	6,821	Westpac Banking Corp.		132,074
				2,045,242
		Denmark—0.8%
	2,567	Tryg A/S		78,378
		Finland—1.1%
	2,439	Sampo Oyj, Class A		111,413
		France—7.9%
	2,293	Cie de Saint-Gobain		93,642
	3,339	CNP Assurances		78,732
	6,505	Engie S.A.		96,266
	5,737	Orange S.A.		89,787
	843	Sanofi		73,209
	1,799	TOTAL S.A.		99,890

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		France (continued)
	833	Unibail-Rodamco-Westfield	$	143,066
	4,009	Veolia Environnement S.A.		94,620
				769,212
		Germany—5.4%
	365	Allianz SE		87,865
	1,236	BASF SE		100,412
	1,206	Bayerische Motoren Werke AG		102,584
	4,650	Deutsche Telekom AG		77,721
	1,499	Innogy SE(a)		69,532
	341	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		85,222
				523,336
		Hong Kong—5.6%
	8,878	CK Infrastructure Holdings Ltd.		72,084
	13,833	Henderson Land Development Co. Ltd.		85,163
	86,305	HK Electric Investments & HK Electric Investments Ltd.(a)		84,485
	68,721	HKT Trust & HKT Ltd.		106,514
	100,374	Mapletree North Asia Commercial Trust(a)		100,286
	13,393	Power Assets Holdings Ltd.		93,379
				541,911
		Israel—3.4%
	7,631	Alony Hetz Properties & Investments Ltd.		92,818
	13,450	Gazit-Globe Ltd.		108,578
	851	Paz Oil Co. Ltd.		123,810
				325,206
		Italy—5.0%
	5,588	Assicurazioni Generali SpA		108,341
	13,173	Enel SpA		83,249

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

30

Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Italy (continued)
	6,391	Eni SpA	$	108,997
	21,547	Snam SpA		109,558
	13,137	Terna Rete Elettrica Nazionale SpA		78,589
				488,734
		Japan—13.1%
	18	Activia Properties, Inc.		75,152
	2,891	Aozora Bank Ltd.		70,318
	3,300	Canon, Inc.		91,526
	33	Daiwa House REIT Investment Corp.		75,704
	21	Frontier Real Estate Investment Corp.		87,300
	71	GLP J-Reit		76,371
	123	Japan Hotel REIT Investment Corp.		100,167
	6,049	Japan Post Bank Co. Ltd.(b)		66,424
	5,370	Japan Post Holdings Co. Ltd.		59,932
	35	Japan Retail Fund Investment Corp.		66,936
	3,967	Japan Tobacco, Inc.		91,753
	45,201	Mizuho Financial Group, Inc.		70,414
	52	Mori Trust Sogo REIT, Inc.		78,391
	2,450	MS&AD Insurance Group Holdings, Inc.		75,628
	13,196	Nissan Motor Co. Ltd.		105,840
	47	United Urban Investment Corp.		75,031
				1,266,887
		Netherlands—2.1%
	1,919	NN Group N.V.		83,487
	3,622	Royal Dutch Shell PLC, Class A		115,685
				199,172
		New Zealand—4.7%
	27,321	Contact Energy Ltd.		122,259
	35,541	Meridian Energy Ltd.		96,231
	40,274	Spark New Zealand Ltd.		98,572
	33,222	Z Energy Ltd.		140,246
				457,308
		Norway—0.9%
	4,327	Telenor ASA		86,665
		Portugal—1.2%
	31,781	EDP-Energias de Portugal S.A.		120,350
		Singapore—9.8%
	49,881	Ascendas Real Estate Investment Trust		109,935
	62,417	CapitaLand Commercial Trust		88,958
	59,936	CapitaLand Mall Trust		106,557
	100,350	Keppel		89,940
	75,910	Mapletree Commercial Trust		107,630
	104,033	Mapletree Logistics Trust		113,113
	10,033	Singapore Airlines Ltd.		71,348
	13,845	Singapore Exchange Ltd.		75,063
	28,016	Singapore Technologies Engineering Ltd.		81,504
	47,139	Singapore Telecommunications Ltd.		109,779
				953,827
		Spain—4.9%
	4,068	Endesa S.A.		101,256
	30,625	Mapfre S.A.		91,810
	3,367	Naturgy Energy Group S.A.		95,542

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Spain (continued)
	5,387	Repsol S.A.	$	91,343
	10,929	Telefonica S.A.		91,028
				470,979
		Sweden—0.9%
	20,898	Telia Co. AB		88,896
		Switzerland—3.7%
	595	Kuehne + Nagel International AG		86,447
	971	Swiss RE AG		93,441
	170	Swisscom AG		79,194
	327	Zurich Insurance Group AG		104,262
				363,344
		United Kingdom—7.9%
	23,271	Aviva PLC		130,299
	12,651	BAE Systems PLC		81,473
	4,887	GlaxoSmithKline PLC		100,240
	11,714	HSBC Holdings PLC		101,873
	9,525	Land Securities Group PLC		114,611
	34,034	Legal & General Group PLC		123,433
	135,116	Lloyds Banking Group PLC		110,213
				762,142
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $9,605,814)—99.5%		9,653,002
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—0.6%
	46,955	Invesco Government & Agency Portfolio—Institutional Class 2.34%(c)(d)		46,955
	15,647	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(c)(d)		15,652
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $62,607)		62,607
		Total Investments in Securities (Cost $9,668,421)—100.1%		9,715,609
		Other assets less liabilities—(0.1)%		(13,099	)
		Net Assets—100.0%	$	9,702,510

Abbreviations:

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  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 April 30, 2019 was $254,303, which represented 2.62% of the Fund’s Net Assets.

^(b)  All or a portion of this security was out on loan at April 30, 2019.

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

31

Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) (continued)

April 30, 2019

(Unaudited)

^(c)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(d)  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 2K.

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

32

Invesco S&P International Developed Low Volatility ETF (IDLV)

April 30, 2019

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Real Estate	26.2
Financials	25.1
Utilities	12.0
Consumer Staples	10.8
Industrials	10.6
Communication Services	5.8
Sector Types Each Less than 3%	9.0
Money Market Funds Plus Other Assets Less Liabilities	0.5

Schedule of Investments

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.4%
		Australia—9.6%
	372,657	Amcor Ltd.	$	4,204,584
	81,208	ASX Ltd.		4,258,290
	1,004,172	Aurizon Holdings Ltd.		3,364,304
	2,539,979	AusNet Services		3,173,282
	386,921	Brambles Ltd.		3,281,629
	63,312	Commonwealth Bank of Australia		3,320,772
	431,771	Crown Resorts Ltd.		4,038,859
	404,411	Dexus		3,558,059
	363,328	Goodman Group		3,365,386
	893,002	GPT Group (The)		3,601,532
	1,762,097	Mirvac Group		3,509,914
	220,369	National Australia Bank Ltd.		3,931,956
	1,163,253	Scentre Group		3,127,647
	193,482	Sonic Healthcare Ltd.		3,493,077
	1,302,053	Stockland		3,455,017
	363,031	Suncorp Group Ltd.		3,390,743
	661,752	Sydney Airport		3,549,200
	498,942	Transurban Group		4,719,864
	1,968,127	Vicinity Centres		3,518,577
	204,469	Woolworths Group Ltd.		4,583,710
				73,446,402
		Belgium—2.0%
	25,057	Ackermans & van Haaren N.V.		4,026,872
	52,795	Colruyt S.A.		3,802,096
	39,654	Groupe Bruxelles Lambert S.A.		3,787,199
	18,638	Sofina S.A.		3,830,789
				15,446,956
		Canada—22.1%
	355,575	Algonquin Power & Utilities Corp.		4,041,586
	112,510	Atco Ltd., Class I		3,843,172
	68,351	Bank of Montreal		5,376,823
	89,240	Bank of Nova Scotia (The)		4,894,534
	116,171	BCE, Inc.		5,176,397

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Canada (continued)
	73,831	Brookfield Asset Management, Inc., Class A	$	3,545,008
	103,119	Canadian Apartment Properties REIT		3,674,170
	65,607	Canadian Imperial Bank of Commerce		5,501,878
	162,244	Canadian Utilities Ltd., Class A		4,454,112
	53,698	CGI, Inc., Class A(a)		3,849,315
	359,137	Choice Properties Real Estate Investment Trust		3,641,562
	114,693	Emera, Inc.(b)		4,289,477
	274,547	First Capital Realty, Inc.		4,357,403
	139,245	Fortis, Inc.		5,125,938
	56,706	George Weston Ltd.		4,216,697
	183,984	Great-West Lifeco, Inc.		4,605,071
	293,059	H&R Real Estate Investment Trust		4,986,709
	289,771	Hydro One Ltd.(c)		4,670,112
	140,978	IGM Financial, Inc.		3,877,629
	48,205	Intact Financial Corp.		3,927,855
	202,083	Inter Pipeline Ltd.		3,277,915
	77,813	Loblaw Cos. Ltd.		3,796,363
	98,666	Metro, Inc.		3,557,316
	119,802	National Bank of Canada		5,683,737
	57,694	Onex Corp.(b)		3,332,888
	88,147	Pembina Pipeline Corp.		3,138,746
	197,296	Power Corp. of Canada		4,508,533
	202,943	Power Financial Corp.		4,817,105
	139,795	Quebecor, Inc., Class B		3,472,012
	299,319	RioCan Real Estate Investment Trust		5,731,830
	78,473	Rogers Communications, Inc., Class B		3,934,734
	65,300	Royal Bank of Canada		5,182,933
	162,091	Shaw Communications, Inc., Class B		3,269,052
	183,951	SmartCentres Real Estate Investment Trust		4,632,962
	97,883	Sun Life Financial, Inc.(b)		4,050,080
	164,564	TELUS Corp.		6,034,747
	57,236	Thomson Reuters Corp.		3,522,575

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

33

Invesco S&P International Developed Low Volatility ETF (IDLV) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Canada (continued)
	96,082	Toronto-Dominion Bank (The)	$	5,458,360
	70,114	TransCanada Corp.		3,332,656
				168,789,992
		Denmark—1.1%
	32,025	Carlsberg A/S, Class B		4,133,374
	143,047	Tryg A/S		4,367,651
				8,501,025
		Finland—0.5%
	81,136	Sampo Oyj, Class A		3,706,273
		France—6.6%
	28,735	Air Liquide S.A.		3,817,705
	123,653	AXA S.A.(b)		3,290,534
	155,959	CNP Assurances(b)		3,677,442
	49,532	Danone S.A.		4,001,200
	30,904	EssilorLuxottica S.A.		3,757,803
	91,119	Klepierre S.A.		3,234,049
	49,533	Legrand S.A.		3,637,124
	12,693	L’Oreal S.A.(b)		3,486,560
	268,202	Orange S.A.		4,197,518
	21,329	Pernod Ricard S.A.		3,713,397
	40,683	Sanofi		3,533,037
	54,951	TOTAL S.A.		3,051,160
	143,883	Veolia Environnement S.A.		3,395,920
	36,816	Vinci S.A.		3,714,199
				50,507,648
		Germany—4.2%
	14,565	Allianz SE		3,506,181
	390,536	Aroundtown S.A.		3,162,632
	32,914	Beiersdorf AG		3,594,244
	25,325	Deutsche Boerse AG		3,374,589
	231,883	Deutsche Telekom AG		3,875,722
	83,404	Deutsche Wohnen SE		3,745,379
	24,130	Hannover Rueck SE		3,634,513
	14,517	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		3,628,034
	70,557	Vonovia SE		3,516,388
				32,037,682
		Hong Kong—5.1%
	466,847	CK Infrastructure Holdings Ltd.		3,790,521
	300,485	CLP Holdings Ltd.		3,406,855
	589,030	Henderson Land Development Co. Ltd.		3,626,348
	4,477,613	HK Electric Investments & HK Electric Investments Ltd.(c)		4,383,214
	2,313,775	HKT Trust & HKT Ltd.		3,586,242
	2,053,079	Hong Kong & China Gas Co. Ltd.		4,898,876
	479,103	Hongkong Land Holdings Ltd.		3,339,348
	3,784,898	Mapletree North Asia Commercial Trust(c)		3,781,561
	663,983	MTR Corp. Ltd.		3,952,380
	589,096	Power Assets Holdings Ltd.		4,107,318
				38,872,663
		Israel—1.3%
	310,246	Alony Hetz Properties & Investments Ltd.(b)		3,773,611
	472,342	Bank Leumi Le-Israel BM		3,228,086

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Israel (continued)
	124,820	Strauss Group Ltd.	$	3,179,600
				10,181,297
		Italy—1.3%
	197,504	Assicurazioni Generali SpA		3,829,231
	522,434	Enel SpA		3,301,590
	514,847	Terna Rete Elettrica Nazionale SpA		3,079,969
				10,210,790
		Japan—16.9%
	1,011	Activia Properties, Inc.		4,221,010
	1,597	Advance Residence Investment Corp.		4,452,242
	92,509	ANA Holdings, Inc.		3,229,405
	121,216	Canon, Inc.		3,361,941
	286,348	Chugoku Electric Power Co., Inc. (The)(b)		3,411,751
	1,998	Daiwa House REIT Investment Corp.		4,583,515
	646	Daiwa Office Investment Corp.		4,355,969
	1,325	Frontier Real Estate Investment Corp.		5,508,193
	3,864	GLP J-Reit		4,156,294
	5,172	Japan Hotel REIT Investment Corp.		4,211,900
	342,596	Japan Post Bank Co. Ltd.(b)		3,762,019
	375,553	Japan Post Holdings Co. Ltd.		4,191,357
	1,039	Japan Prime Realty Investment Corp.		4,151,336
	719	Japan Real Estate Investment Corp.		3,983,147
	2,043	Japan Retail Fund Investment Corp.		3,907,152
	76,067	Kintetsu Group Holdings Co. Ltd.		3,370,511
	276,881	Kyushu Electric Power Co., Inc.		2,677,449
	96,574	Kyushu Railway Co.		3,138,926
	86,711	Mitsubishi Heavy Industries Ltd.		3,597,679
	2,790,424	Mizuho Financial Group, Inc.		4,346,923
	3,490	Mori Trust Sogo REIT, Inc.		5,261,244
	118,502	MS&AD Insurance Group Holdings, Inc.		3,658,001
	624	Nippon Building Fund, Inc.		4,017,131
	2,132	Nippon Prologis REIT, Inc.		4,575,066
	378,031	Nissan Motor Co. Ltd.		3,032,055
	3,117	Nomura Real Estate Master Fund, Inc.		4,564,603
	2,960	ORIX JREIT, Inc.		5,195,780
	36,640	Secom Co. Ltd.		3,072,003
	78,047	Seven & i Holdings Co. Ltd.		2,704,228
	225,282	Skylark Holdings Co. Ltd.		3,707,672
	88,424	Sumitomo Mitsui Financial Group, Inc.		3,192,394
	3,093	United Urban Investment Corp.		4,937,692
	647,346	Yamada Denki Co. Ltd.(b)		3,063,087
				129,599,675
		Netherlands—2.2%
	36,313	Akzo Nobel N.V.		3,080,687
	33,495	Heineken Holding N.V.		3,399,054
	128,200	Koninklijke Ahold Delhaize N.V.		3,083,240
	77,128	NN Group N.V.		3,355,499
	52,656	Wolters Kluwer N.V.		3,669,342
				16,587,822
		New Zealand—1.4%
	649,879	Auckland International Airport Ltd.		3,454,233
	926,070	Contact Energy Ltd.		4,144,070
	1,217,722	Meridian Energy Ltd.		3,297,122
				10,895,425

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

34

Invesco S&P International Developed Low Volatility ETF (IDLV) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Portugal—0.4%
	877,795	EDP-Energias de Portugal S.A.	$	3,324,076
		Singapore—6.5%
	2,214,003	Ascendas Real Estate Investment Trust		4,879,525
	2,787,616	CapitaLand Commercial Trust		3,972,947
	1,292,061	CapitaLand Ltd.		3,350,702
	2,208,949	CapitaLand Mall Trust		3,927,165
	3,721,768	Keppel		3,335,702
	3,231,592	Mapletree Commercial Trust		4,581,966
	3,499,055	Mapletree Logistics Trust		3,804,438
	445,720	Singapore Airlines Ltd.		3,169,681
	738,385	Singapore Exchange Ltd.		4,003,292
	1,142,501	Singapore Technologies Engineering Ltd.		3,323,761
	1,693,647	Singapore Telecommunications Ltd.		3,944,212
	2,372,650	Suntec Real Estate Investment Trust		3,224,656
	1,559,261	Wilmar International Ltd.		4,169,637
				49,687,684
		Spain—3.7%
	18,354	Aena SME S.A.(b)(c)		3,401,140
	145,474	Endesa S.A.		3,620,958
	141,975	Ferrovial S.A.		3,494,088
	449,162	Iberdrola S.A.		4,076,340
	1,180,533	Mapfre S.A.		3,539,089
	125,679	Naturgy Energy Group S.A.		3,566,285
	174,240	Red Electrica Corp. S.A.		3,609,582
	393,408	Telefonica S.A.		3,276,713
				28,584,195
		Sweden—2.8%
	213,437	AAK AB		3,463,064
	200,222	Castellum AB		3,596,153
	217,483	Hufvudstaden AB, Class A(b)		3,619,074
	155,860	Industrivarden AB, Class C		3,501,882
	77,997	Investor AB, Class B		3,714,104
	107,000	L E Lundbergforetagen AB, Class B		3,653,406
				21,547,683
		Switzerland—4.7%
	48	Chocoladefabriken Lindt & Spruengli AG		3,641,217
	1,447	Givaudan S.A.		3,747,432
	45,736	Nestle S.A.		4,400,800
	37,406	Novartis AG		3,054,517
	4,459	Partners Group Holding AG		3,358,909
	12,785	Roche Holding AG		3,370,021
	1,327	SGS S.A.		3,501,769
	36,433	Swiss RE AG		3,506,006
	7,652	Swisscom AG		3,564,675
	11,686	Zurich Insurance Group AG		3,725,988
				35,871,334
		United Kingdom—6.5%
	119,127	Admiral Group PLC		3,422,810
	551,204	Aviva PLC		3,086,289
	406,455	British Land Co. PLC (The)		3,147,458
	105,805	Bunzl PLC		3,184,866
	74,862	Coca-Cola European Partners PLC		4,011,855
	142,677	Compass Group PLC		3,241,995

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		United Kingdom (continued)
	98,355	Diageo PLC	$	4,146,010
	391,369	HSBC Holdings PLC		3,403,599
	310,205	Land Securities Group PLC		3,732,601
	866,039	Legal & General Group PLC		3,140,911
	157,907	RELX PLC		3,620,998
	454,293	Segro PLC		4,017,750
	73,344	Unilever N.V. CVA		4,435,332
	1,061,237	WM Morrison Supermarkets PLC		2,986,937
				49,579,411
		United States—0.5%
	43,135	Waste Connections, Inc.		3,987,070
		Total Common Stocks & Other Equity Interests (Cost $725,701,462)		761,365,103
		Money Market Fund—0.1%
	885,340	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $885,340)		885,340
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $726,586,802)—99.5%		762,250,443
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—3.0%
	17,276,629	Invesco Government & Agency Portfolio—Institutional Class 2.34%(d)(e)		17,276,629
	5,757,157	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		5,758,884
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $23,035,513)		23,035,513
		Total Investments in Securities (Cost $749,622,315)—102.5%		785,285,956
		Other assets less liabilities—(2.5)%		(19,260,890	)
		Net Assets—100.0%	$	766,025,066

Abbreviations:

CVA—Dutch Certificates

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  All or a portion of this security was out on loan at April 30, 2019.

^(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 April 30, 2019 was $16,236,027, which represented 2.12% of the Fund’s Net Assets.

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

35

Invesco S&P International Developed Low Volatility ETF (IDLV) (continued)

April 30, 2019

(Unaudited)

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2K.

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

36

Invesco S&P International Developed Momentum ETF (IDMO)

April 30, 2019

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2019
Health Care	19.4
Consumer Staples	18.5
Industrials	12.2
Utilities	8.5
Energy	8.3
Consumer Discretionary	7.2
Information Technology	6.6
Materials	6.3
Real Estate	6.0
Financials	4.5
Communication Services	1.8
Money Market Funds Plus Other Assets Less Liabilities	0.7

Schedule of Investments

Number of Shares			Value
		Common Stocks & Other Equity Interests—99.3%
		Australia—11.4%
	663	APA Group	$	4,489
	161	ASX Ltd.		8,442
	2,194	BHP Group Ltd.		57,755
	1,223	BHP Group PLC		28,848
	867	Brambles Ltd.		7,353
	30	Cochlear Ltd.		3,956
	242	Computershare Ltd.		3,037
	385	CSL Ltd.		53,809
	888	Dexus		7,813
	960	Fortescue Metals Group Ltd.		4,831
	1,857	Goodman Group		17,201
	1,458	GPT Group (The)		5,880
	203	Macquarie Group Ltd.		19,246
	2,270	Mirvac Group		4,522
	227	Rio Tinto Ltd.		15,238
	1,149	Santos Ltd.		5,815
	121	Washington H Soul Pattinson & Co. Ltd.		1,958
	553	Wesfarmers Ltd.		14,016
	465	Woodside Petroleum Ltd.		11,583
	904	Woolworths Group Ltd.		20,265
				296,057
		Austria—0.2%
	58	IMMOFINANZ AG		1,485
	77	Verbund AG		3,816
				5,301
		Belgium—0.3%
	58	Colruyt S.A.		4,177

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Belgium (continued)
	14	Sofina S.A.	$	2,878
				7,055
		Canada—8.8%
	160	Air Canada(a)		3,825
	327	Algonquin Power & Utilities Corp.		3,717
	483	Brookfield Asset Management, Inc., Class A		23,191
	198	CAE, Inc.		4,587
	295	Cameco Corp.		3,241
	82	Canadian Apartment Properties REIT		2,922
	411	Canadian National Railway Co.		38,020
	90	Canadian Pacific Railway Ltd.		20,083
	169	Canopy Growth Corp.(a)		8,502
	194	CGI, Inc., Class A(a)		13,907
	12	Constellation Software, Inc.		10,545
	114	Empire Co. Ltd., Class A		2,525
	283	Fortis, Inc.		10,418
	20	Genworth MI Canada, Inc.		619
	100	H&R Real Estate Investment Trust		1,702
	142	Loblaw Cos. Ltd.		6,928
	172	Metro, Inc.		6,201
	336	Pembina Pipeline Corp.		11,964
	165	Quebecor, Inc., Class B		4,098
	136	Restaurant Brands International, Inc.		8,840
	98	RioCan Real Estate Investment Trust		1,877
	311	Rogers Communications, Inc., Class B		15,594
	59	Shopify, Inc., Class A(a)		14,287
	55	SmartCentres Real Estate Investment Trust		1,385

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

37

Invesco S&P International Developed Momentum ETF (IDMO) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Canada (continued)
	131	Thomson Reuters Corp.	$	8,062
	37	WSP Global, Inc.		1,990
				229,030
		China—0.3%
	2,888	Alibaba Health Information Technology Ltd.(a)		3,453
	2,503	Evergrande Health Industry Group Ltd.(a)		3,484
				6,937
		Denmark—1.9%
	99	Ambu A/S, Class B		2,838
	62	Chr. Hansen Holding A/S		6,319
	68	Coloplast A/S, Class B		7,331
	110	GN Store Nord A/S		5,626
	142	Orsted A/S(b)		10,863
	107	Tryg A/S		3,267
	158	Vestas Wind Systems A/S		14,278
				50,522
		Finland—1.8%
	290	Fortum Oyj		6,123
	324	Neste Oyj		10,690
	5,460	Nokia Oyj		28,631
				45,444
		France—13.6%
	4	Christian Dior SE		1,979
	78	Dassault Systemes SE		12,330
	396	Electricite de France S.A.		5,698
	25	Hermes International		17,573
	39	Kering S.A.		23,034
	161	L’Oreal S.A.(c)		44,224
	137	LVMH Moet Hennessy Louis Vuitton SE		53,592
	136	Pernod Ricard S.A.		23,678
	351	Peugeot S.A.		9,189
	244	Safran S.A.		35,521
	672	Sanofi		58,358
	1,235	TOTAL S.A.		68,573
				353,749
		Germany—4.4%
	569	Aroundtown S.A.		4,608
	116	Deutsche Boerse AG		15,457
	285	Deutsche Wohnen SE		12,798
	1,422	E.ON SE		15,248
	45	Hannover Rueck SE		6,778
	39	MTU Aero Engines AG		9,165
	492	RWE AG		12,555
	38	RWE AG (Preference Shares)(a)		969
	23	Sartorius AG (Preference Shares)		4,207
	62	Symrise AG		5,955
	317	Vonovia SE		15,799
	77	Wirecard AG(c)		11,537
				115,076
		Hong Kong—2.8%
	1,295	CLP Holdings Ltd.		14,683
	1,864	HK Electric Investments & HK Electric Investments Ltd.(b)		1,825

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Hong Kong (continued)
	3,335	HKT Trust & HKT Ltd.	$	5,169
	8,886	Hong Kong & China Gas Co. Ltd.		21,203
	1,777	Link		20,725
	1,101	NWS Holdings Ltd.		2,287
	341	Swire Pacific Ltd., Class A		4,316
	577	Swire Properties Ltd.		2,342
				72,550
		Ireland—0.3%
	135	Glanbia PLC		2,480
	38	ICON PLC(a)		5,190
				7,670
		Israel—1.3%
	947	Bank Leumi Le-Israel BM		6,472
	42	CyberArk Software Ltd.(a)		5,415
	33	First International Bank of Israel Ltd.		828
	748	Israel Chemicals Ltd.		3,957
	936	Israel Discount Bank Ltd., Class A		3,644
	47	Nice Ltd.(a)		6,479
	78	Plus500 Ltd.		537
	39	Wix.com Ltd.(a)		5,232
				32,564
		Italy—0.9%
	396	Davide Campari-Milano SpA		3,988
	104	Moncler SpA		4,262
	275	Poste Italiane SpA(b)		2,931
	1,264	Snam SpA		6,427
	897	Terna Rete Elettrica Nazionale SpA		5,366
	416	UnipolSai Assicurazioni SpA(c)		1,138
				24,112
		Japan—8.7%
	1	Advance Residence Investment Corp.		2,788
	552	Aeon Co. Ltd.		10,183
	110	Alfresa Holdings Corp.		3,057
	1,042	Astellas Pharma, Inc.		14,118
	178	Bandai Namco Holdings, Inc.		8,470
	120	Central Japan Railway Co.		25,745
	537	Chubu Electric Power Co., Inc.		7,792
	293	Chugoku Electric Power Co., Inc. (The)		3,491
	190	Eisai Co. Ltd.		11,010
	320	FamilyMart UNY Holdings Co. Ltd.		8,528
	51	Fancl Corp.		1,511
	1	Japan Prime Realty Investment Corp.		3,995
	1	Japan Real Estate Investment Corp.		5,540
	515	Kansai Electric Power Co., Inc. (The)		6,222
	93	Keihan Holdings Co. Ltd.		3,945
	80	Keio Corp.		4,813
	118	Kikkoman Corp.		5,467
	111	Kintetsu Group Holdings Co. Ltd.		4,918
	302	Kyushu Electric Power Co., Inc.		2,920
	105	Marui Group Co. Ltd.		2,128
	127	Medipal Holdings Corp.		2,845
	84	MonotaRO Co. Ltd.		1,932
	1	Mori Trust Sogo REIT, Inc.		1,508
	150	NEC Corp.		5,044

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

38

Invesco S&P International Developed Momentum ETF (IDMO) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Japan (continued)
	1	Nippon Building Fund, Inc.	$	6,438
	112	Nissan Chemical Corp.		4,958
	39	OBIC Co. Ltd.		4,503
	2	ORIX JREIT, Inc.		3,511
	33	Sankyo Co. Ltd.		1,299
	133	SG Holdings Co. Ltd.		3,553
	136	Skylark Holdings Co. Ltd.		2,238
	755	Sojitz Corp.		2,596
	46	Sotetsu Holdings, Inc.		1,270
	129	Sumitomo Dainippon Pharma Co. Ltd.		2,838
	60	Suzuken Co. Ltd.		3,448
	34	Taisho Pharmaceutical Holdings Co. Ltd.		3,138
	360	Terumo Corp.		10,819
	52	TIS, Inc.		2,362
	93	Toho Gas Co. Ltd.		3,824
	743	Tokyo Electric Power Co. Holdings, Inc.(a)		4,189
	216	Tokyo Gas Co. Ltd.		5,483
	141	Toyo Seikan Group Holdings Ltd.		2,809
	221	Unicharm Corp.		7,241
	63	Zensho Holdings Co. Ltd.		1,416
				225,903
		Luxembourg—0.2%
	294	SES S.A. FDR, Class A		4,998
		Netherlands—1.8%
	1,145	Koninklijke Ahold Delhaize N.V.		27,537
	261	Wolters Kluwer N.V.		18,188
				45,725
		New Zealand—0.8%
	441	a2 Milk Co. Ltd.(a)		4,932
	575	Auckland International Airport Ltd.		3,056
	522	Contact Energy Ltd.		2,336
	1,210	Meridian Energy Ltd.		3,276
	1,343	Spark New Zealand Ltd.		3,287
	75	Xero Ltd.(a)		2,875
				19,762
		Norway—1.5%
	19	Aker ASA, Class A		1,296
	68	Aker BP ASA		2,237
	103	Austevoll Seafood ASA		1,195
	566	DNO ASA		1,281
	549	Equinor ASA		12,218
	325	Leroy Seafood Group ASA		2,343
	457	Mowi ASA		9,877
	63	Salmar ASA		2,856
	44	Schibsted ASA, Class A		1,152
	64	TGS Nopec Geophysical Co. ASA		1,668
	115	Tomra Systems ASA		3,455
				39,578
		Singapore—0.5%
	209	BOC Aviation Ltd.(b)		1,798
	2,221	CapitaLand Mall Trust		3,949
	1,204	ComfortDelGro Corp. Ltd.		2,379
	1,105	Mapletree Commercial Trust		1,567

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		Singapore (continued)
	963	Singapore Technologies Engineering Ltd.	$	2,802
				12,495
		South Africa—0.7%
	742	Anglo American PLC		19,166
		Spain—2.6%
	153	ACS Actividades de Construccion y Servicios S.A.		7,018
	286	Endesa S.A.		7,119
	3,840	Iberdrola S.A.		34,849
	380	Naturgy Energy Group S.A.		10,783
	360	Red Electrica Corp. S.A.		7,458
				67,227
		Sweden—2.8%
	83	AAK AB		1,347
	270	Castellum AB		4,849
	377	Elekta AB, Class B		4,461
	314	Fabege AB		4,355
	90	Fastighets AB Balder, Class B(a)		2,842
	92	Hufvudstaden AB, Class A		1,531
	74	Investment AB Latour, Class B(c)		1,047
	152	Lundin Petroleum AB		4,969
	366	Nibe Industrier AB, Class B		4,913
	142	Swedish Match AB		6,910
	154	Swedish Orphan Biovitrum AB(a)		2,802
	285	Tele2 AB, Class B		3,798
	2,816	Telefonaktiebolaget LM Ericsson, Class B		27,844
				71,668
		Switzerland—13.0%
	1	Chocoladefabriken Lindt & Spruengli AG-PC		6,649
	4	Givaudan S.A.		10,359
	1,855	Nestle S.A.		178,492
	521	Roche Holding AG		137,331
	18	Roche Holding AG-BR		4,709
				337,540
		United Kingdom—16.8%
	182	Admiral Group PLC		5,229
	821	AstraZeneca PLC		61,285
	9,897	BP PLC		72,123
	245	Bunzl PLC		7,375
	182	Coca-Cola European Partners PLC		9,753
	912	Compass Group PLC		20,723
	65	Croda International PLC		4,390
	1,766	Diageo PLC		74,443
	642	Experian PLC		18,622
	3,179	GlaxoSmithKline PLC		65,207
	980	J Sainsbury PLC		2,843
	208	London Stock Exchange Group PLC		13,596
	526	Ocado Group PLC(a)		9,343
	677	Pearson PLC		7,327
	1,132	RELX PLC		25,958
	1,005	Rentokil Initial PLC		5,110
	693	Segro PLC		6,129
	555	Smith & Nephew PLC		10,712
	411	United Utilities Group PLC		4,441

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

39

Invesco S&P International Developed Momentum ETF (IDMO) (continued)

April 30, 2019

(Unaudited)

Number of Shares			Value
		Common Stocks & Other Equity Interests (continued)
		United Kingdom (continued)
	142	Whitbread PLC	$	8,256
	1,316	WM Morrison Supermarkets PLC		3,704
				436,569
		United States—1.9%
	110	Atlassian Corp. PLC, Class A(a)		12,116
	201	Bausch Health Cos., Inc.(a)		4,623
	35	Mellanox Technologies Ltd.(a)		4,211
	154	QIAGEN N.V.(a)		5,942
	228	Waste Connections, Inc.		21,075
				47,967
		Total Common Stocks & Other Equity Interests (Cost $2,524,836)		2,574,665
		Money Market Fund—0.0%
	849	Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.32%(d) (Cost $849)		849
		Total Investments in Securities (excluding investments purchased with cash collateral from securities on loan) (Cost $2,525,685)—99.3%		2,575,514
		Investments Purchased with Cash Collateral from Securities on Loan
		Money Market Funds—2.1%
	40,958	Invesco Government & Agency Portfolio—Institutional Class 2.34%(d)(e)		40,958
	13,051	Invesco Liquid Assets Portfolio—Institutional Class, 2.48%(d)(e)		13,055
		Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $54,013)		54,013
		Total Investments in Securities (Cost $2,579,698)—101.4%		2,629,527
		Other assets less liabilities—(1.4)%		(37,406	)
		Net Assets—100.0%	$	2,592,121

Abbreviations:

BR—Bearer Shares

FDR—Fiduciary Depositary Receipt

PC—Participation Certificate

REIT—Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2019 was $17,417, which represented less than 1% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at April 30, 2019.

^(d)  The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of April 30, 2019.

^(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 2K.

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

40

(This Page Intentionally Left Blank)

41

Statements of Assets and Liabilities

April 30, 2019

(Unaudited)

	Invesco FTSE International Low Beta Equal Weight ETF (IDLB)			Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM)			Invesco  S&P Emerging Markets Low Volatility ETF (EELV)			Invesco S&P Emerging Markets Momentum ETF (EEMO)
Assets:
Unaffiliated investments in securities, at value(a)	$	108,851,963		$	12,669,339		$	339,661,988		$	7,308,507
Affiliated investments in securities, at value		3,124,398			253,761			690,497			1,584
Cash		—			—			—			—
Foreign currencies, at value		23,233			269			—			3,508
Deposits with brokers:
Cash segregated as collateral		—			—			—			—
Receivable for:
Investments sold		2,840,290			2			—			14
Dividends		528,393			40,865			1,195,945			10,051
Foreign tax reclaims		181,434			408			22,982			—
Securities lending		5,533			52			136			—
Shares sold		823			—			—			—
Total assets		115,556,067			12,964,696			341,571,548			7,323,664
Liabilities:
Due to custodian		80,399			—			—			4,422
Due to foreign custodian		—			—			5,550			—
Payable for:
Collateral upon return of securities loaned		3,124,398			62,770			512,551			—
Shares repurchased		2,847,201			—			—			—
Investments purchased		21,756			—			—			—
Collateral upon receipt of securities in-kind		—			—			—			—
Accrued unitary management fees		43,305			6,539			105,756			2,151
Accrued tax expense		—			6,560			—			14,053
Accrued expenses		476			—			—			—
Total liabilities		6,117,535			75,869			623,857			20,626
Net Assets	$	109,438,532		$	12,888,827		$	340,947,691		$	7,303,038
Net assets consist of:
Shares of beneficial interest	$	112,822,511		$	17,150,950		$	404,021,711		$	8,105,838
Distributable earnings		(3,383,979	)		(4,262,123	)		(63,074,020	)		(802,800	)
Net Assets	$	109,438,532		$	12,888,827		$	340,947,691		$	7,303,038
Shares outstanding (unlimited amount authorized, $0.01 par value)		3,850,001			400,000			14,100,000			450,000
Net asset value	$	28.43		$	32.22		$	24.18		$	16.23
Market price	$	28.36		$	32.32		$	24.21		$	16.17
Unaffiliated investments in securities, at cost	$	106,603,671		$	11,928,241		$	328,615,402		$	7,160,135
Affiliated investments in securities, at cost	$	3,124,398		$	248,565		$	690,497		$	1,584
Foreign currencies (due to foreign custodian), at cost	$	23,129		$	306		$	(5,392	)	$	3,495
(a) Includes securities on loan with an aggregate value of:	$	2,417,290		$	59,737		$	489,390		$	—

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

42

Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)			Invesco S&P International Developed Low Volatility ETF (IDLV)			Invesco S&P International Developed Momentum ETF (IDMO)
$	9,653,002		$	761,365,103		$	2,574,665
	62,607			23,920,853			54,862
	—			517			—
	2,521			285,497			316
	—			1,606,435			—
	3			21,224			2,016
	38,045			2,583,889			3,175
	13,124			1,021,979			12,203
	595			31,563			51
	—			4,825,579			—
	9,769,897			795,662,639			2,647,288
	1,565			—			—
	—			—			—
	62,607			23,035,513			54,013
	—			4,826,228			—
	823			—			5
	—			1,606,435			—
	2,392			163,543			644
	—			—			—
	—			5,854			505
	67,387			29,637,573			55,167
$	9,702,510		$	766,025,066		$	2,592,121
$	9,865,388		$	787,973,209		$	4,093,093
	(162,878	)		(21,948,143	)		(1,500,972	)
$	9,702,510		$	766,025,066		$	2,592,121
	350,001			23,200,000			100,000
$	27.72		$	33.02		$	25.92
$	27.90		$	33.13		$	25.94
$	9,605,814		$	725,701,462		$	2,524,836
$	62,607		$	23,920,853		$	54,862
$	2,519		$	285,830		$	311
$	59,780		$	21,518,384		$	51,851

43

Statements of Operations

For the six months ended April 30, 2019

(Unaudited)

	Invesco FTSE International Low Beta Equal Weight ETF (IDLB)			Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM)			Invesco S&P Emerging Markets Low Volatility ETF (EELV)			Invesco S&P Emerging Markets Momentum ETF (EEMO)
Investment income:
Unaffiliated dividend income	$	1,818,270		$	196,354		$	4,577,532		$	81,287
Affiliated dividend income		1,404			2,235			4,528			4,685
Non-cash dividend income		108,473			398			—			—
Securities lending income		20,114			162			193			157
Foreign withholding tax		(233,662	)		(19,992	)		(532,759	)		(2,912	)
Total investment income		1,714,599			179,157			4,049,494			83,217
Expenses:
Unitary management fees		271,856			43,403			670,872			21,294
Professional fees		426			—			—			—
Total expenses		272,282			43,403			670,872			21,294
Less: Waivers		(103	)		(1,322	)		(238,858	)		(8,995	)
Net expenses		272,179			42,081			432,014			12,299
Net investment income		1,442,420			137,076			3,617,480			70,918
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(4,648,919	)		(283,136	)		(6,029,361	)		(701,401	)(a)
Affiliated investment securities		—			—			—			(2,910	)
Unaffiliated in-kind redemptions		5,289,041			—			—			(142,397	)
Foreign currencies		(4,198	)		(2,738	)		(38,133	)		(38,194	)
Net realized gain (loss)		635,924			(285,874	)		(6,067,494	)		(884,902	)
Change in net unrealized appreciation of:
Unaffiliated investment securities		5,904,194			1,188,417	(b)		23,203,716			1,259,946	(b)
Affiliated investment securities		—			24,194			—			72,992
Foreign currencies		(4,524	)		(648	)		(17,154	)		535
Net change in unrealized appreciation		5,899,670			1,211,963			23,186,562			1,333,473
Net realized and unrealized gain		6,535,594			926,089			17,119,068			448,571
Net increase in net assets resulting from operations	$	7,978,014		$	1,063,165		$	20,736,548		$	519,489

^(a)  Net of foreign taxes of $1,565.

^(b)  Net of foreign taxes of $6,560 and $14,053, respectively.

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

44

Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)			Invesco S&P International Developed Low Volatility ETF (IDLV)			Invesco S&P International Developed Momentum ETF (IDMO)
$	203,600		$	12,523,528		$	38,060
	95			5,184			17
	19,575			1,321,813			7,498
	870			97,415			231
	(17,973	)		(1,316,411	)		(3,703	)
	206,167			12,631,529			42,103
	12,565			1,079,367			4,296
	—			1,416			346
	12,565			1,080,783			4,642
	(8	)		(308,740	)		(1,227	)
	12,557			772,043			3,415
	193,610			11,859,486			38,688
	(206,635	)		(17,442,873	)		(84,079	)
	—			—			—
	135,742			2,300,195			—
	(1,411	)		(31,947	)		(148	)
	(72,304	)		(15,174,625	)		(84,227	)
	503,378			57,658,014			191,322
	—			—			—
	(290	)		(8,844	)		(121	)
	503,088			57,649,170			191,201
	430,784			42,474,545			106,974
$	624,394		$	54,334,031		$	145,662

45

Statements of Changes in Net Assets

For the six months ended April 30, 2019 and the year ended October 31, 2018

(Unaudited)

	Invesco FTSE International Low Beta Equal Weight ETF (IDLB)						Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM)						Invesco S&P Emerging Markets Low Volatility ETF (EELV)
	Six Months Ended April 30, 2019			Year Ended October 31, 2018			Six Months Ended April 30, 2019			Year Ended October 31, 2018			Six Months Ended April 30, 2019			Year Ended October 31, 2018
Operations:
Net investment income	$	1,442,420		$	2,776,910		$	137,076		$	347,980		$	3,617,480		$	18,502,822
Net realized gain (loss)		635,924			7,962,250			(285,874	)		53,428			(6,067,494	)		(25,851,646	)
Net change in unrealized appreciation (depreciation)		5,899,670			(16,898,917	)		1,211,963			(1,525,382	)		23,186,562			(27,555,092	)
Net increase (decrease) in net assets resulting from operations		7,978,014			(6,159,757	)		1,063,165			(1,123,974	)		20,736,548			(34,903,916	)
Distributions to Shareholders from:
Distributable earnings		(925,160	)		(3,583,648	)		(143,740	)		(340,324	)		(6,754,375	)		(13,296,285	)
Shareholder Transactions:
Proceeds from shares sold		32,727,463			42,228,757			—			—			80,625,327			491,939,223
Value of shares repurchased		(39,600,209	)		(57,331,420	)		—			—			—			(476,665,178	)
Transaction fees		—			—			—			—			69,843			1,364,568
Net increase (decrease) in net assets resulting from shares transactions		(6,872,746	)		(15,102,663	)		—			—			80,695,170			16,638,613
Increase (Decrease) in Net Assets		180,108			(24,846,068	)		919,425			(1,464,298	)		94,677,343			(31,561,588	)
Net Assets:
Beginning of period		109,258,424			134,104,492			11,969,402			13,433,700			246,270,348			277,831,936
End of period	$	109,438,532		$	109,258,424		$	12,888,827		$	11,969,402		$	340,947,691		$	246,270,348
Changes in Shares Outstanding:
Shares sold		1,200,000			1,400,000			—			—			3,400,000			18,650,000
Shares repurchased		(1,400,000	)		(1,900,000	)		—			—			—			(19,250,000	)
Shares outstanding, beginning of period		4,050,001			4,550,001			400,000			400,000			10,700,000			11,300,000
Shares outstanding, end of period		3,850,001			4,050,001			400,000			400,000			14,100,000			10,700,000

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

46

Invesco S&P Emerging Markets Momentum ETF (EEMO)						Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)						Invesco S&P International Developed Low Volatility ETF (IDLV)						Invesco S&P International Developed Momentum ETF (IDMO)
Six Months Ended April 30, 2019			Year Ended October 31, 2018			Six Months Ended April 30, 2019			Year Ended October 31, 2018			Six Months Ended April 30, 2019			Year Ended October 31, 2018			Six Months Ended April 30, 2019			Year Ended October 31, 2018
$	70,918		$	2,583,106		$	193,610		$	233,979		$	11,859,486		$	19,046,734		$	38,688		$	61,329
	(884,902	)		53,880,516			(72,304	)		75,060			(15,174,625	)		13,800,933			(84,227	)		54,435
	1,333,473			(50,032,353	)		503,088			(482,211	)		57,649,170			(52,985,762	)		191,201			(360,106	)
	519,489			6,431,269			624,394			(173,172	)		54,334,031			(20,138,095	)		145,662			(244,342	)
	(1,105,924	)		(18,109,850	)		(130,951	)		(253,963	)		(8,781,507	)		(23,013,425	)		(39,656	)		(66,579	)
	—			128,276,185			5,320,578			4,310,452			204,614,683			266,538,390			—			1,435,481
	(5,038,424	)		(495,089,841	)		(1,349,844	)		(2,903,044	)		(22,071,433	)		(254,581,165	)		—			(1,434,155	)
	4,080			429,939			—			—			—			—			—			—
	(5,034,344	)		(366,383,717	)		3,970,734			1,407,408			182,543,250			11,957,225			—			1,326
	(5,620,779	)		(378,062,298	)		4,464,177			980,273			228,095,774			(31,194,295	)		106,006			(309,595	)
	12,923,817			390,986,115			5,238,333			4,258,060			537,929,292			569,123,587			2,486,115			2,795,710
$	7,303,038		$	12,923,817		$	9,702,510		$	5,238,333		$	766,025,066		$	537,929,292		$	2,592,121		$	2,486,115
	—			6,050,000			200,000			150,000			6,450,000			8,000,000			—			50,000
	(300,000	)		(24,050,000	)		(50,000	)		(100,000	)		(700,000	)		(7,650,000	)		—			(50,000	)
	750,000			18,750,000			200,001			150,001			17,450,000			17,100,000			100,000			100,000
	450,000			750,000			350,001			200,001			23,200,000			17,450,000			100,000			100,000

47

Financial Highlights

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)

	Six Months Ended April 30, 2019 (Unaudited)			Years Ended October 31,						For the Period November 4,  2015(a) Through October 31, 2016
				2018			2017
Per Share Operating Performance:
Net asset value at beginning of period	$	26.98		$	29.47		$	25.09		$	24.92
Net investment income(b)		0 .32			0.67			0.64			0.54
Net realized and unrealized gain (loss) on investments		1 .33			(2.30	)		4.45			0.03
Total from investment operations		1.65			(1.63	)		5.09			0.57
Distributions to shareholders from:
Net investment income		(0.20	)		(0.86	)		(0.71	)		(0.40	)
Net asset value at end of period	$	28.43		$	26.98		$	29.47		$	25.09
Market price at end of period(c)	$	28.36		$	26.86		$	29.44		$	25.20
Net Asset Value Total Return(d)		6.18	%		(5.81	)%		20.63	%		2.33	%(e)
Market Price Total Return(d)		6.39	%		(6.12	)%		19.98	%		2.77	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	109,439		$	109,258		$	134,104		$	146,797
Ratio to average net assets of:
Expenses		0.45	%(f)		0.45	%		0.45	%		0.45	%(f)
Net investment income		2.39	%(f)		2.23	%		2.38	%		2.22	%(f)
Portfolio turnover rate(g)		32	%		50	%		39	%		59	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

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

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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 the sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  The net asset value total return from Fund Inception (November 5, 2015, the first day of trading on the exchange) to October 31, 2016 was 2.17%. The market price total return from Fund Inception to October 31, 2016 was 2.16%.

^(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.

Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM)

	Six Months Ended April 30, 2019 (Unaudited)			Years Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	29.92		$	33.58		$	29.16		$	27.68		$	34.14		$	34.43
Net investment income(a)		0.34			0.87			0.58			0.56			0.71			0.64
Net realized and unrealized gain (loss) on investments		2.32			(3.68	)		4.39			1.56			(6.53	)		(0.31	)
Total from investment operations		2.66			(2.81	)		4.97			2.12			(5.82	)		0.33
Distributions to shareholders from:
Net investment income		(0.36	)		(0.85	)		(0.55	)		(0.64	)		(0.64	)		(0.62	)
Net asset value at end of period	$	32.22		$	29.92		$	33.58		$	29.16		$	27.68		$	34.14
Market price at end of period(b)	$	32.32		$	29.83
Net Asset Value Total Return(c)		8.96	%		(8.57	)%		17.14	%		7.80	%		(17.21	)%		0.99	%
Market Price Total Return(c)		9.63	%		(8.76	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	12,889		$	11,969		$	13,434		$	11,666		$	11,072		$	13,654
Ratio to average net assets of:
Expenses, after Waivers(d)		0.68	%(e)		0.65	%		0.66	%		0.66	%		0.64	%		0.60	%
Expenses, prior to Waivers(d)		0.70	%(e)		0.70	%		0.71	%		0.71	%		0.70	%		0.70	%
Net investment income, after Waivers		2.21	%(e)		2.59	%		1.86	%		2.07	%		2.26	%		1.86	%
Portfolio turnover rate(f)		12	%		51	%		23	%		11	%		99	%		25	%

^(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 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 the 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)  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.

^(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.

48

Financial Highlights (continued)

Invesco S&P Emerging Markets Low Volatility ETF (EELV)

	Six Months Ended April 30, 2019 (Unaudited)			Years Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	23.02		$	24.59		$	22.27		$	22.31		$	27.37		$	28.59
Net investment income(a)		0.28			1.04			0.63			0.57			0.69			0.75
Net realized and unrealized gain (loss) on investments		1.43			(1.68	)		2.29			(0.14	)		(5.11	)		(1.26	)
Total from investment operations		1.71			(0.64	)		2.92			0.43			(4.42	)		(0.51	)
Distributions to shareholders from:
Net investment income		(0.56	)		(1.01	)		(0.61	)		(0.49	)		(0.66	)		(0.72	)
Transaction fees(a)		0.01			0.08			0.01			0.02			0.02			0.01
Net asset value at end of period	$	24.18		$	23.02		$	24.59		$	22.27		$	22.31		$	27.37
Market price at end of period(b)	$	24.21		$	23.03		$	24.63		$	22.15		$	22.13		$	27.24
Net Asset Value Total Return(c)		7.64	%		(2.54	)%		13.30	%		2.12	%		(16.21	)%		(1.74	)%
Market Price Total Return(c)		7.73	%		(2.60	)%		14.09	%		2.39	%		(16.48	)%		(2.11	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	340,948		$	246,270		$	277,832		$	269,478		$	176,244		$	238,096
Ratio to average net assets of:
Expenses, after Waivers		0.29	%(d)		0.29	%		0.29	%		0.29	%		0.29	%		0.29	%
Expenses, prior to Waivers		0.45	%(d)		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Net investment income, after Waivers		2.43	%(d)		4.12	%		2.74	%		2.60	%		2.78	%		2.72	%
Portfolio turnover rate(e)		36	%		125	%		81	%		73	%		89	%		82	%

^(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 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 the 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.

Invesco S&P Emerging Markets Momentum ETF (EEMO)

	Six Months Ended April 30, 2019 (Unaudited)			Years Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	17.23		$	20.85		$	15.87		$	16.20		$	21.70		$	22.11
Net investment income(a)		0.12			0.27	(b)		0.40			0.22			0.52			0.47
Net realized and unrealized gain (loss) on investments		0.88			(3.03	)		4.70			(0.23	)		(5.69	)		(0.43	)
Total from investment operations		1.00			(2.76	)		5.10			(0.01	)		(5.17	)		0.04
Distributions to shareholders from:
Net investment income		(0.16	)		(0.14	)		(0.37	)		(0.32	)		(0.33	)		(0.45	)
Net realized gains		(1.85	)		(0.76	)		—			—			—			—
Total distributions		(2.01	)		(0.90	)		(0.37	)		(0.32	)		(0.33	)		(0.45	)
Transaction fees(a)		0.01			0.04			0.25			—			—			—
Net asset value at end of period	$	16.23		$	17.23		$	20.85		$	15.87		$	16.20		$	21.70
Market price at end of period(c)	$	16.17		$	17.18		$	20.96		$	15.84		$	16.09		$	21.56
Net Asset Value Total Return(d)		6.94	%		(13.66	)%		34.38	%		0.17	%		(24.15	)%		0.22	%
Market Price Total Return(d)		6.85	%		(14.35	)%		35.37	%		0.69	%		(24.18	)%		0.52	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	7,303		$	12,924		$	390,986		$	1,587		$	1,620		$	6,510
Ratio to average net assets of:
Expenses, after Waivers		0.26	%(f)		0.27	%(e)		0.27	%(e)		0.28	%		0.29	%		0.29	%
Expenses, prior to Waivers		0.45	%(f)		0.45	%(e)		0.45	%(e)		0.45	%		0.45	%		0.45	%
Net investment income, after Waivers		1.50	%(f)		1.26	%(b)		2.16	%		1.44	%		2.52	%		2.21	%
Portfolio turnover rate(g)		61	%		140	%		111	%		182	%		134	%		127	%

^(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 non-cash taxable distribution received during the year. Net investment income per share and the ratio of net investment income to average net assets excluding the non-cash taxable distributions are $0.17 and 0.83%, respectively.

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

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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 the sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  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.

^(f) Annualized.

^(g)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended October 31, 2016, 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

Financial Highlights (continued)

Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)

	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018			For the Period November 29, 2016(a) Through October 31, 2017
Per Share Operating Performance:
Net asset value at beginning of period	$	26.19		$	28.39		$	25.19
Net investment income(b)		0.61			1.27			1.02
Net realized and unrealized gain (loss) on investments		1.34			(2.09	)		3.16
Total from investment operations		1.95			(0.82	)		4.18
Distributions to shareholders from:
Net investment income		(0.42	)		(1.38	)		(0.98	)
Net asset value at end of period	$	27.72		$	26.19		$	28.39
Market price at end of period(c)	$	27.90		$	26.41		$	28.60
Net Asset Value Total Return(d)		7.56	%		(3.11	)%		16.70	%(e)
Market Price Total Return(d)		7.35	%		(3.06	)%		17.55	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	9,703		$	5,238		$	4,258
Ratio to average net assets of:
Expenses		0.30	%(f)		0.30	%		0.30	%(f)
Net investment income		4.62	%(f)		4.51	%		4.00	%(f)
Portfolio turnover rate(g)		33	%		65	%		72	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

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

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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 the sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(e)  The net asset value total return from Fund Inception (December 1, 2016, the first day of trading on the exchange) to October 31, 2017 was 17.22%. The market price total return from Fund Inception to October 31, 2017 was 18.16%.

^(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.

Invesco S&P International Developed Low Volatility ETF (IDLV)

	Six Months Ended April 30, 2019 (Unaudited)			Years Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	30.83		$	33.28		$	29.32		$	29.99		$	31.75		$	31.54
Net investment income(a)		0.60			1.08			1.00			0.99			1.02			1.09
Net realized and unrealized gain (loss) on investments		2.06			(2.22	)		4.04			(0.55	)		(1.86	)		0.13
Total from investment operations		2.66			(1.14	)		5.04			0.44			(0.84	)		1.22
Distributions to shareholders from:
Net investment income		(0.47	)		(1.31	)		(1.08	)		(1.11	)		(0.92	)		(1.01	)
Net asset value at end of period	$	33.02		$	30.83		$	33.28		$	29.32		$	29.99		$	31.75
Market price at end of period(b)	$	33.13		$	30.76		$	33.29		$	29.38		$	29.90		$	32.01
Net Asset Value Total Return(c)		8.76	%		(3.62	)%		17.59	%		1.56	%		(2.69	)%		3.89	%
Market Price Total Return(c)		9.37	%		(3.87	)%		17.38	%		2.07	%		(3.78	)%		4.29	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	766,025		$	537,929		$	569,124		$	384,137		$	313,428		$	263,546
Ratio to average net assets of:
Expenses, after Waivers		0.25	%(d)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Expenses, prior to Waivers		0.35	%(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income, after Waivers		3.85	%(d)		3.26	%		3.19	%		3.33	%		3.32	%		3.41	%
Portfolio turnover rate(e)		34	%		65	%		69	%		56	%		66	%		61	%

^(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 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 the 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.

50

Financial Highlights (continued)

Invesco S&P International Developed Momentum ETF (IDMO)

	Six Months Ended April 30, 2019 (Unaudited)			Years Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance:
Net asset value at beginning of period	$	24.86		$	27.96		$	23.57		$	25.85		$	27.75		$	29.00
Net investment income(a)		0.39			0.61			0.71			0.51			0.69			0.49
Net realized and unrealized gain (loss) on investments		1.07			(3.04	)		4.49			(2.30	)		(2.13	)		(1.02	)
Total from investment operations		1.46			(2.43	)		5.20			(1.79	)		(1.44	)		(0.53	)
Distributions to shareholders from:
Net investment income		(0.40	)		(0.67	)		(0.81	)		(0.49	)		(0.46	)		(0.72	)
Net asset value at end of period	$	25.92		$	24.86		$	27.96		$	23.57		$	25.85		$	27.75
Market price at end of period(b)	$	25.94		$	24.78		$	27.80		$	23.51		$	25.74		$	28.12
Net Asset Value Total Return(c)		6.05	%		(8.95	)%		22.57	%		(6.92	)%		(5.34	)%		(2.06	)%
Market Price Total Return(c)		6.49	%		(8.70	)%		22.19	%		(6.77	)%		(6.99	)%		(1.15	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	2,592		$	2,486		$	2,796		$	3,535		$	3,877		$	6,936
Ratio to average net assets of:
Expenses, after Waivers		0.28	%(d)		0.25	%		0.26	%		0.26	%		0.26	%		0.26	%
Expenses, prior to Waivers		0.38	%(d)		0.35	%		0.36	%		0.36	%		0.36	%		0.36	%
Net investment income, after Waivers		3.15	%(d)		2.21	%		2.87	%		2.13	%		2.42	%		1.68	%
Portfolio turnover rate(e)		58	%		123	%		134	%		198	%		98	%		109	%

^(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 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 the 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. For the year ended October 31, 2016, 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.

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

April 30, 2019

(Unaudited)

Note 1—Organization

Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust on October 10, 2006 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 FTSE International Low Beta Equal Weight ETF (IDLB)	“FTSE International Low Beta Equal Weight ETF”
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM)	“MSCI Emerging Markets Equal Country Weight ETF”
Invesco S&P Emerging Markets Low Volatility ETF (EELV)	“S&P Emerging Markets Low Volatility ETF”
Invesco S&P Emerging Markets Momentum ETF (EEMO)	“S&P Emerging Markets Momentum ETF”
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)	“S&P International Developed High Dividend Low Volatility ETF”
Invesco S&P International Developed Low Volatility ETF (IDLV)	“S&P International Developed Low Volatility ETF”
Invesco S&P International Developed Momentum ETF (IDMO)	“S&P International Developed 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 FTSE International Low Beta Equal Weight ETF which are listed and traded on The Nasdaq Stock Market and Shares of S&P International Developed High Dividend Low Volatility ETF, which are listed and traded on Cboe BZX Exchange, Inc.

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

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

Fund	Underlying Index
FTSE International Low Beta Equal Weight ETF	FTSE Developed ex-U.S. Low Beta Equal Weight Index
MSCI Emerging Markets Equal Country Weight ETF	MSCI Emerging Markets Equal Country Weighted Index
S&P Emerging Markets Low Volatility ETF	S&P BMI Emerging Markets Low Volatility IndexTM
S&P Emerging Markets Momentum ETF	S&P Momentum Emerging Plus LargeMidCap Index
S&P International Developed High Dividend Low Volatility ETF	S&P EPAC Ex-Korea Low Volatility High Dividend Index
S&P International Developed Low Volatility ETF	S&P BMI International Developed Low VolatilityTM Index
S&P International Developed Momentum ETF	S&P Momentum Developed ex-U.S. & South Korea LargeMidCap IndexTM

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:

Securities, including restricted securities in a fund that are held as investments (the “Underlying Fund”), if any, of a Fund, are valued in accordance with the Underlying Fund’s valuation policy. The policies of Underlying Funds affiliated with the Funds as a result of having the same investment adviser are the same as those set forth below.

A security listed or traded on an exchange (except convertible securities) is generally valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded or, lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded, or at the final settlement price set

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by such exchange. Swaps and options not listed on an exchange are valued by an independent source. For purposes of determining NAV per Share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

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

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

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

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

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

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

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions 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.

B. Other Risks

Index Risk. Unlike many investment companies, the Funds do not utilize investing strategies that seek returns in excess of their Underlying Indexes. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its respective Underlying Index, even if that security generally is underperforming.

Authorized Participant Concentration Risk. Only Authorized Participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that those APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities underlying 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, which may be more likely to trade at a premium or discount to each Fund’s NAV and possibly face

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trading halts and/or delisting. This risk may be heightened for the Funds because the Funds invest in non-U.S. securities, which may have lower trading volumes.

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 particular industries will become negative. 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.

High Dividend Paying Securities 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 the Fund.

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 faces more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, legislative or regulatory changes, adverse market conditions and/or increased competition within the industry or industry group. In addition, at times, such industry or industry group may be out of favor and underperform other industries, industry groups or the market as a whole.

Non-Diversified Fund Risk. MSCI Emerging Markets Equal Country Weight ETF and S&P International Developed High Dividend Low Volatility ETF are non-diversified and can invest a greater portion of their assets in securities of individual issuers than diversified funds. 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 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.

Non-Correlation Risk. Each Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to its 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 Underlying Index. In addition, the performance of each Fund and its Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its Underlying Index resulting from legal restrictions, cost or liquidity constraints.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. This may result in a high portfolio turnover rate. A portfolio turnover rate of 200%, for example, is equivalent to the 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 the Fund. A high portfolio turnover rate also can result in an increase in taxable capital gains distributions to shareholders and an increased likelihood that the capital gains will be taxable at ordinary rates.

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. 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 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.

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 comparable to those applicable to domestic issuers. Foreign securities also are 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. As the Funds may invest 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 Funds’ returns. Such risks may be exacerbated in emerging markets, where securities laws are relatively new and unsettled.

Momentum Investing Risk. For S&P Emerging Markets Momentum ETF and S&P International Developed Momentum ETF, 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

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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.

Sampling Risk. For MSCI Emerging Markets Equal Country Weight ETF and S&P Emerging Markets Momentum ETF, the use of a representative sampling approach in certain countries may result in the Fund holding a smaller number of securities than are in its Underlying Index. As a result, an adverse development 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.

C. 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 the accrual basis from settlement date. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to each 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 each Fund’s NAV and, accordingly, they reduce each 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.

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

E. 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 ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on 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.

F. 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.

G. Expenses — Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses.

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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 each Fund’s unitary management fee and 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.

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.

H. 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.

I. Indemnifications — Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of his 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. However, based on experience, the Trust believes the risk of loss to be remote.

J. 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 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. The Funds do 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 each 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.

The Funds 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 each Fund invests.

K. Securities Lending — During the six-month period ended April 30, 2019, each fund participated in securities lending. Each Fund loaned 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 generally invested in an affiliated money market fund 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. 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.

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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.

As compensation for its services, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for advisory fees, distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

	% of Average Daily Net Assets
FTSE International Low Beta Equal Weight ETF		0.45	%
MSCI Emerging Markets Equal Country Weight ETF		0.70	%
S&P Emerging Markets Low Volatility ETF		0.45	%*
S&P Emerging Markets Momentum ETF		0.45	%*
S&P International Developed High Dividend Low Volatility ETF		0.30	%
S&P International Developed Low Volatility ETF		0.35	%**
S&P International Developed Momentum ETF		0.35	%**

* The Adviser has agreed to waive a portion of its unitary management fee through February 28, 2021. After giving effect to such waiver, the Fund’s net unitary management fee is 0.29% of its average daily net assets. Unless the Adviser continues the fee waiver agreement, it will terminate on February 28, 2021. The fee waiver agreement cannot be terminated during its term.

**The Adviser has agreed to waive a portion of its unitary management fee through February 28, 2021. After giving effect to such waiver, the Fund’s net unitary management fee is 0.25% of its average daily net assets. Unless the Adviser continues the fee waiver agreement, it will terminate on February 28, 2021. The fee waiver agreement cannot be terminated during its term.

The Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the MSCI Emerging Markets Equal Country Weight ETF (including acquired fund fees and expenses, but excluding interest expenses, brokerage commissions and other trading expenses, taxes and litigation expenses and extraordinary expenses) from exceeding 0.70% of the Fund’s average daily net assets per year (the “Expense Cap”) through at least April 6, 2020, and neither the Adviser nor the Fund can discontinue the agreement prior to its expiration.

Further, through August 31, 2021, the Adviser has contractually agreed to waive a portion of each Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). The Adviser cannot discontinue this waiver prior to its expiration.

For the six-month period ended April 30, 2019, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

FTSE International Low Beta Equal Weight ETF	$	103
MSCI Emerging Markets Equal Country Weight ETF		1,322
S&P Emerging Markets Low Volatility ETF		238,858
S&P Emerging Markets Momentum ETF		8,995
S&P International Developed High Dividend Low Volatility ETF		8
S&P International Developed Low Volatility ETF		308,740
S&P International Developed Momentum ETF		1,227

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

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

Fund	Licensor
FTSE International Low Beta Equal Weight ETF	FTSE International Ltd.
MSCI Emerging Markets Equal Country Weight ETF	MSCI Inc.
S&P Emerging Markets Low Volatility ETF	S&P Dow Jones Indices LLC
S&P Emerging Markets Momentum ETF	S&P Dow Jones Indices LLC
S&P International Developed High Dividend Low Volatility ETF	S&P Dow Jones Indices LLC
S&P International Developed Low Volatility ETF	S&P Dow Jones Indices LLC
S&P International Developed Momentum ETF	S&P Dow Jones Indices LLC

57

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 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 The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

Note 4—Investments in Affiliates

The Adviser serves as the adviser for Invesco India ETF, and therefore Invesco India ETF is considered to be affiliated with the Funds. The tables below show certain Funds’ transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the six-month period ended April 30, 2019.

MSCI Emerging Markets Equal Country Weight ETF

	Value October 31, 2018		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value April 30, 2019		Dividend Income
Invesco India ETF	$	154,350	$	823	$	—	$	24,194	$	—	$	179,367	$	1,937

S&P Emerging Markets Momentum ETF

	Value October 31, 2018		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2019		Dividend Income
Invesco India ETF*	$	547,854	$	—	$	(617,936	)	$	72,992	$	(2,910	)	$	—	$	4,208

* At April 30, 2019, this security was no longer held.

Note 5—Additional Valuation Information

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

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

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

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

Except for the Funds listed below, as of April 30, 2019, all of the securities in each Fund 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
MSCI Emerging Markets Equal Country Weight ETF
Equity Securities	$	12,921,503	$	—	$	1,597	$	12,923,100
S&P Emerging Markets Low Volatility ETF
Equity Securities	$	340,352,485	$	—	$	0	$	340,352,485

Note 6—Tax Information

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds’ capital accounts to reflect income and gains available for

58

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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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 October 31, 2018, which expire as follows:

			Post-effective/no expiration
	2019		Short-Term		Long-Term		Total*
FTSE International Low Beta Equal Weight ETF	$	—	$	3,116,712	$	2,920,667	$	6,037,379
MSCI Emerging Markets Equal Country Weight ETF		18,800		1,261,129		3,424,510		4,704,439
S&P Emerging Markets Low Volatility ETF		—		44,510,181		22,777,771		67,287,952
S&P Emerging Markets Momentum ETF		—		—		—		—
S&P International Developed High Dividend Low Volatility ETF		—		106,052		48,089		154,141
S&P International Developed Low Volatility ETF		—		26,898,755		13,029,678		39,928,433
S&P International Developed Momentum ETF		—		1,014,700		463,341		1,478,041

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

Note 7—Investment Transactions

For the six-month period ended April 30, 2019, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
FTSE International Low Beta Equal Weight ETF	$	39,547,577	$	38,493,750
MSCI Emerging Markets Equal Country Weight ETF		1,468,353		1,507,038
S&P Emerging Markets Low Volatility ETF		150,393,339		106,841,517
S&P Emerging Markets Momentum ETF		5,748,205		9,296,070
S&P International Developed High Dividend Low Volatility ETF		3,001,963		2,694,673
S&P International Developed Low Volatility ETF		211,226,789		211,227,000
S&P International Developed Momentum ETF		1,428,177		1,429,999

For the six-month period ended April 30, 2019, in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received		Value of Securities Delivered
FTSE International Low Beta Equal Weight ETF	$	29,591,696	$	37,345,106
MSCI Emerging Markets Equal Country Weight ETF		—		—
S&P Emerging Markets Low Volatility ETF		32,576,310		—
S&P Emerging Markets Momentum ETF		—		2,525,032
S&P International Developed High Dividend Low Volatility ETF		5,314,424		1,619,176
S&P International Developed Low Volatility ETF		204,561,570		22,071,239
S&P International Developed Momentum ETF		—		—

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

59

At April 30, 2019, 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
FTSE International Low Beta Equal Weight ETF	$	8,745,520	$	(7,532,597	)	$	1,212,923		$	110,763,438
MSCI Emerging Markets Equal Country Weight ETF		1,935,008		(1,237,770	)		697,238			12,225,862
S&P Emerging Markets Low Volatility ETF		24,915,873		(16,680,525	)		8,235,348			332,117,137
S&P Emerging Markets Momentum ETF		412,928		(345,860	)		67,068			7,243,023
S&P International Developed High Dividend Low Volatility ETF		337,383		(361,271	)		(23,888	)		9,739,497
S&P International Developed Low Volatility ETF		48,571,558		(20,400,125	)		28,171,433			757,114,523
S&P International Developed Momentum ETF		144,622		(94,959	)		49,663			2,579,864

Note 8—Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of his compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco Funds. The Deferral Fees payable to the 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 9—Capital

Shares are created and redeemed by each Fund only in Creation Units of 50,000 Shares (100,000 Shares for MSCI Emerging Markets Equal Country Weight ETF). Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund of the Trust on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

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

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

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

60

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II, 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. 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 through the six-month period ended April 30, 2019.

In addition to the fees and expenses which the Invesco MSCI Emerging Markets Equal Country Weight ETF and the Invesco S&P Emerging Markets Momentum ETF (collectively, the “Portfolios”) bear directly, the Portfolios indirectly bear a pro rata share of the fees and expenses of the investment companies in which the Portfolios invest. The amount of fees and expenses incurred indirectly by the Portfolios will vary because the investment companies have varied expenses and fee levels and the Portfolios may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolios. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolios invest in. The effect of the estimated investment companies’ expenses that the Portfolios bear indirectly is included in each Portfolio’s total return. Notwithstanding the foregoing, Invesco Capital Management LLC has agreed to waive a portion of its unitary management fee to the extent necessary to prevent the MSCI Emerging Markets Equal Country Weight ETF’s operating expenses (including acquired fund fees and expenses, but excluding interest expenses, brokerage commissions and other trading expenses, taxes and litigation expenses and extraordinary expenses) from exceeding 0.70% of the Fund’s average daily net assets per year through at least April 6, 2020.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, 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 November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco FSTE International Low Beta Equal Weight ETF (IDLB)
Actual	$	1,000.00	$	1,061.80		0.45	%	$	2.30
Hypothetical (5% return before expenses)		1,000.00		1,022.56		0.45			2.26
Invesco MSCI Emerging Markets Equal Country Weight ETF (EWEM)
Actual		1,000.00		1,089.55		0.68			3.52
Hypothetical (5% return before expenses)		1,000.00		1,021.42		0.68			3.41

61

Calculating your ongoing Fund expenses (continued)

	Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco S&P Emerging Markets Low Volatility ETF (EELV)
Actual	$	1,000.00	$	1,076.40		0.29	%	$	1.49
Hypothetical (5% return before expenses)		1,000.00		1,023.36		0.29			1.45
Invesco S&P Emerging Markets Momentum ETF (EEMO)
Actual		1,000.00		1,069.40		0.26			1.33
Hypothetical (5% return before expenses)		1,000.00		1,023.51		0.26			1.30
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)
Actual		1,000.00		1,075.60		0.30			1.54
Hypothetical (5% return before expenses)		1,000.00		1,023.31		0.30			1.51
Invesco S&P International Developed Low Volatility ETF (IDLV)
Actual		1,000.00		1,087.60		0.25			1.29
Hypothetical (5% return before expenses)		1,000.00		1,023.55		0.25			1.25
Invesco S&P International Developed Momentum ETF (IDMO)
Actual		1,000.00		1,060.50		0.28			1.43
Hypothetical (5% return before expenses)		1,000.00		1,023.41		0.28			1.40

⁽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 April 30, 2019. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

62

Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement

At a meeting held on April 11, 2019, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 73 series (each, a “Fund” and collectively, the “Funds”):

Invesco 1-30 Laddered Treasury ETF

Invesco California AMT-Free Municipal Bond ETF

Invesco CEF Income Composite ETF

Invesco China Technology ETF

Invesco DWA Developed Markets Momentum ETF

Invesco DWA Emerging Markets Momentum ETF

Invesco DWA SmallCap Momentum ETF

Invesco DWA Tactical Multi-Asset Income ETF

Invesco DWA Tactical Sector Rotation ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco FTSE International Low Beta Equal Weight ETF

Invesco FTSE RAFI Developed Markets ex-U.S. ETF

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

Invesco FTSE RAFI Emerging Markets ETF

Invesco Fundamental High Yield^® Corporate Bond ETF

Invesco Fundamental Investment Grade Corporate Bond ETF

Invesco Global Clean Energy ETF

Invesco Global Short Term High Yield Bond ETF

Invesco Global Water ETF

Invesco International BuyBack Achievers^TM ETF

Invesco International Corporate Bond ETF

Invesco KBW Bank ETF

Invesco KBW High Dividend Yield Financial ETF

Invesco KBW Premium Yield Equity REIT ETF

Invesco KBW Property & Casualty Insurance ETF

Invesco KBW Regional Banking ETF

Invesco LadderRite 0-5 Year Corporate Bond ETF

Invesco MSCI Emerging Markets Equal Country Weight ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

Invesco Preferred ETF

Invesco PureBeta^SM 0-5 Yr US TIPS ETF

Invesco PureBeta^SM FTSE Developed ex-North America ETF

Invesco PureBeta^SM FTSE Emerging Markets ETF

Invesco PureBeta^SM MSCI USA ETF

Invesco PureBeta^SM MSCI USA Small Cap ETF

Invesco PureBeta^SM US Aggregate Bond ETF

Invesco Russell 1000 Enhanced Equal Weight ETF

Invesco Russell 1000 Equal Weight ETF

Invesco Russell 1000 Low Beta Equal Weight ETF

Invesco S&P 500 Enhanced Value ETF

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF

Invesco S&P 500^® High Beta ETF

Invesco S&P 500^® High Dividend Low Volatility ETF

Invesco S&P 500^® Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500 Momentum ETF

Invesco S&P Emerging Markets Low Volatility ETF

Invesco S&P Emerging Markets Momentum ETF

Invesco S&P High Income Infrastructure ETF

Invesco S&P International Developed High Dividend Low Volatility ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

Invesco S&P International Developed Quality ETF

Invesco S&P MidCap Low Volatility ETF

Invesco S&P SmallCap Consumer Discretionary ETF

Invesco S&P SmallCap Consumer Staples ETF

Invesco S&P SmallCap Energy ETF

Invesco S&P SmallCap Financials ETF

Invesco S&P SmallCap Health Care ETF

Invesco S&P SmallCap High Dividend Low Volatility ETF

Invesco S&P SmallCap Industrials ETF

Invesco S&P SmallCap Information Technology ETF

Invesco S&P SmallCap Low Volatility ETF

Invesco S&P SmallCap Materials ETF

Invesco S&P SmallCap Quality ETF

Invesco S&P SmallCap Utilities & Communication Services ETF

Invesco Senior Loan ETF

Invesco Shipping ETF

Invesco Taxable Municipal Bond ETF

Invesco Treasury Collateral ETF

Invesco Variable Rate Preferred ETF

Invesco VRDO Tax-Free Weekly ETF

Also at the April 11, 2019 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).

63

Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

Investment Advisory Agreement

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (vi) any further benefits realized by the Adviser from its relationships with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2018, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s Global Performance Measurement and Risk Group, an independent organization within Invesco, with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchase by Invesco of the exchange-traded funds business of Guggenheim Capital LLC (the “Transaction”) and that such Funds’ performance prior to the closing of the Transaction on April 6, 2018 is that of their predecessor Guggenheim ETFs. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year, five-year and since-inception periods for Invesco Global Short Term High Yield Bond ETF and the one-year, ten-year and since-inception periods for Invesco VRDO Tax-Free Weekly ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Global Short Term High Yield Bond ETF’s and Invesco VRDO Tax-Free Weekly ETF’s level of correlation to its underlying index, as well as the Adviser’s expectations for each Fund’s correlation going forward. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement and concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees also considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. databases on the net expense ratios of comparable exchange-traded funds (“ETFs”), open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with its line of credit), litigation expenses and other extraordinary expenses (including Acquired Fund Fees and Expenses, if any).

0.04%:	Invesco PureBetaTM MSCI USA ETF
0.05%:	Invesco PureBetaTM US Aggregate Bond ETF
0.06%:	Invesco PureBetaTM MSCI USA Small Cap ETF
0.07%:	Invesco PureBetaTM 0-5 Yr US TIPS ETF, Invesco PureBetaTM FTSE Developed ex-North America ETF
0.08%:	Invesco Treasury Collateral ETF
0.10%:	Invesco S&P 500 Minimum Variance ETF (the Trustees noted that, prior to April 20, 2018, Invesco S&P 500 Minimum Variance ETF’s unitary advisory fee was 0.13%)
0.13%:	Invesco S&P 500 Enhanced Value ETF, Invesco S&P 500 Momentum ETF
0.14%:	Invesco PureBetaTM FTSE Emerging Markets ETF

64

Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

0.15%:	Invesco DWA Tactical Sector Rotation ETF
0.20%:	Invesco Russell 1000 Equal Weight ETF
0.22%:	Invesco Fundamental Investment Grade Corporate Bond ETF, Invesco LadderRite 0-5 Year Corporate Bond ETF
0.25%:	Invesco 1-30 Laddered Treasury ETF, Invesco DWA Tactical Multi-Asset Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF, Invesco VRDO Tax-Free Weekly ETF
0.28%:	Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Taxable Municipal Bond ETF
0.29%:	Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF, Invesco S&P SmallCap Utilities & Communication Services ETF
0.30%:	Invesco S&P 500® High Dividend Low Volatility ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF
0.35%:	Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF, Invesco Russell 1000 Low Beta Equal Weight ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF
0.45%:	Invesco FTSE International Low Beta Equal Weight ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P High Income Infrastructure ETF
0.49%:	Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF
0.50%:	Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF, Invesco Variable Rate Preferred ETF
0.55%:	Invesco International BuyBack AchieversTM ETF
0.60%:	Invesco DWA SmallCap Momentum ETF
0.65%:	Invesco Senior Loan ETF, Invesco Shipping ETF
0.70%:	Invesco China Technology ETF, Invesco MSCI Emerging Markets Equal Country Weight ETF
0.75%:	Invesco Global Clean Energy ETF, Invesco Global Water ETF
0.80%:	Invesco DWA Developed Markets Momentum ETF
0.90%:	Invesco DWA Emerging Markets Momentum ETF

The Trustees noted that the Adviser represented that it does not serve as the investment adviser to any clients, other than other ETFs also overseen by the Trustees, with comparable investment strategies as the Funds, but that it provides sub-advisory services to other clients.. The Trustees further noted the Adviser’s explanation with respect to the sub-advisory fees it receives for such services in comparison to the advisory fees charged to the Funds.

The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were equal to or lower than the median net expense ratios of their open-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Median1		Equal to/Lower than Open-End Index Fund Median2		Equal to/Lower than Open-End Active Fund Median3
Invesco 1-30 Laddered Treasury ETF					X
Invesco California AMT-Free Municipal Bond ETF				N/A	X
Invesco CEF Income Composite ETF		X		N/A	X
Invesco China Technology ETF				N/A	X
Invesco DWA Developed Markets Momentum ETF					X
Invesco DWA Emerging Markets Momentum ETF					X
Invesco DWA SmallCap Momentum ETF				X	X
Invesco DWA Tactical Multi-Asset Income ETF		N/A		N/A	X

65

Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

Invesco Fund	Equal to/Lower than ETF Median1	Equal to/Lower than Open-End Index Fund Median2	Equal to/Lower than Open-End Active Fund Median3
Invesco DWA Tactical Sector Rotation ETF	X	N/A	N/A
Invesco Emerging Markets Sovereign Debt ETF			X
Invesco FTSE International Low Beta Equal Weight ETF	X	X	X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF			X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	X	X	X
Invesco FTSE RAFI Emerging Markets ETF	X		X
Invesco Fundamental High Yield® Corporate Bond ETF		X	X
Invesco Fundamental Investment Grade Corporate Bond ETF			X
Invesco Global Clean Energy ETF		N/A	X
Invesco Global Short Term High Yield Bond ETF	X	X	X
Invesco Global Water ETF		N/A	X
Invesco International BuyBack AchieversTM ETF			X
Invesco International Corporate Bond ETF			X
Invesco KBW Bank ETF	X		X
Invesco KBW High Dividend Yield Financial ETF	X		X
Invesco KBW Premium Yield Equity REIT ETF	X		X
Invesco KBW Property & Casualty Insurance ETF	X		X
Invesco KBW Regional Banking ETF	X		X
Invesco LadderRite 0-5 Year Corporate Bond ETF			X
Invesco MSCI Emerging Markets Equal Country Weight ETF			X
Invesco National AMT-Free Municipal Bond ETF			X
Invesco New York AMT-Free Municipal Bond ETF		N/A	X
Invesco Preferred ETF		N/A	X
Invesco PureBetaTM 0-5 Yr US TIPS ETF	X		X
Invesco PureBetaTM FTSE Developed ex-North America ETF	X	X	X
Invesco PureBetaTM FTSE Emerging Markets ETF	X	X	X
Invesco PureBetaTM MSCI USA ETF	X	X	X
Invesco PureBetaTM MSCI USA Small Cap ETF	X	X	X
Invesco PureBetaTM US Aggregate Bond ETF	X		X
Invesco Russell 1000 Enhanced Equal Weight ETF			X
Invesco Russell 1000 Equal Weight ETF	X	X	X
Invesco Russell 1000 Low Beta Equal Weight ETF			X
Invesco S&P 500 Enhanced Value ETF	X	X	X
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF	X	X	X
Invesco S&P 500 High Beta ETF	X	X	X
Invesco S&P 500® High Dividend Low Volatility ETF	X	X	X
Invesco S&P 500® Low Volatility ETF	X	X	X
Invesco S&P 500 Minimum Variance ETF	X	X	X
Invesco S&P 500 Momentum ETF	X	X	X
Invesco S&P Emerging Markets Low Volatility ETF	X	X	X
Invesco S&P Emerging Markets Momentum ETF	X	X	X
Invesco S&P High Income Infrastructure ETF	X	N/A	X

66

Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

Invesco Fund	Equal to/Lower than ETF Median1	Equal to/Lower than Open-End Index Fund Median2	Equal to/Lower than Open-End Active Fund Median3
Invesco S&P International Developed High Dividend Low Volatility ETF	X	X	X
Invesco S&P International Developed Low Volatility ETF	X		X
Invesco S&P International Developed Momentum ETF	X		X
Invesco S&P International Developed Quality ETF	X		X
Invesco S&P MidCap Low Volatility ETF			X
Invesco S&P SmallCap Consumer Discretionary ETF	X		X
Invesco S&P SmallCap Consumer Staples ETF	X		X
Invesco S&P SmallCap Energy ETF	X		X
Invesco S&P SmallCap Financials ETF	X		X
Invesco S&P SmallCap Health Care ETF	X		X
Invesco S&P SmallCap High Dividend Low Volatility ETF	X	X	X
Invesco S&P SmallCap Industrials ETF	X		X
Invesco S&P SmallCap Information Technology ETF	X	X	X
Invesco S&P SmallCap Low Volatility ETF	X	X	X
Invesco S&P SmallCap Materials ETF	X		X
Invesco S&P SmallCap Quality ETF	X		X
Invesco S&P SmallCap Utilities & Communication Services ETF	X	X	X
Invesco Senior Loan ETF		X	X
Invesco Shipping ETF			X
Invesco Taxable Municipal Bond ETF		N/A	X
Invesco Treasury Collateral ETF	X		X
Invesco Variable Rate Preferred ETF		X	X
Invesco VRDO Tax-Free Weekly ETF		N/A	X

¹  The information provided by the Adviser indicated that certain Funds did not have any comparable ETF peers. Those Funds have been designated in this column with an “N/A” for not available.

²  The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.

³  The information provided by the Adviser indicated that certain Funds did not have any comparable open-end active fund peers. Those Funds have been designated in this column with an “N/A” for not available.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco International Corporate Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Senior Loan ETF, Invesco Taxable Municipal Bond ETF and Invesco VRDO Tax-Free Weekly ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained in detail its view that it believes that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, noting, in particular, the unique underlying investment strategy and complexity of each Fund, the limited number of peers in the Lipper data, and/or the differing pricing philosophy of certain of the peers.

The Trustees considered that the Adviser had agreed to waive a portion of its unitary advisory fee, at least until February 28, 2021, for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF. The Trustees further considered that the Adviser had agreed to waive a portion of its unitary advisory fee, until April 6, 2020, to the extent necessary to prevent Invesco MSCI Emerging Markets Equal Country Weight ETF’s operating expenses (including acquired fund fees and expenses, but excluding interest expenses, brokerage commissions and other trading expenses, taxes and litigation expenses, and extraordinary expenses) from exceeding the unitary advisory fee.

67

Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

The Trustees determined that each Fund’s unitary advisory fee was reasonable, noting the nature of the indexes, the distinguishing factors of the Funds and the administrative, operational and management oversight costs for the Adviser. The Trustees also noted that a portion of each Fund’s operating expenses was attributable to a license fee payable out of the unitary advisory fee charged to that Fund. The Board concluded that the unitary advisory fee charged to each Fund was reasonable and appropriate in light of the services provided.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund, and concluded that the unitary advisory fee was reasonable and appropriate.

The Trustees noted that the Adviser had not identified any further benefits that it derived from its relationships with the Funds and had noted that it does not have any soft-dollar arrangements.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

Investment Sub-Advisory Agreement

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 11, 2019. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided under the Sub-Advisory Agreement. The Board also considered the benefits described by the Adviser in having multiple affiliated Sub-Advisers. The Board reviewed the qualifications and background of each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and noted that the Adviser compensates the Sub-Advisers from its fee.

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc. and Invesco Advisers, Inc. and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF was reasonable in relation to the asset size of the Funds, and concluded that the flat sub-advisory fee was reasonable and appropriate.

68

Board Considerations Regarding Continuation of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that Invesco Advisers, Inc. noted that it receives management fees from money market funds into which the Funds’ excess cash may be invested. The Trustees noted that the Adviser waives its fees on assets invested under such arrangement in amounts equal to fees received by Invesco Advisers, Inc. on the Funds’ assets invested in the money market funds.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.

69

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 on Form N-Q (or any successor Form). The Form N-Qs (or any successor Form) will be 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.

©2019 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 P-PS-SAR-12 invesco.com/ETFs

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

PricewaterhouseCoopers LLP (“PwC”) informed the Audit Committee (the “Audit Committee”) of the Registrant’s Board of Trustees (the “Board”) that it has identified an issue related to its independence under Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the “Loan Rule”). The Loan Rule prohibits accounting firms, such as PwC, from being deemed independent if they have certain financial relationships with their audit clients or certain affiliates of those clients. The Registrant is required under various securities laws to have its financial statements audited by an independent accounting firm.

The Loan Rule specifically provides that an accounting firm would not be independent if it receives a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities. For purposes of the Loan Rule, audit clients include the Registrant as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively, the “Invesco Fund Complex”). PwC informed the Audit Committee it has relationships with lenders who hold, as record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex. These relationships call into question PwC’s independence under the Loan Rule with respect to those funds, as well as all other funds in the Invesco Fund Complex.

On June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to the audit independence issue described above. In that letter, the SEC confirmed that it would not recommend enforcement action against a fund that relied on audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. On June 18, 2019, the SEC adopted amendments to the Loan Rule (the “Amendments”) addressing many of the issues that led to the issuance of the no-action letter. The Amendments will become effective and supersede the no-action letter 90 days after publication in the Federal Register.

In an August 18, 2016 letter, and in subsequent communications, PwC affirmed to the Audit Committee that, as of the date of the letter and the subsequent communications, respectively, PwC is an independent accountant with respect to the Registrant within the meaning of PCAOB Rule 3520. In its letter and in its subsequent communications, PwC also informed the Audit Committee that, after evaluating the facts and circumstances and the applicable independence rules, PwC has concluded that with regard to its compliance with the independence criteria set forth in the rules and regulations of the SEC related to the Loan Rule, it believes that it remains objective and impartial despite matters that may ultimately be determined to be inconsistent with these criteria and therefore it can continue to serve as the Registrant’s registered public accounting firm. PwC has advised the Audit Committee that this conclusion is based in part on the following considerations: (1) the lenders to PwC have no influence over any fund, or other entity within the Invesco Fund Complex, or its investment adviser; (2) none of the officers or trustees of the Invesco Fund Complex whose shares are owned by PwC lenders are associated with those lenders; (3) PwC understands that the shares held by PwC lenders are held for the benefit of and on behalf of its policy owners/end investors; (4) investments in funds such as the Invesco Fund Complex funds are passive; (5)

the PwC lenders are part of various syndicates of unrelated lenders; (6) there have been no changes to the loans in question since the origination of each respective note; (7) the debts are in good standing and no lender has the right to take action against PwC, as borrower, in connection with the financings; (8) the debt balances with each lender are immaterial to PwC and to each lender; and (9) the PwC audit engagement team has no involvement in PwC’s treasury function and PwC’s treasury function has no oversight of or ability to influence the PwC audit engagement team. In addition, PwC has communicated that the lending relationships appear to be consistent with the lending relationships described in the no-action letter and that they are not aware of other relationships that would be implicated by the Loan Rule. In addition to relying on PwC’s August 18, 2016 letter and subsequent communications regarding its independence, the Registrant intends to rely upon the no-action letter.

If in the future the independence of PwC is called into question under the Loan Rule by circumstances that are not addressed in the SEC’s no-action letter, the Registrant may need to take other action in order for the Registrant’s filings with the SEC containing financial statements to be deemed compliant with applicable securities laws. Such additional actions could result in additional costs, impair the ability of the Registrant to issue new shares or have other material adverse effects on the Registrant. The SEC no-action relief was initially set to expire 18 months from issuance, but has been extended by the SEC without an expiration date, except that the no-action letter will be withdrawn upon the effectiveness of the Amendments.

During the reporting period, PwC advised the Registrant’s Audit Committee of the following matter for consideration under the SEC’s independence rules. PwC advised the Audit Committee that a PwC Partner through her spouse’s equivalent brokerage account held a financial interests in an investment company within the Invesco Fund Complex that was inconsistent with the requirements of Rule 2-01(c)(1) of Regulation S-X. PwC noted, among other things, that during the time of its audit, the engagement team was not aware of the investment, the individual was not in the chain of command of the audit or the audit partners of Invesco or the affiliate of the Registrant, the individual did not provide any services to the Registrant and did not provide any consultation to the audit engagement team and the investment was not material to the net worth of the individual or her immediate family members which they considered in reaching their conclusion. PwC advised the Audit Committee that it believes its objectivity and impartiality has not been adversely affected by this matter as it relates to the audit of the Registrant.

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 Registrant’s Board of Trustees 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 last fiscal quarter that have materially affected, or are 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 II

By:   /s/ Daniel E. Draper

Name:	Daniel E. Draper
Title:	President
Date:	July 8, 2019

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/ Daniel E. Draper

Name:	Daniel E. Draper
Title:	President
Date:	July 8, 2019

By:   /s/ Kelli Gallegos

Name:	Kelli Gallegos
Title:	Treasurer
Date:	July 8, 2019