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)

Anna Paglia

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: October 31, 2020

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

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

Item 1. Reports to Stockholders.

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

Invesco Annual Report to Shareholders

October 31, 2020

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

The Market Environment	3
Management’s Discussion of Fund Performance	5
Schedules of Investments
Invesco PureBetaSM 0-5 Yr US TIPS ETF	11
Invesco PureBetaSM FTSE Developed ex-North America ETF	12
Invesco PureBetaSM FTSE Emerging Markets ETF	27
Statements of Assets and Liabilities	38
Statements of Operations	39
Statements of Changes in Net Assets	40
Financial Highlights	41
Notes to Financial Statements	44
Report of Independent Registered Public Accounting Firm	54
Fund Expenses	55
Tax Information	57
Trustees and Officers	58

2

The Market Environment

Domestic Equity

At the outset of the fiscal year, improving economic conditions during the fourth quarter of 2019 provided the backdrop for strong equity market returns. Investors were encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

During the first quarter of 2020, as the spread of the new coronavirus (COVID-19) disrupted travel and suppressed consumer activity, investors became increasingly concerned about the global economy. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. Beginning in late February, equity markets declined sharply and quickly, ushering in the first bear market since the financial crisis of 2008. Though the equity market stabilized somewhat toward the end of March, all sectors declined during the downturn. In response to the major collapse in demand and to help facilitate liquidity, the US Federal Reserve (“the Fed”) cut interest rates two times in March by 0.50% and 1.00%, ending with a target range of 0.00% to 0.25%.¹

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. The rally followed a sharp economic decline caused by global shutdowns to slow the spread of COVID-19. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. After oil futures contracts turned negative in early April, oil prices doubled in June, which supported struggling energy companies and millions of energy sector employees. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August, revised second quarter GDP fell by 31.40%², a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but reached record highs by the end of August.

Despite a September selloff, US equity markets posted gains in the third quarter as the Fed extended its emergency stimulus programs and changed its inflation target policy, both of which supported equities. Activity was better than expected across many areas of the economy. Data for both manufacturing and services indicated expansion, a reversal from significant declines earlier in the year. Corporate earnings were also better than anticipated and a gradual decline in new COVID-19 infections in many regions, combined with optimism about progress on a coronavirus vaccine, further boosted stocks. October saw increased volatility as COVID-19 infection rates rose to record highs in the US and in Europe. Investors also became concerned about delayed results from the US presidential election and the real possibility of a contested election, further delaying a clear winner. Despite October posting negative returns for the major stock indices in the US and globally, the S&P 500 Index returned 9.71% for the fiscal year.

¹  Source: US Federal Reserve

²  Source: US Bureau of Economic Analysis

Fixed Income

At the start of the fiscal year, US economic data remained supportive of continued economic expansion as fourth quarter 2019 GDP grew 2.40%.¹ The US economy continued to add jobs, pushing the unemployment rate to 3.50% at the close of the 2019 calendar year, while inflation remained subdued.² However, initial optimism in 2020 was dampened by the outbreak of the novel coronavirus (COVID-19) that swiftly spread from China to other global regions. Global equity markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. The US bull market ended abruptly, while global equity markets also fell sharply.

As market panic set in, central banks around the world took aggressive action to support both local markets and the global economy. In the US, the Fed accomplished this with one 0.25% rate cut on March 3, followed by a 1.00% rate cut on March 16, bringing the target Fed Funds range of 0.00% to 0.25%.³ Second quarter GDP fell by an annualized rate of 31.40%,¹ and unemployment in the US rose to 14.70%² in April, a rate not seen since 1940.

The 10-year US Treasury yield reached a high of 1.94%⁴ in November of 2019 due to the continued strength of the global economy. However, a severe risk-off tone drove US Treasury yields sharply lower in mid-February as COVID-19 began its spread through Europe before falling sharply to a level of 0.54%⁴ in February of 2020 amid COVID-19 concerns. Throughout the remainder of the fiscal year, US Treasury yields remained comparatively low, as the Fed prolonged its accomodative stance and continued geoeconomic uncertainty forced investors to seek higher quality fixed income instruments. The 10-year US Treasury yield ended the fiscal year at 0.87%, 82 basis points lower than at the beginning of the fiscal year.⁴ (A basis point is one one-hundredth of a percentage point.)

The broader bond market, as represented by the Bloomberg Barclays US Aggregate Bond Index, gained 6.19% for the fiscal year. Positive performance for the index was largely attributable to the sharp decline in US Treasury yields. The four primary sectors of the Bloomberg Barclays US Aggregate Bond Index—government-related, corporate, securitized and treasury—posted positive returns for the fiscal year. Out-of-index exposure, such as high yield and US dollar-denominated emerging market (EM) corporate debt, experienced small gains despite longer-term economic concerns stemming from the COVID-19 pandemic. Helping to support returns in high yield was the Fed’s corporate bond purchase program, while US dollar-denominated EM corporate debt was bouyed by very accommodative central bank policies.

¹  Source: Bureau of Economic Analysis

²  Source: Bureau of Labor Statistics

³  Source: US Federal Reserve

⁴  Source: US Treasury Department

3

The Market Environment (continued)

Global Equity

At the start of the fiscal year, macroeconomic and geopolitical issues mostly abated providing a favorable backdrop for global equity returns. Central banks maintained accommodative policies and better economic data and signs of progress in US and China trade talks also supported global equities.

Global equity markets started 2020 buoyed by positive economic data and the signing of the phase one US-China trade deal. However, initial optimism was dampened by the outbreak of the new coronavirus (COVID-19) that swiftly spread from China to other global regions. Global equity markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. The US bull market came to an abrupt end, while global equity markets also fell sharply. As fear of a worldwide recession increased, central banks around the world took aggressive action to support both local markets and the global economy.

Despite the continuing global spread of COVID-19, many countries achieved some success in controlling the spread and were able to slowly re-open their economies. Global equity markets benefited from government policy responses to the crisis, which were swift and encouraging. Many economies received fiscal stimulus and very significant monetary stimulus. The massive monetary policy response created an environment in which investors embraced risk, and stocks rose globally after a deep rout in the first quarter.

Despite a correction in September, global equity stocks finished the third quarter in positive territory after posting strong gains in July and August. Building on progress made in the latter part of the second quarter, many countries were able to continue reducing pandemic-related stringency protocols. As a result, the “green shoots” we saw at the end of the second quarter grew and flourished into the third quarter, as many countries experienced a strong economic rebound.

At the end of the fiscal year, economic growth began to slow. This coincided with a resurgence in global infections with record highs in the US and in Europe. Investors also became concerned about delayed results from the US presidential election and the real possibility of a contested election, further delaying a clear winner. Global equity markets ended the fiscal year mixed, with emerging markets faring better than developed markets.

4

PBTP	Management’s Discussion of Fund Performance
	Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)

As an index fund, the Invesco PureBeta^SM 0-5 Yr US TIPS ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA 0-5 Year US Inflation-Linked Treasury Index^SM (the “Index”). The Fund generally will invest at least 80% of its total assets in the component securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Underlying Index, which is designed to measure the performance of the shorter maturity subset of the U.S. Treasury Inflation-Protected Securities (“TIPS”) market, represented by TIPS with a remaining maturity of at least one month and less than five years. TIPS are U.S. dollar-denominated, U.S. government debt securities that are publicly offered for sale in the United States. TIPS are “inflation-linked, “meaning that their principal and interest payments are tied to inflation (as measured by the Consumer Price Index). TIPS are issued by the U.S. Treasury, and their payments are supported by the full faith and credit of the United States.

To qualify for inclusion in the Underlying Index, securities must have: (i) at least one month but less than five years remaining term to final maturity; (ii) at least 18 months to maturity when issued; and (iii) a minimum amount outstanding of $1 billion. Original issue zero coupon bonds may be included in the Underlying Index, and the amounts outstanding of qualifying coupon securities are not reduced by any portions that have been stripped. Underlying Index constituents are market capitalization weighted. The Fund generally invests in all of the securities comprising its Index in proportion to their weightings in the Index.

During the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 4.28%. On a net asset value (“NAV”) basis, the Fund returned 4.28%. During the same time period, the Index returned 4.40%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund.

For the fiscal year ended October 31, 2020, bonds with maturities between 2 and 3 years contributed most significantly to the Fund’s return, followed by bonds with maturities between 3 and 4 years. No maturities detracted from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020, included U.S. Inflation Index Bond, 0.13% coupon, due 07/15/2024 (portfolio average weight of 5.98%) and U.S. Inflation Index Bond, 0.63% coupon, due 01/15/2024 (portfolio average weight of 6.12%). No positions detracted from the Fund’s return.

Duration Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Maturing in 0-5 Years	99.89
Money Market Funds Plus Other Assets Less Liabilities	0.11
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020
Security
U.S. Treasury Inflation—Indexed Notes, 0.63%, 04/15/2023	6.48
U.S. Treasury Inflation—Indexed Notes, 0.13%, 04/15/2021	6.23
U.S. Treasury Inflation—Indexed Notes, 0.38%, 07/15/2025	6.13
U.S. Treasury Inflation—Indexed Notes, 0.63%, 01/15/2024	6.11
U.S. Treasury Inflation—Indexed Notes, 0.13%, 04/15/2022	6.08
U.S. Treasury Inflation—Indexed Notes, 0.13%, 01/15/2022	6.07
U.S. Treasury Inflation—Indexed Notes, 0.38%, 07/15/2023	6.05
U.S. Treasury Inflation—Indexed Notes, 0.25%, 01/15/2025	6.04
U.S. Treasury Inflation—Indexed Notes, 0.13%, 01/15/2023	6.00
U.S. Treasury Inflation—Indexed Notes, 0.13%, 07/15/2022	5.99
Total	61.18

* Excluding money market fund holdings.

5

Invesco PureBeta^SM 0-5 Yr US TIPS ETF (PBTP) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of October 31, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index										Average Annualized			Cumulative
ICE BofA 0-5 Year US Inflation-Linked Treasury IndexSM		4.40	%		2.99	%		9.24	%		2.92	%		9.34	%
Fund
NAV Return		4.28			2.87			8.84			2.81			8.97
Market Price Return		4.28			2.88			8.88			2.82			9.02

Fund Inception: September 22, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.07% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Index and Fund Performance History:

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

6

PBDM	Management’s Discussion of Fund Performance
	Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)

As an index fund, the Invesco PureBeta^SM FTSE Developed ex-North America ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE Developed ex North America Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of the large- and mid-capitalization segments of equity markets of countries around the world that are classified as developed markets within the country classification definition of the Index Provider, excluding the United States and Canada. The Index Provider defines the large- and mid-capitalization segments as approximately the top 90% of the eligible universe. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

During the fiscal year ended October 31, 2020, on a market price basis, the Fund returned (4.66)%. On a net asset value (“NAV”) basis, the Fund returned (5.33)%. During the same time period, the Index returned (5.45)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period, offset by the Fund holding cash to pay distributions in March, which coincided with the overall market decline.

For the fiscal year ended October 31, 2020, the information technology sector contributed most significantly to the Fund’s return, followed by the health care and materials sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the energy and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020, included ASML Holding N.V., an information technology company (portfolio average weight of 0.86%), and Softbank Group Corp., a communication services company (portfolio average weight of 0.52%). Positions that detracted most significantly from the Fund’s return included HSBC Holdings PLC, a financials company (portfolio average weight of 0.77%), and BP PLC, an energy company (portfolio average weight of 0.60%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Industrials	15.45
Financials	15.01
Health Care	12.73
Consumer Discretionary	12.19
Consumer Staples	10.86
Information Technology	10.28
Materials	7.99
Communication Services	5.83
Utilities	3.83
Real Estate	3.02
Energy	2.54
Money Market Funds Plus Other Assets Less Liabilities	0.27
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020
Security
Nestle S.A.	2.14
Samsung Electronics Co. Ltd.	1.60
Roche Holding AG	1.52
Novartis AG	1.14
Toyota Motor Corp.	1.09
ASML Holding N.V.	0.99
AstraZeneca PLC	0.90
SAP SE	0.81
LVMH Moet Hennessy Louis Vuitton SE	0.79
AIA Group Ltd.	0.78
Total	11.76

* Excluding money market fund holdings.

7

Invesco PureBeta^SM FTSE Developed ex-North America ETF (PBDM) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of October 31, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index										Average Annualized			Cumulative
FTSE Developed ex North America Index (Net)		(5.45	)%		(1.13	)%		(3.35	)%		(0.50	)%		(1.55	)%
Fund
NAV Return		(5.33	)		(1.18	)		(3.51	)		(0.57	)		(1.77	)
Market Price Return		(4.66	)		(1.13	)		(3.35	)		(0.42	)		(1.29	)

Fund Inception: September 22, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.07% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Index and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

8

PBEE	Management’s Discussion of Fund Performance
	Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)

As an index fund, the Invesco PureBeta^SM FTSE Emerging Markets ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE Emerging Index (the “Index”). The Fund generally will invest at least 90% of its total assets in common stocks that comprise the Underlying Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Underlying Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (the “Index Provider”) compiles, maintains and calculates the Underlying Index, which is designed to measure the performance of the large- and mid-capitalization segments of equity markets of countries around the world that are classified as emerging markets within the country classification definition of the Index Provider. The Index Provider defines the large- and mid-capitalization segments as approximately the top 90% of the eligible universe. The Fund does not purchase all of the securities in the Underlying Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 8.33%. On a net asset value (“NAV”) basis, the Fund returned 7.13%. During the same time period, the Index returned 7.52%. During the fiscal year, the Fund’s performance (NAV basis) differed from the return of the Index primarily due to the impact of the fees and expenses that the Fund incurred during the period, as well as the impact of the sampling methodology.

For the fiscal year ended October 31, 2020, the consumer discretionary sector contributed most significantly to the Fund’s return, followed by the information technology and communication services sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the energy and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020, included Tencent Holdings Ltd., a communication services company (portfolio average weight of 6.24%), and Alibaba Group Holding Ltd., a consumer discretionary company (portfolio average weight of 7.55%). Positions that detracted most significantly from the Fund’s return included HDFC Bank Ltd., ADR, a financials company (no longer held at fiscal year-end), and Itau Unibanco Holding S.A., financials company (portfolio average weight of 0.54%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Financials	23.78
Consumer Discretionary	20.78
Communication Services	13.28
Information Technology	13.19
Materials	6.25
Consumer Staples	4.73
Energy	4.70
Industrials	4.45
Health Care	3.47
Sector Types Each Less Than 3%	5.21
Money Market Funds Plus Other Assets Less Liabilities	0.16
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020
Security
Alibaba Group Holding Ltd., ADR	9.33
Tencent Holdings Ltd.	7.68
Taiwan Semiconductor Manufacturing Co. Ltd.	6.21
Invesco India ETF	4.49
Meituan Dianping, B Shares	2.29
iShares MSCI India ETF	1.52
Naspers Ltd., Class N	1.38
China Construction Bank Corp., H Shares	1.16
JD.com, Inc., ADR	1.15
Reliance Industries Ltd., GDR	1.01
Total	36.22

* Excluding money market fund holdings.

9

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of October 31, 2020

				3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year									Average Annualized			Cumulative
FTSE Emerging Index (Net)		7.52	%		2.86	%		8.82	%		2.95	%		9.44	%
Fund
NAV Return		7.13			2.40			7.37			2.66			8.50
Market Price Return		8.33			2.55			7.85			2.33			7.42

Fund Inception: September 22, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. The adviser has contractually agreed to waive a portion of its management fee through August 31, 2022. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.19% (0.15% after fee waiver) includes the unitary management fee of 0.14% and acquired fund fees and expenses of 0.05%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay

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

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

Notes Regarding Index and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

10

Invesco PureBeta^SM 0-5 Yr US TIPS ETF (PBTP)

October 31, 2020

Schedule of Investments

	Principal   Amount		Value
U.S. Treasury Securities-99.89%
U.S. Treasury Inflation – Indexed Notes-99.89%(a)
1.13%, 01/15/2021	$	710,532	$	711,531
0.13%, 04/15/2021		802,762		802,030
0.63%, 07/15/2021		673,480		679,618
0.13%, 01/15/2022		772,860		781,724
0.13%, 04/15/2022		773,248		783,057
0.13%, 07/15/2022		755,014		770,585
0.13%, 01/15/2023		752,764		772,166
0.63%, 04/15/2023		801,542		833,683
0.38%, 07/15/2023		746,076		778,607
0.63%, 01/15/2024		744,119		786,430
0.50%, 04/15/2024		541,049		571,166
0.13%, 07/15/2024		731,220		769,195
0.13%, 10/15/2024		580,489		612,273
0.25% - 2.38%, 01/15/2025		1,361,828		1,501,369
0.13%, 04/15/2025		582,625		616,067

	Principal   Amount		Value
U.S. Treasury Inflation – Indexed Notes-(continued)
0.38%, 07/15/2025	$	732,155	$	789,086
0.13%, 10/15/2025		277,479		296,461
Total U.S. Treasury Securities (Cost $12,630,561)				12,855,048
	Shares
Money Market Funds-0.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(b)(c) (Cost $12,806)		12,806		12,806
TOTAL INVESTMENTS IN SECURITIES-99.99% (Cost $12,643,367)				12,867,854
OTHER ASSETS LESS LIABILITIES-0.01%				1,869
NET ASSETS-100.00%			$	12,869,723

Notes to Schedule of Investments:

^(a)  Principal amount of security and interest payments are adjusted for inflation. See Note 2J.

^(b)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2020.

	Value October 31, 2019			Purchases  at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	50,364		$	(37,558	)		$	-		$	-			$	12,806		$	-
Invesco Premier U.S. Government Money Portfolio, Institutional Class			8,860			862,867			(871,727	)			-			-				-			134
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			-			232,343			(232,343	)			-			-				-			115	*
Invesco Liquid Assets Portfolio, Institutional Class			-			77,330			(77,322	)			-			(8	)			-			44	*
Total		$	8,860		$	1,222,904		$	(1,218,950	)		$	-		$	(8	)		$	12,806		$	293

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

^(c) The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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)

October 31, 2020

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.73%
Australia-7.53%
Adbri Ltd.		70	$	139
Afterpay Ltd.(a)		32		2,173
AGL Energy Ltd.		96		841
ALS Ltd.		74		486
Altium Ltd.		17		444
Alumina Ltd.		384		387
AMP Ltd.		527		566
Ampol Ltd.		38		692
Ansell Ltd.		20		564
APA Group		181		1,333
Appen Ltd.		17		386
Aristocrat Leisure Ltd.		98		1,970
ASX Ltd.		30		1,678
Atlas Arteria Ltd.		145		574
Aurizon Holdings Ltd.		282		747
AusNet Services		280		393
Australia & New Zealand Banking Group Ltd.		435		5,746
Bank of Queensland Ltd.(b)		70		316
Beach Energy Ltd.		271		225
Bendigo & Adelaide Bank Ltd.		81		381
BHP Group Ltd.		452		10,722
BHP Group PLC		319		6,147
BlueScope Steel Ltd.		77		793
Boral Ltd.		187		599
Brambles Ltd.		233		1,569
carsales.com Ltd.		33		481
Challenger Ltd.		88		297
Charter Hall Group		71		615
CIMIC Group Ltd.(a)		15		226
Cleanaway Waste Management Ltd.		208		299
Coca-Cola Amatil Ltd.		78		681
Cochlear Ltd.		10		1,490
Coles Group Ltd.		195		2,431
Commonwealth Bank of Australia		272		13,184
Computershare Ltd.		74		631
Crown Resorts Ltd.		54		314
CSL Ltd.		69		13,934
CSR Ltd.		74		229
Deterra Royalties Ltd.(a)(b)		64		177
Dexus		168		1,016
Domain Holdings Australia Ltd.		35		97
Domino’s Pizza Enterprises Ltd.		9		536
Downer EDI Ltd.		91		281
Evolution Mining Ltd.		245		953
Flight Centre Travel Group Ltd.(a)		22		174
Fortescue Metals Group Ltd.		244		2,976
Glencore PLC(a)		1,655		3,336
Goodman Group		275		3,553
GPT Group (The)		299		846
Harvey Norman Holdings Ltd.		91		284
IDP Education Ltd.		21		284
Iluka Resources Ltd.		64		231
Incitec Pivot Ltd.		293		395
Insurance Australia Group Ltd.		355		1,189
IOOF Holdings Ltd.		53		109
JB Hi-Fi Ltd.		17		566
Lendlease Corp. Ltd.		101		848

	Shares		Value
Australia-(continued)
Macquarie Group Ltd.		49	$	4,362
Magellan Financial Group Ltd.		21		813
Medibank Pvt Ltd.		423		793
Metcash Ltd.		156		323
Mineral Resources Ltd.		21		368
Mirvac Group		603		894
National Australia Bank Ltd.		491		6,413
Newcrest Mining Ltd.		124		2,546
NEXTDC Ltd.(a)		69		617
Northern Star Resources Ltd.		110		1,147
Nufarm Ltd.(a)		49		118
Oil Search Ltd.		318		574
Orica Ltd.		62		664
Origin Energy Ltd.		270		758
Orora Ltd.		148		268
OZ Minerals Ltd.		49		511
Perpetual Ltd.		7		134
Platinum Asset Management Ltd.		46		99
Qantas Airways Ltd.(a)		89		262
QBE Insurance Group Ltd.		223		1,292
Qube Holdings Ltd.		223		415
Ramsay Health Care Ltd.		26		1,138
REA Group Ltd.(b)		8		664
Rio Tinto Ltd.		57		3,700
Rio Tinto PLC		167		9,408
Santos Ltd.		272		904
Saracen Mineral Holdings Ltd.(a)		168		665
Scentre Group		796		1,174
SEEK Ltd.		53		801
Seven Group Holdings Ltd.(b)		20		273
Shopping Centres Australasia Property Group		162		264
Sonic Healthcare Ltd.		73		1,785
South32 Ltd.		744		1,061
Star Entertainment Group Ltd. (The)		127		293
Stockland		366		990
Suncorp Group Ltd.		193		1,113
Sydney Airport		170		651
Tabcorp Holdings Ltd.		292		675
Telstra Corp. Ltd.		639		1,203
TPG Telecom Ltd.(a)		56		282
Transurban Group		420		3,970
Treasury Wine Estates Ltd.		111		715
Tuas Ltd.(a)		28		15
Vicinity Centres		576		489
Vocus Group Ltd.(a)		91		220
Washington H Soul Pattinson & Co. Ltd.		14		249
Wesfarmers Ltd.		174		5,616
Westpac Banking Corp.		554		6,968
Whitehaven Coal Ltd.		132		99
WiseTech Global Ltd.(b)		13		264
Woodside Petroleum Ltd.		146		1,796
Woolworths Group Ltd.		194		5,199
Worley Ltd.		49		324
				168,873
Austria-0.15%
ANDRITZ AG		11		371
Erste Group Bank AG(a)		44		901

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)

October 31, 2020

	Shares		Value
Austria-(continued)
OMV AG		22	$	505
Raiffeisen Bank International AG(a)		20		287
Telekom Austria AG		21		141
Verbund AG		10		575
Vienna Insurance Group AG Wiener Versicherung Gruppe		6		122
voestalpine AG		18		500
				3,402
Belgium-0.82%
Ackermans & van Haaren N.V.(a)		3		369
Ageas(b)		28		1,127
Anheuser-Busch InBev S.A./N.V.		127		6,592
Colruyt S.A.		8		474
Elia Group S.A./N.V		5		484
Galapagos N.V.(a)		7		827
Groupe Bruxelles Lambert S.A.		16		1,310
KBC Group N.V		42		2,071
Proximus SADP		21		408
Sofina S.A.		2		519
Solvay S.A., Class A		11		893
Telenet Group Holding N.V.		7		269
UCB S.A.		18		1,776
Umicore S.A.		31		1,193
				18,312
Brazil-0.04%
Yara International ASA		26		904
Cambodia-0.01%
NagaCorp Ltd.		230		237
Chile-0.03%
Antofagasta PLC		53		705
China-0.41%
AAC Technologies Holdings, Inc.		110		579
BOC Hong Kong Holdings Ltd.		569		1,578
Budweiser Brewing Co. APAC Ltd.(c)		281		826
China Travel International Investment Hong Kong Ltd.(a)		398		51
Chow Tai Fook Jewellery Group Ltd.(b)		169		216
ESR Cayman Ltd.(a)(c)		200		602
FIH Mobile Ltd.(a)		455		50
Kerry Logistics Network Ltd.		87		181
Lenovo Group Ltd.		1,138		712
Minth Group Ltd.		109		451
MMG Ltd.(a)		351		83
Nexteer Automotive Group Ltd.		129		107
Shangri-La Asia Ltd.(a)		175		137
Shui On Land Ltd.		546		72
SITC International Holdings Co. Ltd.		181		279
Sun Art Retail Group Ltd.		348		376
Tingyi Cayman Islands Holding Corp.		295		539
Towngas China Co. Ltd.(a)		162		73
Uni-President China Holdings Ltd.		182		157
Want Want China Holdings Ltd.		874		577
Wilmar International Ltd.		308		911
Xinyi Glass Holdings Ltd.		317		694
				9,251
Denmark-2.30%
Ambu A/S, Class B		26		788

	Shares		Value
Denmark-(continued)
AP Moller - Maersk A/S, Class A		1	$	1,475
AP Moller - Maersk A/S, Class B		1		1,597
Carlsberg A/S, Class B		15		1,899
Chr. Hansen Holding A/S		16		1,612
Coloplast A/S, Class B		20		2,919
Danske Bank A/S(a)		101		1,343
Demant A/S(a)		16		504
DSV Panalpina A/S		30		4,858
Genmab A/S(a)		9		2,998
GN Store Nord A/S		20		1,439
H Lundbeck A/S		9		253
ISS A/S(a)		28		363
Novo Nordisk A/S, Class B		248		15,930
Novozymes A/S, Class B		31		1,863
Orsted A/S(c)		29		4,603
Pandora A/S		15		1,188
Rockwool International A/S, Class B		1		391
Tryg A/S		19		527
Vestas Wind Systems A/S		30		5,121
				51,671
Finland-1.28%
Elisa OYJ		22		1,082
Fortum OYJ		66		1,242
Huhtamaki OYJ		14		684
Kesko OYJ, Class B		41		1,054
Kojamo OYJ		30		618
Kone OYJ, Class B		60		4,776
Metso Outotec OYJ		68		479
Neles OYJ		16		214
Neste OYJ(b)		64		3,331
Nokia OYJ(a)		861		2,908
Nokian Renkaat OYJ(b)		21		646
Nordea Bank Abp(a)		495		3,725
Orion OYJ, Class B		16		685
Sampo OYJ, Class A		78		2,944
Stora Enso OYJ, Class R		88		1,284
UPM-Kymmene OYJ		82		2,317
Wartsila OYJ Abp		75		596
				28,585
France-8.95%
Accor S.A.(a)(b)		29		738
Adevinta ASA, Class B(a)		35		540
Aeroports de Paris(b)		4		391
Air Liquide S.A.		71		10,379
Airbus SE(a)		85		6,197
ALD S.A.(c)		12		129
Alstom S.A.(a)		29		1,300
Amundi S.A.(a)(c)		9		590
Arkema S.A.		10		979
Atos SE(a)		14		956
AXA S.A.		295		4,742
BioMerieux		7		1,042
BNP Paribas S.A.(a)		166		5,773
Bollore S.A.		151		541
Bouygues S.A.		33		1,082
Bureau Veritas S.A.(a)		42		922
Capgemini SE		24		2,772
Carrefour S.A.		88		1,369
Casino Guichard Perrachon S.A.(a)(b)		8		180

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)

October 31, 2020

	Shares		Value
France-(continued)
Cie de Saint-Gobain(a)		74	$	2,888
Cie Generale des Etablissements Michelin S.C.A.		27		2,914
Cie Plastic Omnium S.A.		9		205
CNP Assurances(a)		23		259
Covivio		7		417
Credit Agricole S.A.(a)		177		1,398
Danone S.A.		92		5,080
Dassault Systemes SE		20		3,414
Edenred		37		1,726
Eiffage S.A.(a)		12		871
Electricite de France S.A.		79		917
ENGIE S.A.(a)		254		3,073
EssilorLuxottica S.A.(a)		45		5,567
Eurazeo SE(a)		7		318
Faurecia SE(a)		11		417
Gecina S.A.		8		993
Getlink SE(a)		70		941
Hermes International		5		4,654
ICADE		5		253
Iliad S.A.		2		387
Imerys S.A.		6		179
Ingenico Group S.A.(a)		1		144
Ipsen S.A.		5		455
JCDecaux S.A.(a)		11		170
Kering S.A.		11		6,644
Klepierre S.A.(b)		29		367
La Francaise des Jeux SAEM(c)		13		487
Legrand S.A.		41		3,032
L’Oreal S.A.		37		11,969
LVMH Moet Hennessy Louis Vuitton SE		38		17,808
Natixis S.A.(a)		129		300
Orange S.A.		293		3,287
Orpea S.A.(a)		7		699
Pernod Ricard S.A.		32		5,159
Peugeot S.A.(a)		84		1,510
Publicis Groupe S.A.		33		1,145
Remy Cointreau S.A.(b)		4		676
Renault S.A.(a)		28		693
Rexel S.A.(a)		46		484
Rubis S.C.A.		14		460
Safran S.A.(a)		49		5,167
Sanofi		166		14,961
Sartorius Stedim Biotech		4		1,517
Schneider Electric SE		80		9,710
SCOR SE(a)		24		583
SEB S.A.		4		650
Societe Generale S.A.(a)		119		1,613
Sodexo S.A.		13		834
Suez S.A.		57		1,044
Teleperformance		9		2,702
Thales S.A		15		976
TOTAL SE		371		11,158
Ubisoft Entertainment S.A.(a)		14		1,235
Unibail-Rodamco-Westfield(b)		21		854
Valeo S.A.		37		1,119
Veolia Environnement S.A.		77		1,434
Vinci S.A.		71		5,609
Vivendi S.A.		123		3,552

	Shares		Value
France-(continued)
Wendel SE		4	$	347
Worldline S.A.(a)(c)		36		2,669
				200,716
Germany-8.32%
1&1 Drillisch AG		7		147
adidas AG(a)		29		8,614
Allianz SE		63		11,086
Aroundtown S.A.(a)		185		887
BASF SE		140		7,676
Bayer AG		151		7,099
Bayerische Motoren Werke AG		49		3,349
Bayerische Motoren Werke AG, Preference Shares		9		465
Bechtle AG		4		686
Beiersdorf AG		15		1,571
Brenntag AG		24		1,534
Carl Zeiss Meditec AG, BR		6		775
Commerzbank AG(a)(b)		160		754
Continental AG		17		1,808
Covestro AG(c)		26		1,241
CTS Eventim AG& Co. KGaA(a)		9		399
Daimler AG		124		6,413
Delivery Hero SE(a)(c)		22		2,531
Deutsche Bank AG(a)		314		2,890
Deutsche Boerse AG		28		4,121
Deutsche Lufthansa AG(a)(b)		37		318
Deutsche Post AG		150		6,647
Deutsche Telekom AG		495		7,536
Deutsche Wohnen SE		53		2,675
DWS Group GmbH & Co. KGaA(a)(c)		5		170
E.ON SE		332		3,462
Evonik Industries AG		29		698
Fielmann AG(a)		4		303
Fraport AG Frankfurt Airport Services Worldwide(a)(b)		5		181
Fresenius Medical Care AG& Co. KGaA		31		2,368
Fresenius SE & Co. KGaA		62		2,299
Fuchs Petrolub SE		5		192
Fuchs Petrolub SE, Preference Shares		11		566
GEA Group AG		25		832
GRENKE AG		4		156
Hannover Rueck SE		9		1,307
HeidelbergCement AG		23		1,316
Hella GmbH & Co. KGaA(a)		7		306
HelloFresh SE(a)		21		1,123
Henkel AG& Co. KGaA		15		1,357
Henkel AG& Co. KGaA, Preference Shares		27		2,627
HOCHTIEF AG		3		221
Infineon Technologies AG		200		5,568
Just Eat Takeaway.com N.V.(a)(c)		18		1,994
KION Group AG		11		856
Knorr-Bremse AG		10		1,158
LANXESS AG		13		659
LEG Immobilien AG		11		1,487
Merck KGaA		20		2,962
METRO AG		26		255
MTU Aero Engines AG		8		1,366
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		21		4,912
Nemetschek SE		8		579

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)

October 31, 2020

	Shares		Value
Germany-(continued)
OSRAM Licht AG(a)		4	$	235
Porsche Automobil Holding SE, Preference Shares		24		1,286
ProSiebenSat.1 Media SE(a)		24		268
Puma SE(a)		13		1,136
Rational AG		1		750
Rheinmetall AG		7		511
RWE AG		97		3,592
SAP SE		171		18,224
Sartorius AG, Preference Shares		5		2,116
Scout24 AG(c)		16		1,289
Siemens AG		117		13,724
Siemens Energy AG(a)		59		1,281
Siemens Healthineers AG(c)		20		859
Suedzucker AG		12		173
Symrise AG		19		2,343
Talanx AG		6		177
TeamViewer AG(a)(c)		19		837
Telefonica Deutschland Holding AG		102		257
thyssenkrupp AG(a)(b)		71		339
Traton SE		8		155
TUI AG(b)		67		262
Uniper SE		17		508
United Internet AG		16		561
Varta AG(a)		2		251
Volkswagen AG		5		778
Volkswagen AG, Preference Shares		28		4,080
Vonovia SE		87		5,556
Wacker Chemie AG		2		193
Zalando SE(a)(c)		25		2,335
				186,578
Hong Kong-2.77%
AIA Group Ltd.		1,859		17,512
ASM Pacific Technology Ltd.		47		473
Bank of East Asia Ltd. (The)		188		338
Brightoil Petroleum Holdings Ltd.(a)(d)		462		0
Cafe de Coral Holdings Ltd.		53		109
Cathay Pacific Airways Ltd.(a)		125		85
Champion REIT		309		149
CK Asset Holdings Ltd.		413		1,912
CK Hutchison Holdings Ltd.		411		2,475
CK Infrastructure Holdings Ltd.		98		461
CLP Holdings Ltd.		253		2,326
Dah Sing Banking Group Ltd.		58		50
Dah Sing Financial Holdings Ltd.		23		57
Dairy Farm International Holdings Ltd.		47		177
Guotai Junan International Holdings Ltd.(b)		369		47
Haitong International Securities Group Ltd.		355		81
Hang Lung Group Ltd.		138		305
Hang Lung Properties Ltd.		321		779
Hang Seng Bank Ltd.		110		1,691
Henderson Land Development Co. Ltd.		205		726
Hong Kong & China Gas Co. Ltd. (The)		1,588		2,281
Hong Kong Exchanges & Clearing Ltd.		194		9,261
Hongkong Land Holdings Ltd.		185		679
Huabao International Holdings Ltd.(b)		141		127
Hutchison Port Holdings Trust, Class U		802		116
Hutchison Telecommunications Hong Kong Holdings Ltd.		204		31
Hysan Development Co. Ltd.		98		312

	Shares		Value
Hong Kong-(continued)
Jardine Matheson Holdings Ltd.		33	$	1,465
Jardine Strategic Holdings Ltd.		29		629
Johnson Electric Holdings Ltd., H Shares		54		112
Kerry Properties Ltd.		94		230
Lifestyle International Holdings Ltd.(a)		71		56
Link REIT		318		2,421
Man Wah Holdings Ltd.		400		553
Mapletree North Asia Commercial Trust (c)		318		203
Melco International Development Ltd.		126		204
MTR Corp. Ltd.		222		1,098
New World Development Co. Ltd.		218		1,037
NWS Holdings Ltd.		221		193
PCCW Ltd.		659		396
Power Assets Holdings Ltd.		207		1,064
Sa Sa International Holdings Ltd.(a)		164		23
Shun Tak Holdings Ltd.		293		86
Sino Land Co. Ltd.		470		555
Sun Hung Kai Properties Ltd.		218		2,787
Swire Pacific Ltd., Class A		80		364
Swire Pacific Ltd., Class B		146		119
Swire Properties Ltd.		167		447
Techtronic Industries Co. Ltd.		198		2,640
United Energy Group Ltd.		1,144		155
Vitasoy International Holdings Ltd.		120		484
VTech Holdings Ltd.		25		166
WH Group Ltd.(c)		1,328		1,043
Wharf Holdings Ltd. (The)		137		283
Wharf Real Estate Investment Co. Ltd.		156		598
Yue Yuen Industrial Holdings Ltd.		114		186
				62,157
Indonesia-0.01%
First Pacific Co. Ltd.		369		114
Golden Agri-Resources Ltd.		1,011		105
				219
Ireland-0.63%
AIB Group PLC(a)(b)		120		135
CRH PLC		120		4,220
Flutter Entertainment PLC(a)		18		3,110
Glanbia PLC		30		285
Kerry Group PLC, Class A		24		2,871
Kingspan Group PLC(a)		23		2,005
Smurfit Kappa Group PLC		37		1,393
				14,019
Israel-0.46%
Airport City Ltd.(a)		11		120
Alony Hetz Properties & Investments Ltd.		16		162
Amot Investments Ltd.		21		97
Azrieli Group Ltd.		6		283
Bank Hapoalim BM(a)		167		980
Bank Leumi Le-Israel BM		222		1,053
Bezeq The Israeli Telecommunication Corp. Ltd.(a)		313		357
Elbit Systems Ltd.		4		453
Energix-Renewable Energies Ltd.(a)		28		120
First International Bank of Israel Ltd.		8		178
Gazit-Globe Ltd.		13		54
Harel Insurance Investments & Financial Services Ltd.(a)		17		125
ICL Group Ltd.		106		386

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)

October 31, 2020

	Shares		Value
Israel-(continued)
Israel Discount Bank Ltd., Class A		179	$	505
Melisron Ltd.		3		109
Mivne Real Estate KD Ltd.		103		198
Mizrahi Tefahot Bank Ltd.		20		391
Nice Ltd.(a)		10		2,291
Paz Oil Co. Ltd.		2		184
Phoenix Holdings Ltd. (The)(a)		19		100
Shapir Engineering and Industry Ltd. (a)		17		115
Shikun & Binui Ltd.(a)		30		141
Shufersal Ltd.		17		129
Strauss Group Ltd.		6		174
Teva Pharmaceutical Industries Ltd. (a)		151		1,309
Tower Semiconductor Ltd.(a)		16		334
				10,348
Italy-1.84%
A2A S.p.A.		237		301
Amplifon S.p.A.(a)		19		691
Assicurazioni Generali S.p.A.		194		2,601
Atlantia S.p.A.(a)		75		1,149
Banca Mediolanum S.p.A.		39		266
Buzzi Unicem S.p.A.		11		238
Buzzi Unicem S.p.A., RSP		6		85
Davide Campari-Milano N.V.		86		898
DiaSorin S.p.A.		3		659
Enel S.p.A.		1,193		9,497
Eni S.p.A.		374		2,619
Ferrari N.V		19		3,390
FinecoBank Banca Fineco S.p.A.(a)		93		1,273
Hera S.p.A.		118		371
Infrastrutture Wireless Italiane S.p.A. (c)		43		465
Intesa Sanpaolo S.p.A.(a)		2,386		3,946
Italgas S.p.A.		75		433
Leonardo S.p.A.(b)		60		286
Mediobanca Banca di Credito Finanziario S.p.A.		118		837
Moncler S.p.A.(a)		29		1,161
Nexi S.p.A.(a)(c)		44		676
Pirelli & C S.p.A.(a)(c)		60		250
Poste Italiane S.p.A.(c)		70		571
PRADA S.p.A.(a)		81		318
Prysmian S.p.A.		37		1,006
Recordati Industria Chimica e Farmaceutica S.p.A.		15		777
Snam S.p.A.		335		1,635
Telecom Italia S.p.A.		1,633		554
Telecom Italia S.p.A., RSP		926		337
Terna Rete Elettrica Nazionale S.p.A.		213		1,440
UniCredit S.p.A.(a)		328		2,446
UnipolSai Assicurazioni S.p.A.		76		176
				41,352
Japan-26.04%
77 Bank Ltd. (The)		11		153
ABC-Mart, Inc.		4		203
Acom Co. Ltd.		60		268
Advantest Corp.		31		1,788
Aeon Co. Ltd.		110		2,803
AEON Financial Service Co. Ltd.		18		183
Aeon Mall Co. Ltd.		19		295
AGC, Inc.		28		869
Aica Kogyo Co. Ltd.		8		269
Ain Holdings, Inc.		4		279

	Shares		Value
Japan-(continued)
Air Water, Inc.		24	$	342
Aisin Seiki Co. Ltd.		28		842
Ajinomoto Co., Inc.		76		1,525
Alfresa Holdings Corp.		28		512
Alps Alpine Co. Ltd.		30		428
Amada Co. Ltd.		52		450
Amano Corp.		10		234
ANA Holdings, Inc.(a)(b)		18		391
Anritsu Corp.		21		458
Aozora Bank Ltd.		18		294
Ariake Japan Co. Ltd.		3		192
Asahi Group Holdings Ltd.		60		1,850
Asahi Intecc Co. Ltd.		29		897
Asahi Kasei Corp.		191		1,645
Asics Corp.		28		348
ASKUL Corp.		3		115
Astellas Pharma, Inc.		290		3,981
Azbil Corp.		20		808
Bandai Namco Holdings, Inc.		30		2,232
Bank of Kyoto Ltd. (The)(b)		11		484
Benefit One, Inc.		10		249
Benesse Holdings, Inc.		11		259
Bic Camera, Inc.		24		264
Bridgestone Corp.		90		2,919
Brother Industries Ltd.		37		568
Calbee, Inc.		12		367
Canon Marketing Japan, Inc.		7		148
Canon, Inc.		155		2,670
Capcom Co. Ltd.		14		770
Casio Computer Co. Ltd.		34		514
Central Japan Railway Co.		28		3,371
Chiba Bank Ltd. (The)		104		534
Chubu Electric Power Co., Inc.		111		1,244
Chugai Pharmaceutical Co. Ltd.		99		3,808
Chugoku Bank Ltd. (The)		27		233
Chugoku Electric Power Co., Inc. (The)		46		579
Coca-Cola Bottlers Japan Holdings, Inc.(b)		23		324
COMSYS Holdings Corp.		18		456
Concordia Financial Group Ltd.		171		561
Cosmo Energy Holdings Co. Ltd.		10		145
Cosmos Pharmaceutical Corp.		2		339
Credit Saison Co. Ltd.		25		268
CyberAgent, Inc.		15		940
Dai Nippon Printing Co. Ltd.		47		872
Daicel Corp.		47		335
Daido Steel Co. Ltd.		6		195
Daifuku Co. Ltd.		15		1,540
Dai-ichi Life Holdings, Inc.		168		2,485
Daiichi Sankyo Co. Ltd.		294		7,728
Daiichikosho Co. Ltd.		7		239
Daikin Industries Ltd.		41		7,640
Daito Trust Construction Co. Ltd.		10		908
Daiwa House Industry Co. Ltd.		101		2,643
Daiwa Securities Group, Inc.		241		971
DeNA Co. Ltd.		17		290
Denka Co. Ltd.		14		429
Denso Corp.		70		3,240
Dentsu Group, Inc.		35		1,001
DIC Corp.		13		315
Disco Corp.		4		1,073

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)

October 31, 2020

	Shares		Value
Japan-(continued)
DMG Mori Co. Ltd.		16	$	212
Dowa Holdings Co. Ltd.		7		199
East Japan Railway Co.		56		2,923
Ebara Corp.		16		442
Eisai Co. Ltd.		41		3,172
Electric Power Development Co. Ltd.		26		351
ENEOS Holdings, Inc.		433		1,452
Ezaki Glico Co. Ltd.		8		332
FamilyMart Co. Ltd.		36		788
Fancl Corp.		10		314
FANUC Corp.		30		6,328
Fast Retailing Co. Ltd.		8		5,564
FP Corp.		8		319
Fuji Electric Co. Ltd.		18		542
Fuji Media Holdings, Inc.		7		67
Fuji Oil Holdings, Inc.		7		221
Fuji Seal International, Inc.		7		131
FUJIFILM Holdings Corp.		57		2,900
Fujitsu General Ltd.		9		248
Fujitsu Ltd.		30		3,508
Fukuoka Financial Group, Inc.		23		382
Fukuyama Transporting Co. Ltd.		5		209
Furukawa Electric Co. Ltd.		10		249
Fuyo General Lease Co. Ltd.		3		171
Glory Ltd.		9		189
GMO internet, Inc.		9		240
GMO Payment Gateway, Inc.		6		733
GOLDWIN, Inc.		6		446
GS Yuasa Corp.		12		208
GungHo Online Entertainment, Inc.		5		124
Gunma Bank Ltd. (The)		68		215
H.U. Group Holdings, Inc.		8		203
Hachijuni Bank Ltd. (The)		65		239
Hakuhodo DY Holdings, Inc.		38		482
Hamamatsu Photonics KK		21		1,053
Hankyu Hanshin Holdings, Inc.		34		1,034
Haseko Corp.		44		525
Heiwa Corp.		8		129
Hikari Tsushin, Inc.		3		701
Hino Motors Ltd.		42		320
Hirogin Holdings, Inc.(a)		46		249
Hirose Electric Co. Ltd.		5		695
Hisamitsu Pharmaceutical Co., Inc.		11		523
Hitachi Capital Corp.		7		147
Hitachi Construction Machinery Co. Ltd.		17		416
Hitachi Ltd.		142		4,757
Hitachi Metals Ltd.		31		410
Hitachi Transport System Ltd.		7		221
Hokuhoku Financial Group, Inc.		20		189
Hokuriku Electric Power Co.		27		192
Honda Motor Co. Ltd.		267		6,219
Horiba Ltd.		6		293
Hoshizaki Corp.		8		637
House Foods Group, Inc.		12		397
Hoya Corp.		57		6,434
Hulic Co. Ltd.		56		517
Ibiden Co. Ltd.		17		687
Ichigo, Inc.		32		90
Idemitsu Kosan Co. Ltd.		37		745
IHI Corp.		21		252

	Shares		Value
Japan-(continued)
Iida Group Holdings Co. Ltd.		22	$	396
INPEX Corp.		145		682
Isetan Mitsukoshi Holdings Ltd.		57		275
Isuzu Motors Ltd.		79		637
Ito En Ltd.		9		569
ITOCHU Corp.		209		4,998
Itochu Techno-Solutions Corp.		16		544
Itoham Yonekyu Holdings, Inc.		21		140
Iyo Bank Ltd. (The)		43		269
Izumi Co. Ltd.		6		203
J Front Retailing Co. Ltd.		39		295
Japan Airlines Co. Ltd.(a)		19		330
Japan Airport Terminal Co. Ltd.		7		303
Japan Aviation Electronics Industry Ltd.		7		96
Japan Exchange Group, Inc.		85		2,067
Japan Post Bank Co. Ltd.		65		517
Japan Post Holdings Co. Ltd.		203		1,388
Japan Post Insurance Co. Ltd.		30		474
Japan Tobacco, Inc.		182		3,430
JCR Pharmaceuticals Co. Ltd.		8		206
JFE Holdings, Inc.(a)		82		571
JGC Holdings Corp.		34		278
JSR Corp.		30		673
JTEKT Corp.		36		284
Justsystems Corp.		5		327
Kagome Co. Ltd.		12		410
Kajima Corp.		72		766
Kakaku.com, Inc.		21		557
Kaken Pharmaceutical Co. Ltd.		5		196
Kamigumi Co. Ltd.		16		285
Kandenko Co. Ltd.		16		120
Kaneka Corp.		9		250
Kansai Electric Power Co., Inc. (The)		115		1,046
Kansai Mirai Financial Group, Inc.		28		102
Kansai Paint Co. Ltd.		31		797
Kao Corp.		73		5,181
Kawasaki Heavy Industries Ltd.(a)		23		273
KDDI Corp.		260		6,945
Keihan Holdings Co. Ltd.		15		568
Keikyu Corp.		39		543
Keio Corp.		18		1,042
Keisei Electric Railway Co. Ltd.		22		613
Kewpie Corp.		18		368
Keyence Corp.		27		12,203
Kikkoman Corp.		28		1,387
Kinden Corp.		21		329
Kintetsu Group Holdings Co. Ltd.		28		1,114
Kirin Holdings Co. Ltd.		123		2,211
Kissei Pharmaceutical Co. Ltd.		5		98
Kobayashi Pharmaceutical Co. Ltd.		9		876
Kobe Bussan Co. Ltd.(b)		8		225
Kobe Steel Ltd.(a)		47		182
Koei Tecmo Holdings Co. Ltd.		9		441
Koito Manufacturing Co. Ltd.		18		864
KOKUYO Co. Ltd.		13		176
Komatsu Ltd.		140		3,135
Konami Holdings Corp.		15		584
Konica Minolta, Inc.		72		182
Kose Corp.		4		508
Kotobuki Spirits Co. Ltd.		3		138

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)

October 31, 2020

	Shares		Value
Japan-(continued)
K’s Holdings Corp.		26	$	332
Kubota Corp.		170		2,944
Kuraray Co. Ltd.		56		515
Kurita Water Industries Ltd.		17		504
Kusuri no Aoki Holdings Co. Ltd.		2		160
Kyocera Corp.		47		2,577
Kyoritsu Maintenance Co. Ltd.		4		142
Kyowa Exeo Corp.		14		322
Kyowa Kirin Co. Ltd.		40		991
Kyudenko Corp.		6		163
Kyushu Electric Power Co., Inc.		73		612
Kyushu Financial Group, Inc.		61		284
Kyushu Railway Co.		25		531
Lasertec Corp.		12		1,038
Lawson, Inc.		7		322
LINE Corp.(a)		8		411
Lintec Corp.		8		177
Lion Corp.		40		818
LIXIL Group Corp.		41		885
M3, Inc.		64		4,302
Mabuchi Motor Co. Ltd.		8		328
Maeda Corp.		21		151
Maeda Road Construction Co. Ltd.		9		150
Makita Corp.		39		1,716
Mani, Inc.		9		225
Marubeni Corp.		248		1,289
Marui Group Co. Ltd.		33		592
Maruichi Steel Tube Ltd.		10		229
Matsui Securities Co. Ltd.		16		127
Matsumotokiyoshi Holdings Co. Ltd.		12		443
Mazda Motor Corp.		90		470
Mebuki Financial Group, Inc.		161		322
Medipal Holdings Corp.		25		445
Megmilk Snow Brand Co. Ltd.		7		151
MEIJI Holdings Co. Ltd.		21		1,519
MINEBEA MITSUMI, Inc.		64		1,147
MISUMI Group, Inc.		44		1,301
Mitsubishi Chemical Holdings Corp.		195		1,093
Mitsubishi Corp.		183		4,071
Mitsubishi Electric Corp.		303		3,884
Mitsubishi Estate Co. Ltd.		181		2,691
Mitsubishi Gas Chemical Co., Inc.		30		543
Mitsubishi Heavy Industries Ltd.		45		962
Mitsubishi Logistics Corp.		11		288
Mitsubishi Materials Corp.		20		365
Mitsubishi Motors Corp.(a)		99		180
Mitsubishi Shokuhin Co. Ltd.		2		52
Mitsubishi UFJ Financial Group, Inc.		1,915		7,514
Mitsubishi UFJ Lease & Finance Co. Ltd.		69		290
Mitsui & Co. Ltd.		259		4,038
Mitsui Chemicals, Inc.		29		740
Mitsui Fudosan Co. Ltd.		144		2,444
Mitsui Mining & Smelting Co. Ltd.		9		225
Mitsui OSK Lines Ltd.		17		380
Miura Co. Ltd.		16		749
Mizuho Financial Group, Inc.		389		4,769
Mochida Pharmaceutical Co. Ltd.		4		145
MonotaRO Co. Ltd.		18		999
Morinaga & Co. Ltd.		6		228
Morinaga Milk Industry Co. Ltd.		6		289

	Shares		Value
Japan-(continued)
MS&AD Insurance Group Holdings, Inc.		77	$	2,095
Murata Manufacturing Co. Ltd.		88		6,117
Nabtesco Corp.		18		670
Nagase & Co. Ltd.		17		221
Nagoya Railroad Co. Ltd.		29		770
Nankai Electric Railway Co. Ltd.		17		387
NEC Corp.		40		2,009
NET One Systems Co. Ltd.		13		388
Nexon Co. Ltd.		64		1,787
NGK Insulators Ltd.		42		596
NGK Spark Plug Co. Ltd.		30		524
NH Foods Ltd.		16		654
NHK Spring Co. Ltd.		26		156
Nichirei Corp.		17		427
Nidec Corp.		72		7,232
Nifco, Inc.		14		417
Nihon Kohden Corp.		12		375
Nihon M&A Center, Inc.		20		1,169
Nihon Unisys Ltd.		10		294
Nikon Corp.		55		331
Nintendo Co. Ltd.		16		8,721
Nippo Corp.		8		205
Nippon Electric Glass Co. Ltd.		13		254
Nippon Express Co. Ltd.		11		616
Nippon Kayaku Co. Ltd.		27		231
Nippon Paint Holdings Co. Ltd.(b)		24		2,156
Nippon Paper Industries Co. Ltd.		15		169
Nippon Sanso Holdings Corp.		23		336
Nippon Shinyaku Co. Ltd.		8		569
Nippon Shokubai Co. Ltd.		5		244
Nippon Steel Corp.(a)		127		1,223
Nippon Telegraph & Telephone Corp.		183		3,844
Nippon Television Holdings, Inc.		4		42
Nippon Yusen KK		25		458
Nipro Corp.		19		199
Nishi-Nippon Railroad Co. Ltd.		12		316
Nissan Chemical Corp.		21		1,109
Nissan Motor Co. Ltd.(a)		296		1,036
Nissan Shatai Co. Ltd.		10		84
Nisshin Seifun Group, Inc.		41		616
Nisshinbo Holdings, Inc.		20		132
Nissin Foods Holdings Co. Ltd.		11		951
Nitori Holdings Co. Ltd.		11		2,268
Nitto Denko Corp.		24		1,678
Noevir Holdings Co. Ltd.		2		89
NOF Corp.		11		412
NOK Corp.		18		204
Nomura Holdings, Inc.		455		2,022
Nomura Real Estate Holdings, Inc.		19		331
Nomura Research Institute Ltd.		40		1,184
NS Solutions Corp.		5		146
NSK Ltd.		72		571
NTT Data Corp.		100		1,124
NTT DOCOMO, Inc.		174		6,470
Obayashi Corp.		107		890
OBIC Business Consultants Co. Ltd.		2		108
Obic Co. Ltd.		10		1,774
Odakyu Electric Railway Co. Ltd.		48		1,154
Oji Holdings Corp.		139		584
OKUMA Corp.		5		241

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)

October 31, 2020

	Shares		Value
Japan-(continued)
Olympus Corp.		152	$	2,892
Omron Corp.		29		2,081
Ono Pharmaceutical Co. Ltd.		67		1,905
Open House Co. Ltd.		10		340
Oracle Corp. Japan		5		500
Orient Corp.		90		99
Oriental Land Co. Ltd.		29		4,046
ORIX Corp.		197		2,291
Osaka Gas Co. Ltd.		62		1,175
OSG Corp.		11		164
Otsuka Corp.		16		738
Otsuka Holdings Co. Ltd.		66		2,434
Paltac Corp.		5		280
Pan Pacific International Holdings Corp.		80		1,700
Panasonic Corp.		326		2,996
Park24 Co. Ltd.(a)		17		229
Penta-Ocean Construction Co. Ltd.		44		278
PeptiDream, Inc.(a)		13		600
Persol Holdings Co. Ltd.		27		406
Pigeon Corp.		17		781
Pilot Corp.		4		111
Pola Orbis Holdings, Inc.		12		236
Rakuten, Inc.		127		1,233
Recruit Holdings Co. Ltd.		191		7,253
Relo Group, Inc.		16		382
Renesas Electronics Corp.(a)		110		906
Rengo Co. Ltd.		33		253
Resona Holdings, Inc.		347		1,137
Resorttrust, Inc.		10		141
Ricoh Co. Ltd.		108		705
Rinnai Corp.		6		591
Rohm Co. Ltd.		14		1,071
Rohto Pharmaceutical Co. Ltd.		15		468
Ryohin Keikaku Co. Ltd.		36		751
Sankyo Co. Ltd.		8		203
Sankyu, Inc.		8		285
Sanrio Co. Ltd.		9		165
Santen Pharmaceutical Co. Ltd.		57		1,013
Sanwa Holdings Corp.		31		352
Sapporo Holdings Ltd.		10		163
Sawai Pharmaceutical Co. Ltd.		6		289
SBI Holdings, Inc.		36		824
SCREEN Holdings Co. Ltd.		6		327
SCSK Corp.		7		348
Secom Co. Ltd.		30		2,524
Sega Sammy Holdings, Inc.		31		387
Seibu Holdings, Inc.		34		339
Seiko Epson Corp.		44		507
Seino Holdings Co. Ltd.		23		297
Sekisui Chemical Co. Ltd.		57		883
Sekisui House Ltd.		89		1,470
Seven & i Holdings Co. Ltd.		119		3,619
Seven Bank Ltd.		104		238
SG Holdings Co. Ltd.		66		1,588
Sharp Corp.		23		264
Shiga Bank Ltd. (The)		8		172
Shikoku Electric Power Co., Inc.		24		173
Shimadzu Corp.		41		1,165
Shimamura Co. Ltd.		3		319
Shimano, Inc.		12		2,728

	Shares		Value
Japan-(continued)
Shimizu Corp.		90	$	623
Shin-Etsu Chemical Co. Ltd.		62		8,238
Shinsei Bank Ltd.		30		359
Shionogi & Co. Ltd.		43		2,025
Ship Healthcare Holdings, Inc.		6		284
Shiseido Co. Ltd.		60		3,702
Shizuoka Bank Ltd. (The)		83		556
SHO-BOND Holdings Co. Ltd.		8		384
Shochiku Co. Ltd.		2		231
Showa Denko K.K		23		389
SKY Perfect JSAT Holdings, Inc.		19		81
Skylark Holdings Co. Ltd.		30		427
SMC Corp.		9		4,761
SMS Co. Ltd.		7		206
Softbank Corp.		447		5,185
SoftBank Group Corp.		225		14,620
Sohgo Security Services Co. Ltd.		10		464
Sojitz Corp.		199		436
Sompo Holdings, Inc.		53		1,973
Sony Corp.		188		15,599
Sotetsu Holdings, Inc.		12		295
Square Enix Holdings Co. Ltd.		12		703
Stanley Electric Co. Ltd.		23		651
Subaru Corp.		95		1,732
Sugi Holdings Co. Ltd.		5		331
SUMCO Corp.		34		516
Sumitomo Bakelite Co. Ltd.		5		141
Sumitomo Chemical Co. Ltd.		239		777
Sumitomo Corp.		172		1,883
Sumitomo Dainippon Pharma Co. Ltd.		26		304
Sumitomo Electric Industries Ltd.		119		1,304
Sumitomo Forestry Co. Ltd.		21		329
Sumitomo Heavy Industries Ltd.		18		382
Sumitomo Metal Mining Co. Ltd.		38		1,172
Sumitomo Mitsui Financial Group, Inc.		200		5,512
Sumitomo Mitsui Trust Holdings, Inc.		56		1,491
Sumitomo Osaka Cement Co. Ltd.		5		152
Sumitomo Realty & Development Co. Ltd.		62		1,653
Sumitomo Rubber Industries Ltd.		28		245
Sundrug Co. Ltd.		10		371
Suntory Beverage & Food Ltd.		20		689
Sushiro Global Holdings Ltd.		16		431
Suzuken Co. Ltd.		12		432
Suzuki Motor Corp.		66		2,814
Sysmex Corp.		29		2,719
T&D Holdings, Inc.		84		833
Taiheiyo Cement Corp.		19		444
Taisei Corp.		31		962
Taisho Pharmaceutical Holdings Co. Ltd.		7		420
Taiyo Yuden Co. Ltd.		18		661
Takara Bio, Inc.		7		190
Takara Holdings, Inc.		28		281
Takashimaya Co. Ltd.		23		171
Takeda Pharmaceutical Co. Ltd.		233		7,219
TDK Corp.		19		2,219
TechnoPro Holdings, Inc.		6		371
Teijin Ltd.		28		427
Terumo Corp.		100		3,670
THK Co. Ltd.		18		473
TIS, Inc.		36		689

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

19

Invesco PureBeta^SM FTSE Developed ex-North America ETF (PBDM)–(continued)

October 31, 2020

	Shares		Value
Japan-(continued)
Tobu Railway Co. Ltd.		32	$	905
Toda Corp.		37		210
Toho Co. Ltd.		18		711
Toho Gas Co. Ltd.		14		722
Tohoku Electric Power Co., Inc.		75		661
Tokai Carbon Co. Ltd.		31		350
Tokai Rika Co. Ltd.		8		124
Tokio Marine Holdings, Inc.		102		4,546
Tokuyama Corp.		11		243
Tokyo Broadcasting System Holdings, Inc.		6		92
Tokyo Century Corp.		7		341
Tokyo Electric Power Co. Holdings, Inc.(a)		247		636
Tokyo Electron Ltd.		23		6,138
Tokyo Gas Co. Ltd.		66		1,493
Tokyo Tatemono Co. Ltd.		33		378
Tokyu Corp.		78		921
Tokyu Fudosan Holdings Corp.		94		408
Toppan Printing Co. Ltd.		41		519
Toray Industries, Inc.		240		1,080
Toshiba Corp.		67		1,685
Toshiba TEC Corp.		4		160
Tosoh Corp.		45		727
TOTO Ltd.		23		1,044
Toyo Seikan Group Holdings Ltd.		25		233
Toyo Suisan Kaisha Ltd.		14		696
Toyo Tire Corp.		16		236
Toyobo Co. Ltd.		14		185
Toyoda Gosei Co. Ltd.		12		303
Toyota Boshoku Corp.		10		144
Toyota Industries Corp.		25		1,607
Toyota Motor Corp.		377		24,534
Toyota Tsusho Corp.		35		971
Trend Micro, Inc.		18		1,007
TS Tech Co. Ltd.		8		220
Tsumura & Co.		10		293
Tsuruha Holdings, Inc.		6		839
TV Asahi Holdings Corp.		3		45
Ube Industries Ltd.		17		291
Ulvac, Inc.		8		290
Unicharm Corp.		61		2,824
Ushio, Inc.		19		212
USS Co. Ltd.		34		621
Wacoal Holdings Corp.		10		181
Welcia Holdings Co. Ltd.		16		628
West Japan Railway Co.		28		1,195
Yakult Honsha Co. Ltd.		19		920
Yamada Denki Co. Ltd.		116		564
Yamaguchi Financial Group, Inc.		36		233
Yamaha Corp.		24		1,130
Yamaha Motor Co. Ltd.		44		624
Yamato Holdings Co. Ltd.		56		1,475
Yamato Kogyo Co. Ltd.		6		143
Yamazaki Baking Co. Ltd.		20		328
Yaoko Co. Ltd.		3		212
Yaskawa Electric Corp.		40		1,544
Yokogawa Electric Corp.		38		555
Yokohama Rubber Co. Ltd. (The)		17		242
Z Holdings Corp.		399		2,768
Zenkoku Hosho Co. Ltd.		8		314
Zensho Holdings Co. Ltd.		15		349

	Shares		Value
Japan-(continued)
Zeon Corp.		23	$	278
ZOZO, Inc.		12		304
				584,177
Jordan-0.03%
Hikma Pharmaceuticals PLC		22		714
Kazakhstan-0.01%
KAZ Minerals PLC.		34		277
Luxembourg-0.15%
ArcelorMittal S.A.(a)		99		1,344
Eurofins Scientific SE(a)		2		1,593
L’Occitane International S.A.		72		131
RTL Group S.A.(a)		6		228
				3,296
Macau-0.20%
Galaxy Entertainment Group Ltd.		335		2,207
Macau Legend Development Ltd.(a)		265		36
MGM China Holdings Ltd.		118		156
Sands China Ltd.		380		1,330
SJM Holdings Ltd.		296		306
Wynn Macau Ltd.(a)		231		319
				4,354
Malaysia-0.00%
Wing Tai Holdings Ltd.		58		76
Mexico-0.02%
Fresnillo PLC		28		421
Netherlands-3.54%
Aalberts N.V.		15		504
ABN AMRO Bank N.V., CVA(a)(c)		64		525
Adyen N.V.(a)(c)		4		6,745
Aegon N.V.		270		728
Akzo Nobel N.V.		29		2,794
Altice Europe N.V.(a)		83		409
Altice Europe N.V., Class B(a)		4		20
Argenx SE(a)		7		1,748
ASM International N.V.		7		1,001
ASML Holding N.V.		61		22,169
ASR Nederland N.V.		21		638
Euronext N.V.(c)		9		939
EXOR N.V.		16		831
GrandVision N.V.(a)(c)		7		194
Heineken Holding N.V.		16		1,237
Heineken N.V.(b)		36		3,195
IMCD N.V		9		1,043
ING Groep N.V.(a)		599		4,088
JDE Peet’s B.V.(a)		10		356
Koninklijke Ahold Delhaize N.V.		164		4,507
Koninklijke DSM N.V.		26		4,163
Koninklijke KPN N.V.		508		1,373
Koninklijke Philips N.V.(a)		139		6,456
Koninklijke Vopak N.V.		10		520
NN Group N.V.		50		1,744
Prosus N.V.(a)		66		6,595
Randstad N.V.(a)		17		850
Signify N.V.(a)(c)		19		677
Wolters Kluwer N.V.		41		3,323
				79,372

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

20

Invesco PureBeta^SM FTSE Developed ex-North America ETF (PBDM)–(continued)

October 31, 2020

	Shares		Value
New Zealand-0.39%
a2 Milk Co. Ltd. (The)(a)		112	$	1,084
Air New Zealand Ltd.(a)		78		73
Auckland International Airport Ltd.(a)		181		837
Contact Energy Ltd.		110		537
Fisher & Paykel Healthcare Corp. Ltd.		87		2,012
Fletcher Building Ltd.(a)		126		341
Kiwi Property Group Ltd., (Acquired 09/19/2017-06/19/2020; Cost $233)(e)		241		196
Mercury NZ Ltd.		104		368
Meridian Energy Ltd.		189		662
Ryman Healthcare Ltd.		63		583
SKYCITY Entertainment Group Ltd.		102		189
Spark New Zealand Ltd.		282		837
Xero Ltd.(a)		14		1,083
				8,802
Norway-0.51%
Aker ASA, Class A		4		159
Aker BP ASA.		17		264
DNB ASA(a)		160		2,154
Equinor ASA		151		1,915
Gjensidige Forsikring ASA		25		474
Leroy Seafood Group ASA		39		183
Mowi ASA		65		1,024
Norsk Hydro ASA(a)		205		573
Orkla ASA		117		1,103
Salmar ASA(a)		8		404
Schibsted ASA, Class A(a)		12		489
Schibsted ASA, Class B(a)		15		538
Telenor ASA		99		1,525
TOMRA Systems ASA		18		724
				11,529
Poland-0.23%
Allegro.eu S.A.(a)(c)		31		629
Bank Polska Kasa Opieki S.A.(a)		24		256
CD Projekt S.A.(a)		10		846
Cyfrowy Polsat S.A.		41		255
Dino Polska S.A.(a)(c)		7		384
Grupa Lotos S.A.		15		106
KGHM Polska Miedz S.A.(a)		21		626
PGE Polska Grupa Energetyczna S.A.(a)		112		127
Polski Koncern Naftowy ORLEN S.A.		48		461
Polskie Gornictwo Naftowe i Gazownictwo S.A.		266		280
Powszechna Kasa Oszczednosci Bank Polski S.A.(a)		131		627
Powszechny Zaklad Ubezpieczen S.A.(a)		86		469
Santander Bank Polska S.A.(a)		5		155
				5,221
Portugal-0.14%
EDP - Energias de Portugal S.A.		398		1,962
Galp Energia SGPS S.A.		79		640
Jeronimo Martins SGPS S.A.		37		588
				3,190
Russia-0.07%
Evraz PLC		88		409
Polymetal International PLC		52		1,102
				1,511
Singapore-1.04%
Ascendas REIT		451		951

	Shares		Value
Singapore-(continued)
Ascott Residence Trust		272	$	165
BOC Aviation Ltd.(c)		33		204
CapitaLand Integrated Commercial Trust		635		805
CapitaLand Ltd.		399		751
City Developments Ltd.		74		344
ComfortDelGro Corp. Ltd.		325		321
DBS Group Holdings Ltd.		277		4,128
Frasers Logistics & Commercial Trust(c)		400		360
Frasers Property Ltd.		55		44
Genting Singapore Ltd.		916		433
Jardine Cycle & Carriage Ltd.		16		208
Keppel Corp. Ltd.		227		730
Keppel DC REIT		200		425
Keppel REIT		300		219
Mapletree Commercial Trust		291		367
Mapletree Industrial Trust		201		448
Mapletree Logistics Trust		367		524
Mapletree Logistics Trust, Rts., expiring 11/30/2020(a)(d)		6		0
NetLink NBN Trust(c)		400		281
Olam International Ltd.		95		89
Oversea-Chinese Banking Corp. Ltd.		519		3,200
SATS Ltd.		100		218
Sembcorp Industries Ltd.		144		167
Sembcorp Marine Ltd.(a)		836		73
SIA Engineering Co. Ltd.		37		44
Singapore Airlines Ltd.		181		449
Singapore Exchange Ltd.		130		824
Singapore Post Ltd.		240		117
Singapore Press Holdings Ltd.		253		183
Singapore Technologies Engineering Ltd.		242		619
Singapore Telecommunications Ltd.		1,142		1,698
StarHub Ltd.		91		78
Suntec REIT		299		293
United Overseas Bank Ltd.		196		2,726
UOL Group Ltd.		75		342
Venture Corp. Ltd.		40		564
				23,392
South Africa-0.20%
Anglo American PLC		189		4,426
South Korea-5.22%
Alteogen, Inc.(a)		3		418
Amorepacific Corp.		5		696
Amorepacific Corp., Preference Shares		2		92
Amorepacific Group		4		154
BGF retail Co. Ltd.		1		104
BNK Financial Group, Inc.		45		219
Celltrion Healthcare Co. Ltd.(a)		11		821
Celltrion Pharm, Inc.(a)		3		288
Celltrion, Inc.(a)		16		3,398
Cheil Worldwide, Inc.		11		202
CJ CheilJedang Corp.		1		318
CJ Corp.		2		134
CJ ENM Co. Ltd.		1		116
CJ Logistics Corp.(a)		1		141
Coway Co. Ltd.		9		550
Daelim Industrial Co. Ltd.		4		275
Daewoo Engineering & Construction Co. Ltd.(a)		27		71

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

21

Invesco PureBeta^SM FTSE Developed ex-North America ETF (PBDM)–(continued)

October 31, 2020

	Shares		Value
South Korea-(continued)
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)		7	$	132
DB Insurance Co. Ltd.		7		273
DGB Financial Group, Inc.		23		125
Dongsuh Cos., Inc.		5		128
Doosan Bobcat, Inc.		4		102
Doosan Heavy Industries & Construction Co. Ltd.(a)		21		254
Doosan Heavy Industries & Construction Co. Ltd., Rts.(a)		8		29
Doosan Infracore Co. Ltd.(a)		20		147
Doosan Solus Co. Ltd.(a)		2		56
E-MART, Inc.		3		375
Fila Holdings Corp.		8		270
GS Engineering & Construction Corp.		9		212
GS Holdings Corp.		8		233
GS Retail Co. Ltd.		4		113
Hana Financial Group, Inc.		44		1,179
Hanjin Kal Corp.		5		329
Hankook Tire & Technology Co. Ltd.		11		307
Hanmi Pharm Co. Ltd.		1		231
Hanmi Science Co. Ltd.		2		94
Hanon Systems		25		247
Hanssem Co. Ltd.		1		83
Hanwha Aerospace Co. Ltd.(a)		5		111
Hanwha Corp.		6		127
Hanwha Corp., Preference Shares		3		34
Hanwha Life Insurance Co. Ltd.		42		57
Hanwha Solutions Corp.		12		462
HDC Hyundai Development Co.-Engineering & Construction, Class E		7		122
Helixmith Co. Ltd.(a)		3		49
Hite Jinro Co. Ltd.		5		148
HLB, Inc.(a)		6		486
Hotel Shilla Co. Ltd.		5		327
Hyundai Department Store Co. Ltd.		2		104
Hyundai Engineering & Construction Co. Ltd.		11		297
Hyundai Glovis Co. Ltd.		3		443
Hyundai Heavy Industries Holdings Co. Ltd.		2		378
Hyundai Marine & Fire Insurance Co. Ltd.		9		185
Hyundai Mipo Dockyard Co. Ltd.		3		74
Hyundai Mobis Co. Ltd.		10		1,987
Hyundai Motor Co.		21		3,044
Hyundai Motor Co., First Pfd		3		208
Hyundai Motor Co., Second Pfd		5		352
Hyundai Steel Co.		11		280
Hyundai Wia Corp.		2		74
Industrial Bank of Korea		48		346
Kakao Corp.		8		2,327
Kangwon Land, Inc.		16		297
KB Financial Group, Inc.		59		2,085
KCC Corp.		1		135
KEPCO Plant Service & Engineering Co. Ltd.		3		73
Kia Motors Corp.		39		1,736
Korea Aerospace Industries Ltd.		10		192
Korea Electric Power Corp.(a)		39		686
Korea Gas Corp.		4		96
Korea Investment Holdings Co. Ltd.		6		363
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		7		484

	Shares		Value
South Korea-(continued)
Korea Zinc Co. Ltd.		2	$	674
Korean Air Lines Co. Ltd.(a)		12		211
KT&G Corp.		17		1,214
Kumho Petrochemical Co. Ltd.		3		352
LG Chem Ltd.		7		3,769
LG Chem Ltd., Preference Shares		1		273
LG Corp.		14		836
LG Display Co. Ltd.(a)		34		421
LG Electronics, Inc.		16		1,184
LG Electronics, Inc., Preference Shares		3		85
LG Household & Health Care Ltd.		1		1,322
LG Innotek Co. Ltd.		2		268
LG Uplus Corp.		29		282
Lotte Chemical Corp.		2		411
Lotte Chilsung Beverage Co. Ltd.		1		76
Lotte Corp.		4		100
LOTTE Fine Chemical Co. Ltd.		3		128
Lotte Shopping Co. Ltd.		2		147
LS Corp.		3		137
Mando Corp.		5		157
Medy-Tox, Inc.		1		163
Mirae Asset Daewoo Co. Ltd.		58		428
Mirae Asset Daewoo Co. Ltd., Second Pfd		21		84
NAVER Corp.		20		5,111
NCSoft Corp.		3		2,052
Netmarble Corp.(a)(c)		3		309
NH Investment & Securities Co. Ltd.		20		168
NHN Corp.(a)		1		61
OCI Co. Ltd.(a)		3		163
Orion Corp.		3		287
Paradise Co. Ltd.		7		78
POSCO		10		1,833
POSCO Chemical Co. Ltd.		3		195
Posco International Corp.		8		94
S-1 Corp.		3		216
Samsung Biologics Co. Ltd.(a)(c)		2		1,202
Samsung C&T Corp.		13		1,266
Samsung Card Co. Ltd.		5		130
Samsung Electro-Mechanics Co. Ltd.		8		941
Samsung Electronics Co. Ltd.		718		35,815
Samsung Electronics Co. Ltd., Preference Shares		126		5,563
Samsung Engineering Co. Ltd.(a)		24		248
Samsung Fire & Marine Insurance Co. Ltd.		5		789
Samsung Heavy Industries Co. Ltd.(a)		67		298
Samsung Life Insurance Co. Ltd.		10		557
Samsung SDI Co. Ltd.		8		3,116
Samsung SDS Co. Ltd.		5		742
Samsung Securities Co. Ltd.		10		283
Shinhan Financial Group Co. Ltd.		71		1,899
Shinsegae, Inc.		1		183
SillaJen, Inc.(a)(d)		8		43
SK Holdings Co. Ltd.		5		804
SK Hynix, Inc.		79		5,563
SK Innovation Co. Ltd.		8		885
SK Networks Co. Ltd.		22		88
SK Telecom Co. Ltd.		4		754
SKC Co. Ltd.		3		194
S-Oil Corp.		6		287
Ssangyong Cement Industrial Co. Ltd.		16		78

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

22

Invesco PureBeta^SM FTSE Developed ex-North America ETF (PBDM)–(continued)

October 31, 2020

	Shares		Value
South Korea-(continued)
Woori Financial Group, Inc.		83	$	650
Yuhan Corp.		7		367
				117,119
Spain-2.08%
Acciona S.A.		3		303
ACS Actividades de Construccion y Servicios S.A.		36		855
Aena SME S.A.(a)(c)		11		1,481
Amadeus IT Group S.A.		65		3,104
Banco Bilbao Vizcaya Argentaria S.A.		1,021		2,928
Banco Santander S.A.(a)		2,517		5,016
Bankia S.A.		184		225
Bankinter S.A.		105		393
CaixaBank S.A.		551		1,003
Cellnex Telecom S.A.(c)		52		3,339
EDP Renovaveis S.A.		23		437
Enagas S.A.		38		820
Endesa S.A.		49		1,313
Ferrovial S.A.		74		1,601
Grifols S.A.(b)		51		1,378
Iberdrola S.A.		908		10,709
Industria de Diseno Textil S.A.		161		3,974
Inmobiliaria Colonial SOCIMI S.A.		50		356
Mapfre S.A.		151		228
Merlin Properties SOCIMI S.A.		51		343
Naturgy Energy Group S.A.		46		855
Red Electrica Corp. S.A.		66		1,163
Repsol S.A.		211		1,312
Siemens Gamesa Renewable Energy S.A.		34		964
Telefonica S.A.		724		2,366
Zardoya Otis S.A.		27		165
				46,631
Sweden-3.14%
Alfa Laval AB(a)		48		973
Assa Abloy AB, Class B		141		3,025
Atlas Copco AB, Class A		97		4,282
Atlas Copco AB, Class B		58		2,224
Boliden AB		42		1,147
Castellum AB		41		854
Electrolux AB, Series B(b)		35		790
Elekta AB, Class B		55		644
Epiroc AB, Class A		96		1,434
Epiroc AB, Class B		58		831
EQT AB		31		590
Essity AB, Class B(b)		93		2,695
Evolution Gaming Group AB(c)		20		1,485
Fastighets AB Balder, Class B(a)		15		707
Hennes & Mauritz AB, Class B(b)		134		2,177
Hexagon AB, Class B(a)		39		2,850
Holmen AB, Class B		15		569
Husqvarna AB, Class B(b)		62		641
ICA Gruppen AB(b)		12		568
Industrivarden AB, Class A(a)		32		861
Industrivarden AB, Class C(a)		26		665
Investment AB Latour, Class B		18		420
Investor AB, Class A		20		1,198
Investor AB, Class B		70		4,203
Kinnevik AB, Class B		37		1,518
L E Lundbergforetagen AB, Class B (a)		11		495
Lifco AB, Class B		7		512

	Shares		Value
Sweden-(continued)
Lundin Energy AB		29	$	553
Nibe Industrier AB, Class B(a)		46		1,109
Saab AB, Class B(a)		14		322
Sandvik AB(a)		165		2,938
Securitas AB, Class B(a)		47		665
Sinch AB(a)(c)		6		572
Skandinaviska Enskilda Banken AB, Class A(a)		220		1,886
Skandinaviska Enskilda Banken AB, Class C(a)		3		28
Skanska AB, Class B(b)		55		1,034
SKF AB, Class B		59		1,208
Svenska Cellulosa AB S.C.A., Class A (a)		3		42
Svenska Cellulosa AB S.C.A., Class B (a)		91		1,234
Svenska Handelsbanken AB, Class A(a)		228		1,847
Svenska Handelsbanken AB, Class B (a)		5		48
Sweco AB, Class B		10		504
Swedbank AB, Class A(a)		154		2,413
Swedish Match AB		24		1,808
Swedish Orphan Biovitrum AB(a)		27		466
Tele2 AB, Class B		82		972
Telefonaktiebolaget LM Ericsson, Class A		6		72
Telefonaktiebolaget LM Ericsson, Class B		460		5,131
Telia Co. AB		394		1,510
Trelleborg AB, Class B(a)		37		615
Volvo AB, Class A(a)		30		583
Volvo AB, Class B(a)		230		4,474
				70,392
Switzerland-9.07%
ABB Ltd.		274		6,652
Adecco Group AG		24		1,178
Alcon, Inc.(a)		70		3,979
Baloise Holding AG		7		957
Banque Cantonale Vaudoise		4		388
Cie Financiere Richemont S.A.		78		4,893
Clariant AG		31		532
Coca-Cola HBC AG(a)		30		681
Credit Suisse Group AG		357		3,359
DKSH Holding AG		5		322
EMS-Chemie Holding AG		1		879
Flughafen Zurich AG(a)		3		405
Geberit AG		5		2,848
Georg Fischer AG		1		1,009
Givaudan S.A.		1		4,076
Helvetia Holding AG		5		392
Julius Baer Group Ltd.		33		1,474
Kuehne + Nagel International AG		8		1,598
LafargeHolcim Ltd.(a)		78		3,349
Logitech International S.A.		23		1,937
Lonza Group AG		11		6,663
Nestle S.A.		426		47,919
Novartis AG		328		25,584
OC Oerlikon Corp. AG		29		202
Partners Group Holding AG		3		2,706
PSP Swiss Property AG		7		847
Roche Holding AG		106		34,088
Roche Holding AG, BR		4		1,288
Schindler Holding AG		3		770
Schindler Holding AG, PC		6		1,535
SGS S.A.		1		2,500
SIG Combibloc Group AG(a)		44		905

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

23

Invesco PureBeta^SM FTSE Developed ex-North America ETF (PBDM)–(continued)

October 31, 2020

	Shares		Value
Switzerland-(continued)
Sika AG		21	$	5,171
Sonova Holding AG(a)		8		1,898
STMicroelectronics N.V.		97		2,955
Straumann Holding AG		2		2,086
Sulzer AG		3		219
Swatch Group AG (The)		7		286
Swatch Group AG (The), BR		4		846
Swiss Life Holding AG		5		1,681
Swiss Prime Site AG		11		925
Swiss Re AG		43		3,084
Swisscom AG		4		2,035
Temenos AG		9		967
UBS Group AG		514		5,970
VAT Group AG(a)(c)		4		750
Vifor Pharma AG		8		900
Zurich Insurance Group AG		23		7,629
				203,317
Taiwan-0.00%
FIT Hon Teng Ltd.(a)(c)		160		63
United Arab Emirates-0.00%
NMC Health PLC(a)(d)		13		0
United Kingdom-11.66%
3i Group PLC		146		1,814
Admiral Group PLC		32		1,138
Ashmore Group PLC		70		322
Ashtead Group PLC		69		2,498
Associated British Foods PLC		53		1,163
AstraZeneca PLC		201		20,183
Auto Trader Group PLC(b)(c)		145		1,086
Avast PLC(c)		84		515
AVEVA Group PLC		10		555
Aviva PLC		601		2,001
B&M European Value Retail S.A.		131		821
BAE Systems PLC		493		2,531
Barclays PLC(a)		2,652		3,654
Barratt Developments PLC(a)		155		967
Bellway PLC		19		574
Berkeley Group Holdings PLC		18		944
BP PLC		3,043		7,735
British American Tobacco PLC		350		11,078
British Land Co. PLC (The)		142		640
BT Group PLC		1,334		1,749
Bunzl PLC		52		1,614
Burberry Group PLC		62		1,087
Centrica PLC(a)		895		430
CNH Industrial N.V.(a)		151		1,171
Compass Group PLC		273		3,724
ConvaTec Group PLC(c)		243		568
Croda International PLC		19		1,482
DCC PLC		15		974
Derwent London PLC		15		516
Diageo PLC		352		11,374
Direct Line Insurance Group PLC		210		715
DS Smith PLC(a)		196		717
easyJet PLC		30		196
Experian PLC		139		5,063
Fiat Chrysler Automobiles N.V.(a)		169		2,075
GlaxoSmithKline PLC		756		12,627
GVC Holdings PLC(a)		89		1,112

	Shares		Value
United Kingdom-(continued)
Halma PLC		58	$	1,776
Hargreaves Lansdown PLC(b)		55		962
Hiscox Ltd.(a)		51		544
HomeServe PLC		42		600
Howden Joinery Group PLC(a)		87		716
HSBC Holdings PLC		3,126		13,118
IMI PLC		41		548
Imperial Brands PLC		145		2,295
Informa PLC(a)		229		1,238
InterContinental Hotels Group PLC(a)		28		1,418
Intermediate Capital Group PLC		43		651
International Consolidated Airlines Group S.A.		69		86
Intertek Group PLC		25		1,801
ITV PLC(a)		572		534
J Sainsbury PLC		250		652
JD Sports Fashion PLC		66		633
Johnson Matthey PLC		29		806
Kingfisher PLC(a)		324		1,203
Land Securities Group PLC		109		718
Legal & General Group PLC		909		2,172
Lloyds Banking Group PLC(a)		10,790		3,910
London Stock Exchange Group PLC		48		5,138
M&G PLC		399		757
Meggitt PLC(a)		119		421
Melrose Industries PLC(a)		738		1,142
Mondi PLC		74		1,400
National Grid PLC		538		6,393
Natwest Group PLC(a)		697		1,119
Next PLC		19		1,435
Ocado Group PLC(a)		70		2,060
Pearson PLC(b)		115		758
Pennon Group PLC		64		821
Persimmon PLC		49		1,480
Phoenix Group Holdings PLC		81		694
Prudential PLC		400		4,876
Quilter PLC(c)		281		444
Reckitt Benckiser Group PLC		96		8,441
RELX PLC		285		5,629
Renishaw PLC(a)		5		362
Rentokil Initial PLC(a)		285		1,938
Rightmove PLC(a)(b)		133		1,063
Rolls-Royce Holdings PLC(b)		264		243
Rolls-Royce Holdings PLC, Rts., expiring 11/06/2020(a)		880		444
Royal Dutch Shell PLC, Class A		630		7,864
Royal Dutch Shell PLC, Class B		569		6,835
RSA Insurance Group PLC		158		865
Sage Group PLC (The)		167		1,372
Schroders PLC(b)		17		575
Segro PLC		182		2,123
Severn Trent PLC		37		1,163
Smith & Nephew PLC		134		2,316
Smiths Group PLC		61		1,049
Spirax-Sarco Engineering PLC		11		1,604
SSE PLC		160		2,596
St James’s Place PLC		81		942
Standard Chartered PLC(a)		396		1,801
Standard Life Aberdeen PLC(b)		345		1,001
Tate & Lyle PLC		72		554
Taylor Wimpey PLC(a)		500		684

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

24

Invesco PureBeta^SM FTSE Developed ex-North America ETF (PBDM)–(continued)

October 31, 2020

	Shares		Value
United Kingdom-(continued)
TechnipFMC PLC		70	$	383
Tesco PLC		1,484		3,943
Travis Perkins PLC(a)		39		535
Unilever N.V.		223		12,611
Unilever PLC		167		9,510
United Utilities Group PLC		105		1,172
Vodafone Group PLC		4,110		5,474
Weir Group PLC (The)(a)		40		741
Whitbread PLC(a)(b)		31		861
WM Morrison Supermarkets PLC(b)		340		716
WPP PLC		182		1,451
				261,593
United States-0.44%
Amcor PLC, CDI		246		2,558
Ferguson PLC		34		3,395
James Hardie Industries PLC, CDI		68		1,651
QIAGEN N.V.(a)		34		1,615
Samsonite International S.A.(a)(c)		203		204
Sims Ltd.		25		167
Tenaris S.A.		72		342
				9,932
Total Common Stocks & Other Equity Interests     (Cost $2,456,288)				2,237,134

	Shares		Value
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(f)(g) (Cost $567)		567	$	567
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.76% (Cost $2,456,855)				2,237,701
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.56%
Invesco Private Government Fund, 0.04%(f)(g)(h)		13,279		13,279
Invesco Private Prime Fund, 0.11%(f)(g)(h)		21,654		21,660
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $34,939)				34,939
TOTAL INVESTMENTS IN SECURITIES-101.32% (Cost $2,491,794)				2,272,640
OTHER ASSETS LESS LIABILITIES-(1.32)%				(29,547	)
NET ASSETS-100.00%			$	2,243,093

Investment Abbreviations:

BR-Bearer Shares

CDI-CREST Depository Interest

CVA-Dutch Certificates

PC-Participation Certificate

Pfd.-Preferred

REIT-Real Estate Investment Trust

RSP-Registered Savings Plan Shares

Rts.-Rights

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  All or a portion of this security was out on loan at October 31, 2020.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2020 was $47,326, which represented 2.11% of the Fund’s Net Assets.

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

^(e)  Restricted security. The value of this security at October 31, 2020 represented less than 1% of the Fund’s Net Assets.

^(f)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2020.

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	11,508		$	(10,941)			$	-		$	-		$	567		$	-
Invesco Premier U.S. Government Money Portfolio, Institutional Class			4,955			44,092			(49,047	)			-			-			-			48

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

25

Invesco PureBeta^SM FTSE Developed ex-North America ETF (PBDM)–(continued)

October 31, 2020

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2020			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		$	28,712		$	168,513		$	(197,225	)		$	-			$	-		$	-		$	157	*
Invesco Liquid Assets Portfolio, Institutional Class			9,571			35,680			(45,253	)			(1	)			3			-			59	*
Invesco Private Government Fund			-			321,666			(308,387	)			-				-			13,279			7	*
Invesco Private Prime Fund			-			70,218			(48,562	)			-				4			21,660			6	*
Total		$	43,238		$	651,677		$	(659,415	)		$	(1	)		$	7		$	35,506		$	277

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

^(g)  The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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

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

26

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE)

October 31, 2020

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-93.83%
Bahrain-0.08%
Ahli United Bank BSC		2,486		$	1,919
Brazil-5.09%
Aliansce Sonae Shopping Centers S.A.(a)		57			227
Alpargatas S.A., Preference Shares		84			590
Ambev S.A.		1,933			4,083
Atacadao S.A.		123			394
Azul S.A., Preference Shares(a)		87			340
B2W Cia Digital(a)		88			1,148
B3 S.A. - Brasil, Bolsa, Balcao		881			7,800
Banco Bradesco S.A.		507			1,598
Banco Bradesco S.A., Preference Shares		1,864			6,517
Banco BTG Pactual S.A.		108			1,358
Banco do Brasil S.A.		390			2,016
Banco do Estado do Rio Grande do Sul S.A., Class B, Preference Shares		94			196
Banco Santander Brasil S.A.		171			950
BB Seguridade Participacoes S.A.		300			1,232
BR Malls Participacoes S.A.(a)		353			500
Bradespar S.A., Preference Shares		96			778
Braskem S.A., Class A, Preference Shares		99			392
BRF S.A.(a)		248			722
CCR S.A.		486			941
Centrais Eletricas Brasileiras S.A.		215			1,158
Centrais Eletricas Brasileiras S.A., Class B, Preference Shares		104			559
Cia Brasileira de Distribuicao		70			752
Cia de Locacao das Americas		97			423
Cia de Saneamento Basico do Estado de Sao Paulo		152			1,120
Cia de Saneamento do Parana		90			370
Cia de Transmissao de Energia Eletrica Paulista, Preference Shares		87			355
Cia Energetica de Minas Gerais, Preference Shares		431			766
Cia Energetica de Sao Paulo, Class B, Preference Shares		85			393
Cia Paranaense de Energia, Class B, Preference Shares		46			493
Cia Siderurgica Nacional S.A.		289			1,030
Cielo S.A.		507			296
Cogna Educacao.		629			468
Cosan Logistica S.A.(a)		157			446
Cosan S.A.		72			812
CPFL Energia S.A.		87			421
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes		114			451
Duratex S.A.		121			402
EDP—Energias do Brasil S.A.		131			386
Embraer S.A.(a)		347			363
Energisa S.A.		83			604
Eneva S.A.(a)		33			301
ENGIE Brasil Energia S.A.		76			526
Equatorial Energia S.A.		382			1,320
Fleury S.A.		78			370
Gerdau S.A., Preference Shares		446			1,687
Grendene S.A.		111			154

	Shares		Value
Brazil-(continued)
Hapvida Participacoes e Investimentos S.A.(b)		69		$	770
Hypera S.A.		177			856
IRB Brasil Resseguros S.A.		365			389
Itau Unibanco Holding S.A.		228			869
Itau Unibanco Holding S.A., Preference Shares		2,099			8,547
Itausa S.A., Preference Shares		1,943			3,063
Klabin S.A.		253			1,042
Localiza Rent a Car S.A.		253			2,663
Lojas Americanas S.A.		102			357
Lojas Americanas S.A., Preference Shares		335			1,350
Lojas Renner S.A.		352			2,286
M Dias Branco S.A.		36			203
Magazine Luiza S.A.		1,128			4,818
Multiplan Empreendimentos Imobiliarios S.A.		107			352
Natura & Co. Holding S.A.		274			2,191
Neoenergia S.A.		100			302
Notre Dame Intermedica Participacoes S.A.		199			2,269
Odontoprev S.A.		123			269
Petrobras Distribuidora S.A.		305			1,015
Petroleo Brasileiro S.A.		1,653			5,447
Petroleo Brasileiro S.A., Preference Shares		1,624			5,334
Porto Seguro S.A.		42			345
Qualicorp Consultoria e Corretora de Seguros S.A.		106			585
Raia Drogasil S.A.		505			2,107
Rumo S.A.(a)		496			1,578
Sao Martinho S.A.		83			303
Sul America S.A.		101			700
Suzano S.A.(a)		323			2,804
Telefonica Brasil S.A., Preference Shares		185			1,365
TIM S.A.		374			769
TOTVS S.A.		207			969
Transmissora Alianca de Energia Eletrica S.A.		97			474
Ultrapar Participacoes S.A.		376			1,068
Usinas Siderurgicas de Minas Gerais S.A. Usiminas, Class A, Preference Shares		220			416
Vale S.A.		1,376			14,450
Via Varejo S.A.(a)		204			607
WEG S.A.		327			4,300
YDUQS Participacoes S.A., Class A		120			477
					125,917
Chile-0.59%
AES Gener S.A.		1,560			242
Aguas Andinas S.A., Class A		1,438			373
Banco de Chile		21,146			1,631
Banco de Credito e Inversiones S.A.		20			625
Banco Santander Chile		28,461			995
Cencosud S.A.		442			614
Cencosud Shopping S.A.		217			286
Cia Cervecerias Unidas S.A.		68			378
Colbun S.A.		3,664			552
Embotelladora Andina S.A., Class B, Preference Shares		100			208
Empresa Nacional de Telecomunicaciones S.A.		63			355
Empresas CMPC S.A.		528			1,097
Empresas COPEC S.A.		220			1,677
Enel Americas S.A.		10,914			1,447

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)

October 31, 2020

	Shares		Value
Chile-(continued)
Enel Chile S.A.		12,352		$	828
Engie Energia Chile S.A.		261			274
Falabella S.A.		340			931
Parque Arauco S.A.		261			335
Plaza S.A.		123			157
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares		44			1,606
					14,611
China-47.89%
3SBio, Inc.(a)(b)		545			507
51job, Inc., ADR(a)		12			841
AECC Aero-Engine Control Co. Ltd., A Shares		400			1,066
Agile Group Holdings Ltd.		623			852
Agricultural Bank of China Ltd., A Shares		5,800			2,727
Agricultural Bank of China Ltd., H Shares		13,702			4,629
Air China Ltd., H Shares		760			490
Airtac International Group		33			886
Alibaba Group Holding Ltd., ADR(a)		757			230,650
Alibaba Health Information Technology Ltd.(a)		1,705			4,452
A-Living Services Co. Ltd., U Shares(b)		148			620
Anhui Conch Cement Co. Ltd., A Shares		100			759
Anhui Conch Cement Co. Ltd., H Shares		527			3,286
Anhui Gujing Distillery Co. Ltd., B Shares		100			1,135
ANTA Sports Products Ltd.		533			5,863
Autohome, Inc., ADR		23			2,198
AviChina Industry & Technology Co. Ltd., H Shares		1,085			558
BAIC Motor Corp. Ltd., H Shares(b)		943			348
Baidu, Inc., ADR(a)		122			16,232
Bank of China Ltd., A Shares		6,300			2,990
Bank of China Ltd., H Shares		33,923			10,717
Bank of Communications Co. Ltd., A Shares		1,100			744
Bank of Communications Co. Ltd., H Shares		3,243			1,593
Bank of Shanghai Co. Ltd., A Shares		700			820
Beijing Capital International Airport Co. Ltd., H Shares		797			486
Beijing Enterprises Holdings Ltd.		229			688
Beijing Enterprises Water Group Ltd.		2,423			919
Bilibili, Inc., ADR(a)		38			1,697
Brilliance China Automotive Holdings Ltd.		1,230			1,061
BYD Co. Ltd., H Shares		308			6,120
BYD Electronic International Co. Ltd.		344			1,477
CanSino Biologics, Inc., H Shares(a)(b)		33			642
Central China Securities Co. Ltd., A Shares		3,500			2,685
CGN Power Co. Ltd., H Shares(b)		4,976			1,065
Changsha Jingjia Microelectronics Co. Ltd., A Shares		100			904
China Aoyuan Group Ltd.		549			514
China Biologic Products Holdings, Inc.(a)		12			1,395
China Cinda Asset Management Co. Ltd., H Shares		3,904			730
China CITIC Bank Corp. Ltd., H Shares		4,151			1,686
China Communications Construction Co. Ltd., H Shares		1,974			1,031
China Communications Services Corp. Ltd., H Shares		1,111			645
China Conch Venture Holdings Ltd.		724			3,216
China Construction Bank Corp., H Shares		41,610			28,706
China East Education Holdings Ltd.(b)		183			352

	Shares		Value
China-(continued)
China Everbright Bank Co. Ltd., H Shares		1,382		$	478
China Everbright Environment Group Ltd.		1,606			808
China Everbright Ltd.		372			490
China Evergrande Group(c)		958			1,902
China Feihe Ltd.(b)		1,746			3,958
China Galaxy Securities Co. Ltd., H Shares		1,645			899
China Gas Holdings Ltd.		1,125			3,445
China Hongqiao Group Ltd.		1,145			827
China Huarong Asset Management Co. Ltd., H Shares(b)		4,857			507
China International Capital Corp. Ltd., H Shares(a)(b)(c)		491			1,142
China Jinmao Holdings Group Ltd.		2,599			1,310
China Lesso Group Holdings Ltd.		414			668
China Life Insurance Co. Ltd.		1,264			846
China Life Insurance Co. Ltd., H Shares		3,317			7,203
China Literature Ltd.(a)(b)		101			827
China Longyuan Power Group Corp. Ltd., H Shares		1,505			1,029
China Medical System Holdings Ltd.		551			577
China Merchants Bank Co. Ltd., A Shares		1,600			9,507
China Merchants Bank Co. Ltd., H Shares		1,687			8,767
China Merchants Port Holdings Co. Ltd.		578			613
China Merchants Securities Co. Ltd., H Shares(a)(b)		407			504
China Minsheng Banking Corp. Ltd., A Shares		1,000			788
China Minsheng Banking Corp. Ltd., H Shares		2,841			1,553
China Mobile Ltd.		2,320			14,106
China Molybdenum Co. Ltd., H Shares		1,753			635
China National Building Material Co. Ltd., H Shares		1,722			1,974
China Oilfield Services Ltd., H Shares		807			485
China Overseas Land & Investment Ltd.		1,709			4,275
China Pacific Insurance (Group) Co. Ltd., A Shares		200			953
China Pacific Insurance (Group) Co. Ltd., H Shares		1,150			3,581
China Petroleum & Chemical Corp., A Shares		8,200			4,773
China Petroleum & Chemical Corp., H Shares		11,372			4,414
China Power International Development Ltd.		2,059			396
China Railway Construction Corp. Ltd., H Shares		841			568
China Railway Group Ltd., H Shares		1,705			783
China Resources Beer Holdings Co. Ltd.		701			4,343
China Resources Cement Holdings Ltd.		976			1,274
China Resources Gas Group Ltd.		357			1,547
China Resources Land Ltd.		1,227			4,992
China Resources Power Holdings Co. Ltd.		838			871
China Shenhua Energy Co. Ltd., H Shares		1,515			2,618
China State Construction Engineering Corp. Ltd., A Shares		1,100			839
China State Construction International Holdings Ltd.		790			546
China Taiping Insurance Holdings Co. Ltd.		647			973
China Telecom Corp. Ltd., H Shares		6,187			1,947
China Tourism Group Duty Free Corp. Ltd., A Shares		100			2,976
China Tower Corp. Ltd., H Shares(b)		20,799			3,245
China Traditional Chinese Medicine Holdings Co. Ltd.		1,088			434
China TransInfo Technology Co. Ltd., A Shares		200			662

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)

October 31, 2020

	Shares		Value
China-(continued)
China Unicom Hong Kong Ltd.		2,636		$	1,618
China United Network Communications Ltd., A Shares		12,200			8,685
China Vanke Co. Ltd., A Shares		200			822
China Vanke Co. Ltd., H Shares		803			2,485
China Yangtze Power Co. Ltd., A Shares		2,400			6,791
Chongqing Rural Commercial Bank Co. Ltd., H Shares		1,042			415
CIFI Holdings Group Co. Ltd.		1,501			1,036
CITIC Ltd.		2,188			1,560
CITIC Securities Co. Ltd., A Shares		200			855
CITIC Securities Co. Ltd., H Shares		1,016			2,191
CNOOC Ltd.		7,079			6,426
COSCO SHIPPING Ports Ltd.		780			456
Country Garden Holdings Co. Ltd.		3,279			4,034
Country Garden Services Holdings Co. Ltd.		554			3,476
CRRC Corp. Ltd., H Shares		1,794			694
CSC Financial Co. Ltd., H Shares(b)		390			471
CSG Holding Co. Ltd., B Shares		3,100			935
CSPC Pharmaceutical Group Ltd.		3,113			3,280
Da An Gene Co. Ltd. of Sun Yat-sen University, A Shares		200			1,128
Dali Foods Group Co. Ltd.(b)		916			567
Dalian Huarui Heavy Industry Group Co. Ltd., A Shares		1,200			623
Dongfeng Motor Group Co. Ltd., H Shares		1,273			895
Doushen Beijing Education & Technology, Inc., A Shares(a)		400			839
East Group Co. Ltd., A Shares		800			1,199
East Money Information Co. Ltd., A Shares		480			1,675
ENN Energy Holdings Ltd.		337			4,257
Eternal Asia Supply Chain Management Ltd., A Shares		1,000			727
Far East Horizon Ltd.		938			920
Foshan Haitian Flavouring & Food Co. Ltd., A Shares		120			2,869
Fosun International Ltd.		1,000			1,204
Fuyao Glass Industry Group Co. Ltd., H Shares(b)		214			907
GDS Holdings Ltd., ADR(a)(c)		21			1,765
Geely Automobile Holdings Ltd.		2,210			4,537
Genscript Biotech Corp.(a)		384			532
GF Securities Co. Ltd., H Shares		689			888
GOME Retail Holdings Ltd.(a)(c)		4,903			544
Great Wall Motor Co. Ltd., H Shares		1,382			2,235
Gree Electric Appliances, Inc. of Zhuhai, A Shares		100			872
Greentown China Holdings Ltd.		339			548
GSX Techedu, Inc., ADR(a)(c)		30			1,993
Guangdong Investment Ltd.		1,301			1,926
Guangdong Marubi Biotechnology Co. Ltd., A Shares		100			925
Guangzhou Automobile Group Co. Ltd., H Shares		1,381			1,416
Guangzhou R&F Properties Co. Ltd., H Shares		502			636
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., A Shares		800			1,875
Guotai Junan Securities Co. Ltd., H Shares(b)		341			443
Haidilao International Holding Ltd.(b)		278			1,835
Haier Electronics Group Co. Ltd.		546			2,070
Haitian International Holdings Ltd.		256			634
Haitong Securities Co. Ltd., A Shares(a)		400			838
Haitong Securities Co. Ltd., H Shares(a)		1,520			1,282

	Shares		Value
China-(continued)
Hangzhou Century Co. Ltd., A Shares		800		$	1,214
Hangzhou Hikvision Digital Technology Co. Ltd., A Shares		200			1,340
Hansoh Pharmaceutical Group Co. Ltd.(a)(b)		418			1,862
Hengan International Group Co. Ltd.		316			2,190
HengTen Networks Group Ltd.(a)		11,745			507
Hongta Securities Co. Ltd., A Shares		300			774
Huaan Securities Co. Ltd., A Shares		1,200			1,426
Huaneng Power International, Inc., H Shares		1,885			702
Huatai Securities Co. Ltd., H Shares(b)		766			1,237
Huazhu Group Ltd., ADR		74			2,933
Hubei Biocause Pharmaceutical Co. Ltd., A Shares		500			372
Industrial & Commercial Bank of China Ltd., A Shares		1,300			955
Industrial & Commercial Bank of China Ltd., H Shares		34,411			19,347
Industrial Bank Co. Ltd., A Shares		600			1,594
Inner Mongolia Yili Industrial Group Co. Ltd., A Shares		200			1,186
Innovent Biologics, Inc.(a)(b)		523			3,858
Intco Medical Technology Co. Ltd., A Shares		150			2,602
iQIYI, Inc., ADR(a)		102			2,519
JD.com, Inc., ADR(a)		349			28,450
Jiangsu Eastern Shenghong Co. Ltd., A Shares		1,000			916
Jiangsu Expressway Co. Ltd., H Shares		545			545
Jiangsu Hengrui Medicine Co. Ltd., A Shares		120			1,591
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., A Shares		100			2,508
Jiangxi Copper Co. Ltd., H Shares		530			630
Jiayuan International Group Ltd.		8,585			3,664
Jiayuan International Group Ltd., Rts., expiring 12/31/2020(a)(d)		104			0
Jinxin Fertility Group Ltd.(b)		422			512
Joyoung Co. Ltd., A Shares		100			528
JOYY, Inc., ADR		25			2,285
Juewei Food Co. Ltd., A Shares		100			1,210
KE Holdings, Inc., ADR(a)		46			3,209
Kingboard Holdings Ltd.		315			1,064
KingClean Electric Co. Ltd., A Shares		600			3,250
Kingdee International Software Group Co. Ltd.(a)		986			2,587
Kingsoft Corp. Ltd.(c)		385			2,055
Kunlun Energy Co. Ltd.		1,267			817
Kunwu Jiuding Investment Holdings Co. Ltd., A Shares(a)		600			2,096
KWG Group Holdings Ltd.		558			737
KWG Living Group Holdings Ltd.(a)(b)		279			219
Leyard Optoelectronic Co. Ltd., A Shares		500			532
Li Ning Co. Ltd.		799			4,121
LianChuang Electronic Technology Co. Ltd., A Shares		600			902
Logan Group Co. Ltd.		452			706
Longfor Group Holdings Ltd.(b)		725			3,959
LONGi Green Energy Technology Co. Ltd., A Shares		100			1,134
Luxshare Precision Industry Co. Ltd., A Shares		669			5,478
Luye Pharma Group Ltd.(b)		684			395
Luzhou Laojiao Co. Ltd., A Shares		100			2,575
Mango Excellent Media Co. Ltd., A Shares		500			5,522
Meituan Dianping, B Shares(a)		1,525			56,675

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

29

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE)–(continued)

October 31, 2020

	Shares		Value
China-(continued)
Momo, Inc., ADR		49		$	735
Muyuan Foods Co. Ltd., A Shares		170			1,798
Nanyang Topsec Technologies Group, Inc., A Shares(a)		300			943
NAURA Technology Group Co. Ltd., A Shares		100			2,552
NetEase, Inc., ADR		160			13,886
New China Life Insurance Co. Ltd., A Shares		100			958
New China Life Insurance Co. Ltd., H Shares		389			1,548
New Hope Liuhe Co. Ltd., A Shares		200			802
New Oriental Education & Technology Group, Inc., ADR(a)		60			9,623
NIO, Inc., ADR(a)		390			11,926
OneConnect Financial Technology Co. Ltd., ADR(a)(c)		24			483
People’s Insurance Co. Group of China Ltd. (The), H Shares		3,656			1,084
PetroChina Co. Ltd., H Shares		9,275			2,595
PICC Property & Casualty Co. Ltd., H Shares		2,999			2,026
Pinduoduo, Inc., ADR(a)		109			9,808
Ping An Bank Co. Ltd., A Shares		700			1,854
Ping An Healthcare and Technology Co. Ltd.(a)(b)		160			2,063
Ping An Insurance (Group) Co. of China Ltd., A Shares		200			2,323
Ping An Insurance (Group) Co. of China Ltd., H Shares		2,439			25,020
Poly Developments and Holdings Group Co. Ltd., AShares		600			1,375
Postal Savings Bank of China Co. Ltd., H Shares(b)		4,176			2,046
Qingdao Hanhe Cable Co. Ltd., A Shares		1,600			984
Rongan Property Co. Ltd., A Shares		5,900			2,289
SAIC Motor Corp. Ltd., A Shares		200			691
Sany Heavy Industry Co. Ltd., A Shares		400			1,549
Seazen Group Ltd.(a)		871			651
Semiconductor Manufacturing International Corp.(a)		1,687			4,949
SF Holding Co. Ltd., A Shares		100			1,236
Shandong Gold Mining Co. Ltd., H Shares(b)		217			510
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares		1,021			1,972
Shanghai Bairun Investment Holding Group Co. Ltd., A Shares		300			2,986
Shanghai Flyco Electrical Appliance Co. Ltd., A Shares		300			2,319
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares		242			994
Shanghai International Airport Co. Ltd., A Shares		100			987
Shanghai Jahwa United Co. Ltd., A Shares		100			615
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares		358			554
Shanghai Pudong Development Bank Co. Ltd., A Shares		1,000			1,382
Shanghai Zhenhua Heavy Industries Co. Ltd., B Shares		6,400			1,530
Shenzhen Agricultural Products Group Co. Ltd., A Shares		1,900			1,999
Shenzhen Aisidi Co. Ltd., A Shares		900			1,081
Shenzhen Huaqiang Industry Co. Ltd., A Shares		400			827
Shenzhen International Holdings Ltd.		401			623
Shenzhen Investment Ltd.		1,544			470

	Shares		Value
China-(continued)
Shenzhen MTC Co. Ltd., A Shares(a)		1,800		$	1,620
Shenzhen Neptunus Bioengineering Co. Ltd., A Shares(a)		2,100			1,263
Shenzhen SC New Energy Technology Corp., A Shares		100			1,491
Shenzhou International Group Holdings Ltd.		320			5,525
Shijiazhuang Changshan BeiMing Technology Co. Ltd., A Shares(a)		500			508
Shimao Group Holdings Ltd.		594			2,095
Sichuan Swellfun Co. Ltd.., A Shares		200			1,977
Sieyuan Electric Co. Ltd., A Shares		600			1,912
Silergy Corp.		21			1,292
SINA Corp.(a)		31			1,328
Sino Biopharmaceutical Ltd.		4,261			4,297
Sinopec Oilfield Service Corp., A Shares(a)		3,100			814
Sinopharm Group Co. Ltd., H Shares		558			1,275
Sinotruk Hong Kong Ltd.		295			752
Sou Yu Te Group Co. Ltd., A Shares(a)		3,300			1,113
Sunac China Holdings Ltd.		1,090			4,020
Sunny Optical Technology Group Co. Ltd.		291			4,811
Taiji Computer Corp. Ltd., A Shares		139			556
TAL Education Group, ADR(a)		148			9,836
Tencent Holdings Ltd.		2,491			189,840
Tencent Music Entertainment Group, ADR(a)		85			1,265
Tianjin Zhonghuan Semiconductor Co. Ltd., A Shares		100			348
Times China Holdings Ltd.		300			399
Times Neighborhood Holdings Ltd.(b)		380			385
Tongcheng-Elong Holdings Ltd.(a)(b)		367			609
TravelSky Technology Ltd., H Shares		416			873
Trip.com Group Ltd., ADR(a)		204			5,867
Tsingtao Brewery Co. Ltd., H Shares		168			1,388
Vipshop Holdings Ltd., ADR(a)		181			3,873
Wanhua Chemical Group Co. Ltd., A Shares		100			1,171
Weibo Corp., ADR(a)		25			1,039
Weichai Power Co. Ltd., H Shares		866			1,635
Wingtech Technology Co. Ltd., A Shares		100			1,501
Wuliangye Yibin Co. Ltd., A Shares		100			3,647
WuXi AppTec Co. Ltd., H Shares(b)		91			1,449
Wuxi Biologics Cayman, Inc.(a)(b)		360			10,055
Xiaomi Corp., B Shares(a)(b)		4,791			13,592
Xinyi Solar Holdings Ltd.		1,162			2,113
Yangzijiang Shipbuilding Holdings Ltd.		1,116			752
Yanlord Land Group Ltd.		381			293
Yantai Eddie Precision Machinery Co. Ltd., A Shares		100			762
Yanzhou Coal Mining Co. Ltd., H Shares		870			632
Yihai International Holding Ltd.(a)		210			2,778
Yonyou Network Technology Co. Ltd., A Shares		130			837
Yuexiu Property Co. Ltd.		2,774			537
Yunnan Baiyao Group Co. Ltd., A Shares		100			1,537
Zai Lab Ltd., ADR(a)		14			1,149
Zhaojin Mining Industry Co. Ltd., H Shares		462			593
Zhefu Holding Group Co. Ltd., A Shares(a)		1,800			1,327
Zhejiang Expressway Co. Ltd., H Shares		639			435
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., A Shares		200			866
Zhejiang Kaishan Compressor Co. Ltd., A Shares(a)		600			1,388

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

30

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE)–(continued)

October 31, 2020

	Shares		Value
China-(continued)
Zhejiang Weiming Environment Protection Co. Ltd., A Shares		130		$	424
Zhengqi Financial Holding Corp., Rts., TBA(a)(d)		15			0
ZhongAn Online P&C Insurance Co. Ltd., H Shares(a)(b)		150			780
Zhongsheng Group Holdings Ltd.		275			1,954
Zhuzhou CRRC Times Electric Co. Ltd., H Shares		225			691
Zijin Mining Group Co. Ltd., H Shares		2,557			1,850
Zoomlion Heavy Industry Science and Technology Co. Ltd., H Shares		586			516
ZTE Corp., A Shares		100			482
ZTE Corp., H Shares		337			742
ZTO Express Cayman, Inc., ADR		179			5,187
					1,183,856
Colombia-0.27%
Bancolombia S.A.		117			744
Bancolombia S.A., Preference Shares		191			1,214
Cementos Argos S.A.		241			285
Corp Financiera Colombiana S.A.(a)		48			324
Ecopetrol S.A.		2,129			989
Grupo Argos S.A.		155			427
Grupo Aval Acciones y Valores S.A., Preference Shares		1,503			347
Grupo de Inversiones Suramericana S.A.		120			626
Grupo de Inversiones Suramericana S.A., Preference Shares		40			173
Grupo Energia Bogota S.A. ESP		839			522
Interconexion Electrica S.A. ESP		202			1,093
					6,744
Czech Republic-0.11%
CEZ A.S		72			1,359
Komercni banka A.S.(a)		31			627
Moneta Money Bank A.S.(b)		261			591
O2 Czech Republic A.S.		25			234
					2,811
Egypt-0.12%
Commercial International Bank Egypt S.A.E		590			2,294
Eastern Co. S.A.E		435			332
Egypt Kuwait Holding Co. S.A.E		345			358
					2,984
Greece-0.16%
Alpha Bank A.E.(a)		354			179
Eurobank Ergasias Services and Holdings S.A.(a)		563			187
FF Group(a)(d)		21			0
Hellenic Petroleum S.A		34			166
Hellenic Telecommunications Organization S.A.		102			1,357
JUMBO S.A.		50			699
Motor Oil Hellas Corinth Refineries S.A.		29			270
Mytilineos S.A.		49			535
OPAP S.A.		84			678
					4,071
Hong Kong-0.10%
Alibaba Pictures Group Ltd.(a)		5,836			760
Kingboard Laminates Holdings Ltd.		460			732
Nine Dragons Paper Holdings Ltd.		701			931
					2,423

	Shares		Value
Hungary-0.23%
Gedeon Richter PLC		62		$	1,265
Magyar Telekom Telecommunications PLC		228			251
MOL Hungarian Oil & Gas PLC(a)		186			902
OTP Bank Nyrt(a)		103			3,208
					5,626
India-4.10%
Axis Bank Ltd., GDR(a)(b)		287			9,327
Dr. Reddy’s Laboratories Ltd., ADR		150			9,721
GAIL (India) Ltd., GDR(b)		669			4,322
Infosys Ltd., ADR		817			11,659
Larsen & Toubro Ltd., GDR(b)(c)		627			7,649
Mahindra & Mahindra Ltd., GDR(b)		1,023			8,000
Reliance Industries Ltd., GDR(b)		456			25,034
State Bank of India, GDR(a)(b)		179			4,538
Tata Motors Ltd., ADR(a)		368			3,227
Tata Steel Ltd., GDR(b)(c)		962			5,099
Vedanta Ltd., ADR		882			4,516
Wipro Ltd., ADR		1,702			8,238
					101,330
Indonesia-1.51%
PT Adaro Energy Tbk		5,637			434
PT Astra International Tbk		9,363			3,473
PT Bank Central Asia Tbk		4,191			8,296
PT Bank Mandiri (Persero) Tbk		7,679			3,032
PT Bank Negara Indonesia (Persero) Tbk		3,372			1,093
PT Bank Rakyat Indonesia (Persero) Tbk		22,577			5,187
PT Barito Pacific Tbk(a)		8,646			532
PT Bukit Asam Tbk		1,940			260
PT Charoen Pokphand Indonesia Tbk		3,187			1,275
PT Gudang Garam Tbk(a)		228			639
PT Hanjaya Mandala Sampoerna Tbk		4,190			405
PT Indah Kiat Pulp & Paper Corp. Tbk		1,176			734
PT Indocement Tunggal Prakarsa Tbk		587			491
PT Indofood CBP Sukses Makmur Tbk		1,116			736
PT Indofood Sukses Makmur Tbk		2,085			998
PT Jasa Marga (Persero) Tbk		962			234
PT Kalbe Farma Tbk		8,203			855
PT Media Nusantara Citra Tbk(a)		2,860			162
PT Perusahaan Gas Negara Tbk		4,724			347
PT Semen Indonesia (Persero) Tbk		1,307			856
PT Surya Citra Media Tbk		3,314			339
PT Telekomunikasi Indonesia (Persero) Tbk		19,905			3,566
PT Tower Bersama Infrastructure Tbk		4,249			436
PT Unilever Indonesia Tbk		2,595			1,388
PT United Tractors Tbk		674			974
PT Vale Indonesia Tbk(a)		1,163			322
PT XL Axiata Tbk		1,270			176
					37,240
Kuwait-0.62%
Agility Public Warehousing Co. KSC		468			1,019
Boubyan Bank KSCP		399			780
Boubyan Petrochemicals Co. KSCP		169			298
Burgan Bank SAK		309			209
Gulf Bank KSCP		772			558
Humansoft Holding Co. KSC(a)		43			411
Kuwait Finance House KSCP		1,415			3,063
Mabanee Co. S.A.K		234			496

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

31

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE)–(continued)

October 31, 2020

	Shares		Value
Kuwait-(continued)
Mobile Telecommunications Co. KSC		347	$	665
National Bank of Kuwait SAKP		2,840		7,848
				15,347
Malaysia-2.02%
AirAsia Group Bhd.(a)		790		105
Alliance Bank Malaysia Bhd.		488		256
AMMB Holdings Bhd.		788		541
Astro Malaysia Holdings Bhd.		775		136
Axiata Group Bhd.		2,017		1,422
British American Tobacco Malaysia Bhd.		74		180
CIMB Group Holdings Bhd.		3,147		2,234
Dialog Group Bhd.		2,193		1,953
DiGi.Com Bhd.		1,584		1,437
FGV Holdings Bhd.		1,077		275
Fraser & Neave Holdings Bhd.		52		395
Gamuda Bhd.		895		717
Genting Bhd.		981		699
Genting Malaysia Bhd.		1,176		566
HAP Seng Consolidated Bhd.		264		466
Hartalega Holdings Bhd.		589		2,552
Hong Leong Bank Bhd.		261		930
Hong Leong Financial Group Bhd.		120		407
IHH Healthcare Bhd.		1,300		1,555
IJM Corp. Bhd.		1,476		476
IOI Corp. Bhd.		1,356		1,403
IOI Properties Group Bhd.		1,083		224
Kuala Lumpur Kepong Bhd.		106		541
Malayan Banking Bhd.		1,682		2,834
Malaysia Airports Holdings Bhd.		360		362
Maxis Bhd.		1,130		1,305
MISC Bhd.		560		888
Nestle Malaysia Bhd.		29		973
Petronas Chemicals Group Bhd.		1,302		1,833
Petronas Dagangan Bhd.		120		498
Petronas Gas Bhd.		210		796
PPB Group Bhd.		283		1,280
Press Metal Aluminium Holdings Bhd.		797		1,053
Public Bank Bhd.		1,334		4,842
QL Resources Bhd.		549		832
RHB Bank Bhd.		776		790
Sime Darby Bhd.		1,679		974
Sime Darby Plantation Bhd.		1,445		1,683
Sime Darby Property Bhd.		1,849		240
Telekom Malaysia Bhd.		417		421
Tenaga Nasional Bhd.		1,647		3,782
Top Glove Corp. Bhd.		1,968		4,059
Westports Holdings Bhd.		555		521
YTL Corp. Bhd.(a)		2,493		435
				49,871
Mexico-1.97%
Alfa S.A.B. de C.V., Class A		1,456		970
America Movil S.A.B. de C.V., Series L		12,103		7,343
Arca Continental S.A.B. de C.V.		183		794
Banco Santander (Mexico) S.A., Institucion de Banca Multiple, Grupo Financiero Santander		240		177
Becle S.A.B. de C.V.		288		603
Cemex S.A.B. de C.V., Series CPO(e)		6,878		2,832
Coca-Cola FEMSA S.A.B. de C.V., Series L		215		812
El Puerto de Liverpool S.A.B. de C.V., Series C1		104		279

	Shares		Value
Mexico-(continued)
Fibra Uno Administracion S.A. de C.V.		1,353	$	1,022
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO(f)		906		4,841
GMexico Transportes S.A.B. de C.V.(b)		224		264
Gruma S.A.B. de C.V., Class B		98		1,039
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.(a)		154		693
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		156		1,294
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B(a)		58		668
Grupo Bimbo S.A.B. de C.V., Series A		1,021		1,967
Grupo Carso S.A.B. de C.V., Series A1(a)		222		410
Grupo Elektra S.A.B. de C.V.		28		1,582
Grupo Financiero Banorte S.A.B. de C.V., Class O(a)		1,301		5,778
Grupo Financiero Inbursa S.A.B. de C.V., Class O(a)		1,094		808
Grupo Lala S.A.B. de C.V.		325		199
Grupo Mexico S.A.B. de C.V., Class B		1,399		3,961
Grupo Televisa S.A.B., Series CPO(a)(g)		1,014		1,279
Industrias Penoles S.A.B. de C.V.		58		921
Infraestructura Energetica Nova S.A.B. de C.V.(a)		246		821
Kimberly-Clark de Mexico S.A.B. de C.V., Class A		329		487
Megacable Holdings S.A.B. de C.V., Series CPO(h)		104		329
Orbia Advance Corp. S.A.B. de C.V		483		851
Promotora y Operadora de Infraestructura S.A.B de C.V		78		509
Telesites S.A.B. de C.V.(a)		676		622
Wal-Mart de Mexico S.A.B. de C.V., Series V		1,866		4,494
				48,649
Philippines-1.00%
Aboitiz Power Corp.		816		456
Alliance Global Group, Inc.(a)		2,129		349
Ayala Corp.		106		1,671
Ayala Land, Inc.		3,229		2,202
Bank of the Philippine Islands		839		1,275
BDO Unibank, Inc.		896		1,646
Bloomberry Resorts Corp.		1,322		193
Energy Development Corp.(a)(d)		1,155		0
Globe Telecom, Inc.		10		419
GT Capital Holdings, Inc.		51		453
International Container Terminal Services, Inc.		375		891
JG Summit Holdings, Inc.		1,384		1,837
Jollibee Foods Corp.		187		657
LT Group, Inc.		1,106		264
Manila Electric Co.		101		626
Megaworld Corp.(a)		5,931		371
Metro Pacific Investments Corp.		7,448		617
Metropolitan Bank & Trust Co.		830		699
PLDT, Inc.		49		1,344
San Miguel Corp.		185		390
San Miguel Food and Beverage, Inc.		339		446
Semirara Mining & Power Corp.		683		150
SM Investments Corp.		208		4,083
SM Prime Holdings, Inc.		4,067		2,832
Universal Robina Corp.		325		925
				24,796

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

32

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE)–(continued)

October 31, 2020

	Shares		Value
Qatar-0.96%
Barwa Real Estate Co.		848	$	776
Commercial Bank P.S.Q.C. (The)		882		1,030
Doha Bank Q.P.S.C.(a)		676		451
Industries Qatar Q.S.C.		889		2,201
Masraf Al Rayan Q.S.C.		1,635		1,929
Mesaieed Petrochemical Holding Co. Q.P.S.C.		1,928		982
Ooredoo Q.P.S.C.		228		415
Qatar Aluminum Manufacturing Co.		1,217		289
Qatar Electricity & Water Co. Q.S.C.		224		1,027
Qatar Fuel Co. Q.P.S.C.		140		661
Qatar Gas Transport Co. Ltd..		1,208		893
Qatar Insurance Co. (S.A.Q.)		712		450
Qatar International Islamic Bank Q.S.C.		330		752
Qatar Islamic Bank (S.A.Q.)		515		2,291
Qatar National Bank Q.P.S.C.		1,876		9,120
United Development Co. Q.S.C.		772		315
Vodafone Qatar Q.S.C.		733		262
				23,844
Romania-0.02%
NEPI Rockcastle PLC		164		581
Russia-2.47%
Aeroflot PJSC(a)		334		239
Alrosa PJSC		765		687
Bashneft PJSC, Preference Shares		10		144
Gazprom PJSC		3,662		7,141
Inter RAO UES PJSC		14,756		944
LUKOIL PJSC		155		7,888
Magnit PJSC		31		1,841
Magnitogorsk Iron & Steel Works PJSC		630		298
MMC Norilsk Nickel PJSC		22		5,220
Mobile TeleSystems PJSC		398		1,557
Moscow Exchange MICEX-RTS PJSC		608		1,025
Novatek PJSC		462		5,551
Novolipetsk Steel PJSC		432		1,011
PhosAgro PJSC		17		603
Polyus PJSC		11		2,153
Rosneft Oil Co. PJSC		368		1,625
Rostelecom PJSC		420		490
RusHydro PJSC		55,600		505
Sberbank of Russia PJSC		4,495		11,368
Severstal PAO		78		1,066
Sistema PJSFC		1,400		445
Surgutneftegas PJSC		2,870		1,190
Surgutneftegas PJSC, Preference Shares		3,002		1,369
Tatneft PJSC		687		3,548
Tatneft PJSC, Preference Shares		70		350
Transneft PJSC, Preference Shares		1		1,662
Unipro PJSC		5,000		163
VTB Bank PJSC		2,232,852		920
				61,003
Saudi Arabia-3.07%
Abdullah Al Othaim Markets Co.		27		943
Advanced Petrochemical Co.		198		3,052
Al Rajhi Bank		194		3,404
Almarai Co. JSC		39		537
Arab National Bank		394		1,994
Arabian Centres Co. Ltd.		227		1,463
Bank AlBilad		348		2,158

	Shares		Value
Saudi Arabia-(continued)
Banque Saudi Fransi		276	$	2,186
Bupa Arabia for Cooperative Insurance Co.(a)		91		2,781
Co. for Cooperative Insurance (The)(a)		108		2,333
Dallah Healthcare Co.		149		1,748
Dr Sulaiman Al Habib Medical Services Group Co.		26		654
Emaar Economic City(a)		474		1,125
Etihad Etisalat Co.(a)		77		575
Fawaz Abdulaziz Al Hokair & Co.(a)		130		645
Jarir Marketing Co.		61		2,817
Mobile Telecommunications Co.(a)		408		1,340
Mouwasat Medical Services Co.		55		1,877
National Commercial Bank		275		2,863
National Industrialization Co.(a)		400		1,205
National Petrochemical Co.		266		1,919
Qassim Cement Co. (The)		77		1,412
Riyad Bank		488		2,342
Sahara International Petrochemical Co.		324		1,260
Samba Financial Group		348		2,561
Saudi Airlines Catering Co.		130		2,697
Saudi Arabian Fertilizer Co.		145		2,915
Saudi Arabian Mining Co.(a)		170		1,691
Saudi Arabian Oil Co.(b)		326		2,929
Saudi Basic Industries Corp.		123		2,952
Saudi British Bank (The)		432		2,744
Saudi Cement Co.		61		882
Saudi Ground Services Co.(a)		240		1,792
Saudi Industrial Investment Group		166		898
Saudi Kayan Petrochemical Co.(a)		434		1,097
Saudi Research & Marketing Group(a)		112		2,046
Saudi Telecom Co.		82		2,180
Saudia Dairy & Foodstuff Co.		36		1,628
Savola Group (The)		65		794
Southern Province Cement Co.		97		1,735
Yanbu Cement Co.		66		581
Yanbu National Petrochemical Co., Class A		71		1,089
				75,844
South Africa-3.91%
Absa Group Ltd.		332		1,776
African Rainbow Minerals Ltd.		53		742
Anglo American Platinum Ltd.		26		1,705
Aspen Pharmacare Holdings Ltd.(a)		163		1,059
AVI Ltd.		91		412
Barloworld Ltd.		101		353
Bid Corp. Ltd.		134		1,837
Bidvest Group Ltd. (The)		153		1,255
Capitec Bank Holdings Ltd.(a)		35		2,456
Clicks Group Ltd.		112		1,626
Coronation Fund Managers Ltd.		138		319
Dis-Chem Pharmacies Ltd.(b)		206		228
Discovery Ltd.		173		1,139
Distell Group Holdings Ltd.		41		205
Exxaro Resources Ltd.		120		805
FirstRand Ltd.		2,094		4,846
Fortress REIT Ltd., Class A		546		422
Foschini Group Ltd. (The)		96		508
Gold Fields Ltd.		364		3,868
Growthpoint Properties Ltd.		1,293		844
Harmony Gold Mining Co. Ltd.(a)		218		1,070
Impala Platinum Holdings Ltd.		326		2,864

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

33

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE)–(continued)

October 31, 2020

	Shares		Value
South Africa-(continued)
Investec Ltd.		115	$	211
Kumba Iron Ore Ltd.		27		798
Liberty Holdings Ltd.		62		204
Life Healthcare Group Holdings Ltd.		669		671
Momentum Metropolitan Holdings		371		297
Mr Price Group Ltd.		88		665
MTN Group Ltd.		693		2,465
MultiChoice Group		189		1,558
Naspers Ltd., Class N		176		34,242
Nedbank Group Ltd.		183		1,081
Netcare Ltd.		704		559
Northam Platinum Ltd.(a)		154		1,467
Old Mutual Ltd.		2,019		1,165
Pepkor Holdings Ltd.(b)		362		266
Pick n Pay Stores Ltd.		130		410
PSG Group Ltd.		79		254
Rand Merchant Investment Holdings Ltd.		365		637
Redefine Properties Ltd.		2,740		336
Remgro Ltd.		238		1,265
Resilient REIT Ltd.		113		214
Sanlam Ltd.		710		2,065
Santam Ltd.		22		332
Sappi Ltd.(a)		269		384
Sasol Ltd.(a)		224		1,158
Shoprite Holdings Ltd.		214		1,698
Sibanye Stillwater Ltd.		993		2,868
SPAR Group Ltd. (The)		82		871
Standard Bank Group Ltd.		550		3,590
Telkom S.A. SOC Ltd.		154		243
Tiger Brands Ltd.		79		980
Truworths International Ltd.		216		416
Vodacom Group Ltd.		266		2,006
Woolworths Holdings Ltd.		418		899
				96,614
Taiwan-14.22%
Accton Technology Corp.		236		1,712
Acer, Inc.(a)		1,145		955
Advantech Co. Ltd.		168		1,697
ASE Technology Holding Co. Ltd.		1,508		3,332
Asia Cement Corp		972		1,398
Asustek Computer, Inc.		316		2,679
AU Optronics Corp.(a)		2,691		1,087
Capital Securities Corp		1,241		473
Catcher Technology Co. Ltd.		339		2,139
Cathay Financial Holding Co. Ltd.		3,675		4,934
Chailease Holding Co. Ltd.		565		2,736
Chang Hwa Commercial Bank Ltd.		3,033		1,808
Cheng Shin Rubber Industry Co. Ltd.		887		1,119
Chicony Electronics Co. Ltd.		219		659
China Airlines Ltd.(a)		764		234
China Development Financial Holding Corp.		6,337		1,857
China Steel Corp.		5,603		3,976
Chunghwa Telecom Co. Ltd.		1,369		5,121
Compal Electronics, Inc.		1,687		1,097
CTBC Financial Holding Co. Ltd.		7,798		4,921
Delta Electronics, Inc.		932		6,191
E.Sun Financial Holding Co. Ltd.		5,182		4,402
Eclat Textile Co. Ltd.		96		1,270
Epistar Corp.(a)		501		587

	Shares		Value
Taiwan-(continued)
Eternal Materials Co. Ltd.		258	$	303
Eva Airways Corp.		1,125		425
Evergreen Marine Corp. Taiwan Ltd.(a)		1,192		788
Far Eastern International Bank		625		226
Far Eastern New Century Corp.		1,789		1,611
Far EasTone Telecommunications Co. Ltd.		684		1,435
Feng TAY Enterprise Co. Ltd.		186		1,125
First Financial Holding Co. Ltd.		4,298		3,013
Formosa Chemicals & Fibre Corp.		1,466		3,526
Formosa Petrochemical Corp.		619		1,701
Formosa Plastics Corp.		2,203		6,092
Formosa Taffeta Co. Ltd.		535		584
Foxconn Technology Co. Ltd.		538		942
Fubon Financial Holding Co. Ltd.		3,213		4,572
Giant Manufacturing Co. Ltd.		125		1,228
Globalwafers Co. Ltd.		102		1,480
Hon Hai Precision Industry Co. Ltd.		5,219		14,141
Hotai Motor Co. Ltd.		146		3,073
HTC Corp.(a)		379		380
Hua Nan Financial Holdings Co. Ltd.		4,435		2,667
Inventec Corp.		1,466		1,158
Largan Precision Co. Ltd.		45		4,759
Lite-On Technology Corp.		846		1,377
MediaTek, Inc.		652		15,455
Mega Financial Holding Co. Ltd.		4,848		4,669
Nan Ya Plastics Corp.		2,550		5,233
Novatek Microelectronics Corp.		228		2,128
OBI Pharma, Inc.(a)		70		272
Oneness Biotech Co. Ltd.(a)		86		881
Pegatron Corp.		910		1,957
Pou Chen Corp.		1,194		1,052
President Chain Store Corp.		254		2,291
Quanta Computer, Inc.		1,189		2,993
Realtek Semiconductor Corp.		212		2,635
Shanghai Commercial & Savings Bank Ltd. (The)		1,534		1,987
Shin Kong Financial Holding Co. Ltd.		5,108		1,421
SinoPac Financial Holdings Co. Ltd.		4,887		1,828
Synnex Technology International Corp.		674		1,000
Taishin Financial Holding Co. Ltd.		4,726		2,082
Taiwan Business Bank		2,443		803
Taiwan Cement Corp.		2,343		3,322
Taiwan Cooperative Financial Holding Co. Ltd.		4,447		2,985
Taiwan Fertilizer Co. Ltd.		387		693
Taiwan Glass Industry Corp.(a)		939		412
Taiwan High Speed Rail Corp.		882		933
Taiwan Mobile Co. Ltd.		372		1,271
Taiwan Secom Co. Ltd.		70		215
Taiwan Semiconductor Manufacturing Co. Ltd.		10,166		153,538
Teco Electric and Machinery Co. Ltd.		664		694
TPK Holding Co. Ltd.(a)		183		322
Transcend Information, Inc.		77		171
U-Ming Marine Transport Corp.		246		249
Unimicron Technology Corp.		528		1,259
Uni-President Enterprises Corp.		2,157		4,623
United Microelectronics Corp.		4,671		5,013
Vanguard International Semiconductor Corp.		365		1,189
Walsin Lihwa Corp.		1,145		711
Walsin Technology Corp.		207		1,183
Wan Hai Lines Ltd.		423		387
Win Semiconductors Corp.		180		1,957

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

34

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE)–(continued)

October 31, 2020

	Shares		Value
Taiwan-(continued)
Wistron Corp.		1,188	$	1,184
Wiwynn Corp.		38		966
Yageo Corp.		169		2,100
Yuanta Financial Holding Co. Ltd.		4,951		3,072
Yulon Motor Co. Ltd.(a)		319		397
Zhen Ding Technology Holding Ltd.		263		1,113
				351,636
Tanzania-0.16%
AngloGold Ashanti Ltd.		177		4,018
Thailand-2.08%
Advanced Info Service PCL, NVDR		480		2,656
Airports of Thailand PCL, NVDR		1,825		3,030
Asset World Corp. PCL, NVDR		3,300		309
B. Grimm Power PCL, NVDR		338		426
Bangkok Dusit Medical Services PCL, NVDR		3,761		2,112
Bangkok Expressway & Metro PCL, NVDR		3,756		988
Banpu PCL, NVDR		2,056		432
Berli Jucker PCL, NVDR		480		443
BTS Group Holdings PCL, NVDR		3,738		1,067
Bumrungrad Hospital PCL, NVDR		154		450
Central Pattana PCL, NVDR		1,031		1,273
Charoen Pokphand Foods PCL, NVDR		1,705		1,381
CP ALL PCL, NVDR(a)		2,263		3,903
Delta Electronics Thailand PCL, NVDR		214		1,229
Electricity Generating PCL, NVDR		126		671
Energy Absolute PCL, NVDR		784		956
Global Power Synergy PCL, NVDR		319		530
Gulf Energy Development PCL, NVDR		1,825		1,669
Home Product Center PCL, NVDR		2,654		1,192
Indorama Ventures PCL, NVDR		842		597
Intouch Holdings PCL, NVDR		982		1,686
IRPC PCL, NVDR		4,823		312
Kasikornbank PCL, NVDR		296		724
Krung Thai Bank PCL, NVDR		2,316		643
Krungthai Card PCL, NVDR.		816		1,034
Land & Houses PCL, NVDR		3,106		638
Minor International PCL, NVDR(a)		1,681		901
Minor International PCL, Wts., expiring 07/31/2023(a)		76		15
Muangthai Capital PCL, NVDR(a)		318		559
Osotspa PCL, NVDR		574		589
PTT Exploration & Production PCL, NVDR		651		1,645
PTT Global Chemical PCL, NVDR		959		1,231
PTT PCL, NVDR		6,203		6,170
Ratch Group PCL, NVDR		367		547
Siam Cement PCL (The), NVDR		362		3,926
Siam City Cement PCL, NVDR		42		160
Siam Commercial Bank PCL (The), NVDR		1,103		2,300
Siam Makro PCL, NVDR		170		217
Srisawad Corp. PCL, NVDR		255		405
Srisawad Corp. PCL, Wts., expiring 08/29/2025(a)		10		3
Thai Oil PCL, NVDR		482		530
Thai Union Group PCL, NVDR		1,329		648
TMB Bank PCL, NVDR		16,868		438
Total Access Communication PCL, NVDR		317		313
True Corp. PCL, NVDR		5,013		437
				51,385

	Shares		Value
Turkey-0.33%
Akbank T.A.S.(a)		715	$	407
Anadolu Efes Biracilik ve Malt Sanayii A.S		81		188
Arcelik A.S.(a)		99		317
Aselsan Elektronik Sanayi Ve Ticaret A.S		300		599
BIM Birlesik Magazalar A.S.		179		1,426
Coca-Cola Icecek A.S.(a)		38		204
Enka Insaat ve Sanayi A.S.		315		271
Eregli Demir ve Celik Fabrikalari TAS		536		609
Ford Otomotiv Sanayi A.S		35		451
Haci Omer Sabanci Holding A.S.		408		401
KOC Holding A.S.		368		622
Petkim Petrokimya Holding A.S.(a)		472		231
Tekfen Holding A.S.		88		139
Tupras-Turkiye Petrol Rafinerileri A.S.(a)		35		312
Turk Hava Yollari AO(a)		89		96
Turkcell Iletisim Hizmetleri A.S.		421		733
Turkiye Is Bankasi A.S., Class C(a)		627		382
Turkiye Sise ve Cam Fabrikalari A.S.		351		257
Turkiye Vakiflar Bankasi T.A.O., Class D(a)		435		198
Yapi ve Kredi Bankasi A.S.(a)		826		212
				8,055
United Arab Emirates-0.69%
Abu Dhabi Commercial Bank PJSC		1,179		1,884
Abu Dhabi Islamic Bank PJSC		404		478
Air Arabia PJSC		1,813		543
Aldar Properties PJSC		1,714		1,279
Dana Gas PJSC		1,521		282
Dubai Investments PJSC		927		288
Dubai Islamic Bank PJSC		805		912
Emaar Development PJSC(a)		893		554
Emaar Malls PJSC(a)		892		359
Emaar Properties PJSC(a)		1,274		926
Emirates Telecommunications Group Co. PJSC		774		3,557
First Abu Dhabi Bank PJSC		1,943		6,062
				17,124
United States-0.06%
JBS S.A		418		1,410
Total Common Stocks & Other Equity Interests (Cost $2,211,159)				2,319,709
Exchange-Traded Funds-6.01%
India-6.01%
Invesco India ETF(a)(i)		5,683		110,818
iShares MSCI India ETF		1,120		37,621
Total Exchange-Traded Funds   (Cost $155,459)				148,439
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(i)(j) (Cost $515)		515		515
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.86% (Cost $2,367,133)				2,468,663

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

35

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE)–(continued)

October 31, 2020

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.84%
Invesco Private Government Fund, 0.04%(i)(j)(k)		8,324	$	8,324
Invesco Private Prime Fund, 0.11%(i)(j)(k)		12,482		12,486
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $20,810)				20,810
TOTAL INVESTMENTS IN SECURITIES-100.70% (Cost $2,387,943)				2,489,473
OTHER ASSETS LESS LIABILITIES-(0.70)%				(17,286	)
NET ASSETS-100.00%			$	2,472,187

Investment Abbreviations:

ADR-American Depositary Receipt

CPO-Certificates of Ordinary Participation

ETF-Exchange-Traded Fund

GDR-Global Depositary Receipt

NVDR-Non-Voting Depositary Receipt

REIT-Real Estate Investment Trust

Rts.-Rights

TBA-To Be Announced

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 October 31, 2020 was $130,488, which represented 5.28% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at October 31, 2020.

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

^(e)  Each CPO for Cemex S.A.B. de C.V. represents two Series A shares and one Series B share.

^(f)  Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares.

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

^(h)  Each CPO for Megacable Holdings S.A.B. de C.V. represents two Series shares.

⁽ⁱ⁾  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2020.

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2020			Dividend Income
Invesco India ETF		$	100,300		$	38,414		$	(16,230	)		$	(9,016	)		$	17,631		$	110,818		$	933
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			17,165			(16,650	)			-				-			515			-
Invesco Premier U.S. Government Money Portfolio, Institutional Class			5,726			98,301			(104,027	)			-				-			-			37
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			55,630			356,211			(411,841	)			-				-			-			175	*
Invesco Liquid Assets Portfolio, Institutional Class			18,251			84,158			(102,410	)			(1	)			2			-			67	*

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

36

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE)–(continued)

October 31, 2020

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain				Value October 31, 2020			Dividend Income
Invesco Private Government Fund		$	-		$	541,506		$	(533,182	)		$	-			$	-			$	8,324		$	11	*
Invesco Private Prime Fund			-			133,261			(120,777	)			-				2				12,486			10	*
Total		$	179,907		$	1,269,016		$	(1,305,117	)		$	(9,017	)		$	17,635	**		$	132,143		$	1,233

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

** Includes capital gains distributions from affiliated underlying funds as follows:

Fund Name	Capital Gain
Invesco India ETF		$	20,281

^(j)  The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

^(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.

37

Statements of Assets and Liabilities

October 31, 2020

	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)		$	12,855,048		$	2,237,134			$	2,357,330
Affiliated investments in securities, at value			12,806			35,506				132,143
Foreign currencies, at value			-			-				2,142
Deposits with brokers:
Cash segregated as collateral			73,635			-				-
Receivable for:
Dividends and interest			13,249			5,802				1,566
Securities lending			-			35				36
Investments sold			285,832			9				-
Fund shares sold			70,137			-				-
Foreign tax reclaims			-			10				-
Total assets			13,310,707			2,278,496				2,493,217
Liabilities:
Due to foreign custodian			-			324				-
Payable for:
Investments purchased			366,657			-				-
Collateral upon return of securities loaned			-			34,939				20,810
Collateral upon receipt of securities in-kind			73,635			-				-
Accrued unitary management fees			692			140				220
Total liabilities			440,984			35,403				21,030
Net Assets		$	12,869,723		$	2,243,093			$	2,472,187
Net assets consist of:
Shares of beneficial interest		$	12,573,902		$	2,500,025			$	2,500,011
Distributable earnings (loss)			295,821			(256,932	)			(27,824	)
Net Assets		$	12,869,723		$	2,243,093			$	2,472,187
Shares outstanding (unlimited amount authorized, $0.01 par value)			500,001			100,001				100,001
Net asset value		$	25.74		$	22.43			$	24.72
Market price		$	25.75		$	22.63			$	24.97
Unaffiliated investments in securities, at cost		$	12,630,561		$	2,456,288			$	2,246,759
Affiliated investments in securities, at cost		$	12,806		$	35,506			$	141,184
Foreign currencies (due to foreign custodian), at cost		$	-		$	(331)			$	2,102
(a) Includes securities on loan with an aggregate value of:		$	-		$	32,465			$	18,426

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

38

Statements of Operations

For the year ended October 31, 2020

	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 interest income		$	151,536			$	-			$	-
Unaffiliated dividend income			-				62,178				61,868
Affiliated dividend income			134				48				970
Securities lending income			33				431				468
Foreign withholding tax			-				(8,257	)			(6,043	)
Total investment income			151,703				54,400				57,263
Expenses:
Unitary management fees			7,208				1,610				3,267
Less: Waivers			(78	)			(8	)			(777	)
Net expenses			7,130				1,602				2,490
Net investment income			144,573				52,798				54,773
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			15,643				(23,561	)			(88,194	)
Affiliated investment securities			(8	)			7				(2,646	)
In-kind redemptions			81,975				-				-
Foreign currencies			-				(338	)			(849	)
Distributions of underlying fund shares			-				-				20,281
Net realized gain (loss)			97,610				(23,892	)			(71,408	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			188,262				(164,046	)			187,168
Affiliated investment securities			-				(1	)			(9,017	)
Foreign currencies			-				74				(26	)
Change in net unrealized appreciation (depreciation)			188,262				(163,973	)			178,125
Net realized and unrealized gain (loss)			285,872				(187,865	)			106,717
Net increase (decrease) in net assets resulting from operations		$	430,445			$	(135,067	)		$	161,490

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

39

Statements of Changes in Net Assets

For the years ended October 31, 2020 and 2019

	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)
	2020			2019			2020			2019			2020			2019
Operations:
Net investment income	$	144,573		$	128,264		$	52,798		$	69,394		$	54,773		$	73,602
Net realized gain (loss)		97,610			(9,433	)		(23,892	)		(12,087	)		(71,408	)		(38,649	)
Change in net unrealized appreciation (depreciation)		188,262			90,771			(163,973	)		172,266			178,125			244,976
Net increase (decrease) in net assets resulting from operations		430,445			209,602			(135,067	)		229,573			161,490			279,929
Distributions to Shareholders from:
Distributable earnings		(88,376	)		(116,574	)		(53,056	)		(78,552	)		(75,266	)		(59,836	)
Shareholder Transactions:
Proceeds from shares sold		7,616,756			4,933,735			-			-			-			-
Value of shares repurchased		(2,555,886	)		-			-			-			-			-
Net increase in net assets resulting from share transactions		5,060,870			4,933,735			-			-			-			-
Net increase (decrease) in net assets		5,402,939			5,026,763			(188,123	)		151,021			86,224			220,093
Net assets:
Beginning of year		7,466,784			2,440,021			2,431,216			2,280,195			2,385,963			2,165,870
End of year	$	12,869,723		$	7,466,784		$	2,243,093		$	2,431,216		$	2,472,187		$	2,385,963
Changes in Shares Outstanding:
Shares sold		300,000			200,000			-			-			-			-
Shares repurchased		(100,000	)		-			-			-			-			-
Shares outstanding, beginning of year		300,001			100,001			100,001			100,001			100,001			100,001
Shares outstanding, end of year		500,001			300,001			100,001			100,001			100,001			100,001

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

40

Financial Highlights

Invesco PureBeta^SM 0-5 Yr US TIPS ETF (PBTP)

	Years Ended October 31,												For the Period September 19, 2017(a) Through October 31, 2017
	2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	24.89			$	24.40			$	24.99			$	25.00
Net investment income(b)			0.35				0.59				0.63				0.06
Net realized and unrealized gain (loss) on investments			0.71				0.39				(0.55	)			(0.07	)
Total from investment operations			1.06				0.98				0.08				(0.01	)
Distributions to shareholders from:
Net investment income			(0.21	)			(0.49	)			(0.67	)			-
Net asset value at end of period		$	25.74			$	24.89			$	24.40			$	24.99
Market price at end of period(c)		$	25.75			$	24.90			$	24.40			$	24.99
Net Asset Value Total Return(d)			4.28	%			4.04	%			0.33	%			(0.04	)%(e)
Market Price Total Return(d)			4.28	%			4.07	%			0.33	%			(0.04	)%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	12,870			$	7,467			$	2,440			$	2,499
Ratio to average net assets of:
Expenses			0.07	%			0.20	%(f)			0.07	%			0.07	%(g)
Net investment income			1.40	%			2.39	%(f)			2.53	%			2.22	%(g)
Portfolio turnover rate(h)			29	%			30	%			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 at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(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)  Ratios include non-recurring costs associated with a proxy statement of 0.13%.

^(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.

41

Financial Highlights–(continued)

Invesco PureBeta^SM FTSE Developed ex-North America ETF (PBDM)

	Years Ended October 31,												For the Period September 19, 2017(a) Through October 31, 2017
	2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	24.31			$	22.80			$	25.37			$	25.00
Net investment income(b)			0.53				0.69				0.73				0.07
Net realized and unrealized gain (loss) on investments			(1.88	)			1.61				(2.60	)			0.30
Total from investment operations			(1.35	)			2.30				(1.87	)			0.37
Distributions to shareholders from:
Net investment income			(0.53	)			(0.77	)			(0.70	)			-
Net realized gains			-				(0.02	)			-				-
Total distributions			(0.53	)			(0.79	)			(0.70	)			-
Net asset value at end of period		$	22.43			$	24.31			$	22.80			$	25.37
Market price at end of period(c)		$	22.63			$	24.35			$	23.03			$	25.54
Net Asset Value Total Return(d)			(5.33	)%			10.31	%			(7.60	)%			1.48	%(e)
Market Price Total Return(d)			(4.66	)%			9.37	%			(7.30	)%			2.16	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,243			$	2,431			$	2,280			$	2,537
Ratio to average net assets of:
Expenses			0.07	%			0.37	%(f)			0.07	%			0.07	%(g)
Net investment income			2.30	%			2.99	%(f)			2.89	%			2.38	%(g)
Portfolio turnover rate(h)			3	%			4	%			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 at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(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)  Ratios include non-recurring costs associated with a proxy statement of 0.30%.

^(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.

42

Financial Highlights–(continued)

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE)

	Years Ended October 31,												For the Period September 19, 2017(a) Through October 31, 2017
	2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	23.86			$	21.66			$	25.07			$	25.00
Net investment income(b)			0.55				0.74	(c)			0.66				0.03
Net realized and unrealized gain (loss) on investments			1.06				2.06				(3.42	)			0.04
Total from investment operations			1.61				2.80				(2.76	)			0.07
Distributions to shareholders from:
Net investment income			(0.75	)			(0.60	)			(0.65	)			-
Net asset value at end of period		$	24.72			$	23.86			$	21.66			$	25.07
Market price at end of period(d)		$	24.97			$	23.82			$	21.75			$	25.20
Net Asset Value Total Return(e)			7.08	%			13.02	%			(11.28	)%			0.28	%(f)
Market Price Total Return(e)			8.33	%			12.34	%			(11.38	)%			0.80	%(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,472			$	2,386			$	2,166			$	2,507
Ratio to average net assets of:
Expenses, after Waivers			0.11	%(g)			0.39	%(g)(h)			0.11	%			0.14	%(i)
Expenses, prior to Waivers			0.14	%(g)			0.43	%(g)(h)			0.14	%			0.14	%(i)
Net investment income			2.35	%			3.16	%(c)(h)			2.64	%			1.03	%(i)
Portfolio turnover rate(j)			18	%			13	%			16	%			1	%

^(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 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 $0.56 and 2.39%, respectively.

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

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

^(f)  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)%.

^(g)  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.

^(h)  Ratios include non-recurring costs associated with a proxy statement of 0.29%.

⁽ⁱ⁾  Annualized.

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

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

43

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

October 31, 2020

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 BofA 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”).

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

44

subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

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

B. Other Risks

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

Changing U.S. Fixed-Income Market Conditions Risk. The current historically low interest rate environment was created in part by the Federal Reserve Board (“FRB”) keeping the federal funds rates at, near or below zero. In recent years, the FRB began “tapering” its quantitative easing program, leading to fluctuations in the Federal Funds Rate. However, in response to the impact of the COVID-19 pandemic, in March 2020 the FRB announced cuts to the Federal Funds Rate and a new round of quantitative easing. Because there is little precedent for this situation, it is difficult to predict the impact of these rate changes or any future rate changes on various markets. Any additional changes to the monetary policy by the FRB or other regulatory actions may affect interest rates and/or reduce liquidity for fixed-income investments, particularly those with longer maturities. 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 a Fund’s investments and share price may

45

decline. Changes in FRB policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover rate and a Fund’s transaction costs.

Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on the Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in emerging market securities, and emerging market securities may have relatively low market liquidity, decreased publicly available 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. Emerging market securities also are subject to the risks of expropriation, nationalization or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in emerging market securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions. Emerging markets usually are subject to greater market volatility, lower trading volume, political and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change.

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

Fixed-Income Securities Risk. 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. 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.

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. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns.

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 the Fund’s investments in the affected country or region.

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

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

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.

Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. If a 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.

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

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversification Risk. To the extent certain Funds become non-diversified, such Funds can invest a greater portion of their respective assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase certain Funds’ volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds’ performance.

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

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

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. 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

47

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.

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.

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

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

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

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.

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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 distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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

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

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 their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.

J. Treasury Inflation-Protected Securities - PureBetaSM 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.

K. Securities Lending - Each Fund may participate in securities lending and may loan 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. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

L. Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of

49

securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

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

NOTE 3–Investment Advisory Agreement and Other Agreements

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

Pursuant to the Investment Advisory Agreement, each 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 distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

	Unitary Management Fees (as a % of average daily net assets)
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 at least August 31, 2022, 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 the Fund’s investments of otherwise uninvested cash 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 fiscal year ended October 31, 2020, the Adviser waived fees for each Fund in the following amounts:

PureBetaSM 0-5 Yr US TIPS ETF	$	78
PureBetaSM FTSE Developed ex-North America ETF		8
PureBetaSM FTSE Emerging Markets ETF		777

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.

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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 October 31, 2020. 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 0-5YrUSTIPSETF
Investments in Securities
U.S. Treasury Securities		$	-		$	12,855,048		$	-		$	12,855,048
Money Market Funds			12,806			-			-			12,806
Total Investments		$	12,806		$	12,855,048		$	-		$	12,867,854
PureBetaSM FTSE Developed ex-North America ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	2,236,261		$	830		$	43		$	2,237,134
Money Market Funds			567			34,939			-			35,506
Total Investments		$	2,236,828		$	35,769		$	43		$	2,272,640
PureBetaSM FTSE Emerging Markets ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	2,317,825		$	1,884		$	0		$	2,319,709
Exchange-Traded Funds			148,439			-			-			148,439
Money Market Funds			515			20,810			-			21,325
Total Investments		$	2,466,779		$	22,694		$	0		$	2,489,473

NOTE 5–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2020 and 2019:

	2020						2019
	Ordinary Income*			Long-Term Capital Gains			Ordinary Income*			Long-Term Capital Gains
PureBetaSM 0-5 Yr US TIPS ETF		$	88,376		$	-		$	116,574		$	-
PureBetaSM FTSE Developed ex-North America ETF			53,056			-			78,401			151
PureBetaSM FTSE Emerging Markets ETF			75,266			-			59,836			-

* Includes short-term capital gain distributions, if any.

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Tax Components of Net Assets at Fiscal Year-End:

	Undistributed Ordinary Income			Net Unrealized Appreciation (Depreciation)- Investments				Net Unrealized Appreciation (Depreciation)- Foreign Currencies				Capital Loss Carryforwards				Shares of Beneficial Interest			Total Net Assets
PureBetaSM 0-5 Yr US TIPS ETF		$	77,732		$	218,089			$	-			$	-			$	12,573,902		$	12,869,723
PureBetaSM FTSE Developed ex-North America ETF			2,639			(224,831	)			64				(34,804	)			2,500,025			2,243,093
PureBetaSM FTSE Emerging Markets ETF			-			98,321				(25	)			(126,120	)			2,500,011			2,472,187

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 following table presents available capital loss carryforwards for each Fund as of October 31, 2020:

	No expiration
	Short-Term			Long-Term			Total*
PureBetaSM 0-5Yr US TIPS ETF		$	-		$	-		$	-
PureBetaSM FTSE Developed ex-North America ETF			-			34,804			34,804
PureBetaSM FTSE Emerging Markets ETF			-			126,120			126,120

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

NOTE 6–Investment Transactions

For the fiscal year ended October 31, 2020, the cost of securities purchased and the 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		$	67,664		$	69,011
PureBetaSM FTSE Emerging Markets ETF			426,228			429,742

For the fiscal year ended October 31, 2020, the cost of securities purchased and the proceeds from sales of U.S. Treasury obligations (other than short-term securities, money market funds and in-kind transactions) for the PureBetaSM 0-5 Yr US TIPS ETF amounted to $3,760,076 and $2,885,053, respectively.

For the fiscal year ended October 31, 2020, in-kind transactions associated with creations and redemptions for the PureBetaSM 0-5 Yr US TIPS ETF amounted to $7,607,356 and $2,553,894, respectively.

At October 31, 2020, 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		$	227,981		$	(9,892	)		$	218,089			$	12,649,765
PureBetaSM FTSE Developed ex-North America ETF			343,673			(568,504	)			(224,831	)			2,497,471
PureBetaSM FTSE Emerging Markets ETF			561,958			(463,637	)			98,321				2,391,152

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, foreign currency transactions and passive foreign investment companies, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended October 31, 2020, the reclassifications were as follows:

	Undistributed Net Investment Income				Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
PureBetaSM 0-5 Yr US TIPS ETF		$	-			$	(79,272	)		$	79,272
PureBetaSM FTSE Developed ex-North America ETF			(56	)			56				-
PureBetaSM FTSE Emerging Markets ETF			(506	)			520				(14	)

52

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 for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to 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 issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

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

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital. Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

53

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco PureBeta^SM 0-5 Yr US TIPS ETF, Invesco PureBeta^SM FTSE Developed ex-North America ETF and Invesco PureBeta^SM FTSE Emerging Markets ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco PureBeta^SM 0-5 Yr US TIPS ETF, Invesco PureBeta^SM FTSE Developed ex-North America ETF and Invesco PureBeta^SM FTSE Emerging Markets ETF (three of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2020, the related statements of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the three years in the period ended October 31, 2020 and for the period September 19, 2017 (commencement of investment operations) through October 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2020 and each of the financial highlights for each of the three years in the period ended October 31, 2020 and for the period September 19, 2017 (commencement of investment operations) through October 31, 2017, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

December 23, 2020

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

54

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, litigation expenses, acquired fund fees and expenses, if any, 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 for the entire period May 1, 2020 through October 31, 2020.

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 May 1, 2020			Ending Account Value October 31, 2020			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		$	1,030.00		0.07	%		$	0.36
Hypothetical (5% return before expenses)			1,000.00			1,024.78		0.07				0.36
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)
Actual			1,000.00			1,097.20		0.07				0.37
Hypothetical (5% return before expenses)			1,000.00			1,024.78		0.07				0.36

55

Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value May 1, 2020			Ending Account Value October 31, 2020			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)
Actual		$	1,000.00		$	1,220.20		0.10	%		$	0.56
Hypothetical (5% return before expenses)			1,000.00			1,024.63		0.10				0.51

⁽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 October 31, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

56

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2020:

	Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*			Qualified Interest Income*
Invesco PureBetaSM 0-5 Yr US TIPS ETF		0	%		0	%		100	%		93	%		95	%
Invesco PureBetaSM FTSE Developed ex-North America ETF		86	%		0	%		0	%		0	%		0	%
Invesco PureBetaSM FTSE Emerging Markets ETF		67	%		0	%		0	%		0	%		0	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The foreign source income and foreign taxes paid per share are as follows:

	Foreign Taxes Per Share			Foreign Source Income Per Share
Invesco PureBetaSM 0-5Yr US TIPS ETF		$	-		$	-
Invesco PureBetaSM FTSE Developed ex-North America ETF			0.0595			0.6151
Invesco PureBetaSM FTSE Emerging Markets ETF			0.0600			0.5996

57

Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.

As of October 31, 2020

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2007	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	216	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017- Present).
Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	216	None.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

58

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Edmund P. Giambastiani, Jr.–1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010- Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	216	Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008- 2011).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

59

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Victoria J. Herget - 1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	216	Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012- 2019); Board Chair (2008-2015) and Director (2004- 2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

60

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2007	Senior Director of Finance, By The Hand Club for Kids (not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	216	Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.
Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	216	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

61

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Joanne Pace–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006- 2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005- 2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.	216	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016- Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012- 2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

62

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker - 1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	216	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).
Donald H. Wilson - 1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2007	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016- 2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	216	Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

63

Trustees and Officers–(continued)

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee, are shown below:

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Kevin M. Carome - 1956 Invesco Ltd. Two Peachtree Pointe 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309	Trustee	Since 2010	Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Secretary (2012-2020), Invesco Services (Bahamas) Private Limited; Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007- 2019); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008-2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.	216	None

* This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

64

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2020	President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); Authorized Person, Accretive Asset Management LLC (2018-Present); formerly, Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

65

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal – US ETFs and Secretary, Invesco Capital Management LLC (2020-Present); Head of Legal and Secretary, Invesco Specialized Products, LLC (2020-Present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary (2020-Present), Invesco Capital Markets, Inc. and Invesco Investment Advisers LLC; Assistant Secretary, The Invesco Funds (2014-Present); formerly, Assistant Secretary, Invesco Capital Management LLC (2015-2020) and Invesco Specialized Products, LLC (2018-2020); Assistant Secretary (2014-2020) and Chief Compliance Officer (2017), Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Senior Counsel, Invesco Ltd. (2013-2020).
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange- Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

66

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).
Melanie Zimdars–1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

67

Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

©2020 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-PBETA-AR-1	invesco.com/ETFs

Invesco Annual Report to Shareholders

October 31, 2020

IDLB	Invesco FTSE International Low Beta Equal 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

The Market Environment	3
Management’s Discussion of Fund Performance	4
Schedules of Investments
Invesco FTSE International Low Beta Equal Weight ETF	16
Invesco S&P Emerging Markets Low Volatility ETF	24
Invesco S&P Emerging Markets Momentum ETF	27
Invesco S&P International Developed High Dividend Low Volatility ETF	31
Invesco S&P International Developed Low Volatility ETF	34
Invesco S&P International Developed Momentum ETF	38
Statements of Assets and Liabilities	42
Statements of Operations	44
Statements of Changes in Net Assets	46
Financial Highlights	48
Notes to Financial Statements	53
Report of Independent Registered Public Accounting Firm	64
Fund Expenses	65
Tax Information	67
Trustees and Officers	68

2

The Market Environment

Domestic Equity

At the outset of the fiscal year, improving economic conditions during the fourth quarter of 2019 provided the backdrop for strong equity market returns. Investors were encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

During the first quarter of 2020, as the spread of the new coronavirus (COVID-19) disrupted travel and suppressed consumer activity, investors became increasingly concerned about the global economy. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. Beginning in late February, equity markets declined sharply and quickly, ushering in the first bear market since the financial crisis of 2008. Though the equity market stabilized somewhat toward the end of March, all sectors declined during the downturn. In response to the major collapse in demand and to help facilitate liquidity, the US Federal Reserve (“the Fed”) cut interest rates two times in March by 0.50% and 1.00%, ending with a target range of 0.00% to 0.25%.¹

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. The rally followed a sharp economic decline caused by global shutdowns to slow the spread of COVID-19. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. After oil futures contracts turned negative in early April, oil prices doubled in June, which supported struggling energy companies and millions of energy sector employees. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August, revised second quarter GDP fell by 31.40%², a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but reached record highs by the end of August.

Despite a September selloff, US equity markets posted gains in the third quarter as the Fed extended its emergency stimulus programs and changed its inflation target policy, both of which supported equities. Activity was better than expected across many areas of the economy. Data for both manufacturing and services indicated expansion, a reversal from significant declines earlier in the year. Corporate earnings were also better than anticipated and a gradual decline in new COVID-19 infections in many regions, combined with optimism about progress on a coronavirus vaccine, further boosted stocks. October saw increased volatility as COVID-19 infection rates rose to record highs in the US and in Europe. Investors also became concerned about delayed results from the US presidential election and the real possibility of a contested election, further delaying a clear winner. Despite October posting negative returns for the major stock indices in the US and globally, the S&P 500 Index returned 9.71% for the fiscal year.

¹  Source: US Federal Reserve

²  Source: US Bureau of Economic Analysis

Global Equity

At the start of the fiscal year, macroeconomic and geopolitical issues mostly abated providing a favorable backdrop for global equity returns. Central banks maintained accommodative policies and better economic data and signs of progress in US and China trade talks also supported global equities.

Global equity markets started 2020 buoyed by positive economic data and the signing of the phase one US-China trade deal. However, initial optimism was dampened by the outbreak of COVID-19 that swiftly spread from China to other global regions. Global equity markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. The US bull market came to an abrupt end, while global equity markets also fell sharply. As fear of a worldwide recession increased, central banks around the world took aggressive action to support both local markets and the global economy.

Despite the continuing global spread of COVID-19, many countries achieved some success in controlling the spread and were able to slowly re-open their economies. Global equity markets benefited from government policy responses to the crisis, which were swift and encouraging. Many economies received fiscal stimulus and very significant monetary stimulus. The massive monetary policy response created an environment in which investors embraced risk, and stocks rose globally after a deep rout in the first quarter.

Despite a correction in September, global equity stocks finished the third quarter in positive territory after posting strong gains in July and August. Building on progress made in the latter part of the second quarter, many countries were able to continue reducing pandemic-related stringency protocols. As a result, the “green shoots” we saw at the end of the second quarter grew and flourished into the third quarter, as many countries experienced a strong economic rebound.

At the end of the fiscal year, economic growth began to slow. This coincided with a resurgence in global infections with record highs in the US and in Europe. Investors also became concerned about delayed results from the US presidential election and the real possibility of a contested election, further delaying a clear winner. Global equity markets ended the fiscal year mixed, with emerging markets faring better than developed markets.

3

IDLB	Management’s Discussion of Fund Performance
	Invesco FTSE International Low Beta Equal Weight ETF (IDLB)

As an index fund, the Invesco FTSE International Low Beta Equal Weight ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE Developed ex-U.S. Low Beta Equal Weight Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to provide exposure to constituents of the FTSE Developed ex US Index (the “Developed ex US Index”) that exhibit low beta characteristics. The Developed ex US Index is designed to measure the performance of the international equity markets and consists of large and mid-capitalization companies from developed markets throughout the world, excluding the United States. Beta is a measure of relative risk and is the rate of change of a security’s price. The Index is equally weighted, meaning that the Index Provider assigns each component security the same weight in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned (5.02)%. On a net asset value (“NAV”) basis, the Fund returned (5.44)%. During the same time period, the Index returned (5.21)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period that were partially offset by the Fund holding cash to pay distributions in March, which coincided with the overall market decline, along with income received from the securities lending program in which the Fund participates.

During this same time period, the MSCI World ex USA Index (Net) (the “Benchmark Index”) returned (6.79)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 985 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall international

equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund employs a beta driven stock selection and equal weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the real estate sector and most underweight in the health care sector during the fiscal year ended October 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to its underweight allocation to and stock selection within the energy and financials sectors.

For the fiscal year ended October 31, 2020, the materials sector contributed most significantly to the Fund’s return, followed by the information technology and consumer staples sectors, respectively. The industrials sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Hanmi Pharm Co., Ltd., a health care company (portfolio average weight of 0.14%), and SG Holdings Co. Ltd., an industrials company (portfolio average weight of 0.18%). Positions that detracted most significantly from the Fund’s return included NMC Health PLC, a health care company (portfolio average weight of 0.00%), and International Consolidated Airlines Group S.A., an industrials company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Consumer Staples	16.79
Financials	12.06
Industrials	11.71
Health Care	10.45
Materials	8.23
Communication Services	7.96
Real Estate	7.90
Information Technology	7.83
Utilities	6.93
Consumer Discretionary	6.74
Energy	1.23
Money Market Funds Plus Other Assets Less Liabilities	2.17
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020
Security
CapitaLand Integrated Commercial Trust	0.25
Shimamura Co. Ltd.	0.21
Kumho Petrochemical Co. Ltd.	0.21
NTT DOCOMO, Inc.	0.21
Lotte Chemical Corp.	0.20
Coca-Cola Amatil Ltd.	0.20
Toho Gas Co. Ltd.	0.19
Tokyo Ohka Kogyo Co. Ltd.	0.19
Nihon M&A Center, Inc.	0.19
Canon Marketing Japan, Inc.	0.19
Total	2.04

* Excluding money market fund holdings.

4

Invesco FTSE International Low Beta Equal Weight ETF (IDLB) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of October 31, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index										Average Annualized			Cumulative
FTSE Developed ex-U.S. Low Beta Equal Weight Index (Net)		(5.21	)%		(0.86	)%		(2.56	)%		3.98	%		21.45	%
MSCI World ex USA Index (Net)		(6.79	)		(1.17	)		(3.46	)		3.13			16.60
Fund
NAV Return		(5.44	)		(1.30	)		(3.86	)		3.46			18.48
Market Price Return		(5.02	)		(1.36	)		(4.01	)		3.31			17.65

Fund Inception: November 5, 2015

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.45% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

5

EELV	Management’s Discussion of Fund Performance
	Invesco S&P Emerging Markets Low Volatility ETF (EELV)

As an index fund, the Invesco S&P Emerging Markets Low Volatility ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P BMI Emerging Markets Low Volatility Index^TM (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of 200 of the least volatile stocks (over the trailing 12 months) of the S&P Emerging Plus LargeMidCap Index. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned (11.03)%. On a net asset value (“NAV”) basis, the Fund returned (10.92)%. During the same time period, the Index returned (10.37)%. During the fiscal year, the Fund utilized sampling for the smaller components of the Index, specifically within Saudi Arabia. The Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses the Fund incurred, trading costs around quarterly rebalances during the period, as well as the sampling used for Saudi Arabian components of the Index. During this same time period, the MSCI Emerging Markets Index^SM (Net) returned 8.25%.

For the fiscal year ended October 31, 2020, the information technology sector contributed most significantly to the Fund’s return, followed by the health care sector. The financials sector detracted most significantly from the Fund’s return, followed by the industrials and utilities sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Top Glove Corp. Bhd., a health care company (no longer held at fiscal year-end), United Microelectronics Corp., an information technology company (portfolio average weight of 0.28%). Positions that detracted most significantly from the Fund’s return included Redefine Properties Ltd., a real estate company (no longer held at fiscal year-end), and Bank Polska Kasa Opieki S.A., a financials company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Financials	28.99
Information Technology	13.06
Consumer Staples	11.25
Communication Services	10.86
Industrials	9.99
Materials	9.29
Utilities	4.25
Energy	3.37
Consumer Discretionary	3.16
Real Estate	3.11
Health Care	2.80
Money Market Funds Plus Other Assets Less Liabilities	(0.13)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020
Security
Chunghwa Telecom Co. Ltd.	1.42
Grupo Elektra S.A.B. de C.V.	1.00
Taiwan Mobile Co. Ltd.	0.95
Far EasTone Telecommunications Co. Ltd.	0.82
President Chain Store Corp.	0.78
China Steel Corp.	0.75
Mega Financial Holding Co. Ltd.	0.73
Cathay Financial Holding Co. Ltd.	0.72
China Biologic Products Holdings, Inc.	0.70
Taichung Commercial Bank Co. Ltd.	0.70
Total	8.56

* Excluding money market fund holdings.

6

Invesco S&P Emerging Markets Low Volatility ETF (EELV) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of October 31, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
S&P BMI Emerging Markets Low Volatility IndexTM (Net)		(10.37	)%		(2.15	)%		(6.32	)%		1.92	%		9.99	%		1.28	%		11.85	%
MSCI Emerging Markets IndexSM (Net)		8.25			1.94			5.93			7.92			46.36			4.19			43.50
Fund
NAV Return		(10.92	)		(2.77	)		(8.08	)		1.24			6.35			0.49			4.42
Market Price Return		(11.03	)		(3.00	)		(8.73	)		1.29			6.61			0.34			3.03

Fund Inception: January 13, 2012

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

- Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the MSCI Emerging Markets Index^SM (Net) to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests.

7

EEMO	Management’s Discussion of Fund Performance
	Invesco S&P Emerging Markets Momentum ETF (EEMO)

As an index fund, the Invesco S&P Emerging Markets Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P Momentum Emerging Plus LargeMidCap Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities of companies that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of constituents of the S&P Emerging Plus LargeMidCap (the “Emerging LargeMidCap Index”) that have the highest “momentum score.” In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on upward price movements of the security as compared to other eligible securities within the Emerging LargeMidCap Index.

In selecting constituent securities for the Index, the Index Provider first calculates the momentum score of each stock in the Emerging LargeMidCap Index by evaluating the percentage change in the stock’s price over the last 12 months, excluding the most recent month, and applying an adjustment based on the security’s volatility over that period. The Index Provider then ranks all the stocks in descending order by momentum score, selects the top 20% for inclusion in the Index and weights the selected securities based on a modified market capitalization-weighted strategy. While the Fund generally seeks to invest in all of the securities comprising the Index in proportion to their weightings in the Index, at times the composition of the Index may make such “full replication” impracticable. In such circumstances, the Fund will utilize a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 0.59%. On a net asset value (“NAV”) basis, the Fund returned 0.20%. During the same time period, the Index returned 0.55%. During the fiscal year, the Fund utilized a sampling methodology to achieve exposure to the Saudi Arabian securities included in the Index. The Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the impact of sampling in Saudi Arabia, as well as the fees and expenses that the Fund incurred during the period, which were partially offset by the Fund holding cash to pay distributions in March, which coincided with the overall market decline. During this same time period, the MSCI Emerging Markets Index^SM (Net) returned 8.25%.

For the fiscal year ended October 31, 2020, the consumer discretionary sector contributed most significantly to the Fund’s return, followed by the information technology and communication services sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the energy sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Meituan Dianping, B Shares, a consumer discretionary company (portfolio average weight of 3.92%) and Taiwan Semiconductor Manufacturing Co., Ltd., an information technology company (portfolio average weight of 4.89%). Positions that detracted most significantly from the Fund’s return included Banco Bradesco SA Pfd, a financials company (no longer held at fiscal year-end), and Itau Unibanco Holding SA Pfd., a financials company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Consumer Discretionary	30.77
Information Technology	27.77
Communication Services	16.33
Health Care	9.08
Materials	5.09
Energy	3.52
Consumer Staples	3.06
Sector Types Each Less Than 3%	4.32
Money Market Funds Plus Other Assets Less Liabilities	0.06
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020
Security
Meituan Dianping, B Shares	9.93
Tencent Holdings Ltd.	9.81
Alibaba Group Holding Ltd., ADR	9.35
Taiwan Semiconductor Manufacturing Co. Ltd.	9.15
Samsung Electronics Co. Ltd.	7.18
JD.com, Inc., ADR	3.41
Reliance Industries Ltd.	3.37
Pinduoduo, Inc., ADR	2.34
MediaTek, Inc.	2.12
NAVER Corp.	1.94
Total	58.6

* Excluding money market fund holdings.

8

Invesco S&P Emerging Markets Momentum ETF (EEMO) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of October 31, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
Blended — S&P Momentum Emerging Plus LargeMidCap Index (Net)		0.55	%		0.21	%		0.62	%		7.33	%		42.41	%		0.24	%		2.11	%
MSCI Emerging Markets IndexSM (Net)		8.25			1.94			5.93			7.92			46.36			2.88			27.92
Fund
NAV Return		0.20			(0.58	)		(1.72	)		5.76			32.30			(1.08	)		(8.99	)
Market Price Return		0.59			(0.70	)		(2.07	)		5.94			33.47			(1.15	)		(9.57	)

Fund Inception: February 24, 2012

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, or in the past, returns would have been lower. See the current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.31% (0.29% after fee waiver) includes the unitary management fee of 0.29% and acquired fund fees and expenses of 0.02%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

- The Blended-S&P Momentum Emerging Plus LargeMidCap Index is comprised of the performance of the S&P BMI Emerging Markets High Beta Index, the Fund’s underlying index from Fund inception through the conversion date, March 21, 2016, followed by the performance of the Index for the period March 21, 2016 through October 31, 2020.

- Net returns reflect reinvested dividends net of withholding taxes.

- Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the MSCI Emerging Markets Index^SM (Net) to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests.

9

IDHD	Management’s Discussion of Fund Performance
	Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)

As an index fund, the Invesco S&P International Developed High Dividend Low Volatility ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P EPAC Ex-Korea Low Volatility High Dividend Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of 100 securities in the S&P EPAC Ex-Korea LargeMidCap (which is comprised of large and mid-cap equity securities, excluding those securities issued by companies in the United States and South Korea) that historically have provided high dividend yields with lower volatility. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time.

The Index Provider begins by identifying the 300 securities with the highest dividend yields over the trailing 12 months, with no one country and no one sector allowed to contribute more than 20 securities and 25 securities, respectively. From those 300 securities, the 100 securities with the lowest volatility over the trailing 12 months are included in the Index.

The Index Provider weights each of the 100 constituent securities in the Index by its dividend yield, with the highest dividend-yielding securities receiving the highest weights. Each constituent security comprises between 0.05% and 3.0% of the weight of the Index, and no sector comprises more than 25% of the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

During the fiscal year ended October 31, 2020, on a market price basis, the Fund returned (16.38)%. On a net asset value (“NAV”) basis, the Fund returned (16.91)%. During the same time period, the Index returned (17.19)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the Fund holding cash to pay distributions in March, which coincided with the overall market decline, along with the lower realized tax on the dividends received by the Fund versus the tax rate applied to dividends in the Index, and income received from the securities lending program in which the Fund participates. This was offset by fees and expenses that the Fund incurred during the period. During this same time period, the MSCI EAFE^® Index (Net) returned (6.86)%.

For the fiscal year ended October 31, 2020, the consumer staples sector was the only sector that contributed to the Fund’s return. The real estate sector detracted most significantly from the Fund’s return, followed by the financials and energy sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Coca-Cola Amatil Ltd., a consumer staples company (portfolio average weight of 0.30%), and Admiral Group PLC, a financials company (portfolio average weight of 1.21%). Positions that detracted most significantly from the Fund’s return included Vicinity Centres, a real estate company (no longer held at fiscal year-end), HSBC Holdings PLC, a financials company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Utilities	22.53
Financials	18.22
Real Estate	15.09
Communication Services	14.41
Industrials	10.25
Consumer Staples	9.68
Consumer Discretionary	4.03
Materials	3.63
Sector Types Each Less Than 3%	1.78
Money Market Funds Plus Other Assets Less Liabilities	0.38

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020
Security
Imperial Brands PLC	2.30
Contact Energy Ltd.	1.76
Japan Tobacco, Inc.	1.62
Naturgy Energy Group S.A.	1.59
CapitaLand Integrated Commercial Trust	1.54
Coca-Cola Amatil Ltd.	1.54
UnipolSai Assicurazioni S.p.A.	1.39
AusNet Services	1.38
ComfortDelGro Corp. Ltd.	1.32
Swire Pacific Ltd., Class A	1.30
Total	15.75

* Excluding money market fund holdings.

10

Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of October 31, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index										Average Annualized			Cumulative
S&P EPAC Ex-Korea Low Volatility High Dividend Index (Net)		(17.19	)%		(2.77	)%		(8.08	)%		1.97	%		7.95	%
MSCI EAFE® Index (Net)		(6.86	)		(1.24	)		(3.67	)		5.04			21.22
Fund
NAV Return		(16.91	)		(2.74	)		(7.99	)		1.95			7.86
Market Price Return		(16.38	)		(2.78	)		(8.12	)		2.12			8.57

Fund Inception: December 1, 2016

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.30% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and

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

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

Notes Regarding Indexes and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

- Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the MSCI EAFE^® Index (Net) to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests.

11

IDLV	Management’s Discussion of Fund Performance
	Invesco S&P International Developed Low Volatility ETF (IDLV)

As an index fund, the Invesco S&P International Developed Low Volatility ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P BMI International Developed Low Volatility^TM Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of 200 of the least volatile stocks of the S&P Developed ex-U.S. & South Korea LargeMidCap. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. S&P DJI measures the realized volatility of the Index’s 200 constituents over the trailing 12 months and weights constituents so that the least volatile stocks receive the highest weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned (16.28)%. On a net asset value (“NAV”) basis, the Fund returned (16.49)%. During the same time period, the Index returned (16.56)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and operating expenses incurred by the Fund during the period, which were partially offset by the Fund holding cash to pay distributions in March, which coincided with the overall market decline, along with income received from the securities lending program in which the Fund participates. During this same time period, the MSCI EAFE^® Index (Net) returned (6.86)%.

For the fiscal year ended October 31, 2020, the materials sector contributed most significantly to the Fund’s return, followed by the information technology and consumer staples sectors, respectively. The real estate sector detracted most significantly from the Fund’s return, followed by the financials and utilities sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Hong Kong Exchanges & Clearing Ltd., a financials company (portfolio average weight of 0.30%), and Azbil Corp., an information technology company (portfolio average weight of 0.28%). Positions that detracted most significantly from the Fund’s return included H&R Real Estate Investment Trust, a real estate company (no longer held at fiscal year-end), and RioCan Real Estate Investment Trust, a real estate company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Consumer Staples	23.37
Industrials	14.50
Financials	12.04
Utilities	10.58
Communication Services	9.38
Health Care	7.11
Consumer Discretionary	6.65
Materials	5.41
Information Technology	5.13
Real Estate	4.28
Energy	0.93
Money Market Funds Plus Other Assets Less Liabilities	0.62
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020
Security
HK Electric Investments & HK Electric Investments Ltd.	1.00
NTT DOCOMO, Inc.	0.83
Chugoku Electric Power Co., Inc. (The)	0.70
Softbank Corp.	0.70
AusNet Services	0.65
Azbil Corp.	0.64
CLP Holdings Ltd.	0.64
Japan Tobacco, Inc.	0.63
LINE Corp.	0.62
Nestle S.A.	0.62
Total	7.03

* Excluding money market fund holdings.

12

Invesco S&P International Developed Low Volatility ETF (IDLV) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of October 31, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
S&P BMI International Developed Low VolatilityTM Index (Net)		(16.56	)%		(2.25	)%		(6.59	)%		2.26	%		11.85	%		4.79	%		50.91	%
MSCI EAFE® Index (Net)		(6.86	)		(1.24	)		(3.67	)		2.85			15.07			5.54			60.65
Fund
NAV Return		(16.49	)		(2.17	)		(6.37	)		2.26			11.81			4.72			50.01
Market Price Return		(16.28	)		(2.11	)		(6.19	)		2.36			12.40			4.69			49.62

Fund Inception: January 13, 2012

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.25% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

- Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the MSCI EAFE^® Index (Net) to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests.

13

IDMO	Management’s Discussion of Fund Performance
	Invesco S&P International Developed Momentum ETF (IDMO)

As an index fund, Invesco S&P International Developed Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P Momentum Developed ex-U.S. & South Korea LargeMidCap (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of constituents of the S&P Developed ex-U.S. & South Korea LargeMidCap (the “Developed ex-U.S. & South Korea Index”) that have the highest “momentum score.” In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on upward price movements of the security as compared to other eligible securities within the Developed ex-U.S. & South Korea Index.

In selecting constituent securities for the Index, the Index Provider first calculates the momentum score of each stock in the Developed ex-U.S. & South Korea Index by evaluating the percentage change in the stock’s price over the last 12 months, excluding the most recent month, and applying an adjustment based on the security’s volatility over that period. The Index Provider then ranks all the stocks in descending order by momentum score, selects the top 20% for inclusion in the Index and weights the selected securities based on a modified market capitalization-weighted strategy. The Fund generally invests in all of the securities comprising the Index in proportion to their weighting in the Index.

For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 10.24%. On a net asset value (“NAV”) basis, the Fund returned 10.11%. During the same time period, the Index returned 10.21%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period. During this same time period, the MSCI EAFE^® Index (Net) returned (6.86)%.

For the fiscal year ended October 31, 2020, the information technology sector contributed most significantly to the Fund’s return, followed by the health care and materials sectors, respectively. The real estate sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and communication services sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Shopify, Inc., Class A, an information technology company (portfolio average weight of 2.27%), and ASML Holding N.V., an information technology company (portfolio average weight of 2.26%). Positions that detracted most significantly from the Fund’s return included Airbus SE, an industrials company (no longer held at fiscal year-end), and Allianz SE, a financials company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Health Care	23.95
Information Technology	21.87
Industrials	10.96
Materials	10.67
Consumer Discretionary	8.72
Communication Services	5.91
Consumer Staples	5.72
Utilities	5.17
Financials	4.40
Sector Types Each Less Than 3%	2.59
Money Market Funds Plus Other Assets Less Liabilities	0.04

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020
Security
Roche Holding AG	4.49
Shopify, Inc., Class A	4.15
ASML Holding N.V.	3.76
AstraZeneca PLC	2.60
Novo Nordisk A/S, Class B	2.56
Sony Corp.	2.41
Keyence Corp.	2.28
Adyen N.V.	2.12
Sanofi	2.01
Sea Ltd., ADR	1.93
Total	28.31

* Excluding money market fund holdings.

14

Invesco S&P International Developed Momentum ETF (IDMO) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of October 31, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
Blended — S&P Momentum Developed ex-US and South Korea LargeMidCap Index (Net)		10.21	%		4.03	%		12.57	%		5.36	%		29.85	%		4.40	%		45.34	%
MSCI EAFE® Index (Net)		(6.86	)		(1.24	)		(3.67	)		2.85			15.07			4.30			44.14
Fund
NAV Return		10.11			3.72			11.58			4.94			27.29			4.00			40.54
Market Price Return		10.24			3.89			12.14			5.02			27.75			3.89			39.32

Fund Inception: February 24, 2012

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.26% includes the unitary management fee of 0.25% to cover operating expenses and expenses incurred in connection with managing the portfolio and other expenses of 0.01%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot

invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

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

- The Blended-S&P Momentum Developed ex-U.S. & South Korea LargeMidCap Index is comprised of the performance of the S&P BMI International Developed High Beta Index^TM, the Fund’s underlying index from Fund inception through the conversion date, March 21, 2016, followed by the performance of the Index for the period March 21, 2016 through October 31, 2020.

- Net returns reflect reinvested dividends net of withholding taxes.

- Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the MSCI EAFE^® Index (Net) to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests.

15

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)

October 31, 2020

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-97.83%
Australia-5.92%
AGL Energy Ltd.		1,255	$	10,999
Altium Ltd.		518		13,525
AMP Ltd.		12,526		13,458
Ansell Ltd.		492		13,886
APA Group		1,778		13,098
ASX Ltd.		211		11,799
Aurizon Holdings Ltd.		4,334		11,474
AusNet Services		10,106		14,194
BHP Group Ltd.		491		11,648
Brambles Ltd.		1,703		11,469
Coca-Cola Amatil Ltd.		2,081		18,165
Coles Group Ltd.		1,069		13,325
Commonwealth Bank of Australia		280		13,571
CSL Ltd.		66		13,328
Dexus		2,167		13,102
Domino’s Pizza Enterprises Ltd.		227		13,507
Evolution Mining Ltd.		3,333		12,967
Fortescue Metals Group Ltd.		1,049		12,796
Goodman Group		1,025		13,244
Harvey Norman Holdings Ltd.		4,247		13,242
Insurance Australia Group Ltd.		3,897		13,054
Medibank Pvt Ltd.		7,105		13,322
Mineral Resources Ltd.		639		11,200
Newcrest Mining Ltd.		599		12,300
Northern Star Resources Ltd.		1,409		14,694
Orora Ltd.		8,076		14,632
Platinum Asset Management Ltd.		5,094		10,911
Ramsay Health Care Ltd.		288		12,610
Rio Tinto Ltd.		191		12,398
Rio Tinto PLC		223		12,563
Saracen Mineral Holdings Ltd.(a)		3,620		14,338
Shopping Centres Australasia Property Group		8,513		13,870
Sonic Healthcare Ltd.		581		14,207
Suncorp Group Ltd.		2,050		11,819
Telstra Corp. Ltd.		6,517		12,265
Treasury Wine Estates Ltd.		2,036		13,111
Washington H Soul Pattinson & Co. Ltd.(b)		881		15,677
Wesfarmers Ltd.		392		12,652
Whitehaven Coal Ltd.		21,975		16,435
WiseTech Global Ltd.		644		13,065
Woolworths Group Ltd.		482		12,917
				540,837
Austria-0.58%
ANDRITZ AG		431		14,519
Telekom Austria AG		1,882		12,671
Verbund AG		251		14,438
Vienna Insurance Group AG Wiener Versicherung Gruppe		570		11,566
				53,194
Belgium-1.51%
Ackermans & van Haaren N.V.(a)		97		11,932
Ageas(b)		329		13,241
Colruyt S.A.		218		12,905
Elia Group S.A./N.V.(b)		131		12,681
Galapagos N.V.(a)		106		12,520
Groupe Bruxelles Lambert S.A.		147		12,034

	Shares		Value
Belgium-(continued)
Proximus SADP		709	$	13,788
Sofina S.A.		46		11,949
Telenet Group Holding N.V.		372		14,300
UCB S.A.		117		11,543
Umicore S.A.		296		11,392
				138,285
Brazil-0.26%
Wheaton Precious Metals Corp.		259		11,876
Yara International ASA		335		11,653
				23,529
Cambodia-0.14%
NagaCorp Ltd.		12,000		12,379
Canada-3.55%
Bank of Nova Scotia (The)		323		13,408
Barrick Gold Corp.		468		12,502
BCE, Inc.		317		12,729
Canadian National Railway Co.		132		13,103
Canadian Pacific Railway Ltd.		47		14,034
Canadian Utilities Ltd., Class A(b)		541		12,635
Constellation Software, Inc.		12		12,587
Dollarama, Inc.		351		12,078
Enbridge, Inc.		425		11,701
Fortis, Inc.		340		13,421
Franco-Nevada Corp.		92		12,530
George Weston Ltd.		186		13,033
Hydro One Ltd.(c)		652		14,235
Intact Financial Corp.		130		13,418
Loblaw Cos. Ltd.		263		13,081
Metro, Inc.		302		14,077
Nutrien Ltd.		361		14,664
Rogers Communications, Inc., Class B		318		12,907
Royal Bank of Canada		182		12,716
Saputo, Inc.		541		13,158
Shaw Communications, Inc., Class B		726		11,952
TC Energy Corp.		296		11,642
TELUS Corp.		735		12,557
Thomson Reuters Corp.		175		13,595
Topicus.com, Inc.(a)(d)		22		0
Toronto-Dominion Bank (The)		278		12,255
				324,018
Chile-0.14%
Antofagasta PLC		947		12,606
China-1.53%
Kerry Logistics Network Ltd.		7,890		16,442
Lenovo Group Ltd.		21,002		13,135
Minth Group Ltd.		3,500		14,465
Sun Art Retail Group Ltd.		10,426		11,266
Tingyi Cayman Islands Holding Corp.		8,041		14,683
Towngas China Co. Ltd.(a)		31,639		14,320
Uni-President China Holdings Ltd.		14,689		12,691
Want Want China Holdings Ltd.		20,000		13,205
Wilmar International Ltd.		4,265		12,619
Xinyi Glass Holdings Ltd.		7,581		16,599
				139,425

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

 16 

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)

October 31, 2020

	Shares		Value
Denmark-1.15%
Carlsberg A/S, Class B		100	$	12,658
Chr. Hansen Holding A/S		121		12,188
Coloplast A/S, Class B		84		12,259
GN Store Nord A/S		189		13,594
Novo Nordisk A/S, Class B		210		13,489
Novozymes A/S, Class B		226		13,582
Orsted A/S(c)		96		15,238
Tryg A/S		449		12,455
				105,463
Finland-1.16%
Elisa OYJ		232		11,415
Kesko OYJ, Class B		612		15,726
Kojamo OYJ		569		11,732
Kone OYJ, Class B		160		12,737
Neste OYJ(b)		252		13,115
Nokian Renkaat OYJ(b)		496		15,247
Orion OYJ, Class B		299		12,800
UPM-Kymmene OYJ		454		12,830
				105,602
France-4.16%
Air Liquide S.A.		82		11,988
Alstom S.A.(a)		247		11,071
Atos SE(a)		157		10,717
BioMerieux		96		14,291
Carrefour S.A.		863		13,430
Danone S.A.		210		11,595
Dassault Systemes SE		73		12,462
Edenred		265		12,360
Gecina S.A.		102		12,666
Hermes International		16		14,891
ICADE		221		11,173
Iliad S.A.		66		12,762
Kering S.A.		21		12,683
Legrand S.A.		165		12,201
L’Oreal S.A.		42		13,586
LVMH Moet Hennessy Louis Vuitton SE		29		13,590
Natixis S.A.(a)		5,068		11,783
Orange S.A.		1,268		14,224
Orpea S.A.(a)		115		11,486
Pernod Ricard S.A.		81		13,058
Remy Cointreau S.A.		83		14,019
Sanofi		137		12,347
Sartorius Stedim Biotech		39		14,792
Schneider Electric SE		110		13,352
SEB S.A.		80		13,009
Teleperformance		44		13,208
Thales S.A.		176		11,456
Veolia Environnement S.A.		579		10,784
Vinci S.A.		146		11,534
Vivendi S.A.		484		13,976
				380,494
Germany-4.56%
1&1 Drillisch AG		489		10,304
adidas AG(a)		44		13,070
Allianz SE		64		11,262
Bechtle AG		68		11,668
Beiersdorf AG		118		12,357
Carl Zeiss Meditec AG, BR		119		15,373

	Shares		Value
Germany-(continued)
CTS Eventim AG & Co. KGaA(a)		283	$	12,540
Deutsche Boerse AG		74		10,891
Deutsche Post AG		304		13,470
Deutsche Telekom AG		759		11,555
Deutsche Wohnen SE		255		12,871
E.ON SE		1,160		12,096
Fielmann AG(a)		187		14,180
Fresenius Medical Care AG & Co. KGaA		161		12,299
Fuchs Petrolub SE		106		4,062
Fuchs Petrolub SE, Preference Shares		219		11,270
Hannover Rueck SE		80		11,621
HelloFresh SE(a)		274		14,656
Henkel AG & Co. KGaA		52		4,703
Henkel AG & Co. KGaA, Preference Shares		89		8,659
Knorr-Bremse AG		107		12,393
LEG Immobilien AG		93		12,569
Merck KGaA		99		14,663
Puma SE(a)		164		14,335
Rational AG		21		15,741
RWE AG		347		12,850
SAP SE		83		8,845
Sartorius AG, Preference Shares		32		13,546
Scout24 AG(c)		149		12,002
Siemens Healthineers AG(c)		305		13,094
Symrise AG		99		12,207
Talanx AG		372		10,954
Uniper SE		429		12,823
United Internet AG		277		9,712
Vonovia SE		188		12,005
				416,646
Hong Kong-3.03%
Bank of East Asia Ltd. (The)(b)		6,141		11,055
CLP Holdings Ltd.		1,554		14,288
Dairy Farm International Holdings Ltd.		3,311		12,482
Guotai Junan International Holdings Ltd.(b)		93,918		11,990
Haitong International Securities Group Ltd.		52,000		11,802
Hang Lung Properties Ltd.		5,329		12,933
Hang Seng Bank Ltd.		899		13,819
Hong Kong & China Gas Co. Ltd. (The)		9,627		13,829
Hong Kong Exchanges & Clearing Ltd.		245		11,696
Huabao International Holdings Ltd.(b)		15,889		14,363
Hutchison Telecommunications Hong Kong Holdings Ltd.		88,000		13,163
Kerry Properties Ltd.		5,500		13,447
MTR Corp. Ltd.		2,592		12,818
NWS Holdings Ltd.		15,789		13,825
Power Assets Holdings Ltd.		2,554		13,124
Sino Land Co. Ltd.		12,550		14,824
Swire Properties Ltd.		5,188		13,882
United Energy Group Ltd.		82,949		11,231
Vinda International Holdings Ltd.		4,123		10,899
Vitasoy International Holdings Ltd.		3,819		15,414
VTech Holdings Ltd.		2,397		15,903
				276,787
Ireland-0.42%
Glanbia PLC		1,211		11,511

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

 17 

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)

October 31, 2020

	Shares		Value
Ireland-(continued)
Kerry Group PLC, Class A		103	$	12,322
Smurfit Kappa Group PLC		380		14,308
				38,141
Israel-2.91%
Airport City Ltd.(a)		1,186		12,951
Alony Hetz Properties & Investments Ltd.		1,195		12,102
Amot Investments Ltd.		2,733		12,596
Azrieli Group Ltd.		258		12,186
Bank Hapoalim BM(a)		2,314		13,579
Bank Leumi Le-Israel BM		2,707		12,833
Bezeq The Israeli Telecommunication Corp. Ltd.(a)		12,304		14,050
Elbit Systems Ltd.		105		11,901
Electra Ltd.		31		13,568
Energix-Renewable Energies Ltd.(a)		3,074		13,120
First International Bank of Israel Ltd.		610		13,575
Harel Insurance Investments & Financial Services Ltd.(a)		2,040		14,941
ICL Group Ltd.		3,742		13,643
Melisron Ltd.		357		12,974
Mivne Real Estate KD Ltd.		6,901		13,297
Nice Ltd.(a)		60		13,745
Phoenix Holdings Ltd. (The)(a)		2,841		14,986
Shapir Engineering and Industry Ltd.(a)		1,972		13,314
Shufersal Ltd.		1,746		13,218
Strauss Group Ltd.		477		13,815
				266,394
Italy-2.56%
A2A S.p.A.		9,425		11,983
Amplifon S.p.A.(a)		404		14,687
Assicurazioni Generali S.p.A.		898		12,040
Buzzi Unicem S.p.A.		570		12,333
Davide Campari-Milano N.V.		1,287		13,439
DiaSorin S.p.A.		77		16,907
Enel S.p.A.		1,528		12,164
Ferrari N.V.		71		12,666
FinecoBank Banca Fineco S.p.A.(a)		917		12,551
Hera S.p.A.		3,576		11,247
Infrastrutture Wireless Italiane S.p.A.(c)		1,388		15,004
Italgas S.p.A.		2,133		12,329
Moncler S.p.A.(a)		349		13,969
Poste Italiane S.p.A.(c)		1,497		12,206
Recordati Industria Chimica e Farmaceutica S.p.A.		255		13,215
Snam S.p.A.		2,656		12,963
Terna Rete Elettrica Nazionale S.p.A.		1,883		12,731
UnipolSai Assicurazioni S.p.A.		4,902		11,386
				233,820
Japan-34.53%
Advance Residence Investment Corp.		5		14,588
Aica Kogyo Co. Ltd.		400		13,430
Ain Holdings, Inc.		204		14,245
Air Water, Inc.		978		13,939
Ajinomoto Co., Inc.		772		15,489
Alfresa Holdings Corp.		647		11,827
Anritsu Corp.		600		13,092
Ariake Japan Co. Ltd.		189		12,095
As One Corp.		100		14,406
ASKUL Corp.		400		15,267
Astellas Pharma, Inc.		900		12,354

	Shares		Value
Japan-(continued)
Azbil Corp.		400	$	16,166
Bandai Namco Holdings, Inc.		222		16,513
Benesse Holdings, Inc.		555		13,055
Bridgestone Corp.		452		14,657
Calbee, Inc.		445		13,622
Canon Marketing Japan, Inc.		824		17,451
Canon, Inc.		890		15,329
Capcom Co. Ltd.		293		16,116
Chubu Electric Power Co., Inc.		1,094		12,260
Chugai Pharmaceutical Co. Ltd.		331		12,731
Chugoku Bank Ltd. (The)		1,500		12,942
Chugoku Electric Power Co., Inc. (The)		1,108		13,937
COMSYS Holdings Corp.		455		11,516
Cosmos Pharmaceutical Corp.		79		13,406
CyberAgent, Inc.		248		15,539
Daifuku Co. Ltd.		153		15,704
Daiichi Sankyo Co. Ltd.		465		12,223
Daikin Industries Ltd.		73		13,603
Daiwa House Industry Co. Ltd.		514		13,450
Daiwa House REIT Investment Corp.		5		11,570
Daiwa Office Investment Corp.		2		10,848
Daiwa Securities Group, Inc.		3,114		12,541
Eisai Co. Ltd.		155		11,993
Elecom Co. Ltd.		300		14,980
Electric Power Development Co. Ltd.		869		11,721
Ezaki Glico Co. Ltd.		295		12,233
FamilyMart Co. Ltd.		659		14,423
FP Corp.		402		16,016
Fuji Oil Holdings, Inc.		496		15,657
Fuji Seal International, Inc.		736		13,729
FUJIFILM Holdings Corp.		295		15,007
Fujitsu General Ltd.		500		13,794
Fujitsu Ltd.		112		13,097
Glory Ltd.		640		13,432
GLP J-REIT		9		13,861
GMO internet, Inc.		473		12,596
GMO Payment Gateway, Inc.		126		15,391
Gunma Bank Ltd. (The)		4,200		13,258
Hachijuni Bank Ltd. (The)		3,600		13,224
Hamamatsu Photonics KK		300		15,037
Heiwa Corp.		799		12,886
Hirogin Holdings, Inc.(a)		2,761		14,949
Hisamitsu Pharmaceutical Co., Inc.		300		14,277
Hitachi Transport System Ltd.		348		11,002
Hokuhoku Financial Group, Inc.		1,500		14,148
Hokuriku Electric Power Co.		1,893		13,490
Hoshizaki Corp.		200		15,936
House Foods Group, Inc.		376		12,427
Hoya Corp.		133		15,012
Hulic Co. Ltd.		1,547		14,295
Industrial & Infrastructure Fund Investment Corp.		8		13,591
Ito En Ltd.		227		14,353
ITOCHU Corp.		561		13,416
Itochu Techno-Solutions Corp.		327		11,120
Itoham Yonekyu Holdings, Inc.		2,066		13,794
Iyo Bank Ltd. (The)		2,200		13,742
Izumi Co. Ltd.		400		13,526
Japan Exchange Group, Inc.		484		11,771
Japan Logistics Fund, Inc.		5		14,019
Japan Post Bank Co. Ltd.		1,742		13,847

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

 18 

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)

October 31, 2020

	Shares		Value
Japan-(continued)
Japan Post Holdings Co. Ltd.		1,873	$	12,809
Japan Real Estate Investment Corp.		3		14,693
Japan Tobacco, Inc.		770		14,510
JCR Pharmaceuticals Co. Ltd.		508		13,106
JSR Corp.		600		13,465
Justsystems Corp.		200		13,086
Kagome Co. Ltd.		430		14,705
Kaken Pharmaceutical Co. Ltd.		335		13,155
Kandenko Co. Ltd.		1,782		13,347
Kansai Electric Power Co., Inc. (The)		1,370		12,462
Kao Corp.		183		12,989
KDDI Corp.		484		12,929
Keihan Holdings Co. Ltd.		291		11,023
Kenedix Office Investment Corp.		2		11,555
Kewpie Corp.		734		15,011
Keyence Corp.		33		14,915
Kinden Corp.		790		12,363
Kirin Holdings Co. Ltd.		700		12,582
Kissei Pharmaceutical Co. Ltd.		600		11,777
Kobayashi Pharmaceutical Co. Ltd.		154		14,982
Kobe Bussan Co. Ltd.(b)		476		13,409
Koei Tecmo Holdings Co. Ltd.		354		17,338
KOKUYO Co. Ltd.		1,241		16,786
Kusuri no Aoki Holdings Co. Ltd.		187		14,990
Kyocera Corp.		240		13,157
Kyowa Exeo Corp.		548		12,612
Kyowa Kirin Co. Ltd.		503		12,462
Kyudenko Corp.		527		14,342
Kyushu Electric Power Co., Inc.		1,558		13,055
Kyushu Financial Group, Inc.		3,000		13,975
LaSalle Logiport REIT		8		12,443
Lawson, Inc.		316		14,524
Lintec Corp.		551		12,175
Lion Corp.		666		13,614
M3, Inc.		200		13,444
Maeda Road Construction Co. Ltd.		764		12,709
Mani, Inc.		500		12,498
Matsui Securities Co. Ltd.		1,554		12,383
Matsumotokiyoshi Holdings Co. Ltd.		400		14,750
Medipal Holdings Corp.		766		13,643
Megmilk Snow Brand Co. Ltd.		666		14,411
MEIJI Holdings Co. Ltd.		201		14,536
Mitsubishi Estate Co. Ltd.		851		12,650
Mitsubishi Shokuhin Co. Ltd.		567		14,769
Miura Co. Ltd.		300		14,047
Mochida Pharmaceutical Co. Ltd.		345		12,541
MonotaRO Co. Ltd.		300		16,644
Mori Hills REIT Investment Corp.		11		13,521
Morinaga & Co. Ltd.		383		14,526
Morinaga Milk Industry Co. Ltd.		325		15,638
MS&AD Insurance Group Holdings, Inc.		475		12,925
Nagoya Railroad Co. Ltd.		454		12,056
Nankai Electric Railway Co. Ltd.		623		14,172
NEC Corp.		289		14,514
NEC Networks & System Integration Corp.		700		12,120
NET One Systems Co. Ltd.		362		10,804
Nexon Co. Ltd.		516		14,408
NH Foods Ltd.		304		12,417
Nichirei Corp.		567		14,254
Nihon Kohden Corp.		373		11,667

	Shares		Value
Japan-(continued)
Nihon M&A Center, Inc.		300	$	17,534
Nihon Unisys Ltd.		475		13,972
Nintendo Co. Ltd.		25		13,626
Nippo Corp.		556		14,254
Nippon Accommodations Fund, Inc.		2		11,441
Nippon Building Fund, Inc.		2		10,101
Nippon Paint Holdings Co. Ltd.		157		14,102
Nippon Paper Industries Co. Ltd.		1,083		12,193
Nippon Prologis REIT, Inc.		4		13,162
Nippon Shinyaku Co. Ltd.		200		14,234
Nippon Telegraph & Telephone Corp.		595		12,499
Nippon Television Holdings, Inc.		1,173		12,343
Nissan Chemical Corp.		276		14,574
Nisshin Seifun Group, Inc.		903		13,570
Nissin Foods Holdings Co. Ltd.		153		13,231
Nitori Holdings Co. Ltd.		66		13,605
Noevir Holdings Co. Ltd.		300		13,373
NOF Corp.		365		13,669
Nomura Holdings, Inc.		2,700		11,997
Nomura Real Estate Master Fund, Inc.		11		13,111
Nomura Research Institute Ltd.		530		15,691
NS Solutions Corp.		520		15,171
NTT DOCOMO, Inc.		506		18,814
OBIC Business Consultants Co. Ltd.		224		12,128
Obic Co. Ltd.		75		13,308
Oji Holdings Corp.		3,100		13,018
Olympus Corp.		740		14,079
Ono Pharmaceutical Co. Ltd.		400		11,372
Oracle Corp. Japan		117		11,707
Oriental Land Co. Ltd.		98		13,673
Osaka Gas Co. Ltd.		737		13,973
Otsuka Corp.		300		13,832
Otsuka Holdings Co. Ltd.		325		11,985
Paltac Corp.		277		15,501
Pan Pacific International Holdings Corp.		575		12,222
Pigeon Corp.		300		13,789
Rengo Co. Ltd.		1,832		14,072
Rinnai Corp.		152		14,976
Rohto Pharmaceutical Co. Ltd.		400		12,474
Sankyo Co. Ltd.		538		13,679
Santen Pharmaceutical Co. Ltd.		700		12,434
Sawai Pharmaceutical Co. Ltd.		300		14,435
SCSK Corp.		255		12,660
Secom Co. Ltd.		149		12,535
Sega Sammy Holdings, Inc.		1,253		15,653
Sekisui House Reit, Inc.		19		13,268
Seven & i Holdings Co. Ltd.		472		14,353
SG Holdings Co. Ltd.		596		14,338
Shiga Bank Ltd. (The)		630		13,553
Shikoku Electric Power Co., Inc.		1,821		13,099
Shimadzu Corp.		500		14,210
Shimamura Co. Ltd.		182		19,359
Shimano, Inc.		66		15,004
Shinsei Bank Ltd.		1,200		14,372
Shionogi & Co. Ltd.		251		11,822
Ship Healthcare Holdings, Inc.		283		13,400
Shizuoka Bank Ltd. (The)		2,008		13,446
SHO-BOND Holdings Co. Ltd.		310		14,886
SKY Perfect JSAT Holdings, Inc.		3,550		15,111
SMS Co. Ltd.		500		14,683

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

 19 

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)

October 31, 2020

	Shares		Value
Japan-(continued)
Softbank Corp.		1,100	$	12,758
Sohgo Security Services Co. Ltd.		296		13,747
Sojitz Corp.		6,052		13,257
Sompo Holdings, Inc.		424		15,781
Sony Corp.		200		16,595
Sotetsu Holdings, Inc.		509		12,518
Square Enix Holdings Co. Ltd.		200		11,708
Sugi Holdings Co. Ltd.		200		13,239
Sumitomo Osaka Cement Co. Ltd.		400		12,129
Sundrug Co. Ltd.		387		14,345
Suntory Beverage & Food Ltd.		403		13,878
Suzuken Co. Ltd.		352		12,677
Sysmex Corp.		156		14,624
Taisho Pharmaceutical Holdings Co. Ltd.		200		11,995
Takara Bio, Inc.		537		14,609
Takara Holdings, Inc.		1,400		14,062
Teijin Ltd.		854		13,038
Terumo Corp.		300		11,011
TIS, Inc.		685		13,112
Tobu Railway Co. Ltd.		412		11,646
Toda Corp.		2,143		12,177
Toho Gas Co. Ltd.		345		17,788
Tohoku Electric Power Co., Inc.		1,336		11,783
Tokio Marine Holdings, Inc.		323		14,395
Tokyo Electron Ltd.		53		14,145
Tokyo Gas Co. Ltd.		584		13,215
Tokyo Ohka Kogyo Co. Ltd.		300		17,706
Tokyu Corp.		1,069		12,629
Toyo Suisan Kaisha Ltd.		291		14,475
Toyota Motor Corp.		211		13,731
Trend Micro, Inc.		225		12,591
Tsumura & Co.		500		14,659
Tsuruha Holdings, Inc.		100		13,985
Unicharm Corp.		285		13,195
Welcia Holdings Co. Ltd.		372		14,590
Yakult Honsha Co. Ltd.		251		12,149
Yamaguchi Financial Group, Inc.		2,099		13,573
Yamato Holdings Co. Ltd.		468		12,329
Yamazaki Baking Co. Ltd.		794		13,033
Yaoko Co. Ltd.		177		12,529
				3,155,436
Jordan-0.15%
Hikma Pharmaceuticals PLC		430		13,955
Luxembourg-0.48%
Eurofins Scientific SE(a)		17		13,541
L’Occitane International S.A.		7,996		14,580
RTL Group S.A.(a)		410		15,579
				43,700
Malaysia-0.16%
Wing Tai Holdings Ltd.		11,033		14,463
Mexico-0.13%
Fresnillo PLC		814		12,235
Netherlands-1.44%
Adyen N.V.(a)(c)		8		13,489
Euronext N.V.(c)		112		11,683
Heineken Holding N.V.		171		13,216
Heineken N.V.		151		13,403
Koninklijke Ahold Delhaize N.V.		460		12,640

	Shares		Value
Netherlands-(continued)
Koninklijke DSM N.V.		85	$	13,609
Koninklijke KPN N.V.		5,208		14,075
Koninklijke Philips N.V.(a)		285		13,238
Koninklijke Vopak N.V.		249		12,945
Wolters Kluwer N.V.		166		13,454
				131,752
New Zealand-0.89%
a2 Milk Co. Ltd. (The)(a)		1,120		10,837
Contact Energy Ltd.		3,268		15,939
Fisher & Paykel Healthcare Corp. Ltd.		567		13,115
Mercury NZ Ltd.		4,041		14,288
Spark New Zealand Ltd.		4,242		12,588
Xero Ltd.(a)		183		14,156
				80,923
Norway-0.93%
Gjensidige Forsikring ASA		646		12,253
Leroy Seafood Group ASA		2,199		10,315
Mowi ASA		724		11,410
Orkla ASA		1,387		13,071
Salmar ASA(a)		259		13,074
Telenor ASA		835		12,858
TOMRA Systems ASA		303		12,194
				85,175
Poland-0.84%
CD Projekt S.A.(a)		117		9,900
Cyfrowy Polsat S.A.		1,909		11,886
Dino Polska S.A.(a)(c)		232		12,725
Polski Koncern Naftowy ORLEN S.A.		1,027		9,872
Polskie Gornictwo Naftowe i Gazownictwo S.A.		9,626		10,127
Powszechna Kasa Oszczednosci Bank Polski S.A.(a)		2,425		11,597
Powszechny Zaklad Ubezpieczen S.A.(a)		1,891		10,305
				76,412
Portugal-0.15%
Jeronimo Martins SGPS S.A.		845		13,426
Russia-0.12%
Polymetal International PLC		530		11,235
Singapore-3.10%
Ascendas REIT		5,627		11,868
CapitaLand Integrated Commercial Trust		17,776		22,522
CapitaLand Ltd.		6,818		12,832
Genting Singapore Ltd.		26,900		12,706
Keppel DC REIT		6,400		13,592
Keppel REIT		17,755		12,938
Mapletree Commercial Trust		9,465		11,922
Mapletree Industrial Trust		6,088		13,554
Mapletree Logistics Trust		8,988		12,835
Mapletree Logistics Trust, Rts., expiring 11/30/2020(a)(d)		170		0
NetLink NBN Trust(c)		19,500		13,709
Olam International Ltd.		14,288		13,393
Oversea-Chinese Banking Corp. Ltd.		2,138		13,184
SATS Ltd.		6,345		13,847
Singapore Exchange Ltd.		2,181		13,832
Singapore Post Ltd.		26,900		13,100
Singapore Press Holdings Ltd.		17,662		12,805
Singapore Telecommunications Ltd.		8,202		12,194
StarHub Ltd.		15,416		13,209

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

 20 

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)

October 31, 2020

	Shares		Value
Singapore-(continued)
Suntec REIT		13,234	$	12,987
UOL Group Ltd.		2,800		12,754
Venture Corp. Ltd.		934		13,174
				282,957
South Korea-8.02%
Amorepacific Corp.		96		13,367
Amorepacific Group		315		12,090
BGF retail Co. Ltd.		132		13,727
Celltrion Healthcare Co. Ltd.(a)		163		12,167
Celltrion Pharm, Inc.(a)		145		13,903
Celltrion, Inc.(a)		55		11,682
Cheil Worldwide, Inc.		863		15,858
CJ Logistics Corp.(a)		103		14,478
Coway Co. Ltd.		202		12,355
Daelim Industrial Co. Ltd.		175		12,030
Dongsuh Cos., Inc.		651		16,609
E-MART, Inc.		128		16,018
Hanmi Pharm Co. Ltd.		53		12,261
Hanon Systems		1,247		12,308
HDC Hyundai Development Co.-Engineering & Construction, Class E		665		11,604
Hite Jinro Co. Ltd.		429		12,665
Hyundai Department Store Co. Ltd.		290		15,130
Hyundai Marine & Fire Insurance Co. Ltd.		719		14,764
Hyundai Mobis Co. Ltd.		70		13,911
Hyundai Motor Co., Second Pfd.		186		13,097
Industrial Bank of Korea		1,996		14,371
KB Financial Group, Inc.		435		15,373
KEPCO Plant Service & Engineering Co. Ltd.		582		14,105
Korea Aerospace Industries Ltd.		701		13,468
Korea Investment Holdings Co. Ltd.		248		14,993
Korea Zinc Co. Ltd.		41		13,821
KT&G Corp.		194		13,849
Kumho Petrochemical Co. Ltd.		165		19,340
LG Corp.		197		11,771
LG Household & Health Care Ltd.		10		13,219
LG Household & Health Care Ltd., Preference Shares		2		1,218
LG Uplus Corp.		1,356		13,205
Lotte Chemical Corp.		91		18,686
NAVER Corp.		49		12,523
NCSoft Corp.		19		12,994
Netmarble Corp.(a)(c)		95		9,796
NH Investment & Securities Co. Ltd.		1,736		14,595
NHN Corp.(a)		221		13,517
NongShim Co. Ltd.		46		11,675
Orion Corp.		118		11,283
Ottogi Corp.		28		13,128
S-1 Corp.		186		13,376
Samsung Card Co. Ltd.		567		14,691
Samsung Electronics Co. Ltd.		262		13,069
Samsung Electronics Co. Ltd., Preference Shares		46		2,031
Samsung Fire & Marine Insurance Co. Ltd., Preference Shares		121		15,142
Samsung SDI Co. Ltd.		36		14,023
Samsung SDS Co. Ltd.		102		15,147
Samsung Securities Co. Ltd.		508		14,371
Shinhan Financial Group Co. Ltd.		543		14,524
SK Hynix, Inc.		217		15,280

	Shares		Value
South Korea-(continued)
SK Telecom Co. Ltd.		68	$	12,825
Ssangyong Cement Industrial Co. Ltd.		2,694		13,177
Woori Financial Group, Inc.		1,903		14,909
Yuhan Corp.		246		12,899
				732,418
Spain-1.82%
Acciona S.A.(b)		113		11,412
Bankia S.A.		11,560		14,166
EDP Renovaveis S.A.		810		15,399
Enagas S.A.		565		12,196
Endesa S.A.		497		13,321
Grifols S.A.(b)		523		14,128
Iberdrola S.A.		1,092		12,879
Industria de Diseno Textil S.A.		498		12,292
Inmobiliaria Colonial SOCIMI S.A.		1,572		11,179
Mapfre S.A.		7,550		11,380
Naturgy Energy Group S.A.		701		13,024
Red Electrica Corp. S.A.		716		12,615
Zardoya Otis S.A		2,083		12,714
				166,705
Sweden-3.03%
Assa Abloy AB, Class B		600		12,875
Castellum AB		654		13,622
Elekta AB, Class B		1,072		12,561
Epiroc AB, Class A		582		8,696
Epiroc AB, Class B		353		5,060
Essity AB, Class B(b)		402		11,648
Evolution Gaming Group AB(c)		189		14,035
Fastighets AB Balder, Class B(a)		328		15,455
Holmen AB, Class B		382		14,480
ICA Gruppen AB		282		13,347
Industrivarden AB, Class C(a)		520		13,296
Investment AB Latour, Class B		611		14,264
Investor AB, Class A		49		2,934
Investor AB, Class B		167		10,026
L E Lundbergforetagen AB, Class B(a)		297		13,367
Sinch AB(a)(c)		135		12,861
Svenska Cellulosa AB S.C.A., Class A(a)		37		513
Svenska Cellulosa AB S.C.A., Class B(a)		1,021		13,851
Svenska Handelsbanken AB, Class A(a)		1,377		11,157
Svenska Handelsbanken AB, Class B(a)		33		318
Swedish Match AB		180		13,561
Swedish Orphan Biovitrum AB(a)		619		10,689
Tele2 AB, Class B		970		11,502
Telefonaktiebolaget LM Ericsson, Class A		14		167
Telefonaktiebolaget LM Ericsson, Class B		1,184		13,206
Telia Co. AB(b)		3,556		13,631
				277,122
Switzerland-2.28%
Banque Cantonale Vaudoise		129		12,498
Barry Callebaut AG		6		12,392
Chocoladefabriken Lindt & Spruengli AG, PC		2		15,864
DKSH Holding AG		202		13,003
EMS-Chemie Holding AG		15		13,191
Givaudan S.A.		3		12,228
Lonza Group AG		22		13,326
Nestle S.A.		115		12,936
Novartis AG		157		12,246

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

 21 

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)

October 31, 2020

	Shares		Value
Switzerland-(continued)
PSP Swiss Property AG		112	$	13,552
Roche Holding AG		37		11,899
Roche Holding AG, BR		1		322
Schindler Holding AG, PC		51		13,048
SIG Combibloc Group AG(a)		713		14,664
Swiss Prime Site AG		149		12,534
Swisscom AG		25		12,719
Zurich Insurance Group AG		37		12,272
				208,694
United Arab Emirates-0.00%
NMC Health PLC(a)(d)		1,243		0
United Kingdom-5.75%
Admiral Group PLC		393		13,974
AstraZeneca PLC		125		12,552
Auto Trader Group PLC(c)		1,835		13,738
Avast PLC(c)		1,886		11,569
BAE Systems PLC		2,024		10,390
Bunzl PLC		428		13,282
ConvaTec Group PLC(c)		5,446		12,724
Croda International PLC		172		13,419
DCC PLC		158		10,264
Derwent London PLC		373		12,819
Diageo PLC		411		13,280
Direct Line Insurance Group PLC		3,532		12,034
Experian PLC		367		13,368
GlaxoSmithKline PLC		699		11,675
Halma PLC		460		14,084
HomeServe PLC		793		11,330
Imperial Brands PLC		833		13,183
Intertek Group PLC		173		12,464
J Sainsbury PLC		5,761		15,017
London Stock Exchange Group PLC		117		12,523
Mondi PLC		708		13,393
National Grid PLC		1,205		14,319
Pearson PLC		1,930		12,727
Pennon Group PLC		989		12,693
Phoenix Group Holdings PLC		1,512		12,950
RELX PLC		603		11,910
Renishaw PLC(a)		211		15,264
Rentokil Initial PLC(a)		1,929		13,119

Investment Abbreviations:

BR-Bearer Shares

CDI-CREST Depository Interest

PC-Participation Certificate

Pfd.-Preferred

REIT-Real Estate Investment Trust

Rts.-Rights

	Shares		Value
United Kingdom-(continued)
Rightmove PLC(a)		1,594	$	12,737
RSA Insurance Group PLC		2,319		12,702
Sage Group PLC (The)		1,396		11,473
Segro PLC		1,093		12,748
Severn Trent PLC		432		13,573
Smith & Nephew PLC		667		11,526
Spirax-Sarco Engineering PLC		99		14,439
Tate & Lyle PLC		1,536		11,821
Tesco PLC		4,794		12,738
Unilever N.V.		234		13,234
Unilever PLC		229		13,040
United Utilities Group PLC		1,206		13,463
WM Morrison Supermarkets PLC		5,443		11,465
				525,023
United States-0.43%
Amcor PLC, CDI		1,261		13,115
QIAGEN N.V.(a)		274		13,012
Waste Connections, Inc.		135		13,371
				39,498
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-97.83% (Cost $9,064,415)				8,938,749
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.66%
Invesco Private Government Fund, 0.04%(e)(f)(g)		60,781		60,781
Invesco Private Prime Fund, 0.11%(e)(f)(g)		91,144		91,172
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $151,953)				151,953
TOTAL INVESTMENTS IN SECURITIES-99.49% (Cost $9,216,368)				9,090,702
OTHER ASSETS LESS LIABILITIES-0.51%				46,959
NET ASSETS-100.00%			$	9,137,661

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

 22 

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)–(continued)

October 31, 2020

Notes to Schedule of Investments:

^(a) Non-income producing security.

^(b) All or a portion of this security was out on loan at October 31, 2020.

^(c) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2020 was $208,108, which represented 2.28% of the Fund’s Net Assets.

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

^(e) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2020.

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	131,275		$	(131,275	)		$	-			$	-			$	-		$	-
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			709,196			(709,196	)			-				-				-			125
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			614,148			3,888,844			(4,502,992	)			-				-				-			4,268	*
Invesco Liquid Assets Portfolio, Institutional Class			205,544			1,159,417			(1,364,871	)			(14	)			(76	)			-			1,624	*
Invesco Private Government Fund			-			2,207,493			(2,146,712	)			-				-				60,781			37	*
Invesco Private Prime Fund			-			430,826			(339,669	)			-				15				91,172			29	*
Total		$	819,692		$	8,527,051		$	(9,194,715	)		$	(14	)		$	(61	)		$	151,953		$	6,083

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

^(f) The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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

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

 23 

Invesco S&P Emerging Markets Low Volatility ETF (EELV)

October 31, 2020

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-100.13%
China-19.15%
Agricultural Bank of China Ltd., H Shares		4,601,701	$	1,554,699
Anhui Conch Cement Co. Ltd., H Shares		153,403		956,438
Bank of China Ltd., H Shares		5,037,133		1,591,388
Bank of Communications Co. Ltd., H Shares		2,964,703		1,456,575
Beijing Enterprises Holdings Ltd.		385,580		1,158,503
Beijing Enterprises Water Group Ltd.		2,902,487		1,100,384
CGN Power Co. Ltd., H Shares(a)		6,520,633		1,395,804
China Biologic Products Holdings, Inc.(b)(c)		16,283		1,892,247
China Cinda Asset Management Co. Ltd., H Shares		5,702,399		1,066,233
China CITIC Bank Corp. Ltd., H Shares		3,247,176		1,318,995
China Coal Energy Co. Ltd., H Shares		5,207,277		1,269,109
China Communications Construction Co. Ltd., H Shares		2,231,375		1,165,344
China Conch Venture Holdings Ltd.		309,188		1,373,531
China Construction Bank Corp., H Shares		2,295,801		1,583,852
China Everbright Environment Group Ltd.		2,085,716		1,048,930
China Life Insurance Co. Ltd.		1,762,440		1,179,951
China Merchants Bank Co. Ltd., H Shares		222,328		1,155,383
China Minsheng Banking Corp. Ltd., H Shares		2,840,992		1,553,326
China Mobile Ltd.		173,612		1,055,572
China Overseas Land & Investment Ltd.		408,938		1,023,024
China Petroleum & Chemical Corp., H Shares		2,650,375		1,028,728
China Railway Group Ltd., H Shares		2,348,655		1,078,191
China Resources Cement Holdings Ltd.		772,930		1,008,666
China Resources Gas Group Ltd.		231,440		1,002,777
China Shenhua Energy Co. Ltd., H Shares		722,629		1,248,667
Chongqing Rural Commercial Bank Co. Ltd., H Shares		3,258,604		1,298,424
CRRC Corp. Ltd., H Shares		2,686,241		1,039,185
Dali Foods Group Co. Ltd.(a)		1,915,442		1,185,596
Guangdong Investment Ltd.		744,627		1,102,319
Hengan International Group Co. Ltd.		156,371		1,083,830
Industrial & Commercial Bank of China Ltd., H Shares		2,787,730		1,567,342
Jiangsu Expressway Co. Ltd., H Shares		1,296,907		1,296,096
Ping An Insurance (Group) Co. of China Ltd., H Shares		161,773		1,659,483
Postal Savings Bank of China Co. Ltd., H Shares(a)		3,082,071		1,510,264
Shenzhen International Holdings Ltd.		735,130		1,141,346
Tencent Holdings Ltd.		17,009		1,296,262
Uni-President China Holdings Ltd.		1,286,596		1,111,587
Want Want China Holdings Ltd.		1,590,401		1,050,034
Xinyi Glass Holdings Ltd.		667,142		1,460,772
Yuexiu Property Co. Ltd.		6,710,224		1,297,941
Zhejiang Expressway Co. Ltd., H Shares		1,737,292		1,182,860
				51,549,658
Czech Republic-0.89%
CEZ A.S.		73,408		1,385,349
Komercni banka A.S.(b)		49,607		1,003,957
				2,389,306
Egypt-0.41%
Commercial International Bank Egypt S.A.E.		282,187		1,097,294

	Shares		Value
India-0.44%
Dr. Reddy’s Laboratories Ltd., ADR		18,243	$	1,182,329
Kuwait-1.34%
Kuwait Finance House KSCP		578,584		1,252,527
Mobile Telecommunications Co. KSC		637,230		1,221,114
National Bank of Kuwait SAKP		413,229		1,141,853
				3,615,494
Malaysia-8.98%
AMMB Holdings Bhd.		1,913,300		1,312,372
Axiata Group Bhd.		1,490,800		1,051,274
Dialog Group Bhd.		1,567,800		1,396,115
DiGi.Com Bhd.		1,696,763		1,539,542
Hong Leong Bank Bhd.		400,300		1,425,858
IHH Healthcare Bhd.		992,747		1,187,473
Kuala Lumpur Kepong Bhd.		277,178		1,415,576
Malayan Banking Bhd.		985,092		1,659,601
Maxis Bhd.		1,104,700		1,276,188
MISC Bhd.		839,700		1,331,799
Petronas Gas Bhd.		327,900		1,242,153
PPB Group Bhd.		387,600		1,753,762
Public Bank Bhd.		309,524		1,123,375
QL Resources Bhd.		863,700		1,309,581
RHB Bank Bhd.		1,119,900		1,140,115
Sime Darby Bhd.		2,281,800		1,323,499
Telekom Malaysia Bhd.		1,231,900		1,242,277
Tenaga Nasional Bhd.		630,572		1,447,811
				24,178,371
Mexico-4.57%
America Movil S.A.B. de C.V., Series L		1,942,055		1,178,331
Arca Continental S.A.B. de C.V.		343,187		1,489,523
Becle S.A.B. de C.V.(c)		588,333		1,231,276
Coca-Cola FEMSA S.A.B. de C.V., Series L		323,966		1,222,932
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO(d)		219,708		1,173,944
Gruma S.A.B. de C.V., Class B(c)		94,906		1,006,309
Grupo Elektra S.A.B. de C.V.(c)		47,447		2,679,978
Promotora y Operadora de Infraestructura S.A.B de C.V.(c)		152,186		993,903
Wal-Mart de Mexico S.A.B. de C.V., Series V		554,626		1,335,898
				12,312,094
Poland-0.37%
Cyfrowy Polsat S.A.		161,165		1,003,495
Qatar-3.76%
Barwa Real Estate Co.		1,462,140		1,338,454
Industries Qatar Q.S.C.		457,574		1,132,939
Masraf Al Rayan Q.S.C.		1,519,726		1,792,701
Qatar Fuel Co. Q.P.S.C.		329,834		1,558,128
Qatar Gas Transport Co. Ltd.		1,701,863		1,257,350
Qatar Islamic Bank (S.A.Q)		367,827		1,636,583
Qatar National Bank Q.P.S.C.		286,553		1,393,020
				10,109,175
Saudi Arabia-8.87%
Advanced Petrochemical Co.		90,340		1,392,329
Al Rajhi Bank		80,991		1,421,008
Alinma Bank(b)		301,384		1,227,941
Almarai Co. JSC		88,295		1,214,842

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)

October 31, 2020

	Shares		Value
Saudi Arabia-(continued)
Bank Al-Jazira		385,455	$	1,338,193
Bupa Arabia for Cooperative Insurance Co.(b)		39,216		1,198,345
Dar Al Arkan Real Estate Development Co.(b)		528,768		1,126,538
Emaar Economic City(b)		437,645		1,038,594
Jarir Marketing Co.		29,123		1,344,987
Mouwasat Medical Services Co.		34,593		1,180,680
National Commercial Bank		118,207		1,230,830
National Industrialization Co.(b)		344,901		1,039,219
Riyad Bank		220,725		1,059,395
Saudi Arabian Fertilizer Co.		57,738		1,160,826
Saudi Basic Industries Corp.		50,257		1,206,072
Saudi Electricity Co.		315,499		1,591,670
Saudi Kayan Petrochemical Co.(b)		474,579		1,199,640
Saudi Telecom Co.		62,433		1,659,753
Yanbu National Petrochemical Co., Class A		82,004		1,257,294
				23,888,156
South Africa-0.84%
SPAR Group Ltd. (The)		107,529		1,142,542
Vodacom Group Ltd.		149,201		1,125,108
				2,267,650
South Korea-4.86%
CJ Logistics Corp.(b)		8,685		1,220,814
KEPCO Plant Service & Engineering Co. Ltd.		50,698		1,228,691
KT&G Corp.		19,303		1,377,935
LG Uplus Corp.		114,150		1,111,622
NongShim Co. Ltd.		4,347		1,103,319
Ottogi Corp.		2,483		1,164,146
S-1 Corp.		15,615		1,122,926
Samsung Electronics Co. Ltd.		23,523		1,173,351
Samsung SDS Co. Ltd.		7,410		1,100,366
SK Telecom Co. Ltd.		7,145		1,347,519
Ssangyong Cement Industrial Co. Ltd.		232,367		1,136,544
				13,087,233
Taiwan-41.43%
Acer, Inc.(b)		1,357,000		1,131,486
Advantech Co. Ltd.		133,689		1,350,748
Asia Cement Corp.		1,015,000		1,460,215
Asustek Computer, Inc.		160,838		1,363,582
Capital Securities Corp.		3,900,000		1,486,182
Cathay Financial Holding Co. Ltd.		1,446,000		1,941,245
Chang Hwa Commercial Bank Ltd.		2,892,047		1,723,894
Cheng Shin Rubber Industry Co. Ltd.		947,435		1,195,742
Chicony Electronics Co. Ltd.		465,000		1,399,706
China Airlines Ltd.(b)		3,547,000		1,085,051
China Development Financial Holding Corp.		5,557,472		1,628,179
China Petrochemical Development Corp.		4,259,050		1,273,092
China Steel Corp.		2,841,140		2,016,367
Chipbond Technology Corp.		633,000		1,383,135
Chunghwa Telecom Co. Ltd.		1,024,222		3,831,411
Compal Electronics, Inc.		2,844,000		1,849,368
CTBC Financial Holding Co. Ltd.		2,530,053		1,596,569
CTCI Corp.		1,033,000		1,406,658
Delta Electronics, Inc.		196,000		1,301,939
E.Sun Financial Holding Co. Ltd.		1,622,519		1,378,405
Evergreen Marine Corp. Taiwan Ltd.(b)		1,684,000		1,112,717
Far Eastern New Century Corp.		1,446,000		1,301,746
Far EasTone Telecommunications Co. Ltd.		1,056,993		2,217,196
First Financial Holding Co. Ltd.		2,287,995		1,603,800

	Shares		Value
Taiwan-(continued)
Formosa Chemicals & Fibre Corp.		613,095	$	1,474,677
Formosa Petrochemical Corp.		478,000		1,313,504
Formosa Plastics Corp.		556,146		1,537,964
Formosa Taffeta Co. Ltd.		1,556,000		1,699,967
Foxconn Technology Co. Ltd.		784,000		1,373,203
Fubon Financial Holding Co. Ltd.		1,165,875		1,658,927
Highwealth Construction Corp.		1,000,300		1,451,307
Hon Hai Precision Industry Co. Ltd.		502,000		1,360,148
Hua Nan Financial Holdings Co. Ltd.		2,893,345		1,739,841
Inventec Corp.		1,955,000		1,544,671
King Slide Works Co. Ltd.		121,000		1,218,312
Kings Town Bank Co. Ltd.		919,000		1,244,996
Lien Hwa Industrial Holdings Corp.		1,053,800		1,471,824
Lite-On Technology Corp.		835,000		1,358,898
Mega Financial Holding Co. Ltd.		2,035,777		1,960,797
Merry Electronics Co. Ltd.		213,000		1,049,976
Micro-Star International Co. Ltd.		241,000		968,937
Mitac Holdings Corp.		1,274,720		1,256,738
Nan Ya Plastics Corp.		629,930		1,292,740
Pegatron Corp.		510,000		1,096,544
Pou Chen Corp.		1,279,000		1,126,813
President Chain Store Corp.		232,000		2,092,611
Qisda Corp.		1,837,000		1,200,968
Quanta Computer, Inc.		516,000		1,298,862
Ruentex Development Co. Ltd.		798,500		1,102,688
Ruentex Industries Ltd.		728,000		1,684,885
Shanghai Commercial & Savings Bank Ltd. (The)		880,000		1,139,861
Shin Kong Financial Holding Co. Ltd.		4,606,000		1,281,793
Simplo Technology Co. Ltd.		100,000		1,113,500
SinoPac Financial Holdings Co. Ltd.		4,143,421		1,549,971
St. Shine Optical Co. Ltd.		125,000		1,129,669
Standard Foods Corp.		657,000		1,403,419
Synnex Technology International Corp.		1,157,264		1,717,477
TA Chen Stainless Pipe		1,569,540		1,201,703
Taichung Commercial Bank Co. Ltd.		4,933,536		1,871,410
Taishin Financial Holding Co. Ltd.		3,581,256		1,577,563
Taiwan Business Bank		4,531,314		1,489,131
Taiwan Cement Corp.		1,083,317		1,535,774
Taiwan Cooperative Financial Holding Co. Ltd.		2,629,930		1,765,331
Taiwan Fertilizer Co. Ltd.		952,000		1,704,071
Taiwan High Speed Rail Corp.		1,378,000		1,457,322
Taiwan Mobile Co. Ltd.		751,162		2,565,718
Taiwan Semiconductor Manufacturing Co. Ltd.		84,397		1,274,652
Teco Electric and Machinery Co. Ltd.		1,581,000		1,652,661
Uni-President Enterprises Corp.		780,181		1,672,002
United Microelectronics Corp.		1,390,000		1,491,880
Vanguard International Semiconductor Corp.		335,000		1,091,545
Walsin Lihwa Corp.		2,001,000		1,241,727
Wistron NeWeb Corp.		398,000		1,050,536
WPG Holdings Ltd.		1,192,937		1,618,192
Yuanta Financial Holding Co. Ltd.		2,102,010		1,304,410
				111,520,549
Thailand-1.74%
Advanced Info Service PCL, NVDR		228,843		1,266,557
Bangkok Dusit Medical Services PCL, NVDR		1,702,356		955,843
CP ALL PCL, NVDR(b)		756,706		1,304,979
Intouch Holdings PCL, NVDR		673,306		1,155,751
				4,683,130

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)

October 31, 2020

	Shares		Value
Turkey-1.20%
Eregli Demir ve Celik Fabrikalari TAS		1,010,681	$	1,148,967
Haci Omer Sabanci Holding A.S.		1,042,662		1,023,632
Turkcell Iletisim Hizmetleri A.S.		605,225		1,054,072
				3,226,671
United Arab Emirates-1.28%
Abu Dhabi Islamic Bank PJSC		1,039,663		1,231,241
Dubai Islamic Bank PJSC		985,782		1,116,441
Emirates Telecommunications Group Co. PJSC		241,638		1,110,450
				3,458,132
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.13% (Cost $271,550,093)				269,568,737

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.86%
Invesco Private Government Fund, 0.04%(e)(f)(g)		921,462		$       921,462
Invesco Private Prime Fund, 0.11%(e)(f)(g)		1,381,779		1,382,193
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,303,634)				2,303,655
TOTAL INVESTMENTS IN SECURITIES-100.99% (Cost $273,853,727)				271,872,392
OTHER ASSETS LESS LIABILITIES-(0.99)%				(2,665,646	)
NET ASSETS-100.00%				$269,206,746

Investment Abbreviations:

ADR-American Depositary Receipt

CPO-Certificates of Ordinary Participation

NVDR-Non-Voting Depositary Receipt

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 October 31, 2020 was $4,091,664, which represented 1.52% of the Fund’s Net Assets.

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at October 31, 2020.

^(d) Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares.

^(e) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2020.

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	1,217,184		$	(1,217,184	)		$	-		$	-			$	-		$	4
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			30,800,536			(30,800,536	)			-			-				-			1,116
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			233,150			3,767,571			(4,000,721	)			-			-				-			2,380	*
Invesco Liquid Assets Portfolio, Institutional Class			78,343			1,286,667			(1,364,888	)			-			(122	)			-			1,005	*
Invesco Private Government Fund			-			18,824,769			(17,903,307	)			-			-				921,462			458	*
Invesco Private Prime Fund			-			6,190,747			(4,808,657	)			21			82				1,382,193			359	*
Total		$	311,493		$	62,087,474		$	(60,095,293	)		$	21		$	(40	)		$	2,303,655		$	5,322

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

^(f) The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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

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

 26 

Invesco S&P Emerging Markets Momentum ETF (EEMO)

October 31, 2020

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Brazil-2.65%
B2W Cia Digital(a)		653	$	8,521
B3 S.A. - Brasil, Bolsa, Balcao		3,370		29,837
Cosan S.A.		282		3,178
Equatorial Energia S.A.		1,043		3,605
Hapvida Participacoes e Investimentos S.A.(b)		311		3,472
Lojas Americanas S.A.		563		1,969
Lojas Americanas S.A., Preference Shares		1,780		7,171
Magazine Luiza S.A.		6,524		27,868
Natura & Co. Holding S.A.		1,053		8,419
Notre Dame Intermedica Participacoes S.A.		697		7,948
Raia Drogasil S.A.		2,096		8,746
Via Varejo S.A.(a)		3,071		9,140
WEG S.A.		2,520		33,141
				153,015
China-51.54%
Airtac International Group		311		8,350
Alibaba Group Holding Ltd., ADR(a)		1,771		539,606
A-Living Services Co. Ltd., U Shares(b)		1,537		6,441
Anhui Conch Cement Co. Ltd., H Shares		1,928		12,021
Bilibili, Inc., ADR(a)		546		24,390
BYD Electronic International Co. Ltd.		1,471		6,317
CanSino Biologics, Inc., H Shares(a)(b)		186		3,619
China Conch Venture Holdings Ltd.		2,608		11,586
China Lesso Group Holdings Ltd.		2,335		3,770
China National Building Material Co. Ltd., H Shares		8,566		9,820
China Resources Beer Holdings Co. Ltd.		2,462		15,255
China Resources Cement Holdings Ltd.		4,923		6,424
Country Garden Services Holdings Co. Ltd.		4,774		29,950
CSC Financial Co. Ltd., H Shares(b)		1,747		2,109
Flat Glass Group Co. Ltd., H Shares		978		2,907
Ganfeng Lithium Co. Ltd., H Shares(b)		450		2,600
GDS Holdings Ltd., ADR(a)(c)		220		18,489
GSX Techedu, Inc., ADR(a)(c)		446		29,623
Hansoh Pharmaceutical Group Co. Ltd.(a)(b)		2,042		9,098
Hua Hong Semiconductor Ltd.(a)(b)		722		2,649
Innovent Biologics, Inc.(a)(b)		1,829		13,491
JD.com, Inc., ADR(a)		2,414		196,789
Kingdee International Software Group Co. Ltd.(a)		8,302		21,786
Kingsoft Corp. Ltd.(c)		2,344		12,514
KWG Group Holdings Ltd.		3,254		4,297
KWG Living Group Holdings Ltd.(a)(b)		1,627		1,276
Livzon Pharmaceutical Group, Inc., H Shares		393		1,733
Longfor Group Holdings Ltd.(b)		2,672		14,592
Meituan Dianping, B Shares(a)		15,414		572,843
MicroPort Scientific Corp.		2,889		10,152
NetEase, Inc., ADR		1,045		90,696
NIO, Inc., ADR(a)		2,560		78,285
Pinduoduo, Inc., ADR(a)		1,503		135,240
Ping An Healthcare and Technology Co. Ltd.(a)(b)		1,376		17,744
Semiconductor Manufacturing International Corp.(a)		13,299		39,015
Shandong Gold Mining Co. Ltd., H Shares(b)		1,153		2,709
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares		8,696		16,798
Shanghai Baosight Software Co. Ltd., B Shares		675		2,630

	Shares		Value
China-(continued)
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares		869	$	3,569
Shanghai Junshi Biosciences Co. Ltd., H Shares(a)(b)		133		797
Shimao Group Holdings Ltd.		2,417		8,524
Sino Biopharmaceutical Ltd.		19,757		19,923
Sinotruk Hong Kong Ltd.		1,685		4,294
TAL Education Group, ADR(a)		1,291		85,800
Tencent Holdings Ltd.		7,427		566,014
Tingyi Cayman Islands Holding Corp.		2,488		4,543
Tsingtao Brewery Co. Ltd., H Shares		725		5,988
Vipshop Holdings Ltd., ADR(a)		1,269		27,157
Weichai Power Co. Ltd., H Shares		3,098		5,849
WuXi AppTec Co. Ltd., H Shares(b)		907		14,444
Wuxi Biologics Cayman, Inc.(a)(b)		2,386		66,643
Xiaomi Corp., B Shares(a)(b)		25,761		73,082
Xinyi Glass Holdings Ltd.		5,430		11,889
Xinyi Solar Holdings Ltd.		9,954		18,099
Yihai International Holding Ltd.(a)		1,138		15,056
Zai Lab Ltd., ADR(a)		149		12,225
Zhongsheng Group Holdings Ltd.		1,638		11,638
Zijin Mining Group Co. Ltd., H Shares		10,473		7,576
Zoomlion Heavy Industry Science and Technology Co. Ltd., H Shares		2,052		1,807
ZTO Express Cayman, Inc., ADR		1,082		31,356
				2,973,887
Hong Kong-0.03%
Vinda International Holdings Ltd.		707		1,869
India-6.66%
Adani Green Energy Ltd.(a)		1,391		16,075
Alkem Laboratories Ltd.		65		2,311
Avenue Supermarts Ltd.(a)(b)		242		7,314
Berger Paints India Ltd.		443		3,724
Bharti Airtel Ltd.		4,627		27,082
Biocon Ltd.(a)		1,089		5,931
Britannia Industries Ltd.		213		9,983
Cadila Healthcare Ltd.		518		2,920
Divi’s Laboratories Ltd.		292		12,380
Dr. Reddy’s Laboratories Ltd.		319		21,043
Hindustan Unilever Ltd.		1,347		37,649
Info Edge India Ltd.		106		5,076
Larsen & Toubro Infotech Ltd.(b)		78		3,072
Muthoot Finance Ltd.		234		3,886
Nestle India Ltd.		67		15,516
PI Industries Ltd.		147		4,358
Reliance Industries Ltd.		7,016		194,506
Tata Consumer Products Ltd.		1,254		8,340
Torrent Pharmaceuticals Ltd.		93		3,221
				384,387
Malaysia-1.83%
Bursa Malaysia Bhd.		919		1,783
Hartalega Holdings Bhd.		7,677		33,258
Kossan Rubber Industries		5,688		10,267
Supermax Corp. Bhd.(a)		7,739		17,638
Top Glove Corp. Bhd.		20,497		42,277
				105,223

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)

October 31, 2020

	Shares		Value
Mexico-0.18%
Becle S.A.B. de C.V.		1,096	$	2,294
Gruma S.A.B. de C.V., Class B		403		4,273
Industrias Penoles S.A.B. de C.V.		243		3,857
				10,424
Pakistan-0.02%
Lucky Cement Ltd.		197		828
Poland-0.28%
CD Projekt S.A.(a)		147		12,439
Dino Polska S.A.(a)(b)		67		3,675
				16,114
Russia-1.33%
Inter RAO UES PJSC		49,026		3,136
MMC Norilsk Nickel PJSC		113		26,814
Polymetal International PLC		765		16,217
Polyus PJSC		129		25,252
Surgutneftegas PJSC		13,130		5,443
				76,862
Saudi Arabia-0.10%
Savola Group (The)		483		5,898
South Africa-1.28%
Anglo American Platinum Ltd.		89		5,836
Gold Fields Ltd.		2,487		26,425
Harmony Gold Mining Co. Ltd.(a)		1,471		7,220
Impala Platinum Holdings Ltd.		1,434		12,600
Northam Platinum Ltd.(a)		704		6,707
Sibanye Stillwater Ltd.		5,261		15,195
				73,983
South Korea-17.33%
Alteogen, Inc.(a)		100		13,951
Bukwang Pharmaceutical Co. Ltd.		96		1,971
Celltrion Healthcare Co. Ltd.(a)		207		15,452
Celltrion Pharm, Inc.(a)		46		4,411
Celltrion, Inc.(a)		201		42,691
Doosan Fuel Cell Co. Ltd.(a)		173		6,327
Doosan Fuel Cell Co. Ltd., Rts., expiring 12/08/2020(a)		22		153
Ecopro BM Co. Ltd.		23		2,522
Genexine, Inc.(a)		39		3,874
Green Cross Corp.		14		3,701
Hanjin Kal Corp.		40		2,633
Hanssem Co. Ltd.		18		1,494
Hite Jinro Co. Ltd.		82		2,421
HLB, Inc.(a)		122		9,892
HMM Co. Ltd.(a)		483		3,818
Kakao Corp.		257		74,742
LG Chem Ltd.		91		49,001
NAVER Corp.		439		112,197
NCSoft Corp.		35		23,936
NongShim Co. Ltd.		8		2,030
Orion Corp.		50		4,781
Samsung Biologics Co. Ltd.(a)(b)		57		34,259
Samsung Electro-Mechanics Co. Ltd.		102		12,001
Samsung Electro-Mechanics Co. Ltd., Preference Shares		5		265
Samsung Electronics Co. Ltd.		8,301		414,062
Samsung Electronics Co. Ltd., Preference Shares		1,504		66,406

	Shares		Value
South Korea-(continued)
Samsung SDI Co. Ltd.		97	$	37,784
Seegene, Inc.		96		22,209
Shin Poong Pharmaceutical Co. Ltd.(a)		127		14,046
SK Chemicals Co. Ltd.		35		10,672
SKC Co. Ltd.		33		2,129
Yuhan Corp.		83		4,352
				1,000,183
Taiwan-15.89%
Accton Technology Corp.		1,150		8,342
Advantech Co. Ltd.		745		7,527
ASMedia Technology, Inc.		124		6,221
Compeq Manufacturing Co. Ltd.		2,082		3,170
Delta Electronics, Inc.		3,508		23,302
Elan Microelectronics Corp.		980		4,625
Epistar Corp.(a)		2,182		2,556
FLEXium Interconnect, Inc.		487		1,983
Genius Electronic Optical Co. Ltd.		140		2,746
Gigabyte Technology Co. Ltd.		1,061		2,663
Globalwafers Co. Ltd.		297		4,309
Hotai Motor Co. Ltd.		608		12,796
International Games System Co. Ltd.		189		4,969
Lien Hwa Industrial Holdings Corp.		1,587		2,217
Lotes Co. Ltd.		187		2,854
MediaTek, Inc.		5,151		122,096
Micro-Star International Co. Ltd.		1,607		6,461
Mitac Holdings Corp.		1,291		1,273
momo.com, Inc.		143		3,420
Nan Ya Printed Circuit Board Corp.(a)		528		2,132
Novatek Microelectronics Corp.		1,379		12,872
Oneness Biotech Co. Ltd.(a)		978		10,018
Parade Technologies Ltd.		245		9,336
Pegatron Corp.		3,460		7,439
Poya International Co. Ltd.		108		2,326
Quanta Computer, Inc.		6,199		15,604
Realtek Semiconductor Corp.		1,186		14,740
Simplo Technology Co. Ltd.		286		3,185
Simplo Technology Co. Ltd., Rts., expiring 12/31/2020(a)(d)		28		0
Synnex Technology International Corp.		2,454		3,642
Taiwan Cement Corp.		7,228		10,247
Taiwan Fertilizer Co. Ltd.		1,126		2,016
Taiwan Semiconductor Manufacturing Co. Ltd.		34,973		528,199
Unimicron Technology Corp.		2,513		5,992
United Microelectronics Corp.		30,934		33,201
Vanguard International Semiconductor Corp.		2,020		6,582
Voltronic Power Technology Corp.		114		3,906
Wistron Corp.		5,984		5,962
Wiwynn Corp.		240		6,100
Yageo Corp.		794		9,868
				916,897
Tanzania-0.35%
AngloGold Ashanti Ltd.		890		20,202
Thailand-0.14%
Carabao Group PCL, NVDR		519		1,824
Delta Electronics Thailand PCL, NVDR		1,090		6,260
Srisawad Corp. PCL, Wts., expiring 08/29/2025(a)		104		27
				8,111

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)

October 31, 2020

	Shares		Value
Turkey-0.33%
Aselsan Elektronik Sanayi Ve Ticaret A.S.		1,331	$	2,659
BIM Birlesik Magazalar A.S.		993		7,913
Coca-Cola Icecek A.S.(a)		111		595
Dogan Sirketler Grubu Holding A.S.		2,145		622
Emlak Konut Gayrimenkul Yatirim Ortakligi A.S.		4,269		876
Enerjisa Enerji A.S.(b)		526		564
Ford Otomotiv Sanayi A.S.		121		1,559
Koza Altin Isletmeleri A.S.(a)		77		676
Migros Ticaret A.S.(a)		293		1,309
Sasa Polyester Sanayi A.S.(a)		276		504
Tofas Turk Otomobil Fabrikasi A.S.		208		663
Turk Telekomunikasyon A.S.		640		491
Vestel Elektronik Sanayi ve Ticaret A.S.(a)		150		296
				18,727
Total Common Stocks & Other Equity Interests (Cost $4,604,271)				5,766,610
	Principal Amount
Non-U.S. Dollar Denominated Bonds & Notes-0.00%(e)
India-0.00%
Britannia Industries Ltd., 8.00%, 08/28/2022 (Cost $214)		INR  15,360		220
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $4,604,485)				5,766,830

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.11%
Invesco Private Government Fund, 0.04%(f)(g)(h)		25,572	$	25,572
Invesco Private Prime Fund, 0.11%(f)(g)(h)		38,346		38,358
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $63,930)				63,930
TOTAL INVESTMENTS IN SECURITIES-101.05% (Cost $4,668,415)				5,830,760
OTHER ASSETS LESS LIABILITIES-(1.05)%				(60,445	)
NET ASSETS-100.00%			$	5,770,315

Investment Abbreviations:

ADR-American Depositary Receipt

INR-Indian Rupee

NVDR-Non-Voting Depositary Receipt

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 October 31, 2020 was $283,650, which represented 4.92% of the Fund’s Net Assets.

^(c) All or a portion of this security was out on loan at October 31, 2020.

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

^(e) Foreign denominated security. Principal amount is denominated in the currency indicated.

^(f) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2020.

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	230,305		$	(230,305	)		$	-		$	-		$	-		$	-
Invesco Premier U.S. Government Money Portfolio, Institutional Class			8,384			756,192			(764,576	)			-			-			-			117

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

 29 

Invesco S&P Emerging Markets Momentum ETF (EEMO)–(continued)

October 31, 2020

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2020			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		$	154,759		$	1,176,827		$	(1,331,586	)		$	-			$	-			$	-		$	268	*
Invesco Liquid Assets Portfolio, Institutional Class			51,586			372,014			(423,589	)			(5	)			(6	)			-			101	*
Invesco Private Government Fund			-			456,002			(430,430	)			-				-				25,572			6	*
Invesco Private Prime Fund			-			154,819			(116,461	)			-				-				38,358			6	*
Total		$	214,729		$	3,146,159		$	(3,296,947	)		$	(5	)		$	(6	)		$	63,930		$	498

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

^(g) The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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

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

 30 

Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)

October 31, 2020

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.62%
Australia-6.46%
AGL Energy Ltd.		16,518	$	144,765
APA Group		17,698		130,374
AusNet Services		153,729		215,913
Coca-Cola Amatil Ltd.		27,624		241,129
Medibank Pvt Ltd.		65,109		122,080
Rio Tinto Ltd.		2,406		156,171
				1,010,432
Belgium-0.78%
Groupe Bruxelles Lambert S.A.		1,481		121,243
Brazil-0.76%
Yara International ASA		3,429		119,276
China-0.79%
Fosun International Ltd.		102,000		122,850
Finland-3.20%
Fortum OYJ		9,606		180,711
Kesko OYJ, Class B		6,300		161,888
UPM-Kymmene OYJ		5,572		157,461
				500,060
France-0.83%
Orange S.A.		11,632		130,482
Germany-3.26%
Deutsche Telekom AG		7,075		107,714
E.ON SE		11,719		122,203
Telefonica Deutschland Holding AG		68,921		173,972
Uniper SE		3,555		106,259
				510,148
Hong Kong-18.35%
CK Asset Holdings Ltd.		25,189		116,609
CK Hutchison Holdings Ltd.		30,401		183,076
CK Infrastructure Holdings Ltd.		38,378		180,635
CLP Holdings Ltd.		13,633		125,345
Dairy Farm International Holdings Ltd.		32,690		123,241
Hang Lung Properties Ltd.		53,268		129,274
Hang Seng Bank Ltd.		11,500		176,767
Henderson Land Development Co. Ltd.		51,056		180,724
HK Electric Investments & HK Electric Investments Ltd.		121,506		123,624
HKT Trust & HKT Ltd.		130,201		168,232
Hongkong Land Holdings Ltd.		41,989		154,100
Link REIT		18,400		140,108
New World Development Co. Ltd.		36,000		171,299
Power Assets Holdings Ltd.		37,916		194,840
Sino Land Co. Ltd.		145,807		172,227
Sun Hung Kai Properties Ltd.		12,897		164,895
Swire Pacific Ltd., Class A		44,838		204,102
Swire Properties Ltd.		60,200		161,080
				2,870,178
Israel-1.67%
Bank Leumi Le-Israel BM		23,584		111,807
First International Bank of Israel Ltd.		6,697		149,034
				260,841
Italy-4.43%
A2A S.p.A.		125,684		159,799

	Shares		Value
Italy-(continued)
Assicurazioni Generali S.p.A.		7,183	$	96,306
Enel S.p.A.		12,836		102,182
Terna Rete Elettrica Nazionale S.p.A.		17,168		116,069
UnipolSai Assicurazioni S.p.A.		93,723		217,691
				692,047
Japan-20.16%
Bridgestone Corp.		4,487		145,504
Chubu Electric Power Co., Inc.		9,300		104,218
Electric Power Development Co. Ltd.		7,200		97,111
ITOCHU Corp.		5,100		121,963
Japan Post Bank Co. Ltd.		25,667		204,030
Japan Post Holdings Co. Ltd.		28,105		192,197
Japan Tobacco, Inc.		13,461		253,665
Mitsubishi Corp.		8,590		191,085
Mitsui & Co. Ltd.		10,200		159,040
Mizuho Financial Group, Inc.		13,655		167,389
MS&AD Insurance Group Holdings, Inc.		5,992		163,040
Nippon Telegraph & Telephone Corp.		5,000		105,032
NTT DOCOMO, Inc.		4,729		175,833
Sankyo Co. Ltd.		7,093		180,344
Seven Bank Ltd.		45,900		104,937
Softbank Corp.		14,569		168,978
Sumitomo Corp.		17,161		187,878
Sumitomo Mitsui Financial Group, Inc.		6,904		190,266
Tohoku Electric Power Co., Inc.		12,900		113,773
Tokio Marine Holdings, Inc.		2,859		127,416
				3,153,699
Netherlands-1.00%
Koninklijke KPN N.V.		57,957		156,626
New Zealand-2.82%
Contact Energy Ltd.		56,573		275,932
Spark New Zealand Ltd.		55,520		164,752
				440,684
Norway-2.52%
Entra ASA(a)		8,500		110,798
Mowi ASA		7,112		112,087
Telenor ASA		11,144		171,610
				394,495
Portugal-0.83%
EDP - Energias de Portugal S.A.		26,460		130,438
Singapore-15.86%
CapitaLand Integrated Commercial Trust		190,596		241,472
ComfortDelGro Corp. Ltd.		208,120		205,758
DBS Group Holdings Ltd.		12,298		183,277
Genting Singapore Ltd.		292,239		138,040
Jardine Cycle & Carriage Ltd.		12,825		166,805
Keppel REIT		197,648		144,020
Mapletree Commercial Trust		92,016		115,904
Oversea-Chinese Banking Corp. Ltd.		28,003		172,673
Singapore Airlines Ltd.		66,432		164,925
Singapore Press Holdings Ltd.		196,275		142,301
Singapore Technologies Engineering Ltd.		60,423		154,432
Singapore Telecommunications Ltd.		123,782		184,019
Suntec REIT		158,208		155,254

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)

October 31, 2020

	Shares		Value
Singapore-(continued)
United Overseas Bank Ltd.		11,398	$	158,512
Venture Corp. Ltd.		10,909		153,868
				2,481,260
Spain-3.99%
Endesa S.A.		7,442		199,469
Naturgy Energy Group S.A.		13,425		249,428
Red Electrica Corp. S.A.		9,925		174,862
				623,759
Sweden-1.75%
Tele2 AB, Class B		8,391		99,500
Telia Co. AB(b)		45,491		174,377
				273,877
Switzerland-2.40%
ABB Ltd.		4,531		109,993
LafargeHolcim Ltd.(c)		3,126		134,208
Swisscom AG		258		131,259
				375,460
United Kingdom-7.76%
Admiral Group PLC		5,353		190,339
British American Tobacco PLC		4,527		143,292
GlaxoSmithKline PLC		7,466		124,704
Imperial Brands PLC		22,718		359,542

	Shares		Value
United Kingdom-(continued)
Severn Trent PLC		4,057	$	127,471
Tesco PLC		45,838		121,797
United Utilities Group PLC		13,150		146,804
				1,213,949
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.62% (Cost $16,689,824)				15,581,804
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.22%
Invesco Private Government Fund,     0.04%(d)(e)(f)	76,193		76,193
Invesco Private Prime Fund, 0.11%(d)(e)(f)		114,256		114,290
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $190,483)				190,483
TOTAL INVESTMENTS IN SECURITIES-100.84% (Cost $16,880,307)				15,772,287
OTHER ASSETS LESS LIABILITIES-(0.84)%				(131,889	)
NET ASSETS-100.00%			$	15,640,398

Investment 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 value of this security at October 31, 2020 represented less than 1% of the Fund’s Net Assets.

^(b) All or a portion of this security was out on loan at October 31, 2020.

^(c) Non-income producing security.

^(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2020.

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	114,909		$	(114,909	)		$	-		$	-		$	-		$	-
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			854,896			(854,896	)			-			-			-			143
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			10,160			2,121,550			(2,131,710	)			-			-			-			788	*
Invesco Liquid Assets Portfolio, Institutional Class			3,536			522,755			(526,347	)			-			56			-			287	*

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

 32 

Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)–(continued)

October 31, 2020

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value October 31, 2020			Dividend Income
Invesco Private Government Fund		$	-		$	3,444,173		$	(3,367,980	)		$	-		$	-		$	76,193		$	58	*
Invesco Private Prime Fund			-			953,130			(838,890	)			-			50			114,290			53	*
Total		$	13,696		$	8,011,413		$	(7,834,732	)		$	-		$	106		$	190,483		$	1,329

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

^(e) The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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

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

 33 

Invesco S&P International Developed Low Volatility ETF (IDLV)

October 31, 2020

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.38%
Australia-3.00%
AGL Energy Ltd.		392,657	$	3,441,278
ASX Ltd.		62,413		3,490,146
AusNet Services		3,598,260		5,053,757
Coles Group Ltd.		300,874		3,750,376
Telstra Corp. Ltd.		1,880,140		3,538,481
Woolworths Group Ltd.		147,081		3,941,457
				23,215,495
Belgium-0.43%
Ackermans & van Haaren N.V.(a)		27,078		3,330,814
Canada-3.35%
CGI, Inc., Class A(a)		51,464		3,190,857
Choice Properties REIT(b)		381,491		3,441,959
Hydro One Ltd.(c)		176,734		3,858,497
Loblaw Cos. Ltd.		69,620		3,462,855
Metro, Inc.		97,062		4,524,246
Thomson Reuters Corp.		50,455		3,919,548
TMX Group Ltd.		36,553		3,549,069
				25,947,031
China-0.53%
BOC Hong Kong Holdings Ltd.		1,472,156		4,081,491
Denmark-2.37%
Carlsberg A/S, Class B		28,284		3,580,057
Coloplast A/S, Class B		24,494		3,574,776
Novo Nordisk A/S, Class B		64,087		4,116,581
Novozymes A/S, Class B		61,388		3,689,168
Tryg A/S		122,116		3,387,520
				18,348,102
Finland-0.55%
Kone OYJ, Class B		53,641		4,270,136
France-3.31%
Air Liquide S.A.		22,609		3,305,178
Danone S.A.		59,146		3,265,679
Hermes International		4,332		4,031,856
L’Oreal S.A.		11,093		3,588,349
Orange S.A.		330,802		3,710,772
Pernod Ricard S.A.		25,076		4,042,632
Sanofi		40,840		3,680,681
				25,625,147
Germany-4.77%
Beiersdorf AG		37,709		3,948,886
Deutsche Telekom AG		215,993		3,288,403
Deutsche Wohnen SE		81,552		4,116,168
E.ON SE		327,651		3,416,657
Fresenius Medical Care AG & Co. KGaA		49,149		3,754,533
Henkel AG & Co. KGaA, Preference Shares		40,303		3,921,008
Merck KGaA		26,027		3,854,875
Symrise AG		29,755		3,668,771
Uniper SE		118,449		3,540,445
Vonovia SE		54,341		3,470,056
				36,979,802
Hong Kong-6.24%
CLP Holdings Ltd.		537,812		4,944,776
Hang Seng Bank Ltd.		247,342		3,801,900

	Shares		Value
Hong Kong-(continued)
Henderson Land Development Co. Ltd.		1,038,602	$	3,676,361
HK Electric Investments & HK Electric Investments Ltd.		7,631,774		7,764,779
HKT Trust & HKT Ltd.		3,233,926		4,178,538
Hong Kong & China Gas Co. Ltd. (The)		3,135,206		4,503,787
Hong Kong Exchanges & Clearing Ltd.		76,596		3,656,530
Link REIT		487,867		3,714,907
MTR Corp. Ltd.		807,583		3,993,734
Power Assets Holdings Ltd.		844,206		4,338,138
Sun Hung Kai Properties Ltd.		294,592		3,766,520
				48,339,970
Ireland-0.42%
Kerry Group PLC, Class A		27,343		3,271,044
Israel-1.52%
Elbit Systems Ltd.(b)		33,267		3,770,442
Shufersal Ltd.		462,218		3,499,267
Strauss Group Ltd.(b)		156,447		4,530,929
				11,800,638
Italy-0.40%
UnipolSai Assicurazioni S.p.A.(b)		1,337,575		3,106,799
Japan-48.08%
ABC-Mart, Inc.		75,190		3,819,197
Ajinomoto Co., Inc.		205,279		4,118,736
Azbil Corp.		122,380		4,946,006
Benesse Holdings, Inc.		147,417		3,467,557
Bridgestone Corp.		128,426		4,164,570
Calbee, Inc.		121,598		3,722,150
Canon Marketing Japan, Inc.		206,664		4,376,833
Chubu Electric Power Co., Inc.		340,744		3,818,458
Chugoku Electric Power Co., Inc. (The)		432,503		5,440,419
COMSYS Holdings Corp.		138,998		3,518,163
Daikin Industries Ltd.		20,861		3,887,242
East Japan Railway Co.		57,199		2,985,794
Electric Power Development Co. Ltd.		234,072		3,157,084
ENEOS Holdings, Inc.		1,062,246		3,562,497
Ezaki Glico Co. Ltd.		90,308		3,744,836
Hamamatsu Photonics KK		78,493		3,934,411
Hirose Electric Co. Ltd.		31,295		4,352,681
House Foods Group, Inc.		114,966		3,799,575
Idemitsu Kosan Co. Ltd.		181,534		3,655,338
Ito En Ltd.(b)		60,922		3,852,061
ITOCHU Corp.		164,023		3,922,494
Itochu Techno-Solutions Corp.		109,221		3,714,183
Japan Exchange Group, Inc.		139,439		3,391,273
Japan Post Bank Co. Ltd.(b)		489,163		3,888,411
Japan Post Holdings Co. Ltd.		523,703		3,581,359
Japan Tobacco, Inc.		260,289		4,905,006
Kagome Co. Ltd.		122,389		4,185,390
Kaken Pharmaceutical Co. Ltd.		82,502		3,239,628
Kansai Electric Power Co., Inc. (The)		367,067		3,338,856
Kansai Paint Co. Ltd.		154,031		3,962,018
Kao Corp.		56,207		3,989,439
KDDI Corp.		144,087		3,848,890
Keihan Holdings Co. Ltd.		91,923		3,482,065
Kewpie Corp.		223,065		4,562,014
Keyence Corp.		9,395		4,246,353

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)

October 31, 2020

	Shares		Value
Japan-(continued)
Kinden Corp.		246,939	$	3,864,475
Kyocera Corp.		66,491		3,645,111
Kyowa Exeo Corp.		149,379		3,437,975
Kyushu Electric Power Co., Inc.		413,322		3,463,460
Kyushu Railway Co.		176,052		3,736,937
Lawson, Inc.		74,176		3,409,371
LINE Corp.(a)		93,576		4,806,802
McDonald’s Holdings Co. Japan Ltd.		98,659		4,671,533
Medipal Holdings Corp.		197,532		3,518,314
MEIJI Holdings Co. Ltd.		64,353		4,653,804
Mitsubishi Corp.		187,634		4,173,932
Mitsubishi Electric Corp.		275,436		3,530,555
Mitsubishi UFJ Financial Group, Inc.		896,816		3,518,978
Mitsui & Co. Ltd.		204,360		3,186,405
Mizuho Financial Group, Inc.		286,180		3,508,128
Morinaga & Co. Ltd.		102,644		3,893,088
MS&AD Insurance Group Holdings, Inc.		168,472		4,584,069
Murata Manufacturing Co. Ltd.		60,606		4,212,969
Nagoya Railroad Co. Ltd.		159,311		4,230,413
Nankai Electric Railway Co. Ltd.		170,061		3,868,424
Nichirei Corp.		150,115		3,773,696
Nintendo Co. Ltd.		7,398		4,032,313
Nippon Paper Industries Co. Ltd.		299,280		3,369,548
Nippon Telegraph & Telephone Corp.		201,509		4,232,961
Nippon Television Holdings, Inc.		315,163		3,316,236
Nissin Foods Holdings Co. Ltd.		46,110		3,987,320
Nitori Holdings Co. Ltd.		20,383		4,201,776
NTT DOCOMO, Inc.		172,744		6,422,957
Ono Pharmaceutical Co. Ltd.		131,004		3,724,353
Osaka Gas Co. Ltd.		207,208		3,928,508
Rinnai Corp.		42,135		4,151,430
Rohto Pharmaceutical Co. Ltd.		111,149		3,466,097
Sankyo Co. Ltd.		141,415		3,595,572
Secom Co. Ltd.		48,884		4,112,634
Sega Sammy Holdings, Inc.		312,428		3,903,109
Seino Holdings Co. Ltd.		266,485		3,436,214
Sekisui House Ltd.		187,594		3,098,154
Seven Bank Ltd.		1,724,513		3,942,592
Shikoku Electric Power Co., Inc.		495,581		3,564,922
Shimizu Corp.		478,777		3,315,808
Shizuoka Bank Ltd. (The)		594,463		3,980,525
Softbank Corp.		467,914		5,427,068
Sony Corp.		50,875		4,221,253
Sotetsu Holdings, Inc.		135,138		3,323,511
Sugi Holdings Co. Ltd.		57,570		3,810,832
Sumitomo Corp.		284,215		3,111,575
Sumitomo Mitsui Financial Group, Inc.		132,222		3,643,884
Suntory Beverage & Food Ltd.		101,282		3,487,806
Takeda Pharmaceutical Co. Ltd.		101,857		3,155,872
Teijin Ltd.		247,640		3,780,691
Toho Co. Ltd.		90,829		3,588,328
Tohoku Electric Power Co., Inc.		423,627		3,736,217
Tokai Carbon Co. Ltd.		355,440		4,015,445
Tokio Marine Holdings, Inc.		82,838		3,691,814
Tokyo Gas Co. Ltd.		164,710		3,727,009
Toyo Suisan Kaisha Ltd.		70,591		3,511,318
Toyota Motor Corp.		60,070		3,909,089
Tsumura & Co.		137,494		4,031,176
Tsuruha Holdings, Inc.		27,563		3,854,707

	Shares		Value
Japan-(continued)
Unicharm Corp.		87,843	$	4,066,961
USS Co. Ltd.		235,366		4,300,259
				372,447,270
Netherlands-2.01%
Heineken Holding N.V.		47,876		3,700,229
Koninklijke Ahold Delhaize N.V.		143,941		3,955,326
Koninklijke DSM N.V.		24,983		3,999,992
Wolters Kluwer N.V.		48,603		3,939,284
				15,594,831
New Zealand-0.47%
Spark New Zealand Ltd.		1,232,138		3,656,297
Norway-1.42%
Gjensidige Forsikring ASA		180,854		3,430,207
Orkla ASA		395,090		3,723,221
Telenor ASA		248,665		3,829,277
				10,982,705
Portugal-0.48%
Jeronimo Martins SGPS S.A.		231,743		3,682,060
Singapore-4.58%
CapitaLand Ltd.		1,844,354		3,471,248
DBS Group Holdings Ltd.		273,284		4,072,742
Keppel Corp. Ltd.		1,196,632		3,847,100
Oversea-Chinese Banking Corp. Ltd.		719,392		4,435,943
Singapore Exchange Ltd.		584,114		3,704,451
Singapore Technologies Engineering Ltd.		1,461,136		3,734,430
Singapore Telecommunications Ltd.		2,699,263		4,012,819
United Overseas Bank Ltd.		304,830		4,239,269
UOL Group Ltd.		862,634		3,929,391
				35,447,393
Spain-0.89%
Iberdrola S.A.		283,372		3,342,118
Red Electrica Corp. S.A.		200,855		3,538,733
				6,880,851
Sweden-3.16%
Axfood AB		180,139		4,189,209
Essity AB, Class B(b)		116,478		3,374,808
Holmen AB, Class B		96,498		3,657,777
Investor AB, Class B		55,379		3,324,799
Swedish Match AB		44,573		3,358,067
Tele2 AB, Class B		254,597		3,019,016
Telia Co. AB(b)		931,821		3,571,868
				24,495,544
Switzerland-5.81%
Chocoladefabriken Lindt & Spruengli AG, PC		479		3,799,389
Geberit AG		6,915		3,938,279
Givaudan S.A.		1,038		4,231,049
Kuehne + Nagel International AG		19,929		3,981,234
Lonza Group AG		5,945		3,601,183
Nestle S.A.		42,421		4,771,813
Novartis AG		51,422		4,010,865
Roche Holding AG		12,157		3,909,526
Schindler Holding AG, PC		17,948		4,592,009
SGS S.A.		1,596		3,989,347
Swisscom AG		8,137		4,139,745
				44,964,439

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)

October 31, 2020

	Shares		Value
United Kingdom-5.59%
Admiral Group PLC		113,094	$	4,021,341
AstraZeneca PLC		33,656		3,379,547
Croda International PLC(b)		53,835		4,200,187
GlaxoSmithKline PLC		206,357		3,446,777
J Sainsbury PLC		1,452,839		3,787,099
Reckitt Benckiser Group PLC		43,527		3,827,069
RELX PLC		155,055		3,062,426
Sage Group PLC (The)		381,234		3,133,099
Segro PLC		303,026		3,534,151
Tesco PLC		1,442,087		3,831,792
Unilever N.V.(b)		69,728		3,943,359
WM Morrison Supermarkets PLC		1,482,143		3,121,834
				43,288,681
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.38% (Cost $789,082,674)				769,756,540

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.19%
Invesco Private Government Fund, 0.04%(d)(e)(f)		6,794,633	$	6,794,633
Invesco Private Prime Fund, 0.11%(d)(e)(f)		10,188,882		10,191,939
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $16,986,572)				16,986,572
TOTAL INVESTMENTS IN SECURITIES-101.57% (Cost $806,069,246) .				786,743,112
OTHER ASSETS LESS LIABILITIES-(1.57)%				(12,178,875	)
NET ASSETS-100.00%			$	774,564,237

Investment 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 October 31, 2020.

^(c) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2020 represented less than 1% of the Fund’s Net Assets.

^(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2020.

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	7,327,088		$	(7,327,088	)		$	-			$	-			$	-		$	13
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			54,824,962			(54,824,962	)			-				-				-			9,432
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			23,606,275			199,343,992			(222,950,267	)			-				-				-			154,060	*
Invesco Liquid Assets Portfolio, Institutional Class			7,868,758			45,449,103			(53,314,324	)			(313	)			(3,224	)			-			58,330	*

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

 36 

Invesco S&P International Developed Low Volatility ETF (IDLV)–(continued)

October 31, 2020

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized `Gain (Loss)				Value October 31, 2020			Dividend Income
Invesco Private Government Fund		$	-		$	184,204,370		$	(177,409,737	)		$	-			$	-			$	6,794,633		$	3,087	*
Invesco Private Prime Fund			-			49,638,811			(39,448,894	)			-				2,022				10,191,939			2,846	*
Total		$	31,475,033		$	540,788,326		$	(555,275,272	)		$	(313	)		$	(1,202	)		$	16,986,572		$	227,768

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

^(e) The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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

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

 37 

Invesco S&P International Developed Momentum ETF (IDMO)

October 31, 2020

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Argentina-0.14%
Globant S.A.(a)		2,267	$	409,443
Australia-2.46%
Afterpay Ltd.(a)		19,159		1,300,907
Coles Group Ltd.		92,704		1,155,550
Domino’s Pizza Enterprises Ltd.		7,212		429,126
Fortescue Metals Group Ltd.		204,565		2,495,301
Wesfarmers Ltd.		60,563		1,954,696
				7,335,580
Belgium-0.65%
Elia Group S.A./N.V.		2,059		199,309
Sofina S.A.		1,031		267,814
UCB S.A.		10,299		1,016,128
Umicore S.A.		12,154		467,766
				1,951,017
Brazil-0.82%
Wheaton Precious Metals Corp.		53,354		2,446,517
Canada-9.05%
Agnico Eagle Mines Ltd.		16,686		1,319,888
B2Gold Corp.		99,707		640,859
Barrick Gold Corp.		162,949		4,353,128
Constellation Software, Inc.		1,190		1,248,226
Franco-Nevada Corp.		20,393		2,777,339
Hydro One Ltd.(b)		19,571		427,279
Intact Financial Corp.		7,418		765,639
Kinross Gold Corp.		127,106		1,010,480
Pan American Silver Corp.		22,865		726,069
Ritchie Bros. Auctioneers, Inc.		7,006		424,348
Shopify, Inc., Class A(a)		13,426		12,367,507
TMX Group Ltd.		4,326		420,028
Topicus.com, Inc.(a)(c)		2,224		0
Yamana Gold, Inc.		94,147		523,215
				27,004,005
China-0.84%
Alibaba Health Information Technology Ltd.(a)		518,108		1,352,919
China Evergrande New Energy Vehicle Group Ltd.(a)(d)		268,427		742,472
Wilmar International Ltd.		140,498		415,681
				2,511,072
Denmark-6.05%
Coloplast A/S, Class B		9,477		1,383,121
DSV Panalpina A/S		12,359		2,001,356
Genmab A/S(a)		6,591		2,195,470
Novo Nordisk A/S, Class B		118,660		7,622,036
Orsted A/S(b)		14,948		2,372,661
Vestas Wind Systems A/S		14,454		2,467,251
				18,041,895
Finland-1.54%
Elisa OYJ		8,241		405,484
Kesko OYJ, Class B		17,922		460,534
Kone OYJ, Class B		31,312		2,492,617
Neste OYJ(d)		23,741		1,235,612
				4,594,247

	Shares		Value
France-5.22%
Adevinta ASA, Class B(a)		14,213	$	219,317
Air Liquide S.A.		28,460		4,160,528
BioMerieux		4,120		613,335
Sanofi		66,541		5,996,968
Sartorius Stedim Biotech		2,267		859,817
Schneider Electric SE		30,693		3,725,434
				15,575,399
Germany-4.50%
BioNTech SE, ADR(a)		1,032		88,092
Delivery Hero SE(a)(b)		17,716		2,038,471
Deutsche Boerse AG		10,302		1,516,235
Deutsche Wohnen SE		22,866		1,154,114
Merck KGaA		6,679		989,231
RWE AG		41,613		1,540,953
Sartorius AG, Preference Shares		3,090		1,308,016
Symrise AG		8,445		1,041,263
TeamViewer AG(a)(b)		11,125		489,848
Vonovia SE		34,866		2,226,440
Zalando SE(a)(b)		10,918		1,019,715
				13,412,378
Hong Kong-1.96%
Hong Kong Exchanges & Clearing Ltd.		93,529		4,464,875
Techtronic Industries Co. Ltd.		104,034		1,387,147
				5,852,022
Ireland-1.00%
Flutter Entertainment PLC(a)		12,359		2,152,978
Kingspan Group PLC(a)		9,682		844,164
				2,997,142
Israel-1.07%
Bezeq The Israeli Telecommunication Corp. Ltd.(a)		132,049		150,787
Compugen Ltd.(a)(d)		10,300		132,767
Energix-Renewable Energies Ltd.(a)		23,071		98,471
Fiverr International Ltd.(a)		2,061		301,772
Kornit Digital Ltd.(a)		2,884		194,151
Matrix IT Ltd.		2,060		47,603
Maytronics Ltd.		4,532		69,724
Nice Ltd.(a)		3,503		802,484
Nova Measuring Instruments Ltd.(a)		2,059		118,163
Plus500 Ltd.		11,538		220,124
Wix.com Ltd.(a)		4,270		1,056,056
				3,192,102
Italy-1.49%
Amplifon S.p.A.(a)		4,327		157,308
DiaSorin S.p.A.		1,444		317,065
Enel S.p.A.		451,773		3,596,376
Nexi S.p.A.(a)(b)		24,720		379,807
				4,450,556
Japan-28.99%
Advantest Corp.		10,711		617,824
Aeon Co. Ltd.		58,503		1,490,556
Azbil Corp.		9,683		391,340
Capcom Co. Ltd.		8,241		453,279
Casio Computer Co. Ltd.		14,421		217,819

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)

October 31, 2020

	Shares		Value
Japan-(continued)
Chugai Pharmaceutical Co. Ltd.		78,285	$	3,011,134
Cosmos Pharmaceutical Corp.		2,678		454,445
Daifuku Co. Ltd.		11,536		1,184,057
Daiichi Sankyo Co. Ltd.		118,454		3,113,752
Daikin Industries Ltd.		21,837		4,069,110
Disco Corp.		1,443		386,907
Eisai Co. Ltd.		19,775		1,530,132
FP Corp.		3,298		131,396
Fujitsu Ltd.		18,747		2,192,291
GLP J-REIT		276		425,062
GMO internet, Inc.		5,974		159,093
GMO Payment Gateway, Inc.		2,473		302,087
Harmonic Drive Systems, Inc.		2,472		162,688
Hitachi Metals Ltd.		9,887		130,610
Hoya Corp.		21,011		2,371,626
Ibiden Co. Ltd.		8,859		358,038
Industrial & Infrastructure Fund Investment Corp.		127		215,757
Ito En Ltd.		4,325		273,467
ITOCHU Corp.		70,263		1,680,290
Itochu Techno-Solutions Corp.		9,272		315,305
Japan Exchange Group, Inc.		53,972		1,312,644
JCR Pharmaceuticals Co. Ltd.		4,326		111,605
JSR Corp.		12,773		286,641
Justsystems Corp.		3,503		229,200
Kagome Co. Ltd.		5,355		183,127
Keyence Corp.		15,039		6,797,329
Kobe Bussan Co. Ltd.(d)		14,834		417,889
Koei Tecmo Holdings Co. Ltd.		5,563		272,456
K’s Holdings Corp.		13,392		170,891
Kyowa Kirin Co. Ltd.		20,188		500,162
Lasertec Corp.		9,681		837,156
Lion Corp.		18,333		374,762
M3, Inc.		53,148		3,572,518
Mercari, Inc.(a)		5,975		251,483
Miura Co. Ltd.		7,210		337,602
MonotaRO Co. Ltd.		13,598		754,433
Murata Manufacturing Co. Ltd.		47,999		3,336,605
NEC Corp.		16,894		848,417
Nexon Co. Ltd.		32,342		903,064
Nihon M&A Center, Inc.		12,568		734,556
Nippo Corp.		3,504		89,829
Nippon Paint Holdings Co. Ltd.		15,246		1,369,427
Nippon Prologis REIT, Inc.		165		542,950
Nissin Foods Holdings Co. Ltd.		7,415		641,205
Nitori Holdings Co. Ltd.		9,065		1,868,670
Nomura Holdings, Inc.		222,899		990,402
Nomura Research Institute Ltd.		28,224		835,597
NTT DOCOMO, Inc.		56,238		2,091,038
OBIC Business Consultants Co. Ltd.		1,030		55,766
Obic Co. Ltd.		6,387		1,133,335
Olympus Corp.		93,115		1,771,626
Omron Corp.		16,070		1,152,908
Ono Pharmaceutical Co. Ltd.		46,969		1,335,296
Open House Co. Ltd.		3,504		119,157
Oracle Corp. Japan		2,472		247,342
Otsuka Corp.		6,388		294,530
Pan Pacific International Holdings Corp.		41,820		888,885
Seria Co. Ltd.		4,120		158,431
SG Holdings Co. Ltd.		36,672		882,247

	Shares		Value
Japan-(continued)
Shimano, Inc.		7,003	$	1,591,987
SMC Corp.		4,427		2,341,813
Sony Corp.		86,731		7,196,333
Square Enix Holdings Co. Ltd.		6,594		386,027
Sugi Holdings Co. Ltd.		3,298		218,310
Taiyo Yuden Co. Ltd.		9,272		340,582
TDK Corp.		8,239		962,294
TIS, Inc.		11,948		228,697
Tokyo Electron Ltd.		12,565		3,353,391
Toyo Suisan Kaisha Ltd.		8,857		440,562
Trend Micro, Inc.		8,652		484,161
Tsuruha Holdings, Inc.		2,471		345,571
Unicharm Corp.		41,407		1,917,064
Welcia Holdings Co. Ltd.		10,918		428,198
Workman Co. Ltd.		2,474		218,433
Z Holdings Corp.		220,387		1,528,626
ZOZO, Inc.		5,767		146,244
				86,467,539
Luxembourg-0.22%
Eurofins Scientific SE(a)		824		656,336
Mexico-0.09%
Fresnillo PLC		18,745		281,759
Netherlands-7.33%
Adyen N.V.(a)(b)		3,748		6,319,576
ASML Holding N.V.		30,849		11,211,546
Koninklijke Ahold Delhaize N.V.		67,573		1,856,825
Prosus N.V.(a)		24,721		2,470,142
				21,858,089
New Zealand-0.87%
Fisher & Paykel Healthcare Corp. Ltd.		71,485		1,653,555
Spark New Zealand Ltd.		127,311		377,788
Xero Ltd.(a)		7,209		557,637
				2,588,980
Norway-0.50%
NEL ASA(a)(d)		94,556		178,847
Nordic Semiconductor ASA(a)		16,686		175,259
Orkla ASA		46,351		436,799
Scatec Solar ASA(b)		7,829		171,997
Schibsted ASA, Class A(a)		5,355		218,035
TOMRA Systems ASA		7,415		298,420
				1,479,357
Portugal-0.32%
EDP - Energias de Portugal S.A.		193,440		953,590
Singapore-0.30%
Ascendas REIT		159,861		337,165
Mapletree Industrial Trust		127,725		284,353
Mapletree Logistics Trust		184,170		263,004
Mapletree Logistics Trust, Rts., expiring 11/30/2020(a)(c)		3,516		0
				884,522
Spain-2.47%
Cellnex Telecom S.A.(b)		38,727		2,486,525
Iberdrola S.A.		374,316		4,414,721
Siemens Gamesa Renewable Energy S.A.		16,276		461,275
				7,362,521

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)

October 31, 2020

	Shares		Value
Sweden-3.39%
Atlas Copco AB, Class A		38,522	$	1,700,375
Atlas Copco AB, Class B		22,453		860,924
Beijer Ref AB		5,356		147,903
Embracer Group AB(a)		16,479		333,240
Epiroc AB, Class B		19,160		274,663
EQT AB		19,777		376,714
Evolution Gaming Group AB(b)		16,480		1,223,806
Getinge AB, Class B		15,449		302,605
Holmen AB, Class B		7,416		281,105
Indutrade AB(a)		7,621		386,480
Investment AB Latour, Class B		8,447		197,198
Kinnevik AB, Class B		20,599		845,028
Lifco AB, Class B		2,473		180,867
Nibe Industrier AB, Class B(a)		28,016		675,445
Svenska Cellulosa AB S.C.A., Class B(a)		36,052		489,069
Sweco AB, Class B		5,975		300,994
Swedish Match AB		20,226		1,523,798
				10,100,214
Switzerland-8.53%
Givaudan S.A.		757		3,085,649
Lonza Group AG		7,828		4,741,810
Roche Holding AG		41,612		13,381,853
Roche Holding AG, BR		1,647		530,461
Sika AG		10,223		2,517,409
STMicroelectronics N.V.		38,316		1,168,029
				25,425,211
Taiwan-1.93%
Sea Ltd., ADR(a)		36,463		5,750,215
United Kingdom-6.89%
AstraZeneca PLC		77,253		7,757,314
Avast PLC(b)		61,594		377,817
B&M European Value Retail S.A.		53,355		334,454
Clarivate PLC(a)		20,807		577,394
ConvaTec Group PLC(b)		97,440		227,664
Croda International PLC		8,242		643,038
London Stock Exchange Group PLC		18,127		1,940,216
Ocado Group PLC(a)		47,998		1,412,518
Reckitt Benckiser Group PLC		45,939		4,039,142
Rentokil Initial PLC(a)		92,497		629,089

Investment Abbreviations:

ADR-American Depositary Receipt

BR-Bearer Shares

CDI-CREST Depository Interest

REIT-Real Estate Investment Trust

Rts.-Rights

	Shares		Value
United Kingdom-(continued)
Segro PLC		78,489	$	915,406
Severn Trent PLC		14,420		453,075
SSE PLC		52,944		859,130
United Utilities Group PLC		33,783		377,146
				20,543,403
United States-1.34%
Atlassian Corp. PLC, Class A(a)		6,387		1,223,877
Inmode Ltd.(a)		1,237		45,225
James Hardie Industries PLC, CDI		26,987		655,347
Spotify Technology S.A.(a)		8,653		2,075,768
				4,000,217
Total Common Stocks & Other Equity Interests (Cost $308,673,441)				298,125,328
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(e)(f) (Cost $126,469)		126,469		126,469
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $308,799,910)				298,251,797
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.88%
Invesco Private Government Fund, 0.04%(e)(f)(g)		1,048,728		1,048,728
Invesco Private Prime Fund, 0.11%(e)(f)(g)		1,572,620		1,573,092
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,621,820)				2,621,820
TOTAL INVESTMENTS IN SECURITIES-100.88% (Cost $311,421,730)				300,873,617
OTHER ASSETS LESS LIABILITIES-(0.88)%				(2,637,016	)
NET ASSETS-100.00%			$	298,236,601

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

 40 

Invesco S&P International Developed Momentum ETF (IDMO)–(continued)

October 31, 2020

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 October 31, 2020 was $17,535,166, which represented 5.88% of the Fund’s Net Assets.

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

^(d) All or a portion of this security was out on loan at October 31, 2020.

^(e) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2020.

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	4,328,383		$	(4,201,914	)		$	-		$	-			$	126,469		$	2
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			876,008			(876,008	)			-			-				-			12
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			7,660			216,817			(224,477	)			-			-				-			130	*
Invesco Liquid Assets Portfolio, Institutional Class			2,541			45,000			(47,535	)			-			(6	)			-			48	*
Invesco Private Government Fund			-			2,086,322			(1,037,594	)			-			-				1,048,728			19	*
Invesco Private Prime Fund			-			2,012,881			(439,790	)			-			1				1,573,092			59	*
Total		$	10,201		$	9,565,411		$	(6,827,318	)		$	-		$	(5	)		$	2,748,289		$	270

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

^(f) The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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

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

 41 

Statements of Assets and Liabilities

October 31, 2020

	Invesco FTSE International Low Beta Equal Weight ETF (IDLB)				Invesco S&P Emerging Markets Low Volatility ETF (EELV)				Invesco S&P Emerging Markets Momentum ETF (EEMO)				Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)
Assets:
Unaffiliated investments in securities, at value(a)		$	8,938,749			$	269,568,737			$	5,766,830			$	15,581,804
Affiliated investments in securities, at value			151,953				2,303,655				63,930				190,483
Foreign currencies, at value			10,348				749,738				20,493				184
Receivable for:
Dividends			26,412				203,646				5,365				79,078
Securities lending			83				4,283				28				311
Investments sold			-				-				-				-
Foreign tax reclaims			187,692				44,777				-				9,143
Total assets			9,315,237				272,874,836				5,856,646				15,861,003
Liabilities:
Due to custodian			22,002				1,272,250				20,781				25,992
Payable for:
Investments purchased			-				23				-				-
Collateral upon return of securities loaned			151,953				2,303,634				63,930				190,483
Accrued unitary management fees			3,621				92,183				1,620				4,130
Total liabilities			177,576				3,668,090				86,331				220,605
Net Assets		$	9,137,661			$	269,206,746			$	5,770,315			$	15,640,398
Net assets consist of:
Shares of beneficial interest		$	25,491,293			$	398,503,852			$	6,585,410			$	19,321,048
Distributable earnings (loss)			(16,353,632	)			(129,297,106	)			(815,095	)			(3,680,650	)
Net Assets		$	9,137,661			$	269,206,746			$	5,770,315			$	15,640,398
Shares outstanding (unlimited amount authorized, $0.01 par value)			350,001				13,500,000				350,000				700,001
Net asset value		$	26.11			$	19.94			$	16.49			$	22.34
Market price		$	26.04			$	19.82			$	16.51			$	22.49
Unaffiliated investments in securities, at cost		$	9,064,415			$	271,550,093			$	4,604,485			$	16,689,824
Affiliated investments in securities, at cost		$	151,953			$	2,303,634			$	63,930			$	190,483
Foreign currencies, at cost		$	9,935			$	738,582			$	20,321			$	178
(a)Includes securities on loan with an aggregate value of:		$	136,688			$	2,186,230			$	53,785			$	170,965

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

 42 

Invesco S&P International Developed Low Volatility ETF (IDLV)				Invesco S&P International Developed Momentum ETF (IDMO)
	$	769,756,540			$	298,125,328
		16,986,572				2,748,289
		9,544				53
		4,090,607				31,186
		19,121				3,529
		-				2,045
		1,187,958				4,002
		792,050,342				300,914,432
		314,974				-
		38				-
		16,986,572				2,621,820
		184,521				56,011
		17,486,105				2,677,831
	$	774,564,237			$	298,236,601
	$	987,853,437			$	310,593,399
		(213,289,200	)			(12,356,798	)
	$	774,564,237			$	298,236,601
		28,300,000				10,300,000
	$	27.37			$	28.96
	$	27.43			$	28.92
	$	789,082,674			$	308,673,441
	$	16,986,572			$	2,748,289
	$	12,899			$	50
	$	15,937,949			$	2,275,682

 43 

Statements of Operations

For the year ended October 31, 2020

	Invesco FTSE International Low Beta Equal Weight ETF (IDLB)				Invesco S&P Emerging Markets Low Volatility ETF (EELV)				Invesco S&P Emerging Markets Momentum ETF (EEMO)				Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)
Investment income:
Unaffiliated interest income		$	-			$	-			$	16			$	-
Unaffiliated dividend income			540,703				11,505,921				159,371				753,237
Affiliated dividend income			125				1,120				117				143
Securities lending income			8,854				28,136				254				3,126
Foreign withholding tax			(47,525	)			(1,313,329	)			(17,255	)			(71,916	)
Total investment income			502,157				10,221,848				142,503				684,590
Expenses:
Unitary management fees			102,743				1,045,533				21,918				43,801
Less: Waivers			(28	)			(246,793	)			(4,657	)			(33	)
Net expenses			102,715				798,740				17,261				43,768
Net investment income			399,442				9,423,108				125,242				640,822
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(3,290,414	)			(50,014,697	)			(1,048,983	)(a)			(1,735,671	)
Affiliated investment securities			(61	)			(40	)			(6	)			106
In-kind redemptions			(531,314	)			(7,142,899	)			358,904				128,359
Foreign currencies			2,964				(72,116	)			(21,742	)			(7,661	)
Net realized gain (loss)			(3,818,825	)			(57,229,752	)			(711,827	)			(1,614,867	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(394,646	)			(2,594,422	)			668,499	(b)			(1,752,041	)
Affiliated investment securities			(14	)			21				(5	)			-
Foreign currencies			11,367				6,648				(98	)			1,202
Change in net unrealized appreciation (depreciation)			(383,293	)			(2,587,753	)			668,396				(1,750,839	)
Net realized and unrealized gain (loss)			(4,202,118	)			(59,817,505	)			(43,431	)			(3,365,706	)
Net increase (decrease) in net assets resulting from operations		$	(3,802,676	)		$	(50,394,397	)		$	81,811			$	(2,724,884	)

^(a)  Net of foreign taxes of $201.

^(b)  Net of foreign taxes of $1,533.

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

 44 

Invesco S&P International Developed Low Volatility ETF (IDLV)				Invesco S&P International Developed Momentum ETF (IDMO)
	$	-			$	-
		29,287,532				107,734
		9,445				14
		185,957				3,672
		(2,947,628	)			(14,738	)
		26,535,306				96,682
		2,673,085				64,898
		(480,058	)			(1,340	)
		2,193,027				63,558
		24,342,279				33,124
		(122,849,679	)			(188,025	)
		(1,202	)			(5	)
		23,874,399				937,967
		(338,746	)			(932	)
		(99,315,228	)			749,005
		(98,589,661	)			(10,768,047	)
		(313	)			-
		110,010				(64	)
		(98,479,964	)			(10,768,111	)
		(197,795,192	)			(10,019,106	)
	$	(173,452,913	)		$	(9,985,982	)

 45 

Statements of Changes in Net Assets

For the years ended October 31, 2020 and 2019

	Invesco FTSE International Low Beta Equal Weight ETF (IDLB)						Invesco S&P Emerging Markets Low Volatility ETF (EELV)
	2020			2019			2020			2019
Operations:
Net investment income	$	399,442		$	2,415,163		$	9,423,108		$	10,014,091
Net realized gain (loss)		(3,818,825	)		1,941,655			(57,229,752	)		(7,722,334	)
Change in net unrealized appreciation (depreciation)		(383,293	)		3,926,336			(2,587,753	)		12,756,268
Net increase (decrease) in net assets resulting from operations		(3,802,676	)		8,283,154			(50,394,397	)		15,048,025
Distributions to Shareholders from:
Distributable earnings		(658,693	)		(2,663,090	)		(9,726,970	)		(14,807,076	)
Shareholder Transactions:
Proceeds from shares sold		-			38,328,349			117,564,428			92,611,360
Value of shares repurchased		(40,031,688	)		(99,591,478	)		(124,343,540	)		(3,576,939	)
Transaction fees		15,359			-			474,852			86,655
Net increase (decrease) in net assets resulting from share transactions		(40,016,329	)		(61,263,129	)		(6,304,260	)		89,121,076
Net increase (decrease) in net assets		(44,477,698	)		(55,643,065	)		(66,425,627	)		89,362,025
Net assets:
Beginning of year		53,615,359			109,258,424			335,632,373			246,270,348
End of year	$	9,137,661		$	53,615,359		$	269,206,746		$	335,632,373
Changes in Shares Outstanding:
Shares sold		-			1,400,000			5,650,000			3,900,000
Shares repurchased		(1,550,000	)		(3,550,000	)		(6,600,000	)		(150,000	)
Shares outstanding, beginning of year		1,900,001			4,050,001			14,450,000			10,700,000
Shares outstanding, end of year		350,001			1,900,001			13,500,000			14,450,000

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

 46 

								Invesco S&P International									Invesco S&P International									Invesco S&P International
Invesco S&P Emerging Markets									Developed High Dividend									Developed Low Volatility ETF									Developed Momentum ETF
Momentum ETF (EEMO)									Low Volatility ETF (IDHD)									(IDLV)									(IDMO)
2020				2019					2020				2019					2020				2019					2020				2019
	$	125,242			$	203,116				$	640,822			$	454,113				$	24,342,279			$	25,935,348				$	33,124			$	60,984
		(711,827	)			(976,139	)				(1,614,867	)			(192,917	)				(99,315,228	)			(12,989,782	)				749,005				(148,718	)
		668,396				1,692,906					(1,750,839	)			1,100,346					(98,479,964	)			101,291,478					(10,768,111	)			361,473
		81,811				919,883					(2,724,884	)			1,361,542					(173,452,913	)			114,237,044					(9,985,982	)			273,739
		(131,358	)			(1,227,256	)				(875,930	)			(462,652	)				(48,157,293	)			(27,200,949	)				(61,403	)			(74,476	)
		2,249,937				-					8,766,348				10,898,206					377,754,851				436,062,565					311,702,336				-
		(2,371,906	)			(6,681,594	)				(3,825,583	)			(2,734,982	)				(370,632,314	)			(71,976,046	)				(6,103,728	)			-
		1,016				5,965					-				-					-				-					-				-
		(120,953	)			(6,675,629	)				4,940,765				8,163,224					7,122,537				364,086,519					305,598,608				-
		(170,500	)			(6,983,002	)				1,339,951				9,062,114					(214,487,669	)			451,122,614					295,551,223				199,263
		5,940,815				12,923,817					14,300,447				5,238,333					989,051,906				537,929,292					2,685,378				2,486,115
	$	5,770,315			$	5,940,815				$	15,640,398			$	14,300,447				$	774,564,237			$	989,051,906				$	298,236,601			$	2,685,378
		150,000				-					350,000				400,000					12,650,000				13,300,000					10,400,000				-
		(150,000	)			(400,000	)				(150,000	)			(100,000	)				(12,950,000	)			(2,150,000	)				(200,000	)			-
		350,000				750,000					500,001				200,001					28,600,000				17,450,000					100,000				100,000
		350,000				350,000					700,001				500,001					28,300,000				28,600,000					10,300,000				100,000

 47 

Financial Highlights

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)

																	For the Period November 04,  2015(a) Through October 31,          2016
	Years Ended October 31,
	2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	28.22			$	26.98			$	29.47			$	25.09			$	24.92
Net investment income(b)			0.47				0.68				0.67				0.64				0.54
Net realized and unrealized gain (loss) on investments			(2.05	)			1.43				(2.30	)			4.45				0.03
Total from investment operations			(1.58	)			2.11				(1.63	)			5.09				0.57
Distributions to shareholders from:
Net investment income			(0.55	)			(0.87	)			(0.86	)			(0.71	)			(0.40	)
Transaction fees(b)			0.02				-				-				-				-
Net asset value at end of period		$	26.11			$	28.22			$	26.98			$	29.47			$	25.09
Market price at end of period(c)		$	26.04			$	28.02			$	26.86			$	29.44			$	25.20
Net Asset Value Total Return(d)			(5.44	)%			7.94	%			(5.81	)%			20.63	%			2.33	%(e)
Market Price Total Return(d)			(5.02	)%			7.65	%			(6.12	)%			19.98	%			2.77	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	9,138			$	53,615			$	109,258			$	134,104			$	146,797
Ratio to average net assets of:
Expenses			0.45	%			0.46	%(f)			0.45	%			0.45	%			0.45	%(g)
Net investment income			1.75	%			2.48	%(f)			2.23	%			2.38	%			2.22	%(g)
Portfolio turnover rate(h)			38	%			53	%			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 at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

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

^(g) Annualized.

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

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

 48 

Financial Highlights–(continued)

Invesco S&P Emerging Markets Low Volatility ETF (EELV)

	Years Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	23.23		$	23.02		$	24.59		$	22.27		$	22.31
Net investment income(a)		0.72			0.74			1.04			0.63			0.57
Net realized and unrealized gain (loss) on investments		(3.33	)		0.58			(1.68	)		2.29			(0.14	)
Total from investment operations		(2.61	)		1.32			(0.64	)		2.92			0.43
Distributions to shareholders from:
Net investment income		(0.72	)		(1.12	)		(1.01	)		(0.61	)		(0.49	)
Transaction fees(a)		0.04			0.01			0.08			0.01			0.02
Net asset value at end of year	$	19.94		$	23.23		$	23.02		$	24.59		$	22.27
Market price at end of year(b)	$	19.82		$	23.12		$	23.03		$	24.63		$	22.15
Net Asset Value Total Return(c)		(10.92	)%		5.87	%		(2.54	)%		13.30	%		2.12	%
Market Price Total Return(c)		(11.03	)%		5.32	%		(2.60	)%		14.09	%		2.39	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	269,207		$	335,632		$	246,270		$	277,832		$	269,478
Ratio to average net assets of:
Expenses, after Waivers		0.29	%		0.29	%		0.29	%		0.29	%		0.29	%
Expenses, prior to Waivers		0.38	%		0.45	%		0.45	%		0.45	%		0.45	%
Net investment income		3.42	%		3.14	%		4.12	%		2.74	%		2.60	%
Portfolio turnover rate(d)		114	%		67	%		125	%		81	%		73	%

^(a) Based on average shares outstanding.

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

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

^(d) 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 Emerging Markets Momentum ETF (EEMO)

	Years Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	16.97		$	17.23		$	20.85		$	15.87		$	16.20
Net investment income(a)		0.32			0.40			0.27	(b)		0.40			0.22
Net realized and unrealized gain (loss) on investments		(0.46	)		1.61			(3.03	)		4.70			(0.23	)
Total from investment operations		(0.14	)		2.01			(2.76	)		5.10			(0.01	)
Distributions to shareholders from:
Net investment income		(0.34	)		(0.43	)		(0.14	)		(0.37	)		(0.32	)
Net realized gains		-			(1.85	)		(0.76	)		-			-
Total distributions		(0.34	)		(2.28	)		(0.90	)		(0.37	)		(0.32	)
Transaction fees(a)		0.00	(c)		0.01			0.04			0.25			-
Net asset value at end of year	$	16.49		$	16.97		$	17.23		$	20.85		$	15.87
Market price at end of year(d)	$	16.51		$	16.92		$	17.18		$	20.96		$	15.84
Net Asset Value Total Return(e)		0.20	%		13.60	%		(13.66	)%		34.38	%		0.17	%
Market Price Total Return(e)		0.59	%		13.66	%		(14.35	)%		35.37	%		0.69	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	5,770		$	5,941		$	12,924		$	390,986		$	1,587
Ratio to average net assets of:
Expenses, after Waivers		0.29	%		0.36	%(f)(g)		0.27	%(f)		0.27	%(f)		0.28	%
Expenses, prior to Waivers		0.37	%		0.53	%(f)(g)		0.45	%(f)		0.45	%(f)		0.45	%
Net investment income		2.10	%		2.42	%(g)		1.26	%(b)		2.16	%		1.44	%
Portfolio turnover rate(h)		172	%		114	%		140	%		111	%		182	%

^(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 $0.17 and 0.83%, 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 at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(f) 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) Ratios include non-recurring costs associated with a proxy statement of 0.08%.

^(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. 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.

 50 

Financial Highlights–(continued)

Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)

													For the Period November 29, 2016(a) Through October 31,             2017
	Years Ended October 31,
	2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	28.60			$	26.19			$	28.39			$25.19
Net investment income(b)			1.07				1.25				1.27			1.02
Net realized and unrealized gain (loss) on investments			(5.83	)			2.41				(2.09	)		3.16
Total from investment operations			(4.76	)			3.66				(0.82	)		4.18
Distributions to shareholders from:
Net investment income			(1.50	)			(1.25	)			(1.38	)		(0.98	)
Net asset value at end of period		$	22.34			$	28.60			$	26.19			$28.39
Market price at end of period(c)		$	22.49			$	28.61			$	26.41			$28.60
Net Asset Value Total Return(d)			(16.91	)%			14.30	%			(3.11	)%		16.70	%(e)
Market Price Total Return(d)			(16.38	)%			13.34	%			(3.06	)%		17.55	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	15,640			$	14,300			$	5,238			$4,258
Ratio to average net assets of:
Expenses			0.30	%			0.37	%(f)			0.30	%		0.30	%(g)
Net investment income			4.39	%			4.60	%(f)			4.51	%		4.00	%(g)
Portfolio turnover rate(h)			88	%			58	%			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 at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(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) Ratios include non-recurring costs associated with a proxy statement of 0.07%.

^(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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Financial Highlights–(continued)

Invesco S&P International Developed Low Volatility ETF (IDLV)

	Years Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	34.58		$	30.83		$	33.28		$	29.32		$	29.99
Net investment income(a)		0.83			1.15			1.08			1.00			0.99
Net realized and unrealized gain (loss) on investments		(6.40	)		3.79			(2.22	)		4.04			(0.55	)
Total from investment operations		(5.57	)		4.94			(1.14	)		5.04			0.44
Distributions to shareholders from:
Net investment income		(1.64	)		(1.19	)		(1.31	)		(1.08	)		(1.11	)
Net asset value at end of year	$	27.37		$	34.58		$	30.83		$	33.28		$	29.32
Market price at end of year(b)	$	27.43		$	34.57		$	30.76		$	33.29		$	29.38
Net Asset Value Total Return(c)		(16.49	)%		16.33	%		(3.62	)%		17.59	%		1.56	%
Market Price Total Return(c)		(16.28	)%		16.56	%		(3.87	)%		17.38	%		2.07	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	774,564		$	989,052		$	537,929		$	569,124		$	384,137
Ratio to average net assets of:
Expenses, after Waivers		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Expenses, prior to Waivers		0.30	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		2.77	%		3.51	%		3.26	%		3.19	%		3.33	%
Portfolio turnover rate(d)		99	%		59	%		65	%		69	%		56	%

^(a) Based on average shares outstanding.

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

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

^(d) 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 Momentum ETF (IDMO)

	Years Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	26.85		$	24.86		$	27.96		$	23.57		$	25.85
Net investment income(a)		0.04			0.61			0.61			0.71			0.51
Net realized and unrealized gain (loss) on investments		2.58			2.12			(3.04	)		4.49			(2.30	)
Total from investment operations		2.62			2.73			(2.43	)		5.20			(1.79	)
Distributions to shareholders from:
Net investment income		(0.51	)		(0.74	)		(0.67	)		(0.81	)		(0.49	)
Net asset value at end of year	$	28.96		$	26.85		$	24.86		$	27.96		$	23.57
Market price at end of year(b)	$	28.92		$	26.79		$	24.78		$	27.80		$	23.51
Net Asset Value Total Return(c)		10.14	%		11.30	%		(8.95	)%		22.57	%		(6.92	)%
Market Price Total Return(c)		10.24	%		11.42	%		(8.70	)%		22.19	%		(6.77	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	298,237		$	2,685		$	2,486		$	2,796		$	3,535
Ratio to average net assets of:
Expenses, after Waivers		0.25	%		0.53	%(d)		0.25	%		0.26	%		0.26	%
Expenses, prior to Waivers		0.26	%		0.63	%(d)		0.35	%		0.36	%		0.36	%
Net investment income		0.13	%		2.39	%(d)		2.21	%		2.87	%		2.13	%
Portfolio turnover rate(e)		15	%		104	%		123	%		134	%		198	%

^(a) Based on average shares outstanding.

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

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

^(d) Ratios include non-recurring costs associated with a proxy statement of 0.27%.

^(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

October 31, 2020

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 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
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 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

 53 

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

B. Other Risks

Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each

 54 

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 Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in emerging market securities, and emerging market securities may have relatively low market liquidity, decreased publicly available 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. Emerging market securities also are subject to the risks of expropriation, nationalization or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in emerging market securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions. Emerging markets usually are subject to greater market volatility, lower trading volume, political and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change.

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

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. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns.

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 the Fund’s investments in the affected country or region.

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 which a Fund invests and the capital resources available for such companies’ dividend payments may adversely affect a Fund.

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

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry

 55 

groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

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

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

Momentum Investing Risk. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversification Risk. To the extent certain Funds become non-diversified, such Funds may invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase certain Funds’ volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds’ performance.

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

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

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations

 56 

and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

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

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 distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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

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

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 their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general

 57 

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. Securities Lending - Each Fund may participate in securities lending and may loan 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. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

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

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

NOTE 3–Investment Advisory Agreement and Other Agreements

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

Pursuant to the Investment Advisory Agreement, each 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 distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the

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election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

	Unitary Management Fees (as a % of average daily net assets)
FTSE International Low Beta Equal Weight ETF		0.45	%
S&P Emerging Markets Low Volatility ETF		0.29	%*
S&P Emerging Markets Momentum ETF		0.29	%*
S&P International Developed High Dividend Low Volatility ETF		0.30	%
S&P International Developed Low Volatility ETF		0.25	%**
S&P International Developed Momentum ETF		0.25	%**

* Effective May 1, 2020, the Adviser contractually reduced the annual unitary management fee from 0.45% to 0.29% of the Fund’s average daily net assets. Prior to May 1, 2020, the Adviser agreed to waive a portion of its annual unitary management fee, which resulted in a net annual unitary management fee of 0.29% of the Fund’s average daily net assets.

** Effective May 1, 2020, the Adviser contractually reduced the annual unitary management fee from 0.35% to 0.25% of the Fund’s average daily net assets. Prior to May 1, 2020, the Adviser agreed to waive a portion of its annual unitary management fee, which resulted in a net annual unitary management fee of 0.25% of the Fund’s average daily net assets.

Further, through at least August 31, 2022, 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 the Fund’s investments of otherwise uninvested cash 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 fiscal year ended October 31, 2020, the Adviser waived fees for each Fund in the following amounts:

FTSE International Low Beta Equal Weight ETF	$	28
S&P Emerging Markets Low Volatility ETF		246,793
S&P Emerging Markets Momentum ETF		4,657
S&P International Developed High Dividend Low Volatility ETF		33
S&P International Developed Low Volatility ETF		480,058
S&P International Developed Momentum ETF		1,340

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.
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

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.

For the fiscal year ended October 31, 2020, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Fund, as listed below:

S&P Emerging Markets Low Volatility ETF	$	382
S&P Emerging Markets Momentum ETF		9

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

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market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

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

The following is a summary of the tiered valuation input levels, as of October 31, 2020. 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
FTSE International Low Beta Equal Weight ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	8,938,749		$	-		$	0		$	8,938,749
Money Market Funds			-			151,953			-			151,953
Total Investments		$	8,938,749		$	151,953		$	0		$	9,090,702
S&P Emerging Markets Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	269,568,737		$	-		$	-		$	269,568,737
Money Market Funds			-			2,303,655			-			2,303,655
Total Investments		$	269,568,737		$	2,303,655		$	-		$	271,872,392
S&P Emerging Markets Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	5,766,457		$	153		$	0		$	5,766,610
Non-U.S. Dollar Denominated Bonds & Notes			-			220			-			220
Money Market Funds			-			63,930			-			63,930
Total Investments		$	5,766,457		$	64,303		$	0		$	5,830,760
S&P International Developed High Dividend Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	15,581,804		$	-		$	-		$	15,581,804
Money Market Funds			-			190,483			-			190,483
Total Investments		$	15,581,804		$	190,483		$	-		$	15,772,287
S&P International Developed Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	769,756,540		$	-		$	-		$	769,756,540
Money Market Funds			-			16,986,572			-			16,986,572
Total Investments		$	769,756,540		$	16,986,572		$	-		$	786,743,112
S&P International Developed Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	298,125,328		$	-		$	0		$	298,125,328
Money Market Funds			126,469			2,621,820			-			2,748,289
Total Investments		$	298,251,797		$	2,621,820		$	0		$	300,873,617

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NOTE 5–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2020 and 2019:

	2020			2019
	Ordinary Income*			Ordinary Income*			Long-Term Capital Gains
FTSE International Low Beta Equal Weight ETF		$	658,693		$	2,663,090		$	-
S&P Emerging Markets Low Volatility ETF			9,726,970			14,807,076			-
S&P Emerging Markets Momentum ETF			131,358			1,203,025			24,231
S&P International Developed High Dividend Low Volatility ETF			875,930			462,652			-
S&P International Developed Low Volatility ETF			48,157,293			27,200,949			-
S&P International Developed Momentum ETF			61,403			74,476			-

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:

	Undistributed Ordinary Income			Net Unrealized Appreciation (Depreciation)- Investments				Net Unrealized Appreciation (Depreciation)- Foreign Currencies				Capital Loss Carryforwards				Shares of Beneficial Interest			Total Net Assets
FTSE International Low Beta Equal Weight ETF		$	21,760		$	(248,281)			$	9,854			$	(16,136,965	)		$	25,491,293		$	9,137,661
S&P Emerging Markets Low Volatility ETF			385,636			(6,096,013	)			1,961				(123,588,690	)			398,503,852			269,206,746
S&P Emerging Markets Momentum ETF			-			1,152,795				(209	)			(1,967,681	)			6,585,410			5,770,315
S&P International Developed High Dividend Low Volatility ETF			40,151			(1,185,197	)			868				(2,536,472	)			19,321,048			15,640,398
S&P International Developed Low Volatility ETF			-			(22,099,000	)			102,264				(191,292,464	)			987,853,437			774,564,237
S&P International Developed Momentum ETF			-			(10,576,668)				(45	)			(1,780,085	)			310,593,399			298,236,601

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 following table presents available capital loss carryforwards for each Fund as of October 31, 2020:

	No expiration
	Short-Term		Long-Term		Total*
FTSE International Low Beta Equal Weight ETF	$	7,279,616	$	8,857,349	$	16,136,965
S&P Emerging Markets Low Volatility ETF		71,055,956		52,532,734		123,588,690
S&P Emerging Markets Momentum ETF		1,292,435		675,246		1,967,681
S&P International Developed High Dividend Low Volatility ETF		1,391,074		1,145,398		2,536,472
S&P International Developed Low Volatility ETF		107,271,504		84,020,960		191,292,464
S&P International Developed Momentum ETF		1,331,865		448,220		1,780,085

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

NOTE 6–Investment Transactions

For the fiscal year ended October 31, 2020, the cost of securities purchased and the 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	$	8,694,689	$	12,636,206
S&P Emerging Markets Low Volatility ETF		315,277,368		318,264,077
S&P Emerging Markets Momentum ETF		10,683,070		10,178,793
S&P International Developed High Dividend Low Volatility ETF		13,125,209		12,821,391
S&P International Developed Low Volatility ETF		855,789,009		882,936,107
S&P International Developed Momentum ETF		7,672,812		3,855,422

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For the fiscal year ended October 31, 2020, 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	$	-	$	36,264,301
S&P Emerging Markets Low Volatility ETF		39,675,491		43,131,070
S&P Emerging Markets Momentum ETF		907,608		1,561,337
S&P International Developed High Dividend Low Volatility ETF		8,755,321		4,382,522
S&P International Developed Low Volatility ETF		376,773,668		368,688,713
S&P International Developed Momentum ETF		308,276,236		6,632,360

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At October 31, 2020, 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	$	806,780	$	(1,055,061)	$	(248,281)	$	9,338,983
S&P Emerging Markets Low Volatility ETF		18,452,763		(24,548,776)		(6,096,013)		277,968,405
S&P Emerging Markets Momentum ETF		1,298,012		(145,217)		1,152,795		4,677,965
S&P International Developed High Dividend Low Volatility ETF		499,433		(1,684,630)		(1,185,197)		16,957,484
S&P International Developed Low Volatility ETF		38,250,903		(60,349,903)		(22,099,000)		808,842,112
S&P International Developed Momentum ETF		4,607,258		(15,183,926)		(10,576,668)		311,450,285

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, distributions and passive foreign investment companies, amounts were reclassified between undistributed net investment income, undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended October 31, 2020, the reclassifications were as follows:

	Undistributed Net Investment Income (Loss)				Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
FTSE International Low Beta Equal Weight ETF		$	244,441			$	649,694			$	(894,135	)
S&P Emerging Markets Low Volatility ETF			(17,082	)			7,738,351				(7,721,269	)
S&P Emerging Markets Momentum ETF			5,366				(320,008	)			314,642
S&P International Developed High Dividend Low Volatility ETF			242,941				(282,113	)			39,172
S&P International Developed Low Volatility ETF			22,998,770				(25,994,180	)			2,995,410
S&P International Developed Momentum ETF			25,464				(927,162	)			901,698

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 for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to 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 issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the

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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–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

 63 

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco FTSE International Low Beta Equal Weight ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco FTSE International Low Beta Equal Weight ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF (six of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2020, the related statements of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

December 23, 2020

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

 64 

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, litigation expenses, acquired fund fees and expenses, if any, 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 for the entire period May 1, 2020 through October 31, 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 May 1, 2020		Ending Account Value October 31, 2020		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period(1)
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)
Actual		$1,000.00		$1,098.90		0.45%		$2.37
Hypothetical (5% return before expenses)		1,000.00		1,022.87		0.45		2.29
Invesco S&P Emerging Markets Low Volatility ETF (EELV)
Actual		1,000.00		1,070.70		0.29		1.51
Hypothetical (5% return before expenses)		1,000.00		1,023.68		0.29		1.48
Invesco S&P Emerging Markets Momentum ETF (EEMO)
Actual		1,000.00		1,335.20		0.29		1.70
Hypothetical (5% return before expenses)		1,000.00		1,023.68		0.29		1.48
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)
Actual		1,000.00		1,042.90		0.30		1.54
Hypothetical (5% return before expenses)		1,000.00		1,023.63		0.30		1.53
Invesco S&P International Developed Low Volatility ETF (IDLV)
Actual		1,000.00		1,030.50		0.25		1.28
Hypothetical (5% return before expenses)		1,000.00		1,023.88		0.25		1.27

 65 

Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value May 1, 2020		Ending Account Value October 31, 2020		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period(1)
Invesco S&P International Developed Momentum ETF (IDMO)
Actual		$1,000.00		$1,165.70		0.25%		$1.36
Hypothetical (5% return before expenses)		1,000.00		1,023.88		0.25		1.27

⁽¹⁾ Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

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Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2020:

	Qualified Dividend Income*	Corporate Dividends Received Deduction*	U.S. Treasury Obligations*
Invesco FTSE International Low Beta Equal Weight ETF	83%	0%	0%
Invesco S&P Emerging Markets Low Volatility ETF	43%	0%	0%
Invesco S&P Emerging Markets Momentum ETF	46%	0%	0%
Invesco S&P International Developed High Dividend Low Volatility ETF	58%	0%	0%
Invesco S&P International Developed Low Volatility ETF	51%	0%	0%
Invesco S&P International Developed Momentum ETF	100%	0%	0%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The foreign source income and foreign taxes paid per share are as follows:

	Foreign Taxes Per Share			Foreign Source Income Per Share
Invesco FTSE International Low Beta Equal Weight ETF		$	0.1945		$	1.5444
Invesco S&P Emerging Markets Low Volatility ETF			0.0961			0.8294
Invesco S&P Emerging Markets Momentum ETF			0.0497			0.4384
Invesco S&P International Developed High Dividend Low Volatility ETF			0.0579			1.0762
Invesco S&P International Developed Low Volatility ETF			0.0715			1.0331
Invesco S&P International Developed Momentum ETF			-			-

 67 

Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.

As of October 31, 2020

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2007	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	216	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017-Present).
Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	216	None.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

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Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Edmund P. Giambastiani, Jr.–1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	216	Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008- 2011).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 69 

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Victoria J. Herget–1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	216	Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004- 2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 70 

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2007	Senior Director of Finance, By The Hand Club for Kids (not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	216	Treasurer (2018-Present), Finance Committee Member (2015-Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.
Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	216	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 71 

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Joanne Pace—1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005- 2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.	216	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016- Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s
					and Women’s Health (2012-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012- 2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 72 

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker - 1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	216	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).
Donald H. Wilson - 1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2007	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016- 2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	216	Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 73 

Trustees and Officers–(continued)

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee, are shown below:

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Kevin M. Carome–1956 Invesco Ltd. Two Peachtree Pointe 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309	Trustee	Since 2010	Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Secretary (2012-2020), Invesco Services (Bahamas) Private Limited; Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007- 2019); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008- 2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.	216	None

* This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

 74 

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2020	President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); Authorized Person, Accretive Asset Management LLC (2018-Present); formerly, Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

 75 

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal – US ETFs and Secretary, Invesco Capital Management LLC (2020-Present); Head of Legal and Secretary, Invesco Specialized Products, LLC (2020-Present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary (2020-Present), Invesco Capital Markets, Inc. and Invesco Investment Advisers LLC; Assistant Secretary, The Invesco Funds (2014-Present); formerly, Assistant Secretary, Invesco Capital Management LLC (2015-2020) and Invesco Specialized Products, LLC (2018-2020); Assistant Secretary (2014-2020) and Chief Compliance Officer (2017), Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Senior Counsel, Invesco Ltd. (2013-2020).
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange- Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

 76 

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).
Melanie Zimdars–1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

 77 

Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

©2020 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-TRST2-HBLV-AR-2	invesco.com/ETFs

Invesco Annual Report to Shareholders

October 31, 2020

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

The Market Environment	3
Management’s Discussion of Fund Performance	5
Schedules of Investments
Invesco Emerging Markets Sovereign Debt ETF (PCY)	12
Invesco Global Short Term High Yield Bond ETF (PGHY)	15
Invesco International Corporate Bond ETF (PICB)	24
Statements of Assets and Liabilities	31
Statements of Operations	32
Statements of Changes in Net Assets	34
Financial Highlights	36
Notes to Financial Statements	39
Report of Independent Registered Public Accounting Firm	49
Fund Expenses	50
Tax Information	51
Trustees and Officers	52

2

The Market Environment

Domestic Equity

At the outset of the fiscal year, improving economic conditions during the fourth quarter of 2019 provided the backdrop for strong equity market returns. Investors were encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

During the first quarter of 2020, as the spread of the new coronavirus (COVID-19) disrupted travel and suppressed consumer activity, investors became increasingly concerned about the global economy. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. Beginning in late February, equity markets declined sharply and quickly, ushering in the first bear market since the financial crisis of 2008. Though the equity market stabilized somewhat toward the end of March, all sectors declined during the downturn. In response to the major collapse in demand and to help facilitate liquidity, the US Federal Reserve (“the Fed”) cut interest rates two times in March by 0.50% and 1.00%, ending with a target range of 0.00% to 0.25%.¹

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. The rally followed a sharp economic decline caused by global shutdowns to slow the spread of COVID-19. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. After oil futures contracts turned negative in early April, oil prices doubled in June, which supported struggling energy companies and millions of energy sector employees. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August, revised second quarter GDP fell by 31.40%², a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but reached record highs by the end of August.

Despite a September selloff, US equity markets posted gains in the third quarter as the Fed extended its emergency stimulus programs and changed its inflation target policy, both of which supported equities. Activity was better than expected across many areas of the economy. Data for both manufacturing and services indicated expansion, a reversal from significant declines earlier in the year. Corporate earnings were also better than anticipated and a gradual decline in new COVID-19 infections in many regions, combined with optimism about progress on a coronavirus vaccine, further boosted stocks. October saw increased volatility as COVID-19 infection rates rose to record highs in the US and in Europe. Investors also became concerned about delayed results from the US presidential election and the real possibility of a contested election, further delaying a clear winner. Despite October posting negative returns for the major stock indices in the US and globally, the S&P 500 Index returned 9.71% for the fiscal year.

¹  Source: US Federal Reserve

²  Source: US Bureau of Economic Analysis

Fixed Income

At the start of the fiscal year, US economic data remained supportive of continued economic expansion as fourth quarter 2019 GDP grew 2.40%.¹ The US economy continued to add jobs, pushing the unemployment rate to 3.50% at the close of the 2019 calendar year, while inflation remained subdued.² However, initial optimism in 2020 was dampened by the outbreak of the novel coronavirus (COVID-19) that swiftly spread from China to other global regions. Global equity markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. The US bull market ended abruptly, while global equity markets also fell sharply.

As market panic set in, central banks around the world took aggressive action to support both local markets and the global economy. In the US, the Fed accomplished this with one 0.25% rate cut on March 3, followed by a 1.00% rate cut on March 16, bringing the target Fed Funds range of 0.00% to 0.25%.³ Second quarter GDP fell by an annualized rate of 31.40%,¹ and unemployment in the US rose to 14.70%² in April, a rate not seen since 1940.

The 10-year US Treasury yield reached a high of 1.94%⁴ in November of 2019 due to the continued strength of the global economy. However, a severe risk-off tone drove US Treasury yields sharply lower in mid-February as COVID-19 began its spread through Europe before falling sharply to a level of 0.54%⁴ in February of 2020 amid COVID-19 concerns. Throughout the remainder of the fiscal year, US Treasury yields remained comparatively low, as the Fed prolonged its accomodative stance and continued geoeconomic uncertainty forced investors to seek higher quality fixed income instruments. The 10-year US Treasury yield ended the fiscal year at 0.87%, 82 basis points lower than at the beginning of the fiscal year.⁴ (A basis point is one one-hundredth of a percentage point.)

The broader bond market, as represented by the Bloomberg Barclays US Aggregate Bond Index, gained 6.19% for the fiscal year. Positive performance for the index was largely attributable to the sharp decline in US Treasury yields. The four primary sectors of the Bloomberg Barclays US Aggregate Bond Index—government-related, corporate, securitized and treasury—posted positive returns for the fiscal year. Out-of-index exposure, such as high yield and US dollar-denominated emerging market (EM) corporate debt, experienced small gains despite longer-term economic concerns stemming from the COVID-19 pandemic. Helping to support returns in high yield was the Fed’s corporate bond purchase program, while US dollar-denominated EM corporate debt was bouyed by very accommodative central bank policies.

¹  Source: Bureau of Economic Analysis

²  Source: Bureau of Labor Statistics

³  Source: US Federal Reserve

⁴  Source: US Treasury Department

3

The Market Environment (continued)

Global Equity

At the start of the fiscal year, macroeconomic and geopolitical issues mostly abated providing a favorable backdrop for global equity returns. Central banks maintained accommodative policies and better economic data and signs of progress in US and China trade talks also supported global equities.

Global equity markets started 2020 buoyed by positive economic data and the signing of the phase one US-China trade deal. However, initial optimism was dampened by the outbreak of the new coronavirus (COVID-19) that swiftly spread from China to other global regions. Global equity markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. The US bull market came to an abrupt end, while global equity markets also fell sharply. As fear of a worldwide recession increased, central banks around the world took aggressive action to support both local markets and the global economy.

Despite the continuing global spread of COVID-19, many countries achieved some success in controlling the spread and were able to slowly re-open their economies. Global equity markets benefited from government policy responses to the crisis, which were swift and encouraging. Many economies received fiscal stimulus and very significant monetary stimulus. The massive monetary policy response created an environment in which investors embraced risk, and stocks rose globally after a deep rout in the first quarter.

Despite a correction in September, global equity stocks finished the third quarter in positive territory after posting strong gains in July and August. Building on progress made in the latter part of the second quarter, many countries were able to continue reducing pandemic-related stringency protocols. As a result, the “green shoots” we saw at the end of the second quarter grew and flourished into the third quarter, as many countries experienced a strong economic rebound.

At the end of the fiscal year, economic growth began to slow. This coincided with a resurgence in global infections with record highs in the US and in Europe. Investors also became concerned about delayed results from the US presidential election and the real possibility of a contested election, further delaying a clear winner. Global equity markets ended the fiscal year mixed, with emerging markets faring better than developed markets.

4

PCY	Management’s Discussion of Fund Performance
	Invesco Emerging Markets Sovereign Debt ETF (PCY)

As an index fund, the Invesco Emerging Markets Sovereign Debt ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the DBIQ Emerging Market USD Liquid Balanced Index (the “Index”). The Fund generally will invest 80% of its total assets in U.S. dollar denominated government bonds from emerging market countries that comprise the Index. The Index measures potential returns of a theoretical portfolio of liquid emerging market U.S. dollar denominated government bonds.

Strictly in accordance with its guidelines and mandated procedures, Deutsche Bank Securities Inc. (“DB” or the “Index Provider”) selects one to three securities from each eligible emerging market country as determined by the Index Provider that (i) are denominated in U.S. dollars, (ii) are sovereign bonds, (iii) have at least three years to maturity, (iv) have an outstanding float of at least $500 million or greater, and (v) have a fixed coupon. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned (3.38)%. On a net asset value (“NAV”) basis, the Fund returned (3.07)%. During the same time period, the Index returned (2.14)%. During the fiscal year, the Fund mostly replicated the components of the Index; the Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses as well as trading costs incurred by the Fund during the period.

During this same time period, the JP Morgan Emerging Market Bond Global Index (the “Benchmark Index”) returned 1.97%. The Benchmark Index is an unmanaged index weighted by country, which limits weights of countries with higher debt outstanding, reallocating this excess to countries with lower debt outstanding, based on the average performance of approximately 800 securities.

The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. dollar-denominated bond market in emerging market countries.

Relative to the Benchmark Index, the Fund was most overweight in the country of Paraguay and most underweight in the country of Uruguay during the fiscal year ended October 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s higher allocation to the country of Lebanon, followed by security selection in the country of Ecuador.

For the fiscal year ended October 31, 2020, the country of Saudi Arabia contributed most significantly to the Fund’s return, followed by the country of Russia and the country of Qatar, respectively. The country of Ecuador detracted most significantly

from the Fund’s return, followed by the country of Lebanon and the country of Sri Lanka, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020, included Mongolia Government International Bond, 8.75% coupon, due 03/09/2024 (portfolio average weight of 1.47%), and Angolan Government International Bond, 9.50% coupon, due 11/12/2025 (portfolio average weight of 0.78%). Positions that detracted most significantly from the Fund’s return during this period included Ecuador Government International Bond, 9.63% coupon, due 06/02/2027 (no longer held at fiscal year-end) and Ecuador Government International Bond, 9.65% coupon, due 12/13/2026 (no longer held at fiscal year-end).

5

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

Country Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Saudi Arabia	3.23
Qatar	3.21
Kazakhstan	3.19
Peru	3.17
Chile	3.16
Poland	3.15
China	3.15
United Arab Emirates	3.15
Hungary	3.13
Romania	3.11
Panama	3.10
Paraguay	3.10
Indonesia	3.07
Russia	3.07
Philippines	3.05
Jordan	2.99
Kenya	2.98
Colombia	2.96
Dominican Republic	2.96
Nigeria	2.93
Mexico	2.90
Brazil	2.86
Egypt	2.85
Pakistan	2.84
Bahrain	2.82
South Africa	2.82
Turkey	2.80
Ukraine	2.76
Oman	2.70
Costa Rica	2.37
Angola	2.29
El Salvador	2.13
Sri Lanka	1.62
Mongolia	1.50
Croatia	1.49
Money Market Funds Plus Other Assets Less Liabilities	1.39

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020
Security
Chile Government International Bond, 3.13%, 01/21/2026	1.61
Republic of Poland Government International Bond, 3.25%, 04/06/2026	1.58
Republic of Poland Government International Bond, 4.00%, 01/22/2024	1.57
Chile Government International Bond, 3.86%, 06/21/2047	1.55
Mongolia Government International Bond, 8.75%, 03/09/2024	1.50
Croatia Government International Bond, 6.00%, 01/26/2024	1.49
Peruvian Government International Bond, 5.63%, 11/18/2050	1.11
Saudi Government International Bond, 4.50%, 10/26/2046	1.09
Qatar Government International Bond, 5.10%, 04/23/2048	1.09
Kazakhstan Government International Bond, 6.50%, 07/21/2045	1.08
Total	13.67

* Excluding money market fund holdings.

6

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

Growth of a $10,000 Investment

Fund Performance History as of October 31, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
DBIQ Emerging Market USD Liquid Balanced Index		(2.14	)%		2.33	%		7.16	%		4.89	%		26.96	%		5.39	%		69.03	%		6.84	%		137.07	%
JP Morgan Emerging Market Bond Global Index		1.97			3.17			9.82			5.35			29.75			5.02			63.19			6.22			119.93
Fund
NAV Return		(3.07	)		1.61			4.91			4.15			22.57			4.56			56.12			5.85			110.00
Market Price Return		(3.38	)		1.52			4.63			4.14			22.49			4.52			55.55			5.77			108.01

Fund Inception: October 11, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.50% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

7

PGHY	Management’s Discussion of Fund Performance
	Invesco Global Short Term High Yield Bond ETF (PGHY)

As an index fund, the Invesco Global Short Term High Yield Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the DB Global Short Maturity High Yield Bond Index (the “Index”). The Fund generally invests at least 80% of its total assets in U.S. and foreign short-term, non-investment grade bonds that comprise the Index, all of which are denominated in U.S. dollars.

Strictly in accordance with its guidelines and mandated procedures, Deutsche Bank Securities Inc. (“DB” or the “Index Provider”) selects such bonds issued by corporations, as well as sovereign, sub-sovereign or quasi-government entities, from a universe of eligible securities for inclusion in the Index that (i) are denominated in U.S. dollars; (ii) are rated below “investment grade” (i.e., have a “composite rating” from DB of no greater than “BB+”); (iii) have not been marked as defaulted by any rating agency; (iv) have three years or less to maturity; (v) have a minimum amount outstanding of at least $250 million; and (vi) have a fixed coupon.

Eligible bonds must be rated by at least one of S&P Global Ratings, Moody’s Investors Service, Inc., or Fitch Ratings Inc. DB converts all available ratings for each bond into a numerical score, and then calculates an average score for each bond from those available ratings that corresponds to DB’s “composite rating” system. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 0.15%. On a net asset value (“NAV”) basis, the Fund returned 0.02%. During the same time period, the Index returned (1.12)%. The Fund’s performance (NAV basis) differed from the return of the Index primarily due to the Fund’s utilization of a sampling methodology, which was partially offset by fees and operating expenses incurred by the Fund during the period.

During this same time period, ICE BofAML 0-5 Year U.S. High Yield Constrained Index (the “Benchmark Index”) returned 0.21%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 950 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. dollar-denominated short-term high yield corporate bond market.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the communication services sector during the fiscal year ended October 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s holdings in sovereign debt, which the benchmark does not hold.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020, included Nine West Holding, Inc., 8.25% coupon, due 12/31/2049, a consumer discretionary company (no longer held at fiscal year-end) Zhongrong International Resources Co. Ltd., 7.25% coupon, due 10/26/2020, a financials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Virgin Australia Holdings Ltd., 7.88% coupon, due 10/15/2021, an industrials company (portfolio average weight of 0.16%) and PHI Group, Inc., 5.25% coupon, due 12/31/2049, a financials company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Financials	24.08
Energy	10.52
Sovereign Debt	10.21
Consumer Discretionary	8.60
Communication Services	7.77
Materials	7.28
Industrials	7.16
Real Estate	6.92
Utilities	3.93
Information Technology	3.01
Sector Types Each Less Than 3%	5.07
Money Market Funds Plus Other Assets Less Liabilities	5.45
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020
Security
Greenland Global Investment Ltd., 5.25%, 02/12/2021	0.51
Credit Bank of Moscow Via CBOM Finance PLC, 5.88%, 11/07/2021	0.47
Turkiye Halk Bankasi A.S., 4.75%, 02/11/2021	0.46
Hazine Mustesarligi Varlik Kiralama A.S., 4.25%, 06/08/2021	0.46
Eskom Holdings SOC Ltd., 5.75%, 01/26/2021	0.45
Alfa Bank AO Via Alfa Bond Issuance PLC, 7.75%, 04/28/2021	0.42
Fortune Star (BVI) Ltd., 5.38%, 12/05/2020	0.41
Easy Tactic Ltd., 8.75%, 01/10/2021	0.41
Centrais Eletricas Brasileiras S.A., 5.75%, 10/27/2021	0.40
Ukraine Government International Bond, 7.75%, 09/01/2021	0.40
Total	4.39

* Excluding money market fund holdings.

8

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

Growth of a $10,000 Investment Since Inception

Fund Performance History as of October 31, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
DB Global Short Maturity High Yield Bond Index		(1.12	)%		1.57	%		4.79	%		5.07	%		28.06	%		4.59	%		39.12	%
ICE BofAML 0-5 Year U.S. High Yield Constrained Index		0.21			2.69			8.30			5.10			28.24			4.25			35.89
Fund
NAV Return		0.02			1.64			5.01			3.94			21.32			3.49			28.70
Market Price Return		0.15			1.60			4.89			4.08			22.11			3.53			29.11

Fund Inception: June 20, 2013

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.35% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

9

PICB	Management’s Discussion of Fund Performance
	Invesco International Corporate Bond ETF (PICB)

As an index fund, the Invesco International Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P International Corporate Bond Index^® (the “Index”). The Fund generally will invest at least 80% of its total assets in investment grade corporate bonds that comprise the Index.

The Index measures the performance of investment grade corporate bonds issued in the following currencies of Group of Ten (“G10”) countries, excluding the U.S. Dollar (USD): Australian Dollar (AUD), British Pound (GBP), Canadian Dollar (CAD), Euro (EUR), Japanese Yen (JPY), New Zealand Dollar (NZD), Norwegian Krone (NOK), Swedish Krona (SEK) and Swiss Franc (CHF). S&P Dow Jones Indices LLC, the Index Provider, constructs the Index from investment grade corporate bonds denominated in the currencies noted above. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 6.24%. On a net asset value (“NAV”) basis, the Fund returned 5.57%. During the same time period, the Index returned 5.73%. The Fund’s performance (NAV basis) differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period, which were partially offset by positive effects of the Fund’s sampling methodology.

During this same time period, the Bloomberg Barclays Pan-European Aggregate Index (the “Benchmark Index”) returned 6.22%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 7,800 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad-based representation of the non-U.S. dollar corporate bond market.

Relative to the Benchmark Index, the Fund was most overweight in the communications services sector and most underweight in the real estate sector during the fiscal year ended October 31, 2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to currency effects from the Fund’s non-Euro denominated holdings.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020, included Royal Bank of Canada, 2.33% coupon, due 01/28/2027, a financials company (portfolio average weight of 0.25%), and Enel Finance International N.V., 5.75% coupon, due 09/14/2040, a utilities company (portfolio average weight of 0.71%). Positions that detracted most significantly from the Fund’s return included OMERS Finance Trust, 2.60% coupon, due 05/14/2029, a financials company (no longer held at fiscal year-end), and Commerzbank AG, 4.00% coupon, due 03/23/2026, a financials company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Financials	42.97
Utilities	11.43
Communication Services	10.46
Consumer Discretionary	7.57
Industrials	6.54
Consumer Staples	6.01
Energy	5.82
Health Care	4.76
Sector Types Each Less Than 3%	3.17
Other Assets Less Liabilities	1.27
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of October 31, 2020
Security
Enel Finance International N.V., 5.75%, 09/14/2040	0.68
ENGIE S.A., 5.00%, 10/01/2060	0.62
Bank of Nova Scotia (The), 2.38%, 05/01/2023	0.59
Lloyds Bank PLC, 6.50%, 09/17/2040	0.58
innogy Finance B.V., 6.13%, 07/06/2039	0.54
Royal Bank of Canada, 2.61%, 11/01/2024	0.54
Bank of Montreal, 2.89%, 06/20/2023	0.54
T.H.F.C. (Funding No.3) PLC, 5.20%, 10/11/2043	0.52
Bank of Montreal, 3.19%, 03/01/2028	0.50
GlaxoSmithKline Capital PLC, 5.25%, 04/10/2042	0.49
Total	5.60

10

Invesco International Corporate Bond ETF (PICB) (continued)

Growth of a $10,000 Investment

Fund Performance History as of October 31, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P International Corporate Bond Index® (Net)		5.73	%		2.89	%		8.93	%		3.25	%		17.36	%		2.16	%		23.83	%		3.52	%		43.33	%
Bloomberg Barclays Pan-European Aggregate Index		6.22			3.23			10.01			3.31			17.67			2.26			25.06			3.63			44.95
Fund
NAV Return		5.57			2.99			9.23			3.28			17.50			2.27			25.11			3.60			44.54
Market Price Return		6.24			3.04			9.39			3.37			18.00			2.23			24.72			3.55			43.78

Fund Inception: June 3, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.50% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

11

Invesco Emerging Markets Sovereign Debt ETF (PCY)

October 31, 2020

Schedule of Investments

	Principal
	Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.61%
Angola-2.29%
Angolan Government International Bond
9.50%, 11/12/2025(a)	$	23,245,000	$	20,045,721
8.25%, 05/09/2028(a)		26,328,000		20,786,614
9.38%, 05/08/2048(a)		26,520,000		20,397,779
				61,230,114
Bahrain-2.82%
Bahrain Government International Bond
6.75%, 09/20/2029(a)		23,734,000		25,748,642
6.00%, 09/19/2044(a)		26,911,000		25,225,758
7.50%, 09/20/2047(a)		23,122,000		24,505,411
				75,479,811
Brazil-2.86%
Brazilian Government International Bond
5.63%, 01/07/2041		23,221,000		25,456,021
5.63%, 02/21/2047		23,218,000		25,581,477
4.75%, 01/14/2050		26,016,000		25,576,980
				76,614,478
Chile-3.16%
Chile Government International Bond
3.13%, 01/21/2026		39,147,000		43,030,383
3.86%, 06/21/2047		35,654,000		41,602,513
				84,632,896
China-3.15%
China Government International Bond
2.63%, 11/02/2027(a)		25,770,000		28,274,973
2.75%, 12/03/2039(a)		26,560,000		28,257,623
4.00%, 10/19/2048(a)		20,920,000		27,728,320
				84,260,916
Colombia-2.96%
Colombia Government International Bond
7.38%, 09/18/2037		18,437,000		26,019,401
6.13%, 01/18/2041		20,405,000		26,434,677
5.63%, 02/26/2044		21,540,000		26,763,450
				79,217,528
Costa Rica-2.37%
Costa Rica Government International Bond
5.63%, 04/30/2043(a)		30,253,000		22,160,322
7.00%, 04/04/2044(a)		26,276,000		20,725,195
7.16%, 03/12/2045(a)		25,792,000		20,601,360
				63,486,877
Croatia-1.49%
Croatia Government International Bond, 6.00%, 01/26/2024(a)		34,612,000		39,946,055
Dominican Republic-2.96%
Dominican Republic International Bond
7.45%, 04/30/2044(a)		22,828,000		26,172,302
6.85%, 01/27/2045(a)		24,575,000		26,450,072
6.50%, 02/15/2048(a)		25,682,000		26,516,922
				79,139,296

	Principal
	Amount		Value
Egypt-2.85%
Egypt Government International Bond
8.50%, 01/31/2047(a)	$	25,441,000	$	25,366,814
7.90%, 02/21/2048(a)		27,364,000		26,029,731
8.70%, 03/01/2049(a)		24,605,000		24,862,024
				76,258,569
El Salvador-2.13%
El Salvador Government International Bond
8.63%, 02/28/2029(a)		7,800,000		6,817,278
7.65%, 06/15/2035(a)		24,372,000		19,461,286
7.12%, 01/20/2050(a)		17,150,000		12,862,500
9.50%, 07/15/2052(a)		20,480,000		17,838,285
				56,979,349
Hungary-3.13%
Hungary Government International Bond
5.75%, 11/22/2023		24,091,500		27,675,231
5.38%, 03/25/2024		23,957,000		27,509,464
7.63%, 03/29/2041		15,933,000		28,500,472
				83,685,167
Indonesia-3.07%
Indonesia Government International Bond
6.63%, 02/17/2037(a)		19,749,000		27,618,862
7.75%, 01/17/2038(a)		17,748,000		27,426,665
6.75%, 01/15/2044(a)		18,029,000		27,158,531
				82,204,058
Jordan-2.99%
Jordan Government International Bond
6.13%, 01/29/2026(a)		25,772,000		27,169,714
5.75%, 01/31/2027(a)		25,711,000		26,612,581
7.38%, 10/10/2047(a)		25,161,000		26,089,054
				79,871,349
Kazakhstan-3.19%
Kazakhstan Government International Bond
5.13%, 07/21/2025(a)		23,861,000		27,786,612
4.88%, 10/14/2044(a)		21,461,000		28,541,842
6.50%, 07/21/2045(a)		18,371,000		29,056,988
				85,385,442
Kenya-2.98%
Kenya Government International Bond
6.88%, 06/24/2024(a)		25,122,000		26,668,887
7.25%, 02/28/2028(a)		25,752,000		27,037,823
8.25%, 02/28/2048(a)		25,526,000		26,160,321
				79,867,031
Mexico-2.90%
Mexico Government International Bond
4.60%, 01/23/2046		24,398,750		26,627,942
5.75%, 10/12/2110		21,633,000		25,241,492
Series A, 6.05%, 01/11/2040		20,499,000		25,842,577
				77,712,011
Mongolia-1.50%
Mongolia Government International Bond, 8.75%, 03/09/2024(a)		35,060,000		40,140,455

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

12

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

October 31, 2020

	Principal
	Amount		Value
Nigeria-2.93%
Nigeria Government International Bond
7.70%, 02/23/2038(a)	$	28,789,000	$	26,539,859
7.63%, 11/28/2047(a)		28,673,000		26,223,179
9.25%, 01/21/2049(a)		25,170,000		25,659,557
				78,422,595
Oman-2.70%
Oman Government International Bond
5.63%, 01/17/2028(a)		27,452,000		25,151,248
6.50%, 03/08/2047(a)		28,506,000		23,146,644
6.75%, 01/17/2048(a)		28,998,000		23,828,671
				72,126,563
Pakistan-2.84%
Pakistan Government International Bond
8.25%, 04/15/2024(a)		23,882,000		24,953,346
8.25%, 09/30/2025(a)		23,664,000		24,894,528
6.88%, 12/05/2027(a)		26,562,000		26,066,566
				75,914,440
Panama-3.10%
Panama Government International Bond
7.13%, 01/29/2026		21,660,500		27,450,785
8.88%, 09/30/2027		18,802,500		27,025,209
3.88%, 03/17/2028		24,981,000		28,349,813
				82,825,807
Paraguay-3.10%
Paraguay Government International Bond
5.00%, 04/15/2026(a)		24,236,000		27,665,637
6.10%, 08/11/2044(a)		21,398,000		27,806,701
5.60%, 03/13/2048(a)		22,085,000		27,352,493
				82,824,831
Peru-3.17%
Peruvian Government International Bond
2.84%, 06/20/2030		25,722,000		28,167,133
8.75%, 11/21/2033		15,898,500		26,903,442
5.63%, 11/18/2050		18,563,000		29,734,121
				84,804,696
Philippines-3.05%
Philippine Government International Bond
6.38%, 10/23/2034		18,456,000		26,762,236
5.00%, 01/13/2037		21,477,000		28,077,072
3.95%, 01/20/2040		22,668,000		26,728,245
				81,567,553
Poland-3.15%
Republic of Poland Government International Bond
4.00%, 01/22/2024		37,810,000		42,138,867
3.25%, 04/06/2026		37,337,000		42,199,024
				84,337,891
Qatar-3.21%
Qatar Government International Bond
6.40%, 01/20/2040(a)		18,463,000		28,539,293
5.10%, 04/23/2048(a)		21,051,000		29,087,030
4.82%, 03/14/2049(a)		21,260,000		28,397,513
				86,023,836

	Principal
	Amount		Value
Romania-3.11%
Romanian Government International Bond
6.13%, 01/22/2044(a)	$	20,542,000	$	27,746,901
5.13%, 06/15/2048(a)		23,094,000		27,934,341
4.00%, 02/14/2051(a)		26,918,000		27,540,855
				83,222,097
Russia-3.07%
Russian Foreign Bond - Eurobond
5.63%, 04/04/2042(a)		20,600,000		27,153,004
5.88%, 09/16/2043(a)		19,800,000		27,087,786
5.25%, 06/23/2047(a)		21,200,000		27,876,813
				82,117,603
Saudi Arabia-3.23%
Saudi Government International Bond
4.50%, 10/26/2046(a)		24,516,000		29,129,544
4.63%, 10/04/2047(a)		23,927,000		29,000,481
5.00%, 04/17/2049(a)		22,040,000		28,207,938
				86,337,963
South Africa-2.82%
Republic of South Africa Government International Bond
6.25%, 03/08/2041		25,155,000		24,898,369
5.38%, 07/24/2044		28,645,000		25,421,292
6.30%, 06/22/2048		26,029,000		25,076,338
				75,395,999
Sri Lanka-1.62%
Sri Lanka Government International Bond
6.85%, 03/14/2024(a)		24,888,000		14,060,748
6.35%, 06/28/2024(a)		24,434,000		13,927,380
6.83%, 07/18/2026(a)		27,948,000		15,229,971
				43,218,099
Turkey-2.80%
Turkey Government International Bond
8.00%, 02/14/2034		25,026,000		25,878,536
6.88%, 03/17/2036		26,822,000		24,776,823
7.25%, 03/05/2038		25,658,000		24,351,366
				75,006,725
Ukraine-2.76%
Ukraine Government International Bond
7.75%, 09/01/2026(a)		24,384,000		24,726,108
7.75%, 09/01/2027(a)		24,477,000		24,716,507
9.75%, 11/01/2028(a)		22,352,000		24,432,524
				73,875,139
United Arab Emirates-3.15%
Abu Dhabi Government International Bond
4.13%, 10/11/2047(a)		22,574,000		27,825,841
3.13%, 09/30/2049(a)		26,990,000		28,516,662
Emirate of Dubai Government International Bond, 5.25%, 01/30/2043(a)		24,371,000		27,871,188
				84,213,691
Total U.S. Dollar Denominated Bonds & Notes (Cost $2,665,938,829)				2,638,346,930

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

13

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

October 31, 2020

	Shares		Value
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(b)(c) (Cost $660,305)		660,305	$	660,305
TOTAL INVESTMENTS IN SECURITIES-98.64% (Cost $2,666,599,134)				2,639,007,235
OTHER ASSETS LESS LIABILITIES-1.36%				36,438,811
NET ASSETS-100.00%			$	2,675,446,046

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 October 31, 2020 was $1,752,546,179, which represented 65.50% of the Fund’s Net Assets.

^(b)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2020.

											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	October 31, 2019			at Cost			from Sales				Appreciation			Gain			October 31, 2020			Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	26,267,338		$	(25,607,033	)		$	-		$	-		$	660,305		$	97
Invesco Premier U.S. Government Money Portfolio, Institutional Class			7,086,626			357,796,129			(364,882,755	)			-			-			-			49,377
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			71,589			48,270,983			(48,342,572	)			-			-			-			6,442	*
Invesco Liquid Assets Portfolio, Institutional Class			23,863			12,757,354			(12,782,140	)			-			923			-			2,442	*
Invesco Private Government Fund			-			36,105,837			(36,105,837	)			-			-			-			626	*
Invesco Private Prime Fund			-			8,524,982			(8,525,127	)			-			145			-			403	*
Total		$	7,182,078		$	489,722,623		$	(496,245,464	)		$	-		$	1,068		$	660,305		$	59,387

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

^(c)  The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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)

October 31, 2020

Schedule of Investments

	Principal
	Amount		Value
U.S. Dollar Denominated Bonds & Notes-94.12%
Argentina-1.62%
Banco Hipotecario S.A., 9.75%, 11/30/2020(a)	$	500,000	$	492,000
Cia General de Combustibles S.A., 9.50%, 11/07/2021(a)		525,000		389,812
Genneia S.A., 8.75%, 01/20/2022(a)		650,000		498,875
Provincia de Cordoba, 7.13%, 06/10/2021(a)		650,000		347,757
Tecpetrol S.A., 4.88%, 12/12/2022(a)		400,000		374,800
Telecom Argentina S.A., 6.50%, 06/15/2021(a)		676,000		643,897
YPF S.A., 8.50%, 03/23/2021(a)		500,000		425,880
				3,173,021
Australia-0.37%
FMG Resources August 2006 Pty. Ltd., 4.75%, 05/15/2022(a)		650,000		666,364
Virgin Australia Holdings Ltd., 7.88%, 10/15/2021(a)		700,000		52,500
				718,864
Bahrain-0.62%
Bahrain Government International Bond
5.88%, 01/26/2021(a)		700,000		705,222
6.13%, 07/05/2022(a)		500,000		522,399
				1,227,621
Belarus-0.23%
Republic of Belarus International Bond, 6.88%, 02/28/2023(a)		450,000		446,186
Bolivia-0.22%
Bolivian Government International Bond, 4.88%, 10/29/2022(a)		450,000		442,586
Brazil-6.51%
Atento Luxco 1 S.A., 6.13%, 08/10/2022(a)		450,000		416,250
Banco Bradesco S.A.
5.90%, 01/16/2021(a)		600,000		604,050
2.85%, 01/27/2023(a)		500,000		507,875
Banco BTG Pactual S.A., 5.50%, 01/31/2023(a)		500,000		525,625
Banco do Brasil S.A., 5.38%, 01/15/2021(a)		750,000		754,695
Banco do Estado do Rio Grande do Sul S.A., 7.38%, 02/02/2022(a)		700,000		726,939
Banco Safra S.A.
6.75%, 01/27/2021(a)		400,000		405,204
4.13%, 02/08/2023(a)		600,000		620,580
Banco Votorantim S.A., 4.00%, 09/24/2022(a)		500,000		512,500
Brazilian Government International Bond
4.88%, 01/22/2021		475,000		478,686
2.63%, 01/05/2023		500,000		516,250
Caixa Economica Federal, 3.50%, 11/07/2022(a)		450,000		463,955
Centrais Eletricas Brasileiras S.A., 5.75%, 10/27/2021(a)		750,000		777,187
CSN Resources S.A., 7.63%, 02/13/2023(a)		400,000		415,600
Eldorado Intl. Finance GmbH, 8.63%, 06/16/2021(a)		700,000		708,396

	Principal
	Amount		Value
Brazil-(continued)
Embraer S.A., 5.15%, 06/15/2022	$	200,000	$	201,277
Itau Unibanco Holding S.A.
5.75%, 01/22/2021(a)		754,000		760,040
6.20%, 12/21/2021(a)		500,000		519,500
5.65%, 03/19/2022(a)		400,000		416,004
5.50%, 08/06/2022(a)		400,000		421,400
2.90%, 01/24/2023(a)		200,000		201,802
Light Servicos de Eletricidade S.A./Light Energia S.A., 7.25%, 05/03/2023(a)		130,000		136,030
Natura Cosmeticos S.A., 5.38%, 02/01/2023(a)		400,000		412,000
Petrobras Global Finance B.V.
5.38%, 01/27/2021		600,000		605,850
8.38%, 05/23/2021		650,000		674,538
				12,782,233
Canada-2.95%
Air Canada, 7.75%, 04/15/2021(a)		600,000		597,750
Athabasca Oil Corp., 9.88%, 02/24/2022(a)		700,000		238,711
Bombardier, Inc.
8.75%, 12/01/2021(a)		698,000		696,115
5.75%, 03/15/2022(a)		215,000		204,465
6.00%, 10/15/2022(a)		500,000		445,938
Cooke Omega Investments, Inc./Alpha VesselCo Holdings, Inc., 8.50%, 12/15/2022(a)		500,000		516,757
Mountain Province Diamonds, Inc., 8.00%, 12/15/2022(a)		225,000		181,055
Quebecor Media, Inc., 5.75%, 01/15/2023		400,000		430,400
Taseko Mines Ltd., 8.75%, 06/15/2022(a)		355,000		342,935
Teine Energy Ltd., 6.88%, 09/30/2022(a)		400,000		399,406
Tervita Corp., 7.63%, 12/01/2021(a)		700,000		673,750
TransAlta Corp., 4.50%, 11/15/2022		500,000		518,750
Videotron Ltd., 5.00%, 07/15/2022		513,000		538,381
				5,784,413
China-9.81%
CFLD Cayman Investment Ltd.
6.50%, 12/21/2020(a)		700,000		699,300
9.00%, 07/31/2021(a)		700,000		702,185
China Grand Automotive Services Ltd., 8.63%, 04/08/2022(a)		450,000		383,621
China South City Holdings Ltd.
11.88%, 03/27/2021(a)		200,000		201,500
6.75%, 09/13/2021(a)		600,000		577,874
11.50%, 02/12/2022(a)		500,000		495,312
7.25%, 11/20/2022(a)		400,000		361,487
Chongqing Hechuan City Construction Investment Group Co. Ltd., 6.30%, 07/18/2022(a)		200,000		205,103
Easy Tactic Ltd.
8.75%, 01/10/2021(a)		800,000		798,000
7.00%, 04/25/2021(a)		700,000		687,750
5.75%, 01/13/2022(a)		700,000		649,247
9.13%, 07/28/2022(a)		200,000		189,496
8.13%, 02/27/2023(a)		500,000		439,992
ENN Clean Energy International Investment Ltd., 7.50%, 02/27/2021(a)		400,000		404,500

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)

October 31, 2020

	Principal
	Amount		Value
China-(continued)
Fortune Star (BVI) Ltd.
5.38%, 12/05/2020(a)	$	800,000	$	800,880
6.75%, 07/02/2023(a)		500,000		517,753
Fujian Zhanglong Group Co. Ltd., 5.88%, 08/26/2022(a)		450,000		469,675
Full Dragon (Hong Kong) International Development Ltd., 5.60%, 02/14/2021(a)		500,000		505,938
Gemdale Ever Prosperity Investment Ltd., 6.00%, 09/06/2021(a)		200,000		204,800
Greenland Global Investment Ltd., 5.25%, 02/12/2021(a)		1,000,000		998,750
Guangxi Liuzhou Dongcheng Investment Development Group Co. Ltd., 7.00%, 09/30/2022(a)		600,000		601,462
Hong Kong Red Star Macalline Universal Home Furnishings Ltd., 3.38%, 09/21/2022(a)		400,000		370,989
Huayuan Property Co. Ltd., 8.50%, 09/27/2021(a)		500,000		499,163
New Metro Global Ltd.
6.50%, 04/23/2021(a)		700,000		705,600
7.13%, 05/23/2021(a)		500,000		504,072
6.50%, 05/20/2022(a)		350,000		358,093
RongXingDa Development BVI Ltd., 8.00%, 04/24/2022(a)		215,000		211,509
Scenery Journey Ltd.
9.00%, 03/06/2021(a)		200,000		189,500
11.50%, 10/24/2022(a)		500,000		425,088
13.00%, 11/06/2022(a)		500,000		433,822
Shangrao City Construction Investment Development Group Co. Ltd., 5.70%, 12/28/2020(a)		400,000		401,500
Tahoe Group Global (Co.,) Ltd., 7.88%, 01/17/2021(a)		900,000		324,000
Wanda Properties Overseas Ltd., 6.95%, 12/05/2022(a)		500,000		497,481
Yancoal International Resources Development Co. Ltd., 6.00%, 11/29/2021(a)		600,000		620,998
Yango Justice International Ltd.
7.50%, 11/16/2020(a)		600,000		599,850
9.50%, 04/03/2021(a)		500,000		508,437
Yanlord Land (HK) Co. Ltd., 5.88%, 01/23/2022(a)		700,000		712,683
Zhangzhou Jiulongjiang Group Co. Ltd., 5.60%, 09/10/2022(a)		400,000		414,000
Zijin International Capital Co. Ltd., 5.28%, 10/18/2021(a)		250,000		253,569
Zoomlion HK SPV Co. Ltd., 6.13%, 12/20/2022(a)		317,000		333,172
				19,258,151
Colombia-1.39%
Banco Davivienda S.A., 5.88%, 07/09/2022(a)		500,000		531,117
Banco de Bogota S.A., 5.38%, 02/19/2023(a)		350,000		368,028
Banco GNB Sudameris S.A., 7.50%, 07/30/2022(a)		575,000		583,631
Bancolombia S.A., 5.13%, 09/11/2022		550,000		576,950

	Principal
	Amount		Value
Colombia-(continued)
Gilex Holding S.a.r.l., 8.50%, 05/02/2023(a)	$	100,000	$	100,438
Grupo Aval Ltd., 4.75%, 09/26/2022(a)		545,000		567,536
				2,727,700
Costa Rica-0.68%
Banco Nacional de Costa Rica, 5.88%, 04/25/2021(a)		400,000		403,254
Costa Rica Government International Bond, 4.25%, 01/26/2023(a)		500,000		456,255
Instituto Costarricense de Electricidad, 6.95%, 11/10/2021(a)		490,000		482,042
				1,341,551
Croatia-0.37%
Croatia Government International Bond, 6.38%, 03/24/2021(a)		400,000		409,082
Hrvatska Elektroprivreda, 5.88%, 10/23/2022(a)		300,000		326,408
				735,490
Cyprus-0.16%
4finance S.A., 10.75%, 05/01/2022(a)		400,000		317,053
Denmark-0.23%
Welltec A/S, 9.50%, 12/01/2022(a)		500,000		445,000
Dominican Republic-0.08%
Banco de Reservas de la Republica Dominicana, 7.00%, 02/01/2023(a)		150,000		155,250
Egypt-0.52%
Egypt Government International Bond
6.13%, 01/31/2022(a)		400,000		412,524
5.58%, 02/21/2023(a)		600,000		619,119
				1,031,643
Finland-0.10%
Nokia OYJ, 3.38%, 06/12/2022		200,000		204,500
Georgia-0.97%
Georgia Government International Bond, 6.88%, 04/12/2021(a)		500,000		509,497
Georgian Oil and Gas Corp. JSC, 6.75%, 04/26/2021(a)		700,000		708,960
Georgian Railway JSC, 7.75%, 07/11/2022(a)		650,000		680,062
				1,898,519
Ghana-0.19%
Ghana Government International Bond, 7.88%, 08/07/2023(a)		230,000		244,778
Tullow Oil PLC, 6.25%, 04/15/2022(a)		200,000		125,000
				369,778
Greece-0.24%
Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc., 7.38%, 01/15/2022(a)		1,000,000		480,000
Guatemala-0.39%
Guatemala Government Bond, 5.75%, 06/06/2022(a)		320,000		338,963
Industrial Senior Trust, 5.50%, 11/01/2022(a)		400,000		418,090
				757,053

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)

October 31, 2020

	Principal
	Amount		Value
Honduras-0.20%
Honduras Government International Bond, 8.75%, 12/16/2020(a)	$	400,000	$	402,950
India-2.93%
Azure Power Energy Ltd., 5.50%, 11/03/2022(a)		400,000		410,260
Delhi International Airport Ltd., 6.13%, 02/03/2022(a)		700,000		716,607
Greenko Dutch B.V., 4.88%, 07/24/2022(a)		500,000		503,500
Greenko Investment Co., 4.88%, 08/16/2023(a)		200,000		201,237
IDBI Bank Ltd./GIFT-IFC, 4.25%, 11/30/2020(a)		700,000		700,182
JSW Steel Ltd., 5.25%, 04/13/2022(a)		400,000		407,244
Jubilant Pharma Ltd., 4.88%, 10/06/2021(a)		466,667		471,333
Manappuram Finance Ltd., 5.90%, 01/13/2023(a)		500,000		504,989
Muthoot Finance Ltd., 6.13%, 10/31/2022(a)		500,000		517,045
Reliance Communications Ltd., 6.50%, 11/06/2020(a)(b)(c)		400,000		26,000
ReNew Power Pvt Ltd., 6.45%, 09/27/2022(a)		400,000		411,500
Shriram Transport Finance Co. Ltd.
5.70%, 02/27/2022(a)		400,000		393,000
5.95%, 10/24/2022(a)		300,000		292,670
5.10%, 07/16/2023(a)		200,000		192,487
				5,748,054
Indonesia-2.47%
Alam Synergy Pte. Ltd., 6.63%, 04/24/2022(a)		400,000		281,399
Global Prime Capital Pte. Ltd., 7.25%, 04/26/2021(a)		500,000		507,500
Indika Energy Capital II Pte. Ltd., 6.88%, 04/10/2022(a)		400,000		413,699
Indo Energy Finance II B.V., 6.38%, 01/24/2023(a)		342,000		343,302
PT ABM Investama Tbk, 7.13%, 08/01/2022(a)		400,000		261,000
PT Bayan Resources Tbk, 6.13%, 01/24/2023(a)		600,000		585,343
PT Bukit Makmur Mandiri Utama, 7.75%, 02/13/2022(a)		700,000		581,874
PT Gajah Tunggal Tbk, 8.38%, 08/10/2022(a)		200,000		152,997
PT Japfa Comfeed Indonesia Tbk, 5.50%, 03/31/2022(a)		400,000		407,995
SSMS Plantation Holdings Pte. Ltd., 7.75%, 01/23/2023(a)		400,000		236,994
TBG Global Pte. Ltd., 5.25%, 02/10/2022(a)		700,000		704,375
TBLA International Pte. Ltd., 0.00%, 01/24/2023		400,000		375,989
				4,852,467
Israel-1.08%
Teva Pharmaceutical Finance Co. B.V.
2.95%, 12/18/2022		250,000		240,269
Series 2, 3.65%, 11/10/2021		560,000		555,800
Teva Pharmaceutical Finance IV B.V., 3.65%, 11/10/2021		400,000		396,910

	Principal
	Amount		Value
Israel-(continued)
Teva Pharmaceutical Finance Netherlands III B.V.
2.20%, 07/21/2021	$	750,000	$	739,717
2.80%, 07/21/2023		200,000		190,052
				2,122,748
Japan-0.23%
SoftBank Group Corp., 5.38%, 07/30/2022(a)		435,000		449,405
Jersey-0.13%
Aston Martin Capital Holdings Ltd., 6.50%, 04/15/2022(a)		250,000		251,578
Kazakhstan-0.61%
Halyk Savings Bank of Kazakhstan JSC
7.25%, 01/28/2021(a)		400,000		406,760
5.50%, 12/21/2022(a)		366,312		367,769
KazMunayGas National Co. JSC, 3.88%, 04/19/2022(a)		400,000		415,657
				1,190,186
Malaysia-0.09%
SD International Sukuk Ltd., 6.30%, 05/09/2022(a)		200,000		185,000
Mauritius Island-0.31%
Neerg Energy Ltd., 6.00%, 02/13/2022(a)		600,000		610,499
Mexico-1.38%
Alpha Holding S.A. de C.V., 10.00%, 12/19/2022(a)		450,000		375,192
BBVA Bancomer S.A.
6.50%, 03/10/2021(a)		500,000		509,000
6.75%, 09/30/2022(a)		456,000		491,454
Credito Real, S.A.B. de C.V., SOFOM, E.R., 7.25%, 07/20/2023(a)		300,000		294,407
Grupo Idesa S.A. de C.V., 7.88%, 12/18/2020(a)		700,000		399,000
Grupo Kaltex S.A. de C.V., 8.88%, 04/11/2022(a)		250,000		150,881
Grupo Posadas S.A.B. de C.V., 7.88%, 06/30/2022(a)		400,000		145,250
Petroleos Mexicanos
4.88%, 01/24/2022		200,000		202,587
3.50%, 01/30/2023(d)		150,000		147,129
				2,714,900
Mongolia-0.56%
Mongolia Government International Bond
10.88%, 04/06/2021(a)		730,000		760,194
5.13%, 12/05/2022(a)		326,000		335,778
				1,095,972
Namibia-0.31%
Namibia International Bonds, 5.50%, 11/03/2021(a)		600,000		610,026
Netherlands-0.02%
Samvardhana Motherson Automotive Systems Group B.V., 4.88%, 12/16/2021(a)		31,250		31,290
New Zealand-0.07%
Trilogy International Partners LLC/Trilogy International Finance, Inc., 8.88%, 05/01/2022(a)		150,000		138,527

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)

October 31, 2020

	Principal
	Amount		Value
Nigeria-1.17%
Access Bank PLC, 10.50%, 10/19/2021(a)	$	550,000	$	576,180
Fidelity Bank PLC, 10.50%, 10/16/2022(a)		300,000		308,040
Nigeria Government International Bond
6.75%, 01/28/2021(a)		700,000		705,912
5.63%, 06/27/2022		500,000		508,007
United Bank for Africa PLC, 7.75%, 06/08/2022(a)		200,000		200,168
				2,298,307
Oman-0.96%
Bank Muscat SAOG, 3.75%, 05/03/2021(a)		400,000		399,376
Oman Government International Bond
3.63%, 06/15/2021(a)		499,000		496,012
3.88%, 03/08/2022(a)		500,000		494,404
4.13%, 01/17/2023(a)		500,000		492,176
				1,881,968
Pakistan-0.57%
Third Pakistan International Sukuk Co. Ltd. (The)
5.50%, 10/13/2021(a)		617,000		617,154
5.63%, 12/05/2022(a)		500,000		500,780
				1,117,934
Panama-0.19%
Multibank, Inc., 4.38%, 11/09/2022(a)		375,000		383,353
Paraguay-0.32%
Paraguay Government International Bond, 4.63%, 01/25/2023(a)		590,000		625,105
Peru-0.57%
San Miguel Industrias Pet S.A., 4.50%, 09/18/2022(a)		400,000		405,018
Volcan Cia Minera SAA, 5.38%, 02/02/2022(a)		700,000		707,140
				1,112,158
Russia-3.59%
Alfa Bank AO Via Alfa Bond Issuance PLC, 7.75%, 04/28/2021(a)		800,000		823,160
Borets Finance DAC, 6.50%, 04/07/2022(a)		200,000		204,620
Credit Bank of Moscow Via CBOM Finance PLC
5.88%, 11/07/2021(a)		900,000		930,609
5.55%, 02/14/2023(a)		500,000		518,702
Evraz PLC
8.25%, 01/28/2021(a)		500,000		510,525
6.75%, 01/31/2022(a)		400,000		425,288
GTLK Europe DAC, 5.95%, 07/19/2021(a)		530,000		541,130
Mobile Telesystems OJSC Via MTS International Funding DAC, 5.00%, 05/30/2023(a)		200,000		213,494
O1 Properties Finance PLC, 8.25%, 09/27/2021(a)		500,000		185,083
Petropavlovsk 2016 Ltd., 8.13%, 11/14/2022(a)		300,000		302,552
Polyus Finance PLC
4.70%, 03/28/2022(a)		200,000		207,515
5.25%, 02/07/2023(a)		200,000		213,780
Rusal Capital DAC, 5.13%, 02/02/2022(a)		400,000		406,168
Sberbank of Russia Via SB Capital S.A., 5.13%, 10/29/2022(a)		500,000		525,250

	Principal
	Amount		Value
Russia-(continued)
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC, 7.75%, 02/02/2021(a)	$	500,000	$	508,306
VTB Bank OJSC Via VTB Capital S.A., 6.95%, 10/17/2022(a)		500,000		529,397
				7,045,579
Saudi Arabia-0.10%
Dar Al-Arkan Sukuk Co. Ltd., 6.88%, 04/10/2022(a)		200,000		199,604
Senegal-0.32%
Senegal Government International Bond, 8.75%, 05/13/2021(a)		600,000		620,325
Serbia-0.22%
Serbia International Bond, 7.25%, 09/28/2021(a)		400,000		423,049
Singapore-0.54%
Avation Capital S.A., 6.50%, 05/15/2021(a)		700,000		443,537
Marble II Pte. Ltd., 5.30%, 06/20/2022(a)		617,000		621,242
				1,064,779
South Africa-1.65%
Eskom Holdings SOC Ltd., 5.75%, 01/26/2021(a)		900,000		885,357
Liquid Telecommunications Financing PLC, 8.50%, 07/13/2022(a)		400,000		408,496
MTN Mauritius Investments Ltd., 5.37%, 02/13/2022(a)		600,000		617,152
Republic of South Africa Government International Bond, 5.88%, 05/30/2022		500,000		530,593
Stillwater Mining Co., 6.13%, 06/27/2022(a)		400,000		406,504
Transnet SOC Ltd., 4.00%, 07/26/2022(a)		400,000		398,524
				3,246,626
Spain-0.42%
Ajecorp B.V., 6.50%, 05/14/2022(a)		475,000		475,720
Codere Finance 2 (Luxembourg) S.A., 7.63%, 11/01/2023(a)		700,000		343,728
				819,448
Sri Lanka-0.61%
Sri Lanka Government International Bond
6.25%, 07/27/2021(a)		900,000		711,000
5.75%, 01/18/2022(a)		520,000		356,200
5.88%, 07/25/2022(a)		200,000		129,000
				1,196,200
Supranational-0.10%
Eastern & Southern African Trade & Development Bank, 5.38%, 03/14/2022(a)		200,000		203,569
Sweden-0.24%
Telefonaktiebolaget LM Ericsson, 4.13%, 05/15/2022		450,000		465,469
Tanzania-0.16%
AngloGold Ashanti Holdings PLC, 5.13%, 08/01/2022		300,000		317,211
Turkey-7.77%
Akbank T.A.S., 5.00%, 10/24/2022(a)		500,000		490,332
Global Liman Isletmeleri A.S., 8.13%, 11/14/2021(a)		700,000		506,240

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)

October 31, 2020

	Principal
	Amount		Value
Turkey-(continued)
Hazine Mustesarligi Varlik Kiralama A.S.
4.25%, 06/08/2021(a)	$	900,000	$	897,966
5.80%, 02/21/2022(a)		400,000		400,032
KT Kira Sertifikalari Varlik Kiralama A.S., 5.14%, 11/02/2021(a)		700,000		697,819
Petkim Petrokimya Holding A.S., 5.88%, 01/26/2023(a)		500,000		492,100
QNB Finansbank A.S., 4.88%, 05/19/2022(a)		400,000		398,072
T.C. Ziraat Bankasi A.S.
4.75%, 04/29/2021(a)		400,000		398,313
5.13%, 05/03/2022(a)		200,000		194,430
Turkey Government International Bond
5.63%, 03/30/2021		400,000		401,913
5.13%, 03/25/2022		200,000		199,153
6.25%, 09/26/2022		300,000		301,627
3.25%, 03/23/2023		200,000		189,198
Turkiye Garanti Bankasi A.S.
6.25%, 04/20/2021(a)		400,000		402,872
5.25%, 09/13/2022(a)		550,000		543,125
Turkiye Halk Bankasi A.S.
4.75%, 02/11/2021(a)		910,000		903,971
5.00%, 07/13/2021(a)		400,000		395,892
Turkiye Ihracat Kredi Bankasi A.S.
5.38%, 02/08/2021(a)		700,000		701,932
5.00%, 09/23/2021(a)		700,000		695,726
4.25%, 09/18/2022(a)		350,000		333,375
Turkiye Is Bankasi A.S.
5.00%, 06/25/2021(a)		700,000		699,110
5.38%, 10/06/2021(a)		600,000		598,428
5.50%, 04/21/2022(a)		200,000		197,654
6.00%, 10/24/2022(a)		400,000		389,512
Turkiye Sinai Kalkinma Bankasi A.S.
4.88%, 05/18/2021(a)		700,000		698,810
5.50%, 01/16/2023(a)		500,000		479,070
Turkiye Vakiflar Bankasi T.A.O.
5.50%, 10/27/2021(a)		400,000		397,963
5.63%, 05/30/2022(a)		200,000		196,030
6.00%, 11/01/2022(a)		400,000		387,630
5.75%, 01/30/2023(a)		500,000		480,650
Yapi ve Kredi Bankasi A.S.
5.75%, 02/24/2022(a)		700,000		695,622
5.50%, 12/06/2022(a)		500,000		486,485
				15,251,052
Ukraine-1.03%
Kernel Holding S.A., 8.75%, 01/31/2022(a)		700,000		733,425
NAK Naftogaz Ukraine via Kondor Finance PLC, 7.38%, 07/19/2022(a)		200,000		202,971
Ukraine Government International Bond
7.75%, 09/01/2021(a)		750,000		773,908
7.75%, 09/01/2022(a)		300,000		313,356
				2,023,660
United Arab Emirates-0.68%
Alpha Star Holding III Ltd., 6.25%, 04/20/2022(a)		200,000		190,984
Alpha Star Holding V Ltd., 6.63%, 04/18/2023(a)		254,000		238,760

	Principal
	Amount		Value
United Arab Emirates-(continued)
DAE Funding LLC
5.25%, 11/15/2021(a)	$	600,000	$	610,596
4.50%, 08/01/2022(a)		300,000		302,250
				1,342,590
United Kingdom-0.92%
Algeco Global Finance PLC, 8.00%, 02/15/2023(a)		500,000		496,557
Avon International Capital PLC, 6.50%, 08/15/2022(a)		150,000		152,953
Avon International Operations, Inc., 7.88%, 08/15/2022(a)		400,000		407,100
Jaguar Land Rover Automotive PLC, 5.63%, 02/01/2023(a)		550,000		545,526
Mclaren Finance PLC, 5.75%, 08/01/2022(a)		200,000		184,500
Valaris PLC, 4.88%, 06/01/2022		215,000		15,806
				1,802,442
United States-33.58%
24 Hour Fitness Worldwide, Inc., 8.00%, 06/01/2022(a)		150,000		469
Acadia Healthcare Co., Inc., 5.63%, 02/15/2023		600,000		603,750
ADT Security Corp. (The)
3.50%, 07/15/2022		500,000		509,677
4.13%, 06/15/2023		200,000		208,300
Advanced Micro Devices, Inc., 7.50%, 08/15/2022		449,000		499,232
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertson’s LLC, 3.50%, 02/15/2023(a)		500,000		508,449
AMC Networks, Inc., 4.75%, 12/15/2022		442,000		442,983
Antero Resources Corp.
5.38%, 11/01/2021(d)		600,000		602,700
5.13%, 12/01/2022		300,000		278,250
APX Group, Inc., 7.88%, 12/01/2022		643,000		642,023
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/2022(a)		365,000		365,913
Ashland LLC, 4.75%, 08/15/2022		500,000		526,737
Ball Corp., 5.00%, 03/15/2022		450,000		469,699
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.13%, 11/15/2022(a)		400,000		389,890
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 7.63%, 01/15/2022(d)		586,000		582,200
Carpenter Technology Corp., 4.45%, 03/01/2023		200,000		206,507
CenturyLink, Inc.
Series S, 6.45%, 06/15/2021		666,000		680,818
Series T, 5.80%, 03/15/2022		500,000		520,937
CF Industries, Inc., 3.45%, 06/01/2023		250,000		255,938
Chemours Co. (The), 6.63%, 05/15/2023		250,000		249,844
Cinemark USA, Inc., 5.13%, 12/15/2022		500,000		434,688
CIT Group, Inc.
4.13%, 03/09/2021		400,000		403,410
5.00%, 08/15/2022		420,000		444,230
5.00%, 08/01/2023		400,000		431,750
CITGO Petroleum Corp., 6.25%, 08/15/2022(a)		200,000		193,000

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)

October 31, 2020

	Principal
	Amount		Value
United States-(continued)
Cogent Communications Group, Inc., 5.38%, 03/01/2022(a)	$	415,000	$	423,721
Community Health Systems, Inc., 6.25%, 03/31/2023		100,000		99,250
Consolidated Communications, Inc., 6.50%, 10/01/2022(d)		545,000		545,000
Continental Resources, Inc., 5.00%, 09/15/2022		508,000		500,888
CoreCivic, Inc.
5.00%, 10/15/2022		400,000		384,400
4.63%, 05/01/2023(d)		200,000		183,500
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 01/15/2023		473,000		493,103
CSC Holdings LLC
6.75%, 11/15/2021		514,000		538,094
5.88%, 09/15/2022		625,000		660,547
CSI Compressco L.P./CSI Compressco Finance, Inc., 7.25%, 08/15/2022		200,000		140,000
DCP Midstream Operating L.P.
4.75%, 09/30/2021(a)		400,000		403,000
4.95%, 04/01/2022		550,000		560,183
Dell International LLC/EMC Corp., 5.88%, 06/15/2021(a)		521,000		522,907
Dell, Inc., 4.63%, 04/01/2021(d)		464,000		471,009
Delta Air Lines, Inc.
3.40%, 04/19/2021		500,000		501,183
3.63%, 03/15/2022		200,000		196,061
3.80%, 04/19/2023		250,000		236,585
DISH DBS Corp.
6.75%, 06/01/2021		500,000		510,500
5.88%, 07/15/2022		402,000		414,462
5.00%, 03/15/2023		101,000		101,886
Edgewell Personal Care Co., 4.70%, 05/24/2022		407,000		419,973
EMC Corp., 3.38%, 06/01/2023		200,000		204,410
Encompass Health Corp., 5.13%, 03/15/2023		200,000		202,229
Energen Corp., 4.63%, 09/01/2021		525,000		529,501
Energy Ventures Gom LLC/EnVen Finance Corp., 11.00%, 02/15/2023(a)		500,000		370,573
EQM Midstream Partners L.P., 4.75%, 07/15/2023		389,000		387,621
EQT Corp., 3.00%, 10/01/2022(d)		593,000		593,178
Ferrellgas L.P./Ferrellgas Finance Corp.
6.50%, 05/01/2021		500,000		466,813
6.75%, 01/15/2022		600,000		548,109
Ford Motor Co., 8.50%, 04/21/2023		275,000		303,970
Ford Motor Credit Co. LLC
3.81%, 10/12/2021		200,000		201,375
5.60%, 01/07/2022		200,000		205,300
Fortress Transportation and Infrastructure Investors LLC, 6.75%, 03/15/2022(a)		500,000		497,344
Freeport-McMoRan, Inc., 3.55%, 03/01/2022		400,000		406,890
Fresh Market, Inc. (The), 9.75%, 05/01/2023(a)		200,000		191,751
FTS International, Inc., 6.25%, 05/01/2022		200,000		57,000
GameStop Corp., 6.75%, 03/15/2021(a)		715,000		715,894
Genworth Holdings, Inc.
7.20%, 02/15/2021(d)		511,000		510,297

	Principal
	Amount		Value
United States-(continued)
7.63%, 09/24/2021(d)	$	650,000	$	650,019
4.90%, 08/15/2023		200,000		185,625
Goodman Networks, Inc., 8.00%, 05/11/2022(e)		98,659		55,249
Graphic Packaging International LLC
4.75%, 04/15/2021		375,000		378,750
4.88%, 11/15/2022		370,000		384,251
Great Lakes Dredge & Dock Corp., 8.00%, 05/15/2022		600,000		615,447
Guitar Center, Inc.
9.50%, 10/15/2021(a)		800,000		696,000
8.00% PIK Rate, 5.00% Cash Rate, 13.00%, 04/15/2022(a)(f)		479,089		220,381
8.00% PIK Rate, 5.00% Cash Rate, 13.00%, 04/15/2022(a)(f)		5,621		4,750
HC2 Holdings, Inc., 11.50%, 12/01/2021(a)		289,000		279,608
HCA, Inc., 5.88%, 05/01/2023		105,000		114,340
Hertz Corp. (The)
7.63%, 06/01/2022(a)(b)(c)		74,000		66,323
6.25%, 10/17/2022(b)(c)		398,000		158,205
HighPoint Operating Corp., 7.00%, 10/15/2022		400,000		91,000
Hillman Group, Inc. (The), 6.38%, 07/15/2022(a)		500,000		495,507
Hornbeck Offshore Services, Inc., 5.00%, 03/01/2021		700,000		4,991
Howmet Aerospace, Inc.
5.40%, 04/15/2021		227,000		228,419
5.87%, 02/23/2022		440,000		464,640
Hughes Satellite Systems Corp., 7.63%, 06/15/2021		559,000		575,071
Huntsman International LLC, 5.13%, 11/15/2022		497,000		532,712
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 6.25%, 02/01/2022		400,000		401,890
Ingram Micro, Inc., 5.00%, 08/10/2022		500,000		515,864
International Game Technology PLC, 6.25%, 02/15/2022(a)		400,000		410,252
KB Home
7.00%, 12/15/2021		400,000		416,750
7.50%, 09/15/2022		359,000		393,469
Kraft Heinz Foods Co. (The), 3.50%, 06/06/2022		398,000		412,134
L Brands, Inc., 5.63%, 02/15/2022(d)		400,000		413,750
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.88%, 08/01/2021(a)		465,000		464,942
Lennar Corp.
8.38%, 01/15/2021		500,000		507,750
4.75%, 04/01/2021		500,000		505,512
6.25%, 12/15/2021		525,000		540,028
4.13%, 01/15/2022		500,000		512,812
4.75%, 11/15/2022		400,000		421,368
Mack-Cali Realty L.P., 4.50%, 04/18/2022		200,000		193,063
Macy’s Retail Holdings, Inc., 3.88%, 01/15/2022		200,000		187,500
Martin Midstream Partners L.P./Martin Midstream Finance Corp., 7.25%, 02/15/2021		650,000		619,856

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)

October 31, 2020

	Principal Amount		Value
United States-(continued)
Meritage Homes Corp., 7.00%, 04/01/2022	$	200,000	$	213,453
MGM Resorts International, 7.75%, 03/15/2022		594,000		625,007
Microchip Technology, Inc., 3.92%, 06/01/2021		360,000		366,864
Molina Healthcare, Inc., 5.38%, 11/15/2022		400,000		416,408
Murphy Oil Corp., 4.00%, 06/01/2022		532,000		515,037
Navient Corp.
5.88%, 03/25/2021		500,000		506,407
6.63%, 07/26/2021		548,000		559,987
7.25%, 01/25/2022		500,000		517,187
6.50%, 06/15/2022		651,000		665,647
5.50%, 01/25/2023		500,000		500,312
Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc., 8.13%, 11/15/2021(a)		650,000		436,719
Netflix, Inc.
5.38%, 02/01/2021		500,000		505,625
5.50%, 02/15/2022		500,000		526,250
New Home Co., Inc. (The), 7.25%, 04/01/2022		393,000		399,642
Newell Brands, Inc., 4.00%, 06/15/2022		400,000		412,000
NGPL PipeCo. LLC, 4.38%, 08/15/2022(a)		440,000		456,602
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/2022(a)		255,000		255,383
Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, 11/01/2022(a)		500,000		5,625
NortonLifeLock, Inc., 3.95%, 06/15/2022		536,000		551,410
NuStar Logistics L.P.
6.75%, 02/01/2021		400,000		404,950
4.75%, 02/01/2022		662,000		663,655
Oasis Petroleum, Inc., 6.88%, 03/15/2022		200,000		39,700
Occidental Petroleum Corp., 2.60%, 08/13/2021		100,000		97,938
OneMain Finance Corp.
7.75%, 10/01/2021		480,000		503,892
6.13%, 05/15/2022		400,000		417,500
Peabody Energy Corp., 6.00%, 03/31/2022(a)		200,000		91,875
PetroQuest Energy, Inc., 10.00% PIK Rate, 02/15/2024(f)		24,684		108
Plantronics, Inc., 5.50%, 05/31/2023(a)		200,000		193,123
PulteGroup, Inc., 4.25%, 03/01/2021		500,000		504,937
Pyxus Holdings, Inc., 10.00%, 08/24/2024(d)		510,625		428,925
QEP Resources, Inc., 5.38%, 10/01/2022(d)		600,000		529,125
QVC, Inc., 4.38%, 03/15/2023		225,000		233,719
Qwest Corp., 6.75%, 12/01/2021		500,000		525,515
Range Resources Corp.
5.00%, 08/15/2022		600,000		601,500
5.00%, 03/15/2023		200,000		194,419
Revlon Consumer Products Corp., 5.75%, 02/15/2021(d)		636,000		194,298
SBA Communications Corp., 4.00%, 10/01/2022		435,000		439,622
Sealed Air Corp., 4.88%, 12/01/2022(a)		455,000		479,741
Sirius XM Radio, Inc., 3.88%, 08/01/2022(a)		500,000		504,375
SM Energy Co., 6.13%, 11/15/2022(d)		400,000		303,406
Spirit AeroSystems, Inc., 3.95%, 06/15/2023		258,000		230,749

	Principal Amount		Value
United States-(continued)
Sprint Communications, Inc.
11.50%, 11/15/2021	$	600,000	$	655,797
6.00%, 11/15/2022		400,000		428,648
Sprint Corp., 7.25%, 09/15/2021		650,000		677,839
Starwood Property Trust, Inc.
3.63%, 02/01/2021		725,000		725,435
5.00%, 12/15/2021		500,000		498,750
Sunoco L.P./Sunoco Finance Corp., 4.88%, 01/15/2023		500,000		505,572
Tenet Healthcare Corp., 6.75%, 06/15/2023		150,000		158,331
TerraForm Power Operating LLC, 4.25%, 01/31/2023(a)		500,000		509,687
T-Mobile USA, Inc., 4.00%, 04/15/2022		402,000		415,909
Toll Brothers Finance Corp., 5.88%, 02/15/2022		450,000		469,125
Triumph Group, Inc., 5.25%, 06/01/2022(d)		400,000		342,000
TRU Taj LLC, 0.00%, 08/15/2021(g)(h)		48,000		6,584
Tupperware Brands Corp., 4.75%, 06/01/2021		200,000		195,000
Unit Corp., 6.63%, 05/15/2021(b)(c)		300,000		32,382
United Airlines Holdings, Inc.
6.00%, 12/01/2020(d)		564,000		566,044
4.25%, 10/01/2022(d)		400,000		364,220
Urban One, Inc., 7.38%, 04/15/2022(a)		200,000		186,703
Vericast Corp.
9.25%, 03/01/2021(a)		466,000		467,167
8.38%, 08/15/2022(a)		350,000		344,750
Voyager Aviation Holdings LLC/Voyager Finance Co., 9.00%, 08/15/2021(a)		500,000		246,250
WESCO Distribution, Inc., 5.38%, 12/15/2021		399,000		399,409
Western Midstream Operating L.P.
5.38%, 06/01/2021		225,000		227,531
4.00%, 07/01/2022		100,000		100,188
Wyndham Destinations, Inc.
5.63%, 03/01/2021		538,000		542,640
4.25%, 03/01/2022		500,000		502,500
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 4.25%, 05/30/2023(a)		200,000		191,125
Xerox Corp.
4.50%, 05/15/2021		146,000		148,522
4.07%, 03/17/2022		300,000		307,502
XPO Logistics, Inc., 6.50%, 06/15/2022(a)		150,000		150,835
Yum! Brands, Inc.
3.88%, 11/01/2020		680,000		680,000
3.75%, 11/01/2021		600,000		608,175
				65,941,386
Zambia-0.37%
First Quantum Minerals Ltd., 7.25%, 04/01/2023(a)		500,000		503,263
Zambia Government International Bond, 5.38%, 09/20/2022(a)		500,000		220,621
				723,884
Total U.S. Dollar Denominated Bonds & Notes (Cost $193,666,297)				184,805,912

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

21

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

October 31, 2020

	Shares		Value
Common Stocks & Other Equity Interests-0.41%
United States-0.41%
American Energy- Permian Basin LLC, Wts., expiring 10/16/2024(g)(i)		500	$	0
Denbury, Inc.(i)		21,813		361,878
Goodman Networks, Inc.(e)(g)(i)		6,207		0
Guitar Center Holdings, Inc., Wts., expiring 04/16/2025(g)(i)		1,189		0
Hexion Holdings Corp., Class B(i)		22,970		221,660
PetroQuest Energy, Inc.(i)		2,367		1,302
PHI Group, Inc.(i)		23,470		167,810
Premier Brands Group Holdings LLC(i)(j)		3,222		10,472
Premier Brands Group Holdings LLC, Wts., expiring 03/21/2024(i)(j)		10,096		2,272
Remington Outdoor Co., Inc.(i)		4,449		1,223
Remington Outdoor Co., Inc., Wts., expiring 06/30/2022(g)(i)		4,487		0
TRU Taj LLC/TRU Taj Finance, Inc.(g)(i)		2,156		30,055
Total Common Stocks & Other Equity Interests (Cost $1,370,083)				796,672
	Principal     Amount
Variable Rate Senior Loan Interests-0.02%(k)(l)
Hornbeck Offshore Services, Inc., Second Lien Term Loan, 9.50%, 02/07/2025 (Cost $467,644)	$	589,900		50,141
	Shares
Preferred Stocks-0.00%
Goodman Networks, Inc., Series A-1, Pfd., 0.00%(e)(g) (Cost $0)		7,385		0

Investment Abbreviations:

Pfd.-Preferred

PIK-Pay-in-Kind

Wts.-Warrants

	Shares		Value
Money Market Funds-3.21%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(m)(n) (Cost $6,303,011)		6,303,011	$	6,303,011
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-97.76% (Cost $201,807,035)				191,955,736
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.50%
Invesco Private Government Fund, 0.04%(m)(n)(o)		1,964,224		1,964,224
Invesco Private Prime Fund, 0.11%(m)(n)(o)		2,945,452		2,946,336
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,910,509)				4,910,560
TOTAL INVESTMENTS IN SECURITIES-100.26% (Cost $206,717,544)				196,866,296
OTHER ASSETS LESS LIABILITIES-(0.26)%				(511,201	)
NET ASSETS-100.00%			$	196,355,095

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

22

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

October 31, 2020

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 October 31, 2020 was $120,082,148, which represented 61.16% of the Fund’s Net Assets.

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

^(c)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at October 31, 2020 was $282,910, which represented less than 1% of the Fund’s Net Assets.

^(d)  All or a portion of this security was out on loan at October 31, 2020.

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

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

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

^(h)  Denotes a zero coupon security issued at a substantial discount from its value at maturity.

⁽ⁱ⁾  Non-income producing security.

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

^(k)  Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.

^(l)  Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(m)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2020.

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	13,257,588		$	(6,954,577	)		$	-			$	-			$	6,303,011		$	99
Invesco Premier U.S. Government Money Portfolio, Institutional Class			13,626,659			74,016,330			(87,642,989	)			-				-				-			37,477
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			3,425,847			13,367,964			(16,793,811	)			-				-				-			20,072	*
Invesco Liquid Assets Portfolio, Institutional Class			1,141,882			4,648,318			(5,789,390	)			(64	)			(746	)			-			7,829	*
Invesco Private Government Fund			-			17,989,478			(16,025,254	)			-				-				1,964,224			648	*
Invesco Private Prime Fund			-			6,220,304			(3,274,199	)			51				180				2,946,336			630	*
Total		$	18,194,388		$	129,499,982		$	(136,480,220	)		$	(13	)		$	(566	)		$	11,213,571		$	66,755

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

⁽ⁿ⁾  The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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

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

23

Invesco International Corporate Bond ETF (PICB)

October 31, 2020

Schedule of Investments

	Principal
	Amount		Value
Non-U.S. Dollar Denominated Bonds & Notes-98.73%(a)
Australia-1.35%
APT Pipelines Ltd., 3.50%, 03/22/2030(b)	GBP	200,000	$	295,835
Australia & New Zealand Banking Group Ltd., 0.75%, 09/29/2026(b)	EUR	100,000		122,339
BHP Billiton Finance Ltd., Series 12, 4.30%, 09/25/2042	GBP	250,000		469,177
Glencore Finance (Europe) Ltd.
1.88%, 09/13/2023(b)	EUR	100,000		121,800
3.13%, 03/26/2026(b)	GBP	100,000		136,913
National Australia Bank Ltd.
1.25%, 05/18/2026(b)	EUR	100,000		124,979
1.38%, 08/30/2028(b)	EUR	100,000		128,697
Telstra Corp. Ltd., 2.50%, 09/15/2023	EUR	150,000		188,428
				1,588,168
Belgium-2.64%
Anheuser-Busch InBev S.A./N.V.
2.70%, 03/31/2026(b)	EUR	100,000		133,815
1.15%, 01/22/2027(b)	EUR	200,000		247,711
1.13%, 07/01/2027(b)	EUR	200,000		247,983
2.13%, 12/02/2027(b)	EUR	100,000		132,161
2.00%, 03/17/2028(b)	EUR	300,000		394,786
2.25%, 05/24/2029(b)	GBP	200,000		279,545
1.50%, 04/18/2030(b)	EUR	100,000		128,783
1.65%, 03/28/2031(b)	EUR	100,000		129,132
2.88%, 04/02/2032(b)	EUR	200,000		286,044
2.75%, 03/17/2036(b)	EUR	300,000		423,325
2.85%, 05/25/2037(b)	GBP	250,000		360,166
3.70%, 04/02/2040(b)	EUR	150,000		233,674
KBC Group N.V., 1.13%, 01/25/2024(b)	EUR	100,000		120,614
				3,117,739
Canada-15.59%
Bank of Montreal
2.89%, 06/20/2023	CAD	800,000		634,600
2.85%, 03/06/2024	CAD	500,000		398,189
2.28%, 07/29/2024	CAD	500,000		392,725
2.37%, 02/03/2025	CAD	450,000		354,036
3.19%, 03/01/2028	CAD	700,000		594,755
Bank of Nova Scotia (The)
2.38%, 05/01/2023	CAD	900,000		700,742
2.29%, 06/28/2024	CAD	650,000		514,057
2.49%, 09/23/2024	CAD	450,000		355,893
2.16%, 02/03/2025	CAD	500,000		390,929
2.62%, 12/02/2026	CAD	400,000		327,392
3.10%, 02/02/2028	CAD	550,000		464,304
Bell Canada, Inc.
2.70%, 02/27/2024	CAD	200,000		157,519
3.35%, 03/12/2025	CAD	425,000		345,855
3.80%, 08/21/2028	CAD	300,000		254,683
2.50%, 05/14/2030	CAD	250,000		192,253
3.50%, 09/30/2050	CAD	350,000		258,326
Canadian Imperial Bank of Commerce
3.29%, 01/15/2024	CAD	400,000		321,545
2.35%, 08/28/2024	CAD	400,000		313,829
2.00%, 04/17/2025	CAD	600,000		465,807
3.30%, 05/26/2025	CAD	550,000		457,057

	Principal
	Amount		Value
Canada-(continued)
Canadian Natural Resources Ltd., 3.31%, 02/11/2022	CAD	300,000	$	231,002
Enbridge, Inc., 2.99%, 10/03/2029	CAD	300,000		236,216
Federation des Caisses Desjardins du Quebec, 2.42%, 10/04/2024	CAD	300,000		236,153
HSBC Bank Canada
2.25%, 09/15/2022	CAD	250,000		192,853
3.25%, 09/15/2023	CAD	400,000		319,436
Husky Energy, Inc., 3.50%, 02/07/2028	CAD	350,000		252,608
National Bank of Canada
2.98%, 03/04/2024	CAD	300,000		239,469
2.55%, 07/12/2024	CAD	300,000		237,221
Ontario Teachers’ Finance Trust, 0.50%, 05/06/2025(b)	EUR	150,000		180,190
Rogers Communications, Inc.
3.65%, 03/31/2027	CAD	400,000		333,422
3.25%, 05/01/2029	CAD	300,000		246,487
Royal Bank of Canada
3.30%, 09/26/2023	CAD	550,000		444,558
2.33%, 12/05/2023	CAD	400,000		314,450
2.35%, 07/02/2024	CAD	550,000		435,784
0.13%, 07/23/2024(b)	EUR	100,000		117,159
2.61%, 11/01/2024	CAD	800,000		635,872
1.94%, 05/01/2025	CAD	400,000		311,051
2.33%, 01/28/2027	CAD	650,000		515,266
Shaw Communications, Inc., 6.75%, 11/09/2039	CAD	400,000		416,089
Suncor Energy, Inc., 5.00%, 04/09/2030	CAD	400,000		347,171
TELUS Corp.
2.35%, 03/28/2022	CAD	300,000		229,792
3.35%, 04/01/2024	CAD	300,000		240,875
Series CY, 3.30%, 05/02/2029	CAD	300,000		247,380
Thomson Reuters Corp., 2.24%, 05/14/2025	CAD	400,000		311,042
Toronto-Dominion Bank (The)
1.91%, 07/18/2023	CAD	550,000		426,594
2.85%, 03/08/2024	CAD	600,000		478,677
0.38%, 04/25/2024(b)	EUR	100,000		117,995
3.23%, 07/24/2024	CAD	600,000		490,305
2.50%, 12/02/2024	CAD	500,000		396,213
1.94%, 03/13/2025	CAD	500,000		388,720
TransCanada PipeLines Ltd.
3.80%, 04/05/2027	CAD	550,000		455,489
4.18%, 07/03/2048(b)	CAD	300,000		233,261
4.34%, 10/15/2049	CAD	300,000		243,514
				18,396,810
Denmark-0.89%
Carlsberg Breweries A/S, 2.50%, 05/28/2024(b)	EUR	100,000		126,655
Danske Bank A/S, 0.88%, 05/22/2023(b)	EUR	200,000		236,661
Orsted A/S
4.88%, 01/12/2032(b)	GBP	200,000		358,536
5.75%, 04/09/2040(b)	GBP	150,000		327,083
				1,048,935
Finland-0.36%
Fortum OYJ, 2.25%, 09/06/2022(b)	EUR	150,000		182,464

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

24

Invesco International Corporate Bond ETF (PICB)–(continued)

October 31, 2020

	Principal
	Amount		Value
Finland-(continued)
Nordea Bank Abp, 0.50%, 05/14/2027(b)	EUR	100,000	$	120,484
OP Corporate Bank plc, 0.50%, 08/12/2025(b)	EUR	100,000		119,600
				422,548
France-17.98%
Action Logement Services, 0.50%, 10/30/2034(b)	EUR	100,000		122,629
Aeroports de Paris, 2.75%, 04/02/2030(b)	EUR	200,000		269,154
Airbus Finance B.V., 2.38%, 04/02/2024(b)	EUR	100,000		125,134
Airbus SE
1.38%, 06/09/2026(b)	EUR	100,000		123,045
1.63%, 06/09/2030(b)	EUR	100,000		122,570
2.38%, 04/07/2032(b)	EUR	100,000		129,544
2.38%, 06/09/2040(b)	EUR	100,000		121,705
Auchan Holding S.A.
2.63%, 01/30/2024(b)	EUR	100,000		124,126
2.38%, 04/25/2025(b)	EUR	100,000		124,882
2.88%, 01/29/2026(b)	EUR	100,000		127,433
Autoroutes du Sud de la France S.A.
1.25%, 01/18/2027(b)	EUR	200,000		252,715
1.38%, 01/22/2030(b)	EUR	100,000		130,926
1.38%, 02/21/2031(b)	EUR	100,000		130,659
Banque Federative du Credit Mutuel S.A.
3.00%, 05/21/2024(b)	EUR	200,000		255,049
1.25%, 01/14/2025(b)	EUR	300,000		369,473
3.00%, 09/11/2025(b)	EUR	100,000		130,369
2.38%, 03/24/2026(b)	EUR	100,000		126,621
0.75%, 06/08/2026(b)	EUR	100,000		121,557
1.25%, 05/26/2027(b)	EUR	200,000		252,411
1.75%, 03/15/2029(b)	EUR	100,000		129,267
1.88%, 06/18/2029(b)	EUR	100,000		124,919
0.75%, 01/17/2030(b)	EUR	100,000		117,983
1.25%, 06/03/2030(b)	EUR	100,000		122,746
BNP Paribas S.A.
1.13%, 10/10/2023(b)	EUR	100,000		120,150
2.38%, 02/17/2025(b)	EUR	100,000		124,562
1.50%, 11/17/2025(b)	EUR	100,000		123,452
3.38%, 01/23/2026(b)	GBP	300,000		428,306
1.13%, 06/11/2026(b)	EUR	100,000		121,349
0.13%, 09/04/2026(b)	EUR	100,000		114,437
1.88%, 12/14/2027(b)	GBP	300,000		398,600
1.50%, 05/25/2028(b)	EUR	100,000		129,702
1.38%, 05/28/2029(b)	EUR	100,000		124,460
1.63%, 07/02/2031(b)	EUR	100,000		118,930
Bouygues S.A., 1.13%, 07/24/2028(b)	EUR	100,000		125,672
BPCE S.A.
1.13%, 01/18/2023(b)	EUR	100,000		119,381
4.63%, 07/18/2023(b)	EUR	100,000		129,962
0.88%, 01/31/2024(b)	EUR	200,000		238,612
1.00%, 07/15/2024(b)	EUR	100,000		121,502
0.63%, 09/26/2024(b)	EUR	200,000		236,660
0.63%, 04/28/2025(b)	EUR	100,000		119,920
0.25%, 01/15/2026(b)	EUR	200,000		235,895
1.00%, 10/05/2028(b)	EUR	100,000		125,152
5.25%, 04/16/2029(b)	GBP	200,000		325,763

	Principal
	Amount		Value
France-(continued)
Capgemini SE
2.50%, 07/01/2023(b)	EUR	100,000	$	124,043
2.00%, 04/15/2029(b)	EUR	100,000		131,319
2.38%, 04/15/2032(b)	EUR	100,000		136,680
Carrefour S.A., 2.63%, 12/15/2027(b)	EUR	100,000		134,728
Cie de Saint-Gobain, 1.88%, 03/15/2031(b)	EUR	100,000		133,030
Cie Generale des Etablissements Michelin S.C.A., 1.75%, 09/03/2030(b)	EUR	100,000		135,430
CNP Assurances, 1.88%, 10/20/2022(b)	EUR	100,000		120,123
Coentreprise de Transport d’Electricite S.A.
1.50%, 07/29/2028(b)	EUR	200,000		255,163
2.13%, 07/29/2032(b)	EUR	100,000		136,972
Credit Agricole Assurances S.A., 2.00%, 07/17/2030(b)	EUR	100,000		118,569
Credit Agricole S.A.
1.38%, 03/13/2025(b)	EUR	100,000		122,292
2.70%, 07/15/2025	EUR	100,000		125,213
0.38%, 10/21/2025(b)	EUR	100,000		117,343
3.13%, 02/05/2026(b)	EUR	200,000		272,907
1.25%, 04/14/2026(b)	EUR	200,000		249,482
0.14%, 10/09/2026(b)	EUR	100,000		117,559
1.88%, 12/20/2026(b)	EUR	200,000		253,937
2.63%, 03/17/2027(b)	EUR	300,000		385,938
1.38%, 05/03/2027(b)	EUR	100,000		126,847
1.75%, 03/05/2029(b)	EUR	200,000		256,392
0.88%, 01/14/2032(b)	EUR	200,000		237,753
Danone S.A., 1.21%, 11/03/2028(b)	EUR	200,000		257,590
Dassault Systemes SE, 0.38%, 09/16/2029(b)	EUR	200,000		241,182
ENGIE S.A.
2.38%, 05/19/2026(b)	EUR	200,000		265,709
7.00%, 10/30/2028	GBP	100,000		188,923
5.00%, 10/01/2060(b)	GBP	300,000		726,497
EssilorLuxottica S.A.
0.38%, 01/05/2026(b)	EUR	100,000		119,548
0.38%, 11/27/2027(b)	EUR	200,000		239,407
0.50%, 06/05/2028(b)	EUR	100,000		120,318
0.75%, 11/27/2031(b)	EUR	200,000		244,034
HSBC France S.A.
0.60%, 03/20/2023(b)	EUR	200,000		236,994
0.25%, 05/17/2024(b)	EUR	100,000		117,587
0.10%, 09/03/2027(b)	EUR	100,000		116,180
LVMH Moet Hennessy Louis Vuitton SE
1.13%, 02/11/2027(b)	GBP	300,000		392,042
0.13%, 02/11/2028(b)	EUR	200,000		235,869
0.38%, 02/11/2031(b)	EUR	200,000		237,268
Orange S.A.
1.38%, 03/20/2028(b)	EUR	100,000		127,856
8.13%, 11/20/2028(b)	GBP	200,000		394,879
2.00%, 01/15/2029(b)	EUR	100,000		134,492
1.38%, 01/16/2030(b)	EUR	100,000		129,883
1.88%, 09/12/2030(b)	EUR	100,000		135,283
3.25%, 01/15/2032(b)	GBP	200,000		302,716
0.50%, 09/04/2032(b)	EUR	100,000		117,890
8.13%, 01/28/2033	EUR	100,000		219,639
5.63%, 01/23/2034	GBP	150,000		284,434
5.38%, 11/22/2050(b)	GBP	200,000		437,947

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

25

Invesco International Corporate Bond ETF (PICB)–(continued)

October 31, 2020

	Principal
	Amount		Value
France-(continued)
Pernod Ricard S.A., 1.75%, 04/08/2030(b)	EUR	200,000	$	263,701
Peugeot S.A., 2.75%, 05/15/2026(b)	EUR	100,000		126,367
RTE Reseau de Transport d’Electricite SADIR, 1.63%, 11/27/2025(b)	EUR	100,000		126,760
Sanofi
1.50%, 04/01/2030(b)	EUR	100,000		133,298
Series 12 FX, 1.38%, 03/21/2030(b)	EUR	200,000		264,386
Series 20FX, 1.88%, 03/21/2038(b)	EUR	100,000		148,658
Societe Generale S.A.
1.00%, 04/01/2022(b)	EUR	100,000		118,177
0.75%, 05/26/2023(b)	EUR	100,000		119,323
1.25%, 02/15/2024(b)	EUR	200,000		239,690
1.13%, 01/23/2025(b)	EUR	100,000		119,929
2.63%, 02/27/2025(b)	EUR	100,000		124,873
0.13%, 02/24/2026(b)	EUR	100,000		117,360
0.75%, 01/25/2027(b)	EUR	200,000		233,521
2.13%, 09/27/2028(b)	EUR	100,000		128,044
1.75%, 03/22/2029(b)	EUR	100,000		124,715
1.25%, 06/12/2030(b)	EUR	200,000		236,783
Total Capital Canada Ltd., 2.13%, 09/18/2029(b)	EUR	200,000		274,929
Total Capital International S.A.
1.49%, 04/08/2027(b)	EUR	100,000		127,492
0.75%, 07/12/2028(b)	EUR	200,000		246,293
1.38%, 10/04/2029(b)	EUR	100,000		129,988
1.99%, 04/08/2032(b)	EUR	200,000		274,440
Veolia Environnement S.A., 6.13%, 10/29/2037	GBP	150,000		321,853
Vinci S.A., 1.75%, 09/26/2030(b)	EUR	100,000		135,114
Westfield America Management Ltd., 2.63%, 03/30/2029(b)	GBP	100,000		130,922
				21,219,887
Germany-13.82%
Allianz Finance II B.V., Series 62, 4.50%, 03/13/2043(b)	GBP	200,000		406,444
BASF SE, 0.25%, 06/05/2027(b)	EUR	100,000		119,014
Bayer AG
0.38%, 07/06/2024(b)	EUR	200,000		236,100
0.75%, 01/06/2027(b)	EUR	200,000		237,719
1.13%, 01/06/2030(b)	EUR	200,000		239,313
1.38%, 07/06/2032(b)	EUR	100,000		121,186
Bayer Capital Corp. B.V.
1.50%, 06/26/2026(b)	EUR	200,000		248,482
2.13%, 12/15/2029(b)	EUR	100,000		130,860
BMW Finance N.V.
0.38%, 07/10/2023(b)	EUR	200,000		236,683
1.00%, 11/14/2024(b)	EUR	100,000		121,893
1.50%, 02/06/2029(b)	EUR	150,000		193,622
Commerzbank AG
0.50%, 08/28/2023(b)	EUR	200,000		236,886
0.50%, 09/13/2023(b)	EUR	100,000		117,798
0.63%, 08/28/2024(b)	EUR	100,000		119,185
0.50%, 12/04/2026(b)	EUR	100,000		117,818
Daimler AG
1.40%, 01/12/2024(b)	EUR	100,000		121,621
0.85%, 02/28/2025(b)	EUR	200,000		240,359
2.63%, 04/07/2025(b)	EUR	200,000		258,112

	Principal
	Amount		Value
Germany-(continued)
1.50%, 03/09/2026(b)	EUR	100,000	$	124,714
1.38%, 05/11/2028(b)	EUR	100,000		125,290
1.50%, 07/03/2029(b)	EUR	200,000		254,975
0.75%, 09/10/2030(b)	EUR	100,000		118,488
1.13%, 11/06/2031(b)	EUR	100,000		120,938
2.13%, 07/03/2037(b)	EUR	100,000		139,776
Daimler International Finance B.V.
0.63%, 02/27/2023(b)	EUR	150,000		177,832
2.00%, 09/04/2023(b)	GBP	200,000		266,864
0.25%, 11/06/2023(b)	EUR	200,000		234,361
0.88%, 04/09/2024(b)	EUR	100,000		119,606
1.00%, 11/11/2025(b)	EUR	200,000		242,548
1.38%, 06/26/2026(b)	EUR	100,000		123,891
0.63%, 05/06/2027(b)	EUR	125,000		147,996
Deutsche Bahn Finance GmbH
1.00%, 12/17/2027	EUR	100,000		126,174
1.13%, 12/18/2028(b)	EUR	100,000		128,617
Deutsche Bank AG
1.50%, 01/20/2022(b)	EUR	100,000		118,045
2.38%, 01/11/2023(b)	EUR	100,000		121,228
1.13%, 08/30/2023(b)	EUR	100,000		120,399
3.88%, 02/12/2024(b)	GBP	200,000		275,776
2.63%, 12/16/2024(b)	GBP	200,000		265,405
1.63%, 01/20/2027(b)	EUR	200,000		236,010
Deutsche Telekom AG
0.50%, 07/05/2027(b)	EUR	100,000		120,775
1.75%, 03/25/2031(b)	EUR	100,000		133,284
Deutsche Telekom International Finance B.V.
1.38%, 12/01/2025(b)	EUR	100,000		125,683
1.38%, 01/30/2027(b)	EUR	100,000		127,004
1.50%, 04/03/2028(b)	EUR	200,000		257,185
2.00%, 12/01/2029(b)	EUR	100,000		135,998
E.ON International Finance B.V.
6.38%, 06/07/2032	GBP	300,000		580,800
5.88%, 10/30/2037(b)	GBP	250,000		506,574
6.75%, 01/27/2039(b)	GBP	200,000		447,438
E.ON SE, 0.38%, 09/29/2027(b)	EUR	200,000		238,889
HeidelbergCement AG, 1.50%, 02/07/2025(b)	EUR	100,000		122,608
HeidelbergCement Finance Luxembourg S.A., 1.63%, 04/07/2026(b)	EUR	100,000		124,269
innogy Finance B.V.
6.25%, 06/03/2030(b)	GBP	200,000		366,766
4.75%, 01/31/2034(b)	GBP	200,000		348,558
6.13%, 07/06/2039(b)	GBP	300,000		637,165
Landesbank Baden-Wuerttemberg
0.50%, 06/07/2022(b)	EUR	100,000		117,462
0.38%, 02/18/2027(b)	EUR	100,000		117,463
Landesbank Hessen-Thueringen Girozentrale, 0.38%, 05/12/2025(b)	EUR	200,000		238,447
SAP SE
1.75%, 02/22/2027(b)	EUR	100,000		129,757
1.25%, 03/10/2028(b)	EUR	100,000		127,556
1.63%, 03/10/2031(b)	EUR	100,000		134,236
Siemens Financieringsmaatschappij N.V.
2.88%, 03/10/2028(b)	EUR	200,000		285,471
0.25%, 02/20/2029(b)	EUR	100,000		119,432
0.13%, 09/05/2029(b)	EUR	200,000		237,124

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

26

Invesco International Corporate Bond ETF (PICB)–(continued)

October 31, 2020

	Principal
	Amount		Value
Germany-(continued)
0.50%, 09/05/2034(b)	EUR	100,000	$	119,973
3.75%, 09/10/2042(b)	GBP	200,000		377,550
Volkswagen Financial Services AG, 1.50%, 10/01/2024(b)	EUR	100,000		121,757
Volkswagen Financial Services N.V.
1.13%, 09/18/2023(b)	GBP	200,000		258,924
4.13%, 11/16/2038(b)	EUR	100,000		161,800
Volkswagen International Finance N.V.
0.88%, 01/16/2023(b)	EUR	200,000		237,514
1.13%, 10/02/2023(b)	EUR	200,000		240,443
1.88%, 03/30/2027(b)	EUR	200,000		253,755
0.88%, 09/22/2028(b)	EUR	100,000		118,554
1.63%, 01/16/2030(b)	EUR	75,000		94,365
3.25%, 11/18/2030(b)	EUR	100,000		142,979
Volkswagen Leasing GmbH
0.50%, 06/20/2022(b)	EUR	100,000		117,534
2.38%, 09/06/2022(b)	EUR	100,000		121,689
2.63%, 01/15/2024(b)	EUR	100,000		125,432
1.13%, 04/04/2024(b)	EUR	100,000		119,751
1.38%, 01/20/2025(b)	EUR	100,000		121,521
Vonovia Finance B.V.
2.25%, 12/15/2023(b)	EUR	100,000		125,326
1.25%, 12/06/2024(b)	EUR	100,000		122,953
Wintershall Dea Finance B.V.
0.84%, 09/25/2025(b)	EUR	200,000		231,678
1.82%, 09/25/2031(b)	EUR	200,000		227,786
				16,313,256
Italy-4.68%
AMCO - Asset Management Co. S.p.A., 1.50%, 07/17/2023(b)	EUR	100,000		120,146
Assicurazioni Generali S.p.A.
5.13%, 09/16/2024(b)	EUR	200,000		280,623
4.13%, 05/04/2026(b)	EUR	100,000		133,432
Enel Finance International N.V.
1.00%, 09/16/2024(b)	EUR	100,000		121,636
1.97%, 01/27/2025(b)	EUR	200,000		252,875
1.50%, 07/21/2025(b)	EUR	100,000		124,845
1.38%, 06/01/2026(b)	EUR	150,000		187,984
1.13%, 09/16/2026(b)	EUR	150,000		186,679
0.38%, 06/17/2027(b)	EUR	100,000		118,439
1.00%, 10/20/2027(b)	GBP	125,000		161,395
5.75%, 09/14/2040(b)	GBP	400,000		798,671
Enel S.p.A., 5.75%, 06/22/2037(b)	GBP	150,000		292,319
Eni S.p.A.
3.75%, 09/12/2025(b)	EUR	100,000		138,078
1.50%, 02/02/2026(b)	EUR	150,000		188,035
3.63%, 01/29/2029(b)	EUR	100,000		148,143
0.63%, 01/23/2030(b)	EUR	100,000		119,343
2.00%, 05/18/2031(b)	EUR	150,000		201,657
Intesa Sanpaolo S.p.A.
1.13%, 03/04/2022(b)	EUR	200,000		236,638
4.00%, 10/30/2023(b)	EUR	100,000		129,350
1.38%, 01/18/2024(b)	EUR	100,000		120,159
1.00%, 07/04/2024(b)	EUR	150,000		178,509
1.00%, 11/19/2026(b)	EUR	200,000		237,182
1.75%, 03/20/2028(b)	EUR	150,000		184,942
1.75%, 07/04/2029(b)	EUR	100,000		123,727
Snam S.p.A., 0.88%, 10/25/2026(b)	EUR	100,000		122,952

	Principal
	Amount		Value
Italy-(continued)
Terna Rete Elettrica Nazionale S.p.A., 1.38%, 07/26/2027(b)	EUR	100,000	$	127,770
UniCredit S.p.A.
2.00%, 03/04/2023(b)	EUR	100,000		121,832
0.50%, 04/09/2025(b)	EUR	100,000		116,083
2.13%, 10/24/2026(b)	EUR	200,000		252,303
				5,525,747
Japan-0.86%
Sumitomo Mitsui Financial Group, Inc., 1.55%, 06/15/2026(b)	EUR	200,000		251,070
Takeda Pharmaceutical Co. Ltd.
1.13%, 11/21/2022(b)	EUR	200,000		238,750
2.25%, 11/21/2026(b)	EUR	100,000		130,621
3.00%, 11/21/2030(b)	EUR	100,000		141,910
1.38%, 07/09/2032	EUR	100,000		123,129
2.00%, 07/09/2040	EUR	100,000		127,038
				1,012,518
Luxembourg-0.20%
Logicor Financing S.a r.l., 1.50%, 11/14/2022(b)	EUR	100,000		119,435
Logicor Financing S.a.r.l., 1.63%, 07/15/2027(b)	EUR	100,000		120,846
				240,281
Netherlands-4.84%
ABN AMRO Bank N.V.
7.13%, 07/06/2022(b)	EUR	200,000		260,048
0.60%, 01/15/2027(b)	EUR	200,000		237,050
Cooperatieve Rabobank U.A.
1.63%, 01/20/2022	NOK1,000,000			105,983
4.13%, 09/14/2022(b)	EUR	100,000		125,459
3.88%, 07/25/2023(b)	EUR	100,000		128,326
0.75%, 08/29/2023(b)	EUR	100,000		119,215
0.63%, 02/27/2024(b)	EUR	100,000		118,948
1.25%, 03/23/2026(b)	EUR	150,000		186,954
1.38%, 02/03/2027(b)	EUR	100,000		126,974
5.25%, 09/14/2027(b)	GBP	150,000		240,774
4.63%, 05/23/2029(b)	GBP	300,000		472,121
1.13%, 05/07/2031(b)	EUR	100,000		125,889
ING Groep N.V.
1.00%, 09/20/2023(b)	EUR	100,000		120,068
1.13%, 02/14/2025(b)	EUR	100,000		121,575
2.13%, 01/10/2026(b)	EUR	100,000		128,396
3.00%, 02/18/2026(b)	GBP	300,000		423,646
1.38%, 01/11/2028(b)	EUR	100,000		126,537
2.00%, 09/20/2028(b)	EUR	200,000		264,915
2.50%, 11/15/2030(b)	EUR	200,000		285,046
Koninklijke KPN N.V., 5.75%, 09/17/2029(b)	GBP	200,000		314,835
LeasePlan Corp. N.V., 0.13%, 09/13/2023	EUR	100,000		115,072
Shell International Finance B.V.
1.63%, 01/20/2027(b)	EUR	150,000		192,726
0.13%, 11/08/2027(b)	EUR	100,000		117,439
1.50%, 04/07/2028(b)	EUR	100,000		128,798
1.25%, 05/12/2028(b)	EUR	100,000		126,740
0.75%, 08/15/2028(b)	EUR	150,000		183,626
1.00%, 12/10/2030(b)	GBP	150,000		191,171

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

27

Invesco International Corporate Bond ETF (PICB)–(continued)

October 31, 2020

	Principal
	Amount		Value
Netherlands-(continued)
0.50%, 11/08/2031(b)	EUR	100,000	$	117,108
1.88%, 04/07/2032(b)	EUR	200,000		268,630
1.25%, 11/11/2032(b)	EUR	100,000		126,500
0.88%, 11/08/2039(b)	EUR	100,000		115,296
				5,715,865
Norway-1.05%
Equinor ASA
1.25%, 02/17/2027(b)	EUR	150,000		188,736
6.88%, 03/11/2031(b)	GBP	200,000		401,317
1.63%, 02/17/2035(b)	EUR	200,000		270,663
Telenor ASA
0.75%, 05/31/2026(b)	EUR	100,000		121,875
1.13%, 05/31/2029(b)	EUR	200,000		252,585
				1,235,176
Portugal-0.10%
EDP Finance B.V., 1.13%, 02/12/2024(b)	EUR	100,000		121,297
Singapore-0.18%
Temasek Financial I Ltd., 5.13%, 07/26/2040(b)	GBP	100,000		217,256
Spain-6.20%
Abertis Infraestructuras S.A.
1.38%, 05/20/2026(b)	EUR	100,000		118,988
2.38%, 09/27/2027(b)	EUR	100,000		124,114
3.00%, 03/27/2031(b)	EUR	100,000		127,884
Banco Bilbao Vizcaya Argentaria S.A.
1.13%, 02/28/2024(b)	EUR	100,000		118,986
0.38%, 10/02/2024(b)	EUR	100,000		115,915
1.38%, 05/14/2025(b)	EUR	100,000		122,188
0.75%, 06/04/2025(b)	EUR	100,000		120,423
1.00%, 06/21/2026(b)	EUR	100,000		119,373
0.50%, 01/14/2027(b)	EUR	100,000		114,300
3.50%, 02/10/2027(b)	EUR	200,000		260,133
Banco de Sabadell S.A.
0.88%, 03/05/2023(b)	EUR	100,000		117,751
0.88%, 07/22/2025(b)	EUR	100,000		115,870
Banco Santander S.A.
1.38%, 07/31/2024(b)	GBP	200,000		261,801
1.13%, 01/17/2025(b)	EUR	200,000		240,660
2.50%, 03/18/2025(b)	EUR	200,000		247,674
1.38%, 01/05/2026(b)	EUR	200,000		243,273
3.25%, 04/04/2026(b)	EUR	200,000		258,643
3.13%, 01/19/2027(b)	EUR	100,000		129,526
0.50%, 02/04/2027(b)	EUR	200,000		231,659
1.75%, 02/17/2027(b)	GBP	200,000		258,506
1.13%, 06/23/2027(b)	EUR	100,000		120,484
2.13%, 02/08/2028(b)	EUR	200,000		245,693
CaixaBank S.A.
1.13%, 01/12/2023(b)	EUR	200,000		237,560
2.38%, 02/01/2024(b)	EUR	100,000		123,398
1.13%, 05/17/2024(b)	EUR	100,000		120,564
0.63%, 10/01/2024(b)	EUR	100,000		116,289
0.38%, 02/03/2025(b)	EUR	100,000		117,156
1.13%, 03/27/2026(b)	EUR	100,000		121,376
1.38%, 06/19/2026(b)	EUR	200,000		239,851
Iberdrola Finanzas S.A., 1.00%, 03/07/2025(b)	EUR	100,000		122,251

	Principal
	Amount		Value
Spain-(continued)
Iberdrola International, B.V., 1.13%, 04/21/2026(b)	EUR	100,000	$	124,479
Mapfre S.A., 1.63%, 05/19/2026(b)	EUR	100,000		127,152
Naturgy Finance B.V.
1.25%, 01/15/2026(b)	EUR	100,000		123,717
1.38%, 01/19/2027(b)	EUR	100,000		125,234
Santander Consumer Finance S.A.
0.88%, 01/24/2022(b)	EUR	200,000		236,010
0.38%, 06/27/2024(b)	EUR	100,000		117,505
Telefonica Emisiones S.A.
1.53%, 01/17/2025(b)	EUR	100,000		124,290
5.38%, 02/02/2026(b)	GBP	200,000		313,210
1.46%, 04/13/2026(b)	EUR	200,000		250,679
1.20%, 08/21/2027(b)	EUR	200,000		247,575
1.72%, 01/12/2028(b)	EUR	300,000		386,149
1.79%, 03/12/2029(b)	EUR	100,000		129,922
				7,318,211
Sweden-1.32%
Skandinaviska Enskilda Banken AB
0.38%, 02/11/2027(b)	EUR	200,000		235,810
0.63%, 11/12/2029(b)	EUR	200,000		239,783
Svenska Handelsbanken AB, 0.50%, 02/18/2030(b)	EUR	200,000		236,885
Swedbank AB, 0.75%, 05/05/2025(b)	EUR	100,000		120,660
Telia Co. AB, 3.63%, 11/08/2023(b)	SEK2,000,000			246,451
Vattenfall AB, 6.88%, 04/15/2039(b)	GBP	200,000		471,642
				1,551,231
Switzerland-2.09%
Credit Suisse AG, 1.50%, 04/10/2026(b)	EUR	150,000		189,912
Credit Suisse Group AG
1.00%, 04/14/2023(b)	CHF	250,000		279,240
2.75%, 08/08/2025(b)	GBP	150,000		208,346
0.65%, 09/10/2029(b)	EUR	100,000		116,606
Credit Suisse Group Funding Guernsey Ltd., 1.25%, 04/14/2022(b)	EUR	250,000		296,996
Holcim Finance (Luxembourg) S.A., 2.25%, 05/26/2028(b)	EUR	100,000		132,142
Nestle Finance International Ltd., 0.38%, 05/12/2032(b)	EUR	300,000		361,699
Richemont International Holding S.A.
1.50%, 03/26/2030(b)	EUR	100,000		131,390
2.00%, 03/26/2038(b)	EUR	100,000		141,566
UBS Group AG
1.75%, 11/16/2022(b)	EUR	200,000		242,064
1.50%, 11/30/2024(b)	EUR	100,000		121,491
1.25%, 09/01/2026(b)	EUR	200,000		246,380
				2,467,832
United Kingdom-23.63%
ABP Finance PLC, 6.25%, 12/14/2026(b)	GBP	100,000		154,635
Annington Funding PLC
2.65%, 07/12/2025(b)	GBP	200,000		276,705
3.18%, 07/12/2029(b)	GBP	150,000		215,395
3.69%, 07/12/2034(b)	GBP	200,000		302,945
3.94%, 07/12/2047(b)	GBP	100,000		161,254
Barclays Bank PLC, 6.63%, 03/30/2022(b)	EUR	100,000		126,736

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

28

Invesco International Corporate Bond ETF (PICB)–(continued)

October 31, 2020

	Principal
	Amount		Value
United Kingdom-(continued)
Barclays PLC
1.50%, 04/01/2022(b)	EUR	75,000	$	89,124
1.88%, 12/08/2023(b)	EUR	100,000		122,192
3.13%, 01/17/2024(b)	GBP	350,000		476,074
3.00%, 05/08/2026(b)	GBP	200,000		273,986
3.25%, 02/12/2027(b)	GBP	400,000		557,490
BAT International Finance PLC
7.25%, 03/12/2024	GBP	200,000		312,113
4.00%, 09/04/2026(b)	GBP	150,000		220,337
2.25%, 06/26/2028(b)	GBP	100,000		131,898
2.25%, 01/16/2030(b)	EUR	100,000		126,276
6.00%, 11/24/2034(b)	GBP	200,000		349,950
2.25%, 09/09/2052(b)	GBP	200,000		202,999
BG Energy Capital PLC, 5.00%, 11/04/2036(b)	GBP	150,000		289,520
BP Capital Markets PLC
2.97%, 02/27/2026(b)	EUR	100,000		134,552
1.57%, 02/16/2027(b)	EUR	100,000		126,128
0.83%, 11/08/2027(b)	EUR	100,000		120,617
2.52%, 04/07/2028(b)	EUR	100,000		134,494
1.23%, 05/08/2031(b)	EUR	100,000		123,318
2.82%, 04/07/2032(b)	EUR	100,000		143,032
British Telecommunications PLC
1.13%, 03/10/2023(b)	EUR	100,000		119,835
1.00%, 11/21/2024(b)	EUR	100,000		120,290
1.75%, 03/10/2026(b)	EUR	100,000		125,582
1.50%, 06/23/2027(b)	EUR	100,000		124,293
5.75%, 12/07/2028(b)	GBP	150,000		252,696
3.13%, 11/21/2031(b)	GBP	200,000		288,042
6.38%, 06/23/2037(b)	GBP	170,000		332,651
BUPA Finance PLC, 5.00%, 04/25/2023(b)	GBP	150,000		209,587
Cadent Finance PLC
2.13%, 09/22/2028(b)	GBP	250,000		341,755
2.63%, 09/22/2038(b)	GBP	200,000		279,467
2.75%, 09/22/2046(b)	GBP	200,000		282,119
Centrica PLC
4.38%, 03/13/2029(b)	GBP	150,000		235,001
7.00%, 09/19/2033(b)	GBP	250,000		509,151
4.25%, 09/12/2044(b)	GBP	150,000		259,127
CK Hutchison Finance (16) (II) Ltd., 0.88%, 10/03/2024(b)	EUR	100,000		119,678
CK Hutchison Finance (16) Ltd., Series A, 1.25%, 04/06/2023(b)	EUR	100,000		119,895
CK Hutchison Group Telecom Finance S.A.
0.38%, 10/17/2023(b)	EUR	150,000		177,068
0.75%, 04/17/2026(b)	EUR	100,000		120,223
2.00%, 10/17/2027(b)	GBP	200,000		267,573
1.13%, 10/17/2028(b)	EUR	100,000		122,613
Connect Plus (M25) Issuer PLC, 2.61%, 03/31/2039(b)	GBP	190,006		278,649
Diageo Finance PLC, 2.50%, 03/27/2032(b)	EUR	100,000		142,199
Eversholt Funding PLC, 2.74%, 06/30/2040(b)	GBP	200,000		271,105
Friends Life Holdings PLC, 8.25%, 04/21/2022(b)	GBP	150,000		214,202
GlaxoSmithKline Capital PLC 5.25%, 12/19/2033	GBP	300,000		573,641

	Principal
	Amount		Value
United Kingdom-(continued)
1.63%, 05/12/2035(b)	GBP	200,000	$	264,335
6.38%, 03/09/2039	GBP	200,000		453,005
5.25%, 04/10/2042(b)	GBP	275,000		582,204
4.25%, 12/18/2045(b)	GBP	250,000		488,961
Heathrow Funding Ltd.
7.13%, 02/14/2024(b)	GBP	200,000		285,753
5.23%, 02/15/2025(b)	GBP	200,000		276,715
6.75%, 12/03/2026(b)	GBP	200,000		319,149
6.45%, 12/10/2031(b)	GBP	250,000		435,065
5.88%, 05/13/2043(b)	GBP	200,000		354,007
4.63%, 10/31/2046(b)	GBP	200,000		316,525
HSBC Bank PLC
5.38%, 08/22/2033(b)	GBP	150,000		254,909
4.75%, 03/24/2046	GBP	200,000		325,243
HSBC Holdings PLC
1.50%, 03/15/2022(b)	EUR	200,000		238,083
6.50%, 05/20/2024(b)	GBP	200,000		306,492
0.88%, 09/06/2024(b)	EUR	200,000		238,919
2.50%, 03/15/2027(b)	EUR	100,000		133,298
2.63%, 08/16/2028(b)	GBP	300,000		414,178
6.75%, 09/11/2028(b)	GBP	200,000		336,420
Imperial Brands Finance PLC
8.13%, 03/15/2024(b)	GBP	200,000		315,746
5.50%, 09/28/2026(b)	GBP	150,000		234,833
4.88%, 06/07/2032(b)	GBP	100,000		156,637
Lloyds Bank Corporate Markets PLC
0.25%, 10/04/2022(b)	EUR	100,000		117,240
1.75%, 07/11/2024(b)	GBP	150,000		198,861
2.38%, 04/09/2026(b)	EUR	100,000		128,772
Lloyds Bank PLC
7.63%, 04/22/2025(b)	GBP	200,000		327,458
6.50%, 09/17/2040(b)	GBP	300,000		689,536
Motability Operations Group PLC
3.63%, 03/10/2036(b)	GBP	250,000		419,269
2.38%, 07/03/2039(b)	GBP	100,000		146,344
Nationwide Building Society, 0.25%, 07/22/2025(b)	EUR	100,000		117,660
Natwest Group PLC, 2.50%, 03/22/2023(b)	EUR	200,000		245,432
NatWest Markets PLC
0.63%, 03/02/2022(b)	EUR	200,000		234,769
1.00%, 05/28/2024(b)	EUR	100,000		119,153
Reckitt Benckiser Treasury Services PLC, 1.75%, 05/19/2032(b)	GBP	125,000		169,130
Rio Tinto Finance PLC, 4.00%, 12/11/2029(b)	GBP	150,000		242,830
Santander UK Group Holdings PLC
1.13%, 09/08/2023(b)	EUR	100,000		118,958
3.63%, 01/14/2026(b)	GBP	150,000		213,009
Scottish Widows Ltd.
5.50%, 06/16/2023(b)	GBP	300,000		426,021
7.00%, 06/16/2043(b)	GBP	150,000		261,067
Sky Ltd., 2.50%, 09/15/2026(b)	EUR	100,000		133,707
Society of Lloyd’s, 4.75%, 10/30/2024(b)	GBP	100,000		141,307
SSE PLC, 8.38%, 11/20/2028(b)	GBP	120,000		237,706
Standard Chartered PLC
5.13%, 06/06/2034(b)	GBP	200,000		307,124
4.38%, 01/18/2038(b)	GBP	100,000		174,431

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

29

Invesco International Corporate Bond ETF (PICB)–(continued)

October 31, 2020

	Principal
	Amount		Value
United Kingdom-(continued)
T.H.F.C. (Funding No.3) PLC, 5.20%, 10/11/2043(b)	GBP	300,000	$	610,454
Thames Water Utilities Finance PLC
4.00%, 06/19/2025(b)	GBP	200,000		294,468
5.13%, 09/28/2037(b)	GBP	150,000		277,727
5.50%, 02/11/2041(b)	GBP	100,000		197,950
Unilever N.V., 1.75%, 03/25/2030(b)	EUR	150,000		202,081
University of Oxford, 2.54%, 12/08/2117(b)	GBP	300,000		546,786
Vodafone Group PLC
1.75%, 08/25/2023(b)	EUR	100,000		122,698
1.88%, 09/11/2025(b)	EUR	100,000		126,561
2.20%, 08/25/2026(b)	EUR	200,000		261,108
1.63%, 11/24/2030(b)	EUR	100,000		128,834
1.60%, 07/29/2031(b)	EUR	100,000		128,496
3.38%, 08/08/2049(b)	GBP	200,000		295,676
3.00%, 08/12/2056(b)	GBP	300,000		411,292
Wellcome Trust Ltd. (The), 2.52%, 02/07/2118(b)	GBP	200,000		375,939
Western Power Distribution PLC, 3.63%, 11/06/2023(b)	GBP	150,000		206,625
Western Power Distribution West Midlands PLC, 5.75%, 04/16/2032(b)	GBP	225,000		421,534
Westfield Stratford City Finance No. 2 PLC, 1.64%, 08/04/2026(b)	GBP	250,000		325,602
				27,892,304

	Principal
	Amount		Value
United States-0.95%
American Honda Finance Corp.
0.35%, 08/26/2022	EUR	100,000	$	117,676
1.95%, 10/18/2024	EUR	100,000		125,529
DH Europe Finance II S.a.r.l.
0.45%, 03/18/2028	EUR	125,000		147,254
0.75%, 09/18/2031	EUR	200,000		236,200
Medtronic Global Holdings S.C.A.
1.63%, 03/07/2031	EUR	100,000		131,327
0.75%, 10/15/2032	EUR	100,000		119,519
1.38%, 10/15/2040	EUR	100,000		121,085
Toyota Motor Credit Corp., 0.25%, 07/16/2026(b)	EUR	100,000		118,227
				1,116,817
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $109,795,578)				116,521,878
TOTAL INVESTMENTS IN SECURITIES-98.73% (Cost $109,795,578)				116,521,878
OTHER ASSETS LESS LIABILITIES-1.27%				1,502,955
NET ASSETS-100.00%			$	118,024,833

Investment Abbreviations:

CAD-Canadian Dollar

CHF-Swiss Franc

EUR-Euro

GBP-British Pound Sterling

NOK-Norwegian Krone

SEK-Swedish Krona

Notes to Schedule of Investments:

^(a)  Foreign denominated security. Principal amount is denominated in the 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 October 31, 2020 was $93,135,218, which represented 78.91% of the Fund’s Net Assets.

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2020.

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value October 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$-		$     221,737		$    (221,737	)		$-		$-		$-		$    1
Invesco Premier U.S. Government Money Portfolio, Institutional Class		-		14,531,626		(14,531,626	)		-		-		-		342
Total		$-		$14,753,363		$(14,753,363	)		$-		$-		$-		$343

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

30

Statements of Assets and Liabilities

October 31, 2020

	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)		$	2,638,346,930			$	185,652,725			$	116,521,878
Affiliated investments in securities, at value			660,305				11,213,571				-
Cash			797,141				85,067				-
Foreign currencies, at value			-				-				360,823
Deposits with brokers:
Cash segregated as collateral			26,109,991				-				123,772
Receivable for:
Dividends and interest			36,436,064				4,007,714				1,182,664
Securities lending			-				5,339				-
Investments sold			24,196,851				308,186				597,033
Fund shares sold			24,845,768				-				119,291
Foreign tax reclaims			-				-				54,016
Investments matured, at value			-				1,733,439				-
Total assets			2,751,393,050				203,006,041				118,959,477
Liabilities:
Due to custodian			-				-				117,306
Due to foreign custodian			-				31				-
Payable for:
Investments purchased			24,426,185				1,682,629				643,158
Collateral upon return of securities loaned			-				4,910,509				-
Collateral upon receipt of securities in-kind			26,109,991				-				123,772
Fund shares repurchased			24,244,565				-				-
Accrued unitary management fees			1,166,263				57,777				50,408
Total liabilities			75,947,004				6,650,946				934,644
Net Assets		$	2,675,446,046			$	196,355,095			$	118,024,833
Net assets consist of:
Shares of beneficial interest		$	3,238,940,032			$	224,015,478			$	111,139,534
Distributable earnings (loss)			(563,493,986	)			(27,660,383	)			6,885,299
Net Assets		$	2,675,446,046			$	196,355,095			$	118,024,833
Shares outstanding (unlimited amount authorized, $0.01 par value)			99,500,000				9,100,000				4,200,000
Net asset value		$	26.89			$	21.58			$	28.10
Market price		$	26.81			$	21.59			$	28.15
Unaffiliated investments in securities, at cost		$	2,665,938,829			$	195,504,024			$	109,795,578
Affiliated investments in securities, at cost		$	660,305			$	11,213,520			$	-
Foreign currencies (due to foreign custodian), at cost		$	-			$	(33	)		$	361,624
Investments matured, at cost		$	-			$	7,344,264			$	-
(a) Includes securities on loan with an aggregate value of:		$	-			$	4,743,089			$	-

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

31

Statements of Operations

For the year ended October 31, 2020

	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		$	156,829,193			$	11,794,326			$	2,019,215
Affiliated dividend income			49,474				37,576				343
Securities lending income			4,126				58,282				-
Foreign withholding tax			-				(305	)			-
Total investment income			156,882,793				11,889,879				2,019,558
Expenses:
Unitary management fees			15,286,417				724,919				570,601
Less: Waivers			(17,115	)			(8,881	)			(238	)
Net expenses			15,269,302				716,038				570,363
Net investment income			141,613,491				11,173,841				1,449,195
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(238,338,857	)			(7,628,422	)			204,517
Affiliated investment securities			1,068				(566	)			-
In-kind redemptions			72,715,051				(749,146	)			564,593
Foreign currencies			-				-				(18,407	)
Net realized gain (loss)			(165,622,738	)			(8,378,134	)			750,703
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(103,187,526	)			(5,426,407	)			4,039,423
Affiliated investment securities			-				(13	)			-
Foreign currencies			-				(1	)			(5,019	)
Change in net unrealized appreciation (depreciation)			(103,187,526	)			(5,426,421	)			4,034,404
Net realized and unrealized gain (loss)			(268,810,264	)			(13,804,555	)			4,785,107
Net increase (decrease) in net assets resulting from operations		$	(127,196,773	)		$	(2,630,714	)		$	6,234,302

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

32

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33

Statements of Changes in Net Assets

For the years ended October 31, 2020 and 2019

	Invesco Emerging Markets Sovereign Debt ETF (PCY)						Invesco Global Short Term High Yield Bond ETF (PGHY)
	2020			2019			2020			2019
Operations:
Net investment income	$	141,613,491		$	175,865,677		$	11,173,841		$	11,522,396
Net realized gain (loss)		(165,622,738	)		(49,242,012	)		(8,378,134	)		(2,613,544	)
Change in net unrealized appreciation (depreciation)		(103,187,526	)		413,622,952			(5,426,421	)		(650,969	)
Net increase (decrease) in net assets resulting from operations		(127,196,773	)		540,246,617			(2,630,714	)		8,257,883
Distributions to Shareholders from:
Distributable earnings		(145,456,485	)		(176,845,023	)		(11,177,975	)		(11,538,702	)
Return of capital		-			-			(282,870	)		-
Total distributions to shareholders		(145,456,485	)		(176,845,023	)		(11,460,845	)		(11,538,702	)
Shareholder Transactions:
Proceeds from shares sold		1,134,059,434			1,421,704,253			17,991,045			27,735,589
Value of shares repurchased		(1,721,347,456	)		(1,954,083,096	)		(38,021,588	)		(10,377,575	)
Transaction fees		-			-			-			-
Net increase (decrease) in net assets resulting from share transactions		(587,288,022	)		(532,378,843	)		(20,030,543	)		17,358,014
Net increase (decrease) in net assets		(859,941,280	)		(168,977,249	)		(34,122,102	)		14,077,195
Net assets:
Beginning of year		3,535,387,326			3,704,364,575			230,477,197			216,400,002
End of year	$	2,675,446,046		$	3,535,387,326		$	196,355,095		$	230,477,197
Changes in Shares Outstanding:
Shares sold		42,500,000			50,200,000			800,000			1,200,000
Shares repurchased		(64,400,000	)		(70,200,000	)		(1,800,000	)		(450,000	)
Shares outstanding, beginning of year		121,400,000			141,400,000			10,100,000			9,350,000
Shares outstanding, end of year		99,500,000			121,400,000			9,100,000			10,100,000

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

34

Invesco International Corporate Bond ETF (PICB)
2020			2019
$	1,449,195		$	1,741,353
	750,703			(1,001,104	)
	4,034,404			8,263,168
	6,234,302			9,003,417
	(1,457,468	)		(1,050,715	)
	-			(702,713	)
	(1,457,468	)		(1,753,428	)
	23,204,967			2,597,030
	(21,858,354	)		(16,941,838	)
	23,608			3,257
	1,370,221			(14,341,551	)
	6,147,055			(7,091,562	)
	111,877,778			118,969,340
$	118,024,833		$	111,877,778
	850,000			100,000
	(800,000	)		(650,000	)
	4,150,000			4,700,000
	4,200,000			4,150,000

35

Financial Highlights

Invesco Emerging Markets Sovereign Debt ETF (PCY)

	Years Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	29.12		$	26.20		$	29.62		$	29.81		$	28.08
Net investment income(a)		1.28			1.41			1.26			1.45			1.46
Net realized and unrealized gain (loss) on investments		(2.20	)		2.93			(3.42	)		(0.17	)		1.74
Total from investment operations		(0.92	)		4.34			(2.16	)		1.28			3.20
Distributions to shareholders from:
Net investment income		(1.31	)		(1.42	)		(1.26	)		(1.46	)		(1.47	)
Return of capital		-			-			-			(0.01	)		-
Total distributions		(1.31	)		(1.42	)		(1.26	)		(1.47	)		(1.47	)
Net asset value at end of year	$	26.89		$	29.12		$	26.20		$	29.62		$	29.81
Market price at end of year(b)	$	26.81		$	29.13		$	26.13		$	29.62		$	29.70
Net Asset Value Total Return(c)		(3.07	)%		16.91	%		(7.42	)%		4.49	%		11.79	%
Market Price Total Return(c)		(3.38	)%		17.28	%		(7.66	)%		4.88	%		11.61	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	2,675,446		$	3,535,387		$	3,704,365		$	4,970,710		$	4,125,597
Ratio to average net assets of:
Expenses		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		4.63	%		5.03	%		4.51	%		4.98	%		5.06	%
Portfolio turnover rate(d)		28	%		28	%		54	%		30	%		30	%

^(a)  Based on average shares outstanding.

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

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

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

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

36

Financial Highlights–(continued)

Invesco Global Short Term High Yield Bond ETF (PGHY)

	Years Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	22.82		$	23.14		$	24.14		$	24.16		$	23.50
Net investment income(a)		1.18			1.20			1.24			1.34			1.51
Net realized and unrealized gain (loss) on investments		(1.20	)		(0.32	)		(1.00	)		0.02			0.59
Total from investment operations		(0.02	)		0.88			0.24			1.36			2.10
Distributions to shareholders from:
Net investment income		(1.19	)		(1.20	)		(1.24	)		(1.37	)		(1.42	)
Return of capital		(0.03	)		-			-			(0.01	)		(0.02	)
Total distributions		(1.22	)		(1.20	)		(1.24	)		(1.38	)		(1.44	)
Net asset value at end of year	$	21.58		$	22.82		$	23.14		$	24.14		$	24.16
Market price at end of year(b)	$	21.59		$	22.81		$	23.03		$	24.19		$	24.23
Net Asset Value Total Return(c)		0.02	%		3.90	%		1.05	%		5.76	%		9.27	%
Market Price Total Return(c)		0.15	%		4.36	%		0.36	%		5.66	%		10.17	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	196,355		$	230,477		$	216,400		$	222,093		$	68,862
Ratio to average net assets of:
Expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		5.39	%		5.21	%		5.25	%		5.52	%		6.43	%
Portfolio turnover rate(d)		54	%		57	%		42	%		38	%		53	%

^(a)  Based on average shares outstanding.

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

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

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

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

37

Financial Highlights–(continued)

Invesco International Corporate Bond ETF (PICB)

	Years Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	26.96		$	25.31		$	26.88		$	25.08		$	25.95
Net investment income(a)		0.34			0.39			0.43			0.42			0.55
Net realized and unrealized gain (loss) on investments		1.13			1.65			(1.57	)		1.80			(0.86	)
Total from investment operations		1.47			2.04			(1.14	)		2.22			(0.31	)
Distributions to shareholders from:
Net investment income		(0.34	)		(0.23	)		(0.43	)		(0.23	)		-
Return of capital		-			(0.16	)		-			(0.19	)		(0.56	)
Total distributions		(0.34	)		(0.39	)		(0.43	)		(0.42	)		(0.56	)
Transaction fees(a)		0.01			0.00	(b)		-			0.00	(b)		0.00	(b)
Net asset value at end of year	$	28.10		$	26.96		$	25.31		$	26.88		$	25.08
Market price at end of year(c)	$	28.15		$	26.84		$	25.28		$	26.89		$	25.02
Net Asset Value Total Return(d)		5.57	%		8.12	%		(4.31	)%		8.95	%		(1.26	)%
Market Price Total Return(d)		6.24	%		7.77	%		(4.46	)%		9.25	%		(1.26	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	118,025		$	111,878		$	118,969		$	159,963		$	160,539
Ratio to average net assets of:
Expenses		0.50	%		0.51	%(e)		0.50	%		0.50	%		0.50	%
Net investment income		1.27	%		1.49	%(e)		1.58	%		1.62	%		2.12	%
Portfolio turnover rate(f)		22	%		23	%		12	%		14	%		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 at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

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

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

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

38

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

October 31, 2020

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 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 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

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subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

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

B. Other Risks

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

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 exercises 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.

Changing Global Fixed-Income Market Conditions Risk. 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 at, near or below zero. In recent years, the FRB and other foreign central banks began “tapering” their quantitative easing programs, leading to fluctuations in the Federal Funds Rate and equivalent foreign rates. However, in response to the impact of the COVID-19 pandemic, in March 2020 the FRB announced cuts to the Federal Funds Rate and a new round of

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quantitative easing. Because there is little precedent for this situation, it is difficult to predict the impact of these rate changes or any future rate changes on various markets. Any additional changes to the monetary policy by the FRB or other regulatory actions may affect interest rates and/or reduce liquidity for fixed-income investments, particularly those with longer maturities. 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 a 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 rate and a Fund’s transaction costs.

Fixed-Income Securities Risk. 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. 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.

Foreign Fixed-Income Investment Risk. For certain funds, investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, 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. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs.

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 the Fund’s investments in the affected country or region.

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

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

LIBOR Risk. Certain Funds may invest in financial instruments that utilize LIBOR as the reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021, and it is currently anticipated that LIBOR will cease to be published after that time, although there are initiatives underway for the discontinuation to be extended beyond 2021 for certain LIBOR rates. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments in which the Fund invests cannot yet be determined. There is no assurance that the composition or characteristics of any alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. As a result, the transition process might lead to increased volatility and reduced liquidity in markets that currently rely on LIBOR to determine interest rates; a reduction in the value of some LIBOR-based investments; increased difficulty in borrowing or refinancing and diminished effectiveness of any applicable hedging strategies against instruments whose terms currently include LIBOR; and/or costs incurred in connection with temporary borrowings and closing out positions and entering into new agreements. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

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Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. If a 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.

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

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Investment Grade Securities Risk. Non-investment grade securities and unrated securities of comparable credit quality are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the non-investment grade securities markets generally, real or perceived adverse economic and competitive industry conditions and less secondary market liquidity. If the issuer of non-investment grade securities defaults, a Fund may incur additional expenses to seek recovery.

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

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.

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 an 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

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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 the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in each 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 distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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

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

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 their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust believes the risk of loss to be remote.

J. Securities Lending - Each Fund may participate in securities lending and may loan 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

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

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

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

NOTE 3–Investment Advisory Agreement and Other Agreements

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

Pursuant to the Investment Advisory Agreement, each 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 distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

	Unitary Management Fees (as a % of average daily net assets)
Emerging Markets Sovereign Debt ETF	0.50%
Global Short Term High Yield Bond ETF	0.35%
International Corporate Bond ETF	0.50%

Further, through at least August 31, 2022, 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 the Fund’s investments of otherwise uninvested cash 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 fiscal year ended October 31, 2020, the Adviser waived fees for each Fund in the following amounts:

Emerging Markets Sovereign Debt ETF	$	17,115
Global Short Term High Yield Bond ETF		8,881
International Corporate Bond ETF		238

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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 October 31, 2020, for each Fund (except for International Corporate Bond ETF). As of October 31, 2020, all of the securities in International Corporate Bond ETF were valued based on Level 2 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
Emerging Markets Sovereign Debt ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	2,638,346,930	$	-	$	2,638,346,930
Money Market Funds		660,305		-		-		660,305
Total Investments	$	660,305	$	2,638,346,930	$	-	$	2,639,007,235
Global Short Term High Yield Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	184,799,328	$	6,584	$	184,805,912
Common Stocks & Other Equity Interests		766,617		-		30,055		796,672
Variable Rate Senior Loan Interests		-		50,141		-		50,141
Preferred Stocks		-		-		0		0
Money Market Funds		6,303,011		4,910,560		-		11,213,571
Total Investments in Securities		7,069,628		189,760,029		36,639		196,866,296
Other Investments - Assets
Investments Matured		-		1,203,026		530,413		1,733,439
Total Investments	$	7,069,628	$	190,963,055	$	567,052	$	198,599,735

45

NOTE 5–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2020 and 2019:

	2020									2019
	Ordinary Income*			Long-Term Capital Gains			Return of Capital			Ordinary Income*			Long-Term Capital Gains			Return of Capital
Emerging Markets Sovereign Debt ETF		$	145,456,485		$	-		$	-		$	176,845,023		$	-		$	-
Global Short Term High Yield Bond ETF			11,177,975			-			282,870			11,538,702			-			-
International Corporate Bond ETF			1,421,718			35,750			-			746,735			303,980			702,713

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:

	Undistributed Long-Term Capital Gains			Net Unrealized Appreciation (Depreciation)- Investments				Net Unrealized Appreciation- Foreign Currencies			Capital Loss Carryforwards				Shares of Beneficial Interest			Total Net Assets
Emerging Markets Sovereign Debt ETF		$	-		$	(31,381,154	)		$	-		$	(532,112,832	)		$	3,238,940,032		$	2,675,446,046
Global Short Term High Yield Bond ETF			-			(15,462,386	)			1			(12,197,998	)			224,015,478			196,355,095
International Corporate Bond ETF			145,554			6,726,300				13,445			-				111,139,534			118,024,833

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 following table presents available capital loss carryforwards for each Fund as of October 31, 2020:

	No expiration
	Short-Term		Long-Term		Total
Emerging Markets Sovereign Debt ETF	$	193,316,142	$	338,796,690	$	532,112,832
Global Short Term High Yield Bond ETF		2,236,370		9,961,628		12,197,998
International Corporate Bond ETF		-		-		-

NOTE 6–Investment Transactions

For the fiscal year ended October 31, 2020, the cost of securities purchased and the 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	$	899,950,365	$	854,030,991
Global Short Term High Yield Bond ETF		108,244,566		102,925,908
International Corporate Bond ETF		34,947,551		24,953,106

For the fiscal year ended October 31, 2020, in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received			Value of Securities Delivered
Emerging Markets Sovereign Debt ETF		$	1,025,868,935		$	1,643,803,074
Global Short Term High Yield Bond ETF			7,495,459			23,486,443
International Corporate Bond ETF			13,211,818			21,358,766

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

46

At October 31, 2020, 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		$	104,881,257		$	(136,262,411	)		$	(31,381,154	)		$	2,670,388,389
Global Short Term High Yield Bond ETF			1,947,232			(17,409,618	)			(15,462,386	)			214,062,121
International Corporate Bond ETF			7,294,213			(567,913	)			6,726,300				109,795,578

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions and distributions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended October 31, 2020, the reclassifications were as follows:

	Undistributed Net Investment Income			Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
Emerging Markets Sovereign Debt ETF		$	3,842,994		$	(61,845,442	)		$	58,002,448
Global Short Term High Yield Bond ETF			2,167			742,572				(744,739	)
International Corporate Bond ETF			8,273			(621,606	)			613,333

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 for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to 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 issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for 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.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

47

The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

48

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Short Term High Yield Bond ETF and Invesco International Corporate Bond ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Short Term High Yield Bond ETF and Invesco International Corporate Bond ETF (three of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2020, the related statements of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2020 and each of the financial highlights for each of the five years in the period ended October 31, 2020, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

December 23, 2020

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

49

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, litigation expenses, acquired fund fees and expenses, if any, 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 for the entire period May 1, 2020 through October 31, 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 May 1, 2020			Ending Account Value October 31, 2020			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		$	1,114.10		0.50	%		$	2.66
Hypothetical (5% return before expenses)			1,000.00			1,022.62		0.50				2.54
Invesco Global Short Term High Yield Bond ETF (PGHY)
Actual			1,000.00			1,078.80		0.35				1.83
Hypothetical (5% return before expenses)			1,000.00			1,023.38		0.35				1.78
Invesco International Corporate Bond ETF (PICB)
Actual			1,000.00			1,086.70		0.50				2.62
Hypothetical (5% return before expenses)			1,000.00			1,022.62		0.50				2.54

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

50

Tax Information

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2020:

	Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*			Qualified Interest Income*			Long Term Capital Gains			Qualified Short Term Gains
Invesco Emerging Markets Sovereign Debt ETF		0	%		0	%		0	%		97	%		0	%		$	-		$	-
Invesco Global Short Term High Yield Bond ETF		0	%		0	%		0	%		100	%		38	%			-			-
Invesco International Corporate Bond ETF		0	%		0	%		0	%		100	%		0	%			35,750			30,028

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

51

Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.

As of October 31, 2020

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2007	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	216	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017- Present).
Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	216	None.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

52

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Edmund P. Giambastiani, Jr.–1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010- Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	216	Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013- 2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008- 2011).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

53

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Victoria J. Herget–1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973- 1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	216	Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012- 2019); Board Chair (2008-2015) and Director (2004- 2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

54

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2007	Senior Director of Finance, By The Hand Club for Kids (not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	216	Treasurer (2018-Present), Finance Committee Member (2015- Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.
Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	216	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

55

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Joanne Pace–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006- 2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005- 2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.	216	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016- Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012- 2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

56

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	216	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).
Donald H. Wilson–1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2007	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016- 2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	216	Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

57

Trustees and Officers–(continued)

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee, are shown below:

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Kevin M. Carome–1956 Invesco Ltd. Two Peachtree Pointe 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309	Trustee	Since 2010	Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Secretary (2012-2020), Invesco Services (Bahamas) Private Limited; Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007- 2019); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008- 2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.	216	None

* This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

58

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2020	President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); Authorized Person, Accretive Asset Management LLC (2018-Present); formerly, Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

59

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal – US ETFs and Secretary, Invesco Capital Management LLC (2020-Present); Head of Legal and Secretary, Invesco Specialized Products, LLC (2020-Present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary (2020-Present), Invesco Capital Markets, Inc. and Invesco Investment Advisers LLC; Assistant Secretary, The Invesco Funds (2014-Present); formerly, Assistant Secretary, Invesco Capital Management LLC (2015-2020) and Invesco Specialized Products, LLC (2018-2020); Assistant Secretary (2014-2020) and Chief Compliance Officer (2017), Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Senior Counsel, Invesco Ltd. (2013-2020).
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange- Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

60

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).
Melanie Zimdars–1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

61

Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

©2020 Invesco Capital Management LLC 3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-TRST2-FINC-AR-2	invesco.com/ETFs

Invesco Annual Report to Shareholders

October 31, 2020

CQQQ	Invesco China Technology ETF
PIZ	Invesco DWA Developed Markets Momentum ETF
PIE	Invesco DWA Emerging Markets Momentum 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 AchieversTM ETF
CUT	Invesco MSCI Global Timber 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 Fund’s 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

The Market Environment	3
Management’s Discussion of Fund Performance	4
Schedules of Investments
Invesco China Technology ETF (CQQQ)	30
Invesco DWA Developed Markets Momentum ETF (PIZ)	34
Invesco DWA Emerging Markets Momentum ETF (PIE)	37
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)	40
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)	51
Invesco FTSE RAFI Emerging Markets ETF (PXH)	66
Invesco Global Clean Energy ETF (PBD)	72
Invesco Global Water ETF (PIO)	75
Invesco International BuyBack AchieversTM ETF (IPKW)	77
Invesco MSCI Global Timber ETF (CUT)	79
Invesco S&P Global Water Index ETF (CGW)	82
Invesco S&P International Developed Quality ETF (IDHQ)	84
Statements of Assets and Liabilities	88
Statements of Operations	90
Statements of Changes in Net Assets	92
Financial Highlights	96
Notes to Financial Statements	107
Report of Independent Registered Public Accounting Firm	122
Fund Expenses	124
Tax Information	126
Trustees and Officers	127

2

The Market Environment

Domestic Equity

At the outset of the fiscal year, improving economic conditions during the fourth quarter of 2019 provided the backdrop for strong equity market returns. Investors were encouraged by a resilient US economy and corporate earnings, putting the US equity market on track for its largest annual rise since 2013.

During the first quarter of 2020, as the spread of the new coronavirus (COVID-19) disrupted travel and suppressed consumer activity, investors became increasingly concerned about the global economy. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. Beginning in late February, equity markets declined sharply and quickly, ushering in the first bear market since the financial crisis of 2008. Though the equity market stabilized somewhat toward the end of March, all sectors declined during the downturn. In response to the major collapse in demand and to help facilitate liquidity, the US Federal Reserve (“the Fed”) cut interest rates two times in March by 0.50% and 1.00%, ending with a target range of 0.00% to 0.25%.¹

In April, US unemployment numbers continued to climb and the initial gross domestic product (GDP) estimates for the first quarter of 2020 saw the economy shrink by 5%, the sharpest drop since the 2008 financial crisis.² However, during the second and into the third quarter of 2020, US stocks largely shrugged off economic uncertainty, social unrest and a resurgence in coronavirus infections to rally from the market bottom. The rally followed a sharp economic decline caused by global shutdowns to slow the spread of COVID-19. Investor sentiment improved in response to trillions of dollars in economic stimulus, progress on a coronavirus vaccine and re-openings in many US regions. After oil futures contracts turned negative in early April, oil prices doubled in June, which supported struggling energy companies and millions of energy sector employees. In July, the Fed extended its emergency stimulus programs, originally scheduled to end in September, to year-end, which provided support to equities. In late August, revised second quarter GDP fell by 31.40%², a record decline. Despite the extreme drop in the economy, the S&P 500 Index not only erased all its losses from the first quarter but reached record highs by the end of August.

Despite a September selloff, US equity markets posted gains in the third quarter as the Fed extended its emergency stimulus programs and changed its inflation target policy, both of which supported equities. Activity was better than expected across many areas of the economy. Data for both manufacturing and services indicated expansion, a reversal from significant declines earlier in the year. Corporate earnings were also better than anticipated and a gradual decline in new COVID-19 infections in many regions, combined with optimism about progress on a coronavirus vaccine, further boosted stocks. October saw increased volatility as COVID-19 infection rates rose to record highs in the US and in Europe. Investors also became concerned about delayed results from the US presidential election and the real possibility of a contested election, further delaying a clear winner. Despite October posting negative returns for the major stock indices in the US and globally, the S&P 500 Index returned 9.71% for the fiscal year.

¹  Source: US Federal Reserve

²  Source: US Bureau of Economic Analysis

Global Equity

At the start of the fiscal year, macroeconomic and geopolitical issues mostly abated providing a favorable backdrop for global equity returns. Central banks maintained accommodative policies and better economic data and signs of progress in US and China trade talks also supported global equities.

Global equity markets started 2020 buoyed by positive economic data and the signing of the phase one US-China trade deal. However, initial optimism was dampened by the outbreak of the new coronavirus (COVID-19) that swiftly spread from China to other global regions. Global equity markets fell sharply as the human and economic cost of the COVID-19 pandemic mounted. At the same time, oil prices fell sharply as a price war between Saudi Arabia and Russia threatened to boost supply even as demand was falling. The US bull market came to an abrupt end, while global equity markets also fell sharply. As fear of a worldwide recession increased, central banks around the world took aggressive action to support both local markets and the global economy.

Despite the continuing global spread of COVID-19, many countries achieved some success in controlling the spread and were able to slowly re-open their economies. Global equity markets benefited from government policy responses to the crisis, which were swift and encouraging. Many economies received fiscal stimulus and very significant monetary stimulus. The massive monetary policy response created an environment in which investors embraced risk, and stocks rose globally after a deep rout in the first quarter.

Despite a correction in September, global equity stocks finished the third quarter in positive territory after posting strong gains in July and August. Building on progress made in the latter part of the second quarter, many countries were able to continue reducing pandemic-related stringency protocols. As a result, the “green shoots” we saw at the end of the second quarter grew and flourished into the third quarter, as many countries experienced a strong economic rebound.

At the end of the fiscal year, economic growth began to slow. This coincided with a resurgence in global infections with record highs in the US and in Europe. Investors also became concerned about delayed results from the US presidential election and the real possibility of a contested election, further delaying a clear winner. Global equity markets ended the fiscal year mixed, with emerging markets faring better than developed markets.

3

CQQQ	Management’s Discussion of Fund Performance
	Invesco China Technology ETF (CQQQ)

As an index fund, Invesco China Technology ETF’s (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of FTSE China Incl A 25% Technology Capped Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (the “Index Provider”) compiles, maintains, and calculates the Index. The Index is composed of securities of companies that the Index Provider, pursuant to the Index methodology, has classified as being in the technology industry and that are constituents of the FTSE China Index and FTSE China A Stock Connect CNH Index. The Index may include China A-shares (shares of Chinese incorporated companies that may trade on the Shanghai or Shenzhen stock exchanges via a Stock Connect program), B-shares, H-shares, N-shares, Red Chip shares, P-chip shares and S-chip shares. Index constituents are modified market capitalization weighted. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 55.97%. On a net asset value (“NAV”) basis, the Fund returned 54.53%. During the same time period, the Index returned 55.74%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due the daily compounding of fees during a time period of high returns, as well as operating expenses and foreign exchange rates.

During this same time period, the MSCI China Index (Net) (the “Benchmark Index”) returned 35.19%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 714 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of Chinese stocks.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a stock selection methodology within a specific sector whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the interactive media & services industry and most underweight in the banks industry during the fiscal year ended October 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight allocation in the banks industry along with the Fund’s security selection in the internet & direct marketing retail industry.

For the fiscal year ended October 31, 2020, the internet & direct marketing retail industry contributed most significantly to the Fund’s return, followed by the interactive media & services and

software industries, respectively. The technology hardware storage & peripherals industry detracted most significantly from the Fund’s return, followed by the metals & mining and machinery industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Meituan Dianping, Class B, an internet & direct marketing retail company (portfolio average weight of 9.66%), and Tencent Holdings Ltd., an interactive media & services company (portfolio average weight of 9.80%). Positions that detracted most significantly from the Fund’s return included Momo, Inc., ADR, Class A, an interactive media & services company (portfolio average weight of 2.60%), Weibo Corp., ADR, Class A, an interactive media & services company (portfolio average weight of 1.90%).

Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Interactive Media & Services	31.14
Electronic Equipment, Instruments & Components	16.16
Semiconductors & Semiconductor Equipment	15.16
Software	11.09
Internet & Direct Marketing Retail	9.71
IT Services	6.99
Entertainment	3.52
Industry Types Each Less Than 3%	6.32
Money Market Funds Plus Other Assets Less Liabilities	(0.09)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020
Security
Tencent Holdings Ltd.	10.41
Meituan Dianping, B Shares	9.71
Baidu, Inc., ADR	8.03
Semiconductor Manufacturing International Corp.	7.43
Sunny Optical Technology Group Co. Ltd.	5.91
GDS Holdings Ltd., ADR	4.30
Kingdee International Software Group Co. Ltd.	4.09
Autohome, Inc., ADR	3.89
JOYY, Inc., ADR	3.60
Tencent Music Entertainment Group, ADR	3.43
Total	60.80

* Excluding money market fund holdings.

4

Invesco China Technology ETF (CQQQ) (continued)

Growth of a $10,000 Investment

Fund Performance History as of October 31, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended — FTSE China Incl A 25% Technology Capped Index (Net)		55.74	%		9.08	%		29.77	%		17.67	%		125.62	%		11.48	%		196.34	%		11.88	%		239.77	%
FTSE China Incl A 25% Technology Capped Index (Net)		55.74			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
MSCI China Index (Net)		35.19			8.32			27.10			12.73			82.04			6.69			91.11			6.71			102.87
Fund
NAV Return		54.53			8.42			27.44			17.04			119.64			11.33			192.40			11.68			233.35
Market Price Return		55.97			8.58			28.03			17.23			121.44			11.31			192.00			11.73			234.96

Guggenheim China Technology ETF (the “Predecessor Fund”)

Fund Inception: December 08, 2009

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.70% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index, Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities. Blended-Index, Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index.

The Blended-Index, Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Effective after the close of business on May 18, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Net returns reflect reinvested dividends net of withholding taxes.

- “3 Years”, “5 Years” and “Fund Inception” performance for the Index is not available because the Index did not commence until March 18, 2019. The Blended-FTSE China Incl A 25% Technology Capped Index (Net) is comprised of the performance of the AlphaShares China Technology Index, the Fund’s previous underlying index prior to the conversion date, June 21, 2019, followed by the performance of the Index, starting from the conversion date through October 31, 2020.

5

PIZ	Management’s Discussion of Fund Performance
	Invesco DWA Developed Markets Momentum ETF (PIZ)

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

Strictly in accordance with its guidelines and mandated procedures, Dorsey Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) selects securities pursuant to its proprietary selection methodology for inclusion in the Index, which is designed to identify securities that demonstrate powerful relative strength characteristics. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index. The Index is comprised of equity securities of large capitalization companies based in countries with developed economies, excluding the United States. Dorsey Wright selects securities for inclusion in the Index from an eligible universe of the largest 1,000 constituents by market capitalization within the Nasdaq Developed Markets Ex United States Index. The Index Provider assigns a relative strength score to each eligible security and selects approximately 100 securities with the greatest scores for inclusion in the Index. Component security weights are based on relative scores, with securities with higher scores receiving larger weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 10.96%. On a net asset value (“NAV”) basis, the Fund returned 10.82%. During the same time period, the Index returned 11.67%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred as well as trading costs and slippage associated with quarterly rebalances. During this same time period, the MSCI EAFE^® Index (Net) returned (6.86)%.

For the fiscal year ended October 31, 2020, the information technology sector contributed most significantly to the Fund’s return followed by the health care and industrials sectors, respectively. The real estate sector detracted most significantly during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Shopify, Inc., Class A, an information technology company (no longer held at fiscal year-end), and arGEN-X SE, a health care company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included REA Group Ltd, a

communication services company (no longer held at fiscal year-end), and Ryman Healthcare Ltd., a health care company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Industrials	28.29
Information Technology	19.60
Health Care	15.79
Materials	8.89
Consumer Discretionary	6.92
Consumer Staples	6.24
Real Estate	4.74
Financials	4.72
Sector Types Each Less Than 3%	4.91
Money Market Funds Plus Other Assets Less Liabilities	(0.10)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020
Security
Boyd Group Services, Inc.	3.01
Ramsay Health Care Ltd.	2.69
Kone OYJ, Class B	2.63
Royal Unibrew A/S	2.62
Nemetschek SE	2.56
Constellation Software, Inc.	2.32
Kirkland Lake Gold Ltd.	2.24
Spirax-Sarco Engineering PLC	2.10
AddTech AB, Class B	2.09
Fastighets AB Balder, Class B	2.07
Total	24.33

* Excluding money market fund holdings.

6

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

Growth of a $10,000 Investment

Fund Performance History as of October 31, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dorsey Wright® Developed Markets Technical Leaders Index (Net)		11.67	%		5.01	%		15.79	%		7.17	%		41.39	%		6.37	%		85.50	%		3.95	%		64.52	%
MSCI EAFE® Index (Net)		(6.86	)		(1.24	)		(3.67	)		2.85			15.07			3.82			45.53			1.00			13.68
Fund
NAV Return		10.82			4.20			13.14			6.46			36.77			5.44			69.91			3.02			46.53
Market Price Return		10.96			4.08			12.74			6.56			37.42			5.38			68.84			2.96			45.41

Fund Inception: December 28, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.80% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

- Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the MSCI EAFE^® Index (Net) to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests.

7

PIE	Management’s Discussion of Fund Performance
	Invesco DWA Emerging Markets Momentum ETF (PIE)

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

Strictly in accordance with its guidelines and mandated procedures, Dorsey Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) selects securities pursuant to its proprietary selection methodology for inclusion in the Index, which is designed to identify securities that demonstrate powerful relative strength characteristics. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by

measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index. The Index is comprised of equity securities of large capitalization companies based in emerging market countries. Dorsey Wright selects securities for inclusion in the Index from an eligible universe of the largest 1,000 constituents by market capitalization within the Nasdaq Emerging Markets

Index (except for U.S.-listed American Depositary Receipts or foreign listings). The Index Provider assigns a relative strength score to each eligible security and selects approximately 100 securities with the greatest scores for inclusion in the Index. Component security weights are based on relative scores, with securities with higher scores receiving larger weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 7.77%. On a net asset value (“NAV”) basis, the Fund returned 7.08%. During the same time period, the Index returned 8.34%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred as well as trading costs and slippage associated with quarterly rebalances. During this same time period, the MSCI Emerging Markets Index^SM (Net) returned 8.25%.

For the fiscal year ended October 31, 2020, the health care sector contributed most significantly to the Fund’s return, followed by the information technology and consumer discretionary sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the materials and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Hartalega Holdings Bhd., a health care company (no longer held at fiscal year-end), and Tencent Holdings Ltd., a communication services company (portfolio average weight of 2.96%). Positions that detracted most significantly from the Fund’s return included

TISCO Financial Group PLC, NVDR, a financials company (no longer held at fiscal year-end), and Thanachart Capital PCL, NVDR, a financials company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Information Technology	26.46
Consumer Discretionary	21.51
Materials	13.41
Consumer Staples	10.05
Financials	9.23
Industrials	8.15
Communication Services	5.21
Real Estate	3.25
Health Care	2.96
Money Market Funds Plus Other Assets Less Liabilities	(0.23)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020
Security
Tencent Holdings Ltd.	3.43
Shenzhou International Group Holdings Ltd.	3.03
Sinbon Electronics Co. Ltd.	2.71
ANTA Sports Products Ltd.	2.69
TAL Education Group, ADR	2.47
Yihai International Holding Ltd.	2.34
New Oriental Education & Technology Group, Inc., ADR	2.12
Taiwan Semiconductor Manufacturing Co. Ltd.	2.05
Li Ning Co. Ltd.	2.04
Voltronic Power Technology Corp.	2.00
Total	24.88

* Excluding money market fund holdings.

8

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

Growth of a $10,000 Investment

Fund Performance History as of October 31, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dorsey Wright® Emerging Markets Technical Leaders Index (Net)		8.34	%		3.81	%		11.86	%		7.56	%		43.97	%		3.73	%		44.26	%		1.89	%		27.18	%
MSCI Emerging Markets IndexSM (Net)		8.25			1.94			5.93			7.92			46.36			2.42			27.02			1.46			20.46
Fund
NAV Return		7.08			2.43			7.47			6.11			34.52			2.27			25.16			(0.79	)		(9.63	)
Market Price Return		7.77			2.40			7.38			6.23			35.25			2.23			24.70			(0.82	)		(10.05	)

Fund Inception: December 28, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.90% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

- Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the MSCI Emerging Markets Index^SM (Net) to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests.

9

PXF	Management’s Discussion of Fund Performance
	Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)

As an index fund, the Invesco FTSE RAFI Developed Markets ex-U.S. ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE RAFI^TM Developed ex U.S. 1000 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (“FTSE”) in conjunction with Research Affiliates (“RA”, and together with FTSE, the “Index Provider”), compiles, maintains and calculates the Index, which is comprised of companies originating in countries that are classified as “developed” within the country classification definition of FTSE, excluding the United States. The Index is designed to track the performance of companies domiciled in developed markets with the largest cumulative scores (“Fundamental Value”), selected from the constituents of the FTSE Developed All Cap ex US Index as determined by the Index Provider. The Index selects and weights companies based on their Fundamental Values, which are derived from the following four fundamental measures of firm size: book value, cash flow, sales and dividends. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned (13.80)%. On a net asset value (“NAV”) basis, the Fund returned (14.26)%. During the same time period, the Index returned (14.33)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fact that the Fund was holding cash to pay distributions in March, which coincided with the overall market decline, along with income received from the securities lending program in which the Fund participates. These were partially offset by the fees and operating expenses incurred by the Fund during the period. During this same time period, the MSCI EAFE^® Index (Net) returned (6.86)%.

For the fiscal year ended October 31, 2020, the materials sector contributed most significantly to the Fund’s return, followed by the information technology sector. The financials sector detracted most significantly from the Fund’s return, followed by the energy and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included SoftBank Group Corp., a communication services company (portfolio average weight of 0.55%), and Daimler AG, a consumer discretionary company (portfolio average weight of 0.86%). Positions that detracted most significantly from the Fund’s return included BP PLC, an energy company (portfolio average weight of 1.16%), and HSBC Holdings PLC, a financials company (portfolio average weight of 0.93%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Financials	22.36
Industrials	13.70
Consumer Discretionary	12.38
Materials	9.98
Consumer Staples	8.78
Health Care	6.31
Energy	6.31
Information Technology	6.24
Communication Services	6.21
Utilities	4.88
Real Estate	2.38
Money Market Funds Plus Other Assets Less Liabilities	0.47
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020
Security
Samsung Electronics Co. Ltd.	1.75
Nestle S.A.	1.29
Daimler AG	1.17
TOTAL SE	0.98
Toyota Motor Corp.	0.91
Royal Dutch Shell PLC, Class A	0.86
Roche Holding AG	0.82
SoftBank Group Corp.	0.81
Siemens AG	0.80
BP PLC	0.78
Total	10.17

* Excluding money market fund holdings.

10

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

Growth of a $10,000 Investment

Fund Performance History as of October 31, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
FTSE RAFI™ Developed ex U.S. 1000 Index (Net)		(14.33	)%		(5.36	)%		(15.22	)%		0.94	%		4.77	%		2.11	%		23.23	%		0.40	%		5.50	%
MSCI EAFE® Index (Net)		(6.86	)		(1.24	)		(3.67	)		2.85			15.07			3.82			45.53			1.05			14.94
Fund
NAV Return		(14.26	)		(5.44	)		(15.45	)		0.82			4.17			1.85			20.16			0.02			0.31
Market Price Return		(13.80	)		(5.47	)		(15.54	)		1.00			5.10			1.76			19.05			0.03			0.40

Fund Inception: June 25, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.45% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

- Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the MSCI EAFE^® Index (Net) to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests.

11

PDN	Management’s Discussion of Fund Performance
	Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)

As an index fund, the Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (the “Fund) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE RAFI^TM Developed ex U.S. Mid-Small 1500 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (“FTSE”) in conjunction with Research Affiliates LLC (“RA”, and together with FTSE, the “Index Provider”), compiles, maintains and calculates the Index, which is comprised of securities of small-and mid-capitalization companies that are classified as “developed” within the country classification definition of FTSE, excluding the United States. The Index is designed to track the performance of the small and mid-capitalization companies in developed markets based on their cumulative scores (“Fundamental Value”), selected from the constituents of the FTSE Developed All Cap ex US Index, as determined by the Index Provider. The Index selects and weights companies based on their Fundamental Values, which are derived from the following four fundamental measures of firm size: book value, cash flow, sales and dividends. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned (2.53)%. On a net asset value (“NAV”) basis, the Fund returned (3.36)%. During the same time period, the Index returned (3.15)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and operating expenses that the Fund incurred during the period. These were partially offset by the Fund holding cash to pay distributions in March, which coincided with the overall market decline, along with income received from the securities lending program in which the Fund participates. During this same time period, the MSCI EAFE^® Small Cap Index (Net) returned (1.36)%.

For the fiscal year ended October 31, 2020, the materials sector contributed most significantly to the Fund’s return, followed by the health care and information technology sectors, respectively. The real estate sector detracted most significantly from the Fund’s return, followed by the financials and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included SK Chemicals Co. Ltd., a materials company (portfolio average weight of 0.09%), and Logitech International S.A., an information technology company (portfolio average weight of 0.19%). Positions that detracted most significantly from the Fund’s return included Vistry Group PLC, a consumer discretionary company (portfolio average weight of 0.12%), and Aristocrat Leisure Ltd., a consumer discretionary company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Industrials	23.51
Consumer Discretionary	15.23
Materials	10.98
Financials	8.94
Information Technology	8.72
Consumer Staples	7.93
Real Estate	6.58
Health Care	6.28
Communication Services	6.05
Sector Types Each Less Than 3%	5.49
Money Market Funds Plus Other Assets Less Liabilities	0.29
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020
Security
PostNL N.V.	0.32
Logitech International S.A.	0.29
SK Chemicals Co. Ltd.	0.25
Kumho Petrochemical Co. Ltd.	0.25
Siemens Gamesa Renewable Energy S.A.	0.25
Ibiden Co. Ltd.	0.25
Shimamura Co. Ltd.	0.25
Zalando SE	0.24
Daifuku Co. Ltd.	0.23
Xinyi Glass Holdings Ltd.	0.23
Total	2.56

* Excluding money market fund holdings.

12

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

Growth of a $10,000 Investment

Fund Performance History as of October 31, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
FTSE RAFITM Developed ex U.S. Mid-Small 1500 Index (Net)		(3.15	)%		(1.84	)%		(5.41	)%		4.52	%		24.73	%		5.16	%		65.32	%		3.84	%		63.77	%
MSCI EAFE® Small Cap Index (Net)		(1.36	)		(0.35	)		(1.05	)		5.38			29.93			6.55			88.59			3.56			58.16
Fund
NAV Return		(3.36	)		(2.11	)		(6.19	)		4.21			22.92			4.76			59.25			3.34			53.67
Market Price Return		(2.53	)		(2.21	)		(6.48	)		4.17			22.68			4.63			57.21			3.24			51.72

Fund Inception: September 27, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.49% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

- Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the MSCI EAFE^® Small Cap Index (Net) to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests.

13

PXH	Management’s Discussion of Fund Performance
	Invesco FTSE RAFI Emerging Markets ETF (PXH)

As an index fund, the Invesco FTSE RAFI Emerging Markets ETF (the “Fund) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE RAFI^TM Emerging Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (“FTSE”) in conjunction with Research Affiliates LLC (“RA”, and together with FTSE, the “Index Provider”), compiles, maintains and calculates the Index, which is comprised of securities of companies domiciled in countries that are classified as emerging markets within the country classification definition of FTSE. The Index is designed to track the performance of securities of companies domiciled in emerging market countries with the highest-ranking cumulative score (“Fundamental Value”), selected from the constituents of the FTSE Emerging All Cap Index, as determined by the Index Provider. The Index selects and weights the securities based on their Fundamental Values, which are derived from the following four fundamental measures of firm size: book value, cash flows, sales and dividends. While the Fund generally seeks to invest in all of the securities comprising the Index in proportion to their weightings in the Index, at times the composition of the Index may make such “full replication” impracticable. In such circumstances, the Fund will utilize a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned (13.36)%. On a net asset value (“NAV”) basis, the Fund returned (13.44)%. During the same time period, the Index returned (12.96)%. During the fiscal year, the Fund utilized a sampling methodology to achieve exposure to the Indian and Russian securities included in the Index. The Fund’s performance, on a NAV basis, differed from the return of the Index during the period primarily due to the fees and expenses that the Fund incurred.

During this same time period, the MSCI Emerging Markets Index^SM (Net) (the “Benchmark Index”) returned 8.25%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,392 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of emerging market equities.

The performance of the Fund differed from the Benchmark Index in part because the Fund employs a fundamental weighting and stock selection methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the consumer discretionary sector during the fiscal year ended October 31,

2020. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight exposure to and security selection in the energy and financials sectors, respectively.

For the fiscal year ended October 31, 2020, the information technology sector contributed most significantly to the Fund’s return, followed by the consumer discretionary sector. The financials sector detracted most significantly from the Fund’s return, followed by the energy and consumer staples sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Taiwan Semiconductor Manufacturing Co. Ltd., an information technology company (portfolio average weight of 4.75%), and Alibaba Group Holding Ltd. ADR, a consumer discretionary company (portfolio average weight of 1.86%). Positions that detracted most significantly from the Fund’s return included Gazprom PJSC, an energy company (portfolio average weight of 2.39%), and Itau Unibanco Holding S.A., Preference Shares, a financials company (portfolio average weight of 1.31%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Financials	29.46
Information Technology	15.23
Energy	12.85
Materials	10.24
Communication Services	10.02
Consumer Discretionary	8.72
Consumer Staples	3.99
Real Estate	3.05
Industrials	3.02
Sector Types Each Less Than 3%	3.17
Money Market Funds Plus Other Assets Less Liabilities	0.25

14

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

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020
Security
Taiwan Semiconductor Manufacturing Co. Ltd.	5.81
China Construction Bank Corp., H Shares	3.80
Alibaba Group Holding Ltd., ADR	2.84
Industrial & Commercial Bank of China Ltd., H Shares	2.51
Tencent Holdings Ltd.	2.00
China Mobile Ltd.	1.89
Gazprom PJSC	1.84
Reliance Industries Ltd.	1.60
Vale S.A.	1.57
Bank of China Ltd., H Shares	1.55
Total	25.41

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of October 31, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
FTSE RAFI™ Emerging Index (Net)		(12.96	)%		(3.22	)%		(9.36	)%		6.27	%		35.52	%		(0.02	)%		(0.18	)%		0.63	%		8.64	%
MSCI Emerging Markets IndexSM (Net)		8.25			1.94			5.93			7.92			46.36			2.42			27.02			1.73			25.19
Fund
NAV Return		(13.44	)		(3.60	)		(10.42	)		5.76			32.34			(0.58	)		(5.66	)		(0.39	)		(4.94	)
Market Price Return		(13.36	)		(3.54	)		(10.26	)		5.85			32.91			(0.69	)		(6.70	)		(0.55	)		(7.01	)

15

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

Fund Inception: September 27, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.50% includes the unitary management fee of 0.49% and acquired fund fees and expenses of 0.01%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See

invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

16

PBD	Management’s Discussion of Fund Performance
	Invesco Global Clean Energy ETF (PBD)

As an index fund, the Invesco Global Clean Energy ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the WilderHill New Energy Global Innovation Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, WilderHill New Energy Finance, LLC (the “Index Provider”) compiles and maintains the Index, which is comprised of companies engaged in the business of the advancement of cleaner energy and conservation. The Index is comprised primarily of companies whose technologies focus on the generation and use of cleaner energy, conservation and efficiency, and the advancement of renewable energy in general, as determined by the Index Provider. The Index includes companies in wind, solar, biofuels, hydro, wave, tidal, geothermal and other relevant renewable energy businesses and those involved in energy conversion, storage, conservation, efficiency, materials relating to those activities, carbon and greenhouse gas reduction, pollution control, emerging hydrogen and fuel cells. The Index Provider selects securities principally on the basis of their capital appreciation potential as identified by the Index Provider pursuant to a proprietary methodology, with a bias placed on renewable energy companies. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 85.77%. On a net asset value (“NAV”) basis, the Fund returned 84.06%. During the same time period, the Index returned 84.30%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due the fees and operating expenses that the Fund incurred during the period, which were partially offset by the income received from the securities lending program in which the Fund participated.

During this same time period, the MSCI EAFE^® Index (Net) (the “Benchmark Index”) returned (6.86)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 899 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the markets of economically developed countries outside the U.S.

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

Relative to the Benchmark Index, the Fund was most overweight in the renewable electricity sub-industry and most underweight in the pharmaceuticals sub-industry during the fiscal year ended October 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight position and security selection in the renewable electricity and electrical components and equipment sub-industries, as well as security selection in the automobile manufacturers sub-industry.

For the fiscal year ended October 31, 2020, the renewable electricity sub-industry contributed most significantly to the Fund’s return, followed by the electrical components and equipment and heavy electrical equipment sub-industries, respectively. The research and consulting services sub-industry detracted most significantly from the Fund’s return, followed by the auto parts & equipment and electronic equipment & instruments sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included NIO, Inc., ADR, an automobiles manufacturers company (portfolio average weight of 1.45%), and Tesla, Inc., an automobile manufacturers company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Meyer Burger Technology AG, an semiconductors & semiconductor equipment company (no longer held at fiscal year-end), and United Renewable Energy Co. Ltd., a semiconductors & semiconductor equipment company (no longer held at fiscal year-end).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Renewable Electricity	23.17
Heavy Electrical Equipment	11.34
Semiconductors	11.17
Electrical Components & Equipment	9.68
Semiconductor Equipment	9.41
Electric Utilities	5.35
Automobile Manufacturers	4.62
Oil & Gas Refining & Marketing	3.50
Construction & Engineering	3.43
Sub-Industry Types Each Less than 3%	18.32
Money Market Funds Plus Other Assets Less Liabilities	0.01

17

Invesco Global Clean Energy ETF (PBD) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020
Security
JinkoSolar Holding Co. Ltd., ADR	2.70
BYD Co. Ltd., H Shares	1.89
NIO, Inc., ADR	1.73
Daqo New Energy Corp., ADR	1.65
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares	1.56
SunPower Corp.	1.54
Xinyi Solar Holdings Ltd.	1.54
Enphase Energy, Inc.	1.49
RENOVA, Inc.	1.47
Ceres Power Holdings PLC	1.42
Total	16.99

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of October 31, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
WilderHill New Energy Global Innovation Index		84.30	%		22.77	%		85.06	%		17.03	%		119.56	%		6.98	%		96.43	%		1.17	%		16.80	%
MSCI EAFE® Index (Net)		(6.86	)		(1.24	)		(3.67	)		2.85			15.07			3.82			45.53			1.18			17.02
Fund
NAV Return		84.06			22.77			85.07			16.97			118.92			6.71			91.43			0.49			6.71
Market Price Return		85.77			22.87			85.49			17.00			119.28			6.76			92.31			0.44			6.02

18

Invesco Global Clean Energy ETF (PBD) (continued)

Fund Inception: June 13, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.75% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

19

PIO	Management’s Discussion of Fund Performance
	Invesco Global Water ETF (PIO)

As an index fund, the Invesco Global Water ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq OMX Global Water Index^SM (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on the securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (“Nasdaq” or the “Index Provider”) compiles, maintains, and calculates the Index, which is comprised of global exchange-listed companies that create products designed to conserve and purify water for homes, businesses and industries and have a minimum worldwide market capitalization of $50 million. The Index may be comprised of common stocks, ordinary shares, depositary receipts, depositary shares, Dutch certificates, shares of beneficial interest, stapled securities and tracking stocks and also may include companies in emerging market countries. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 9.16%. On a net asset value (“NAV”) basis, the Fund returned 8.76%. During the same time period, the Index returned 9.15%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were offset by the lower realized tax on the dividends received by the Fund versus the tax rate applied to dividends in the Index.

During this same time period, the MSCI EAFE^® Index (Net) (the “Benchmark Index”) returned (6.86)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 899 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the markets of economically developed countries outside the U.S.

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

Relative to the Benchmark Index, the Fund was most overweight in the water utilities sub-industry and most underweight in the pharmaceuticals sub-industry during the fiscal year ended October 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocations and security selection in the health care equipment & supplies and machinery sub-industries.

For the fiscal year ended October 31, 2020, the health care equipment & supplies sub-industry contributed most significantly to the Fund’s return, followed by the machinery and building products sub-industries, respectively. The water utilities sub-industry detracted most significantly from the Fund’s return, followed by the multi-utilities sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Danaher Corp., a health care equipment company (portfolio average weight of 8.63%), and Geberit AG, a building products company (portfolio average weight of 7.76%). Positions that detracted most significantly from the Fund’s return included Cia de Saneamento Basico do Estado de Sao Paulo, a water utilities company (portfolio average weight of 3.50%) and Veolia Environnement S.A., a multi-utilities company (portfolio average weight of 4.21%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Industrials	44.81
Utilities	29.62
Health Care	13.19
Materials	7.55
Sector Types Each Less Than 3%	4.61
Money Market Funds Plus Other Assets Less Liabilities	0.22
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020
Security
Danaher Corp.	9.01
Ecolab, Inc.	7.55
Geberit AG	7.24
Pentair PLC	6.11
Cia de Saneamento Basico do Estado de Sao Paulo	4.37
American Water Works Co., Inc.	4.32
Waters Corp.	4.18
Ferguson PLC	4.10
Xylem, Inc.	3.63
Roper Technologies, Inc.	3.52
Total	54.03

* Excluding money market fund holdings.

20

Invesco Global Water ETF (PIO) (continued)

Growth of a $10,000 Investment

Fund Performance History as of October 31, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—Nasdaq OMX Global Water IndexSM		9.15	%		9.02	%		29.59	%		8.98	%		53.76	%		6.86	%		94.23	%		3.50	%		58.42	%
MSCI EAFE® Index (Net)		(6.86	)		(1.24	)		(3.67	)		2.85			15.07			3.82			45.53			1.18			17.02
Fund
NAV Return		8.76			8.79			28.75			8.84			52.75			6.83			93.60			3.15			51.35
Market Price Return		9.16			8.83			28.90			8.96			53.59			6.83			93.57			2.99			48.39

Fund Inception: June 13, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.75% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Blended-Index and Benchmark Index performance results are based upon a hypothetical investment in their respective constituent securities.

Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Fund.

- The Blended-Nasdaq OMX Global Water Index^SM performance is comprised of the performance of the Palisades Global Water Index, the Fund’s previous underlying index prior to the conversion date, March 1, 2012, followed by the performance of the Index, starting from the conversion date through October 31, 2020.

- Net returns reflect reinvested dividends net of withholding taxes.

21

IPKW	Management’s Discussion of Fund Performance
	Invesco International BuyBack AchieversTM ETF (IPKW)

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

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (“Nasdaq” or the “Index Provider”) compiles, maintains, and calculates the Index, which is comprised of the securities of foreign companies that are classified as “International BuyBack Achievers^TM” pursuant to the Index Provider’s proprietary selection methodology. To qualify as an “International BuyBack Achiever^TM“ and be eligible for inclusion in the Index, a security must: (i) be included in the NASDAQ Global Ex-US Index (a broad-based index designed to track the performance of the global equity market and whose component securities are issued by companies located throughout the world, excluding the United States); (ii) have a minimum market capitalization of $250 million; (iii) have effected a net reduction of 5% or more of its outstanding shares in its latest fiscal year; and (iv) have a minimum three-month average daily dollar cash volume of $1 million. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 0.37%. On a net asset value (“NAV”) basis, the Fund returned (0.34)%. During the same time period, the Index returned 0.23%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period.

During this same time period, the MSCI ACWI ex USA^® Index (Net) (the “Benchmark Index”) returned (2.61)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 2,377 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the developed and emerging equity markets outside the U.S.

The performance of the Fund differed from the Benchmark Index in part because the Fund employs a modified market capitalization weighting methodology and selects stocks based on constituent companies engaging in stock buybacks, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the consumer discretionary sector and most underweight in the financials sector during the fiscal year ended October 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight exposure and security selection in the financials

sector along with the Fund’s overweight exposure and security selection in the communication services sector.

For the fiscal year ended October 31, 2020, the communication services sector contributed most significantly to the Fund’s return, followed by the materials and information technology sectors, respectively. The real estate sector detracted most significantly from the Fund’s return, followed by the energy and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Flutter Entertainment PLC, a consumer discretionary company (no longer held at fiscal year-end) and Z Holdings Corp., a communication services company (portfolio average weight of 3.82%). Positions that detracted most significantly from the Fund’s return included RioCan REIT, a real estate company (no longer held at fiscal year-end) and Dufry AG, a consumer discretionary company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Financials	15.69
Communication Services	14.92
Industrials	13.84
Information Technology	13.80
Materials	13.32
Consumer Discretionary	11.73
Health Care	7.26
Energy	4.42
Real Estate	3.74
Consumer Staples	0.69
Money Market Funds Plus Other Assets Less Liabilities	0.59
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020
Security
Nutrien Ltd.	5.17
Vivendi S.A.	5.15
Tokyo Electron Ltd.	5.14
Nippon Telegraph & Telephone Corp.	5.13
Wipro Ltd., ADR	5.13
Akzo Nobel N.V.	4.73
Mitsubishi Corp.	4.65
Olympus Corp.	4.58
BlueScope Steel Ltd.	2.81
Magna International, Inc.	2.78
Total	45.27

* Excluding money market fund holdings.

22

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

Growth of a $10,000 Investment Since Inception

Fund Performance History as of October 31, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
Nasdaq International BuyBack Achievers™ Index (Net)		0.23	%		(0.97	)%		(2.87	)%		6.04	%		34.05	%		6.26	%		49.89	%
MSCI ACWI ex USA® Index (Net)		(2.61	)		(0.19	)		(0.57	)		4.26			23.21			2.34			16.67
Fund
NAV Return		(0.34	)		(1.48	)		(4.37	)		5.40			30.07			5.57			43.59
Market Price Return		0.37			(1.56	)		(4.59	)		5.49			30.63			5.52			43.07

Fund Inception: February 27, 2014

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.55% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

23

CUT	Management’s Discussion of Fund Performance
	Invesco MSCI Global Timber ETF (CUT)

As an index fund, the Invesco MSCI Global Timber ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the MSCI ACWI IMI Timber Select Capped Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, MSCI, Inc. (“MSCI” or the “Index Provider”) compiles, maintains, and calculates the Index, which is comprised of equity securities of companies that are primarily engaged in the ownership and management of forests and timberlands and the production of finished products that use timber as a raw material. The securities in the Index are selected from a universe of securities that are included in the MSCI ACWI Investable Market Index and classified by the Global Industry Classification Standard to be in the sub-industries of forest products, paper products, paper packaging or specialized real estate investment trusts (“REITs”) classified as “Timber” REITs. The constituents of the Index are weighted based on their free-float-adjusted market capitalization. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 3.60%. On a net asset value (“NAV”) basis, the Fund returned 3.25%. During the same time period, the Index returned 3.25%. During the fiscal year, the Fund’s performance, on a NAV basis, matched the return of the Index because fees and operating expenses that the Fund incurred during the period, were offset by the lower realized tax on the dividends received by the Fund versus the tax rate applied to dividends in the Index, along with the positive impact from sampling used for Indian components of the Index.

During this same time period, the MSCI World Index (Net) (the “Benchmark Index”) returned 4.36%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,603 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of equity markets in developed countries.

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

Relative to the Benchmark Index, the Fund was most overweight in the paper packaging sub-industry and most underweight in the pharmaceuticals sub-industry during the fiscal year ended October 31, 2020. The majority of the Fund’s underperformance

relative to the Benchmark Index during the period can be attributed to the Fund being overweight in the paper products sub-industry.

For the fiscal year ended October 31, 2020, the paper packaging sub-industry contributed most significantly to the Fund’s return, followed by the forest products and specialized REITs subindustries, respectively. The paper products sub-industry was the only detracting sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Svenska Cellulosa AB S.C.A., Class B, a forest products company (portfolio average weight of 3.59%) and Amcor PLC, CDI, a paper packaging company (portfolio average weight of 5.02%). Positions that detracted most significantly from the Fund’s return included DS Smith PLC, a paper packaging company (portfolio average weight of 2.95%) and Mondi PLC, a paper products company (portfolio average weight of 4.48%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Materials	92.08
Real Estate	7.87
Exchange-Traded Fund	0.06
Money Market Funds Plus Other Assets Less Liabilities	(0.01)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020
Security
International Paper Co.	5.91
Avery Dennison Corp.	5.63
Packaging Corp. of America	5.30
UPM-Kymmene OYJ	4.94
Westrock Co.	4.75
Weyerhaeuser Co.	4.61
Amcor PLC	4.52
Mondi PLC	4.48
Smurfit Kappa Group PLC	4.17
Stora Enso OYJ, Class R	4.14
Total	48.45

* Excluding money market fund holdings.

24

Invesco MSCI Global Timber ETF (CUT) (continued)

Growth of a $10,000 Investment

Fund Performance History as of October 31, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended - MSCI ACWI IMI Timber Select Capped Index (Net)		3.25	%		(1.42	)%		(4.19	)%		4.76	%		26.17	%		5.92	%		77.79	%		3.72	%		60.66	%
MSCI World Index (Net)		4.36			5.96			18.97			8.13			47.80			8.64			128.96			4.94			87.02
Fund
NAV Return		3.25			(1.27	)		(3.77	)		4.76			26.16			5.44			69.91			2.88			44.49
Market Price Return		3.60			(1.33	)		(3.94	)		4.87			26.86			5.42			69.51			2.87			44.44

Guggenheim MSCI Global Timber ETF (the “Predecessor Fund”)

Fund Inception: November 9, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2022. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.67% and the net annual operating expense ratio was indicated as 0.61%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers. Blended-Index and Benchmark Index performance results are

based upon a hypothetical investment in their respective constituent securities.

Blended-Index and Benchmark Index returns do not represent Fund returns. An investor cannot invest directly in an index. The Blended-Index and Benchmark Index do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Blended-Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- The Blended-MSCI ACWI IMI Timber Select Capped Index performance is comprised of the performance of the Beacon Global Timber Index, the Fund’s previous underlying index prior to the conversion date, May 20, 2016, followed by the performance of the Index, starting from the conversion date through October 31, 2020.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

- Net returns reflect reinvested dividends net of withholding taxes.

25

CGW	Management’s Discussion of Fund Performance
	Invesco S&P Global Water Index ETF (CGW)

As an index fund, the Invesco S&P Global Water Index ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P Global Water Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains, and calculates the Index, which is designed to measure the performance of approximately 50 of the largest global companies in water-related businesses. To be eligible for inclusion in the Index, securities must be classified as being in either the water equipment and materials or water utilities and infrastructure segments pursuant to the Index methodology. Index constituents must have a minimum float-adjusted capitalization of $100 million. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 6.62%. On a net asset value (“NAV”) basis, the Fund returned 6.31%. During the same time period, the Index returned 6.63%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were partially offset by revenue generated by the securities lending program in which the Fund participates.

During this same time period, the MSCI EAFE^® Index (Net) (the “Benchmark Index”) returned (6.86)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 899 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the markets of economically developed countries outside the U.S.

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

Relative to the Benchmark Index, the Fund was most overweight in the water utilities sub-industry and most underweight in the pharmaceuticals sub-industry during the fiscal year ended October 31, 2020. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the industrial machinery sub-industry and underweight in the diversified banks sub-industry.

For the fiscal year ended October 31, 2020, the industrial machinery sub-industry contributed most significantly to the Fund’s return, followed by the health care equipment and building products sub-industries, respectively. The multi-utilities sub-industry detracted most significantly from the Fund’s return, followed by the water-utilities and household appliances sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included Danaher Corp., a health care equipment company (no longer held at fiscal year-end), and American Water Works Co., Inc., a multi-utilities company (portfolio average weight of 9.58%). Positions that detracted most significantly from the Fund’s return included Veolia Environnement S.A., a multi-utilities company (portfolio average weight of 4.87%), and Cia de Saneamento Basico do Estado de Sao Paulo, ADR, a water utilities company (portfolio average weight of 1.62%).

Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Machinery	33.50
Water Utilities	32.38
Multi-Utilities	12.41
Building Products	7.89
Electronic Equipment, Instruments & Components	6.41
Industry Types Each Less Than 3%	7.28
Money Market Funds Plus Other Assets Less Liabilities	0.13
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020
Security
American Water Works Co., Inc.	9.99
Xylem, Inc.	9.40
Halma PLC	5.14
Geberit AG	4.97
Pentair PLC	4.95
Essential Utilities, Inc.	4.33
Veolia Environnement S.A.	4.33
Algonquin Power & Utilities Corp.	4.19
United Utilities Group PLC	3.59
Severn Trent PLC	3.56
Total	54.45

* Excluding money market fund holdings.

26

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

Growth of a $10,000 Investment

Fund Performance History as of October 31, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P Global Water Index (Net)		6.63	%		7.85	%		25.44	%		10.05	%		61.38	%		10.10	%		161.78	%		6.52	%		134.00	%
MSCI EAFE® Index (Net)		(6.86	)		(1.24	)		(3.67	)		2.85			15.07			3.82			45.53			1.09			15.65
Fund
NAV Return		6.31			7.53			24.34			9.77			59.38			9.78			154.26			6.08			121.27
Market Price Return		6.62			7.66			24.79			9.85			59.99			9.83			155.47			6.10			121.83

Guggenheim S&P Global Water Index ETF (the “Predecessor Fund”)

Fund Inception: May 14, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.59%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Index are based on the inception date of the Predecessor Fund.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

- Net returns reflect reinvested dividends net of withholding taxes.

27

IDHQ	Management’s Discussion of Fund Performance
	Invesco S&P International Developed Quality ETF (IDHQ)

As an index fund, Invesco S&P International Developed Quality ETF (the “Fund) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P Quality Developed ex-U.S. LargeMidCap Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is constructed from constituents of the S&P Developed ex-U.S. LargeMidCap (the “Parent Index”) that the Index Provider identifies as being of the highest quality—that is, stocks of companies that seek to generate higher revenue and cash flow than their counterparts through prudent use of assets and finances. In selecting constituent securities for the Index, the Index Provider calculates the quality score of each security in the Parent Index and selects the top 20% of securities with the highest quality scores based on a composite of the following three equally-weighted factors: (i) return-on-equity, calculated as the company’s trailing 12-month earnings per share divided by the company’s latest book value per share; (ii) accruals ratio, computed using the change of the company’s net operating assets over the last year divided by the company’s average net operating assets over the last two years; and (iii) financial leverage, calculated as the company’s latest total debt divided by the company’s book value. The Index is modified market-capitalization weighted, weighting component securities by multiplying their market capitalization and their quality score; securities with higher scores receive relatively greater weights. The Fund generally invests all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2020, on a market price basis, the Fund returned 4.09%. On a net asset value (“NAV”) basis, the Fund returned 4.38%. During the same time period, the Index returned 4.37%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fact was Fund holding cash to pay distributions in March, which coincided with the overall market decline. This was partially offset by fees and operating expenses incurred by the Fund during the period. During this same time period, the MSCI EAFE^® Index (Net) returned (6.86)%.

For the fiscal year ended October 31, 2020, the health care sector contributed most significantly to the Fund’s return, followed by the information technology and materials sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the consumer staples and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2020 included ASML

Holding N.V., an information technology company (portfolio average weight of 3.28%) and Roche Holding AG, a health care company (portfolio average weight of 5.38%). Positions that detracted most significantly from the Fund’s return included Airbus SE, an industrials company (no longer held at fiscal year-end), and Compass Group PLC, a consumer discretionary company (portfolio average weight of 0.77%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2020
Health Care	23.60
Industrials	17.78
Consumer Staples	16.24
Information Technology	10.61
Materials	9.17
Consumer Discretionary	8.94
Financials	7.12
Communication Services	4.17
Sector Types Each Less Than 3%	1.87
Money Market Funds Plus Other Assets Less Liabilities	0.50
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2020
Security
Nestle S.A.	5.08
Roche Holding AG	4.60
Novartis AG	4.43
ASML Holding N.V.	3.82
Novo Nordisk A/S, Class B	3.20
CSL Ltd.	2.22
Unilever N.V.	2.20
Diageo PLC	2.09
BHP Group Ltd.	1.90
Canadian National Railway Co.	1.69
Total	31.23

* Excluding money market fund holdings.

28

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

Growth of a $10,000 Investment

Fund Performance History as of October 31, 2020

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—S&P Quality Developed ex-U.S. LargeMidCap Index (Net)		4.37	%		4.62	%		14.49	%		6.79	%		38.90	%		6.59	%		89.28	%		2.86	%		45.82	%
MSCI EAFE® Index (Net)		(6.86	)		(1.24	)		(3.67	)		2.85			15.07			3.82			45.53			1.18			17.02
Fund
NAV Return		4.38			4.50			14.13			6.77			38.79			6.16			81.73			2.10			32.09
Market Price Return		4.09			4.18			13.07			6.82			39.06			6.19			82.25			1.98			30.04

Fund Inception: June 13, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot

invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

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

- The Blended-S&P Quality Developed ex-U.S. LargeMidCap Index is comprised of the performance of the QSG Developed International Opportunities Index, the Fund’s previous underlying index from Fund inception through March 1, 2012, followed by the performance of S&P International Developed High Quality Rankings Index, the Fund’s underlying index for the period March 1, 2012 through the conversion date, March 18, 2016, followed by the performance of the Index, starting from the conversion date through October 31, 2020.

- Net returns reflect reinvested dividends net of withholding taxes.

- Effective June 26, 2020, the Fund changed its designated broad-based securities market benchmark index from the MSCI EAFE^® Index (Net) to the Index, as the Index more closely reflects the performance of the types of securities in which the Fund invests.

29

Invesco China Technology ETF (CQQQ)

October 31, 2020

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.09%
Capital Markets-0.56%
Hithink RoyalFlush Information Network Co. Ltd., A Shares (China)		289,300	$	5,834,186
Diversified Financial Services-0.00%
Zhengqi Financial Holding Corp., Rts., TBA (China)(b)(c)		122,862		0
Electrical Equipment-0.74%
East Group Co. Ltd., A Shares (China)		1,114,100		1,669,437
Nanyang Topsec Technologies Group, Inc., A Shares (China)(b)		623,100		1,957,592
Qingdao TGOOD Electric Co. Ltd., A Shares (China)		536,518		1,736,024
Sieyuan Electric Co. Ltd., A Shares (China)		408,820		1,302,694
Suzhou Anjie Technology Co. Ltd., A Shares (China)(b)		341,100		1,010,542
				7,676,289
Electronic Equipment, Instruments & Components-16.16%
All Winner Technology Co. Ltd., A Shares (China)		152,423		759,362
Avary Holding Shenzhen Co. Ltd., A Shares (China)		443,956		3,243,433
BOE Technology Group Co. Ltd., A Shares (China)		18,213,274		12,857,644
BOE Technology Group Co. Ltd., B Shares (China)		7,192,839		2,643,454
Chaozhou Three-Circle Group Co. Ltd., A Shares (China)		937,390		4,341,245
Guangdong Ellington Electronics Technology Co. Ltd., A Shares (China)		364,400		440,530
Guangzhou Shiyuan Electronic Technology Co. Ltd., A Shares (China)		125,600		1,926,122
Hangzhou Century Co. Ltd., A Shares (China)		467,560		709,693
Hangzhou Hikvision Digital Technology Co. Ltd., A Shares (China)		5,026,207		33,682,083
Hengdian Group DMEGC Magnetics Co. Ltd., A Shares (China)		884,000		1,852,387
Leyard Optoelectronic Co. Ltd., A Shares (China)		1,367,700		1,455,434
Lingyi iTech Guangdong Co., A Shares (China)		3,790,800		7,372,037
Maxscend Microelectronics Co. Ltd., A Shares (China)		86,440		5,595,855
OFILM Group Co. Ltd., A Shares (China)		1,459,073		3,364,478
Shengyi Technology Co. Ltd., A Shares (China)		1,224,319		4,369,044
Shennan Circuits Co. Ltd., A Shares (China)		92,364		1,486,051
Shenzhen Everwin Precision Technology Co. Ltd., A Shares (China)		489,300		1,746,092
Shenzhen Kinwong Electronic Co. Ltd., A Shares (China)		192,620		920,524
Sunny Optical Technology Group Co. Ltd. (China)		3,730,082		61,664,186
Tianma Microelectronics Co. Ltd., A Shares (China)		1,101,627		2,344,587

	Shares		Value
Electronic Equipment, Instruments & Components-(continued)
Tunghsu Optoelectronic Technology Co. Ltd., A Shares (China)(b)		2,947,700	$	1,201,042
Unisplendour Corp. Ltd., A Shares (China)		714,158		2,344,926
Universal Scientific Industrial Shanghai Co. Ltd., A Shares (China)		442,100		1,441,731
Westone Information Industry, Inc., A Shares (China)		450,900		1,242,293
Wuhan Guide Infrared Co. Ltd., A Shares (China)		856,179		4,326,770
WUS Printed Circuit Kunshan Co. Ltd., A Shares (China)		927,700		2,550,407
Xiamen Meiya Pico Information Co. Ltd., A Shares (China)		433,080		1,467,257
Zhejiang Crystal-Optech Co. Ltd., A Shares (China)		654,870		1,245,193
				168,593,860
Entertainment-3.52%
Hangzhou Shunwang Technology Co. Ltd., A Shares (China)		373,300		919,293
Tencent Music Entertainment Group, ADR (China)(b)		2,402,367		35,747,221
				36,666,514
Health Care Technology-0.29%
Winning Health Technology Group Co. Ltd., A Shares (China)		1,147,729		3,047,387
Interactive Media & Services-31.14%
Autohome, Inc., ADR (China)		424,394		40,550,847
Baidu, Inc., ADR (China)(b)		629,372		83,737,944
JOYY, Inc., ADR (China)		410,513		37,512,678
Momo, Inc., ADR (China)		1,191,519		17,872,785
SINA Corp. (China)(b)		428,928		18,379,565
Tencent Holdings Ltd. (China)		1,425,274		108,620,661
Weibo Corp., ADR (China)(b)(d)		436,432		18,133,750
				324,808,230
Internet & Direct Marketing Retail-9.71%
Meituan Dianping, B Shares (China)(b)		2,726,170		101,314,944
IT Services-6.99%
Beijing Sinnet Technology Co. Ltd., A Shares (China)		830,000		2,367,288
Beijing Ultrapower Software Co. Ltd., A Shares (China)(b)		1,054,800		875,300
China TransInfo Technology Co. Ltd., A Shares (China)		515,671		1,707,821
DHC Software Co. Ltd., A Shares (China)		1,675,700		2,283,386
Doushen Beijing Education & Technology, Inc., A Shares (China)(b)		467,000		979,277
GDS Holdings Ltd., ADR (China)(b)(d)		533,863		44,865,846
Taiji Computer Corp. Ltd., A Shares (China)		310,773		1,243,055
TravelSky Technology Ltd., H Shares (China)		7,165,080		15,041,877

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

30

Invesco China Technology ETF (CQQQ)–(continued)

October 31, 2020

	Shares		Value
IT Services-(continued)
Wangsu Science & Technology Co. Ltd., A Shares (China)		1,309,245	$	1,518,288
Wonders Information Co. Ltd., A Shares (China)(b)		638,784		2,080,276
				72,962,414
Machinery-0.30%
Han’s Laser Technology Industry Group Co. Ltd., A Shares (China)		512,400		3,074,308
Media-2.49%
China Literature Ltd. (China)(b)(d)(e)		1,651,410		13,522,445
Focus Media Information Technology Co. Ltd., A Shares (China)		7,894,619		11,005,006
People.cn Co. Ltd., A Shares (China)		594,700		1,484,043
				26,011,494
Metals & Mining-0.09%
Shenghe Resources Holding Co. Ltd., A Shares (China)(b)		944,109		927,172
Pharmaceuticals-0.00%
Anxin-China Holdings Ltd. (China)(b)(c)		2,144,054		0
Real Estate Management & Development-0.10%
Shenzhen Huaqiang Industry Co. Ltd., A Shares (China)		522,385		1,079,823
Semiconductors & Semiconductor Equipment-15.16%
Gigadevice Semiconductor Beijing, Inc., A Shares (China)		253,203		7,357,784
Hua Hong Semiconductor Ltd. (China)(b)(d)(e)		2,979,198		10,929,700
LONGi Green Energy Technology Co. Ltd., A Shares (China)		2,028,932		23,011,036
NAURA Technology Group Co. Ltd., A Shares (China)		266,357		6,797,864
Sanan Optoelectronics Co. Ltd., A Shares (China)		2,409,215		7,993,321
Semiconductor Manufacturing International Corp. (China)(b)		26,427,826		77,529,938
SG Micro Corp., A Shares (China)		83,650		3,403,330
Shenzhen Goodix Technology Co. Ltd., A Shares (China)		96,400		2,471,795
Shenzhen SC New Energy Technology Corp., A Shares (China)		154,318		2,300,191
Tianjin Zhonghuan Semiconductor Co. Ltd., A Shares (China)		1,631,425		5,683,033
Tianshui Huatian Technology Co. Ltd., A Shares (China)		1,473,700		3,162,862
TongFu Microelectronics Co. Ltd., A Shares (China)(b)		620,500		2,306,894
Unigroup Guoxin Microelectronics Co. Ltd., A Shares (China)		326,400		5,228,090
				158,175,838
Software-11.09%
Beijing E-Hualu Information Technology Co. Ltd., A Shares (China)		349,700		1,658,155
Beijing Orient National Communication Science & Technology Co. Ltd., A Shares (China)		568,300		1,023,758
Beijing Shiji Information Technology Co. Ltd., A Shares (China)		574,403		3,158,265

	Shares		Value
Software-(continued)
China National Software & Service Co. Ltd., A Shares (China)		266,000	$	2,783,388
Glodon Co. Ltd., A Shares (China)		637,025		6,747,510
Hundsun Technologies, Inc., A Shares (China)		561,597		7,790,040
Iflytek Co. Ltd., A Shares (China)		1,182,550		6,713,860
Kingdee International Software Group Co. Ltd. (China)(b)(d)		16,271,192		42,698,280
Link Motion, Inc., ADR (China)(b)(c)		367,331		0
National Agricultural Holdings Ltd., ADR (Hong Kong)(b)(c)		534,446		0
Newland Digital Technology Co. Ltd., A Shares (China)		565,700		1,332,310
NSFOCUS Technologies Group Co. Ltd., A Shares (China)		398,500		1,097,329
OneConnect Financial Technology Co. Ltd., ADR (China)(b)(d)		389,021		7,834,883
Sangfor Technologies, Inc., A Shares (China)		78,105		2,217,649
Shanghai 2345 Network Holding Group Co. Ltd., A Shares (China)		1,802,400		726,319
Shanghai Baosight Software Co. Ltd., A Shares (China)		283,193		2,685,181
Shanghai Baosight Software Co. Ltd., B Shares (China)		2,285,510		8,906,632
Shenzhen Infogem Technologies Co. Ltd., A Shares (China)(b)		380,100		1,269,610
Shenzhen Kingdom Sci-Tech Co. Ltd., A Shares (China)		462,800		1,224,657
Sinosoft Co. Ltd., A Shares (China)		81,600		479,599
Thunder Software Technology Co. Ltd., A Shares (China)		203,100		2,595,965
Venustech Group, Inc., A Shares (China)		322,874		1,486,140
Yonyou Network Technology Co. Ltd., A Shares (China)		1,747,404		11,253,467
				115,682,997
Technology Hardware, Storage & Peripherals-1.75%
China Greatwall Technology Group Co. Ltd., A Shares (China)		1,575,046		3,561,378
Dawning Information Industry Co. Ltd., A Shares (China)		625,200		3,338,655
Inspur Electronic Information Industry Co. Ltd., A Shares (China)		775,158		3,528,599
Legend Holdings Corp., H Shares (China)(d)(e)		3,964,329		5,336,995
Shenzhen Kaifa Technology Co. Ltd., A Shares (China)		791,317		2,502,613
				18,268,240
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.09% (Cost $821,027,544)				1,044,123,696
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.54%
Invesco Private Government Fund, 0.04%(f)(g)(h)		10,604,027		10,604,027

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

31

Invesco China Technology ETF (CQQQ)–(continued)

October 31, 2020

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.11%(f)(g)(h)		15,901,270	$	15,906,040
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $26,510,067)				26,510,067
TOTAL INVESTMENTS IN SECURITIES-102.63% (Cost $847,537,611)				1,070,633,763
OTHER ASSETS LESS LIABILITIES-(2.63)%				(27,472,076	)
NET ASSETS-100.00%			$	1,043,161,687

Investment Abbreviations:

ADR-American Depositary Receipt

Rts. -Rights

TBA -To Be Announced

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

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

^(d)  All or a portion of this security was out on loan at October 31, 2020.

^(e)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2020 was $29,789,140, which represented 2.86% of the Fund’s Net Assets.

^(f)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2020.

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	5,304,455		$	(5,304,455	)		$	-			$	-			$	-		$	6
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			42,977,849			(42,977,849	)			-				-				-			1,212
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			20,515,711			78,632,399			(99,148,110	)			-				-				-			89,943	*
Invesco Liquid Assets Portfolio, Institutional Class			6,838,570			18,843,773			(25,681,509	)			(395	)			(439	)			-			33,931	*
Invesco Private Government Fund			-			152,060,828			(141,456,801	)			-				-				10,604,027			4,398	*
Invesco Private Prime Fund			-			53,987,496			(38,083,004	)			-				1,548				15,906,040			4,097	*
Total		$	27,354,281		$	351,806,800		$	(352,651,728	)		$	(395	)		$	1,109			$	26,510,067		$	133,587

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

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

32

Invesco China Technology ETF (CQQQ)–(continued)

October 31, 2020

^(g)  The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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

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

China 100.09 % 

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

33

Invesco DWA Developed Markets Momentum ETF (PIZ)

October 31, 2020

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-100.10%
Australia-3.83%
Fortescue Metals Group Ltd.		73,581	$	897,547
Ramsay Health Care Ltd.		95,122		4,164,945
Sonic Healthcare Ltd.		35,625		871,115
				5,933,607
Belgium-1.96%
Sofina S.A.		3,245		842,926
Warehouses De Pauw C.V.A.		65,729		2,198,929
				3,041,855
Canada-13.99%
Alimentation Couche-Tard, Inc., Class B		45,538		1,401,301
Boyd Group Services, Inc.		32,594		4,671,721
Canadian National Railway Co.		21,259		2,110,195
Constellation Software, Inc.		3,434		3,602,024
Descartes Systems Group, Inc. (The)(a)		54,075		2,897,302
Dollarama, Inc.		24,377		838,802
Emera, Inc.(b)		21,602		861,099
Fortis, Inc.		23,811		939,868
Kirkland Lake Gold Ltd.		76,185		3,468,279
Royal Bank of Canada		12,821		895,792
Topicus.com, Inc.(a)(c)		6,386		0
				21,686,383
Denmark-7.87%
DSV Panalpina A/S		6,389		1,034,603
GN Store Nord A/S		35,581		2,559,135
Novo Nordisk A/S, Class B		39,913		2,563,782
Novozymes A/S, Class B		16,001		961,595
Royal Unibrew A/S		41,627		4,065,364
SimCorp A/S		8,527		1,016,604
				12,201,083
Finland-5.28%
Huhtamaki OYJ		17,914		874,749
Kone OYJ, Class B		51,195		4,075,420
Neste OYJ(b)		24,603		1,280,475
Sampo OYJ, Class A		51,734		1,952,499
				8,183,143
France-3.74%
Dassault Systemes SE		4,650		793,795
Kering S.A.		1,494		902,338
Safran S.A.(a)		8,084		852,395
Sartorius Stedim Biotech		2,490		944,395
SOITEC(a)		8,255		1,171,208
Teleperformance		3,757		1,127,783
				5,791,914
Germany-5.80%
adidas AG(a)		5,820		1,728,753
Bechtle AG		8,557		1,468,230
Nemetschek SE		54,832		3,966,391
Symrise AG		6,564		809,337
TAG Immobilien AG(a)		34,404		1,013,909
				8,986,620
Hong Kong-0.86%
Techtronic Industries Co. Ltd.		99,918		1,332,266

	Shares		Value
Ireland-0.99%
Kingspan Group PLC(a)		17,616	$	1,535,921
Israel-1.40%
Nice Ltd.(a)		9,472		2,169,891
Italy-0.63%
Recordati Industria Chimica e Farmaceutica S.p.A.		18,767		972,584
Japan-7.15%
Daifuku Co. Ltd.		16,979		1,742,727
Daikin Industries Ltd.		4,521		842,444
Hikari Tsushin, Inc.		4,891		1,142,044
Japan Exchange Group, Inc.		30,442		740,375
Keyence Corp.		2,134		964,526
MISUMI Group, Inc.		28,508		842,641
Nexon Co. Ltd.		45,568		1,272,365
Obic Co. Ltd.		5,358		950,745
Sony Corp.		10,709		888,558
TIS, Inc.		40,428		773,832
Tokyo Electron Ltd.		3,483		929,555
				11,089,812
Luxembourg-0.86%
Eurofins Scientific SE(a)		1,678		1,336,567
Netherlands-3.35%
ASM International N.V.		12,844		1,837,251
ASML Holding N.V.		7,119		2,587,280
Koninklijke Ahold Delhaize N.V.		27,955		768,170
				5,192,701
New Zealand-3.00%
a2 Milk Co. Ltd. (The)(a)		271,889		2,630,683
Fisher & Paykel Healthcare Corp. Ltd.		45,326		1,048,458
Xero Ltd.(a)		12,681		980,912
				4,660,053
Norway-0.54%
TOMRA Systems ASA(b)		20,841		838,755
South Korea-3.87%
Alteogen, Inc.(a)		11,964		1,669,077
Seegene, Inc.		7,176		1,660,086
Shin Poong Pharmaceutical Co. Ltd.(a)		24,178		2,674,133
				6,003,296
Spain-0.90%
Red Electrica Corp. S.A.		78,847		1,389,154
Sweden-9.98%
AddTech AB, Class B		292,634		3,238,284
Atlas Copco AB, Class A		18,524		817,656
Evolution Gaming Group AB(d)		16,265		1,207,840
Fastighets AB Balder, Class B(a)		68,136		3,210,399
Hexagon AB, Class B		16,827		1,229,536
Indutrade AB(a)		21,729		1,101,933
Investor AB, Class B		14,122		847,845
Nibe Industrier AB, Class B(a)		52,901		1,275,403
Svenska Cellulosa AB S.C.A., Class B(a)(b)		63,017		854,867
Sweco AB, Class B		17,497		881,420
Swedish Match AB		10,833		816,143
				15,481,326

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

34

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

October 31, 2020

	Shares		Value
Switzerland-12.13%
Belimo Holding AG		286	$	2,128,111
EMS-Chemie Holding AG		1,169		1,028,001
Geberit AG		3,446		1,962,590
Givaudan S.A.		308		1,255,456
Kuehne + Nagel International AG		15,239		3,044,308
Logitech International S.A.		14,669		1,235,554
Lonza Group AG		2,003		1,213,317
Partners Group Holding AG		1,202		1,084,036
Schindler Holding AG, PC		5,668		1,450,162
SGS S.A.		538		1,344,780
Sika AG		4,817		1,186,184
Straumann Holding AG		916		955,426
Tecan Group AG, Class R		1,950		925,481
				18,813,406
United Kingdom-11.97%
AVEVA Group PLC		14,620		810,967
Croda International PLC(b)		31,603		2,465,655
Dechra Pharmaceuticals PLC		20,651		932,425
Experian PLC		22,060		803,510
Games Workshop Group PLC		19,933		2,672,699
Halma PLC		32,959		1,009,147
HomeServe PLC		52,708		753,074
Intermediate Capital Group PLC		62,319		943,574
Intertek Group PLC		10,892		784,725
JD Sports Fashion PLC		141,006		1,351,362

	Shares		Value
United Kingdom-(continued)
Rightmove PLC(a)		230,576	$	1,842,473
Spirax-Sarco Engineering PLC		22,357		3,260,778
UNITE Group PLC (The)(a)		85,666		922,682
				18,553,071
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10% (Cost $137,013,581)				155,193,408
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.54%
Invesco Private Government Fund, 0.04%(e)(f)(g)		2,198,622		2,198,622
Invesco Private Prime Fund, 0.11%(e)(f)(g)		3,296,945		3,297,934
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,496,536)				5,496,556
TOTAL INVESTMENTS IN SECURITIES-103.64% (Cost $142,510,117)				160,689,964
OTHER ASSETS LESS LIABILITIES-(3.64)%				(5,647,328	)
NET ASSETS-100.00%			$	155,042,636

Investment Abbreviations:

PC-Participation Certificate

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  All or a portion of this security was out on loan at October 31, 2020.

^(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 October 31, 2020 was $1,207,840, which represented less than 1% of the Fund’s Net Assets.

^(e)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2020.

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	4,739,913		$	(4,739,913	)		$	-			$	-			$	-		$	5
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			2,150,289			(2,150,289	)			-				-				-			293
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			5,208,612			30,794,022			(36,002,634	)			-				-				-			33,202	*
Invesco Liquid Assets Portfolio, Institutional Class			1,736,204			7,292,953			(9,028,475	)			(74	)			(608	)			-			12,834	*

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

35

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

October 31, 2020

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2020			Dividend Income
Invesco Private Government Fund		$	-		$	20,404,300		$	(18,205,678	)		$	-			$	-			$	2,198,622		$	433	*
Invesco Private Prime Fund			-			5,890,979			(2,593,192	)			20				127				3,297,934			424	*
Total		$	6,944,816		$	71,272,456		$	(72,720,181	)		$	(54	)		$	(481	)		$	5,496,556		$	47,191

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

^(f)  The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

^(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.

36

Invesco DWA Emerging Markets Momentum ETF (PIE)

October 31, 2020

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-100.23%
Brazil-7.68%
Azul S.A., Preference Shares(a)		193,100	$	755,187
Cia Siderurgica Nacional S.A.		291,100		1,036,974
Duratex S.A.		273,100		907,965
Gerdau S.A., ADR		225,472		859,048
Gol Linhas Aereas Inteligentes S.A., ADR(a)		146,402		800,819
Localiza Rent a Car S.A.		89,900		946,086
Magazine Luiza S.A.		222,800		951,711
Natura & Co. Holding S.A.		123,500		987,400
Notre Dame Intermedica Participacoes S.A.		78,800		898,561
TOTVS S.A.		202,100		946,358
Vale S.A.		130,400		1,369,358
WEG S.A.		112,000		1,472,938
				11,932,405
China-41.89%
Airtac International Group		71,000		1,906,340
Alibaba Group Holding Ltd., ADR(a)		4,659		1,419,551
ANTA Sports Products Ltd.		379,684		4,176,360
BYD Co. Ltd., H Shares		90,268		1,793,755
BYD Electronic International Co. Ltd.		475,948		2,043,762
China International Capital Corp. Ltd., H Shares(a)(b)		370,912		862,847
China Literature Ltd.(a)(b)		123,704		1,012,941
China Mengniu Dairy Co. Ltd.(a)		212,332		998,021
China Resources Beer Holdings Co. Ltd.		309,995		1,920,767
China Resources Cement Holdings Ltd.		1,144,409		1,493,442
Country Garden Services Holdings Co. Ltd.		281,086		1,763,391
Great Wall Motor Co. Ltd., H Shares		805,728		1,302,905
Huazhu Group Ltd., ADR		56,401		2,235,172
Innovent Biologics, Inc.(a)(b)		181,620		1,339,634
JinkoSolar Holding Co. Ltd., ADR(a)(c)		31,533		1,838,374
KWG Group Holdings Ltd.		681,076		899,336
KWG Living Group Holdings Ltd.(a)(b)		331,988		260,287
Li Ning Co. Ltd.		613,475		3,164,342
Logan Group Co. Ltd.		1,218,596		1,904,535
Meituan Dianping, B Shares(a)		58,613		2,178,284
NetEase, Inc., ADR		10,673		926,310
New Oriental Education & Technology Group, Inc., ADR(a)		20,595		3,303,026
Shenzhou International Group Holdings Ltd.		272,644		4,707,639
TAL Education Group, ADR(a)		57,676		3,833,147
Tencent Holdings Ltd.		70,064		5,339,603
Tsingtao Brewery Co. Ltd., H Shares		112,832		931,919
Wuxi Biologics Cayman, Inc.(a)(b)		84,420		2,357,927
Xinyi Solar Holdings Ltd.		1,367,636		2,486,659
Yihai International Holding Ltd.(a)		275,586		3,646,121
Zhaojin Mining Industry Co. Ltd., H Shares		690,332		885,743
Zijin Mining Group Co. Ltd., H Shares		1,526,320		1,104,168
Zoomlion Heavy Industry Science and Technology Co. Ltd., H Shares		1,252,036		1,102,717
				65,139,025
India-1.76%
Infosys Ltd., ADR		64,422		919,302
WNS (Holdings) Ltd., ADR(a)		31,513		1,816,409
				2,735,711

	Shares		Value
Indonesia-1.47%
PT Bank Central Asia Tbk		1,154,226	$	2,284,776
Malaysia-2.05%
Bursa Malaysia Bhd		411,900		799,016
QL Resources Bhd		1,578,450		2,393,318
				3,192,334
Mexico-1.21%
Cemex S.A.B. de C.V., ADR		231,329		960,015
Industrias Penoles S.A.B. de C.V.		58,334		925,997
				1,886,012
Peru-0.55%
Cia de Minas Buenaventura S.A.A., ADR		69,922		857,943
Philippines-0.53%
PLDT, Inc.		29,967		822,235
South Africa-4.07%
Gold Fields Ltd., ADR		140,196		1,532,342
Impala Platinum Holdings Ltd.		262,343		2,305,083
Northam Platinum Ltd.(a)		156,267		1,488,834
Sibanye Stillwater Ltd., ADR		83,791		994,599
				6,320,858
Taiwan-36.30%
Advantech Co. Ltd.		272,000		2,748,195
Asustek Computer, Inc.		125,000		1,059,748
Bizlink Holding, Inc.		103,000		790,410
Chailease Holding Co. Ltd.		262,000		1,268,621
Cheng Loong Corp.		997,000		1,183,357
Chong Hong Construction Co. Ltd.		411,000		1,143,762
Compeq Manufacturing Co. Ltd.		663,000		1,009,445
E.Sun Financial Holding Co. Ltd.		2,102,821		1,786,444
Elan Microelectronics Corp.		278,000		1,312,077
Elite Material Co. Ltd.		204,000		1,069,799
Eternal Materials Co. Ltd.		1,052,000		1,237,604
Far Eastern Department Stores Ltd.		1,019,000		840,750
Feng TAY Enterprise Co. Ltd.		154,000		931,425
First Financial Holding Co. Ltd.		1,352,830		948,284
Giant Manufacturing Co. Ltd.		107,000		1,051,165
Gigabyte Technology Co. Ltd.		520,000		1,305,295
Great Wall Enterprise Co. Ltd.		906,700		1,424,866
IBF Financial Holdings Co. Ltd.		2,514,000		1,032,723
Innolux Corp.(a)		2,453,000		849,869
Kings Town Bank Co. Ltd.		1,329,000		1,800,435
Lien Hwa Industrial Holdings Corp.		1,346,753		1,880,986
Lite-On Technology Corp.		827,000		1,345,879
Micro-Star International Co. Ltd.		728,000		2,926,915
Mitac Holdings Corp.		942,000		928,712
Nien Made Enterprise Co. Ltd.		75,000		844,302
Quanta Computer, Inc.		329,000		828,151
Radiant Opto-Electronics Corp.		298,000		1,172,059
Realtek Semiconductor Corp.		159,000		1,976,139
Ruentex Development Co. Ltd.		613,000		846,522
Sinbon Electronics Co. Ltd.		626,000		4,212,946
Taichung Commercial Bank Co. Ltd.		2,396,000		908,861
Taishin Financial Holding Co. Ltd.		2,123,000		935,193
Taiwan Cement Corp.		607,009		860,532
Taiwan Cooperative Financial Holding Co. Ltd.		1,322,000		887,388
Taiwan Fertilizer Co. Ltd.		477,000		853,826

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

37

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

October 31, 2020

	Shares		Value
Taiwan-(continued)
Taiwan Semiconductor Manufacturing Co. Ltd.		210,680	$	3,181,910
United Microelectronics Corp.		1,159,000		1,243,949
Voltronic Power Technology Corp.		90,731		3,108,584
WT Microelectronics Co. Ltd.		1,442,000		1,852,693
Yuanta Financial Holding Co. Ltd.		1,381,000		856,984
				56,446,805
Thailand-2.72%
Carabao Group PCL, NVDR		411,583		1,446,004
Hana Microelectronics PCL, NVDR		636,172		918,513
KCE Electronics PCL, NVDR		931,896		1,166,085
Siam Global House PCL, NVDR		1,380,972		704,498
				4,235,100
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.23% (Cost $128,842,358)				155,853,204

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.25%
Invesco Private Government Fund, 0.04%(d)(e)(f)		777,304	$	777,304
Invesco Private Prime Fund, 0.11%(d)(e)(f)		1,165,606		1,165,956
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,943,260)				1,943,260
TOTAL INVESTMENTS IN SECURITIES-101.48% (Cost $130,785,618)				157,796,464
OTHER ASSETS LESS LIABILITIES-(1.48)%				(2,307,347	)
NET ASSETS-100.00%			$	155,489,117

Investment Abbreviations:

ADR-American 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 October 31, 2020 was $5,833,636, which represented 3.75% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at October 31, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2020.

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	4,902,811		$	(4,902,811	)		$	-			$	-		$	-		$	5
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			10,461,956			(10,461,956	)			-				-			-			840
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			107,086			2,610,330			(2,717,416	)			-				-			-			938	*
Invesco Liquid Assets Portfolio, Institutional Class			36,052			683,525			(719,634	)			(1	)			58			-			350	*
Invesco Private Government Fund			-			13,829,827			(13,052,523	)			-				-			777,304			192	*
Invesco Private Prime Fund			-			4,740,705			(3,574,807	)			-				58			1,165,956			199	*
Total		$	143,138		$	37,229,154		$	(35,429,147	)		$	(1	)		$	116		$	1,943,260		$	2,524

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

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

38

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

October 31, 2020

^(e)  The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

^(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.

39

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

October 31, 2020

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.53%
Australia-6.28%
AGL Energy Ltd.		51,467	$	451,061
AMP Ltd.		324,833		349,014
Ampol Ltd.		28,332		516,106
APA Group		60,036		442,261
Aristocrat Leisure Ltd.		9,732		195,666
ASX Ltd.		4,813		269,144
Aurizon Holdings Ltd.		145,906		386,284
Australia & New Zealand Banking Group Ltd.		168,501		2,225,785
Bank of Queensland Ltd.(a)		58,280		262,752
Bendigo & Adelaide Bank Ltd.		45,026		211,535
BHP Group Ltd.		231,358		5,488,277
BHP Group PLC		147,580		2,843,614
BlueScope Steel Ltd.		50,517		520,072
Boral Ltd.		111,567		357,267
Brambles Ltd.		72,497		488,237
Challenger Ltd.		34,371		116,099
CIMIC Group Ltd.(b)		10,380		156,721
Coca-Cola Amatil Ltd.		31,534		275,259
Coles Group Ltd.		79,762		994,229
Commonwealth Bank of Australia		78,679		3,813,516
Computershare Ltd.		20,247		172,754
Crown Resorts Ltd.		35,926		208,896
CSL Ltd.		4,308		869,953
Dexus		46,374		280,395
Downer EDI Ltd.		47,416		146,511
Fortescue Metals Group Ltd.		93,566		1,141,326
Glencore PLC(b)		1,359,863		2,741,195
Goodman Group		43,189		558,062
GPT Group (The)		88,276		249,827
GPT Group (The)(b)(c)		231,466		0
Incitec Pivot Ltd.		157,551		212,429
Insurance Australia Group Ltd.		173,471		581,082
JB Hi-Fi Ltd.		7,347		244,712
Lendlease Corp. Ltd.		40,611		341,088
Macquarie Group Ltd.		16,905		1,504,718
Medibank Pvt Ltd.		188,338		353,135
Metcash Ltd.		151,625		314,112
Mirvac Group		224,420		332,534
National Australia Bank Ltd.		174,066		2,273,624
Newcrest Mining Ltd.		22,051		452,791
Oil Search Ltd.		81,450		147,000
Orica Ltd.		23,975		256,924
Origin Energy Ltd.		139,196		391,002
Orora Ltd.		77,380		140,197
Qantas Airways Ltd.(b)		57,980		170,602
QBE Insurance Group Ltd.		91,165		528,170
Ramsay Health Care Ltd.		6,126		268,229
Rio Tinto Ltd.		29,131		1,890,864
Rio Tinto PLC		92,270		5,198,125
Santos Ltd.		65,128		216,332
Scentre Group		426,595		629,110
Sonic Healthcare Ltd.		20,429		499,537
South32 Ltd.		409,461		583,714
Star Entertainment Group Ltd. (The)		76,206		175,531
Stockland		175,591		474,739
Suncorp Group Ltd.		93,222		537,469
Tabcorp Holdings Ltd.		135,528		313,124

	Shares		Value
Australia-(continued)
Telstra Corp. Ltd.		529,230	$	996,027
Transurban Group(b)		58,647		554,348
Treasury Wine Estates Ltd.		28,658		184,547
Vicinity Centres.		263,868		224,215
Wesfarmers Ltd.		54,393		1,755,557
Westpac Banking Corp.		207,089		2,604,621
Woodside Petroleum Ltd.		79,078		972,930
Woolworths Group Ltd.		63,173		1,692,902
				54,747,859
Austria-0.27%
ANDRITZ AG.		7,452		251,039
BAWAG Group AG(b)(d)		5,008		183,174
Erste Group Bank AG(b)		25,074		513,467
OMV AG		17,892		410,577
Raiffeisen Bank International AG(b)		15,648		224,928
voestalpine AG(a)		20,863		579,609
Wienerberger AG		7,255		183,048
				2,345,842
Belgium-0.72%
Ageas(a)		20,522		825,919
Anheuser-Busch InBev S.A./N.V.		50,087		2,599,800
Colruyt S.A.		4,203		248,808
KBC Group N.V.		18,881		930,986
Proximus SADP		14,813		288,071
Solvay S.A., Class A		7,406		601,293
UCB S.A.		4,161		410,536
Umicore S.A.		10,015		385,444
				6,290,857
Brazil-0.13%
Wheaton Precious Metals Corp.		8,615		395,036
Yara International ASA		22,640		787,521
				1,182,557
Canada-7.33%
Agnico Eagle Mines Ltd.		6,157		487,028
Air Canada(b)		11,985		132,403
Algonquin Power & Utilities Corp		15,337		232,353
Alimentation Couche-Tard, Inc., Class B		37,697		1,160,016
AltaGas Ltd.		22,037		279,150
ARC Resources Ltd.		67,926		334,192
Atco Ltd., Class I		6,671		185,568
Bank of Montreal(a)		46,113		2,743,574
Bank of Nova Scotia (The)		92,416		3,836,371
Barrick Gold Corp.		35,335		943,963
BCE, Inc.		19,836		796,505
Bombardier, Inc., Class B(b)		299,209		62,833
Brookfield Asset Management, Inc., Class A		52,705		1,564,924
CAE, Inc.		6,836		116,740
Cameco Corp.		28,387		269,531
Canadian Apartment Properties REIT		5,443		174,841
Canadian Imperial Bank of Commerce		34,006		2,534,606
Canadian National Railway Co.		19,896		1,974,902
Canadian Natural Resources Ltd.		80,254		1,276,023
Canadian Pacific Railway Ltd.		2,789		832,799
Canadian Tire Corp. Ltd., Class A(a)		4,811		536,829
Canadian Utilities Ltd., Class A(a)		7,274		169,882

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

40

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

October 31, 2020

	Shares		Value
Canada-(continued)
Capital Power Corp.		7,222	$	159,026
CCL Industries, Inc., Class B		5,659		215,605
Celestica, Inc.(b)		26,580		156,089
Cenovus Energy, Inc.		105,668		345,530
CGI,Inc.,Class A(b)		8,359		518,272
CI Financial Corp.		16,971		197,667
Constellation Software, Inc.		239		250,694
Crescent Point Energy Corp.		203,866		253,810
Emera, Inc.(a)		12,562		500,746
Empire Co. Ltd., Class A		15,649		426,626
Enbridge, Inc.		92,565		2,548,514
Fairfax Financial Holdings Ltd.		1,837		482,537
Finning International, Inc.		13,419		203,899
Fortis, Inc.		20,878		824,097
Franco-Nevada Corp.		2,279		310,379
George Weston Ltd.		6,278		439,910
Gibson Energy, Inc.		11,643		171,325
Gildan Activewear, Inc.		8,452		174,954
Great-West Lifeco, Inc.		25,060		510,278
H&R REIT		26,095		200,407
Husky Energy, Inc.		70,537		181,454
Hydro One Ltd.(d)		18,988		414,550
iA Financial Corp., Inc.		8,225		286,350
IGM Financial, Inc.		6,340		139,082
Imperial Oil Ltd.		21,103		280,455
Intact Financial Corp.		4,839		499,451
Inter Pipeline Ltd.(a)		31,104		276,667
Keyera Corp.		11,906		168,855
Kinross Gold Corp.		61,714		490,620
Linamar Corp.		6,794		221,906
Loblaw Cos. Ltd.		12,905		641,887
Magna International, Inc.		34,484		1,759,438
Manulife Financial Corp.		165,995		2,248,374
MEG Energy Corp.(b)		38,202		69,622
Methanex Corp.		7,849		232,524
Metro, Inc.		11,428		532,681
National Bank of Canada		18,967		909,551
Nutrien Ltd.		41,224		1,674,498
Onex Corp.		6,334		273,625
Open Text Corp.		6,546		240,317
Parkland Corp.		8,193		199,948
Pembina Pipeline Corp.		22,451		469,613
Power Corp. of Canada		49,943		950,279
Restaurant Brands International, Inc.		4,295		223,004
RioCan REIT(a)		20,512		221,219
Rogers Communications, Inc., Class B		20,942		850,025
Royal Bank of Canada		81,183		5,672,185
Saputo, Inc.		10,342		251,540
Seven Generations Energy Ltd., Class A(b)		44,776		158,505
Shaw Communications, Inc., Class B		32,594		536,572
SmartCentres REIT(a)		8,164		128,949
SNC-Lavalin Group, Inc.(a)		16,967		237,196
Sun Life Financial, Inc.		36,691		1,458,724
Suncor Energy, Inc.		119,306		1,344,860
TC Energy Corp.		38,712		1,522,524
Teck Resources Ltd., Class B		93,562		1,228,688
TELUS Corp.		25,420		434,295
TFI International, Inc.		5,318		236,595
Thomson Reuters Corp.		7,231		561,733
Topicus.com, Inc.(b)(c)		444		0

	Shares		Value
Canada-(continued)
Toronto-Dominion Bank (The)		105,634	$	4,656,817
Tourmaline Oil Corp.		35,717		462,351
TransAlta Corp.		28,398		168,256
Vermilion Energy, Inc.		20,147		49,712
West Fraser Timber Co. Ltd.		4,812		222,997
Whitecap Resources, Inc.(a)		58,181		106,034
WSP Global, Inc.		4,097		258,937
Yamana Gold, Inc.		39,216		217,940
				63,906,803
Chile-0.07%
Antofagasta PLC		23,542		313,378
Lundin Mining Corp.		45,299		273,489
				586,867
China-0.31%
AAC Technologies Holdings, Inc.(a)		30,128		158,704
BOC Hong Kong Holdings Ltd.		243,006		673,724
China Mengniu Dairy Co. Ltd.(b)		77,601		364,747
Lenovo Group Ltd.		830,690		519,526
Semiconductor Manufacturing International Corp.(b)		141,434		414,918
Want Want China Holdings Ltd.		260,195		171,789
Wilmar International Ltd.		126,621		374,624
				2,678,032
Denmark-1.17%
AP Moller - Maersk A/S, Class A		481		709,671
AP Moller - Maersk A/S, Class B(a)		762		1,217,254
Carlsberg A/S, Class B		3,900		493,644
Coloplast A/S, Class B		2,138		312,030
Danske Bank A/S(b)		86,135		1,144,972
DSV Panalpina A/S		3,303		534,871
ISS A/S(b)		24,348		315,957
Jyske Bank A/S(b)		6,720		200,030
Novo Nordisk A/S, Class B		37,451		2,405,637
Novozymes A/S, Class B		4,304		258,653
Orsted A/S(d)		4,815		764,274
Pandora A/S		8,363		662,346
Vestas Wind Systems A/S		7,009		1,196,414
				10,215,753
Finland-1.42%
Elisa OYJ		5,158		253,790
Fortum OYJ		31,462		591,873
Huhtamaki OYJ		4,448		217,198
Kesko OYJ, Class B		20,092		516,296
Kone OYJ, Class B		13,883		1,105,168
Konecranes OYJ		5,826		183,233
Metso Outotec OYJ		29,878		210,386
Neles OYJ		6,836		91,534
Neste OYJ(a)		12,535		652,390
Nokia OYJ(b)		473,254		1,598,682
Nokian Renkaat OYJ(a)		10,915		335,531
Nordea Bank Abp(b)		367,975		2,768,985
Orion OYJ, Class B		4,343		185,916
Outokumpu OYJ(a)(b)		61,688		153,990
Sampo OYJ, Class A		36,498		1,377,476
Stora Enso OYJ, Class R		51,366		749,417

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

41

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

October 31, 2020

	Shares		Value
Finland-(continued)
UPM-Kymmene OYJ		38,533	$	1,088,914
Wartsila OYJ Abp		35,743		284,035
				12,364,814
France-9.15%
Accor S.A.(b)		10,239		260,722
Aeroports de Paris(a)		1,166		113,954
Air France-KLM(a)(b)		76,934		251,822
Air Liquide S.A.		16,981		2,482,429
Airbus SE(b)		18,632		1,358,421
Alstom S.A.(b)		6,333		283,867
Amundi S.A.(b)(d)		2,785		182,643
Arkema S.A.		6,374		624,273
Atos SE(b)		6,330		432,087
AXA S.A.		257,181		4,134,165
BNP Paribas S.A.(b)		149,431		5,196,699
Bollore S.A.		60,968		218,453
Bouygues S.A.		27,127		889,508
Bureau Veritas S.A.(b)		10,891		239,138
Capgemini SE		7,344		848,108
Carrefour S.A.		99,646		1,550,730
Casino Guichard Perrachon S.A.(a)(b)		15,437		347,498
Cie de Saint-Gobain(b)		63,818		2,490,335
Cie Generale des Etablissements Michelin S.C.A.		16,634		1,795,003
CNP Assurances(b)		19,716		222,083
Covivio		2,604		155,000
Credit Agricole S.A.(b)		142,207		1,123,437
Danone S.A.		30,055		1,659,453
Dassault Systemes SE		1,395		238,139
Edenred		4,585		213,847
Eiffage S.A.(b)		6,650		482,746
Electricite de France S.A.		77,989		905,547
Elior Group S.A.(d)		13,420		50,586
Elis S.A.(b)		14,036		153,770
ENGIE S.A.(b)		222,380		2,690,122
EssilorLuxottica S.A.(b)		8,855		1,095,426
Eurazeo SE(b)		3,596		163,531
Eutelsat Communications S.A.(a)		24,560		247,008
Faurecia SE(b)		10,363		392,801
Gecina S.A.		2,271		281,997
Getlink SE(b)		13,427		180,491
Hermes International		413		384,385
ICADE		1,772		89,583
Imerys S.A.		4,560		136,192
Ingenico Group S.A.(b)		174		25,031
Kering S.A.		1,535		927,101
Klepierre S.A.(a)		15,266		193,386
Lagardere S.C.A.(b)		14,676		320,879
Legrand S.A.		8,548		632,079
L’Oreal S.A.		5,825		1,884,263
LVMH Moet Hennessy Louis Vuitton SE.		6,096		2,856,701
Natixis S.A.(b)		140,012		325,533
Orange S.A.		243,118		2,727,176
Orpea S.A.(b)		1,670		166,790
Pernod Ricard S.A.		6,811		1,098,037
Peugeot S.A.(b)		95,873		1,723,186
Publicis Groupe S.A.		20,765		720,805
Renault S.A.(b)		77,677		1,923,195
Rexel S.A.(b)		40,382		424,668

	Shares		Value
France-(continued)
Rubis S.C.A.		4,546	$	149,225
Safran S.A.(b)		9,652		1,017,728
Sanofi		63,029		5,680,451
Schneider Electric SE		23,574		2,861,349
SCOR SE(b)		16,299		396,046
SEB S.A.		1,674		272,214
Societe Generale S.A.(b)		160,790		2,180,127
Sodexo S.A.		6,212		398,706
SPIE S.A.(b)		11,370		179,328
Suez S.A.		40,851		748,040
Teleperformance		1,268		380,630
Thales S.A.		4,912		319,731
TOTAL SE		284,065		8,543,657
Unibail-Rodamco-Westfield(a)		13,901		565,121
Valeo S.A.		40,089		1,212,738
Veolia Environnement S.A.		46,355		863,406
Vinci S.A.		25,385		2,005,417
Vivendi S.A.		50,441		1,456,566
				79,745,309
Germany-10.49%
Aareal Bank AG(b)		8,279		142,632
adidas AG(b)		4,514		1,340,823
Allianz SE		38,311		6,741,286
Aroundtown S.A.(b)		35,715		171,278
Aurubis AG		6,924		443,114
BASF SE		102,181		5,602,530
Bayer AG		69,383		3,261,926
Bayerische Motoren Werke AG		64,087		4,380,562
Bayerische Motoren Werke AG, Preference Shares		10,979		567,826
Beiersdorf AG		2,279		238,657
Brenntag AG		12,485		798,128
Commerzbank AG(a)(b)		238,762		1,125,003
Continental AG		14,559		1,548,021
Covestro AG(d)		22,952		1,095,359
Daimler AG		196,506		10,163,156
Deutsche Bank AG(a)(b)		423,823		3,900,645
Deutsche Boerse AG		4,402		647,881
Deutsche Lufthansa AG(a)(b)		65,993		566,700
Deutsche Pfandbriefbank AG(b)(d)		16,218		98,897
Deutsche Post AG		87,230		3,865,238
Deutsche Telekom AG		315,230		4,799,245
Deutsche Wohnen SE		15,398		777,182
E.ON SE		195,112		2,034,576
Evonik Industries AG		19,893		478,972
Freenet AG		15,026		266,134
Fresenius Medical Care AG& Co. KGaA		12,430		949,538
Fresenius SE & Co. KGaA		32,845		1,218,182
Fuchs Petrolub SE		1,639		62,812
Fuchs Petrolub SE, Preference Shares		3,294		169,519
GEA Group AG		12,283		408,775
Hannover Rueck SE		3,621		525,975
HeidelbergCement AG		17,570		1,005,310
Hella GmbH & Co. KGaA(b)		4,495		196,245
Henkel AG& Co. KGaA		5,320		481,197
Henkel AG& Co. KGaA, Preference Shares		8,923		868,103
HOCHTIEF AG		2,312		170,206
HUGO BOSS AG		6,794		155,629
Infineon Technologies AG		36,708		1,021,947

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

42

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

October 31, 2020

	Shares		Value
Germany-(continued)
K+S AG(a)		48,929	$	327,835
KION Group AG		5,142		400,349
Knorr-Bremse AG		2,280		264,072
LANXESS AG		7,853		398,102
LEG Immobilien AG		2,542		343,541
Merck KGaA		4,308		638,060
METRO AG		43,455		426,208
MTU Aero Engines AG(b)		1,266		216,117
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		13,771		3,221,061
OSRAM Licht AG(b)		5,378		315,734
Porsche Automobil Holding SE, Preference Shares		8,460		453,313
ProSiebenSat.1 Media SE(a)(b)		36,021		401,968
Rheinmetall AG		3,340		243,940
RWE AG		52,521		1,944,882
Salzgitter AG(b)		16,315		237,556
SAP SE		22,135		2,358,973
Siemens AG		59,555		6,985,822
Siemens Energy AG(b)		29,778		652,103
Siemens Healthineers AG(d)		4,778		205,122
Symrise AG		2,789		343,882
Talanx AG		3,876		114,138
Telefonica Deutschland Holding AG		100,225		252,991
thyssenkrupp AG(a)(b)		107,154		511,131
TUI AG(a)		75,498		295,395
Uniper SE		18,107		541,219
United Internet AG		8,861		310,684
Volkswagen AG		5,402		840,680
Volkswagen AG, Preference Shares		30,943		4,509,097
Vonovia SE		21,006		1,341,381
				91,384,565
Hong Kong-1.65%
AIA Group Ltd.		336,377		3,168,642
CK Asset Holdings Ltd.		145,151		671,956
CK Hutchison Holdings Ltd.		130,966		788,682
CLP Holdings Ltd.		81,861		752,650
Hang Lung Properties Ltd.		103,523		251,237
Hang Seng Bank Ltd.		41,246		633,993
Henderson Land Development Co. Ltd.		108,404		383,720
Hong Kong & China Gas Co. Ltd. (The)		273,816		393,342
Hong Kong Exchanges & Clearing Ltd.		17,018		812,403
Hongkong Land Holdings Ltd.		58,016		212,919
Hysan Development Co. Ltd.		58,427		185,719
Jardine Matheson Holdings Ltd.		6,707		297,724
Jardine Strategic Holdings Ltd.		6,839		148,338
Link REIT		105,993		807,093
MTR Corp. Ltd.		94,994		469,773
New World Development Co. Ltd.		109,317		520,165
Power Assets Holdings Ltd.		31,434		161,531
Sino Land Co. Ltd.		165,359		195,321
Sun Hung Kai Properties Ltd.		107,731		1,377,400
Swire Pacific Ltd., Class A		40,755		185,516
Swire Pacific Ltd., Class B		76,153		61,866
Swire Properties Ltd.		91,157		243,913
Techtronic Industries Co. Ltd		29,682		395,768
WH Group Ltd.(d)		619,471		486,480

	Shares		Value
Hong Kong-(continued)
Wharf Holdings Ltd. (The)		150,571	$	310,662
Wharf Real Estate Investment Co. Ltd.		126,280		484,449
				14,401,262
Ireland-0.46%
AIB Group PLC(a)(b)		101,212		113,711
Bank of Ireland Group PLC(b)		120,027		294,727
CRH PLC		52,891		1,860,156
Flutter Entertainment PLC(b)		2,829		488,695
Kerry Group PLC, Class A		3,029		362,359
Kingspan Group PLC(b)		2,834		247,094
Smurfit Kappa Group PLC		18,105		681,693
				4,048,435
Israel-0.22%
Bank Hapoalim BM(b)		56,966		334,278
Bank Leumi Le-Israel BM		76,648		363,373
ICL Group Ltd.		50,996		185,924
Israel Discount Bank Ltd., Class A		65,404		184,351
Teva Pharmaceutical Industries Ltd.(b)		94,548		819,586
				1,887,512
Italy-2.58%
A2A S.p.A.		129,448		164,584
Assicurazioni Generali S.p.A.		149,950		2,010,442
Atlantia S.p.A.(b)		37,315		571,800
Banca Monte dei Paschi di Siena S.p.A.(a)(b)		98,582		118,738
Banca Monte dei Paschi di Siena S.p.A., Rts.,expiring 11/21/2020(b)(c)		98,582		0
Banco BPM S.p.A.(a)(b)		371,688		671,522
BPER Banca(a)(b)		101,712		120,493
Enel S.p.A.		587,980		4,680,663
Eni S.p.A.		419,267		2,935,670
Ferrari N.V.		1,295		231,024
FinecoBank Banca Fineco S.p.A.(b)		18,633		255,030
Hera S.p.A.		54,159		170,335
Intesa Sanpaolo S.p.A.(b)		2,130,871		3,523,652
Italgas S.p.A.		29,114		168,278
Leonardo S.p.A.		41,310		196,714
Mediobanca Banca di Credito Finanziario S.p.A.		71,287		505,539
Pirelli & C S.p.A.(b)(d)		48,095		200,564
Poste Italiane S.p.A.(d)		44,099		359,581
Prysmian S.p.A.		16,887		459,117
Saipem S.p.A.(a)		87,715		154,028
Saras S.p.A.(b)		180,553		92,413
Snam S.p.A.		136,317		665,325
Telecom Italia S.p.A.		2,207,678		749,368
Telecom Italia S.p.A., RSP		1,236,449		449,799
Terna Rete Elettrica Nazionale S.p.A.		68,341		462,039
UniCredit S.p.A.(b)		294,094		2,192,824
Unipol Gruppo S.p.A.(b)		62,182		226,569
UnipolSai Assicurazioni S.p.A.(a)		80,109		186,070
				22,522,181
Japan-21.52%
Aeon Co. Ltd.		47,246		1,203,747
AEON Financial Service Co. Ltd.		11,592		117,872
AGC, Inc.		22,629		702,421
Air Water, Inc.		16,049		228,745
Aisin Seiki Co. Ltd.		15,473		465,492

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

43

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

October 31, 2020

	Shares		Value
Japan-(continued)
Ajinomoto Co., Inc.		30,628	$	614,523
Alfresa Holdings Corp.		15,369		280,947
Alps Alpine Co. Ltd.		21,015		300,128
Amada Co. Ltd.		28,575		247,373
ANA Holdings, Inc.(a)(b)		12,372		268,648
Aozora Bank Ltd.		11,795		192,710
Asahi Group Holdings Ltd.		20,130		620,614
Asahi Kasei Corp.		95,286		820,696
Astellas Pharma, Inc.		77,300		1,061,082
Bandai Namco Holdings, Inc.		7,543		561,071
Bridgestone Corp.		58,106		1,884,249
Brother Industries Ltd.		18,985		291,658
Canon, Inc.		93,841		1,616,230
Casio Computer Co. Ltd.		9,996		150,982
Central Japan Railway Co.		7,788		937,555
Chiba Bank Ltd. (The)		59,527		305,778
Chubu Electric Power Co., Inc.		45,728		512,439
Chugai Pharmaceutical Co. Ltd.		6,837		262,977
Chugoku Electric Power Co., Inc. (The)		30,221		380,147
Coca-Cola Bottlers Japan Holdings, Inc.(a)		9,372		132,054
Concordia Financial Group Ltd.		71,593		234,900
Credit Saison Co. Ltd.		15,360		164,855
Dai Nippon Printing Co. Ltd.		26,183		485,640
Daicel Corp.		33,377		237,541
Dai-ichi Life Holdings, Inc.		112,205		1,659,891
Daiichi Sankyo Co. Ltd.		36,108		949,156
Daikin Industries Ltd.		8,865		1,651,905
Daito Trust Construction Co. Ltd.		5,524		501,461
Daiwa House Industry Co. Ltd.		43,598		1,140,830
Daiwa Securities Group, Inc.		155,397		625,810
Denka Co. Ltd.		8,358		255,841
Denso Corp.		37,005		1,712,552
Dentsu Group, Inc.		19,825		567,214
DIC Corp.		7,697		186,719
East Japan Railway Co.		23,944		1,249,880
Ebara Corp.		9,768		269,942
Eisai Co. Ltd.		7,168		554,639
Electric Power Development Co. Ltd.		11,798		159,127
ENEOS Holdings, Inc.		343,390		1,151,641
FamilyMart Co. Ltd.		7,964		174,303
FANUC Corp.		7,629		1,609,140
Fast Retailing Co. Ltd.		910		632,926
Fuji Electric Co. Ltd.		11,425		344,258
FUJIFILM Holdings Corp.		21,693		1,103,533
Fujikura Ltd.		62,848		165,326
Fujitsu Ltd.		13,516		1,580,573
Fukuoka Financial Group, Inc.		20,149		334,981
Furukawa Electric Co. Ltd.		12,415		309,366
Hakuhodo DY Holdings, Inc.		16,458		208,913
Hankyu Hanshin Holdings, Inc.		9,881		300,570
Haseko Corp.		29,605		353,142
Hino Motors Ltd.		38,644		294,247
Hirose Electric Co. Ltd.		1,612		224,206
Hitachi Construction Machinery Co. Ltd.		8,945		219,047
Hitachi Ltd.		80,401		2,693,364
Hitachi Metals Ltd.		16,113		212,857
Honda Motor Co. Ltd.		100,779		2,347,397
Hoya Corp.		6,436		726,466
Idemitsu Kosan Co. Ltd.		30,128		606,652
IHI Corp.		18,856		226,366

	Shares		Value
Japan-(continued)
Iida Group Holdings Co. Ltd.		13,605	$	245,057
INPEX Corp.		110,096		518,148
Isetan Mitsukoshi Holdings Ltd.		48,783		235,655
Isuzu Motors Ltd.		60,701		489,487
ITOCHU Corp.		99,221		2,372,800
J Front Retailing Co. Ltd.		29,615		224,081
Japan Airlines Co. Ltd.(b)		13,717		238,414
Japan Exchange Group, Inc.		18,431		448,257
Japan Post Bank Co. Ltd.		42,957		341,470
Japan Post Holdings Co. Ltd.		150,454		1,028,884
Japan Post Insurance Co. Ltd.		44,333		699,727
Japan Tobacco, Inc.		96,487		1,818,246
JFE Holdings, Inc.(b)		90,893		632,964
JGC Holdings Corp.		19,501		159,493
JSR Corp.		12,910		289,716
JTEKT Corp		23,540		185,546
Kajima Corp.		46,683		496,571
Kaneka Corp.		7,487		208,267
Kansai Electric Power Co., Inc. (The)		74,497		677,628
Kao Corp.		13,524		959,901
Kawasaki Heavy Industries Ltd.(b)		22,029		261,297
Kawasaki Kisen Kaisha Ltd.(b)		20,558		248,961
KDDI Corp.		114,512		3,058,875
Keikyu Corp.		12,327		171,687
Keio Corp.		5,050		292,257
Keisei Electric Railway Co. Ltd.		5,318		148,287
Kewpie Corp.		9,676		197,889
Keyence Corp.		1,773		801,361
Kikkoman Corp.		4,308		213,463
Kintetsu Group Holdings Co. Ltd.		9,374		373,023
Kirin Holdings Co. Ltd.		52,887		950,590
Kobe Steel Ltd.(b)		128,681		498,525
Koito Manufacturing Co. Ltd.		7,953		381,902
Komatsu Ltd.		81,307		1,820,735
Konica Minolta, Inc.		83,315		210,399
K’s Holdings Corp.		17,560		224,077
Kubota Corp.		74,842		1,296,168
Kuraray Co. Ltd.		34,672		319,059
Kyocera Corp.		16,551		907,344
Kyowa Kirin Co. Ltd.		7,864		194,832
Kyushu Electric Power Co., Inc.		45,645		382,485
Kyushu Railway Co.		9,244		196,216
Lawson, Inc.		3,479		159,906
LIXIL Group Corp.		31,197		673,239
Makita Corp.		10,070		443,103
Marubeni Corp.		153,797		799,144
Marui Group Co. Ltd.		9,695		173,794
Mazda Motor Corp.		104,656		546,606
Medipal Holdings Corp.		14,863		264,730
MEIJI Holdings Co. Ltd.		8,359		604,496
MINEBEA MITSUMI, Inc.		19,902		356,766
Mitsubishi Chemical Holdings Corp.		133,689		749,651
Mitsubishi Corp.		117,665		2,617,467
Mitsubishi Electric Corp.		110,439		1,415,614
Mitsubishi Estate Co. Ltd.		50,488		750,510
Mitsubishi Gas Chemical Co., Inc.		18,472		334,489
Mitsubishi Heavy Industries Ltd.		29,491		630,358
Mitsubishi Materials Corp.(a)		12,916		235,858
Mitsubishi Motors Corp.(b)		95,045		172,743
Mitsubishi UFJ Financial Group, Inc.		1,080,535		4,239,865

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

44

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

October 31, 2020

	Shares		Value
Japan-(continued)
Mitsubishi UFJ Lease & Finance Co. Ltd.		30,844	$	129,820
Mitsui & Co. Ltd.		118,408		1,846,231
Mitsui Chemicals, Inc.		21,018		536,005
Mitsui E&S Holdings Co. Ltd.(b)		23,892		75,191
Mitsui Fudosan Co. Ltd.		53,237		903,664
Mitsui Mining & Smelting Co. Ltd.		7,852		196,413
Mitsui OSK Lines Ltd.		23,550		526,913
Mizuho Financial Group, Inc.		210,519		2,580,640
MS&AD Insurance Group Holdings, Inc.		29,625		806,087
Murata Manufacturing Co. Ltd.		19,972		1,388,335
Nagoya Railroad Co. Ltd.		9,085		241,247
NEC Corp.		22,997		1,154,910
NGK Insulators Ltd.		18,923		268,441
NGK Spark Plug Co. Ltd.		18,152		316,887
NH Foods Ltd.		10,317		421,404
Nidec Corp.		10,849		1,089,674
Nikon Corp.		38,751		233,158
Nintendo Co. Ltd.		2,144		1,168,597
Nippon Electric Glass Co. Ltd.		13,591		265,996
Nippon Express Co. Ltd.		7,920		443,199
Nippon Paint Holdings Co. Ltd.(a)		3,832		344,198
Nippon Paper Industries Co. Ltd.		11,751		132,303
Nippon Steel Corp.(b)		107,699		1,036,915
Nippon Suisan Kaisha Ltd.		34,472		132,229
Nippon Telegraph & Telephone Corp.		114,241		2,399,782
Nippon Yusen KK		38,903		712,639
Nissan Motor Co. Ltd.(b)		382,482		1,339,089
Nisshin Seifun Group, Inc.(a)		14,946		224,605
Nissin Foods Holdings Co. Ltd.		2,278		196,988
Nitori Holdings Co. Ltd.		1,772		365,282
Nitto Denko Corp.		12,059		843,230
Nomura Holdings, Inc.		301,638		1,340,261
Nomura Real Estate Holdings, Inc.		10,370		180,637
NSK Ltd.		57,321		454,554
NTN Corp.(b)		97,145		178,418
NTT Data Corp.		34,927		392,570
NTT DOCOMO, Inc.		71,108		2,643,933
Obayashi Corp.		58,683		488,370
Odakyu Electric Railway Co. Ltd.		14,432		346,926
Oji Holdings Corp.		79,480		333,764
Olympus Corp.		18,796		357,617
Omron Corp.		7,748		555,864
Ono Pharmaceutical Co. Ltd.		13,084		371,969
Oriental Land Co. Ltd.		2,303		321,305
ORIX Corp.		104,929		1,220,023
Osaka Gas Co. Ltd.		25,874		490,552
Otsuka Holdings Co. Ltd.		23,050		849,988
Pan Pacific International Holdings Corp.		14,308		304,117
Panasonic Corp.		183,521		1,686,518
Rakuten, Inc.		36,699		356,318
Recruit Holdings Co. Ltd.		20,552		780,481
Renesas Electronics Corp.(b)		39,798		327,780
Resona Holdings, Inc.		216,314		708,700
Ricoh Co. Ltd.		85,914		560,487
Rohm Co. Ltd.		4,905		375,359
Santen Pharmaceutical Co. Ltd.		11,904		211,457
SBI Holdings, Inc.		15,449		353,639
Secom Co. Ltd.		8,082		679,942
Sega Sammy Holdings, Inc.		12,243		152,950
Seibu Holdings, Inc.		15,880		158,284

	Shares		Value
Japan-(continued)
Seiko Epson Corp.		27,587	$	317,723
Seino Holdings Co. Ltd.		14,952		192,800
Sekisui Chemical Co. Ltd.		23,237		360,091
Sekisui House Ltd.		47,373		782,375
Seven & i Holdings Co. Ltd.		55,354		1,683,283
SG Holdings Co. Ltd.		26,936		648,020
Sharp Corp.		14,004		160,750
Shimadzu Corp.		8,064		229,177
Shimano, Inc.		2,239		508,990
Shimizu Corp.		55,001		380,914
Shin-Etsu Chemical Co. Ltd.		12,881		1,711,470
Shinsei Bank Ltd.		18,523		221,837
Shionogi & Co. Ltd.		7,825		368,570
Shiseido Co. Ltd.		7,346		453,240
Shizuoka Bank Ltd. (The)		39,812		266,581
Showa Denko K.K.		18,403		311,059
SMC Corp.		1,386		733,172
Softbank Corp.		103,052		1,195,242
SoftBank Group Corp.		108,710		7,063,966
Sojitz Corp.		133,390		292,197
Sompo Holdings, Inc.		23,139		861,238
Sony Corp.		53,809		4,464,695
Stanley Electric Co. Ltd.		8,887		251,631
Subaru Corp.		65,849		1,200,261
SUMCO Corp.		10,784		163,503
Sumitomo Chemical Co. Ltd.		192,986		627,657
Sumitomo Corp.		99,327		1,087,428
Sumitomo Electric Industries Ltd.		60,637		664,432
Sumitomo Heavy Industries Ltd.		14,473		307,347
Sumitomo Metal Mining Co. Ltd.		20,778		640,592
Sumitomo Mitsui Financial Group, Inc.		115,013		3,169,624
Sumitomo Mitsui Trust Holdings, Inc.		25,555		680,432
Sumitomo Realty & Development Co. Ltd.		19,649		523,835
Sumitomo Rubber Industries Ltd.		17,814		155,579
Suntory Beverage & Food Ltd.		7,343		252,868
Suzuken Co. Ltd.		7,846		282,573
Suzuki Motor Corp.		32,720		1,394,997
Sysmex Corp.		3,688		345,728
T&D Holdings, Inc.		66,534		659,994
Taiheiyo Cement Corp.		16,462		384,859
Taisei Corp.		19,011		590,116
Takashimaya Co. Ltd.		28,656		212,713
Takeda Pharmaceutical Co. Ltd.		77,036		2,386,834
TDK Corp.		7,296		852,154
Teijin Ltd.		21,282		324,910
Terumo Corp.		13,428		492,857
THK Co. Ltd.		7,256		190,805
TIS, Inc.		8,858		169,551
Tobu Railway Co. Ltd.		11,899		336,345
Tohoku Electric Power Co., Inc.		34,316		302,653
Tokio Marine Holdings, Inc.		38,655		1,722,725
Tokyo Electric Power Co. Holdings, Inc.(b)		193,391		497,629
Tokyo Electron Ltd.		4,305		1,148,933
Tokyo Gas Co. Ltd.		31,125		704,287
Tokyo Tatemono Co. Ltd.		14,506		165,957
Tokyu Corp.		31,619		373,536
Tokyu Fudosan Holdings Corp.		56,050		243,416
Toppan Printing Co. Ltd.		31,803		402,481
Toray Industries, Inc.		158,050		711,180
Toshiba Corp.		48,301		1,214,687

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

45

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

October 31, 2020

	Shares		Value
Japan-(continued)
Tosoh Corp.		28,086	$	454,040
TOTO Ltd.		7,020		318,633
Toyo Seikan Group Holdings Ltd.		12,236		113,886
Toyo Suisan Kaisha Ltd.		4,639		230,752
Toyoda Gosei Co. Ltd.		8,855		223,450
Toyota Industries Corp.		10,981		705,876
Toyota Motor Corp.		121,726		7,921,389
Toyota Tsusho Corp.		15,947		442,226
Trend Micro, Inc.		3,798		212,534
Tsuruha Holdings, Inc.		1,712		239,425
Ube Industries Ltd.		13,582		232,170
Unicharm Corp.		8,051		372,746
West Japan Railway Co.		12,406		529,278
Yakult Honsha Co. Ltd.		4,032		195,159
Yamada Denki Co. Ltd.		66,927		325,224
Yamaha Corp.		4,815		226,610
Yamaha Motor Co. Ltd.		36,689		520,469
Yamato Holdings Co. Ltd.		31,607		832,654
Yamazaki Baking Co. Ltd.(a)		10,381		170,402
Yaskawa Electric Corp.		7,343		283,423
Yokogawa Electric Corp.		12,879		187,998
Yokohama Rubber Co. Ltd. (The)		12,432		177,311
Z Holdings Corp.		124,055		860,458
				187,498,865
Luxembourg-0.30%
Aperam S.A.		6,006		161,470
ArcelorMittal S.A.(b)		138,563		1,880,692
RTL Group S.A.(b)		4,814		182,919
SES S.A., FDR		47,358		378,100
				2,603,181
Macau-0.09%
Galaxy Entertainment Group Ltd.		58,609		386,200
Sands China Ltd.		120,881		423,208
				809,408
Netherlands-2.38%
Aalberts N.V.		4,584		153,996
ABN AMRO Bank N.V., CVA(b)(d)		69,396		569,570
Aegon N.V.		369,687		996,908
Akzo Nobel N.V.		14,225		1,370,338
Altice Europe N.V.(b)		37,580		185,125
Altice Europe N.V., Class B(b)		2,480		12,292
ASML Holding N.V.		4,350		1,580,934
ASR Nederland N.V.		16,328		496,413
Boskalis Westminster(b)		9,483		191,321
Heineken Holding N.V.		4,814		372,063
Heineken N.V.(a)		8,795		780,658
ING Groep N.V.(b)		542,671		3,703,650
Koninklijke Ahold Delhaize N.V.		98,813		2,715,262
Koninklijke BAM Groep N.V.(b)		72,677		90,245
Koninklijke DSM N.V.		7,286		1,166,551
Koninklijke KPN N.V.		280,469		757,954
Koninklijke Philips N.V.(b)		38,898		1,806,749
NN Group N.V.		42,810		1,493,024
Prosus N.V.(b)		3,925		392,189
Randstad N.V.(b)		11,875		593,556
SBM Offshore N.V.		12,407		200,020

	Shares		Value
Netherlands-(continued)
Signify N.V.(b)(d)		14,527	$	517,637
Wolters Kluwer N.V.		7,199		583,480
				20,729,935
New Zealand-0.05%
Fletcher Building Ltd.(b)		62,979		170,654
Spark New Zealand Ltd.		84,924		252,007
				422,661
Norway-0.63%
DNB ASA		73,316		987,124
Equinor ASA		136,435		1,730,621
Gjensidige Forsikring ASA		8,865		168,140
Mowi ASA		22,943		361,588
Norsk Hydro ASA(b)		218,621		611,343
Orkla ASA		43,079		405,965
Storebrand ASA(b)		48,149		252,359
Telenor ASA		60,932		938,313
				5,455,453
Poland-0.16%
Bank Polska Kasa Opieki S.A.(b)		13,977		149,055
KGHM Polska Miedz S.A.(b)		14,396		429,116
Polski Koncern Naftowy ORLEN S.A.		26,570		255,397
Powszechna Kasa Oszczednosci Bank Polski S.A.(b)		57,547		275,198
Powszechny Zaklad Ubezpieczen S.A.(b)		58,013		316,139
				1,424,905
Portugal-0.22%
Banco Comercial Portugues S.A., Class R(b)		968,559		85,068
EDP - Energias de Portugal S.A.		246,850		1,216,882
Galp Energia SGPS S.A.		44,836		363,188
Jeronimo Martins SGPS S.A.		14,859		236,088
				1,901,226
Russia-0.05%
Evraz PLC		53,129		246,961
Polymetal International PLC		11,334		240,267
				487,228
Singapore-0.67%
Ascendas REIT		108,490		228,818
CapitaLand Integrated Commercial Trust		110,204		139,621
CapitaLand Ltd.		166,759		313,856
City Developments Ltd.		30,752		142,781
ComfortDelGro Corp. Ltd.		199,343		197,080
DBS Group Holdings Ltd.		102,652		1,529,819
Genting Singapore Ltd.		343,018		162,026
Keppel Corp. Ltd.		70,352		226,178
Oversea-Chinese Banking Corp. Ltd.		107,479		662,741
Singapore Airlines Ltd.		48,386		120,123
Singapore Press Holdings Ltd.		130,529		94,635
Singapore Technologies Engineering Ltd.		73,837		188,716
Singapore Telecommunications Ltd.		584,865		869,481
United Overseas Bank Ltd.		53,417		742,870
Venture Corp. Ltd.		15,955		225,041
				5,843,786

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

46

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

October 31, 2020

	Shares		Value
South Africa-0.23%
Anglo American PLC		79,365	$	1,858,635
Investec PLC		70,572		130,806
				1,989,441
South Korea-5.58%
Amorepacific Corp.		1,265		176,144
Amorepacific Corp., Preference Shares		362		16,717
CJ CheilJedang Corp.		788		250,699
CJ CheilJedang Corp., Preference Shares		204		28,226
Coway Co. Ltd.		3,800		232,414
Daelim Industrial Co. Ltd.		3,460		237,843
DB Insurance Co. Ltd.		5,130		200,055
E-MART, Inc.		5,272		659,755
GS Engineering & Construction Corp.		8,673		204,080
Hana Financial Group, Inc.		24,939		668,146
Hanwha Solutions Corp.		14,362		553,115
Hyundai Engineering & Construction Co. Ltd.		13,554		366,115
Hyundai Glovis Co. Ltd.		2,118		312,651
Hyundai Heavy Industries Holdings Co. Ltd.		988		186,768
Hyundai Mobis Co. Ltd.		6,871		1,365,480
Hyundai Motor Co.		22,567		3,271,589
Hyundai Motor Co., First Pfd.		3,798		263,085
Hyundai Motor Co., Second Pfd.		6,097		429,321
Hyundai Steel Co.		13,344		339,862
Industrial Bank of Korea		43,319		311,903
KB Financial Group, Inc.		37,465		1,324,003
Kia Motors Corp.		29,349		1,306,182
Korea Electric Power Corp.(b)		35,460		623,449
Korea Shipbuilding & Offshore Engineering Co. Ltd.(b)		3,877		267,874
Korea Zinc Co. Ltd.		760		256,191
Korean Air Lines Co. Ltd.(b)		14,895		261,880
KT&G Corp.		8,723		622,687
LG Chem Ltd.		2,797		1,506,096
LG Chem Ltd., Preference Shares		511		139,605
LG Corp.		6,066		362,452
LG Display Co. Ltd.(b)		54,149		670,480
LG Electronics, Inc.		12,616		933,942
LG Electronics, Inc., Preference Shares		2,063		58,452
LG Household & Health Care Ltd.		254		335,772
LG Household & Health Care Ltd., Preference Shares		65		39,583
LG Uplus Corp.		29,064		283,033
Lotte Chemical Corp.		2,783		571,463
Lotte Shopping Co. Ltd.		2,620		192,569
Mirae Asset Daewoo Co. Ltd.		35,703		263,360
Mirae Asset Daewoo Co. Ltd., Second Pfd.		12,566		50,000
NAVER Corp.		1,932		493,769
POSCO		7,792		1,428,339
Samsung C&T Corp.		5,407		526,548
Samsung Electro-Mechanics Co. Ltd.		2,737		322,014
Samsung Electronics Co. Ltd.		306,158		15,271,475
Samsung Electronics Co. Ltd., Preference Shares		52,209		2,305,165
Samsung Fire & Marine Insurance Co. Ltd.		2,833		446,908
Samsung Fire & Marine Insurance Co. Ltd., Preference Shares		254		31,786
Samsung Heavy Industries Co. Ltd.(b)		51,992		231,391
Samsung Life Insurance Co. Ltd.		5,765		321,096
Samsung SDI Co. Ltd.		1,564		609,225

	Shares		Value
South Korea-(continued)
Samsung SDS Co. Ltd.		1,302	$	193,344
Shinhan Financial Group Co. Ltd.		38,916		1,040,892
SK Holdings Co. Ltd.		5,170		831,519
SK Hynix, Inc.		29,946		2,108,650
SK Innovation Co. Ltd.		9,384		1,037,888
SK Telecom Co. Ltd.		2,990		563,902
S-Oil Corp.		5,607		268,318
Woori Financial Group, Inc.		56,585		443,325
				48,618,595
Spain-2.84%
Acciona S.A.		1,808		182,594
Acerinox S.A.(b)		22,014		174,475
ACS Actividades de Construccion y Servicios S.A.		41,789		993,029
Aena SME S.A.(b)(d)		3,115		419,455
Amadeus IT Group S.A.		10,101		482,294
Banco Bilbao Vizcaya Argentaria S.A.		955,972		2,741,593
Banco de Sabadell S.A.		1,093,466		333,716
Banco Santander S.A.(b)		2,626,160		5,233,476
Bankia S.A.		232,409		284,799
Bankinter S.A.		56,886		213,170
CaixaBank S.A.		347,897		632,997
Enagas S.A.		16,464		355,370
Endesa S.A.		37,499		1,005,093
Ferrovial S.A.		19,678		425,774
Grifols S.A.(a)		8,362		225,882
Iberdrola S.A.		357,803		4,219,965
Industria de Diseno Textil S.A.(b)		36,080		890,568
Mapfre S.A.		151,339		228,116
Merlin Properties SOCIMI S.A.		16,322		109,798
Naturgy Energy Group S.A.		31,188		579,453
Red Electrica Corp. S.A.		25,440		448,211
Repsol S.A.		286,255		1,780,591
Telefonica S.A.		855,045		2,794,772
				24,755,191
Sweden-2.38%
Alfa Laval AB(b)		13,249		268,667
Assa Abloy AB, Class B		26,939		578,054
Atlas Copco AB, Class A		19,840		875,745
Atlas Copco AB, Class B		11,920		457,053
BillerudKorsnas AB		14,868		233,013
Boliden AB		23,213		634,233
Castellum AB		10,386		216,328
Electrolux AB, Series B(a)		24,866		561,229
Electrolux Professional AB, Class B(b)		19,512		73,719
Epiroc AB, Class A		13,089		195,574
Epiroc AB, Class B		8,072		115,714
Essity AB, Class B(a)		27,079		784,581
Hennes & Mauritz AB, Class B		66,728		1,084,002
Hexagon AB, Class B		6,478		473,342
Husqvarna AB, Class B		30,170		311,829
ICA Gruppen AB(a)		6,332		299,700
NCC AB, Class A(b)		385		6,185
NCC AB, Class B(b)		9,876		157,552
Sandvik AB(b)		51,652		919,751
Securitas AB, Class B(b)		27,979		395,899
Skandinaviska Enskilda Banken AB, Class A(b)		130,092		1,115,139
Skandinaviska Enskilda Banken AB, Class C(b)		1,780		16,358

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

47

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

October 31, 2020

	Shares		Value
Sweden-(continued)
Skanska AB, Class B		30,129	$	566,284
SKF AB, Class B		32,037		655,774
SSAB AB, Class A(b)		34,487		100,271
SSAB AB, Class B(a)(b)		85,747		231,776
Svenska Cellulosa AB S.C.A., Class A(b)		806		11,174
Svenska Cellulosa AB S.C.A., Class B(b)		24,092		326,824
Svenska Handelsbanken AB, Class A(b)		127,207		1,030,672
Svenska Handelsbanken AB, Class B(b)		3,128		30,187
Swedbank AB, Class A(b)		116,101		1,819,550
Swedish Match AB		5,557		418,656
Tele2 AB, Class B		29,166		345,851
Telefonaktiebolaget LM Ericsson, Class A		2,176		26,011
Telefonaktiebolaget LM Ericsson, Class B		169,845		1,894,386
Telia Co. AB(a)		277,729		1,064,594
Trelleborg AB, Class B(b)		17,917		297,706
Volvo AB, Class B(b)		110,031		2,140,383
				20,733,766
Switzerland-6.32%
ABB Ltd		100,067		2,429,208
Adecco Group AG		18,885		927,200
Alcon, Inc.(b)		19,672		1,118,227
Baloise Holding AG		3,763		514,433
Barry Callebaut AG		120		247,842
Chocoladefabriken Lindt & Spruengli AG		3		259,560
Chocoladefabriken Lindt & Spruengli AG, PC		29		230,026
Cie Financiere Richemont S.A.		23,945		1,502,196
Clariant AG		11,057		189,642
Coca-Cola HBC AG(b)		7,853		178,202
Credit Suisse Group AG(b)		229,058		2,155,252
Dufry AG(a)(b)		3,422		129,555
Geberit AG		789		449,357
Georg Fischer AG		252		254,323
Givaudan S.A.		252		1,027,191
Helvetia Holding AG		1,804		141,320
Julius Baer Group Ltd.		11,707		522,922
Kuehne + Nagel International AG		3,005		600,312
LafargeHolcim Ltd.(b)		44,031		1,890,371
Lonza Group AG		1,265		766,274
Nestle S.A.		99,652		11,209,559
Novartis AG		67,274		5,247,306
Partners Group Holding AG		251		226,367
PSP Swiss Property AG		1,266		153,182
Roche Holding AG		22,149		7,122,817
Roche Holding AG, BR		777		250,254
Schindler Holding AG		675		173,362
Schindler Holding AG, PC		1,274		325,954
SGS S.A.		251		627,397
Sika AG		2,464		606,759
Sonova Holding AG(b)		1,002		237,778
STMicroelectronics N.V.		17,262		525,815
Sunrise Communications Group AG(d)		2,279		274,261
Swatch Group AG (The)		3,393		138,600
Swatch Group AG (The), BR		2,266		479,505
Swiss Life Holding AG		2,781		935,142
Swiss Prime Site AG		3,292		276,922
Swiss Re AG		27,522		1,974,029
Swisscom AG		1,585		806,378
UBS Group AG		345,561		4,013,416

	Shares		Value
Switzerland-(continued)
Vifor Pharma AG		1,108	$	124,696
Zurich Insurance Group AG		11,397		3,780,141
				55,043,053
United Kingdom-13.33%
3i Group PLC		46,615		579,226
Admiral Group PLC		10,358		368,305
Aggreko PLC		19,565		111,663
Ashtead Group PLC		17,087		618,618
Associated British Foods PLC		18,278		401,178
AstraZeneca PLC		42,592		4,276,850
Aviva PLC		405,553		1,350,279
Babcock International Group PLC		37,232		104,562
BAE Systems PLC		201,030		1,031,929
Barclays PLC(b)		1,873,486		2,581,329
Barratt Developments PLC(b)		65,236		406,990
Beazley PLC		27,013		102,688
Bellway PLC		6,806		205,484
Berkeley Group Holdings PLC		6,701		351,515
BP PLC		2,662,639		6,768,531
British American Tobacco PLC		176,892		5,599,100
British Land Co. PLC (The)		80,488		362,792
BT Group PLC		1,043,319		1,367,898
Bunzl PLC		20,014		621,075
Burberry Group PLC		16,795		294,468
Capita PLC(b)		153,771		49,090
Centrica PLC(b)		1,043,058		501,437
Close Brothers Group PLC		10,770		149,979
CNH Industrial N.V.(b)		118,351		918,155
Compass Group PLC		77,374		1,055,471
Croda International PLC		3,886		303,184
DCC PLC		7,340		476,809
Derwent London PLC		3,800		130,598
Diageo PLC		72,113		2,330,121
Direct Line Insurance Group PLC		180,895		616,319
Dixons Carphone PLC		110,382		137,086
DS Smith PLC(b)		102,122		373,816
easyJet PLC		19,118		125,032
Experian PLC		17,551		639,274
Fiat Chrysler Automobiles N.V.(b)		340,516		4,181,483
G4S PLC(b)		148,214		391,139
GlaxoSmithKline PLC		292,114		4,879,174
GVC Holdings PLC(b)		19,392		242,264
Hammerson PLC(b)		10,178		2,146
Hays PLC(b)		100,483		138,759
Hiscox Ltd.(b)		16,075		171,351
HSBC Holdings PLC		1,556,409		6,531,366
IG Group Holdings PLC		23,286		229,128
IMI PLC		16,967		226,842
Imperial Brands PLC		126,837		2,007,363
Inchcape PLC(b)		35,680		228,734
Informa PLC(b)		47,314		255,720
InterContinental Hotels Group PLC(b)		7,898		399,907
Intermediate Capital Group PLC		10,382		157,194
International Consolidated Airlines Group S.A.		62,589		78,047
Intertek Group PLC		3,744		269,740
ITV PLC(b)		376,398		351,093
J Sainsbury PLC		286,011		745,542
John Wood Group PLC(b)		74,881		205,358

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

48

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

October 31, 2020

	Shares		Value
United Kingdom-(continued)
Johnson Matthey PLC		21,445	$	595,883
Kingfisher PLC(b)		285,030		1,058,090
Land Securities Group PLC		55,058		362,571
Legal & General Group PLC		582,455		1,391,756
Lloyds Banking Group PLC(b)		7,755,870		2,810,443
London Stock Exchange Group PLC		3,670		392,817
M&G PLC		352,403		668,221
Man Group PLC		106,134		147,592
Marks & Spencer Group PLC		352,601		406,401
Meggitt PLC(b)		43,674		154,334
Micro Focus International PLC(b)		44,902		125,348
Mondi PLC		39,751		751,954
National Grid PLC		305,755		3,633,187
Natwest Group PLC(b)		367,121		589,562
Next PLC		6,690		505,170
Ninety One PLC(b)		35,690		95,063
Pearson PLC(a)		79,787		526,140
Pennon Group PLC		20,895		268,173
Persimmon PLC		18,241		550,960
Phoenix Group Holdings PLC		38,598		330,585
Prudential PLC		187,048		2,280,191
Quilter PLC(d)		120,273		190,037
Reckitt Benckiser Group PLC		25,991		2,285,233
RELX PLC		48,528		958,456
Rentokil Initial PLC(b)		36,292		246,828
Rolls-Royce Holdings PLC(a)		68,444		63,117
Rolls-Royce Holdings PLC, Rts., expiring 11/06/2020(b)		228,146		115,047
Royal Dutch Shell PLC, Class A		602,462		7,520,307
Royal Dutch Shell PLC, Class B		538,445		6,467,787
Royal Mail PLC(a)		164,205		481,960
RSA Insurance Group PLC		79,190		433,735
Sage Group PLC (The)		32,254		265,073
Schroders PLC		5,756		194,547
Segro PLC		31,191		363,776
Severn Trent PLC		12,914		405,757
Signature Aviation PLC		57,766		176,571
Smith & Nephew PLC		24,162		417,542
Smiths Group PLC		20,448		351,510
Spectris PLC		4,814		154,119
SSE PLC		101,670		1,649,815
St James’s Place PLC		27,802		323,244
Standard Chartered PLC(b)		258,060		1,173,857
Standard Life Aberdeen PLC(a)		225,702		655,165
Subsea 7 S.A.(b)		34,081		224,192
Tate & Lyle PLC		31,539		242,722
Taylor Wimpey PLC(b)		229,040		313,325
TechnipFMC PLC		44,593		244,189

Investment Abbreviations:

BR-Bearer Shares

CDI-CREST Depository Interest

CVA-Dutch Certificates

FDR-Fiduciary Depositary Receipt

PC-Participation Certificate

Pfd.-Preferred

REIT-Real Estate Investment Trust

RSP-Registered Savings Plan Shares

Rts.-Rights

	Shares		Value
United Kingdom-(continued)
Tesco PLC		817,147	$	2,171,254
Travis Perkins PLC(b)		21,094		289,519
Unilever N.V.		59,000		3,336,653
Unilever PLC		44,257		2,520,159
United Utilities Group PLC		43,343		483,871
Vodafone Group PLC		2,997,323		3,991,806
Weir Group PLC (The)(b)		16,918		313,578
Whitbread PLC(a)(b)		13,074		362,944
William Hill PLC		80,477		285,532
WM Morrison Supermarkets PLC(a)		313,718		660,783
WPP PLC		145,127		1,157,045
				116,138,697
United States-0.45%
Amcor PLC, CDI		70,490		733,119
Bausch Health Cos., Inc.(b)		31,499		518,546
Carnival PLC		11,892		130,484
Ferguson PLC		12,411		1,239,182
James Hardie Industries PLC, CDI		12,151		295,073
QIAGEN N.V.(b)		5,320		252,652
Samsonite International S.A.(b)(d)		100,914		101,501
Tenaris S.A.		40,369		191,481
Waste Connections, Inc.		4,400		435,792
				3,897,830
Zambia-0.08%
First Quantum Minerals Ltd.		60,224		691,514
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.53% (Cost $1,043,618,655)				867,353,383
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.47%
Invesco Private Government Fund, 0.04%(e)(f)(g)		8,596,104		8,596,104
Invesco Private Prime Fund, 0.11%(e)(f)(g)		12,890,288		12,894,155
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $21,490,260)				21,490,259
TOTAL INVESTMENTS IN SECURITIES-102.00% (Cost $1,065,108,915)				888,843,642
OTHER ASSETS LESS LIABILITIES-(2.00)%				(17,440,906	)
NET ASSETS-100.00%			$	871,402,736

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

49

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

October 31, 2020

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at October 31, 2020.

^(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 October 31, 2020 was $6,113,691, which represented less than 1% of the Fund’s Net Assets.

^(e)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2020.

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	2,662,140		$	(2,662,140	)		$	-			$	-		$	-		$	6
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			30,725,127			(30,725,127	)			-				-			-			6,434
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			18,667,145			157,012,950			(175,680,095	)			-				-			-			122,800	*
Invesco Liquid Assets Portfolio, Institutional Class			6,222,382			37,725,638			(43,951,427	)			(284	)			3,691			-			46,410	*
Invesco Private Government Fund			-			210,804,943			(202,208,839	)			-				-			8,596,104			4,584	*
Invesco Private Prime Fund			-			52,071,442			(39,179,831	)			(1	)			2,545			12,894,155			4,036	*
Total		$	24,889,527		$	491,002,240		$	(494,407,459	)		$	(285	)		$	6,236		$	21,490,259		$	184,270

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

^(f)  The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

^(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.

50

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

October 31, 2020

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.71%
Australia-5.83%
Abacus Property Group		57,727	$	112,292
Adbri Ltd.		159,330		316,647
ALS Ltd.		44,523		292,340
Alumina Ltd.		135,997		137,048
Ansell Ltd.		20,318		573,444
Atlas Arteria Ltd.		27,882		110,432
AusNet Services		425,454		597,550
Austal Ltd.		40,677		77,412
Australian Pharmaceutical Industries Ltd.		94,410		72,598
Bapcor Ltd.		32,585		175,282
Beach Energy Ltd.		135,057		111,916
Bega Cheese Ltd.(a)		53,894		189,235
Blackmores Ltd.(b)		2,252		111,114
Breville Group Ltd.		8,778		160,705
Brickworks Ltd.		8,523		103,605
BWP Trust		56,667		159,576
carsales.com Ltd.		15,420		224,912
Charter Hall Group		23,036		199,625
Charter Hall Long Wale REIT		20,219		67,728
Charter Hall Retail REIT		58,433		141,159
Cleanaway Waste Management Ltd.		143,463		206,531
Cochlear Ltd.		2,598		387,111
Collins Foods Ltd.		13,680		92,802
Costa Group Holdings Ltd.		57,450		143,626
Cromwell Property Group(a)		347,965		213,814
CSR Ltd.		143,082		443,114
Deterra Royalties Ltd.(a)(b)		45,106		124,486
Domino’s Pizza Enterprises Ltd.		3,396		202,068
Eagers Automotive Ltd.		31,629		241,217
Eclipx Group Ltd.(b)		134,691		140,461
Elders Ltd.		20,775		163,545
Estia Health Ltd.		59,787		55,841
Evolution Mining Ltd.		81,022		315,213
FlexiGroup Ltd.(a)		74,860		49,416
Flight Centre Travel Group Ltd.(b)		13,773		108,908
G8 Education Ltd.		222,805		176,023
Genworth Mortgage Insurance Australia Ltd.		57,026		68,279
GrainCorp Ltd., Class A(b)		67,925		168,859
Growthpoint Properties Australia Ltd.		33,671		80,395
GUD Holdings Ltd.		14,910		132,243
GWA Group Ltd.		42,377		78,564
Harvey Norman Holdings Ltd.		131,022		408,525
Healius Ltd.		110,903		262,461
IGO Ltd.		43,875		136,802
Iluka Resources Ltd.		45,106		163,130
Inghams Group Ltd.		64,395		129,333
InvoCare Ltd.		14,735		104,408
IOOF Holdings Ltd.		109,984		225,530
IRESS Ltd.		20,610		132,721
Link Administration Holdings Ltd.		65,783		220,356
Magellan Financial Group Ltd.		3,809		147,385
Mayne Pharma Group Ltd.(b)		537,008		113,134
McMillan Shakespeare Ltd.		15,366		100,786
Mineral Resources Ltd.		22,480		394,033
Monadelphous Group Ltd.		22,417		143,885
National Storage REIT		65,046		82,450
New Hope Corp. Ltd.(a)		80,076		60,170

	Shares		Value
Australia-(continued)
NEXTDC Ltd.(b)		16,704	$	149,445
nib holdings Ltd.		81,106		236,940
Nine Entertainment Co. Holdings Ltd.		185,435		270,861
Northern Star Resources Ltd.		22,923		239,051
NRW Holdings Ltd.		121,310		185,714
Nufarm Ltd.(b)		78,907		190,619
OceanaGold Corp.(b)		152,284		198,728
oOh!media Ltd.		57,204		52,625
OZ Minerals Ltd.		66,383		692,736
Pact Group Holdings Ltd.		59,592		98,344
Pendal Group Ltd.		45,362		206,105
Perenti Global Ltd.		130,014		95,411
Perpetual Ltd.		9,204		175,808
Perseus Mining Ltd.(b)		110,236		94,057
Platinum Asset Management Ltd.		42,401		90,817
Premier Investments Ltd.		10,516		157,667
Qube Holdings Ltd.		144,645		269,179
REA Group Ltd.(a)		1,686		140,031
Regis Resources Ltd.		51,617		150,429
Resolute Mining Ltd.(a)(b)		108,153		60,760
Sandfire Resources Ltd.		46,660		144,830
Saracen Mineral Holdings Ltd.(b)		28,945		114,642
SEEK Ltd.		29,825		450,519
Seven Group Holdings Ltd.(a)		14,752		201,183
Shopping Centres Australasia Property Group		105,645		172,119
Southern Cross Media Group Ltd.(b)		241,387		29,665
St Barbara Ltd.		63,244		117,695
Steadfast Group Ltd.		60,721		151,803
Super Retail Group Ltd.		41,336		324,826
Sydney Airport		81,127		310,494
Tassal Group Ltd.		41,271		102,598
TPG Telecom Ltd.(b)		42,198		212,769
Tuas Ltd.(b)		21,087		11,254
United Malt Grp Ltd.(b)		67,925		192,232
Virgin Australia International Holdings Pty. Ltd.(b)(c)		112,977		0
Viva Energy Group Ltd.(d)		205,612		243,299
Vocus Group Ltd.(b)		89,559		216,980
Washington H Soul Pattinson & Co. Ltd.(a)		12,439		221,352
Waypoint REIT		53,631		100,935
Whitehaven Coal Ltd.		291,458		217,980
Worley Ltd.		46,836		309,500
				17,954,247
Austria-0.54%
ams AG(b)		11,647		249,701
CA Immobilien Anlagen AG		6,974		191,312
DO & CO AG(b)		933		33,854
IMMOFINANZ AG(a)(b)		13,010		174,279
Lenzing AG(a)(b)		3,186		222,673
Oesterreichische Post AG(a)		5,893		187,056
S IMMO AG		4,702		69,450
S&T AG(a)(b)		3,283		59,543
Schoeller-Bleckmann Oilfield Equipment AG		1,994		48,196
UNIQA Insurance Group AG		11,363		63,931

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

51

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

October 31, 2020

	Shares		Value
Austria-(continued)
Verbund AG		4,890	$	281,274
Vienna Insurance Group AG Wiener Versicherung Gruppe		4,636		94,072
				1,675,341
Belgium-1.28%
Ackermans & van Haaren N.V.(b)		2,742		337,288
Aedifica S.A.		1,051		105,776
AGFA-Gevaert N.V.(b)		39,222		148,942
Barco N.V.		5,046		79,086
Befimmo S.A.		3,074		119,597
Bekaert S.A.		10,594		225,336
bpost S.A.(b)		31,831		281,981
Cie d’Entreprises CFE(b)		1,161		71,812
Cofinimmo S.A.		2,569		348,925
D’ieteren S.A./N.V.		5,889		295,314
Elia Group S.A./N.V.		3,331		322,438
Euronav N.V.		35,138		256,430
Fagron		3,988		88,495
Galapagos N.V.(b)		512		60,475
Gimv N.V.		1,588		82,870
Melexis N.V.		1,786		135,852
Ontex Group N.V.(b)		23,204		256,101
Orange Belgium S.A.		5,225		87,035
Retail Estates N.V.		955		56,400
Telenet Group Holding N.V.		8,950		344,038
Warehouses De Pauw C.V.A.		6,731		225,182
				3,929,373
Cambodia-0.04%
NagaCorp Ltd.		133,821		138,051
Canada-5.51%
Aecon Group, Inc.		20,453		218,129
Alamos Gold, Inc., Class A		36,538		333,496
Allied Properties REIT		10,634		257,685
Aphria, Inc.(b)		27,801		124,894
Artis REIT		29,411		183,964
ATS Automation Tooling Systems, Inc.(b)		9,646		119,368
Aurora Cannabis, Inc.(b)		4,561		18,403
B2Gold Corp.		55,313		355,520
Baytex Energy Corp.(b)		412,806		122,292
BlackBerry Ltd.(b)		70,608		316,673
Boardwalk REIT(a)		7,760		155,858
Boyd Group Services, Inc.		863		123,694
BRP, Inc.		2,864		154,568
Canadian Western Bank		16,789		308,494
Canfor Corp.(b)		32,981		399,725
Canopy Growth Corp.(a)(b)		14,080		264,314
Cascades, Inc.		13,200		140,380
Centerra Gold, Inc.		34,271		299,182
Chartwell Retirement Residences(a)		28,498		204,328
Choice Properties REIT(a)		23,702		213,849
Cineplex, Inc.		12,498		47,711
Cogeco Communications, Inc.		1,626		113,168
Colliers International Group, Inc.		2,365		167,369
Cominar REIT, Class U(a)		43,058		229,281
Corus Entertainment, Inc., Class B		93,245		246,164
Descartes Systems Group, Inc. (The)(b)		2,376		127,305
Dollarama, Inc.		13,952		480,082
Dream Office REIT		12,396		162,788

	Shares		Value
Canada-(continued)
ECN Capital Corp.		29,333	$	116,157
Element Fleet Management Corp.		38,432		361,737
Enerflex Ltd.		34,932		125,492
Enerplus Corp.(a)		90,856		164,902
First Capital REIT(a)		26,444		234,423
FirstService Corp.		1,300		174,182
Genworth MI Canada, Inc.		6,316		209,373
Granite REIT		5,135		287,685
Great Canadian Gaming Corp.(b)		4,987		85,090
Home Capital Group, Inc.(b)		11,970		218,420
IAMGOLD Corp.(b)		134,615		492,685
Innergex Renewable Energy, Inc.		11,230		202,306
Ivanhoe Mines Ltd., Class A(b)		41,334		162,441
Kelt Exploration Ltd.(b)		37,332		45,638
Kirkland Lake Gold Ltd.		5,807		264,360
Laurentian Bank of Canada		12,436		244,458
Maple Leaf Foods, Inc.		13,826		251,561
Martinrea International, Inc.		26,687		200,750
Mullen Group Ltd.		28,198		189,488
NFI Group, Inc.		12,848		145,405
Norbord, Inc.		12,442		408,435
North West Co., Inc. (The)		11,159		274,926
Northland Power, Inc.		12,785		413,174
Northview Apartment REIT		5,988		162,213
Osisko Gold Royalties Ltd.		11,749		131,293
Pan American Silver Corp.		9,371		297,572
Paramount Resources Ltd., Class A(a)(b)		34,297		57,618
Pason Systems, Inc.		14,248		55,032
PrairieSky Royalty Ltd.		29,433		180,348
Premium Brands Holdings Corp.		2,794		199,154
Pretium Resources, Inc.(b)		15,680		191,098
Quebecor, Inc., Class B		12,334		285,929
Ritchie Bros. Auctioneers, Inc.		7,024		425,438
Russel Metals, Inc.		20,014		266,133
Secure Energy Services, Inc.		59,389		66,366
ShawCor Ltd.		17,986		29,272
Shopify, Inc., Class A(b)		444		408,995
SSR Mining, Inc.(b)		19,235		355,747
Stantec, Inc.		13,023		373,690
Stella-Jones, Inc.		7,611		247,507
Superior Plus Corp.(a)		41,379		367,751
TMX Group Ltd.		5,410		525,277
TORC Oil & Gas Ltd.		49,206		50,928
Torex Gold Resources, Inc.(b)		8,061		108,580
Toromont Industries Ltd.		6,579		409,291
TransAlta Renewables, Inc.(a)		9,030		113,099
Transcontinental, Inc., Class A		21,509		254,556
Westshore Terminals Investment Corp.		12,179		122,306
Winpak Ltd.		4,150		128,109
				16,975,074
China-1.57%
Asia Cement China Holdings Corp.		85,654		78,311
Budweiser Brewing Co. APAC Ltd.(d)		71,472		210,134
CapitaLand Retail China Trust		122,638		105,080
China Harmony Auto Holding Ltd.		241,700		94,749
China Travel International Investment Hong
Kong Ltd.(b)		738,083		94,225
Chow Tai Fook Jewellery Group Ltd.(a)		272,585		347,988
CITIC Telecom International Holdings Ltd.		295,426		93,715

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

52

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

October 31, 2020

	Shares		Value
China-(continued)
FIH Mobile Ltd.(b)		1,305,355	$	143,078
Gemdale Properties & Investment Corp. Ltd.		810,038		125,347
Minth Group Ltd.		110,222		455,536
MMG Ltd.(b)		1,238,534		292,271
Nexteer Automotive Group Ltd.		256,099		213,007
Noble Group Ltd.(b)(c)		760,360		0
Road King Infrastructure Ltd.		44,797		53,145
Shangri-La Asia Ltd.(b)		288,377		226,467
Shui On Land Ltd.		414,104		54,467
SITC International Holdings Co. Ltd.		122,322		188,652
Sun Art Retail Group Ltd.		317,348		342,931
Tingyi Cayman Islands Holding Corp.		264,191		482,401
Uni-President China Holdings Ltd.		141,404		122,170
Xinyi Glass Holdings Ltd.		324,963		711,538
Xinyi Solar Holdings Ltd.		217,245		394,999
				4,830,211
Colombia-0.06%
Parex Resources, Inc.(b)		19,277		187,515
Denmark-1.58%
Alm Brand A/S(b)		12,111		138,515
Chr. Hansen Holding A/S		5,401		544,034
D/S Norden A/S		10,108		143,125
Demant A/S(a)(b)		6,039		190,200
Dfds A/S(b)		6,395		238,332
Drilling Co. of 1972 A/S (The)(a)(b)		6,206		117,101
FLSmidth & Co. A/S(b)		14,095		359,572
Genmab A/S(b)		843		280,804
GN Store Nord A/S		4,963		356,960
H Lundbeck A/S		5,700		160,527
NKT A/S(b)		7,524		204,479
Ringkjoebing Landbobank A/S		2,650		201,711
Rockwool International A/S, Class B		813		317,749
Royal Unibrew A/S		3,202		312,713
Scandinavian Tobacco Group A/S(d)		14,753		208,549
Schouw & Co. A/S		1,167		101,519
SimCorp A/S		1,346		160,472
Sydbank A/S(b)		12,391		211,317
Topdanmark A/S		5,347		209,147
Tryg A/S		15,063		417,850
				4,874,676
Egypt-0.10%
Centamin PLC		185,885		297,913
Faroe Islands-0.05%
Bakkafrost P/F(b)		2,752		156,618
Finland-0.85%
Cargotec OYJ, Class B(a)		14,984		514,547
Citycon OYJ(a)		10,457		80,515
Finnair OYJ(a)(b)		77,957		33,236
Kemira OYJ		24,975		308,667
Kojamo OYJ		7,066		145,686
Metsa Board OYJ		42,855		359,671
Sanoma OYJ		9,683		142,570
TietoEVRY OYJ		12,898		321,519
Uponor OYJ		7,803		145,611
Valmet OYJ		19,749		471,134
YIT OYJ		20,366		107,514
				2,630,670

	Shares		Value
France-2.73%
Adevinta ASA, Class B(b)		7,486	$	115,514
Akka Technologies(a)(b)		1,696		31,017
Albioma S.A.		3,439		160,036
ALD S.A.(d)		8,354		90,013
Alten S.A.(b)		2,610		208,714
Beneteau S.A.		9,008		82,894
BioMerieux		1,936		288,208
Carmila S.A.		4,223		32,663
CGG S.A.(b)		152,993		85,471
Cie Plastic Omnium S.A.		17,486		398,205
Coface S.A.(b)		15,118		117,988
Dassault Aviation S.A.(b)		292		243,537
Derichebourg S.A.		28,532		83,687
Eramet S.A.(a)(b)		5,406		143,450
Europcar Mobility Group(a)(b)(d)		93,562		60,978
Fnac Darty S.A.(b)		7,004		300,889
Gaztransport Et Technigaz S.A.		1,442		138,156
Iliad S.A.		3,256		629,597
Ipsen S.A.		3,628		330,268
Ipsos		5,668		139,310
JCDecaux S.A.(b)		12,420		191,694
Korian S.A.(b)		9,579		269,803
Maisons du Monde S.A.(b)(d)		14,741		197,295
Mercialys S.A.(a)		20,601		98,628
Mersen S.A.(b)		3,732		96,726
Metropole Television S.A.(b)		10,389		114,118
Nexans S.A.(b)		10,269		498,091
Nexity S.A.		8,763		246,003
Quadient		5,470		71,300
Rallye S.A.(b)		11,430		43,471
Remy Cointreau S.A.		2,227		376,147
Sartorius Stedim Biotech		457		173,329
SMCP S.A.(b)(d)		11,599		45,505
Societe BIC S.A.(a)		7,720		369,597
Sopra Steria Group(b)		2,333		277,195
Tarkett S.A.(b)		9,433		114,275
Television Francaise 1(b)		41,483		243,540
Trigano S.A.		1,383		183,814
Ubisoft Entertainment S.A.(b)		5,994		528,825
Vallourec S.A.(a)(b)		4,102		57,138
Vicat S.A.		2,229		68,546
Virbac S.A.(b)		350		81,458
Worldline S.A.(b)(d)		5,120		379,551
				8,406,644
Georgia-0.02%
Bank of Georgia Group PLC(b)		5,284		61,285
Germany-4.37%
1&1 Drillisch AG		10,981		231,393
ADLER Group S.A.(a)(b)(d)		6,429		161,609
alstria office REIT-AG		17,694		225,277
Bechtle AG		2,015		345,738
Bilfinger SE		10,061		183,763
CANCOM SE		2,855		112,739
Carl Zeiss Meditec AG, BR		1,258		162,511
CECONOMY AG(b)		74,262		328,542
CTS Eventim AG& Co. KGaA(b)		3,248		143,922
Delivery Hero SE(b)(d)		1,659		190,891
Deutsche EuroShop AG(a)(b)		12,157		153,506
Deutz AG(b)		48,080		246,874

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

53

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

October 31, 2020

	Shares		Value
Germany-(continued)
DIC Asset AG		6,679	$	76,867
Draegerwerk AG& Co. KGaA, Preference Shares(a)		2,650		212,993
Duerr AG		15,097		433,664
DWS Group GmbH & Co. KGaA(b)(d)		6,894		234,128
ElringKlinger AG(a)(b)		11,340		114,658
Encavis AG		8,537		167,860
Evotec SE(a)(b)		3,355		88,635
Fielmann AG(b)		2,331		176,764
Fraport AG Frankfurt Airport Services Worldwide(a)(b)		7,008		253,224
Gerresheimer AG		4,698		472,274
Grand City Properties S.A.		14,516		329,556
GRENKE AG		1,507		58,842
Hamburger Hafen und Logistik AG		4,774		79,967
Heidelberger Druckmaschinen AG(a)(b)		97,021		54,247
Hornbach Holding AG& Co. KGaA		1,802		173,592
Jenoptik AG		6,113		150,817
Jungheinrich AG, Preference Shares		14,849		539,662
Just Eat Takeaway.com N.V.(b)(d)		1,924		213,149
Kloeckner & Co. SE(b)		51,984		292,474
Koenig & Bauer AG(b)		5,719		118,113
Krones AG		4,201		239,881
KWS Saat SE & Co. KGaA		1,335		98,281
Leoni AG(a)(b)		26,784		163,328
Nordex SE(b)		21,921		314,076
Norma Group SE		7,472		231,868
PATRIZIA AG		3,503		79,732
Pfeiffer Vacuum Technology AG		710		129,515
Puma SE(b)		4,222		369,046
Rational AG		186		139,422
Sartorius AG, Preference Shares		660		279,382
Schaeffler AG, Preference Shares		34,146		207,824
Scout24 AG(d)		4,312		347,329
SGL Carbon SE(b)		19,180		60,993
Siltronic AG		3,000		283,967
Sirius Real Estate Ltd.		103,526		98,386
Sixt SE(b)		2,236		169,299
Sixt SE, Preference Shares		2,857		135,781
Software AG		6,821		244,402
Stabilus S.A.		2,730		154,614
Stroeer SE & Co. KGaA(b)		1,934		139,787
Suedzucker AG(a)		23,575		339,422
TAG Immobilien AG(b)		15,129		445,862
TLG Immobilien AG		3,543		63,392
Traton SE		15,069		292,540
Vossloh AG(b)		1,803		65,842
Wacker Chemie AG		5,179		499,633
Wacker Neuson SE(b)		9,899		181,957
Washtec AG(b)		1,378		60,996
Zalando SE(b)(d)		7,932		740,830
zooplus AG(b)		947		152,230
				13,457,868
Ghana-0.07%
Tullow Oil PLC(a)(b)		783,222		203,453
Hong Kong-1.68%
ASM Pacific Technology Ltd.		35,472		356,785
Bank of East Asia Ltd. (The)		82,989		149,394
Brightoil Petroleum Holdings Ltd.(b)(c)		160,687		0

	Shares		Value
Hong Kong-(continued)
Cafe de Coral Holdings Ltd.		68,502	$	141,335
Cathay Pacific Airways Ltd.(b)		255,871		173,554
Champion REIT		378,048		182,812
Chow Sang Sang Holdings International Ltd.		71,272		77,845
CK Infrastructure Holdings Ltd.		55,848		262,862
Dah Sing Financial Holdings Ltd.		24,261		60,317
Dairy Farm International Holdings Ltd.		55,170		207,991
Fortune REIT		181,423		151,130
Guotai Junan International Holdings Ltd.		690,233		88,117
Haitong International Securities Group Ltd.		839,859		190,610
Hang Lung Group Ltd.		85,376		188,921
HKBN Ltd.		55,841		96,202
Johnson Electric Holdings Ltd., H Shares		54,290		112,152
Kerry Properties Ltd.		134,041		327,720
Luk Fook Holdings International Ltd.		35,065		85,641
Man Wah Holdings Ltd.		230,495		318,627
Mapletree North Asia Commercial Trust(d)		374,882		238,848
Melco International Development Ltd.		152,790		247,464
NWS Holdings Ltd.		230,437		201,766
Pacific Basin Shipping Ltd.		609,173		88,766
PCCW Ltd.		449,073		269,854
Sa Sa International Holdings Ltd.(b)		432,926		61,967
Shun Tak Holdings Ltd.		616,319		180,409
Truly International Holdings Ltd.(b)		734,692		83,371
Value Partners Group Ltd.		203,709		88,788
Vitasoy International Holdings Ltd.		41,992		169,487
VTech Holdings Ltd.		30,689		203,608
Yue Yuen Industrial Holdings Ltd.		106,995		174,120
				5,180,463
India-0.05%
Rhi Magnesita N.V.		4,894		161,995
Indonesia-0.16%
First Pacific Co. Ltd.		325,935		100,872
First Resources Ltd.		71,776		63,602
Golden Agri-Resources Ltd.		3,076,316		317,657
				482,131
Ireland-0.33%
C&C Group PLC		47,400		99,164
Cairn Homes PLC(b)		78,931		72,083
Dalata Hotel Group PLC		25,449		71,739
Glanbia PLC		31,665		300,981
Greencore Group PLC		107,125		125,285
Hibernia REIT PLC		99,532		120,114
UDG Healthcare PLC		25,650		240,615
				1,029,981
Israel-1.62%
Airport City Ltd.(b)		7,222		78,864
Alony Hetz Properties & Investments Ltd.		9,008		91,228
Amot Investments Ltd.		10,694		49,285
Azrieli Group Ltd.		3,075		145,238
Bezeq The Israeli Telecommunication Corp. Ltd.(b)		468,225		534,667
Cellcom Israel Ltd.(b)		27,306		106,047
Clal Insurance Enterprises Holdings Ltd.(b)		15,724		159,936
Delek Group Ltd.(b)		2,649		48,383
Elbit Systems Ltd.		2,250		255,012
First International Bank of Israel Ltd.		9,133		203,244
Gazit-Globe Ltd.(a)		14,940		62,188

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

54

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

October 31, 2020

	Shares		Value
Israel-(continued)
Harel Insurance Investments & Financial Services Ltd.(b)		39,353	$	288,222
Israel Corp. Ltd. (The)(b)		867		97,221
Melisron Ltd.		1,682		61,126
Mivne Real Estate KD Ltd.		31,667		61,017
Mizrahi Tefahot Bank Ltd.		16,982		332,103
Nice Ltd.(b)		2,172		497,572
Oil Refineries Ltd.(b)		471,233		83,828
Partner Communications Co. Ltd.(b)		22,030		86,268
Paz Oil Co. Ltd.		1,730		159,461
Phoenix Holdings Ltd. (The)(b)		27,836		146,836
Plus500 Ltd.		30,541		582,668
Reit 1 Ltd.		16,270		62,088
Shikun & Binui Ltd.(b)		25,114		117,733
Shufersal Ltd.		25,222		190,946
Strauss Group Ltd.		2,872		83,177
Tower Semiconductor Ltd.(b)		18,989		396,882
				4,981,240
Italy-2.50%
ACEA S.p.A.		8,397		166,672
Amplifon S.p.A.(b)		4,507		163,852
Anima Holding S.p.A.(d)		58,260		217,844
ASTM S.p.A.(b)		11,514		214,057
Autogrill S.p.A.(b)		36,328		136,090
Azimut Holding S.p.A.		19,857		335,275
Banca Farmafactoring S.p.A.(b)(d)		25,466		117,321
Banca Generali S.p.A.(b)		7,597		215,925
Banca IFIS S.p.A.(b)		12,305		98,686
Banca Mediolanum S.p.A.		49,022		334,625
Banca Popolare di Sondrio SCPA(b)		54,785		96,171
Buzzi Unicem S.p.A.		11,360		245,797
Buzzi Unicem S.p.A., RSP		6,765		95,981
Cairo Communication S.p.A.(b)		30,203		35,604
Cerved Group S.p.A.(b)		24,812		175,148
Danieli & C. Officine Meccaniche S.p.A.(a)		2,377		34,057
Danieli & C. Officine Meccaniche S.p.A., RSP		8,163		73,787
Davide Campari-Milano N.V.(a)		31,562		329,561
De Longhi S.p.A.		13,275		424,624
DiaSorin S.p.A.		954		209,474
Enav S.p.A.(d)		31,643		109,841
ERG S.p.A.		9,995		226,566
Fincantieri S.p.A.(a)(b)		176,556		98,882
Freni Brembo S.p.A.(b)		24,384		253,361
IMA Industria Macchine Automatiche S.p.A.(b)		2,495		196,321
Infrastrutture Wireless Italiane S.p.A.(d)		15,479		167,325
Interpump Group S.p.A.		6,343		239,392
Iren S.p.A.		141,905		322,496
Maire Tecnimont S.p.A.(b)		54,556		73,845
Mediaset S.p.A.(a)(b)		117,161		198,981
Moncler S.p.A.(b)		8,176		327,238
Nexi S.p.A.(b)(d)		7,984		122,669
OVS S.p.A.(a)(b)(d)		126,660		113,975
Piaggio & C S.p.A.		45,453		123,893
PRADA S.p.A.(b)		63,829		250,629
Recordati Industria Chimica e Farmaceutica S.p.A.		7,121		369,040
Reply S.p.A.		1,266		136,115
Salvatore Ferragamo S.p.A.(b)		10,833		139,690
Societa Cattolica di Assicurazioni SC(a)(b)		48,064		237,834

	Shares		Value
Italy-(continued)
Societa Cattolica di Assicurazioni SC(b)(c)		48,745	$	0
Technogym S.p.A.(b)(d)		7,064		52,498
Tods S.p.A.(a)(b)		4,088		86,095
Webuild S.p.A.(a)		115,219		123,409
				7,690,646
Ivory Coast-0.12%
Endeavour Mining Corp.(b)		15,162		371,616
Japan-34.36%
77 Bank Ltd. (The)		14,094		195,892
ABC-Mart, Inc.		3,268		165,995
Acom Co. Ltd.		34,412		153,725
Adastria Co. Ltd.		7,681		132,695
ADEKA Corp.		17,272		222,715
Advantest Corp.		9,153		527,957
Aeon Delight Co. Ltd.		2,989		78,513
Aeon Mall Co. Ltd.		24,655		383,244
Aica Kogyo Co. Ltd.		8,220		275,992
Aida Engineering Ltd.		10,751		81,861
Aiful Corp.(a)(b)		48,886		144,030
Ain Holdings, Inc.		3,815		266,400
Akebono Brake Industry Co. Ltd.(b)		50,574		66,761
Alpen Co. Ltd.		5,687		109,834
Amano Corp.		9,202		215,570
Anritsu Corp.		10,646		232,289
AOKI Holdings, Inc.		8,601		37,106
Aoyama Trading Co. Ltd.		32,425		153,223
Arata Corp.		3,845		187,211
Arcs Co. Ltd.		9,709		213,609
Ariake Japan Co. Ltd.		1,379		88,249
Asahi Holdings, Inc.		7,138		231,811
Asahi Intecc Co. Ltd.		3,699		114,466
Asics Corp.		40,335		501,583
ASKUL Corp.(a)		3,448		131,601
Autobacs Seven Co. Ltd.		16,944		215,568
Avex, Inc.		12,336		118,829
Awa Bank Ltd. (The)		4,560		109,398
Azbil Corp.		16,031		647,895
Bank of Kyoto Ltd. (The)(a)		11,755		516,685
Benesse Holdings, Inc.		15,697		369,226
Bic Camera, Inc.		43,838		482,243
BML, Inc.		3,072		86,042
Bunka Shutter Co. Ltd.		11,763		92,268
Calbee, Inc.		8,977		274,789
Canon Electronics, Inc.		4,634		63,654
Canon Marketing Japan, Inc.		9,787		207,274
Capcom Co. Ltd.		4,650		255,763
Central Glass Co. Ltd.		8,081		172,689
Chiyoda Corp.(b)		52,075		112,080
Chudenko Corp.(a)		4,510		91,460
Chugoku Bank Ltd. (The)		18,587		160,374
Chugoku Marine Paints Ltd.		9,504		90,458
Citizen Watch Co. Ltd.(a)		113,707		300,202
CKD Corp.		8,202		135,340
CMK Corp.		15,774		70,315
cocokara fine, Inc.		5,264		345,428
Colowide Co. Ltd.(a)		7,389		110,192
COMSYS Holdings Corp.		19,618		496,549
CONEXIO Corp.		6,255		74,852
Cosmo Energy Holdings Co. Ltd.		26,331		382,850

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

55

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

October 31, 2020

	Shares		Value
Japan-(continued)
Cosmos Pharmaceutical Corp.		2,064	$	350,252
Create SD Holdings Co. Ltd.		3,599		116,019
CyberAgent, Inc.		7,855		492,159
Daibiru Corp.		6,885		77,583
Daido Metal Co. Ltd.		12,907		62,350
Daido Steel Co. Ltd.(a)		8,440		274,901
Daifuku Co. Ltd.		6,942		712,528
Daihen Corp.		4,022		154,855
Daiho Corp.		4,811		154,169
Daiichikosho Co. Ltd.		6,443		220,026
Daio Paper Corp.		15,877		229,483
Daiseki Co. Ltd.		4,429		112,271
Daishi Hokuetsu Financial Group, Inc.		4,892		93,404
Daiwabo Holdings Co. Ltd.		8,516		555,568
DCM Holdings Co. Ltd.		29,040		359,458
DeNA Co. Ltd.		20,939		357,129
Descente Ltd.(a)(b)		6,673		103,408
Dexerials Corp.		13,029		148,312
Disco Corp.		1,947		522,043
DMG Mori Co. Ltd.		23,802		315,569
Doutor Nichires Holdings Co. Ltd.		5,572		78,138
Dowa Holdings Co. Ltd.		13,831		393,867
DTS Corp.		5,407		104,995
Duskin Co. Ltd.		6,249		159,124
DyDo Group Holdings, Inc.		3,296		170,254
Eagle Industry Co. Ltd.		10,080		79,838
Earth Corp.		2,101		133,046
EDION Corp.		28,096		276,015
Eizo Corp.		3,499		132,041
Exedy Corp.		10,109		126,677
Ezaki Glico Co. Ltd.		8,500		352,473
Fancl Corp.		3,236		101,531
FCC Co. Ltd.		9,778		186,600
Foster Electric Co. Ltd.		7,769		88,585
FP Corp.		4,947		197,094
Fuji Corp.(a)		13,904		277,708
Fuji Media Holdings, Inc.		18,246		175,234
Fuji Oil Holdings, Inc.(a)		8,695		274,474
Fuji Seal International, Inc.		8,233		153,571
Fuji Soft, Inc.		3,757		200,536
Fujitec Co. Ltd.		12,100		262,626
Fujitsu General Ltd.		8,384		231,294
Fukuyama Transporting Co. Ltd.		2,814		117,631
Furukawa Co. Ltd.		6,674		68,757
Futaba Industrial Co. Ltd.		20,521		102,664
Fuyo General Lease Co. Ltd.		2,564		146,423
Geo Holdings Corp.		13,395		198,350
Glory Ltd.		9,289		194,950
GMO internet, Inc.(a)		6,701		178,454
Godo Steel Ltd.		3,452		62,872
Gree, Inc.		21,678		113,014
GS Yuasa Corp.		22,536		390,618
GungHo Online Entertainment, Inc.		7,864		194,306
Gunma Bank Ltd. (The)		84,934		268,110
Gunze Ltd.		3,282		120,399
H.I.S. Co. Ltd.(a)(b)		9,730		130,397
H.U. Group Holdings, Inc.		14,705		372,900
H2O Retailing Corp.(a)		29,225		190,659
Hachijuni Bank Ltd. (The)		78,497		288,338
Hamakyorex Co. Ltd.		3,155		89,031

	Shares		Value
Japan-(continued)
Hamamatsu Photonics KK		7,310	$	366,409
Hanwa Co. Ltd.		12,508		241,210
Hazama Ando Corp.		55,977		346,978
Heiwa Corp.		12,558		202,533
Heiwa Real Estate Co. Ltd.		4,612		134,337
Heiwado Co. Ltd.		6,406		129,848
Hikari Tsushin, Inc.		1,786		417,029
Hirata Corp.		1,673		103,382
Hirogin Holdings, Inc.		32,488		175,896
Hisamitsu Pharmaceutical Co., Inc.		8,004		380,906
Hitachi Capital Corp.		8,310		174,880
Hitachi Transport System Ltd.		9,900		312,985
Hitachi Zosen Corp.		80,476		322,551
Hogy Medical Co. Ltd.		3,335		97,938
Hokkaido Electric Power Co., Inc.		63,077		244,368
Hokkoku Bank Ltd. (The)		3,920		110,993
Hokuetsu Corp.		25,231		83,025
Hokuhoku Financial Group, Inc.		18,931		178,553
Hokuriku Electric Power Co.		51,971		370,369
Hokuto Corp.		4,487		94,298
Horiba Ltd.		5,627		275,052
Hoshizaki Corp.		3,948		314,586
Hosiden Corp.		17,464		154,025
House Foods Group, Inc.		10,571		349,367
Hulic Co. Ltd.		36,714		339,255
Ibiden Co. Ltd.		18,766		758,431
Idec Corp.		4,881		83,856
IDOM, Inc.		17,892		97,384
Inaba Denki Sangyo Co. Ltd.		10,268		246,338
Inabata & Co. Ltd.		7,906		91,433
Internet Initiative Japan, Inc.		4,204		188,404
IRISO Electronics Co. Ltd.		2,441		92,232
Ishihara Sangyo Kaisha Ltd.		18,312		118,238
Ito En Ltd.		6,538		413,394
Itochu Enex Co. Ltd.		9,432		88,149
Itochu Techno-Solutions Corp.		8,934		303,811
Itoham Yonekyu Holdings, Inc.		20,689		138,138
Iwatani Corp.(a)		6,911		312,694
Iyo Bank Ltd. (The)		33,367		208,424
Izumi Co. Ltd.		11,739		396,952
Jaccs Co. Ltd.		7,060		122,574
JAFCO Group Co. Ltd.		5,569		250,376
Japan Airport Terminal Co. Ltd.		4,476		193,529
Japan Aviation Electronics Industry Ltd.		10,560		144,349
Japan Display, Inc.(b)		474,017		231,250
Japan Lifeline Co. Ltd.		6,016		77,229
Japan Petroleum Exploration Co. Ltd.		11,833		185,747
Japan Steel Works Ltd. (The)		16,761		355,774
Japan Wool Textile Co. Ltd. (The)		9,858		95,430
Jeol Ltd.		3,159		100,022
Juki Corp.		13,336		56,130
JVCKenwood Corp.		115,246		155,440
Kadokawa Corp.(a)		9,214		278,518
Kaga Electronics Co. Ltd.		6,213		119,458
Kagome Co. Ltd.		9,675		330,860
Kakaku.com, Inc.		5,363		142,155
Kaken Pharmaceutical Co. Ltd.		4,558		178,980
Kamigumi Co. Ltd.		19,751		352,170
Kanamoto Co. Ltd.(a)		9,297		191,027
Kandenko Co. Ltd.		30,888		231,350

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

56

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

October 31, 2020

	Shares		Value
Japan-(continued)
Kanematsu Corp.		16,410	$	193,705
Kansai Mirai Financial Group, Inc.		18,499		67,066
Kansai Paint Co. Ltd.		19,494		501,429
Kanto Denka Kogyo Co. Ltd.		8,580		57,534
Keihan Holdings Co. Ltd.		10,893		412,629
Kenedix, Inc.		19,534		101,090
KH Neochem Co. Ltd.		6,534		152,318
Kinden Corp.		23,654		370,174
Kintetsu World Express, Inc.		12,846		271,690
Kissei Pharmaceutical Co. Ltd.		5,033		98,792
Kitz Corp.		12,307		66,397
Kiyo Bank Ltd. (The)		7,180		107,075
Kobayashi Pharmaceutical Co. Ltd.		3,740		363,840
Koei Tecmo Holdings Co. Ltd.		4,019		196,836
Kohnan Shoji Co. Ltd.		7,022		239,463
KOKUYO Co. Ltd.		14,411		194,922
Komeri Co. Ltd.		9,473		277,738
Konami Holdings Corp.(a)		10,501		408,830
Konoike Transport Co. Ltd.		6,427		67,012
Kose Corp.		2,178		276,677
Kumagai Gumi Co. Ltd.		10,704		246,456
Kumiai Chemical Industry Co. Ltd.(a)		12,552		119,949
Kureha Corp.		4,593		193,975
Kurita Water Industries Ltd.		17,264		511,942
Kusuri no Aoki Holdings Co. Ltd.		1,591		127,536
KYB Corp.(a)(b)		9,457		193,681
Kyoei Steel Ltd.		7,880		98,745
KYORIN Holdings, Inc.		8,095		146,274
Kyoritsu Maintenance Co. Ltd.		3,331		118,532
Kyowa Exeo Corp.		18,967		436,528
Kyudenko Corp.		9,597		261,177
Kyushu Financial Group, Inc.		73,449		342,162
Leopalace21 Corp.(b)		116,072		180,981
LINE Corp.(b)		764		39,245
Lintec Corp.		10,390		229,586
Lion Corp.		25,169		514,503
M3, Inc.		5,567		374,204
Mabuchi Motor Co. Ltd.(a)		9,679		397,196
Macnica Fuji Electronics Holdings, Inc.		14,743		261,888
Maeda Corp.		40,878		293,271
Maeda Road Construction Co. Ltd.		5,528		91,957
Makino Milling Machine Co. Ltd.		6,878		234,552
Mandom Corp.		5,159		76,442
Maruha Nichiro Corp.		16,974		354,288
Maruichi Steel Tube Ltd.		11,590		264,971
Matsui Securities Co. Ltd.(a)		14,479		115,372
Matsumotokiyoshi Holdings Co. Ltd.		12,782		471,347
Max Co. Ltd.		6,410		89,215
Maxell Holdings Ltd.(b)		14,255		148,632
MCJ Co. Ltd.		12,887		117,849
Mebuki Financial Group, Inc.		204,866		409,575
Megmilk Snow Brand Co. Ltd.		11,856		256,536
Meidensha Corp.		13,497		205,541
Meitec Corp.		3,164		156,475
Mirait Holdings Corp.		17,790		252,368
MISUMI Group, Inc.		20,879		617,143
Mitsubishi Logisnext Co. Ltd.		13,457		113,021
Mitsubishi Logistics Corp.		13,267		346,967
Mitsui-Soko Holdings Co. Ltd.		6,828		119,722
Miura Co. Ltd.		5,583		261,419

	Shares		Value
Japan-(continued)
Mizuho Leasing Co. Ltd.		4,787	$	121,530
Mizuno Corp.		4,071		67,642
Mochida Pharmaceutical Co. Ltd.		3,614		131,368
Modec, Inc.		6,491		93,758
Monex Group, Inc.		46,888		112,129
Morinaga & Co. Ltd.		4,770		180,917
Morinaga Milk Industry Co. Ltd.		11,972		576,039
MOS Food Services, Inc.		2,878		78,323
Musashi Seimitsu Industry Co. Ltd.		14,074		146,341
Nabtesco Corp.		16,265		605,231
Nachi-Fujikoshi Corp.		4,943		194,571
Nagase & Co. Ltd.		11,968		155,353
Nankai Electric Railway Co. Ltd.		14,662		333,521
Nanto Bank Ltd. (The)		3,924		69,366
NEC Networks & System Integration Corp.		11,659		201,863
NET One Systems Co. Ltd.		9,595		286,363
Nexon Co. Ltd.		21,919		612,030
NHK Spring Co. Ltd.		36,116		216,613
Nichias Corp.		11,078		239,066
Nichicon Corp.		16,468		132,481
Nichiha Corp.		6,177		179,626
NichiiGakkan Co. Ltd.		3,416		54,406
Nichi-iko Pharmaceutical Co. Ltd.		14,984		148,493
Nichirei Corp.		19,008		477,836
Nifco, Inc.		15,044		447,550
Nihon Kohden Corp.		7,689		240,511
Nihon M&A Center, Inc.		2,417		141,265
Nihon Parkerizing Co. Ltd.		13,692		134,510
Nihon Unisys Ltd.		6,398		188,194
Nikkiso Co. Ltd.		16,804		159,939
Nikkon Holdings Co. Ltd.		8,192		156,176
Nippo Corp.		11,729		300,686
Nippon Chemi-Con Corp.(b)		8,546		108,317
Nippon Densetsu Kogyo Co. Ltd.		4,718		91,390
Nippon Flour Mills Co. Ltd.		6,693		107,175
Nippon Gas Co. Ltd.		5,519		263,438
Nippon Kayaku Co. Ltd.		30,846		264,377
Nippon Koei Co. Ltd.		3,599		94,709
Nippon Light Metal Holdings Co. Ltd.		19,965		313,779
Nippon Sanso Holdings Corp.		17,804		260,060
Nippon Sheet Glass Co. Ltd.(a)(b)		57,716		199,306
Nippon Shinyaku Co. Ltd.		2,296		163,404
Nippon Shokubai Co. Ltd.		8,197		399,892
Nippon Signal Co. Ltd.		10,861		94,127
Nippon Soda Co. Ltd.		5,118		133,898
Nippon Steel Trading Corp.		3,865		109,879
Nippon Television Holdings, Inc.		8,146		85,715
Nippon Thompson Co. Ltd.		24,038		79,560
Nippon Yakin Kogyo Co. Ltd.(a)		6,820		97,596
Nipro Corp.		31,953		335,302
Nishimatsu Construction Co. Ltd.		19,488		377,307
Nishimatsuya Chain Co. Ltd.		13,268		214,491
Nishi-Nippon Financial Holdings, Inc.		29,139		196,230
Nishi-Nippon Railroad Co. Ltd.		7,387		194,603
Nishio Rent All Co. Ltd.		5,404		104,524
Nissan Chemical Corp.		10,536		556,330
Nissha Co. Ltd.		16,786		196,698
Nisshin Oillio Group Ltd. (The)		5,484		157,165
Nisshinbo Holdings, Inc.		45,943		304,119
Nissin Electric Co. Ltd.		9,960		99,086

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

57

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

October 31, 2020

	Shares		Value
Japan-(continued)
Nitto Boseki Co. Ltd.(a)		2,712	$	99,229
Nitto Kogyo Corp.		5,436		100,151
NOF Corp.		9,150		342,666
Nojima Corp.		7,152		200,111
NOK Corp.		22,406		253,766
Nomura Co. Ltd.		9,219		59,438
Nomura Research Institute Ltd.		19,213		568,818
Noritake Co. Ltd.		2,101		61,599
North Pacific Bank Ltd.		52,256		109,971
NS Solutions Corp.		4,247		123,908
NSD Co. Ltd.		5,558		97,454
Obic Co. Ltd.		2,229		395,523
Ogaki Kyoritsu Bank Ltd. (The)		4,676		103,861
Okamura Corp.		15,277		116,324
Okasan Securities Group, Inc.		24,009		78,086
Oki Electric Industry Co. Ltd.(a)		26,295		242,727
Okinawa Electric Power Co., Inc. (The)		8,355		121,880
OKUMA Corp.		6,690		321,893
Okumura Corp.		6,720		155,304
Onward Holdings Co. Ltd.		33,131		64,652
Open House Co. Ltd.		6,312		214,647
Oracle Corp. Japan		2,300		230,132
Orient Corp.		123,174		135,498
Osaka Soda Co. Ltd.		3,409		80,937
OSG Corp.		15,238		227,098
Otsuka Corp.		10,485		483,429
Outsourcing, Inc.		16,117		148,775
Pacific Industrial Co. Ltd.		9,891		98,872
Paltac Corp.		5,466		305,874
Paramount Bed Holdings Co. Ltd.		3,482		134,231
Park24 Co. Ltd.(b)		14,363		193,449
Pasona Group, Inc.		7,839		119,977
Penta-Ocean Construction Co. Ltd.		87,403		552,644
Persol Holdings Co. Ltd.		30,820		463,155
Pigeon Corp.		6,695		307,724
Pilot Corp.		4,104		114,122
Piolax, Inc.		5,107		74,451
Plenus Co. Ltd.		4,538		74,100
Pola Orbis Holdings, Inc.		9,607		189,126
Pressance Corp.		8,874		120,708
Prima Meat Packers Ltd.		8,936		253,702
Qol Holdings Co. Ltd.		6,330		68,786
Raito Kogyo Co. Ltd.		8,812		124,332
Raiznext Corp.		7,386		85,207
Relia, Inc.		6,410		72,660
Relo Group, Inc.		6,884		164,494
Rengo Co. Ltd.		68,091		523,025
Resorttrust, Inc.		13,972		196,335
Restar Holdings Corp.(a)		6,553		139,535
Ricoh Leasing Co. Ltd.		2,464		65,854
Rinnai Corp.		5,748		566,333
Rohto Pharmaceutical Co. Ltd.		8,282		258,268
Round One Corp.		14,780		115,791
Royal Holdings Co. Ltd.		5,128		86,873
Ryobi Ltd.		6,398		68,852
Ryohin Keikaku Co. Ltd.		32,356		675,347
Ryoyo Electro Corp.		5,190		143,080
S Foods, Inc.		6,253		207,556
Saizeriya Co. Ltd.		4,614		79,754
Sakata INX Corp.		8,492		88,137

	Shares		Value
Japan-(continued)
Sakata Seed Corp.		3,444	$	121,235
SAMTY Co. Ltd.		5,275		83,207
San-A Co. Ltd.		2,529		105,113
Sanden Holdings Corp.(b)		17,621		58,152
Sangetsu Corp.		7,736		111,075
San-In Godo Bank Ltd. (The)		16,932		84,871
Sanken Electric Co. Ltd.		6,722		213,800
Sanki Engineering Co. Ltd.		12,163		131,473
Sankyo Co. Ltd.		10,031		255,045
Sankyu, Inc.		10,431		372,179
Sanoh Industrial Co. Ltd.		8,974		51,592
Sanrio Co. Ltd.		7,981		146,351
Sanwa Holdings Corp.		43,681		496,394
Sanyo Chemical Industries Ltd.		2,823		119,088
Sanyo Denki Co. Ltd.		2,021		88,445
Sanyo Special Steel Co. Ltd.(b)		10,178		99,015
Sapporo Holdings Ltd.		21,219		345,057
Sato Holdings Corp.		4,556		86,160
Sawai Pharmaceutical Co. Ltd.		5,575		268,244
SCREEN Holdings Co. Ltd.(a)		6,463		351,774
SCSK Corp.		4,131		205,088
Seiko Holdings Corp.		10,701		134,402
Seiren Co. Ltd.		5,832		91,993
Senko Group Holdings Co. Ltd.		20,027		178,163
Senshu Ikeda Holdings, Inc.		56,047		85,245
Seven Bank Ltd.		109,997		251,476
Shibaura Machine Co. Ltd.		4,428		88,145
Shibuya Corp.		3,391		104,773
Shiga Bank Ltd. (The)		5,490		118,108
Shikoku Electric Power Co., Inc.		45,932		330,408
Shima Seiki Manufacturing Ltd.		8,443		124,779
Shimachu Co. Ltd.		11,929		631,025
Shimamura Co. Ltd.		7,100		755,232
Shinko Electric Industries Co. Ltd.		11,730		203,878
Shinmaywa Industries Ltd.		16,951		131,016
Ship Healthcare Holdings, Inc.		7,033		333,015
SHO-BOND Holdings Co. Ltd.		3,233		155,248
Shochiku Co. Ltd.		956		110,287
Shoei Foods Corp.(a)		2,417		87,510
Siix Corp.		11,538		135,975
SKY Perfect JSAT Holdings, Inc.		28,404		120,909
Skylark Holdings Co. Ltd.(a)		29,455		418,974
Sodick Co. Ltd.		12,079		89,085
Sohgo Security Services Co. Ltd.		8,075		375,016
Sotetsu Holdings, Inc.		10,335		254,173
Square Enix Holdings Co. Ltd.		6,771		396,389
Star Micronics Co. Ltd.(a)		6,804		90,924
Starts Corp., Inc.		5,007		116,147
Sugi Holdings Co. Ltd.		5,828		385,783
Sumitomo Bakelite Co. Ltd.		7,052		198,325
Sumitomo Dainippon Pharma Co. Ltd.		25,128		293,729
Sumitomo Forestry Co. Ltd.		30,936		485,021
Sumitomo Mitsui Construction Co. Ltd.		63,756		245,168
Sumitomo Osaka Cement Co. Ltd.		10,315		312,785
Sumitomo Riko Co. Ltd.		11,044		55,991
Sumitomo Warehouse Co. Ltd. (The)		10,288		119,964
Sundrug Co. Ltd.		11,706		433,908
Suruga Bank Ltd.(a)		99,359		322,199
Sushiro Global Holdings Ltd.		7,250		195,432
SWCC Showa Holdings Co. Ltd.		8,580		95,124

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

58

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

October 31, 2020

	Shares		Value
Japan-(continued)
Tadano Ltd.		33,456	$	255,704
Taikisha Ltd.		4,344		112,610
Taisho Pharmaceutical Holdings Co. Ltd.		7,544		452,467
Taiyo Holdings Co. Ltd.		2,350		122,513
Taiyo Yuden Co. Ltd.		14,551		534,492
Takara Holdings, Inc.(a)		35,463		356,190
Takara Leben Co. Ltd.		22,856		63,623
Takasago Thermal Engineering Co. Ltd.		11,481		151,777
Takeuchi Manufacturing Co. Ltd.		7,095		153,519
Takuma Co. Ltd.		13,841		211,177
Tamura Corp.		20,016		94,202
TechnoPro Holdings, Inc.		2,243		138,820
T-Gaia Corp.		7,855		143,515
TKC Corp.		1,676		103,568
Toa Corp.		8,254		146,620
Toagosei Co. Ltd.		13,498		142,417
Tocalo Co. Ltd.		7,763		77,081
Toda Corp.		35,594		202,246
Toei Co. Ltd.		991		145,891
Toho Co. Ltd.		11,947		471,983
Toho Gas Co. Ltd.		13,195		680,324
Toho Holdings Co. Ltd.		14,151		260,847
Toho Zinc Co. Ltd.(b)		9,784		189,990
Tokai Carbon Co. Ltd.		31,354		354,210
TOKAI Holdings Corp.		13,864		136,996
Tokai Rika Co. Ltd.		13,153		204,454
Tokai Tokyo Financial Holdings, Inc.		89,939		229,708
Token Corp.		1,441		108,206
Tokuyama Corp.		17,813		394,292
Tokyo Broadcasting System Holdings, Inc.		9,214		141,550
Tokyo Century Corp.		7,980		388,542
Tokyo Dome Corp.(a)		23,434		186,728
Tokyo Ohka Kogyo Co. Ltd.		5,189		306,257
Tokyo Seimitsu Co. Ltd.		6,064		203,603
Tokyo Steel Manufacturing Co. Ltd.		20,487		129,734
Tokyu Construction Co. Ltd.		30,226		132,712
Tomy Co. Ltd.		21,209		184,823
Topcon Corp.		19,417		192,238
Toppan Forms Co. Ltd.		12,198		116,916
Topre Corp.		11,180		111,757
Toshiba TEC Corp.		5,462		217,874
Totetsu Kogyo Co. Ltd.		2,864		74,299
Towa Pharmaceutical Co. Ltd.		4,772		88,054
Toyo Construction Co. Ltd.		26,488		100,844
Toyo Engineering Corp.(b)		16,504		48,151
Toyo Ink SC Holdings Co. Ltd.		5,507		101,985
Toyo Tire Corp.		28,810		424,957
Toyobo Co. Ltd.		27,659		366,441
Toyota Boshoku Corp.		24,029		346,161
TPR Co. Ltd.		5,193		61,696
Trancom Co. Ltd.		1,324		94,861
Transcosmos, Inc.		5,473		148,735
Trusco Nakayama Corp.		7,436		191,199
TS Tech Co. Ltd.		12,814		352,403
Tsubaki Nakashima Co. Ltd.		13,228		97,053
Tsubakimoto Chain Co.		5,293		117,161
Tsumura & Co.		11,977		351,153
TV Asahi Holdings Corp.		6,238		93,922
UACJ Corp.		11,823		186,042
Uchida Yoko Co. Ltd.		1,923		94,550

	Shares		Value
Japan-(continued)
Ulvac, Inc.		10,086	$	366,141
Unipres Corp.		10,969		84,466
United Arrows Ltd.		6,330		85,437
United Super Markets Holdings, Inc.		9,458		101,872
Unitika Ltd.(b)		50,311		165,072
Ushio, Inc.		22,667		252,602
USS Co. Ltd.		18,806		343,595
Valor Holdings Co. Ltd.		9,535		234,499
Wacoal Holdings Corp.		9,222		166,903
Wacom Co. Ltd.		26,692		174,644
Welcia Holdings Co. Ltd.		9,629		377,644
World Co. Ltd.		7,180		90,866
Yamaguchi Financial Group, Inc.		48,430		313,169
Yamato Kogyo Co. Ltd.		9,604		229,581
Yaoko Co. Ltd.		3,361		237,913
Yellow Hat Ltd.		6,886		112,308
Yokogawa Bridge Holdings Corp.		5,719		100,824
Yokohama Reito Co. Ltd.		9,784		78,991
Yoshinoya Holdings Co. Ltd.		7,913		144,953
Yuasa Trading Co. Ltd.		3,058		86,820
Zenkoku Hosho Co. Ltd.		4,334		169,977
Zensho Holdings Co. Ltd.		13,897		323,430
Zeon Corp.		31,522		381,436
ZERIA Pharmaceutical Co. Ltd.		4,571		80,979
Zojirushi Corp.		5,128		91,435
ZOZO, Inc.		5,121		129,862
				105,880,044
Jordan-0.14%
Hikma Pharmaceuticals PLC		13,303		431,740
Kazakhstan-0.08%
KAZ Minerals PLC		29,416		239,620
Luxembourg-0.20%
Eurofins Scientific SE(b)		765		609,341
Macau-0.28%
MGM China Holdings Ltd.		111,971		147,565
SJM Holdings Ltd.		376,957		390,332
Wynn Macau Ltd.(b)		230,216		317,648
				855,545
Mexico-0.12%
Fresnillo PLC		23,780		357,440
Mongolia-0.09%
Turquoise Hill Resources Ltd.(b)		34,517		271,041
Netherlands-1.85%
Adyen N.V.(b)(d)		198		333,852
AMG Advanced Metallurgical Group N.V.(a)		6,334		114,029
Arcadis N.V.(b)		14,135		329,303
ASM International N.V.		3,005		429,846
BE Semiconductor Industries N.V.		7,386		298,458
Corbion N.V.		3,894		177,355
Eurocommercial Properties N.V., CVA		9,882		107,743
Euronext N.V.(d)		4,093		426,950
Flow Traders(d)		6,087		199,383
Fugro N.V., CVA(a)(b)		26,774		101,485
GrandVision N.V.(b)(d)		4,347		120,767
IMCD N.V.		3,708		429,594
Intertrust N.V.(d)		12,069		186,979
Koninklijke Vopak N.V.		9,160		476,203

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

59

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

October 31, 2020

	Shares		Value
Netherlands-(continued)
NIBC Holding N.V.(b)(d)		10,061	$	86,607
NSI N.V.		1,483		46,987
OCI N.V.(a)(b)		14,947		179,159
PostNL N.V.(b)		297,714		987,317
Sligro Food Group N.V.(b)		4,658		66,521
TKH Group N.V., CVA		6,851		220,578
TomTom N.V.(b)		12,263		82,422
Vastned Retail N.V.		3,362		88,898
Wereldhave N.V.(a)		21,244		197,474
				5,687,910
New Zealand-0.99%
a2 Milk Co. Ltd. (The)(b)		9,599		92,876
Air New Zealand Ltd.(b)		49,906		46,836
Auckland International Airport Ltd.(b)		74,871		346,376
Chorus Ltd.		59,766		332,585
Contact Energy Ltd.		80,051		390,444
EBOS Group Ltd.(a)		6,156		104,764
Fisher & Paykel Healthcare Corp. Ltd.		17,618		407,531
Goodman Property Trust		56,436		92,500
Infratil Ltd.		28,866		103,400
Kiwi Property Group Ltd., (Acquired 08/25/2015 - 06/19/2020; Cost $71,682)(e)		82,777		67,290
Mercury NZ Ltd.		63,881		225,871
Meridian Energy Ltd.		110,368		386,594
Metlifecare Ltd.(b)		21,167		83,936
Ryman Healthcare Ltd.		20,203		186,930
SKYCITY Entertainment Group Ltd.		49,276		91,186
Z Energy Ltd.		43,132		80,672
				3,039,791
Norway-1.03%
Aker BP ASA(a)		12,712		197,219
Aker Solutions ASA(a)(b)		147,548		142,163
Austevoll Seafood ASA		22,037		149,736
BW Offshore Ltd.		32,113		76,597
DNO ASA(a)		223,795		92,409
Elkem ASA(d)		84,385		178,324
Entra ASA(d)		20,770		270,738
Frontline Ltd.		23,369		128,227
Grieg Seafood ASA		6,085		42,938
Kongsberg Gruppen ASA		7,121		115,171
Leroy Seafood Group ASA		41,607		195,176
Norwegian Air Shuttle ASA(a)(b)		23,415		1,482
Norwegian Finans Holding ASA(b)		18,242		130,534
Ocean Yield ASA(a)		18,094		39,940
PGS ASA(b)		153,290		37,942
Salmar ASA(b)		6,251		315,530
Schibsted ASA, Class A(b)		4,480		182,409
Schibsted ASA, Class B(b)		5,440		194,976
SpareBank 1 SMN		13,881		118,932
SpareBank 1 SR-Bank ASA(b)		16,930		134,252
TGS NOPEC Geophysical Co. ASA		16,713		153,862
TOMRA Systems ASA(a)		4,835		194,587
Veidekke ASA(b)		7,474		85,696
				3,178,840

	Shares		Value
Peru-0.21%
Hochschild Mining PLC(b)		33,010	$	93,900
Hudbay Minerals, Inc.		124,774		562,412
				656,312
Poland-0.69%
Alior Bank S.A.(a)(b)		35,537		101,625
Bank Millennium S.A.(b)		56,082		30,562
CCC S.A.(a)(b)		5,403		52,821
Cyfrowy Polsat S.A.		25,883		161,161
Grupa Lotos S.A.		24,909		175,206
Jastrzebska Spolka Weglowa S.A.(b)		51,351		196,791
KRUK S.A.(b)		2,352		66,815
LPP S.A.(b)		75		99,150
mBank S.A.(b)		1,381		40,241
Orange Polska S.A.(b)		105,433		161,726
PGE Polska Grupa Energetyczna S.A.(b)		135,180		153,811
PLAY Communications S.A.(d)		23,643		231,318
Polskie Gornictwo Naftowe i Gazownictwo S.A.		393,236		413,703
Santander Bank Polska S.A.(b)		4,079		126,578
Tauron Polska Energia S.A.(a)(b)		251,465		110,072
				2,121,580
Portugal-0.32%
Altri SGPS S.A.		13,399		51,724
CTT-Correios de Portugal S.A.(b)		68,713		168,085
Mota-Engil SGPS S.A.(b)		64,914		83,025
Navigator Co. S.A. (The)		88,367		194,649
NOS, SGPS S.A.		64,744		222,329
REN - Redes Energeticas Nacionais SGPS S.A.		45,452		119,391
Sonae SGPS S.A.		225,653		132,740
				971,943
Singapore-1.65%
AIMS APAC REIT		90,275		78,011
Ascendas India Trust		71,310		67,889
Ascott Residence Trust		161,245		98,011
BOC Aviation Ltd.(d)		27,116		167,315
BW LPG Ltd.(d)		32,143		139,550
CapitaLand Integrated Commercial Trust		189,151		239,642
CDL Hospitality Trusts		130,359		94,511
ESR-REIT		263,868		67,634
Ezion Holdings Ltd., Wts., expiring 04/16/2023(b)(c)		177,436		0
Ezra Holdings Ltd.(b)(c)		1,165,297		0
Frasers Centrepoint Trust		65,723		101,557
Frasers Logistics & Commercial Trust(d)		282,223		254,218
IGG, Inc.		167,406		179,822
Jardine Cycle & Carriage Ltd.		19,054		247,821
Keppel DC REIT		62,115		131,918
Keppel Infrastructure Trust		302,883		120,887
Keppel REIT		237,309		172,920
Manulife US REIT(d)		133,637		95,550
Mapletree Commercial Trust		192,743		242,781
Mapletree Industrial Trust		127,635		284,153
Mapletree Logistics Trust		220,801		315,315
Mapletree Logistics Trust, Rts., expiring 11/30/2020(b)(c)		4,254		0
NetLink NBN Trust(d)		303,460		213,344
SATS Ltd.		90,125		196,684
Sembcorp Industries Ltd.		208,018		240,695
Sembcorp Marine Ltd.(b)		1,435,593		126,160

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

60

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

October 31, 2020

	Shares		Value
Singapore-(continued)
Singapore Exchange Ltd.		63,170	$	400,624
Singapore Post Ltd.		157,945		76,919
StarHub Ltd.		106,189		90,986
Suntec REIT		294,613		289,111
UOL Group Ltd.		78,569		357,890
				5,091,918
South Korea-9.30%
Amorepacific Group		5,935		227,786
Asiana Airlines, Inc.(b)		92,712		292,100
BGF retail Co. Ltd.		1,429		148,605
BNK Financial Group, Inc.		56,548		274,592
Celltrion Healthcare Co. Ltd.(b)		2,015		150,410
Celltrion, Inc.(b)		2,572		546,270
Cheil Worldwide, Inc.		12,921		237,422
CJ CGV Co. Ltd.(b)		5,179		91,740
CJ Corp.		5,065		339,244
CJ ENM Co. Ltd.		2,194		254,262
CJ Logistics Corp.(b)		2,537		356,615
Com2uSCorp.		1,380		135,726
Daeduck Co. Ltd.		4,331		23,397
Daeduck Electronics Co. Ltd.(b)		8,249		72,043
Daesang Corp.		6,214		131,706
Daewoo Engineering & Construction Co. Ltd.(b).		63,749		168,544
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(b)		9,770		183,828
Daishin Securities Co. Ltd.		8,602		101,584
Daishin Securities Co. Ltd., Preference Shares		5,604		49,091
Daou Technology, Inc.		6,573		108,324
DB HiTek Co. Ltd.		5,295		149,093
DGB Financial Group, Inc.		51,141		278,533
Doosan Bobcat, Inc.		7,586		192,876
Doosan Co. Ltd.		5,317		218,359
Doosan Heavy Industries & Construction Co. Ltd.(b)		54,793		663,967
Doosan Heavy Industries & Construction Co. Ltd., Rts.(b)		21,336		77,281
Doosan Infracore Co. Ltd.(b)		64,113		470,098
Fila Holdings Corp.		5,728		193,340
Green Cross Corp.		1,050		277,606
GS Holdings Corp.		11,962		347,886
GS Home Shopping, Inc.		931		113,801
GS Retail Co. Ltd.		8,869		250,899
Handsome Co. Ltd.		4,232		103,870
Hanjin Kal Corp.		2,458		161,816
Hanjin Transportation Co. Ltd.		7,037		292,407
Hankook Tire & Technology Co. Ltd.		20,074		559,921
Hanmi Pharm Co. Ltd.		435		100,632
Hanon Systems		30,096		297,061
Hanssem Co. Ltd.		1,678		139,303
Hanwha Aerospace Co. Ltd.(b)		11,546		255,402
Hanwha Corp.		11,755		249,148
Hanwha Corp., Preference Shares		5,942		67,291
Hanwha Life Insurance Co. Ltd.		146,973		198,822
HDC Holdings Co. Ltd.		21,734		191,157
HDC Hyundai Development Co.-Engineering & Construction, Class E		7,809		136,264
Hite Jinro Co. Ltd.		6,792		200,522
HMM Co. Ltd.(b)		58,579		463,077
Hotel Shilla Co. Ltd.		3,734		244,173

	Shares		Value
South Korea-(continued)
HS Industries Co. Ltd.		8,081	$	50,137
Huchems Fine Chemical Corp.		6,477		130,716
Hyosung Corp.		3,667		239,145
Hyundai Construction Equipment Co. Ltd.(b)		7,241		158,259
Hyundai Department Store Co. Ltd.		6,050		315,643
Hyundai Electric & Energy System Co. Ltd.(b)		17,910		236,759
Hyundai Elevator Co. Ltd.		4,650		152,446
Hyundai Home Shopping Network Corp.		1,590		99,068
Hyundai Marine & Fire Insurance Co. Ltd.		19,973		410,127
Hyundai Mipo Dockyard Co. Ltd.		5,839		144,084
Hyundai Rotem Co. Ltd.(b)		16,174		212,384
Hyundai Wia Corp.		9,938		365,657
Innocean Worldwide, Inc.		1,731		90,158
IS Dongseo Co. Ltd.		4,092		137,758
JB Financial Group Co. Ltd.		22,751		102,256
Kakao Corp.		2,170		631,092
Kangwon Land, Inc.		21,478		399,388
KCC Corp.		1,638		220,864
KEPCO Plant Service & Engineering Co. Ltd.		5,164		125,152
KIWOOM Securities Co. Ltd.		2,716		246,539
Kolon Industries, Inc.		7,528		234,856
Korea Aerospace Industries Ltd.		10,132		194,657
Korea Gas Corp.		17,272		414,790
Korea Investment Holdings Co. Ltd.		8,797		531,836
Korea Line Corp.(b)		58,345		81,756
Korea Petrochemical Ind Co. Ltd.		2,139		365,705
Korean Reinsurance Co		27,323		178,670
Kumho Petrochemical Co. Ltd.		6,648		779,223
Kumho Tire Co., Inc.(b)		27,234		85,444
LF Corp.		7,863		101,518
LG Innotek Co. Ltd.		3,893		521,491
LG International Corp.		10,898		148,386
LIG Nex1 Co. Ltd.		4,310		106,544
Lotte Chilsung Beverage Co. Ltd.		1,016		76,914
Lotte Corp.		7,794		195,073
LOTTE Fine Chemical Co. Ltd.		5,312		227,049
Lotte Himart Co. Ltd.		6,497		175,208
LS Corp.		6,074		277,283
LS Electric Co. Ltd.		4,624		202,124
Mando Corp.		15,846		498,548
Meritz Fire & Marine Insurance Co. Ltd.		12,612		153,940
Meritz Securities Co. Ltd.		97,517		282,745
NCSoft Corp.		769		525,905
Netmarble Corp.(b)(d)		1,382		142,499
NH Investment & Securities Co. Ltd.		41,122		345,734
NHN Corp.(b)		2,000		122,323
NongShim Co. Ltd.		771		195,689
OCI Co. Ltd.(b)		9,002		490,283
Orion Corp.		2,567		245,457
Ottogi Corp.		214		100,333
Pan Ocean Co. Ltd.(b)		65,852		208,054
Paradise Co. Ltd.		6,716		75,168
Partron Co. Ltd.		9,584		81,591
Poongsan Corp.		7,875		169,687
Posco International Corp.		15,189		178,033
S&T Motiv Co. Ltd.		2,405		107,035
S-1 Corp.		2,897		208,333
Samsung Biologics Co. Ltd.(b)(d)		224		134,633
Samsung Card Co. Ltd.		7,169		185,748
Samsung Engineering Co. Ltd.(b)		38,513		398,808

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

61

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

October 31, 2020

	Shares		Value
South Korea-(continued)
Samsung Securities Co. Ltd.		16,043	$	453,847
Seoul Semiconductor Co. Ltd.		7,837		120,521
SFA Engineering Corp.		3,339		106,817
Shinsegae, Inc.		2,130		389,508
SK Chemicals Co. Ltd.		2,572		784,271
SK Discovery Co. Ltd.		6,658		369,074
SK Networks Co. Ltd.		67,367		269,242
SKC Co. Ltd.		4,466		288,104
Ssangyong Cement Industrial Co. Ltd.		23,858		116,693
Taeyoung Engineering & Construction Co. Ltd.		7,015		61,637
TY Holdings Co. Ltd.(b)		6,889		123,549
WONIK IPS Co. Ltd.(b)		3,074		86,826
Youngone Corp.		8,363		209,315
Yuhan Corp.		5,064		265,540
				28,649,543
Spain-1.65%
Almirall S.A.		9,562		102,305
Applus Services S.A.(b)		25,619		200,689
Atresmedia Corp de Medios de Comunicacion S.A.		31,481		82,509
Befesa S.A.(d)		4,908		201,813
Cellnex Telecom S.A.(d)		3,825		245,590
Cia de Distribucion Integral Logista Holdings S.A.		14,877		250,931
CIE Automotive S.A.		8,580		167,906
Construcciones y Auxiliar de Ferrocarriles S.A.(b)		2,653		84,057
Distribuidora Internacional de Alimentacion S.A.(a)(b)		866,912		113,807
Ebro Foods S.A.		5,545		124,144
EDP Renovaveis S.A.		14,065		267,381
Ence Energia y Celulosa S.A.(a)(b)		34,167		76,315
Faes Farma S.A.		25,480		96,016
Gestamp Automocion S.A.(d)		105,933		323,791
Global Dominion Access S.A.(d)		21,747		77,389
Indra Sistemas S.A.(b)		24,182		145,067
Inmobiliaria Colonial SOCIMI S.A.		29,656		210,896
Lar Espana Real Estate Socimi S.A.		12,219		43,554
Liberbank S.A.(b)		361,376		96,397
Mediaset Espana Comunicacion S.A.(b)		57,724		192,978
Melia Hotels International S.A.(b)		26,528		98,266
Prosegur Cash S.A.(d)		67,997		52,672
Prosegur Cia de Seguridad S.A., Prosegur Cia de Seguridad S.A.		60,340		138,044
Sacyr S.A.(a)		137,149		233,087
Siemens Gamesa Renewable Energy S.A.		27,101		768,064
Tecnicas Reunidas S.A.(a)(b)		12,708		101,400
Unicaja Banco S.A.(b)(d)		189,144		120,407
Viscofan S.A.		5,388		363,706
Zardoya Otis S.A.		19,119		116,699
				5,095,880
Sweden-4.25%
AAK AB(b)		15,502		301,989
AddTech AB, Class B		13,938		154,238
AF Poyry AB, Class B(b)		9,119		208,173
Arjo AB, Class B		26,139		185,739
Atrium Ljungberg AB, Class B		5,805		93,781
Attendo AB(b)(d)		19,528		89,510
Avanza Bank Holding AB		8,190		155,498

	Shares		Value
Sweden-(continued)
Axfood AB		20,332	$	472,829
Beijer Ref AB		3,199		88,339
Betsson AB		33,903		258,620
Bilia AB, Class A(b)		17,576		234,777
Bonava AB, Class B(b)		25,948		202,747
Bravida Holding AB(d)		29,091		335,647
Bure Equity AB		4,739		137,679
Clas Ohlson AB, Class B(b)		10,278		91,220
Cloetta AB, Class B(b)		37,260		87,654
Dios Fastigheter AB		10,883		76,232
Dometic Group AB(b)(d)		51,439		553,851
Elekta AB, Class B		28,406		332,850
Fabege AB		24,331		307,378
Fastighets AB Balder, Class B(b)		6,998		329,728
Getinge AB, Class B		28,394		556,163
Hexpol AB(b)		41,676		367,076
Holmen AB, Class B		12,786		484,656
Hufvudstaden AB, Class A		5,851		76,448
Indutrade AB(b)		7,469		378,772
Intrum AB(a)		12,406		303,838
Investment AB Latour, Class B		6,566		153,285
JM AB		14,494		419,458
Klovern AB, Class B(a)		58,702		89,493
Klovern AB, Preference Shares		1,937		68,330
Kungsleden AB		23,098		196,178
Lifco AB, Class B		2,356		172,310
Lindab International AB		8,585		132,713
Loomis AB(b)		12,430		277,474
Lundin Energy AB		11,014		210,167
Mekonomen AB(b)		13,268		128,936
Modern Times Group MTG AB, Class B(b)		12,541		167,239
Mycronic AB(a)		6,128		129,498
NetEnt AB		37,732		358,196
Nibe Industrier AB, Class B(b)		16,232		391,341
Nobia AB(b)		32,316		194,960
Nolato AB, Class B(b)		1,863		154,881
Nordic Entertainment Group AB, Class B(b)		6,812		243,211
Nyfosa AB(b)		13,697		113,409
Pandox AB(b)		10,449		104,594
Peab AB, Class B(b)		46,583		431,753
Ratos AB, Class B		82,740		301,916
Resurs Holding AB(d)		25,415		116,380
Saab AB, Class B(b)		16,162		371,315
SAS AB(a)(b)		97,481		17,161
SAS AB BTA 1(a)(b)		877,317		96,394
Scandic Hotels Group AB(a)(b)(d)		32,322		82,065
Sweco AB, Class B		5,174		260,643
Swedish Orphan Biovitrum AB(b)		7,691		132,804
Thule Group AB(b)(d)		10,005		326,413
Wallenstam AB, Class B		13,454		178,507
Wihlborgs Fastigheter AB		11,908		214,851
				13,101,307
Switzerland-3.81%
Allreal Holding AG		1,804		382,234
ALSO Holding AG(b)		949		222,094
Aryzta AG(b)		463,794		233,377
Autoneum Holding AG(b)		1,609		199,424
Banque Cantonale Vaudoise		3,408		330,184
Belimo Holding AG		24		178,583

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

62

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

October 31, 2020

	Shares		Value
Switzerland-(continued)
BKW AG		2,920	$	290,550
Bobst Group S.A.		2,151		103,496
Bucher Industries AG		1,059		407,863
Burckhardt Compression Holding AG		483		120,941
Cembra Money Bank AG		2,886		320,229
Conzzeta AG		166		167,530
Daetwyler Holding AG, BR		855		191,233
DKSH Holding AG		8,476		545,616
dormakaba Holding AG		398		182,901
EFG International AG		15,171		82,099
Emmi AG		207		195,583
EMS-Chemie Holding AG		591		519,716
Flughafen Zurich AG(b)		2,352		317,176
Forbo Holding AG		105		160,613
Galenica AG(d)		6,499		410,553
GAM Holding AG, (Acquired 03/15/2019 - 06/19/2020; Cost $228,212)(b)(e)		73,609		118,459
Huber + Suhner AG		2,327		167,819
Implenia AG		5,606		112,359
Ina Invest Holding AG(b)		1,128		20,971
Inficon Holding AG		156		114,377
IWG PLC(b)		73,587		241,105
Komax Holding AG(b)		476		86,210
Landis+Gyr Group AG(b)		3,075		171,775
Logitech International S.A.		10,633		895,606
Mediclinic International PLC		79,209		289,431
Mobimo Holding AG		724		209,328
OC Oerlikon Corp. AG		41,092		285,813
Rieter Holding AG		892		76,787
Schweiter Technologies AG, BR		153		208,663
SFS Group AG		2,180		203,360
Siegfried Holding AG		304		192,539
SIG Combibloc Group AG(b)		28,646		589,141
St Galler Kantonalbank AG		180		75,806
Stadler Rail AG		3,202		127,444
Straumann Holding AG		251		261,804
Sulzer AG		4,430		323,834
Tecan Group AG, Class R		529		251,067
Temenos AG		1,164		125,017
u-blox Holding AG		1,176		59,124
Valiant Holding AG		1,592		127,666
Valora Holding AG(b)		944		134,923
VAT Group AG(b)(d)		1,597		299,345
Vetropack Holding AG(b)		1,501		83,685
Vontobel Holding AG		3,679		225,184
Wizz Air Holdings PLC(b)(d)		2,467		101,883
				11,742,520
Taiwan-0.04%
FIT Hon Teng Ltd.(b)(d)		280,897		109,753
Turkey-0.11%
Eldorado Gold Corp.(b)		27,637		346,149
Ukraine-0.08%
Ferrexpo PLC		100,459		247,447
United Arab Emirates-0.01%
Borr Drilling Ltd.(b)		38,631		14,993
Network International Holdings PLC(b)(d)		10,504		30,206
NMC Health PLC(b)(c)		2,523		0
				45,199

	Shares		Value
United Kingdom-7.08%
888 Holdings PLC		54,098	$	187,463
AG Barr PLC(b)		10,841		66,092
Airtel Africa PLC(d)		103,386		82,479
Ascential PLC(b)(d)		30,819		110,143
Ashmore Group PLC		29,692		136,751
Assura PLC		199,407		196,469
Auto Trader Group PLC(d)		27,652		207,016
Avast PLC(d)		13,144		80,625
AVEVA Group PLC		2,350		130,354
B&M European Value Retail S.A.		108,587		680,674
Balfour Beatty PLC(b)		136,158		376,048
Big Yellow Group PLC		13,689		194,699
Bodycote PLC		33,633		282,886
Brewin Dolphin Holdings PLC		35,270		110,818
Britvic PLC		37,603		358,821
Cairn Energy PLC(b)		73,833		132,698
Capital & Counties Properties PLC		95,804		129,573
Card Factory PLC		106,892		44,504
Chemring Group PLC		32,516		109,522
Cineworld Group PLC(a)		220,199		81,173
Coats Group PLC(b)		160,618		117,962
Computacenter PLC		12,798		376,297
Concentric AB(b)		5,349		88,578
ConvaTec Group PLC(d)		126,114		294,659
Countryside Properties PLC(d)		35,877		156,424
Cranswick PLC		5,501		228,890
Crest Nicholson Holdings PLC(b)		63,369		180,096
Daily Mail and General Trust PLC, Class A		19,445		169,963
Dechra Pharmaceuticals PLC		3,955		178,574
Dialog Semiconductor PLC(b)		9,747		372,177
Diploma PLC		6,301		181,357
Domino’s Pizza Group PLC		41,744		178,873
Drax Group PLC		95,551		365,453
Dunelm Group PLC		10,695		180,187
Electrocomponents PLC		48,995		430,467
Elementis PLC(b)		106,050		102,019
Equiniti Group PLC(b)(d)		48,016		64,196
Essentra PLC(b)		26,638		84,936
Firstgroup PLC(b)		168,606		89,427
Frasers Group PLC(b)		44,389		215,116
Games Workshop Group PLC		1,388		186,109
Genus PLC		3,437		182,295
Go-Ahead Group PLC (The)		7,245		54,802
Grafton Group PLC(b)		38,225		332,383
Grainger PLC		47,044		170,075
Great Portland Estates PLC		34,361		256,354
Greggs PLC(b)		8,392		139,651
Halfords Group PLC		43,091		133,999
Halma PLC		15,306		468,643
Hargreaves Lansdown PLC		13,005		227,429
Hastings Group Holdings PLC(d)		46,439		149,754
Hill & Smith Holdings PLC		6,164		95,641
HomeServe PLC		20,073		286,796
Howden Joinery Group PLC(b)		48,065		395,759
Hunting PLC		40,247		72,595
Ibstock PLC(b)(d)		53,573		111,247
Indivior PLC(b)		179,720		256,313
Intu Properties PLC(a)(b)(c)		628,322		0
J D Wetherspoon PLC(b)		7,804		86,981
JD Sports Fashion PLC		17,695		169,584

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

63

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

October 31, 2020

	Shares		Value
United Kingdom-(continued)
John Laing Group PLC(d)		44,489	$	161,873
Jupiter Fund Management PLC		97,388		292,392
Just Group PLC(b)		145,004		78,933
Lancashire Holdings Ltd.		25,559		210,349
LondonMetric Property PLC		67,999		189,737
Marshalls PLC(b)		13,260		114,787
Marston’s PLC		143,287		89,522
McCarthy & Stone PLC(b)(d)		48,782		74,050
Metro Bank PLC(a)(b)		84,326		65,922
Mitchells & Butlers PLC(b)		30,448		61,731
Moneysupermarket.com Group PLC		53,369		167,823
Morgan Advanced Materials PLC(b)		35,128		113,551
National Express Group PLC(b)		48,844		94,543
NewRiver REIT PLC		59,562		48,904
Ocado Group PLC(b)		12,201		359,059
OneSavings Bank PLC(b)		35,485		141,225
PageGroup PLC(b)		61,175		282,859
Paragon Banking Group PLC		47,371		180,812
Petrofac Ltd.(b)		88,547		135,901
Pets at Home Group PLC		77,615		386,974
Picton Property Income Ltd. (The)		64,641		52,071
Playtech PLC(b)		76,241		335,368
Polypipe Group PLC(b)		18,328		109,011
Premier Oil PLC(a)(b)		393,508		57,292
Primary Health Properties PLC		73,886		137,570
Provident Financial PLC(b)		47,564		143,296
PZ Cussons PLC		32,190		96,562
QinetiQ Group PLC		60,434		184,726
Rank Group PLC		21,534		25,059
Rathbone Brothers PLC		4,552		85,343
Redde Northgate PLC		31,066		71,500
Redrow PLC(b)		29,334		157,632
Renishaw PLC(b)		2,637		190,769
Restaurant Group PLC (The)		94,116		49,285
Rightmove PLC(a)(b)		22,423		179,176
Rotork PLC		77,504		281,598
Safestore Holdings PLC		16,213		168,441
Saga PLC(b)		16,027		28,598
Savills PLC(b)		18,968		203,931
Senior PLC(b)		71,703		50,806
Serco Group PLC(b)		157,315		263,210
Shaftesbury PLC		27,423		161,334
Shaftesbury PLC, Rts., expiring 11/18/2020(b)		3,356		2,387
SIG PLC(b)		118,681		36,829
Softcat PLC		6,718		97,722
Spirax-Sarco Engineering PLC		4,148		604,988
Spirent Communications PLC		39,902		149,363

Investment Abbreviations:

BR-Bearer Shares

CVA-Dutch Certificates

REIT-Real Estate Investment Trust

RSP-Registered Savings Plan Shares

Rts.-Rights

Wts.-Warrants

	Shares		Value
United Kingdom-(continued)
SSP Group PLC		48,252	$	116,482
St Modwen Properties PLC		13,521		57,955
Stagecoach Group PLC		76,940		37,843
Superdry PLC.		18,154		42,299
Synthomer PLC		60,233		293,768
TalkTalk Telecom Group PLC		92,425		114,964
Telecom Plus PLC		7,634		131,281
TP ICAP PLC		75,514		186,296
Tritax Big Box REIT PLC		165,913		335,947
UK Commercial Property REIT Ltd		98,547		86,901
Ultra Electronics Holdings PLC		9,181		223,175
UNITE Group PLC (The)(b)		17,029		183,414
Vectura Group PLC(b)		71,301		94,958
Vesuvius PLC		50,663		261,505
Victrex PLC		11,627		277,372
Virgin Money UK PLC(b)		193,440		233,010
Vistry Group PLC(b)		25,372		178,793
WH Smith PLC		11,125		143,415
Workspace Group PLC		15,239		121,574
				21,826,635
United States-0.31%
Primo Water Corp.		22,343		279,842
Reliance Worldwide Corp. Ltd.		84,192		242,999
Sims Ltd.		66,649		445,109
				967,950
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.71% (Cost $304,839,194)				307,202,459
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.93%
Invesco Private Government Fund, 0.04%(f)(g)(h)		5,949,871		5,949,871
Invesco Private Prime Fund, 0.11%(f)(g)(h)		9,234,763		9,237,533
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $15,187,085)				15,187,404
TOTAL INVESTMENTS IN SECURITIES-104.64% (Cost $320,026,279)				322,389,863
OTHER ASSETS LESS LIABILITIES-(4.64)%				(14,283,548	)
NET ASSETS-100.00%			$	308,106,315

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

64

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

October 31, 2020

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at October 31, 2020.

^(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 October 31, 2020 was $12,615,342, which represented 4.09% of the Fund’s Net Assets.

^(e)  Restricted security. The aggregate value of these securities at October 31, 2020 was $185,749, which represented less than 1% of the Fund’s Net Assets.

^(f)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2020.

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	—		$	1,833,481		$	(1,833,481	)		$	—			$	—			$	—		$	3
Invesco Premier U.S. Government Money Portfolio, Institutional Class			138,610			14,299,426			(14,438,036	)			—				—				—			3,559
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			15,926,925			28,479,806			(44,406,731	)			—				—				—			87,107	*
Invesco Liquid Assets Portfolio, Institutional Class			5,308,975			8,025,743			(13,334,050	)			(228	)			(440	)			—			33,407	*
Invesco Private Government Fund			—			50,425,889			(44,476,018	)			—				—				5,949,871			2,718	*
Invesco Private Prime Fund			—			15,885,480			(6,648,932	)			319				666				9,237,533			2,460	*
Total		$	21,374,510		$	118,949,825		$	(125,137,248	)		$	91			$	226			$	15,187,404		$	129,254

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

^(g)  The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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

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

65

Invesco FTSE RAFI Emerging Markets ETF (PXH)

October 31, 2020

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.75%
Brazil-8.08%
Ambev S.A.		1,231,250	$	2,600,872
B3 S.A. - Brasil, Bolsa, Balcao		198,085		1,753,770
Banco Bradesco S.A.		536,511		1,690,670
Banco Bradesco S.A., Preference Shares		2,014,836		7,044,588
Banco BTG Pactual S.A.		50,100		629,943
Banco do Brasil S.A.		645,658		3,336,907
Banco Santander Brasil S.A.		204,400		1,136,146
Braskem S.A., Class A, Preference Shares(a)		174,609		691,653
BRF S.A.(a)		276,300		804,078
CCR S.A.		353,800		684,774
Centrais Eletricas Brasileiras S.A.		172,910		931,423
Centrais Eletricas Brasileiras S.A., Class B, Preference Shares		81,800		439,643
Cia Brasileira de Distribuicao		92,379		992,522
Cia de Saneamento Basico do Estado de Sao Paulo		94,492		696,481
Cia Energetica de Minas Gerais		51,905		104,602
Cia Energetica de Minas Gerais, Preference Shares		604,680		1,074,917
Cia Paranaense de Energia		8,900		84,755
Cia Paranaense de Energia, Class B, Preference Shares		46,308		496,008
Cia Siderurgica Nacional S.A.		345,482		1,230,697
Cielo S.A.		1,054,622		616,385
Cogna Educacao		666,200		495,664
Embraer S.A.(a)		412,167		431,038
Equatorial Energia S.A.		140,700		486,325
Gerdau S.A., Preference Shares		514,117		1,944,657
IRB Brasil Resseguros S.A.		221,600		235,974
Itau Unibanco Holding S.A.		278,900		1,063,167
Itau Unibanco Holding S.A., Preference Shares		2,569,575		10,463,687
Klabin S.A.		202,300		832,917
Lojas Americanas S.A.		32,810		114,772
Lojas Americanas S.A., Preference Shares		112,720		454,125
Lojas Renner S.A.		77,646		504,309
Marfrig Global Foods S.A.(a)		275,900		658,887
Metalurgica Gerdau S.A., Preference Shares		1,055,700		1,794,287
Petrobras Distribuidora S.A.		375,000		1,247,399
Petroleo Brasileiro S.A.		1,150,662		3,791,637
Petroleo Brasileiro S.A., Preference Shares		1,822,547		5,986,653
Suzano S.A.(a)		125,768		1,091,691
Telefonica Brasil S.A.		14,500		107,304
Telefonica Brasil S.A., Preference Shares		214,943		1,585,792
TIM S.A.		271,866		558,726
Ultrapar Participacoes S.A.		792,292		2,250,736
Vale S.A.		1,451,638		15,243,961
				78,384,542
Canada-0.15%
Canadian Solar, Inc.(a)(b)		38,709		1,407,072
Chile-0.59%
Banco de Chile		17,270,656		1,332,065

	Shares		Value
Chile-(continued)
Banco Santander Chile		29,816,512	$	1,042,767
Enel Americas S.A.		12,082,393		1,601,557
Enel Chile S.A.		9,907,755		664,203
Falabella S.A.		308,618		845,278
Latam Airlines Group S.A.(a)		174,393		262,413
				5,748,283
China-40.21%
Agile Group Holdings Ltd.		731,839		1,000,341
Agricultural Bank of China Ltd., A Shares		6,775,600		3,185,448
Agricultural Bank of China Ltd., H Shares		20,567,006		6,948,626
Air China Ltd., A Shares		208,100		210,889
Air China Ltd., H Shares		848,888		547,327
Alibaba Group Holding Ltd., ADR(a)		90,250		27,498,272
Aluminum Corp. of China Ltd., A Shares(a)		869,900		372,618
Aluminum Corp. of China Ltd., H Shares(a)		3,765,415		820,590
Anhui Conch Cement Co. Ltd., A Shares		64,200		487,139
Anhui Conch Cement Co. Ltd., H Shares		270,851		1,688,704
ANTA Sports Products Ltd.		101,589		1,117,435
Baidu, Inc., ADR(a)		61,531		8,186,700
Bank of China Ltd., A Shares		3,423,000		1,624,599
Bank of China Ltd., H Shares		47,464,031		14,995,374
Bank of Communications Co. Ltd., A Shares		2,429,093		1,642,308
Bank of Communications Co. Ltd., H Shares		6,136,146		3,014,722
Baoshan Iron & Steel Co. Ltd., A Shares		1,142,800		910,801
Beijing Enterprises Holdings Ltd.		210,684		633,015
Beijing Enterprises Water Group Ltd.		1,969,199		746,558
BYD Co. Ltd., A Shares		25,100		598,673
BYD Co. Ltd., H Shares		124,141		2,466,860
China CITIC Bank Corp. Ltd., A Shares		577,201		435,041
China CITIC Bank Corp. Ltd., H Shares		7,540,512		3,062,936
China Communications Construction Co. Ltd., A Shares		375,000		413,607
China Communications Construction Co. Ltd., H Shares		4,363,533		2,278,872
China Communications Services Corp. Ltd., H Shares		1,373,252		796,873
China Conch Venture Holdings Ltd.		194,471		863,914
China Construction Bank Corp., A Shares		425,200		399,168
China Construction Bank Corp., H Shares		53,428,354		36,859,732
China Everbright Bank Co. Ltd., A Shares		2,173,900		1,271,856
China Everbright Bank Co. Ltd., H Shares		2,247,864		776,840
China Everbright Environment Group Ltd.		1,546,217		777,610
China Evergrande Group(b)		1,125,897		2,235,867
China Gas Holdings Ltd.		274,907		841,930
China Jinmao Holdings Group Ltd.		2,092,562		1,055,071
China Life Insurance Co. Ltd., A Shares		84,500		581,141
China Life Insurance Co. Ltd., H Shares		1,696,260		3,683,504
China Longyuan Power Group Corp. Ltd., H Shares		1,610,077		1,100,396
China Merchants Bank Co. Ltd., A Shares		502,900		2,988,038
China Merchants Bank Co. Ltd., H Shares		1,278,860		6,645,913
China Merchants Port Holdings Co. Ltd.		568,540		602,642

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

66

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

October 31, 2020

	Shares		Value
China-(continued)
China Minsheng Banking Corp. Ltd., A Shares		2,137,345	$	1,684,305
China Minsheng Banking Corp. Ltd., H Shares		5,389,750		2,946,871
China Mobile Ltd.		3,013,215		18,320,546
China National Building Material Co. Ltd., H Shares		3,228,837		3,701,472
China Overseas Land & Investment Ltd.		1,720,919		4,305,155
China Pacific Insurance (Group) Co. Ltd., A Shares		170,800		813,443
China Pacific Insurance (Group) Co. Ltd., H Shares		905,654		2,820,370
China Petroleum & Chemical Corp., A Shares		2,388,500		1,390,279
China Petroleum & Chemical Corp., H Shares		24,442,770		9,487,319
China Railway Construction Corp. Ltd., A Shares		955,600		1,188,046
China Railway Construction Corp. Ltd., H Shares		1,978,821		1,337,102
China Railway Group Ltd., H Shares		3,882,736		1,782,438
China Resources Land Ltd.		967,852		3,937,630
China Resources Power Holdings Co. Ltd.		824,909		857,369
China Shenhua Energy Co. Ltd., A Shares		368,200		914,977
China Shenhua Energy Co. Ltd., H Shares		2,392,236		4,133,666
China Southern Airlines Co. Ltd., A Shares(a)		408,301		335,772
China Southern Airlines Co. Ltd., H Shares(a)(b)		979,530		511,563
China State Construction Engineering Corp. Ltd., A Shares		3,049,137		2,325,466
China Taiping Insurance Holdings Co. Ltd.		920,456		1,383,975
China Telecom Corp. Ltd., H Shares		9,697,537		3,051,251
China Tower Corp. Ltd., H Shares(c)		8,167,408		1,274,372
China Unicom Hong Kong Ltd.		4,645,513		2,851,460
China United Network Communications Ltd., A Shares		1,279,300		910,758
China Vanke Co. Ltd., A Shares		267,800		1,101,145
China Vanke Co. Ltd., H Shares		572,652		1,772,265
CIFI Holdings Group Co. Ltd.		1,241,032		856,177
CITIC Ltd.		1,236,625		881,840
CITIC Securities Co. Ltd., A Shares		154,400		659,752
CITIC Securities Co. Ltd., H Shares		467,161		1,007,232
CNOOC Ltd.		8,314,377		7,547,949
Country Garden Holdings Co. Ltd.		3,080,802		3,789,996
CRRC Corp. Ltd., A Shares		773,354		622,127
CRRC Corp. Ltd., H Shares		1,739,538		672,948
CSPC Pharmaceutical Group Ltd.		700,926		738,450
Dongfeng Motor Group Co. Ltd., H Shares		1,433,326		1,007,321
ENN Energy Holdings Ltd.		134,902		1,703,921
Fosun International Ltd.		1,301,958		1,568,088
GCL-Poly Energy Holdings Ltd.(a)		17,183,013		786,601
Geely Automobile Holdings Ltd.		1,063,244		2,182,743
GF Securities Co. Ltd., A Shares		137,300		315,576
GF Securities Co. Ltd., H Shares		467,879		602,734
Great Wall Motor Co. Ltd., A Shares		118,300		418,805
Great Wall Motor Co. Ltd., H Shares		1,510,340		2,442,299
Guangdong Investment Ltd.		590,687		874,432
Guangzhou Automobile Group Co. Ltd., A Shares		61,500		123,272

	Shares		Value
China-(continued)
Guangzhou Automobile Group Co. Ltd., H Shares		783,490	$	803,206
Guangzhou R&F Properties Co. Ltd., H Shares		1,125,997		1,425,855
Haier Electronics Group Co. Ltd.		372,545		1,412,384
Haitong Securities Co. Ltd., A Shares(a)		172,500		361,467
Haitong Securities Co. Ltd., H Shares(a)		954,545		805,009
Hengan International Group Co. Ltd.		195,678		1,356,273
Huadian Power International Corp. Ltd., A Shares		566,909		284,292
Huadian Power International Corp. Ltd., H Shares		1,984,671		491,379
Huaneng Power International, Inc., A Shares		540,600		393,739
Huaneng Power International, Inc., H Shares		4,736,772		1,765,253
Huatai Securities Co. Ltd., A Shares		125,600		381,663
Huatai Securities Co. Ltd., H Shares(c)		397,447		641,668
Huaxia Bank Co. Ltd., A Shares		845,800		764,984
Industrial & Commercial Bank of China Ltd., A Shares		3,249,412		2,386,064
Industrial & Commercial Bank of China Ltd., H Shares		43,222,275		24,300,808
Industrial Bank Co. Ltd., A Shares		911,700		2,422,056
JD.com, Inc., ADR(a)		114,663		9,347,328
Jiangxi Copper Co. Ltd., A Shares		134,000		295,991
Jiangxi Copper Co. Ltd., H Shares		1,057,748		1,257,592
Kunlun Energy Co. Ltd.		1,973,207		1,272,241
Kweichow Moutai Co. Ltd., A Shares		5,400		1,345,946
Longfor Group Holdings Ltd.(c)		420,871		2,298,418
Meituan Dianping, B Shares(a)		148,969		5,536,260
Metallurgical Corp. of China Ltd., A Shares		1,184,700		457,952
Metallurgical Corp. of China Ltd., H Shares		3,011,313		485,392
NetEase, Inc., ADR		32,293		2,802,709
New China Life Insurance Co. Ltd., A Shares		48,700		466,634
New China Life Insurance Co. Ltd., H Shares		276,692		1,100,724
People’s Insurance Co. Group of China Ltd. (The), H Shares		2,968,422		880,400
PetroChina Co. Ltd., H Shares		17,636,897		4,935,243
PICC Property & Casualty Co. Ltd., H Shares		2,826,244		1,909,710
Ping An Bank Co. Ltd., A Shares		529,500		1,402,738
Ping An Insurance (Group) Co. of China Ltd., A Shares		183,900		2,136,195
Ping An Insurance (Group) Co. of China Ltd., H Shares		1,284,221		13,173,663
Postal Savings Bank of China Co. Ltd., H Shares(c)		3,724,196		1,824,915
SAIC Motor Corp. Ltd., A Shares		530,856		1,834,172
Shanghai Pharmaceuticals Holding Co. Ltd., A Shares		76,800		228,330
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares		489,245		757,067
Shanghai Pudong Development Bank Co. Ltd., A Shares		1,396,052		1,929,411

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

67

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

October 31, 2020

	Shares		Value
China-(continued)
Shenzhou International Group Holdings Ltd.		76,985	$	1,329,270
Shimao Group Holdings Ltd.		660,509		2,329,500
Sino Biopharmaceutical Ltd.		894,304		901,817
Sinopec Shanghai Petrochemical Co. Ltd., A Shares		333,100		164,556
Sinopec Shanghai Petrochemical Co. Ltd., H Shares		2,731,302		503,654
Sinopharm Group Co. Ltd., H Shares		716,058		1,636,208
Sunac China Holdings Ltd.		408,866		1,507,904
Tencent Holdings Ltd.		254,966		19,431,054
Trip.com Group Ltd., ADR(a)		78,294		2,251,735
Vipshop Holdings Ltd., ADR(a)		112,717		2,412,144
Weichai Power Co. Ltd., A Shares		137,700		310,946
Weichai Power Co. Ltd., H Shares		616,164		1,163,226
Xiaomi Corp., B Shares(a)(c)		1,283,754		3,641,926
Yangzijiang Shipbuilding Holdings Ltd.		1,242,758		837,303
Yanzhou Coal Mining Co. Ltd., A Shares		68,700		92,383
Yanzhou Coal Mining Co. Ltd., H Shares		1,386,913		1,006,895
Zijin Mining Group Co. Ltd., A Shares		362,800		378,492
Zijin Mining Group Co. Ltd., H Shares		1,475,626		1,067,495
ZTO Express Cayman, Inc., ADR		34,779		1,007,895
				389,958,762
Hong Kong-0.12%
Nine Dragons Paper Holdings Ltd.		871,363		1,157,345
India-8.70%
Axis Bank Ltd.(a)		327,901		2,179,148
Bharat Petroleum Corp. Ltd.		591,635		2,829,741
Bharti Airtel Ltd.		296,344		1,734,497
Bharti Infratel Ltd.		289,931		725,928
Coal India Ltd.		1,016,445		1,566,346
GAIL (India) Ltd.		530,786		607,012
Grasim Industries Ltd.		155,813		1,636,502
HCL Technologies Ltd.		200,907		2,282,544
Hero MotoCorp Ltd.		35,155		1,328,165
Hindalco Industries Ltd.		740,124		1,704,310
Hindustan Petroleum Corp. Ltd.		657,659		1,665,280
Hindustan Unilever Ltd.		45,130		1,261,381
Housing Development Finance Corp. Ltd.		207,243		5,379,243
Indiabulls Housing Finance Ltd.		304,725		575,670
Indian Oil Corp. Ltd.		1,430,721		1,535,794
Infosys Ltd.		662,194		9,477,083
ITC Ltd.		606,811		1,353,109
Jindal Steel & Power Ltd.(a)		388,116		1,002,924
JSW Steel Ltd.		469,876		1,959,204
Larsen & Toubro Ltd.		84,342		1,057,867
Mahindra & Mahindra Ltd.		237,526		1,903,862
Maruti Suzuki India Ltd.		18,895		1,775,887
NTPC Ltd.		1,283,964		1,517,731
Oil & Natural Gas Corp. Ltd.		1,697,870		1,486,918
Power Finance Corp. Ltd.		503,800		592,126
REC Ltd.		537,667		746,200
Reliance Industries Ltd.		561,273		15,560,306
Shriram Transport Finance Co. Ltd.		48,731		455,993
State Bank of India(a)		777,603		1,985,782
Sun Pharmaceutical Industries Ltd.		209,908		1,319,228
Tata Consultancy Services Ltd.		117,930		4,240,674
Tata Motors Ltd.(a)		1,428,074		2,556,206
Tata Motors Ltd., Class A(a)		554,442		415,602

	Shares		Value
India-(continued)
Tata Steel Ltd.		259,890	$	1,439,771
Tech Mahindra Ltd.		81,632		895,878
Vedanta Ltd.		1,870,804		2,417,157
Vodafone Idea Ltd.(a)		15,501,603		1,830,301
Wipro Ltd.		286,213		1,315,829
Yes Bank Ltd.(a)		409,658		68,546
				84,385,745
Indonesia-1.10%
PT Astra International Tbk		3,593,350		1,332,918
PT Bank Central Asia Tbk		862,720		1,707,743
PT Bank Mandiri (Persero) Tbk		4,724,786		1,865,685
PT Bank Negara Indonesia (Persero) Tbk		2,709,648		878,204
PT Bank Rakyat Indonesia (Persero) Tbk		10,879,000		2,499,380
PT Telekomunikasi Indonesia (Persero) Tbk		12,997,900		2,328,513
				10,612,443
Malaysia-0.63%
CIMB Group Holdings Bhd		968,400		687,553
Malayan Banking Bhd		946,300		1,594,248
MISC Bhd		601,100		953,369
Public Bank Bhd		489,400		1,776,210
Tenaga Nasional Bhd		487,000		1,118,166
				6,129,546
Mexico-2.98%
America Movil S.A.B. de C.V., Series L(b)		10,886,601		6,605,382
Cemex S.A.B. de C.V., Series CPO(d)		14,112,405		5,810,112
Coca-Cola FEMSA S.A.B. de C.V., Series L		188,568		711,822
Fibra Uno Administracion S.A. de C.V.		1,124,248		849,097
Fomento Economico Mexicano, S.A.B. de C.V., Series CPO(b)(e)		602,141		3,217,362
Grupo Financiero Banorte S.A.B. de C.V., Class O(a)		908,944		4,036,903
Grupo Mexico S.A.B. de C.V., Class B		907,895		2,570,822
Grupo Televisa S.A.B., Series CPO(a)(b)(f)		954,233		1,203,246
Orbia Advance Corp. S.A.B. de C.V.(b)		390,735		688,825
Wal-Mart de Mexico S.A.B. de C.V., Series V		1,330,326		3,204,287
				28,897,858
Romania-0.04%
NEPI Rockcastle PLC		109,617		388,378
Russia-7.64%
Aeroflot PJSC(a)		564,289		403,938
Alrosa PJSC		1,209,269		1,086,536
Gazprom PJSC		9,176,317		17,893,746
Inter RAO UES PJSC		14,242,381		910,939
LUKOIL PJSC		235,985		12,008,924
Magnit PJSC		70,012		4,157,341
MMC Norilsk Nickel PJSC		12,901		3,061,345
Mobile TeleSystems PJSC		558,779		2,186,259
Moscow Exchange MICEX-RTS PJSC		507,857		856,145
Novatek PJSC		170,860		2,052,792
Novolipetsk Steel PJSC		639,213		1,495,752
Rosneft Oil Co. PJSC		682,704		3,015,535
Rosseti PJSC		41,904,761		766,530
RusHydro PJSC		84,801,905		770,272
Sberbank of Russia PJSC		4,547,467		11,500,894
Severstal PAO		144,014		1,968,320

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

68

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

October 31, 2020

	Shares		Value
Russia-(continued)
Sistema PJSFC		4,117,214	$	1,308,340
Surgutneftegas PJSC		4,230,415		1,753,636
Surgutneftegas PJSC, Preference Shares		4,728,102		2,156,532
Tatneft PJSC		509,008		2,628,687
Tatneft PJSC, Preference Shares		49,211		245,970
VTB Bank PJSC		4,608,405,589		1,898,440
				74,126,873
Saudi Arabia-2.70%
Al Rajhi Bank		247,701		4,345,979
Alinma Bank(a)		248,146		1,011,031
Etihad Etisalat Co.(a)		171,811		1,282,753
National Commercial Bank		185,816		1,934,809
Riyad Bank		232,877		1,117,720
Samba Financial Group		179,733		1,322,729
Saudi Arabian Oil Co.(c)		140,638		1,263,766
Saudi Basic Industries Corp		305,542		7,332,422
Saudi Kayan Petrochemical Co.(a)		441,250		1,115,391
Saudi Telecom Co		106,799		2,839,202
Savola Group (The)		101,439		1,238,809
Yanbu National Petrochemical Co., Class A		88,363		1,354,791
				26,159,402
South Africa-4.65%
Absa Group Ltd.		356,956		1,909,697
Aspen Pharmacare Holdings Ltd.(a)		186,157		1,209,254
Bid Corp. Ltd.		102,416		1,403,680
Bidvest Group Ltd. (The)		124,417		1,020,374
Discovery Ltd.		125,348		825,432
Exxaro Resources Ltd.		112,552		755,230
FirstRand Ltd.		1,246,712		2,884,922
Foschini Group Ltd. (The)		125,517		664,557
Gold Fields Ltd.		216,162		2,296,815
Growthpoint Properties Ltd.		1,009,459		659,150
Impala Platinum Holdings Ltd.		90,152		792,123
Mr Price Group Ltd.		82,695		625,324
MTN Group Ltd.		540,935		1,923,879
MultiChoice Group		178,397		1,470,873
Naspers Ltd., Class N		24,223		4,712,772
Nedbank Group Ltd.		178,667		1,055,371
Netcare Ltd.		794,761		630,967
Old Mutual Ltd.		2,376,641		1,371,976
Remgro Ltd.		173,907		924,400
Sanlam Ltd.		598,853		1,742,151
Sappi Ltd.(a)		659,981		941,510
Sasol Ltd.(a)		331,445		1,714,059
Shoprite Holdings Ltd.		318,429		2,526,267
Sibanye Stillwater Ltd.		371,549		1,073,116
SPAR Group Ltd. (The)		108,950		1,157,641
Standard Bank Group Ltd.		504,168		3,291,152
Telkom S.A. SOC Ltd.		490,689		773,687
Tiger Brands Ltd.		93,652		1,161,316
Truworths International Ltd.		294,640		567,022
Vodacom Group Ltd.		240,016		1,809,934
Woolworths Holdings Ltd.		560,174		1,204,208
				45,098,859
Taiwan-17.16%
ASE Technology Holding Co. Ltd.		1,311,000		2,896,681
Asia Cement Corp.		879,000		1,264,560

	Shares		Value
Taiwan-(continued)
Asustek Computer, Inc.		185,738	$	1,574,684
AU Optronics Corp.(a)		10,444,000		4,217,253
Catcher Technology Co. Ltd.		316,000		1,994,092
Cathay Financial Holding Co. Ltd.		2,172,440		2,916,486
Chailease Holding Co. Ltd.		303,418		1,469,170
China Development Financial Holding Corp.		3,071,000		899,714
China Steel Corp.		1,363,360		967,581
Chunghwa Telecom Co. Ltd.		1,231,000		4,604,926
Compal Electronics, Inc.		1,505,000		978,656
CTBC Financial Holding Co. Ltd.		3,809,838		2,404,167
Delta Electronics, Inc.		665,506		4,420,653
E.Sun Financial Holding Co. Ltd.		2,181,318		1,853,131
Far Eastern New Century Corp.		962,000		866,030
Far EasTone Telecommunications Co. Ltd.		441,000		925,062
First Financial Holding Co. Ltd.		1,724,192		1,208,595
Formosa Chemicals & Fibre Corp.		602,920		1,450,204
Formosa Petrochemical Corp.		445,000		1,222,822
Formosa Plastics Corp.		696,280		1,925,490
Foxconn Technology Co. Ltd.		427,000		747,905
Fubon Financial Holding Co. Ltd.		1,694,928		2,411,718
Hon Hai Precision Industry Co. Ltd.		5,160,064		13,980,980
Hotai Motor Co. Ltd.		50,000		1,052,319
Innolux Corp.(a)		13,545,490		4,692,985
Largan Precision Co. Ltd.		12,000		1,269,075
Lite-On Technology Corp.		818,313		1,331,742
MediaTek, Inc.		387,091		9,175,370
Mega Financial Holding Co. Ltd.		2,226,080		2,144,091
Micro-Star International Co. Ltd.		282,000		1,133,777
Nan Ya Plastics Corp.		618,940		1,270,186
Novatek Microelectronics Corp.		156,000		1,456,185
Pegatron Corp.		927,106		1,993,358
Powertech Technology, Inc.		269,200		794,325
President Chain Store Corp.		110,000		992,186
Quanta Computer, Inc.		1,188,000		2,990,403
Shanghai Commercial & Savings Bank Ltd. (The)		594,000		769,406
Shin Kong Financial Holding Co. Ltd.		5,737,998		1,596,814
SinoPac Financial Holdings Co. Ltd.		2,339,000		874,973
Taishin Financial Holding Co. Ltd.		1,846,874		813,558
Taiwan Cement Corp.		1,868,821		2,649,350
Taiwan Mobile Co. Ltd.		431,400		1,473,518
Taiwan Semiconductor Manufacturing Co. Ltd.		3,733,000		56,379,674
Uni-President Enterprises Corp.		1,145,941		2,455,860
United Microelectronics Corp.		6,416,000		6,886,262
Wistron Corp.		1,806,875		1,800,337
Yageo Corp.		85,000		1,056,427
Yuanta Financial Holding Co. Ltd.		2,025,257		1,256,780
Zhen Ding Technology Holding Ltd.		217,000		917,965
				166,427,486
Tanzania-0.18%
AngloGold Ashanti Ltd.		76,467		1,735,723
Thailand-3.26%
Advanced Info Service PCL, NVDR		310,150		1,716,560
Bangkok Bank PCL, Foreign Shares		291,797		905,795
Banpu PCL, NVDR		4,430,153		931,018
Charoen Pokphand Foods PCL, NVDR		1,798,770		1,457,253

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

69

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

October 31, 2020

	Shares		Value
Thailand-(continued)
CP ALL PCL, NVDR(a)		970,083	$	1,672,959
Indorama Ventures PCL, NVDR		959,682		680,484
IRPC PCL, NVDR		12,399,000		803,593
Kasikornbank PCL, Foreign Shares		318,482		779,153
Kasikornbank PCL, NVDR		162,584		397,755
Krung Thai Bank PCL, NVDR		4,192,778		1,163,633
PTT Exploration & Production PCL, NVDR		540,178		1,364,852
PTT Global Chemical PCL, NVDR		1,699,567		2,181,204
PTT PCL, NVDR		8,270,369		8,225,922
Siam Cement PCL (The), NVDR		432,915		4,694,803
Siam Commercial Bank PCL (The), NVDR		1,494,877		3,117,575
Thai Oil PCL, NVDR		988,508		1,086,272
Thanachart Capital PCL, NVDR		521,566		460,193
				31,639,024
Turkey-1.35%
Akbank T.A.S.(a)		2,007,587		1,142,335
BIM Birlesik Magazalar A.S.		132,286		1,054,122
Eregli Demir ve Celik Fabrikalari TAS		1,217,897		1,384,535
Haci Omer Sabanci Holding A.S.		1,176,510		1,155,037
KOC Holding A.S.		559,570		945,188
Tupras-Turkiye Petrol Rafinerileri A.S.(a)		127,356		1,135,615
Turk Hava Yollari AO(a)		796,006		856,492
Turkcell Iletisim Hizmetleri A.S.		976,465		1,700,631
Turkiye Garanti Bankasi A.S.(a)		1,486,217		1,170,110
Turkiye Halk Bankasi A.S.(a)		1,553,664		871,075
Turkiye Is Bankasi A.S., Class C(a)		1,780,053		1,085,062
Turkiye Vakiflar Bankasi T.A.O., Class D(a)		1,347,491		612,423
				13,112,625
United States-0.21%
JBS S.A.		601,882		2,030,282
Total Common Stocks & Other Equity Interests (Cost $1,049,306,528)				967,400,248

Investment Abbreviations:

ADR-American Depositary Receipt

CPO-Certificates of Ordinary Participation

ETF-Exchange-Traded Fund

NVDR-Non-Voting Depositary Receipt

	Shares		Value
Money Market Funds-0.13%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(g)(h) (Cost $1,309,256)		1,309,256	$	1,309,256
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.88% (Cost $1,050,615,784)				968,709,504
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.19%
Invesco Private Government Fund, 0.04%(g)(h)(i)		740,440		740,440
Invesco Private Prime Fund, 0.11%(g)(h)(i)		1,110,327		1,110,660
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,851,100)				1,851,100
TOTAL INVESTMENTS IN SECURITIES-100.07% (Cost $1,052,466,884)				970,560,604
OTHER ASSETS LESS LIABILITIES-(0.07)%				(716,641	)
NET ASSETS-100.00%			$	969,843,963

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

70

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

October 31, 2020

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  All or a portion of this security was out on loan at October 31, 2020.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2020 was $10,945,065, which represented 1.13% of the Fund’s Net Assets.

^(d)  Each CPO for Cemex S.A.B. de C.V. represents two Series A shares and one Series B share.

^(e)  Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares.

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

^(g)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2020.

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value October 31, 2020		Dividend Income
Invesco MSCI Saudi Arabia UCITS ETF	$	-	$	3,582,435	$	(4,619,750	)	$	-		$	1,037,315	$	-	$	-
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		-		17,058,784		(15,749,528	)		-			-		1,309,256		42
Invesco Premier U.S. Government Money Portfolio, Institutional Class		2,265,414		70,888,362		(73,153,776	)		-			-		-		15,271
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		1,898,097		5,400,868		(7,298,965	)		-			-		-		13,237	*
Invesco Liquid Assets Portfolio, Institutional Class		632,699		1,480,882		(2,113,644	)		(34	)		97		-		5,035	*
Invesco Private Government Fund		-		68,129,926		(67,389,486	)		-			-		740,440		1,849	*
Invesco Private Prime Fund		-		18,937,971		(17,827,584	)		-			273		1,110,660		1,466	*
Total	$	4,796,210	$	185,479,228	$	(188,152,733	)	$	(34	)	$	1,037,685	$	3,160,356	$	36,900

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

^(h)  The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

⁽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.

71

Invesco Global Clean Energy ETF (PBD)

October 31, 2020

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Austria-1.14%
Verbund AG		24,729	$	1,422,419
Canada-8.41%
Ballard Power Systems, Inc.(a)		90,963		1,340,551
Boralex, Inc., Class A		51,069		1,484,174
Canadian Solar, Inc.(a)		43,600		1,584,860
Innergex Renewable Energy, Inc.		78,792		1,419,420
Lithium Americas Corp.(a)(b)		161,213		1,549,257
TransAlta Renewables, Inc.(b)		110,896		1,388,955
Xebec Adsorption, Inc.(a)		432,770		1,671,553
				10,438,770
Chile-1.17%
Sociedad Quimica y Minera de Chile S.A., ADR		39,357		1,456,603
China-13.47%
BYD Co. Ltd., H Shares		118,036		2,345,545
Daqo New Energy Corp., ADR(a)		11,258		2,055,823
JinkoSolar Holding Co. Ltd., ADR(a)(b)		57,608		3,358,547
NIO, Inc., ADR(a)		70,166		2,145,676
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares(b)		1,469,468		1,932,800
Xinyi Energy Holdings Ltd.		3,371,731		1,734,812
Xinyi Solar Holdings Ltd.		1,051,501		1,911,857
XPeng, Inc., ADR(a)(b)		64,158		1,243,382
				16,728,442
Denmark-3.40%
Novozymes A/S, Class B		20,098		1,207,808
Orsted A/S(c)		9,622		1,527,278
Vestas Wind Systems A/S		8,719		1,488,305
				4,223,391
Finland-0.99%
Caverion OYJ(a)		187,598		1,230,287
France-2.92%
Albioma S.A.		24,734		1,151,015
McPhy Energy S.A.(a)(b)		43,835		1,133,558
Neoen S.A.(a)(c)		24,982		1,338,612
				3,623,185
Germany-6.67%
CropEnergies AG		85,005		1,154,550
Encavis AG(b)		76,433		1,502,876
Nordex SE(a)		97,775		1,400,886
PNE AG		207,268		1,453,445
SMA Solar Technology AG(a)		29,737		1,287,190
VERBIO Vereinigte BioEnergie AG		69,173		1,479,378
				8,278,325
Guernsey-1.07%
Renewables Infrastructure Group Ltd. (The)		760,090		1,328,741
India-1.06%
Azure Power Global Ltd.(a)		49,586		1,322,459
Ireland-1.11%
Kingspan Group PLC(a)		15,773		1,375,232
Italy-2.84%
Falck Renewables S.p.A.		195,727		1,061,989

	Shares		Value
Italy-(continued)
Prysmian S.p.A.		44,969	$	1,222,598
Terna Rete Elettrica Nazionale S.p.A.		183,853		1,242,991
				3,527,578
Japan-5.03%
eRex Co. Ltd.		128,553		1,432,602
GS Yuasa Corp.		73,843		1,279,926
RENOVA, Inc.(a)		114,879		1,827,471
West Holdings Corp.		50,067		1,707,374
				6,247,373
Netherlands-1.08%
Signify N.V.(a)(c)		37,510		1,336,584
New Zealand-3.30%
Mercury NZ Ltd.		377,208		1,333,738
Meridian Energy Ltd.		395,500		1,385,346
Tilt Renewables Ltd.(b)		537,832		1,382,713
				4,101,797
Norway-2.13%
NEL ASA(a)(b)		630,005		1,191,617
Scatec Solar ASA(c)		65,983		1,449,592
				2,641,209
South Korea-3.01%
CS Wind Corp.		13,885		1,220,000
Ecopro Co. Ltd.		30,139		1,128,851
Samsung SDI Co. Ltd.		3,569		1,390,234
				3,739,085
Spain-4.46%
Acciona S.A.(b)		11,180		1,129,096
EDP Renovaveis S.A.		78,716		1,496,418
Siemens Gamesa Renewable Energy S.A.		49,811		1,411,683
Solaria Energia y Medio Ambiente S.A.(a)		77,073		1,499,300
				5,536,497
Sweden-2.93%
Eolus Vind AB, Class B(b)		77,771		1,148,066
Nibe Industrier AB, Class B(a)		51,481		1,241,168
PowerCell Sweden AB(a)		50,070		1,252,151
				3,641,385
Switzerland-3.17%
Credit Suisse Real Estate Fund Green Property(b)		7,989		1,324,018
Gurit Holding AG, BR		642		1,343,469
Landis+Gyr Group AG(a)		22,669		1,266,328
				3,933,815
Taiwan-2.16%
Everlight Electronics Co. Ltd.		1,015,000		1,344,888
Sino-American Silicon Products, Inc.		383,000		1,333,641
				2,678,529
United Kingdom-3.50%
Ceres Power Holdings PLC(a)		194,292		1,763,562
Greencoat UK Wind PLC		766,948		1,336,763

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

72

Invesco Global Clean Energy ETF (PBD)–(continued)

October 31, 2020

	Shares		Value
United Kingdom-(continued)
ITM Power PLC(a)(b)		418,048	$	1,248,638
ITM Power PLC, Rts., expiring 11/10/2020(a)(d)		2,564		0
				4,348,963
United States-24.97%
Ameresco, Inc., Class A(a)		44,882		1,723,020
Arcosa, Inc.		30,099		1,389,671
Bloom Energy Corp., Class A(a)		89,820		1,135,325
Cree, Inc.(a)		20,974		1,333,946
Enphase Energy, Inc.(a)		18,907		1,854,588
First Solar, Inc.(a)		18,383		1,600,148
FuelCell Energy, Inc.(a)(b)		581,423		1,162,846
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		31,706		1,326,896
Itron, Inc.(a)		22,857		1,553,133
Maxeon Solar Technologies Ltd.(a)		73,772		1,195,106
Ormat Technologies, Inc.		22,434		1,589,898
Plug Power, Inc.(a)(b)		107,363		1,503,082
Renewable Energy Group, Inc.(a)		30,277		1,707,623
SolarEdge Technologies, Inc.(a)		6,703		1,727,296
Sunnova Energy International, Inc.(a)		52,605		1,265,676
SunPower Corp.(a)(b)		119,784		1,915,346
Sunrun, Inc.(a)		22,247		1,157,289
TPI Composites, Inc.(a)		48,094		1,592,873
Universal Display Corp.		7,806		1,548,008

	Shares		Value
United States-(continued)
Veeco Instruments, Inc.(a)		119,132	$	1,516,550
Willdan Group, Inc.(a)		46,191		1,208,819
				31,007,139
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $84,084,184)				124,167,808
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-14.87%
Invesco Private Government Fund, 0.04%(e)(f)(g)		7,420,921		7,420,921
Invesco Private Prime Fund, 0.11%(e)(f)(g)		11,038,297		11,041,609
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $18,462,467)				18,462,530
TOTAL INVESTMENTS IN SECURITIES-114.86% (Cost $102,546,651)				142,630,338
OTHER ASSETS LESS LIABILITIES-(14.86)%				(18,452,610	)
NET ASSETS-100.00%			$	124,177,728

Investment Abbreviations:

ADR-American Depositary Receipt

BR-Bearer Shares

Rts.-Rights

Notes to Schedule of Investments:

^(a) Non-income producing security.

^(b)  All or a portion of this security was out on loan at October 31, 2020.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2020 was $5,652,066, which represented 4.55% of the Fund’s Net Assets.

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

^(e)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2020.

	Value October 31, 2019		Purchases at Cost	Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$           -	$     642,073		$	(642,073	)		$	-		$	-		$	-		$	1
Invesco Premier U.S. Government Money Portfolio, Institutional Class		-	3,477,518			(3,477,518	)			-			-			-			315
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		6,892,188	28,159,631			(35,051,819	)			-			-			-			41,314	*

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

73

Invesco Global Clean Energy ETF (PBD)–(continued)

October 31, 2020

	Value October 31, 2019			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2020			Dividend Income
Invesco Liquid Assets Portfolio, Institutional Class		$	2,297,396			$    7,221,660		$	(9,518,549	)		$	(200	)		$	(307	)		$	-		$	15,859	*
Invesco Private Government Fund			-			51,565,536			(44,144,615	)			-				-				7,420,921			1,854	*
Invesco Private Prime Fund			-			21,541,756			(10,500,667	)			63				457				11,041,609			1,936	*
Total		$	9,189,584		$	112,608,174		$	(103,335,241	)		$	(137	)		$	150			$	18,462,530		$	61,279

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

^(f)  The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

^(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.

74

Invesco Global Water ETF (PIO)

October 31, 2020

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.78%
Brazil-4.37%
Cia de Saneamento Basico do Estado de Sao Paulo		1,229,641	$	9,063,431
Canada-0.70%
Stantec, Inc.		50,770		1,456,827
Cayman Islands-0.11%
Consolidated Water Co. Ltd.		22,616		227,517
China-2.65%
Beijing Enterprises Water Group Ltd.(a)		3,359,789		1,273,755
CT Environmental Group Ltd.(a)(b)		2,561,890		28,080
Guangdong Investment Ltd.		2,828,884		4,187,778
				5,489,613
France-6.30%
Suez S.A.		359,325		6,579,756
Veolia Environnement S.A.		347,721		6,476,632
				13,056,388
Hong Kong-0.19%
China Water Affairs Group Ltd.		557,706		399,140
Italy-1.39%
ACEA S.p.A.		34,777		690,290
Hera S.p.A.		699,817		2,200,990
				2,891,280
Japan-5.82%
Kurita Water Industries Ltd.		79,465		2,356,433
METAWATER Co. Ltd.		27,998		654,554
Miura Co. Ltd.		82,908		3,882,099
Organo Corp.		11,816		614,875
TOTO Ltd.		100,144		4,545,469
				12,053,430
Netherlands-1.62%
Aalberts N.V.		80,248		2,695,872
Arcadis N.V.(a)		28,325		659,887
				3,355,759
South Korea-1.68%
Coway Co. Ltd.		56,911		3,480,764
Spain-1.40%
Acciona S.A.(c)		28,669		2,895,353
Switzerland-7.91%
Belimo Holding AG		188		1,398,898
Geberit AG		26,333		14,997,355
				16,396,253
Thailand-0.25%
TTW PCL, NVDR		1,378,900		513,203
United Kingdom-12.86%
Halma PLC		198,045		6,063,791
HomeServe PLC		161,963		2,314,071

	Shares		Value
United Kingdom-(continued)
Pennon Group PLC		255,011	$	3,272,893
Polypipe Group PLC(a)		70,147		417,221
Severn Trent PLC		159,619		5,015,214
Spirax-Sarco Engineering PLC		29,192		4,257,666
United Utilities Group PLC		475,485		5,308,203
				26,649,059
United States-52.53%
A.O. Smith Corp.		93,775		4,847,230
American Water Works Co., Inc.		59,434		8,945,411
Danaher Corp.		81,371		18,677,899
Ecolab, Inc.		85,248		15,650,680
Essential Utilities, Inc.		105,239		4,335,847
Ferguson PLC		85,057		8,492,558
IDEX Corp.		32,881		5,602,594
Pentair PLC		254,622		12,669,991
Reliance Worldwide Corp. Ltd.		897,147		2,589,389
Roper Technologies, Inc.		19,663		7,301,658
Toro Co. (The)		43,745		3,591,464
Waters Corp.(a)		38,843		8,654,997
Xylem, Inc.		86,270		7,517,568
				108,877,286
Total Common Stocks & Other Equity Interests (Cost $158,344,039)				206,805,303
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) (Cost $82,272)		82,272		82,272
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.82% (Cost $158,426,311)				206,887,575
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.45%
Invesco Private Government Fund, 0.04%(d)(e)(f)		1,202,704		1,202,704
Invesco Private Prime Fund, 0.11%(d)(e)(f)		1,803,516		1,804,057
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,006,761)				3,006,761
TOTAL INVESTMENTS IN SECURITIES-101.27% (Cost $161,433,072)				209,894,336
OTHER ASSETS LESS LIABILITIES-(1.27)%				(2,632,333	)
NET ASSETS-100.00%			$	207,262,003

Investment Abbreviations:

NVDR-Non-Voting Depositary Receipt

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

75

Invesco Global Water ETF (PIO)–(continued)

October 31, 2020

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 October 31, 2020.

(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2020.

	Value October 31, 2019			Purchases at Cost		Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$1,243,730		$	(1,161,458	)		$	-			$	-		$	82,272		$	5
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-		8,168,803			(8,168,803	)			-				-			-			277
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			2,256,993		22,521,053			(24,778,046	)			-				-			-			10,713	*
Invesco Liquid Assets Portfolio, Institutional Class			752,331		7,214,024			(7,966,733	)			(74	)			452			-			4,210	*
Invesco Private Government Fund			-		37,626,873			(36,424,169	)			-				-			1,202,704			334	*
Invesco Private Prime Fund			-		5,424,159			(3,620,114	)			-				12			1,804,057			192	*
Total		$	3,009,324		$82,198,642		$	(82,119,323	)		$	(74	)		$	464		$	3,089,033		$	15,731

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

^(e)  The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

^(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.

76

Invesco International BuyBack Achievers^TM ETF (IPKW)

October 31, 2020

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.41%
Australia-7.55%
Ansell Ltd.		67,994	$	1,919,024
BlueScope Steel Ltd.		252,792		2,602,490
Genworth Mortgage Insurance Australia Ltd.		104,751		125,422
Qantas Airways Ltd.(a)		792,705		2,332,478
				6,979,414
Austria-0.70%
IMMOFINANZ AG(a)		48,267		646,574
Brazil-0.44%
Camil Alimentos S.A.		195,700		410,339
Canada-21.47%
Artis REIT		63,880		399,565
BRP, Inc.		20,285		1,094,768
Celestica, Inc.(a)		48,500		284,813
CI Financial Corp.		113,653		1,323,757
ECN Capital Corp.		121,941		482,880
Enerplus Corp.(b)		107,138		194,453
First Capital REIT(b)		95,778		849,061
Great-West Lifeco, Inc.		118,128		2,405,351
Home Capital Group, Inc.(a)		20,475		373,613
Knight Therapeutics, Inc.(a)		50,575		207,481
Magna International, Inc.		50,446		2,573,849
Nutrien Ltd.		117,743		4,782,661
Power Corp. of Canada		117,811		2,241,621
Seven Generations Energy Ltd., Class A(a)		123,431		436,940
TFI International, Inc.		49,387		2,197,200
				19,848,013
Colombia-0.77%
Parex Resources, Inc.(a)		73,157		711,626
Denmark-3.66%
Jyske Bank A/S(a)		28,790		856,973
Pandora A/S		31,913		2,527,495
				3,384,468
France-5.15%
Vivendi S.A.		164,899		4,761,726
Germany-2.02%
United Internet AG		53,368		1,871,187
India-5.13%
Wipro Ltd., ADR		979,189		4,739,275
Ireland-0.25%
Greencore Group PLC		193,544		226,353
Japan-29.49%
Bridgestone Corp.		50,236		1,629,042
Dai Nippon Printing Co. Ltd.		25,674		476,199
Daicel Corp.		22,558		160,543
Daito Trust Construction Co. Ltd.		5,446		494,381
DeNA Co. Ltd.		7,002		119,424
Duskin Co. Ltd.		4,008		102,059
Hokuetsu Corp.		14,896		49,017
Japan Post Insurance Co. Ltd.		16,008		252,661
K’s Holdings Corp.		18,672		238,267
Maxell Holdings Ltd.(a)		4,196		43,750
Medipal Holdings Corp.		19,338		344,436
METAWATER Co. Ltd.		2,352		54,986

	Shares		Value
Japan-(continued)
Mitsubishi Corp.		193,316	$	4,300,329
Nikon Corp.		26,676		160,505
Nippon Telegraph & Telephone Corp.		225,856		4,744,402
Nomura Holdings, Inc.		276,320		1,227,766
Nomura Research Institute Ltd.		34,002		1,006,660
Olympus Corp.		222,590		4,235,044
Sankyo Co. Ltd.		4,886		124,230
Shimachu Co. Ltd.		3,118		164,937
Shinsei Bank Ltd.		14,774		176,938
Toa Corp.		1,780		31,619
Tokyo Electron Ltd.		17,812		4,753,729
Tokyo Steel Manufacturing Co. Ltd.		9,784		61,957
Toshiba Corp.		32,424		815,407
Unipres Corp.		2,894		22,285
Z Holdings Corp.		213,622		1,481,704
				27,272,277
Netherlands-5.05%
Akzo Nobel N.V.		45,413		4,374,773
AMG Advanced Metallurgical Group N.V.(b)		16,594		298,737
				4,673,510
Norway-0.13%
DNO ASA(b)		283,817		117,192
South Korea-2.65%
Daishin Securities Co. Ltd.		23,100		272,795
SK Holdings Co. Ltd.		13,557		2,180,446
				2,453,241
Spain-0.33%
Prosegur Cia de Seguridad S.A., Prosegur Cia de Seguridad S.A.		133,021		304,321
Sweden-2.09%
Lundin Energy AB		101,346		1,933,864
Switzerland-2.64%
Intershop Holding AG		653		400,399
Swiss Life Holding AG		6,066		2,039,759
				2,440,158
Taiwan-0.47%
Capital Securities Corp.		1,148,000		437,471
United Kingdom-9.42%
Daily Mail and General Trust PLC, Class A		94,637		827,192
Dialog Semiconductor PLC(a)		38,072		1,453,732
Great Portland Estates PLC		88,640		661,309
Micro Focus International PLC(a)		168,230		469,629
Standard Life Aberdeen PLC(b)		787,580		2,286,176
Subsea 7 S.A.(a)		104,747		689,046
Whitbread PLC(a)		83,761		2,325,266
				8,712,350
Total Common Stocks & Other Equity Interests     (Cost $90,716,704)				91,923,359

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

77

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

October 31, 2020

	Shares		Value
Money Market Funds-0.12%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(c)(d) (Cost $112,421)		112,421	$	112,421
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.53% (Cost $90,829,125)				92,035,780
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.61%
Invesco Private Government Fund, 0.04%(c)(d)(e)		958,706		958,706

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.11%(c)(d)(e)		1,455,188	$	1,455,625
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,414,326)				2,414,331
TOTAL INVESTMENTS IN SECURITIES-102.14% (Cost $93,243,451)				94,450,111
OTHER ASSETS LESS LIABILITIES-(2.14)%				(1,979,648	)
NET ASSETS-100.00%			$	92,470,463

Investment 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 October 31, 2020.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2020.

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change  in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	-	$	476,994	$	(364,573	)	$	-		$	-		$	112,421	$	2
Invesco Premier U.S. Government Money Portfolio, Institutional Class		-		4,001,881		(4,001,881	)		-			-			-		343
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		7,837,029		33,281,797		(41,118,826	)		-			-			-		31,652	*
Invesco Liquid Assets Portfolio, Institutional Class		2,612,343		7,870,351		(10,480,991	)		(53	)		(1,650	)		-		12,162	*
Invesco Private Government Fund		-		50,093,967		(49,135,261	)		-			-			958,706		472	*
Invesco Private Prime Fund		-		8,267,062		(6,811,782	)		5			340			1,455,625		406	*
Total	$	10,449,372	$	103,992,052	$	(111,913,314	)	$	(48	)	$	(1,310	)	$	2,526,752	$	45,037

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

^(d)  The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

^(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.

78

Invesco MSCI Global Timber ETF (CUT)

October 31, 2020

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Australia-0.85%
Orora Ltd.		353,937	$	641,265
Brazil-5.06%
Duratex S.A.		114,142		379,484
Klabin S.A.		252,834		1,040,978
Suzano S.A.(a)		274,453		2,382,305
				3,802,767
Canada-4.15%
Canfor Corp.(a)		22,955		278,211
Canfor Pulp Products, Inc.		10,763		36,325
Cascades, Inc.		29,411		312,782
Interfor Corp.(a)		24,660		277,606
Norbord, Inc.		17,934		588,721
Stella-Jones, Inc.		22,266		724,081
West Fraser Timber Co. Ltd.		19,472		902,370
				3,120,096
Chile-1.14%
Empresas CMPC S.A.		412,473		856,941
China-1.03%
Lee & Man Paper Manufacturing Ltd.		478,635		361,066
Shandong Sun Paper Industry JSC Ltd., A Shares		57,000		118,335
Youyuan International Holdings Ltd.(a)(b)		337,463		5,657
Yunnan Energy New Material Co. Ltd., A Shares		19,200		285,986
				771,044
Finland-12.12%
Huhtamaki OYJ		35,559		1,736,364
Metsa Board OYJ		65,018		545,679
Stora Enso OYJ, Class R		213,293		3,111,889
UPM-Kymmene OYJ		131,359		3,712,107
				9,106,039
Germany-0.13%
Mercer International, Inc.		15,681		98,633
Hong Kong-1.06%
Nine Dragons Paper Holdings Ltd.		601,834		799,356
Indonesia-1.06%
PT Indah Kiat Pulp & Paper Corp. Tbk		1,002,932		625,761
PT Pabrik Kertas Tjiwi Kimia Tbk		399,511		166,634
				792,395
Ireland-4.17%
Smurfit Kappa Group PLC		83,095		3,128,355
Japan-4.06%
Daiken Corp.		3,973		74,033
Daio Paper Corp.		25,486		368,370
Hokuetsu Corp.		37,889		124,678
Nippon Paper Industries Co. Ltd.		36,272		408,381
Oji Holdings Corp.		316,160		1,327,666
Pack Corp. (The)(c)		4,392		123,013
Rengo Co. Ltd.		64,641		496,525
Tokushu Tokai Paper Co. Ltd.		3,117		129,999
				3,052,665
Pakistan-0.05%
Packages Ltd.		11,450		34,070

	Shares		Value
Portugal-0.46%
Altri SGPS S.A.		26,323	$	101,615
Navigator Co. S.A. (The)		78,920		173,840
Semapa-Sociedade de Investimento e Gestao		8,939		67,161
				342,616
South Africa-0.38%
Sappi Ltd.(a)		200,869		286,554
South Korea-0.28%
Hansol Paper Co. Ltd.		6,108		73,207
Kuk-il Paper Manufacturing Co. Ltd.(a)		32,427		136,744
				209,951
Spain-0.29%
Ence Energia y Celulosa S.A.(a)(c)		54,177		121,010
Miquel y Costas & Miquel S.A.		6,819		93,252
				214,262
Sweden-7.21%
BillerudKorsnas AB		64,891		1,016,981
Holmen AB, Class B		36,449		1,381,607
Svenska Cellulosa AB S.C.A., Class B(a)		222,136		3,013,422
				5,412,010
Switzerland-2.57%
SIG Combibloc Group AG(a)		93,876		1,930,678
Taiwan-1.05%
Cheng Loong Corp.		264,000		313,346
Chung Hwa Pulp Corp.(a)		142,000		45,673
Longchen Paper & Packaging Co. Ltd.		244,000		137,340
YFY, Inc.		426,000		288,929
				785,288
Thailand-0.10%
Polyplex Thailand PCL, NVDR		98,426		76,107
United Kingdom-6.94%
DS Smith PLC(a)		503,187		1,841,908
Mondi PLC		178,025		3,367,627
				5,209,535
United States-45.79%
Amcor PLC		325,386		3,393,776
Avery Dennison Corp.		30,556		4,228,645
Boise Cascade Co.		14,371		551,559
CatchMark Timber Trust, Inc., Class A		17,871		155,299
Clearwater Paper Corp.(a)		6,075		225,686
Domtar Corp.		20,236		483,236
Glatfelter Corp.		16,247		231,845
Graphic Packaging Holding Co.		102,410		1,361,029
International Paper Co.		101,481		4,439,794
Louisiana-Pacific Corp.		41,139		1,175,753
Neenah, Inc.		6,156		231,650
Packaging Corp. of America		34,774		3,981,275
PotlatchDeltic Corp.		24,548		1,019,969
Ranpak Holdings Corp.(a)		10,617		90,563
Rayonier, Inc.		49,985		1,268,619
Schweitzer-Mauduit International, Inc., Class A		11,438		379,741
Sealed Air Corp.		57,073		2,259,520
Sonoco Products Co.		36,785		1,798,419
Verso Corp., Class A		10,923		84,981

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

79

Invesco MSCI Global Timber ETF (CUT)–(continued)

October 31, 2020

	Shares		Value
United States-(continued)
Westrock Co.		95,054	$	3,569,278
Weyerhaeuser Co.		126,807		3,460,563
				34,391,200
Total Common Stocks & Other Equity Interests     (Cost $68,122,294)				75,061,827
Exchange-Traded Funds-0.06%
India-0.06%
Invesco India ETF(c)(d) (Cost $52,058)		2,427		47,326
Money Market Funds-0.13%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) (Cost $94,504)		94,504		94,504
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.14% (Cost $68,268,856)				75,203,657

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.36%
Invesco Private Government Fund, 0.04%(d)(e)(f)		109,632	$	109,632
Invesco Private Prime Fund, 0.11%(d)(e)(f)		164,398		164,447
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $274,076)				274,079
TOTAL INVESTMENTS IN SECURITIES-100.50% (Cost $68,542,932)				75,477,736
OTHER ASSETS LESS LIABILITIES-(0.50)%				(376,687	)
NET ASSETS-100.00%			$	75,101,049

Investment Abbreviations:

NVDR-Non-Voting 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)  All or a portion of this security was out on loan at October 31, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2020.

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2020		Dividend Income
Invesco India ETF	$	73,870	$	174,607	$	(137,943	)	$	(3,291	)	$	(16,367	)	$	47,326	$	1,347
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		-		378,469		(283,965	)		-			-			94,504		2
Invesco Premier U.S. Government Money Portfolio, Institutional Class		208,217		6,077,623		(6,285,840	)		-			-			-		2,123
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class		1,898,798		25,025,621		(26,924,419	)		-			-			-		15,173	*
Invesco Liquid Assets Portfolio, Institutional Class		632,933		7,568,210		(8,200,374	)		(41	)		(728	)		-		6,372	*

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

80

Invesco MSCI Global Timber ETF (CUT)–(continued)

October 31, 2020

	Value October 31, 2019		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2020		Dividend Income
Invesco Private Government Fund	$	-	$	8,215,501	$	(8,105,869	)	$	-		$	-		$	109,632	$	90	*
Invesco Private Prime Fund		-		1,739,696		(1,575,262	)		3			10			164,447		51	*
Total	$	2,813,818	$	49,179,727	$	(51,513,672	)	$	(3,329	)	$	(17,085	)**	$	415,909	$	25,158

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

** Includes capital gains distributions from affiliated underlying funds as follows:

Fund Name	Capital Gain
Invesco India ETF	$	43,550

^(e)  The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

^(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.

81

Invesco S&P Global Water Index ETF (CGW)

October 31, 2020

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.87%
Austria-1.44%
ANDRITZ AG		304,232	$	10,248,800
Brazil-1.18%
Cia de Saneamento Basico do Estado de Sao Paulo, ADR		1,139,164		8,407,030
Canada-4.19%
Algonquin Power & Utilities Corp.		1,963,739		29,750,274
China-2.91%
Beijing Enterprises Water Group Ltd.(a)		17,036,743		6,458,929
Guangdong Investment Ltd.		9,589,221		14,195,536
				20,654,465
France-7.83%
Suez S.A.		1,358,078		24,868,356
Veolia Environnement S.A.		1,652,002		30,770,096
				55,638,452
Hong Kong-0.29%
China Water Affairs Group Ltd.		2,834,630		2,028,691
Italy-2.23%
ACEA S.p.A.		141,975		2,818,067
Interpump Group S.p.A.		346,204		13,066,128
				15,884,195
Japan-2.47%
Kurita Water Industries Ltd.		453,202		13,439,126
METAWATER Co. Ltd.		127,505		2,980,890
Organo Corp.		22,364		1,163,766
				17,583,782
Netherlands-1.93%
Aalberts N.V.		407,867		13,701,990
Singapore-0.48%
Sembcorp Industries Ltd.		2,974,052		3,441,232
South Korea-2.02%
Coway Co. Ltd.		234,660		14,352,167
Spain-0.21%
Fomento de Construcciones y Contratas S.A.		177,276		1,499,189
Switzerland-7.45%
Geberit AG		62,037		35,331,748
Georg Fischer AG		17,491		17,652,256
				52,984,004
United Kingdom-14.82%
Halma PLC		1,193,130		36,531,550
Pennon Group PLC		1,403,180		18,008,863

Investment Abbreviations:

ADR-American Depositary Receipt

	Shares		Value
United Kingdom-(continued)
Severn Trent PLC		804,994	$	25,292,838
United Utilities Group PLC		2,285,342		25,513,021
				105,346,272
United States-50.42%
Advanced Drainage Systems, Inc.		206,959		13,127,410
Aegion Corp.(a)		102,569		1,447,249
American States Water Co.		122,945		9,182,762
American Water Works Co., Inc.		471,957		71,034,248
Artesian Resources Corp., Class A		28,180		992,782
Badger Meter, Inc.		123,448		9,053,676
California Water Service Group		164,658		7,338,807
Energy Recovery, Inc.(a)		169,969		1,647,000
Essential Utilities, Inc.		747,591		30,800,749
Evoqua Water Technologies Corp.(a)		392,531		9,000,736
Forterra, Inc.(a)		80,203		1,046,649
Franklin Electric Co., Inc.		162,540		9,708,514
Gorman-Rupp Co. (The)		79,676		2,473,940
Lindsay Corp.		45,935		4,836,956
Middlesex Water Co.		58,216		3,733,974
Mueller Water Products, Inc., Class A		669,073		6,931,596
Northwest Pipe Co.(a)		41,552		1,113,594
Olin Corp.		602,342		9,968,760
Pentair PLC		707,001		35,180,370
Reliance Worldwide Corp. Ltd.		2,633,606		7,601,240
Rexnord Corp.		511,539		16,410,171
Select Energy Services, Inc., Class A(a)		265,210		800,934
SJW Group		87,499		5,310,314
Tetra Tech, Inc.		179,623		18,125,757
Watts Water Technologies, Inc., Class A		116,364		12,889,640
Xylem, Inc.		766,628		66,803,964
York Water Co. (The)		43,449		1,835,720
				358,397,512
Total Common Stocks & Other Equity Interests (Cost $590,632,212)				709,918,055
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(b)(c) (Cost $145,794)		145,794		145,794
TOTAL INVESTMENTS IN SECURITIES-99.89% (Cost $590,778,006)				710,063,849
OTHER ASSETS LESS LIABILITIES-0.11%				806,810
NET ASSETS-100.00%			$	710,870,659

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

82

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

October 31, 2020

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2020.

	Value October 31, 2019			Purchases     at Cost			Proceeds   from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	2,330,536		$	(2,184,742	)		$	-			$	-		$	145,794		$	2
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			17,271,408			(17,271,408	)			-				-			-			3,320
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			5,913,122			78,493,521			(84,406,643	)			-				-			-			50,019	*
Invesco Liquid Assets Portfolio, Institutional Class			1,971,041			22,194,630			(24,165,629	)			(139	)			97			-			19,630	*
Invesco Private Government Fund			-			145,392,890			(145,392,890	)			-				-			-			1,945	*
Invesco Private Prime Fund			-			23,767,365			(23,768,049	)			-				684			-			1,211	*
Total		$	7,884,163		$	289,450,350		$	(297,189,361	)		$	(139	)		$	781		$	145,794		$	76,127

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

^(c) The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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

83

Invesco S&P International Developed Quality ETF (IDHQ)

October 31, 2020

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.50%
Australia-10.84%
Alumina Ltd.		53,184	$	53,595
Aristocrat Leisure Ltd.		16,463		330,996
ASX Ltd.		5,584		312,258
Aurizon Holdings Ltd.		40,423		107,019
BHP Group Ltd.		80,224		1,903,075
BlueScope Steel Ltd.		9,424		97,020
Brambles Ltd.		61,778		416,049
Cochlear Ltd.		1,836		273,570
CSL Ltd.		11,008		2,222,945
Evolution Mining Ltd.		43,824		170,496
Fortescue Metals Group Ltd.		56,261		686,276
Insurance Australia Group Ltd.		56,505		189,277
Magellan Financial Group Ltd.		4,401		170,292
Medibank Pvt Ltd.		80,082		150,154
Newcrest Mining Ltd.		18,563		381,169
Qantas Airways Ltd.(a)		14,444		42,500
REA Group Ltd.		1,507		125,164
Rio Tinto PLC		24,994		1,408,063
Wesfarmers Ltd.		31,664		1,021,969
Woolworths Group Ltd.		29,056		778,639
				10,840,526
Austria-0.05%
ANDRITZ AG		1,574		53,024
Belgium-0.13%
Colruyt S.A.		1,198		70,919
Proximus SADP		3,105		60,383
				131,302
Canada-4.63%
Alimentation Couche-Tard, Inc., Class B		22,699		698,496
AltaGas Ltd.		5,623		71,229
Cameco Corp.		9,344		88,720
Canadian National Railway Co.		17,000		1,687,442
Canadian Pacific Railway Ltd.		3,870		1,155,587
Canadian Utilities Ltd., Class A(b)		2,699		63,034
CCL Industries, Inc., Class B		3,206		122,147
CGI,Inc.,Class A(a)		5,043		312,675
Great-West Lifeco, Inc.		5,811		118,325
IGM Financial, Inc.		1,939		42,536
Kirkland Lake Gold Ltd.		6,049		275,377
				4,635,568
China-0.21%
ENN Energy Holdings Ltd.		16,674		210,606
Denmark-5.05%
Carlsberg A/S, Class B		2,398		303,528
Chr. Hansen Holding A/S		2,780		280,025
Coloplast A/S, Class B		4,316		629,898
GN Store Nord A/S		2,981		214,406
Novo Nordisk A/S, Class B		49,772		3,197,067
Novozymes A/S, Class B		5,897		354,385
Tryg A/S		2,622		72,735
				5,052,044
Finland-2.26%
Elisa OYJ		3,986		196,124
Kone OYJ, Class B		12,851		1,023,014

	Shares		Value
Finland-(continued)
Neste OYJ(b)		10,928	$	568,753
Orion OYJ, Class B		3,539		151,498
UPM-Kymmene OYJ		11,440		323,286
				2,262,675
France-3.52%
Hermes International		945		879,526
L’Oreal S.A.		5,040		1,630,333
Safran S.A.(a)		7,066		745,054
Sartorius Stedim Biotech		710		269,285
				3,524,198
Germany-2.07%
BASF SE		18,605		1,020,102
Evonik Industries AG		3,534		85,090
Knorr-Bremse AG		1,059		122,654
MTU Aero Engines AG		1,060		180,951
RWE AG		13,661		505,875
Siemens Healthineers AG(c)		3,653		156,825
				2,071,497
Hong Kong-1.24%
Hong Kong Exchanges & Clearing Ltd.		26,049		1,243,524
Ireland-0.40%
ICON PLC(a)		1,286		231,866
Ryanair Holdings PLC, ADR(a)		2,145		172,887
				404,753
Israel-0.47%
Check Point Software Technologies Ltd.(a)		3,680		417,901
Strauss Group Ltd.		1,766		51,146
				469,047
Italy-1.09%
DiaSorin S.p.A.		420		92,221
Ferrari N.V.		3,751		669,166
FinecoBank Banca Fineco S.p.A.(a)		15,331		209,835
Recordati Industria Chimica e Farmaceutica S.p.A.		2,223		115,205
				1,086,427
Japan-26.95%
ABC-Mart, Inc.		807		40,991
Astellas Pharma, Inc.		47,956		658,283
Azbil Corp.		2,785		112,556
Bandai Namco Holdings, Inc.		4,944		367,750
Brother Industries Ltd.		6,251		96,031
Calbee, Inc.		3,271		100,126
Capcom Co. Ltd.		2,175		119,631
Casio Computer Co. Ltd.		4,933		74,509
Chugai Pharmaceutical Co. Ltd.		16,988		653,422
COMSYS Holdings Corp.		2,947		74,591
Dai-ichi Life Holdings, Inc.		25,170		372,349
Daiichi Sankyo Co. Ltd.		55,227		1,451,730
Daikin Industries Ltd.		6,497		1,210,652
Daito Trust Construction Co. Ltd.		2,491		226,130
Disco Corp.		648		173,746
Eisai Co. Ltd.		7,141		552,550
Fast Retailing Co. Ltd.		1,494		1,039,112
GOLDWIN, Inc.		1,045		77,670

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

84

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

October 31, 2020

	Shares		Value
Japan-(continued)
GungHo Online Entertainment, Inc.		2,792	$	68,985
Hoya Corp.		10,554		1,191,288
Ito En Ltd.		1,458		92,188
Itochu Techno-Solutions Corp.		2,259		76,820
Izumi Co. Ltd.		1,620		54,780
Japan Exchange Group, Inc.		12,792		311,112
Japan Tobacco, Inc.		25,393		478,517
JGC Holdings Corp.		5,894		48,205
Kakaku.com, Inc.		4,074		107,988
Kaken Pharmaceutical Co. Ltd.		871		34,202
Kobayashi Pharmaceutical Co. Ltd.		1,296		126,079
Kobe Bussan Co. Ltd.(b)		2,566		72,287
K’s Holdings Corp.		4,729		60,345
Kyowa Kirin Co. Ltd.		6,056		150,039
Maruichi Steel Tube Ltd.		1,782		40,740
McDonald’s Holdings Co. Japan Ltd.		1,688		79,927
MonotaRO Co. Ltd.		3,366		186,750
Morinaga & Co. Ltd.		1,277		48,434
Nexon Co. Ltd.		11,344		316,751
Nihon M&A Center, Inc.		4,216		246,411
Nihon Unisys Ltd.		2,086		61,359
Nintendo Co. Ltd.		2,638		1,437,854
Nippon Shinyaku Co. Ltd.		1,458		103,764
Nissan Chemical Corp.		3,277		173,035
Nissin Foods Holdings Co. Ltd.		1,975		170,786
Nitori Holdings Co. Ltd.		2,078		428,361
Nitto Denko Corp.		3,433		240,054
Nomura Research Institute Ltd.		14,097		417,354
NS Solutions Corp.		1,859		54,237
NTT DOCOMO, Inc.		29,844		1,109,658
Obayashi Corp.		19,116		159,087
OBIC Business Consultants Co. Ltd.		920		49,811
Obic Co. Ltd.		1,620		287,459
Olympus Corp.		29,023		552,198
Omron Corp.		5,325		382,031
Ono Pharmaceutical Co. Ltd.		11,924		338,991
Otsuka Corp.		2,647		122,045
Paltac Corp.		1,134		63,458
Pigeon Corp.		3,207		147,404
Recruit Holdings Co. Ltd.		33,032		1,254,420
Ricoh Co. Ltd.		16,009		104,440
Rinnai Corp.		920		90,645
Rohm Co. Ltd.		1,975		151,138
Rohto Pharmaceutical Co. Ltd.		2,623		81,796
Sankyu, Inc.		1,184		42,245
Santen Pharmaceutical Co. Ltd.		9,502		168,789
SCSK Corp.		1,201		59,625
Secom Co. Ltd.		4,853		408,285
Sega Sammy Holdings, Inc.		3,919		48,959
Sekisui House Ltd.		16,009		264,392
Seven & i Holdings Co. Ltd.		16,512		502,120
Shimano, Inc.		1,975		448,975
Shionogi & Co. Ltd.		7,787		366,780
SMC Corp.		1,509		798,237
Sompo Holdings, Inc.		9,498		353,518
Sugi Holdings Co. Ltd.		920		60,899
Sumitomo Metal Mining Co. Ltd.		5,570		171,725
Sundrug Co. Ltd.		1,510		55,971
Suntory Beverage & Food Ltd.		2,947		101,485
T&D Holdings, Inc.		12,704		126,019

	Shares		Value
Japan-(continued)
Taisei Corp.		5,215	$	161,878
TDK Corp.		2,785		325,281
TIS, Inc.		5,429		103,917
Toho Co. Ltd.		3,109		122,825
Tokio Marine Holdings, Inc.		15,840		705,936
Tokyo Broadcasting System Holdings, Inc.		2,947		45,273
Tokyo Electron Ltd.		4,617		1,232,201
TOTO Ltd.		3,433		155,822
Trend Micro, Inc.		3,605		201,734
USS Co. Ltd.		4,951		90,457
Welcia Holdings Co. Ltd.		2,807		110,089
Yakult Honsha Co. Ltd.		3,595		174,007
Yamaha Corp.		3,507		165,051
Zenkoku Hosho Co. Ltd.		1,613		63,261
ZOZO, Inc.		5,842		148,146
				26,958,964
Luxembourg-0.05%
RTL Group S.A.(a)		1,359		51,638
Macau-0.66%
Galaxy Entertainment Group Ltd.		54,999		362,412
Sands China Ltd.		67,628		236,768
Wynn Macau Ltd.(a)		43,145		59,530
				658,710
Netherlands-5.87%
Adyen N.V.(a)(c)		555		935,796
Akzo Nobel N.V.		5,115		492,744
ASML Holding N.V.		10,507		3,818,591
Wolters Kluwer N.V.		7,647		619,791
				5,866,922
New Zealand-0.82%
a2 Milk Co. Ltd. (The)(a)		16,528		159,918
Contact Energy Ltd.		14,476		70,606
Fisher & Paykel Healthcare Corp. Ltd.		15,128		349,933
Fletcher Building Ltd.(a)		19,012		51,517
Goodman Property Trust		35,299		57,856
Spark New Zealand Ltd.		43,856		130,140
				819,970
Norway-0.05%
Salmar ASA(a)		1,020		51,486
Portugal-0.04%
Navigator Co. S.A. (The)		19,390		42,711
Singapore-0.66%
Genting Singapore Ltd.		132,062		62,380
SATS Ltd.		20,559		44,867
Singapore Exchange Ltd.		18,139		115,038
United Overseas Bank Ltd.		25,656		356,798
Venture Corp. Ltd.		5,609		79,113
				658,196
South Korea-1.36%
Celltrion, Inc.(a)		1,843		391,437
CJ ENM Co. Ltd.		487		56,438
Coway Co. Ltd.		1,179		72,109
KEPCO Plant Service & Engineering Co. Ltd.		1,851		44,860
KT&G Corp.		2,707		193,238
Kumho Petrochemical Co. Ltd.		783		91,777
LG Innotek Co. Ltd.		376		50,368

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

85

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

October 31, 2020

	Shares		Value
South Korea-(continued)
NCSoft Corp.		380	$	259,875
Orion Corp.		489		46,758
S-1 Corp.		655		47,103
Samsung Engineering Co. Ltd.(a)		4,474		46,329
Yuhan Corp.		1,095		57,418
				1,357,710
Spain-0.71%
Aena SME S.A.(a)(c)		1,671		225,011
Amadeus IT Group S.A.		10,069		480,767
				705,778
Sweden-2.13%
Alfa Laval AB(a)		5,901		119,662
Atlas Copco AB, Class A.		15,488		683,646
Epiroc AB, Class A		14,533		217,151
Essity AB, Class B(b)		14,275		413,601
Hennes & Mauritz AB, Class B(b)		18,970		308,169
Sandvik AB(a)		21,681		386,067
				2,128,296
Switzerland-16.05%
Geberit AG		1,226		698,240
Nestle S.A.		45,179		5,082,052
Novartis AG		56,817		4,431,670
Partners Group Holding AG		551		496,925
Roche Holding AG		14,299		4,598,364
Schindler Holding AG, PC		1,042		266,596
SGS S.A.		139		347,443
Swatch Group AG (The), BR		617		130,563
				16,051,853
United Kingdom-11.40%
3i Group PLC		19,813		246,191
Admiral Group PLC		5,439		193,397
Aviva PLC		96,229		320,392
BAE Systems PLC		72,095		370,079
Barratt Developments PLC(a)		21,673		135,212
Berkeley Group Holdings PLC		3,053		160,151
Coca-Cola European Partners PLC		4,394		156,910
Compass Group PLC		40,308		549,848
Croda International PLC		3,741		291,872
Diageo PLC		64,578		2,086,649
Experian PLC		20,760		756,159
Halma PLC		8,543		261,572
Hargreaves Lansdown PLC		10,861		189,935
Intertek Group PLC		4,379		315,489
Legal & General Group PLC		153,616		367,060

Investment Abbreviations:

ADR-American Depositary Receipt

BR-Bearer Shares

CDI-CREST Depository Interest

PC-Participation Certificate

	Shares		Value
United Kingdom-(continued)
M&G PLC		50,770	$	96,269
Mondi PLC		11,375		215,176
Persimmon PLC		8,251		249,217
RELX PLC		52,070		1,028,413
Rentokil Initial PLC(a)		47,731		324,627
Sage Group PLC (The)		30,213		248,300
Spirax-Sarco Engineering PLC		1,574		229,569
St James’s Place PLC		11,607		134,951
Standard Life Aberdeen PLC		56,202		163,142
Taylor Wimpey PLC(a)		78,172		106,939
Unilever N.V.(b)		38,906		2,200,268
				11,397,787
United States-0.79%
Ferguson PLC		5,502		549,350
James Hardie Industries PLC, CDI		9,749		236,743
				786,093
Total Common Stocks & Other Equity Interests (Cost $97,124,510)				99,521,305
Money Market Funds-0.13%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e) (Cost $131,983)		131,983		131,983
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.63% (Cost $97,256,493)				99,653,288
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.78%
Invesco Private Government Fund, 0.04%(d)(e)(f)		1,511,160		1,511,160
Invesco Private Prime Fund, 0.11%(d)(e)(f)		2,266,060		2,266,740
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,777,900)				3,777,900
TOTAL INVESTMENTS IN SECURITIES-103.41% (Cost $101,034,393)				103,431,188
OTHER ASSETS LESS LIABILITIES-(3.41)%				(3,410,175	)
NET ASSETS-100.00%			$	100,021,013

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

86

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

October 31, 2020

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  All or a portion of this security was out on loan at October 31, 2020.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2020 was $1,317,632, which represented 1.32% of the Fund’s Net Assets.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended October 31, 2020.

	Value October 31, 2019			Purchases     at Cost			Proceeds   from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain   (Loss)				Value October 31, 2020			Dividend  Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	689,595		$	(557,612	)		$	-			$	-			$	131,983		$	3
Invesco Premier U.S. Government Money Portfolio, Institutional Class			71,126			2,282,851			(2,353,977	)			-				-				-			190
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Government & Agency Portfolio, Institutional Class			590,423			4,748,787			(5,339,210	)			-				-				-			3,257	*
Invesco Liquid Assets Portfolio, Institutional Class			196,808			1,189,136			(1,385,853	)			(4	)			(87	)			-			1,268	*
Invesco Private Government Fund			-			9,935,116			(8,423,956	)			-				-				1,511,160			103	*
Invesco Private Prime Fund			-			3,996,616			(1,729,928	)			-				52				2,266,740			119	*
Total		$	858,357		$	22,842,101		$	(19,790,536	)		$	(4	)		$	(35	)		$	3,909,883		$	4,940

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

^(e)  The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

^(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.

87

Statements of Assets and Liabilities

October 31, 2020

	Invesco China Technology ETF (CQQQ)		Invesco DWA Developed Markets Momentum ETF (PIZ)			Invesco DWA Emerging Markets Momentum ETF (PIE)			Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)
Assets:
Unaffiliated investments in securities, at value(a)	$	1,044,123,696	$	155,193,408		$	155,853,204		$	867,353,383
Affiliated investments in securities, at value		26,510,067		5,496,556			1,943,260			21,490,259
Foreign currencies, at value		490		4,149			382,947			124,875
Deposits with brokers:
Cash segregated as collateral		6,794,436		-			795,247			-
Receivable for:
Dividends		24,062		139,019			103,468			2,534,750
Securities lending		4,520		1,306			282			29,449
Investments sold		-		30			43			50
Fund shares sold		12,692,009		-			219,582			-
Foreign tax reclaims		-		690,410			-			2,668,353
Total assets		1,090,149,280		161,524,878			159,298,033			894,201,119
Liabilities:
Due to custodian		2,223,110		875,419			649,621			949,467
Due to foreign custodian		-		-			-			-
Payable for:
Investments purchased		10,877,000		-			302,376			79
Collateral upon return of securities loaned		26,510,067		5,496,536			1,943,260			21,490,260
Collateral upon receipt of securities in-kind		6,794,436		-			795,247			-
Fund shares repurchased		-		-			-			-
Accrued unitary management fees		582,980		110,287			118,412			349,118
Accrued advisory fees		-		-			-			-
Accrued trustees’ and officer’s fees		-		-			-			-
Accrued expenses		-		-			-			-
Accrued tax expenses		-		-			-			-
Other payables		-		-			-			9,459
Total liabilities		46,987,593		6,482,242			3,808,916			22,798,383
Net Assets	$	1,043,161,687	$	155,042,636		$	155,489,117		$	871,402,736
Net assets consist of:
Shares of beneficial interest	$	938,763,796	$	269,092,922		$	254,506,840		$	1,189,148,282
Distributable earnings (loss)		104,397,891		(114,050,286	)		(99,017,723	)		(317,745,546	)
Net Assets	$	1,043,161,687	$	155,042,636		$	155,489,117		$	871,402,736
Shares outstanding (unlimited amount authorized, $0.01 par value)		14,100,000		5,200,000			7,950,000			25,500,000
Net asset value	$	73.98	$	29.82		$	19.56		$	34.17
Market price	$	74.34	$	29.77		$	19.60		$	34.25
Unaffiliated investments in securities, at cost.	$	821,027,544	$	137,013,581		$	128,842,358		$	1,043,618,655
Affiliated investments in securities, at cost	$	26,510,067	$	5,496,536		$	1,943,260		$	21,490,260
Foreign currencies (due to foreign custodian), at cost	$	490	$	4,013		$	377,887		$	121,894
(a) Includes securities on loan with an aggregate value of:	$	25,628,707	$	5,214,529		$	1,819,951		$	20,440,093

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

88

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 AchieversTM ETF (IPKW)				Invesco MSCI Global Timber ETF (CUT)				Invesco S&P Global Water Index ETF (CGW)				Invesco S&P International Developed Quality ETF (IDHQ)
	$	307,202,459			$	967,400,248			$	124,167,808			$	206,805,303			$	91,923,359			$	75,061,827			$	709,918,055			$	99,521,305
		15,187,404				3,160,356				18,462,530				3,089,033				2,526,752				415,909				145,794				3,909,883
		-				863,122				14,338				30,808				36,919				-				-				3,923
		-				-				33,584				-				-				-				-				-
		796,271				1,201,032				29,823				152,999				385,363				59,767				249,611				203,970
		28,174				2,666				40,127				1,366				2,171				273				2,651				641
		4,573,824				339				-				-				4,801,227				-				-				13
		-				-				31,024				-				-				-				-				-
		329,961				5,522				36,135				326,012				235,909				167,776				1,383,358				184,271
		328,118,093				972,633,285				142,815,369				210,405,521				99,911,700				75,705,552				711,699,469				103,824,006
		296,892				40,584				32,151				-				-				-				-				-
		52,905				-				-				-				-				2,773				6,672				-
		119				18				31,024				-				4,982,104				-				-				-
		15,187,085				1,851,100				18,462,467				3,006,761				2,414,326				274,076				-				3,777,900
		-				-				33,584				-				-				-				-				-
		4,339,552				-				-				-				-				-				-				-
		135,225				414,128				78,415				136,757				44,807				-				-				25,093
		-				-				-				-				-				36,605				314,794				-
		-				-				-				-				-				11,072				24,079				-
		-				-				-				-				-				279,977				483,265				-
		-				483,492				-				-				-				-				-				-
		-				-				-				-				-				-				-				-
		20,011,778				2,789,322				18,637,641				3,143,518				7,441,237				604,503				828,810				3,802,993
	$	308,106,315			$	969,843,963			$	124,177,728			$	207,262,003			$	92,470,463			$	75,101,049			$	710,870,659			$	100,021,013
	$	358,967,164			$	1,253,860,191			$	153,105,861			$	208,520,607			$	145,781,409			$	90,087,665			$	606,261,564			$	104,072,817
		(50,860,849	)			(284,016,228	)			(28,928,133	)			(1,258,604	)			(53,310,946	)			(14,986,616	)			104,609,095				(4,051,804	)
	$	308,106,315			$	969,843,963			$	124,177,728			$	207,262,003			$	92,470,463			$	75,101,049			$	710,870,659			$	100,021,013
		10,650,000				55,400,000				5,425,000				6,650,000				2,950,000				2,700,000				17,160,000				4,000,000
	$	28.93			$	17.51			$	22.89			$	31.17			$	31.35			$	27.82			$	41.43			$	25.01
	$	28.94			$	17.51			$	22.92			$	31.18			$	31.42			$	27.81			$	41.54			$	25.00
	$	304,839,194			$	1,049,306,528			$	84,084,184			$	158,344,039			$	90,716,704			$	68,122,294			$	590,632,212			$	97,124,510
	$	15,187,085			$	3,160,356			$	18,462,467			$	3,089,033			$	2,526,747			$	420,638			$	145,794			$	3,909,883
	$	(52,885	)		$	860,103			$	14,344			$	30,347			$	36,270			$	(2,803	)		$	(6,768	)		$	3,977
	$	13,416,654			$	1,747,914			$	16,450,232			$	2,854,754			$	1,617,636			$	242,761			$	-			$	3,534,825

89

Statements of Operations

For the year ended October 31, 2020

	Invesco China Technology  ETF (CQQQ)			Invesco DWA Developed Markets Momentum ETF (PIZ)			Invesco DWA Emerging Markets Momentum ETF (PIE)			Invesco FTSE RAFI Developed Markets  ex-U.S.  ETF (PXF)
Investment income:
Unaffiliated dividend income	$	4,605,880		$	2,258,829		$	3,300,285		$	34,117,235
Affiliated dividend income		1,218			298			845			6,440
Non-cash dividend income		-			-			433,882			1,154,903
Securities lending income		67,307			38,482			8,110			390,337
Foreign withholding tax		(187,781	)		(256,414	)		(451,000	)		(3,218,401	)
Total investment income		4,486,624			2,041,195			3,292,122			32,450,514
Expenses:
Unitary management fees		5,149,809			1,281,641			1,379,475			4,842,242
Advisory fees		-			-			-			-
Sub-licensing fees		-			-			-			-
Accounting & administration fees		-			-			-			-
Custodian & transfer agent fees		-			-			-			-
Trustees’ and officer’s fees		-			-			-			-
Tax expenses		27,574			-			3,175			-
Other expenses		-			-			-			-
Total expenses		5,177,383			1,281,641			1,382,650			4,842,242
Less: Waivers		(1,409	)		(80	)		(195	)		(1,787	)
Net expenses		5,175,974			1,281,561			1,382,455			4,840,455
Net investment income (loss)		(689,350	)		759,634			1,909,667			27,610,059
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(21,894,430	)		(13,896,129	)		(9,943,121	)		(61,495,613	)
Affiliated investment securities		1,109			(481	)		116			6,236
Unaffiliated in-kind redemptions		105,355,104			22,086,986			9,390,905			51,836,560
Affiliated in-kind redemptions		-			-			-			-
Short Sales		-			-			-			-
Foreign currencies		(135,638	)		(101,095	)		(420,703	)		71,873
Distributions of underlying fund shares		-			-			-			-
Net realized gain (loss)		83,326,145			8,089,281			(972,803	)		(9,580,944	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		222,740,347			(1,888,380	)		141,463			(195,871,177	)
Affiliated investment securities		(395	)		(54	)		(1	)		(285	)
Foreign currencies		(24	)		38,827			3,296			150,642
Change in net unrealized appreciation (depreciation)		222,739,928			(1,849,607	)		144,758			(195,720,820	)
Net realized and unrealized gain (loss)		306,066,073			6,239,674			(828,045	)		(205,301,764	)
Net increase (decrease) in net assets resulting from operations	$	305,376,723		$	6,999,308		$	1,081,622		$	(177,691,705	)

^(a)  Net of foreign taxes of $489,489.

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

90

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 AchieversTM ETF (IPKW)				Invesco MSCI Global Timber ETF (CUT)				Invesco S&P Global Water Index ETF (CGW)				Invesco S&P International Developed Quality ETF (IDHQ)
	$	7,945,969			$	46,438,301			$	1,058,525			$	3,246,413			$	2,927,951			$	2,458,013			$	13,577,529			$	1,470,350
		3,562				15,313				316				282				345				3,472				3,322				193
		710,555				620,423				-				-				-				-				1,782,800				-
		378,879				33,829				409,844				68,016				24,315				20,809				132,287				8,229
		(741,640	)			(4,806,223	)			(98,890	)			(164,404	)			(334,637	)			(83,448	)			(649,267	)			(118,816	)
		8,297,325				42,301,643				1,369,795				3,150,307				2,617,974				2,398,846				14,846,671				1,359,956
		1,578,814				5,706,813				528,142				1,471,054				597,534				-				-				186,343
		-				-				-				-				-				469,831				3,405,405				-
		-				-				-				-				-				56,417				299,888				-
		-				-				-				-				-				31,625				59,957				-
		-				-				-				-				-				41,196				29,197				-
		-				-				-				-				-				9,021				16,664				-
		-				-				-				-				-				-				-				-
		-				-				-				-				-				68,094				91,938				-
		1,578,814				5,706,813				528,142				1,471,054				597,534				676,184				3,903,049				186,343
		(1,081	)			(14,077	)			(111	)			(209	)			(113	)			(160,505	)			(821	)			(86	)
		1,577,733				5,692,736				528,031				1,470,845				597,421				515,679				3,902,228				186,257
		6,719,592				36,608,907				841,764				1,679,462				2,020,553				1,883,167				10,944,443				1,173,699
		(32,028,876	)			(88,305,301	)			2,222,814				(779,000	)			(7,383,801	)			(35,065	)			4,465,683				(1,700,141	)
		226				1,037,685				150				464				(1,310	)			(44,547	)			781				(35	)
		22,406,965				9,368,476				10,266,178				11,619,193				(2,532,961	)			5,212,084				76,731,259				3,724,531
		-				-				-				-				-				(16,088	)			-				-
		3				-				-				-				-				-				-				-
		61,867				(1,065,666	)			12,147				167,038				(35,350	)			(39,802	)			70,861				(20,429	)
		-				-				-				-				-				43,550				-				-
		(9,559,815	)			(78,964,806	)			12,501,289				11,007,695				(9,953,422	)			5,120,132				81,268,584				2,003,926
		(5,065,180)				(148,309,407	)(a)			32,327,196				4,589,849				(653,436	)			(6,935,626	)			(56,156,174	)			(1,502,584	)
		91				(34	)			(137	)			(74	)			(48	)			(3,329	)			(139	)			(4	)
		20,277				(34,447	)			4,246				21,027				23,988				3,519				88,535				12,488
		(5,044,812	)			(148,343,888	)			32,331,305				4,610,802				(629,496	)			(6,935,436	)			(56,067,778	)			(1,490,100	)
		(14,604,627	)			(227,308,694	)			44,832,594				15,618,497				(10,582,918	)			(1,815,304	)			25,200,806				513,826
	$	(7,885,035	)		$	(190,699,787	)		$	45,674,358			$	17,297,959			$	(8,562,365	)		$	67,863			$	36,145,249			$	1,687,525

91

Statements of Changes in Net Assets

For the years ended October 31, 2020 and 2019

	Invesco China Technology ETF (CQQQ)						Invesco DWA Developed Markets Momentum ETF (PIZ)
	2020			2019			2020			2019
Operations:
Net investment income (loss)	$	(689,350	)	$	441,566		$	759,634		$	2,194,732
Net realized gain (loss)		83,326,145			(50,651,000	)		8,089,281			4,613,835
Change in net unrealized appreciation (depreciation)		222,739,928			131,042,864			(1,849,607	)		13,766,599
Net increase (decrease) in net assets resulting from operations		305,376,723			80,833,430			6,999,308			20,575,166
Distributions to Shareholders from:
Distributable earnings		(56,175	)		(1,984,086	)		(1,593,829	)		(2,458,183	)
Shareholder Transactions:
Proceeds from shares sold		487,185,640			169,853,400			101,791,251			89,487,978
Value of shares repurchased		(259,308,888	)		(144,279,474	)		(127,481,016	)		(155,460,383	)
Transaction fees		----
Net increase (decrease) in net assets resulting from share transactions		227,876,752			25,573,926			(25,689,765	)		(65,972,405	)
Net increase (decrease) in net assets		533,197,300			104,423,270			(20,284,286	)		(47,855,422	)
Net assets:
Beginning of year		509,964,387			405,541,117			175,326,922			223,182,344
End of year	$	1,043,161,687		$	509,964,387		$	155,042,636		$	175,326,922
Changes in Shares Outstanding:
Shares sold		7,700,000			3,800,000			3,450,000			3,400,000
Shares repurchased		(4,250,000	)		(3,150,000	)		(4,700,000	)		(6,050,000	)
Shares outstanding, beginning of year		10,650,000			10,000,000			6,450,000			9,100,000
Shares outstanding, end of year		14,100,000			10,650,000			5,200,000			6,450,000

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

92

Invesco DWA Emerging Markets Momentum ETF (PIE)								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)
2020				2019				2020				2019				2020				2019				2020				2019
	$	1,909,667			$	3,572,273			$	27,610,059			$	48,275,281			$	6,719,592			$	7,534,531			$	36,608,907			$	43,548,035
		(972,803	)			(12,222,762	)			(9,580,944	)			22,645,640				(9,559,815	)			3,743,870				(78,964,806	)			9,922,253
		144,758				36,363,295				(195,720,820	)			24,153,900				(5,044,812	)			13,563,895				(148,343,888	)			42,306,578
		1,081,622				27,712,806				(177,691,705	)			95,074,821				(7,885,035	)			24,842,296				(190,699,787	)			95,776,866
		(2,903,680	)			(4,189,151	)			(28,485,359	)			(52,102,548	)			(7,471,395	)			(8,100,512	)			(37,760,270	)			(42,921,358	)
		72,913,003				6,000,666				232,570,059				193,265,004				97,340,230				68,979,125				125,211,353				246,400,978
		(83,901,569	)			(54,036,505	)			(401,264,265	)			(265,660,638	)			(102,054,085	)			(49,476,285	)			(204,277,052	)			(151,731,342	)
		90,225				61,725				198,122				77,695				21,102				48,223				219,884				291,802
		(10,898,341	)			(47,974,114	)			(168,496,084	)			(72,317,939	)			(4,692,753	)			19,551,063				(78,845,815	)			94,961,438
		(12,720,399	)			(24,450,459	)			(374,673,148	)			(29,345,666	)			(20,049,183	)			36,292,847				(307,305,872	)			147,816,946
		168,209,516				192,659,975				1,246,075,884				1,275,421,550				328,155,498				291,862,651				1,277,149,835				1,129,332,889
	$	155,489,117			$	168,209,516			$	871,402,736			$	1,246,075,884			$	308,106,315			$	328,155,498			$	969,843,963			$	1,277,149,835
		3,800,000				350,000				6,900,000				5,050,000				3,750,000				2,450,000				6,100,000				11,700,000
		(4,900,000	)			(3,250,000	)			(11,800,000	)			(6,500,000	)			(3,800,000	)			(1,650,000	)			(11,650,000	)			(7,150,000	)
		9,050,000				11,950,000				30,400,000				31,850,000				10,700,000				9,900,000				60,950,000				56,400,000
		7,950,000				9,050,000				25,500,000				30,400,000				10,650,000				10,700,000				55,400,000				60,950,000

93

Statements of Changes in Net Assets–(continued)

For the years ended October 31, 2020 and 2019

	Invesco Global Clean Energy ETF (PBD)						Invesco Global Water ETF (PIO)
	2020			2019			2020			2019
Operations:
Net investment income	$	841,764		$	847,494		$	1,679,462		$	2,605,413
Net realized gain (loss)		12,501,289			781,863			11,007,695			4,335,692
Change in net unrealized appreciation (depreciation)		32,331,305			6,281,372			4,610,802			31,301,757
Net increase (decrease) in net assets resulting from operations		45,674,358			7,910,729			17,297,959			38,242,862
Distributions to Shareholders from:
Distributable earnings		(1,131,324	)		(980,943	)		(1,898,770	)		(2,822,348	)
Shareholder Transactions:
Proceeds from shares sold		45,283,634			-			26,789,094			18,017,976
Value of shares repurchased		(15,330,919	)		(6,919,279	)		(30,240,795	)		(23,042,889	)
Transaction fees		7,213			3,159			758			2,343
Net increase (decrease) in net assets resulting from share transactions		29,959,928			(6,916,120	)		(3,450,943	)		(5,022,570	)
Net increase (decrease) in net assets		74,502,962			13,666			11,948,246			30,397,944
Net assets:
Beginning of year		49,674,766			49,661,100			195,313,757			164,915,813
End of year	$	124,177,728		$	49,674,766		$	207,262,003		$	195,313,757
Changes in Shares Outstanding:
Shares sold		2,250,000			-			900,000			650,000
Shares repurchased		(750,000	)		(600,000	)		(1,000,000	)		(850,000	)
Shares outstanding, beginning of year		3,925,000			4,525,000			6,750,000			6,950,000
Shares outstanding, end of year		5,425,000			3,925,000			6,650,000			6,750,000

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

94

Invesco International BuyBack AchieversTM ETF (IPKW)						Invesco MSCI Global Timber ETF (CUT)						Invesco S&P Global Water Index ETF (CGW)						Invesco S&P International Developed Quality ETF (IDHQ)
2020			2019			2020			2019			2020			2019			2020			2019
$	2,020,553		$	4,402,560		$	1,883,167		$	4,145,379		$	10,944,443		$	11,012,248		$	1,173,699		$	833,796
	(9,953,422	)		(37,340,128	)		5,120,132			4,519,082			81,268,584			6,922,670			2,003,926			(340,844	)
	(629,496	)		41,795,879			(6,935,436	)		(8,948,658	)		(56,067,778	)		117,953,369			(1,490,100	)		5,913,916
	(8,562,365	)		8,858,311			67,863			(284,197	)		36,145,249			135,888,287			1,687,525			6,406,868
	(2,251,674	)		(5,243,213	)		(3,739,205	)		(4,947,600	)		(10,607,913	)		(10,958,575	)		(1,194,228	)		(916,670	)
	14,674,546			39,446,681			-			3,971,096			93,185,348			109,681,761			76,718,570			20,510,517
	(53,102,278	)		(144,764,111	)		(55,361,090	)		(38,113,591	)		(149,782,350	)		(23,998,390	)		(24,920,323	)		(10,317,948	)
	20,468			21,030			40,913			4,108			12,386			6,647			3,363			4,267
	(38,407,264	)		(105,296,400	)		(55,320,177	)		(34,138,387	)		(56,584,616	)		85,690,018			51,801,610			10,196,836
	(49,221,303	)		(101,681,302	)		(58,991,519	)		(39,370,184	)		(31,047,280	)		210,619,730			52,294,907			15,687,034
	141,691,766			243,373,068			134,092,568			173,462,752			741,917,939			531,298,209			47,726,106			32,039,072
$	92,470,463		$	141,691,766		$	75,101,049		$	134,092,568		$	710,870,659		$	741,917,939		$	100,021,013		$	47,726,106
	450,000			1,250,000			-			150,000			2,160,000			3,040,000			3,050,000			900,000
	(1,900,000	)		(4,700,000	)		(2,150,000	)		(1,500,000	)		(3,760,000	)		(720,000	)		(1,000,000	)		(450,000	)
	4,400,000			7,850,000			4,850,000			6,200,000			18,760,000			16,440,000			1,950,000			1,500,000
	2,950,000			4,400,000			2,700,000			4,850,000			17,160,000			18,760,000			4,000,000			1,950,000

95

Financial Highlights

Invesco China Technology ETF (CQQQ)

	Years Ended October 31,						Two Months Ended October 31, 2018			Years Ended August 31,
	2020			2019						2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of period	$	47.88		$	40.55		$	49.32		$	55.00		$	39.26		$	29.55
Net investment income (loss)(a)		(0.06	)		0.04			0.03			0.31			0.52			0.32
Net realized and unrealized gain (loss) on investments		26.17			7.46			(8.80	)		(5.13	)		15.82			10.03
Total from investment operations		26.11			7.50			(8.77	)		(4.82	)		16.34			10.35
Distributions to shareholders from:
Net investment income		(0.01	)		(0.17	)		-			(0.86	)		(0.60	)		(0.64	)
Net asset value at end of period	$	73.98		$	47.88		$	40.55		$	49.32		$	55.00		$	39.26
Market price at end of period	$	74.34	(b)	$	47.67	(b)	$	40.81	(b)	$	49.36	(b)	$	55.21		$	39.08
Net Asset Value Total Return(c)		54.53	%		18.59	%		(17.78	)%		(9.05	)%		42.43	%		35.19	%
Market Price Total Return(c)		55.97	%		17.32	%		(17.32	)%		(9.33	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	1,043,162		$	509,964		$	405,541		$	384,689		$	209,019		$	45,153
Ratio to average net assets of:
Expenses		0.70	%		0.70	%		0.70	%(d)		0.65	%		0.70	%		0.70	%
Net investment income (loss)		(0.09	)%		0.09	%		0.39	%(d)		0.52	%		1.20	%		0.94	%
Portfolio turnover rate(e)		38	%		80	%		4	%		21	%		10	%		48	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Annualized.

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

Invesco DWA Developed Markets Momentum ETF (PIZ)

	Years Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	27.18		$	24.53		$	27.30		$	22.29		$	23.36
Net investment income(a)		0.13			0.30			0.24			0.36			0.35
Net realized and unrealized gain (loss) on investments		2.77			2.70			(2.68	)		5.05			(1.04	)
Total from investment operations		2.90			3.00			(2.44	)		5.41			(0.69	)
Distributions to shareholders from:
Net investment income		(0.26	)		(0.35	)		(0.33	)		(0.40	)		(0.38	)
Net asset value at end of year	$	29.82		$	27.18		$	24.53		$	27.30		$	22.29
Market price at end of year(b)	$	29.77		$	27.10		$	24.47		$	27.35		$	22.27
Net Asset Value Total Return(c)		10.82	%		12.31	%		(9.09	)%		24.58	%		(2.97	)%
Market Price Total Return(c)		10.96	%		12.25	%		(9.48	)%		24.91	%		(2.43	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	155,043		$	175,327		$	223,182		$	232,084		$	173,891
Ratio to average net assets of:
Expenses		0.80	%		0.81	%		0.80	%		0.81	%		0.81	%
Net investment income		0.47	%		1.18	%		0.88	%		1.46	%		1.50	%
Portfolio turnover rate(d)		115	%		106	%		94	%		98	%		124	%

^(a)  Based on average shares outstanding.

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

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

^(d)  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.

96

Financial Highlights–(continued)

Invesco DWA Emerging Markets Momentum ETF (PIE)

	Years Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	18.59		$	16.12		$	19.48		$	16.11		$	16.02
Net investment income(a)		0.23			0.36	(b)		0.40			0.28			0.16
Net realized and unrealized gain (loss) on investments		1.07			2.51			(3.29	)		3.34			0.14	(c)
Total from investment operations		1.30			2.87			(2.89	)		3.62			0.30
Distributions to shareholders from:
Net investment income		(0.34	)		(0.41	)		(0.49	)		(0.26	)		(0.21	)
Return of capital		----												(0.01	)
Total distributions		(0.34	)		(0.41	)		(0.49	)		(0.26	)		(0.22	)
Transaction fees(a)		0.01			0.01			0.02			0.01			0.01
Net asset value at end of year	$	19.56		$	18.59		$	16.12		$	19.48		$	16.11
Market price at end of year(d)	$	19.60		$	18.51		$	16.08		$	19.54		$	16.10
Net Asset Value Total Return(e)		7.08	%		18.23	%		(15.11	)%		22.72	%		2.00	%(c)
Market Price Total Return(e)		7.77	%		18.03	%		(15.58	)%		23.18	%		2.25	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	155,489		$	168,210		$	192,660		$	212,377		$	183,668
Ratio to average net assets of:
Expenses		0.90	%		0.91	%(f)		0.90	%		0.90	%		0.90	%
Net investment income		1.25	%		2.13	%(b)(f)		2.01	%		1.67	%		1.04	%
Portfolio turnover rate(g)		155	%		158	%		163	%		174	%		160	%

^(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 $0.24 and 1.39%, respectively.

^(c)  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.

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

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

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

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

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

97

Financial Highlights–(continued)

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

	Years Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	40.99		$	40.04		$	44.66		$	36.74		$	38.60
Net investment income(a)		0.94			1.45			1.34			1.20			1.09
Net realized and unrealized gain (loss) on investments.		(6.85	)		1.10			(4.56	)		7.98			(1.82	)
Total from investment operations		(5.91	)		2.55			(3.22	)		9.18			(0.73	)
Distributions to shareholders from:
Net investment income		(0.92	)		(1.60	)		(1.40	)		(1.26	)		(1.13	)
Transaction fees(a)		0.01			0.00	(b)		0.00	(b)		-			-
Net asset value at end of year	$	34.17		$	40.99		$	40.04		$	44.66		$	36.74
Market price at end of year(c)	$	34.25		$	40.86		$	39.98		$	44.81		$	36.68
Net Asset Value Total Return(d)		(14.26	)%		6.58	%		(7.45	)%		25.38	%		(1.73	)%
Market Price Total Return(d)		(13.80	)%		6.41	%		(7.92	)%		25.99	%		(1.24	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	871,403		$	1,246,076		$	1,275,422		$	1,214,850		$	938,650
Ratio to average net assets of:
Expenses		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Net investment income		2.57	%		3.64	%		3.02	%		2.95	%		3.05	%
Portfolio turnover rate(e)		11	%		15	%		10	%		13	%		14	%

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

^(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.

98

Financial Highlights–(continued)

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

	Years Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	30.67		$	29.48		$	33.33		$	27.37		$	26.60
Net investment income(a)		0.60			0.70			0.75			0.59			0.53
Net realized and unrealized gain (loss) on investments		(1.70	)		1.24			(3.66	)		5.99			0.86
Total from investment operations		(1.10	)		1.94			(2.91	)		6.58			1.39
Distributions to shareholders from:
Net investment income		(0.64	)		(0.75	)		(0.94	)		(0.62	)		(0.62	)
Transaction fees(a)		0.00	(b)		0.00	(b)		0.00	(b)		-			-
Net asset value at end of year	$	28.93		$	30.67		$	29.48		$	33.33		$	27.37
Market price at end of year(c)	$	28.94		$	30.42		$	29.48		$	33.44		$	27.30
Net Asset Value Total Return(d)		(3.36	)%		6.72	%		(9.05	)%		24.36	%		5.37	%
Market Price Total Return(d)		(2.53	)%		5.85	%		(9.36	)%		25.09	%		4.87	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	308,106		$	328,155		$	291,863		$	206,657		$	162,854
Ratio to average net assets of:
Expenses		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Net investment income		2.09	%		2.36	%		2.25	%		1.98	%		2.01	%
Portfolio turnover rate(e)		26	%		27	%		21	%		19	%		25	%

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

^(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.

99

Financial Highlights–(continued)

Invesco FTSE RAFI Emerging Markets ETF (PXH)

	Years Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	20.95		$	20.02		$	21.66		$	18.81		$	15.44
Net investment income(a)		0.59			0.72			0.73			0.57			0.42
Net realized and unrealized gain (loss) on investments		(3.40	)		0.92			(1.66	)		2.81			3.37
Total from investment operations		(2.81	)		1.64			(0.93	)		3.38			3.79
Distributions to shareholders from:
Net investment income.		(0.63	)		(0.71	)		(0.71	)		(0.53	)		(0.42	)
Transaction fees(a)		0.00	(b)		0.00	(b)		0.00	(b)		-			-
Net asset value at end of year	$	17.51		$	20.95		$	20.02		$	21.66		$	18.81
Market price at end of year(c)	$	17.51		$	20.93		$	20.03		$	21.62		$	18.80
Net Asset Value Total Return(d)		(13.44	)%		8.31	%		(4.44	)%		18.10	%		25.08	%
Market Price Total Return(d)		(13.36	)%		8.14	%		(4.22	)%		17.94	%		25.57	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	969,844		$	1,277,150		$	1,129,333		$	967,201		$	625,398
Ratio to average net assets of:
Expenses, after Waivers		0.49	%(e)		0.49	%(e)		0.48	%		0.48	%(e)		0.48	%
Expenses, prior to Waivers		0.49	%(e)		0.49	%(e)		0.49	%		0.49	%(e)		0.49	%
Net investment income		3.14	%		3.48	%		3.30	%		2.84	%		2.66	%
Portfolio turnover rate(f)		22	%		29	%		16	%		24	%		16	%

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

^(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)  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.

100

Financial Highlights–(continued)

Invesco Global Clean Energy ETF (PBD)

	Years Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	12.66		$	10.97		$	13.08		$	10.65		$	11.46
Net investment income(a)		0.19			0.21			0.18			0.23			0.20
Net realized and unrealized gain (loss) on investments		10.30			1.72			(2.07	)		2.39			(0.80	)(b)
Total from investment operations		10.49			1.93			(1.89	)		2.62			(0.60	)
Distributions to shareholders from:
Net investment income		(0.26	)		(0.24	)		(0.22	)		(0.19	)		(0.21	)
Transaction fees(a)		0.00	(c)		0.00	(c)		0.00	(c)		-			-
Net asset value at end of year	$	22.89		$	12.66		$	10.97		$	13.08		$	10.65
Market price at end of year(d)	$	22.92		$	12.56		$	10.95		$	13.07		$	10.62
Net Asset Value Total Return(e)		84.06	%		17.86	%		(14.69	)%		24.90	%		(5.29	)%(b)
Market Price Total Return(e)		85.77	%		17.16	%		(14.78	)%		25.17	%		(5.56	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	124,178		$	49,675		$	49,661		$	60,499		$	56,152
Ratio to average net assets of:
Expenses		0.75	%		0.77	%(f)		0.75	%		0.75	%		0.75	%
Net investment income		1.20	%		1.74	%(f)		1.43	%		1.98	%		1.83	%
Portfolio turnover rate(g)		56	%		59	%		46	%		40	%		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 $(0.83) 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 at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

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

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

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

101

Financial Highlights–(continued)

Invesco Global Water ETF (PIO)

	Years Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	28.94		$	23.73		$	25.27		$	21.32		$	21.89
Net investment income(a)		0.25			0.38			0.45			0.28			0.34
Net realized and unrealized gain (loss) on investments		2.27			5.25			(1.54	)		3.95			(0.60	)
Total from investment operations		2.52			5.63			(1.09	)		4.23			(0.26	)
Distributions to shareholders from:
Net investment income		(0.29	)		(0.42	)		(0.45	)		(0.28	)		(0.31	)
Transaction fees(a)		0.00	(b)		0.00	(b)		0.00	(b)		-			-
Net asset value at end of year	$	31.17		$	28.94		$	23.73		$	25.27		$	21.32
Market price at end of year(c)	$	31.18		$	28.84		$	23.69		$	25.25		$	21.29
Net Asset Value Total Return(d)		8.76	%		23.90	%		(4.45	)%		20.01	%		(1.14	)%
Market Price Total Return(d)		9.16	%		23.68	%		(4.53	)%		20.08	%		(0.78	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	207,262		$	195,314		$	164,916		$	200,862		$	188,665
Ratio to average net assets of:
Expenses		0.75	%		0.76	%(e)		0.75	%		0.75	%		0.74	%
Net investment income		0.86	%		1.45	%(e)		1.77	%		1.22	%		1.62	%
Portfolio turnover rate(f)		30	%		32	%		34	%		34	%		67	%

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

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

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

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

102

Financial Highlights–(continued)

Invesco International BuyBack Achievers^TM ETF (IPKW)

	Years Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	32.20		$	31.00		$	35.31		$	27.94		$	27.02
Net investment income(a)		0.57			0.76			0.69			0.47			0.74	(b)
Net realized and unrealized gain (loss) on investments		(0.82	)		1.38			(4.28	)		7.28			0.89
Total from investment operations		(0.25	)		2.14			(3.59	)		7.75			1.63
Distributions to shareholders from:
Net investment income		(0.61	)		(0.94	)		(0.73	)		(0.38	)		(0.71	)
Transaction fees(a)		0.01			0.00	(c)		0.01			-			-
Net asset value at end of year	$	31.35		$	32.20		$	31.00		$	35.31		$	27.94
Market price at end of year(d)	$	31.42		$	32.05		$	30.96		$	35.47		$	28.02
Net Asset Value Total Return(e)		(0.30	)%		7.10	%		(10.40	)%		28.03	%		6.25	%
Market Price Total Return(e)		0.37	%		6.74	%		(10.96	)%		28.24	%		6.78	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	92,470		$	141,692		$	243,373		$	197,735		$	92,202
Ratio to average net assets of:
Expenses		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Net investment income		1.86	%		2.44	%		1.90	%		1.47	%		2.76	%(b)
Portfolio turnover rate(f)		88	%		99	%		121	%		118	%		106	%

^(a)  Based on average shares outstanding.

^(b)  Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period.Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.51 and 1.90%, 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 at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(f)  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.

103

Financial Highlights–(continued)

Invesco MSCI Global Timber ETF (CUT)

	Years Ended October 31,						Five Months Ended October 31,			Years Ended May 31,
	2020			2019			2018			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of period	$	27.65		$	27.98		$	33.50		$	27.57		$	23.63		$	26.28
Net investment income(a)		0.53			0.72			0.20			0.63			0.47			0.67
Net realized and unrealized gain (loss) on investments		0.40			(0.23	)		(5.72	)		5.80			3.99			(2.96	)
Total from investment operations		0.93			0.49			(5.52	)		6.43			4.46			(2.29	)
Distributions to shareholders from:
Net investment income		(0.77	)		(0.82	)		-			(0.50	)		(0.52	)		(0.36	)
Transaction fees(a)		0.01			0.00	(b)		0.00	(b)		-			-			-
Net asset value at end of period	$	27.82		$	27.65		$	27.98		$	33.50		$	27.57		$	23.63
Market price at end of period	$	27.81	(c)	$	27.56	(c)	$	27.94	(c)	$	33.54	(c)	$	27.52		$	23.59
Net Asset Value Total Return(d)		3.29	%		2.32	%		(16.48	)%		23.42	%		19.09	%		(8.72	)%
Market Price Total Return(d)		3.60	%		2.14	%		(16.70	)%		23.79	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	75,101		$	134,093		$	173,463		$	236,190		$	190,203		$	163,060
Ratio to average net assets of:
Expenses, after Waivers		0.55	%		0.56	%(e)		0.55	%(f)		0.55	%		0.57	%		0.60	%
Expenses, prior to Waivers		0.72	%		0.68	%(e)		0.64	%(f)		0.67	%		0.70	%		0.75	%
Net investment income		2.00	%		2.70	%(e)		1.50	%(f)		2.02	%		1.85	%		2.83	%
Portfolio turnover rate(g)		10	%		18	%		4	%		10	%		8	%		60	%

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

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

^(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.

104

Financial Highlights–(continued)

Invesco S&P Global Water Index ETF (CGW)

	Years Ended October 31,						Two Months Ended October 31,			Years Ended August 31,
	2020			2019			2018			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of period	$	39.55		$	32.32		$	35.28		$	33.38		$	30.27		$	26.67
Net investment income(a)		0.63			0.64			0.04			0.59			0.61			0.54
Net realized and unrealized gain (loss) on investments		1.86			7.26			(3.00	)		1.92			2.97			3.51
Total from investment operations		2.49			7.90			(2.96	)		2.51			3.58			4.05
Distributions to shareholders from:
Net investment income		(0.61	)		(0.67	)		-			(0.61	)		(0.47	)		(0.45	)
Transaction fees(a)		0.00	(b)		0.00	(b)		0.00	(b)		---
Net asset value at end of period	$	41.43		$	39.55		$	32.32		$	35.28		$	33.38		$	30.27
Market price at end of period	$	41.54	(c)	$	39.54	(c)	$	32.27	(c)	$	35.23	(c)	$	33.46		$	30.32
Net Asset Value Total Return(d)		6.31	%		25.10	%		(8.39	)%		7.51	%		12.09	%		15.40	%
Market Price Total Return(d)		6.62	%		25.27	%		(8.40	)%		7.09	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	710,871		$	741,918		$	531,298		$	594,105		$	610,253		$	432,244
Ratio to average net assets of:
Expenses		0.57	%		0.59	%		0.60	%(e)		0.62	%		0.63	%		0.64	%
Net investment income		1.61	%		1.82	%		0.67	%(e)		1.71	%		1.98	%		1.93	%
Portfolio turnover rate(f)		15	%		13	%		5	%		13	%		8	%		6	%

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

^(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.

105

Financial Highlights–(continued)

Invesco S&P International Developed Quality ETF (IDHQ)

	Years Ended October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of year	$	24.47		$	21.36		$	23.50		$	19.65		$	20.19
Net investment income(a)		0.46			0.54			0.58			0.45			0.41
Net realized and unrealized gain (loss) on investments		0.55			3.16			(2.18	)		3.88			(0.54	)(b)
Total from investment operations		1.01			3.70			(1.60	)		4.33			(0.13	)
Distributions to shareholders from:
Net investment income		(0.47	)		(0.59	)		(0.54	)		(0.48	)		(0.41	)
Transaction fees(a)		0.00	(c)		0.00	(c)		0.00	(c)		-			-
Net asset value at end of year	$	25.01		$	24.47		$	21.36		$	23.50		$	19.65
Market price at end of year(d)	$	25.00		$	24.53		$	21.31		$	23.71		$	19.61
Net Asset Value Total Return(e)		4.42	%		17.58	%		(7.00	)%		22.36	%		(0.62	)%(b)
Market Price Total Return(e)		4.09	%		18.14	%		(8.05	)%		23.70	%		(0.59	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	100,021		$	47,726		$	32,039		$	28,203		$	20,628
Ratio to average net assets of:
Expenses		0.29	%		0.31	%(f)		0.29	%		0.31	%		0.45	%
Net investment income		1.83	%		2.38	%(f)		2.47	%		2.10	%		2.09	%
Portfolio turnover rate(g)		42	%		54	%		54	%		49	%		165	%

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

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

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

106

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

October 31, 2020

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 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 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 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 Technology ETF	NYSE Arca, Inc.
DWA Developed Markets Momentum ETF	The Nasdaq Stock Market
DWA Emerging Markets Momentum ETF	The Nasdaq Stock Market
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 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 Technology ETF	FTSE China Incl A 25% Technology Capped 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
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 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 Water Index ETF	S&P Global Water Index
S&P International Developed Quality ETF	S&P Quality Developed ex-U.S. LargeMidCap 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.

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

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will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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

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

B. Other Risks

ADR and GDR Risk. Certain Funds may invest in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing directly 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, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

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

Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on the Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in emerging market securities, and emerging market securities may have relatively low market liquidity, decreased publicly available 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. Emerging market securities also are subject to the risks of

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expropriation, nationalization or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in emerging market securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions. Emerging markets usually are subject to greater market volatility, lower trading volume, political and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change.

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

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. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns.

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 the Fund’s investments in the affected country or region.

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

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

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

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

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its

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corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because China Technology ETF, Global Water ETF, International BuyBack AchieversTM ETF, MSCI Global Timber ETF and S&P Global Water Index ETF are non-diversified, and to the extent certain Funds may become non-diversified and can invest a greater portion of their assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

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

REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.

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

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

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 an accrual basis from the 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

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

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 MSCI Global Timber 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 distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

MSCI Global Timber 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”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are excluded from a Fund’s unitary management fee (if applicable) 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 (if applicable) 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 Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service

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

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

K. Securities Lending - Each Fund may participate in securities lending and may loan 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. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

NOTE 3–Investment Advisory Agreements and Other Agreements

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

Pursuant to an Investment Advisory Agreement, each Fund 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 cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory

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Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

	Unitary Management Fees (as a % of average daily net assets)
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%

Prior to May 18, 2020, the Adviser 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.

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 average daily net assets)
MSCI Global Timber ETF	0.50%
S&P Global Water Index ETF	0.50%

The Adviser has contractually 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, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) 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, 2022. Neither the Adviser nor the Funds can discontinue the agreement prior to its expiration.

	Expense Cap
MSCI Global Timber ETF	0.55%
S&P Global Water Index ETF	0.63%

Further, the Adviser has agreed to reimburse MSCI Global Timber ETF in the amount equal to the licensing fees that the 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 0.55% of its average daily net assets, through at least December 31, 2020. Prior to April 6, 2020, the Adviser agreed to reimburse the S&P Global Water Index ETF in the amount equal to the licensing fees that the Fund paid that caused 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 0.63% of the Fund’s average daily net assets.

Additionally, through at least August 31, 2022, 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 the Fund’s investments of otherwise uninvested cash in money market funds managed by that affiliate (excluding investments of cash collateral from securities lending). These fees are not subject to recapture. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

114

For the fiscal year ended October 31, 2020, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

China Technology ETF	$	1,409
DWA Developed Markets Momentum ETF		80
DWA Emerging Markets Momentum ETF		195
FTSE RAFI Developed Markets ex-U.S. ETF		1,787
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		1,081
FTSE RAFI Emerging Markets ETF		14,077
Global Clean Energy ETF		111
Global Water ETF		209
International BuyBack AchieversTM ETF		113
MSCI Global Timber ETF		160,505
S&P Global Water Index ETF		821
S&P International Developed Quality ETF		86

The fees waived and/or expenses borne by the Adviser for MSCI Global Timber ETF and S&P Global Water Index ETF, pursuant to the Expense Cap, are subject to recapture by the Adviser up to three years from the date the fees were waived or the 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 Fund, the amounts available for potential recapture by the Adviser and the expiration schedule at October 31, 2020 are as follows:

	Total Potential Recapture Amounts		Potential Recapture Amounts Expiring
			5/31/21		10/31/21		10/31/22		10/31/23
MSCI Global Timber ETF		$480,454		$53,954		$76,595		$190,541		$159,364

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 Technology ETF	FTSE International Ltd.
DWA Developed Markets Momentum ETF	Dorsey Wright & Associates, LLC
DWA Emerging Markets Momentum ETF	Dorsey Wright & Associates, LLC
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 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.

115

For the fiscal year ended October 31, 2020, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Fund, as listed below:

China Technology ETF	$	1,409
DWA Emerging Markets Momentum ETF		5,954
FTSE RAFI Emerging Markets ETF		28
Global Water ETF		401
MSCI Global Timber ETF		97
S&P Global Water Index ETF		110
S&P International Developed Quality ETF		14

NOTE 4–Security Transactions with Affiliated Funds

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

For the fiscal year ended October 31, 2020, the following Fund engaged in transactions with affiliates as listed below:

	Securities Purchases	Securities Sales	Net Realized Gains
Global Water ETF	$1,469,586	$-	$-

NOTE 5–Additional Valuation Information

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

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

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

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

The following is a summary of the tiered valuation input levels, as of October 31, 2020, for each Fund (except for S&P Global Water Index ETF ). As of October 31, 2020, all of the securities in S&P Global Water Index ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
China Technology ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	1,044,123,696	$	-	$	0	$	1,044,123,696
Money Market Funds		-		26,510,067		-		26,510,067
Total Investments	$	1,044,123,696	$	26,510,067	$	0	$	1,070,633,763
DWA Developed Markets Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	155,193,408	$	-	$	0	$	155,193,408
Money Market Funds		-		5,496,556		-		5,496,556
Total Investments	$	155,193,408	$	5,496,556	$	0	$	160,689,964

116

	Level 1		Level 2		Level 3		Total
DWA Emerging Markets Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	155,853,204	$	-	$	-	$	155,853,204
Money Market Funds		-		1,943,260		-		1,943,260
Total Investments	$	155,853,204	$	1,943,260	$	-	$	157,796,464
FTSE RAFI Developed Markets ex-U.S. ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	867,353,383	$	-	$	0	$	867,353,383
Money Market Funds		-		21,490,259		-		21,490,259
Total Investments	$	867,353,383	$	21,490,259	$	0	$	888,843,642
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	306,588,336	$	614,123	$	0	$	307,202,459
Money Market Funds		-		15,187,404		-		15,187,404
Total Investments	$	306,588,336	$	15,801,527	$	0	$	322,389,863
FTSE RAFI Emerging Markets ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	967,400,248	$	-	$	-	$	967,400,248
Money Market Funds		1,309,256		1,851,100		-		3,160,356
Total Investments	$	968,709,504	$	1,851,100	$	-	$	970,560,604
Global Clean Energy ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	124,167,808	$	-	$	0	$	124,167,808
Money Market Funds		-		18,462,530		-		18,462,530
Total Investments	$	124,167,808	$	18,462,530	$	0	$	142,630,338
Global Water ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	206,777,223	$	-	$	28,080	$	206,805,303
Money Market Funds		82,272		3,006,761		-		3,089,033
Total Investments	$	206,859,495	$	3,006,761	$	28,080	$	209,894,336
International BuyBack AchieversTM ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	91,923,359	$	-	$	-	$	91,923,359
Money Market Funds		112,421		2,414,331		-		2,526,752
Total Investments	$	92,035,780	$	2,414,331	$	-	$	94,450,111
MSCI Global Timber ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	75,056,170	$	-	$	5,657	$	75,061,827
Exchange-Traded Funds		47,326		-		-		47,326
Money Market Funds		94,504		274,079		-		368,583
Total Investments	$	75,198,000	$	274,079	$	5,657	$	75,477,736
S&P International Developed Quality ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	99,521,305	$	-	$	-	$	99,521,305
Money Market Funds		131,983		3,777,900		-		3,909,883
Total Investments	$	99,653,288	$	3,777,900	$	-	$	103,431,188

117

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended October 31, 2020 and 2019:

	2020		2019
	Ordinary Income*		Ordinary Income*
China Technology ETF	$	56,175	$	1,984,086
DWA Developed Markets Momentum ETF		1,593,829		2,458,183
DWA Emerging Markets Momentum ETF		2,903,680		4,189,151
FTSE RAFI Developed Markets ex-U.S. ETF		28,485,359		52,102,548
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		7,471,395		8,100,512
FTSE RAFI Emerging Markets ETF		37,760,270		42,921,358
Global Clean Energy ETF		1,131,324		980,943
Global Water ETF		1,898,770		2,822,348
International BuyBack AchieversTM ETF		2,251,674		5,243,213
MSCI Global Timber ETF		3,739,205		4,947,600
S&P Global Water Index ETF		10,607,913		10,958,575
S&P International Developed Quality ETF		1,194,228		916,670

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:

	Undistributed Ordinary Income			Temporary Book/Tax Differences				Net Unrealized Appreciation (Depreciation)- Investments				Net Unrealized Appreciation (Depreciation)- Foreign Currencies				Capital Loss Carryforwards				Shares of Beneficial Interest			Total Net Assets
China Technology ETF		$	6,462,572		$	-			$	188,019,227			$	(15	)		$	(90,083,893	)		$	938,763,796		$	1,043,161,687
DWA Developed Markets Momentum ETF			-			-				17,507,958				38,179				(131,596,423	)			269,092,922			155,042,636
DWA Emerging Markets Momentum ETF			955,407			-				26,163,284				5,488				(126,141,902	)			254,506,840			155,489,117
FTSE RAFI Developed Markets ex-U.S. ETF			709,294			-				(210,284,829	)			181,479				(108,351,490	)			1,189,148,282			871,402,736
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF			1,250,963			-				(8,758,334	)			19,653				(43,373,131	)			358,967,164			308,106,315
FTSE RAFI Emerging Markets ETF			3,810,988			-				(118,779,751	)			(543,750	)			(168,503,715	)			1,253,860,191			969,843,963
Global Clean Energy ETF			117,281			-				39,465,666				1,520				(68,512,600	)			153,105,861			124,177,728
Global Water ETF			314,381			-				47,153,527				22,344				(48,748,856	)			208,520,607			207,262,003
International BuyBack AchieversTM ETF			55,624			-				958,142				2,884				(54,327,596	)			145,781,409			92,470,463
MSCI Global Timber ETF			1,266,405			(5,445	)			5,445,594				7,557				(21,700,727	)			90,087,665			75,101,049
S&P Global Water Index ETF			9,762,948			(8,676	)			110,561,197				80,635				(15,787,009	)			606,261,564			710,870,659
S&P International Developed Quality ETF			72,718			-				1,982,649				11,118				(6,118,289	)			104,072,817			100,021,013

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 following table presents available capital loss carryforwards for each Fund as of October 31, 2020:

	No expiration
	Short-Term		Long-Term		Total*
China Technology ETF	$	5,186,706	$	84,897,187	$	90,083,893
DWA Developed Markets Momentum ETF		130,928,341		668,082		131,596,423
DWA Emerging Markets Momentum ETF		126,141,902		-		126,141,902
FTSE RAFI Developed Markets ex-U.S. ETF		6,906,639		101,444,851		108,351,490
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		8,057,944		35,315,187		43,373,131

118

	No expiration
	Short-Term		Long-Term		Total*
FTSE RAFI Emerging Markets ETF	$	18,094,513	$	150,409,202	$	168,503,715
Global Clean Energy ETF		10,159,214		58,353,386		68,512,600
Global Water ETF		38,485,787		10,263,069		48,748,856
International BuyBack AchieversTM ETF		49,326,511		5,001,085		54,327,596
MSCI Global Timber ETF		12,266,326		9,434,401		21,700,727
S&P Global Water Index ETF		1,328,032		14,458,977		15,787,009
S&P International Developed Quality ETF		3,903,911		2,214,378		6,118,289

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

NOTE 7–Investment Transactions

For the fiscal year ended October 31, 2020, the cost of securities purchased and the 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 Technology ETF	$	378,046,372	$	276,778,321
DWA Developed Markets Momentum ETF		191,623,463		192,434,020
DWA Emerging Markets Momentum ETF		240,033,519		238,278,755
FTSE RAFI Developed Markets ex-U.S. ETF		117,817,090		126,787,893
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		83,541,876		86,045,726
FTSE RAFI Emerging Markets ETF		253,415,733		287,973,970
Global Clean Energy ETF		43,132,704		39,722,798
Global Water ETF		60,275,806		58,616,422
International BuyBack AchieversTM ETF		94,848,504		99,979,360
MSCI Global Timber ETF		8,934,598		14,357,387
S&P Global Water Index ETF		103,202,319		100,367,806
S&P International Developed Quality ETF		27,597,204		26,947,753

For the fiscal year ended October 31, 2020, in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received		Value of Securities Delivered
China Technology ETF	$	354,996,051	$	229,164,810
DWA Developed Markets Momentum ETF		101,535,185		127,177,238
DWA Emerging Markets Momentum ETF		40,961,915		55,027,937
FTSE RAFI Developed Markets ex-U.S. ETF		221,821,149		381,182,579
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		90,861,750		93,346,156
FTSE RAFI Emerging Markets ETF		77,118,134		123,628,168
Global Clean Energy ETF		41,445,047		15,095,183
Global Water ETF		25,370,275		30,601,290
International BuyBack AchieversTM ETF		14,091,905		48,069,564
MSCI Global Timber ETF		-		51,208,652
S&P Global Water Index ETF		91,712,239		151,264,714
S&P International Developed Quality ETF		75,249,839		24,418,116

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

119

At October 31, 2020, 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 Technology ETF	$	255,415,334	$	(67,396,107	)	$	188,019,227		$	882,614,536
DWA Developed Markets Momentum ETF		22,001,222		(4,493,264	)		17,507,958			143,182,006
DWA Emerging Markets Momentum ETF		28,675,044		(2,511,760	)		26,163,284			131,633,180
FTSE RAFI Developed Markets ex-U.S. ETF		98,199,494		(308,484,323	)		(210,284,829	)		1,099,128,471
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		51,455,682		(60,214,016	)		(8,758,334	)		331,148,197
FTSE RAFI Emerging Markets ETF		164,079,382		(282,859,133	)		(118,779,751	)		1,089,340,355
Global Clean Energy ETF		41,718,974		(2,253,308	)		39,465,666			103,164,672
Global Water ETF		50,787,152		(3,633,625	)		47,153,527			162,740,809
International BuyBack AchieversTM ETF		6,538,884		(5,580,742	)		958,142			93,491,969
MSCI Global Timber ETF		14,226,416		(8,780,822	)		5,445,594			70,032,142
S&P Global Water Index ETF		142,540,614		(31,979,417	)		110,561,197			599,502,652
S&P International Developed Quality ETF		6,420,667		(4,438,018	)		1,982,649			101,448,539

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, foreign currency transactions and passive foreign investment companies, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended October 31, 2020, the reclassifications were as follows:

	Undistributed Net Investment Income (Loss)				Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
China Technology ETF		$	85,045			$	(99,826,986	)		$	99,741,941
DWA Developed Markets Momentum ETF			577,901				(21,670,890	)			21,092,989
DWA Emerging Markets Momentum ETF			(43,540	)			(9,242,863	)			9,286,403
FTSE RAFI Developed Markets ex-U.S. ETF			1,290,973				(27,805,232	)			26,514,259
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF			882,756				(18,800,494	)			17,917,738
FTSE RAFI Emerging Markets ETF			2,205,074				(7,193,888	)			4,988,814
Global Clean Energy ETF			156,125				(10,396,774	)			10,240,649
Global Water ETF			198,230				(11,783,001	)			11,584,771
International BuyBack AchieversTM ETF			(31,827	)			4,528,705				(4,496,878	)
MSCI Global Timber ETF			(39,857	)			(4,778,453	)			4,818,310
S&P Global Water Index ETF			70,861				(76,028,327	)			75,957,466
S&P International Developed Quality ETF			19,719				(3,549,862	)			3,530,143

NOTE 9–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the 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.

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

120

NOTE 10–Capital

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

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

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

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

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the value of the Funds’ investments. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Funds and their investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

NOTE 12–Significant Event

On November 12 2020, President Trump issued an Executive Order (the “Order”) prohibiting investment activity by U.S. persons, which includes the Funds, in relation to certain companies designated by the U.S. Department of Defense as being backed by, and providing funding to, the Chinese military (the “Sanctioned Companies”). Beginning January 11, 2021, all transactions in public securities, or any securities that are derivative of, or are designed to provide investment exposure to such securities, of any of the Sanctioned Companies (the “Sanctioned Securities”) are prohibited. In addition, any of the Sanctioned Securities held by the Funds as of January 11, 2021 are permitted to be sold only through November 11, 2021, although the consequences of continuing to hold Sanctioned Securities beyond November 11, 2021 are currently unclear. The Funds’ holdings in the Sanctioned Securities may adversely impact the Funds’ performance. The extent of the impact will depend on future developments, including the Funds’ ability to sell the Sanctioned Securities, uncertainties on valuation of the Sanctioned Securities, modifications to the Order and/or interpretations thereof (including which companies are considered Sanctioned Companies), and the duration of the Order, all of which are highly uncertain and cannot be predicted. At October 31, 2020, China Technology Fund held investments in Sanctioned Securities which represented approximately 10% of the China Technology Fund’s net assets.

121

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of each of the twelve Funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (twelve of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2020, the related statements of operations for the year ended October 31, 2020, the statements of changes in net assets for each of the two years in the period ended October 31, 2020, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2020 and each of the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.

Fund Name	Predecessor Fund
Invesco China Technology ETF (3)	Guggenheim China Technology ETF
Invesco DWA Developed Markets Momentum ETF (2)	-
Invesco DWA Emerging Markets Momentum ETF (2)	-
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (2)	-
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (2)	-
Invesco FTSE RAFI Emerging Markets ETF (2)	-
Invesco Global Clean Energy ETF (2)	-
Invesco Global Water ETF (2)	-
Invesco International BuyBack AchieversTM ETF (2)	-
Invesco MSCI Global Timber ETF (1)	Guggenheim MSCI Global Timber ETF
Invesco S&P Global Water Index ETF (3)	Guggenheim S&P Global Water Index ETF
Invesco S&P International Developed Quality ETF (2)	-

⁽¹⁾ The financial highlights for each of the two years in the period ended October 31, 2020, for the period June 1, 2018 through October 31, 2018 and for the year ended May 31, 2018

⁽²⁾ The financial highlights for each of the five years in the period ended October 31, 2020

⁽³⁾ The financial highlights for each of the two years in the period ended October 31, 2020, for the period September 1, 2018 through October 31, 2018 and for the year ended August 31, 2018

The financial statements of Invesco MSCI Global Timber ETF (Predecessor Fund: Guggenheim MSCI Global Timber ETF) as of and for the year ended May 31, 2017 and the financial highlights for each of the periods ended on or prior to May 31, 2017 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated July 31, 2017 expressed an unqualified opinion on those financial statements and financial highlights.

The financial statements of Invesco China Technology ETF (Predecessor Fund: Guggenheim China Technology ETF) and Invesco S&P Global Water Index ETF (Predecessor Fund: Guggenheim S&P Global Water Index ETF) as of and for the year ended August 31, 2017 and the financial highlights for each of the periods ended on or prior to August 31, 2017 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated October 30, 2017 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

122

Report of Independent Registered Public Accounting Firm–(continued)

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

December 23, 2020

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

123

Calculating your ongoing Fund expenses

Example

As a shareholder of Invesco MSCI Global Timber 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, litigation expenses, acquired fund fees and expenses, if any, 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 for the entire period May 1, 2020 through October 31, 2020.

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 May 1, 2020			Ending Account Value October 31, 2020			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		$	1,416.10		0.71	%		$	4.31
Hypothetical (5% return before expenses)			1,000.00			1,021.57		0.71				3.61

124

Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value May 1, 2020			Ending Account Value October 31, 2020			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco DWA Developed Markets Momentum ETF (PIZ)
Actual		$	1,000.00		$	1,211.70		0.80	%		$	4.45
Hypothetical (5% return before expenses)			1,000.00			1,021.11		0.80				4.06
Invesco DWA Emerging Markets Momentum ETF (PIE)
Actual			1,000.00			1,222.00		0.90				5.03
Hypothetical (5% return before expenses)			1,000.00			1,020.61		0.90				4.57
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)
Actual			1,000.00			1,065.40		0.45				2.34
Hypothetical (5% return before expenses)			1,000.00			1,022.87		0.45				2.29
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)
Actual			1,000.00			1,136.20		0.49				2.63
Hypothetical (5% return before expenses)			1,000.00			1,022.67		0.49				2.49
Invesco FTSE RAFI Emerging Markets ETF (PXH)
Actual			1,000.00			1,080.50		0.49				2.56
Hypothetical (5% return before expenses)			1,000.00			1,022.67		0.49				2.49
Invesco Global Clean Energy ETF (PBD)
Actual			1,000.00			1,712.30		0.75				5.11
Hypothetical (5% return before expenses)			1,000.00			1,021.37		0.75				3.81
Invesco Global Water ETF (PIO)
Actual			1,000.00			1,166.80		0.75				4.08
Hypothetical (5% return before expenses)			1,000.00			1,021.37		0.75				3.81
Invesco International BuyBack AchieversTM ETF (IPKW)
Actual			1,000.00			1,218.40		0.55				3.07
Hypothetical (5% return before expenses)			1,000.00			1,022.37		0.55				2.80
Invesco MSCI Global Timber ETF (CUT)
Actual			1,000.00			1,191.00		0.55				3.03
Hypothetical (5% return before expenses)			1,000.00			1,022.37		0.55				2.80
Invesco S&P Global Water Index ETF (CGW)
Actual			1,000.00			1,160.80		0.57				3.10
Hypothetical (5% return before expenses)			1,000.00			1,022.27		0.57				2.90
Invesco S&P International Developed Quality ETF (IDHQ)
Actual			1,000.00			1,103.50		0.29				1.53
Hypothetical (5% return before expenses)			1,000.00			1,023.68		0.29				1.48

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2020. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/366. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

125

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 2020:

	Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*
Invesco China Technology ETF		53	%		0	%		0	%
Invesco DWA Developed Markets Momentum ETF		100	%		0	%		0	%
Invesco DWA Emerging Markets Momentum ETF		34	%		0	%		0	%
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		93	%		0	%		0	%
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		80	%		0	%		0	%
Invesco FTSE RAFI Emerging Markets ETF		84	%		0	%		0	%
Invesco Global Clean Energy ETF		58	%		2	%		0	%
Invesco Global Water ETF		100	%		35	%		0	%
Invesco International BuyBack AchieversTM ETF		100	%		0	%		0	%
Invesco MSCI Global Timber ETF		95	%		42	%		0	%
Invesco S&P Global Water Index ETF		98	%		38	%		0	%
Invesco S&P International Developed Quality ETF		100	%		0	%		0	%

* The above percentages are based on ordinary income dividends paid to shareholders during the fiscal year.

The Funds intend to elect to pass through to shareholders the credit for taxes paid to foreign countries. The foreign source income and foreign taxes paid per share are as follows:

	Foreign Taxes Per Share			Foreign Source Income Per Share
Invesco China Technology ETF		$	-		$	-
Invesco DWA Developed Markets Momentum ETF			0.0367			0.4333
Invesco DWA Emerging Markets Momentum ETF			0.0567			0.4686
Invesco FTSE RAFI Developed Markets ex-U.S. ETF			0.0943			1.3779
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF			0.0560			0.7796
Invesco FTSE RAFI Emerging Markets ETF			0.0862			0.8429
Invesco Global Clean Energy ETF			-			-
Invesco Global Water ETF			-			-
Invesco International BuyBack AchieversTM ETF			0.0900			0.9900
Invesco MSCI Global Timber ETF			0.0461			0.5138
Invesco S&P Global Water Index ETF			0.0180			0.6509
Invesco S&P International Developed Quality ETF			-			-

126

Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below.

As of October 31, 2020

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chairman of the Board; Chairman of the Nominating and Governance Committee and Trustee	Vice Chairman since 2018; Chairman of the Nominating and Governance Committee and Trustee since 2007	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	216	Trustee and Investment Oversight Committee member, Mission Aviation Fellowship (2017- Present).
Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	216	None.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

127

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Edmund P. Giambastiani, Jr.–1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, The Boeing Company (2009-Present); Trustee, MITRE Corporation (federally-funded research development) (2008-Present); Director, THL Credit, Inc. (alternative credit investment manager) (2016-Present); Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010- Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Chairman (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chairman of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	216	Formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013- 2019); Director, Mercury Defense Systems Inc. (information technology) (2011-2013); Independent Director, QinetiQ Group Plc (defense technology and security) (2008-2011); Chairman, Alenia North America, Inc. (military and defense products) (2008-2009); Director, SRA International, Inc. (information technology and services) (2008- 2011).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

128

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Victoria J. Herget–1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973- 1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	216	Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Mather LifeWays (2001-Present); Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012- 2019); Board Chair (2008-2015) and Director (2004- 2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

129

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Audit Committee and Trustee	Chairman of the Audit Committee since 2008; Trustee since 2007	Senior Director of Finance, By The Hand Club for Kids (not-for-profit) (2015-Present); formerly, Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	216	Treasurer (2018-Present), Finance Committee Member (2015- Present) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; formerly, Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.
Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Investment Oversight Committee and Trustee	Chairman of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	216	Advisory Board Member, Performance Trust Capital Partners, LLC (2008-Present); Board Director, Beacon Power Services, Corp. (2019-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

130

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Joanne Pace–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006- 2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005- 2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.	216	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Advisory Board Director, The Alberleen Group LLC (2012-Present); Governing Council Member (2016- Present) and Chair of Education Committee (2017-Present), Independent Directors Council (IDC); Board Member, 100 Women in Finance (2015-Present); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Trustee, certain funds in the Oppenheimer Funds complex (2012- 2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

131

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker - 1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	216	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).
Donald H. Wilson - 1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chairman of the Board and Trustee	Chairman since 2012; Trustee since 2007	Chairman, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chairman and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016- 2018); Chairman, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	216	Director, Penfield Children’s Center (2004-Present); Board Chairman, Gracebridge Alliance, Inc. (2015-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

132

Trustees and Officers–(continued)

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee, are shown below:

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Kevin M. Carome–1956 Invesco Ltd. Two Peachtree Pointe 1555 Peachtree St., N.E., Suite 1800 Atlanta, GA 30309	Trustee	Since 2010	Senior Managing Director, Secretary and General Counsel, Invesco Ltd. (2007-Present); Director, Invesco Advisers, Inc. (2009-Present); Director (2006-Present) and Executive Vice President (2008-Present), Invesco North American Holdings, Inc.; Executive Vice President (2008-Present), Invesco Investments (Bermuda) Ltd.; Manager, Horizon Flight Works LLC; and Executive Vice President (2014-Present), INVESCO Asset Management (Bermuda) Ltd.; formerly, Director and Secretary (2012-2020), Invesco Services (Bahamas) Private Limited; Director, Invesco Finance PLC (2011-2019); Director, INVESCO Asset Management (Bermuda) Ltd. (2014-2019); Director and Executive Vice President, Invesco Finance, Inc. (2011-2018); Director (2006-2018) and Executive Vice President (2008-2018), Invesco Group Services, Inc., Invesco Holding Company (US), Inc.; Director, Invesco Holding Company Limited (2007- 2019); Director and Chairman, INVESCO Funds Group, Inc., Senior Vice President, Secretary and General Counsel, Invesco Advisers, Inc. (2003-2006); Director, Invesco Investments (Bermuda) Ltd. (2008- 2016); Senior Vice President and General Counsel, Liberty Financial Companies, Inc. (2000-2001); General Counsel of certain investment management subsidiaries of Liberty Financial Companies, Inc. (1998-2000); Associate General Counsel, Liberty Financial Companies, Inc. (1993-1998); Associate, Ropes & Gray LLP.	216	None

* This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

133

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	President and Principal Executive Officer	Since 2020	President and Principal Executive Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); Authorized Person, Accretive Asset Management LLC (2018-Present); formerly, Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President, Principal Financial Officer (2016-Present) and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); Assistant Treasurer, Invesco Capital Management LLC (2013-2018); and Assistant Vice President, The Invesco Funds (2008-2016).

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

134

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal – US ETFs and Secretary, Invesco Capital Management LLC (2020-Present); Head of Legal and Secretary, Invesco Specialized Products, LLC (2020-Present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2020-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary (2020-Present), Invesco Capital Markets, Inc. and Invesco Investment Advisers LLC; Assistant Secretary, The Invesco Funds (2014-Present); formerly, Assistant Secretary, Invesco Capital Management LLC (2015-2020) and Invesco Specialized Products, LLC (2018-2020); Assistant Secretary (2014-2020) and Chief Compliance Officer (2017), Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Senior Counsel, Invesco Ltd. (2013-2020).
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Treasurer, The Invesco Funds (2008-Present); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2009-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange- Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

135

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).
Melanie Zimdars–1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

136

Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

©2020 Invesco Capital Management LLC 3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-PS-AR-8	invesco.com/ETFs

Item 2. Code of Ethics.

The Registrant has adopted a Code of Ethics that applies to the Registrant’s principal executive officer and principal financial officer. This Code is filed as an exhibit to this report on Form N-CSR under Item 13(a)(1). No substantive amendments to this Code were made during the reporting period. There were no waivers for the fiscal year ended October 31, 2020.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees (the “Board”) has determined that the Registrant has four “audit committee financial experts” serving on its audit committee: Mr. Marc M. Kole, Ms. Joanne Pace, Mr. Gary R. Wicker, and Mr. Donald H. Wilson. Each of these audit committee members is “independent,” meaning that he/she is not an “interested person” of the Registrant (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended) and he/she does not accept any consulting, advisory, or other compensatory fee from the Registrant (except in his/her capacity as a Board or committee member).

An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that a person has any greater duties, obligations, or liability than those imposed on a person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the audit committee or Board.

Item 4. Principal Accountant Fees and Services.

(a)   to (d)

Fees Billed by PwC to the Registrant

PricewaterhouseCoopers LLP (“PwC”), the Registrant’s independent registered public accounting firm, billed the Registrant aggregate fees for pre-approved services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.

	Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year End 2020			Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year End 2019
Audit Fees		$	379,950		$	509,720
Audit-Related Fees		$	0		$	0
Tax Fees(1)		$	323,016		$	453,887
All Other Fees		$	0		$	0
Total Fees		$	702,966		$	963,607

⁽¹⁾ Tax Fees for the fiscal years ended October 31, 2020 and 2019 include fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise and year-to-date estimates for various book-to-tax differences. In addition, Tax Fees for the fiscal year ended October 31, 2019 include fees billed for the final liquidated Federal income tax returns for the six funds with a tax year ended February 27, 2019.

Fees Billed by PwC Related to Invesco and Invesco Affiliates

PwC billed Invesco Capital Management LLC (“Invesco” or “Adviser”), the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Affiliates”), aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved.

	Fees Billed for Non- Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2020 That Were Required to be Pre-Approved by the Registrant’s Audit Committee			Fees Billed for Non- Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2019 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees(1)		$	701,000		$	690,000
Tax Fees		$	0		$	0
All Other Fees		$	0		$	0
Total Fees		$	701,000		$	690,000

⁽¹⁾ Audit-Related Fees for the fiscal years ended 2020 and 2019 include fees billed related to reviewing controls at a service organization.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

Pre-Approval of Audit and Non-Audit Services Policies and Procedures

As Adopted by the Audit Committee of the Invesco ETFs

Applicable to	Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (collectively the “Funds”)
Risk Addressed by Policy	Approval of Audit and Non-Audit Services
Relevant Law and Other Sources	Sarbanes-Oxley Act of 2002; Regulation S-X.
Last Reviewed by Compliance for Accuracy	June 15, 2018
Approved/Adopted Date	June 2009

Statement of Principles

Under the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and Exchange Commission (“SEC”) (“Rules”), the Audit Committee of the Funds’ (the “Audit Committee”) Board of Trustees (the “Board”) is responsible for the appointment, compensation and oversight of the work of independent accountants (an “Auditor”). As part of this responsibility and to assure that the Auditor’s independence is not impaired, the Audit Committee pre-approves the audit and non-audit services provided to the Funds by each Auditor, as well as all non-audit services provided by the Auditor to the Funds’ investment adviser and to affiliates of the adviser that provide ongoing services to the Funds (“Service Affiliates”) if the services directly impact the Funds’ operations or financial reporting. The SEC Rules also specify the types of services that an Auditor may not provide to its audit client. The following policies and procedures comply with the requirements for pre-approval and provide a mechanism by which management of the Funds may request and secure pre-approval of audit and non-audit services in an orderly manner with minimal disruption to normal business operations.

Proposed services either may be pre-approved without consideration of specific case-by-case services by the Audit Committee (“general pre-approval”) or require the specific pre-approval of the Audit Committee (“specific pre-approval”). As set forth in these policies and procedures, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee. Additionally, any fees exceeding 110% of estimated pre-approved fee levels provided at the time the service was pre-approved will also require specific approval by the Audit Committee before payment is made. The Audit Committee will also consider the impact of additional fees on the Auditor’s independence when determining whether to approve any additional fees for previously pre-approved services.

The Audit Committee will annually review and generally pre-approve the services that may be provided by each Auditor without obtaining specific pre-approval from the Audit Committee. The term of any general pre-approval runs from the date of such pre-approval through June 30th of the following year, unless the Audit Committee considers a different period and states otherwise. The Audit Committee will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.

The purpose of these policies and procedures is to set forth the guidelines to assist the Audit Committee in fulfilling its responsibilities.

Delegation

The Chairman of the Audit Committee (or, in his or her absence, any member of the Audit Committee) may grant specific pre-approval for non-prohibited services. All such delegated pre-approvals shall be presented to the Audit Committee no later than the next Audit Committee meeting.

Audit Services

The annual Audit services engagement terms will be subject to specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures such as tax provision work that is required to be performed by the independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will obtain, review and consider sufficient information concerning the proposed Auditor to make a reasonable evaluation of the Auditor’s qualifications and independence.

In addition to the annual Audit services engagement, the Audit Committee may grant either general or specific pre-approval of other Audit services, which are those services that only the independent auditor reasonably can provide. Other Audit services may include services such as issuing consents for the inclusion of audited financial statements with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.

Non-Audit Services

The Audit Committee may provide either general or specific pre-approval of any non-audit services to the Funds and its Service Affiliates if the Audit Committee believes that the provision of the service will not impair the independence of the Auditor, is consistent with the SEC’s Rules on auditor independence, and otherwise conforms to the Audit Committee’s general principles and policies as set forth herein.

Audit-Related Services

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Funds’ financial statements or that are traditionally performed by the independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; and assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities.

Tax Services

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will scrutinize carefully the retention of the Auditor in connection with a transaction initially recommended by the Auditor, the major business purpose of which may be tax avoidance or the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisors as necessary to ensure the consistency of Tax services rendered by the Auditor with the foregoing policy.

No Auditor shall represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Under rules adopted by the Public Company Accounting Oversight Board and approved by the SEC, in connection with seeking Audit Committee pre-approval of permissible Tax services, the Auditor shall:

1. Describe in writing to the Audit Committee, which writing may be in the form of the proposed engagement letter:

a. The scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the Fund, relating to the service; and

b. Any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor and any person (other than the Fund) with respect to the promoting, marketing, or recommending of a transaction covered by the service;

2. Discuss with the Audit Committee the potential effects of the services on the independence of the Auditor; and

3. Document the substance of its discussion with the Audit Committee.

All Other Auditor Services

The Audit Committee may pre-approve non-audit services classified as “All other services” that are not categorically prohibited by the SEC, as listed in Exhibit 1 to this policy.

Pre-Approval Fee Levels or Established Amounts

Pre-approval of estimated fees or established amounts for services to be provided by the Auditor under general or specific pre-approval policies will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum estimated pre-approved fees or established amounts for pre-approved audit and non-audit services will be reported to the Audit Committee at the quarterly Audit Committee meeting and will require specific approval by the Audit Committee before payment is made. The Audit Committee will always factor in the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services and in determining whether to approve any additional fees exceeding 110% of the maximum pre-approved fees or established amounts for previously pre-approved services.

Procedures

On an annual basis, the Auditor will submit to the Audit Committee for general pre-approval, a list of non-audit services that the Funds or Service Affiliates of the Funds may request from the Auditor. The list will describe the non-audit services in reasonable detail and will include an estimated range of fees and such other information as the Audit Committee may request.

Each request for services to be provided by the Auditor under the general pre-approval of the Audit Committee will be submitted to the Funds’ Treasurer (or his or her designee) and must include a detailed description of the services to be rendered. The Treasurer or his or her designee will ensure that such services are included within the list of services that have received the general pre-approval of the Audit Committee.

Each request to provide services that require specific approval by the Audit Committee shall be submitted to the Audit Committee jointly by the Funds’ Treasurer or his or her designee and the Auditor, and must include a joint statement that, in their view, such request is consistent with the pre-approval policies and procedures and the SEC Rules.

Each request to provide Tax services under either the general or specific pre-approval of the Audit Committee will describe in writing: (i) the scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the audit client, relating to the service; and (ii) any compensation arrangement or other agreement between the Auditor and any person (other than the audit client) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will discuss with the Audit Committee the potential effects of the services on the Auditor’s independence and will document the substance of the discussion.

Non-audit services pursuant to the de minimis exception provided by the SEC Rules will be promptly brought to the attention of the Audit Committee for approval, including documentation that each of the conditions for this exception, as set forth in the SEC Rules, has been satisfied.

On at least an annual basis, the Auditor will prepare a summary of all the services provided to any entity in the investment company complex as defined in section 2-01(f)(14) of Regulation S-X in sufficient detail as to the nature of the engagement and the fees associated with those services.

The Audit Committee has designated the Funds’ Treasurer to monitor the performance of all services provided by the Auditor and to ensure such services are in compliance with these policies and procedures. The Funds’ Treasurer will report to the Audit Committee on a periodic basis as to the results of such monitoring. Both the Funds’ Treasurer and management will immediately report to the Chairman of the Audit Committee any breach of these policies and procedures that comes to the attention of the Funds’ Treasurer or senior management.

Adopted:    June 26, 2009

Amended:  June 15, 2018

Exhibit 1 to Pre-Approval of Audit and Non-Audit Services Policies and Procedures

Conditionally Prohibited Non-Audit Services (not prohibited if the Fund can reasonably conclude that the results of the service would not be subject to audit procedures in connection with the audit of the Fund’s financial statements)

• Bookkeeping or other services related to the accounting records or financial statements of the audit client

• Financial information systems design and implementation

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

• Actuarial services

• Internal audit outsourcing services

Categorically Prohibited Non-Audit Services

• Management functions

• Human resources

• Broker-dealer, investment adviser, or investment banking services

• Legal services

• Expert services unrelated to the audit

• Any service or product provided for a contingent fee or a commission

• Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance

• Tax services for persons in financial reporting oversight roles at the Fund

• Any other service that the Public Company Oversight Board determines by regulation is impermissible.

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Affiliates aggregate fees of $ 6,227,000 for the fiscal year ended October 31, 2020 and $3,294,000 for the fiscal year ended October 31, 2019 for non-audit services not required to be pre-approved by the Registrant’s Audit Committee. In total, PwC billed the Registrant, Invesco and Affiliates aggregate non-audit fees of $7,251,016 for the fiscal year ended October 31, 2020 and $ 4,437,887 for the fiscal year ended October 31, 2019.

(h) With respect to the non-audit services above billed to Invesco and Affiliates that were not required to be pre-approved by the Registrant’s Audit Committee, the Audit Committee received information from PwC about such services, including by way of comparison, that PwC provided audit services to entities within the Investment Company Complex, as defined by Rule 2-01(f)(14) of Regulation S-X, of approximately $31 million and non-audit services of approximately $20 million for the fiscal year ended 2020. The Audit Committee considered this information in evaluating PwC’s independence.

Pursuant to PCAOB Rule 3526, PwC advised the Registrant’s Audit Committee of the following matters identified between November 1, 2019 to December 23, 2020 that may be reasonably thought to bear on PwC’s independence. PwC advised the Audit Committee that four PwC Managers and three PwC Associates each held financial interests in investment companies within the complex that includes the Funds 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”) that were inconsistent with the requirements of Rule 2-01(c)(1) of Regulation S-X. In reporting the matters to the Audit Committee, PwC noted, among other things, that the impermissible holdings were disposed of by the individuals, the individuals were not in the chain of command of the audit or the audit partners of the Funds, the financial interests were not material to the net worth of each individual or their respective immediate family members and senior leadership of the Funds’ audit engagement team was unaware of the impermissible holdings until after the matters were confirmed to be independence exceptions or individuals ceased providing their non-audit services. In addition, PwC considered that audit work was performed by the PwC Associates, but such audit work was of a limited nature and/or was reviewed by other engagement team members. Based on the mitigating factors noted above, PwC advised the Audit Committee that it concluded that its objectivity and impartiality with respect to all issues encompassed within the audit engagement has not been impaired and it believes that a reasonable investor with knowledge of all relevant facts and circumstances for the violations would conclude that PwC is capable of exercising objective and impartial judgment on all issues encompassed within the audits of the financial statements of the Funds in the Registrant for the impacted periods.

Item 5. Audit Committee of Listed Registrants.

(a) The Registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended, which consists solely of independent trustees. The Audit Committee members are Marc M. Kole, Joanne Pace, Gary R. Wicker, and Donald H. Wilson.

(b) Not applicable.

Item 6. Schedule of Investments.

(a) The Schedules of Investments are included as a part of the report to shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that would require disclosure herein.

Item 11. Controls and Procedures.

(a) Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the Registrant’s President (principal executive officer) and Treasurer (principal financial officer) have concluded that such disclosure controls and procedures are effective.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	Code of Ethics is attached as Exhibit 99.CODEETH.
(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/ Anna Paglia                                                                     

Name: Anna Paglia

Title:   President

Date: January 8, 2021

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/ Anna Paglia                                                                     

Name: Anna Paglia

Title:   President

Date: January 8, 2021

By:     /s/ Kelli Gallegos

Name: Kelli Gallegos

Title:   Treasurer

Date: January 8, 2021