N-CSRS

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: August 31

Date of reporting period: February 28, 2021

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

               Invesco Semi-Annual Report to Shareholders   February 28, 2021   BKLN Invesco Senior Loan ETF

Table of Contents

Schedule of Investments	3
Statement of Assets and Liabilities	9
Statement of Operations	10
Statement of Changes in Net Assets	11
Financial Highlights	12
Notes to Financial Statements	13
Fund Expenses	22

2

Invesco Senior Loan ETF (BKLN)

February 28, 2021

(Unaudited)

Schedule of Investments

	Interest Rate	Maturity Date		Principal       Amount (000)		Value
Variable Rate Senior Loan Interests-96.30%(a)(b)
Aerospace & Defense-2.70%
Peraton Corp.
Delayed Draw Term Loan(c)	-		02/01/2028	$	51,703	$	51,961,598
Term Loan B(c)	-		02/01/2028		29,378		29,525,199
TransDigm, Inc.
Term Loan E (1 mo. USD LIBOR + 2.25%)	2.36%		05/30/2025		9,302		9,198,922
Term Loan F (1 mo. USD LIBOR + 2.25%)	2.36%		12/09/2025		71,340		70,515,974
							161,201,693
Air Transport-2.14%
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Term Loan (3 mo. USD LIBOR + 5.25%)	6.25%		06/21/2027		59,995		64,193,196
SkyMiles IP Ltd., Term Loan (3 mo. USD LIBOR + 3.75%)	4.75%		10/01/2027		59,910		63,523,735
							127,716,931
Automotive-1.39%
Panther BF Aggregator 2 L.P., Term Loan (Canada) (1 mo. USD LIBOR + 3.50%)	3.61%		04/30/2026		82,403		82,678,126
Building & Development-3.22%
DTZ U.S. Borrower LLC, Term Loan (1 mo. USD LIBOR + 2.75%)	2.87%		08/21/2025		48,488		48,266,111
Pisces Midco, Inc., Term Loan (1 mo. USD LIBOR + 3.75%)	3.86%		04/12/2025		49,452		49,642,834
Quikrete Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.50%)	2.61%		02/01/2027		48,586		48,548,150
White Cap Buyer LLC, Term Loan (3 mo. USD LIBOR + 4.00%)	4.50%		10/31/2027		45,135		45,379,005
							191,836,100
Business Equipment & Services-9.33%
Allied Universal Holdco LLC, Term Loan (1 mo. USD LIBOR + 4.25%)	4.36%		07/10/2026		43,116		43,245,678
Asurion LLC, Term Loan B-8 (1 mo. USD LIBOR + 3.25%)	3.36%		12/31/2026		68,438		68,325,834
Brand Energy & Infrastructure Services, Inc., Term Loan (3 mo. USD LIBOR + 4.25%)	5.25%		06/21/2024		53,387		53,239,780
Change Healthcare Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.50%)	3.50%		03/01/2024		72,326		72,486,576
Dun & Bradstreet Corp. (The), Term Loan (1 mo. USD LIBOR + 3.25%)	3.36%		02/06/2026		50,340		50,497,207
Endure Digital, Inc (Eagle Company), Term Loan B (c)	-		02/01/2028		32,250		32,088,750
Endure Digital, Inc., Delayed Draw Term Loan (c)	-		02/01/2028		7,750		7,711,250
Genesys Telecom Holdings, U.S., Inc., Term Loan (1 mo. USD LIBOR + 4.00%)	4.75%		12/01/2027		54,182		54,479,621
Prime Security Services Borrower LLC, Term Loan B-1 (1 mo. USD LIBOR + 2.75%)	3.50%		09/23/2026		37,409		37,495,114
Red Ventures LLC (New Imagitas, Inc.), Term Loan B-2 (1 mo. USD LIBOR + 2.50%)	2.61%		11/08/2024		43,719		43,100,143
Refinitiv US Holdings, Inc., Term Loan (c)(d)	-		10/01/2025		1,000		992,890
Trans Union LLC, Term Loan B-5 (1 mo. USD LIBOR + 1.75%)	1.86%		11/16/2026		43,088		43,187,228
Travelport Finance (Luxembourg) S.a.r.l., Term Loan (Luxembourg) (3 mo. USD LIBOR + 5.00%)	5.22%		05/30/2026		93		71,756
West Corp., Term Loan B (3 mo. USD LIBOR + 4.00%)	5.00%		10/10/2024		49,904		49,311,271
							556,233,098
Cable & Satellite Television-7.97%
Charter Communications Operating LLC
Term Loan B-1 (1 mo. USD LIBOR + 1.75%)	1.87%		04/30/2025		42,106		42,144,132
Term Loan B-2 (1 mo. USD LIBOR + 1.75%)	1.88%		02/01/2027		82,666		82,663,440
CSC Holdings LLC
Term Loan (1 mo. USD LIBOR + 2.25%)	2.36%		07/17/2025		72,138		71,931,445
Term Loan (1 mo. USD LIBOR + 2.50%)	2.61%		04/15/2027		43,863		43,821,943
Numericable-SFR S.A., Incremental Term Loan B-13 (France) (3 mo. USD LIBOR + 4.00%)	4.20%		08/14/2026		46,318		46,434,002
Telenet Financing USD LLC, Term Loan AR (1 mo. USD LIBOR + 2.00%)	2.11%		04/15/2028		45,054		44,877,460
Virgin Media Bristol LLC, Term Loan N (United Kingdom) (1 mo. USD LIBOR + 2.50%)	2.61%		01/31/2028		61,182		61,139,824
WideOpenWest Finance LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)	4.25%		08/18/2023		39,740		39,839,275
Ziggo Secured Finance Partnership, Term Loan I (1 mo. USD LIBOR + 2.50%)	2.61%		04/15/2028		42,668		42,490,563
							475,342,084

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

3

Invesco Senior Loan ETF (BKLN)–(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity Date		Principal       Amount (000)		Value
Chemicals & Plastics-1.39%
Starfruit US Holdco LLC, Term Loan (1 mo. USD LIBOR + 3.00%)	3.11%		10/01/2025	$	83,065	$	82,975,911
Containers & Glass Products-2.14%
Berry Global, Inc., Term Loan Y (1 mo. USD LIBOR + 2.00%)	2.12%		07/01/2026		85,623		85,703,185
Reynolds Consumer Products LLC, Term Loan B (1 mo. USD LIBOR + 1.75%)	1.86%		01/29/2027		41,799		41,905,868
							127,609,053
Drugs-4.88%
Amneal Pharmaceuticals LLC, Term Loan (1 mo. USD LIBOR + 3.50%)	3.63%		05/04/2025		52,205		51,600,974
Bausch Health Americas, Inc., Term Loan (Canada) (1 mo. USD LIBOR + 3.00%)	3.11%		06/02/2025		65,134		65,297,535
Endo LLC, Term Loan (3 mo. USD LIBOR + 4.25%)	5.00%		04/29/2024		66,396		66,147,512
Grifols Worldwide Operations USA, Inc., Term Loan B (1 mo. USD LIBOR + 2.00%)	2.09%		11/15/2027		49,084		49,027,402
Pharmaceutical Product Development, Inc., Term Loan (1 mo. USD LIBOR + 2.25%)	2.75%		01/06/2028		58,917		59,216,113
							291,289,536
Electronics & Electrical-12.92%
Boxer Parent Co., Inc.
Term Loan (3 mo. USD LIBOR + 4.25%)	3.90%		10/02/2025		56,243		56,352,378
Term Loan B (3 mo. USD LIBOR + 3.75%)	3.90%		10/02/2025		6,739		6,771,657
CommScope, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)	3.36%		04/06/2026		52,428		52,481,628
Dell International LLC
Term Loan A-6 (1 mo. USD LIBOR + 1.75%)	1.87%		03/13/2024		25,875		25,917,047
Term Loan B-1 (1 mo. USD LIBOR + 2.00%)	2.75%		09/19/2025		101,942		102,451,973
Finastra USA, Inc., First Lien Term Loan (United Kingdom) (3 mo. USD LIBOR + 3.50%)	4.50%		06/13/2024		66,594		66,056,027
Hyland Software, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.25%)	4.25%		07/01/2024		47,499		47,740,195
LogMeIn, Term Loan B (c)	-		08/28/2027		5,000		5,005,750
MA FinanceCo. LLC, Term Loan B-3 (1 mo. USD LIBOR + 2.50%)	2.87%		06/21/2024		6,634		6,593,093
McAfee LLC, Term Loan B (1 mo. USD LIBOR + 3.75%)	3.86%		09/30/2024		54,370		54,583,590
Micro Holding L.P., First Lien Term Loan (1 mo. USD LIBOR + 3.50%)	3.61%		09/13/2024		49,257		49,171,921
RealPage, Inc., Term Loan B (c)	-		02/15/2028		15,000		15,036,000
Seattle Spinco, Inc., Term Loan (1 mo. USD LIBOR + 2.50%)	2.87%		06/21/2024		44,701		44,427,348
TIBCO Software, Inc., Term Loan B-3 (1 mo. USD LIBOR + 3.75%)	3.87%		06/30/2026		46,567		46,625,063
Ultimate Software Group, Inc.
First Lien Term Loan (1 mo. USD LIBOR + 3.75%)	3.86%		05/04/2026		50,042		50,330,859
Incremental Term Loan B (3 mo. USD LIBOR + 3.25%)	4.00%		05/01/2026		57,588		58,039,592
Term Loan B(c)(d)	-		05/01/2026		2,008		2,027,148
Western Digital Corp., Term Loan A-1 (3 mo. USD LIBOR + 1.50%)	1.62%		02/27/2023		80,681		80,946,015
							770,557,284
Financial Intermediaries-0.85%
Citadel Advisors Holdings L.P., Term Loan B (3 mo. USD LIBOR + 2.50%)	2.62%		02/15/2028		51,000		50,808,750
Food Products-0.88%
Froneri International PLC, Term Loan B-2 (United Kingdom) (1 mo. USD LIBOR + 2.25%)	2.37%		01/29/2027		52,787		52,399,805
Food Service-3.37%
IRB Holding Corp.
First Lien Term Loan B (3 mo. USD LIBOR + 3.25%)	4.25%		12/01/2027		45,000		45,236,925
Term Loan B (3 mo. USD LIBOR + 2.75%)	3.75%		02/05/2025		58,885		59,289,896
New Red Finance, Inc., Term Loan B-4 (1 mo. USD LIBOR + 1.75%)	1.86%		11/19/2026		97,143		96,351,639
							200,878,460
Health Care-11.53%
athenahealth, Inc., Term Loan B (1 mo. USD LIBOR + 4.25%)	4.45%		02/11/2026		79,135		79,766,055
DaVita HealthCare Partners, Inc., Term Loan B-1 (1 mo. USD LIBOR + 1.75%)	1.87%		08/12/2026		53,332		53,278,031
Elanco Animal Health, Inc., Term Loan (1 mo. USD LIBOR + 1.75%)	1.87%		07/30/2027		84,994		84,925,276
Envision Healthcare Corp., Term Loan (1 mo. USD LIBOR + 3.75%)	3.87%		10/10/2025		108,929		94,019,237
Gainwell Holding Corp. , Term Loan B (3 mo. USD LIBOR + 0.75%)	4.75%		10/01/2027		46,000		45,961,820
Gentiva Health Services, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.25%)	2.88%		07/02/2025		45,303		45,444,902
LifePoint Health, Inc., First Lien Term Loan B (1 mo. USD LIBOR + 3.75%)	3.87%		11/16/2025		64,334		64,488,364
MPH Acquisition Holdings LLC, Term Loan (3 mo. USD LIBOR + 2.75%)	3.75%		06/07/2023		45,502		45,514,826

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

4

Invesco Senior Loan ETF (BKLN)–(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity Date		Principal       Amount (000)		Value
Health Care-(continued)
Ortho-Clinical Diagnostics, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)	3.48%		06/30/2025	$	12,829	$	12,875,588
Sunshine Luxembourg VII S.a.r.l., Term Loan (Switzerland) (3 mo. USD LIBOR + 4.25%)	5.00%		07/23/2026		49,741		50,001,081
Team Health Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.75%)	3.75%		02/06/2024		51,502		48,272,022
Verscend Holding Corp.
Term Loan B (1 mo. USD LIBOR + 4.50%)	4.61%		08/27/2025		58,722		59,132,342
Term Loan B-1(c)	-		08/07/2025		3,793		3,819,378
							687,498,922
Industrial Equipment-0.78%
Thyssenkrupp Elevators (Vertical Midco GmbH), Term Loan B (Germany) (1 mo. USD LIBOR + 4.25%)	4.48%		07/30/2027		45,962		46,413,540
Insurance-3.99%
Acrisure LLC, Term Loan (1 mo. USD LIBOR + 3.50%)	3.61%		01/31/2027		78,551		78,207,292
HUB International Ltd., Term Loan (3 mo. USD LIBOR + 2.75%)	2.97%		04/25/2025		65,174		64,592,747
Sedgwick Claims Management Services, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)	3.36%		12/31/2025		46,306		46,055,591
USI, Inc., Term Loan (3 mo. USD LIBOR + 3.00%)	3.25%		05/16/2024		49,618		49,316,699
							238,172,329
Leisure Goods, Activities & Movies-4.13%
Alpha Topco Ltd., Term Loan B (United Kingdom) (1 mo. USD LIBOR + 2.50%)	3.50%		02/01/2024		57,567		57,464,660
Crown Finance US, Inc., Term Loan (3 mo. USD LIBOR + 2.50%)	3.50%		02/28/2025		53,589		46,607,127
Playtika Holding Corp., Term Loan B (3 mo. USD LIBOR + 6.00%)	7.00%		12/03/2024		44,857		45,169,369
UFC Holdings LLC, Term Loan B-3 (3 mo. USD LIBOR + 3.00%)	3.75%		04/29/2026		45,689		45,835,561
William Morris Endeavor Entertainment LLC, First Lien Term Loan B-1 (1 mo. USD LIBOR + 2.75%)	2.87%		05/16/2025		53,599		51,091,095
							246,167,812
Lodging & Casinos-4.37%
Caesars Resort Collection LLC, Term Loan B (1 mo. USD LIBOR + 2.75%)	2.86%		12/23/2024		92,391		91,741,298
Golden Nugget, Inc., Term Loan B (2 mo. USD LIBOR + 2.50%)	3.25%		10/04/2023		47,835		47,523,206
Hilton Worldwide Finance LLC, Term Loan B-2 (1 mo. USD LIBOR + 1.75%)	1.87%		06/22/2026		49,720		49,655,370
Scientific Games International, Inc., Term Loan B-5 (1 mo. USD LIBOR + 2.75%)	2.86%		08/14/2024		72,878		71,834,492
							260,754,366
Oil & Gas-1.58%
Blackstone CQP Holdco, Term Loan (3 mo. USD LIBOR + 3.50%)	3.74%		09/30/2024		50,976		51,205,400
Buckeye Partners L.P., Term Loan B-1 (1 mo. USD LIBOR + 2.25%)	2.37%		11/02/2026		43,321		43,334,993
							94,540,393
Publishing-0.73%
Nielsen Finance LLC, Term Loan B-4 (1 mo. USD LIBOR + 2.00%)	2.12%		10/04/2023		43,277		43,297,631
Radio & Television-1.66%
Diamond Sports Holdings LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)	3.37%		08/24/2026		61,327		46,608,421
Nexstar Broadcasting, Inc., Term Loan B-4 (1 mo. USD LIBOR + 2.75%)	2.87%		09/18/2026		52,405		52,564,531
							99,172,952
Rail Industries-0.82%
Genesee & Wyoming, Inc., Term Loan (3 mo. USD LIBOR + 2.00%)	2.25%		12/30/2026		48,585		48,705,520
Retailers (except Food & Drug)-4.65%
Bass Pro Group LLC
Term Loan (1 mo. USD LIBOR + 5.00%)	5.75%		09/25/2024		69,112		69,347,476
Term Loan B(c)	-		02/26/2028		78,612		78,218,689
Harbor Freight Tools USA, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)	4.00%		10/15/2027		59,027		59,368,440
Petco Animal Supplies, Inc., Term Loan (3 mo. USD LIBOR + 3.25%)	4.25%		01/26/2023		24,709		24,728,161
PetSmart, Inc., First Lien Term Loan B (3 mo. USD LIBOR + 3.75%)	4.50%		01/28/2028		45,428		45,807,956
							277,470,722
Telecommunications-6.24%
CenturyLink, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)	2.36%		03/15/2027		101,468		101,307,109
Level 3 Financing, Inc., Term Loan B (1 mo. USD LIBOR + 1.75%)	1.86%		03/01/2027		60,470		60,351,662

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

5

Invesco Senior Loan ETF (BKLN)–(continued)

February 28, 2021

(Unaudited)

	Interest Rate	Maturity Date		Principal       Amount (000)		Value
Telecommunications-(continued)
Rackspace Hosting, Inc.
Term Loan B(c)	-		11/03/2023	$	2,500	$	2,504,030
Term Loan B (3 mo. USD LIBOR + 2.75%)	3.50%		02/03/2028		20,000		20,024,000
Radiate Holdco LLC, Term Loan B (1 mo. USD LIBOR + 3.50%)	4.25%		09/10/2026		52,874		53,154,912
SBA Senior Finance II LLC, Term Loan (1 mo. USD LIBOR + 1.75%)	1.87%		04/11/2025		45,968		45,884,491
Zayo Group LLC, Term Loan (1 mo. USD LIBOR + 3.00%)	3.11%		03/09/2027		88,739		88,771,158
							371,997,362
Utilities-2.64%
Brookfield WEC Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)	3.25%		08/01/2025		60,320		60,268,549
Pacific Gas and Electric Co., Term Loan B (3 mo. USD LIBOR + 4.50%)	3.50%		07/01/2025		47,245		47,480,859
Vistra Operations Co. LLC, Incremental Term Loan (1 mo. USD LIBOR + 1.75%)	1.86%		12/31/2025		50,113		50,011,515
							157,760,923
Total Variable Rate Senior Loan Interests (Cost $5,659,649,004)							5,743,479,303
U.S. Dollar Denominated Bonds & Notes-1.82%
Aerospace & Defense-0.21%
TransDigm, Inc.(e)	6.25%		03/15/2026		12,081		12,746,120
Commercial Services & Supplies-0.27%
Prime Security Services Borrower LLC/Prime Finance, Inc.(e)	5.75%		04/15/2026		15,160		16,353,850
Diversified Telecommunication Services-0.18%
CommScope, Inc.(e)	6.00%		03/01/2026		9,950		10,473,022
Electric Utilities-0.12%
PG&E Corp.	5.00%		07/01/2028		7,000		7,368,025
Food & Staples Retailing-0.01%
PetSmart, Inc./PetSmart Finance Corp.(e)	4.75%		02/15/2028		869		901,327
Hotels, Restaurants & Leisure-0.30%
1011778 BC ULC/New Red Finance, Inc. (Canada)(e)	3.88%		01/15/2028		5,000		5,083,000
1011778 BC ULC/New Red Finance, Inc. (Canada)(e)	3.50%		02/15/2029		5,000		4,909,375
Scientific Games International, Inc.(e)	5.00%		10/15/2025		7,900		8,124,208
							18,116,583
Insurance-0.10%
Acrisure LLC/Acrisure Finance, Inc.(e)	4.25%		02/15/2029		5,782		5,689,257
Interactive Media & Services-0.31%
Diamond Sports Group LLC/Diamond Sports Finance Co.(e)	5.38%		08/15/2026		5,000		3,542,250
Rackspace Technology Global, Inc.(e)	3.50%		02/15/2028		15,000		14,743,650
							18,285,900
Machinery-0.05%
Vertical US Newco, Inc. (Germany)(e)	5.25%		07/15/2027		3,000		3,133,125
Media-0.19%
Virgin Media Secured Finance PLC (United Kingdom)(e)	5.50%		08/15/2026		2,000		2,086,000
Virgin Media Secured Finance PLC (United Kingdom)(e)	4.50%		08/15/2030		2,000		2,047,000
Ziggo B.V. (Netherlands)(e)	5.50%		01/15/2027		6,750		7,025,771
							11,158,771
Real Estate Management & Development-0.04%
Cushman & Wakefield US Borrower LLC(e)	6.75%		05/15/2028		2,000		2,168,350
Technology Hardware, Storage & Peripherals-0.04%
Western Digital Corp.	4.75%		02/15/2026		2,000		2,215,000
Total U.S. Dollar Denominated Bonds & Notes (Cost $107,663,683)							108,609,330

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

6

Invesco Senior Loan ETF (BKLN)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Money Market Funds-18.41%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(f)(g) (Cost $1,097,742,844)		1,097,742,844	$	1,097,742,844
TOTAL INVESTMENTS IN SECURITIES-116.53% (Cost $6,865,055,531)				6,949,831,477
OTHER ASSETS LESS LIABILITIES-(16.53)%				(985,904,547	)
NET ASSETS-100.00%			$	5,963,926,930

Investment Abbreviations:

LIBOR-London Interbank Offered Rate

USD   -U.S. Dollar

Notes to Schedule of Investments:

^(a) 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.

^(b) Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (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.

^(c) This variable rate interest will settle after February 28, 2021, at which time the interest rate will be determined.

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

^(e) Security purchased or received in a transaction exempt from registration under 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 February 28, 2021 was $99,026,305, which represented 1.66% 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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	4,259,829,128		$	(3,162,086,284	)		$	-		$	-		$	1,097,742,844		$	63,133
Invesco Premier U.S. Government Money Portfolio, Institutional Class			483,816,237			996,889,840			(1,480,706,077	)			-			-			-			4,544
Total		$	483,816,237		$	5,256,718,968		$	(4,642,792,361	)		$	-		$	-		$	1,097,742,844		$	67,677

^(g) The rate shown is the 7-day SEC standardized yield as of February 28, 2021.    

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

7

Invesco Senior Loan ETF (BKLN)–(continued)

February 28, 2021

(Unaudited)

Portfolio Composition    

Credit Quality Rating Breakdown*

(% of the Fund’s Net Assets)    

as of February 28, 2021    

Baa1	1.06
Baa2	1.36
Baa3	4.65
Ba1	7.00
Ba2	7.66
Ba3	16.27
B1	27.37
B2	23.55
B3	4.25
Caa1	2.39
Caa2	0.78
NR	1.78
Money Market Fund Plus Other Assets Less Liabilities	1.88

* Source: Moody’s. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from Aaa (highest) to C (lowest); ratings are subject to change without notice. “Non-Rated” indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Moody’s rating methodology, please visit moodys.com and select “Rating Methodologies” under Research and Ratings on the homepage.

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

8

Statement of Assets and Liabilities

February 28, 2021

(Unaudited)

	Invesco Senior Loan ETF (BKLN)
Assets:
Unaffiliated investments in securities, at value	$	5,852,088,633
Affiliated investments in securities, at value		1,097,742,844
Cash		8,390,994
Receivable for:
Dividends and interest		11,490,236
Investments sold		202,829,157
Fund shares sold		91,477
Investments matured, at value		3,274,860
Total assets		7,175,908,201
Liabilities:
Payable for:
Investments purchased		1,093,139,336
Fund shares repurchased		115,973,467
Accrued unitary management fees		2,867,824
Accrued tax expenses		644
Total liabilities		1,211,981,271
Net Assets	$	5,963,926,930
Net assets consist of:
Shares of beneficial interest	$	6,742,133,549
Distributable earnings (loss)		(778,206,619	)
Net Assets	$	5,963,926,930
Shares outstanding (unlimited amount authorized, $0.01 par value)		267,500,000
Net asset value	$	22.30
Market price	$	22.24
Unaffiliated investments in securities, at cost	$	5,767,312,687
Affiliated investments in securities, at cost	$	1,097,742,844
Investments matured, at cost	$	30,117,774

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

9

Statement of Operations

For the six months ended February 28, 2021

(Unaudited)

	Invesco Senior Loan ETF (BKLN)
Investment income:
Interest income	$	91,483,382
Affiliated dividend income		67,677
Total investment income		91,551,059
Expenses:
Unitary management fees		15,297,264
Less: Waivers		(303,538	)
Net expenses		14,993,726
Net investment income		76,557,333
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investments		(13,295,165	)
Change in net unrealized appreciation on investment securities		99,099,546
Net realized and unrealized gain		85,804,381
Net increase in net assets resulting from operations	$	162,361,714

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

10

Statement of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	Invesco Senior Loan ETF (BKLN)
	Six Months Ended			Year Ended
	February 28,			August 31,
	2021			2020
Operations:
Net investment income	$	76,557,333		$	199,249,293
Net realized gain (loss)		(13,295,165	)		(211,684,130	)
Change in net unrealized appreciation		99,099,546			15,798,019
Net increase in net assets resulting from operations		162,361,714			3,363,182
Distributions to Shareholders from:
Distributable earnings		(82,488,419	)		(197,593,666	)
Shareholder Transactions:
Proceeds from shares sold		3,211,250,852			4,108,541,862
Value of shares repurchased		(1,832,721,354	)		(3,839,126,252	)
Transaction fees		5,699,673			22,694,518
Net increase in net assets resulting from share transactions		1,384,229,171			292,110,128
Net increase in net assets		1,464,102,466			97,879,644
Net assets:
Beginning of period		4,499,824,464			4,401,944,820
End of period	$	5,963,926,930		$	4,499,824,464
Changes in Shares Outstanding:
Shares sold		144,800,000			186,800,000
Shares repurchased		(83,500,000	)		(175,600,000	)
Shares outstanding, beginning of period		206,200,000			195,000,000
Shares outstanding, end of period		267,500,000			206,200,000

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

11

Financial Highlights

Invesco Senior Loan ETF (BKLN)

	Six Months Ended
	February 28,												Ten Months Ended
	2021				Years Ended August 31,								August 31,				Years Ended October 31,
	(Unaudited)				2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	21.82			$	22.57			$	23.11			$	23.15			$	23.16			$	23.05			$	24.43
Net investment income(a)			0.36				0.93				1.07				0.77				0.82				0.99				0.92
Net realized and unrealized gain (loss) on investments			0.46				(0.88	)			(0.53	)			(0.08	)			(0.02	)			0.15				(1.39	)
Total from investment operations			0.82				0.05				0.54				0.69				0.80				1.14				(0.47	)
Distributions to shareholders from:
Net investment income			(0.37	)			(0.91	)			(1.12	)			(0.74	)			(0.82	)			(0.99	)			(0.92	)
Return of capital			-				-				(0.02	)			-				-				(0.08	)			(0.00	)(b)
Total distributions			(0.37	)			(0.91	)			(1.14	)			(0.74	)			(0.82	)			(1.07	)			(0.92	)
Transaction fees(a)			0.03				0.11				0.06				0.01				0.01				0.04				0.01
Net asset value at end of period		$	22.30			$	21.82			$	22.57			$	23.11			$	23.15			$	23.16			$	23.05
Market price at end of period(c)		$	22.24			$	21.91			$	22.61			$	23.05			$	23.12			$	23.19			$	23.01
Net Asset Value Total Return(d)			3.94	%			0.80	%			2.68	%			3.07	%			3.54	%			5.32	%			(1.96	)%
Market Price Total Return(d)			3.23	%			1.05	%			3.15	%			2.93	%			3.27	%			5.64	%			(1.89	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	5,963,927			$	4,499,824			$	4,401,945			$	7,378,227			$	8,763,831			$	6,458,747			$	4,808,978
Ratio to average net assets of:
Expenses, after Waivers			0.64	%(e)(f)			0.63	%(f)			0.64	%(f)			0.63	%(e)(f)			0.63	%(f)			0.64	%			0.65	%(f)
Expenses, prior to Waivers			0.65	%(e)(f)			0.65	%(f)			0.65	%(f)			0.65	%(e)(f)			0.65	%(f)			0.65	%			0.65	%(f)
Net investment income			3.25	%(e)			4.22	%			4.66	%			3.99	%(e)			3.52	%			4.33	%			3.82	%
Portfolio turnover rate(g)			65	%			107	%			78	%			74	%			71	%			81	%			43	%

^(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)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

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

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

12

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2021

(Unaudited)

NOTE 1–Organization

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

Full Name	Short Name
Invesco Senior Loan ETF (BKLN)	“Senior Loan ETF”

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

The market price of a Share may differ to some degree from the Fund’s net asset value (“NAV”). Unlike conventional mutual funds, the 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 cash. Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Fund.

The investment objective of the Fund is to seek to track the investment results (before fees and expenses) of the S&P/LSTA U.S. Leveraged Loan 100 Index (the “Underlying Index”).

NOTE 2–Significant Accounting Policies

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

The 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:

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

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 the 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

13

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

The 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 the Fund. The 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 the 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 the Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to the 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.

Cash Transaction Risk. Most exchange-traded funds (“ETFs”) generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, the Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind, because of the nature of the Fund’s investments. As such, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, the Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of the Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between the Fund and conventional ETFs.

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

14

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 the Fund’s investments and share price may decline. Changes in FRB policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover rate and the 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.

Index Risk. Unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, the 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, the 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 the Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, the 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 the Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, the 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 the 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. The Fund 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. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. 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. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

Liquidity Risk. Liquidity risk exists when a particular investment is difficult to purchase or sell. If the Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.

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 the Fund’s NAV.

Non-Correlation Risk. The Fund’s return may not match the return of its Underlying Index for a number of reasons. For example, the 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 Underlying Index. Because the Fund issues and redeems Creation Units principally for cash, it will incur higher costs in buying and selling securities than if it issued and redeemed Creation Units in-kind. Additionally, the Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its Underlying Index as would be the case if the Fund purchased all of the securities in its Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of the Fund and its Underlying Index may vary due to asset valuation differences and differences between the Fund’s portfolio and its 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,

15

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, the Fund may incur additional expenses to seek recovery.

Risk of Investing in Loans. Investments in loans are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a loan resulting from changes in the general level of interest rates. Credit risk refers to the possibility that the borrower of a loan will be unable and/or unwilling to make timely interest payments and/or repay the principal on its obligation. Default in the payment of interest or principal on a loan will result in a reduction in the value of the loan and consequently a reduction in the value of the Fund’s investments and a potential decrease in the NAV of the Fund. Although the loans in which the Fund will invest generally will be secured by specific collateral, there can be no assurance that such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, the Fund’s access to the collateral may be limited by bankruptcy or other insolvency loans and, therefore, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan.

Risks of Loan Assignments and Participations. As the purchaser of an assignment, the Fund typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. Because assignments may be arranged through private negotiations between potential assignees and potential assignors, the rights and obligations acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. In addition, if the loan is foreclosed, the Fund could become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. The Fund may be required to pass along to a purchaser that buys a loan from the Fund by way of assignment, a portion of any fees to which the Fund is entitled under the loan. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

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

Senior Loans Risk. The risks associated with senior loans are similar to the risks of junk bonds, although senior loans typically are senior and secured, whereas junk bonds often are subordinated and unsecured. Investments in senior loans typically are below investment grade and are considered speculative because of the credit risk of their issuers. Such companies are more likely to default on their payments of interest and principal owed, and such defaults could reduce the Fund’s NAV and income distributions. An economic downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. There is no assurance that the liquidation of the collateral would satisfy the claims of the borrower’s obligations in the event of the non-payment of scheduled interest or principal, or that the collateral could be readily liquidated. Economic and other events (whether real or perceived) can reduce the demand for certain senior loans or senior loans generally, which may reduce market prices. Senior loans and other debt securities also are subject to the risk of price declines and to increases in prevailing interest rates, although floating-rate debt instruments such as senior loans in which the Fund may be expected to invest are substantially less exposed to this risk than fixed-rate debt instruments. No active trading market may exist for certain senior loans, which may impair the ability of the Fund to realize full value in the event of the need to liquidate such assets. Adverse market conditions may impair the liquidity of some actively traded senior loans. Longer interest rate reset periods generally increase fluctuations in value as a result of changes in market interest rates.

Some loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate the loans to presently existing or future indebtedness of the borrower or take other action detrimental to lenders, including the Fund, such as invalidation of loans or causing interest previously paid to be refunded to the borrower. Investments in loans also are subject to the risk of changes in legislation or state or federal regulations. If such legislation or regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of loans for investment by the Fund may be adversely affected. Many loans are not registered with the Securities and Exchange Commission (the “SEC”) or any state securities commission and often are not rated by any nationally recognized rating service. Generally, there is less readily available, reliable information about most loans than is the case for many other types of securities. Although a loan may be senior to equity and other debt securities in a borrower’s capital structure, such obligations may be structurally subordinated to obligations of the borrower’s subsidiaries.

There is no organized exchange on which loans are traded and reliable market quotations may not be readily available. Therefore, elements of judgment may play a greater role in valuation of loans than for securities with a more developed secondary market and the Fund may not realize full value in the event of the need to sell a loan. To the extent that a

16

secondary market does exist for certain loans, the market may be subject to volatility, irregular trading activity, wide bid/ask spreads, decreased liquidity and extended trade settlement periods, any of which may impair the Fund’s ability to sell loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods for certain loans may result in cash not being immediately available to the Fund upon sale of the loan. As a result, the Fund may have to sell other investments with shorter settlement periods or engage in borrowing transactions to raise cash to meet its obligations.

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by the 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 Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement 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 Statement of Operations and the Statement 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 the Fund’s NAV and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement 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 the Fund and the Adviser.

D. Country Determination - For the purposes of presentation in the Schedule 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 the 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 - The 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, the 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 the Fund’s financial statements as a tax return of capital at fiscal year-end.

F. Federal Income Taxes - The 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 Fund 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.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the 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 Fund files U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, the 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 - Expenses of the Trust that are excluded from the Fund’s unitary management fee and are directly identifiable to the Fund are applied to the Fund. Expenses of the Trust that are excluded from the Fund’s unitary management fee and are not readily identifiable to the 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 the Fund.

The 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 Fund, including the payments to Invesco Senior Secured Management, Inc. (the “Sub-Adviser”), set-up fees and commitment fees associated with the line of credit and the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest (including interest expenses associated with the line of credit), 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).

To the extent the 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 Fund monitors 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. The risk of material loss as a result of such indemnification claims is considered remote.

J. Securities Purchased on a When-Issued and Delayed Delivery Basis - The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value of the interests or securities at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, it may sell such securities prior to the settlement date.

NOTE 3–Investment Advisory Agreement and Other Agreements

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

Pursuant to the Investment Advisory Agreement, the Fund accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.65% of the Fund’s average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Fund, including the payments to the Sub-Adviser, set-up fees and commitment fees associated with the line of credit, the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest (including interest expenses associated with the line of credit), 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 Adviser has entered into a sub-advisory agreement with the Sub-Adviser. The sub-advisory fee is paid by the Adviser to the Sub-Adviser at the annual rate of 40% of compensation paid to the Adviser from the Fund. Further, through August 31, 2023, the Adviser has contractually agreed to waive a portion of the Fund’s management fee in an amount equal to 100% of the net advisory fees an affiliate of the Adviser receives that are attributable to certain of the Fund’s investments 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 six months ended February 28, 2021, the Adviser waived fees of $303,538.

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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 the Fund. The Distributor does not maintain a secondary market in the Shares. The Fund is 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 the Fund with S&P Dow Jones Indices LLC (the “Licensor”).

The Underlying Index name trademark is owned by the Licensor. This trademark has been licensed to the Adviser for use by the Fund. The Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Fund is not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in the Fund.

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 the 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 the 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 February 28, 2021. 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
Investments in Securities
Variable Rate Senior Loan Interests	$	-	$	5,740,459,265	$	3,020,038	$	5,743,479,303
U.S. Dollar Denominated Bonds & Notes		-		108,609,330		-		108,609,330
Money Market Funds		1,097,742,844		-		-		1,097,742,844
Total Investments in Securities		1,097,742,844		5,849,068,595		3,020,038		6,949,831,477
Other Investments - Assets
Investments Matured		-		3,274,860		-		3,274,860
Total Investments	$	1,097,742,844	$	5,852,343,455	$	3,020,038	$	6,953,106,337

NOTE 5–Tax Information

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 Fund 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 the Fund as of August 31, 2020:

No expiration
Short-Term		Long-Term		Total*
$	210,502,512	$	520,524,544	$	731,027,056

* 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.

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NOTE 6–Investment Transactions

For the six months ended February 28, 2021, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were $3,983,017,231 and $2,482,429,647, respectively.

At February 28, 2021, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

Aggregate unrealized appreciation of investments	$	94,904,709
Aggregate unrealized (depreciation) of investments		(124,513,649	)
Net unrealized appreciation (depreciation) of investments	$	(29,608,940	)

Cost of investments for tax purposes is $6,982,715,277.

NOTE 7–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Fund to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the Fund’s unitary management fee, pays for such compensation for the Fund. 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 Fund.

NOTE 8–Senior Loan Participation Commitments

The Fund may invest in participations, assignments, or act as a party to the primary lending syndicate of a senior loan interest to corporations, partnerships, and other entities. When the Fund purchases a participation of a senior loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation, but not with the borrower directly. As such, the Fund assumes the credit risk of the borrower, selling participant or other persons interpositioned between the Fund and the borrower.

During the six months ended February 28, 2021, there were no interests in senior loans purchased by the Fund on a participation basis.

NOTE 9–Borrowing

The Fund is a party to a committed line of credit facility with a syndicate administered by State Street Bank and Trust Company. The Fund may borrow up to the lesser of (1) $675,000,000 or (2) the limits set by its prospectus for borrowings. The Adviser, on behalf of the Fund, pays an upfront fee of 0.10% on the commitment amount and a commitment fee of 0.15% on the amount of the commitment that has not been utilized. In case of borrowings from the line of credit, the Fund pays the associated interest expenses.

During the six months ended February 28, 2021, there were no outstanding borrowings from the line of credit.

NOTE 10–Capital

Shares are issued and redeemed by the Fund only in Creation Units consisting of a specified number of Shares as set forth in the Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Fund. Such transactions are principally permitted in exchange for cash. However, the Fund also reserves the right to permit or require Creation Units to be issued in exchange for the deposit of delivery of a basket of securities (“Deposit Securities”).

To the extent that the Fund permits transactions in exchange for Deposit Securities, the 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 Fund for creations and redemptions, which are treated as increases in capital.

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

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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 Fund’s 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 Fund and its 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.

21

Calculating your ongoing Fund expenses

Example

As a shareholder of the Invesco Senior Loan ETF (the “Fund”), a series 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 (including interest expenses associated with the line of credit), acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended February 28, 2021.

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. The amount of fees and expenses incurred indirectly by the Fund will vary because the investment companies have varied expenses and fee levels and the Fund may own different proportions of the investment companies at different times. 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.

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 the 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 Fund 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 the Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

					Annualized
	Beginning		Ending		Expense Ratio			Expenses Paid
	Account Value		Account Value		Based on the			During the
	September 1, 2020		February 28, 2021		Six-Month Period			Six-Month Period(1)
Invesco Senior Loan ETF (BKLN)
Actual		$1,000.00		$1,039.40		0.64	%		$3.24
Hypothetical (5% return before expenses)		1,000.00		1,021.62		0.64			3.21

⁽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 February 28, 2021. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

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Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Fund uses 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 the 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 Fund 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 the 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.

©2021 Invesco Capital Management LLC             3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-BKLN-SAR-1	invesco.com/ETFs

	Invesco Semi-Annual Report to Shareholders
	February 28, 2021
	KBWB	Invesco KBW Bank ETF
	KBWD	Invesco KBW High Dividend Yield Financial ETF
	KBWY	Invesco KBW Premium Yield Equity REIT ETF
	KBWP	Invesco KBW Property & Casualty Insurance ETF
	KBWR	Invesco KBW Regional Banking ETF

Table of Contents

Schedules of Investments
Invesco KBW Bank ETF (KBWB)	3
Invesco KBW High Dividend Yield Financial ETF (KBWD)	5
Invesco KBW Premium Yield Equity REIT ETF (KBWY)	7
Invesco KBW Property & Casualty Insurance ETF (KBWP)	9
Invesco KBW Regional Banking ETF (KBWR)	11
Statements of Assets and Liabilities	13
Statements of Operations	14
Statements of Changes in Net Assets	16
Financial Highlights	18
Notes to Financial Statements	23
Fund Expenses	32

2

Invesco KBW Bank ETF (KBWB)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Asset Management & Custody Banks-9.97%
Bank of New York Mellon Corp. (The)		1,840,255	$	77,585,151
Northern Trust Corp.		771,572		73,399,644
State Street Corp.		1,019,129		74,162,017
				225,146,812
Consumer Finance-4.47%
Capital One Financial Corp.		840,767		101,051,786
Diversified Banks-39.24%
Bank of America Corp.		5,110,909		177,399,651
Citigroup, Inc.		2,613,805		172,197,474
JPMorgan Chase & Co.		1,220,972		179,690,449
U.S. Bancorp		3,330,960		166,548,000
Wells Fargo & Co.		5,262,336		190,338,693
				886,174,267
Regional Banks-46.27%
CIT Group, Inc.		426,202		19,328,261
Citizens Financial Group, Inc.		1,852,799		80,485,589
Comerica, Inc.		602,520		41,031,612
Regional Banks-(continued)
Fifth Third Bancorp		2,840,353	$	98,531,846

	Shares		Value
First Horizon Corp.		2,403,005		38,928,681
First Republic Bank		555,791		91,566,567
Huntington Bancshares, Inc.		4,406,906		67,601,938
KeyCorp		4,241,348		85,420,749
M&T Bank Corp.		555,885		83,905,282
People’s United Financial, Inc.		1,839,862		33,007,124
PNC Financial Services Group, Inc. (The)		520,512		87,633,400
Regions Financial Corp.		4,171,670		86,061,552
SVB Financial Group(b)		208,720		105,478,739
Truist Financial Corp.		1,551,255		88,359,485
Zions Bancorporation N.A.		710,543		37,779,571
				1,045,120,396
TOTAL INVESTMENTS IN SECURITIES-99.95% (Cost $2,075,347,950)				2,257,493,261
OTHER ASSETS LESS LIABILITIES-0.05%				1,164,295
NET ASSETS-100.00%			$	2,258,657,556

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.

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020	Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation	Realized Gain		Value February 28, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$-	$	19,018,397	$	(19,018,397	)	$-		$-		$-	$	72
Invesco Premier U.S. Government Money Portfolio, Institutional Class	-		4,182,496		(4,182,496	)	-		-		-		3
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	-		13,648,922		(13,648,922	)	-		-		-		15	*
Invesco Private Prime Fund	-		4,549,635		(4,549,635	)	-		-		-		18	*
Total	$-	$	41,399,450	$	(41,399,450	)	$-		$-		$-	$	108

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

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

3

Invesco KBW Bank ETF (KBWB)–(continued)

February 28, 2021

(Unaudited)

Portfolio Composition  Sub-Industry Breakdown (% of the Fund’s Net Assets)  as of February 28, 2021
Regional Banks	46.27
Diversified Banks	39.24
Asset Management & Custody Banks	9.97
Consumer Finance	4.47
Other Assets Less Liabilities	0.05

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

4

Invesco KBW High Dividend Yield Financial ETF (KBWD)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Asset Management & Custody Banks-43.80%
Apollo Global Management, Inc.		94,422	$	4,670,112
Apollo Investment Corp.		923,982		12,778,671
Ares Capital Corp.(b)		516,540		9,468,178
Artisan Partners Asset Management, Inc., Class A		144,325		6,855,437
Bain Capital Specialty Finance, Inc.		856,898		12,047,986
BlackRock TCP Capital Corp.		749,443		9,675,309
Franklin Resources, Inc.		196,669		5,146,828
FS KKR Capital Corp.(b)		662,927		12,721,569
Goldman Sachs BDC, Inc.		472,889		8,616,038
Hercules Capital, Inc.		630,795		10,017,025
Janus Henderson Group PLC		155,733		4,552,076
New Mountain Finance Corp.		731,806		9,067,076
Newtek Business Services Corp.		507,253		11,656,674
Prospect Capital Corp.(b)		2,215,622		16,151,884
TCG BDC, Inc.		951,867		11,860,263
Waddell & Reed Financial, Inc., Class A		324,701		8,146,748
				153,431,874
Consumer Finance-2.27%
Navient Corp.		641,705		7,944,308
Investment Banking & Brokerage-3.86%
Lazard Ltd., Class A		118,880		4,599,467
Moelis & Co., Class A		87,463		4,516,589
Virtu Financial, Inc., Class A		162,122		4,421,067
				13,537,123
Life & Health Insurance-4.50%
Principal Financial Group, Inc.		79,556		4,501,279
Prudential Financial, Inc.		67,779		5,877,795
Unum Group		203,082		5,377,611
				15,756,685
Mortgage REITs-30.13%
Annaly Capital Management, Inc.		1,205,683		10,019,226
Apollo Commercial Real Estate Finance, Inc.		1,057,023		14,047,836
Arbor Realty Trust, Inc.		632,693		10,546,992
Ares Commercial Real Estate Corp.		933,112		12,886,277
ARMOUR Residential REIT, Inc.(b)		940,234		11,348,624
Capstead Mortgage Corp.		1,659,656		9,509,829
Chimera Investment Corp.		1,000,010		11,540,115

	Shares		Value
Mortgage REITs-(continued)
Orchid Island Capital, Inc.(b)		2,391,071	$	13,700,837
Starwood Property Trust, Inc.		523,351		11,948,103
				105,547,839
Property & Casualty Insurance-1.88%
Mercury General Corp.		112,579		6,574,614
Regional Banks-5.79%
Flushing Financial Corp.		366,702		7,609,067
Heritage Commerce Corp.		645,667		6,140,293
Umpqua Holdings Corp.		383,290		6,542,760
				20,292,120
Thrifts & Mortgage Finance-6.05%
New York Community Bancorp, Inc.		637,548		7,784,461
Northwest Bancshares, Inc.		478,080		6,750,490
Provident Financial Services, Inc.		329,863		6,673,128
				21,208,079
Trading Companies & Distributors-1.62%
Triton International Ltd. (Bermuda)		98,034		5,664,405
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $298,120,433)				349,957,047
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-10.05%
Invesco Private Government Fund, 0.01%(c)(d)(e)		14,081,781		14,081,781
Invesco Private Prime Fund, 0.11%(c)(d)(e)		21,114,226		21,122,672
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $35,204,395)				35,204,453
TOTAL INVESTMENTS IN SECURITIES-109.95% (Cost $333,324,828)				385,161,500
OTHER ASSETS LESS LIABILITIES-(9.95)%				(34,844,754	)
NET ASSETS-100.00%			$	350,316,746

Investment Abbreviations:

REIT -Real Estate Investment Trust

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

5

Invesco KBW High Dividend Yield Financial ETF (KBWD)–(continued)

February 28, 2021

(Unaudited)

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at February 28, 2021.

^(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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value February 28, 2021			Dividend Income
Invesco Ltd.		$	5,421,198		$	559,445		$	(9,163,740	)		$	2,908,647		$	274,450			$	-		$	65,434
Invesco Mortgage Capital, Inc.			19,278,960			175,369			(19,069,236	)			12,014,743			(12,399,836	)			-			32,218
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			14,142,682			(14,142,682	)			-			-				-			40
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			1,208,725			(1,208,725	)			-			-				-			-
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			44,488,963			55,967,685			(86,374,867	)			-			-				14,081,781			2,728	*
Invesco Private Prime Fund			14,834,602			67,115,753			(60,830,086	)			59			2,344				21,122,672			9,431	*
Total		$	84,023,723		$	139,169,659		$	(190,789,336	)		$	14,923,449		$	(12,123,042	)		$	35,204,453		$	109,851

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

^(d)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

Portfolio Composition  Sub-Industry Breakdown (% of the Fund’s Net Assets)  as of February 28, 2021
Asset Management & Custody Banks	43.80
Mortgage REITs	30.13
Thrifts & Mortgage Finance	6.05
Regional Banks	5.79
Life & Health Insurance	4.50
Investment Banking & Brokerage	3.86
Sub-Industry Types Each Less Than 3%	5.77
Money Market Funds Plus Other Assets Less Liabilities	0.10

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

6

Invesco KBW Premium Yield Equity REIT ETF (KBWY)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Diversified REITs-13.49%
Essential Properties Realty Trust, Inc.		265,178	$	6,152,130
Gladstone Commercial Corp.		541,864		10,122,019
Global Net Lease, Inc.		696,572		12,942,308
Washington REIT		270,901		6,100,691
				35,317,148
Health Care REITs-17.87%
CareTrust REIT, Inc.		322,140		7,145,065
Global Medical REIT, Inc.		519,088		6,992,115
LTC Properties, Inc.		202,115		8,268,525
National Health Investors, Inc.		128,566		8,777,201
Physicians Realty Trust		371,659		6,318,203
Sabra Health Care REIT, Inc.		538,426		9,271,696
				46,772,805
Industrial REITs-12.90%
Industrial Logistics Properties Trust		339,942		7,230,566
Lexington Realty Trust		501,638		5,377,559
Monmouth Real Estate Investment Corp.		376,020		6,512,667
Plymouth Industrial REIT, Inc.		564,790		8,426,667
STAG Industrial, Inc.		197,468		6,230,115
				33,777,574
Office REITs-18.24%
Brandywine Realty Trust		747,689		9,144,236
City Office REIT, Inc.		950,692		9,659,031
Columbia Property Trust, Inc.		522,669		7,380,086
Office Properties Income Trust		510,985		12,922,811
SL Green Realty Corp.		125,058		8,637,756
				47,743,920
Residential REITs-12.16%
Bluerock Residential Growth REIT, Inc.		759,772		8,144,756
Independence Realty Trust, Inc.		351,864		4,940,170
Preferred Apartment Communities, Inc., Class A		1,391,627		11,453,090
UMH Properties, Inc.		426,395		7,278,563
				31,816,579

	Shares		Value
Retail REITs-14.28%
American Finance Trust, Inc.		1,892,181	$	16,764,724
Brookfield Property REIT, Inc., Class A(b)		625,449		10,945,357
Spirit Realty Capital, Inc.		224,502		9,658,076
				37,368,157
Specialized REITs-11.01%
CatchMark Timber Trust, Inc., Class A		714,043		7,290,379
GEO Group, Inc. (The)(b)		1,846,798		13,296,946
Uniti Group, Inc.		690,443		8,223,176
				28,810,501
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $254,078,641)				261,606,684
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.93%
Invesco Private Government Fund, 0.01%(c)(d)(e)		4,183,176		4,183,176
Invesco Private Prime Fund, 0.11%(c)(d)(e)		11,329,897		11,334,429
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $15,517,605)				15,517,605
TOTAL INVESTMENTS IN SECURITIES-105.88% (Cost $269,596,246)				277,124,289
OTHER ASSETS LESS LIABILITIES-(5.88)%				(15,387,085	)
NET ASSETS-100.00%			$	261,737,204

Investment Abbreviations:

REIT -Real Estate Investment Trust

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

7

Invesco KBW Premium Yield Equity REIT ETF (KBWY)–(continued)

February 28, 2021

(Unaudited)

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at February 28, 2021.

^(c)  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	8,139,268		$	(8,139,268	)		$	-		$	-			$	-		$	23
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			1,173,053			(1,173,053	)			-			-				-			1
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			20,956,410			41,457,348			(58,230,582	)			-			-				4,183,176			1,663	*
Invesco Private Prime Fund			6,985,570			50,515,941			(46,168,659	)			-			1,577				11,334,429			6,974	*
Investments in Other Affiliates:
Pennsylvania REIT			4,598,449			154,679			(2,833,422	)			958,900			(2,878,606	)			-			-
Total		$	32,540,429		$	101,440,289		$	(116,544,984	)		$	958,900		$	(2,877,029	)		$	15,517,605		$	8,661

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

^(d)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

Portfolio Composition  REIT Sub-Industry Breakdown (% of the Fund’s Net Assets)  as of February 28, 2021
Office REITs	18.24
Health Care REITs	17.87
Retail REITs	14.28
Diversified REITs	13.49
Industrial REITs	12.90
Residential REITs	12.16
Specialized REITs	11.01
Money Market Funds Plus Other Assets Less Liabilities	0.05

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

8

Invesco KBW Property & Casualty Insurance ETF (KBWP)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Multi-line Insurance-22.06%
American Financial Group, Inc.		93,323	$	9,957,564
American International Group, Inc.		434,158		19,081,244
Assurant, Inc.		64,630		7,963,709
Hartford Financial Services Group, Inc. (The)		188,819		9,571,235
Horace Mann Educators Corp.		90,827		3,500,472
				50,074,224
Property & Casualty Insurance-69.29%
Allstate Corp. (The)		163,043		17,380,384
Arch Capital Group Ltd.(b)		259,211		9,284,938
AXIS Capital Holdings Ltd.		166,490		8,412,740
Chubb Ltd.		112,860		18,348,779
Cincinnati Financial Corp.		109,316		10,698,757
Hanover Insurance Group, Inc. (The)		74,267		8,566,698
James River Group Holdings Ltd.		67,114		3,081,204
Kemper Corp.		111,311		8,417,338
Mercury General Corp.		121,385		7,088,884
ProAssurance Corp.		118,168		2,924,658
Progressive Corp. (The)		191,592		16,467,332
RLI Corp.		87,156		9,093,857
Selective Insurance Group, Inc.		131,230		8,901,331
Travelers Cos., Inc. (The)		128,689		18,724,250

	Shares		Value
Property & Casualty Insurance-(continued)
Universal Insurance Holdings, Inc.		68,696	$	1,022,883
W.R. Berkley Corp.		128,095		8,880,826
				157,294,859
Reinsurance-8.58%
Everest Re Group Ltd.		36,682		8,870,074
RenaissanceRe Holdings Ltd. (Bermuda)		50,677		8,462,046
SiriusPoint Ltd. (Bermuda)(b)		209,462		2,138,607
				19,470,727
Total Common Stocks & Other Equity Interests (Cost $206,169,225)				226,839,810
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d) (Cost $10,691)		10,691		10,691
TOTAL INVESTMENTS IN SECURITIES-99.94% (Cost $206,179,916)				226,850,501
OTHER ASSETS LESS LIABILITIES-0.06%				142,293
NET ASSETS-100.00%.			$	226,992,794

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)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	3,224,866		$	(3,214,175	)		$	-		$	-		$	10,691		$	11
Invesco Premier U.S. Government Money Portfolio, Institutional Class			53,572			553,573			(607,145	)			-			-			-			1
Total		$	53,572		$	3,778,439		$	(3,821,320	)		$	-		$	-		$	10,691		$	12

^(d)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

9

Invesco KBW Property & Casualty Insurance ETF (KBWP)–(continued)

February 28, 2021

(Unaudited)

Portfolio Composition  Sub-Industry Breakdown (% of the Fund’s Net Assets)  as of February 28, 2021
Property & Casualty Insurance	69.29
Multi-line Insurance	22.06
Reinsurance	8.58
Money Market Funds Plus Other Assets Less Liabilities	0.07

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

10

Invesco KBW Regional Banking ETF (KBWR)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.82%
Regional Banks-95.44%
Associated Banc-Corp.		58,738	$	1,183,571
BancorpSouth Bank		35,569		1,069,204
Bank of Hawaii Corp.(b)		12,040		1,053,500
Bank OZK		32,197		1,327,160
BankUnited, Inc		31,524		1,266,949
Boston Private Financial Holdings, Inc.		32,871		452,305
Brookline Bancorp, Inc.		31,598		449,639
Cadence BanCorp		50,632		1,038,969
Cathay General Bancorp		31,849		1,198,796
Columbia Banking System, Inc.		28,440		1,259,608
Commerce Bancshares, Inc.		28,675		2,122,810
Community Bank System, Inc.		14,483		1,031,045
Cullen/Frost Bankers, Inc.		17,935		1,872,414
CVB Financial Corp.		47,215		1,010,873
East West Bancorp, Inc.		40,474		2,920,604
F.N.B. Corp.		102,097		1,207,807
First Commonwealth Financial Corp.		38,421		515,226
First Financial Bancorp		39,171		878,605
First Financial Bankshares, Inc.		26,921		1,202,292
First Hawaiian, Inc.		41,126		1,147,004
First Midwest Bancorp, Inc.		45,679		903,531
Fulton Financial Corp.		64,853		1,001,979
Glacier Bancorp, Inc.		22,046		1,194,893
Hancock Whitney Corp.		32,001		1,208,038
Home BancShares, Inc.		48,627		1,188,444
Hope Bancorp, Inc.		49,257		648,222
Investors Bancorp, Inc.		92,961		1,240,100
Old National Bancorp		56,953		1,032,558
PacWest Bancorp		38,703		1,402,597
Pinnacle Financial Partners, Inc.		16,598		1,347,260
Popular, Inc.		18,510		1,236,838
Prosperity Bancshares, Inc.		26,474		1,945,045
Signature Bank		15,308		3,342,349
South State Corp.		13,527		1,066,739
Sterling Bancorp		56,315		1,229,356
Synovus Financial Corp.		28,521		1,206,723
TCF Financial Corp.		26,785		1,200,504
Texas Capital Bancshares, Inc.(c)		16,128		1,228,954
Trustmark Corp.		25,337		764,164
UMB Financial Corp.		13,192		1,113,009
Umpqua Holdings Corp.		64,911		1,108,031

	Shares		Value
Regional Banks-(continued)
United Bankshares, Inc.		30,793	$	1,137,801
United Community Banks, Inc.		34,810		1,150,819
Valley National Bancorp		98,489		1,206,490
Webster Financial Corp.		23,792		1,315,935
Western Alliance Bancorporation		17,531		1,604,262
Wintrust Financial Corp.		16,547		1,218,852
				58,451,874
Thrifts & Mortgage Finance-4.38%
New York Community Bancorp, Inc.		93,045		1,136,080
Provident Financial Services, Inc.		31,400		635,222
Washington Federal, Inc.		30,310		915,968
				2,687,270
Total Common Stocks & Other Equity Interests (Cost $58,669,876)				61,139,144
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) (Cost $16,928)		16,928		16,928
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.85% (Cost $58,686,804)				61,156,072
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.03%
Invesco Private Government Fund, 0.01%(d)(e)(f)		7,320		7,320
Invesco Private Prime Fund, 0.11%(d)(e)(f)		10,976		10,980
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $18,300)				18,300
TOTAL INVESTMENTS IN SECURITIES-99.88% (Cost $58,705,104)				61,174,372
OTHER ASSETS LESS LIABILITIES-0.12%				71,081
NET ASSETS-100.00%			$	61,245,453

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

11

Invesco KBW Regional Banking ETF (KBWR)–(continued)

February 28, 2021

(Unaudited)

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at February 28, 2021.

^(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 six months ended February 28, 2021.

	Value August 31, 2020	Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation	Realized Gain	Value February 28, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$-	$	775,127	$	(758,199	)	$-	$-	$	16,928	$5
Invesco Premier U.S. Government Money Portfolio, Institutional Class	-		272,914		(272,914	)	-	-		-	-
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	-		1,483,019		(1,475,699	)	-	-		7,320	1*
Invesco Private Prime Fund	-		1,076,820		(1,065,840	)	-	-		10,980	3*
Total	$-	$	3,607,880	$	(3,572,652	)	$-	$-	$	35,228	$9

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

^(e) The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

Portfolio Composition  Sub-Industry Breakdown (%  of the Fund’s Net Assets)  as of February 28, 2021
Regional Banks	95.44
Thrifts & Mortgage Finance	4.38
Money Market Funds Plus Other Assets Less Liabilities	0.18

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

12

Statements of Assets and Liabilities

February 28, 2021

(Unaudited)

	Invesco KBW Bank ETF (KBWB)		Invesco KBW High Dividend Yield Financial ETF (KBWD)			Invesco KBW Premium Yield Equity REIT ETF (KBWY)			Invesco KBW Property & Casualty Insurance ETF (KBWP)		Invesco KBW Regional Banking ETF (KBWR)
Assets:
Unaffiliated investments in securities, at value(a)	$	2,257,493,261	$	349,957,047		$	261,606,684		$	226,839,810	$	61,139,144
Affiliated investments in securities, at value		-		35,204,453			15,517,605			10,691		35,228
Receivable for:
Dividends		1,995,164		628,437			597,562			209,060		104,030
Securities lending		-		33,504			8,349			-		4
Investments sold		8,412,400		-			-			-		-
Fund shares sold		11,255,018		-			6,055,120			-		-
Total assets		2,279,155,843		385,823,441			283,785,320			227,059,561		61,278,406
Liabilities:
Due to custodian		299,540		213,453			108,046			-		-
Payable for:
Investments purchased		11,253,273		-			6,320,686			-		-
Investments purchased - affiliated broker		-		-			38,812			-		-
Collateral upon return of securities loaned		-		35,204,395			15,517,605			-		18,300
Fund shares repurchased		8,412,628		-			-			-		-
Accrued unitary management fees		532,846		88,847			62,967			66,767		14,653
Total liabilities		20,498,287		35,506,695			22,048,116			66,767		32,953
Net Assets	$	2,258,657,556	$	350,316,746		$	261,737,204		$	226,992,794	$	61,245,453
Net assets consist of:
Shares of beneficial interest	$	1,946,327,527	$	473,328,963		$	430,897,981		$	203,012,377	$	67,565,927
Distributable earnings (loss)		312,330,029		(123,012,217	)		(169,160,777	)		23,980,417		(6,320,474	)
Net Assets	$	2,258,657,556	$	350,316,746		$	261,737,204		$	226,992,794	$	61,245,453
Shares outstanding (unlimited amount authorized, $0.01 par value)		38,630,000		18,990,000			12,260,000			3,230,000		1,050,000
Net asset value	$	58.47	$	18.45		$	21.35		$	70.28	$	58.33
Market price	$	58.46	$	18.55		$	21.48		$	70.27	$	58.34
Unaffiliated investments in securities, at cost	$	2,075,347,950	$	298,120,433		$	254,078,641		$	206,169,225	$	58,669,876
Affiliated investments in securities, at cost	$	-	$	35,204,395		$	15,517,605		$	10,691	$	35,228
(a) Includes securities on loan with an aggregate value of:	$	-	$	34,065,835		$	14,108,997		$	-	$	17,500

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

13

Statements of Operations

For the six months ended February 28, 2021

(Unaudited)

	Invesco KBW Bank ETF (KBWB)			Invesco KBW High Dividend Yield Financial ETF (KBWD)			Invesco KBW Premium Yield Equity REIT ETF (KBWY)			Invesco KBW Property & Casualty Insurance ETF (KBWP)			Invesco KBW Regional Banking ETF (KBWR)
Investment income:
Unaffiliated dividend income	$	17,972,262		$	11,282,169		$	7,301,786		$	3,749,883		$	645,508
Affiliated dividend income		75			97,692			24			12			5
Securities lending income		85			307,100			1,479,314			-			16
Foreign withholding tax		-			-			-			-			(1,208	)
Total investment income		17,972,422			11,686,961			8,781,124			3,749,895			644,321
Expenses:
Unitary management fees		2,118,668			471,698			339,146			389,976			65,888
Less: Waivers		(407	)		(196	)		(144	)		(69	)		(27	)
Net expenses		2,118,261			471,502			339,002			389,907			65,861
Net investment income		15,854,161			11,215,459			8,442,122			3,359,988			578,460
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(23,909,918	)		(14,735,547	)		(21,802,600	)		(4,111,816	)		(978,328	)
Affiliated investment securities		-			(12,219,120	)		(2,877,029	)		-			-
Unaffiliated in-kind redemptions		156,541,232			2,147,876			5,105,473			12,288,527			256,210
Affiliated in-kind redemptions		-			96,078			-			-			-
Net realized gain (loss)		132,631,314			(24,710,713	)		(19,574,156	)		8,176,711			(722,118	)
Change in net unrealized appreciation of:
Unaffiliated investment securities		344,047,895			92,286,761			43,249,455			23,041,978			20,309,865
Affiliated investment securities		-			14,923,449			958,900			-			-
Change in net unrealized appreciation		344,047,895			107,210,210			44,208,355			23,041,978			20,309,865
Net realized and unrealized gain		476,679,209			82,499,497			24,634,199			31,218,689			19,587,747
Net increase in net assets resulting from operations	$	492,533,370		$	93,714,956		$	33,076,321		$	34,578,677		$	20,166,207

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

14

(This Page Intentionally Left Blank)

15

Statements of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	Invesco KBW Bank ETF (KBWB)						Invesco KBW High Dividend Yield Financial ETF (KBWD)
	Six Months Ended February 28, 2021			Year Ended August 31, 2020			Six Months Ended February  28, 2021			Year Ended August 31, 2020
Operations:
Net investment income	$	15,854,161		$	16,043,814		$	11,215,459		$	20,246,001
Net realized gain (loss)		132,631,314			13,083,818			(24,710,713	)		(51,005,990	)
Change in net unrealized appreciation (depreciation)		344,047,895			(60,618,490	)		107,210,210			(27,290,008	)
Net increase (decrease) in net assets resulting from operations		492,533,370			(31,490,858	)		93,714,956			(58,049,997	)
Distributions to Shareholders from:
Distributable earnings		(14,061,844	)		(16,218,566	)		(11,995,487	)		(25,952,241	)
Shareholder Transactions:
Proceeds from shares sold		2,249,185,978			1,567,902,553			46,350,555			92,698,284
Value of shares repurchased		(1,232,963,138	)		(1,319,623,259	)		(7,388,898	)		(49,449,953	)
Net increase (decrease) in net assets resulting from share transactions.		1,016,222,840			248,279,294			38,961,657			43,248,331
Net increase (decrease) in net assets		1,494,694,366			200,569,870			120,681,126			(40,753,907	)
Net assets:
Beginning of period		763,963,190			563,393,320			229,635,620			270,389,527
End of period	$	2,258,657,556		$	763,963,190		$	350,316,746		$	229,635,620
Changes in Shares Outstanding:
Shares sold		45,920,000			37,200,000			2,810,000			5,450,000
Shares repurchased		(26,590,000	)		(29,600,000	)		(520,000	)		(2,400,000	)
Shares outstanding, beginning of period		19,300,000			11,700,000			16,700,000			13,650,000
Shares outstanding, end of period		38,630,000			19,300,000			18,990,000			16,700,000

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

16

Invesco KBW Premium Yield Equity REIT ETF (KBWY)						Invesco KBW Property & Casualty Insurance ETF (KBWP)						Invesco KBW Regional Banking ETF (KBWR)
Six Months Ended February  28, 2021			Year Ended August  31, 2020			Six Months Ended February  28, 2021			Year Ended August 31, 2020			Six Months Ended February  28, 2021			Year Ended August 31, 2020
$	8,442,122		$	13,354,693		$	3,359,988		$	2,208,696		$	578,460		$	1,458,942
	(19,574,156	)		(85,021,281	)		8,176,711			4,667,390			(722,118	)		(11,778,964	)
	44,208,355			(8,509,027	)		23,041,978			(16,642,913	)		20,309,865			(1,607,950	)
	33,076,321			(80,175,615	)		34,578,677			(9,766,827	)		20,166,207			(11,927,972	)
	(7,986,790	)		(22,239,204	)		(2,092,761	)		(2,288,777	)		(567,924	)		(1,689,665	)
	96,207,247			77,741,685			71,101,143			135,387,753			16,466,270			-
	(32,584,847	)		(119,691,168	)		(59,698,273	)		(49,858,481	)		(3,143,855	)		(27,104,447	)
	63,622,400			(41,949,483	)		11,402,870			85,529,272			13,322,415			(27,104,447	)
	88,711,931			(144,364,302	)		43,888,786			73,473,668			32,920,698			(40,722,084	)
	173,025,273			317,389,575			183,104,008			109,630,340			28,324,755			69,046,839
$	261,737,204		$	173,025,273		$	226,992,794		$	183,104,008		$	61,245,453		$	28,324,755
	4,600,000			2,750,000			1,070,000			2,300,000			330,000			-
	(1,590,000	)		(4,350,000	)		(890,000	)		(800,000	)		(80,000	)		(650,000	)
	9,250,000			10,850,000			3,050,000			1,550,000			800,000			1,450,000
	12,260,000			9,250,000			3,230,000			3,050,000			1,050,000			800,000

17

Financial Highlights

Invesco KBW Bank ETF (KBWB)

	Six Months Ended February 28, 2021				Years Ended August 31,								Ten Months Ended August 31,				Years Ended October 31,
	(Unaudited)				2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	39.58			$	48.15			$	57.01			$	52.36			$	38.40			$	37.43			$	37.12
Net investment income(a)			0.63				1.40				1.27				0.83				0.77				0.68				0.66
Net realized and unrealized gain (loss) on investments			18.88				(8.45	)			(8.86	)			4.51				13.92				0.98				0.22
Total from investment operations			19.51				(7.05	)			(7.59	)			5.34				14.69				1.66				0.88
Distributions to shareholders from:
Net investment income			(0.62	)			(1.52	)			(1.27	)			(0.69	)			(0.73	)			(0.69	)			(0.55	)
Net realized gains.			-				-				-				-				-				-				(0.02	)
Total distributions			(0.62	)			(1.52	)			(1.27	)			(0.69	)			(0.73	)			(0.69	)			(0.57	)
Net asset value at end of period		$	58.47			$	39.58			$	48.15			$	57.01			$	52.36			$	38.40			$	37.43
Market price at end of period(b)		$	58.46			$	39.68			$	48.22			$	57.01			$	52.39			$	38.44			$	37.49
Net Asset Value Total Return(c)			49.88	%			(14.81	)%			(13.30	)%			10.24	%			38.42	%			4.61	%			2.35	%
Market Price Total Return(c)			49.49	%			(14.72	)%			(13.18	)%			10.18	%			38.36	%			4.55	%			2.49	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,258,658			$	763,963			$	563,393			$	1,023,260			$	932,052			$	430,134			$	559,632
Ratio to average net assets of:
Expenses			0.35	%(d)			0.35	%			0.35	%			0.35	%(d)			0.35	%			0.35	%			0.35	%
Net investment income			2.62	%(d)			3.07	%			2.51	%			1.78	%(d)			1.60	%			1.92	%			1.74	%
Portfolio turnover rate(e)			7	%			18	%			13	%			7	%			9	%			12	%			17	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Annualized.

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

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

18

Financial Highlights–(continued)

Invesco KBW High Dividend Yield Financial ETF (KBWD)

	Six Months Ended February 28, 2021				Years Ended August 31,								Ten Months Ended August 31,				Years Ended October 31,
	(Unaudited)				2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	13.75			$	19.81			$	23.68			$	23.43			$	21.49			$	22.39			$	25.81
Net investment income(a)			0.65				1.39				1.59				1.23				1.84				1.57				1.75
Net realized and unrealized gain (loss) on investments			4.74				(5.66	)			(3.67	)			0.69				2.16				(0.53	)			(3.22	)
Total from investment operations			5.39				(4.27	)			(2.08	)			1.92				4.00				1.04				(1.47	)
Distributions to shareholders from:
Net investment income			(0.69	)			(1.79	)			(1.79	)			(1.67	)			(1.88	)			(1.81	)			(1.87	)
Return of capital.			-				-				-				-				(0.18	)			(0.13	)			(0.08	)
Total distributions			(0.69	)			(1.79	)			(1.79	)			(1.67	)			(2.06	)			(1.94	)			(1.95	)
Net asset value at end of period		$	18.45			$	13.75			$	19.81			$	23.68			$	23.43			$	21.49			$	22.39
Market price at end of period(b)		$	18.55			$	13.77			$	19.80			$	23.69			$	23.46			$	21.51			$	22.39
Net Asset Value Total Return(c)			40.20	%			(22.34	)%			(9.06	)%			8.57	%			18.95	%			5.46	%			(6.08	)%
Market Price Total Return(c)			40.75	%			(22.18	)%			(9.15	)%			8.47	%			18.99	%			5.56	%			(6.12	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	350,317			$	229,636			$	270,390			$	344,556			$	319,788			$	221,379			$	277,692
Ratio to average net assets of:
Expenses(d)			0.35	%(e)			0.35	%			0.35	%			0.35	%(e)			0.35	%			0.35	%			0.35	%
Net investment income			8.32	%(e)			8.08	%			7.32	%			6.36	%(e)			7.77	%			7.45	%			7.15	%
Portfolio turnover rate(f)			53	%			77	%			54	%			46	%			52	%			113	%			49	%

^(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)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

^(e)  Annualized.

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

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

19

Financial Highlights–(continued)

Invesco KBW Premium Yield Equity REIT ETF (KBWY)

	Six Months Ended February 28, 2021				Years Ended August 31,								Ten Months Ended August 31,				Years Ended October 31,
	(Unaudited)				2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	18.71			$	29.25			$	35.80			$	36.64			$	33.95			$	31.51			$	33.83
Net investment income(a)			0.85				1.36				1.21				1.45				1.49				1.40				1.19
Net realized and unrealized gain (loss) on investments			2.58				(9.62	)			(5.86	)			(0.18	)			3.78				3.36				(1.80	)
Total from investment operations			3.43				(8.26	)			(4.65	)			1.27				5.27				4.76				(0.61	)
Distributions to shareholders from:
Net investment income			(0.79	)			(2.28	)			(1.90	)			(2.11	)			(2.58	)			(2.32	)			(1.71	)
Net asset value at end of period		$	21.35			$	18.71			$	29.25			$	35.80			$	36.64			$	33.95			$	31.51
Market price at end of period(b)		$	21.48			$	18.74			$	29.26			$	35.80			$	36.67			$	33.95			$	31.52
Net Asset Value Total Return(c)			18.85	%			(28.96	)%			(12.94	)%			4.05	%			15.71	%			15.68	%			(1.94	)%
Market Price Total Return(c)			19.38	%			(28.87	)%			(12.91	)%			3.95	%			15.79	%			15.64	%			(1.88	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	261,737			$	173,025			$	317,390			$	442,126			$	381,021			$	188,425			$	110,279
Ratio to average net assets of:
Expenses			0.35	%(d)			0.35	%			0.35	%			0.35	%(d)			0.35	%			0.35	%			0.35	%
Net investment income			8.71	%(d)			5.45	%			3.94	%			5.16	%(d)			4.04	%			4.18	%			3.58	%
Portfolio turnover rate(e)			50	%			100	%			69	%			53	%			61	%			87	%			25	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Annualized.

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

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

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Financial Highlights–(continued)

Invesco KBW Property & Casualty Insurance ETF (KBWP)

	Six Months Ended February 28, 2021				Years Ended August 31,								Ten Months Ended August 31,				Years Ended October 31,
	(Unaudited)				2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	60.03			$	70.73			$	63.85			$	59.67			$	50.41			$	48.24			$	41.27
Net investment income(a)			0.97				1.28				1.35				1.22				1.12				1.08				0.75
Net realized and unrealized gain (loss) on investments			9.86				(10.63	)			7.06				4.06				9.23				2.06				7.10
Total from investment operations			10.83				(9.35	)			8.41				5.28				10.35				3.14				7.85
Distributions to shareholders from:
Net investment income.			(0.58	)			(1.35	)			(1.53	)			(1.10	)			(1.09	)			(0.93	)			(0.78	)
Net realized gains			-				-				-				-				-				(0.04	)			(0.10	)
Total distributions			(0.58	)			(1.35	)			(1.53	)			(1.10	)			(1.09	)			(0.97	)			(0.88	)
Net asset value at end of period		$	70.28			$	60.03			$	70.73			$	63.85			$	59.67			$	50.41			$	48.24
Market price at end of period(b)		$	70.27			$	60.13			$	70.78			$	63.92			$	59.68			$	50.44			$	48.36
Net Asset Value Total Return(c)			18.14	%			(13.11	)%			13.54	%			8.99	%			20.68	%			6.63	%			19.31	%
Market Price Total Return(c)			17.93	%			(13.03	)%			13.50	%			9.09	%			20.63	%			6.43	%			19.60	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	226,993			$	183,104			$	109,630			$	67,040			$	98,462			$	63,010			$	86,828
Ratio to average net assets of:
Expenses			0.35	%(d)			0.35	%			0.36	%(e)			0.35	%(d)			0.35	%			0.35	%			0.35	%
Net investment income.			3.02	%(d)			2.04	%			2.09	%(e)			2.41	%(d)			1.97	%			2.23	%			1.69	%
Portfolio turnover rate(f)			8	%			16	%			14	%			22	%			16	%			20	%			35	%

^(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)  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.

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Financial Highlights—(continued)

Invesco KBW Regional Banking ETF (KBWR)

	Six Months Ended February 28, 2021				Years Ended August 31,								Ten Months Ended August 31,				Years Ended October 31,
	(Unaudited)				2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	35.41			$	47.62			$	59.19			$	55.13			$	44.09			$	42.40			$	39.21
Net investment income(a)			0.67				1.32				1.20				0.89				0.94				0.87				0.80
Net realized and unrealized gain (loss) on investments.			22.93				(12.07	)			(11.52	)			3.94				10.96				1.63				3.17
Total from investment operations			23.60				(10.75	)			(10.32	)			4.83				11.90				2.50				3.97
Distributions to shareholders from:
Net investment income			(0.68	)			(1.46	)			(1.25	)			(0.77	)			(0.86	)			(0.81	)			(0.78	)
Net asset value at end of period		$	58.33			$	35.41			$	47.62			$	59.19			$	55.13			$	44.09			$	42.40
Market price at end of period(b)		$	58.34			$	35.44			$	47.61			$	59.19			$	55.20			$	44.15			$	42.42
Net Asset Value Total Return(c)			67.71	%			(22.87	)%			(17.48	)%			8.79	%			27.06	%			6.05	%			10.24	%
Market Price Total Return(c)			67.60	%			(22.80	)%			(17.50	)%			8.65	%			27.05	%			6.14	%			10.29	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	61,245			$	28,325			$	69,047			$	195,338			$	148,854			$	136,682			$	52,996
Ratio to average net assets of:
Expenses			0.35	%(d)			0.35	%			0.36	%(e)			0.35	%(d)			0.35	%			0.35	%			0.35	%
Net investment income			3.07	%(d)			2.96	%			2.33	%(e)			1.85	%(d)			1.75	%			2.11	%			1.97	%
Portfolio turnover rate(f)			6	%			21	%			15	%			14	%			21	%			23	%			25	%

^(a)  Based on average shares outstanding.

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

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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)  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.

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2021

(Unaudited)

NOTE 1–Organization

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

Full Name	Short Name
Invesco KBW Bank ETF (KBWB)	“KBW Bank ETF”
Invesco KBW High Dividend Yield Financial ETF (KBWD)	“KBW High Dividend Yield Financial ETF”
Invesco KBW Premium Yield Equity REIT ETF (KBWY)	“KBW Premium Yield Equity REIT ETF”
Invesco KBW Property & Casualty Insurance ETF (KBWP)	“KBW Property & Casualty Insurance ETF”
Invesco KBW Regional Banking ETF (KBWR)	“KBW Regional Banking 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 Nasdaq Stock Market.

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
KBW Bank ETF	KBW Nasdaq Bank Index
KBW High Dividend Yield Financial ETF	KBW Nasdaq Financial Sector Dividend Yield Index
KBW Premium Yield Equity REIT ETF	KBW Nasdaq PremiumYield Equity REIT Index
KBW Property & Casualty Insurance ETF	KBW Nasdaq Property & Casualty Index
KBW Regional Banking ETF	KBW Nasdaq Regional Banking 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

23

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 Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

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,

24

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.

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 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.

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

Non-Diversified Fund Risk. Because KBW Bank ETF and KBW Property & Casualty Insurance ETF are non-diversified and can invest a greater portion of its 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.

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.

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 settlement date and includes coupon interest and amortization of premium and

25

accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

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

E. Dividends and Distributions to Shareholders - Each Fund (except for KBW High Dividend Yield Financial ETF and KBW Premium Yield Equity REIT ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. KBW High Dividend Yield Financial ETF and KBW Premium Yield Equity REIT ETF each 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 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 - 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.

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,

26

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).

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. The risk of material loss as a result of such indemnification claims is considered 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.

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

27

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)
KBW Bank ETF	0.35%
KBW High Dividend Yield Financial ETF	0.35%
KBW Premium Yield Equity REIT ETF	0.35%
KBW Property & Casualty Insurance ETF	0.35%
KBW Regional Banking ETF	0.35%

Further, through at least August 31, 2023, 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 six months ended February 28, 2021, the Adviser waived fees for each Fund in the following amounts:

KBW Bank ETF	$	407
KBW High Dividend Yield Financial ETF		196
KBW Premium Yield Equity REIT ETF		144
KBW Property & Casualty Insurance ETF		69
KBW Regional Banking ETF		27

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 Keefe, Bruyette & Woods, Inc. (the “Licensor”).

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

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

For the six months ended February 28, 2021, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

KBW Bank ETF	$	20,049
KBW High Dividend Yield Financial ETF		15,698
KBW Premium Yield Equity REIT ETF		5,545
KBW Property & Casualty Insurance ETF		2,089
KBW Regional Banking ETF		1,014

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

NOTE 4–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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.

28

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 February 28, 2021, for each Fund, (except for KBW Bank ETF and KBW Property & Casualty Insurance ETF). All of the securities in KBW Bank ETF and KBW Property & Casualty Insurance 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
KBW High Dividend Yield Financial ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	349,957,047	$	-	$	-	$	349,957,047
Money Market Funds		-		35,204,453		-		35,204,453
Total Investments	$	349,957,047	$	35,204,453	$	-	$	385,161,500
KBW Premium Yield Equity REIT ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	261,606,684	$	-	$	-	$	261,606,684
Money Market Funds		-		15,517,605		-		15,517,605
Total Investments	$	261,606,684	$	15,517,605	$	-	$	277,124,289
KBW Regional Banking ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	61,139,144	$	-	$	-	$	61,139,144
Money Market Funds		16,928		18,300		-		35,228
Total Investments	$	61,156,072	$	18,300	$	-	$	61,174,372

NOTE 5–Tax Information

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 August 31, 2020:

	No expiration
	Short-Term		Long-Term		Total*
KBW Bank ETF	$	—	$	3,062,333	$	3,062,333
KBW High Dividend Yield Financial ETF		24,675,421		106,020,168		130,695,589
KBW Premium Yield Equity REIT ETF		44,878,228		103,487,220		148,365,448
KBW Property & Casualty Insurance ETF		1,180,566		3,023,318		4,203,884
KBW Regional Banking ETF		1,596,732		6,108,029		7,704,761

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

NOTE 6–Investment Transactions

For the six months ended February 28, 2021, 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
KBW Bank ETF	$	89,614,109	$	96,632,218
KBW High Dividend Yield Financial ETF		143,720,925		142,574,439
KBW Premium Yield Equity REIT ETF		107,294,114		97,163,421
KBW Property & Casualty Insurance ETF		19,720,386		18,364,174
KBW Regional Banking ETF		2,320,951		2,347,289

29

For the six months ended February 28, 2021, in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received		Value of Securities Delivered
KBW Bank ETF	$	2,223,306,580	$	1,198,721,426
KBW High Dividend Yield Financial ETF		45,290,398		7,087,588
KBW Premium Yield Equity REIT ETF		83,564,377		29,744,108
KBW Property & Casualty Insurance ETF		71,072,322		59,696,106
KBW Regional Banking ETF		16,446,022		3,138,197

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At February 28, 2021, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost
KBW Bank ETF	$	190,588,095	$	(12,972,101	)	$	177,615,994		$	2,079,877,267
KBW High Dividend Yield Financial ETF		52,399,039		(19,224,926	)		33,174,113			351,987,387
KBW Premium Yield Equity REIT ETF		19,122,222		(20,798,727	)		(1,676,505	)		278,800,794
KBW Property & Casualty Insurance ETF		22,233,023		(3,492,660	)		18,740,363			208,110,138
KBW Regional Banking ETF		5,196,168		(3,299,219	)		1,896,949			59,277,423

NOTE 7–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation 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 a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 8–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only 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 9–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

30

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.

31

Calculating your ongoing Fund expenses

Example

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

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended February 28, 2021.

In addition to the fees and expenses which the Invesco KBW High Dividend Yield Financial 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’s 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 September 1, 2020			Ending Account Value February 28, 2021			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco KBW Bank ETF (KBWB) Actual		$	1,000.00		$	1,498.80		0.35	%		$	2.17
Hypothetical (5% return before expenses)			1,000.00			1,023.06		0.35				1.76
Invesco KBW High Dividend Yield Financial ETF (KBWD) Actual			1,000.00			1,402.00		0.35				2.08
Hypothetical (5% return before expenses)			1,000.00			1,023.06		0.35				1.76

32

Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value September 1, 2020			Ending Account Value February 28, 2021			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco KBW Premium Yield Equity REIT ETF (KBWY)
Actual		$	1,000.00		$	1,188.50		0.35	%		$	1.90
Hypothetical (5% return before expenses)			1,000.00			1,023.06		0.35				1.76
Invesco KBW Property & Casualty Insurance ETF (KBWP)
Actual			1,000.00			1,181.40		0.35				1.89
Hypothetical (5% return before expenses)			1,000.00			1,023.06		0.35				1.76
Invesco KBW Regional Banking ETF (KBWR)
Actual			1,000.00			1,677.10		0.35				2.32
Hypothetical (5% return before expenses)			1,000.00			1,023.06		0.35				1.76

⁽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 February 28, 2021. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

©2021 Invesco Capital Management LLC 3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-KBW-SAR-1	invesco.com/ETFs

	Invesco Semi-Annual Report to Shareholders
	February 28, 2021
	PBUS	Invesco PureBetaSM MSCI USA ETF
	PBSM	Invesco PureBetaSM MSCI USA Small Cap ETF
	PBND	Invesco PureBetaSM US Aggregate Bond ETF

Table of Contents

Schedules of Investments
Invesco PureBetaSM MSCI USA ETF (PBUS)	3
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)	10
Invesco PureBetaSM US Aggregate Bond ETF (PBND)	27
Statements of Assets and Liabilities	33
Statements of Operations	34
Statements of Changes in Net Assets	36
Financial Highlights	38
Notes to Financial Statements	41
Fund Expenses	50

2

Invesco PureBeta^SM MSCI USA ETF (PBUS)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-11.29%
Activision Blizzard, Inc.		570	$	54,498
Alphabet, Inc., Class A(b)		220		444,820
Alphabet, Inc., Class C(b)		218		444,036
Altice USA, Inc., Class A(b)		185		6,218
AT&T, Inc.		5,235		146,004
Cable One, Inc.		4		7,659
Charter Communications, Inc., Class A(b)		103		63,182
Comcast Corp., Class A		3,354		176,823
Discovery, Inc., Class A(b)(c)		110		5,833
Discovery, Inc., Class C(b)		226		10,170
DISH Network Corp., Class A(b)		181		5,703
Electronic Arts, Inc.		210		28,134
Facebook, Inc., Class A(b)		1,762		453,927
Fox Corp., Class A		258		8,594
Fox Corp., Class B		128		4,087
IAC/InterActiveCorp.(b)		58		14,200
Interpublic Group of Cos., Inc. (The)		286		7,470
Liberty Broadband Corp., Class A(b)		20		2,907
Liberty Broadband Corp., Class C(b)		117		17,493
Liberty Global PLC, Class A (United Kingdom)(b)		125		3,078
Liberty Global PLC, Class C (United Kingdom)(b)		271		6,585
Liberty Media Corp.-Liberty Formula One, Class C(b)		154		6,761
Liberty Media Corp.-Liberty SiriusXM, Class A(b)		58		2,576
Liberty Media Corp.-Liberty SiriusXM, Class C(b)		129		5,692
Live Nation Entertainment, Inc.(b)		119		10,574
Lumen Technologies, Inc.		680		8,357
Match Group, Inc.(b)		184		28,124
Netflix, Inc.(b)		324		174,587
News Corp., Class A		286		6,707
Omnicom Group, Inc.		158		10,859
Pinterest, Inc., Class A(b)		375		30,218
Roku, Inc.(b)		80		31,638
Sirius XM Holdings, Inc.(c)		810		4,739
Snap, Inc., Class A(b)		679		44,583
Take-Two Interactive Software, Inc.(b)		84		15,495
T-Mobile US, Inc.(b)		412		49,428
Twitter, Inc.(b)		583		44,926
Verizon Communications, Inc.		3,034		167,780
ViacomCBS, Inc., Class B		415		26,763
Walt Disney Co. (The)		1,325		250,478
Zillow Group, Inc., Class A(b)(c)		45		7,642
Zillow Group, Inc., Class C(b)		109		17,585
				2,856,933
Consumer Discretionary-12.17%
Advance Auto Parts, Inc.		52		8,338
Airbnb, Inc., Class A(b)		38		7,841
Amazon.com, Inc.(b)		313		968,087
Aptiv PLC		199		29,818
Aramark		161		5,976
Autoliv, Inc. (Sweden)		57		5,130
AutoZone, Inc.(b)		17		19,719
Best Buy Co., Inc.		171		17,160
Booking Holdings, Inc.(b)		30		69,855
BorgWarner, Inc.		180		8,100
Burlington Stores, Inc.(b)		51		13,200

	Shares		Value
Consumer Discretionary-(continued)
CarMax, Inc.(b)		120	$	14,341
Carnival Corp.(b)		571		15,274
Carvana Co.(b)		47		13,325
Chewy, Inc., Class A(b)(c)		55		5,586
Chipotle Mexican Grill, Inc.(b)		19		27,398
D.R. Horton, Inc.		259		19,909
Darden Restaurants, Inc.		95		13,046
Dollar General Corp.		184		34,774
Dollar Tree, Inc.(b)		172		16,890
Domino’s Pizza, Inc.		29		10,049
DraftKings, Inc., Class A(b)		126		7,753
eBay, Inc.		505		28,492
Etsy, Inc.(b)		92		20,265
Expedia Group, Inc.		102		16,422
Ford Motor Co.(b)		2,866		33,532
Garmin Ltd.		105		13,022
General Motors Co.(b)		942		48,353
Genuine Parts Co.		105		11,062
Hasbro, Inc.		100		9,371
Hilton Worldwide Holdings, Inc.		207		25,602
Home Depot, Inc. (The)		789		203,830
Las Vegas Sands Corp.		258		16,151
Lear Corp.		42		6,976
Lennar Corp., Class A		206		17,092
LKQ Corp.(b)		212		8,351
Lowe’s Cos., Inc.		537		85,786
lululemon athletica, inc.(b)		91		28,363
Marriott International, Inc., Class A(b)		202		29,910
McDonald’s Corp.		548		112,965
MercadoLibre, Inc. (Argentina)(b)		33		54,058
MGM Resorts International		342		12,924
Mohawk Industries, Inc.(b)		44		7,700
Newell Brands, Inc.		291		6,742
NIKE, Inc., Class B		920		123,998
NVR, Inc.(b)		3		13,503
O’Reilly Automotive, Inc.(b)		53		23,708
Peloton Interactive, Inc., Class A(b)		178		21,444
Pool Corp.		29		9,708
PulteGroup, Inc.		204		9,202
Ross Stores, Inc.		262		30,560
Royal Caribbean Cruises Ltd.		140		13,058
Starbucks Corp.		862		93,122
Target Corp.		369		67,689
Tesla, Inc.(b)		556		375,578
TJX Cos., Inc. (The)		885		58,401
Tractor Supply Co.		82		13,035
Ulta Beauty, Inc.(b)		39		12,571
Vail Resorts, Inc.		30		9,275
VF Corp.		240		18,991
Wayfair, Inc., Class A(b)		50		14,449
Whirlpool Corp.		46		8,744
Wynn Resorts Ltd.(b)		74		9,748
Yum! Brands, Inc.		221		22,880
				3,078,202
Consumer Staples-5.72%
Altria Group, Inc.		1,374		59,906
Archer-Daniels-Midland Co.		414		23,424

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

3

Invesco PureBeta^SM MSCI USA ETF (PBUS)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Consumer Staples-(continued)
Brown-Forman Corp., Class B		232	$	16,607
Bunge Ltd.		104		7,964
Campbell Soup Co.		131		5,958
Church & Dwight Co., Inc.		182		14,333
Clorox Co. (The)		92		16,657
Coca-Cola Co. (The)		2,993		146,627
Colgate-Palmolive Co.		599		45,045
Conagra Brands, Inc.		362		12,283
Constellation Brands, Inc., Class A		124		26,553
Costco Wholesale Corp.		322		106,582
Estee Lauder Cos., Inc. (The), Class A		166		47,453
General Mills, Inc.		444		24,424
Hershey Co. (The)		106		15,439
Hormel Foods Corp.		212		9,830
JM Smucker Co. (The)		80		8,960
Kellogg Co.		186		10,734
Keurig Dr Pepper, Inc.		414		12,635
Kimberly-Clark Corp.		249		31,954
Kraft Heinz Co. (The)		495		18,008
Kroger Co. (The)		568		18,295
Lamb Weston Holdings, Inc.		105		8,376
McCormick & Co., Inc.		182		15,339
Molson Coors Beverage Co., Class B		135		6,001
Mondelez International, Inc., Class A		1,048		55,712
Monster Beverage Corp.(b)		291		25,532
PepsiCo, Inc.		1,013		130,869
Philip Morris International, Inc.		1,146		96,287
Procter & Gamble Co. (The)		1,818		224,578
Sysco Corp.		360		28,667
Tyson Foods, Inc., Class A		213		14,414
Walgreens Boots Alliance, Inc.		551		26,409
Walmart, Inc.		1,039		134,987
				1,446,842
Energy-2.59%
Baker Hughes Co., Class A		503		12,313
Cabot Oil & Gas Corp.		290		5,368
Cheniere Energy, Inc.(b)		162		10,917
Chevron Corp.		1,413		141,300
ConocoPhillips		993		51,646
Devon Energy Corp.		438		9,435
EOG Resources, Inc.		422		27,244
Exxon Mobil Corp.		3,100		168,547
Halliburton Co.		650		14,189
Hess Corp.		206		13,499
Kinder Morgan, Inc.		1,507		22,153
Marathon Petroleum Corp.		473		25,835
Occidental Petroleum Corp.		683		18,175
ONEOK, Inc.		326		14,439
Phillips 66		318		26,410
Pioneer Natural Resources Co.		151		22,434
Schlumberger Ltd.		1,019		28,440
Valero Energy Corp.		299		23,017
Williams Cos., Inc. (The)		889		20,305
				655,666
Financials-10.75%
Aflac, Inc.		500		23,945
AGNC Investment Corp.		395		6,332
Alleghany Corp.		10		6,464
Allstate Corp. (The)		223		23,772

	Shares		Value
Financials-(continued)
Ally Financial, Inc.		281	$	11,662
American Express Co.		500		67,630
American Financial Group, Inc.		54		5,762
American International Group, Inc.		632		27,776
Ameriprise Financial, Inc.		84		18,584
Annaly Capital Management, Inc.		1,061		8,817
Aon PLC, Class A		168		38,255
Apollo Global Management, Inc.		129		6,380
Arch Capital Group Ltd.(b)		292		10,459
Arthur J. Gallagher & Co.		141		16,892
Assurant, Inc.		43		5,298
Athene Holding Ltd., Class A(b)		91		4,149
Bank of America Corp.		5,708		198,125
Bank of New York Mellon Corp. (The)		594		25,043
Berkshire Hathaway, Inc., Class B(b)		1,005		241,713
BlackRock, Inc.		112		77,784
Blackstone Group, Inc. (The), Class A		495		34,269
Brown & Brown, Inc.		180		8,262
Capital One Financial Corp.		338		40,624
Carlyle Group, Inc. (The)		104		3,562
Cboe Global Markets, Inc.		79		7,818
Charles Schwab Corp. (The)		1,120		69,126
Chubb Ltd.		331		53,814
Cincinnati Financial Corp.		109		10,668
Citigroup, Inc.		1,531		100,862
Citizens Financial Group, Inc.		313		13,597
CME Group, Inc., Class A		262		52,321
Discover Financial Services		225		21,166
Equitable Holdings, Inc.		311		9,196
Erie Indemnity Co., Class A		20		4,842
Everest Re Group Ltd.		28		6,771
FactSet Research Systems, Inc.		27		8,206
Fidelity National Financial, Inc.		207		7,924
Fifth Third Bancorp		521		18,074
First Republic Bank		129		21,253
Franklin Resources, Inc.		214		5,600
Globe Life, Inc.		77		7,192
Goldman Sachs Group, Inc. (The)		240		76,675
Hartford Financial Services Group, Inc. (The)		262		13,281
Huntington Bancshares, Inc.(c)		753		11,551
Intercontinental Exchange, Inc.		411		45,337
Invesco Ltd., (Acquired 09/19/2017 - 02/19/2021; Cost $5,288)(d)(e)		285		6,390
JPMorgan Chase & Co.		2,235		328,925
KeyCorp.		708		14,259
KKR & Co., Inc., Class A		368		16,766
Lincoln National Corp.		136		7,734
Loews Corp.		187		8,940
M&T Bank Corp.		94		14,188
Markel Corp.(b)		10		10,888
MarketAxess Holdings, Inc.		27		15,010
Marsh & McLennan Cos., Inc.		368		42,401
MetLife, Inc.		561		32,314
Moody’s Corp.		123		33,811
Morgan Stanley		1,031		79,253
MSCI, Inc.		61		25,286
Nasdaq, Inc.		82		11,340
Northern Trust Corp.		145		13,794
PNC Financial Services Group, Inc. (The)		311		52,360
Principal Financial Group, Inc.		206		11,655

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

4

Invesco PureBeta^SM MSCI USA ETF (PBUS)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Financials-(continued)
Progressive Corp. (The)		429	$	36,873
Prudential Financial, Inc.		290		25,149
Raymond James Financial, Inc.		90		10,507
Regions Financial Corp.		704		14,524
Reinsurance Group of America, Inc.		50		6,112
RenaissanceRe Holdings Ltd. (Bermuda)		36		6,011
S&P Global, Inc.		175		57,638
SEI Investments Co.		99		5,544
State Street Corp.		261		18,993
SVB Financial Group(b)		37		18,698
Synchrony Financial		385		14,892
T. Rowe Price Group, Inc.		165		26,753
Tradeweb Markets, Inc., Class A		67		4,877
Travelers Cos., Inc. (The)		184		26,772
Truist Financial Corp.		989		56,333
U.S. Bancorp		994		49,700
Voya Financial, Inc.(c)		93		5,606
W.R. Berkley Corp.		106		7,349
Wells Fargo & Co.		2,866		103,663
Willis Towers Watson PLC		94		20,740
				2,718,881
Health Care-13.25%
10X Genomics, Inc., Class A(b)		46		8,188
Abbott Laboratories		1,300		155,714
AbbVie, Inc.		1,294		139,416
ABIOMED, Inc.(b)		33		10,710
Agilent Technologies, Inc.		226		27,588
Alexion Pharmaceuticals, Inc.(b)		160		24,440
Align Technology, Inc.(b)		54		30,624
Alnylam Pharmaceuticals, Inc.(b)		85		12,589
AmerisourceBergen Corp.		109		11,033
Amgen, Inc.		428		96,266
Anthem, Inc.		182		55,181
Avantor, Inc.(b)		382		10,646
Baxter International, Inc.		370		28,745
Becton, Dickinson and Co.		211		50,883
Biogen, Inc.(b)		113		30,835
BioMarin Pharmaceutical, Inc.(b)		131		10,143
Bio-Rad Laboratories, Inc., Class A(b)		16		9,352
Boston Scientific Corp.(b)		1,050		40,719
Bristol-Myers Squibb Co.		1,665		102,114
Cardinal Health, Inc.		212		10,922
Catalent, Inc.(b)		124		14,100
Centene Corp.(b)		425		24,880
Cerner Corp.		225		15,557
Cigna Corp.		265		55,623
Cooper Cos., Inc. (The)		38		14,673
CVS Health Corp.		962		65,541
Danaher Corp.		469		103,025
DaVita, Inc.(b)		58		5,924
DENTSPLY SIRONA, Inc.		160		8,491
DexCom, Inc.(b)		70		27,845
Edwards Lifesciences Corp.(b)		457		37,977
Elanco Animal Health, Inc.(b)		311		10,219
Eli Lilly and Co.		629		128,876
Exact Sciences Corp.(b)		113		15,382
Gilead Sciences, Inc.		919		56,427
HCA Healthcare, Inc.		198		34,062
Henry Schein, Inc.(b)		105		6,494

	Shares		Value
Health Care-(continued)
Hologic, Inc.(b)		188	$	13,553
Horizon Therapeutics PLC(b)		161		14,637
Humana, Inc.		97		36,826
IDEXX Laboratories, Inc.(b)		63		32,771
Illumina, Inc.(b)		106		46,577
Incyte Corp.(b)		132		10,383
Insulet Corp.(b)		50		12,955
Intuitive Surgical, Inc.(b)		86		63,365
Ionis Pharmaceuticals, Inc.(b)		102		5,345
IQVIA Holdings, Inc.(b)		141		27,183
Jazz Pharmaceuticals PLC(b)		41		6,890
Johnson & Johnson		1,933		306,303
Laboratory Corp. of America Holdings(b)		71		17,034
Masimo Corp.(b)		36		9,026
McKesson Corp.		118		20,003
Medtronic PLC		989		115,683
Merck & Co., Inc.		1,855		134,710
Mettler-Toledo International, Inc.(b)		17		18,973
Moderna, Inc.(b)		204		31,581
Molina Healthcare, Inc.(b)		43		9,321
Neurocrine Biosciences, Inc.(b)		65		7,118
Novocure Ltd.(b)		61		9,095
PerkinElmer, Inc.		80		10,087
Pfizer, Inc.		4,083		136,740
PPD, Inc.(b)		85		2,980
Quest Diagnostics, Inc.		102		11,790
Regeneron Pharmaceuticals, Inc.(b)		76		34,243
ResMed, Inc.		105		20,242
Royalty Pharma PLC, Class A		128		5,961
Sarepta Therapeutics, Inc.(b)		53		4,614
Seagen, Inc.(b)		93		14,053
STERIS PLC		63		11,012
Stryker Corp.		249		60,430
Teladoc Health, Inc.(b)		85		18,793
Teleflex, Inc.		33		13,138
Thermo Fisher Scientific, Inc.		290		130,523
UnitedHealth Group, Inc.		696		231,225
Universal Health Services, Inc., Class B		56		7,018
Varian Medical Systems, Inc.(b)		67		11,743
Veeva Systems, Inc., Class A(b)		99		27,731
Vertex Pharmaceuticals, Inc.(b)		191		40,597
Viatris, Inc.(b)		937		13,914
Waters Corp.(b)		44		12,051
West Pharmaceutical Services, Inc.		53		14,874
Zimmer Biomet Holdings, Inc.		155		25,274
Zoetis, Inc.		348		54,024
				3,353,593
Industrials-8.34%
3M Co		420		73,525
A.O. Smith Corp.		103		6,115
Allegion PLC.		67		7,288
AMERCO		7		4,023
AMETEK, Inc.		169		19,937
Boeing Co. (The)(b)		392		83,108
Booz Allen Hamilton Holding Corp.		104		8,023
C.H. Robinson Worldwide, Inc.		102		9,267
Carrier Global Corp.		602		21,991
Caterpillar, Inc.		397		85,704
Cintas Corp.		65		21,082

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

5

Invesco PureBeta^SM MSCI USA ETF (PBUS)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Industrials-(continued)
Copart, Inc.(b)		156	$	17,029
CoStar Group, Inc.(b)		29		23,889
CSX Corp.		562		51,451
Cummins, Inc.		108		27,346
Deere & Co.		218		76,108
Delta Air Lines, Inc.(b)		110		5,273
Dover Corp.		105		12,942
Eaton Corp. PLC		293		38,146
Emerson Electric Co.		438		37,624
Equifax, Inc.		88		14,245
Expeditors International of Washington, Inc.		128		11,756
Fastenal Co.		420		19,475
FedEx Corp.		182		46,319
Fortive Corp.		229		15,073
Fortune Brands Home & Security, Inc.		104		8,647
Generac Holdings, Inc.(b)		47		15,489
General Dynamics Corp.		182		29,752
General Electric Co.		6,449		80,871
HEICO Corp.		28		3,522
HEICO Corp., Class A.		53		6,135
Honeywell International, Inc.		516		104,413
Howmet Aerospace, Inc.(b)		287		8,068
Huntington Ingalls Industries, Inc.		28		4,926
IDEX Corp.		54		10,539
IHS Markit Ltd.		277		24,974
Illinois Tool Works, Inc.		234		47,310
Ingersoll Rand, Inc.(b)		260		12,048
J.B. Hunt Transport Services, Inc.		62		9,106
Jacobs Engineering Group, Inc.		95		10,933
Johnson Controls International PLC		531		29,625
Kansas City Southern		69		14,651
Knight-Swift Transportation Holdings, Inc.		99		4,277
L3Harris Technologies, Inc.		154		28,014
Leidos Holdings, Inc.		102		9,022
Lennox International, Inc.		24		6,715
Lockheed Martin Corp.		184		60,766
Masco Corp.		192		10,218
Nordson Corp.		42		8,081
Norfolk Southern Corp.		186		46,883
Northrop Grumman Corp.		115		33,541
Old Dominion Freight Line, Inc.		69		14,819
Otis Worldwide Corp.		307		19,559
Owens Corning		79		6,401
PACCAR, Inc.		258		23,475
Parker-Hannifin Corp.		94		26,974
Pentair PLC		128		7,159
Plug Power, Inc.(b)		343		16,594
Raytheon Technologies Corp.		1,117		80,413
Republic Services, Inc.		160		14,254
Robert Half International, Inc.		82		6,379
Rockwell Automation, Inc.		85		20,679
Rollins, Inc.		159		5,274
Roper Technologies, Inc.		78		29,454
Sensata Technologies Holding PLC(b)		110		6,302
Snap-on, Inc.		38		7,718
Southwest Airlines Co.		105		6,104
Stanley Black & Decker, Inc.		115		20,107
Sunrun, Inc.(b)		81		5,069
Teledyne Technologies, Inc.(b)		27		10,017
Textron, Inc.		162		8,155

	Shares		Value
Industrials-(continued)
Trane Technologies PLC		176	$	26,970
TransDigm Group, Inc.(b)		38		21,913
TransUnion		135		11,368
Uber Technologies, Inc.(b)		702		36,329
Union Pacific Corp.		495		101,950
United Parcel Service, Inc., Class B		524		82,703
United Rentals, Inc.(b)		53		15,761
Verisk Analytics, Inc.		113		18,515
W.W. Grainger, Inc.		33		12,299
Wabtec Corp.		132		9,561
Waste Connections, Inc.		188		18,366
Waste Management, Inc.		313		34,709
XPO Logistics, Inc.(b)		67		7,812
Xylem, Inc.		131		13,042
				2,111,469
Information Technology-28.25%
Accenture PLC, Class A		464		116,418
Adobe, Inc.(b)		352		161,804
Advanced Micro Devices, Inc.(b)		882		74,538
Akamai Technologies, Inc.(b)		119		11,246
Amphenol Corp., Class A		219		27,524
Analog Devices, Inc.		271		42,227
ANSYS, Inc.(b)		63		21,482
Apple, Inc.		12,464		1,511,385
Applied Materials, Inc.		670		79,187
Arista Networks, Inc.(b)		43		12,033
Arrow Electronics, Inc.(b)		56		5,615
Autodesk, Inc.(b)		161		44,436
Automatic Data Processing, Inc.		316		54,990
Avalara, Inc.(b)		59		9,260
Black Knight, Inc.(b)		115		8,819
Broadcom, Inc.		297		139,551
Broadridge Financial Solutions, Inc.		82		11,684
Cadence Design Systems, Inc.(b)		204		28,782
CDW Corp.		105		16,473
Ceridian HCM Holding, Inc.(b)		99		8,876
Cisco Systems, Inc.		3,098		139,007
Citrix Systems, Inc.		82		10,954
Cloudflare, Inc., Class A(b)		146		10,800
Cognex Corp.		129		10,654
Cognizant Technology Solutions Corp., Class A		386		28,363
Corning, Inc.		568		21,720
Coupa Software, Inc.(b)		51		17,659
Crowdstrike Holdings, Inc., Class A(b)		128		27,648
Datadog, Inc., Class A(b)		130		12,403
Dell Technologies, Inc., Class C(b)		181		14,674
DocuSign, Inc.(b)		128		29,013
Dropbox, Inc., Class A(b)		232		5,230
Dynatrace, Inc.(b)		132		6,568
Enphase Energy, Inc.(b)		86		15,141
EPAM Systems, Inc.(b)		41		15,318
F5 Networks, Inc.(b)		45		8,549
Fair Isaac Corp.(b)		21		9,609
Fidelity National Information Services, Inc.		455		62,790
Fiserv, Inc.(b)		421		48,571
FleetCor Technologies, Inc.(b)		60		16,639
Fortinet, Inc.(b)		101		17,054
Gartner, Inc.(b)		63		11,280
Global Payments, Inc.		219		43,360

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

6

Invesco PureBeta^SM MSCI USA ETF (PBUS)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Information Technology-(continued)
GoDaddy, Inc., Class A(b)		129	$	10,465
Guidewire Software, Inc.(b)		61		6,770
Hewlett Packard Enterprise Co.		958		13,949
HP, Inc.		1,007		29,173
HubSpot, Inc.(b)		31		15,965
Intel Corp.		3,004		182,583
International Business Machines Corp.		652		77,542
Intuit, Inc.		193		75,297
IPG Photonics Corp.(b)		27		6,138
Jack Henry & Associates, Inc.		54		8,016
Juniper Networks, Inc.		239		5,564
Keysight Technologies, Inc.(b)		134		18,964
KLA Corp.		114		35,480
Lam Research Corp.		105		59,555
Marvell Technology Group Ltd.		494		23,850
Mastercard, Inc., Class A		652		230,710
Maxim Integrated Products, Inc.		196		18,261
Microchip Technology, Inc.		191		29,152
Micron Technology, Inc.(b)		812		74,322
Microsoft Corp.		5,265		1,223,481
MongoDB, Inc.(b)		39		15,051
Monolithic Power Systems, Inc.		31		11,610
Motorola Solutions, Inc.		124		21,760
NetApp, Inc.		160		10,016
NortonLifeLock, Inc.		418		8,155
NVIDIA Corp.		454		249,055
NXP Semiconductors N.V. (Netherlands)		207		37,788
Okta, Inc.(b)		86		22,485
ON Semiconductor Corp.(b)		308		12,403
Oracle Corp.		1,435		92,572
Palo Alto Networks, Inc.(b)		70		25,082
Paychex, Inc.		236		21,493
Paycom Software, Inc.(b)		35		13,098
PayPal Holdings, Inc.(b)		817		212,297
PTC, Inc.(b)		79		10,818
Qorvo, Inc.(b)		82		14,328
QUALCOMM, Inc.		829		112,902
RingCentral, Inc., Class A(b)		55		20,799
salesforce.com, inc.(b)		667		144,406
Seagate Technology PLC		170		12,449
ServiceNow, Inc.(b)		143		76,285
Skyworks Solutions, Inc.		122		21,694
Slack Technologies, Inc., Class A(b)		336		13,753
Snowflake, Inc., Class A(b)		19		4,931
SolarEdge Technologies, Inc.(b)		38		11,336
Splunk, Inc.(b)		120		17,161
Square, Inc., Class A(b)		281		64,638
SS&C Technologies Holdings, Inc.		162		10,737
Synopsys, Inc.(b)		111		27,218
TE Connectivity Ltd.		240		31,207
Teradyne, Inc.		122		15,690
Texas Instruments, Inc.		672		115,765
Trade Desk, Inc. (The), Class A(b)		31		24,967
Trimble, Inc.(b)		183		13,568
Twilio, Inc., Class A(b)		103		40,467
Tyler Technologies, Inc.(b)		29		13,439
VeriSign, Inc.(b)		75		14,552
Visa, Inc., Class A		1,240		263,364
VMware, Inc., Class A(b)(c)		62		8,569
Western Digital Corp.		223		15,282

	Shares		Value
Information Technology-(continued)
Western Union Co. (The)		308	$	7,152
Workday, Inc., Class A(b)		132		32,364
Xilinx, Inc.		183		23,845
Zebra Technologies Corp., Class A(b)		39		19,478
Zendesk, Inc.(b)		84		12,276
Zoom Video Communications, Inc., Class A(b)		143		53,426
Zscaler, Inc.(b)		53		10,867
				7,147,169
Materials-2.56%
Air Products and Chemicals, Inc.		160		40,899
Albemarle Corp.		84		13,206
Amcor PLC		1,176		12,865
Avery Dennison Corp.		61		10,688
Axalta Coating Systems Ltd.(b)		156		4,265
Ball Corp.		236		20,152
Celanese Corp.		83		11,530
CF Industries Holdings, Inc.		157		7,109
Corteva, Inc.		550		24,832
Crown Holdings, Inc.(b)		102		9,747
Dow, Inc.		547		32,443
DuPont de Nemours, Inc.		392		27,565
Eastman Chemical Co.		103		11,254
Ecolab, Inc.		187		39,150
FMC Corp.		100		10,169
Freeport-McMoRan, Inc.		1,068		36,216
International Flavors & Fragrances, Inc.		163		22,088
International Paper Co.		281		13,952
Linde PLC (United Kingdom)		383		93,555
LyondellBasell Industries N.V., Class A		196		20,206
Martin Marietta Materials, Inc.		46		15,496
Mosaic Co. (The)		262		7,703
Newmont Corp.		597		32,465
Nucor Corp.		229		13,699
Packaging Corp. of America		74		9,769
PPG Industries, Inc.		173		23,324
RPM International, Inc.		100		7,964
Sealed Air Corp.		109		4,567
Sherwin-Williams Co. (The)		60		40,820
Steel Dynamics, Inc.		157		6,528
Vulcan Materials Co.		97		16,198
Westrock Co.		186		8,108
				648,532
Real Estate-2.54%
Alexandria Real Estate Equities, Inc.		99		15,809
American Tower Corp.		328		70,891
AvalonBay Communities, Inc.		104		18,278
Boston Properties, Inc.		106		10,508
Camden Property Trust.		76		7,915
CBRE Group, Inc., Class A(b)		240		18,185
Crown Castle International Corp.		316		49,217
Digital Realty Trust, Inc.		205		27,620
Duke Realty Corp.		266		10,440
Equinix, Inc.		65		42,142
Equity LifeStyle Properties, Inc.		129		7,953
Equity Residential		281		18,380
Essex Property Trust, Inc.		48		12,230
Extra Space Storage, Inc.		95		11,941
Healthpeak Properties, Inc.		395		11,491
Host Hotels & Resorts, Inc.		520		8,627

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

7

Invesco PureBeta^SM MSCI USA ETF (PBUS)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Real Estate-(continued)
Invitation Homes, Inc.		395	$	11,510
Iron Mountain, Inc.		210		7,306
Medical Properties Trust, Inc.		420		9,068
Mid-America Apartment Communities, Inc.		80		10,778
Omega Healthcare Investors, Inc.		161		5,980
Prologis, Inc.		546		54,092
Public Storage		114		26,669
Realty Income Corp.		257		15,487
Regency Centers Corp.		128		7,012
SBA Communications Corp., Class A		80		20,410
Simon Property Group, Inc.		241		27,214
Sun Communities, Inc.		79		12,004
UDR, Inc.		213		8,769
Ventas, Inc.		281		14,865
VEREIT, Inc.		158		6,162
VICI Properties, Inc.		394		11,229
Vornado Realty Trust		125		5,368
Welltower, Inc.		307		20,845
Weyerhaeuser Co.		548		18,561
WP Carey, Inc.		129		8,842
				643,798
Utilities-2.48%
AES Corp. (The)		492		13,068
Alliant Energy Corp.		182		8,401
Ameren Corp.		182		12,789
American Electric Power Co., Inc.		364		27,245
American Water Works Co., Inc.		131		18,586
Atmos Energy Corp.		92		7,784
CenterPoint Energy, Inc.		399		7,757
CMS Energy Corp.		209		11,309
Consolidated Edison, Inc.		240		15,756
Dominion Energy, Inc.		598		40,855
DTE Energy Co.		142		16,716
Duke Energy Corp.		544		46,561
Edison International		277		14,955
Entergy Corp.		152		13,195
Essential Utilities, Inc.		160		6,730
Evergy, Inc.		162		8,688
Eversource Energy		251		19,950
Exelon Corp.		724		27,946
FirstEnergy Corp.		394		13,057
NextEra Energy, Inc.		1,436		105,517

	Shares		Value
Utilities-(continued)
NiSource, Inc.		284	$	6,134
NRG Energy, Inc.		182		6,645
OGE Energy Corp.		152		4,449
PG&E Corp.(b)		1,070		11,246
Pinnacle West Capital Corp.		80		5,594
PPL Corp.		570		14,928
Public Service Enterprise Group, Inc.		368		19,810
Sempra Energy		212		24,588
Southern Co. (The)		779		44,185
UGI Corp.		155		5,938
Vistra Corp.		317		5,468
WEC Energy Group, Inc.		234		18,870
Xcel Energy, Inc.		389		22,793
				627,513
Total Common Stocks & Other Equity Interests (Cost $23,168,221)				25,288,598
Money Market Funds-0.11%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(f) (Cost $27,629)		27,629		27,629
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $23,195,850)				25,316,227
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.15%
Invesco Private Government Fund, 0.01%(d)(f)(g)		14,477		14,477
Invesco Private Prime Fund, 0.11%(d)(f)(g)		22,774		22,784
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $37,261)				37,261
TOTAL INVESTMENTS IN SECURITIES-100.20% (Cost $23,233,111)				25,353,488
OTHER ASSETS LESS LIABILITIES-(0.20)%				(51,028	)
NET ASSETS-100.00%			$	25,302,460

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2021.

^(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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Invesco Ltd.		$	1,112		$	3,766		$	(783	)		$	1,872		$	423		$	6,390		$	61

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

8

Invesco PureBeta^SM MSCI USA ETF (PBUS)–(continued)

February 28, 2021

(Unaudited)

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money   Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	302,161		$	(274,532	)		$	-		$	-		$	27,629		$	1
Invesco Premier U.S. Government   Money Portfolio, Institutional Class			817			36,247			(37,064	)			-			-			-			-
Investments Purchased with Cash   Collateral from Securities on Loan:
Invesco Private Government Fund			14,282			158,482			(158,287	)			-			-			14,477			2	*
Invesco Private Prime Fund			4,903			170,769			(152,891	)			-			3			22,784			10	*
Total		$	21,114		$	671,425		$	(623,557	)		$	1,872		$	426		$	71,280		$	74

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

^(e)  Restricted security. The value of this security at February 28, 2021 represented less than 1% of the Fund’s Net Assets.

^(f)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

Portfolio Composition

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

as of February 28, 2021

Information Technology	28.25
Health Care	13.25
Consumer Discretionary	12.17
Communication Services	11.29
Financials	10.75
Industrials	8.34
Consumer Staples	5.72
Sector Types Each Less Than 3%	10.17
Money Market Funds Plus Other Assets   Less Liabilities	0.06

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

9

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-2.32%
AMC Entertainment Holdings, Inc., Class A(b)		437	$	3,500
AMC Networks, Inc., Class A(c)		122		8,002
ANGI Homeservices, Inc., Class A(c)		387		5,784
Anterix, Inc.(c)		51		2,154
ATN International, Inc.		49		2,385
Bandwidth, Inc., Class A(c)		95		15,044
Boingo Wireless, Inc.(c)		216		2,462
Boston Omaha Corp., Class A(c)		73		3,065
Cardlytics, Inc.(c)		119		15,759
Cargurus, Inc., (Acquired 05/28/2019 - 02/10/2021; Cost $12,192)(c)(d)		394		10,224
Cars.com, Inc.(c)		310		3,618
Cincinnati Bell, Inc.(c)		216		3,300
Cinemark Holdings, Inc.(b)		531		11,921
Clear Channel Outdoor Holdings, Inc.(c)		1,846		3,175
Cogent Communications Holdings, Inc.		194		11,611
Consolidated Communications Holdings, Inc.(c)		288		1,515
E.W. Scripps Co. (The), Class A		219		4,122
Eventbrite, Inc., Class A(c)		266		5,285
EverQuote, Inc., Class A(c)		71		3,478
Globalstar, Inc.(c)		3,771		6,675
Glu Mobile, Inc.(c)		696		8,686
Gogo, Inc.(b)(c)		264		3,128
Gray Television, Inc.(c)		456		8,276
Hemisphere Media Group, Inc.(c)		75		829
iHeartMedia, Inc., Class A(c)		267		3,757
IMAX Corp.(c)		265		5,478
Iridium Communications, Inc.(c)		574		21,990
John Wiley & Sons, Inc., Class A		216		11,379
Liberty Latin America Ltd., Class A (Chile)(c)		195		2,139
Liberty Latin America Ltd., Class C (Chile)(c)		745		8,165
Liberty Media Corp.-Liberty Braves, Class A(b)(c)		46		1,351
Liberty Media Corp.-Liberty Braves, Class C(c)		168		4,837
Lions Gate Entertainment Corp., Class A(b)(c)		310		4,501
Lions Gate Entertainment Corp., Class B(c)		554		6,947
Loral Space & Communications, Inc.		51		2,261
Madison Square Garden Entertainment Corp.(c)		73		7,867
Madison Square Garden Sports Corp., Class A(c)		73		14,042
Meredith Corp.		214		5,303
MSG Networks, Inc., Class A(c)		216		3,663
New York Times Co. (The), Class A		670		34,284
Nexstar Media Group, Inc., Class A		215		29,573
QuinStreet, Inc.(c)		217		5,184
Scholastic Corp.		144		4,147
Shenandoah Telecommunications Co.		219		9,713
Sinclair Broadcast Group, Inc., Class A		216		6,681
TechTarget, Inc.(c)		118		9,868
TEGNA, Inc.		1,011		18,430
Telephone & Data Systems, Inc.		433		7,746
Tribune Publishing Co.		73		1,240
TripAdvisor, Inc.(c)		502		24,909
TrueCar, Inc.(c)		409		2,217
United States Cellular Corp.(c)		70		2,060
Vonage Holdings Corp.(c)		1,107		14,635
WideOpenWest, Inc.(c)		311		4,370
World Wrestling Entertainment, Inc., Class A		219		10,819
Yelp, Inc.(c)		337		12,708

	Shares		Value
Communication Services-(continued)
ZoomInfo Technologies, Inc., Class A(c)		404	$	21,178
Zynga, Inc., Class A(c)		4,345		48,447
				515,887
Consumer Discretionary-14.86%
1-800-Flowers.com, Inc., Class A(c)		120		3,394
Aaron’s Co., Inc. (The)(c)		151		3,316
Abercrombie & Fitch Co., Class A		312		8,539
Accel Entertainment, Inc.(c)		195		2,163
Acushnet Holdings Corp.		171		7,220
Adient PLC(c)		433		16,056
Adtalem Global Education, Inc.(c)		265		10,415
American Axle & Manufacturing Holdings, Inc.(c)		528		5,159
American Eagle Outfitters, Inc.(b)		790		20,303
American Public Education, Inc.(c)		73		2,149
America’s Car-Mart, Inc.(c)		25		3,375
Arko Corp.(c)		304		2,818
Asbury Automotive Group, Inc.(c)		96		16,267
At Home Group, Inc.(c)		238		5,995
AutoNation, Inc.(c)		287		21,531
Bally’s Corp.		74		4,404
Bed Bath & Beyond, Inc.		601		16,143
Big Lots, Inc.		190		12,073
BJ’s Restaurants, Inc.(c)		97		5,386
Bloomin’ Brands, Inc.		387		9,613
Boot Barn Holdings, Inc.(c)		142		8,580
Boyd Gaming Corp.(c)		387		22,717
Bright Horizons Family Solutions, Inc.(c)		288		45,982
Brinker International, Inc.		218		14,953
Brunswick Corp.		382		33,757
Buckle, Inc. (The)		142		5,458
Caesars Entertainment, Inc.(c)		902		84,283
Callaway Golf Co.		432		12,074
Camping World Holdings, Inc., Class A		190		5,947
Capri Holdings Ltd.(c)		672		31,362
CarParts.com, Inc.(c)		168		2,979
Carriage Services, Inc.		75		2,472
Carter’s, Inc.		215		17,946
Cavco Industries, Inc.(c)		47		9,913
Century Communities, Inc.(c)		144		7,968
Cheesecake Factory, Inc. (The)		195		10,715
Chegg, Inc.(c)		622		60,042
Children’s Place, Inc. (The)(b)(c)		71		4,917
Choice Hotels International, Inc.		168		17,618
Churchill Downs, Inc.		168		38,746
Columbia Sportswear Co.		145		14,945
Cooper Tire & Rubber Co.		241		13,795
Core-Mark Holding Co., Inc.		216		7,037
Cracker Barrel Old Country Store, Inc.		118		18,275
Crocs, Inc.(c)		336		25,778
Dana, Inc.		696		16,572
Dave & Buster’s Entertainment, Inc.		215		8,731
Deckers Outdoor Corp.(c)		135		44,025
Denny’s Corp.(c)		288		5,054
Designer Brands, Inc., Class A		312		3,897
Dick’s Sporting Goods, Inc.		312		22,267
Dillard’s, Inc., Class A(b)		49		3,905
Dine Brands Global, Inc.		73		5,775

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

10

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Consumer Discretionary-(continued)
Dorman Products, Inc.(c)		142	$	14,159
Duluth Holdings, Inc., Class B(b)(c)		97		1,356
El Pollo Loco Holdings, Inc.(c)		99		1,815
Ethan Allen Interiors, Inc.		120		3,074
Everi Holdings, Inc.(c)		432		6,528
Extended Stay America, Inc.		913		14,690
Five Below, Inc.(c)		268		49,880
Floor & Decor Holdings, Inc., Class A(c)		404		38,416
Foot Locker, Inc.		479		23,035
Fox Factory Holding Corp.(c)		194		24,667
Franchise Group, Inc.		94		3,298
frontdoor, inc.(c)		430		22,519
GameStop Corp., Class A(b)(c)		290		29,505
Gap, Inc. (The)(c)		1,056		26,347
Genesco, Inc.(c)		73		3,281
Gentex Corp.		1,179		41,713
Gentherm, Inc.(c)		166		11,751
G-III Apparel Group Ltd.(c)		193		5,556
Goodyear Tire & Rubber Co. (The)		1,128		18,962
GoPro, Inc., Class A(b)(c)		601		4,520
Graham Holdings Co., Class B		21		12,617
Grand Canyon Education, Inc.(c)		219		22,927
Green Brick Partners, Inc.(c)		120		2,368
Group 1 Automotive, Inc.		91		13,872
Groupon, Inc.(c)		98		4,253
GrowGeneration Corp.(c)		239		10,906
Grubhub, Inc.(c)		451		28,896
Guess?, Inc.		166		4,185
H&R Block, Inc.		890		17,115
Hanesbrands, Inc.		1,683		29,772
Harley-Davidson, Inc.		721		25,718
Haverty Furniture Cos., Inc., (Acquired 09/19/2017 - 02/10/2021; Cost $1,908)(d)		69		2,496
Helen of Troy Ltd.(c)		120		26,016
Hibbett Sports, Inc.(c)		75		4,820
Hilton Grand Vacations, Inc.(c)		408		16,120
Hyatt Hotels Corp., Class A		190		16,711
Installed Building Products, Inc.(c)		121		13,233
iRobot Corp.(c)		142		17,624
Jack in the Box, Inc.		103		10,542
Johnson Outdoors, Inc., Class A		25		3,017
KB Home		384		15,506
Kohl’s Corp.		771		42,598
Kontoor Brands, Inc.		238		10,056
L Brands, Inc.		1,131		61,820
Lands’ End, Inc.(c)		49		1,619
Laureate Education, Inc., Class A(c)		479		6,586
La-Z-Boy, Inc.		217		9,246
LCI Industries		120		16,913
Leggett & Platt, Inc.		624		27,000
Levi Strauss & Co., Class A		315		7,327
LGI Homes, Inc.(c)		98		10,707
Lindblad Expeditions Holdings, Inc.(c)		120		2,500
Lithia Motors, Inc., Class A		127		47,492
Lovesac Co. (The)(c)		49		2,827
Lumber Liquidators Holdings, Inc.(c)		143		3,542
M.D.C. Holdings, Inc.		266		15,048
M/I Homes, Inc.(c)		123		6,138
Macy’s, Inc.		1,491		22,678
Magnite, Inc.(b)(c)		504		24,630

	Shares		Value
Consumer Discretionary-(continued)
Malibu Boats, Inc., Class A(c)		97	$	7,230
MarineMax, Inc.(c)		99		4,420
Marriott Vacations Worldwide Corp.		193		32,754
Mattel, Inc.(c)		1,678		33,896
Meritage Homes Corp.(c)		190		16,019
Michaels Cos., Inc. (The)(c)		336		5,040
Monarch Casino & Resort, Inc.(c)		51		3,451
Monro, Inc.		166		10,290
Murphy USA, Inc.		138		17,202
National Vision Holdings, Inc.(c)		406		19,281
Nautilus, Inc.(c)		144		2,651
Nordstrom, Inc.(b)		507		18,480
Norwegian Cruise Line Holdings Ltd.(b)(c)		1,513		44,724
ODP Corp. (The)		238		9,108
Ollie’s Bargain Outlet Holdings, Inc.(c)		290		23,977
OneSpaWorld Holdings Ltd. (Bahamas)		217		2,367
Overstock.com, Inc.(c)		193		12,964
Oxford Industries, Inc.		75		5,718
Papa John’s International, Inc.		142		12,807
Patrick Industries, Inc.		99		7,814
Penn National Gaming, Inc.(c)		744		86,140
Penske Automotive Group, Inc.		167		11,353
Perdoceo Education Corp.(c)		337		4,337
PetMed Express, Inc.(b)		96		3,332
Planet Fitness, Inc., Class A(c)		386		33,231
Playa Hotels & Resorts N.V.(c)		647		4,639
Polaris, Inc.		287		33,797
Purple Innovation, Inc.(c)		193		7,100
PVH Corp.		336		33,587
Quotient Technology, Inc.(c)		382		5,126
Qurate Retail, Inc., Class A		1,875		23,288
Ralph Lauren Corp.		238		27,865
RealReal, Inc. (The)(c)		97		2,477
Red Rock Resorts, Inc., Class A		337		10,167
Rent-A-Center, Inc.		245		14,151
Revolve Group, Inc.(c)		122		5,624
RH(c)		76		37,268
Ruth’s Hospitality Group, Inc.		142		3,238
Sally Beauty Holdings, Inc.(c)		579		9,322
Scientific Games Corp.(c)		265		12,410
SeaWorld Entertainment, Inc.(c)		241		11,968
Service Corp. International		862		41,169
Shake Shack, Inc., Class A(c)		168		19,905
Shoe Carnival, Inc.		51		2,497
Shutterstock, Inc.		96		8,470
Signet Jewelers Ltd.		265		13,192
Six Flags Entertainment Corp.		361		16,101
Skechers U.S.A., Inc., Class A(c)		648		23,717
Skyline Champion Corp.(c)		259		11,461
Sleep Number Corp.(c)		142		19,472
Smith & Wesson Brands, Inc.		262		4,509
Sonic Automotive, Inc., Class A		118		5,441
Sonos, Inc.(c)		410		15,965
Sportsman’s Warehouse Holdings, Inc.(c)		214		3,625
Stamps.com, Inc.(c)		94		17,101
Standard Motor Products, Inc.		96		4,033
Steven Madden Ltd.		385		14,241
Stitch Fix, Inc., Class A(c)		266		20,298
Stoneridge, Inc.(c)		123		3,771
Strategic Education, Inc.		119		10,819

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

11

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Consumer Discretionary-(continued)
Stride, Inc.(c)		171	$	4,113
Sturm Ruger & Co., Inc.		75		5,115
Tapestry, Inc.		1,346		56,720
Taylor Morrison Home Corp., Class A(c)		598		16,451
Tempur Sealy International, Inc.		912		30,470
Tenneco, Inc., Class A(c)		286		3,186
Terminix Global Holdings, Inc.(c)		626		28,176
Texas Roadhouse, Inc.		315		28,627
Thor Industries, Inc.		263		30,787
Toll Brothers, Inc.		579		30,930
TopBuild Corp.(c)		167		31,798
Travel + Leisure Co.		409		24,716
Tri Pointe Homes, Inc.(c)		622		11,818
Tupperware Brands Corp.(c)		239		7,306
Under Armour, Inc., Class A(b)(c)		889		19,460
Under Armour, Inc., Class C(c)		914		16,635
Universal Electronics, Inc.(c)		70		4,073
Urban Outfitters, Inc.(c)		315		10,679
Veoneer, Inc. (Sweden)(b)(c)		505		13,877
Vista Outdoor, Inc.(c)		286		9,040
Visteon Corp.(c)		142		18,058
Vroom, Inc.(c)		283		12,523
Wendy’s Co. (The)		889		18,162
Williams-Sonoma, Inc.		368		48,315
Wingstop, Inc.		144		19,606
Winmark Corp.		19		3,353
Winnebago Industries, Inc.		144		10,022
Wolverine World Wide, Inc.		387		13,526
Workhorse Group, Inc.(b)(c)		502		8,117
WWInternational, Inc.(c)		242		7,137
Wyndham Hotels & Resorts, Inc.		455		29,702
XPEL, Inc.(c)(e)		72		3,481
YETI Holdings, Inc.(c)		360		24,757
Zumiez, Inc.(c)		96		4,328
				3,298,781
Consumer Staples-3.42%
Andersons, Inc. (The)		144		3,764
B&G Foods, Inc.(b)		310		9,402
BellRing Brands, Inc., Class A(c)		191		4,340
Beyond Meat, Inc.(b)(c)		119		17,312
BJ’s Wholesale Club Holdings, Inc.(c)		672		27,001
Boston Beer Co., Inc. (The), Class A(c)		47		48,349
Calavo Growers, Inc.		75		5,644
Cal-Maine Foods, Inc.(c)		190		7,239
Casey’s General Stores, Inc.		186		37,565
Celsius Holdings, Inc.(c)		123		7,322
Central Garden & Pet Co.(c)		49		2,234
Central Garden & Pet Co., Class A(c)		193		8,011
Chefs’ Warehouse, Inc. (The)(c)		192		5,979
Coca-Cola Consolidated, Inc.		22		5,647
Coty, Inc., Class A		1,440		11,045
Darling Ingredients, Inc.(c)		770		48,541
Edgewell Personal Care Co.		264		8,076
elf Beauty, Inc.(c)		193		4,950
Energizer Holdings, Inc.		288		12,038
Flowers Foods, Inc.		959		20,858
Fresh Del Monte Produce, Inc.		145		3,732
Freshpet, Inc.(c)		194		30,241
Grocery Outlet Holding Corp.(c)		338		12,165

	Shares		Value
Consumer Staples-(continued)
Hain Celestial Group, Inc. (The)(c)		387	$	16,324
Herbalife Nutrition Ltd.(c)		480		21,590
Hostess Brands, Inc.(c)		579		8,332
Ingles Markets, Inc., Class A		51		2,650
Ingredion, Inc.		314		28,323
Inter Parfums, Inc.		75		5,488
J&J Snack Foods Corp.		72		11,431
John B. Sanfilippo & Son, Inc.		46		3,977
Lancaster Colony Corp.		96		16,768
Landec Corp.(c)		121		1,349
Medifast, Inc.		49		12,397
MGP Ingredients, Inc.		70		4,472
National Beverage Corp.(b)		98		4,671
Nu Skin Enterprises, Inc., Class A		242		12,386
Performance Food Group Co.(c)		647		35,093
Pilgrim’s Pride Corp.(c)		239		5,351
Post Holdings, Inc.(c)		311		29,875
PriceSmart, Inc.		118		11,381
Rite Aid Corp.(c)		288		5,639
Sanderson Farms, Inc.		96		14,640
Seaboard Corp.		1		3,313
Simply Good Foods Co. (The)(c)		432		12,601
SpartanNash Co.		168		3,063
Spectrum Brands Holdings, Inc.		193		14,967
Sprouts Farmers Market, Inc.(c)		577		12,180
Tootsie Roll Industries, Inc.(b)		75		2,311
TreeHouse Foods, Inc.(c)		263		13,155
Turning Point Brands, Inc.		49		2,411
United Natural Foods, Inc.(c)		267		7,062
Universal Corp.		120		6,098
US Foods Holding Corp.(c)		1,059		38,611
USANA Health Sciences, Inc.(c)		70		6,794
Utz Brands, Inc.		215		5,433
Vector Group Ltd.		576		7,862
Village Super Market, Inc., Class A		46		1,060
Vital Farms, Inc.(b)(c)		73		1,980
WD-40 Co.		70		21,823
Weis Markets, Inc.		73		3,902
				758,218
Energy-3.14%
Alto Ingredients, Inc.(b)(c)		288		1,866
Antero Midstream Corp.		1,462		12,895
Antero Resources Corp.(c)		1,227		11,043
Apache Corp.		1,778		35,080
Arch Resources, Inc.		73		3,498
Archrock, Inc.		603		6,217
Bonanza Creek Energy, Inc.(c)		72		2,299
Brigham Minerals, Inc., Class A		166		2,375
Bristow Group, Inc.(c)		27		719
Cactus, Inc., Class A		219		6,980
ChampionX Corp.(c)		890		18,930
Cimarex Energy Co.		483		28,009
Clean Energy Fuels Corp.(c)		672		8,763
CNX Resources Corp.(c)		1,056		13,316
Continental Resources, Inc.(b)(c)		432		10,446
Core Laboratories N.V.		216		7,677
CVR Energy, Inc.		144		3,180
Delek US Holdings, Inc.		361		8,866
Diamondback Energy, Inc.		747		51,752

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

12

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Energy-(continued)
DMC Global, Inc.		72	$	4,535
Dorian LPG Ltd.(c)		192		2,390
Dril-Quip, Inc.(c)		169		5,739
EnLink Midstream LLC(c)		1,296		4,990
EQT Corp.		1,332		23,696
Equitrans Midstream Corp.		1,942		14,041
Frank’s International N.V.(c)		767		3,475
Green Plains, Inc.(c)		167		4,228
Helix Energy Solutions Group, Inc.(c)		670		3,283
Helmerich & Payne, Inc.		529		15,198
HollyFrontier Corp.		723		27,387
International Seaways, Inc.		96		1,665
Kosmos Energy Ltd. (Ghana)		2,328		7,170
Liberty Oilfield Services, Inc., Class A		357		4,173
Magnolia Oil & Gas Corp., Class A(c)		574		6,922
Marathon Oil Corp.		3,742		41,536
Matador Resources Co.(c)		528		11,030
Murphy Oil Corp.		650		10,614
NexTier Oilfield Solutions, Inc.(c)		650		3,023
NOV, Inc.		1,870		28,237
Oceaneering International, Inc.(c)		555		6,549
Ovintiv, Inc.		1,225		28,261
Par Pacific Holdings, Inc.(c)		166		2,933
Patterson-UTI Energy, Inc.		1,031		7,629
PBF Energy, Inc., Class A		456		6,475
PDC Energy, Inc.(c)		483		16,881
Plains GP Holdings L.P., Class A(c)		840		7,241
ProPetro Holding Corp.(c)		554		6,354
Range Resources Corp.(c)		1,129		10,884
Renewable Energy Group, Inc.(c)		192		14,932
REX American Resources Corp.(c)		25		2,352
RPC, Inc.(c)		406		2,578
Select Energy Services, Inc., Class A(c)		193		1,220
Southwestern Energy Co.(c)		3,431		13,896
Talos Energy, Inc.(c)		212		2,245
Targa Resources Corp.		1,104		34,147
TechnipFMC PLC (United Kingdom)		2,015		16,563
Texas Pacific Land Corp.		29		32,017
Transocean Ltd.(c)		3,119		10,823
Viper Energy Partners L.P		310		4,861
World Fuel Services Corp.		313		9,728
				695,812
Financials-14.95%
1st Source Corp.		75		3,328
Affiliated Managers Group, Inc.		230		32,193
Allegiance Bancshares, Inc.		98		3,690
Altabancorp		72		2,478
Amalgamated Bank, Class A, (Acquired 11/30/2018 - 02/10/2021; Cost $986)(d)		64		1,124
Ambac Financial Group, Inc.(c)		216		3,661
Amerant Bancorp, Inc.(c)		98		1,614
American Equity Investment Life Holding Co.		435		12,019
American National Group, Inc.		46		4,141
Ameris Bancorp		313		14,911
AMERISAFE, Inc.		96		5,618
Apollo Commercial Real Estate Finance, Inc.		699		9,290
Arbor Realty Trust, Inc.		528		8,802
Ares Commercial Real Estate Corp.		120		1,657
Ares Management Corp., Class A		507		26,354

	Shares		Value
Financials-(continued)
Argo Group International Holdings Ltd.		168	$	7,763
ARMOUR Residential REIT, Inc.		288		3,476
Arrow Financial Corp.		70		2,230
Artisan Partners Asset Management, Inc., Class A		288		13,680
Assetmark Financial Holdings, Inc.(c)		72		1,701
Associated Banc-Corp.		718		14,468
Associated Capital Group, Inc., Class A		20		682
Assured Guaranty Ltd.		406		17,953
Atlantic Union Bankshares Corp.		360		13,223
AXIS Capital Holdings Ltd.		408		20,616
Axos Financial, Inc.(c)		265		12,262
B. Riley Financial, Inc.		76		5,002
Banc of California, Inc.		214		3,972
BancFirst Corp.		94		6,005
Bancorp, Inc. (The), (Acquired 09/19/2017 - 02/10/2021; Cost $2,906)(c)(d)		218		4,419
BancorpSouth Bank		502		15,090
Bank First Corp.		26		1,817
Bank of Hawaii Corp.		193		16,888
Bank of Marin Bancorp		51		1,887
Bank OZK		601		24,773
BankUnited, Inc.		457		18,367
Banner Corp.		168		8,699
Bar Harbor Bankshares		72		2,015
Berkshire Hills Bancorp, Inc.		218		4,395
BGC Partners, Inc., Class A.		1,347		6,035
Blackstone Mortgage Trust, Inc., Class A		671		19,593
Blucora, Inc.(c)		240		3,888
BOK Financial Corp.		147		12,651
Boston Private Financial Holdings, Inc.		387		5,325
Brighthouse Financial, Inc.(c)		454		18,110
Brightsphere Investment Group, Inc.		311		5,629
Broadmark Realty Capital, Inc.		598		6,135
Brookline Bancorp, Inc.		382		5,436
BRP Group, Inc., Class A(c)		215		5,704
Bryn Mawr Bank Corp.		96		3,632
Byline Bancorp, Inc.		143		2,849
Cadence BanCorp		625		12,825
Camden National Corp.		72		2,918
Cannae Holdings, Inc.(c)		406		15,164
Capital City Bank Group, Inc.		51		1,259
Capitol Federal Financial, Inc.		649		8,638
Capstead Mortgage Corp.		456		2,613
Cathay General Bancorp		361		13,588
CBTX, Inc.		94		2,742
Central Pacific Financial Corp.		142		3,213
Century Bancorp, Inc., Class A		21		1,904
Chimera Investment Corp.		1,106		12,763
CIT Group, Inc.		457		20,725
Citizens, Inc.(c)		219		1,329
City Holding Co.		73		5,490
CNO Financial Group, Inc.		671		16,144
Cohen & Steers, Inc.		118		7,597
Colony Credit Real Estate, Inc.		408		3,366
Columbia Banking System, Inc.		358		15,856
Columbia Financial, Inc.(c)		286		4,673
Comerica, Inc.		671		45,695
Commerce Bancshares, Inc.		502		37,163
Community Bank System, Inc.		266		18,937

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

13

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Financials-(continued)
Community Trust Bancorp, Inc.		73	$	2,983
ConnectOne Bancorp, Inc.		147		3,415
Cowen, Inc., Class A		121		4,096
Crawford & Co., Class A		73		686
Credit Acceptance Corp.(b)(c)		48		17,425
CrossFirst Bankshares, Inc.(c)		217		2,897
Cullen/Frost Bankers, Inc.		288		30,067
Customers Bancorp, Inc.(c)		142		3,803
CVB Financial Corp.		625		13,381
Diamond Hill Investment Group, Inc.		20		2,837
Dime Community Bancshares, Inc.		167		4,904
Donegal Group, Inc., Class A		51		699
Dynex Capital, Inc.		120		2,258
Eagle Bancorp, Inc.		166		8,116
East West Bancorp, Inc.		674		48,636
eHealth, Inc.(b)(c)		119		7,071
Ellington Financial, Inc.		240		3,773
Employers Holdings, Inc.		147		4,894
Encore Capital Group, Inc.(c)		121		4,044
Enova International, Inc.(c)		168		5,158
Enstar Group Ltd.(c)		54		11,480
Enterprise Financial Services Corp.		121		5,203
Essent Group Ltd.		555		22,883
Evercore, Inc., Class A		192		22,996
F.N.B. Corp.		1,582		18,715
FB Financial Corp.		144		6,107
FBL Financial Group, Inc., Class A		49		2,795
Federal Agricultural Mortgage Corp., Class C		46		3,968
Federated Hermes, Inc., Class B		459		12,265
First American Financial Corp.		529		27,794
First Bancorp		1,056		11,077
First Bancorp/Southern Pines NC		144		5,799
First Bancshares, Inc. (The)		120		3,848
First Busey Corp.		238		5,448
First Citizens BancShares, Inc., Class A		22		16,234
First Commonwealth Financial Corp.		480		6,437
First Community Bancshares, Inc.		96		2,463
First Financial Bancorp		480		10,766
First Financial Bankshares, Inc.		625		27,913
First Financial Corp.		49		2,077
First Foundation, Inc.		171		3,907
First Hawaiian, Inc.		647		18,045
First Horizon Corp.		2,688		43,546
First Interstate BancSystem, Inc., Class A		193		8,766
First Merchants Corp.		286		12,026
First Mid Bancshares, Inc.		70		2,547
First Midwest Bancorp, Inc.		553		10,938
First of Long Island Corp. (The)		120		2,230
FirstCash, Inc.		192		12,157
Flagstar Bancorp, Inc.		265		11,498
Flushing Financial Corp.		121		2,511
Focus Financial Partners, Inc., Class A(c)		121		5,688
Freedom Holding Corp. (Kazakhstan)(c)		75		4,049
Fulton Financial Corp.		793		12,252
Genworth Financial, Inc., Class A(c)		2,446		7,632
German American Bancorp, Inc.		120		4,728
Glacier Bancorp, Inc.		457		24,769
GoHealth, Inc., Class A(b)(c)		194		2,633
Goosehead Insurance, Inc., Class A		73		9,456
Granite Point Mortgage Trust, Inc.		264		2,946

	Shares		Value
Financials-(continued)
Great Southern Bancorp, Inc.		49	$	2,587
Great Western Bancorp, Inc.		267		7,164
Green Dot Corp., Class A(c)		238		11,248
Hamilton Lane, Inc., Class A		138		12,337
Hancock Whitney Corp.		433		16,346
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		358		20,130
Hanover Insurance Group, Inc. (The)		187		21,570
HarborOne Bancorp, Inc.		191		2,282
HCI Group, Inc.		27		1,563
Heartland Financial USA, Inc.		168		7,852
Heritage Commerce Corp.		310		2,948
Heritage Financial Corp.		169		4,375
Heritage Insurance Holdings, Inc.		123		1,194
Hilltop Holdings, Inc.		313		10,342
Home BancShares, Inc.		769		18,794
HomeStreet, Inc.		120		5,155
Hope Bancorp, Inc.		603		7,936
Horace Mann Educators Corp.		193		7,438
Horizon Bancorp, Inc.		193		3,447
Houlihan Lokey, Inc.		240		15,254
Independence Holding Co.		22		836
Independent Bank Corp.		168		14,366
Independent Bank Corp.		97		2,005
Independent Bank Group, Inc.		176		12,265
Interactive Brokers Group, Inc., Class A		358		25,916
International Bancshares Corp.		265		11,549
Invesco Mortgage Capital, Inc., (Acquired 05/06/2020 - 02/10/2021; Cost $3,330)(d)(f)		1,008		3,921
Investors Bancorp, Inc.		1,150		15,341
James River Group Holdings Ltd.		145		6,657
Janus Henderson Group PLC		763		22,303
Jefferies Financial Group, Inc.		1,080		31,363
Kearny Financial Corp.		409		4,642
Kemper Corp.		291		22,005
Kinsale Capital Group, Inc.		102		17,958
KKR Real Estate Finance Trust, Inc.		121		2,230
Ladder Capital Corp.		623		7,127
Lakeland Bancorp, Inc.		238		3,732
Lakeland Financial Corp.		121		8,343
Lemonade, Inc.(b)(c)		174		21,887
LendingClub Corp.(c)		335		3,608
LendingTree, Inc.(c)		56		15,057
Live Oak Bancshares, Inc.		142		7,826
LPL Financial Holdings, Inc.		382		50,248
Luther Burbank Corp.		94		960
MBIA, Inc.(c)		264		1,927
Mercantile Bank Corp.		72		2,105
Merchants Bancorp		46		1,565
Mercury General Corp.		123		7,183
Meridian Bancorp, Inc.		240		4,020
Meta Financial Group, Inc.		168		7,441
MFA Financial, Inc.		2,136		8,587
MGIC Investment Corp.		1,585		19,305
Midland States Bancorp, Inc.		97		2,377
MidWestOne Financial Group, Inc.		72		1,976
Moelis & Co., Class A		264		13,633
Morningstar, Inc.		118		26,462
Mr. Cooper Group, Inc.(c)		337		10,599
National Bank Holdings Corp., Class A		144		5,580

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

14

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Financials-(continued)
National Western Life Group, Inc., Class A		17	$	3,550
Navient Corp.		865		10,709
NBT Bancorp, Inc.		214		7,753
Nelnet, Inc., Class A		96		6,970
New Residential Investment Corp.		2,037		20,940
New York Community Bancorp, Inc.		2,234		27,277
New York Mortgage Trust, Inc.		1,899		7,919
Nicolet Bankshares, Inc.(c)		46		3,406
NMI Holdings, Inc., Class A(c)		408		9,327
Northfield Bancorp, Inc.		214		2,930
Northwest Bancshares, Inc.		625		8,825
OceanFirst Financial Corp.		291		6,323
OFG Bancorp		243		4,692
Old National Bancorp		840		15,229
Old Republic International Corp.		1,393		26,927
OneMain Holdings, Inc.		387		18,154
Open Lending Corp., Class A(c)		376		14,378
Origin Bancorp, Inc.		75		2,570
Pacific Premier Bancorp, Inc.		407		16,402
PacWest Bancorp		576		20,874
Palomar Holdings, Inc.(c)		94		8,002
Park National Corp.		72		8,928
Peapack-Gladstone Financial Corp.		73		2,008
PennyMac Financial Services, Inc.		267		15,809
PennyMac Mortgage Investment Trust		502		9,523
Peoples Bancorp, Inc.		96		2,989
People’s United Financial, Inc.		2,040		36,598
Pinnacle Financial Partners, Inc.		382		31,007
Piper Sandler Cos		75		7,974
PJT Partners, Inc., Class A		97		6,763
Popular, Inc.		407		27,196
PRA Group, Inc.(c)		217		7,999
Preferred Bank		72		4,172
Premier Financial Corp.		193		5,917
Primerica, Inc.		192		27,116
ProAssurance Corp.		262		6,485
PROG Holdings, Inc.		334		16,700
ProSight Global, Inc.(c)		49		619
Prosperity Bancshares, Inc.		454		33,355
Provident Financial Services, Inc.		310		6,271
QCR Holdings, Inc.		72		2,981
Radian Group, Inc.		935		19,074
Ready Capital Corp.		219		2,873
Redwood Trust, Inc.		550		5,412
Renasant Corp.(b)		286		11,234
Republic Bancorp, Inc., Class A		48		2,018
RLI Corp.		193		20,138
Rocket Cos., Inc., Class A(b)(c)		552		12,061
S&T Bancorp, Inc.		192		5,545
Safety Insurance Group, Inc.		72		5,694
Sandy Spring Bancorp, Inc.		238		8,944
Seacoast Banking Corp. of Florida(c)		243		8,736
Selective Insurance Group, Inc.		288		19,535
Selectquote, Inc.(c)		275		8,388
ServisFirst Bancshares, Inc.		217		10,755
Signature Bank.		262		57,205
Simmons First National Corp., Class A		555		16,250
SiriusPoint Ltd. (Bermuda)(c)		358		3,655
SLM Corp.		1,611		25,438
South State Corp.		336		26,497

	Shares		Value
Financials-(continued)
Southside Bancshares, Inc.		147	$	5,083
Starwood Property Trust, Inc.		1,368		31,231
State Auto Financial Corp.		75		1,406
Sterling Bancorp		911		19,887
Stewart Information Services Corp.		118		5,570
Stifel Financial Corp.		504		30,784
Stock Yards Bancorp, Inc.		97		4,779
StoneX Group, Inc.(c)		73		4,211
Synovus Financial Corp.		718		30,379
TCF Financial Corp.		743		33,301
Texas Capital Bancshares, Inc.(c)		241		18,364
TFS Financial Corp.		264		5,156
Tompkins Financial Corp.		70		5,413
Towne Bank		358		10,325
TPG RE Finance Trust, Inc., (Acquired 11/30/2017 - 02/10/2021; Cost $2,308)(d)		194		2,025
TriCo Bancshares		123		5,298
TriState Capital Holdings, Inc.(c)		99		2,272
Triumph Bancorp, Inc.(c)		120		9,204
Trupanion, Inc.(c)		144		13,933
TrustCo Bank Corp.		456		3,137
Trustmark Corp.		289		8,716
Two Harbors Investment Corp.		1,297		9,364
UMB Financial Corp.		219		18,477
Umpqua Holdings Corp.		1,059		18,077
United Bankshares, Inc.		625		23,094
United Community Banks, Inc.		384		12,695
United Fire Group, Inc.		97		2,857
Universal Insurance Holdings, Inc.		147		2,189
Univest Financial Corp.		142		3,571
Unum Group		960		25,421
Valley National Bancorp		1,896		23,226
Veritex Holdings, Inc.		195		5,671
Victory Capital Holdings, Inc., Class A		51		1,211
Virtu Financial, Inc., Class A		297		8,099
Virtus Investment Partners, Inc.		37		9,283
Waddell & Reed Financial, Inc., Class A		286		7,176
Walker & Dunlop, Inc.		144		14,351
Washington Federal, Inc.		384		11,605
Washington Trust Bancorp, Inc.		73		3,471
Waterstone Financial, Inc.		120		2,332
Watford Holdings Ltd., Class A (Bermuda)(c)		97		3,359
Webster Financial Corp.		454		25,111
WesBanco, Inc.		312		10,071
Westamerica Bancorporation		123		7,394
Western Alliance Bancorporation		455		41,637
White Mountains Insurance Group Ltd.		16		19,121
Wintrust Financial Corp.		267		19,667
WisdomTree Investments, Inc.		576		3,053
World Acceptance Corp.(b)(c)		21		2,658
WSFS Financial Corp.		241		12,807
Zions Bancorporation N.A		791		42,057
				3,319,052
Health Care-16.01%
1Life Healthcare, Inc.(c)		241		11,450
Acadia Healthcare Co., Inc.(c)		382		21,102
ACADIA Pharmaceuticals, Inc.(c)		575		28,158
Accelerate Diagnostics, Inc.(b)(c)		142		1,421
Acceleron Pharma, Inc.(c)		241		32,815

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

15

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Health Care-(continued)
Accolade, Inc.(b)(c)		51	$	2,260
Acutus Medical, Inc.(b)(c)		46		955
Adaptive Biotechnologies Corp.(c)		430		24,325
Addus HomeCare Corp.(c)		72		7,745
Adverum Biotechnologies, Inc.(c)		310		3,977
Aerie Pharmaceuticals, Inc.(b)(c)		194		3,568
Agenus, Inc.(c)		526		2,104
Agios Pharmaceuticals, Inc.(c)		289		13,710
Akebia Therapeutics, Inc.(c)		530		1,834
Akero Therapeutics, Inc.(c)		75		2,280
Akouos, Inc.(c)		46		937
Albireo Pharma, Inc.(c)		72		2,510
Alder Biopharmaceuticals, Inc., CVR(c)(g)		48		42
Alector, Inc.(c)		195		3,545
Alkermes PLC(c)		766		14,585
Allakos, Inc.(c)		120		14,542
Allogene Therapeutics, Inc.(c)		291		10,101
Allovir, Inc.(b)(c)		70		2,559
Allscripts Healthcare Solutions, Inc.(c)		795		12,267
Alphatec Holdings, Inc.(c)		321		5,152
ALX Oncology Holdings, Inc.(b)(c)		27		2,168
Amedisys, Inc.(c)		164		41,597
Amicus Therapeutics, Inc.(c)		1,107		13,594
AMN Healthcare Services, Inc.(c)		219		15,959
Amneal Pharmaceuticals, Inc.(c)		337		1,816
Amphastar Pharmaceuticals, Inc.(c)		169		2,963
AnaptysBio, Inc.(c)		122		3,501
AngioDynamics, Inc.(c)		169		3,541
ANI Pharmaceuticals, Inc.(c)		46		1,339
Anika Therapeutics, Inc.(c)		70		2,569
Annexon, Inc.(c)		70		2,038
Antares Pharma, Inc.(c)		745		3,166
Apellis Pharmaceuticals, Inc.(c)		266		12,813
Apollo Medical Holdings, Inc.(c)		120		2,970
Applied Molecular Transport, Inc.(b)(c)		49		2,395
Applied Therapeutics, Inc.(c)		70		1,520
Aprea Therapeutics, Inc. (Sweden)(b)(c)		47		283
Arcturus Therapeutics Holdings, Inc.(b)(c)		95		5,004
Arcus Biosciences, Inc.(c)		195		6,876
Arcutis Biotherapeutics, Inc.(c)		121		4,135
Ardelyx, Inc.(c)		266		1,716
Arena Pharmaceuticals, Inc.(c)		287		23,060
Arrowhead Pharmaceuticals, Inc.(c)		478		38,077
Arvinas, Inc.(c)		146		11,432
Assembly Biosciences, Inc.(c)		144		732
Atara Biotherapeutics, Inc.(c)		338		5,672
Athenex, Inc.(c)		219		2,650
Athersys, Inc.(c)		887		1,809
Atreca, Inc., Class A(c)		147		2,550
AtriCure, Inc.(c)		216		14,098
Atrion Corp.		8		4,999
Avanos Medical, Inc.(c)		238		10,943
Avidity Biosciences, Inc.(b)(c)		70		1,689
Avrobio, Inc.(c)		168		1,848
AxoGen, Inc.(c)		166		3,669
Axonics Modulation Technologies, Inc.(b)(c)		118		5,937
Axsome Therapeutics, Inc.(c)		142		9,565
Beam Therapeutics, Inc.(b)(c)		74		6,596
BioCryst Pharmaceuticals, Inc.(b)(c)		913		9,842
BioDelivery Sciences International, Inc.(c)		385		1,617

	Shares		Value
Health Care-(continued)
Biohaven Pharmaceutical Holding Co. Ltd.(c)		242	$	20,565
BioLife Solutions, Inc.(c)		121		4,747
Bio-Techne Corp.		190		68,721
Bioxcel Therapeutics, Inc.(c)		72		3,860
Black Diamond Therapeutics, Inc.(c)		47		1,316
Bluebird Bio, Inc.(c)		336		10,450
Blueprint Medicines Corp.(c)		261		25,635
Bridgebio Pharma, Inc.(b)(c)		272		19,236
Brookdale Senior Living, Inc.(c)		886		5,157
Bruker Corp.		507		30,917
Calithera Biosciences, Inc.(c)		219		639
Cantel Medical Corp.		191		14,187
Cara Therapeutics, Inc.(c)		193		3,542
Cardiovascular Systems, Inc.(c)		197		8,136
CareDx, Inc.(c)		234		18,505
Castle Biosciences, Inc.(c)		93		7,075
Catalyst Pharmaceuticals, Inc.(c)		433		1,684
Celldex Therapeutics, Inc.(c)		191		5,172
CEL-SCI Corp.(b)(c)		168		2,982
Cerus Corp.(c)		862		5,293
Change Healthcare, Inc.(c)		1,104		25,248
Charles River Laboratories International, Inc.(c)		240		68,674
Chemed Corp.		76		33,836
ChemoCentryx, Inc.(c)		238		16,146
Clovis Oncology, Inc.(b)(c)		387		2,318
Codexis, Inc.(c)		265		5,859
Co-Diagnostics, Inc.(b)(c)		119		1,637
Coherus Biosciences, Inc.(c)		243		3,946
Collegium Pharmaceutical, Inc.(c)		121		2,854
Community Health Systems, Inc.(c)		432		3,698
Computer Programs & Systems, Inc.		51		1,604
CONMED Corp.		142		17,475
Constellation Pharmaceuticals, Inc.(c)		145		3,654
Corcept Therapeutics, Inc.(c)		553		13,908
Cortexyme, Inc.(b)(c)		71		2,419
CorVel Corp.(c)		48		4,872
Covetrus, Inc.(c)		551		20,475
Crinetics Pharmaceuticals, Inc.(c)		94		1,437
CRISPR Therapeutics AG (Switzerland)(c)		286		35,947
CryoLife, Inc.(c)		169		4,267
CryoPort, Inc.(b)(c)		192		11,412
Cue Biopharma, Inc.(c)		97		1,320
Cymabay Therapeutics, Inc.(c)		238		1,142
Cytokinetics, Inc.(c)		291		5,450
CytomX Therapeutics, Inc.(c)		144		1,130
Deciphera Pharmaceuticals, Inc.(c)		168		7,355
Denali Therapeutics, Inc.(c)		363		26,063
Dicerna Pharmaceuticals, Inc.(c)		314		8,472
Durect Corp.(c)		915		2,031
Dynavax Technologies Corp.(b)(c)		408		3,570
Eagle Pharmaceuticals, Inc.(c)		49		2,180
Editas Medicine, Inc.(c)		290		12,719
Emergent BioSolutions, Inc.(c)		216		20,736
Enanta Pharmaceuticals, Inc.(c)		72		3,551
Encompass Health Corp.		479		38,531
Endo International PLC(c)		1,130		8,961
Ensign Group, Inc. (The)		241		19,767
Envista Holdings Corp.(c)		790		30,447
Epizyme, Inc.(c)		358		3,433
Esperion Therapeutics, Inc.(b)(c)		120		3,287

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

16

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Health Care-(continued)
Evolent Health, Inc., Class A(c)		361	$	7,274
Exelixis, Inc.(c)		1,535		33,248
Fate Therapeutics, Inc.(c)		335		30,056
FibroGen, Inc.(c)		385		19,262
Flexion Therapeutics, Inc.(c)		216		2,380
Fluidigm Corp.(b)(c)		338		1,555
Forma Therapeutics Holdings, Inc.(c)		74		2,857
Frequency Therapeutics, Inc.(b)(c)		120		5,905
Fulgent Genetics, Inc.(c)		65		6,582
G1 Therapeutics, Inc.(c)		120		2,652
Generation Bio Co.(c)		169		5,901
GenMark Diagnostics, Inc.(c)		335		6,549
Geron Corp.(c)		1,466		2,624
Glaukos Corp.(c)		192		18,156
Global Blood Therapeutics, Inc.(b)(c)		263		11,204
Globus Medical, Inc., Class A(c)		363		22,687
Gossamer Bio., Inc.(c)		242		2,275
Guardant Health, Inc.(c)		359		52,838
Haemonetics Corp.(c)		242		30,613
Halozyme Therapeutics, Inc.(c)		646		29,231
Hanger, Inc.(c)		195		4,286
Health Catalyst, Inc.(b)(c)		74		3,588
HealthEquity, Inc.(c)		362		29,811
HealthStream, Inc.(c)		120		2,796
Heron Therapeutics, Inc.(c)		408		7,377
Heska Corp.(c)		48		9,043
Hill-Rom Holdings, Inc.		313		33,388
HMS Holdings Corp.(c)		430		15,818
Homology Medicines, Inc.(b)(c)		94		1,010
ICU Medical, Inc.(c)		96		19,920
IGM Biosciences, Inc.(b)(c)		27		2,361
ImmunoGen, Inc.(c)		920		8,050
Immunovant, Inc.(c)		147		2,320
Inari Medical, Inc.(c)		94		9,832
Inhibrx, Inc.(b)(c)		47		1,195
Innoviva, Inc.(c)		336		3,840
Inogen, Inc.(c)		96		5,039
Inovalon Holdings, Inc., Class A(c)		315		7,736
Inovio Pharmaceuticals, Inc.(b)(c)		1,003		11,133
Insmed, Inc.(c)		480		17,170
Inspire Medical Systems, Inc.(c)		119		27,702
Integer Holdings Corp.(c)		166		14,640
Integra LifeSciences Holdings Corp.(c)		337		23,031
Intellia Therapeutics, Inc.(c)		219		13,241
Intercept Pharmaceuticals, Inc.(c)		119		2,578
Intersect ENT, Inc.(c)		144		3,285
Intra-Cellular Therapies, Inc.(c)		339		12,011
Invitae Corp.(c)		854		34,271
Iovance Biotherapeutics, Inc.(c)		548		20,440
iRhythm Technologies, Inc.(c)		142		22,848
Ironwood Pharmaceuticals, Inc.(c)		766		7,070
iTeos Therapeutics, Inc.(c)		51		2,121
IVERIC bio, Inc.(c)		338		2,075
Kadmon Holdings, Inc.(b)(c)		574		2,635
Kala Pharmaceuticals, Inc.(b)(c)		147		1,089
Karuna Therapeutics, Inc.(c)		50		6,248
Karyopharm Therapeutics, Inc.(c)		240		3,317
Keros Therapeutics, Inc.(c)		47		3,077
Kiniksa Pharmaceuticals Ltd., Class A(c)		74		1,522
Kodiak Sciences, Inc.(c)		162		20,900

	Shares		Value
Health Care-(continued)
Krystal Biotech, Inc.(c)		66	$	5,207
Kura Oncology, Inc.(c)		264		7,392
Kymera Therapeutics, Inc.(c)		49		2,351
Lantheus Holdings, Inc.(c)		289		5,399
LeMaitre Vascular, Inc.		75		3,854
LHC Group, Inc.(c)		145		26,348
Ligand Pharmaceuticals, Inc.(b)(c)		75		11,116
LivaNova PLC(c)		238		18,455
Luminex Corp.		192		6,244
MacroGenics, Inc.(c)		242		6,052
Madrigal Pharmaceuticals, Inc.(c)		49		5,938
Magellan Health, Inc.(c)		118		11,012
MEDNAX, Inc.(c)		409		9,992
Medpace Holdings, Inc.(c)		142		23,065
MeiraGTx Holdings PLC(c)		72		1,068
Meridian Bioscience, Inc.(c)		193		4,068
Merit Medical Systems, Inc.(c)		239		13,317
Mersana Therapeutics, Inc.(c)		266		4,836
Merus N.V. (Netherlands)(c)		72		1,620
Mesa Laboratories, Inc.		22		5,982
Mirati Therapeutics, Inc.(c)		169		33,955
ModivCare, Inc.(c)		70		8,978
Molecular Templates, Inc.(c)		96		1,046
Morphic Holding, Inc.(c)		51		1,844
Myovant Sciences Ltd.(b)(c)		193		4,335
Myriad Genetics, Inc.(c)		360		10,976
NanoString Technologies, Inc.(c)		218		15,214
NantKwest, Inc.(b)(c)		147		4,779
Natera, Inc.(c)		350		40,631
National HealthCare Corp.		49		3,408
National Research Corp.		51		2,635
Natus Medical, Inc.(c)		168		4,353
Nektar Therapeutics(c)		895		20,308
Neogen Corp.(c)		260		21,299
NeoGenomics, Inc.(c)		502		25,587
Neoleukin Therapeutics, Inc.(c)		122		1,469
Nevro Corp.(c)		164		27,090
NextCure, Inc.(c)		49		557
NextGen Healthcare, Inc.(c)		240		4,488
Nkarta, Inc.(b)(c)		26		1,268
Novavax, Inc.(c)		308		71,219
Nurix Therapeutics, Inc.(b)(c)		49		1,745
NuVasive, Inc.(c)		243		14,660
Ocular Therapeutix, Inc.(c)		289		5,300
Odonate Therapeutics, Inc.(b)(c)		72		1,516
Omeros Corp.(b)(c)		311		6,201
Omnicell, Inc.(c)		210		26,649
Ontrak, Inc.(b)(c)		26		1,532
OPKO Health, Inc.(b)(c)		1,946		8,757
Option Care Health, Inc.(c)		168		3,224
OraSure Technologies, Inc.(c)		361		3,827
ORIC Pharmaceuticals, Inc.(c)		142		4,601
Orthofix Medical, Inc.(c)		94		4,372
OrthoPediatrics Corp.(c)		70		3,812
Owens & Minor, Inc.		361		12,278
Pacific Biosciences of California, Inc.(c)		864		26,412
Pacira BioSciences, Inc.(c)		195		14,332
Passage Bio, Inc.(c)		70		1,261
Patterson Cos., Inc.		409		12,704
Pennant Group, Inc. (The)(c)		144		7,600

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

17

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Health Care-(continued)
Penumbra, Inc.(b)(c)		167	$	47,500
Perrigo Co. PLC		658		26,557
Personalis, Inc.(c)		118		3,638
PetIQ, Inc.(b)(c)		94		3,240
Phathom Pharmaceuticals, Inc.(c)		27		1,189
Phibro Animal Health Corp., Class A		96		2,071
Phreesia, Inc.(c)		147		9,004
Pliant Therapeutics, Inc.(c)		49		1,621
PRA Health Sciences, Inc.(c)		312		45,992
Precigen, Inc.(b)(c)		335		2,827
Precision BioSciences, Inc.(c)		169		2,021
Premier, Inc., Class A		578		19,548
Prestige Consumer Healthcare, Inc.(c)		241		10,052
Progyny, Inc.(c)		74		3,115
Protagonist Therapeutics, Inc.(c)		143		3,370
Prothena Corp. PLC (Ireland)(c)		96		2,143
Provention Bio, Inc.(c)		258		3,282
PTC Therapeutics, Inc.(c)		287		16,388
Puma Biotechnology, Inc.(c)		195		1,942
Quanterix Corp.(c)		135		10,226
Quidel Corp.(c)		189		31,045
Quotient Ltd.(c)		337		1,513
R1 RCM, Inc.(c)		507		14,013
Radius Health, Inc.(c)		195		3,629
RadNet, Inc.(c)		193		3,559
RAPT Therapeutics, Inc.(b)(c)		73		1,325
Reata Pharmaceuticals, Inc., Class A(c)		120		14,671
REGENXBIO, Inc.(c)		166		6,791
Relay Therapeutics, Inc.(c)		122		5,035
Relmada Therapeutics, Inc.(c)		50		1,667
Repare Therapeutics, Inc. (Canada)(c)		47		1,546
Repligen Corp.(c)		239		50,761
Replimune Group, Inc.(c)		98		3,394
Revance Therapeutics, Inc.(c)		315		8,272
REVOLUTION Medicines, Inc.(c)		95		4,340
Rhythm Pharmaceuticals, Inc.(c)		192		4,977
Rigel Pharmaceuticals, Inc.(c)		790		3,278
Rocket Pharmaceuticals, Inc.(c)		147		8,170
Rubius Therapeutics, Inc.(b)(c)		236		2,450
Sage Therapeutics, Inc.(c)		243		20,655
Sangamo Therapeutics, Inc.(c)		555		6,377
Scholar Rock Holding Corp.(c)		126		6,817
Schrodinger, Inc.(c)		191		19,574
Select Medical Holdings Corp.(c)		525		16,616
Seres Therapeutics, Inc.(c)		290		5,522
Shockwave Medical, Inc.(c)		138		16,113
SI-BONE, Inc.(c)		147		4,614
SIGA Technologies, Inc.(c)		262		1,656
Silk Road Medical, Inc.(c)		123		6,737
Simulations Plus, Inc.		73		5,236
SmileDirectClub, Inc.(b)(c)		265		3,074
Sorrento Therapeutics, Inc.(b)(c)		1,034		9,999
Spectrum Pharmaceuticals, Inc.(c)		696		2,387
SpringWorks Therapeutics, Inc.(c)		97		8,347
STAAR Surgical Co.(c)		166		17,266
Stemline Therapeutics, Inc.(c)		64		21
Stoke Therapeutics, Inc.(b)(c)		46		2,755
Supernus Pharmaceuticals, Inc.(c)		238		6,395
Surgery Partners, Inc.(c)		174		6,868
SurModics, Inc.(c)		70		3,650

	Shares		Value
Health Care-(continued)
Syndax Pharmaceuticals, Inc.(c)		169	$	4,125
Syneos Health, Inc.(c)		311		24,056
Tabula Rasa HealthCare, Inc.(b)(c)		94		3,812
Tactile Systems Technology, Inc.(c)		102		5,184
Tandem Diabetes Care, Inc.(c)		286		27,453
TCR2 Therapeutics, Inc.(c)		96		2,540
Tenet Healthcare Corp.(c)		430		21,939
TG Therapeutics, Inc.(c)		503		22,016
TherapeuticsMD, Inc.(c)		1,753		2,665
Theravance Biopharma, Inc.(c)		217		3,596
Tilray, Inc., Class 2 (Canada)(b)(c)		611		14,884
Tivity Health, Inc.(c)		173		4,117
Translate Bio, Inc.(c)		217		5,065
Travere Therapeutics, Inc.(c)		269		8,291
Tricida, Inc.(c)		142		726
Triple-S Management Corp., Class B(c)		120		3,036
Turning Point Therapeutics, Inc.(c)		192		22,639
Twist Bioscience Corp.(c)		146		20,095
Ultragenyx Pharmaceutical, Inc.(c)		303		42,887
uniQure N.V. (Netherlands)(c)		145		5,321
United Therapeutics Corp.(c)		216		36,111
US Physical Therapy, Inc.		70		8,207
Vanda Pharmaceuticals, Inc.(c)		238		4,439
Vapotherm, Inc.(c)		73		1,774
Varex Imaging Corp.(c)		171		3,921
Vaxart, Inc.(b)(c)		527		3,768
Vaxcyte, Inc.(b)(c)		72		1,696
VBI Vaccines, Inc.(c)		770		2,595
Veracyte, Inc.(c)		316		18,347
Vericel Corp.(c)		193		9,318
ViewRay, Inc.(c)		555		2,420
Viking Therapeutics, Inc.(b)(c)		291		1,961
Vocera Communications, Inc.(c)		144		6,169
Voyager Therapeutics, Inc.(c)		123		697
WaVe Life Sciences Ltd.(c)		238		2,240
XBiotech, Inc.(c)		72		1,368
Xencor, Inc.(c)		241		11,874
Xenon Pharmaceuticals, Inc. (Canada)(c)		123		2,298
Y-mAbs Therapeutics, Inc.(c)		118		4,150
Zentalis Pharmaceuticals, Inc.(c)		94		3,952
ZIOPHARM Oncology, Inc.(b)(c)		1,153		6,145
Zogenix, Inc.(b)(c)		218		4,624
Zymeworks, Inc. (Canada)(b)(c)		166		6,027
Zynex, Inc.(b)(c)		94		1,365
				3,552,297
Industrials-15.20%
AAON, Inc.		195		15,034
AAR Corp.		166		6,603
ABM Industries, Inc.		315		13,602
ACCO Brands Corp.		480		3,888
Acuity Brands, Inc.		175		21,577
ADT, Inc.		718		5,464
Advanced Drainage Systems, Inc.		257		28,275
AECOM(c)		727		42,086
Aegion Corp.(c)		145		3,748
Aerojet Rocketdyne Holdings, Inc.(b)(c)		311		15,945
AeroVironment, Inc.(c)		118		12,989
AGCO Corp.		312		40,398
Air Lease Corp.		507		23,251

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

18

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Industrials-(continued)
Air Transport Services Group, Inc.(c)		72	$	1,911
Alamo Group, Inc.		48		7,326
Alaska Air Group, Inc.		144		9,363
Albany International Corp., Class A		145		11,462
Allegiant Travel Co.		22		5,548
Allison Transmission Holdings, Inc.		550		20,856
Altra Industrial Motion Corp.		312		18,071
Ameresco, Inc., Class A(c)		96		5,484
American Airlines Group, Inc.(b)		724		15,161
American Woodmark Corp.(c)		72		6,726
API Group Corp.(c)(e)		528		9,768
Apogee Enterprises, Inc.		120		4,488
Applied Industrial Technologies, Inc.		190		16,220
ArcBest Corp.		120		7,079
Arcosa, Inc.		240		13,615
Argan, Inc.		70		3,501
Armstrong World Industries, Inc.		219		18,742
ASGN, Inc.(c)		262		24,358
Astec Industries, Inc.		97		6,588
Atkore, Inc.(c)		219		14,815
Atlas Air Worldwide Holdings, Inc.(c)		25		1,378
Avis Budget Group, Inc.(c)		264		14,665
Axon Enterprise, Inc.(c)		310		51,302
AZEK Co., Inc. (The)(c)		448		19,761
AZZ, Inc.		121		6,182
Barnes Group, Inc.		238		12,459
Barrett Business Services, Inc.		27		1,922
Beacon Roofing Supply, Inc.(c)		263		12,579
Bloom Energy Corp., Class A(c)		596		17,004
Blue Bird Corp.(c)		70		1,702
Boise Cascade Co.		192		9,588
Brady Corp., Class A		240		12,578
BrightView Holdings, Inc.(c)		145		2,307
Brink’s Co. (The)		243		18,670
Builders FirstSource, Inc.(c)		934		40,409
BWX Technologies, Inc.		454		26,337
CACI International, Inc., Class A(c)		120		26,561
CAI International, Inc.		75		3,300
Carlisle Cos., Inc.		264		38,346
Casella Waste Systems, Inc., Class A(c)		236		13,669
CBIZ, Inc.(c)		241		7,266
Chart Industries, Inc.(c)		168		24,039
Cimpress PLC (Ireland)(c)		95		9,413
CIRCOR International, Inc.(c)		94		3,347
Clean Harbors, Inc.(c)		262		22,309
Colfax Corp.(c)		456		20,224
Columbus McKinnon Corp.		99		4,984
Comfort Systems USA, Inc.		171		10,592
Construction Partners, Inc.(c)		142		4,109
CoreCivic, Inc.		576		4,136
CoreLogic, Inc.		382		32,340
Cornerstone Building Brands, Inc.(c)		315		3,588
Covanta Holding Corp.		576		8,093
Crane Co.		238		19,959
CSW Industrials, Inc.		72		9,041
Cubic Corp.		144		10,001
Curtiss-Wright Corp.		210		23,203
Deluxe Corp.		214		8,459
Donaldson Co., Inc.		601		35,405
Douglas Dynamics, Inc.		99		4,770

	Shares		Value
Industrials-(continued)
Ducommun, Inc.(c)		49	$	2,666
DXP Enterprises, Inc.(c)		75		2,253
Dycom Industries, Inc.(c)		145		11,104
Echo Global Logistics, Inc.(c)		123		3,427
EMCOR Group, Inc.		263		25,608
Encore Wire Corp.		97		6,356
Energy Recovery, Inc.(c)		145		2,552
Enerpac Tool Group Corp.		291		7,188
EnerSys		195		17,605
Ennis, Inc.		120		2,378
EnPro Industries, Inc.		96		7,713
ESCO Technologies, Inc.		121		12,786
Evoqua Water Technologies Corp.(c)		604		14,828
Exponent, Inc.		243		23,442
Federal Signal Corp.		289		10,522
Flowserve Corp.		622		23,014
Fluor Corp.		648		11,120
Forrester Research, Inc.(c)		49		2,214
Forward Air Corp.		142		12,179
Franklin Electric Co., Inc.		192		14,412
FTI Consulting, Inc.(c)		171		19,588
FuelCell Energy, Inc.(c)		1,416		23,987
Gates Industrial Corp. PLC(c)		265		3,975
GATX Corp.		145		13,837
Genco Shipping & Trading Ltd.		73		766
Gibraltar Industries, Inc.(c)		147		12,840
GMS, Inc.(c)		214		7,832
Gorman-Rupp Co. (The)		94		3,007
Graco, Inc.		793		54,995
GrafTech International Ltd.		337		3,987
Granite Construction, Inc.		218		7,495
Great Lakes Dredge & Dock Corp.(c)		264		4,010
Greenbrier Cos., Inc. (The)		147		6,916
Griffon Corp.		169		4,157
H&E Equipment Services, Inc.		147		4,547
Harsco Corp.(c)		385		6,299
Hawaiian Holdings, Inc.		49		1,314
Healthcare Services Group, Inc.		360		10,242
Heartland Express, Inc.		214		3,895
Heidrick & Struggles International, Inc.		94		3,374
Helios Technologies, Inc.		142		9,287
Herc Holdings, Inc.(c)		97		8,513
Heritage-Crystal Clean, Inc.(c)		72		1,888
Herman Miller, Inc.		288		11,046
Hexcel Corp.		406		21,827
Hillenbrand, Inc.		360		16,726
HNI Corp.		214		7,616
Hub Group, Inc., Class A(c)		166		9,558
Hubbell, Inc.		264		46,863
Huron Consulting Group, Inc.(c)		118		6,006
Hyster-Yale Materials Handling, Inc.		25		2,139
IAA, Inc.(c)		646		37,875
ICF International, Inc.		94		7,844
IES Holdings, Inc.(c)		46		2,109
Insperity, Inc.		169		14,990
Insteel Industries, Inc.		75		2,316
Interface, Inc.		286		3,552
ITT, Inc.		410		34,022
JELD-WEN Holding, Inc.(c)		313		9,280
JetBlue Airways Corp.(c)		388		7,151

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

19

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Industrials-(continued)
John Bean Technologies Corp.		147	$	21,693
Kadant, Inc.		53		9,222
Kaman Corp.		120		5,839
KAR Auction Services, Inc.		649		9,028
KBR, Inc.		675		20,925
Kelly Services, Inc., Class A		145		3,019
Kennametal, Inc.		406		15,168
Kforce, Inc.		99		5,084
Kimball International, Inc., Class B		169		2,187
Kirby Corp.(c)		72		4,504
Knoll, Inc.		238		3,882
Korn Ferry		267		16,434
Kratos Defense & Security Solutions, Inc.(c)		575		15,812
Landstar System, Inc.		190		30,427
Lincoln Electric Holdings, Inc.		266		31,417
Lindsay Corp.		49		7,852
Luxfer Holdings PLC (United Kingdom)		123		2,357
Macquarie Infrastructure Corp.		361		11,314
Manitowoc Co., Inc. (The)(c)		166		2,704
ManpowerGroup, Inc.		284		26,821
ManTech International Corp., Class A		123		9,614
Marten Transport Ltd.		288		4,660
Masonite International Corp.(c)		118		12,947
MasTec, Inc.(c)		289		25,071
Matson, Inc.		49		3,394
Matthews International Corp., Class A		145		5,176
Maxar Technologies, Inc.		288		13,781
McGrath RentCorp		120		9,319
Mercury Systems, Inc.(c)		267		17,451
Meritor, Inc.(c)		358		10,872
Middleby Corp. (The)(c)		264		38,652
Montrose Environmental Group, Inc.(c)		94		4,595
Moog, Inc., Class A		144		11,183
MRC Global, Inc.(c)		455		3,977
MSA Safety, Inc.		184		29,622
MSC Industrial Direct Co., Inc., Class A		215		18,518
Mueller Industries, Inc.		264		10,729
Mueller Water Products, Inc., Class A		766		9,874
MYR Group, Inc.(c)		73		4,303
National Presto Industries, Inc.		22		2,251
Navistar International Corp.(c)		216		9,517
Nielsen Holdings PLC.		1,631		36,551
Nikola Corp.(b)(c)		627		11,349
NOW, Inc.(c)		528		5,613
NV5 Global, Inc.(c)		48		4,956
nVent Electric PLC		792		20,798
Omega Flex, Inc.		20		3,450
Oshkosh Corp.		332		35,192
PAE, Inc.(c)		263		2,149
Parsons Corp.(c)		120		4,289
PGT Innovations, Inc.(c)		267		6,299
Pitney Bowes, Inc.		958		8,124
Primoris Services Corp.		195		6,527
Proto Labs, Inc.(c)		121		17,627
Quanex Building Products Corp.		147		3,577
Quanta Services, Inc.		672		56,347
Raven Industries, Inc.		169		6,625
RBC Bearings, Inc.(c)		121		24,086
Regal Beloit Corp.		194		26,514
Resideo Technologies, Inc.(c)		646		15,517

	Shares		Value
Industrials-(continued)
Resources Connection, Inc.		144	$	1,837
REV Group, Inc.		191		2,372
Rexnord Corp.		598		26,880
Rush Enterprises, Inc., Class A		195		8,274
Rush Enterprises, Inc., Class B		22		835
Ryder System, Inc.		262		17,756
Saia, Inc.(c)		122		24,465
Schneider National, Inc., Class B		241		5,574
Science Applications International Corp.		243		20,930
SEACOR Holdings, Inc.(c)		94		3,996
Shyft Group, Inc. (The)		147		4,835
Simpson Manufacturing Co., Inc.		190		18,517
SiteOne Landscape Supply, Inc.(c)		215		34,080
SkyWest, Inc.		51		2,875
SP Plus Corp.(c)		118		3,912
Spirit AeroSystems Holdings, Inc., Class A		502		21,501
Spirit Airlines, Inc.(b)(c)		136		4,880
SPX Corp.(c)		216		12,007
SPX FLOW, Inc.(c)		195		12,004
Standex International Corp.		51		5,001
Steelcase, Inc., Class A		432		6,022
Stericycle, Inc.(c)		435		28,218
Sterling Construction Co., Inc.(c)		123		2,802
Systemax, Inc.		51		1,841
Tennant Co.		75		5,715
Terex Corp.		339		13,960
Tetra Tech, Inc.		264		36,530
Thermon Group Holdings, Inc.(c)		147		3,003
Timken Co. (The)		334		26,169
Toro Co. (The)		522		52,602
TPI Composites, Inc.(c)		149		7,101
Trex Co., Inc.(c)		552		50,585
TriMas Corp.(c)		216		7,255
TriNet Group, Inc.(c)		214		17,178
Trinity Industries, Inc.		455		14,605
Triton International Ltd. (Bermuda)		334		19,299
Triumph Group, Inc.		264		3,846
TrueBlue, Inc.(c)		190		3,958
Tutor Perini Corp.(c)		190		2,793
UFP Industries, Inc.		291		17,751
UniFirst Corp.		73		17,687
Univar Solutions, Inc.(c)		794		15,809
Upwork, Inc.(c)		393		21,175
US Ecology, Inc.(c)		121		4,623
Valmont Industries, Inc.		101		23,890
Vectrus, Inc.(c)		49		2,675
Vertiv Holdings Co.		1,104		23,107
Viad Corp.		96		4,017
Vicor Corp.(c)		99		9,751
Virgin Galactic Holdings, Inc.(b)(c)		603		22,450
Wabash National Corp.		262		4,344
Watsco, Inc.		157		38,167
Watts Water Technologies, Inc., Class A		120		13,691
Welbilt, Inc.(c)		648		10,355
Werner Enterprises, Inc.		311		13,348
WESCO International, Inc.(c)		239		19,187
Willdan Group, Inc.(c)		48		2,105

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

20

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Industrials-(continued)
WillScot Mobile Mini Holdings Corp.(c)		795	$	22,045
Woodward, Inc.		286		32,667
				3,372,619
Information Technology-15.55%
2U, Inc.(c)		338		13,395
3D Systems Corp.(c)		606		21,719
8x8, Inc.(c)		480		16,421
A10 Networks, Inc.(c)		241		2,251
Acacia Communications, Inc.(c)		190		21,848
ACI Worldwide, Inc.(c)		555		21,234
ACM Research, Inc., Class A(c)		49		4,761
ADTRAN, Inc.		217		3,654
Advanced Energy Industries, Inc.		190		19,846
Agilysys, Inc.(c)		96		5,721
Alarm.com Holdings, Inc.(c)		214		18,806
Alliance Data Systems Corp.		215		20,748
Altair Engineering, Inc., Class A(c)		194		11,948
Alteryx, Inc., Class A(c)		263		25,143
Ambarella, Inc.(c)		168		18,898
American Software, Inc., Class A		144		2,909
Amkor Technology, Inc.		505		12,064
Anaplan, Inc.(c)		530		34,445
AppFolio, Inc., Class A(c)		82		13,450
Appian Corp.(b)(c)		157		26,988
Aspen Technology, Inc.(c)		331		49,819
Avaya Holdings Corp.(c)		406		12,046
Avnet, Inc.		499		18,997
Axcelis Technologies, Inc.(c)		147		5,420
Badger Meter, Inc.		144		15,637
Belden, Inc.		217		9,594
Benchmark Electronics, Inc.		171		4,856
Benefitfocus, Inc.(c)		94		1,429
BigCommerce Holdings, Inc., Series 1(b)(c)		51		3,015
Bill.com Holdings, Inc.(c)		254		41,913
Blackbaud, Inc.		240		16,517
Blackline, Inc.(c)		239		29,641
BM Technologies, Inc.(c)(g)		8		101
Bottomline Technologies (DE), Inc.(c)		217		9,739
Box,Inc.,Class A(c)		722		13,249
Brooks Automation, Inc.		358		29,771
Calix, Inc.(c)		271		10,707
Cardtronics PLC, Class A(c)		190		7,325
Casa Systems, Inc.(c)		48		394
Cass Information Systems, Inc.		51		2,197
CDK Global, Inc.		578		28,981
Cerence, Inc.(c)		174		19,352
CEVA, Inc.(c)		97		5,939
ChannelAdvisor Corp.(c)		120		2,712
Ciena Corp.(c)		744		38,815
Cirrus Logic, Inc.(c)		286		23,389
Cloudera, Inc.(c)		1,053		16,995
CMC Materials, Inc.		142		24,211
Coherent, Inc.(c)		118		28,549
Cohu, Inc.		192		8,342
CommScope Holding Co., Inc.(c)		937		13,671
CommVault Systems, Inc.(c)		214		13,638
Comtech Telecommunications Corp.		120		3,226
Concentrix Corp.(c)		216		26,678
Conduent, Inc.(c)		843		4,535

	Shares		Value
Information Technology-(continued)
Cornerstone OnDemand, Inc.(c)		276	$	13,944
Cree, Inc.(c)		528		59,907
CSG Systems International, Inc.		166		7,661
CTS Corp.		144		4,632
Diebold Nixdorf, Inc.(c)		337		4,893
Digi International, Inc.(c)		123		2,873
Digital Turbine, Inc.(c)		383		31,624
Diodes, Inc.(c)		214		16,803
Dolby Laboratories, Inc., Class A		312		30,461
Domo,Inc.,Class B(c)		97		6,182
DSP Group, Inc.(c)		98		1,526
DXC Technology Co.		1,200		30,264
Eastman Kodak Co.(b)(c)		194		1,672
Ebix, Inc.		119		2,901
EchoStar Corp., Class A(c)		240		5,448
eGain Corp.(c)		98		1,139
Elastic N.V.(c)		288		38,704
Entegris, Inc.		650		68,387
Envestnet, Inc.(c)		263		16,837
ePlus, Inc.(c)		70		6,619
Euronet Worldwide, Inc.(c)		260		39,081
Everbridge, Inc.(c)		167		25,589
EVERTEC, Inc.		286		11,125
Evo Payments, Inc., Class A(c)		216		5,499
ExlService Holdings, Inc.(c)		168		14,216
Extreme Networks, Inc.(c)		579		5,309
Fabrinet (Thailand)(c)		171		15,104
FARO Technologies, Inc.(c)		75		7,010
Fastly, Inc., Class A(b)(c)		492		36,201
FireEye, Inc.(c)		1,105		21,349
First Solar, Inc.(c)		384		31,112
Five9, Inc.(c)		321		59,462
Flex Ltd.(c)		2,378		43,256
FLIR Systems, Inc.		625		33,375
FormFactor, Inc.(c)		361		16,379
GTT Communications, Inc.(b)(c)		72		135
Hackett Group, Inc. (The)		120		1,874
Harmonic, Inc.(c)		432		3,346
Ichor Holdings Ltd.(c)		146		6,243
II-VI, Inc.(c)		502		42,319
Impinj, Inc.(c)		73		4,670
Infinera Corp.(c)		790		7,762
Inphi Corp.(c)		246		40,489
Inseego Corp.(b)(c)		290		4,231
Insight Enterprises, Inc.(c)		169		14,127
InterDigital, Inc.		147		9,315
International Money Express, Inc.(c)		99		1,458
Itron, Inc.(c)		192		22,510
j2 Global, Inc.(c)		216		24,058
Jabil, Inc.		672		29,010
Kimball Electronics, Inc.(c)		120		2,818
Knowles Corp.(c)		435		9,044
Kulicke & Soffa Industries, Inc. (Singapore)		312		15,556
Lattice Semiconductor Corp.(c)		650		31,278
Limelight Networks, Inc.(b)(c)		531		1,736
Littelfuse, Inc.		119		30,966
LivePerson, Inc.(c)		291		19,095
LiveRamp Holdings, Inc.(c)		312		19,706
Lumentum Holdings, Inc.(c)		362		32,580
MACOM Technology Solutions Holdings, Inc.(c)		241		15,508

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

21

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Information Technology-(continued)
MagnaChip Semiconductor Corp. (South Korea)(c)		145	$	2,710
Manhattan Associates, Inc.(c)		310		38,115
MAXIMUS, Inc.		290		23,571
MaxLinear, Inc.(c)		334		13,283
Medallia, Inc.(c)		397		16,027
Methode Electronics, Inc.		171		6,657
MicroStrategy, Inc., Class A(c)		36		27,015
Mimecast Ltd.(c)		286		12,264
Mitek Systems, Inc.(c)		171		2,613
MKS Instruments, Inc.		265		43,699
Model N, Inc.(c)		118		4,997
MTS Systems Corp.		96		5,603
Napco Security Technologies, Inc.(c)		51		1,588
National Instruments Corp.		622		27,617
NCR Corp.(c)		625		21,725
NeoPhotonics Corp.(c)		217		2,085
NETGEAR, Inc.(c)		145		5,800
NetScout Systems, Inc.(c)		361		10,187
New Relic, Inc.(c)		243		14,857
NIC, Inc.		315		10,934
nLight, Inc.(c)		167		6,366
Novanta, Inc.(c)		168		22,231
Nuance Communications, Inc.(c)		1,385		61,771
Nutanix, Inc., Class A(c)		934		28,286
OneSpan, Inc.(c)		145		3,387
Onto Innovation, Inc.(c)		240		14,990
OSI Systems, Inc.(c)		75		7,097
PagerDuty, Inc.(c)		119		5,324
PAR Technology Corp.(c)		97		8,427
Paylocity Holding Corp.(c)		189		36,135
PC Connection, Inc.		51		2,347
PDF Solutions, Inc.(c)		123		2,258
Pegasystems, Inc.		192		25,411
Perficient, Inc.(c)		166		9,245
Perspecta, Inc.		699		20,411
Photronics, Inc.(c)		313		3,728
Ping Identity Holding Corp.(c)		168		3,936
Plantronics, Inc.		170		6,883
Plexus Corp.(c)		144		12,093
Pluralsight, Inc., Class A(c)		502		10,336
Power Integrations, Inc.		288		25,451
Progress Software Corp.		216		9,189
Proofpoint, Inc.(c)		286		34,583
PROS Holdings, Inc.(c)		193		9,148
Pure Storage, Inc., Class A(c)		1,129		26,396
Q2 Holdings, Inc.(c)		237		28,886
QAD, Inc., Class A		49		3,146
Qualys, Inc.(c)		166		16,129
Rackspace Technology, Inc.(c)		192		4,036
Rambus, Inc.(c)		531		11,140
Rapid7, Inc.(c)		240		18,298
RealPage, Inc.(c)		433		37,576
Repay Holdings Corp.(c)		315		6,867
Ribbon Communications, Inc.(c)		411		3,551
Rogers Corp.(c)		94		17,059
Sabre Corp.		1,515		22,255
SailPoint Technologies Holding, Inc.(c)		433		24,413
Sanmina Corp.(c)		336		11,968
ScanSource, Inc.(c)		120		3,413

	Shares		Value
Information Technology-(continued)
Semtech Corp.(c)		312	$	22,873
Shift4 Payments, Inc., Class A(c)		147		11,246
ShotSpotter, Inc.(c)		46		1,931
Silicon Laboratories, Inc.(c)		214		33,328
SiTime Corp.(c)		46		4,482
SMART Global Holdings, Inc.(c)		70		3,268
Smartsheet, Inc., Class A(c)		527		36,495
SolarWinds Corp.(c)		290		4,695
Sprout Social, Inc., Class A(c)		96		6,525
SPS Commerce, Inc.(c)		169		17,023
SunPower Corp.(b)(c)		433		15,055
Super Micro Computer, Inc.(c)		214		6,983
SVMK, Inc.(c)		550		10,241
Switch, Inc., Class A		408		7,075
Sykes Enterprises, Inc.(c)		192		7,845
Synaptics, Inc.(c)		166		22,249
SYNNEX Corp.		216		19,259
Tenable Holdings, Inc.(c)		262		10,718
Teradata Corp.(c)		552		22,135
TTEC Holdings, Inc.		94		7,909
TTM Technologies, Inc.(c)		481		6,792
Tucows, Inc., Class A(c)		48		3,793
Ultra Clean Holdings, Inc.(c)		190		8,812
Unisys Corp.(c)		291		7,144
Universal Display Corp.		211		44,667
Upland Software, Inc.(c)		122		6,030
Varonis Systems, Inc.(c)		149		27,347
Veeco Instruments, Inc.(c)		219		4,709
Verint Systems, Inc.(c)		311		15,329
Verra Mobility Corp.(c)		646		9,206
Vertex, Inc., Class A(c)		120		3,690
ViaSat, Inc.(b)(c)		238		12,171
Viavi Solutions, Inc.(c)		1,105		17,884
VirnetX Holding Corp.(b)		291		2,025
Vishay Intertechnology, Inc.		646		15,420
Vishay Precision Group, Inc.(c)		49		1,584
Vontier Corp.(c)		813		25,528
WEX, Inc.(c)		215		44,795
Workiva, Inc.(c)		170		17,196
Xerox Holdings Corp.		862		21,964
Xperi Holding Corp.		506		10,677
Yext, Inc.(c)		407		6,886
Zuora, Inc., Class A(c)		480		7,166
				3,451,690
Materials-4.51%
AdvanSix, Inc.(c)		142		3,948
Alcoa Corp.(c)		888		21,800
Allegheny Technologies, Inc.(c)		599		11,776
American Vanguard Corp.		121		2,362
Amyris, Inc.(b)(c)		764		10,543
AptarGroup, Inc.		312		40,582
Arconic Corp.(c)		459		10,061
Ashland Global Holdings, Inc.		262		22,039
Avient Corp.		455		19,665
Balchem Corp.		164		19,575
Berry Global Group, Inc.(c)		625		34,625
Cabot Corp.		286		14,080
Carpenter Technology Corp.		238		9,677
Century Aluminum Co.(c)		313		4,297

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

22

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Materials-(continued)
Chase Corp.		45	$	4,846
Chemours Co. (The)		792		18,636
Clearwater Paper Corp.(c)		73		2,556
Cleveland-Cliffs, Inc.		2,289		30,535
Coeur Mining, Inc.(c)		1,270		11,443
Commercial Metals Co.		574		14,436
Compass Minerals International, Inc.		166		10,473
Domtar Corp.		242		8,966
Eagle Materials, Inc.		192		24,073
Element Solutions, Inc.		1,126		20,324
Ferro Corp.(c)		363		5,761
Forterra, Inc.(c)		143		3,328
FutureFuel Corp.		121		1,776
GCP Applied Technologies, Inc.(c)		218		5,404
Glatfelter Corp.		214		3,435
Graphic Packaging Holding Co.		1,343		21,313
Greif, Inc., Class A		121		5,844
Greif, Inc., Class B		22		1,089
H.B. Fuller Co.		241		13,513
Hawkins, Inc.		48		3,005
Hecla Mining Co.(b)		2,615		17,076
Huntsman Corp.		936		25,553
Ingevity Corp.(c)		195		13,549
Innospec, Inc.		120		12,054
Kaiser Aluminum Corp.		73		8,329
Koppers Holdings, Inc.(c)		97		3,241
Kraton Corp.(c)		145		5,393
Kronos Worldwide, Inc.		99		1,431
Livent Corp.(b)(c)		675		12,568
Louisiana-Pacific Corp.		528		25,138
Materion Corp.		97		6,643
McEwen Mining, Inc. (Canada)(c)		1,558		1,729
Mercer International, Inc. (Germany)		193		2,966
Minerals Technologies, Inc.		168		11,967
Myers Industries, Inc.		145		3,210
Neenah, Inc.		75		4,149
NewMarket Corp.		42		15,917
O-I Glass, Inc.		747		8,725
Olin Corp.		746		23,081
Orion Engineered Carbons S.A. (Germany)		288		5,098
PQ Group Holdings, Inc.		192		2,949
Quaker Chemical Corp.		70		19,767
Ranpak Holdings Corp.(c)		123		2,215
Reliance Steel & Aluminum Co.		310		40,982
Royal Gold, Inc.		312		32,358
Schnitzer Steel Industries, Inc., Class A		121		4,179
Schweitzer-Mauduit International, Inc., Class A		145		6,771
Scotts Miracle-Gro Co. (The)		199		42,417
Sensient Technologies Corp.		195		15,181
Silgan Holdings, Inc.		382		14,348
Sonoco Products Co.		479		28,534
Stepan Co.		97		11,707
Summit Materials, Inc., Class A(c)		550		15,240
SunCoke Energy, Inc.		411		2,626
Tredegar Corp.		121		1,844
Trinseo S.A		166		10,742
Tronox Holdings PLC, Class A		435		7,978
United States Lime & Minerals, Inc.		15		2,102
United States Steel Corp.(b)		1,266		21,028
US Concrete, Inc.(c)		73		3,757

	Shares		Value
Materials-(continued)
Valvoline, Inc.		912	$	22,764
W.R. Grace & Co.		265		15,704
Warrior Met Coal, Inc.		219		4,198
Westlake Chemical Corp.		189		16,177
Worthington Industries, Inc.		192		12,267
				1,001,438
Real Estate-8.16%
Acadia Realty Trust		408		7,715
Agree Realty Corp.		262		16,915
Alexander & Baldwin, Inc.		336		5,870
Alexander’s, Inc.		17		4,609
American Assets Trust, Inc.		241		7,490
American Campus Communities, Inc.		648		26,542
American Finance Trust, Inc.		507		4,492
American Homes 4 Rent, Class A		1,347		41,946
Americold Realty Trust		982		34,409
Apartment Income REIT Corp.		719		29,393
Apartment Investment & Management Co.		719		3,422
Apple Hospitality REIT, Inc.		1,032		14,706
Armada Hoffler Properties, Inc.		262		3,382
Brandywine Realty Trust.		862		10,542
Brixmor Property Group, Inc.		1,441		28,359
CareTrust REIT, Inc.		480		10,646
CatchMark Timber Trust, Inc., Class A		238		2,430
Centerspace		68		4,667
Chatham Lodging Trust		193		2,689
City Office REIT, Inc.		264		2,682
Colony Capital, Inc.		2,235		13,231
Columbia Property Trust, Inc.		574		8,105
Community Healthcare Trust, Inc.		94		4,120
CoreSite Realty Corp.		210		25,559
Corporate Office Properties Trust		550		14,300
Cousins Properties, Inc.		718		24,082
CubeSmart		913		33,744
Cushman & Wakefield PLC(c)		555		8,591
CyrusOne, Inc.		571		37,475
DiamondRock Hospitality Co.(c)		963		9,746
Diversified Healthcare Trust		1,152		5,184
Douglas Emmett, Inc.		860		28,165
Easterly Government Properties, Inc.		382		8,396
EastGroup Properties, Inc.		191		25,997
Empire State Realty Trust, Inc., Class A(b)		718		7,905
EPR Properties		382		17,259
Equity Commonwealth		598		16,870
Essential Properties Realty Trust, Inc.		506		11,739
eXp World Holdings, Inc.(c)		274		16,547
Federal Realty Investment Trust		338		34,195
First Industrial Realty Trust, Inc.		600		25,626
Five Point Holdings LLC, Class A(c)		238		1,561
Forestar Group, Inc.(c)		73		1,554
Four Corners Property Trust, Inc.		360		9,752
Franklin Street Properties Corp.		504		2,500
FRP Holdings, Inc.(c)		27		1,219
Gaming and Leisure Properties, Inc.		1,051		46,664
GEO Group, Inc. (The)(b)		579		4,169
Getty Realty Corp.		168		4,701
Gladstone Commercial Corp.		145		2,709
Global Medical REIT, Inc.		238		3,206
Global Net Lease, Inc.		387		7,190

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

23

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Real Estate-(continued)
Healthcare Realty Trust, Inc.		670	$	19,336
Healthcare Trust of America, Inc., Class A		1,032		28,029
Highwoods Properties, Inc.		504		20,140
Howard Hughes Corp. (The)(c)		193		18,310
Hudson Pacific Properties, Inc.		745		19,065
Independence Realty Trust, Inc.		433		6,079
Industrial Logistics Properties Trust		313		6,658
Innovative Industrial Properties, Inc.(b)		106		20,670
iStar, Inc.(b)		313		5,546
JBG SMITH Properties		576		18,288
Jones Lang LaSalle, Inc.(c)		246		42,799
Kennedy-Wilson Holdings, Inc.		624		11,706
Kilroy Realty Corp.		509		32,301
Kimco Realty Corp.		2,041		37,412
Kite Realty Group Trust		408		7,821
Lamar Advertising Co., Class A		409		35,415
Lexington Realty Trust		1,366		14,644
Life Storage, Inc.		354		29,701
LTC Properties, Inc.		192		7,855
Macerich Co. (The)		507		6,550
Mack-Cali Realty Corp.		433		6,049
Marcus & Millichap, Inc.(c)		118		4,469
MGM Growth Properties LLC, Class A		623		20,571
Monmouth Real Estate Investment Corp.		433		7,500
National Health Investors, Inc.		219		14,951
National Retail Properties, Inc.		838		36,738
National Storage Affiliates Trust		335		12,914
Newmark Group, Inc., Class A		720		7,214
NexPoint Residential Trust, Inc.		95		3,899
Office Properties Income Trust		240		6,070
One Liberty Properties, Inc.		70		1,499
Outfront Media, Inc.		696		14,115
Paramount Group, Inc.		910		8,436
Park Hotels & Resorts, Inc.		1,127		24,512
Pebblebrook Hotel Trust		627		14,208
Physicians Realty Trust		1,006		17,102
Piedmont Office Realty Trust, Inc., Class A		603		10,287
PotlatchDeltic Corp.		315		15,986
PS Business Parks, Inc.		97		14,051
QTS Realty Trust, Inc., Class A(b)		314		19,506
Rayonier, Inc.		670		21,869
RE/MAX Holdings, Inc., Class A		75		3,129
Realogy Holdings Corp.(c)		600		9,048
Redfin Corp.(c)		476		36,052
Retail Opportunity Investments Corp.		552		8,727
Retail Properties of America, Inc., Class A		1,033		10,878
Rexford Industrial Realty, Inc.		602		28,727
RLJ Lodging Trust		838		13,157
RMR Group, Inc. (The), Class A		72		2,894
RPT Realty		382		4,191
Ryman Hospitality Properties, Inc.		260		20,095
Sabra Health Care REIT, Inc.		982		16,910
Safehold, Inc.(b)		51		3,889
Saul Centers, Inc.		70		2,479
Seritage Growth Properties, Class A, (Acquired 11/30/2018 - 02/10/2021; Cost $2,721)(b)(c)(d)		175		3,533
Service Properties Trust		771		9,900
SITE Centers Corp.		815		10,872
SL Green Realty Corp.		352		24,313

	Shares		Value
Real Estate-(continued)
Spirit Realty Capital, Inc.		502	$	21,596
St. Joe Co. (The)		168		8,455
STAG Industrial, Inc.		699		22,053
STORE Capital Corp.		1,206		40,329
Summit Hotel Properties, Inc.		505		5,227
Sunstone Hotel Investors, Inc.		1,083		14,306
Tanger Factory Outlet Centers, Inc.(b)		434		6,831
Tejon Ranch Co.(c)		97		1,583
Terreno Realty Corp.		335		18,773
UMH Properties, Inc.		166		2,834
Uniti Group, Inc.		1,134		13,506
Universal Health Realty Income Trust		70		4,337
Urban Edge Properties		600		9,900
Urstadt Biddle Properties, Inc., Class A		142		2,289
Washington REIT		385		8,670
Weingarten Realty Investors		598		15,183
Xenia Hotels & Resorts, Inc.		550		10,984
				1,810,888
Utilities-1.84%
ALLETE, Inc.		243		15,097
American States Water Co.		171		12,491
Avista Corp.		311		12,505
Black Hills Corp.		310		18,340
Cadiz, Inc.(b)(c)		167		1,815
California Water Service Group		238		13,078
Chesapeake Utilities Corp		75		7,930
Clearway Energy, Inc., Class A		166		4,341
Clearway Energy, Inc., Class C		358		9,831
Hawaiian Electric Industries, Inc.		528		18,459
IDACORP, Inc.		241		20,784
MDU Resources Group, Inc.		939		26,386
MGE Energy, Inc.		168		10,702
Middlesex Water Co.		94		6,455
National Fuel Gas Co.		406		18,449
New Jersey Resources Corp.		459		18,034
NextEra Energy Partners L.P		334		24,262
Northwest Natural Holding Co.		145		6,958
NorthWestern Corp.		241		14,094
ONE Gas, Inc.		262		17,546
Ormat Technologies, Inc.		213		18,248
Otter Tail Corp.		169		6,848
PNM Resources, Inc.		358		17,187
Portland General Electric Co.		432		18,213
SJWGroup		120		7,522
South Jersey Industries, Inc.		481		12,078
Southwest Gas Holdings, Inc.		264		16,460
Spire, Inc.		240		15,941
Star Group L.P.(c)		238		2,292
Sunnova Energy International, Inc.(c)		238		10,672
Unitil Corp.		72		3,012
York Water Co. (The)		51		2,122
				408,152
Total Common Stocks & Other Equity Interests (Cost $19,599,024)				22,184,834

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

24

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(f)(h) (Cost $4,858)		4,858	$	4,858
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $19,603,882)				22,189,692
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.29%
Invesco Private Government Fund, 0.01%(f)(h)(i)		282,267		282,267

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.11%(f)(h)(i)		447,515	$	447,694
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $729,961)				729,961
TOTAL INVESTMENTS IN SECURITIES-103.27% (Cost $20,333,843)				22,919,653
OTHER ASSETS LESS LIABILITIES-(3.27)%				(726,300	)
NET ASSETS-100.00%			$	22,193,353

Investment Abbreviations:

CVR -Contingent Value Rights

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at February 28, 2021.

^(c) Non-income producing security.

^(d)  Restricted security. The aggregate value of these securities at February 28, 2021 was $27,742, which represented less than 1% of the Fund’s Net Assets.

^(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 February 28, 2021 was $13,249, 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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Invesco Mortgage Capital, Inc.		$	264		$	3,096		$	-			$	561		$	-		$	3,921		$	60
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			166,426			(161,568	)			-			-			4,858			1
Invesco Premier U.S. Government Money Portfolio, Institutional Class			6,187			30,375			(36,562	)			-			-			-			-
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			151,867			838,101			(707,701	)			-			-			282,267			18	*
Invesco Private Prime Fund			50,600			938,677			(541,613	)			-			30			447,694			115	*
Total		$	208,918		$	1,976,675		$	(1,447,444	)		$	561		$	30		$	738,740		$	194

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

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

^(h) The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

⁽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 2J.

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

25

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)–(continued)

February 28, 2021

(Unaudited)

Portfolio Composition

Sector Breakdown (% of the Fund’s Net Assets) as of February 28, 2021

Health Care	16.01
Information Technology	15.55
Industrials	15.20
Financials	14.95
Consumer Discretionary	14.86
Real Estate	8.16
Materials	4.51
Consumer Staples	3.42
Energy	3.14
Sector Types Each Less Than 3%	4.16
Money Market Funds Plus Other Assets Less Liabilities	0.04

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

26

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Treasury Securities-40.89%
U.S. Treasury Bonds-10.54%
7.63%, 11/15/2022	$	35,000	$	39,484
6.25%, 08/15/2023		20,000		22,968
6.50%, 11/15/2026		20,000		26,224
6.63%, 02/15/2027		40,000		53,239
6.13%, 11/15/2027		15,000		19,921
5.25%, 02/15/2029		10,000		13,043
6.13%, 08/15/2029		5,000		6,954
6.25%, 05/15/2030		10,000		14,275
5.38%, 02/15/2031		15,000		20,568
4.50%, 02/15/2036		20,000		27,267
4.75%, 02/15/2037		20,000		28,194
5.00%, 05/15/2037		15,000		21,724
4.50%, 05/15/2038		30,000		41,606
3.50%, 02/15/2039		10,000		12,401
4.25%, 05/15/2039		50,000		67,863
4.38%, 11/15/2039		30,000		41,398
4.63%, 02/15/2040		25,000		35,596
1.13% - 4.38%, 05/15/2040		70,000		72,775
1.13%, 08/15/2040		75,000		63,269
1.38%, 11/15/2040		45,000		39,698
4.75%, 02/15/2041		75,000		109,137
3.75%, 08/15/2041		50,000		64,379
3.13%, 11/15/2041		25,000		29,517
2.75%, 08/15/2042		100,000		111,367
2.75%, 11/15/2042		20,000		22,248
2.88%, 05/15/2043		100,000		113,574
3.75%, 11/15/2043		50,000		64,826
3.63%, 02/15/2044		55,000		70,101
3.38%, 05/15/2044		30,000		36,850
2.88%, 08/15/2045		115,000		130,673
2.50%, 02/15/2046		20,000		21,253
2.25%, 08/15/2046		60,000		60,736
3.00%, 02/15/2047		40,000		46,620
3.00%, 05/15/2047		50,000		58,326
2.75%, 08/15/2047		40,000		44,622
3.13%, 05/15/2048		50,000		59,832
3.00%, 08/15/2048		50,000		58,600
3.38%, 11/15/2048		35,000		43,887
3.00%, 02/15/2049		50,000		58,719
2.88%, 05/15/2049		25,000		28,720
2.25%, 08/15/2049		55,000		55,767
2.38%, 11/15/2049		40,000		41,662
2.00%, 02/15/2050		25,000		23,992
1.25%, 05/15/2050		60,000		47,648
1.38%, 08/15/2050		70,000		57,466
1.63%, 11/15/2050		25,000		21,887
1.88%, 02/15/2051		35,000		32,621
				2,183,497
U.S. Treasury Notes-30.35%
1.88%, 03/31/2022		100,000		101,937
0.13%, 04/30/2022		50,000		50,011
1.75% - 2.13%, 05/15/2022		285,000		291,090
0.13% - 2.13%, 06/30/2022		190,000		192,685
0.13%, 07/31/2022		110,000		110,009
1.50% - 1.63%, 08/15/2022		160,000		163,381

	Principal Amount		Value
U.S. Treasury Notes-(continued)
0.13%, 09/30/2022	$	75,000	$	74,985
0.13%, 10/31/2022		40,000		39,992
1.63%, 11/15/2022		100,000		102,535
0.13% - 2.00%, 11/30/2022		70,000		71,617
2.13%, 12/31/2022		100,000		103,613
1.50%, 01/15/2023		50,000		51,268
0.13%, 01/31/2023		50,000		49,978
1.38%, 02/15/2023		50,000		51,197
2.63%, 02/28/2023		100,000		104,922
0.50%, 03/15/2023		50,000		50,348
0.25%, 04/15/2023		50,000		50,082
0.13%, 05/15/2023		175,000		174,768
2.75%, 05/31/2023		100,000		105,750
0.25%, 06/15/2023		50,000		50,059
0.13%, 07/15/2023		50,000		49,895
0.13% - 2.50%, 08/15/2023		130,000		134,360
0.13%, 09/15/2023		50,000		49,859
0.13%, 10/15/2023		40,000		39,869
0.25% - 2.75%, 11/15/2023		185,000		191,680
0.13%, 12/15/2023		75,000		74,672
2.63%, 12/31/2023		40,000		42,645
0.13%, 01/15/2024		30,000		29,854
2.25%, 01/31/2024		20,000		21,134
0.13% - 2.75%, 02/15/2024		120,000		123,228
2.38%, 02/29/2024		50,000		53,072
2.13%, 03/31/2024		50,000		52,750
2.50%, 05/15/2024		100,000		106,898
2.00%, 05/31/2024		50,000		52,631
1.75% - 2.00%, 06/30/2024		65,000		68,138
1.75%, 07/31/2024		50,000		52,275
2.38%, 08/15/2024		100,000		106,746
2.25%, 11/15/2024		50,000		53,260
1.50%, 11/30/2024		65,000		67,402
1.75%, 12/31/2024		50,000		52,332
1.38%, 01/31/2025		50,000		51,607
2.00%, 02/15/2025		85,000		89,858
1.13%, 02/28/2025		75,000		76,661
0.50%, 03/31/2025		45,000		44,845
2.88%, 04/30/2025		75,000		82,052
2.13%, 05/15/2025		100,000		106,348
0.25% - 2.88%, 07/31/2025		50,000		50,261
2.00%, 08/15/2025		100,000		105,914
0.25%, 08/31/2025		30,000		29,423
0.25%, 09/30/2025		50,000		48,995
0.25%, 10/31/2025		75,000		73,409
2.25%, 11/15/2025		100,000		107,133
2.88%, 11/30/2025		60,000		66,049
0.38%, 12/31/2025		40,000		39,289
0.38%, 01/31/2026		45,000		44,149
1.63%, 02/15/2026		100,000		104,203
1.63%, 05/15/2026		50,000		52,049
2.13%, 05/31/2026		50,000		53,332
1.88%, 06/30/2026		35,000		36,880
1.50%, 08/15/2026		100,000		103,301
1.63%, 09/30/2026		55,000		57,153
1.50%, 01/31/2027		65,000		66,975
2.25%, 02/15/2027		50,000		53,691

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

27

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)–(continued)

February 28, 2021

(Unaudited)

	Principal Amount		Value
U.S. Treasury Notes-(continued)
0.50%, 04/30/2027	$	25,000	$	24,212
2.38%, 05/15/2027		60,000		64,923
0.50%, 06/30/2027		50,000		48,289
0.38%, 07/31/2027		45,000		43,040
2.25%, 08/15/2027		50,000		53,686
0.38%, 09/30/2027		50,000		47,669
0.50%, 10/31/2027		50,000		47,994
2.25%, 11/15/2027		50,000		53,659
0.63%, 11/30/2027		60,000		58,001
0.63%, 12/31/2027		40,000		38,616
0.75%, 01/31/2028		15,000		14,589
2.75%, 02/15/2028		70,000		77,489
2.88%, 05/15/2028		50,000		55,844
2.88%, 08/15/2028		50,000		55,912
3.13%, 11/15/2028		50,000		56,885
2.63%, 02/15/2029		70,000		77,171
2.38%, 05/15/2029		30,000		32,510
1.63%, 08/15/2029		100,000		102,436
1.75%, 11/15/2029		50,000		51,691
1.50%, 02/15/2030		60,000		60,626
0.63%, 05/15/2030		55,000		51,254
0.63%, 08/15/2030		125,000		116,094
0.88%, 11/15/2030(b)		70,000		66,391
1.13%, 02/15/2031		30,000		29,081
				6,284,566
Total U.S. Treasury Securities (Cost $8,285,777)				8,468,063
U.S. Dollar Denominated Bonds & Notes-30.54%
Aerospace & Defense-0.56%
Boeing Co. (The), 4.88%, 05/01/2025		50,000		55,798
Raytheon Technologies Corp., 4.80%, 12/15/2043		50,000		60,480
				116,278
Agricultural & Farm Machinery-0.50%
B.A.T. Capital Corp. (United Kingdom), 2.76%, 08/15/2022		50,000		51,539
CNH Industrial Capital LLC, 4.38%, 04/05/2022		50,000		52,024
				103,563
Air Freight & Logistics-0.27%
United Parcel Service, Inc., 3.63%, 10/01/2042		50,000		56,137
Airlines-0.20%
Continental Airlines Pass-Through Trust, Series 2012-2, Class A, 4.00%, 10/29/2024		32,516		33,509
United Airlines Pass-Through Trust, Series 2013- 1, Class A, 4.30%, 08/15/2025		6,779		7,082
				40,591
Asset Management & Custody Banks-0.66%
Apollo Management Holdings L.P., 4.87%, 02/15/2029(c)		25,000		29,118
Bank of New York Mellon Corp. (The)
2.20%, 08/16/2023		50,000		52,163
3.40%, 01/29/2028		50,000		55,754
				137,035

	Principal Amount		Value
Automobile Manufacturers-0.55%
Toyota Motor Corp. (Japan), 3.67%, 07/20/2028	$	100,000	$	113,856
Biotechnology-0.68%
AbbVie, Inc., 3.60%, 05/14/2025		50,000		54,788
Amgen, Inc., 4.66%, 06/15/2051		50,000		62,341
Gilead Sciences, Inc., 1.20%, 10/01/2027		25,000		24,480
				141,609
Brewers-0.27%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), 3.65%, 02/01/2026		50,000		55,350
Cable & Satellite-0.67%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025		50,000		56,925
Comcast Corp.
4.15%, 10/15/2028		50,000		57,937
1.50%, 02/15/2031		25,000		23,568
				138,430
Department Stores-0.31%
Kohl’s Corp., 9.50%, 05/15/2025		50,000		64,485
Diversified Banks-5.53%
Asian Development Bank (Supranational), 0.63%, 04/29/2025		100,000		99,635
Bank of America Corp.
2.82%, 07/21/2023(d)		50,000		51,645
3.88%, 08/01/2025		25,000		27,915
1.90%, 07/23/2031(d)		50,000		48,263
1.92%, 10/24/2031(d)		50,000		48,339
Bank of Montreal (Canada), 4.34%, 10/05/2028(d)		50,000		54,447
Citigroup, Inc., 8.13%, 07/15/2039		50,000		84,168
Deutsche Bank AG (Germany), 4.10%, 01/13/2026		25,000		27,381
European Investment Bank (Supranational), 2.25%, 03/15/2022		100,000		102,154
JPMorgan Chase & Co.
2.18%, 06/01/2028(d)		50,000		51,486
3.96%, 11/15/2048(d)		50,000		57,461
Kreditanstalt fuer Wiederaufbau (Germany), 0.75%, 09/30/2030		100,000		92,751
Mitsubishi UFJ Financial Group, Inc. (Japan), 3.76%, 07/26/2023		50,000		53,846
Sumitomo Mitsui Financial Group, Inc. (Japan), 3.54%, 01/17/2028		50,000		55,533
Toronto-Dominion Bank (The) (Canada)
0.45%, 09/11/2023		25,000		25,045
3.63%, 09/15/2031(d)		50,000		55,468
U.S. Bancorp, 3.38%, 02/05/2024		50,000		54,125
Wells Fargo & Co.
3.07%, 01/24/2023		100,000		102,412
3.00%, 04/22/2026		50,000		54,012
				1,146,086
Diversified Chemicals-0.25%
Nutrition & Biosciences, Inc., 3.27%, 11/15/2040(c)		50,000		51,084

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

28

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)–(continued)

February 28, 2021

(Unaudited)

	Principal Amount		Value
Diversified Metals & Mining-0.27%
Glencore Funding LLC (Australia), 4.00%, 03/27/2027(c)	$	50,000	$	56,021
Electric Utilities-1.98%
Cleveland Electric Illuminating Co. (The), 5.50%, 08/15/2024		42,000		48,460
Commonwealth Edison Co., 2.20%, 03/01/2030		25,000		25,621
Duke Energy Corp., 3.75%, 09/01/2046		50,000		52,585
Entergy Corp., 2.80%, 06/15/2030		25,000		26,005
Georgia Power Co., 4.30%, 03/15/2043		50,000		58,585
NextEra Energy Capital Holdings, Inc., 2.75%, 05/01/2025		50,000		53,273
Pacific Gas and Electric Co., 4.95%, 07/01/2050		50,000		53,857
Virginia Electric & Power Co., Series B, 6.00%, 01/15/2036		25,000		34,721
Xcel Energy, Inc., 4.00%, 06/15/2028		50,000		56,697
				409,804
Environmental & Facilities Services-0.14%
Waste Management, Inc., 4.15%, 07/15/2049		25,000		29,526
Health Care Equipment-0.32%
Abbott Laboratories, 4.90%, 11/30/2046		50,000		67,140
Health Care Facilities-0.27%
HCA, Inc., 5.00%, 03/15/2024		50,000		55,961
Health Care Services-0.39%
Cigna Corp., 3.20%, 03/15/2040		25,000		25,461
CVS Health Corp.
4.78%, 03/25/2038		25,000		30,255
5.05%, 03/25/2048		20,000		25,074
				80,790
Home Improvement Retail-0.17%
Home Depot, Inc. (The), 5.88%, 12/16/2036		25,000		35,673
Household Products-0.25%
Kimberly-Clark Corp., 2.88%, 02/07/2050		25,000		25,258
Procter & Gamble Co. (The), 3.00%, 03/25/2030		25,000		27,320
				52,578
Industrial Conglomerates-0.46%
3M Co., 3.70%, 04/15/2050		25,000		28,208
General Electric Co., 6.75%, 03/15/2032		50,000		67,273
				95,481
Industrial Machinery-0.08%
Trane Technologies Global Holding Co. Ltd., 4.25%, 06/15/2023		15,000		16,224
Insurance Brokers-0.42%
Aon PLC, 4.45%, 05/24/2043		50,000		58,358
Brown & Brown, Inc., 4.20%, 09/15/2024		25,000		27,848
				86,206
Integrated Oil & Gas-1.06%
BP Capital Markets PLC (United Kingdom),
3.12%, 05/04/2026		100,000		108,511
Exxon Mobil Corp.
2.73%, 03/01/2023		50,000		52,275
4.33%, 03/19/2050		50,000		58,581
				219,367

	Principal Amount		Value
Integrated Telecommunication Services-0.86%
AT&T, Inc.
3.40%, 05/15/2025	$	50,000	$	54,566
1.65%, 02/01/2028(b)		25,000		24,482
Telefonica Emisiones S.A. (Spain), 7.05%, 06/20/2036		25,000		35,701
Verizon Communications, Inc., 5.01%, 04/15/2049		50,000		63,067
				177,816
Internet & Direct Marketing Retail-0.33%
Amazon.com, Inc., 2.50%, 11/29/2022		65,000		67,199
Investment Banking & Brokerage-1.09%
Goldman Sachs Group, Inc. (The), 4.25%, 10/21/2025		125,000		140,766
Morgan Stanley
4.30%, 01/27/2045		25,000		30,391
Series F, 3.88%, 04/29/2024		50,000		54,993
				226,150
IT Consulting & Other Services-0.49%
International Business Machines Corp., 1.70%, 05/15/2027		100,000		101,086
Life & Health Insurance-0.56%
MetLife, Inc., 6.40%, 12/15/2036		50,000		63,256
Prudential Financial, Inc., 5.20%, 03/15/2044(d)		50,000		53,334
				116,590
Managed Health Care-0.12%
UnitedHealth Group, Inc., 2.00%, 05/15/2030		25,000		24,920
Movies & Entertainment-0.39%
TWDC Enterprises 18 Corp., 4.38%, 08/16/2041		30,000		36,405
Walt Disney Co. (The)
4.75%, 09/15/2044		10,000		12,656
4.70%, 03/23/2050		25,000		31,711
				80,772
Multi-line Insurance-0.13%
Liberty Mutual Group, Inc., 3.95%, 05/15/2060(c)		25,000		27,081
Multi-Sector Holdings-0.38%
Berkshire Hathaway Energy Co., 3.75%, 11/15/2023		25,000		27,046
Berkshire Hathaway, Inc., 2.75%, 03/15/2023		50,000		52,256
				79,302
Office REITs-0.52%
Boston Properties L.P., 3.80%, 02/01/2024		100,000		108,186
Oil & Gas Exploration & Production-0.37%
ConocoPhillips, 4.95%, 03/15/2026		65,000		76,171
Oil & Gas Refining & Marketing-0.26%
Valero Energy Corp., 3.40%, 09/15/2026		50,000		53,571
Oil & Gas Storage & Transportation-0.94%
Enable Midstream Partners L.P., 3.90%, 05/15/2024		20,000		21,381

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

29

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)–(continued)

February 28, 2021

(Unaudited)

	Principal Amount		Value
Oil & Gas Storage & Transportation-(continued)
Energy Transfer Operating L.P., 6.13%, 12/15/2045	$	100,000	$	115,232
TransCanada PipeLines Ltd. (Canada), 4.63%, 03/01/2034		50,000		57,848
				194,461
Packaged Foods & Meats-0.31%
Tyson Foods, Inc., 5.10%, 09/28/2048		50,000		65,014
Paper Products-0.25%
Georgia-Pacific LLC, 2.30%, 04/30/2030(c)		50,000		51,310
Pharmaceuticals-0.73%
GlaxoSmithKline Capital PLC (United Kingdom), 0.53%, 10/01/2023		50,000		50,106
Pfizer, Inc., 3.40%, 05/15/2024		25,000		27,270
Wyeth LLC, 6.50%, 02/01/2034		50,000		73,893
				151,269
Railroads-0.25%
CSX Corp., 2.40%, 02/15/2030		50,000		51,751
Regional Banks-0.24%
Truist Financial Corp., 1.13%, 08/03/2027		50,000		49,050
Restaurants-0.28%
McDonald’s Corp., 4.20%, 04/01/2050		50,000		58,158
Semiconductors-0.74%
Broadcom, Inc., 5.00%, 04/15/2030		50,000		57,891
Intel Corp.
2.70%, 12/15/2022		50,000		52,150
3.73%, 12/08/2047		15,000		16,639
QUALCOMM, Inc., 3.25%, 05/20/2050		25,000		25,861
				152,541
Soft Drinks-0.26%
PepsiCo, Inc., 2.63%, 07/29/2029		50,000		53,111
Sovereign Debt-2.75%
Canada Government International Bond (Canada), 1.63%, 01/22/2025		60,000		62,380
Hungary Government International Bond (Hungary), 5.38%, 02/21/2023		100,000		109,597
International Bank for Reconstruction & Development (Supranational), 0.63%, 04/22/2025		50,000		49,899
Mexico Government International Bond (Mexico) 5.55%, 01/21/2045		60,000		70,351
5.75%, 10/12/2110		70,000		79,926
Peruvian Government International Bond (Peru), 4.13%, 08/25/2027		50,000		56,903
Philippine Government International Bond (Philippines), 9.50%, 02/02/2030		25,000		39,801
Province of Ontario (Canada), 1.75%, 01/24/2023		50,000		51,401
Province of Quebec (Canada), 0.60%, 07/23/2025		50,000		49,390
				569,648
Specialized REITs-0.32%
American Tower Corp., 3.10%, 06/15/2050		50,000		46,791
Equinix, Inc., 1.55%, 03/15/2028		20,000		19,566
				66,357

	Principal Amount		Value
Specialty Chemicals-0.24%
DuPont de Nemours, Inc., 2.17%, 05/01/2023	$	50,000	$	50,241
Steel-0.12%
Steel Dynamics, Inc., 3.25%, 10/15/2050		25,000		24,007
Systems Software-0.40%
Microsoft Corp., 3.70%, 08/08/2046		25,000		29,206
Oracle Corp., 3.60%, 04/01/2040		50,000		53,694
				82,900
Technology Hardware, Storage & Peripherals-0.25%
Apple, Inc., 2.40%, 05/03/2023		50,000		52,247
Tobacco-0.17%
Philip Morris International, Inc., 4.38%, 11/15/2041		30,000		35,164
Water Utilities-0.13%
American Water Capital Corp., 3.45%, 05/01/2050		25,000		26,684
Wireless Telecommunication Services-0.40%
T-Mobile USA, Inc., 3.88%, 04/15/2030(c)		75,000		82,451
Total U.S. Dollar Denominated Bonds & Notes (Cost $6,199,312)				6,324,483
U.S. Government Sponsored Agency Mortgage-Backed
Securities-23.94%
Federal Home Loan Bank (FHLB)-0.51%
2.13%, 06/09/2023		100,000		104,512
Federal Home Loan Mortgage Corp. (FHLMC)-5.71%
0.38%, 09/23/2025		50,000		49,138
2.50%, 09/01/2028 to 06/01/2050		425,920		443,792
3.00%, 11/01/2028 to 09/01/2049		175,386		186,221
3.50%, 02/01/2043 to 10/01/2047		157,119		170,316
4.00%, 08/01/2047 to 09/01/2049		124,641		134,762
4.50%, 03/01/2049 to 06/01/2050		89,563		97,921
2.00%, 11/01/2050		99,131		100,259
				1,182,409
Federal National Mortgage Association (FNMA)-11.48%
2.63%, 09/06/2024		100,000		107,722
0.75%, 10/08/2027		60,000		58,426
3.50%, 12/01/2028 to 07/01/2048		426,023		458,170
2.50%, 02/01/2032 to 11/01/2050		541,229		564,410
3.00%, 08/01/2040 to 10/01/2050		573,953		605,408
4.00%, 09/01/2047 to 09/01/2050		221,342		238,332
5.00%, 05/01/2048 to 07/01/2049		128,169		144,056
4.50%, 04/01/2049		90,437		100,314
2.00%, 01/01/2051		99,297		100,444
				2,377,282
Government National Mortgage Association (GNMA)-6.24%
3.50%, 04/20/2033 to 03/20/2050		326,878		348,495
4.00%, 11/15/2046 to 05/20/2050		243,717		263,772
3.00%, 11/20/2046 to 10/20/2050		312,032		326,876
5.00%, 05/20/2048		28,601		31,341
2.50%, 06/20/2049 to 10/20/2050		214,642		223,052

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

30

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)–(continued)

February 28, 2021

(Unaudited)

	Principal Amount		Value
Government National Mortgage Association (GNMA)-(continued)
4.50%, 07/20/2049	$	44,501	$	48,636
2.00%, 01/20/2051		49,878		50,593
				1,292,765
Total U.S. Government Sponsored Agency Mortgage- Backed Securities (Cost $4,881,442)				4,956,968
Asset-Backed Securities-3.20%
CarMax Auto Owner Trust, Series 2017-2, Class A4, 2.25%, 09/15/2022		73,979		74,332
Commercial Mortgage Trust, Series 2015-CR22, Class A5, 3.31%, 03/10/2048		100,000		108,510
Ford Credit Auto Owner Trust, Series 2019-1, Class A, 3.52%, 07/15/2030(c)		100,000		108,366
Wells Fargo Commercial Mortgage Trust
Series 2015-LC20, Class B, 3.72%, 04/15/2050		100,000		106,446
Series 2015-NXS2, Class A4, 3.50%, 07/15/2058		200,000		215,526
WFRBS Commercial Mortgage Trust, Series 2012-C9, Class C, 4.54%, 11/15/2045(e)		50,000		49,942
Total Asset-Backed Securities (Cost $643,601)				663,122
Municipal Obligations-0.81%
California (State of), Series 2009, GO Bonds, 7.55%, 04/01/2039 (Cost $148,204)		100,000		167,461

	Shares		Value
Money Market Funds-0.55%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(f)(g) (Cost $114,242)		114,242	$	114,242
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $20,272,578)				20,694,339
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.44%
Invesco Private Government Fund, 0.01%(f)(g)(h)		36,684		36,684
Invesco Private Prime Fund, 0.11%(f)(g)(h)		55,005		55,027
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $91,711)				91,711
TOTAL INVESTMENTS IN SECURITIES-100.37% (Cost $20,364,289)				20,786,050
OTHER ASSETS LESS LIABILITIES-(0.37)%				(76,889	)
NET ASSETS-100.00%			$	20,709,161

Investment Abbreviations:

GO   -General Obligation

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at February 28, 2021.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2021 was $405,431, which represented 1.96% of the Fund’s Net Assets.

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

^(e)  Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on February 28, 2021.

^(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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	1,767,132		$	(1,652,890	)		$	-		$	-		$	114,242		$	6
Invesco Premier U.S. Government Money Portfolio, Institutional Class			41,331			46,880			(88,211	)			-			-			-			-

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

31

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)–(continued)

February 28, 2021

(Unaudited)

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	123,130		$	563,350		$	(649,796	)		$	-		$	-		$	36,684		$	5	*
Invesco Private Prime Fund			41,210			719,872			(706,056	)			-			1			55,027			26	*
Total		$	205,671		$	3,097,234		$	(3,096,953	)		$	-		$	1		$	205,953		$	37

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

^(g)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

^(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.

Portfolio Composition

Security Type Breakdown (% of the Fund’s Net Assets)

as of February 28, 2021

U.S. Treasury Securities	40.89
U.S. Dollar Denominated Bonds & Notes	30.54
U.S. Government Sponsored Agency Mortgage-Backed Securities	23.94
Asset-Backed Securities	3.20
Municipal Obligations	0.81
Money Market Funds Plus Other Assets Less Liabilities	0.62

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

32

Statements of Assets and Liabilities

February 28, 2021

(Unaudited)

	Invesco PureBetaSM MSCI USA ETF (PBUS)			Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)			Invesco PureBetaSM US Aggregate Bond ETF (PBND)
Assets:
Unaffiliated investments in securities, at value(a)		$	25,282,208		$	22,180,913		$	20,580,097
Affiliated investments in securities, at value			71,280			738,740			205,953
Cash			68			169			-
Receivable for:
Dividends and interest			30,594			12,266			102,107
Securities lending			8			744			23
Investments sold			128,786			170,874			515,473
Total assets			25,512,944			23,103,706			21,403,653
Liabilities:
Payable for:
Investments purchased			172,490			179,410			601,977
Collateral upon return of securities loaned			37,261			729,961			91,711
Accrued unitary management fees			733			982			804
Total liabilities			210,484			910,353			694,492
Net Assets		$	25,302,460		$	22,193,353		$	20,709,161
Net assets consist of:
Shares of beneficial interest		$	21,578,162		$	19,401,399		$	19,546,277
Distributable earnings			3,724,298			2,791,954			1,162,884
Net Assets		$	25,302,460		$	22,193,353		$	20,709,161
Shares outstanding (unlimited amount authorized, $0.01 par value)			650,001			600,001			800,001
Net asset value		$	38.93		$	36.99		$	25.89
Market price		$	39.25		$	37.23		$	25.92
Unaffiliated investments in securities, at cost		$	23,162,933		$	19,595,694		$	20,158,336
Affiliated investments in securities, at cost		$	70,178		$	738,149		$	205,953
(a) Includes securities on loan with an aggregate value of:		$	36,521		$	712,919		$	89,964

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

33

Statements of Operations

For the six months ended February 28, 2021

(Unaudited)

	Invesco PureBetaSM MSCI USA ETF (PBUS)				Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)				Invesco PureBetaSM US Aggregate Bond ETF (PBND)
Investment income:
Unaffiliated interest income		$	-			$	-			$	185,272
Unaffiliated dividend income			125,444				70,407				-
Affiliated dividend income			62				61				6
Non-cash dividend income			-				5,662				-
Securities lending income			64				2,738				95
Foreign withholding tax			(15	)			(25	)			-
Total investment income			125,555				78,843				185,373
Expenses:
Unitary management fees			3,213				2,658				5,045
Less: Waivers			(6	)			(7	)			(41	)
Net expenses			3,207				2,651				5,004
Net investment income			122,348				76,192				180,369
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(18,773	)			221,108				242,098
Affiliated investment securities			3				30				1
Unaffiliated in-kind redemptions			1,607,282				-				666,620
Affiliated in-kind redemptions			423				-				-
Net realized gain			1,588,935				221,138				908,719
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			16,136				2,101,389				(1,495,028	)
Affiliated investment securities			1,872				561				-
Change in net unrealized appreciation (depreciation)			18,008				2,101,950				(1,495,028	)
Net realized and unrealized gain (loss)			1,606,943				2,323,088				(586,309	)
Net increase (decrease) in net assets resulting from operations		$	1,729,291			$	2,399,280			$	(405,940	)

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

34

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35

Statements of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	Invesco PureBetaSM MSCI USA ETF (PBUS)
	Six Months Ended February 28, 2021				Year Ended August 31, 2020
Operations:
Net investment income		$	122,348			$	82,692
Net realized gain (loss)			1,588,935				(32,390	)
Change in net unrealized appreciation (depreciation)			18,008				1,688,867
Net increase (decrease) in net assets resulting from operations			1,729,291				1,739,169
Distributions to Shareholders from:
Distributable earnings			(93,517	)			(66,477	)
Shareholder Transactions:
Proceeds from shares sold			18,580,929				4,266,114
Value of shares repurchased			(3,768,906	)			-
Net increase (decrease) in net assets resulting from share transactions			14,812,023				4,266,114
Net increase (decrease) in net assets			16,447,797				5,938,806
Net assets:
Beginning of period			8,854,663				2,915,857
End of period		$	25,302,460			$	8,854,663
Changes in Shares Outstanding:
Shares sold			500,000				150,000
Shares repurchased			(100,000	)			-
Shares outstanding, beginning of period			250,001				100,001
Shares outstanding, end of period			650,001				250,001

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

36

Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)								Invesco PureBetaSM US Aggregate Bond ETF (PBND)
Six Months Ended February 28, 2021				Year Ended August 31, 2020				Six Months Ended February 28, 2021				Year Ended August 31, 2020
	$	76,192			$	44,039			$	180,369			$	621,916
		221,138				(16,281	)			908,719				212,642
		2,101,950				354,968				(1,495,028	)			788,325
		2,399,280				382,726				(405,940	)			1,622,883
		(63,394	)			(43,279	)			(325,575	)			(691,688	)
		15,811,068				1,090,306				2,671,070				2,705,966
		-				-				(10,807,847	)			-
		15,811,068				1,090,306				(8,136,777	)			2,705,966
		18,146,954				1,429,753				(8,868,292	)			3,637,161
		4,046,399				2,616,646				29,577,453				25,940,292
	$	22,193,353			$	4,046,399			$	20,709,161			$	29,577,453
		450,000				50,000				100,000				100,000
		-				-				(400,000	)			-
		150,001				100,001				1,100,001				1,000,001
		600,001				150,001				800,001				1,100,001

37

Financial Highlights

Invesco PureBeta^SM MSCI USA ETF (PBUS)

	Six Months Ended February 28, 2021				Years Ended August 31,								Ten Months Ended August 31,				For the Period September 19, 2017(a) Through October 31,
	(Unaudited)				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	35.42			$	29.16			$	29.09			$	25.70			$	25.00
Net investment income(b)			0.28				0.56				0.48				0.43				0.04
Net realized and unrealized gain on investments			3.49				6.21				0.19				3.32				0.66
Total from investment operations			3.77				6.77				0.67				3.75				0.70
Distributions to shareholders from:
Net investment income			(0.26	)			(0.51	)			(0.53	)			(0.36	)			-
Net realized gains			-				-				(0.07	)			-				-
Total distributions			(0.26	)			(0.51	)			(0.60	)			(0.36	)			-
Net asset value at end of period		$	38.93			$	35.42			$	29.16			$	29.09			$	25.70
Market price at end of period(c)		$	39.25			$	35.61			$	29.16			$	29.09			$	25.70
Net Asset Value Total Return(d)			10.72	%			23.71	%			2.48	%			14.68	%			2.80	%(e)
Market Price Total Return(d)			11.03	%			24.36	%			2.48	%			14.68	%			2.80	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	25,302			$	8,855			$	2,916			$	2,909			$	2,570
Ratio to average net assets of:
Expenses			0.04	%(f)			0.04	%			0.29	%(g)			0.04	%(f)			0.04	%(f)
Net investment income			1.52	%(f)			1.82	%			1.70	%(g)			1.91	%(f)			1.31	%(f)
Portfolio turnover rate(h)			2	%			5	%			5	%			4	%			0	%(i)

^(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 2.96%. The market price total return from Fund Inception to October 31, 2017 was 3.09%.

^(f)  Annualized.

^(g)  Ratios include non-recurring costs associated with a proxy statement of 0.25%.

^(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.

⁽ⁱ⁾  Amount represents less than 0.5%.

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

38

Financial Highlights–(continued)

Invesco PureBeta^SM MSCI USA Small Cap ETF (PBSM)

	Six Months Ended February 28, 2021				Years Ended August 31,								Ten Months Ended August 31,				For the Period September 19, 2017(a) Through October 31,
	(Unaudited)				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	26.98			$	26.17			$	30.11			$	26.06			$	25.00
Net investment income(b)			0.28				0.38				0.31				0.32				0.04
Net realized and unrealized gain (loss) on investments			10.02				0.82				(3.05	)			4.00				1.02
Total from investment operations			10.30				1.20				(2.74	)			4.32				1.06
Distributions to shareholders from:
Net investment income			(0.16	)			(0.38	)			(0.38	)			(0.27	)			-
Net realized gains			(0.13	)			(0.01	)			(0.82	)			-				-
Total distributions			(0.29	)			(0.39	)			(1.20	)			(0.27	)			-
Net asset value at end of period		$	36.99			$	26.98			$	26.17			$	30.11			$	26.06
Market price at end of period(c)		$	37.23			$	27.00			$	26.21			$	30.11			$	26.08
Net Asset Value Total Return(d)			38.41	%			4.87	%			(8.54	)%			16.66	%			4.24	%(e)
Market Price Total Return(d)			39.20	%			4.79	%			(8.40	)%			16.57	%			4.32	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	22,193			$	4,046			$	2,617			$	3,011			$	2,606
Ratio to average net assets of:
Expenses			0.06	%(f)			0.06	%			0.32	%(g)			0.06	%(f)			0.06	%(f)
Net investment income			1.72	%(f)			1.49	%			1.16	%(g)			1.39	%(f)			1.21	%(f)
Portfolio turnover rate(h)			7	%			21	%			17	%			15	%			1	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

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

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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 3.66%. The market price total return from Fund Inception to October 31, 2017 was 3.66%.

^(f)  Annualized.

^(g)  Ratios include non-recurring costs associated with a proxy statement of 0.26%.

^(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.

39

Financial Highlights–(continued)

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)

	Six Months Ended February 28, 2021				Years Ended August 31,								Ten Months Ended August 31,				For the Period September 27, 2017(a) Through October 31,
	(Unaudited)				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	26.89			$	25.94			$	24.23			$	24.96			$	25.00
Net investment income(b)			0.24				0.62				0.67				0.52				0.06
Net realized and unrealized gain (loss) on investments			(0.82	)			1.02				1.74				(0.70	)			(0.05	)
Total from investment operations			(0.58	)			1.64				2.41				(0.18	)			0.01
Distributions to shareholders from:
Net investment income			(0.30	)			(0.69	)			(0.70	)			(0.54	)			(0.05	)
Net realized gains			(0.12	)			-				-				-				-
Return of capital			-				-				-				(0.01	)			-
Total distributions			(0.42	)			(0.69	)			(0.70	)			(0.55	)			(0.05	)
Net asset value at end of period		$	25.89			$	26.89			$	25.94			$	24.23			$	24.96
Market price at end of period(c)		$	25.92			$	26.93			$	25.96			$	24.25			$	24.96
Net Asset Value Total Return(d)			(2.19	)%			6.42	%			10.14	%			(0.72	)%			0.05	%(e)
Market Price Total Return(d)			(2.22	)%			6.49	%			10.14	%			(0.64	)%			0.05	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	20,709			$	29,577			$	25,940			$	24,233			$	24,964
Ratio to average net assets of:
Expenses, after Waivers			0.05	%(f)			0.05	%			0.08	%(g)			0.05	%(f)			0.04	%(f)
Expenses, prior to Waivers			0.05	%(f)			0.05	%			0.08	%(g)			0.05	%(f)			0.05	%(f)
Net investment income			1.79	%(f)			2.36	%			2.71	%(g)			2.55	%(f)			2.44	%(f)
Portfolio turnover rate(h)			25	%			30	%			29	%			20	%			0	%(i)

^(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 29, 2017, the first day of trading on the Exchange) to October 31, 2017 was 0.01%. The market price total return from Fund Inception to October 31, 2017 was 0.29%.

^(f)  Annualized.

^(g)  Ratios include non-recurring costs associated with a proxy statement of 0.03%.

^(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.

⁽ⁱ⁾  Amount represents less than 0.5%.

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

40

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2021

(Unaudited)

NOTE 1–Organization

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

Full Name	Short Name
Invesco PureBetaSM MSCI USA ETF (PBUS)	“PureBetaSM MSCI USA ETF”
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)	“PureBetaSM MSCI USA Small Cap ETF”
Invesco PureBetaSM US Aggregate Bond ETF (PBND)	“PureBetaSM US Aggregate 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 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 MSCI USA ETF	MSCI USA Index
PureBetaSM MSCI USA Small Cap ETF	MSCI USA Small Cap Index
PureBetaSM US Aggregate Bond ETF	ICE BofAML US Broad Market IndexSM

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

41

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 Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

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 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

42

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

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.

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.

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.

Mortgage-Backed and Asset-Backed Securities Risk. For certain Funds, investments in mortgage- and asset-backed securities are subject to prepayment or call risk, which is the risk that payments from the borrower may be received earlier than expected due to changes in the rate at which the underlying loans are prepaid. Securities may be prepaid at a price less than the original purchase value. In addition, TBA transactions involve the risk that the securities received may be less favorable than what was anticipated by the Fund when entering into the TBA transaction and counterparty risk. Default or bankruptcy of a counterparty to a TBA transaction would expose the Fund to potential loss and could affect the Fund’s returns.

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

43

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.

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 Obligation 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 instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate.

C. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

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

E. Dividends and Distributions to Shareholders - Each Fund (except for PureBeta^SM US Aggregate Bond ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. PureBeta^SM US Aggregate Bond ETF declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains,

44

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 - 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.

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).

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. The risk of material loss as a result of such indemnification claims is considered 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

45

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)
PureBetaSM MSCI USA ETF	0.04%
PureBetaSM MSCI USA Small Cap ETF	0.06%
PureBetaSM US Aggregate Bond ETF	0.05%

Further, through at least August 31, 2023, 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 six months ended February 28, 2021, the Adviser waived fees for each Fund in the following amounts:

PureBetaSM MSCI USA ETF	$	6
PureBetaSM MSCI USA Small Cap ETF		7
PureBetaSM US Aggregate Bond ETF		41

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.

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

Fund	Licensor
PureBetaSM MSCI USA ETF	MSCI Inc.
PureBetaSM MSCI USA Small Cap ETF	MSCI Inc.
PureBetaSM US Aggregate Bond ETF	ICE Data Indices, LLC

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are 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 six months ended February 28, 2021, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

PureBetaSM MSCI USA ETF	$	27
PureBetaSM MSCI USA Small Cap ETF		146

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

NOTE 4–Security Transactions with Affiliated Funds

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

For the six months ended February 28, 2021, the following Fund engaged in transactions with affiliates as listed below:

	Securities Purchases			Securities Sales			Net Realized Gains
PureBetaSM MSCI USA Small Cap ETF		$	607		$	-		$	-

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 February 28, 2021. 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

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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 MSCI USA ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	25,288,597		$	-		$	-		$	25,288,597
Money Market Funds			27,629			37,261			-			64,890
Total Investments		$	25,316,226		$	37,261		$	-		$	25,353,487
PureBetaSM MSCI USA Small Cap ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	22,184,670		$	21		$	143		$	22,184,834
Money Market Funds			4,858			729,961			-			734,819
Total Investments		$	22,189,528		$	729,982		$	143		$	22,919,653
PureBetaSM US Aggregate Bond ETF
Investments in Securities
U.S. Treasury Securities		$	-		$	8,468,063		$	-		$	8,468,063
U.S. Dollar Denominated Bonds & Notes			-			6,324,483			-			6,324,483
U.S. Government Sponsored Agency Mortgage-Backed Securities			-			4,956,968			-			4,956,968
Asset-Backed Securities			-			663,122			-			663,122
Municipal Obligations			-			167,461			-			167,461
Money Market Funds			114,242			91,711			-			205,953
Total Investments		$	114,242		$	20,671,808		$	-		$	20,786,050

NOTE 6–Tax Information

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 August 31, 2020:

	No expiration
	Short-Term			Long-Term			Total*
PureBetaSM MSCI USA ETF		$	-		$	21,829		$	21,829
PureBetaSM MSCI USA Small Cap ETF			-			4,552			4,552
PureBetaSM US Aggregate Bond ETF			22,244			-			22,244

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

NOTE 7–Investment Transactions

For the six months ended February 28, 2021, 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 MSCI USA ETF	$	593,526	$	399,309
PureBetaSM MSCI USA Small Cap ETF		791,021		622,837
PureBetaSM US Aggregate Bond ETF		3,287,640		5,187,614

For the six months ended February 28, 2021, the cost of securities purchased and proceeds from sales of U.S. Treasury obligations (other than short-term securities, money market funds and in-kind transactions), for PureBetaSM US Aggregate Bond ETF amounted to $2,033,574 and $1,897,535, respectively.

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For the six months ended February 28, 2021, in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received		Value of Securities Delivered
PureBetaSM MSCI USA ETF		$18,387,442		$3,742,678
PureBetaSM MSCI USA Small Cap ETF		15,682,576		-
PureBetaSM US Aggregate Bond ETF		1,811,437		8,224,278

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

At February 28, 2021, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

	Gross Unrealized Appreciation			Gross Unrealized (Depreciation)				Net Unrealized Appreciation			Cost
PureBetaSM MSCI USA ETF		$	2,402,007		$	(296,028	)		$	2,105,979		$	23,247,509
PureBetaSM MSCI USA Small Cap ETF			2,843,496			(284,640	)			2,558,856			20,360,797
PureBetaSM US Aggregate Bond ETF			663,973			(242,358	)			421,615			20,364,435

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 a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 9–Capital

Shares are issued and redeemed by 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.

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, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended February 28, 2021.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, 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 September 1, 2020			Ending Account Value February 28, 2021			Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period(1)
Invesco PureBetaSM MSCI USA ETF (PBUS)
Actual		$	1,000.00		$	1,107.20		0.04%		$	0.21
Hypothetical (5% return before expenses)			1,000.00			1,024.60		0.04			0.20
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)
Actual			1,000.00			1,384.10		0.06			0.35
Hypothetical (5% return before expenses)			1,000.00			1,024.50		0.06			0.30
Invesco PureBetaSM US Aggregate Bond ETF (PBND)
Actual			1,000.00			978.10		0.05			0.25
Hypothetical (5% return before expenses)			1,000.00			1,024.55		0.05			0.25

⁽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 February 28, 2021. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

50

Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

The Trust files its complete schedule of portfolio holdings for the Funds with the Commission for the first and third quarters of each fiscal year 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.

©2021 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 P-PBETA-SAR-2                 invesco.com/ETFs

	Invesco Semi-Annual Report to Shareholders
	February 28, 2021
	DWAS	Invesco DWA SmallCap Momentum ETF
	PSCD	Invesco S&P SmallCap Consumer Discretionary ETF
	PSCC	Invesco S&P SmallCap Consumer Staples ETF
	PSCE	Invesco S&P SmallCap Energy ETF
	PSCF	Invesco S&P SmallCap Financials ETF
	PSCH	Invesco S&P SmallCap Health Care ETF
	PSCI	Invesco S&P SmallCap Industrials ETF
	PSCT	Invesco S&P SmallCap Information Technology ETF
	PSCM	Invesco S&P SmallCap Materials ETF
	PSCU	Invesco S&P SmallCap Utilities & Communication Services ETF

Table of Contents

Schedules of Investments
Invesco DWA SmallCap Momentum ETF (DWAS)	3
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)	7
Invesco S&P SmallCap Consumer Staples ETF (PSCC)	10
Invesco S&P SmallCap Energy ETF (PSCE)	12
Invesco S&P SmallCap Financials ETF (PSCF)	14
Invesco S&P SmallCap Health Care ETF (PSCH)	17
Invesco S&P SmallCap Industrials ETF (PSCI)	19
Invesco S&P SmallCap Information Technology ETF (PSCT)	22
Invesco S&P SmallCap Materials ETF (PSCM)	25
Invesco S&P SmallCap Utilities  & Communication Services ETF (PSCU)	27
Statements of Assets and Liabilities	30
Statements of Operations	32
Statements of Changes in Net Assets	34
Financial Highlights	38
Notes to Financial Statements	48
Fund Expenses	58

  2  

Invesco DWA SmallCap Momentum ETF (DWAS)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.04%
Communication Services-1.03%
Cardlytics, Inc.(b)		12,467	$	1,651,005
Emerald Holding, Inc.		354,573		1,939,514
ORBCOMM, Inc.(b)		266,930		2,036,676
				5,627,195
Consumer Discretionary-16.79%
Adient PLC(b)		52,095		1,931,683
Bally’s Corp.		41,312		2,458,890
Boot Barn Holdings, Inc.(b)		43,684		2,639,387
Boyd Gaming Corp.(b)		42,773		2,510,775
Brinker International, Inc.		39,997		2,743,394
Children’s Place, Inc. (The)(b)(c)		37,500		2,596,875
Citi Trends, Inc.		44,260		3,447,411
Crocs, Inc.(b)		29,200		2,240,224
Dave & Buster’s Entertainment, Inc.		65,451		2,657,965
Everi Holdings, Inc.(b)		190,936		2,885,043
Golden Entertainment, Inc.(b)		93,406		2,207,184
GoPro, Inc., Class A(b)		210,425		1,582,396
Green Brick Partners, Inc.(b)		76,884		1,516,921
GrowGeneration Corp.(b)		159,430		7,274,791
Guess?, Inc.		97,005		2,445,496
Jack in the Box, Inc.		20,105		2,057,747
Lindblad Expeditions Holdings, Inc.(b)		123,803		2,578,817
Liquidity Services, Inc.(b)		114,763		1,791,450
Lumber Liquidators Holdings, Inc.(b)		86,543		2,143,670
Magnite, Inc.(b)		78,069		3,815,232
MasterCraft Boat Holdings, Inc.(b)		70,090		1,796,407
Michaels Cos., Inc. (The)(b)(c)		234,537		3,518,055
Modine Manufacturing Co.(b)		148,550		2,060,389
Party City Holdco, Inc.(b)		284,000		2,175,440
Red Rock Resorts, Inc., Class A		79,856		2,409,256
Revolve Group, Inc.(b)		57,743		2,661,952
SeaWorld Entertainment, Inc.(b)		59,118		2,935,800
Sleep Number Corp.(b)		21,580		2,959,265
Stitch Fix, Inc., Class A(b)		28,429		2,169,417
Turtle Beach Corp.(b)		74,912		2,239,869
Visteon Corp.(b)		14,591		1,855,537
Vuzix Corp.(b)(c)		202,585		3,812,650
XPEL, Inc.(b)(d)		111,864		5,408,624
Zumiez, Inc.(b)		49,351		2,224,743
				91,752,755
Consumer Staples-3.19%
Freshpet, Inc.(b)		49,382		7,697,666
Medifast, Inc.		9,311		2,355,590
Performance Food Group Co.(b)		38,837		2,106,519
Veru, Inc.(b)		208,916		2,887,219
WD-40 Co.		7,574		2,361,195
				17,408,189
Energy-2.61%
Antero Midstream Corp.		218,544		1,927,558
Clean Energy Fuels Corp.(b)		333,428		4,347,901
Renewable Energy Group, Inc.(b)		60,776		4,726,549
US Silica Holdings, Inc.		247,089		3,288,755
				14,290,763

	Shares		Value
Financials-4.98%
B. Riley Financial, Inc.		43,596	$	2,869,489
Brightsphere Investment Group, Inc.		96,762		1,751,392
Cowen, Inc., Class A		67,855		2,296,892
Evercore, Inc., Class A		16,581		1,985,906
First Merchants Corp.		49,514		2,082,064
Granite Point Mortgage Trust, Inc.		187,391		2,091,283
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		29,708		1,670,481
Live Oak Bancshares, Inc.		37,653		2,075,057
Mr. Cooper Group, Inc.(b)		64,980		2,043,621
Palomar Holdings, Inc.(b)		26,492		2,255,264
Pinnacle Financial Partners, Inc.		28,610		2,322,274
PROG Holdings, Inc.		31,335		1,566,750
Trupanion, Inc.(b)		22,718		2,198,193
				27,208,666
Health Care-32.69%
Acadia Healthcare Co., Inc.(b)		36,963		2,041,836
AdaptHealth Corp.(b)		59,627		1,834,723
Alphatec Holdings, Inc.(b)		134,695		2,161,855
Altimmune, Inc.(b)(c)		362,595		5,779,764
Amicus Therapeutics, Inc.(b)		74,507		914,946
Anavex Life Sciences Corp.(b)		277,659		3,615,120
Apellis Pharmaceuticals, Inc.(b)		36,398		1,753,292
Aquestive Therapeutics, Inc.(b)(c)		275,782		1,263,082
Arvinas, Inc.(b)		33,678		2,636,987
AtriCure, Inc.(b)		32,929		2,149,276
Avid Bioservices, Inc.(b)		215,445		4,433,858
Beam Therapeutics, Inc.(b)(c)		31,279		2,787,897
BioLife Solutions, Inc.(b)		41,214		1,616,825
Bridgebio Pharma, Inc.(b)(c)		27,344		1,932,674
CareDx, Inc.(b)		25,904		2,048,488
Castle Biosciences, Inc.(b)		28,733		2,186,007
Chimerix, Inc.(b)		364,640		3,577,119
Covetrus, Inc.(b)		61,762		2,295,076
Denali Therapeutics, Inc.(b)		38,068		2,733,282
Editas Medicine, Inc.(b)		23,722		1,040,447
Evelo Biosciences, Inc.(b)(c)		162,965		1,983,284
Evolent Health, Inc., Class A(b)		117,049		2,358,537
Fate Therapeutics, Inc.(b)		41,938		3,762,677
Five Prime Therapeutics, Inc.(b)		115,403		2,565,409
Fulgent Genetics, Inc.(b)		134,067		13,575,625
Halozyme Therapeutics, Inc.(b)		43,049		1,947,967
Heska Corp.(b)		50,312		9,478,781
Immunovant, Inc.(b)		54,713		863,371
InfuSystem Holdings, Inc.(b)		330,837		5,644,079
Inspire Medical Systems, Inc.(b)		23,256		5,413,764
Intellia Therapeutics, Inc.(b)		45,291		2,738,294
iRhythm Technologies, Inc.(b)		8,279		1,332,091
Kodiak Sciences, Inc.(b)		12,081		1,558,570
Mersana Therapeutics, Inc.(b)		268,629		4,883,675
ModivCare, Inc.(b)		13,231		1,697,008
Morphic Holding, Inc.(b)(c)		52,634		1,903,246
NanoString Technologies, Inc.(b)		25,933		1,809,864
Natera, Inc.(b)		17,823		2,069,072
NGM Biopharmaceuticals, Inc.(b)		59,914		1,600,902
Ocular Therapeutix, Inc.(b)		214,537		3,934,609
Omnicell, Inc.(b)		18,438		2,339,782

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

  3  

Invesco DWA SmallCap Momentum ETF (DWAS)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Health Care-(continued)
OptimizeRx Corp.(b)		65,937	$	3,506,530
Pacific Biosciences of California, Inc.(b)		165,967		5,073,611
Pennant Group, Inc. (The)(b)		30,699		1,620,293
Personalis, Inc.(b)		73,828		2,276,117
Precigen, Inc.(b)		180,536		1,523,724
Progyny, Inc.(b)		44,980		1,893,208
Pulse Biosciences, Inc.(b)(c)		80,624		2,358,252
R1 RCM, Inc.(b)		252,106		6,968,210
Rocket Pharmaceuticals, Inc.(b)		44,661		2,482,258
Shockwave Medical, Inc.(b)		18,242		2,129,936
SmileDirectClub, Inc.(b)(c)		130,589		1,514,832
Stoke Therapeutics, Inc.(b)(c)		29,452		1,763,880
Surgery Partners, Inc.(b)		80,740		3,186,808
Sutro Biopharma, Inc.(b)		80,702		1,791,584
Syndax Pharmaceuticals, Inc.(b)		125,128		3,054,375
TCR2 Therapeutics, Inc.(b)		62,803		1,661,767
TG Therapeutics, Inc.(b)		97,815		4,281,363
Turning Point Therapeutics, Inc.(b)		18,189		2,144,665
Twist Bioscience Corp.(b)		28,140		3,873,190
US Physical Therapy, Inc.		15,441		1,810,303
XOMA Corp.(b)		40,644		1,471,313
				178,649,380
Industrials-14.17%
Advanced Drainage Systems, Inc.		24,092		2,650,602
Air Transport Services Group, Inc.(b)		69,409		1,842,115
Alamo Group, Inc.		15,280		2,332,186
Altra Industrial Motion Corp.		33,552		1,943,332
Ameresco, Inc., Class A(b)		98,321		5,616,096
American Superconductor Corp.(b)		80,414		1,913,049
Arcosa, Inc.		33,552		1,903,405
Avis Budget Group, Inc.(b)		50,945		2,829,995
Builders FirstSource, Inc.(b)		72,897		3,153,889
Chart Industries, Inc.(b)		18,553		2,654,749
CIRCOR International, Inc.(b)		50,394		1,794,530
Construction Partners, Inc.(b)		65,642		1,899,679
CSW Industrials, Inc.		15,958		2,003,846
Herc Holdings, Inc.(b)		29,135		2,556,888
IES Holdings, Inc.(b)		37,965		1,740,316
Kadant, Inc.		15,229		2,649,846
Lydall, Inc.(b)		61,388		2,138,144
Meritor, Inc.(b)		64,528		1,959,715
Nesco Holdings, Inc.(b)(c)		290,056		2,349,454
Plug Power, Inc.(b)		240,430		11,632,003
Resideo Technologies, Inc.(b)		92,302		2,217,094
Saia, Inc.(b)		19,904		3,991,349
Shyft Group, Inc. (The)		67,233		2,211,293
Spirit Airlines, Inc.(b)(c)		70,923		2,544,717
TPI Composites, Inc.(b)		33,867		1,614,101
Triton International Ltd. (Bermuda)		36,922		2,133,353
Upwork, Inc.(b)		59,839		3,224,125
WESCO International, Inc.(b)		23,988		1,925,757
				77,425,628
Information Technology-16.44%
Agilysys, Inc.(b)		48,270		2,876,409
Alarm.com Holdings, Inc.(b)		32,934		2,894,240
Arlo Technologies, Inc.(b)		221,655		1,542,719
AXT, Inc.(b)		181,544		2,347,364
Badger Meter, Inc.		19,912		2,162,244
Brightcove, Inc.(b)		102,039		2,222,409

	Shares		Value
Information Technology-(continued)
Calix, Inc.(b)		102,420	$	4,046,614
Cerence, Inc.(b)		39,528		4,396,304
Cohu, Inc.		47,213		2,051,405
Digimarc Corp.(b)(c)		36,127		1,321,887
Digital Turbine, Inc.(b)		95,123		7,854,306
Diodes, Inc.(b)		26,811		2,105,200
EVERTEC, Inc.		44,493		1,730,778
ExlService Holdings, Inc.(b)		21,040		1,780,405
FormFactor, Inc.(b)		43,012		1,951,455
Infinera Corp.(b)		170,636		1,676,499
Insight Enterprises, Inc.(b)		24,329		2,033,661
MACOM Technology Solutions Holdings, Inc.(b)		37,300		2,400,255
MicroVision, Inc.(b)(c)		354,766		5,275,370
Mitek Systems, Inc.(b)		97,790		1,494,231
Onto Innovation, Inc.(b)		37,924		2,368,733
PAR Technology Corp.(b)		29,377		2,552,274
Perficient, Inc.(b)		37,639		2,096,116
Rapid7, Inc.(b)		42,001		3,202,156
SailPoint Technologies Holding, Inc.(b)		31,976		1,802,807
SiTime Corp.(b)		32,198		3,137,051
Smith Micro Software, Inc.(b)		491,954		3,246,896
SPS Commerce, Inc.(b)		19,614		1,975,718
SunPower Corp.(b)		70,292		2,444,053
TTEC Holdings, Inc.		24,126		2,029,962
Ultra Clean Holdings, Inc.(b)		56,378		2,614,812
Varonis Systems, Inc.(b)		10,830		1,987,738
Veritone, Inc.(b)(c)		67,227		2,423,533
Workiva, Inc.(b)		37,445		3,787,562
				89,833,166
Materials-3.99%
Alcoa Corp.(b)		81,321		1,996,431
Arconic Corp.(b)		62,415		1,368,137
Cleveland-Cliffs, Inc.		130,156		1,736,281
Coeur Mining, Inc.(b)		182,711		1,646,226
Forterra, Inc.(b)		122,975		2,861,628
Hecla Mining Co.		372,341		2,431,387
Livent Corp.(b)		100,800		1,876,896
Olin Corp.		69,622		2,154,105
Quaker Chemical Corp.		12,069		3,408,044
US Concrete, Inc.(b)		45,205		2,326,249
				21,805,384
Real Estate-3.37%
eXp World Holdings, Inc.(b)(c)		130,030		7,852,512
Innovative Industrial Properties, Inc.		21,580		4,208,100
Realogy Holdings Corp.(b)		132,164		1,993,033
Ryman Hospitality Properties, Inc.		29,118		2,250,530
St. Joe Co. (The)		41,826		2,105,103
				18,409,278
Utilities-0.78%
Ormat Technologies, Inc.		21,761		1,864,265
Sunnova Energy International, Inc.(b)		53,337		2,391,631
				4,255,896
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.04% (Cost $437,091,438)				546,666,300

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

  4  

Invesco DWA SmallCap Momentum ETF (DWAS)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.88%
Invesco Private Government Fund, 0.01%(e)(f)(g)		10,729,645	$	10,729,645
Invesco Private Prime Fund, 0.11%(e)(f)(g)		15,913,277		15,919,642
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $26,649,287)				26,649,287
TOTAL INVESTMENTS IN SECURITIES-104.92% (Cost $463,740,725)				573,315,587
OTHER ASSETS LESS LIABILITIES-(4.92)%				(26,906,060	)
NET ASSETS-100.00%			$	546,409,527

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2021.

^(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 value of this security at February 28, 2021 represented less than 1% of the Fund’s Net Assets.

^(e) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	1,153,680		$	(1,153,680	)		$	-		$	-		$	-		$	5
Invesco Premier U.S. Government Money Portfolio, Institutional Class			95,743			81,883			(177,626	)			-			-			-			1
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			19,112,455			91,882,319			(100,265,129	)			-			-			10,729,645			2,071	*
Invesco Private Prime Fund			6,370,917			89,424,444			(79,877,601	)			1			1,881			15,919,642			9,608	*
Total		$	25,579,115		$	182,542,326		$	(181,474,036	)		$	1		$	1,881		$	26,649,287		$	11,685

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

^(f) The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

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

  5  

Invesco DWA SmallCap Momentum ETF (DWAS)—(continued)

February 28, 2021

(Unaudited)

Portfolio Composition

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

as of February 28, 2021

Health Care	32.69
Consumer Discretionary	16.79
Information Technology	16.44
Industrials	14.17
Financials	4.98
Materials	3.99
Real Estate	3.37
Consumer Staples	3.19
Sector Types Each Less Than 3%	4.42
Money Market Funds Plus Other Assets Less Liabilities	(0.04	)

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

  6  

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Auto Components-10.90%
American Axle & Manufacturing Holdings, Inc.(b)		41,677	$	407,184
Cooper Tire & Rubber Co.		18,529		1,060,600
Cooper-Standard Holdings, Inc.(b)		6,214		222,586
Dorman Products, Inc.(b)		10,595		1,056,427
Gentherm, Inc.(b)		12,031		851,675
LCI Industries		9,278		1,307,641
Motorcar Parts of America, Inc.(b)		7,009		149,152
Patrick Industries, Inc.		8,086		638,228
Standard Motor Products, Inc.		7,435		312,344
				6,005,837
Automobiles-1.57%
Winnebago Industries, Inc.		12,419		864,362
Distributors-0.98%
Core-Mark Holding Co., Inc.		16,526		538,417
Diversified Consumer Services-1.08%
American Public Education, Inc.(b)		5,449		160,419
Perdoceo Education Corp.(b)		25,483		327,966
Regis Corp.(b)(c)		8,903		104,610
				592,995
Hotels, Restaurants & Leisure-13.07%
BJ’s Restaurants, Inc.(b)		8,210		455,901
Bloomin’ Brands, Inc.		29,320		728,309
Brinker International, Inc.		16,701		1,145,522
Cheesecake Factory, Inc. (The)(c)		15,433		848,043
Chuy’s Holdings, Inc.(b)		7,240		296,840
Dave & Buster’s Entertainment, Inc.		17,453		708,766
Dine Brands Global, Inc.		6,043		478,062
El Pollo Loco Holdings, Inc.(b)		6,969		127,742
Fiesta Restaurant Group, Inc.(b)		6,376		97,298
Monarch Casino & Resort, Inc.(b)		4,700		318,002
Red Robin Gourmet Burgers, Inc.(b)		5,717		175,455
Ruth’s Hospitality Group, Inc.		11,715		267,160
Shake Shack, Inc., Class A(b)		13,135		1,556,235
				7,203,335
Household Durables-16.13%
Cavco Industries, Inc.(b)		3,140		662,257
Century Communities, Inc.(b)		10,680		590,924
Ethan Allen Interiors, Inc.		8,008		205,165
Installed Building Products, Inc.(b)		8,360		914,250
iRobot Corp.(b)		10,375		1,287,641
La-Z-Boy, Inc.		16,970		723,092
LGI Homes, Inc.(b)		8,118		886,892
M.D.C. Holdings, Inc.		18,904		1,069,399
M/I Homes, Inc.(b)		10,578		527,842
Meritage Homes Corp.(b)		13,871		1,169,464
Tupperware Brands Corp.(b)		18,091		553,042
Universal Electronics, Inc.(b)		5,062		294,558
				8,884,526
Internet & Direct Marketing Retail-4.26%
Liquidity Services, Inc.(b)		9,630		150,324
PetMed Express, Inc.(c)		7,456		258,798

	Shares		Value
Internet & Direct Marketing Retail-(continued)
Shutterstock, Inc.		8,136	$	717,839
Stamps.com, Inc.(b)		6,714		1,221,478
				2,348,439
Leisure Products-3.79%
Callaway Golf Co.		34,738		970,927
Sturm Ruger & Co., Inc.		6,434		438,799
Vista Outdoor, Inc.(b)		21,429		677,371
				2,087,097
Multiline Retail-4.67%
Big Lots, Inc.		13,137		834,725
Macy’s, Inc.		114,381		1,739,735
				2,574,460
Specialty Retail-32.07%
Aaron’s Co., Inc. (The)(b)		12,355		271,316
Abercrombie & Fitch Co., Class A		22,952		628,196
America’s Car-Mart, Inc.(b)		2,261		305,235
Asbury Automotive Group, Inc.(b)		7,117		1,205,976
Barnes & Noble Education, Inc.(b)		11,058		71,545
Bed Bath & Beyond, Inc.(c)		46,477		1,248,372
Boot Barn Holdings, Inc.(b)		10,625		641,963
Buckle, Inc. (The)		10,535		404,965
Caleres, Inc.		13,943		221,136
Cato Corp. (The), Class A		7,231		89,231
Chico’s FAS, Inc.		44,117		118,675
Children’s Place, Inc. (The)(b)(c)		5,360		371,180
Conn’s, Inc.(b)		7,074		100,380
Designer Brands, Inc., Class A		21,603		269,821
GameStop Corp., Class A(b)(c)		20,138		2,048,840
Genesco, Inc.(b)		5,238		235,396
Group 1 Automotive, Inc.		6,329		964,793
Guess?, Inc.		13,814		348,251
Haverty Furniture Cos., Inc., (Acquired 06/25/2020 - 02/26/2021; Cost $149,922)(d)		6,147		222,337
Hibbett Sports, Inc.(b)		6,105		392,307
Lumber Liquidators Holdings, Inc.(b)		10,627		263,231
MarineMax, Inc.(b)		8,114		362,290
Michaels Cos., Inc. (The)(b)		27,161		407,415
Monro, Inc.		12,255		759,687
ODP Corp. (The)		19,381		741,711
Rent-A-Center, Inc.		17,934		1,035,868
Sally Beauty Holdings, Inc.(b)		41,512		668,343
Shoe Carnival, Inc.		3,171		155,252
Signet Jewelers Ltd.		19,262		958,862
Sleep Number Corp.(b)		10,246		1,405,034
Sonic Automotive, Inc., Class A		8,732		402,633
Zumiez, Inc.(b)		7,679		346,169
				17,666,410
Textiles, Apparel & Luxury Goods-11.43%
Crocs, Inc.(b)		24,880		1,908,794
Fossil Group, Inc.(b)		17,228		260,832
G-III Apparel Group Ltd.(b)		16,020		461,216
Kontoor Brands, Inc.		17,264		729,404
Movado Group, Inc.		6,095		138,966
Oxford Industries, Inc.		6,209		473,374

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

  7  

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Textiles, Apparel & Luxury Goods-(continued)
Steven Madden Ltd.		28,549	$	1,056,027
Unifi, Inc.(b)		5,498		137,065
Vera Bradley, Inc.(b)		8,099		76,860
Wolverine World Wide, Inc.		30,192		1,055,210
				6,297,748
Total Common Stocks & Other Equity Interests (Cost $47,163,981)				55,063,626
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(e)(f) (Cost $26,036)		26,036		26,036
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $47,190,017)				55,089,662

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-7.02%
Invesco Private Government Fund, 0.01%(e)(f)(g)		1,542,194	$	1,542,194
Invesco Private Prime Fund, 0.11%(e)(f)(g)		2,327,716		2,328,647
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,870,841)				3,870,841
TOTAL INVESTMENTS IN SECURITIES-107.02% (Cost $51,060,858)				58,960,503
OTHER ASSETS LESS LIABILITIES-(7.02)%				(3,867,506	)
NET ASSETS-100.00%			$	55,092,997

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2021.

^(d)  Restricted security. The value of this security at February 28, 2021 represented less than 1% of the Fund’s Net Assets.

^(e)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	180,621		$	(154,585	)		$-		$	-		$	26,036		$	1
Invesco Premier U.S. Government Money Portfolio, Institutional Class			19,479			60,851			(80,330	)		-			-			-			-
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,965,473			8,059,166			(8,482,445	)		-			-			1,542,194			198	*
Invesco Private Prime Fund			655,171			11,217,989			(9,544,752	)		-			239			2,328,647			951	*
Total		$	2,640,123		$	19,518,627		$	(18,262,112	)		$-		$	239		$	3,896,877		$	1,150

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

^(f)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

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

  8  

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)—(continued)

February 28, 2021

(Unaudited)

Portfolio Composition

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

as of February 28, 2021

Specialty Retail	32.07
Household Durables	16.13
Hotels, Restaurants & Leisure	13.07
Textiles, Apparel & Luxury Goods	11.43
Auto Components	10.90
Multiline Retail	4.67
Internet & Direct Marketing Retail	4.26
Leisure Products	3.79
Industry Types Each Less Than 3%	3.63
Money Market Funds Plus Other Assets Less Liabilities	0.05

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

  9  

Invesco S&P SmallCap Consumer Staples ETF (PSCC)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Beverages-13.22%
Celsius Holdings, Inc.(b)		28,651	$	1,705,594
Coca-Cola Consolidated, Inc.		4,918		1,262,254
MGP Ingredients, Inc.		14,259		910,865
National Beverage Corp.(c)		25,198		1,200,937
				5,079,650
Food & Staples Retailing-16.95%
Andersons, Inc. (The)		33,144		866,384
Chefs’ Warehouse, Inc. (The)(b)(c)		35,103		1,093,107
PriceSmart, Inc.		23,253		2,242,752
SpartanNash Co.		38,757		706,540
United Natural Foods, Inc.(b)		60,571		1,602,103
				6,510,886
Food Products-30.26%
B&G Foods, Inc.(c)		64,094		1,943,971
Calavo Growers, Inc.		17,150		1,290,538
Cal-Maine Foods, Inc.(b)		34,126		1,300,201
Fresh Del Monte Produce, Inc.		32,761		843,268
J&J Snack Foods Corp.		14,937		2,371,398
John B. Sanfilippo & Son, Inc.		9,533		824,223
Seneca Foods Corp., Class A(b)		7,239		394,236
Simply Good Foods Co. (The)(b)		90,996		2,654,353
				11,622,188
Household Products-15.03%
Central Garden & Pet Co.(b)		7,198		328,229
Central Garden & Pet Co., Class A(b)		28,767		1,194,118
WD-40 Co.		13,632		4,249,776
				5,772,123
Personal Products-17.40%
elf Beauty, Inc.(b)		41,363		1,060,961
Inter Parfums, Inc.		19,086		1,396,523
Medifast, Inc.		11,741		2,970,356
USANA Health Sciences, Inc.(b)		12,959		1,257,800
				6,685,640

	Shares		Value
Tobacco-7.07%
Universal Corp.		25,856	$	1,314,002
Vector Group Ltd.		102,760		1,402,674
				2,716,676
Total Common Stocks & Other Equity Interests (Cost $34,971,649)				38,387,163
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) (Cost $8,991)		8,991		8,991
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $34,980,640)				38,396,154
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-8.00%
Invesco Private Government Fund, 0.01%(d)(e)(f)		1,228,802		1,228,802
Invesco Private Prime Fund, 0.11%(d)(e)(f)		1,842,466		1,843,203
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,072,005)				3,072,005
TOTAL INVESTMENTS IN SECURITIES-107.95% (Cost $38,052,645)				41,468,159
OTHER ASSETS LESS LIABILITIES-(7.95)%				(3,054,533	)
NET ASSETS-100.00%			$	38,413,626

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2021.

^(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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	617,779		$	(608,788)		$	-		$	-		$	8,991		$	2
Invesco Premier U.S. Government Money Portfolio, Institutional Class			3,119			203,239			(206,358)			-			-			-			-

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

  10  

Invesco S&P SmallCap Consumer Staples ETF (PSCC)—(continued)

February 28, 2021

(Unaudited)

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	2,923,102		$	9,986,429		$	(11,680,729	)		$	-		$	-		$	1,228,802		$	286	*
Invesco Private Prime Fund			1,177,233			10,294,421			(9,628,726	)			-			275			1,843,203			1,079	*
Total		$	4,103,454		$	21,101,868		$	(22,124,601	)		$	-		$	275		$	3,080,996		$	1,367

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

^(e)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

Portfolio Composition

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

as of February 28, 2021

Food Products	30.26
Personal Products	17.40
Food & Staples Retailing	16.95
Household Products	15.03
Beverages	13.22
Tobacco	7.07
Money Market Funds Plus Other Assets Less Liabilities	0.07

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

  11  

Invesco S&P SmallCap Energy ETF (PSCE)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Energy Equipment & Services-40.36%
Archrock, Inc.		271,535	$	2,799,525
Bristow Group, Inc.(b)		49,071		1,306,270
Core Laboratories N.V		91,961		3,268,294
DMC Global, Inc.		31,147		1,961,949
Dril-Quip, Inc.(b)		74,171		2,518,847
Exterran Corp.(b)		52,454		286,923
Helix Energy Solutions Group, Inc.(b)(c)		298,263		1,461,489
Helmerich & Payne, Inc.		226,998		6,521,652
Nabors Industries Ltd.(c)		13,565		1,505,851
Oceaneering International, Inc.(b)		209,881		2,476,596
Oil States International, Inc.(b)		128,396		941,143
Patterson-UTI Energy, Inc.		396,223		2,932,050
ProPetro Holding Corp.(b)		170,631		1,957,138
RPC, Inc.(b)		122,071		775,151
US Silica Holdings, Inc.		156,281		2,080,100
				32,792,978
Oil, Gas & Consumable Fuels-59.63%
Bonanza Creek Energy, Inc.(b)		39,189		1,251,305
Callon Petroleum Co.(b)(c)		84,022		2,148,443
CONSOL Energy, Inc.(b)		62,864		679,560
Dorian LPG Ltd.(b)		70,634		879,393
Green Plains, Inc.(b)		86,868		2,199,498
Laredo Petroleum, Inc.(b)		19,099		622,436
Matador Resources Co.(b)		231,676		4,839,712
Par Pacific Holdings, Inc.(b)		84,441		1,492,072
PBF Energy, Inc., Class A		203,081		2,883,750
PDC Energy, Inc.(b)		210,205		7,346,665
Penn Virginia Corp.(b)		32,038		469,036
QEP Resources, Inc.		511,902		1,760,943
Range Resources Corp.(b)		540,781		5,213,129
Renewable Energy Group, Inc.(b)		82,981		6,453,432

	Shares		Value
Oil, Gas & Consumable Fuels-(continued)
REX American Resources Corp.(b)		11,140	$	1,047,940
SM Energy Co.		225,205		3,121,341
Southwestern Energy Co.(b)		1,362,516		5,518,190
Talos Energy, Inc.(b)		48,979		518,688
				48,445,533
Total Common Stocks & Other Equity Interests (Cost $68,404,844)				81,238,511
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) (Cost $49,964)		49,964		49,964
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $68,454,808)				81,288,475
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.27%
Invesco Private Government Fund, 0.01%(d)(e)(f)		88,357		88,357
Invesco Private Prime Fund, 0.11%(d)(e)(f)		132,065		132,118
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $220,475)				220,475
TOTAL INVESTMENTS IN SECURITIES-100.32% (Cost $68,675,283)				81,508,950
OTHER ASSETS LESS LIABILITIES-(0.32)%				(255,947	)
NET ASSETS-100.00%			$	81,253,003

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2021.

^(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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	196,595		$	(146,631)		$	-		$	-		$	49,964		$	1
Invesco Premier U.S. Government Money Portfolio, Institutional Class			3,793			74,626			(78,419)			-			-			-			-

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

  12  

Invesco S&P SmallCap Energy ETF (PSCE)—(continued)

February 28, 2021

(Unaudited)

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	696,441		$	7,174,632		$	(7,782,716	)		$	-		$	-		$	88,357		$	59	*
Invesco Private Prime Fund			232,167			9,608,095			(9,708,192	)			-			48			132,118			279	*
Total		$	932,401		$	17,053,948		$	(17,715,958	)		$	-		$	48		$	270,439		$	339

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

^(e)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

Portfolio Composition

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

as of February 28, 2021

Oil, Gas & Consumable Fuels	59.63
Energy Equipment & Services	40.36
Money Market Funds Plus Other Assets Less Liabilities	0.01

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

  13  

Invesco S&P SmallCap Financials ETF (PSCF)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Banks-39.11%
Allegiance Bancshares, Inc.		2,866	$	107,905
Ameris Bancorp		10,586		504,317
Banc of California, Inc.		6,747		125,224
BancFirst Corp.		2,838		181,291
BankUnited, Inc.		14,074		565,634
Banner Corp.		5,356		277,334
Berkshire Hills Bancorp, Inc.		7,744		156,119
Boston Private Financial Holdings, Inc.		12,530		172,413
Brookline Bancorp, Inc.		12,044		171,386
Cadence BanCorp		19,191		393,799
Central Pacific Financial Corp.		4,293		97,151
City Holding Co.		2,405		180,880
Columbia Banking System, Inc.		10,908		483,115
Community Bank System, Inc.		8,156		580,626
Customers Bancorp, Inc.(b)		4,429		118,609
CVB Financial Corp.		19,404		415,440
Dime Community Bancshares, Inc.		5,332		156,814
Eagle Bancorp, Inc.		4,911		240,099
FB Financial Corp.		4,745		201,235
First Bancorp (Puerto Rico)		33,244		348,730
First Bancorp/Southern Pines NC		4,361		175,617
First Commonwealth Financial Corp.		14,645		196,389
First Financial Bancorp		14,932		334,925
First Hawaiian, Inc.		19,924		555,680
First Midwest Bancorp, Inc.		17,412		344,409
Great Western Bancorp, Inc.		8,381		224,862
Hanmi Financial Corp.		4,680		80,122
Heritage Financial Corp.		5,470		141,618
Hilltop Holdings, Inc.		9,888		326,700
Hope Bancorp, Inc.		18,777		247,105
Independent Bank Corp.		5,022		429,431
Independent Bank Group, Inc.		5,600		390,264
Investors Bancorp, Inc.		34,645		462,164
National Bank Holdings Corp., Class A		4,662		180,653
NBT Bancorp, Inc.		6,646		240,785
OFG Bancorp (Puerto Rico)		7,822		151,043
Old National Bancorp		25,186		456,622
Pacific Premier Bancorp, Inc.		14,378		579,433
Park National Corp.		2,162		268,088
Preferred Bank		2,066		119,725
Renasant Corp.		8,561		336,276
S&T Bancorp, Inc.		5,989		172,962
Seacoast Banking Corp. of Florida(b)		8,404		302,124
ServisFirst Bancshares, Inc.		7,146		354,156
Simmons First National Corp., Class A		16,581		485,492
Southside Bancshares, Inc.		4,786		165,500
Tompkins Financial Corp.		1,842		142,442
Triumph Bancorp, Inc.(b)		3,445		264,232
United Community Banks, Inc.		13,195		436,227
Veritex Holdings, Inc.		7,565		219,990
Westamerica Bancorporation		4,093		246,030
				14,509,187
Capital Markets-3.78%
Blucora, Inc.(b)		7,319		118,568
Brightsphere Investment Group, Inc.		9,127		165,198
Donnelley Financial Solutions, Inc.(b)		4,525		117,605

	Shares		Value
Capital Markets-(continued)
Greenhill & Co., Inc.		2,168	$	32,715
Piper Sandler Cos		2,095		222,740
StoneX Group, Inc.(b)		2,478		142,956
Virtus Investment Partners, Inc.		1,090		273,481
Waddell & Reed Financial, Inc., Class A		9,523		238,932
WisdomTree Investments, Inc.		16,999		90,095
				1,402,290
Consumer Finance-2.92%
Encore Capital Group, Inc.(b)		4,775		159,581
Enova International, Inc.(b)		5,433		166,793
EZCORP, Inc., Class A(b)		7,936		38,093
Green Dot Corp., Class A(b)		8,147		385,027
PRA Group, Inc.(b)		6,943		255,919
World Acceptance Corp.(b)(c)		607		76,816
				1,082,229
Equity REITs-28.49%
Acadia Realty Trust		13,142		248,515
Agree Realty Corp.		8,892		574,067
Alexander & Baldwin, Inc.		11,022		192,554
American Assets Trust, Inc.		7,622		236,892
Armada Hoffler Properties, Inc.		8,825		113,931
Brandywine Realty Trust.		25,985		317,797
CareTrust REIT, Inc.		14,584		323,473
Centerspace		1,977		135,681
Chatham Lodging Trust		7,156		99,683
Community Healthcare Trust, Inc.		3,355		147,050
DiamondRock Hospitality Co.(b)		30,394		307,587
Diversified Healthcare Trust		36,297		163,336
Easterly Government Properties, Inc.		12,374		271,980
Essential Properties Realty Trust, Inc.		15,945		369,924
Four Corners Property Trust, Inc.		11,188		303,083
Franklin Street Properties Corp.		14,715		72,986
GEO Group, Inc. (The)(c)		18,481		133,063
Getty Realty Corp.		5,478		153,274
Global Net Lease, Inc.		13,632		253,283
Hersha Hospitality Trust		5,562		61,849
Independence Realty Trust, Inc.		14,448		202,850
Industrial Logistics Properties Trust		9,948		211,594
Innovative Industrial Properties, Inc.(c)		3,378		658,710
iStar, Inc.(c)		11,269		199,687
Kite Realty Group Trust		12,827		245,894
Lexington Realty Trust		42,190		452,277
LTC Properties, Inc.		5,978		244,560
Mack-Cali Realty Corp.		13,128		183,398
National Storage Affiliates Trust		9,487		365,724
NexPoint Residential Trust, Inc.		3,374		138,469
Office Properties Income Trust		7,361		186,160
Retail Opportunity Investments Corp.		17,976		284,201
Retail Properties of America, Inc., Class A		32,639		343,689
RPT Realty		12,333		135,293
Safehold, Inc.(c)		2,183		166,454
Saul Centers, Inc.		1,961		69,459
SITE Centers Corp.		22,959		306,273
Summit Hotel Properties, Inc.		16,102		166,656
Tanger Factory Outlet Centers, Inc.(c)		14,236		224,075
Uniti Group, Inc.		35,456		422,281
Universal Health Realty Income Trust		1,951		120,864

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

  14  

Invesco S&P SmallCap Financials ETF (PSCF)—(continued)    

February 28, 2021

(Unaudited)

	Shares		Value
Equity REITs-(continued)
Urstadt Biddle Properties, Inc., Class A		4,569	$	73,652
Washington REIT		12,548		282,581
Whitestone REIT.		6,065		56,708
Xenia Hotels & Resorts, Inc.		17,325		345,980
				10,567,497
Insurance-10.13%
Ambac Financial Group, Inc.(b)		6,978		118,277
American Equity Investment Life Holding Co.		14,018		387,317
AMERISAFE, Inc.		2,945		172,342
Assured Guaranty Ltd.		12,299		543,862
eHealth, Inc.(b)(c)		3,945		234,412
Employers Holdings, Inc.		4,421		147,175
HCI Group, Inc.		936		54,166
Horace Mann Educators Corp.		6,309		243,149
James River Group Holdings Ltd.		4,663		214,078
Palomar Holdings, Inc.(b)		3,304		281,270
ProAssurance Corp.		8,209		203,173
Safety Insurance Group, Inc.		2,155		170,417
SiriusPoint Ltd. (Bermuda)(b)		12,973		132,454
Stewart Information Services Corp.		4,070		192,104
Trupanion, Inc.(b)		4,986		482,445
United Fire Group, Inc.		3,279		96,567
United Insurance Holdings Corp.		3,150		19,593
Universal Insurance Holdings, Inc.		4,344		64,682
				3,757,483
IT Services-0.02%
BM Technologies, Inc.(b)(d)		567		7,144
Mortgage REITs-4.09%
Apollo Commercial Real Estate Finance, Inc.		19,663		261,321
ARMOUR Residential REIT, Inc.		9,861		119,022
Capstead Mortgage Corp.		14,698		84,220
Granite Point Mortgage Trust, Inc.		8,410		93,856
Invesco Mortgage Capital, Inc., (Acquired 11/21/2017 - 02/26/2021; Cost $373,411)(c)(e)(f)		27,630		107,481
KKR Real Estate Finance Trust, Inc.		4,142		76,337
New York Mortgage Trust, Inc.		57,544		239,958
PennyMac Mortgage Investment Trust		15,049		285,479
Ready Capital Corp.		6,223		81,646
Redwood Trust, Inc.		17,051		167,782
				1,517,102
Real Estate Management & Development-2.05%
Marcus & Millichap, Inc.(b)		3,659		138,566
RE/MAX Holdings, Inc., Class A		2,827		117,943
Realogy Holdings Corp.(b)		17,588		265,227
St. Joe Co. (The)		4,754		239,269
				761,005
Investment Abbreviations:
REIT -Real Estate Investment Trust

	Shares		Value
Thrifts & Mortgage Finance-9.41%
Axos Financial, Inc.(b)		7,825	$	362,063
Capitol Federal Financial, Inc.		19,663		261,715
Flagstar Bancorp, Inc.		7,207		312,712
HomeStreet, Inc.		3,319		142,584
Meta Financial Group, Inc.		5,095		225,658
Mr. Cooper Group, Inc.(b)		10,934		343,874
NMI Holdings, Inc., Class A(b)		12,920		295,351
Northfield Bancorp, Inc.		7,283		99,704
Northwest Bancshares, Inc.		19,469		274,902
Provident Financial Services, Inc.		11,106		224,674
TrustCo Bank Corp.		14,690		101,067
Walker & Dunlop, Inc.		4,424		440,896
WSFS Financial Corp.		7,678		408,009
				3,493,209
Total Common Stocks & Other Equity Interests (Cost $35,875,045)				37,097,146
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(e)(g) (Cost $14,413)		14,413		14,413
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.04% (Cost $35,889,458)				37,111,559
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.91%
Invesco Private Government Fund, 0.01%(e)(g)(h)		728,166		728,166
Invesco Private Prime Fund, 0.11%(e)(g)(h)		1,091,812		1,092,249
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,820,415)				1,820,415
TOTAL INVESTMENTS IN SECURITIES-104.95% (Cost $37,709,873)				38,931,974
OTHER ASSETS LESS LIABILITIES-(4.95)%				(1,836,416	)
NET ASSETS-100.00%			$	37,095,558

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

  15  

Invesco S&P SmallCap Financials ETF (PSCF)—(continued)

February 28, 2021

(Unaudited)

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2021.

^(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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value February 28, 2021			Dividend Income
Invesco Mortgage Capital, Inc.		$	86,109		$	21,768		$	(49,658	)		$	117,447		$	(68,185	)		$	107,481		$	3,353
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			417,516			(403,103	)			-			-				14,413			1
Invesco Premier U.S. Government Money Portfolio, Institutional Class			12,423			272,028			(284,451	)			-			-				-			-
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			812,376			3,342,724			(3,426,934	)			-			-				728,166			84	*
Invesco Private Prime Fund			270,798			3,687,465			(2,866,091	)			-			77				1,092,249			330	*
Total		$	1,181,706		$	7,741,501		$	(7,030,237	)		$	117,447		$	(68,108	)		$	1,942,309		$	3,768

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

^(f)  Restricted security. The value of this security at February 28, 2021 represented less than 1% of the Fund’s Net Assets.

^(g)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

^(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.

Portfolio Composition

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

as of February 28, 2021

Banks	39.11
Equity REITs	28.49
Insurance	10.13
Thrifts & Mortgage Finance	9.41
Mortgage REITs	4.09
Capital Markets	3.78
Industry Types Each Less Than 3%	4.99
Money Market Funds Plus Other Assets Less Liabilities	(0.00	)

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

  16  

Invesco S&P SmallCap Health Care ETF (PSCH)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Biotechnology-10.65%
Anika Therapeutics, Inc.(b)		64,680	$	2,373,756
Coherus Biosciences, Inc.(b)		288,478		4,684,883
Cytokinetics, Inc.(b)		322,048		6,031,959
Eagle Pharmaceuticals, Inc.(b)		52,764		2,347,998
Enanta Pharmaceuticals, Inc.(b)		81,311		4,010,258
Myriad Genetics, Inc.(b)		342,214		10,434,105
REGENXBIO, Inc.(b)		155,466		6,360,114
Spectrum Pharmaceuticals, Inc.(b)		663,962		2,277,390
Vanda Pharmaceuticals, Inc.(b)		248,854		4,641,127
Xencor, Inc.(b)		261,424		12,880,360
				56,041,950
Health Care Equipment & Supplies-26.08%
AngioDynamics, Inc.(b)		172,690		3,617,855
Cardiovascular Systems, Inc.(b)		182,572		7,540,224
CONMED Corp.		130,140		16,015,028
CryoLife, Inc.(b)		176,801		4,464,225
Cutera, Inc.(b)		80,232		2,833,794
Glaukos Corp.(b)		204,578		19,344,896
Heska Corp.(b)		40,440		7,618,896
Inogen, Inc.(b)		83,530		4,384,490
Integer Holdings Corp.(b)		149,579		13,191,372
Invacare Corp.		156,570		1,424,787
Lantheus Holdings, Inc.(b)		304,271		5,683,782
LeMaitre Vascular, Inc.(c)		76,823		3,947,934
Meridian Bioscience, Inc.(b)		196,001		4,131,701
Merit Medical Systems, Inc.(b)		222,416		12,393,019
Mesa Laboratories, Inc.(c)		22,127		6,016,553
Natus Medical, Inc.(b)		154,103		3,992,809
OraSure Technologies, Inc.(b)(c)		326,393		3,459,766
Orthofix Medical, Inc.(b)		87,972		4,091,578
SurModics, Inc.(b)		62,227		3,245,138
Tactile Systems Technology, Inc.(b)		88,377		4,491,319
Varex Imaging Corp.(b)		178,364		4,089,887
Zynex, Inc.(b)(c)		88,520		1,285,310
				137,264,363
Health Care Providers & Services-31.83%
Addus HomeCare Corp.(b)		68,332		7,350,473
AMN Healthcare Services, Inc.(b)		213,996		15,593,888
Community Health Systems, Inc.(b)		511,624		4,379,501
CorVel Corp.(b)		41,523		4,214,584
Covetrus, Inc.(b)		450,941		16,756,968
Cross Country Healthcare, Inc.(b)		158,952		1,765,957
Ensign Group, Inc. (The)		231,999		19,028,558
Fulgent Genetics, Inc.(b)(c)		59,634		6,038,539
Hanger, Inc.(b)		173,400		3,811,332
Magellan Health, Inc.(b)		103,696		9,676,911
MEDNAX, Inc.(b)		389,481		9,515,021
ModivCare, Inc.(b)		56,148		7,201,542
Owens & Minor, Inc.		334,488		11,375,937
Pennant Group, Inc. (The)(b)		115,441		6,092,976
R1 RCM, Inc.(b)		530,826		14,672,031
RadNet, Inc.(b)		195,008		3,595,947
Select Medical Holdings Corp.(b)		490,549		15,525,876

	Shares		Value
Health Care Providers & Services-(continued)
Tivity Health, Inc.(b)		170,332	$	4,053,902
US Physical Therapy, Inc.		58,469		6,854,906
				167,504,849
Health Care Technology-13.01%
Allscripts Healthcare Solutions, Inc.(b)		718,836		11,091,639
Computer Programs & Systems, Inc.		57,448		1,806,740
HealthStream, Inc.(b)		115,305		2,686,607
HMS Holdings Corp.(b)		402,922		14,821,486
NextGen Healthcare, Inc.(b)		252,026		4,712,886
Omnicell, Inc.(b)		192,501		24,428,377
Simulations Plus, Inc.		68,927		4,943,444
Tabula Rasa HealthCare, Inc.(b)(c)		98,650		4,000,257
				68,491,436
Life Sciences Tools & Services-6.11%
Luminex Corp.		196,876		6,402,408
NeoGenomics, Inc.(b)		505,189		25,749,483
				32,151,891
Pharmaceuticals-12.32%
Amphastar Pharmaceuticals, Inc.(b)		166,434		2,917,588
ANI Pharmaceuticals, Inc.(b)		43,860		1,276,326
Collegium Pharmaceutical, Inc.(b)		156,700		3,696,553
Corcept Therapeutics, Inc.(b)		475,740		11,964,861
Endo International PLC(b)		1,047,855		8,309,490
Innoviva, Inc.(b)		286,029		3,269,311
Lannett Co., Inc.(b)		155,810		944,209
Pacira BioSciences, Inc.(b)		197,675		14,529,113
Phibro Animal Health Corp., Class A		92,306		1,991,040
Prestige Consumer Healthcare, Inc.(b)		227,979		9,509,004
Supernus Pharmaceuticals, Inc.(b)		239,719		6,441,250
				64,848,745
Total Common Stocks & Other Equity Interests (Cost $451,905,894)				526,303,234
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) (Cost $90,491)		90,491		90,491
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $451,996,385)				526,393,725
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.11%
Invesco Private Government Fund, 0.01%(d)(e)(f)		4,434,131		4,434,131

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

  17  

Invesco S&P SmallCap Health Care ETF (PSCH)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.11%(d)(e)(f)		6,648,537	$	6,651,196
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,085,327)				11,085,327
TOTAL INVESTMENTS IN SECURITIES-102.13% (Cost $463,081,712)				537,479,052
OTHER ASSETS LESS LIABILITIES-(2.13)%				(11,183,953	)
NET ASSETS-100.00%			$	526,295,099

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2021.

^(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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	2,578,827		$	(2,488,336	)		$	-		$	-		$	90,491		$	8
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			14,338,219			33,026,319			(42,930,407	)			-			-			4,434,131			975	*
Invesco Private Prime Fund			4,779,495			34,322,309			(32,451,552	)			-			944			6,651,196			3,498	*
Total		$	19,117,714		$	69,927,455		$	(77,870,295	)		$	-		$	944		$	11,175,818		$	4,481

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

^(e)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

Portfolio Composition

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

as of February 28, 2021

Health Care Providers & Services	31.83
Health Care Equipment & Supplies	26.08
Health Care Technology	13.01
Pharmaceuticals	12.32
Biotechnology	10.65
Life Sciences Tools & Services	6.11
Money Market Funds Plus Other Assets Less Liabilities	(0.00	)

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

  18  

Invesco S&P SmallCap Industrials ETF (PSCI)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Aerospace & Defense-8.43%
AAR Corp.		13,513	$	537,547
Aerojet Rocketdyne Holdings, Inc.(b)(c)		29,268		1,500,570
AeroVironment, Inc.(b)		8,933		983,345
Cubic Corp.		12,839		891,668
Kaman Corp.		11,271		548,447
Moog, Inc., Class A		11,954		928,348
National Presto Industries, Inc.		2,115		216,428
Park Aerospace Corp.		7,635		106,050
Triumph Group, Inc.		21,221		309,190
				6,021,593
Air Freight & Logistics-3.69%
Atlas Air Worldwide Holdings, Inc.(b)		10,645		586,859
Echo Global Logistics, Inc.(b)		10,835		301,863
Forward Air Corp.		11,202		960,795
Hub Group, Inc., Class A(b)		13,641		785,449
				2,634,966
Airlines-4.20%
Allegiant Travel Co.		5,340		1,346,694
Hawaiian Holdings, Inc.		18,734		502,446
SkyWest, Inc.		20,418		1,150,963
				3,000,103
Building Products-11.15%
AAON, Inc.		16,593		1,279,320
American Woodmark Corp.(b)		6,921		646,491
Apogee Enterprises, Inc.		10,745		401,863
Gibraltar Industries, Inc.(b)		13,245		1,156,951
Griffon Corp.		18,286		449,836
Insteel Industries, Inc.		7,862		242,779
PGT Innovations, Inc.(b)		24,011		566,419
Quanex Building Products Corp.		13,359		325,024
Resideo Technologies, Inc.(b)		57,214		1,374,280
UFP Industries, Inc.		24,919		1,520,059
				7,963,022
Commercial Services & Supplies-11.49%
ABM Industries, Inc.		27,158		1,172,682
Brady Corp., Class A		19,742		1,034,678
CoreCivic, Inc.		48,719		349,802
Deluxe Corp.		17,060		674,382
Harsco Corp.(b)		32,138		525,778
HNI Corp.		17,396		619,124
Interface, Inc.		23,893		296,751
Matthews International Corp., Class A		12,947		462,208
Pitney Bowes, Inc.		70,496		597,806
Team, Inc.(b)		12,473		138,325
UniFirst Corp.		6,203		1,502,925
US Ecology, Inc.(b)		12,832		490,311
Viad Corp.		8,319		348,067
				8,212,839
Construction & Engineering-4.98%
Aegion Corp.(b)		12,533		323,978
Arcosa, Inc.		19,657		1,115,142
Comfort Systems USA, Inc.		14,821		918,013
Granite Construction, Inc.		19,035		654,423

	Shares		Value
Construction & Engineering-(continued)
Matrix Service Co.(b)		10,780	$	146,285
MYR Group, Inc.(b)		6,812		401,567
				3,559,408
Electrical Equipment-2.87%
AZZ, Inc.		10,620		542,576
Encore Wire Corp.		8,402		550,583
Powell Industries, Inc.		3,595		111,912
Vicor Corp.(b)		8,600		847,014
				2,052,085
Industrial Conglomerates-0.80%
Raven Industries, Inc.		14,602		572,398
Machinery-32.61%
Alamo Group, Inc.		4,015		612,809
Albany International Corp., Class A		12,502		988,283
Astec Industries, Inc.		9,207		625,339
Barnes Group, Inc.		18,964		992,765
Chart Industries, Inc.(b)		14,376		2,057,062
CIRCOR International, Inc.(b)		8,144		290,008
Enerpac Tool Group Corp.		24,364		601,791
EnPro Industries, Inc.		8,364		671,964
ESCO Technologies, Inc.		10,604		1,120,525
Federal Signal Corp.		24,647		897,397
Franklin Electric Co., Inc.		15,616		1,172,137
Greenbrier Cos., Inc. (The)		13,367		628,917
Hillenbrand, Inc.		30,453		1,414,846
John Bean Technologies Corp.		12,922		1,906,900
Lindsay Corp.		4,424		708,946
Lydall, Inc.(b)		6,861		238,969
Meritor, Inc.(b)		29,448		894,336
Mueller Industries, Inc.		23,246		944,717
Proto Labs, Inc.(b)		10,895		1,587,184
SPX Corp.(b)		18,237		1,013,795
SPX FLOW, Inc.(b)		17,191		1,058,278
Standex International Corp.		5,042		494,418
Tennant Co.		7,523		573,253
Titan International, Inc.		20,495		169,494
Wabash National Corp.		21,564		357,531
Watts Water Technologies, Inc., Class A		11,173		1,274,728
				23,296,392
Marine-2.16%
Matson, Inc.		17,543		1,215,204
SEACOR Holdings, Inc.(b)		7,799		331,535
				1,546,739
Professional Services-7.67%
Exponent, Inc.		21,026		2,028,378
Forrester Research, Inc.(b)		4,479		202,361
Heidrick & Struggles International, Inc.		7,885		282,993
Kelly Services, Inc., Class A		13,585		282,840
Korn Ferry		22,054		1,357,424
ManTech International Corp., Class A		11,068		865,075
Resources Connection, Inc.		12,415		158,415
TrueBlue, Inc.(b)		14,447		300,931
				5,478,417

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

  19  

Invesco S&P SmallCap Industrials ETF (PSCI)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Road & Rail-4.90%
ArcBest Corp.		10,346	$	610,311
Heartland Express, Inc.		20,072		365,310
Marten Transport Ltd.		23,906		386,799
Saia, Inc.(b)		10,651		2,135,845
				3,498,265
Trading Companies & Distributors-5.00%
Applied Industrial Technologies, Inc.		15,784		1,347,480
Boise Cascade Co.		15,965		797,292
DXP Enterprises, Inc.(b)		6,665		200,217
GMS, Inc.(b)		17,381		636,145
NOW, Inc.(b)		44,544		473,503
Veritiv Corp.(b)		5,048		120,041
				3,574,678
Total Common Stocks & Other Equity Interests (Cost $57,472,998)				71,410,905
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) (Cost $10,903)		10,903		10,903
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.97% (Cost $57,483,901)				71,421,808

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.10%
Invesco Private Government Fund, 0.01%(d)(e)(f)		601,390	$	601,390
Invesco Private Prime Fund, 0.11%(d)(e)(f)		901,724		902,084
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,503,474)				1,503,474
TOTAL INVESTMENTS IN SECURITIES-102.07% (Cost $58,987,375)				72,925,282
OTHER ASSETS LESS LIABILITIES-(2.07)%				(1,478,207	)
NET ASSETS-100.00%			$	71,447,075

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2021.

^(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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	277,661		$	(266,758	)		$	-		$	-		$	10,903		$	1
Invesco Premier U.S. Government Money Portfolio, Institutional Class			17,286			64,588			(81,874	)			-			-			-			-
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			2,481,174			(1,879,784	)			-			-			601,390			5	*
Invesco Private Prime Fund			-			3,188,245			(2,286,161	)			-			-			902,084			32	*
Total		$	17,286		$	6,011,668		$	(4,514,577	)		$	-		$	-		$	1,514,377		$	38

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

^(e)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

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

  20  

Invesco S&P SmallCap Industrials ETF (PSCI)—(continued)

February 28, 2021

(Unaudited)

Portfolio Composition

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

as of February 28, 2021

Machinery	32.61
Commercial Services & Supplies	11.49
Building Products	11.15
Aerospace & Defense	8.43
Professional Services	7.67
Trading Companies & Distributors	5.00
Construction & Engineering	4.98
Road & Rail	4.90
Airlines	4.20
Air Freight & Logistics	3.69
Industry Types Each Less Than 3%	5.83
Money Market Funds Plus Other Assets Less Liabilities	0.05

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

  21  

Invesco S&P SmallCap Information Technology ETF (PSCT)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.06%
Communications Equipment-8.05%
ADTRAN, Inc.		162,974	$	2,744,482
Applied Optoelectronics, Inc.(b)(c)		71,836		669,871
CalAmp Corp.(b)		119,013		1,329,375
Comtech Telecommunications Corp.		84,998		2,284,746
Digi International, Inc.(b)		99,380		2,321,517
Extreme Networks, Inc.(b)		418,052		3,833,537
Harmonic, Inc.(b)		332,190		2,572,811
NETGEAR, Inc.(b)		102,912		4,116,480
Plantronics, Inc.		127,561		5,164,945
Viavi Solutions, Inc.(b)		779,441		12,615,253
				37,653,017
Electronic Equipment, Instruments & Components-26.81%
Arlo Technologies, Inc.(b)		268,601		1,869,463
Badger Meter, Inc.		99,139		10,765,504
Bel Fuse, Inc., Class B		34,709		616,085
Benchmark Electronics, Inc.		123,956		3,520,350
CTS Corp.		109,665		3,527,923
Daktronics, Inc.		125,306		677,905
ePlus, Inc.(b)		45,901		4,340,399
Fabrinet (Thailand)(b)		125,760		11,108,381
FARO Technologies, Inc.(b)		60,610		5,664,611
Insight Enterprises, Inc.(b)		119,520		9,990,677
Itron, Inc.(b)		137,460		16,115,810
Knowles Corp.(b)		311,551		6,477,145
Methode Electronics, Inc.		127,545		4,965,327
MTS Systems Corp.		65,514		3,823,397
OSI Systems, Inc.(b)		56,643		5,359,561
PC Connection, Inc.		37,360		1,718,934
Plexus Corp.(b)		98,192		8,246,164
Rogers Corp.(b)		63,582		11,538,861
Sanmina Corp.(b)		221,613		7,893,855
ScanSource, Inc.(b)		86,202		2,451,585
TTM Technologies, Inc.(b)		337,362		4,763,551
				125,435,488
IT Services-12.32%
Cardtronics PLC, Class A(b)		120,931		4,661,890
CSG Systems International, Inc.		111,963		5,167,093
EVERTEC, Inc. (Puerto Rico)		203,290		7,907,981
ExlService Holdings, Inc.(b)		115,139		9,743,062
NIC, Inc.		228,379		7,927,035
Perficient, Inc.(b)		112,176		6,247,081
Sykes Enterprises, Inc.(b)		134,462		5,494,117
TTEC Holdings, Inc.		61,942		5,211,800
Unisys Corp.(b)		214,230		5,259,347
				57,619,406
Professional Services-0.00%
ManTech International Corp., Class A		1		78
Semiconductors & Semiconductor Equipment-27.63%
Advanced Energy Industries, Inc.		130,262		13,605,866
Axcelis Technologies, Inc.(b)		113,836		4,197,133
CEVA, Inc.(b)		75,614		4,629,845
Cohu, Inc.		142,619		6,196,796
Diodes, Inc.(b)		143,516		11,268,876
DSP Group, Inc.(b)		74,579		1,161,195
FormFactor, Inc.(b)		263,447		11,952,590

	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
Ichor Holdings Ltd.(b)		78,715	$	3,365,853
Kulicke & Soffa Industries, Inc. (Singapore)		211,209		10,530,881
MaxLinear, Inc.(b)		229,886		9,142,566
Onto Innovation, Inc.(b)		166,273		10,385,412
PDF Solutions, Inc.(b)		99,588		1,828,436
Photronics, Inc.(b)		223,013		2,656,085
Power Integrations, Inc.		203,668		17,998,141
Rambus, Inc.(b)		388,124		8,142,842
SMART Global Holdings, Inc.(b)		47,302		2,208,530
Ultra Clean Holdings, Inc.(b)		137,636		6,383,558
Veeco Instruments, Inc.(b)		168,603		3,624,964
				129,279,569
Software-21.19%
8x8, Inc.(b)		361,921		12,381,318
Agilysys, Inc.(b)		68,952		4,108,850
Alarm.com Holdings, Inc.(b)		152,111		13,367,515
Bottomline Technologies (DE), Inc.(b)		133,270		5,981,158
Ebix, Inc.		79,972		1,949,717
LivePerson, Inc.(b)		211,707		13,892,213
MicroStrategy, Inc., Class A(b)		24,679		18,519,368
OneSpan, Inc.(b)		115,996		2,709,667
Progress Software Corp.		153,276		6,520,361
SPS Commerce, Inc.(b)		120,195		12,107,242
Xperi Holding Corp.		359,241		7,579,985
				99,117,394
Technology Hardware, Storage & Peripherals-4.06%
3D Systems Corp.(b)(c)		422,442		15,140,322
Diebold Nixdorf, Inc.(b)		263,987		3,833,091
				18,973,413
Total Common Stocks & Other Equity Interests (Cost $340,283,827)				468,078,365
Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) (Cost $5,388)		5,388		5,388
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.06% (Cost $340,289,215)				468,083,753
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.55%
Invesco Private Government Fund, 0.01%(d)(e)(f)		4,779,040		4,779,040

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

  22  

Invesco S&P SmallCap Information Technology ETF (PSCT)—(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.11%(d)(e)(f)		7,165,694	$	7,168,560
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,947,600)				11,947,600
TOTAL INVESTMENTS IN SECURITIES-102.61% (Cost $352,236,815)				480,031,353
OTHER ASSETS LESS LIABILITIES-(2.61)%				(12,210,391	)
NET ASSETS-100.00%.			$	467,820,962

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2021.

^(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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	4,991,113		$	(4,985,725	)		$	-		$	-		$	5,388		$	21
Invesco Premier U.S. Government Money Portfolio, Institutional Class			13,058			82,479			(95,537	)			-			-			-			-
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			2,815,934			34,109,379			(32,146,273	)			-			-			4,779,040			288	*
Invesco Private Prime Fund			938,669			45,574,282			(39,344,574	)			-			183			7,168,560			1,889	*
Total		$	3,767,661		$	84,757,253		$	(76,572,109	)		$	-		$	183		$	11,952,988		$	2,198

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

^(e)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

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

  23  

Invesco S&P SmallCap Information Technology ETF (PSCT)—(continued)

February 28, 2021

(Unaudited

Portfolio Composition

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

as of February 28, 2021

Semiconductors & Semiconductor Equipment	27.63
Electronic Equipment, Instruments & Components	26.81
Software	21.19
IT Services	12.32
Communications Equipment	8.05
Technology Hardware, Storage & Peripherals	4.06
Professional Services	0.00
Money Market Funds Plus Other Assets Less Liabilities	(0.06	)

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

  24  

Invesco S&P SmallCap Materials ETF (PSCM)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-101.00%
Chemicals-60.60%
AdvanSix, Inc.(b)		12,616	$	350,725
American Vanguard Corp.		11,996		234,162
Balchem Corp.		14,443		1,723,916
Ferro Corp.(b)		37,038		587,793
FutureFuel Corp.		11,616		170,523
GCP Applied Technologies, Inc.(b)		21,702		537,993
H.B. Fuller Co.		23,098		1,295,105
Hawkins, Inc.		4,275		267,615
Innospec, Inc.		11,063		1,111,278
Koppers Holdings, Inc.(b)		9,481		316,760
Kraton Corp.(b)		14,345		533,491
Livent Corp.(b)(c)		59,625		1,110,217
Quaker Chemical Corp.		5,891		1,663,501
Rayonier Advanced Materials, Inc.(b)		28,511		263,727
Stepan Co.		9,527		1,149,814
Tredegar Corp.		11,609		176,921
Trinseo S.A.		17,243		1,115,794
				12,609,335
Construction Materials-1.76%
US Concrete, Inc.(b)		7,130		366,910
Containers & Packaging-1.72%
Myers Industries, Inc.		16,124		356,985
Metals & Mining-27.63%
Allegheny Technologies, Inc.(b)		57,078		1,122,154
Arconic Corp.(b)		43,369		950,648
Carpenter Technology Corp.		21,612		878,744
Century Aluminum Co.(b)		22,555		309,680
Cleveland-Cliffs, Inc.		453
Haynes International, Inc.		5,681		158,670
Kaiser Aluminum Corp.		7,117		812,050
Materion Corp.		9,149		626,524
Olympic Steel, Inc.		4,087		72,912
SunCoke Energy, Inc.		37,253		238,047
TimkenSteel Corp.(b)		17,071		137,934
Warrior Met Coal, Inc.		23,038		441,638
				5,749,054

	Shares		Value
Paper & Forest Products-9.29%
Clearwater Paper Corp.(b)		7,459	$	261,140
Glatfelter Corp		19,969		320,502
Mercer International, Inc. (Germany)		17,788		273,401
Neenah, Inc.		7,562		418,330
Schweitzer-Mauduit International, Inc., Class A		14,098		658,377
				1,931,750
Total Common Stocks & Other Equity Interests (Cost $19,473,722)				21,014,034
Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) (Cost $134)		134		134
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-101.00% (Cost $19,473,856)				21,014,168
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.77%
Invesco Private Government Fund, 0.01%(d)(e)(f)		397,028		397,028
Invesco Private Prime Fund, 0.11%(d)(e)(f)		595,304		595,542
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $992,570)				992,570
TOTAL INVESTMENTS IN SECURITIES-105.77% (Cost $20,466,426)				22,006,738
OTHER ASSETS LESS LIABILITIES-(5.77)%				(1,200,681	)
NET ASSETS-100.00%			$	20,806,057

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2021.

^(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 six months ended February 28, 2021.

	Value August 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value February 28, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$        -	$	237,925	$	(237,791	)		$-		$    -		$      134		$    1
Invesco Premier U.S. Government Money Portfolio, Institutional Class		-		49,379		(49,379	)		-		-		-		-

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

  25  

Invesco S&P SmallCap Materials ETF (PSCW)–(continued)

February 28, 2021

(Unaudited)

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	463,942		$	3,936,956		$	(4,003,870	)		$	-		$	-		$	397,028		$	56	*
Invesco Private Prime Fund			154,653			4,288,635			(3,847,857	)			-			111			595,542			238	*
Total		$	618,595		$	8,512,895		$	(8,138,897	)		$	-		$	111		$	992,704		$	295

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

^(e) The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

Portfolio Composition

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

as of February 28, 2021

Chemicals	60.60
Metals & Mining	27.63
Paper & Forest Products	9.29
Industry Types Each Less Than 3%	3.48
Money Market Funds Plus Other Assets Less Liabilities	(1.00	)

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

  26  

Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-98.30%
Diversified Telecommunication Services-19.49%
ATN International, Inc.		10,112	$	492,253
Cincinnati Bell, Inc.(b)		46,509		710,658
Cogent Communications Holdings, Inc.		19,122		1,144,452
Consolidated Communications Holdings, Inc.(b)		67,327		354,140
Vonage Holdings Corp.(b)		165,120		2,182,886
				4,884,389
Entertainment-7.75%
Glu Mobile, Inc.(b)		122,114		1,523,983
Marcus Corp. (The)(c)		21,324		418,803
				1,942,786
Gas Utilities-13.46%
Chesapeake Utilities Corp.		10,614		1,122,218
Northwest Natural Holding Co.		22,880		1,098,011
South Jersey Industries, Inc.		45,889		1,152,273
				3,372,502
Interactive Media & Services-4.26%
QuinStreet, Inc.(b)		44,683		1,067,477
Media-25.10%
AMC Networks, Inc., Class A(b)(c)		27,316		1,791,656
E.W. Scripps Co. (The), Class A		52,440		986,921
Gannett Co., Inc.(b)		120,351		595,738
Meredith Corp.		37,143		920,404
Scholastic Corp.		27,488		791,654
TechTarget, Inc.(b)		14,403		1,204,523
				6,290,896
Multi-Utilities-7.80%
Avista Corp.		48,616		1,954,849

	Shares		Value
Water Utilities-15.33%
American States Water Co.		26,092	$	1,906,020
California Water Service Group		35,247		1,936,823
				3,842,843
Wireless Telecommunication Services-5.11%
Shenandoah Telecommunications Co.		24,970		1,107,419
Spok Holdings, Inc.		16,236		174,050
				1,281,469
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.30% (Cost $23,605,368)				24,637,211
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.69%
Invesco Private Government Fund, 0.01%(d)(e)(f)		470,110		470,110
Invesco Private Prime Fund, 0.11%(d)(e)(f)		704,882		705,164
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,175,274)				1,175,274
TOTAL INVESTMENTS IN SECURITIES-102.99% (Cost $24,780,642)				25,812,485
OTHER ASSETS LESS LIABILITIES-(2.99)%				(750,014	)
NET ASSETS-100.00%			$	25,062,471

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2021.

^(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 six months ended February 28, 2021.

	Value August 31, 2020		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain		Value February 28, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$            -		$	326,336		$	(326,336	)		$-		$    -		$              -		$    1
Invesco Premier U.S. Government Money Portfolio, Institutional Class		11,301			78,004			(89,305	)		-		-		-		1

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

  27  

Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)— (continued)

February 28, 2021

(Unaudited)

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	557,235		$	2,454,901		$	(2,542,026	)		$	-		$	-		$	470,110		$	18	*
Invesco Private Prime Fund			185,746			2,933,806			(2,414,443	)			-			55			705,164			185	*
Total		$	754,282		$	5,793,047		$	(5,372,110	)		$	-		$	55		$	1,175,274		$	205

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

^(e)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

 Portfolio Composition

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

 as of February 28, 2021

Media	25.10
Diversified Telecommunication Services	19.49
Water Utilities	15.33
Gas Utilities	13.46
Multi-Utilities	7.80
Entertainment	7.75
Wireless Telecommunication Services	5.11
Interactive Media & Services	4.26
Money Market Funds Plus Other Assets Less Liabilities	1.70

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

  28  

(This Page Intentionally Left Blank)

  29  

Statements of Assets and Liabilities

February 28, 2021

(Unaudited)

	Invesco DWA SmallCap Momentum ETF (DWAS)			Invesco S&P  SmallCap Consumer Discretionary ETF (PSCD)		Invesco S&P SmallCap Consumer Staples ETF (PSCC)			Invesco S&P SmallCap Energy ETF (PSCE)
Assets:
Unaffiliated investments in securities, at value(a)	$	546,666,300		$	55,063,626	$	38,387,163		$	81,238,511
Affiliated investments in securities, at value(a)		26,649,287			3,896,877		3,080,996			270,439
Receivable for:
Dividends		24,856			4,599		23,833			38,163
Securities lending		62,663			3,327		2,145			587
Investments sold		-			-		-			-
Investments sold - affiliated broker		-			-		-			371,224
Fund shares sold		2,574,810			9,182,168		-			5,479,579
Total assets		575,977,916			68,150,597		41,494,137			87,398,503
Liabilities:
Due to custodian		93,002			-		-			-
Payable for:
Investments purchased		2,576,058			9,177,856		-			5,361,050
Investments purchased - affiliated broker		-					-			551,776
Collateral upon return of securities loaned		26,649,287			3,870,841		3,072,005			220,475
Fund shares repurchased		-					-			-
Accrued unitary management fees		250,042			8,903		8,506			12,199
Total liabilities		29,568,389			13,057,600		3,080,511			6,145,500
Net Assets	$	546,409,527		$	55,092,997	$	38,413,626		$	81,253,003
Net assets consist of:
Shares of beneficial interest	$	668,115,173		$	54,588,532	$	45,852,178		$	137,449,855
Distributable earnings (loss)		(121,705,646	)		504,465		(7,438,552	)		(56,196,852	)
Net Assets	$	546,409,527		$	55,092,997	$	38,413,626		$	81,253,003
Shares outstanding (unlimited amount authorized, $0.01 par value)		6,350,000			540,000		390,000			12,840,000
Net asset value	$	86.05		$	102.02	$	98.50		$	6.33
Market price	$	86.01		$	102.10	$	98.90		$	6.33
Unaffiliated investments in securities, at cost	$	437,091,438		$	47,163,981	$	34,971,649		$	68,404,844
Affiliated investments in securities, at cost	$	26,649,287		$	3,896,877	$	3,080,996		$	270,439
(a) Includes securities on loan with an aggregate value of:	$	25,564,023		$	3,697,652	$	2,934,899		$	222,066

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

  30  

Invesco S&P SmallCap Financials ETF (PSCF)			Invesco S&P SmallCap Health Care ETF (PSCH)		Invesco S&P SmallCap Industrials ETF (PSCI)		Invesco S&P SmallCap Information Technology ETF (PSCT)		Invesco S&P SmallCap Materials ETF (PSCM)			Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)
$	36,989,665		$	526,303,234	$	71,410,905	$	468,078,365	$	21,014,034		$	24,637,211
	1,942,309			11,175,818		1,514,377		11,952,988		992,704			1,175,274
	30,301			3,544		50,451		106,777		12,004			31,770
	389			18,208		67		1,745		109			269
	375,050			-		-		7,176,651		2,843,112			-
	-			-		833,416		-		-			418,329
	-			-		1,786,182		9,938,974		3,310,627			-
	39,337,714			537,500,804		75,595,398		497,255,500		28,172,590			26,262,853
	-			-		-		-		-			19,704
	413,989			-		1,786,239		9,938,530		3,309,863			-
	-			-		843,573		502,874		-			-
	1,820,415			11,085,327		1,503,474		11,947,600		992,570			1,175,274
	-			-		-		6,940,964		3,059,719			-
	7,752			120,378		15,037		104,570		4,381			5,404
	2,242,156			11,205,705		4,148,323		29,434,538		7,366,533			1,200,382
$	37,095,558		$	526,295,099	$	71,447,075	$	467,820,962	$	20,806,057		$	25,062,471
$	41,805,064		$	511,992,927	$	64,379,402	$	347,668,997	$	23,174,971		$	30,347,825
	(4,709,506	)		14,302,172		7,067,673		120,151,965		(2,368,914	)		(5,285,354	)
$	37,095,558		$	526,295,099	$	71,447,075	$	467,820,962	$	20,806,057		$	25,062,471
	680,000			2,850,000		800,000		3,370,000		340,000			410,000
$	54.55		$	184.66	$	89.31	$	138.82	$	61.19		$	61.13
$	54.57		$	185.53	$	89.41	$	138.78	$	61.25		$	61.12
$	35,501,634		$	451,905,894	$	57,472,998	$	340,283,827	$	19,473,722		$	23,605,368
$	2,208,239		$	11,175,818	$	1,514,377	$	11,952,988	$	992,704		$	1,175,274
$	1,793,198		$	10,446,667	$	1,464,066	$	11,521,956	$	962,132		$	1,326,402

  31  

Statements of Operations

For the six months ended February 28, 2021

(Unaudited)

	Invesco DWA SmallCap Momentum ETF (DWAS)				Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)				Invesco S&P  SmallCap Consumer Staples ETF (PSCC)				Invesco S&P SmallCap Energy ETF (PSCE)
Investment income:
Unaffiliated dividend income		$	531,156			$	80,823			$	466,455			$	100,136
Affiliated dividend income			6				1				2				1
Securities lending income			458,934				24,401				19,373				7,001
Foreign withholding tax			(222	)			-				-				(122	)
Total investment income			989,874				105,225				485,830				107,016
Expenses:
Unitary management fees			1,028,869				37,329				52,490				38,027
Tax expenses			-				-				-				-
Total expenses			1,028,869				37,329				52,490				38,027
Less: Waivers			(39	)			(7	)			(13	)			(6	)
Net expenses			1,028,830				37,322				52,477				38,021
Net investment income (loss)			(38,956	)			67,903				433,353				68,995
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(8,279,449	)			486,747				(876,377	)			(3,027,775	)
Affiliated investment securities			1,881				239				275				48
Unaffiliated in-kind redemptions			64,817,122				1,268,321				1,555,464				700,824
Affiliated in-kind redemptions			-				-				-				-
Net realized gain (loss)			56,539,554				1,755,307				679,362				(2,326,903	)
Change in net unrealized appreciation of:
Unaffiliated investment securities			64,949,663				10,150,366				7,218,283				20,555,090
Affiliated investment securities			1				-				-				-
Change in net unrealized appreciation			64,949,664				10,150,366				7,218,283				20,555,090
Net realized and unrealized gain			121,489,218				11,905,673				7,897,645				18,228,187
Net increase in net assets resulting from operations		$	121,450,262			$	11,973,576			$	8,330,998			$	18,297,182

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

  32  

Invesco S&P SmallCap     Financials     ETF (PSCF)				Invesco S&P SmallCap Health Care ETF (PSCH)				Invesco S&P SmallCap Industrials ETF (PSCI)				Invesco S&P  SmallCap Information Technology ETF (PSCT)				Invesco S&P SmallCap Materials ETF (PSCM)				Invesco S&P SmallCap Utilities  & Communication Services ETF (PSCU)
	$	446,701			$	156,045			$	240,665			$	608,514			$	98,924			$	148,747
		3,354				8				1				21				1				2
		4,215				45,122				138				7,584				793				2,073
		(475	)			-				-				(237	)			(634	)			-
		453,795				201,175				240,804				615,882				99,084				150,822
		40,489				644,352				80,076				466,461				16,334				30,345
		-				-				46				-				-				-
		40,489				644,352				80,122				466,461				16,334				30,345
		(12	)			(48	)			(11	)			(37	)			(5	)			(13	)
		40,477				644,304				80,111				466,424				16,329				30,332
		413,318				(443,129	)			160,693				149,458				82,755				120,490
		(1,261,124	)			(14,095,379	)			(1,326,821	)			5,661,672				(244,835	)			(1,865,078	)
		(11,417	)			944				-				183				111				55
		(351,132	)			27,411,555				763,645				5,380,304				(145,252	)			2,070,485
		(56,691	)			-				-				-				-				-
		(1,680,364	)			13,317,120				(563,176	)			11,042,159				(389,976	)			205,462
		9,898,129				133,270,514				17,954,380				123,968,946				3,519,000				4,301,484
		117,447				-				-				-				-				-
		10,015,576				133,270,514				17,954,380				123,968,946				3,519,000				4,301,484
		8,335,212				146,587,634				17,391,204				135,011,105				3,129,024				4,506,946
	$	8,748,530			$	146,144,505			$	17,551,897			$	135,160,563			$	3,211,779			$	4,627,436

  33  

Statements of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	Invesco DWA SmallCap Momentum ETF (DWAS)								Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)
	Six Months Ended February 28, 2021				Year Ended August 31, 2020				Six Months Ended February  28, 2021				Year Ended August 31, 2020
Operations:
Net investment income (loss)		$	(38,956	)		$	818,935			$	67,903			$	211,126
Net realized gain (loss)			56,539,554				(896,359	)			1,755,307				(2,388,954	)
Change in net unrealized appreciation (depreciation)			64,949,664				5,778,306				10,150,366				5,091,787
Net increase (decrease) in net assets resulting from operations			121,450,262				5,700,882				11,973,576				2,913,959
Distributions to Shareholders from:
Distributable earnings			(213,857	)			(729,666	)			(47,728	)			(234,072	)
Shareholder Transactions:
Proceeds from shares sold			451,944,455				280,618,408				28,760,718				19,431,251
Value of shares repurchased			(261,144,445	)			(315,226,495	)			(5,063,566	)			(25,590,390	)
Net increase (decrease) in net assets resulting from share transactions			190,800,010				(34,608,087	)			23,697,152				(6,159,139	)
Net increase (decrease) in net assets			312,036,415				(29,636,871	)			35,623,000				(3,479,252	)
Net assets:
Beginning of period			234,373,112				264,009,983				19,469,997				22,949,249
End of period		$	546,409,527			$	234,373,112			$	55,092,997			$	19,469,997
Changes in Shares Outstanding:
Shares sold			6,210,000				5,250,000				310,000				350,000
Shares repurchased			(3,810,000	)			(6,250,000	)			(70,000	)			(450,000	)
Shares outstanding, beginning of period			3,950,000				4,950,000				300,000				400,000
Shares outstanding, end of period			6,350,000				3,950,000				540,000				300,000

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

  34  

Invesco S&P SmallCap         Consumer Staples ETF (PSCC)								Invesco S&P SmallCap Energy ETF (PSCE)								Invesco S&P SmallCap Financials ETF (PSCF)
Six Months Ended February 28,              2021				Year Ended August 31,       2020				Six Months Ended February  28, 2021				Year Ended August 31, 2020				Six Months Ended February  28, 2021				Year Ended August 31, 2020
	$	433,353			$	747,718			$	68,995			$	171,925			$	413,318			$	2,207,941
		679,362				1,173,733				(2,326,903	)			(19,247,097	)			(1,680,364	)			(2,879,437	)
		7,218,283				3,019,613				20,555,090				9,081,669				10,015,576				(4,796,372	)
		8,330,998				4,941,064				18,297,182				(9,993,503	)			8,748,530				(5,467,868	)
		(424,497	)			(860,763	)			(86,919	)			(116,495	)			(290,063	)			(4,431,775	)
		2,003,381				25,313,403				49,443,743				12,794,138				7,544,532				11,130,955
		(10,678,399	)			(36,933,651	)			(1,113,658	)			(7,494,212	)			(5,204,314	)			(98,588,944	)
		(8,675,018	)			(11,620,248	)			48,330,085				5,299,926				2,340,218				(87,457,989	)
		(768,517	)			(7,539,947	)			66,540,348				(4,810,072	)			10,798,685				(97,357,632	)
		39,182,143				46,722,090				14,712,655				19,522,727				26,296,873				123,654,505
	$	38,413,626			$	39,182,143			$	81,253,003			$	14,712,655			$	37,095,558			$	26,296,873
		20,000				350,000				8,840,000				2,550,000				150,000				200,000
		(130,000	)			(500,000	)			(200,000	)			(1,150,000	)			(120,000	)			(1,900,000	)
		500,000				650,000				4,200,000				2,800,000				650,000				2,350,000
		390,000				500,000				12,840,000				4,200,000				680,000				650,000

  35  

Statements of Changes in Net Assets—(continued)

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	Invesco S&P SmallCap Health Care ETF (PSCH)								Invesco S&P SmallCap Industrials ETF (PSCI)
	Six Months Ended February  28, 2021				Year Ended August 31, 2020				Six Months Ended February  28, 2021				Year Ended August  31, 2020
Operations:
Net investment income (loss)		$	(443,129	)		$	(791,332	)		$	160,693			$	348,979
Net realized gain (loss)			13,317,120				5,423,048				(563,176	)			(3,857,007	)
Change in net unrealized appreciation (depreciation)			133,270,514				42,905,790				17,954,380				2,344,318
Net increase (decrease) in net assets resulting from operations			146,144,505				47,537,506				17,551,897				(1,163,710	)
Distributions to Shareholders from:
Distributable earnings			-				-				(166,759	)			(379,899	)
Shareholder Transactions:
Proceeds from shares sold.			64,994,962				166,002,432				15,475,038				16,499,914
Value of shares repurchased			(69,801,796	)			(293,724,183	)			(7,580,891	)			(23,335,122	)
Net increase (decrease) in net assets resulting from share transactions			(4,806,834	)			(127,721,751	)			7,894,147				(6,835,208	)
Net increase (decrease) in net assets			141,337,671				(80,184,245	)			25,279,285				(8,378,817	)
Net assets:
Beginning of period			384,957,428				465,141,673				46,167,790				54,546,607
End of period		$	526,295,099			$	384,957,428			$	71,447,075			$	46,167,790
Changes in Shares Outstanding:
Shares sold			450,000				1,350,000				220,000				250,000
Shares repurchased			(500,000	)			(2,500,000	)			(120,000	)			(400,000	)
Shares outstanding, beginning of period			2,900,000				4,050,000				700,000				850,000
Shares outstanding, end of period			2,850,000				2,900,000				800,000				700,000

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

  36  

Invesco S&P SmallCap     Information Technology ETF (PSCT)								Invesco S&P SmallCap Materials ETF (PSCM)								Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)
Six Months Ended February 28,              2021				Year Ended August 31, 2020				Six Months Ended February  28, 2021				Year Ended August 31, 2020				Six Months Ended February  28, 2021				Year Ended August 31, 2020
	$	149,458			$	363,354			$	82,755			$	179,814			$	120,490			$	613,765
		11,042,159				27,252,217				(389,976	)			(3,019,236	)			205,462				(2,032,926	)
		123,968,946				(7,922,730	)			3,519,000				3,599,599				4,301,484				(662,580	)
		135,160,563				19,692,841				3,211,779				760,177				4,627,436				(2,081,741	)
		(135,095	)			(419,646	)			(88,950	)			(202,623	)			(152,372	)			(832,908	)
		111,688,982				57,560,906				14,241,739				-				6,795,378				7,655,636
		(23,434,863	)			(135,701,019	)			(4,987,198	)			(6,455,764	)			(8,192,656	)			(33,177,725	)
		88,254,119				(78,140,113	)			9,254,541				(6,455,764	)			(1,397,278	)			(25,522,089	)
		223,279,587				(58,866,918	)			12,377,370				(5,898,210	)			3,077,786				(28,436,738	)
		244,541,375				303,408,293				8,428,687				14,326,897				21,984,685				50,421,423
	$	467,820,962			$	244,541,375			$	20,806,057			$	8,428,687			$	25,062,471			$	21,984,685
		900,000				650,000				230,000				-				110,000				150,000
		(230,000	)			(1,600,000	)			(90,000	)			(150,000	)			(150,000	)			(650,000	)
		2,700,000				3,650,000				200,000				350,000				450,000				950,000
		3,370,000				2,700,000				340,000				200,000				410,000				450,000

  37  

Financial Highlights

Invesco DWA SmallCap Momentum ETF (DWAS)

	Six Months Ended
	February 28,										Ten Months Ended
	2021				Years Ended August 31,						August 31,				Years Ended October 31,
	(Unaudited)				2020			2019			2018				2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period		$	59.33		$	53.34		$	59.34			$	48.11		$	35.42		$	38.19		$	38.24
Net investment income (loss)(a)			(0.01	)		0.20			(0.01	)			(0.01	)		0.14			0.15			0.02
Net realized and unrealized gain (loss) on investments			26.78			5.97			(5.99	)			11.34			12.71			(2.81	)		(0.04	)
Total from investment operations			26.77			6.17			(6.00	)			11.33			12.85			(2.66	)		(0.02	)
Distributions to shareholders from:
Net investment income			(0.05	)		(0.18	)		-				(0.10	)		(0.16	)		(0.11	)		(0.03	)
Net asset value at end of period		$	86.05		$	59.33		$	53.34			$	59.34		$	48.11		$	35.42		$	38.19
Market price at end of period(b)		$	86.01		$	59.39		$	53.34			$	59.36		$	48.16		$	35.40		$	38.18
Net Asset Value Total Return(c)			45.15	%		11.65	%		(10.11	)%			23.60	%		36.38	%		(6.97	)%		(0.05	)%
Market Price Total Return(c)			44.94	%		11.77	%		(10.14	)%			23.51	%		36.60	%		(7.00	)%		(0.08	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	546,410		$	234,373		$	264,010			$	453,972		$	228,517		$	155,857		$	416,316
Ratio to average net assets of:
Expenses			0.60	%(d)		0.60	%		0.60	%			0.60	%(d)		0.60	%		0.60	%		0.60	%
Net investment income (loss)			(0.02	)%(d)		0.39	%		(0.03	)%			(0.02	)%(d)		0.34	%		0.41	%		0.06	%
Portfolio turnover rate(e)			82	%		185	%		159	%			100	%		131	%		169	%		141	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Annualized.

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

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

  38  

Financial Highlights—(continued)

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)

	Six Months Ended
	February 28,											Ten Months Ended
	2021				Years Ended August 31,							August 31,				Years Ended October 31,
	(Unaudited)				2020				2019			2018				2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period		$	64.90			$	57.37		$	71.32			$	55.45		$	46.40		$	49.35		$	47.26
Net investment income(a)			0.21				0.61			0.57				0.56			0.66			0.41			0.50
Net realized and unrealized gain (loss) on investments			37.07				7.57			(13.81	)			15.78			9.12			(2.99	)		2.10
Total from investment operations			37.28				8.18			(13.24	)			16.34			9.78			(2.58	)		2.60
Distributions to shareholders from:
Net investment income			(0.16	)			(0.65	)		(0.71	)			(0.47	)		(0.73	)		(0.37	)		(0.51	)
Net asset value at end of period		$	102.02			$	64.90		$	57.37			$	71.32		$	55.45		$	46.40		$	49.35
Market price at end of period(b)		$	102.10			$	64.92		$	57.36			$	71.31		$	55.51		$	46.41		$	49.37
Net Asset Value Total Return(c)			57.54	%			14.68	%		(18.57	)%			29.58	%		21.15	%		(5.23	)%		5.43	%
Market Price Total Return(c)			57.61	%			14.74	%		(18.58	)%			29.43	%		21.26	%		(5.24	)%		5.45	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	55,093			$	19,470		$	22,949			$	92,718		$	66,543		$	74,235		$	115,974
Ratio to average net assets of:
Expenses			0.29	%(d)			0.29	%		0.30	%(e)			0.29	%(d)		0.29	%		0.29	%		0.29	%
Net investment income			0.53	%(d)			1.08	%		0.93	%(e)			1.07	%(d)		1.25	%		0.86	%		0.96	%
Portfolio turnover rate(f)			16	%			27	%		27	%			9	%		19	%		33	%		19	%

^(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)  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.

  39  

Financial Highlights—(continued)

Invesco S&P SmallCap Consumer Staples ETF (PSCC)

	Six Months Ended
	February 28,											Ten Months Ended
	2021				Years Ended August 31,							August 31,				Years Ended October 31,
	(Unaudited)				2020				2019			2018				2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period		$	78.36			$	71.88		$	85.41			$	72.47		$	63.05		$	57.26		$	53.83
Net investment income(a)			1.01				1.21			1.09				0.56			0.94			0.90			0.61
Net realized and unrealized gain (loss) on investments			20.11				6.60			(13.48	)			12.91			9.64			5.75			3.88
Total from investment operations			21.12				7.81			(12.39	)			13.47			10.58			6.65			4.49
Distributions to shareholders from:
Net investment income			(0.98	)			(1.33	)		(1.14	)			(0.53	)		(1.16	)		(0.86	)		(0.36	)
Net realized gains			-				-			-				-			-			-			(0.70	)
Total distributions			(0.98	)			(1.33	)		(1.14	)			(0.53	)		(1.16	)		(0.86	)		(1.06	)
Net asset value at end of period		$	98.50			$	78.36		$	71.88			$	85.41		$	72.47		$	63.05		$	57.26
Market price at end of period(b)		$	98.90			$	78.57		$	71.66			$	85.34		$	72.54		$	62.99		$	57.31
Net Asset Value Total Return(c)			27.23	%			10.97	%		(14.52	)%			18.70	%		16.88	%		11.79	%		8.43	%
Market Price Total Return(c)			27.41	%			11.60	%		(14.71	)%			18.49	%		17.11	%		11.59	%		8.54	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	38,414			$	39,182		$	46,722			$	89,681		$	54,350		$	69,360		$	31,494
Ratio to average net assets of:
Expenses			0.29	%(d)			0.29	%		0.30	%(e)			0.29	%(d)		0.29	%		0.29	%		0.29	%
Net investment income			2.39	%(d)			1.66	%		1.41	%(e)			0.89	%(d)		1.38	%		1.46	%		1.11	%
Portfolio turnover rate(f)			22	%			40	%		59	%			42	%		62	%		68	%		39	%

^(a)  Based on average shares outstanding.

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

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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)  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.

  40  

Financial Highlights—(continued)

Invesco S&P SmallCap Energy ETF (PSCE)

	Six Months Ended
	February 28,											Ten Months Ended
	2021				Years Ended August 31,							August 31,				Years Ended October 31,
	(Unaudited)				2020				2019			2018				2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period		$	3.50			$	6.97		$	16.34			$	14.26		$	16.73		$	18.12		$	37.85
Net investment income (loss)(a)			0.01				0.05			(0.02	)			(0.00	)(b)		(0.01	)		0.06			0.14
Net realized and unrealized gain (loss) on investments			2.84				(3.49	)		(9.33	)			2.09			(2.44	)		(1.36	)		(19.74	)
Total from investment operations			2.85				(3.44	)		(9.35	)			2.09			(2.45	)		(1.30	)		(19.60	)
Distributions to shareholders from:
Net investment income			(0.02	)			(0.03	)		(0.02	)			(0.01	)		(0.01	)		(0.09	)		(0.13	)
Return of capital			-				-			-				-			(0.01	)		-			-
Total distributions			(0.02	)			(0.03	)		(0.02	)			(0.01	)		(0.02	)		(0.09	)		(0.13	)
Net asset value at end of period		$	6.33			$	3.50		$	6.97			$	16.34		$	14.26		$	16.73		$	18.12
Market price at end of period(c)		$	6.33			$	3.52		$	6.98			$	16.33		$	14.30		$	16.75		$	18.13
Net Asset Value Total Return(d)			81.80	%			(49.31	)%		(57.29	)%			14.64	%		(14.69	)%		(7.11	)%		(51.89	)%
Market Price Total Return(d)			80.76	%			(49.09	)%		(57.20	)%			14.25	%		(14.55	)%		(7.05	)%		(51.85	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	81,253			$	14,713		$	19,523			$	60,475		$	48,477		$	52,686		$	37,149
Ratio to average net assets of:
Expenses			0.29	%(e)			0.29	%		0.31	%(f)			0.29	%(e)		0.29	%		0.29	%		0.29	%
Net investment income (loss)			0.53	%(e)			1.01	%		(0.20	)%(f)			0.04	%(e)		(0.05	)%		0.38	%		0.57	%
Portfolio turnover rate(g)			8	%			74	%		48	%			40	%		39	%		21	%		38	%

^(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)  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.

  41  

Financial Highlights—(continued)

Invesco S&P SmallCap Financials ETF (PSCF)

	Six Months Ended
	February 28,											Ten Months Ended
	2021				Years Ended August 31,							August 31,				Years Ended October 31,
	(Unaudited)				2020				2019			2018				2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period		$	40.46			$	52.62		$	60.04			$	54.25		$	43.73		$	42.41		$	40.98
Net investment income(a)			0.67				1.45			1.48				1.05			1.25			1.14			0.98
Net realized and unrealized gain (loss) on investments			13.87				(10.89	)		(6.48	)			5.63			10.58			1.44			1.32
Total from investment operations			14.54				(9.44	)		(5.00	)			6.68			11.83			2.58			2.30
Distributions to shareholders from:
Net investment income			(0.45	)			(2.23	)		(1.85	)			(0.89	)		(1.09	)		(1.18	)		(0.87	)
Net realized gains			-				(0.49	)		(0.57	)			-			(0.22	)		(0.08	)		-
Total distributions			(0.45	)			(2.72	)		(2.42	)			(0.89	)		(1.31	)		(1.26	)		(0.87	)
Net asset value at end of period		$	54.55			$	40.46		$	52.62			$	60.04		$	54.25		$	43.73		$	42.41
Market price at end of period(b)		$	54.57			$	40.54		$	52.54			$	60.09		$	54.31		$	43.73		$	42.45
Net Asset Value Total Return(c)			36.46	%			(18.02	)%		(8.05	)%			12.44	%		27.23	%		6.29	%		5.68	%
Market Price Total Return(c)			36.24	%			(17.72	)%		(8.27	)%			12.41	%		27.37	%		6.19	%		5.80	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	37,096			$	26,297		$	123,655			$	267,169		$	254,975		$	196,797		$	182,347
Ratio to average net assets of:
Expenses			0.29	%(d)			0.29	%		0.30	%(e)			0.29	%(d)		0.29	%		0.29	%		0.29	%(f)
Net investment income			2.96	%(d)			2.83	%		2.73	%(e)			2.26	%(d)		2.44	%		2.73	%		2.38	%
Portfolio turnover rate(g)			12	%			31	%		16	%			17	%		21	%		16	%		16	%

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

^(f)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies’ expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies’ expenses that the Fund bears indirectly is included in the Fund’s total return.

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

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

  42  

Financial Highlights—(continued)

Invesco S&P SmallCap Health Care ETF (PSCH)

	Six Months Ended
	February 28,										Ten Months Ended
	2021				Years Ended August 31,						August 31,				Years Ended October 31,
	(Unaudited)				2020			2019			2018				2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period		$	132.74		$	114.85		$	144.76			$	91.43		$	67.03		$	66.81		$	60.07
Net investment income (loss)(a)			(0.16	)		(0.22	)		(0.16	)			(0.04	)		(0.03	)		0.00	(b)		(0.01	)
Net realized and unrealized gain (loss) on investments			52.08			18.11			(29.74	)			53.37			24.45			0.22			8.22
Total from investment operations			51.92			17.89			(29.90	)			53.33			24.42			0.22			8.21
Distributions to shareholders from:
Net investment income			-			-			(0.01	)			-			(0.02	)		-			(0.03	)
Net realized gains			-			-			-				-			-			-			(1.44	)
Total distributions			-			-			(0.01	)			-			(0.02	)		-			(1.47	)
Net asset value at end of period		$	184.66		$	132.74		$	114.85			$	144.76		$	91.43		$	67.03		$	66.81
Market price at end of period(c)		$	185.53		$	132.83		$	114.81			$	144.99		$	91.58		$	67.00		$	66.86
Net Asset Value Total Return(d)			39.12	%		15.58	%		(20.66	)%			58.32	%		36.44	%		0.33	%		13.96	%
Market Price Total Return(d)			39.67	%		15.69	%		(20.82	)%			58.31	%		36.72	%		0.21	%		14.12	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	526,295		$	384,957		$	465,142			$	1,172,569		$	237,717		$	167,586		$	230,504
Ratio to average net assets of:
Expenses			0.29	%(e)		0.29	%		0.29	%			0.29	%(e)		0.29	%		0.29	%		0.29	%
Net investment income (loss)			(0.20	)%(e)		(0.18	)%		(0.13	)%			(0.04	)%(e)		(0.04	)%		0.01	%		(0.02	)%
Portfolio turnover rate(f)			15	%		19	%		36	%			20	%		19	%		23	%		22	%

^(a)  Based on average shares outstanding.

^(b)  Amount represents less than $0.005.

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

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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.

  43  

Financial Highlights—(continued)

Invesco S&P SmallCap Industrials ETF (PSCI)

	Six Months Ended
	February 28,											Ten Months Ended
	2021				Years Ended August 31,							August 31,				Years Ended October 31,
	(Unaudited)				2020				2019			2018				2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period		$	65.95			$	64.17		$	75.22			$	62.13		$	47.51		$	45.55		$	44.89
Net investment income(a)			0.22				0.47			0.37				0.36			0.53			0.34			0.45
Net realized and unrealized gain (loss) on investments			23.37				1.81			(11.03	)			13.07			14.62			1.96			0.68
Total from investment operations			23.59				2.28			(10.66	)			13.43			15.15			2.30			1.13
Distributions to shareholders from:
Net investment income			(0.23	)			(0.50	)		(0.39	)			(0.34	)		(0.53	)		(0.34	)		(0.47	)
Net asset value at end of period		$	89.31			$	65.95		$	64.17			$	75.22		$	62.13		$	47.51		$	45.55
Market price at end of period(b)		$	89.41			$	66.05		$	64.21			$	75.25		$	62.21		$	47.42		$	45.57
Net Asset Value Total Return(c)			35.87	%			3.68	%		(14.16	)%			21.69	%		32.00	%		5.10	%		2.51	%
Market Price Total Return(c)			35.81	%			3.76	%		(14.14	)%			21.59	%		32.42	%		4.86	%		2.69	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	71,447			$	46,168		$	54,547			$	154,205		$	99,414		$	57,007		$	70,608
Ratio to average net assets of:
Expenses			0.29	%(d)			0.29	%		0.30	%(e)			0.29	%(d)		0.29	%		0.29	%		0.29	%
Net investment income			0.58	%(d)			0.74	%		0.58	%(e)			0.66	%(d)		0.94	%		0.75	%		0.98	%
Portfolio turnover rate(f)			8	%			10	%		9	%			2	%		7	%		16	%		11	%

^(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)  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.

  44  

Financial Highlights—(continued)

Invesco S&P SmallCap Information Technology ETF (PSCT)

	Six Months Ended
	February 28,											Ten Months Ended
	2021				Years Ended August 31,							August 31,				Years Ended October 31,
	(Unaudited)				2020				2019			2018				2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period		$	90.57			$	83.13		$	89.80			$	81.13		$	61.26		$	51.70		$	48.02
Net investment income(a)			0.05				0.11			0.25				0.27			0.19			0.10			0.08
Net realized and unrealized gain (loss) on investments			48.25				7.46			(6.62	)			8.69			19.83			9.58			3.64
Total from investment operations			48.30				7.57			(6.37	)			8.96			20.02			9.68			3.72
Distributions to shareholders from:
Net investment income			(0.05	)			(0.13	)		(0.30	)			(0.29	)		(0.15	)		(0.12	)		(0.04	)
Net asset value at end of period		$	138.82			$	90.57		$	83.13			$	89.80		$	81.13		$	61.26		$	51.70
Market price at end of period(b)		$	138.78			$	90.67		$	83.05			$	89.71		$	81.23		$	61.28		$	51.77
Net Asset Value Total Return(c)			53.35	%			9.12	%		(7.08	)%			11.09	%		32.71	%		18.75	%		7.75	%
Market Price Total Return(c)			53.14	%			9.35	%		(7.08	)%			10.85	%		32.84	%		18.63	%		7.92	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	467,821			$	244,541		$	303,408			$	475,958		$	575,996		$	508,447		$	390,315
Ratio to average net assets of:
Expenses			0.29	%(d)			0.29	%		0.29	%			0.29	%(d)		0.29	%		0.29	%		0.29	%
Net investment income			0.09	%(d)			0.13	%		0.32	%			0.40	%(d)		0.26	%		0.18	%		0.16	%
Portfolio turnover rate(e)			7	%			19	%		11	%			15	%		16	%		15	%		15	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Annualized.

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

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

  45  

Financial Highlights—(continued)

Invesco S&P SmallCap Materials ETF (PSCM)

	Six Months Ended
	February 28,											Ten Months Ended
	2021				Years Ended August 31,							August 31,				Years Ended October 31,
	(Unaudited)				2020				2019			2018				2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period		$	42.14			$	40.93		$	55.57			$	50.96		$	38.70		$	34.36		$	43.97
Net investment income(a)			0.38				0.66			0.44				0.40			0.41			0.35			0.35
Net realized and unrealized gain (loss) on investments			19.17				1.27			(14.56	)			4.54			12.19			4.36			(9.50	)
Total from investment operations			19.55				1.93			(14.12	)			4.94			12.60			4.71			(9.15	)
Distributions to shareholders from:
Net investment income			(0.50	)			(0.72	)		(0.52	)			(0.33	)		(0.34	)		(0.37	)		(0.46	)
Net asset value at end of period		$	61.19			$	42.14		$	40.93			$	55.57		$	50.96		$	38.70		$	34.36
Market price at end of period(b)		$	61.25			$	41.99		$	40.91			$	55.57		$	51.00		$	38.77		$	34.37
Net Asset Value Total Return(c)			46.64	%			4.91	%		(25.50	)%			9.73	%		32.62	%		13.89	%		(20.94	)%
Market Price Total Return(c)			47.32	%			4.59	%		(25.54	)%			9.65	%		32.48	%		14.07	%		(20.88	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	20,806			$	8,429		$	14,327			$	30,566		$	48,411		$	17,414		$	10,309
Ratio to average net assets of:
Expenses			0.29	%(d)			0.29	%		0.32	%(e)			0.29	%(d)		0.29	%		0.29	%		0.29	%
Net investment income			1.47	%(d)			1.58	%		0.93	%(e)			0.91	%(d)		0.87	%		1.01	%		0.87	%
Portfolio turnover rate(f)			7	%			25	%		24	%			9	%		21	%		16	%		17	%

^(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)  Ratios include non-recurring costs associated with a proxy statement of 0.03%.

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

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

  46  

Financial Highlights—(continued)

Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)

	Six Months Ended
	February 28,											Ten Months Ended
	2021				Years Ended August 31,							August 31,				Years Ended October 31,
	(Unaudited)				2020				2019			2018				2017			2016			2015
Per Share Operating Performance:
Net asset value at beginning of period		$	48.85			$	53.08		$	55.80			$	55.67		$	45.61		$	41.99		$	38.34
Net investment income(a)			0.29				0.91			1.22				1.14			0.87			1.06			1.02
Net realized and unrealized gain (loss) on investments			12.36				(4.03	)		(2.70	)			0.23			11.81			3.67			3.96
Total from investment operations			12.65				(3.12	)		(1.48	)			1.37			12.68			4.73			4.98
Distributions to shareholders from:
Net investment income			(0.37	)			(1.11	)		(1.24	)			(1.24	)		(0.86	)		(1.11	)		(1.33	)
Net realized gains			-				-			-				-			(1.76	)		-			-
Total distributions			(0.37	)			(1.11	)		(1.24	)			(1.24	)		(2.62	)		(1.11	)		(1.33	)
Net asset value at end of period		$	61.13			$	48.85		$	53.08			$	55.80		$	55.67		$	45.61		$	41.99
Market price at end of period(b)		$	61.12			$	48.91		$	53.01			$	55.82		$	55.70		$	45.57		$	42.01
Net Asset Value Total Return(c)			26.10	%			(5.94	)%		(2.58	)%			2.55	%		28.66	%		11.38	%		13.43	%
Market Price Total Return(c)			25.93	%			(5.70	)%		(2.74	)%			2.54	%		28.83	%		11.23	%		13.52	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	25,062			$	21,985		$	50,421			$	61,381		$	52,887		$	47,895		$	39,887
Ratio to average net assets of:
Expenses			0.29	%(d)			0.29	%		0.30	%(e)			0.29	%(d)		0.29	%		0.29	%		0.29	%
Net investment income			1.15	%(d)			1.78	%		2.27	%(e)			2.58	%(d)		1.73	%		2.35	%		2.63	%
Portfolio turnover rate(f)			31	%			64	%		66	%			48	%		48	%		69	%		18	%

^(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)  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.

  47  

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2021

(Unaudited)

NOTE 1–Organization

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

Company Act of 1940, as amended (the “1940 Act”). This report includes the following portfolios:

Full Name	Short Name
Invesco DWA SmallCap Momentum ETF (DWAS)	“DWA SmallCap Momentum ETF”
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)	“S&P SmallCap Consumer Discretionary ETF”
Invesco S&P SmallCap Consumer Staples ETF (PSCC)	“S&P SmallCap Consumer Staples ETF”
Invesco S&P SmallCap Energy ETF (PSCE)	“S&P SmallCap Energy ETF”
Invesco S&P SmallCap Financials ETF (PSCF)	“S&P SmallCap Financials ETF”
Invesco S&P SmallCap Health Care ETF (PSCH)	“S&P SmallCap Health Care ETF”
Invesco S&P SmallCap Industrials ETF (PSCI)	“S&P SmallCap Industrials ETF”
Invesco S&P SmallCap Information Technology ETF (PSCT)	“S&P SmallCap Information Technology ETF”
Invesco S&P SmallCap Materials ETF (PSCM)	“S&P SmallCap Materials ETF”
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)	“S&P SmallCap Utilities & Communication Services 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 Nasdaq Stock Market.

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
DWA SmallCap Momentum ETF	Dorsey Wright® SmallCap Technical Leaders Index
S&P SmallCap Consumer Discretionary ETF	S&P SmallCap 600® Capped Consumer Discretionary Index
S&P SmallCap Consumer Staples ETF	S&P SmallCap 600® Capped Consumer Staples Index
S&P SmallCap Energy ETF	S&P SmallCap 600® Capped Energy Index
S&P SmallCap Financials ETF	S&P SmallCap 600® Capped Financials & Real Estate Index
S&P SmallCap Health Care ETF	S&P SmallCap 600® Capped Health Care Index
S&P SmallCap Industrials ETF	S&P SmallCap 600® Capped Industrials Index
S&P SmallCap Information Technology ETF	S&P SmallCap 600® Capped Information Technology Index
S&P SmallCap Materials ETF	S&P SmallCap 600® Capped Materials Index
S&P SmallCap Utilities & Communication Services ETF	S&P SmallCap 600® Capped Utilities & Communication Services 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.

  48  

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 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

  49  

traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

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

Index Risk. Unlike many investment companies, 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.

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

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

Non-Diversified Fund Risk. Because S&P SmallCap Consumer Staples ETF, S&P SmallCap Energy ETF, S&P SmallCap Materials ETF and S&P SmallCap Utilities & Communication Services ETF are non-diversified, and to the extent DWA SmallCap Momentum ETF becomes non-diversified and can invest a greater portion of its 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 its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize realization of capital gains to the extent possible.

Small Capitalization Company Risk. Investing in securities of small capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more

  50  

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 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 settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

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

E. Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on 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 - 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.

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).

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. The risk of material loss as a result of such indemnification claims is considered 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.

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

  52  

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)
DWA SmallCap Momentum ETF	0.60%
S&P SmallCap Consumer Discretionary ETF	0.29%
S&P SmallCap Consumer Staples ETF	0.29%
S&P SmallCap Energy ETF	0.29%
S&P SmallCap Financials ETF	0.29%
S&P SmallCap Health Care ETF	0.29%
S&P SmallCap Industrials ETF	0.29%
S&P SmallCap Information Technology ETF	0.29%
S&P SmallCap Materials ETF	0.29%
S&P SmallCap Utilities & Communication Services ETF	0.29%

Further, through at least August 31, 2023, 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 six months ended February 28, 2021, the Adviser waived fees for each Fund in the following amounts:

DWA SmallCap Momentum ETF	$	39
S&P SmallCap Consumer Discretionary ETF		7
S&P SmallCap Consumer Staples ETF		13
S&P SmallCap Energy ETF		6
S&P SmallCap Financials ETF		12
S&P SmallCap Health Care ETF		48
S&P SmallCap Industrials ETF		11
S&P SmallCap Information Technology ETF		37
S&P SmallCap Materials ETF		5
S&P SmallCap Utilities & Communication Services ETF		13

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
DWA SmallCap Momentum ETF	Dorsey, Wright & Associates, LLC
S&P SmallCap Consumer Discretionary ETF	S&P Dow Jones Indices, LLC
S&P SmallCap Consumer Staples ETF	S&P Dow Jones Indices, LLC
S&P SmallCap Energy ETF	S&P Dow Jones Indices, LLC
S&P SmallCap Financials ETF	S&P Dow Jones Indices, LLC
S&P SmallCap Health Care ETF	S&P Dow Jones Indices, LLC
S&P SmallCap Industrials ETF	S&P Dow Jones Indices, LLC
S&P SmallCap Information Technology ETF	S&P Dow Jones Indices, LLC
S&P SmallCap Materials ETF	S&P Dow Jones Indices, LLC
S&P SmallCap Utilities & Communication Services ETF	S&P Dow Jones Indices, LLC

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

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

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For the six months ended February 28, 2021, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

DWA SmallCap Momentum ETF	$	26,478
S&P SmallCap Consumer Discretionary ETF		680
S&P SmallCap Consumer Staples ETF		1,074
S&P SmallCap Energy ETF		1,384
S&P SmallCap Financials ETF		458
S&P SmallCap Health Care ETF		4,064
S&P SmallCap Industrials ETF		742
S&P SmallCap Information Technology ETF		4,238
S&P SmallCap Materials ETF		56
S&P SmallCap Utilities & Communication Services ETF		897

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

NOTE 4–Security Transactions with Affiliated Funds

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

For the six months ended February 28, 2021, the following Funds engaged in transactions with affiliates as listed below:

	Securities Purchases			Securities Sales			Net Realized Gains (Losses)*
DWA SmallCap Momentum ETF		$	400,604		$	3,237,436		$	109,027
S&P SmallCap Consumer Discretionary ETF			-			1,461,903			458,712
S&P SmallCap Consumer Staples ETF			-			122,417			(38,253	)
S&P SmallCap Energy ETF			9,206			-			-
S&P SmallCap Financials ETF			141,610			-			-
S&P SmallCap Health Care ETF			9,645,317			-			-
S&P SmallCap Information Technology ETF			-			5,204,925			3,393,285

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

NOTE 5–Additional Valuation Information

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 February 28, 2021. 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

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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
DWA SmallCap Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	546,666,300	$	-	$	-	$	546,666,300
Money Market Funds		-		26,649,287		-		26,649,287
Total Investments	$	546,666,300	$	26,649,287	$	-	$	573,315,587
S&P SmallCap Consumer Discretionary ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	55,063,626	$	-	$	-	$	55,063,626
Money Market Funds		26,036		3,870,841		-		3,896,877
Total Investments	$	55,089,662	$	3,870,841	$	-	$	58,960,503
S&P SmallCap Consumer Staples ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	38,387,163	$	-	$	-	$	38,387,163
Money Market Funds		8,991		3,072,005		-		3,080,996
Total Investments	$	38,396,154	$	3,072,005	$	-	$	41,468,159
S&P SmallCap Energy ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	81,238,511	$	-	$	-	$	81,238,511
Money Market Funds		49,964		220,475		-		270,439
Total Investments	$	81,288,475	$	220,475	$	-	$	81,508,950
S&P SmallCap Financials ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	37,090,002	$	-	$	7,144	$	37,097,146
Money Market Funds		14,413		1,820,415		-		1,834,828
Total Investments	$	37,104,415	$	1,820,415	$	7,144	$	38,931,974
S&P SmallCap Health Care ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	526,303,234	$	-	$	-	$	526,303,234
Money Market Funds		90,491		11,085,327		-		11,175,818
Total Investments	$	526,393,725	$	11,085,327	$	-	$	537,479,052
S&P SmallCap Industrials ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	71,410,905	$	-	$	-	$	71,410,905
Money Market Funds		10,903		1,503,474		-		1,514,377
Total Investments	$	71,421,808	$	1,503,474	$	-	$	72,925,282
S&P SmallCap Information Technology ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	468,078,365	$	-	$	-	$	468,078,365
Money Market Funds		5,388		11,947,600		-		11,952,988
Total Investments	$	468,083,753	$	11,947,600	$	-	$	480,031,353
S&P SmallCap Materials ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	21,014,034	$	-	$	-	$	21,014,034
Money Market Funds		134		992,570		-		992,704
Total Investments	$	21,014,168	$	992,570	$	-	$	22,006,738
S&P SmallCap Utilities & Communication Services ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	24,637,211	$	-	$	-	$	24,637,211
Money Market Funds		-		1,175,274		-		1,175,274
Total Investments	$	24,637,211	$	1,175,274	$	-	$	25,812,485

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NOTE 6–Tax Information

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 August 31, 2020:

	No expiration
	Short-Term			Long-Term			Total*
DWA SmallCap Momentum ETF		$	283,384,237		$	3,624,875		$	287,009,112
S&P SmallCap Consumer Discretionary ETF			375,082			7,840,908			8,215,990
S&P SmallCap Consumer Staples ETF			3,830,733			6,064,426			9,895,159
S&P SmallCap Energy ETF			14,646,211			46,625,632			61,271,843
S&P SmallCap Financials ETF			248,221			3,336,044			3,584,265
S&P SmallCap Health Care ETF			23,960,646			43,122,249			67,082,895
S&P SmallCap Industrials ETF			984,350			3,798,802			4,783,152
S&P SmallCap Information Technology ETF			222,401			14,020,420			14,242,821
S&P SmallCap Materials ETF			147,518			3,308,674			3,456,192
S&P SmallCap Utilities & Communication Services ETF			1,407,630			3,866,932			5,274,562

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

NOTE 7– Investment Transactions

For the six months ended February 28, 2021, 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
DWA SmallCap Momentum ETF	$	302,703,805	$	306,595,321
S&P SmallCap Consumer Discretionary ETF		4,746,249		4,580,197
S&P SmallCap Consumer Staples ETF		7,965,402		7,987,545
S&P SmallCap Energy ETF		2,708,537		2,500,627
S&P SmallCap Financials ETF		3,535,457		3,258,396
S&P SmallCap Health Care ETF		68,408,712		66,405,872
S&P SmallCap Industrials ETF		4,160,510		5,805,599
S&P SmallCap Information Technology ETF		23,557,008		22,952,220
S&P SmallCap Materials ETF		898,064		842,922
S&P SmallCap Utilities & Communication Services ETF		6,556,524		7,175,373

For the six months ended February 28, 2021, in-kind transactions associated with creations and redemptions were as follows:

	Cost of		Value of
	Securities		Securities
	Received		Delivered
DWA SmallCap Momentum ETF	$	451,652,222	$	256,853,403
S&P SmallCap Consumer Discretionary ETF		28,641,752		5,041,686
S&P SmallCap Consumer Staples ETF		2,003,321		10,672,564
S&P SmallCap Energy ETF		49,206,373		1,113,562
S&P SmallCap Financials ETF		7,495,257		5,269,871
S&P SmallCap Health Care ETF		64,995,812		72,332,807
S&P SmallCap Industrials ETF		15,470,342		5,932,930
S&P SmallCap Information Technology ETF		111,625,143		23,669,104
S&P SmallCap Materials ETF		14,183,407		4,747,812
S&P SmallCap Utilities & Communication Services ETF		6,802,851		7,972,428

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

  56  

At February 28, 2021, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost
DWA SmallCap Momentum ETF	$	119,660,499	$	(10,733,260	)	$	108,927,239		$	464,388,348
S&P SmallCap Consumer Discretionary ETF		9,267,746		(2,332,682	)		6,935,064			52,025,439
S&P SmallCap Consumer Staples ETF		5,356,066		(3,691,036	)		1,665,030			39,803,129
S&P SmallCap Energy ETF		13,769,172		(6,404,784	)		7,364,388			74,144,562
S&P SmallCap Financials ETF		4,423,043		(3,985,117	)		437,926			38,494,048
S&P SmallCap Health Care ETF		125,868,228		(56,817,813	)		69,050,415			468,428,637
S&P SmallCap Industrials ETF		15,703,992		(3,343,908	)		12,360,084			60,565,198
S&P SmallCap Information Technology ETF		137,872,940		(14,534,676	)		123,338,264			356,693,089
S&P SmallCap Materials ETF		2,359,795		(896,760	)		1,463,035			20,543,703
S&P SmallCap Utilities & Communication Services ETF		3,391,527		(3,648,887	)		(257,360	)		26,069,845

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 a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 9–Capital

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

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

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

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

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.

  57  

Calculating your ongoing Fund expenses

Example

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

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended February 28, 2021.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value September 1, 2020			Ending Account Value February 28, 2021			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco DWA SmallCap Momentum ETF (DWAS)
Actual		$	1,000.00		$	1,451.50		0.60	%		$	3.65
Hypothetical (5% return before expenses)			1,000.00			1,021.82		0.60				3.01
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)
Actual			1,000.00			1,575.40		0.29				1.85
Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45
Invesco S&P SmallCap Consumer Staples ETF (PSCC)
Actual			1,000.00			1,272.30		0.29				1.63
Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45
Invesco S&P SmallCap Energy ETF (PSCE)
Actual			1,000.00			1,818.00		0.29				2.03
Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45
Invesco S&P SmallCap Financials ETF (PSCF)
Actual			1,000.00			1,364.60		0.29				1.70
Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45

  58  

Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value September 1, 2020			Ending Account Value February 28, 2021			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco S&P SmallCap Health Care ETF (PSCH)
Actual		$	1,000.00		$	1,391.20		0.29	%		$	1.72
Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45
Invesco S&P SmallCap Industrials ETF (PSCI)
Actual			1,000.00			1,358.70		0.29				1.70
Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45
Invesco S&P SmallCap Information Technology ETF (PSCT)
Actual			1,000.00			1,533.50		0.29				1.82
Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45
Invesco S&P SmallCap Materials ETF (PSCM)
Actual			1,000.00			1,466.40		0.29				1.77
Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)
Actual			1,000.00			1,261.00		0.29				1.63
Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended February 28, 2021. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

  59  

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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

©2021 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-SCS-SAR-1	invesco.com/ETFs

       Invesco Semi-Annual Report to Shareholders February 28, 2021   TAN    Invesco Solar ETF

Table of Contents

Schedule of Investments	3
Statement of Assets and Liabilities	6
Statement of Operations	7
Statement of Changes in Net Assets	8
Financial Highlights	9
Notes to Financial Statements	10
Fund Expenses	18

2

Invesco Solar ETF (TAN)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.13%
Construction & Engineering-0.60%
ReneSola Ltd., ADR (China)(b)		1,635,932	$	24,440,824
Electrical Equipment-6.97%
Beam Global(b)		363,466		15,316,457
Sunrun, Inc.(c)		4,315,026		270,034,327
				285,350,784
Independent Power and Renewable Electricity Producers-26.47%
Atlantica Sustainable Infrastructure PLC (Spain)		3,527,536		127,520,426
Azure Power Global Ltd. (India)(b)(c)		1,010,443		30,636,632
Clearway Energy, Inc., Class C(d)		4,179,703		114,774,644
Encavis AG (Germany)(b)		5,665,547		120,619,857
Grenergy Renovables S.A. (Spain)(b)		482,397		20,435,130
Neoen S.A. (France)(b)(c)(e)		2,003,999		117,730,838
RENOVA, Inc. (Japan)(c)		2,283,492		70,300,861
Scatec ASA (Norway)(e)		4,741,803		138,201,644
Solaria Energia y Medio Ambiente S.A. (Spain)(b)(c)		4,258,580		96,144,651
Solarpack Corp. Tecnologica S.A. (Spain)(b)(c)		723,678		16,733,536
Sunnova Energy International, Inc.(c)		2,856,291		128,076,089
West Holdings Corp. (Japan)(b)		1,399,047		39,211,124
Xinyi Energy Holdings Ltd. (China)		109,816,682		63,137,850
				1,083,523,282
Mortgage REITs-3.63%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		2,641,676		148,541,442
Semiconductors & Semiconductor Equipment-61.46%
Canadian Solar, Inc. (Canada)(b)(c)		2,797,056		131,265,838
Daqo New Energy Corp., ADR (China)(c)		3,016,380		314,457,615
Enphase Energy, Inc.(c)		2,585,814		455,258,413
First Solar, Inc.(c)		2,251,240		182,395,465
Flat Glass Group Co. Ltd., H Shares (China)(b)		20,037,683		74,908,675
GCL-Poly Energy Holdings Ltd. (China)(b)(c)		921,088,293		338,401,856
JinkoSolar Holding Co. Ltd., ADR (China)(b)(c)(d)		2,274,935		116,795,163

Investment Abbreviations:

ADR-American Depositary Receipt

	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
Maxeon Solar Technologies Ltd.(c)		689,940	$	23,230,280
Meyer Burger Technology AG (Switzerland)(c)		107,058,305		52,458,924
SMA Solar Technology AG (Germany)(c)		1,033,931		66,828,012
SolarEdge Technologies, Inc.(c)		1,135,785		338,816,023
SunPower Corp.(b)(c)		4,561,168		158,591,811
Xinyi Solar Holdings Ltd. (China)		124,774,583		262,180,474
				2,515,588,549
Total Common Stocks & Other Equity Interests (Cost $2,953,146,543)				4,057,444,881
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(f) (Cost $363,770)		363,770		363,770
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.14% (Cost $2,953,510,313)				4,057,808,651
Investments Purchased with Cash Collateral from Securities on Loan Money Market Funds-9.65%
Invesco Private Government Fund, 0.01%(d)(f)(g)		156,867,292		156,867,292
Invesco Private Prime Fund, 0.11%(d)(f)(g)		238,058,714		238,153,939
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $395,021,229)				395,021,231
TOTAL INVESTMENTS IN SECURITIES-108.79% (Cost $3,348,531,542)				4,452,829,882
OTHER ASSETS LESS LIABILITIES-(8.79)%				(359,881,428	)
NET ASSETS-100.00%			$	4,092,948,454

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

3

Invesco Solar ETF (TAN)–(continued)

February 28, 2021

(Unaudited)

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at February 28, 2021.

^(c)  Non-income producing security.

^(d)  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	39,316,797		$	(38,953,027	)		$	-			$	-		$	363,770		$	176
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			18,259,919			(18,259,919	)			-				-			-			5
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			140,619,171			580,482,542			(564,234,421	)			-				-			156,867,292			20,061	*
Invesco Private Prime Fund			46,873,617			826,410,593			(635,157,640	)			3				27,366			238,153,939			113,866	*
Investments in Other Affiliates:
Clearway Energy, Inc., Class C			-			140,007,121			(15,439,508	)			(12,220,323	)			2,427,354			114,774,644			-
Flat Glass Group Co. Ltd., H Shares**			37,546,385			53,082,160			(55,090,019	)			19,269,120				20,101,029			74,908,675			168,885
GCL-Poly Energy Holdings Ltd.**,***			33,099,907			87,754,261			(107,233,266	)			262,558,525				62,222,429			338,401,856			-
JinkoSolar Holding Co. Ltd., ADR***			38,237,381			103,582,150			(59,425,923	)			16,918,025				17,483,530			116,795,163			-
Meyer Burger Technology AG**			-			61,958,333			(35,037,608	)			20,687,443				4,850,756			52,458,924			-
Total		$	296,376,461		$	1,910,853,876		$	(1,528,831,331	)		$	307,212,793			$	107,112,464		$	1,092,724,263		$	302,993

* 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.

** As of February 28, 2021, this security was not considered as an affiliate of the Fund.

*** As of August 31, 2020, this security was not considered as an affiliate of the Fund.

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

4

Invesco Solar ETF (TAN)–(continued)

February 28, 2021

(Unaudited)

^(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 February 28, 2021 was $255,932,482, which represented 6.25% of the Fund’s Net Assets.

^(f)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

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

China 29.18%

Portfolio Composition
Industry Breakdown (% of the Fund’s Net Assets) as of February 28, 2021
Semiconductors & Semiconductor Equipment	61.46
Independent Power and Renewable Electricity Producers	26.47
Electrical Equipment	6.97
Mortgage REITs	3.63
Construction & Engineering	0.60
Money Market Funds Plus Other Assets Less Liabilities	0.87

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

5

Statement of Assets and Liabilities

February 28, 2021

(Unaudited)

	Invesco Solar ETF (TAN)
Assets:
Unaffiliated investments in securities, at value(a)	$	3,825,875,074
Affiliated investments in securities, at value		626,954,808
Cash		53,542
Deposits with brokers:
Cash segregated as collateral		13,522,947
Receivable for:
Dividends		1,362,263
Securities lending		357,132
Investments sold		64,151,901
Fund shares sold		20,965,919
Foreign tax reclaims		23,770
Total assets		4,553,267,356
Liabilities:
Due to foreign custodian		13,834
Payable for:
Investments purchased		23,702,870
Collateral upon return of securities loaned		395,021,229
Collateral upon receipt of securities in-kind		13,522,947
Fund shares repurchased		24,166,199
Accrued advisory fees		1,803,834
Accrued trustees’ and officer’s fees		21,442
Accrued expenses		2,058,658
Accrued tax expenses		7,889
Total liabilities		460,318,902
Net Assets	$	4,092,948,454
Net assets consist of:
Shares of beneficial interest	$	2,793,136,617
Distributable earnings		1,299,811,837
Net Assets	$	4,092,948,454
Shares outstanding (unlimited amount authorized, $0.01 par value)		40,648,000
Net asset value	$	100.69
Market price	$	101.22
Unaffiliated investments in securities, at cost	$	2,731,612,746
Affiliated investments in securities, at cost	$	616,918,796
Foreign currencies (due to foreign custodian), at cost	$	(13,942	)
(a) Includes securities on loan with an aggregate value of:	$	375,442,340

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

6

Statement of Operations

For the six months ended February 28, 2021

(Unaudited)

	Invesco Solar ETF (TAN)
Investment income:
Unaffiliated dividend income	$	4,088,800
Affiliated dividend income		169,066
Securities lending income		1,835,404
Foreign withholding tax		(16,889	)
Total investment income		6,076,381
Expenses:
Advisory fees		7,249,279
Sub-licensing fees		2,029,845
Accounting & administration fees		22,736
Custodian & transfer agent fees		39,104
Trustees’ and officer’s fees		13,657
Other expenses		48,194
Total expenses		9,402,815
Less: Waivers		(777	)
Net expenses		9,402,038
Net investment income (loss)		(3,325,657	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(17,988,622	)
Affiliated investment securities		107,112,464
In-kind redemptions		568,089,501
Foreign currencies		(46,873	)
Net realized gain		657,166,470
Change in net unrealized appreciation of:
Unaffiliated investment securities		205,348,960
Affiliated investment securities		307,212,793
Foreign currencies		3,723
Change in net unrealized appreciation		512,565,476
Net realized and unrealized gain		1,169,731,946
Net increase in net assets resulting from operations	$	1,166,406,289

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

7

Statement of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	Invesco Solar ETF (TAN)
	Six Months Ended February 28, 2021			Year Ended August 31, 2020
Operations:
Net investment income (loss)	$	(3,325,657	)	$	2,741,527
Net realized gain (loss)		657,166,470			(16,874,994	)
Change in net unrealized appreciation		512,565,476			489,543,363
Net increase in net assets resulting from operations		1,166,406,289			475,409,896
Distributions to Shareholders from:
Distributable earnings		(3,100,002	)		(1,308,390	)
Shareholder Transactions:
Proceeds from shares sold		2,389,317,294			510,224,198
Value of shares repurchased		(794,949,049	)		(105,138,215	)
Net increase in net assets resulting from share transactions		1,594,368,245			405,085,983
Net increase in net assets		2,757,674,532			879,187,489
Net assets:
Beginning of period		1,335,273,922			456,086,433
End of period	$	4,092,948,454		$	1,335,273,922
Changes in Shares Outstanding:
Shares sold		26,720,000			12,240,000
Shares repurchased		(9,600,000	)		(3,600,000	)
Shares outstanding, beginning of period		23,528,000			14,888,000
Shares outstanding, end of period		40,648,000			23,528,000

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

8

Financial Highlights

Invesco Solar ETF (TAN)

	Six Months Ended February 28, 2021				Years Ended August 31,
	(Unaudited)				2020				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	56.75			$	30.63			$	21.92			$	21.62			$	20.89			$	29.72
Net investment income (loss)(a)			(0.10	)			0.17				0.05				0.54				0.49				0.80
Net realized and unrealized gain (loss) on investments			44.13				26.04				8.79				0.20				1.07				(9.14	)
Total from investment operations			44.03				26.21				8.84				0.74				1.56				(8.34	)
Distributions to shareholders from:
Net investment income			(0.09	)			(0.09	)			(0.13	)			(0.44	)			(0.83	)			(0.49	)
Net asset value at end of period		$	100.69			$	56.75			$	30.63			$	21.92			$	21.62			$	20.89
Market price at end of period		$	101.22	(b)		$	56.84	(b)		$	30.54	(b)		$	21.82	(b)		$	21.70			$	20.91
Net Asset Value Total Return(c)			77.59	%			85.82	%			40.73	%			3.19	%			8.72	%			(28.59	)%
Market Price Total Return(c)			78.24	%			86.67	%			40.96	%			2.33	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	4,092,948			$	1,335,274			$	456,086			$	319,383			$	360,008			$	230,754
Ratio to average net assets of:
Expenses, after Waivers			0.65	%(d)			0.69	%			0.70	%			0.65	%			0.70	%			0.71	%
Expenses, prior to Waivers			0.65	%(d)			0.69	%			0.71	%			0.69	%			0.76	%			0.88	%
Net investment income (loss)			(0.23	)%(d)			0.49	%			0.22	%			2.23	%			2.57	%			3.26	%
Portfolio turnover rate(e)			19	%			28	%			29	%			54	%			57	%			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)  Annualized.

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

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

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2021

(Unaudited)

NOTE 1–Organization

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

Full Name	Short Name
Invesco Solar ETF (TAN)	“Solar ETF”

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

The market price of a Share may differ to some degree from the Fund’s net asset value (“NAV”). Unlike conventional mutual funds, the 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 Fund.

The investment objective of the Fund is to seek to track the investment results (before the Fund’s fees and expenses) of the MAC Global Solar Energy Index (the “Underlying Index”).

NOTE 2–Significant Accounting Policies

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

The 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 the 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

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

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

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

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

Authorized Participant Concentration Risk. Only authorized participants (“APs”) may engage in creation or redemption transactions directly with the Fund. The 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 the 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 the Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to the 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 the Fund’s NAV is determined in U.S. dollars, the 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 the 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.

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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 the 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. Foreign securities also are subject to the risks of expropriation, nationalization, political instability, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If the Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns.

Index Risk. Unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, the 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, the 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 the Fund’s rebalance schedule.

Industry Concentration Risk. In following its methodology, the 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 the Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, the 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 the 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 the Fund’s NAV.

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

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

Non-Diversified Fund Risk. Because the Fund is non-diversified and can invest a greater portion of its 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 the Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund’s performance.

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,

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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 settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by the 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 Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement 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 Statement of Operations and the Statement 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 the Fund’s NAV and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement 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 the Fund and the Adviser.

D. Country Determination - For the purposes of presentation in the Schedule 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 the 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 - The Fund declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on the ex-dividend date. Generally, the 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 - The 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 Fund 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.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the 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 Fund files U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, the 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 - Expenses of the Trust that are directly identifiable to the Fund are applied to the Fund. Expenses of the Trust that are not readily identifiable to the 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 the Fund.

The Fund is responsible for all of its expenses, including the investment advisory fees, cost of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, acquired fund fees and expenses, if any, brokerage commissions and other expenses connected with executions of portfolio transactions, licensing fees related to its Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers who are not “interested persons” (as defined in the 1940 Act) of the Trust or the Adviser (the “Independent Trustees”), expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent

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

To the extent the 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 Fund monitors 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. The risk of material loss as a result of such indemnification claims is considered remote.

J. Securities Lending - The 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. The Fund bears the risk of loss with respect to the investment of collateral. It is the policy of the Fund 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, the 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 the 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 the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the 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. The 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 the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown on the Statement 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. The 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 Statement 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 the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

The 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 the Fund invests.

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NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of the Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Fund’s investments, managing the Fund’s business affairs and providing certain clerical, bookkeeping and other administrative services. Pursuant to the Investment Advisory Agreement, the Fund accrues daily and pays monthly to the Adviser an annual fee equal to 0.50% of the Fund’s average daily net assets.

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”), pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding 0.65% of the Fund’s average daily net assets per year through August 31, 2023 (the “Expense Cap”). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

Further, through at least August 31, 2023, the Adviser has contractually agreed to waive a portion of the 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. This agreement is not subject to recapture by the Adviser.

For the six months ended February 28, 2021, the Adviser waived fees and/or paid Fund expenses of $777.

The fees waived and/or expenses borne by the Adviser pursuant to the Expense Cap for the Fund are subject to recapture by the Adviser up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Fund if it would result in the Fund exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser. There are no amounts available for potential recapture by the Adviser as of February 28, 2021.

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

The Adviser has entered into a licensing agreement on behalf of the Fund with MAC Indexing LLC (the “Licensor”).

The Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Fund. The Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Fund is not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in the Fund.

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 the 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 the 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 February 28, 2021. 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

15

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
Investments in Securities
Common Stocks & Other Equity Interests		$	4,057,444,881		$	-		$	-		$	4,057,444,881
Money Market Funds			363,770			395,021,231			-			395,385,001
Total Investments		$	4,057,808,651		$	395,021,231		$	-		$	4,452,829,882

NOTE 5–Tax Information

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 Fund 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 the Fund as of August 31, 2020:

No expiration
Short-Term			Long-Term			Total*
	$	97,821,939		$	329,716,119		$	427,538,058

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

NOTE 6–Investment Transactions

For the six months ended February 28, 2021, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Treasury obligations, money market funds and in-kind transactions, if any) were $550,812,007 and $581,394,159, respectively.

    For the six months ended February 28, 2021, in-kind transactions associated with creations and redemptions were $2,372,432,144 and $789,225,200, respectively.

    Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At February 28, 2021, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

Federal Tax Cost	$	3,379,272,491
Aggregate unrealized appreciation of investments		1,136,726,740
Aggregate unrealized (depreciation) of investments		(63,169,349	)
Net unrealized appreciation of investments	$	1,073,557,391

NOTE 7–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Fund to pay remuneration to the Independent Trustees and an Officer of the Trust. 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 Fund.

NOTE 8–Capital

Shares are issued and redeemed by the Fund only in Creation Units consisting of a specified number of Shares as set forth in the Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Fund. 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 the Fund on the transaction date. However, 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 Fund permits transactions in exchange for Deposit Securities, the 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,

16

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 Fund for creations and redemptions, which are treated as increases in capital.

Transactions in the Fund’s Shares are disclosed in detail in the Statement of Changes in Net Assets

NOTE 9–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 Fund’s 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 Fund and its 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.

17

Calculating your ongoing Fund expenses

Example

As a shareholder of Invesco Solar ETF (the “Fund”), a series of the Invesco Exchange-Traded Fund Trust II, you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended February 28, 2021.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on the 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 Fund 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. If transaction costs and indirect expenses were included, your costs would have been higher.

							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	September 1, 2020			February 28, 2021			Six-Month Period			Six-Month Period(1)
Invesco Solar ETF (TAN) Actual		$	1,000.00		$	1,775.90		0.65	%		$	4.47
Hypothetical (5% return before expenses)			1,000.00			1,021.57		0.65				3.26

⁽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 February 28, 2021. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

18

Proxy Voting Policies and Procedures

A description of the Trust’s proxy voting policies and procedures that the Fund uses 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 the 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 Fund 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 the 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.

©2021 Invesco Capital Management LLC 3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-TRST2-SAR-2	invesco.com/ETFs

Invesco Semi-Annual Report to Shareholders

February 28, 2021

PLW Invesco 1-30 Laddered Treasury ETF

PWZ Invesco California AMT-Free Municipal Bond ETF

PCEF Invesco CEF Income Composite ETF

PHB Invesco Fundamental High Yield^® Corporate Bond ETF

PFIG Invesco Fundamental Investment Grade Corporate Bond ETF

PZA Invesco National AMT-Free Municipal Bond ETF

PZT Invesco New York AMT-Free Municipal Bond ETF

PGX Invesco Preferred ETF

BAB Invesco Taxable Municipal Bond ETF

CLTL Invesco Treasury Collateral ETF

VRP Invesco Variable Rate Preferred ETF

PVI Invesco VRDO Tax-Free Weekly ETF

Table of Contents

Schedules of Investments
Invesco 1-30 Laddered Treasury ETF (PLW)	3
Invesco California AMT-Free Municipal Bond ETF (PWZ)	5
Invesco CEF Income Composite ETF (PCEF)	10
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)	14
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)	19
Invesco National AMT-Free Municipal Bond ETF (PZA)	30
Invesco New York AMT-Free Municipal Bond ETF (PZT)	45
Invesco Preferred ETF (PGX)	48
Invesco Taxable Municipal Bond ETF (BAB)	54
Invesco Treasury Collateral ETF (CLTL)	68
Invesco Variable Rate Preferred ETF (VRP)	69
Invesco VRDO Tax-Free Weekly ETF (PVI)	75
Statements of Assets and Liabilities	78
Statements of Operations	80
Statements of Changes in Net Assets	82
Financial Highlights	86
Notes to Financial Statements	98
Fund Expenses	111

2

Invesco 1-30 Laddered Treasury ETF (PLW)

February 28, 2021

(Unaudited)

Schedule of Investments

	Principal Amount		Value
U.S. Treasury Securities-99.88%
U.S. Treasury Bonds-86.31%
7.13%, 02/15/2023	$	3,082,300	$	3,504,310
7.63%, 02/15/2025		2,704,300		3,458,546
6.00%, 02/15/2026		2,769,700		3,479,003
6.63%, 02/15/2027		2,598,800		3,458,942
5.25%, 02/15/2029		2,646,700		3,452,082
5.38%, 02/15/2031		7,550,900		10,353,582
4.50%, 02/15/2036		7,550,500		10,294,045
4.75%, 02/15/2037		2,424,100		3,417,223
4.38%, 02/15/2038		2,502,700		3,421,269
3.50%, 02/15/2039		2,752,400		3,413,299
4.63%, 02/15/2040		2,399,800		3,416,903
4.75%, 02/15/2041		2,343,600		3,410,304
3.13%, 02/15/2042		2,882,400		3,405,398
3.13%, 02/15/2043		2,880,800		3,402,045
3.63%, 02/15/2044		2,671,000		3,404,377
2.50%, 02/15/2045		3,196,500		3,396,656
2.50%, 02/15/2046		3,199,900		3,400,394
3.00%, 02/15/2047		2,916,700		3,399,437

	Principal Amount		Value
U.S. Treasury Bonds-(continued)
3.00%, 02/15/2048	$	2,911,000	$	3,404,619
3.00%, 02/15/2049		2,904,000		3,410,385
2.00%, 02/15/2050		3,554,000		3,410,729
1.88%, 02/15/2051		3,704,000		3,452,244
				89,165,792
U.S. Treasury Notes-13.57%
2.00%, 02/15/2022		3,480,200		3,544,297
2.75%, 02/15/2024		3,285,000		3,521,879
2.75%, 02/15/2028		3,137,000		3,472,635
1.50%, 02/15/2030		3,444,000		3,479,920
				14,018,731
TOTAL INVESTMENTS IN SECURITIES-99.88% (Cost $112,535,791)				103,184,523
OTHER ASSETS LESS LIABILITIES-0.12%				123,385
NET ASSETS-100.00%.			$	103,307,908

Notes to Schedule of Investments:

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class		$	-		$	857,476		$	(857,476	)		$	-		$	-			$	-		$	5
Invesco Premier U.S. Government
Money Portfolio, Institutional Class			115,706			74,511			(190,217	)			-			-				-			1
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			27,001,216			(27,001,216	)			-			-				-			60	*
Invesco Private Prime Fund			-			8,169,471			(8,169,003	)			-			(468	)			-			110	*
Total		$	115,706		$	36,102,674		$	(36,217,912	)		$	-		$	(468	)		$	-		$	176

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

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

3

Invesco 1-30 Laddered Treasury ETF (PLW)–(continued)

February 28, 2021

(Unaudited)

Portfolio Composition
Duration Breakdown (% of the Fund’s Net Assets)
as of February 28, 2021
Maturing in 0-5 Years	16.95
Maturing in 6-10 Years	23.44
Maturing in 11-15 Years	9.96
Maturing in 16-20 Years	16.53
Maturing in 21-25 Years	16.47
Maturing in 26-30 Years	16.53
Money Market Funds Plus Other Assets Less Liabilities	0.12

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

4

Invesco California AMT-Free Municipal Bond ETF (PWZ)

February 28, 2021

(Unaudited)

Schedule of Investments

	Interest     Rate			Maturity     Date		Principal   Amount (000)			Value
Municipal Obligations-95.92%
California-95.68%
Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)(a)		3.00	%		10/01/2034		$	2,000		$	2,118,380
Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)(a)		5.00	%		10/01/2035			1,500			1,785,210
Anaheim (City of), CA Public Financing Authority, Series 2014 A, Ref. RB		5.00	%		05/01/2039			540			591,548
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 S-7, Ref. RB		4.00	%		04/01/2042			3,000			3,422,310
California (State of), Series 2012, Ref. GO Bonds		5.00	%		02/01/2038			775			807,341
California (State of), Series 2013, GO Bonds		5.00	%		04/01/2037			1,160			1,266,813
California (State of), Series 2013, GO Bonds		5.00	%		04/01/2043			2,000			2,178,040
California (State of), Series 2013, GO Bonds		5.00	%		11/01/2043			1,965			2,186,613
California (State of), Series 2014, GO Bonds		5.00	%		10/01/2044			1,000			1,144,480
California (State of), Series 2015, GO Bonds		5.00	%		03/01/2045			1,000			1,157,430
California (State of), Series 2015, Ref. GO Bonds		5.00	%		08/01/2035			1,500			1,769,340
California (State of), Series 2016, GO Bonds		5.00	%		09/01/2046			2,000			2,394,200
California (State of), Series 2016, Ref. GO Bonds		5.00	%		09/01/2036			1,000			1,209,510
California (State of), Series 2020, GO Bonds		4.00	%		03/01/2046			660			762,161
California (State of), Series 2020, GO Bonds		3.00	%		03/01/2050			2,860			2,990,387
California (State of) (Green Bonds), Series 2014, GO Bonds		5.00	%		10/01/2037			1,500			1,723,020
California (State of) Department of Water Resources, Series 2016 AW, Ref. RB		5.00	%		12/01/2033			1,000			1,224,970
California (State of) Educational Facilities Authority (Pepperdine University), Series 2016, Ref. RB		5.00	%		10/01/2046			1,500			1,753,830
California (State of) Educational Facilities Authority (University of San Francisco), Series 2018 A, RB		5.00	%		10/01/2053			2,000			2,377,740
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB.		5.00	%		08/15/2035			500			599,550
California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles), Series 2017 A, Ref. RB		5.00	%		08/15/2042			1,500			1,750,830
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Series 2017 A-2, RB		5.00	%		11/01/2047			1,000			1,439,360
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2016 B, RB		5.00	%		08/15/2055			1,000			1,155,240
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB		4.00	%		10/01/2036			500			564,050
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB.		4.00	%		08/15/2050			22,000			25,091,000
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2011 D, Ref. RB(b)(c)		5.00	%		08/15/2021			3,000			3,065,820
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2015 A, Ref. RB(b)(c)		5.00	%		08/15/2025			1,000			1,195,960
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB		4.00	%		11/15/2041			685			762,891
California (State of) Infrastructure & Economic Development Bank, Series 2016 A, RB(b)(c)		4.00	%		10/01/2026			1,000			1,186,320
California (State of) Infrastructure & Economic Development Bank, Series 2020, Ref. RB		3.00	%		07/01/2050			2,000			2,063,460
California (State of) Infrastructure & Economic Development Bank, Series 2020, Ref. RB		4.00	%		07/01/2050			1,250			1,416,900
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB.		5.00	%		08/01/2049			1,250			1,525,613
California (State of) Municipal Finance Authority (Clinicas Del Camino Real, Inc.), Series 2020, RB		4.00	%		03/01/2050			3,085			3,192,852
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB		4.00	%		02/01/2042			1,000			1,076,410
California (State of) Municipal Finance Authority (Eisenhower Medical Centers), Series 2017 A, Ref. RB		5.00	%		07/01/2042			1,000			1,161,290
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB		5.00	%		11/01/2047			1,000			1,108,230
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB		5.25	%		11/01/2047			500			564,780
California (State of) Municipal Finance Authority (Orange County of Civic Center Infrastructure Improvement Program - Phase I), Series 2017 A, RB		5.00	%		06/01/2042			1,000			1,200,090
California (State of) Municipal Finance Authority (Pomona College), Series 2017, Ref. RB(b)(c)		5.00	%		01/01/2028			1,000			1,264,200
California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing), Series 2019, RB		5.00	%		05/15/2049			2,000			2,359,680
California (State of) Public Works Board, Series 2016 C, Ref. RB		5.00	%		11/01/2034			670			814,070
California (State of) Statewide Communities Development Authority (Cottage Health System Obligated Group), Series 2015, Ref. RB(b)(c)		5.00	%		11/01/2024			1,000			1,165,550

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

5

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 28, 2021

(Unaudited)

	Interest   Rate			Maturity     Date		Principal   Amount (000)			Value
California-(continued)
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB		4.00	%		08/15/2046		$	1,650		$	1,790,250
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB		5.00	%		08/15/2051			1,000			1,144,670
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018 A, Ref. RB		5.00	%		12/01/2057			850			994,534
California (State of) Statewide Communities Development Authority (Kaiser Permanente), Series 2012 A, RB		5.00	%		04/01/2042			1,000			1,047,680
California (State of) Statewide Communities Development Authority (Marin General Hospital), Series 2018, RB		4.00	%		08/01/2045			1,000			1,037,920
California (State of) Statewide Communities Development Authority (Trinity Health Credit Group), Series 2011, Ref. RB(b)(c)		5.00	%		12/01/2021			1,045			1,083,237
California (State of) Statewide Communities Development Authority (University of California - Irvine East Campus Apartments - CHF-Irvine, LLC), Series 2016, Ref. RB		5.00	%		05/15/2040			1,000			1,137,430
California (State of) Statewide Communities Development Authority (University of California - Irvine East Campus Apartments, Phase IV-A - CHF-Irvine, LLC), Series 2017 A, RB		5.00	%		05/15/2047			1,500			1,724,400
California Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences
Obligated Group), Series 2015 A, Ref. RB		5.00	%		11/01/2041			1,000			1,108,010
California State University, Series 2012 A, RB(b)(c)		5.00	%		11/01/2022			2,940			3,178,934
California State University, Series 2016 A, Ref. RB		5.00	%		11/01/2045			1,500			1,764,345
California State University, Series 2017 A, Ref. RB		5.00	%		11/01/2037			500			606,605
California State University, Series 2018 A, Ref. RB		5.00	%		11/01/2048			3,000			3,714,990
Centinela Valley Union High School District (Election of 2010), Series 2012 B, GO Bonds(d)		5.00	%		08/01/2050			800			852,304
Chabot-Las Positas Community College District (Election of 2016), Series 2017 A, GO Bonds		4.00	%		08/01/2047			4,750			5,339,950
Chaffey Joint Union High School District (Election of 2012), Series 2015 B, GO Bonds		5.00	%		08/01/2044			2,000			2,274,540
Chino Valley Unified School District, Series 2020 B, GO Bonds		5.00	%		08/01/2055			5,000			6,290,200
Coachella Valley Unified School District (2005 Election), Series 2016 E, GO Bonds, (INS - AGM)(a)		4.00	%		08/01/2045			1,500			1,644,810
East Bay Municipal Utility District Water System Revenue, Series 2015 A, Ref. RB		5.00	%		06/01/2037			1,500			1,756,380
East Bay Municipal Utility District Water System Revenue (Green Bonds), Series 2017 A, RB		5.00	%		06/01/2042			1,500			1,826,025
East Bay Municipal Utility District Water System Revenue (Green Bonds), Series 2017 A, RB		5.00	%		06/01/2045			2,000			2,421,060
East Whittier City School District, Series 2020 C, GO Bonds		4.00	%		08/01/2047			2,775			3,086,078
Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-1, Ref. RB		3.95	%		01/15/2053			2,000			2,209,900
Fremont Union High School District, Series 2019 A, GO Bonds		4.00	%		08/01/2046			3,000			3,429,330
Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)(a)		5.00	%		09/01/2044			1,000			1,102,640
Irvine Unified School District (Community Facilities District No. 01-1), Series 2015, Ref. RB, (INS - BAM)(a)		5.00	%		09/01/2038			2,600			2,950,376
Jurupa Unified School District, Series 2017 B, GO Bonds.		4.00	%		08/01/2041			2,000			2,263,760
Lodi Unified School District (Election of 2016), Series 2020, GO Bonds		3.00	%		08/01/2043			5,000			5,172,650
Long Beach (City of), CA, Series 2015, RB.		5.00	%		05/15/2045			500			549,125
Long Beach (City of), CA, Series 2017 C, Ref. RB		5.00	%		05/15/2047			1,500			1,735,575
Long Beach (City of), CA (Alamitos Bay Marina), Series 2015, RB		5.00	%		05/15/2040			500			553,340
Long Beach Community College District, Series 2019 C, GO Bonds		4.00	%		08/01/2049			1,500			1,709,700
Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB.		5.25	%		06/01/2047			1,000			1,214,100
Los Angeles (City of), CA Department of Airports, Series 2015 C, Ref. RB		5.00	%		05/15/2038			2,000			2,302,960
Los Angeles (City of), CA Department of Airports, Series 2017 B, RB		5.00	%		05/15/2042			3,500			4,205,040
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB		5.00	%		05/15/2045			1,500			1,918,095
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB		5.00	%		05/15/2048			1,000			1,274,880
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB		5.00	%		05/15/2040			3,000			3,792,030
Los Angeles (City of), CA Department of Water, Series 2016 A, Ref. RB		5.00	%		07/01/2046			1,000			1,164,090
Los Angeles (City of), CA Department of Water, Series 2018 A, RB		5.00	%		07/01/2048			2,000			2,405,500
Los Angeles (City of), CA Department of Water, Series 2018 B, Ref. RB		5.00	%		07/01/2048			5,000			6,083,100
Los Angeles (City of), CA Department of Water, Series 2021 C, Ref. RB		5.00	%		07/01/2037			1,000			1,284,970
Los Angeles (City of), CA Department of Water, Series 2021 C, Ref. RB		5.00	%		07/01/2040			1,000			1,273,180
Los Angeles (City of), CA Department of Water, Series 2021 C, Ref. RB		5.00	%		07/01/2041			1,000			1,268,950
Los Angeles (City of), CA Department of Water & Power, Series 2012 B, RB		5.00	%		07/01/2043			2,000			2,122,640
Los Angeles (City of), CA Department of Water & Power, Series 2012 B, RB		5.00	%		07/01/2043			4,445			4,714,500
Los Angeles (City of), CA Department of Water & Power, Series 2014 D, RB		5.00	%		07/01/2039			1,000			1,138,870

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

6

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 28, 2021

(Unaudited)

	Interest   Rate			Maturity     Date		Principal   Amount (000)			Value
California-(continued)
Los Angeles (City of), CA Department of Water & Power, Series 2015 E, RB		5.00	%		07/01/2044		$	1,000		$	1,133,920
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB		5.00	%		07/01/2046			2,500			2,903,875
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, RB		5.00	%		07/01/2042			1,500			1,751,475
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB		5.00	%		07/01/2042			1,500			1,789,110
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB		5.00	%		07/01/2049			5,235			6,460,252
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB		5.00	%		07/01/2039			2,250			2,863,080
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB		5.00	%		07/01/2042			6,500			7,903,285
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB		5.00	%		07/01/2041			1,000			1,218,820
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB		5.00	%		07/01/2044			2,000			2,473,420
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB		5.00	%		12/01/2044			2,000			2,279,780
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB		5.00	%		12/01/2045			1,050			1,222,011
Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB		5.00	%		12/01/2049			10,645			13,264,202
Los Angeles (County of), CA Public Works Financing Authority (Multiple Capital Project II), Series 2012, RB		5.00	%		08/01/2037			1,130			1,203,857
Los Angeles (County of), CA Public Works Financing Authority (Multiple Capital Project II), Series 2012, RB		5.00	%		08/01/2042			2,330			2,480,914
Los Angeles Community College District, Series 2016, Ref. GO Bonds		5.00	%		08/01/2036			1,000			1,214,050
Los Angeles Community College District, Series 2016, Ref. GO Bonds		4.00	%		08/01/2037			1,215			1,390,082
Los Angeles Community College District (Election of 2008), Series 2017 J, GO Bonds		4.00	%		08/01/2041			250			288,205
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds		3.00	%		08/01/2039			3,800			4,001,058
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB		5.00	%		12/01/2043			5,000			6,178,050
Los Angeles Unified School District, Series 2020 C, GO Bonds		4.00	%		07/01/2040			1,000			1,175,470
Los Angeles Unified School District, Series 2020 C, GO Bonds		3.00	%		07/01/2045			1,000			1,047,950
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds		5.00	%		07/01/2038			1,000			1,221,590
Madera Unified School District, Series 2017, GO Bonds		4.00	%		08/01/2046			3,000			3,365,220
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds		5.00	%		08/01/2041			5,000			6,072,250
Metropolitan Water District of Southern California, Series 2020 A, RB		5.00	%		10/01/2045			7,000			8,922,690
Metropolitan Water District of Southern California, Series 2021 A, RB		5.00	%		10/01/2046			1,000			1,302,050
Metropolitan Water District of Southern California, Series 2021 A, RB		5.00	%		10/01/2051			1,000			1,297,710
Morgan Hill Unified School District (Election of 2012), Series 2017 B, GO Bonds		4.00	%		08/01/2047			3,000			3,374,550
Mountain View Shoreline Regional Park Community, Series 2018 A, RB, (INS - AGM)(a)		5.00	%		08/01/2048			5,000			5,967,950
Orange (County of), CA Local Transportation Authority, Series 2019, RB.		5.00	%		02/15/2041			3,000			3,735,990
Orange (County of), CA Water District, Series 2017 A, Ref. RB		4.00	%		08/15/2041			2,000			2,277,040
Regents of the University of California, Series 2013 AI, RB		5.00	%		05/15/2038			1,500			1,645,005
Regents of the University of California, Series 2021 BH, Ref. RB		4.00	%		05/15/2046			1,000			1,186,780
Rio Elementary School District, Series 2020 C, GO Bonds, (INS - BAM)(a)		5.00	%		08/01/2047			1,340			1,624,790
Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB		5.00	%		06/01/2043			4,500			5,313,195
Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB		5.00	%		06/01/2048			6,000			7,037,280
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2014 A, Ref. RB		5.00	%		12/01/2044			1,525			1,710,150
San Bernardino Community College District, Series 2019 A, GO Bonds		4.00	%		08/01/2049			3,500			3,990,770
San Diego (City of), CA Association of Governments, Series 2017 A, RB		5.00	%		07/01/2042			1,000			1,170,940
San Diego (City of), CA Public Facilities Financing Authority, Series 2020 A, RB		4.00	%		08/01/2045			300			354,813
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2015 A, RB		5.00	%		10/15/2044			1,000			1,150,450
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB		5.00	%		07/01/2044			1,500			1,829,700
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB		5.00	%		07/01/2049			3,000			3,637,890
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB		5.00	%		04/01/2048			4,000			4,719,800
San Diego (County of), CA Water Authority, Series 2016 B, Ref. RB		5.00	%		05/01/2037			1,000			1,198,270
San Diego Unified School District, Series 2020 D-2, GO Bonds		5.00	%		07/01/2022			10,000			10,651,400
San Diego Unified School District (Election of 2012), Series 2013 C, GO Bonds		5.00	%		07/01/2035			1,000			1,105,590
San Diego Unified School District (Election of 2012), Series 2016 F, GO Bonds		5.00	%		07/01/2040			1,000			1,176,620
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds		5.00	%		07/01/2041			13,535			16,505,797
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds		5.00	%		07/01/2047			3,000			3,637,620
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2014 B, RB		5.00	%		05/01/2044			2,000			2,243,400
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016, RB		5.00	%		05/01/2046			4,465			5,237,266

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

7

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 28, 2021

(Unaudited)

	Interest   Rate			Maturity     Date		Principal   Amount (000)			Value
California-(continued)
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2017 B, RB		5.00	%		05/01/2047		$	2,000		$	2,367,840
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2018, RB		5.00	%		05/01/2048			7,000			8,376,200
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, RB		5.00	%		05/01/2049			3,000			3,661,950
San Francisco (City of), CA Public Utilities Commission (Hetch Hetchy Water), Series 2020 D, RB		3.00	%		11/01/2050			2,000			2,105,420
San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2019 F1, GO Bonds		3.00	%		08/01/2038			3,500			3,769,885
San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2020 C-1, GO Bonds		3.00	%		08/01/2050			2,000			2,085,520
San Francisco Community College District, Series 2020 A, GO Bonds		4.00	%		06/15/2045			3,000			3,489,030
San Jose (City of), CA Financing Authority (Civic Center), Series 2013 A, Ref. RB(b)(c)		5.00	%		06/01/2023			3,000			3,316,260
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB.		5.00	%		08/01/2049			11,000			13,791,140
San Mateo Foster (City of), CA Public Financing Authority (Clean Water Program), Series 2019, RB		4.00	%		08/01/2044			5,000			5,811,850
San Mateo Union High School District, Series 2021 B, GO Bonds		2.00	%		09/01/2045			1,000			921,190
San Mateo Union High School District, Series 2021 B, GO Bonds		2.13	%		09/01/2048			1,000			944,710
San Rafael City High School District (Election of 2015), Series 2018 B, GO Bonds		4.00	%		08/01/2047			5,000			5,707,450
Santa Ana Unified School District, Series 2021 B, GO Bonds, (INS - AGM)(a)		2.13	%		08/01/2050			1,000			888,070
Santa Clara (County of), CA Financing Authority, Series 2019 A, RB		3.00	%		05/01/2041			2,000			2,118,940
Santa Clara Valley Water District, Series 2016 A, Ref. RB		5.00	%		06/01/2046			4,090			4,755,688
Santa Cruz (County of), CA Redevelopment Agency, Series 2015 A, Ref. RB, (INS - AGM)(a)		5.00	%		09/01/2035			2,500			2,865,400
Simi Valley Unified School District (Election of 2016), Series 2017 A, GO Bonds		4.00	%		08/01/2046			1,000			1,137,890
Sonoma Valley Unified School District, Series 2020, GO Bonds.		4.00	%		08/01/2047			1,300			1,484,899
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB		5.00	%		10/01/2049			2,200			2,672,846
Tulare (County of), CA Local Health Care District, Series 2020, Ref. GO Bonds, (INS - BAM)(a)		4.00	%		08/01/2039			2,000			2,318,420
University of California, Series 2012 G, RB(b)(c)		5.00	%		05/15/2022			745			788,493
University of California, Series 2012 G, RB.		5.00	%		05/15/2037			755			796,948
University of California, Series 2017 AV, RB		5.25	%		05/15/2042			2,000			2,442,900
University of California, Series 2018 AZ, Ref. RB		5.00	%		05/15/2048			1,500			1,827,750
University of California, Series 2018 O, Ref. RB		5.00	%		05/15/2058			1,500			1,815,270
University of California, Series 2021 BH, Ref. RB		4.00	%		05/15/2051			1,000			1,181,400
											454,601,913
Puerto Rico-0.24%
Puerto Rico (Commonwealth of), Series 2007 A-4, Ref. GO Bonds, (INS - AGM)(a)		5.00	%		07/01/2031			1,100			1,137,081
TOTAL INVESTMENTS IN SECURITIES(e)-95.92% (Cost $429,562,978)											455,738,994
OTHER ASSETS LESS LIABILITIES-4.08%											19,405,416
NET ASSETS-100.00%										$	475,144,410

Investment Abbreviations:

AGM -Assured Guaranty Municipal Corp.

BAM -Build America Mutual Assurance Co.

GO -General Obligation

INS -Insurer

RB -Revenue Bonds

Ref. -Refunding

Notes to Schedule of Investments:

^(a) Principal and/or interest payments are secured by the bond insurance company listed.

^(b) Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(c) Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(d) Security subject to crossover refunding.

^(e) Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’s obligations. No concentration of any single entity was greater than 5% each.

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

8

Invesco California AMT-Free Municipal Bond ETF (PWZ)–(continued)

February 28, 2021

(Unaudited)

Portfolio Composition

Revenue Type Breakdown (% of the Fund’s Net Assets)

as of February 28, 2021

Ad Valorem Property Tax	26.74
Health, Hospital, Nursing Home Revenue	10.73
Port, Airport & Marina Revenue	9.19
Water Revenue	8.77
Lease Revenue	7.86
College & University Revenue	5.41
Electric Power Revenue	5.06
Sewer Revenue	4.74
Sales Tax Revenue	4.22
Revenue Types Each Less Than 3%	13.20
Other Assets Less Liabilities	4.08

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

9

Invesco CEF Income Composite ETF (PCEF)

February 28, 2021

(Unaudited)

Schedule of Investments

	Shares		Value
Closed-End Funds-100.00%
Bonds-35.93%
Aberdeen Asia-Pacific Income Fund, Inc.(a)		3,650,788		$	15,734,896
BlackRock Core Bond Trust(a)		438,816			6,788,484
BlackRock Credit Allocation Income Trust		885,794			12,737,718
BlackRock Income Trust, Inc.(a)		519,469			3,153,177
BlackRock Limited Duration Income Trust(a)		415,451			6,568,280
BlackRock Multi-Sector Income Trust		447,079			7,855,178
BlackRock Taxable Municipal Bond Trust		375,385			9,350,840
Cohen & Steers Limited Duration Preferred and Income Fund, Inc.(a)		230,591			5,725,575
Cohen & Steers Select Preferred and Income Fund, Inc.(a)		81,944			2,216,585
DoubleLine Income Solutions Fund		892,396			15,590,158
DoubleLine Opportunistic Credit Fund(a)		122,012			2,398,756
Eaton Vance Limited Duration Income Fund(a)		1,550,102			19,422,778
Eaton Vance Short Duration Diversified Income Fund(a)		239,214			3,128,919
First Trust Intermediate Duration Preferred & Income Fund(a)		562,174			12,958,111
Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc.(a)		122,861			3,525,497
Flaherty & Crumrine Preferred & Income Securities Fund, Inc.(a)		274,864			6,079,992
Flaherty & Crumrine Total Return Fund, Inc.		64,315			1,469,598
Franklin Ltd. Duration Income Trust(a)		351,543			3,286,927
Franklin Universal Trust(a)		379,665			2,779,148
Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust(a)		128,325			3,111,881
Invesco Bond Fund(b)		104,644			2,069,858
Invesco Senior Income Trust (Acquired 09/30/2020 - 02/04/2021; Cost $8,381,725)(a)(b)(c)		2,278,925			9,503,117
John Hancock Preferred Income Fund(a)		184,281			3,495,811
John Hancock Preferred Income Fund II(a)		178,182			3,305,276
John Hancock Preferred Income Fund III(a)		258,789			4,319,189
John Hancock Premium Dividend Fund(a)		323,163			4,582,451
MFS Charter Income Trust		421,515			3,578,662
MFS Government Markets Income Trust(a)		269,796			1,195,196
MFS Intermediate Income Trust(a)		1,096,004			4,131,935
MFS Multimarket Income Trust(a)		574,814			3,586,839
Nuveen Credit Strategies Income Fund		1,854,000			11,921,220
Nuveen Global High Income Fund		309,891			4,716,541
Nuveen Preferred & Income Opportunities Fund(a)		963,946			8,742,990
Nuveen Preferred & Income Securities Fund(a)		1,659,805			15,419,589
Nuveen Preferred & Income Term Fund(a)		186,244			4,432,607
Nuveen Taxable Municipal Income Fund(a)		186,212			4,171,149
PIMCO Income Opportunity Fund(a)		130,975			3,388,323
PIMCO Income Strategy Fund(a)		212,049			2,470,371
PIMCO Income Strategy Fund II(a)		485,781			4,950,108
Pioneer Floating Rate Trust		234,066			2,616,858
Putnam Master Intermediate Income Trust		501,959			2,103,208
Putnam Premier Income Trust		1,008,090			4,788,428
RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.(a)		132,551			1,953,802
TCW Strategic Income Fund, Inc.		397,516			2,238,015

	Shares		Value
Bonds-(continued)
Templeton Global Income Fund(a)		1,939,000		$	10,645,110
Virtus Global Multi-Sector Income Fund		134,241			1,604,180
Western Asset Global Corporate Defined Opportunity Fund, Inc.(a)		142,314			2,501,880
Western Asset Inflation-Linked Opportunities & Income Fund		925,731			11,358,719
Western Asset Inflation-Linked Securities & Income Fund(a)		336,368			4,332,420
Western Asset Investment Grade Defined Opportunity Trust, Inc.(a)		85,634			1,823,148
					289,829,498
Bonds/High Yield-22.85%
AllianceBernstein Global High Income Fund, Inc.(a)		1,148,619			13,415,870
Barings Global Short Duration High Yield Fund(a)		267,668			4,167,591
BlackRock Corporate High Yield Fund, Inc.		1,152,335			13,171,189
BlackRock Debt Strategies Fund, Inc.		635,289			6,829,357
BlackRock Floating Rate Income Strategies Fund, Inc.(a)		526,741			6,763,354
BlackRock Floating Rate Income Trust(a)		305,091			3,783,128
BNY Mellon High Yield Strategies Fund		963,982			2,940,145
Credit Suisse Asset Management Income Fund, Inc.(a)		615,156			2,042,318
Credit Suisse High Yield Bond Fund(a)		1,237,332			2,932,477
Eaton Vance Floating-Rate Income Trust(a)		477,194			6,656,856
Eaton Vance Senior Floating-Rate Trust(a)		482,935			6,490,646
First Eagle Senior Loan Fund		108,296			1,537,803
First Trust High Income Long/Short Fund(a)		453,808			6,752,663
First Trust Senior Floating Rate Income Fund II(a)		342,710			4,187,916
Guggenheim Credit Allocation Fund(a)		63,205			1,272,317
Highland Income Fund(a)		1,198,279			12,438,136
Insight Select Income Fund(a)		100,034			2,098,713
Ivy High Income Opportunities Fund		225,667			3,032,965
Morgan Stanley Emerging Markets Debt Fund, Inc.		306,233			2,746,910
Neuberger Berman High Yield Strategies Fund, Inc.(a)		191,655			2,340,108
New America High Income Fund, Inc. (The)		320,149			2,814,110
Nuveen Mortgage and Income Fund(a)		74,329			1,507,392
Nuveen NASDAQ 100 Dynamic Overwrite Fund(a)		341,381			9,046,597
PGIM Global High Yield Fund, Inc.(a)		599,476			8,848,266
PGIM High Yield Bond Fund, Inc.(a)		442,762			6,831,818
PIMCO High Income Fund(a)		884,739			5,538,466
Pioneer High Income Trust		272,753			2,506,600
Templeton Emerging Markets Income Fund		705,011			5,266,432
Wells Fargo Income Opportunities Fund		801,815			6,606,956
Wells Fargo Multi-Sector Income Fund(a)		331,382			4,115,764
Western Asset Emerging Markets Debt Fund, Inc.(a)		820,558			10,732,899
Western Asset Global High Income Fund, Inc.		213,565			2,139,921
Western Asset High Income Fund II, Inc.(a)		552,320			3,755,776

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

10

Invesco CEF Income Composite ETF (PCEF)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Bonds/High Yield-(continued)
Western Asset High Income Opportunity Fund, Inc.(a)		1,146,070		$	5,638,664
Western Asset High Yield Defined Opportunity Fund, Inc.(a)		214,701			3,306,395
					184,256,518
Domestic Equity-3.21%
Guggenheim Strategic Opportunities Fund(a)		283,591			5,901,529
John Hancock Tax-Advantaged Dividend Income Fund(a)		408,927			8,689,699
NexPoint Strategic Opportunities Fund		984,809			11,335,151
					25,926,379
Equities-2.37%
Virtus Dividend, Interest & Premium Strategy Fund		1,420,217			19,144,525
Fixed Income-5.82%
Angel Oak Financial Strategies Income Term Trust		186,855			3,245,671
Ares Dynamic Credit Allocation Fund, Inc.(a)		337,774			4,985,544
Blackstone Long-Short Credit Income Fund(a)		169,500			2,371,305
PIMCO Dynamic Credit and Mortgage Income Fund(a)		985,365			21,234,616
PIMCO Dynamic Income Fund		438,147			12,027,135
PIMCO Strategic Income Fund, Inc.(a)		293,741			2,132,560
Stone Harbor Emerging Markets Income Fund(a)		104,562			906,553
					46,903,384
Option Income-29.82%
BlackRock Energy and Resources Trust(a)		400,458			3,355,838
BlackRock Enhanced Capital and Income Fund, Inc.(a)		532,692			9,774,898
BlackRock Enhanced Equity Dividend Trust(a)		2,454,865			21,430,971
BlackRock Enhanced Global Dividend Trust		955,535			10,338,889
BlackRock Enhanced International Dividend Trust		1,390,038			8,117,822
BlackRock Health Sciences Trust		77,770			3,557,200
BlackRock Resources & Commodities Strategy Trust(a)		1,335,200			11,803,168
BlackRock Science & Technology Trust(a)		171,142			9,479,555
Brookfield Real Assets Income Fund, Inc.(a)		589,574			11,932,978
Columbia Seligman Premium Technology Growth Fund, Inc.		126,529			3,755,381
Eaton Vance Enhanced Equity Income Fund(a)		366,295			6,014,564
Eaton Vance Enhanced Equity Income Fund II(a)		391,473			8,631,980
Eaton Vance Risk-Managed Diversified Equity Income Fund(a)		433,656			4,570,734

	Shares		Value
Option Income-(continued)
Eaton Vance Tax-Managed Buy-Write Income Fund		178,688		$	2,646,369
Eaton Vance Tax-Managed Buy-Write Opportunities Fund(a)		600,769			9,023,550
Eaton Vance Tax-Managed Diversified Equity Income Fund(a)		1,414,272			17,452,116
Eaton Vance Tax-Managed Global Buy Write Opportunities Fund		1,237,458			12,028,092
Eaton Vance Tax-Managed Global Diversified Equity Income Fund		3,504,008			31,045,511
First Trust Enhanced Equity Income Fund(a)		232,370			4,136,186
GAMCO Natural Resources Gold & Income Trust		300,377			1,474,851
Guggenheim Enhanced Equity Income Fund		657,265			4,489,120
John Hancock Hedged Equity & Income Fund(a)		163,098			1,911,509
Madison Covered Call & Equity Strategy Fund(a)		266,881			1,910,868
Nuveen Dow 30sm Dynamic Overwrite Fund		487,409			7,418,365
Nuveen S&P 500 Buy-Write Income Fund(a)		1,367,144			17,540,458
Nuveen S&P 500 Dynamic Overwrite Fund(a)		202,825			3,160,013
Voya Global Advantage and Premium Opportunity Fund		267,281			2,384,147
Voya Global Equity Dividend and Premium Opportunity Fund		1,449,867			7,930,772
Voya Infrastructure Industrials and Materials Fund(a)		273,096			3,211,609
					240,527,514
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $761,470,982)					806,587,818
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.24%
Invesco Private Government Fund, 0.01%(b)(d)(e)		7,179,164			7,179,164
Invesco Private Prime Fund, 0.11%(b)(d)(e)		10,858,370			10,862,714
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $18,041,878)					18,041,878
TOTAL INVESTMENTS IN SECURITIES-102.24% (Cost $779,512,860)					824,629,696
OTHER ASSETS LESS LIABILITIES-(2.24)%					(18,091,984	)
NET ASSETS-100.00%				$	806,537,712

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

11

Invesco CEF Income Composite ETF (PCEF)–(continued)

February 28, 2021

(Unaudited)

Notes to Schedule of Investments:

^(a) All or a portion of this security was out on loan at February 28, 2021.

^(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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value February 28, 2021			Dividend Income
Invesco Bond Fund		$	2,212,405		$	86,536		$	(182,374	)		$	(53,628	)		$	84,614			$	2,069,858		$	36,331
Invesco High Income 2023 Target Term Fund			1,301,886			269,550			(1,682,492	)			384,900				(273,844	)			-			37,357
Invesco High Income Trust II			1,540,802			2,157			(1,488,884	)			(226,031	)			171,956				-			11,647
Invesco Senior Income Trust			-			8,670,094			(289,412	)			1,121,392				1,043				9,503,117			236,692
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			13,572,537			(13,572,537	)			-				-				-			60
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			199,232			(199,232	)			-				-				-			-
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			9,472,276			66,271,461			(68,564,573	)			-				-				7,179,164			1,652	*
Invesco Private Prime Fund			3,158,494			80,821,008			(73,119,772	)			-				2,984				10,862,714			8,028	*
Total		$	17,685,863		$	169,892,575		$	(159,099,276	)		$	1,226,633			$	(13,247	)**		$	29,614,853		$	331,767

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

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

Fund Name	Capital Gain
Invesco Bond Fund		$	77,695

^(c) Restricted security. The value of this security at February 28, 2021 represented 1.18% of the Fund’s Net Assets. ^(d) The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

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

12

Invesco CEF Income Composite ETF (PCEF)–(continued)

February 28, 2021

(Unaudited)

Portfolio Composition

Asset Class Breakdown (% of the Fund’s Net Assets)

as of February 28, 2021

Bonds	35.93
Option Income	29.82
Bonds/High Yield	22.85
Fixed Income	5.82
Domestic Equity	3.21
Equities	2.37
Money Market Funds Plus Other Assets Less Liabilities	(0.00	)

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

13

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Principal     Amount			Value
U.S. Dollar Denominated Bonds & Notes-98.88%
Aerospace & Defense-1.87%
Howmet Aerospace, Inc.
5.13%, 10/01/2024		$	2,905,000		$	3,162,528
5.90%, 02/01/2027			2,846,000			3,276,457
TransDigm, Inc., 5.50%, 11/15/2027			6,820,000			7,016,280
						13,455,265
Airlines-3.53%
Delta Air Lines, Inc.
7.38%, 01/15/2026			5,160,000			6,020,994
4.38%, 04/19/2028			6,738,000			6,976,756
United Airlines Holdings, Inc., 4.25%, 10/01/2022(b)			12,283,100			12,451,992
						25,449,742
Auto Components-2.19%
American Axle & Manufacturing, Inc.
6.25%, 04/01/2025(b)			2,423,000			2,498,961
6.88%, 07/01/2028(b)			2,430,000			2,575,800
Dana, Inc.
5.50%, 12/15/2024(b)			1,948,000			1,985,742
5.63%, 06/15/2028			1,976,000			2,100,261
Goodyear Tire & Rubber Co. (The)
5.13%, 11/15/2023(b)			3,151,000			3,174,632
5.00%, 05/31/2026			3,363,000			3,441,392
						15,776,788
Automobiles-3.23%
Ford Motor Co.
8.50%, 04/21/2023			9,470,000			10,606,400
4.35%, 12/08/2026			11,910,000			12,710,114
						23,316,514
Banks-0.75%
CIT Group, Inc.
5.00%, 08/15/2022			2,406,000			2,541,794
6.13%, 03/09/2028			2,280,000			2,829,617
						5,371,411
Building Products-0.29%
Griffon Corp., 5.75%, 03/01/2028			2,015,000			2,118,269
Chemicals-3.75%
Ashland LLC, 4.75%, 08/15/2022			2,727,000			2,834,376
Avient Corp., 5.25%, 03/15/2023			2,651,000			2,858,083
CF Industries, Inc., 3.45%, 06/01/2023			4,885,000			5,098,719
Chemours Co. (The), 5.38%, 05/15/2027(b)			3,392,000			3,576,440
Huntsman International LLC
5.13%, 11/15/2022			2,289,000			2,422,993
4.50%, 05/01/2029			2,399,000			2,706,479
Olin Corp., 5.63%, 08/01/2029			3,729,000			4,027,339
Scotts Miracle-Gro Co. (The), 4.50%, 10/15/2029			3,270,000			3,477,661
						27,002,090
Commercial Services & Supplies-1.02%
ADT Security Corp. (The), 3.50%, 07/15/2022			4,227,000			4,266,628
Covanta Holding Corp., 6.00%, 01/01/2027			2,971,000			3,100,417
						7,367,045

	Principal     Amount			Value
Communications Equipment-0.43%
Hughes Satellite Systems Corp.
7.63%, 06/15/2021		$	1,457,150		$	1,482,650
6.63%, 08/01/2026			1,433,000			1,603,384
						3,086,034
Construction & Engineering-1.81%
AECOM
5.88%, 10/15/2024			2,780,000			3,092,750
5.13%, 03/15/2027			2,815,000			3,081,862
Fluor Corp.
3.50%, 12/15/2024(b)			3,454,000			3,503,358
4.25%, 09/15/2028(b)			3,315,000			3,389,587
						13,067,557
Consumer Finance-3.67%
Ally Financial, Inc., 5.75%, 11/20/2025			8,533,000			9,749,573
Navient Corp.
6.50%, 06/15/2022			3,325,000			3,458,432
5.00%, 03/15/2027			3,650,000			3,582,037
OneMain Finance Corp.
6.13%, 03/15/2024			2,410,000			2,593,763
6.63%, 01/15/2028			2,405,000			2,739,031
SLM Corp., 4.20%, 10/29/2025			4,141,000			4,348,050
						26,470,886
Containers & Packaging-2.55%
Ball Corp.
5.25%, 07/01/2025			2,185,000			2,462,222
2.88%, 08/15/2030			2,475,000			2,406,937
Berry Global, Inc., 0.95%, 02/15/2024(c)			5,000,000			5,005,225
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 01/15/2023			5,013,000			5,282,449
Silgan Holdings, Inc., 4.13%, 02/01/2028			3,132,000			3,260,569
						18,417,402
Diversified Consumer Services-0.52%
Service Corp. International, 5.13%, 06/01/2029			3,449,000			3,732,922
Diversified Telecommunication Services-1.62%
Lumen Technologies, Inc.
Series G, 6.88%, 01/15/2028			5,259,000			5,950,243
Series S, 6.45%, 06/15/2021			5,623,000			5,701,722
						11,651,965
Electric Utilities-2.35%
DPL, Inc., 4.13%, 07/01/2025(c)			3,216,000			3,445,140
FirstEnergy Corp.
Series B, 4.25%, 03/15/2023			4,185,000			4,432,703
Series B, 4.40%, 07/15/2027			4,077,000			4,489,919
NRG Energy, Inc., 6.63%, 01/15/2027			4,369,000			4,549,614
						16,917,376
Electronic Equipment, Instruments & Components-0.70%
CDW LLC/CDW Finance Corp.
5.50%, 12/01/2024			2,281,000			2,521,931
3.25%, 02/15/2029			2,530,000			2,492,682
						5,014,613

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

14

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)–(continued)

February 28, 2021

(Unaudited)

	Principal     Amount			Value
Energy Equipment & Services-1.42%
Oceaneering International, Inc., 4.65%, 11/15/2024		$	5,012,000		$	5,002,603
Patterson-UTI Energy, Inc.
3.95%, 02/01/2028			1,915,000			1,813,162
5.15%, 11/15/2029			3,455,000			3,405,818
						10,221,583
Entertainment-0.75%
Netflix, Inc.
5.50%, 02/15/2022			2,494,000			2,595,319
4.88%, 04/15/2028			2,472,000			2,814,792
						5,410,111
Equity REITs-5.77%
CyrusOne L.P./CyrusOne Finance Corp.
2.90%, 11/15/2024			1,315,000			1,396,024
3.45%, 11/15/2029			1,345,000			1,417,005
Diversified Healthcare Trust, 4.75%, 02/15/2028			4,712,000			4,653,100
EPR Properties, 3.75%, 08/15/2029			3,730,000			3,547,136
FelCor Lodging L.P., 6.00%, 06/01/2025			3,298,000			3,402,200
GEO Group, Inc. (The), 6.00%, 04/15/2026(b)			4,643,000			3,400,997
GLP Capital L.P./GLP Financing II, Inc.
5.25%, 06/01/2025			1,745,000			1,973,106
5.38%, 04/15/2026			1,750,000			2,012,736
iStar, Inc., 4.75%, 10/01/2024			2,270,000			2,333,617
MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/2027			2,977,000			3,176,385
RHP Hotel Properties L.P./RHP Finance Corp.
5.00%, 04/15/2023			1,518,000			1,525,135
4.75%, 10/15/2027			1,599,000			1,623,784
Sabra Health Care L.P., 5.13%, 08/15/2026			2,523,000			2,852,887
SBA Communications Corp.
4.88%, 09/01/2024			1,628,000			1,671,875
3.88%, 02/15/2027			1,610,000			1,670,826
Service Properties Trust
4.35%, 10/01/2024			2,459,000			2,443,631
4.75%, 10/01/2026			2,530,000			2,498,375
						41,598,819
Food Products-2.48%
B&G Foods, Inc., 5.25%, 04/01/2025			2,581,000			2,649,138
Kraft Heinz Foods Co. (The)
3.50%, 06/06/2022			5,605,000			5,803,336
3.00%, 06/01/2026			5,792,000			6,178,452
TreeHouse Foods, Inc., 4.00%, 09/01/2028			3,170,000			3,263,753
						17,894,679
Gas Utilities-0.71%
AmeriGas Partners L.P./AmeriGas Finance Corp.
5.63%, 05/20/2024			2,287,000			2,536,420
5.88%, 08/20/2026			2,310,000			2,609,873
						5,146,293
Health Care Equipment & Supplies-0.39%
Teleflex, Inc., 4.63%, 11/15/2027			2,664,000			2,813,357
Health Care Providers & Services-6.02%
Centene Corp., 4.63%, 12/15/2029			7,871,000			8,486,119

	Principal     Amount			Value
Health Care Providers & Services-(continued)
Encompass Health Corp., 4.75%, 02/01/2030		$	3,300,000		$	3,496,548
HCA, Inc.
5.38%, 02/01/2025			4,641,000			5,216,414
3.50%, 09/01/2030			5,120,000			5,299,026
Magellan Health, Inc., 4.90%, 09/22/2024			3,166,000			3,476,664
Molina Healthcare, Inc., 5.38%, 11/15/2022			4,932,000			5,218,673
Tenet Healthcare Corp.
4.88%, 01/01/2026(c)			3,340,000			3,456,666
4.63%, 06/15/2028(c)			3,400,000			3,530,084
Universal Health Services, Inc., 2.65%, 10/15/2030(c)			5,290,000			5,240,459
						43,420,653
Hotels, Restaurants & Leisure-5.55%
Aramark Services, Inc., 4.75%, 06/01/2026			5,491,000			5,581,602
Churchill Downs, Inc., 5.50%, 04/01/2027(c)			1,883,000			1,966,257
Hilton Domestic Operating Co., Inc., 4.88%, 01/15/2030			4,642,000			5,001,685
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 09/15/2026			2,712,000			2,818,799
MGM Resorts International
6.00%, 03/15/2023			2,886,000			3,080,805
5.50%, 04/15/2027			2,875,000			3,122,552
Royal Caribbean Cruises Ltd.
5.25%, 11/15/2022			4,254,000			4,342,398
3.70%, 03/15/2028(b)			4,880,000			4,632,950
Travel + Leisure Co.
4.25%, 03/01/2022			1,758,000			1,783,491
Series J, 6.00%, 04/01/2027			1,629,000			1,817,353
Yum! Brands, Inc.
3.75%, 11/01/2021			2,925,000			2,950,228
3.63%, 03/15/2031			3,040,000			2,926,000
						40,024,120
Household Durables-5.18%
Century Communities, Inc., 6.75%, 06/01/2027			2,005,000			2,141,150
KB Home, 7.00%, 12/15/2021			2,395,000			2,465,952
Lennar Corp.
4.50%, 04/30/2024			2,578,000			2,829,935
4.75%, 11/29/2027			2,562,000			2,968,717
M/I Homes, Inc., 4.95%, 02/01/2028			2,215,000			2,327,954
MDC Holdings, Inc., 2.50%, 01/15/2031			2,730,000			2,668,575
Meritage Homes Corp., 6.00%, 06/01/2025			2,490,000			2,802,806
Newell Brands, Inc.
4.35%, 04/01/2023			2,330,000			2,452,325
4.70%, 04/01/2026			2,294,000			2,546,340
PulteGroup, Inc., 5.50%, 03/01/2026			3,933,000			4,636,535
Tempur Sealy International, Inc., 5.50%, 06/15/2026			2,876,000			2,965,875
Toll Brothers Finance Corp.
4.38%, 04/15/2023			1,700,340			1,803,211
4.88%, 03/15/2027			1,678,000			1,923,089
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.88%, 06/15/2024			1,284,000			1,406,782
Tri Pointe Homes, Inc., 5.70%, 06/15/2028			1,235,000			1,377,025
						37,316,271

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

15

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)–(continued)

February 28, 2021

(Unaudited)

	Principal     Amount			Value
Household Products-0.50%
Spectrum Brands, Inc., 5.75%, 07/15/2025		$	3,501,000		$	3,610,406
Independent Power and Renewable Electricity Producers-0.47%
AES Corp. (The), 2.45%, 01/15/2031(c)			3,490,000			3,410,779
Internet & Direct Marketing Retail-0.89%
QVC, Inc.
4.38%, 03/15/2023			3,060,000			3,212,388
4.75%, 02/15/2027			3,055,000			3,226,859
						6,439,247
IT Services-0.35%
VeriSign, Inc.
4.63%, 05/01/2023			1,240,000			1,250,075
4.75%, 07/15/2027			1,204,000			1,273,983
						2,524,058
Machinery-1.41%
Hillenbrand, Inc., 5.00%, 09/15/2026			2,306,000			2,568,308
Trinity Industries, Inc., 4.55%, 10/01/2024			3,766,000			3,954,300
Wabtec Corp.
4.40%, 03/15/2024			1,581,000			1,726,602
4.95%, 09/15/2028			1,650,000			1,933,306
						10,182,516
Media-3.76%
AMC Networks, Inc.
5.00%, 04/01/2024			1,454,000			1,473,993
4.25%, 02/15/2029			1,820,000			1,788,969
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 03/01/2030(c)			5,905,000			6,170,430
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.91%, 07/23/2025			5,506,000			6,268,587
DISH DBS Corp.
6.75%, 06/01/2021			3,455,000			3,497,324
7.75%, 07/01/2026			3,581,000			3,945,420
Lamar Media Corp., 3.75%, 02/15/2028			3,940,000			3,996,637
						27,141,360
Metals & Mining-1.83%
AK Steel Corp., 7.00%, 03/15/2027			760			790
Allegheny Technologies, Inc.
7.88%, 08/15/2023			1,369,000			1,496,146
5.88%, 12/01/2027(b)			1,429,000			1,512,061
Carpenter Technology Corp., 6.38%, 07/15/2028			2,425,000			2,668,262
Freeport-McMoRan, Inc.
3.88%, 03/15/2023			3,450,000			3,604,215
4.63%, 08/01/2030			3,540,000			3,917,983
						13,199,457
Mortgage REITs-0.80%
Starwood Property Trust, Inc., 5.00%, 12/15/2021			5,662,000			5,757,546
Multiline Retail-2.62%
Macy’s Retail Holdings LLC, 2.88%, 02/15/2023			11,042,000			10,989,219
Nordstrom, Inc., 4.38%, 04/01/2030(b)			8,145,000			7,930,187
						18,919,406

	Principal     Amount			Value
Oil, Gas & Consumable Fuels-11.34%
Apache Corp.
4.63%, 11/15/2025		$	3,440,000		$	3,569,000
4.38%, 10/15/2028			3,540,000			3,589,560
Continental Resources, Inc.
3.80%, 06/01/2024			3,220,000			3,303,672
4.38%, 01/15/2028(b)			3,813,000			4,016,881
Devon Energy Corp., 5.85%, 12/15/2025			2,574,000			3,009,659
Diamondback Energy, Inc.
2.88%, 12/01/2024			1,699,000			1,798,222
3.50%, 12/01/2029			1,850,000			1,940,898
EQM Midstream Partners L.P.
4.75%, 07/15/2023			1,630,000			1,683,480
5.50%, 07/15/2028			1,695,000			1,749,460
EQT Corp.
7.63%, 02/01/2025			1,400,000			1,628,158
3.90%, 10/01/2027			1,843,000			1,919,024
Hess Corp., 4.30%, 04/01/2027			5,999,000			6,645,314
Murphy Oil Corp.
5.75%, 08/15/2025			3,204,000			3,180,306
5.88%, 12/01/2027			3,205,000			3,159,938
Occidental Petroleum Corp.
2.90%, 08/15/2024			7,845,000			7,635,146
3.50%, 08/15/2029			8,855,000			8,458,296
PBF Holding Co. LLC/PBF Finance Corp.,
6.00%, 02/15/2028			7,533,000			4,797,579
PDC Energy, Inc., 6.13%, 09/15/2024			2,892,000			2,960,208
Range Resources Corp.
4.88%, 05/15/2025(b)			1,893,000			1,874,543
8.25%, 01/15/2029(c)			1,770,000			1,905,538
Southwestern Energy Co.
6.45%, 01/23/2025			1,466,000			1,542,049
7.75%, 10/01/2027			1,500,000			1,605,863
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.50%, 03/01/2030			6,335,000			6,780,414
WPX Energy, Inc., 4.50%, 01/15/2030			2,800,000			2,980,040
						81,733,248
Personal Products-0.33%
Edgewell Personal Care Co., 4.70%, 05/24/2022			2,254,000			2,360,806
Pharmaceuticals-0.41%
Elanco Animal Health, Inc.
5.27%, 08/28/2023			1,335,000			1,437,628
5.90%, 08/28/2028			1,275,000			1,482,985
						2,920,613
Professional Services-0.53%
IHS Markit Ltd.
4.13%, 08/01/2023			1,728,000			1,862,032
4.25%, 05/01/2029			1,695,000			1,949,869
						3,811,901
Real Estate Management & Development-0.69%
Kennedy-Wilson, Inc.
5.88%, 04/01/2024			1,268,000			1,283,216
4.75%, 03/01/2029			1,250,000			1,289,937
Newmark Group, Inc., 6.13%, 11/15/2023			2,235,000			2,425,540
						4,998,693

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

16

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)–(continued)

February 28, 2021

(Unaudited)

	Principal     Amount			Value
Semiconductors & Semiconductor Equipment-0.99%
Amkor Technology, Inc., 6.63%, 09/15/2027(c)		$	3,466,000		$	3,764,942
Qorvo, Inc., 4.38%, 10/15/2029			3,140,000			3,392,676
						7,157,618
Software-0.80%
CDK Global, Inc.
5.00%, 10/15/2024			1,318,000			1,459,685
4.88%, 06/01/2027			1,326,000			1,389,814
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029			635,000			635,603
Nuance Communications, Inc., 5.63%, 12/15/2026			2,141,640			2,247,384
						5,732,486
Specialty Retail-4.04%
Asbury Automotive Group, Inc., 4.75%, 03/01/2030			3,760,000			3,943,300
L Brands, Inc., 5.25%, 02/01/2028			9,894,000			10,605,131
Murphy Oil USA, Inc., 4.75%, 09/15/2029			4,320,000			4,643,201
Penske Automotive Group, Inc., 5.50%, 05/15/2026			5,750,000			5,933,281
Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/01/2025			3,872,000			3,964,928
						29,089,841
Technology Hardware, Storage & Peripherals-4.71%
EMC Corp., 3.38%, 06/01/2023			12,641,000			13,131,471
Seagate HDD Cayman
4.75%, 01/01/2025			3,380,000			3,665,188
4.09%, 06/01/2029(c)			3,550,000			3,689,781
Western Digital Corp., 4.75%, 02/15/2026			7,483,000			8,287,422
Xerox Corp., 4.38%, 03/15/2023			4,940,000			5,161,781
						33,935,643
Textiles, Apparel & Luxury Goods-0.49%
Under Armour, Inc., 3.25%, 06/15/2026(b)			3,475,000			3,551,745
Thrifts & Mortgage Finance-0.80%
MGIC Investment Corp., 5.25%, 08/15/2028			2,845,000			2,995,856
Radian Group, Inc.
4.50%, 10/01/2024			1,300,420			1,368,692
4.88%, 03/15/2027			1,342,000			1,425,875
						5,790,423

Investment Abbreviations:

REIT-Real Estate Investment Trust

	Principal     Amount			Value
Trading Companies & Distributors-0.88%
United Rentals North America, Inc., 4.88%, 01/15/2028		$	5,988,000		$	6,357,579
Wireless Telecommunication Services-1.69%
Sprint Capital Corp., 6.88%, 11/15/2028			4,818,000			6,103,804
Sprint Corp., 7.88%, 09/15/2023			5,295,000			6,069,394
						12,173,198
Total U.S. Dollar Denominated Bonds & Notes (Cost $686,727,819)						712,860,334
	Shares
Money Market Funds-0.85%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) (Cost $6,150,808)			6,150,808			6,150,808
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.73% (Cost $692,878,627)						719,011,142
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.21%
Invesco Private Government Fund, 0.01%(d)(e)(f)			17,197,700			17,197,700
Invesco Private Prime Fund, 0.11%(d)(e)(f)			27,535,360			27,546,375
Total Investments Purchased with Cash Collateral  from Securities on Loan (Cost $44,742,363)						44,744,075
TOTAL INVESTMENTS IN SECURITIES-105.94% (Cost $737,620,990)						763,755,217
OTHER ASSETS LESS LIABILITIES-(5.94)%						(42,810,808	)
NET ASSETS-100.00%					$	720,944,409

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

17

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)–(continued)

February 28, 2021

(Unaudited)

Notes to Schedule of Investments:

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

^(b) All or a portion of this security was out on loan at February 28, 2021.

^(c) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2021 was $41,585,301, which represented 5.77% 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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	66,478,443		$	(60,327,635	)		$	-		$	-		$	6,150,808		$	345
Invesco Premier U.S. Government Money Portfolio, Institutional Class			4,085,897			14,211,271			(18,297,168	)			-			-			-			29
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			16,700,947			70,188,626			(69,691,873	)			-			-			17,197,700			2,581	*
Invesco Private Prime Fund			5,576,100			64,263,804			(42,297,386	)			1,712			2,145			27,546,375			13,546	*
Total		$	26,362,944		$	215,142,144		$	(190,614,062	)		$	1,712		$	2,145		$	50,894,883		$	16,501

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

^(e) The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

Portfolio Composition

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

as of February 28, 2021

Consumer Discretionary	24.71
Energy	12.76
Industrials	11.34
Materials	8.13
Information Technology	7.98
Communication Services	7.82
Health Care	6.82
Real Estate	6.46
Financials	6.02
Utilities	3.53
Consumer Staples	3.31
Money Market Funds Plus Other Assets Less Liabilities	1.12

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

18

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.54%
Aerospace & Defense-2.51%
Boeing Co. (The)
4.88%, 05/01/2025	$	125,000	$	139,495
5.15%, 05/01/2030		125,000		145,037
General Dynamics Corp.
3.00%, 05/11/2021		71,000		71,380
3.75%, 05/15/2028		71,000		80,508
Huntington Ingalls Industries, Inc.
3.84%, 05/01/2025		30,000		33,029
3.48%, 12/01/2027		30,000		33,034
L3Harris Technologies, Inc.
3.85%, 06/15/2023		33,000		35,440
4.40%, 06/15/2028		33,000		38,350
Lockheed Martin Corp., 3.55%, 01/15/2026		174,000		193,462
Northrop Grumman Corp.
2.55%, 10/15/2022		68,000		70,246
2.93%, 01/15/2025		70,000		74,680
3.25%, 01/15/2028		66,000		71,694
Raytheon Technologies Corp.
2.50%, 12/15/2022		120,000		123,803
4.13%, 11/16/2028		104,000		119,453
Textron, Inc., 3.00%, 06/01/2030		85,000		88,314
				1,317,925
Air Freight & Logistics-0.93%
C.H. Robinson Worldwide, Inc., 4.20%, 04/15/2028(b)		80,000		91,387
FedEx Corp.
3.80%, 05/15/2025		75,000		82,797
3.10%, 08/05/2029		83,000		89,022
United Parcel Service, Inc.
3.90%, 04/01/2025		100,000		111,272
3.05%, 11/15/2027		104,000		114,834
				489,312
Airlines-0.28%
Southwest Airlines Co.
5.25%, 05/04/2025		65,000		74,354
2.63%, 02/10/2030		75,000		75,038
				149,392
Auto Components-0.38%
BorgWarner, Inc.
3.38%, 03/15/2025(b)		42,000		45,571
2.65%, 07/01/2027		40,000		42,215
Lear Corp., 3.80%, 09/15/2027		100,000		110,257
				198,043
Automobiles-0.89%
General Motors Financial Co., Inc.
3.20%, 07/06/2021		152,000		153,106
4.35%, 01/17/2027		164,000		184,404
PACCAR Financial Corp., 2.65%, 05/10/2022		124,000		127,549
				465,059
Banks-6.94%
Bank of America Corp.
3.30%, 01/11/2023		221,000		233,326
3.25%, 10/21/2027		220,000		240,927

	Principal Amount		Value
Banks-(continued)
Citigroup, Inc.
4.50%, 01/14/2022	$	204,000	$	211,495
4.45%, 09/29/2027		205,000		235,793
Citizens Bank N.A., 3.25%, 02/14/2022		50,000		51,286
Comerica, Inc.
3.70%, 07/31/2023		40,000		43,034
4.00%, 02/01/2029		43,000		49,170
Fifth Third Bancorp, 2.55%, 05/05/2027		65,000		69,052
Fifth Third Bank, 2.25%, 06/14/2021		76,000		76,310
First Republic Bank, 2.50%, 06/06/2022		101,000		103,498
Huntington Bancshares, Inc.
2.63%, 08/06/2024		50,000		53,132
2.55%, 02/04/2030		57,000		58,743
JPMorgan Chase & Co.
3.88%, 09/10/2024		245,000		269,985
2.95%, 10/01/2026		261,000		283,266
KeyCorp
5.10%, 03/24/2021		59,000		59,177
2.25%, 04/06/2027		70,000		73,133
Manufacturers and Traders Trust Co., 2.90%, 02/06/2025		88,000		94,914
People’s United Financial, Inc., 3.65%, 12/06/2022		71,000		74,336
PNC Bank N.A., 2.15%, 04/29/2021		102,000		102,157
PNC Financial Services Group, Inc. (The), 2.55%, 01/22/2030		105,000		109,825
Regions Financial Corp., 3.80%, 08/14/2023		114,000		122,853
SVB Financial Group, 3.13%, 06/05/2030		75,000		80,518
Truist Bank, 3.63%, 09/16/2025		86,000		95,478
Truist Financial Corp., 1.13%, 08/03/2027		90,000		88,289
U.S. Bancorp
3.38%, 02/05/2024		119,000		128,818
Series V, 2.38%, 07/22/2026		121,000		127,931
Wells Fargo & Co.
2.63%, 07/22/2022		247,000		254,858
3.00%, 04/22/2026		236,000		254,934
				3,646,238
Beverages-1.58%
Coca-Cola Co. (The)
2.88%, 10/27/2025		122,000		132,665
1.45%, 06/01/2027		130,000		130,359
Constellation Brands, Inc.
4.25%, 05/01/2023		44,000		47,417
3.60%, 02/15/2028		38,000		42,315
Keurig Dr Pepper, Inc.
4.06%, 05/25/2023		55,000		59,206
4.60%, 05/25/2028		46,000		54,177
Molson Coors Beverage Co.
2.10%, 07/15/2021		49,000		49,227
3.00%, 07/15/2026		48,000		51,600
PepsiCo, Inc.
2.75%, 03/01/2023		125,000		131,183
3.00%, 10/15/2027		119,000		130,492
				828,641

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

19

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 28, 2021

(Unaudited)

	Principal Amount		Value
Biotechnology-1.65%
AbbVie, Inc.
2.60%, 11/21/2024	$	105,000	$	111,551
3.20%, 11/21/2029		114,000		122,732
Amgen, Inc.
3.63%, 05/22/2024		100,000		108,795
2.20%, 02/21/2027		100,000		104,108
Biogen, Inc.
4.05%, 09/15/2025		56,000		62,907
2.25%, 05/01/2030		70,000		69,720
Gilead Sciences, Inc.
3.65%, 03/01/2026		98,000		108,611
2.95%, 03/01/2027		100,000		108,001
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030		75,000		70,791
				867,216
Building Products-0.53%
Fortune Brands Home & Security, Inc.
4.00%, 09/21/2023		29,000		31,470
3.25%, 09/15/2029		33,000		35,266
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 1.75%, 09/15/2030		140,000		136,039
Masco Corp.
4.45%, 04/01/2025		35,000		39,519
4.38%, 04/01/2026		31,000		35,595
				277,889
Capital Markets-3.80%
Ameriprise Financial, Inc.
4.00%, 10/15/2023		69,000		75,482
2.88%, 09/15/2026		73,000		78,962
Bank of New York Mellon Corp. (The)
2.20%, 08/16/2023		97,000		101,197
3.85%, 04/28/2028		84,000		96,434
BlackRock, Inc.
3.50%, 03/18/2024		74,000		81,014
2.40%, 04/30/2030		85,000		88,266
Charles Schwab Corp. (The), 2.65%, 01/25/2023		80,000		83,421
CME Group, Inc.
3.00%, 03/15/2025		51,000		54,977
3.75%, 06/15/2028		55,000		62,740
Franklin Resources, Inc., 1.60%, 10/30/2030		120,000		114,001
Goldman Sachs Group, Inc. (The)
5.75%, 01/24/2022		142,000		148,942
3.50%, 11/16/2026		137,000		150,380
Jefferies Group LLC/Jefferies Group Capital Finance, Inc., 4.15%, 01/23/2030		35,000		39,520
Morgan Stanley
3.63%, 01/20/2027		132,000		147,741
Series F, 3.88%, 04/29/2024		128,000		140,782
Nasdaq, Inc.
4.25%, 06/01/2024		36,000		39,584
1.65%, 01/15/2031		40,000		37,485
Northern Trust Corp.
3.95%, 10/30/2025		50,000		56,497
1.95%, 05/01/2030		55,000		55,041
Raymond James Financial, Inc., 3.63%, 09/15/2026		81,000		91,354

	Principal Amount		Value
Capital Markets-(continued)
State Street Corp.
3.55%, 08/18/2025	$	71,000	$	78,850
2.40%, 01/24/2030		75,000		78,446
TD Ameritrade Holding Corp., 3.30%, 04/01/2027		85,000		93,801
				1,994,917
Chemicals-2.82%
Air Products and Chemicals, Inc.
1.50%, 10/15/2025		50,000		51,026
2.05%, 05/15/2030		59,000		59,697
Celanese US Holdings LLC, 4.63%, 11/15/2022		76,000		81,060
DuPont de Nemours, Inc.
4.21%, 11/15/2023		80,000		87,666
4.73%, 11/15/2028		80,000		94,792
Eastman Chemical Co.
3.80%, 03/15/2025		43,000		47,060
4.50%, 12/01/2028		40,000		47,119
Ecolab, Inc., 2.70%, 11/01/2026		100,000		107,853
EI du Pont de Nemours and Co.
1.70%, 07/15/2025		40,000		40,939
2.30%, 07/15/2030		35,000		35,718
FMC Corp., 3.20%, 10/01/2026		48,000		52,370
Linde, Inc.
3.20%, 01/30/2026		76,000		83,631
1.10%, 08/10/2030		90,000		83,519
LYB International Finance II B.V., 3.50%, 03/02/2027		91,000		99,882
LyondellBasell Industries N.V., 5.75%, 04/15/2024		96,000		108,680
Mosaic Co. (The)
4.25%, 11/15/2023		43,000		46,781
4.05%, 11/15/2027		49,000		55,410
PPG Industries, Inc., 3.75%, 03/15/2028		91,000		104,184
Sherwin-Williams Co. (The)
3.13%, 06/01/2024		50,000		53,791
3.45%, 06/01/2027		48,000		52,738
Westlake Chemical Corp., 3.60%, 08/15/2026		79,000		86,587
				1,480,503
Commercial Services & Supplies-0.57%
Cintas Corp. No. 2
2.90%, 04/01/2022		38,000		38,988
3.70%, 04/01/2027		28,000		31,605
Republic Services, Inc.
2.50%, 08/15/2024		50,000		52,957
3.95%, 05/15/2028		49,000		55,878
Waste Management, Inc.
3.13%, 03/01/2025		60,000		64,727
3.15%, 11/15/2027		50,000		55,103
				299,258
Communications Equipment-0.80%
Cisco Systems, Inc.
3.63%, 03/04/2024		124,000		135,887
2.50%, 09/20/2026		125,000		133,678
Juniper Networks, Inc., 3.75%, 08/15/2029		63,000		69,222

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

20

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 28, 2021

(Unaudited)

	Principal Amount		Value
Communications Equipment-(continued)
Motorola Solutions, Inc.
4.00%, 09/01/2024	$	38,000	$	42,090
4.60%, 05/23/2029		33,000		38,301
				419,178
Construction & Engineering-0.12%
Quanta Services, Inc., 2.90%, 10/01/2030		60,000		62,053
Construction Materials-0.23%
Martin Marietta Materials, Inc., 3.50%, 12/15/2027		56,000		62,714
Vulcan Materials Co., 3.50%, 06/01/2030		55,000		60,589
				123,303
Consumer Finance-2.12%
American Express Co., 2.50%, 08/01/2022		100,000		102,935
American Express Credit Corp., 3.30%, 05/03/2027		96,000		106,548
Capital One Financial Corp.
4.20%, 10/29/2025		111,000		124,435
3.80%, 01/31/2028		115,000		128,797
Discover Bank
4.20%, 08/08/2023		100,000		108,656
3.45%, 07/27/2026		86,000		94,460
GE Capital Funding LLC
3.45%, 05/15/2025(c)		200,000		216,970
4.40%, 05/15/2030(c)		200,000		228,526
				1,111,327
Containers & Packaging-1.00%
Avery Dennison Corp., 4.88%, 12/06/2028		61,000		72,528
Bemis Co., Inc., 2.63%, 06/19/2030		90,000		92,986
International Paper Co., 3.80%, 01/15/2026		120,000		133,977
Packaging Corp. of America
4.50%, 11/01/2023		30,000		32,895
3.40%, 12/15/2027		35,000		39,139
Sonoco Products Co., 3.13%, 05/01/2030		55,000		58,396
WRKCo, Inc.
3.75%, 03/15/2025		50,000		54,890
4.90%, 03/15/2029		35,000		41,936
				526,747
Distributors-0.19%
Genuine Parts Co., 1.88%, 11/01/2030		105,000		99,260
Diversified Consumer Services-0.12%
Block Financial LLC, 3.88%, 08/15/2030		60,000		62,839
Diversified Financial Services-1.41%
Berkshire Hathaway, Inc.
2.75%, 03/15/2023		216,000		225,744
3.13%, 03/15/2026		203,000		222,477
Equitable Holdings, Inc.
3.90%, 04/20/2023		42,000		44,931
4.35%, 04/20/2028		71,000		80,804
Jefferies Financial Group, Inc., 5.50%, 10/18/2023		40,000		43,578
Voya Financial, Inc., 3.65%, 06/15/2026		110,000		123,506
				741,040

	Principal Amount		Value
Diversified Telecommunication Services-1.67%
AT&T, Inc.
3.40%, 05/15/2025	$	215,000	$	234,633
4.30%, 02/15/2030		200,000		228,078
Verizon Communications, Inc.
5.15%, 09/15/2023		183,000		204,213
4.33%, 09/21/2028		180,000		208,658
				875,582
Electric Utilities-3.82%
American Electric Power Co., Inc., 3.20%, 11/13/2027		66,000		72,174
Avangrid, Inc.
3.20%, 04/15/2025		45,000		48,561
3.80%, 06/01/2029		38,000		42,745
Consolidated Edison Co. of New York, Inc., Series D, 4.00%, 12/01/2028		61,000		69,372
Duke Energy Corp.
3.75%, 04/15/2024		94,000		102,104
2.65%, 09/01/2026		96,000		101,781
Edison International, 4.13%, 03/15/2028		56,000		60,901
Entergy Corp.
0.90%, 09/15/2025		60,000		58,945
2.95%, 09/01/2026		55,000		58,870
Evergy, Inc.
2.45%, 09/15/2024		40,000		42,142
2.90%, 09/15/2029		40,000		42,281
Eversource Energy, Series K, 2.75%, 03/15/2022		52,000		53,191
Exelon Corp.
3.50%, 06/01/2022		89,000		92,217
4.05%, 04/15/2030		80,000		91,241
Interstate Power and Light Co.
3.25%, 12/01/2024		34,000		36,931
4.10%, 09/26/2028		33,000		38,119
NextEra Energy Capital Holdings, Inc.
2.75%, 05/01/2025		90,000		95,891
2.25%, 06/01/2030		91,000		91,498
NSTAR Electric Co., 3.20%, 05/15/2027		53,000		58,611
Ohio Power Co., Series M, 5.38%, 10/01/2021		76,000		78,245
Pinnacle West Capital Corp., 1.30%, 06/15/2025(b)		75,000		75,258
PPL Capital Funding, Inc.
3.40%, 06/01/2023		64,000		67,721
4.13%, 04/15/2030		55,000		63,355
Southern California Edison Co., Series E, 3.70%, 08/01/2025		60,000		65,932
Southern Co. (The)
2.35%, 07/01/2021		96,000		96,470
3.25%, 07/01/2026		88,000		95,604
Virginia Electric & Power Co., Series C, 2.75%, 03/15/2023		74,000		77,156
Xcel Energy, Inc.
3.30%, 06/01/2025		60,000		64,938
4.00%, 06/15/2028		55,000		62,367
				2,004,621
Electrical Equipment-0.62%
Acuity Brands Lighting, Inc., 2.15%, 12/15/2030		45,000		43,840

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

21

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 28, 2021

(Unaudited)

	Principal Amount		Value
Electrical Equipment-(continued)
Eaton Corp.
2.75%, 11/02/2022	$	71,000	$	73,817
3.10%, 09/15/2027		64,000		70,353
Emerson Electric Co.
3.15%, 06/01/2025		63,000		68,427
1.80%, 10/15/2027		65,000		66,636
				323,073
Electronic Equipment, Instruments & Components-1.17%
Amphenol Corp., 2.80%, 02/15/2030		70,000		73,293
Arrow Electronics, Inc.
3.25%, 09/08/2024		43,000		46,154
3.88%, 01/12/2028		48,000		53,177
Avnet, Inc., 4.63%, 04/15/2026		88,000		98,277
Flex Ltd.
4.75%, 06/15/2025		43,000		48,435
4.88%, 06/15/2029		50,000		57,607
FLIR Systems, Inc., 2.50%, 08/01/2030		40,000		41,064
Jabil, Inc.
4.70%, 09/15/2022		38,000		40,328
3.95%, 01/12/2028		53,000		59,585
Keysight Technologies, Inc.
4.55%, 10/30/2024		20,000		22,508
4.60%, 04/06/2027		18,000		21,056
Trimble, Inc., 4.90%, 06/15/2028		43,000		50,530
				612,014
Energy Equipment & Services-0.90%
Halliburton Co.
3.80%, 11/15/2025		63,000		70,053
2.92%, 03/01/2030		70,000		71,571
NOV, Inc., 3.60%, 12/01/2029		113,000		117,621
Schlumberger Investment S.A.
3.65%, 12/01/2023		99,000		106,635
2.65%, 06/26/2030		105,000		108,718
				474,598
Entertainment-0.79%
Activision Blizzard, Inc., 3.40%, 09/15/2026		78,000		86,650
Electronic Arts, Inc., 1.85%, 02/15/2031		75,000		72,798
Walt Disney Co. (The)
1.75%, 08/30/2024(b)		124,000		128,669
2.65%, 01/13/2031		120,000		125,127
				413,244
Equity REITs-5.73%
Alexandria Real Estate Equities, Inc.
3.45%, 04/30/2025		28,000		30,620
4.90%, 12/15/2030		30,000		36,467
American Homes 4 Rent L.P., 4.25%, 02/15/2028		38,000		42,551
American Tower Corp.
3.50%, 01/31/2023		59,000		62,340
3.80%, 08/15/2029		53,000		58,935
AvalonBay Communities, Inc.
3.45%, 06/01/2025		40,000		43,730
2.30%, 03/01/2030		45,000		45,921
Boston Properties L.P., 3.25%, 01/30/2031		35,000		36,851

	Principal Amount		Value
Equity REITs-(continued)
Brixmor Operating Partnership L.P.
3.85%, 02/01/2025	$	34,000	$	36,945
4.13%, 05/15/2029		30,000		33,324
Camden Property Trust, 2.80%, 05/15/2030		50,000		52,643
CBRE Services, Inc., 4.88%, 03/01/2026		90,000		104,773
Crown Castle International Corp.
5.25%, 01/15/2023		56,000		60,741
3.65%, 09/01/2027		56,000		62,089
Digital Realty Trust L.P., 3.70%, 08/15/2027		98,000		109,876
Equinix, Inc.
2.63%, 11/18/2024		50,000		52,992
3.20%, 11/18/2029		50,000		52,929
ERP Operating L.P.
4.63%, 12/15/2021		48,000		49,101
2.85%, 11/01/2026		38,000		40,868
Essex Portfolio L.P.
3.50%, 04/01/2025		40,000		43,524
3.00%, 01/15/2030		40,000		42,278
Federal Realty Investment Trust, 3.95%, 01/15/2024		50,000		54,469
Healthcare Trust of America Holdings L.P., 2.00%, 03/15/2031		60,000		57,633
Healthpeak Properties, Inc., 3.50%, 07/15/2029		43,000		47,301
Host Hotels & Resorts L.P.
Series E, 4.00%, 06/15/2025		60,000		64,395
Series H, 3.38%, 12/15/2029		64,000		64,105
Hudson Pacific Properties L.P., 4.65%, 04/01/2029		43,000		48,966
Kilroy Realty L.P., 3.05%, 02/15/2030		58,000		59,839
Kimco Realty Corp.
3.30%, 02/01/2025		33,000		35,647
2.80%, 10/01/2026		40,000		42,877
LifeStorage L.P., 3.50%, 07/01/2026		40,000		44,146
Mid-America Apartments L.P., 3.60%, 06/01/2027		74,000		82,040
Office Properties Income Trust, 4.50%, 02/01/2025		40,000		42,651
Omega Healthcare Investors, Inc., 5.25%, 01/15/2026		28,000		31,774
Prologis L.P.
3.75%, 11/01/2025		50,000		56,177
2.25%, 04/15/2030		52,000		52,997
Public Storage
2.37%, 09/15/2022		48,000		49,435
3.09%, 09/15/2027		46,000		50,836
Realty Income Corp.
4.65%, 08/01/2023		35,000		38,162
3.25%, 01/15/2031		40,000		43,336
Regency Centers L.P., 3.60%, 02/01/2027		47,000		51,336
Simon Property Group L.P.
2.00%, 09/13/2024		76,000		79,028
2.45%, 09/13/2029		76,000		76,877
SL Green Operating Partnership L.P., 3.25%, 10/15/2022		68,000		70,563
Spirit Realty L.P., 3.40%, 01/15/2030		63,000		66,394
UDR, Inc., 3.20%, 01/15/2030		60,000		64,407
Ventas Realty L.P.
3.50%, 02/01/2025		60,000		65,091
4.40%, 01/15/2029		54,000		61,369

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

22

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Equity REITs-(continued)
VEREIT Operating Partnership L.P.
4.60%, 02/06/2024	$	36,000	$	39,644
4.88%, 06/01/2026		43,000		49,904
Welltower, Inc.
4.00%, 06/01/2025		61,000		67,792
3.10%, 01/15/2030(b)		70,000		73,705
Weyerhaeuser Co., 4.00%, 11/15/2029		93,000		105,563
WP Carey, Inc.
4.60%, 04/01/2024		29,000		32,108
2.40%, 02/01/2031		40,000		39,928
				3,009,993
Food & Staples Retailing-2.48%
Costco Wholesale Corp.
2.75%, 05/18/2024		109,000		116,640
1.60%, 04/20/2030		120,000		116,789
Kroger Co. (The)
3.85%, 08/01/2023		93,000		99,809
2.65%, 10/15/2026		97,000		103,631
Sysco Corp.
5.65%, 04/01/2025		65,000		76,022
5.95%, 04/01/2030		60,000		76,737
Walgreens Boots Alliance, Inc.
3.80%, 11/18/2024		107,000		117,660
3.45%, 06/01/2026		109,000		119,737
Walmart, Inc.
3.40%, 06/26/2023		223,000		238,227
3.70%, 06/26/2028		208,000		237,529
				1,302,781
Food Products-2.74%
Archer-Daniels-Midland Co.
2.75%, 03/27/2025		76,000		81,384
2.50%, 08/11/2026		80,000		85,207
Bunge Ltd. Finance Corp.
1.63%, 08/17/2025		60,000		60,697
3.25%, 08/15/2026		69,000		74,613
Campbell Soup Co.
3.95%, 03/15/2025		40,000		44,338
4.15%, 03/15/2028		43,000		49,286
Conagra Brands, Inc.
4.30%, 05/01/2024		40,000		44,319
4.85%, 11/01/2028		40,000		47,602
General Mills, Inc.
3.15%, 12/15/2021		58,000		58,895
4.20%, 04/17/2028		61,000		70,466
Hershey Co. (The)
3.38%, 05/15/2023		50,000		53,221
2.30%, 08/15/2026		48,000		50,795
Hormel Foods Corp., 1.80%, 06/11/2030		85,000		83,603
Ingredion, Inc., 3.20%, 10/01/2026		63,000		68,634
JM Smucker Co. (The)
3.50%, 03/15/2025		43,000		47,014
2.38%, 03/15/2030		40,000		40,555
Kellogg Co.
2.65%, 12/01/2023		50,000		52,930
3.25%, 04/01/2026		51,000		56,312
McCormick & Co., Inc.
2.70%, 08/15/2022		33,000		34,028
3.40%, 08/15/2027		33,000		36,591

	Principal     Amount		Value
Food Products-(continued)
Mondelez International, Inc.
1.50%, 05/04/2025	$	80,000	$	81,476
2.75%, 04/13/2030		80,000		83,412
Tyson Foods, Inc.
3.95%, 08/15/2024		66,000		72,784
3.55%, 06/02/2027		56,000		62,000
				1,440,162
Gas Utilities-0.23%
Atmos Energy Corp., 3.00%, 06/15/2027		61,000		65,922
National Fuel Gas Co., 3.75%, 03/01/2023		50,000		52,538
				118,460
Health Care Equipment & Supplies-1.67%
Abbott Laboratories
3.40%, 11/30/2023		81,000		87,285
3.75%, 11/30/2026		67,000		76,166
Baxter International, Inc., 2.60%, 08/15/2026		89,000		95,506
Becton, Dickinson and Co.
3.36%, 06/06/2024		60,000		64,758
3.70%, 06/06/2027		50,000		55,916
Boston Scientific Corp.
3.45%, 03/01/2024		40,000		43,038
2.65%, 06/01/2030		40,000		41,233
DENTSPLY SIRONA, Inc., 3.25%, 06/01/2030		40,000		42,490
DH Europe Finance II S.a.r.l.
2.20%, 11/15/2024		48,000		50,541
2.60%, 11/15/2029		56,000		58,255
Edwards Lifesciences Corp., 4.30%, 06/15/2028		47,000		53,746
Stryker Corp.
2.63%, 03/15/2021		56,000		56,049
3.50%, 03/15/2026		54,000		59,741
Zimmer Biomet Holdings, Inc.
3.55%, 04/01/2025		43,000		46,820
3.55%, 03/20/2030		40,000		43,784
				875,328
Health Care Providers & Services-3.89%
AmerisourceBergen Corp.
3.25%, 03/01/2025		90,000		97,404
3.45%, 12/15/2027		91,000		100,672
Anthem, Inc.
2.38%, 01/15/2025		90,000		94,651
3.65%, 12/01/2027		85,000		95,665
Cardinal Health, Inc.
2.62%, 06/15/2022		95,000		97,427
3.41%, 06/15/2027		89,000		97,692
Cigna Corp.
3.75%, 07/15/2023		66,000		71,000
4.38%, 10/15/2028		64,000		74,376
CVS Health Corp.
3.88%, 07/20/2025		130,000		144,405
4.30%, 03/25/2028		130,000		149,336
HCA, Inc.
5.00%, 03/15/2024		75,000		83,942
4.13%, 06/15/2029		80,000		90,127
Humana, Inc.
3.15%, 12/01/2022		70,000		72,807
3.95%, 03/15/2027		64,000		72,402

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

23

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Health Care Providers & Services-(continued)
Laboratory Corp. of America Holdings
3.60%, 02/01/2025	$	33,000	$	35,996
2.95%, 12/01/2029		30,000		32,009
McKesson Corp.
3.80%, 03/15/2024		120,000		130,527
3.95%, 02/16/2028		109,000		123,609
Quest Diagnostics, Inc.
3.50%, 03/30/2025		40,000		43,677
2.95%, 06/30/2030		35,000		37,170
UnitedHealth Group, Inc.
3.75%, 07/15/2025		134,000		149,374
2.00%, 05/15/2030		150,000		149,520
				2,043,788
Hotels, Restaurants & Leisure-1.38%
Darden Restaurants, Inc., 3.85%, 05/01/2027		74,000		80,345
Las Vegas Sands Corp.
3.20%, 08/08/2024		81,000		84,992
3.50%, 08/18/2026		81,000		85,944
Marriott International, Inc.
Series EE, 5.75%, 05/01/2025		45,000		51,876
Series FF, 4.63%, 06/15/2030		50,000		56,716
McDonald’s Corp.
3.70%, 01/30/2026		96,000		107,060
3.80%, 04/01/2028		100,000		112,907
Starbucks Corp.
3.80%, 08/15/2025		66,000		73,489
2.55%, 11/15/2030		70,000		72,117
				725,446
Household Durables-0.79%
D.R. Horton, Inc.
2.50%, 10/15/2024		45,000		47,588
1.40%, 10/15/2027		40,000		39,499
Leggett & Platt, Inc., 3.50%, 11/15/2027		70,000		75,839
Mohawk Industries, Inc.
3.85%, 02/01/2023		36,000		38,002
3.63%, 05/15/2030		35,000		38,338
NVR, Inc.
3.95%, 09/15/2022		30,000		31,308
3.00%, 05/15/2030		30,000		31,762
Whirlpool Corp., 4.75%, 02/26/2029		94,000		110,943
				413,279
Household Products-1.30%
Clorox Co. (The)
3.05%, 09/15/2022		37,000		38,296
3.90%, 05/15/2028		35,000		40,063
Colgate-Palmolive Co., 3.25%, 03/15/2024		140,000		151,974
Kimberly-Clark Corp., 3.20%, 04/25/2029		127,000		141,064
Procter & Gamble Co. (The)
2.15%, 08/11/2022		150,000		154,275
3.00%, 03/25/2030		145,000		158,457
				684,129
Industrial Conglomerates-1.01%
3M Co.
3.25%, 02/14/2024		94,000		101,485
2.88%, 10/15/2027		93,000		101,810
Carlisle Cos., Inc., 2.75%, 03/01/2030		60,000		61,822

	Principal     Amount		Value
Industrial Conglomerates-(continued)
Honeywell International, Inc.
1.85%, 11/01/2021	$	93,000	$	93,929
2.50%, 11/01/2026		98,000		105,395
Roper Technologies, Inc.
1.00%, 09/15/2025		30,000		29,749
1.75%, 02/15/2031		40,000		38,119
				532,309
Insurance-6.16%
Aflac, Inc.
3.63%, 11/15/2024		76,000		84,078
3.60%, 04/01/2030(b)		65,000		72,955
Alleghany Corp., 3.63%, 05/15/2030		65,000		72,263
Allstate Corp. (The)
3.15%, 06/15/2023		76,000		80,881
3.28%, 12/15/2026		66,000		73,675
American International Group, Inc.
4.88%, 06/01/2022		118,000		124,543
3.90%, 04/01/2026		114,000		127,636
Aon Corp., 2.80%, 05/15/2030		50,000		52,619
Aon PLC, 3.88%, 12/15/2025		50,000		55,801
Brighthouse Financial, Inc., 3.70%, 06/22/2027		142,000		154,414
Brown & Brown, Inc.
4.20%, 09/15/2024		21,000		23,392
2.38%, 03/15/2031		30,000		29,882
Chubb INA Holdings, Inc.
3.15%, 03/15/2025		80,000		86,776
1.38%, 09/15/2030		90,000		85,478
CNA Financial Corp.
3.95%, 05/15/2024		47,000		51,352
3.90%, 05/01/2029		57,000		64,828
CNO Financial Group, Inc.
5.25%, 05/30/2025		30,000		34,475
5.25%, 05/30/2029		38,000		44,693
Fidelity National Financial, Inc., 3.40%, 06/15/2030		70,000		74,984
Globe Life, Inc., 4.55%, 09/15/2028		66,000		77,472
Hartford Financial Services Group, Inc. (The), 2.80%, 08/19/2029		124,000		131,131
Lincoln National Corp.
4.00%, 09/01/2023		71,000		77,109
3.80%, 03/01/2028		76,000		85,960
Loews Corp.
2.63%, 05/15/2023		51,000		53,188
3.75%, 04/01/2026		48,000		53,591
Marsh & McLennan Cos., Inc.
3.88%, 03/15/2024		54,000		59,211
4.38%, 03/15/2029		48,000		56,278
MetLife, Inc.
3.60%, 04/10/2024		129,000		141,045
4.55%, 03/23/2030		115,000		137,713
Old Republic International Corp., 3.88%, 08/26/2026		74,000		83,412
Principal Financial Group, Inc., 3.70%, 05/15/2029		142,000		159,581
Progressive Corp. (The)
3.75%, 08/23/2021		66,000		67,128
2.45%, 01/15/2027		63,000		67,389

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

24

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Insurance-(continued)
Prudential Financial, Inc.
3.50%, 05/15/2024	$	129,000	$	141,284
3.88%, 03/27/2028		132,000		152,513
Reinsurance Group of America, Inc., 3.90%, 05/15/2029		94,000		104,238
Unum Group, 4.50%, 03/15/2025		95,000		106,348
Willis North America, Inc.
3.60%, 05/15/2024		42,000		45,609
2.95%, 09/15/2029		40,000		42,356
				3,237,281
Interactive Media & Services-0.61%
Alphabet, Inc.
0.45%, 08/15/2025		165,000		162,342
2.00%, 08/15/2026		152,000		159,532
				321,874
Internet & Direct Marketing Retail-1.10%
Amazon.com, Inc.
2.80%, 08/22/2024		140,000		150,491
3.15%, 08/22/2027		135,000		149,220
Booking Holdings, Inc.
4.10%, 04/13/2025		51,000		56,742
4.63%, 04/13/2030		55,000		65,412
eBay, Inc.
2.60%, 07/15/2022		48,000		49,188
3.60%, 06/05/2027		50,000		55,766
Expedia Group, Inc., 3.80%, 02/15/2028		48,000		51,310
				578,129
IT Services-2.95%
Amdocs Ltd., 2.54%, 06/15/2030		60,000		60,358
Automatic Data Processing, Inc.
3.38%, 09/15/2025		56,000		62,025
1.25%, 09/01/2030		60,000		56,924
Broadridge Financial Solutions, Inc., 2.90%, 12/01/2029		57,000		59,830
DXC Technology Co., 4.25%, 04/15/2024		103,000		112,002
Fidelity National Information Services, Inc.
3.50%, 04/15/2023		48,000		50,749
3.00%, 08/15/2026		52,000		56,891
Fiserv, Inc.
2.75%, 07/01/2024		34,000		36,137
3.50%, 07/01/2029		38,000		41,734
Global Payments, Inc.
2.65%, 02/15/2025		30,000		31,664
3.20%, 08/15/2029		23,000		24,467
International Business Machines Corp.
3.00%, 05/15/2024		167,000		179,486
3.50%, 05/15/2029		175,000		192,447
Leidos, Inc.
2.95%, 05/15/2023(b)(c)		35,000		36,748
4.38%, 05/15/2030(c)		40,000		45,490
Mastercard, Inc.
3.38%, 04/01/2024		63,000		68,558
3.35%, 03/26/2030		55,000		61,423
PayPal Holdings, Inc.
2.40%, 10/01/2024		55,000		58,213
2.85%, 10/01/2029		55,000		58,666

	Principal     Amount		Value
IT Services-(continued)
Visa, Inc.
3.15%, 12/14/2025	$	81,000	$	88,827
1.90%, 04/15/2027		85,000		87,823
Western Union Co. (The), 3.60%, 03/15/2022		76,000		78,262
				1,548,724
Leisure Products-0.15%
Hasbro, Inc.
3.00%, 11/19/2024		33,000		35,351
3.90%, 11/19/2029(b)		38,000		41,702
				77,053
Life Sciences Tools & Services-0.45%
Agilent Technologies, Inc.
3.88%, 07/15/2023		28,000		30,009
2.75%, 09/15/2029		28,000		29,401
PerkinElmer, Inc., 3.30%, 09/15/2029		43,000		46,226
Thermo Fisher Scientific, Inc.
4.13%, 03/25/2025		60,000		67,018
2.95%, 09/19/2026		61,000		66,166
				238,820
Machinery-1.95%
Caterpillar, Inc.
3.90%, 05/27/2021		89,000		89,775
2.60%, 04/09/2030(b)		100,000		105,281
Cummins, Inc.
3.65%, 10/01/2023		56,000		60,339
1.50%, 09/01/2030		60,000		57,380
Flowserve Corp.
3.50%, 09/15/2022		28,000		28,969
3.50%, 10/01/2030		30,000		31,629
Fortive Corp., 3.15%, 06/15/2026		68,000		74,186
IDEX Corp., 3.00%, 05/01/2030		50,000		52,876
Illinois Tool Works, Inc.
3.50%, 03/01/2024		56,000		60,647
2.65%, 11/15/2026		58,000		62,584
John Deere Capital Corp.
3.45%, 03/13/2025		71,000		78,077
2.80%, 07/18/2029		70,000		75,162
Parker-Hannifin Corp.
2.70%, 06/14/2024		48,000		51,166
3.25%, 06/14/2029		37,000		40,296
Stanley Black & Decker, Inc., 2.30%, 03/15/2030		95,000		97,687
Xylem, Inc.
4.88%, 10/01/2021		28,000		28,715
3.25%, 11/01/2026		25,000		27,533
				1,022,302
Marine-0.10%
Kirby Corp., 4.20%, 03/01/2028		48,000		52,114
Media-1.53%
Comcast Corp.
3.70%, 04/15/2024		144,000		157,718
4.15%, 10/15/2028		127,000		147,160
Discovery Communications LLC
2.95%, 03/20/2023		48,000		50,321
3.95%, 03/20/2028		48,000		53,405

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

25

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Media-(continued)
Fox Corp.
4.03%, 01/25/2024	$	45,000	$	49,176
4.71%, 01/25/2029		40,000		46,775
Interpublic Group of Cos., Inc. (The)
4.20%, 04/15/2024		32,000		35,407
4.75%, 03/30/2030		40,000		47,472
Omnicom Group, Inc./Omnicom Capital, Inc.
3.63%, 05/01/2022		55,000		57,018
3.60%, 04/15/2026		48,000		53,236
ViacomCBS, Inc.
4.75%, 05/15/2025		50,000		56,959
4.95%, 01/15/2031		40,000		47,940
				802,587
Metals & Mining-0.65%
Newmont Corp., 2.25%, 10/01/2030		80,000		79,419
Nucor Corp.
4.13%, 09/15/2022		57,000		59,656
3.95%, 05/01/2028		49,000		56,092
Reliance Steel & Aluminum Co.
4.50%, 04/15/2023		31,000		33,283
2.15%, 08/15/2030		35,000		34,261
Steel Dynamics, Inc., 3.45%, 04/15/2030		71,000		76,869
				339,580
Multiline Retail-1.02%
Dollar General Corp.
3.25%, 04/15/2023		44,000		46,346
3.50%, 04/03/2030		50,000		54,864
Dollar Tree, Inc.
3.70%, 05/15/2023		43,000		45,780
4.20%, 05/15/2028		42,000		47,977
Kohl’s Corp., 4.25%, 07/17/2025		129,000		140,287
Target Corp.
2.25%, 04/15/2025		95,000		99,966
2.50%, 04/15/2026		96,000		102,898
				538,118
Multi-Utilities-1.58%
Ameren Corp., 3.50%, 01/15/2031		85,000		94,077
Black Hills Corp., 4.25%, 11/30/2023		43,000		46,940
Consolidated Edison, Inc., 2.00%, 05/15/2021		60,000		60,125
Dominion Energy, Inc., Series C, 3.38%, 04/01/2030		80,000		87,151
DTE Energy Co.
2.85%, 10/01/2026		47,000		50,690
Series F, 1.05%, 06/01/2025		60,000		59,682
NiSource, Inc.
0.95%, 08/15/2025		40,000		39,457
3.49%, 05/15/2027		33,000		36,424
PSEG Power LLC, 3.00%, 06/15/2021		55,000		55,303
Public Service Enterprise Group, Inc., 1.60%, 08/15/2030		65,000		60,975
Sempra Energy
2.90%, 02/01/2023		55,000		57,462
3.40%, 02/01/2028		66,000		72,482
WEC Energy Group, Inc.
0.55%, 09/15/2023		58,000		58,156
1.38%, 10/15/2027		50,000		49,167
				828,091

	Principal     Amount		Value
Oil, Gas & Consumable Fuels-5.85%
Cheniere Corpus Christi Holdings LLC
5.88%, 03/31/2025	$	30,000	$	34,528
5.13%, 06/30/2027		30,000		34,952
Chevron Corp.
1.55%, 05/11/2025		187,000		191,343
2.95%, 05/16/2026		177,000		191,476
Cimarex Energy Co.
4.38%, 06/01/2024		21,000		22,844
3.90%, 05/15/2027		23,000		25,312
ConocoPhillips, 6.95%, 04/15/2029		160,000		218,127
Enable Midstream Partners L.P.
3.90%, 05/15/2024		50,000		53,451
4.40%, 03/15/2027		65,000		70,952
EOG Resources, Inc.
2.63%, 03/15/2023		61,000		63,551
4.38%, 04/15/2030(b)		50,000		58,515
Exxon Mobil Corp.
2.22%, 03/01/2021		237,000		237,000
3.04%, 03/01/2026		231,000		250,128
2.61%, 10/15/2030		240,000		250,065
HollyFrontier Corp., 5.88%, 04/01/2026		91,000		102,356
Kinder Morgan, Inc.
4.30%, 06/01/2025		84,000		93,963
4.30%, 03/01/2028		85,000		96,759
Marathon Oil Corp.
3.85%, 06/01/2025		50,000		54,009
4.40%, 07/15/2027		58,000		65,426
Marathon Petroleum Corp.
4.70%, 05/01/2025		100,000		113,574
5.13%, 12/15/2026		96,000		113,529
ONEOK Partners L.P., 3.38%, 10/01/2022		59,000		61,088
ONEOK, Inc., 4.55%, 07/15/2028		51,000		57,143
Phillips 66
4.30%, 04/01/2022		103,000		107,316
3.90%, 03/15/2028		99,000		111,920
Pioneer Natural Resources Co., 1.90%, 08/15/2030		40,000		38,220
Valero Energy Corp.
3.65%, 03/15/2025		103,000		111,424
3.40%, 09/15/2026		103,000		110,357
Williams Cos., Inc. (The)
3.60%, 03/15/2022		59,000		60,586
3.75%, 06/15/2027		65,000		71,934
				3,071,848
Personal Products-0.19%
Estee Lauder Cos., Inc. (The)
2.00%, 12/01/2024		40,000		42,014
2.38%, 12/01/2029		53,000		55,235
				97,249
Pharmaceuticals-2.76%
Bristol-Myers Squibb Co.
2.90%, 07/26/2024		75,000		80,813
3.40%, 07/26/2029		79,000		88,110
Eli Lilly and Co.
2.35%, 05/15/2022		81,000		83,017
3.38%, 03/15/2029		76,000		84,783

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

26

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 28, 2021

(Unaudited)

	Principal     Amount		Value
Pharmaceuticals-(continued)
Johnson & Johnson
2.45%, 03/01/2026	$	168,000	$	179,813
1.30%, 09/01/2030		190,000		181,299
Merck & Co., Inc.
2.75%, 02/10/2025		119,000		127,234
3.40%, 03/07/2029		115,000		129,186
Pfizer, Inc.
3.20%, 09/15/2023		150,000		160,305
3.00%, 12/15/2026		143,000		157,941
Utah Acquisition Sub, Inc.
3.15%, 06/15/2021		54,000		54,322
3.95%, 06/15/2026		43,000		47,930
Zoetis, Inc.
3.25%, 02/01/2023		33,000		34,547
3.00%, 09/12/2027		35,000		38,278
				1,447,578
Professional Services-0.20%
Equifax, Inc.
2.60%, 12/01/2024		28,000		29,786
3.10%, 05/15/2030		30,000		31,906
Verisk Analytics, Inc.
4.00%, 06/15/2025		20,000		22,254
4.13%, 03/15/2029		20,000		22,760
				106,706
Road & Rail-1.15%
CSX Corp.
3.40%, 08/01/2024		66,000		71,956
3.25%, 06/01/2027		62,000		68,320
J.B. Hunt Transport Services, Inc., 3.88%, 03/01/2026		60,000		67,391
Norfolk Southern Corp.
3.00%, 04/01/2022		61,000		62,388
2.90%, 06/15/2026		63,000		68,362
Ryder System, Inc., 3.65%, 03/18/2024		66,000		71,670
Union Pacific Corp.
4.16%, 07/15/2022		94,000		98,050
3.95%, 09/10/2028		84,000		96,090
				604,227
Semiconductors & Semiconductor Equipment-2.99%
Analog Devices, Inc., 3.90%, 12/15/2025		88,000		98,482
Applied Materials, Inc.
3.90%, 10/01/2025		50,000		56,120
3.30%, 04/01/2027		45,000		49,851
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.63%, 01/15/2024		70,000		75,326
3.88%, 01/15/2027		68,000		74,369
Intel Corp.
3.70%, 07/29/2025		140,000		155,265
2.45%, 11/15/2029		142,000		148,360
KLA Corp.
4.65%, 11/01/2024		43,000		48,433
4.10%, 03/15/2029		42,000		48,436
Lam Research Corp.
2.80%, 06/15/2021		43,000		43,223
4.00%, 03/15/2029		33,000		38,084

	Principal     Amount		Value
Semiconductors & Semiconductor Equipment-(continued)
Marvell Technology Group Ltd.
4.20%, 06/22/2023	$	18,000	$	19,372
4.88%, 06/22/2028		18,000		21,148
Maxim Integrated Products, Inc.
3.38%, 03/15/2023		33,000		34,596
3.45%, 06/15/2027		35,000		38,983
Micron Technology, Inc.
2.50%, 04/24/2023		85,000		88,578
4.19%, 02/15/2027		81,000		92,001
NVIDIA Corp.
2.20%, 09/16/2021		40,000		40,345
2.85%, 04/01/2030		40,000		42,827
QUALCOMM, Inc.
3.00%, 05/20/2022		100,000		103,396
3.25%, 05/20/2027		85,000		93,966
Texas Instruments, Inc.
1.38%, 03/12/2025		75,000		76,715
2.25%, 09/04/2029		81,000		83,190
				1,571,066
Software-2.11%
Adobe, Inc.
3.25%, 02/01/2025		43,000		46,759
2.30%, 02/01/2030		40,000		41,184
Autodesk, Inc., 3.50%, 06/15/2027(b)		33,000		36,592
Citrix Systems, Inc., 3.30%, 03/01/2030		40,000		42,100
Intuit, Inc.
0.95%, 07/15/2025		40,000		40,029
1.65%, 07/15/2030		50,000		49,039
Microsoft Corp.
1.55%, 08/08/2021		210,000		211,102
3.30%, 02/06/2027		180,000		200,348
Oracle Corp.
1.90%, 09/15/2021		123,000		123,932
2.65%, 07/15/2026		114,000		121,933
salesforce.com, inc.
3.25%, 04/11/2023		43,000		45,526
3.70%, 04/11/2028		32,000		36,324
ServiceNow, Inc., 1.40%, 09/01/2030		35,000		32,392
VMware, Inc.
2.95%, 08/21/2022		34,000		35,192
3.90%, 08/21/2027		43,000		47,426
				1,109,878
Specialty Retail-2.30%
AutoNation, Inc., 4.75%, 06/01/2030		90,000		105,691
AutoZone, Inc.
3.13%, 07/15/2023		46,000		48,603
4.00%, 04/15/2030(b)		45,000		51,099
Best Buy Co., Inc., 1.95%, 10/01/2030		145,000		139,717
Home Depot, Inc. (The)
2.63%, 06/01/2022		131,000		134,616
2.95%, 06/15/2029		123,000		133,158
Lowe’s Cos., Inc.
3.12%, 04/15/2022		95,000		97,319
2.50%, 04/15/2026		89,000		94,359
O’Reilly Automotive, Inc., 3.60%, 09/01/2027		79,000		88,223
Ross Stores, Inc.
4.60%, 04/15/2025		47,000		53,292
1.88%, 04/15/2031		50,000		47,995

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

27

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 28, 2021

(Unaudited)

	Principal Amount		Value
Specialty Retail-(continued)
TJX Cos., Inc. (The)
3.50%, 04/15/2025	$	60,000	$	65,725
3.75%, 04/15/2027		75,000		84,699
Tractor Supply Co., 1.75%, 11/01/2030		65,000		62,019
				1,206,515
Technology Hardware, Storage & Peripherals-2.09%
Apple, Inc.
2.40%, 05/03/2023		246,000		257,057
1.65%, 02/08/2031		270,000		262,290
Dell International LLC/EMC Corp.
5.45%, 06/15/2023(c)		90,000		98,714
6.02%, 06/15/2026(c)		96,000		114,848
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025		128,000		147,291
HP, Inc.
2.20%, 06/17/2025		70,000		72,995
3.00%, 06/17/2027		75,000		80,954
NetApp, Inc.
1.88%, 06/22/2025		35,000		35,978
2.70%, 06/22/2030(b)		25,000		25,764
				1,095,891
Textiles, Apparel & Luxury Goods-0.80%
NIKE, Inc.
2.40%, 03/27/2025		75,000		79,423
2.85%, 03/27/2030		70,000		75,420
Ralph Lauren Corp., 2.95%, 06/15/2030		70,000		74,058
Tapestry, Inc.
4.25%, 04/01/2025		40,000		43,348
4.13%, 07/15/2027		40,000		43,801
VF Corp.
2.40%, 04/23/2025		45,000		47,242
2.95%, 04/23/2030		55,000		58,496
				421,788
Tobacco-1.01%
Altria Group, Inc.
2.85%, 08/09/2022		116,000		119,864
4.80%, 02/14/2029		115,000		134,339
Philip Morris International, Inc.
3.25%, 11/10/2024		126,000		137,219
3.38%, 08/15/2029		127,000		139,628
				531,050

	Principal Amount		Value
Trading Companies & Distributors-0.16%
WW Grainger, Inc., 1.85%, 02/15/2025	$	82,000	$	85,038
Water Utilities-0.25%
American Water Capital Corp.
3.40%, 03/01/2025		32,000		34,831
3.75%, 09/01/2028		40,000		45,132
Essential Utilities, Inc., 2.70%, 04/15/2030		50,000		51,913
				131,876
Wireless Telecommunication Services-0.37%
T-Mobile USA, Inc.
3.50%, 04/15/2025(c)		90,000		97,401
3.88%, 04/15/2030(c)		90,000		98,941
				196,342
Total U.S. Dollar Denominated Bonds & Notes (Cost $49,950,094)				52,270,672
	Shares
Money Market Funds-0.16%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) (Cost $82,675)		82,675		82,675
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.70% (Cost $50,032,769)				52,353,347
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.64%
Invesco Private Government Fund, 0.01%(d)(e)(f)		343,956		343,956
Invesco Private Prime Fund, 0.11%(d)(e)(f)		515,727		515,934
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $859,890)				859,890
TOTAL INVESTMENTS IN SECURITIES-101.34% (Cost $50,892,659)				53,213,237
OTHER ASSETS LESS LIABILITIES-(1.34)%				(702,559	)
NET ASSETS-100.00%			$	52,510,678

Investment Abbreviations:

REIT-Real Estate Investment Trust

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

28

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

February 28, 2021

(Unaudited)

Notes to Schedule of Investments:

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

^(b) All or a portion of this security was out on loan at February 28, 2021.

^(c) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2021 was $937,638, which represented 1.79% 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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	2,881,092		$	(2,798,417	)		$	-		$	-		$	82,675		$	15
Invesco Premier U.S. Government Money Portfolio, Institutional Class			232,848			873,541			(1,106,389	)			-			-			-			1
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			443,526			2,383,410			(2,482,980	)			-			-			343,956			53	*
Invesco Private Prime Fund			147,846			2,316,802			(1,948,749	)			-			35			515,934			202	*
Total		$	824,220		$	8,454,845		$	(8,336,535	)		$	-		$	35		$	942,565		$	271

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

^(e) The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

Portfolio Composition

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

as of February 28, 2021

Financials	20.54
Information Technology	12.11
Health Care	10.42
Industrials	10.13
Consumer Staples	9.30
Consumer Discretionary	9.12
Energy	6.75
Utilities	5.88
Real Estate	5.62
Communication Services	4.97
Materials	4.70
Money Market Funds Plus Other Assets Less Liabilities	0.46

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

29

Invesco National AMT-Free Municipal Bond ETF (PZA)

February 28, 2021

(Unaudited)

Schedule of Investments

	Interest     Rate		Maturity     Date		Principal   Amount (000)			Value
Municipal Obligations-97.03%
Alabama-0.72%
Birmingham (City of) & Jefferson (County of), AL Civic Center Authority, Series 2018 A, RB		5.00%		07/01/2048		$	3,000		$	3,458,460
Birmingham (City of), AL Water Works Board, Series 2015 A, Ref. RB(a)(b)		5.00%		01/01/2025			1,000			1,169,270
Jasper (City of), AL, Series 2014, GO Wts.(a)(b)		5.00%		03/01/2024			4,000			4,554,080
Jefferson (County of), AL, Series 2013 A, Revenue Wts., (INS - AGM)(c)		5.50%		10/01/2053			5,000			5,594,650
Tuscaloosa (City of), AL Board of Education, Series 2016, Revenue Wts.(a)(b)		5.00%		08/01/2026			1,000			1,233,430
										16,009,890
Arizona-1.81%
Arizona (State of) Industrial Development Authority, Series 2020 A, RB		4.00%		11/01/2050			2,000			2,258,680
Arizona (State of) Industrial Development Authority (Phoenix Children’s Hospital), Series 2020, RB		3.00%		02/01/2045			2,000			2,064,200
Arizona (State of) Industrial Development Authority (Phoenix Children’s Hospital), Series 2020, RB		4.00%		02/01/2050			1,000			1,116,490
City of Phoenix Civic Improvement Corp., Series 2015 A, RB		5.00%		07/01/2045			2,000			2,285,340
City of Phoenix Civic Improvement Corp., Series 2019, RB		5.00%		07/01/2049			5,000			6,071,650
Maricopa (County of), AZ Industrial Development Authority (Honorhealth), Series 2021 A, RB		3.00%		09/01/2051			4,250			4,367,640
Maricopa (County of), AZ Industrial Development Authority (Honorhealth), Series 2021 A, RB		4.00%		09/01/2051			2,625			3,038,674
Phoenix (City of), AZ Industrial Development Authority (Downtown Phoenix Student Housing, LLC-Arizona State University), Series 2018 A, Ref. RB		5.00%		07/01/2042			1,000			1,118,800
Phoenix Civic Improvement Corp., Series 2019 A, RB		5.00%		07/01/2045			5,000			5,770,950
Phoenix Civic Improvement Corp., Series 2020, RB		5.00%		07/01/2044			5,000			6,354,350
Queen Creek (Town of), AZ, Series 2020, RB		4.00%		08/01/2045			1,250			1,457,262
University of Arizona (The), Series 2020, Ref. RB		4.00%		08/01/2044			4,000			4,524,680
										40,428,716
Arkansas-0.11%
University of Arkansas (Fayetteville Campus), Series 2017, RB		5.00%		11/01/2047			2,000			2,372,200
California-19.31%
Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)(c)		5.00%		10/01/2036			1,000			1,187,170
Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)(c)		5.00%		10/01/2037			940			1,113,477
Bay Area Toll Authority, Series 2019 H, Ref. RB		5.00%		04/01/2049			4,000			4,891,440
Bay Area Toll Authority (San Francisco Bay Area), Series 2014 S-6, RB(a)(b)		5.00%		10/01/2024			2,500			2,909,375
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB		4.00%		04/01/2056			5,000			5,561,500
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 S-7, Ref. RB		4.00%		04/01/2042			2,500			2,851,925
Beaumont (City of), CA Public Improvement Authority, Series 2018 A, RB, (INS - AGM)(c)		5.00%		09/01/2049			1,000			1,172,730
California (State of), Series 2014, GO Bonds		5.00%		10/01/2039			5,000			5,737,650
California (State of), Series 2016, GO Bonds		5.00%		09/01/2046			3,000			3,591,300
California (State of), Series 2017, Ref. GO Bonds		4.00%		08/01/2038			1,000			1,140,160
California (State of), Series 2019, GO Bonds		5.00%		04/01/2045			4,000			4,931,920
California (State of), Series 2019, GO Bonds		5.00%		04/01/2049			1,000			1,228,720
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2039			4,500			5,693,355
California (State of) (Green Bonds), Series 2014, GO Bonds		5.00%		10/01/2037			3,500			4,020,380
California (State of) Educational Facilities Authority (Pepperdine University), Series 2016, Ref. RB		5.00%		10/01/2046			2,000			2,338,440
California (State of) Educational Facilities Authority (Pepperdine University), Series 2016, Ref. RB		5.00%		10/01/2049			3,000			3,501,270
California (State of) Educational Facilities Authority (Stanford University), Series 2007 T-1, RB		5.00%		03/15/2039			10,000			14,161,300
California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB		5.00%		05/01/2049			4,000			6,001,880
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016
B, Ref. RB		5.00%		08/15/2035			1,000			1,199,100
California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB		4.00%		02/01/2042			3,000			3,293,070
California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB		5.00%		02/01/2042			2,250			2,640,127
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Series 2017 A-2, RB .		5.00%		11/01/2047			3,500			5,037,760
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB		4.00%		08/15/2050			2,225			2,537,613
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2011 D, Ref. RB(a)(b)		5.00%		08/15/2021			305			311,692

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

30

Invesco National AMT-Free Municipal Bond ETF (PZA) –(continued)

February 28, 2021

(Unaudited)

	Interest     Rate		Maturity     Date		Principal   Amount (000)			Value
California-(continued)
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB		5.00%		08/01/2044		$	1,930		$	2,369,191
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB		4.00%		02/01/2042			4,000			4,305,640
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB		5.00%		02/01/2042			1,715			1,965,819
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB		5.00%		02/01/2047			2,500			2,844,700
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB		5.25%		11/01/2041			1,000			1,138,410
California (State of) Municipal Finance Authority (Orange County of Civic Center Infrastructure Improvement Program - Phase I), Series 2017 A, RB		5.00%		06/01/2042			6,000			7,200,540
California (State of) Municipal Finance Authority (Pomona College), Series 2017, Ref. RB(a)(b)		5.00%		01/01/2028			1,000			1,264,200
California (State of) Municipal Finance Authority (University of La Verne), Series 2017 A, Ref. RB		5.00%		06/01/2043			1,750			2,061,308
California (State of) Public Works Board, Series 2014 B, RB		5.00%		10/01/2039			1,500			1,719,000
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018 A, Ref. RB		4.00%		12/01/2057			500			516,305
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2038			2,500			3,026,450
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2042			6,080			7,315,638
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2047			11,310			13,519,861
Centinela Valley Union High School District (Election of 2010), Series 2012 B, GO Bonds(d)		5.00%		08/01/2050			600			639,228
Chino Valley Unified School District, Series 2020 B, GO Bonds		4.00%		08/01/2045			2,500			2,891,350
Chino Valley Unified School District, Series 2020 B, GO Bonds		3.38%		08/01/2050			7,500			8,175,750
El Dorado Irrigation District, Series 2014 A, Ref. RB(a)(b)		5.00%		03/01/2024			3,000			3,419,430
El Dorado Irrigation District, Series 2014 A, Ref. RB(a)(b)		5.25%		03/01/2024			3,500			4,015,410
Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-1, Ref. RB		3.95%		01/15/2053			3,000			3,314,850
Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)(c)		5.00%		09/01/2044			6,000			6,615,840
Jurupa Unified School District, Series 2017 B, GO Bonds		4.00%		08/01/2041			10,000			11,318,800
Livermore Valley Joint Unified School District, Series 2019, GO Bonds		4.00%		08/01/2046			7,000			7,756,630
Long Beach Unified School District (Election of 2016), Series 2019 B, GO Bonds		3.00%		08/01/2050			1,270			1,329,233
Los Angeles (City of), CA (Green Bonds), Series 2015 A, RB		5.00%		06/01/2044			1,000			1,151,950
Los Angeles (City of), CA (Green Bonds), Series 2015 C, Ref. RB		5.00%		06/01/2045			1,500			1,725,900
Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB		5.25%		06/01/2047			1,500			1,821,150
Los Angeles (City of), CA Department of Water, Series 2021 C, Ref. RB		5.00%		07/01/2037			1,000			1,284,970
Los Angeles (City of), CA Department of Water, Series 2021 C, Ref. RB		5.00%		07/01/2038			1,000			1,280,990
Los Angeles (City of), CA Department of Water, Series 2021 C, Ref. RB		5.00%		07/01/2039			1,000			1,276,420
Los Angeles (City of), CA Department of Water & Power, Series 2012 B, RB		5.00%		07/01/2043			8,000			8,490,560
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB		5.00%		07/01/2044			2,360			2,929,633
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB		5.00%		07/01/2049			9,000			11,106,450
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		4.00%		06/01/2036			5,000			6,030,000
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		5.00%		06/01/2036			10,000			13,066,800
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		4.00%		06/01/2037			3,750			4,498,275
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		5.00%		06/01/2037			9,000			11,716,740
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB		5.00%		12/01/2039			2,250			2,581,717
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB		5.00%		12/01/2044			1,000			1,139,890
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB		5.00%		12/01/2045			11,400			13,267,548
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB		5.00%		12/01/2051			4,400			5,390,616
Los Angeles Unified School District, Series 2020 C, GO Bonds		4.00%		07/01/2038			1,000			1,182,860
Los Angeles Unified School District, Series 2020 C, GO Bonds		4.00%		07/01/2039			1,000			1,179,470
Los Angeles Unified School District, Series 2020 C, GO Bonds		4.00%		07/01/2040			1,000			1,175,470
Los Angeles Unified School District, Series 2020 C, GO Bonds		4.00%		07/01/2044			1,000			1,161,240
Los Angeles Unified School District (Election of 2008), Series 2016 A, GO Bonds		5.00%		07/01/2040			1,610			1,877,163
Madera Unified School District, Series 2017, GO Bonds		4.00%		08/01/2046			5,000			5,608,700
Manhattan Beach Unified School District, Series 2020 B, GO Bonds		4.00%		09/01/2045			5,635			6,618,702

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

31

Invesco National AMT-Free Municipal Bond ETF (PZA) –(continued)

February 28, 2021

(Unaudited)

	Interest     Rate		Maturity     Date		Principal   Amount (000)			Value
California-(continued)
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds		4.00%		08/01/2047		$	3,000		$	3,391,950
Metropolitan Water District of Southern California, Series 2020 A, RB		5.00%		10/01/2049			1,000			1,272,790
Morgan Hill Unified School District (Election of 2012), Series 2017 B, GO Bonds		4.00%		08/01/2047			2,000			2,249,700
Natomas Unified School District, Series 2020 A, GO Bonds, (INS - AGM)(c)		4.00%		08/01/2049			3,885			4,352,909
Norman Y Mineta San Jose International Airport SJC, Series 2017 B, Ref. RB		5.00%		03/01/2042			1,300			1,538,628
Norman Y Mineta San Jose International Airport SJC, Series 2017 B, Ref. RB		5.00%		03/01/2047			5,000			5,887,100
Oxnard School District (Election of 2016), Series 2017 A, GO Bonds, (INS - BAM)(c)		5.00%		08/01/2045			5,000			5,940,450
Perris Union High School District, Series 2019 A, GO Bonds, (INS - AGM)(c)		4.00%		09/01/2048			7,500			8,647,200
Sacramento (County of), CA, Series 2016 A, Ref. RB		5.00%		07/01/2041			2,400			2,824,920
Sacramento (County of), CA, Series 2016 B, Ref. RB		5.00%		07/01/2041			2,250			2,623,275
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB		5.00%		12/01/2050			5,600			7,140,000
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB		5.00%		04/01/2048			6,620			7,811,269
San Diego Unified School District, Series 2020 D-2, GO Bonds		2.00%		07/01/2045			20,000			18,142,400
San Diego Unified School District, Series 2020 M-2, GO Bonds		5.00%		07/01/2022			2,490			2,652,199
San Diego Unified School District, Series 2020 M-2, GO Bonds		4.00%		07/01/2050			20,000			23,141,200
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds		4.00%		07/01/2047			5,000			5,709,550
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds		5.00%		07/01/2047			4,165			5,050,229
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2014 B, RB		5.00%		05/01/2044			2,000			2,243,400
San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2017 A, GO Bonds		5.00%		08/01/2047			2,000			2,419,500
Simi Valley Unified School District (Election of 2016), Series 2017 A, GO Bonds		4.00%		08/01/2046			4,000			4,551,560
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB		5.00%		10/01/2045			2,000			2,439,060
University of California, Series 2016 AR, Ref. RB		5.00%		05/15/2046			9,500			11,257,120
University of California, Series 2018 O, Ref. RB		5.00%		05/15/2043			1,500			1,834,350
Val Verde Unified School District, Series 2020 A, GO Bonds, (INS - BAM)(c)		2.75%		08/01/2049			2,750			2,821,720
Val Verde Unified School District, Series 2020 E, GO Bonds, (INS - BAM)(c)		2.75%		08/01/2046			2,200			2,262,568
										431,545,198
Colorado-1.96%
Colorado (State of) Educational & Cultural Facilities Authority (University of Denver), Series 2017 A, RB		5.00%		03/01/2047			2,000			2,321,560
Colorado (State of) Health Facilities Authority (Evangelical Lutheran Good Samaritan Society (The)), Series 2017, Ref. RB(a)(b)		5.00%		06/01/2027			1,750			2,182,477
Colorado (State of) Health Facilities Authority (Parkview Medical Center), Series 2020 A, RB		4.00%		09/01/2050			2,800			3,094,476
Denver (City & County of), CO, Series 2016 A, Ref. RB		5.00%		08/01/2042			1,000			1,181,570
Denver (City & County of), CO, Series 2016 A, Ref. RB		5.00%		08/01/2044			750			882,758
Denver (City & County of), CO Board of Water Commissioners (Green Bonds), Series 2017 A, RB		5.00%		09/15/2047			5,000			6,005,600
Denver City & County School District No. 1, Series 2021, GO Bonds		3.00%		12/01/2043			3,970			4,339,766
Denver City & County School District No. 1, Series 2021, GO Bonds		4.00%		12/01/2045			2,000			2,370,320
E-470 Public Highway Authority, Series 2020 A, Ref. RB		5.00%		09/01/2040			2,725			3,046,604
Loveland (City of), CO Electric & Communications Enterprise, Series 2019 A, RB		5.00%		12/01/2044			5,000			6,056,700
Regional Transportation District (Green Bonds), Series 2021 B, Ref. RB		4.00%		11/01/2040			1,000			1,189,930
Regional Transportation District (Green Bonds), Series 2021 B, Ref. RB		2.00%		11/01/2041			1,000			902,510
Regional Transportation District (Green Bonds), Series 2021 B, Ref. RB		2.25%		11/01/2045			1,000			935,280
Weld County School District No. Re-5J, Series 2021, GO Bonds		4.00%		12/01/2045			4,000			4,740,640
Weld County School District Re-2, Series 2019, GO Bonds		5.00%		12/01/2044			3,550			4,469,805
										43,719,996
Connecticut-0.81%
Connecticut (State of), Series 2017 A, GO Bonds		5.00%		04/15/2035			3,745			4,496,771
Connecticut (State of), Series 2018 B, RB		5.00%		10/01/2038			4,000			4,917,120
Connecticut (State of), Series 2020 A, GO Bonds		5.00%		01/15/2040			3,000			3,739,590
Connecticut (State of), Series 2021 A, GO Bonds		3.00%		01/15/2037			1,000			1,080,160
Connecticut (State of), Series 2021 A, GO Bonds		3.00%		01/15/2038			1,000			1,076,320
Connecticut (State of), Series 2021 A, GO Bonds		3.00%		01/15/2039			1,000			1,070,820
University of Connecticut, Series 2018 A, RB		5.00%		11/15/2043			1,450			1,759,677
										18,140,458

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

32

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2021

(Unaudited)

	Interest     Rate		Maturity     Date		Principal   Amount (000)			Value
District of Columbia-0.73%
District of Columbia, Series 2011 G, RB(a)(b)		5.00%		12/01/2021		$	395		$	409,240
District of Columbia, Series 2011 G, RB		5.00%		12/01/2036			805			832,531
District of Columbia, Series 2017 A, Ref. GO Bonds		5.00%		06/01/2036			2,500			3,050,750
District of Columbia, Series 2017 A, Ref. GO Bonds		5.00%		06/01/2037			2,000			2,436,860
District of Columbia, Series 2020 A, RB		2.63%		03/01/2045			1,000			1,030,610
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2019 A, Ref. RB		5.00%		10/01/2044			1,500			1,776,840
Washington (State of) Metropolitan Area Transit Authority, Series 2020 A, RB		5.00%		07/15/2045			5,500			6,848,380
										16,385,211
Florida-3.10%
Cape Coral (City of), FL, Series 2011, Ref. RB(a)(b)		5.00%		10/01/2021			200			205,602
Davie (Town of), FL (Nova Southeastern University), Series 2018, Ref. RB		5.00%		04/01/2048			2,000			2,296,680
Escambia (County of), FL Health Facilities Authority, Series 2020, Ref. RB, (INS - AGM)(c)		3.00%		08/15/2050			5,000			5,100,600
Florida (State of) Municipal Loan Council, Series 2011 D, RB, (INS - AGM)(c)		5.50%		10/01/2041			1,500			1,541,715
Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2018 F, RB		5.00%		10/01/2048			6,745			8,081,859
JEA Electric System Revenue, Series 2013 C, RB		5.00%		10/01/2037			950			1,014,201
Lakeland (City of), FL (Lakeland Regional Health), Series 2015, RB		5.00%		11/15/2040			1,050			1,183,476
Miami Beach (City of), FL, Series 2015, RB		5.00%		09/01/2045			2,000			2,314,180
Miami Beach (City of), FL, Series 2019, Ref. GO Bonds		4.00%		05/01/2049			8,250			9,347,085
Miami Beach (City of), FL Redevelopment Agency (City Center), Series 2015, Ref. RB, (INS - AGM)(c)		5.00%		02/01/2040			4,000			4,461,320
Miami-Dade (County of), FL, Series 2012 B, Ref. RB(a)(b)		5.00%		10/01/2022			2,215			2,384,890
Miami-Dade (County of), FL, Series 2017 A, RB		3.38%		10/01/2047			5,000			5,347,850
Miami-Dade (County of), FL Transit System, Series 2012, RB(a)(b)		5.00%		07/01/2022			2,000			2,129,440
Orlando (City of), FL, Series 2018 B, RB		5.00%		10/01/2048			5,685			6,829,334
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017 C, RB		5.00%		07/01/2048			2,000			2,352,180
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017, RB		5.00%		07/01/2047			5,000			5,919,900
Tampa (City of), FL, Series 2016 A, RB		5.00%		11/15/2046			1,750			2,024,540
Tampa (City of), FL (H. Lee Moffitt Cancer Center), Series 2020 B, RB		4.00%		07/01/2045			2,500			2,807,525
Tampa (City of), FL (H. Lee Moffitt Cancer Center), Series 2020 B, RB		5.00%		07/01/2050			3,250			3,993,925
										69,336,302
Georgia-0.79%
Atlanta (City of), GA, Series 2018 B, RB		5.00%		11/01/2047			5,000			6,058,950
Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2020, Ref. RB		5.00%		04/01/2050			850			1,043,876
Fulton (County of), GA Development Authority (Wellstar Health System, Inc.), Series 2020, RB		4.00%		04/01/2050			1,000			1,128,690
Gainesville & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2017 B, Ref. RB		5.50%		02/15/2042			2,000			2,399,740
Glynn (County of) & Brunswick (City of), GA Memorial Hospital Authority (Southeast Georgia Health System), Series 2017, RAC		5.00%		08/01/2047			3,000			3,439,650
Municipal Electric Authority of Georgia, Series 2019 A, Ref. RB		5.00%		01/01/2044			1,000			1,197,290
Sandy Springs (City of), GA Public Facilities Authority (City Center), Series 2015, RB(a)(b)		5.00%		05/01/2026			2,000			2,445,640
										17,713,836
Hawaii-0.29%
Honolulu (City & County of), HI, Series 2015 A, GO Bonds		5.00%		10/01/2039			4,000			4,692,360
Honolulu (City & County of), HI Wastewater System Revenue, Series 2019 A, RB		5.00%		07/01/2049			1,500			1,856,280
										6,548,640
Illinois-6.40%
Chicago (City of), IL, Series 2012, RB, (INS - AGM)(c)		5.00%		01/01/2037			24,375			25,249,575
Chicago (City of), IL, Series 2017 A, RB, (INS - AGM)(c)		5.25%		01/01/2042			2,500			3,024,075
Chicago (City of), IL, Series 2017 A, RB, (INS - AGM)(c)		4.00%		01/01/2052			7,000			7,485,380
Chicago (City of), IL, Series 2017 A, Ref. GO Bonds		6.00%		01/01/2038			1,000			1,185,570
Chicago (City of), IL, Series 2019 A, GO Bonds		5.00%		01/01/2044			2,000			2,270,280
Chicago (City of), IL, Series 2019 A, GO Bonds		5.50%		01/01/2049			1,500			1,743,495
Chicago (City of), IL (O’Hare International Airport), Series 2015 D, RB		5.00%		01/01/2046			1,250			1,421,575

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

33

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2021

(Unaudited)

	Interest     Rate		Maturity     Date		Principal   Amount (000)			Value
Illinois-(continued)
Chicago (City of), IL (O’Hare International Airport), Series 2016 C, Ref. RB		5.00%		01/01/2037		$	2,900		$	3,373,483
Chicago (City of), IL (O’Hare International Airport), Series 2017 B, Ref. RB		5.00%		01/01/2039			7,500			8,792,625
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB, (INS - AGM)(c)		4.00%		01/01/2053			6,375			7,105,894
Chicago (City of), IL Board of Education, Series 2016, RB		6.00%		04/01/2046			2,000			2,388,840
Chicago (City of), IL Board of Education, Series 2017 B, Ref. GO Bonds(e)		7.00%		12/01/2042			5,000			6,395,900
Chicago (City of), IL Midway International Airport, Series 2016 B, Ref. RB		5.00%		01/01/2046			6,000			6,777,420
Chicago (City of), IL Transit Authority, Series 2017, RB, (INS - AGM)(c)		5.00%		12/01/2051			10,000			11,517,400
Du Page (County of), IL (Morton Abroretum), Series 2020, Ref. RB		3.00%		05/15/2047			5,000			5,007,600
Illinois (State of), Series 2020, GO Bonds		5.50%		05/01/2039			1,500			1,822,590
Illinois (State of) Finance Authority (Chicago LLC - University of Chicago), Series 2017 A, RB		5.00%		02/15/2047			1,000			1,093,810
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020 A, Ref. RB		3.00%		05/15/2050			4,000			4,028,880
Illinois (State of) Finance Authority (The Carle Foundation), Series 2011 A, RB, (INS - AGM)(c)		6.00%		08/15/2041			1,000			1,020,060
Illinois (State of) Finance Authority (University of Illinois Health Services), Series 2020, RB		4.00%		10/01/2050			1,500			1,657,545
Illinois (State of) Finance Authority (University of Illinois Health Services), Series 2020, RB		4.00%		10/01/2055			1,450			1,594,884
Illinois (State of) Toll Highway Authority, Series 2017 A, RB		5.00%		01/01/2042			5,000			6,033,450
Illinois (State of) Toll Highway Authority, Series 2020 A, RB		5.00%		01/01/2041			4,000			5,027,440
Illinois (State of) Toll Highway Authority, Series 2020 A, RB		5.00%		01/01/2045			2,500			3,103,100
Regional Transportation Authority, Series 2000, RB, (INS - NATL)(c)		6.50%		07/01/2030			1,815			2,405,910
Sales Tax Securitization Corp., Series 2018 A, Ref. RB		5.00%		01/01/2040			10,000			11,789,400
Sales Tax Securitization Corp., Series 2020 A, Ref. RB		4.00%		01/01/2038			1,000			1,137,160
Sales Tax Securitization Corp., Series 2020 A, Ref. RB		4.00%		01/01/2039			500			566,875
Sales Tax Securitization Corp., Series 2020 A, Ref. RB, (INS - BAM)(c)		5.00%		01/01/2037			1,750			2,175,477
Sales Tax Securitization Corp., Series 2020 A, Ref. RB, (INS - BAM)(c)		4.00%		01/01/2040			2,000			2,279,340
Springfield (City of), IL Electric Revenue, Series 2015, Ref. RB, (INS - AGM)(c)		5.00%		03/01/2040			3,000			3,439,230
										142,914,263
Indiana-0.86%
Indiana (State of) Health & Educational Facilities Financing Authority (Ascension Senior Credit Group), Series 2006, Ref. RB		5.00%		11/15/2046			3,000			3,594,450
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB		5.00%		02/01/2044			5,000			6,174,600
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB		5.00%		02/01/2049			6,500			7,975,630
Northern Indiana Commuter Transportation District, Series 2016, RB		5.00%		07/01/2041			1,250			1,467,112
										19,211,792
Kansas-0.23%
Kansas (State of) Department of Transportation, Series 2015, RB		5.00%		09/01/2035			2,000			2,353,140
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2016 A, RB		5.00%		09/01/2040			1,000			1,147,820
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2016 A, RB		5.00%		09/01/2045			1,500			1,710,300
										5,211,260
Kentucky-0.10%
Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.), Series 2017 A, Ref. RB, (INS - AGM)(c)		5.00%		12/01/2045			1,000			1,207,450
Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.), Series 2017 A, Ref. RB, (INS - AGM)(c)		5.00%		12/01/2047			1,000			1,055,610
										2,263,060
Louisiana-1.43%
Greater New Orleans Expressway Commission, Series 2017, RB, (INS - AGM)(c)		5.00%		11/01/2042			2,000			2,300,320
Greater New Orleans Expressway Commission, Series 2017, RB, (INS - AGM)(c)		5.00%		11/01/2047			2,000			2,286,720
Jefferson (Parish of), LA Sales Tax District, Series 2019 B, RB, (INS - AGM)(c)		5.00%		12/01/2042			2,750			3,294,252
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (LCTCS Act 360), Series 2014, RB		5.00%		10/01/2039			2,000			2,203,400
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Ragin Cajun Facilities, Inc.), Series 2018, RB, (INS - AGM)(c)		5.00%		10/01/2048			3,500			4,087,440
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Woman’s Hospital Foundation), Series 2017 A, Ref. RB		5.00%		10/01/2041			3,285			3,874,066
Louisiana (State of) Public Facilities Authority (LA Children’s Medical Center), Series 2020, RB, (INS - AGM)(c)		3.00%		06/01/2050			6,500			6,731,855

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

34

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2021

(Unaudited)

	Interest     Rate		Maturity     Date		Principal   Amount (000)			Value
Louisiana-(continued)
New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System), Series 2018 A, RB, (INS - AGM)(c)		5.00%		10/01/2048		$	5,000		$	5,782,700
Shreveport (City of), LA, Series 2019 B, RB, (INS - AGM)(c)		4.00%		12/01/2049			1,250			1,390,663
										31,951,416
Maine-0.12%
Maine (State of) Health & Higher Educational Facilities Authority (Eastern Maine Healthcare System), Series 2020 A, RB		4.00%		07/01/2050			2,000			2,263,480
Maine (State of) Turnpike Authority, Series 2020, RB		4.00%		07/01/2045			300			346,620
										2,610,100
Maryland-0.71%
Baltimore (City of), MD (Convention Center Hotel), Series 2017, Ref. RB		5.00%		09/01/2039			1,000			1,021,270
Baltimore (City of), MD (Convention Center Hotel), Series 2017, Ref. RB		5.00%		09/01/2042			500			509,250
Baltimore (City of), MD (Water), Series 2017 A, RB		5.00%		07/01/2046			9,510			11,147,622
Baltimore (City of), MD (Water), Series 2020 A, RB		5.00%		07/01/2050			600			756,906
Maryland Stadium Authority (Baltimore City Public Schools), Series 2016, RB(a)(b)		5.00%		05/01/2026			1,900			2,317,943
										15,752,991
Massachusetts-7.24%
Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds		5.00%		07/01/2036			4,000			4,689,560
Massachusetts (Commonwealth of), Series 2016 A, GO Bonds		5.00%		03/01/2041			7,150			8,001,064
Massachusetts (Commonwealth of), Series 2016 A, GO Bonds		5.00%		03/01/2046			5,000			5,582,350
Massachusetts (Commonwealth of), Series 2016 J, GO Bonds		4.00%		12/01/2044			2,900			3,257,454
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds		5.00%		04/01/2042			4,210			5,147,062
Massachusetts (Commonwealth of), Series 2017 A, Ref. RB		5.00%		06/01/2043			5,000			6,108,100
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds		5.00%		11/01/2041			10,000			12,444,700
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds		5.25%		01/01/2044			10,675			13,354,532
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds		5.00%		01/01/2049			5,000			6,083,850
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds		5.00%		11/01/2025			1,750			2,106,143
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds		5.00%		11/01/2045			2,500			3,171,700
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds		5.00%		11/01/2050			3,500			4,416,370
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2015 A, RB		5.00%		06/01/2045			3,000			3,466,410
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2018 A, RB		5.25%		06/01/2043			5,000			6,213,000
Massachusetts (Commonwealth of) Development Finance Agency (Wellforce, Inc.), Series 2020 C, Ref. RB, (INS - AGM)(c)		4.00%		10/01/2045			1,500			1,693,845
Massachusetts (State of) Bay Transportation Authority, Series 2015 A, RB		5.00%		07/01/2040			7,145			8,292,130
Massachusetts (State of) Bay Transportation Authority, Series 2020, Ref. RB		5.00%		07/01/2050			5,580			6,794,878
Massachusetts (State of) Development Finance Agency, Series 2021 G, Ref. RB		5.00%		07/01/2050			1,000			1,242,370
Massachusetts (State of) Development Finance Agency (Boston University), Series 2013 X, RB		5.00%		10/01/2048			875			957,075
Massachusetts (State of) Development Finance Agency (Boston University), Series 2016 BB1, RB		5.00%		10/01/2046			4,500			5,268,330
Massachusetts (State of) Development Finance Agency (Dana-Farber Cancer Institute), Series 2016, RB		5.00%		12/01/2041			2,665			3,139,876
Massachusetts (State of) Development Finance Agency (Dana-Farber Cancer Institute), Series 2016, RB		5.00%		12/01/2046			2,000			2,338,880
Massachusetts (State of) Development Finance Agency (Wellforce, Inc.), Series 2020 C, Ref. RB, (INS - AGM)(c)		3.00%		10/01/2045			3,500			3,568,355
Massachusetts (State of) School Building Authority, Series 2015 C, Ref. RB		5.00%		08/15/2037			8,770			10,268,442
Massachusetts (State of) School Building Authority, Series 2016 A, RB		5.00%		11/15/2045			3,410			3,973,843
Massachusetts (State of) School Building Authority, Series 2019 A, RB		5.00%		02/15/2049			5,000			5,866,850
Massachusetts (State of) Water Resources Authority, Series 2018 B, RB		5.00%		08/01/2043			5,000			6,189,700
Massachusetts (State of) Water Resources Authority (Green Bonds), Series 2016 B, Ref. RB		5.00%		08/01/2040			10,000			11,946,300
University of Massachusetts Building Authority, Series 2020 1, RB		5.00%		11/01/2050			5,000			6,180,550
										161,763,719
Michigan-0.97%
Detroit (City of), MI Water and Sewerage Department, Series 2012 A, Ref. RB(a)(b)		5.00%		07/01/2022			5,000			5,323,600

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

35

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2021

(Unaudited)

	Interest     Rate		Maturity     Date		Principal   Amount (000)			Value
Michigan-(continued)
Lansing (City of), MI Board of Water & Light, Series 2021 A, RB		5.00%		07/01/2051		$	1,000		$	1,290,510
Michigan (State of) Hospital Finance Authority (Ascension Health), Series 2010, Ref. RB		5.00%		11/15/2047			3,000			3,709,590
Michigan State University Board of Trustees, Series 2019 B, RB		5.00%		02/15/2044			1,250			1,536,525
University of Michigan, Series 2017 A, Ref. RB		5.00%		04/01/2042			2,000			2,407,420
University of Michigan, Series 2017 A, Ref. RB		5.00%		04/01/2047			3,100			3,704,345
Walled Lake Consolidated School District, Series 2020, GO Bonds		5.00%		05/01/2050			2,500			3,189,100
Wayne (County of), MI Airport Authority (Detroit Michigan Wayne County Airport), Series 2015 D, RB		5.00%		12/01/2040			500			585,895
										21,746,985
Minnesota-0.05%
Minnesota (State of) Higher Education Facilities Authority (Bethel University), Series 2017, Ref. RB		5.00%		05/01/2047			1,000			1,067,010
Missouri-0.50%
Cape Girardeau (County of), MO Industrial Development Authority (South Eastern Health), Series 2017 A, Ref. RB		5.00%		03/01/2036			1,000			1,073,120
Kansas City (City of), MO (Downtown Arena), Series 2016 E, Ref. RB		5.00%		04/01/2040			2,190			2,509,543
Metropolitan St. Louis Sewer District, Series 2016 C, RB		5.00%		05/01/2046			1,000			1,182,790
Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB		5.00%		05/01/2047			750			897,120
Missouri (State of) Health & Educational Facilities Authority (Mosaic Health System), Series 2019A, Ref. RB		4.00%		02/15/2049			5,000			5,554,050
										11,216,623
Montana-0.12%
Missoula (City of), MT, Series 2019 A, RB		4.00%		07/01/2044			2,400			2,766,600
Nebraska-0.05%
Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB		5.00%		02/01/2042			1,000			1,213,950
Nevada-0.83%
Clark (County of), NV Department of Aviation, Series 2015 A, Ref. RB		5.00%		07/01/2040			5,000			5,806,700
Clark (County of), NV Department of Aviation, Series 2017 A-2, Ref. RB		5.00%		07/01/2040			9,335			11,092,874
Las Vegas Valley Water District, Series 2012 B, GO Bonds		5.00%		06/01/2042			1,650			1,738,374
										18,637,948
New Jersey-1.61%
New Jersey (State of) Economic Development Authority, Series 2021, RB		4.00%		06/15/2046			1,000			1,088,000
New Jersey (State of) Economic Development Authority, Series 2021, RB		4.00%		06/15/2050			1,000			1,083,890
New Jersey (State of) Economic Development Authority (State House), Series 2017 B, RB		5.00%		06/15/2043			1,000			1,168,610
New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green Bonds), Series 2020 A, RB		3.00%		07/01/2050			1,000			1,006,310
New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green Bonds), Series 2020 A, RB		4.00%		07/01/2050			2,800			3,056,844
New Jersey (State of) Health Care Facilities Financing Authority (Barnabas Health), Series 2011 A, Ref. RB(a)(b)		5.63%		07/01/2021			500			508,925
New Jersey (State of) Health Care Facilities Financing Authority (Princeton HealthCare System), Series 2016 A, Ref. RB		5.00%		07/01/2039			1,000			1,176,260
New Jersey (State of) Health Care Facilities Financing Authority (University Hospital), Series 2015 A, RB, (INS - AGM)(c)		5.00%		07/01/2046			3,000			3,363,330
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		4.00%		06/15/2038			1,000			1,113,610
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		5.00%		06/15/2038			1,000			1,219,770
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		4.00%		06/15/2039			1,000			1,110,270
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		5.00%		06/15/2039			1,000			1,215,340
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		4.00%		06/15/2040			1,000			1,106,410
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		5.00%		06/15/2040			1,000			1,212,170
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		4.00%		06/15/2045			1,000			1,089,440
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		5.00%		06/15/2045			1,000			1,193,470
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		3.00%		06/15/2050			1,000			976,240
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		4.00%		06/15/2050			1,000			1,083,890
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		5.00%		06/15/2050			1,000			1,186,740
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB		5.00%		01/01/2040			1,000			1,203,570

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

36

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2021

(Unaudited)

	Interest     Rate		Maturity     Date		Principal   Amount (000)			Value
New Jersey-(continued)
New Jersey (State of) Turnpike Authority, Series 2021 A, RB		4.00%		01/01/2042		$	3,000		$	3,482,670
New Jersey (State of) Turnpike Authority, Series 2021 A, RB		4.00%		01/01/2051			2,950			3,381,467
Newark (City of), NJ Housing Authority, Series 2016, Ref. RB, (INS - AGM)(c)		5.00%		12/01/2038			2,500			2,982,125
										36,009,351
New Mexico-0.08%
Albuquerque (City of), NM, Series 2020, RB		5.00%		07/01/2046			1,335			1,678,389
New York-20.98%
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)(c)		3.00%		04/01/2045			8,000			8,160,480
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)(c)		3.00%		04/01/2050			3,750			3,790,725
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)(c)		4.00%		04/01/2050			3,000			3,324,090
Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB		5.00%		07/01/2041			5,000			5,435,050
Erie (County of), NY, Series 2020, GO Notes		3.00%		06/24/2021			5,000			5,041,350
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2042			5,000			5,853,300
Long Island (City of), NY Power Authority, Series 2012 A, RB(a)(b)		5.00%		09/01/2022			2,305			2,472,850
Long Island (City of), NY Power Authority, Series 2012 A, RB		5.00%		09/01/2037			4,630			4,936,275
Long Island (City of), NY Power Authority, Series 2014 A, Ref. RB		5.00%		09/01/2039			2,500			2,828,975
Long Island (City of), NY Power Authority, Series 2017, RB		5.00%		09/01/2042			1,300			1,566,682
Long Island (City of), NY Power Authority, Series 2017, RB		5.00%		09/01/2047			1,000			1,196,620
Metropolitan Transportation Authority, Series 2012 A-1, RB		5.00%		11/15/2040			13,190			14,052,890
Metropolitan Transportation Authority, Series 2012 E, RB, (INS - AGM)(c)		5.00%		11/15/2042			1,510			1,605,447
Metropolitan Transportation Authority, Series 2015 C-1, Ref. RB		5.00%		11/15/2035			5,000			5,706,100
Metropolitan Transportation Authority (Green Bonds), Series 2016 B-1, RB		5.00%		11/15/2046			2,350			2,765,527
Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB		5.00%		11/15/2052			7,025			8,128,627
Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB, (INS - AGM)(c)		4.00%		11/15/2049			9,000			10,080,360
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB		4.00%		11/15/2051			2,900			3,153,489
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGM)(c)		4.00%		11/15/2050			5,000			5,665,750
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB		5.25%		11/15/2055			6,000			7,206,600
Monroe County Industrial Development Corp. (University of Rochester), Series 2020 A, RB		4.00%		07/01/2050			2,000			2,259,900
MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB		5.00%		11/15/2051			2,000			2,053,140
Nassau (County of), NY, Series 2019 B, GO Bonds, (INS - AGM)(c)		5.00%		04/01/2049			5,000			6,170,050
New York & New Jersey (States of) Port Authority, Series 2014, RB		5.00%		09/01/2039			6,000			6,811,680
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB		5.00%		10/15/2041			4,460			5,211,153
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB		5.00%		05/01/2045			3,500			4,016,810
New York & New Jersey (States of) Port Authority, Series 2017 200, Ref. RB		5.25%		10/15/2057			2,400			2,847,504
New York & New Jersey (States of) Port Authority, Series 2018, Ref. RB		5.00%		09/01/2048			6,590			7,949,385
New York & New Jersey (States of) Port Authority, Series 2020, Ref. RB		4.00%		07/15/2040			2,000			2,313,020
New York (City of), NY, Series 2017 B-1, GO Bonds		5.00%		12/01/2041			4,955			5,871,526
New York (City of), NY, Series 2019 B-1, GO Bonds		5.00%		10/01/2038			6,500			8,055,710
New York (City of), NY, Series 2020 BB1, RB		3.00%		06/15/2050			1,000			1,033,100
New York (City of), NY, Series 2020 BB1, RB		4.00%		06/15/2050			2,000			2,306,940
New York (City of), NY, Series 2020 BB1, RB		5.00%		06/15/2050			1,000			1,250,860
New York (City of), NY, Series 2020 BB2, Ref. RB		4.00%		06/15/2042			1,000			1,164,350
New York (City of), NY, Series 2020 D-1, GO Bonds		5.00%		03/01/2038			6,250			7,814,312
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2009, RB(a)(b)		6.50%		03/15/2021			500			501,110
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)(c)		3.00%		01/01/2037			1,395			1,474,850
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)(c)		2.00%		01/01/2038			1,500			1,400,160
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)(c)		3.00%		01/01/2039			1,250			1,311,263
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)(c)		3.00%		01/01/2040			1,750			1,830,938

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

37

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2021

(Unaudited)

	Interest     Rate		Maturity     Date		Principal   Amount (000)			Value
New York-(continued)
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGM)(c)		3.00%		01/01/2046		$	5,000		$	5,167,950
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(c)		3.00%		03/01/2049			5,000			5,163,950
New York (City of), NY Municipal Water Finance Authority, Series 2012 BB, RB		5.00%		06/15/2044			3,295			3,415,696
New York (City of), NY Municipal Water Finance Authority, Series 2012 CC, Ref. RB		5.00%		06/15/2045			8,670			8,986,888
New York (City of), NY Municipal Water Finance Authority, Series 2012 FF, RB		5.00%		06/15/2045			1,000			1,058,520
New York (City of), NY Municipal Water Finance Authority, Series 2013 BB, RB		5.00%		06/15/2047			9,640			10,408,886
New York (City of), NY Municipal Water Finance Authority, Series 2013 EE, RB		5.00%		06/15/2047			500			547,395
New York (City of), NY Municipal Water Finance Authority, Series 2015 EE, Ref. RB		5.00%		06/15/2036			600			684,018
New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB		5.00%		06/15/2037			5,750			6,939,617
New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-1, RB		5.00%		06/15/2049			5,000			6,147,600
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB		5.00%		06/15/2044			5,000			6,168,100
New York (City of), NY Municipal Water Finance Authority (Water & Sewer System), Series 2012 CC, Ref. RB(a)(b)		5.00%		12/15/2021			1,535			1,593,959
New York (City of), NY Municipal Water Finance Authority (Water & Sewer System), Series 2019 FF, RB		4.00%		06/15/2049			2,500			2,832,550
New York (City of), NY Municipal Water Finance Authority (Water & Sewer System), Series 2019 FF, RB		5.00%		06/15/2049			6,165			7,506,319
New York (City of), NY Transitional Finance Authority, Series 2011 S-1, RB		5.25%		07/15/2037			4,200			4,273,668
New York (City of), NY Transitional Finance Authority, Series 2015 B-1, RB		5.00%		08/01/2042			4,330			4,899,005
New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB		5.00%		07/15/2040			3,000			3,442,140
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB		4.00%		08/01/2041			1,850			2,052,723
New York (City of), NY Transitional Finance Authority, Series 2019 S-3A, Ref. RB		5.00%		07/15/2037			1,000			1,221,620
New York (City of), NY Transitional Finance Authority, Series 2019, RB		4.00%		11/01/2040			5,000			5,641,800
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		3.00%		11/01/2037			9,000			9,551,340
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		4.00%		11/01/2038			3,000			3,456,600
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		3.00%		11/01/2039			4,000			4,212,120
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		4.00%		02/01/2038			1,000			1,158,600
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		4.00%		02/01/2039			1,000			1,154,770
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		4.00%		02/01/2040			1,000			1,150,920
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		4.00%		02/01/2041			1,000			1,147,220
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		4.00%		02/01/2042			1,500			1,712,400
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		4.00%		02/01/2043			1,000			1,139,500
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		4.00%		02/01/2046			1,000			1,131,780
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		4.00%		02/01/2049			2,000			2,256,920
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		2.25%		02/01/2051			2,000			1,817,220
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		3.00%		02/01/2051			1,125			1,155,454
New York (State of) Dormitory Authority, Series 2011 C, RB		5.00%		03/15/2041			4,000			4,013,120
New York (State of) Dormitory Authority, Series 2012 A, RB(a)(b)		5.00%		07/01/2022			5,000			5,324,300
New York (State of) Dormitory Authority, Series 2012 B, RB		5.00%		03/15/2042			4,500			4,699,710
New York (State of) Dormitory Authority, Series 2013 A, RB(a)(b)		5.00%		07/01/2023			5,000			5,555,250
New York (State of) Dormitory Authority, Series 2014 E, Ref. RB		5.00%		02/15/2044			1,905			2,202,009
New York (State of) Dormitory Authority, Series 2015 A, Ref. RB(a)(b)		5.00%		03/15/2025			5			5,889
New York (State of) Dormitory Authority, Series 2020 A, RB		3.00%		07/01/2048			4,000			4,125,480
New York (State of) Dormitory Authority, Series 2020 A, RB		4.00%		07/01/2053			4,000			4,521,080
New York (State of) Dormitory Authority, Series 2020 B, RN		5.00%		03/31/2021			20,800			20,885,072
New York (State of) Dormitory Authority (Columbia University), Series 2016 A-2, RB		5.00%		10/01/2046			500			590,245
New York (State of) Dormitory Authority (Columbia University), Series 2018 B, Ref. RB		5.00%		10/01/2038			5,000			6,206,950
New York (State of) Dormitory Authority (Cornell University), Series 2020 A, Ref. RB		5.00%		07/01/2050			6,500			8,174,530
New York (State of) Dormitory Authority (Fordham University), Series 2016 A, Ref. RB		5.00%		07/01/2041			750			883,635
New York (State of) Dormitory Authority (Fordham University), Series 2020, RB		4.00%		07/01/2050			2,000			2,236,360
New York (State of) Dormitory Authority (General Purpose), Series 2020 D, Ref. RB		5.00%		02/15/2048			5,000			6,116,650
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A, Ref. RB		5.00%		07/01/2040			3,235			3,691,135
New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB		3.00%		02/01/2050			2,000			2,062,280
New York (State of) Dormitory Authority (New School (The)), Series 2015 A, Ref. RB		5.00%		07/01/2045			3,500			3,964,100
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB		5.00%		07/01/2046			1,000			1,140,150

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

38

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2021

(Unaudited)

	Interest     Rate		Maturity     Date		Principal   Amount (000)			Value
New York-(continued)
New York (State of) Dormitory Authority (New York University), Series 2012 A, RB(a)(b)		5.00%		07/01/2022		$	1,200		$	1,277,832
New York (State of) Dormitory Authority (New York University), Series 2015 A, Ref. RB		5.00%		07/01/2035			2,350			2,771,661
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB		5.00%		07/01/2042			7,000			8,681,750
New York (State of) Dormitory Authority (North Shore - Long Island Jewish Obligated Group), Series 2015 A, Ref. RB		5.00%		05/01/2036			2,440			2,761,177
New York (State of) Dormitory Authority (State University of New York), Series 2015 B, Ref. RB		5.00%		07/01/2045			6,325			7,142,380
New York (State of) Dormitory Authority (State University of New York), Series 2019 A, RB		4.00%		07/01/2049			1,000			1,123,110
New York (State of) Power Authority, Series 2020 A, Ref. RB		3.25%		11/15/2060			3,620			3,842,702
New York (State of) Thruway Authority, Series 2016 A, RB		5.25%		01/01/2056			4,000			4,697,200
New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGM)(c)		4.00%		01/01/2040			5,000			5,780,700
New York (State of) Thruway Authority, Series 2020 N, RB		3.00%		01/01/2049			3,400			3,529,608
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		5.00%		11/15/2040			2,000			2,255,500
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		5.00%		11/15/2045			3,000			3,357,810
New York Liberty Development Corp., Series 2019, Ref. RB		2.80%		09/15/2069			1,500			1,451,400
New York State Environmental Facilities Corp., Series 2020, Ref. RB		4.00%		06/15/2045			2,000			2,295,460
New York State Environmental Facilities Corp., Series 2020, Ref. RB		4.00%		06/15/2049			5,500			6,289,745
New York State Urban Development Corp., Series 2013 A-1, RB		5.00%		03/15/2043			1,000			1,085,330
New York State Urban Development Corp., Series 2020 A, RB		5.00%		03/15/2041			1,000			1,245,150
New York State Urban Development Corp., Series 2020 A, RB		3.00%		03/15/2050			2,000			2,053,020
New York State Urban Development Corp., Series 2020, Ref. RB		3.00%		03/15/2040			1,000			1,050,540
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		5.00%		12/01/2037			1,000			1,232,270
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		5.00%		12/01/2038			1,000			1,231,300
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		4.00%		12/01/2039			2,500			2,789,400
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		4.00%		12/01/2040			4,550			5,073,751
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		4.00%		12/01/2041			1,000			1,114,440
Triborough Bridge & Tunnel Authority, Series 2015 A, RB		5.00%		11/15/2040			525			606,155
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB		5.00%		11/15/2041			4,000			4,663,080
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB		5.00%		11/15/2046			3,000			3,471,360
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2038			1,500			1,801,830
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB		5.00%		11/15/2054			1,500			1,870,380
										468,760,182
North Carolina-0.36%
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2017 A, RB		5.00%		07/01/2047			2,000			2,370,580
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2019 A, RB		5.00%		07/01/2049			1,750			2,141,493
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2015 B, Ref. RB(a)(b)		5.00%		10/01/2025			3,000			3,606,060
										8,118,133
Ohio-2.19%
American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB		5.00%		02/15/2041			2,000			2,355,780
American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB		5.00%		02/15/2046			2,000			2,352,640
Franklin (County of), OH Convention Facilities Authority (Greater Columbus Convention Center), Series 2019, RB		5.00%		12/01/2051			1,000			1,031,010
Hamilton (County of), OH (Christ Hospital), Series 2012, RB(a)(b)		5.00%		06/01/2022			4,400			4,664,088
Miami University, Series 2020 A, Ref. RB		4.00%		09/01/2045			3,500			3,990,595
Montgomery (County of), OH (Kettering Health Network), Series 2021, Ref. RB		3.00%		08/01/2051			1,100			1,111,143
Montgomery (County of), OH (Kettering Health Network), Series 2021, Ref. RB		4.00%		08/01/2051			625			705,594
North Royalton City School District, Series 2017, GO Bonds		5.00%		12/01/2047			5,000			5,737,400
Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB		5.00%		02/15/2046			500			635,685
Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB		5.00%		02/15/2051			1,000			1,264,640

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

39

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2021

(Unaudited)

	Interest     Rate		Maturity     Date		Principal   Amount (000)			Value
Ohio-(continued)
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB		5.00%		12/01/2044		$	10,000		$	12,600,200
Ohio State University (The), Series 2014 A, RB		5.00%		12/01/2039			11,100			12,569,862
										49,018,637
Oklahoma-0.63%
Grand River Dam Authority, Series 2014 A, RB		5.00%		06/01/2039			3,500			3,898,545
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB		5.00%		01/01/2042			5,000			5,793,900
Oklahoma (State of) Turnpike Authority, Series 2017 C, RB		5.00%		01/01/2047			1,660			1,956,028
Oklahoma (State of) Turnpike Authority, Series 2018 A, RB		5.00%		01/01/2043			2,000			2,370,100
										14,018,573
Oregon-1.54%
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB, (INS - AGM)(c)		4.00%		08/15/2045			7,000			8,099,490
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB, (INS - AGM)(c)		3.00%		08/15/2050			5,000			5,190,050
Oregon (State of) (Article XI-G OHSU), Series 2017 H, GO Bonds		5.00%		08/01/2042			5,000			6,047,850
Oregon (State of) (Article XI-Q State), Series 2017 A, GO Bonds		5.00%		05/01/2042			2,500			3,005,700
Oregon (State of) Facilities Authority (Reed College), Series 2017, Ref. RB		5.00%		07/01/2047			1,000			1,180,050
University of Oregon, Series 2015 A, RB		5.00%		04/01/2045			7,515			8,435,287
University of Oregon, Series 2020 A, RB		5.00%		04/01/2050			2,000			2,480,340
										34,438,767
Pennsylvania-2.76%
Allegheny (County of), PA, Series 2020 C-78, GO Bonds		4.00%		11/01/2045			3,875			4,535,184
Allegheny (County of), PA, Series 2020 C-78, GO Bonds		4.00%		11/01/2049			5,000			5,827,850
Berks (County of), PA Industrial Development Authority (Tower Health), Series 2017, Ref. RB		3.75%		11/01/2042			1,000			940,180
Bucks (County of), PA Industrial Development Authority (St. Luke’s University Health), Series 2021, RB		3.00%		08/15/2053			1,000			1,006,390
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB		5.00%		07/01/2042			1,000			1,204,460
Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB		5.00%		04/01/2050			2,500			3,072,550
Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016, Ref. RB		5.00%		08/15/2046			1,500			1,774,680
Pennsylvania (Commonwealth of) (Municipal Real Estate Funding, LLC), Series 2018 A, Ref. COP		5.00%		07/01/2043			250			296,712
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2017 A, RB		5.00%		08/15/2046			2,000			2,354,700
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2018 A, RB		5.00%		02/15/2048			1,410			1,683,921
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2012 B, RB(a)(b)		5.00%		12/01/2022			1,985			2,150,728
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2012 B, RB(a)(b)		5.00%		12/01/2022			6,815			7,390,254
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 B, RB		5.25%		12/01/2039			5,000			5,756,700
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB		5.25%		12/01/2048			5,000			6,122,750
Pennsylvania (State of) Turnpike Commission, Series 2021 A, RB		4.00%		12/01/2043			100			115,085
Pennsylvania (State of) Turnpike Commission, Series 2021 A, RB		4.00%		12/01/2044			100			114,607
Pennsylvania (State of) Turnpike Commission, Series 2021 A, RB		4.00%		12/01/2045			100			114,307
Pennsylvania (State of) Turnpike Commission, Series 2021 A, RB		4.00%		12/01/2046			100			112,572
Pennsylvania (State of) Turnpike Commission, Series 2021 A, RB		4.00%		12/01/2050			100			112,200
Philadelphia (City of), PA, Series 2020 A, RB		5.00%		11/01/2045			1,500			1,892,460
Philadelphia (City of), PA, Series 2020 A, RB		5.00%		11/01/2050			2,400			2,994,912
Philadelphia (City of), PA (Philadelphia Gas Works Co.), Series 2017 15, Ref. RB		5.00%		08/01/2047			7,000			8,202,180
Philadelphia (City of), PA Industrial Development Authority (Thomas Jefferson University), Series 2017 A, Ref. RB		5.00%		09/01/2042			1,950			2,296,359
Westmoreland (County of), PA Industrial Development Authority (Excela Health), Series 2020 A, Ref. RB		4.00%		07/01/2037			1,400			1,581,188
										61,652,929
Puerto Rico-0.02%
Puerto Rico (Commonwealth of), Series 2007 A-4, Ref. GO Bonds, (INS - AGM)(c)		5.00%		07/01/2031			500			516,855
Rhode Island-0.11%
Rhode Island Health & Educational Building Corp. (Providence College), Series 2017, RB		5.00%		11/01/2047			2,000			2,344,000

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

40

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2021

(Unaudited)

	Interest     Rate		Maturity     Date		Principal   Amount (000)			Value
South Carolina-0.96%
South Carolina (State of) Public Service Authority, Series 2013 E, RB		5.00%		12/01/2048		$	4,660		$	5,129,775
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB		5.00%		12/01/2039			2,000			2,270,180
South Carolina (State of) Public Service Authority, Series 2015 E, RB		5.25%		12/01/2055			2,500			2,927,350
South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB		5.00%		12/01/2037			7,000			8,308,300
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB		4.00%		12/01/2040			500			580,380
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB		3.00%		12/01/2041			1,085			1,134,606
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB		4.00%		12/01/2042			500			576,455
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB		5.00%		12/01/2043			500			625,885
										21,552,931
Tennessee-0.76%
Metropolitan Government Nashville & Davidson County Health & Educational Facs Board (Vanderbilt University), Series 2016, RB		5.00%		07/01/2040			3,000			3,504,870
Metropolitan Government Nashville & Davidson County Health & Educational Facs Board (Vanderbilt University), Series 2017 A, RB		4.00%		07/01/2047			1,250			1,355,975
Metropolitan Nashville Airport Authority (The), Series 2015 A, RB		5.00%		07/01/2045			1,500			1,716,030
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 A, RB		5.00%		05/15/2046			1,000			1,279,180
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB		5.00%		07/01/2046			2,750			3,172,840
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2017 A, RB		5.00%		07/01/2048			2,000			2,337,080
Tennessee (State of) School Bond Authority, Series 2017, RB		5.00%		11/01/2047			3,000			3,597,630
										16,963,605
Texas-12.10%
Austin (City of), TX, Series 2016, Ref. RB		5.00%		11/15/2041			1,000			1,218,000
Austin (City of), TX, Series 2016, Ref. RB		5.00%		11/15/2045			1,000			1,209,990
Austin (City of), TX, Series 2019 B, RB		5.00%		11/15/2049			5,000			6,279,450
Austin (City of), TX, Series 2020 A, Ref. RB		5.00%		11/15/2045			500			642,965
Austin (City of), TX, Series 2020 A, Ref. RB		5.00%		11/15/2050			730			934,400
Central Texas Regional Mobility Authority, Series 2016, Ref. RB		5.00%		01/01/2040			1,250			1,428,813
Central Texas Regional Mobility Authority, Series 2016, Ref. RB		5.00%		01/01/2046			700			793,107
Central Texas Regional Mobility Authority, Series 2020 E, RB		5.00%		01/01/2045			1,000			1,220,840
Central Texas Regional Mobility Authority, Series 2020 E, RB		4.00%		01/01/2050			1,000			1,133,380
Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2017, Ref. RB, (CEP - Texas Permanent School Fund)		4.00%		08/15/2042			8,500			9,748,480
Dallas (City of), TX, Series 2017, RB		5.00%		10/01/2046			6,000			7,247,280
Dallas (City of), TX, Series 2020 C, Ref. RB		5.00%		10/01/2045			11,000			14,268,430
Dallas (City of), TX (Civic Center Convention Complex), Series 2009, Ref. RB, (INS - AGC)(c)		5.25%		08/15/2034			2,500			2,508,800
Dallas (City of), TX Area Rapid Transit, Series 2016 A, Ref. RB		5.00%		12/01/2046			5,540			6,472,216
Friendswood Independent School District, Series 2021, GO Bonds, (CEP - Texas Permanent School Fund)		2.00%		02/15/2051			1,000			894,610
Grand Parkway Transportation Corp., Series 2018 A, RB		5.00%		10/01/2043			10,000			12,244,300
Harris County Toll Road Authority (The), Series 2021, Ref. RB		4.00%		08/15/2045			1,000			1,171,060
Harris County Toll Road Authority (The), Series 2021, Ref. RB		3.00%		08/15/2050			1,000			1,062,230
Harris County Toll Road Authority (The), Series 2021, Ref. RB		4.00%		08/15/2050			1,000			1,167,260
Harris County-Houston Sports Authority, Series 2014 A, Ref. RB		5.00%		11/15/2053			3,950			4,261,497
Houston (City of), TX, Series 2020 C, Ref. RB		4.00%		11/15/2043			3,500			4,123,035
Houston (City of), TX, Series 2020 C, Ref. RB		5.00%		11/15/2045			3,500			4,468,485
Houston (City of), TX, Series 2020 C, Ref. RB		3.00%		11/15/2047			7,000			7,403,410
Houston (City of), TX, Series 2020 C, Ref. RB		4.00%		11/15/2049			3,000			3,509,820
Hutto (City of), TX, Series 2017, GO Bonds, (INS - AGM)(c)		5.00%		08/01/2057			10,000			11,577,200
Lamar Consolidated Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2043			5,000			5,908,350
Lamar Consolidated Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2047			5,000			5,829,600
Leander Independent School District, Series 2020 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2045			1,000			1,192,890
Lower Colorado River Authority, Series 2012 A, Ref. RB		5.00%		05/15/2039			1,900			1,994,924

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

41

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2021

(Unaudited)

	Interest     Rate		Maturity     Date		Principal   Amount (000)			Value
Texas-(continued)
Lower Colorado River Authority, Series 2013, Ref. RB		5.00%		05/15/2039		$	1,000		$	1,087,220
Lower Colorado River Authority, Series 2015, Ref. RB		5.00%		05/15/2040			500			573,305
Lower Colorado River Authority, Series 2021, Ref. RB		5.00%		05/15/2046			1,250			1,546,325
Lower Colorado River Authority, Series 2021, Ref. RB		5.00%		05/15/2051			1,250			1,540,075
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB		5.00%		05/15/2044			2,000			2,367,120
Mesquite Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2048			5,000			6,089,500
Mesquite Independent School District, Series 2020 A, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2045			4,000			4,661,760
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB		5.00%		07/01/2046			1,000			1,005,970
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB		5.00%		07/01/2051			1,000			1,003,640
New Hope Cultural Education Facilities Finance Corp. (CHF-Collegiate Housing College Station I, LLC - Texas A&M University), Series 2014 A, RB, (INS - AGM)(c)		5.00%		04/01/2046			1,250			1,351,188
North Fort Bend Water Authority, Series 2011, RB, (INS - AGM)(c)		5.00%		12/15/2036			2,500			2,588,750
North Texas Tollway Authority, Series 2015 B, Ref. RB		5.00%		01/01/2040			2,500			2,683,225
North Texas Tollway Authority, Series 2016 A, Ref. RB		5.00%		01/01/2039			1,800			2,081,898
North Texas Tollway Authority, Series 2017 A, Ref. RB		5.00%		01/01/2048			6,270			7,463,808
North Texas Tollway Authority, Series 2018, Ref. RB		5.00%		01/01/2048			5,000			5,837,300
Prosper Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2047			1,000			1,192,360
Prosper Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2049			6,500			8,014,435
Richardson Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2042			2,285			2,701,121
Rockwall Independent School District, Series 2016, GO Bonds(a)(b)		5.00%		02/15/2025			2,045			2,405,615
San Antonio (City of), TX, Series 2017, RB		5.00%		02/01/2047			10,000			12,065,500
San Antonio (City of), TX, Series 2020, RB		5.00%		02/01/2049			4,000			4,976,400
San Antonio (City of), TX Water System, Series 2018 A, Ref. RB		5.00%		05/15/2043			2,500			3,059,150
San Antonio (City of), TX Water System, Series 2020 A, Ref. RB		5.00%		05/15/2050			10,000			12,458,800
San Antonio (City of), TX Water System, Series 2020 C, RB		5.00%		05/15/2046			5,000			6,271,050
San Jacinto College District, Series 2019 A, GO Bonds		5.00%		02/15/2049			2,000			2,447,760
San Jacinto River Authority (Groundwater Reduction Plan Division), Series 2011, RB, (INS - AGM)(c)		5.00%		10/01/2037			1,000			1,003,420
Sherman Independent School District, Series 2018 A, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2045			6,785			8,229,594
Socorro Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2044			4,000			4,670,640
Spring Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2042			2,000			2,401,060
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016, Ref. RB		5.00%		11/15/2045			750			878,910
Texas (State of), Series 2014 A, Ref. GO Bonds(a)(b)		5.00%		10/01/2024			3,280			3,818,379
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2015 C, Ref. RB		5.00%		08/15/2042			2,500			2,774,125
Texas (State of) Water Development Board, Series 2015 A, RB		5.00%		10/15/2045			3,910			4,601,249
Texas (State of) Water Development Board, Series 2016, RB		5.00%		10/15/2046			1,000			1,209,460
Texas (State of) Water Development Board, Series 2017 A, RB		5.00%		10/15/2047			4,975			6,077,957
Texas (State of) Water Development Board, Series 2018 B, RB		5.00%		04/15/2049			10,000			12,381,200
Ysleta Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2047			2,500			2,953,475
										270,387,566
Utah-0.48%
Salt Lake (City of), UT (Salt Lake City International Airport), Series 2017 B, RB		5.00%		07/01/2047			4,000			4,709,800
Salt Lake City Corp., Series 2017 B, RB		5.00%		07/01/2042			2,000			2,371,840
Salt Lake City Corp., Series 2018 B, RB		5.00%		07/01/2048			3,000			3,586,230
										10,667,870
Virginia-0.33%
Chesapeake Bay Bridge & Tunnel District, Series 2016, RB		5.00%		07/01/2051			3,395			3,830,307
Lynchburg Economic Development Authority, Series 2017 A, Ref. RB		5.00%		01/01/2047			1,000			1,154,940
Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB		4.00%		05/15/2036			2,000			2,307,640
										7,292,887

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

42

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2021

	Interest     Rate		Maturity     Date		Principal   Amount (000)			Value
Washington-2.31%
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB		5.00%		11/01/2041		$	6,500		$	7,830,225
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB		5.00%		11/01/2046			3,000			4,382,070
King & Snohomish Counties School District No. 417 Northshore, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2036			2,000			2,482,020
King (County of), WA, Series 2016 B, Ref. RB(a)(b)		5.00%		07/01/2023			14,695			16,323,206
Snohomish (County of), WA Public Utility District No. 1, Series 2015, RB		5.00%		12/01/2040			1,000			1,182,430
Washington (State of), Series 2017 D, GO Bonds		5.00%		02/01/2038			5,000			6,056,200
Washington (State of), Series 2017 D, GO Bonds		5.00%		02/01/2041			4,855			5,847,216
Washington (State of) (Senior 520 Corridor Program), Series 2011 C, GO Bonds(a)(b)		5.00%		06/01/2021			1,340			1,355,812
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB		5.00%		09/01/2055			3,000			3,692,550
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB		4.00%		08/15/2042			1,000			1,081,710
Washington (State of) Higher Education Facilities Authority (Seattle University), Series 2020, RB		4.00%		05/01/2050			1,200			1,335,804
										51,569,243
Wisconsin-0.57%
Public Finance Authority (KU Campus Development Corp. -Central District Development), Series 2016, RB		5.00%		03/01/2041			5,000			5,831,200
Wisconsin (State of) Health & Educational Facilities Authority (ProHealth Care, Inc. Obligated Group), Series 2015, Ref. RB		5.00%		08/15/2039			1,500			1,660,725
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2020, Ref. RB, (INS - AGM)(c)		3.00%		06/01/2045			5,000			5,204,650
										12,696,575
TOTAL INVESTMENTS IN SECURITIES(f) -97.03% (Cost $2,072,402,053)										2,168,214,657
OTHER ASSETS LESS LIABILITIES-2.97%										66,336,328
NET ASSETS-100.00%									$	2,234,550,985

Investment Abbreviations:

AGC -Assured Guaranty Corp.

AGM -Assured Guaranty Municipal Corp.

BAM -Build America Mutual Assurance Co.

CEP -Credit Enhancement Provider

COP -Certificates of Participation

GO -General Obligation

INS -Insurer

NATL -National Public Finance Guarantee Corp.

RAC -Revenue Anticipation Certificates

RB -Revenue Bonds

Ref. -Refunding

RN -Revenue Notes

Wts. -Warrants

Notes to Schedule of Investments:

^(a) Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(b)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(c)  Principal and/or interest payments are secured by the bond insurance company listed.

^(d) Security subject to crossover refunding.

^(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 value of this security at February 28, 2021 represented less than 1% of the Fund’s Net Assets.

^(f) This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

Entities	Percentage
Assured Guaranty Municipal Corp		10.83	%

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

43

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

February 28, 2021

(Unaudited)

Portfolio Composition

Revenue Type Breakdown (% of the Fund’s Net Assets)

as of February 28, 2021

Ad Valorem Property Tax	16.98
Water Revenue	11.31
College & University Revenue	10.86
Health, Hospital, Nursing Home Revenue	8.72
Sales Tax Revenue	7.60
Highway Tolls Revenue	6.86
Income Tax Revenue	5.53
Port, Airport & Marina Revenue	5.21
Lease Revenue	4.17
Electric Power Revenue	4.03
Miscellaneous Revenue	3.97
Sewer Revenue	3.21
Revenue Types Each Less Than 3%	8.58
Other Assets Less Liabilities	2.97

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

44

Invesco New York AMT-Free Municipal Bond ETF (PZT)

February 28, 2021

(Unaudited)

Schedule of Investments

	Interest     Rate			Maturity     Date		Principal   Amount (000)			Value
Municipal Obligations-96.83%
Guam-0.97%
Guam (Territory of) Power Authority, Series 2012 A, Ref. RB, (INS - AGM)(a)		5.00	%		10/01/2030		$	1,000		$	1,062,060
New York-95.86%
Battery Park (City of), NY Authority, Series 2019, RB		4.00	%		11/01/2044			1,000			1,172,820
Battery Park (City of), NY Authority, Series 2019, RB		5.00	%		11/01/2049			2,500			3,160,125
Brooklyn Arena Local Development Corp. (Barclays Center), Series 2016 A, Ref. RB		5.00	%		07/15/2042			2,000			2,301,960
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)(a)		3.00	%		04/01/2045			1,000			1,020,060
Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB		5.00	%		07/01/2041			1,000			1,087,010
Dutchess County Local Development Corp. (Health Quest Systems, Inc.), Series 2016 B, RB		5.00	%		07/01/2046			500			560,185
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00	%		02/15/2042			450			526,797
Long Island (City of), NY Power Authority, Series 2014 A, Ref. RB		5.00	%		09/01/2044			2,000			2,246,340
Metropolitan Transportation Authority (Green Bonds), Series 2016 A1, RB		5.25	%		11/15/2056			1,000			1,147,430
Metropolitan Transportation Authority (Green Bonds), Series 2016 B-1, RB		5.00	%		11/15/2046			1,500			1,765,230
Metropolitan Transportation Authority (Green Bonds), Series 2019 A-2, RB, (INS - AGM)(a)		5.00	%		11/15/2044			800			963,552
Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB, (INS - AGM)(a)		4.00	%		11/15/2049			1,000			1,120,040
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB		5.25	%		11/15/2055			1,000			1,201,100
Monroe County Industrial Development Corp. (University of Rochester), Series 2020 A, RB		4.00	%		07/01/2050			1,000			1,129,950
MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB		5.00	%		11/15/2051			1,240			1,272,947
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB		5.25	%		10/15/2055			1,000			1,163,470
New York & New Jersey (States of) Port Authority, Series 2018, Ref. RB		5.00	%		09/01/2048			1,500			1,809,420
New York & New Jersey (States of) Port Authority, Series 2021, Ref. RB		4.00	%		07/15/2040			800			935,528
New York & New Jersey (States of) Port Authority, Series 2021, Ref. RB		4.00	%		07/15/2041			750			873,765
New York (City of), NY, Series 2017 A-1, GO Bonds		5.00	%		08/01/2038			500			592,785
New York (City of), NY, Series 2017 B-1, GO Bonds		4.00	%		12/01/2043			2,000			2,213,120
New York (City of), NY, Series 2018 E-1, GO Bonds		5.00	%		03/01/2038			1,000			1,200,550
New York (City of), NY, Series 2019 B-1, GO Bonds		5.00	%		10/01/2039			2,000			2,470,940
New York (City of), NY, Series 2020 BB1, RB		3.00	%		06/15/2050			1,000			1,033,100
New York (City of), NY, Series 2020 BB1, RB		4.00	%		06/15/2050			1,000			1,153,470
New York (City of), NY, Series 2020 C, GO Bonds		5.00	%		08/01/2043			1,000			1,240,210
New York (City of), NY, Series 2020 GG-1, RB.		5.00	%		06/15/2050			1,000			1,239,280
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2009, RB(b)(c)		6.50	%		03/15/2021			2,500			2,505,550
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a)		3.00	%		03/01/2049			2,000			2,065,580
New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB		5.25	%		06/15/2037			1,000			1,229,220
New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-1, RB		3.63	%		06/15/2048			2,000			2,173,700
New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-1, RB		4.00	%		06/15/2049			1,000			1,140,290
New York (City of), NY Transitional Finance Authority, Series 2015 S-2, RB		5.00	%		07/15/2035			1,000			1,168,610
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB		5.00	%		07/15/2043			1,000			1,168,230
New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB		5.00	%		02/01/2043			1,500			1,785,780
New York (City of), NY Transitional Finance Authority, Series 2018 B-1, RB		5.00	%		08/01/2045			1,000			1,200,130
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB		4.00	%		07/15/2046			1,000			1,120,430
New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB		5.00	%		07/15/2037			1,000			1,221,620
New York (City of), NY Transitional Finance Authority, Series 2019, RB		4.00	%		11/01/2042			2,000			2,251,420
New York (City of), NY Transitional Finance Authority, Series 2020, RB		3.00	%		05/01/2048			1,000			1,029,970
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		5.00	%		02/01/2037			1,000			1,291,590
New York (City of), NY Water & Sewer System, Series 2021 CC-1, RB		4.00	%		06/15/2051			1,000			1,151,310
New York (State of) Dormitory Authority, Series 2012 B, RB		5.00	%		03/15/2042			1,200			1,253,256
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		5.00	%		02/15/2038			1,000			1,197,870
New York (State of) Dormitory Authority, Series 2017 B, Ref. RB		4.00	%		02/15/2044			5,000			5,591,950
New York (State of) Dormitory Authority, Series 2018 C, Ref. RB		5.00	%		03/15/2043			1,000			1,200,100
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB		3.00	%		03/15/2049			1,000			1,037,130

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

45

Invesco New York AMT-Free Municipal Bond ETF (PZT)–(continued)

February 28, 2021

(Unaudited)

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)			Value
New York-(continued)
New York (State of) Dormitory Authority (Catholic Health System Obligated Group), Series 2019 A, Ref. RB		4.00	%		07/01/2045		$	500		$	548,090
New York (State of) Dormitory Authority (Cornell University), Series 2020 A, Ref. RB		5.00	%		07/01/2050			1,000			1,257,620
New York (State of) Dormitory Authority (Fordham University), Series 2020, RB		4.00	%		07/01/2050			1,000			1,118,180
New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB		3.00	%		02/01/2050			1,110			1,144,565
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB		5.00	%		07/01/2046			1,000			1,140,150
New York (State of) Dormitory Authority (New York University), Series 2001-1, RB, (INS - AMBAC)(a)		5.50	%		07/01/2040			1,500			2,187,270
New York (State of) Dormitory Authority (NYU Hospitals Center), Series 2014, Ref. RB		5.00	%		07/01/2034			1,500			1,667,895
New York (State of) Dormitory Authority (Rockefeller University) (Green Bonds), Series 2019 B, RB		5.00	%		07/01/2050			2,000			2,462,680
New York (State of) Dormitory Authority (State University of New York), Series 2019 A, RB		4.00	%		07/01/2049			1,785			2,004,751
New York (State of) Thruway Authority, Series 2016 A, RB		5.00	%		01/01/2046			1,000			1,162,980
New York (State of) Thruway Authority, Series 2020 N, RB		3.00	%		01/01/2049			1,000			1,038,120
New York (State of) Utility Debt Securitization Authority, Series 2013, RB		5.00	%		12/15/2041			1,500			1,677,120
New York City (City of), NY Transitional Finance Authority, Series 2020 D, RB		3.00	%		11/01/2050			1,000			1,026,560
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		5.00	%		11/15/2040			1,885			2,125,809
New York Liberty Development Corp. (4 World Trade Center), Series 2011, Ref. RB		5.00	%		11/15/2044			2,000			2,057,300
New York State Environmental Facilities Corp., Series 2016, Ref. RB		5.00	%		06/15/2041			1,000			1,182,750
New York State Urban Development Corp., Series 2019 A, Ref. RB		4.00	%		03/15/2044			2,000			2,259,500
New York State Urban Development Corp., Series 2020 A, RB		5.00	%		03/15/2041			1,000			1,245,150
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		5.00	%		12/01/2028			50			62,078
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		4.00	%		12/01/2039			500			557,880
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		4.00	%		12/01/2042			1,000			1,112,140
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB		5.00	%		12/01/2043			500			621,800
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB		5.00	%		11/15/2046			1,470			1,700,966
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00	%		11/15/2037			1,000			1,203,830
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00	%		11/15/2038			1,000			1,201,220
Utility Debt Securitization Authority, Series 2017, RB		5.00	%		12/15/2038			2,000			2,462,420
											105,613,744
TOTAL INVESTMENTS IN SECURITIES(d) -96.83% (Cost $102,247,615)											106,675,804
OTHER ASSETS LESS LIABILITIES-3.17%											3,497,383
NET ASSETS-100.00%										$	110,173,187

Investment Abbreviations:

AGM -Assured Guaranty Municipal Corp.

AMBAC -American Municipal Bond Assurance Corp.

GO -General Obligation

INS -Insurer

RB -Revenue Bonds

Ref. -Refunding

Notes to Schedule of Investments:

^(a) Principal and/or interest payments are secured by the bond insurance company listed.

^(b) Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(c)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(d) This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

Entities	Percentage
Assured Guaranty Municipal Corp		5.84	%

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

46

Invesco New York AMT-Free Municipal Bond ETF (PZT)–(continued)

February 28, 2021

(Unaudited)

Portfolio Composition

Revenue Type Breakdown (% of the Fund’s Net Assets)

as of February 28, 2021

Income Tax Revenue	20.35
College & University Revenue	11.81
Water Revenue	10.15
Miscellaneous Revenue	8.78
Ad Valorem Property Tax	7.01
Electric Power Revenue	6.76
Lease Revenue	6.15
Highway Tolls Revenue	5.73
Health, Hospital, Nursing Home Revenue	4.48
Port, Airport & Marina Revenue	4.34
Transit Revenue	4.02
Revenue Types Each Less Than 3%	7.25
Other Assets Less Liabilities	3.17

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

47

Invesco Preferred ETF (PGX)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Preferred Stocks-100.39%
Automobiles-1.16%
Ford Motor Co.
Pfd., 6.00%(b)		1,541,361	$	40,029,145
Pfd., 6.20%(b)		1,443,791		37,654,069
				77,683,214
Banks-34.70%
Associated Banc-Corp.
Series F, Pfd., 5.63%		7,785		198,829
Series E, Pfd., 5.88%(b)		192,278		4,969,425
BancorpSouth Bank, Series A, Pfd., 5.50%(b)		284,351		7,350,473
Bank of America Corp.
Series PP, Pfd., 4.13%(b)		1,392,178		34,303,266
Series NN, Pfd., 4.38%(b)		1,726,462		42,643,611
Series LL, Pfd., 5.00%(b)		2,779,294		71,261,098
Series KK, Pfd., 5.38%(b)		3,133,515		81,158,039
Series HH, Pfd., 5.88%(b)		1,941,989		51,307,349
Series EE, Pfd., 6.00%(b)		1,780,114		45,054,685
Series GG, Pfd., 6.00%(b)		2,870,715		76,016,533
BOK Financial Corp., Pfd., 5.38%(b)		285,837		7,268,835
CIT Group, Inc., Series B, Pfd., 5.63%(b)		368,708		9,398,367
Citigroup, Inc.
Series K, Pfd., 6.88%(c)		3,968,800		108,586,368
Series J, Pfd., 7.13%(b)(c)		492,538		13,608,825
Citizens Financial Group, Inc.
Series E, Pfd., 5.00%(b)		858,156		22,011,701
Series D, Pfd., 6.35%(b)(c)		583,056		16,028,209
Cullen/Frost Bankers, Inc., Series B, Pfd., 4.45%(b)		256,760		6,380,486
Dime Community Bancshares, Inc., Pfd., 5.50%(b)		197,196		4,811,582
Fifth Third Bancorp
Series K, Pfd., 4.95%(b)		487,013		12,389,611
Series A, Pfd., 6.00%(b)		219,818		5,807,592
Series I, Pfd., 6.63%(b)(c)		994,130		27,766,051
First Citizens BancShares, Inc., Series A, Pfd., 5.38%(b)		623,812		16,219,112
First Horizon Corp.
Series D, Pfd., 6.10%(b)(c)		189,885		4,993,976
Series A, Pfd., 6.20%(b)		193,914		4,935,441
Pfd., 6.50%(b)		275,821		7,471,991
First Midwest Bancorp, Inc.
Series A, Pfd., 7.00%(b)		197,288		5,458,959
Series C, Pfd., 7.00%(b)		86,698		2,416,273
First Republic Bank
Series K, Pfd., 4.13%(b)		889,436		21,720,027
Series L, Pfd., 4.25%(b)		927,602		23,551,815
Series J, Pfd., 4.70%(b)		675,489		17,150,666
Series H, Pfd., 5.13%(b)		377,786		9,588,209
Series G, Pfd., 5.50%(b)		326,048		8,258,796
Series I, Pfd., 5.50%(b)		607,934		16,098,092
Fulton Financial Corp., Series A, Pfd., 5.13%(b)		354,967		8,980,665
Hancock Whitney Corp.
Pfd., 5.95%(b)		315,503		7,975,916
Pfd., 6.25%(b)		349,646		9,318,066

	Shares		Value
Banks-(continued)
Huntington Bancshares, Inc.
Series H, Pfd., 4.50%		919,800	$	22,268,358
Series C, Pfd., 5.88%(b)		213,213		5,443,328
Series D, Pfd., 6.25%(b)		1,136,740		28,827,726
JPMorgan Chase & Co.
Series GG, Pfd., 4.75%(b)		1,678,974		43,183,211
Series DD, Pfd., 5.75%(b)		3,287,215		87,078,325
Series EE, Pfd., 6.00%		2,869,603		77,680,153
Series AA, Pfd., 6.10%		2,593,472		66,159,471
Series BB, Pfd., 6.15%(b)		2,267,868		57,785,277
KeyCorp
Series G, Pfd., 5.63%(b)		808,579		21,217,113
Series F, Pfd., 5.65%		790,112		20,384,890
Series E, Pfd., 6.13%(b)(c)		991,511		28,109,337
People’s United Financial, Inc., Series A, Pfd., 5.63%(b)(c)		531,605		14,411,812
PNC Financial Services Group, Inc. (The), Series P, Pfd., 6.13%(c)		3,080,717		80,683,978
Regions Financial Corp.
Series C, Pfd., 5.70%(c)		917,013		24,759,351
Series A, Pfd., 6.38%(b)		912,105		23,477,583
Series B, Pfd., 6.38%(b)(c)		981,985		26,759,091
Signature Bank, Series A, Pfd., 5.00%		1,230,662		30,581,951
SVB Financial Group, Series A, Pfd., 5.25%(b)		660,700		16,960,169
Synovus Financial Corp.
Series E, Pfd., 5.88%(b)(c)		711,741		18,768,610
Series D, Pfd., 6.30%(b)(c)		416,258		10,926,773
TCF Financial Corp., Series C, Pfd., 5.70%(b)		382,662		9,796,147
Texas Capital Bancshares, Inc.
Series B, Pfd., 5.75%		330,000		8,111,400
Series A, Pfd., 6.50%(b)		519,380		13,077,988
Truist Financial Corp.
Series R, Pfd., 4.75%		1,666,414		42,176,938
Series G, Pfd., 5.20%		57,248		1,431,772
Series O, Pfd., 5.25%(b)		847,408		22,176,667
Series H, Pfd., 5.63%		922,474		23,190,996
U.S. Bancorp
Series L, Pfd., 3.75%(b)		745,543		17,535,171
Series M, Pfd., 4.00%(b)		1,275,776		31,562,698
Series K, Pfd., 5.50%(b)		1,255,073		33,861,870
Series F, Pfd., 6.50%(b)(c)		1,384,860		36,366,424
Valley National Bancorp
Series B, Pfd., 5.50%(b)(c)		201,072		5,071,036
Series A, Pfd., 6.25%(c)		199,376		5,327,327
Webster Financial Corp., Series F, Pfd., 5.25%(b)		314,839		7,965,427

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

48

Invesco Preferred ETF (PGX)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Banks-(continued)
Wells Fargo & Co.
Series CC, Pfd., 4.38%(b)		1,614,688	$	39,705,178
Series AA, Pfd., 4.70%(b)		2,181,059		53,348,703
Series Z, Pfd., 4.75%(b)		3,712,881		91,708,161
Series O, Pfd., 5.13%(b)		1,099,031		27,541,717
Pfd., 5.20%(b)		1,177,390		29,340,559
Series X, Pfd., 5.50%(b)		2,311,219		57,988,485
Series Y, Pfd., 5.63%(b)		1,653,629		42,051,785
Series W, Pfd., 5.70%(b)		2,050,326		51,217,143
Series Q, Pfd., 5.85%(b)(c)		3,491,116		90,454,816
Series R, Pfd., 6.63%(b)(c)		1,710,195		47,440,809
Wintrust Financial Corp.
Series D, Pfd., 6.50%(b)(c)		239,014		6,384,064
Series E, Pfd., 6.88%(c)		560,948		15,426,070
Zions Bancorporation N.A.
Series H, Pfd., 5.75%(b)		247,802		6,331,341
Series G, Pfd., 6.30%(b)(c)		24,388		637,015
				2,335,153,153
Capital Markets-10.54%
Affiliated Managers Group, Inc.
Pfd., 4.75%(b)		429,438		10,723,067
Pfd., 5.88%		580,015		15,469,000
Apollo Global Management, Inc.
Series A, Pfd., 6.38%(b)		537,740		13,814,541
Series B, Pfd., 6.38%(b)		592,508		15,446,684
Ares Management Corp., Series A, Pfd., 7.00%		662,963		17,104,445
Brightsphere Investment Group, Inc., Pfd., 5.13%		246,161		6,208,180
Brookfield Finance I (UK) PLC, Pfd., 4.50% (Canada)(b)		375,738		8,717,122
Brookfield Finance, Inc., Series 50, Pfd., 4.63% (Canada)(b)		755,428		17,314,410
Charles Schwab Corp. (The)
Series D, Pfd., 5.95%(b)		1,421,060		36,038,082
Series C, Pfd., 6.00%		1,104,925		28,120,341
Goldman Sachs Group, Inc. (The)
Series J, Pfd., 5.50%(b)(c)		1,941,584		51,432,560
Series N, Pfd., 6.30%(b)		1,254,932		31,837,625
Series K, Pfd., 6.38%(b)(c)		1,332,723		36,583,246
KKR & Co., Inc.
Series B, Pfd., 6.50%(b)		328,627		8,366,843
Series A, Pfd., 6.75%(b)		714,681		18,245,806
Legg Mason, Inc.
Pfd., 5.45%		876,890		22,479,075
Pfd., 6.38%		437,844		11,112,481
Morgan Stanley
Series L, Pfd., 4.88%(b)		928,453		23,889,096
Series K, Pfd., 5.85%(c)		1,907,068		52,940,208
Series I, Pfd., 6.38%(b)(c)		2,101,301		58,416,168
Series F, Pfd., 6.88%(b)(c)		1,290,845		36,130,751
Series E, Pfd., 7.13%(b)(c)		1,607,787		45,532,528
Northern Trust Corp., Series E, Pfd., 4.70%		748,227		19,506,278
Oaktree Capital Group LLC
Series B, Pfd., 6.55%		482,551		12,459,467
Series A, Pfd., 6.63%		387,507		10,144,933

	Shares		Value
Capital Markets-(continued)
State Street Corp.
Series G, Pfd., 5.35%(b)(c)		929,789	$	25,987,602
Series D, Pfd., 5.90%(b)(c)		1,386,026		38,323,619
Stifel Financial Corp.
Pfd., 5.20%		471,218		11,902,967
Series C, Pfd., 6.13%(b)		388,364		10,481,944
Series A, Pfd., 6.25%(b)		326,884		8,315,929
Series B, Pfd., 6.25%(b)		228,218		6,102,549
				709,147,547
Chemicals-0.14%
EI du Pont de Nemours and Co., Series B, Pfd., 4.50%		91,724		9,516,365
Commercial Services & Supplies-0.31%
Pitney Bowes, Inc., Pfd., 6.70%(b)		926,290		20,934,154
Consumer Finance-3.52%
Capital One Financial Corp.
Series K, Pfd., 4.63%(b)		21,194		530,910
Series J, Pfd., 4.80%(b)		2,324,685		56,280,624
Series I, Pfd., 5.00%(b)		2,976,288		73,960,757
Series G, Pfd., 5.20%(b)		1,136,437		28,717,763
Series H, Pfd., 6.00%(b)		976,517		24,969,540
Navient Corp., Pfd., 6.00%(b)		664,508		15,582,712
Synchrony Financial, Series A, Pfd., 5.63%(b)		1,405,493		36,500,653
				236,542,959
Diversified Financial Services-1.69%
Equitable Holdings, Inc.
Series C, Pfd., 4.30%(b)		553,085		13,655,669
Series A, Pfd., 5.25%(b)		1,490,643		38,026,303
National Rural Utilities Cooperative Finance Corp., Pfd., 5.50%(b)		481,691		12,644,389
PartnerRe Ltd.
Series I, Pfd., 5.88% (Bermuda)(b)		747,799		18,979,139
Series H, Pfd., 7.25% (Bermuda)(b)		632,768		15,990,047
Voya Financial, Inc., Series B, Pfd., 5.35%(c)		549,587		14,448,642
				113,744,189
Diversified Telecommunication Services-4.70%
AT&T, Inc.
Series C, Pfd., 4.75%(b)		3,150,238		76,456,276
Series A, Pfd., 5.00%(b)		2,250,163		56,951,626
Pfd., 5.35%		2,471,496		63,492,732
Pfd., 5.63%		1,574,643		41,381,618
Qwest Corp.
Pfd., 6.50%		1,909,785		48,202,974
Pfd., 6.75%(b)		1,137,590		29,577,340
				316,062,566
Electric Utilities-7.24%
Alabama Power Co., Series A, Pfd., 5.00%		487,588		12,867,447
Duke Energy Corp.
Pfd., 5.13%(b)		1,041,846		26,431,633
Pfd., 5.63%		1,004,254		26,753,327
Series A, Pfd., 5.75%(b)		1,739,749		46,312,118
Entergy Arkansas LLC, Pfd., 4.88%		604,363		15,296,428
Entergy Louisiana LLC, Pfd., 4.88%(b)		551,054		14,024,324
Entergy Mississippi LLC, Pfd., 4.90%(b)		545,607		13,972,995
Entergy New Orleans LLC, Pfd., 5.50%(b)		552,881		13,982,361

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

49

Invesco Preferred ETF (PGX)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Electric Utilities-(continued)
Georgia Power Co., Series 2017A, Pfd., 5.00%(b)		548,566	$	14,377,915
Interstate Power and Light Co., Series D, Pfd., 5.10%(b)		405,840		10,267,752
NextEra Energy Capital Holdings, Inc.
Series K, Investment Units, 5.25%(b)		959,764		24,521,970
Series N, Pfd., 5.65%(b)		1,341,359		36,659,341
PPL Capital Funding, Inc., Series B, Pfd., 5.90%		853,267		21,621,786
SCE Trust II, Pfd., 5.10%(b)		205,910		4,962,431
SCE Trust III, Series H, Pfd., 5.75%(b)(c)		514,922		12,656,783
SCE Trust IV, Series J, Pfd., 5.38%(b)(c)		661,864		15,818,550
SCE Trust V, Series K, Pfd., 5.45%(c)		557,105		13,899,770
SCE Trust VI, Pfd., 5.00%		962,954		22,436,828
Southern Co. (The)
Series C, Pfd., 4.20%(b)		1,366,983		32,329,148
Series 2020, Pfd., 4.95%(b)		1,848,320		47,335,475
Pfd., 5.25%(b)		1,494,655		38,502,313
Pfd., 5.25%(b)		841,563		21,947,963
				486,978,658
Equity REITs-7.92%
American Homes 4 Rent
Series F, Pfd., 5.88%(b)		535,000		13,738,800
Series G, Pfd., 5.88%		180,720		4,648,118
Series H, Pfd., 6.25%(b)		179,525		4,761,003
Series E, Pfd., 6.35%(b)		285,875		7,306,965
Series D, Pfd., 6.50%(b)		350,898		8,972,462
Boston Properties, Inc., Series B, Pfd., 5.25%(b)		241,682		6,068,635
Digital Realty Trust, Inc.
Series L, Pfd., 5.20%(b)		656,918		17,086,437
Series J, Pfd., 5.25%(b)		501,263		12,937,598
Series K, Pfd., 5.85%(b)		385,240		10,432,299
Series C, Pfd., 6.63%(b)		335,603		8,571,301
Diversified Healthcare Trust
Pfd., 5.63%(b)		694,299		14,094,270
Pfd., 6.25%(b)		475,818		10,548,885
EPR Properties, Series G, Pfd., 5.75%(b)		326,853		7,716,999
Federal Realty Investment Trust, Series C, Pfd., 5.00%(b)		301,691		7,804,746
Global Net Lease, Inc., Series A, Pfd., 7.25%(b)		166,594		4,309,787
Kimco Realty Corp.
Series L, Pfd., 5.13%(b)		434,359		11,119,590
Class M, Pfd., 5.25%(b)		492,848		12,661,265
National Retail Properties, Inc., Series F, Pfd., 5.20%		687,327		17,444,359
Office Properties Income Trust
Pfd., 5.88%(b)		607,231		15,247,570
Pfd., 6.38%(b)		73,614		1,878,629
PS Business Parks, Inc.
Series Z, Pfd., 4.88%(b)		593,709		15,062,397
Series W, Pfd., 5.20%(b)		368,591		9,480,161
Series Y, Pfd., 5.20%		376,610		9,675,111
Series X, Pfd., 5.25%(b)		446,936		11,504,133

	Shares		Value
Equity REITs-(continued)
Public Storage
Series N, Pfd., 3.88%(b)		451,379	$	11,117,465
Series O, Pfd., 3.90%(b)		225,376		5,636,654
Series M, Pfd., 4.13%(b)		312,686		7,857,799
Series L, Pfd., 4.63%(b)		448,923		11,402,644
Series J, Pfd., 4.70%(b)		28,240		723,509
Series K, Pfd., 4.75%(b)		311,638		8,189,847
Series I, Pfd., 4.88%(b)		331,582		8,733,870
Series E, Pfd., 4.90%		1,240,580		31,547,949
Series D, Pfd., 4.95%		997,740		25,492,257
Series G, Pfd., 5.05%(b)		947,726		24,366,035
Series C, Pfd., 5.13%(b)		571,911		14,555,135
Series F, Pfd., 5.15%(b)		577,811		14,895,968
Series H, Pfd., 5.60%(b)		508,082		13,870,639
QTS Realty Trust, Inc., Series A, Pfd., 7.13%		57,884		1,547,818
SITE Centers Corp.
Series K, Pfd., 6.25%(b)		351,984		8,894,636
Series A, Pfd., 6.38%(b)		264,250		6,754,230
SL Green Realty Corp., Series I, Pfd., 6.50%		434,917		11,038,193
Spirit Realty Capital, Inc., Series A, Pfd., 6.00%		365,702		9,471,682
VEREIT, Inc., Series F, Pfd., 6.70%(b)		692,671		17,510,723
Vornado Realty Trust
Series M, Pfd., 5.25%(b)		652,626		16,315,650
Series N, Pfd., 5.25%		512,243		12,647,280
Series L, Pfd., 5.40%(b)		437,319		10,889,243
Series K, Pfd., 5.70%		661,120		16,594,112
				533,124,858
Gas Utilities-0.33%
South Jersey Industries, Inc., Pfd., 5.63%(b)		380,459		9,557,130
Spire, Inc., Series A, Pfd., 5.90%(b)		480,939		12,841,071
				22,398,201
Independent Power and Renewable Electricity Producers-0.14%
Brookfield Renewable Partners L.P., Series 17, Pfd., 5.25% (Canada)		380,137		9,579,452
Insurance-15.18%
AEGON Funding Co. LLC, Pfd., 5.10% (Netherlands)(b)		1,733,630		43,566,122
Allstate Corp. (The)
Series I, Pfd., 4.75%(b)		562,906		14,483,571
Pfd., 5.10%(c)		939,023		24,621,183
Series H, Pfd., 5.10%		2,130,097		55,276,017
Series G, Pfd., 5.63%		1,157,136		30,883,960
American Equity Investment Life Holding Co.
Series A, Pfd., 5.95%(c)		741,017		18,977,445
Series B, Pfd., 6.63%(b)(c)		345,177		9,295,617
American Financial Group, Inc.
Pfd., 4.50%(b)		222,161		5,589,571
Pfd., 5.13%(b)		409,014		10,425,767
Pfd., 5.63%(b)		183,393		4,850,745
Pfd., 5.88%(b)		81,915		2,192,045
American International Group, Inc.,
Series A, Pfd., 5.85%(b)		949,626		25,345,518

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

50

Invesco Preferred ETF (PGX)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Insurance-(continued)
Arch Capital Group Ltd.
Series E, Pfd., 5.25%		897,866	$	22,716,010
Series F, Pfd., 5.45%		626,882		16,117,136
Argo Group International Holdings Ltd., Pfd., 7.00%(b)(c)		213,886		5,601,674
Argo Group U.S., Inc., Pfd., 6.50%		246,281		6,235,835
Aspen Insurance Holdings Ltd.
Pfd., 5.63% (Bermuda)(b)		497,644		12,839,215
Pfd., 5.63% (Bermuda)(b)		485,073		12,466,376
Pfd., 5.95% (Bermuda)(b)(c)		495,548		13,132,022
Assurant, Inc., Pfd., 5.25%(b)		390,183		9,793,593
Assured Guaranty Municipal Holdings, Inc., Pfd., 6.25%(b)		695,041		17,869,504
Athene Holding Ltd.
Series D, Pfd., 4.88%(b)		1,013,000		24,393,040
Series B, Pfd., 5.63%(b)		617,394		15,867,026
Series A, Pfd., 6.35%(c)		1,668,098		45,272,180
Series C, Pfd., 6.38%(c)		1,101,759		30,100,056
AXIS Capital Holdings Ltd., Series E, Pfd., 5.50%(b)		1,102,356		28,032,913
Brighthouse Financial, Inc.
Series C, Pfd., 5.38%		717,421		18,007,267
Pfd., 6.25%		793,018		20,729,491
Series A, Pfd., 6.60%		803,952		21,176,096
Series B, Pfd., 6.75%		659,198		17,778,570
CNO Financial Group, Inc., Pfd., 5.13%(b)		323,826		8,079,459
Enstar Group Ltd.
Series D, Pfd., 7.00%(c)		816,459		22,583,256
Series E, Pfd., 7.00%		193,558		5,144,772
Globe Life, Inc., Pfd., 6.13%(b)		667,408		16,985,534
Hartford Financial Services Group, Inc. (The)
Series G, Pfd., 6.00%(b)		632,749		17,584,095
Pfd., 7.88%(b)(c)		1,194,008		32,274,036
MetLife, Inc.
Series F, Pfd., 4.75%(b)		1,827,478		46,326,567
Series E, Pfd., 5.63%(b)		1,639,260		43,243,679
Prudential Financial, Inc.
Pfd., 4.13%(b)		925,414		22,894,742
Pfd., 5.63%(b)		1,141,616		30,195,743
Prudential PLC, Pfd., 6.50% (United Kingdom)		1,061,318		28,220,446
Reinsurance Group of America, Inc.
Pfd., 5.75%(b)(c)		770,275		21,159,454
Pfd., 6.20%(c)		766,900		20,062,104
RenaissanceRe Holdings Ltd.
Series E, Pfd., 5.38% (Bermuda)(b)		780,463		19,667,668
Series F, Pfd., 5.75% (Bermuda)(b)		471,095		12,521,705
Selective Insurance Group, Inc., Series B, Pfd., 4.60%(b)		346,671		8,257,703
Unum Group, Pfd., 6.25%(b)		616,347		16,240,743
W R Berkley Corp., Pfd., 4.13%(b)		550,500		13,878,105
W.R. Berkley Corp.
Pfd., 4.25%(b)		332,156		8,353,723
Pfd., 5.10%(b)		576,150		14,962,615
Pfd., 5.70%(b)		344,936		9,195,994
Pfd., 5.75%		663,899		16,790,006
Pfd., 5.90%(b)		137,382		3,434,550
				1,021,692,264

	Shares		Value
Internet & Direct Marketing Retail-1.91%
eBay, Inc., Pfd., 6.00%(b)		1,481,879	$	37,254,438
Qurate Retail, Inc., Pfd., 8.00%		579,027		57,103,643
QVC, Inc.
Pfd., 6.25%(b)		959,585		23,797,708
Pfd., 6.38%		422,419		10,594,268
				128,750,057
Leisure Products-0.40%
Brunswick Corp.
Pfd., 6.38%(b)		426,967		11,519,570
Pfd., 6.50%(b)		339,162		9,113,283
Pfd., 6.63%(b)		237,898		6,420,867
				27,053,720
Multi-Utilities-4.46%
Algonquin Power & Utilities Corp.
Series 19-A, Pfd., 6.20% (Canada)(b)(c)		672,444		18,572,903
Pfd., 6.88% (Canada)(c)		570,210		15,589,541
Brookfield Infrastructure Partners L.P.
Series 14, Pfd., 5.00% (Canada)(b)		454,816		11,118,068
Series 13, Pfd., 5.13% (Canada)(b)		329,273		8,001,334
CMS Energy Corp.
Pfd., 5.63%(b)		406,699		10,533,504
Pfd., 5.88%(b)		529,935		14,112,169
Pfd., 5.88%		1,258,861		33,271,696
Dominion Energy, Inc., Series A, Investment Units, 5.25%		1,613,894		40,976,769
DTE Energy Co.
Series G, Pfd., 4.38%(b)		370,656		9,151,497
Series E, Investment Units, 5.25%		769,452		19,828,778
Series B, Investment Units, 5.38%(b)		570,269		14,444,914
Series F, Investment Units, 6.00%		800,870		20,582,359
Integrys Holding, Inc., Pfd., 6.00%(b)(c)		699,761		18,718,607
NiSource, Inc., Series B, Pfd., 6.50%(c)		973,523		26,547,972
Sempra Energy, Pfd., 5.75%(b)		1,448,995		38,615,717
				300,065,828
Oil, Gas & Consumable Fuels-2.02%
DCP Midstream L.P.
Series B, Pfd., 7.88%(c)		316,330		7,126,915
Series C, Pfd., 7.95%(c)		219,305		4,956,293
Enbridge, Inc., Series B, Pfd., 6.38% (Canada)(c)		1,124,111		30,114,934
Energy Transfer Operating L.P.
Series C, Pfd., 7.38%(c)		922,488		20,110,238
Series E, Pfd., 7.60%(c)		1,526,009		34,442,023
Series D, Pfd., 7.63%(c)		833,489		18,845,186
NuStar Energy L.P.
Series B, Pfd., 7.63%(c)		715,972		13,138,086
Series C, Pfd., 9.00%(c)		324,055		7,391,695
				136,125,370
Real Estate Management & Development-0.48%
Brookfield Property Partners L.P.
Series A, Pfd., 5.75%		472,924		10,366,494
Series A2, Pfd., 6.38%		603,551		14,292,088
Series A-1, Pfd., 6.50%		298,107		7,267,848
				31,926,430

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

51

Invesco Preferred ETF (PGX)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Thrifts & Mortgage Finance-0.59%
New York Community Bancorp, Inc., Series A, Pfd., 6.38%(c)		941,738	$	26,293,325
Washington Federal, Inc., Series A, Pfd., 4.88%(b)		538,816		13,276,426
				39,569,751
Trading Companies & Distributors-1.05%
Air Lease Corp., Series A, Pfd., 6.15%(b)(c) .		506,848		13,051,336
Fortress Transportation and Infrastructure Investors LLC, Series B, Pfd., 8.00%(c)		39,104		974,863
GATX Corp., Pfd., 5.63%(b)		323,667		8,227,615
Triton International Ltd.
Pfd., 6.88% (Bermuda)(b)		238,394		6,129,110
Pfd., 7.38% (Bermuda)(b)		350,337		9,290,937
Pfd., 8.00% (Bermuda)(b)		271,170		7,362,265
WESCO International, Inc., Series A, Pfd., 10.63%(c)		845,740		25,668,209
				70,704,335
Wireless Telecommunication Services-1.91%
Telephone & Data Systems, Inc.
Pfd., 5.88%(b)		531,472		13,122,044
Pfd., 6.63%(b)		1,010,093		25,353,334
Series UU, Pfd., 6.63%		144,000		3,578,400
United States Cellular Corp.
Pfd., 5.50%(b)		912,953		22,367,348
Pfd., 6.25%(b)		914,776		23,052,355
Pfd., 6.95%(b)		608,858		15,513,702
Pfd., 7.25%		568,492		14,297,574
Pfd., 7.25%(b)		445,581		11,242,009
				128,526,766
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.39% (Cost $6,784,393,302)				6,755,279,837

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.99%
Invesco Private Government Fund, 0.01%(d)(e)(f)		54,030,738	$	54,030,738
Invesco Private Prime Fund, 0.11%(d)(e)(f)		80,092,298		80,124,336
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $134,155,073)				134,155,074
TOTAL INVESTMENTS IN SECURITIES-102.38% (Cost $6,918,548,375)				6,889,434,911
OTHER ASSETS LESS LIABILITIES-(2.38)%				(160,428,563	)
NET ASSETS-100.00%			$	6,729,006,348

Investment Abbreviations:

Pfd. -Preferred

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b) All or a portion of this security was out on loan at February 28, 2021.

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

^(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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	610,780,326		$	(610,780,326)			$	-		$	-		$	-		$	5,113
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			67,211,371			(67,211,371	)			-			-			-			471

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

52

Invesco Preferred ETF (PGX)–(continued)

February 28, 2021

(Unaudited)

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	46,761,620		$	168,185,032		$	(160,915,914	)		$	-		$	-		$	54,030,738		$	3,845	*
Invesco Private Prime Fund			15,589,691			205,517,905			(140,989,831	)			2			6,569			80,124,336			17,947	*
Total		$	62,351,311		$	1,051,694,634		$	(979,897,442	)		$	2		$	6,569		$	134,155,074		$	27,376

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

^(e) The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

Portfolio Composition

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

as of February 28, 2021

Financials	66.22
Utilities	12.17
Real Estate	8.40
Communication Services	6.61
Consumer Discretionary	3.47
Sector Types Each Less Than 3%	3.52
Money Market Funds Plus Other Assets Less Liabilities	(0.39	)

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

53

Invesco Taxable Municipal Bond ETF (BAB)

February 28, 2021

(Unaudited)

Schedule of Investments

	Interest     Rate			Maturity     Date		Principal   Amount (000)			Value
Municipal Obligations-95.33%
Alabama-0.72%
Auburn University, Series 2020 C, RB		2.53	%		06/01/2040		$	7,500		$	7,330,050
Auburn University, Series 2020 C, RB		2.68	%		06/01/2050			10,000			9,664,000
											16,994,050
Arizona-1.42%
Arizona (State of) Department of Transportation State Highway Fund Revenue, Series 2020, Ref. RB		2.46	%		07/01/2030			2,560			2,716,493
Flagstaff (City of), AZ, Series 2020 A, COP		3.01	%		05/01/2040			5,000			5,058,050
Maricopa (County of), AZ Industrial Development Authority (Honorhealth), Series 2021 B, RB		3.17	%		09/01/2051			3,000			2,959,680
Scottsdale Municipal Property Corp., Series 2021 B, Ref. RB		1.23	%		07/01/2028			5,000			4,931,300
Tucson (City of), AZ, Series 2010, RB		5.79	%		07/01/2026			1,275			1,519,188
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)		0.24	%		07/01/2022			2,000			1,999,480
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)		0.31	%		07/01/2023			2,000			1,998,360
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)		0.46	%		07/01/2024			2,000			1,994,860
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)		0.83	%		07/01/2025			750			746,227
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)		1.31	%		07/01/2027			1,000			993,710
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)		1.70	%		07/01/2029			500			498,765
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)		1.93	%		07/01/2031			2,000			2,003,380
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)		2.86	%		07/01/2047			2,000			1,986,920
Yuma (City of), AZ, Series 2021, RB		2.63	%		07/15/2038			4,000			4,084,920
											33,491,333
California-24.05%
Bay Area Toll Authority (San Francisco Bay Area), Series 2010 S-1, RB		7.04	%		04/01/2050			3,605			6,208,315
Bay Area Toll Authority (San Francisco Bay Area), Series 2010 S-3, RB		6.91	%		10/01/2050			3,025			5,282,769
California (State of), Series 2009 B, GO Bonds		6.51	%		04/01/2039			14,890			15,362,757
California (State of), Series 2009, GO Bonds		7.50	%		04/01/2034			11,460			18,329,239
California (State of), Series 2009, GO Bonds		7.55	%		04/01/2039			18,860			31,583,145
California (State of), Series 2009, GO Bonds		7.30	%		10/01/2039			14,160			22,377,473
California (State of), Series 2009, GO Bonds		7.35	%		11/01/2039			8,505			13,491,652
California (State of), Series 2010, GO Bonds		5.70	%		11/01/2021			7,500			7,776,375
California (State of), Series 2010, GO Bonds		7.63	%		03/01/2040			4,500			7,490,970
California (State of), Series 2010, GO Bonds		7.60	%		11/01/2040			7,500			12,989,850
California (State of), Series 2018, Ref. GO Bonds		4.50	%		04/01/2033			9,850			11,746,125
California (State of) Department of Water Resources (Central Valley), Series 2020, Ref. RB		1.77	%		12/01/2034			7,510			7,217,035
California (State of) Department of Water Resources (Central Valley), Series 2020, Ref. RB		1.79	%		12/01/2035			12,325			11,697,657
California (State of) Earthquake Authority, Series 2020 B, RB		1.23	%		07/01/2021			3,500			3,511,935
California (State of) Earthquake Authority, Series 2020 B, RB		1.33	%		07/01/2022			10,000			10,141,800
California (State of) Earthquake Authority, Series 2020 B, RB		1.48	%		07/01/2023			7,500			7,693,425
California (State of) Health Facilities Financing Authority, Series 2020 B, Ref. RB		3.74	%		06/01/2047			8,000			7,511,280
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB		1.24	%		10/01/2027			1,000			995,540
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB		1.47	%		10/01/2028			1,000			999,800
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB		1.60	%		10/01/2029			1,000			997,690
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB		1.69	%		10/01/2030			1,000			994,780
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB		1.84	%		10/01/2031			1,000			997,660
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB		2.72	%		10/01/2040			1,000			995,270
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB		2.79	%		10/01/2043			1,500			1,495,755
California (State of) Infrastructure & Economic Development Bank (UCSF Neurosciences Building 19A), Series 2010 A, RB		6.49	%		05/15/2049			1,000			1,458,670
California (State of) Municipal Finance Authority, Series 2020, RB		2.52	%		10/01/2035			4,980			4,865,211
California (State of) Public Works Board (California State University), Series 2010 B-2, RB		7.80	%		03/01/2035			800			1,159,960
California (State of) Statewide Communities Development Authority (Green Bonds), Series 2021, Ref. RB		2.68	%		02/01/2039			1,850			1,835,662

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

54

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2021

(Unaudited)

	Interest     Rate			Maturity     Date		Principal   Amount (000)			Value
California-(continued)
California (State of) Statewide Communities Development Authority (Marin General Hospital), Series 2018 B, RB		4.82	%		08/01/2045		$	2,000		$	2,122,500
California State University, Series 2010 B, RB		6.48	%		11/01/2041			900			1,339,326
California State University, Series 2020 B, Ref. RB		2.98	%		11/01/2051			5,000			5,122,700
Carson (City of), CA (Carson Pension Obligation), Series 2020, RB		3.70	%		01/15/2044			3,000			3,118,860
Chula Vista (City of), CA, Series 2021, RB, (INS - BAM)(a)		2.71	%		06/01/2041			10,000			10,033,900
Chula Vista (City of), CA, Series 2021, RB, (INS - BAM)(a)		2.81	%		06/01/2045			10,000			9,890,600
Downey (City of), CA, Series 2021, RB		2.85	%		06/01/2040			750			744,840
Downey (City of), CA, Series 2021, RB		3.00	%		06/01/2044			550			551,260
East Bay Municipal Utility District Wastewater System Revenue, Series 2010, RB		5.03	%		06/01/2032			3,000			3,770,940
East Bay Municipal Utility District Water System Revenue, Series 2010, RB		5.87	%		06/01/2040			3,000			4,275,480
El Monte (City of), CA, Series 2020, RB, (INS - AGM)(a)		3.92	%		08/01/2050			10,000			10,274,100
Fresno (City of), CA, Series 2010 A2, Ref. RB		6.50	%		06/01/2030			2,000			2,568,500
Hayward Unified School District, Series 2020, Ref. GO Bonds, (INS - AGM)(a)		2.87	%		08/01/2040			4,000			4,067,840
Hesperia Unified School District, Series 2020, Ref. COP, (INS - AGM)(a)		3.05	%		02/01/2041			3,000			2,881,800
Inglewood (City of), CA, Series 2020, RB, (INS - AGM)(a)		3.92	%		09/01/2050			6,000			6,407,520
Jurupa Community Services District, Series 2010 B, COP		6.35	%		09/01/2025			1,030			1,263,285
Jurupa Community Services District, Series 2010 B, COP		6.50	%		09/01/2026			1,070			1,352,180
Jurupa Community Services District, Series 2010 B, COP		6.60	%		09/01/2027			1,125			1,460,790
Jurupa Community Services District, Series 2010 B, COP		6.70	%		09/01/2028			1,170			1,562,476
Jurupa Community Services District, Series 2010 B, COP		7.19	%		09/01/2040			2,000			3,124,980
Long Beach (City of), CA, Series 2009 C, RB		7.77	%		06/01/2039			250			250,960
Los Angeles (City of), CA Department of Water, Series 2009 C, RB		5.38	%		07/01/2024			500			572,335
Los Angeles (City of), CA Department of Water, Series 2009 C, RB		6.01	%		07/01/2039			2,270			3,030,995
Los Angeles (City of), CA Department of Water & Power, Series 2010, RB		7.00	%		07/01/2041			1,500			1,526,130
Los Angeles (City of), CA Department of Water & Power, Series 2010, RB		6.57	%		07/01/2045			10,000			16,081,500
Los Angeles (City of), CA Department of Water & Power, Series 2010, RB		6.60	%		07/01/2050			1,715			2,934,039
Los Angeles Community College District, Series 2010, GO Bonds		6.60	%		08/01/2042			3,000			4,901,310
Los Angeles Community College District, Series 2020, Ref. GO Bonds		1.81	%		08/01/2030			5,000			5,050,400
Los Angeles Community College District, Series 2020, Ref. GO Bonds		2.83	%		08/01/2039			3,500			3,647,035
Los Angeles Unified School District, Series 2010 J-05, GO Bonds		5.98	%		05/01/2027			500			630,095
Montebello (City of), CA, Series 2020, RB, (INS - AGM)(a)		4.06	%		06/01/2039			6,000			6,335,760
Montebello (City of), CA, Series 2020, RB, (INS - AGM)(a)		4.26	%		06/01/2045			3,000			3,141,300
Monterey Park (City of), CA, Series 2021 A, RB		3.02	%		06/01/2043			2,500			2,490,750
Municipal Improvement Corp. of Los Angeles, Series 2021 A, Ref. RB		0.42	%		11/01/2023			1,000			1,000,680
Municipal Improvement Corp. of Los Angeles, Series 2021 A, Ref. RB		0.68	%		11/01/2024			1,000			1,000,490
Municipal Improvement Corp. of Los Angeles, Series 2021 A, Ref. RB		0.95	%		11/01/2025			1,000			1,000,180
Napa Valley Unified School District, Series 2010 B, GO Bonds		6.51	%		08/01/2043			3,000			4,507,830
Northern California Power Agency, Series 2010, RB		7.31	%		06/01/2040			1,000			1,467,690
Oakland (Port of), CA, Series 2020 R, Ref. RB		0.82	%		05/01/2023			715			719,555
Oakland (Port of), CA, Series 2020 R, Ref. RB		1.08	%		05/01/2024			625			632,375
Oakland (Port of), CA, Series 2020 R, Ref. RB		1.18	%		05/01/2025			600			605,556
Oakland (Port of), CA, Series 2020 R, Ref. RB		1.52	%		05/01/2026			600			608,028
Oakland (Port of), CA, Series 2020 R, Ref. RB		1.67	%		05/01/2027			875			883,584
Oakland (Port of), CA, Series 2020 R, Ref. RB		1.95	%		05/01/2028			700			711,424
Oakland (Port of), CA, Series 2020 R, Ref. RB		2.05	%		05/01/2029			1,000			1,015,850
Oakland (Port of), CA, Series 2020 R, Ref. RB		2.10	%		05/01/2030			500			506,740
Oakland (Port of), CA, Series 2020 R, Ref. RB		2.20	%		05/01/2031			375			381,038
Oakland (Port of), CA, Series 2020 R, Ref. RB		2.30	%		05/01/2032			850			864,246
Oxnard School District, Series 2020, Ref. GO Bonds, (INS - BAM)(a)		2.63	%		08/01/2041			5,000			4,960,350
Paramount Unified School District, Series 2020, Ref. GO Bonds, (INS - BAM)(a)		3.27	%		08/01/2051			5,000			5,090,100
Pasadena (City of), CA, Series 2020 A, Ref. RB		3.24	%		05/01/2045			5,000			5,054,300
Pomona (City of), CA, Series 2020 BJ, RB		3.72	%		08/01/2040			3,250			3,333,915
Pomona (City of), CA, Series 2020 BJ, RB		3.82	%		08/01/2046			1,500			1,520,655
Rancho Santiago Community College District, Series 2020 A-1, Ref. GO Bonds		0.96	%		09/01/2026			5,500			5,448,080
Rancho Water District Financing Authority, Series 2021 A, Ref. RB		2.60	%		08/01/2040			850			854,021
Rancho Water District Financing Authority, Series 2021 A, Ref. RB		2.70	%		08/01/2046			1,475			1,452,167
Regents of the University of California Medical Center, Series 2009 F, RB		6.46	%		05/15/2029			500			618,885

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

55

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2021

(Unaudited)

	Interest     Rate			Maturity     Date		Principal   Amount (000)			Value
California-(continued)
Regents of the University of California Medical Center, Series 2009 F, RB		6.58	%		05/15/2049		$	5,335		$	8,367,947
Riverside (City of), CA, Series 2009 B, RB		6.35	%		10/01/2039			500			736,945
Riverside (City of), CA (Riverside Pension Obligation), Series 2020 A, RB		3.86	%		06/01/2045			2,000			2,104,280
San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, Ref. RB		4.23	%		10/15/2038			2,000			2,191,900
San Diego (County of), CA Water Authority (Green Bonds), Series 2020 A, Ref. RB		0.59	%		05/01/2024			2,000			2,006,260
San Diego (County of), CA Water Authority (Green Bonds), Series 2020 A, Ref. RB		0.74	%		05/01/2025			2,000			2,002,420
San Francisco (City & County of), CA, Series 2020 C, GO Bonds		2.83	%		06/15/2050			1,325			1,318,786
San Francisco (City & County of), CA, Series 2020 C, GO Bonds		3.08	%		06/15/2060			1,000			1,014,030
San Francisco (City & County of), CA (525 Golden Gate Avenue - San Francisco Public Utilities Commission Office), Series 2009 D, COP		6.49	%		11/01/2041			3,000			4,345,860
San Francisco (City & County of), CA (Clean & Safe Neighborhood Parks), Series 2010 D, GO Bonds		6.26	%		06/15/2030			3,850			5,138,595
San Francisco (City & County of), CA (San Francisco General Hospital), Series 2010 C, GO Bonds		6.26	%		06/15/2030			1,500			2,047,230
San Francisco (City of), CA Municipal Transportation Agency, Series 2021 A, Ref. RB		2.80	%		03/01/2044			500			501,400
San Francisco (City of), CA Public Utilities Commission, Series 2010 B, RB		6.00	%		11/01/2040			2,245			3,032,321
San Francisco (City of), CA Public Utilities Commission, Series 2010, RB		5.70	%		11/01/2027			3,000			3,826,710
San Francisco (City of), CA Public Utilities Commission, Series 2010, RB		6.00	%		11/01/2040			2,480			3,379,050
San Francisco (City of), CA Public Utilities Commission, Series 2010, RB		6.95	%		11/01/2050			4,600			7,662,036
San Francisco Community College District, Series 2020 A1, GO Bonds		3.17	%		06/15/2041			4,000			4,179,120
San Francisco Community College District, Series 2020, Ref. GO Bonds		2.80	%		08/01/2044			1,700			1,706,290
San Jose (City of), CA Financing Authority (Ice Centre), Series 2020 B, RB		3.42	%		06/01/2041			3,850			3,914,179
San Jose (City of), CA Successor Agency to the Redevelopment Agency, Series 2017 A, Ref. RB		3.08	%		08/01/2025			2,000			2,187,620
San Jose Unified School District, Series 2021, Ref. GO Bonds		2.31	%		08/01/2039			7,000			7,019,670
San Luis Unit/Westlands Water District Financing Authority, Series 2020 A, RB, (INS - AGM)(a)		3.74	%		09/01/2050			2,500			2,606,175
Santa Clara Valley Transportation Authority, Series 2010, RB		5.88	%		04/01/2032			1,025			1,296,481
Santa Clara Valley Water District, Series 2016 B, Ref. RB		4.35	%		06/01/2046			3,000			3,311,010
Santa Monica Community College District, Series 2020, Ref. GO Bonds		2.70	%		08/01/2040			1,230			1,235,178
Southern California Public Power Authority, Series 2010, RB		5.92	%		07/01/2035			2,000			2,729,440
Tulare (County of), CA, Series 2018, RB		4.45	%		06/01/2037			2,000			2,189,360
University of California, Series 2010 F, RB		5.95	%		05/15/2045			8,745			12,180,823
University of California, Series 2015 AQ, RB		4.77	%		05/15/2115			1,577			2,059,499
University of California, Series 2015 J, Ref. RB		4.13	%		05/15/2045			24,670			28,556,758
University of California, Series 2016 AS, Ref. RB		3.55	%		05/15/2039			1,500			1,689,600
University of California, Series 2019 BD, RB		3.35	%		07/01/2029			15,000			16,760,400
University of California, Series 2020 BG, RB		0.88	%		05/15/2025			10,000			10,146,500
University of California, Series 2020 BG, RB		1.32	%		05/15/2027			6,000			5,960,400
University of California, Series 2020 BG, RB		1.61	%		05/15/2030			7,500			7,325,550
University of California, Series 2021 BI, Ref. RB		0.87	%		05/15/2026			1,000			995,570
University of California, Series 2021 BI, Ref. RB		1.27	%		05/15/2027			1,000			994,940
University of California, Series 2021 BI, Ref. RB		1.37	%		05/15/2028			1,000			994,600
University of California, Series 2021 BI, Ref. RB		1.70	%		05/15/2029			1,000			996,520
University of California, Series 2021 BI, Ref. RB		1.90	%		05/15/2030			1,000			998,870
University of California, Series 2021 BI, Ref. RB		2.00	%		05/15/2031			1,000			1,001,040
University of California, Series 2021 BI, Ref. RB		2.05	%		05/15/2032			1,000			1,004,090
University of California, Series 2021 BI, Ref. RB		2.15	%		05/15/2033			1,000			1,005,140
University of California, Series 2021 BI, Ref. RB		2.25	%		05/15/2034			1,000			1,005,200
University of California, Series 2021 BI, Ref. RB		2.35	%		05/15/2035			1,000			1,007,130
University of California, Series 2021 BI, Ref. RB		2.45	%		05/15/2036			1,000			1,007,350
											565,712,298
Colorado-0.94%
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 B, Ref. RB		3.70	%		11/01/2039			1,200			1,296,372
Colorado (State of) State University System Board of Governors, Series 2010 B, RB		5.96	%		03/01/2033			1,000			1,289,970
Colorado Mesa University, Series 2009 B, RB		5.80	%		05/15/2040			1,215			1,667,879
Denver (City & County of), CO, Series 2016 B, Ref. RB		3.82	%		08/01/2032			1,000			1,109,280
Denver (City & County of), CO, Series 2020 C, Ref. RB		2.52	%		11/15/2032			2,000			2,068,120
Denver (City & County of), CO, Series 2020 C, Ref. RB		2.62	%		11/15/2033			1,500			1,551,000
Denver City & County School District No. 1, Series 2009 C, GO Bonds		5.66	%		12/01/2033			500			666,265

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

56

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2021

(Unaudited)

	Interest     Rate			Maturity     Date		Principal   Amount (000)			Value
Colorado-(continued)
Regional Transportation District, Series 2010 B, RB		5.84	%		11/01/2050		$	5,025		$	7,898,396
Regional Transportation District, Series 2010, COP		7.67	%		06/01/2040			3,000			4,623,210
											22,170,492
Connecticut-0.95%
Connecticut (State of) Health & Educational Facilities Authority (Stamford Hospital), Series 2021 L-2, RB		3.54	%		07/01/2051			2,660			2,654,441
Metropolitan District (The) (Clean Water), Series 2020, Ref. RB.		2.56	%		04/01/2039			6,000			5,868,240
New Britain (City of), CT, Series 2018, Ref. GO Bonds, (INS - BAM)(a)		4.35	%		03/01/2039			4,835			5,313,520
New Britain (City of), CT, Series 2020 B, Ref. GO Bonds, (INS - AGM)(a)		3.25	%		09/01/2042			4,000			3,746,280
South Central Connecticut Regional Water Authority, Series 2010 A, RB		6.24	%		08/01/2030			2,000			2,462,900
South Central Connecticut Regional Water Authority, Series 2010 A, RB		6.39	%		08/01/2040			1,645			2,333,383
											22,378,764
Delaware-0.30%
University of Delaware, Series 2018, RB		4.07	%		11/01/2050			5,770			7,045,632
District of Columbia-0.39%
District of Columbia, Series 2010 F, RB		4.91	%		12/01/2023			4,500			5,052,870
Metropolitan Washington Airports Authority, Series 2009, RB		7.46	%		10/01/2046			2,480			4,145,196
											9,198,066
Florida-3.95%
Deltona (City of), FL, Series 2021, Ref. RB, (INS - BAM)(a)		2.84	%		10/01/2050			3,000			2,993,820
Escambia (County of), FL Health Facilities Authority, Series 2020, Ref. RB, (INS - AGM)(a)		3.61	%		08/15/2040			5,750			5,914,278
Fort Lauderdale (City of), FL, Series 2020, Ref. RB		0.75	%		01/01/2024			22,600			22,738,538
Gainesville (City of), FL, Series 2020, RB		3.05	%		10/01/2040			17,000			16,207,970
JEA Electric System Revenue, Series 2009 F, RB		6.41	%		10/01/2034			500			639,470
JEA Water & Sewer System Revenue, Series 2010 A, RB		6.21	%		10/01/2033			1,250			1,661,975
Lee Memorial Health System, Series 2010 A, RB		7.28	%		04/01/2027			2,500			3,205,175
Miami-Dade (County of), FL, Series 2010 B, RB		5.53	%		07/01/2032			2,500			3,072,225
Miami-Dade (County of), FL, Series 2016 B, Ref. RB		2.22	%		10/01/2022			465			478,378
Miami-Dade (County of), FL, Series 2019 B, Ref. RB		3.14	%		10/01/2027			5,000			5,429,950
Miami-Dade (County of), FL, Series 2019 B, Ref. RB		3.18	%		10/01/2028			3,600			3,899,088
Miami-Dade (County of), FL, Series 2019 B, Ref. RB		3.28	%		10/01/2029			2,700			2,933,523
Miami-Dade (County of), FL, Series 2020 B, RB		0.38	%		04/01/2023			2,000			2,000,800
Miami-Dade (County of), FL, Series 2020 B, Ref. RB		1.23	%		10/01/2025			1,500			1,495,080
Miami-Dade (County of), FL, Series 2020 B, Ref. RB		3.27	%		10/01/2041			2,250			2,257,560
Miami-Dade (County of), FL, Series 2021 B, Ref. RB		2.29	%		10/01/2031			500			503,675
Miami-Dade (County of), FL, Series 2021 B, Ref. RB		2.44	%		10/01/2032			500			506,765
Miami-Dade (County of), FL, Series 2021 B, Ref. RB		2.54	%		10/01/2033			500			507,645
Miami-Dade (County of), FL, Series 2021 B, Ref. RB		2.74	%		10/01/2036			1,000			1,016,580
Miami-Dade (County of), FL, Series 2021 B, Ref. RB		2.79	%		10/01/2037			500			503,495
Reedy Creek Improvement District, Series 2020 A, Ref. GO Bonds		2.73	%		06/01/2038			2,500			2,589,650
St. Johns (County of), FL Industrial Development Authority (Flagler Health), Series 2020 A, Ref. RB, (INS - AGM)(a)		3.80	%		10/01/2050			8,975			9,340,731
St. Johns (County of), FL Industrial Development Authority (Flagler Health), Series 2020 B, Ref. RB, (INS - AGM)(a)		2.54	%		10/01/2030			2,000			2,032,960
State Board of Administration Finance Corp., Series 2020 A, RB		2.15	%		07/01/2030			1,000			1,021,710
											92,951,041
Georgia-1.54%
Atlanta (City of), GA, Series 2020, Ref. RB		2.26	%		11/01/2035			4,000			4,072,440
Fulton (County of), GA Development Authority (Georgia Tech Foundation), Series 2019, Ref. RB		3.13	%		11/01/2049			8,500			8,679,690
Georgia (State of) Municipal Electric Authority, Series 2010, RB		7.06	%		04/01/2057			9,761			13,872,333
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2010 A, RB		6.66	%		04/01/2057			6,566			9,691,744
											36,316,207
Hawaii-2.68%
Hawaii (State of), Series 2010, GO Bonds		5.53	%		02/01/2030			1,000			1,327,170

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

57

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2021

(Unaudited)

	Interest     Rate			Maturity     Date		Principal   Amount (000)			Value
Hawaii-(continued)
Hawaii (State of), Series 2017 A, RB		3.89	%		07/01/2037		$	1,250		$	1,340,263
Hawaii (State of), Series 2020 E, Ref. RB		2.23	%		07/01/2029			2,200			2,232,868
Hawaii (State of), Series 2020 FZ, GO Bonds		0.89	%		08/01/2026			6,910			6,883,811
Hawaii (State of), Series 2020 FZ, GO Bonds		2.00	%		08/01/2027			5,000			5,259,950
Hawaii (State of), Series 2020 FZ, GO Bonds		1.60	%		08/01/2031			3,000			2,990,160
Hawaii (State of), Series 2020 FZ, GO Bonds		1.70	%		08/01/2032			5,000			4,994,050
Hawaii (State of), Series 2020 FZ, GO Bonds		1.87	%		08/01/2033			8,000			8,048,240
Hawaii (State of), Series 2020 FZ, GO Bonds		1.98	%		08/01/2034			6,000			6,057,180
Hawaii (State of), Series 2020 FZ, GO Bonds		2.07	%		08/01/2035			15,000			15,170,400
Hawaii (State of), Series 2020 GB, GO Bonds		0.85	%		10/01/2025			2,000			2,009,800
Honolulu (City & County of), HI, Series 2020 A, Ref. RB		0.30	%		07/01/2023			200			199,756
Honolulu (City & County of), HI, Series 2020 A, Ref. RB		0.55	%		07/01/2024			100			99,961
Honolulu (City & County of), HI, Series 2020 A, Ref. RB		1.47	%		07/01/2030			500			490,290
Honolulu (City & County of), HI, Series 2020 A, Ref. RB		1.62	%		07/01/2031			1,000			987,690
Honolulu (City & County of), HI, Series 2020 A, Ref. RB		2.62	%		07/01/2045			2,250			2,231,730
Kauai (County of), HI, Series 2010 A, GO Bonds		5.76	%		08/01/2033			2,000			2,740,280
											63,063,599
Idaho-0.03%
Idaho (State of) Housing & Finance Association, Series 2010 A-2, RB		6.35	%		07/15/2028			595			731,648
Illinois-4.46%
Chicago (City of), IL, Series 2009 C, GO Bonds		6.21	%		01/01/2036			6,205			7,457,107
Chicago (City of), IL, Series 2009 D, GO Bonds		6.26	%		01/01/2040			2,000			2,409,740
Chicago (City of), IL, Series 2010 B, GO Bonds		7.52	%		01/01/2040			2,000			2,713,480
Chicago (City of), IL (O’Hare International Airport), Series 2010 B, RB		6.40	%		01/01/2040			5,750			8,766,105
Chicago (City of), IL (O’Hare International Airport), Series 2018 C, RB		4.47	%		01/01/2049			10,000			12,919,300
Chicago (City of), IL (O’Hare International Airport), Series 2018 C, RB		4.57	%		01/01/2054			9,580			12,662,269
Chicago (City of), IL Board of Education, Series 2009 E, GO Bonds		6.14	%		12/01/2039			8,700			10,426,602
Chicago (City of), IL Transit Authority, Series 2020 B, Ref. RB		3.60	%		12/01/2035			10,000			10,919,100
Chicago (City of), IL Transit Authority, Series 2020 B, Ref. RB		3.91	%		12/01/2040			3,000			3,306,750
Chicago O’Hare International Airport, Series 2020 D, Ref. RB		2.35	%		01/01/2030			3,000			3,102,270
Chicago O’Hare International Airport, Series 2020 D, Ref. RB		2.45	%		01/01/2031			2,000			2,080,740
Chicago O’Hare International Airport, Series 2020 D, Ref. RB		2.55	%		01/01/2032			2,000			2,092,480
Illinois (State of), Series 2010 2, GO Bonds		6.90	%		03/01/2035			9,300			11,514,330
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020, Ref. RB		3.51	%		05/15/2041			5,000			5,023,900
Itasca (Village of), IL, Series 2009 A, GO Bonds		6.10	%		02/01/2034			200			200,614
Itasca (Village of), IL, Series 2009 A, GO Bonds		6.20	%		02/01/2039			320			320,941
Northern Illinois Municipal Power Agency, Series 2010, RB		7.62	%		01/01/2030			210			260,129
Sales Tax Securitization Corp., Series 2020 B, Ref. RB		2.96	%		01/01/2032			2,500			2,560,600
Sales Tax Securitization Corp., Series 2020 B, Ref. RB, (INS - BAM)(a)		3.41	%		01/01/2043			6,000			6,181,920
											104,918,377
Indiana-0.23%
Indianapolis (State of) Local Public Improvement Bond Bank (The), Series 2010 A-2, RB		5.85	%		01/15/2030			1,000			1,220,050
Indianapolis (State of) Local Public Improvement Bond Bank (The), Series 2010 B-2, RB		5.97	%		01/15/2030			3,500			4,277,140
											5,497,190
Kansas-0.08%
Kansas (State of) Department of Transportation, Series 2010, RB		4.60	%		09/01/2035			1,560			1,947,176
Kentucky-0.06%
Kenton (County of), KY Airport Board, Series 2019, RB		4.69	%		01/01/2049			1,000			1,088,610
Louisville/Jefferson (County of), KY Metropolitan Government, Series 2009, GO Bonds		5.45	%		11/15/2027			200			249,082
											1,337,692
Louisiana-1.80%
Louisiana (State of), Series 2020 A-2, Ref. RB		2.23	%		05/01/2036			2,000			1,976,460
Louisiana (State of), Series 2020 A-2, Ref. RB		2.53	%		05/01/2041			3,000			2,954,940
Louisiana (State of), Series 2020 C-1, Ref. GO Bonds		1.86	%		06/01/2032			3,000			3,008,730

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

58

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2021

(Unaudited)

	Interest     Rate			Maturity     Date		Principal   Amount (000)			Value
Louisiana-(continued)
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority, Series 2020, Ref. RB, (INS - AGM)(a)		2.59	%		02/01/2043		$	9,225		$	8,832,568
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority, Series 2020, Ref. RB, (INS - AGM)(a)		2.64	%		02/01/2048			9,000			8,525,070
Louisiana (State of) Public Facilities Authority (LA Children’s Medical Center), Series 2020, RB, (INS - AGM)(a)		2.28	%		06/01/2030			10,000			9,982,100
Louisiana (State of) Transportation Authority, Series 2021 A, Ref. RB		3.08	%		08/15/2043			1,000			1,004,820
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a)		2.84	%		06/01/2041			1,400			1,378,734
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a)		2.89	%		12/01/2041			1,500			1,477,350
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a)		2.94	%		06/01/2045			870			845,736
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a)		2.99	%		12/01/2045			850			836,349
Tangipahoa (Parish of), LA Hospital Service District No. 1, Series 2009, RB, (INS - AGC)(a)		7.20	%		02/01/2042			1,500			1,505,745
											42,328,602
Maryland-0.77%
Baltimore (City of), MD (Wastewater), Series 2020 A, Ref. RB		0.70	%		07/01/2024			1,125			1,131,233
Baltimore (City of), MD (Wastewater), Series 2020 A, Ref. RB		0.85	%		07/01/2025			1,000			1,004,340
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		0.70	%		07/01/2024			1,000			1,006,870
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		0.85	%		07/01/2025			1,500			1,507,140
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		1.14	%		07/01/2026			760			765,578
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		1.34	%		07/01/2027			1,000			1,005,880
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		1.58	%		07/01/2028			605			611,165
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		2.81	%		07/01/2040			1,000			1,042,990
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		2.86	%		07/01/2043			1,345			1,372,196
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		0.36	%		08/01/2023			500			497,190
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		0.53	%		08/01/2024			500			495,650
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		0.81	%		08/01/2025			500			494,255
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		0.91	%		08/01/2026			715			701,608
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		1.25	%		08/01/2027			1,000			978,530
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		1.30	%		08/01/2028			1,000			968,450
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		1.64	%		08/01/2029			1,000			974,890
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		1.69	%		08/01/2030			500			487,240
Maryland (State of) Transportation Authority, Series 2010 B, RB		5.60	%		07/01/2030			1,200			1,499,508
Maryland Economic Development Corp. (Seagirt Marine Terminal), Series 2019, RB		4.75	%		06/01/2042			1,500			1,557,960
											18,102,673
Massachusetts-4.23%
Massachusetts (Commonwealth of), Series 2010 A, GO Bonds		4.48	%		05/01/2024			4,300			4,840,424
Massachusetts (Commonwealth of), Series 2010 A, GO Bonds		4.91	%		05/01/2029			7,765			9,734,049
Massachusetts (Commonwealth of), Series 2010 D, GO Bonds		4.50	%		08/01/2031			2,000			2,500,820
Massachusetts (Commonwealth of), Series 2020 C, Ref. GO Bonds		0.39	%		07/01/2022			4,000			4,007,840
Massachusetts (Commonwealth of), Series 2020 C, Ref. GO Bonds		0.51	%		07/01/2023			2,000			2,009,440
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds		0.28	%		11/01/2022			21,135			21,150,006
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds		0.70	%		11/01/2025			2,000			1,992,860
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds		0.99	%		11/01/2026			1,000			998,710
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds		1.14	%		11/01/2027			3,000			2,995,350
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds		1.37	%		11/01/2028			2,500			2,514,825
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds		1.67	%		11/01/2031			2,000			2,007,820
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds		1.87	%		11/01/2033			2,000			2,024,360
Massachusetts (Commonwealth of) (Green Bonds), Series 2016 F, GO Bonds		3.28	%		06/01/2046			1,500			1,666,845
Massachusetts (State of) Bay Transportation Authority, Series 2010, RB		5.87	%		07/01/2040			2,000			2,739,460
Massachusetts (State of) Clean Water Trust (The), Series 2010, RB		5.19	%		08/01/2040			1,125			1,317,757
Massachusetts (State of) College Building Authority, Series 2009 C, RB		5.83	%		05/01/2030			5,000			6,264,000
Massachusetts (State of) Development Finance Agency (Wellforce, Inc.), Series 2020 D, RB, (INS - AGM)(a)		3.52	%		10/01/2046			5,000			5,082,250
Massachusetts (State of) Port Authority, Series 2021 C, Ref. RB		2.72	%		07/01/2042			1,200			1,194,084
Massachusetts (State of) Port Authority, Series 2021 C, Ref. RB		2.87	%		07/01/2051			525			515,298
Massachusetts (State of) School Building Authority, Series 2009, RB		5.72	%		08/15/2039			450			613,206
Massachusetts (State of) School Building Authority, Series 2020 B, Ref. RB		0.35	%		08/15/2021			8,335			8,338,250

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

59

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2021

(Unaudited)

	Interest     Rate			Maturity     Date		Principal   Amount (000)			Value
Massachusetts-(continued)
Massachusetts (State of) School Building Authority, Series 2020 B, Ref. RB		0.40	%		08/15/2022		$	13,285		$	13,297,488
University of Massachusetts Building Authority, Series 2010 2, RB		4.55	%		11/01/2025			1,500			1,753,755
											99,558,897
Michigan-0.83%
Great Lakes Water Authority, Series 2020 B, Ref. RB, (INS - AGM)(a)		2.62	%		07/01/2036			8,800			8,739,016
Macomb (County of), MI, Series 2020, Ref. GO Bonds		1.67	%		11/01/2029			3,000			2,913,960
Michigan (State of) Building Authority, Series 2020, Ref. RB		2.71	%		10/15/2040			4,000			4,051,840
University of Michigan, Series 2010 A, RB.		5.51	%		04/01/2030			250			310,370
Western Michigan University, Series 2021 B, Ref. RB, (INS - AGM)(a)		2.88	%		11/15/2043			3,500			3,519,005
											19,534,191
Minnesota-0.13%
Western Minnesota Municipal Power Agency, Series 2019 A, Ref. RB		3.23	%		01/01/2046			3,000			3,139,650
Mississippi-1.29%
Medical Center Educational Building Corp. (Captial Improvement), Series 2020, Ref. RB		2.92	%		06/01/2041			4,000			3,901,880
Mississippi (State of), Series 2009 D, GO Bonds		5.54	%		10/01/2029			3,000			3,656,340
Mississippi (State of), Series 2010, GO Bonds		5.25	%		11/01/2034			1,000			1,311,130
Mississippi (State of), Series 2020 A, Ref. GO Bonds		1.04	%		11/01/2027			5,000			4,945,000
Mississippi (State of), Series 2020 A, Ref. GO Bonds		1.63	%		11/01/2031			7,500			7,497,000
Mississippi (State of), Series 2020 A, Ref. GO Bonds		1.73	%		11/01/2032			7,000			6,998,670
Mississippi (State of), Series 2020 A, Ref. GO Bonds		1.78	%		11/01/2033			2,000			1,993,120
											30,303,140
Missouri-1.90%
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport), Series 2020, Ref. RB		0.89	%		03/01/2022			3,000			3,006,120
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport), Series 2020, Ref. RB		1.08	%		03/01/2023			3,390			3,410,611
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport), Series 2020, Ref. RB		1.30	%		03/01/2024			2,815			2,844,952
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport), Series 2020, Ref. RB		1.40	%		03/01/2025			3,000			3,024,240
Missouri (State of) Health & Educational Facilities Authority (St. Louis University), Series 2019 B, RB		4.20	%		10/01/2049			5,000			5,779,850
Missouri (State of) Highway & Transportation Commission, Series 2009 C, RB		4.96	%		05/01/2023			2,250			2,472,795
Missouri (State of) Highway & Transportation Commission, Series 2009 C, RB		5.06	%		05/01/2024			6,000			6,847,500
Missouri (State of) Highway & Transportation Commission, Series 2010 B, RB		5.02	%		05/01/2025			1,000			1,172,320
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2009 A, RB		6.89	%		01/01/2042			10,000			14,688,700
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2010 A, RB		7.60	%		01/01/2032			1,000			1,321,250
											44,568,338
Nebraska-0.27%
University of Nebraska Facilities Corp., Series 2019 A, Ref. RB		3.04	%		10/01/2049			6,000			6,317,400
Nevada-0.37%
Clark (County of), NV, Series 2010 A, GO Bonds		6.55	%		07/01/2030			1,500			1,885,905
Clark (County of), NV, Series 2010 A, GO Bonds		6.75	%		07/01/2038			1,620			2,353,941
Washoe (County of), NV (Streets & Highways), Series 2010 H, RB		7.45	%		02/01/2040			3,000			4,410,690
											8,650,536
New Hampshire-0.23%
New Hampshire (State of) Business Finance Authority, Series 2020, Ref. RB		3.18	%		01/01/2036			2,000			1,989,660
New Hampshire (State of) Business Finance Authority (Butler Health Care Center), Series 2020, RB		3.28	%		10/01/2037			3,000			2,960,760
New Hampshire (State of) Turnpike System, Series 2009, RB		6.01	%		11/01/2039			250			337,507
											5,287,927
New Jersey-2.70%
Camden (County of), NJ Improvement Authority (The) (County Capital Program), Series 2009 A, RB		6.18	%		01/15/2027			500			578,215

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

60

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2021

(Unaudited)

	Interest     Rate			Maturity     Date		Principal   Amount (000)			Value
New Jersey-(continued)
New Jersey (State of) Educational Facilities Authority (New Jersey City University), Series 2010 G, RB		6.19	%		07/01/2040		$	3,000		$	3,007,260
New Jersey (State of) Educational Facilities Authority (Seton Hall University), Series 2020 D, RB, (INS - AGM)(a)		3.96	%		07/01/2048			1,400			1,445,010
New Jersey (State of) Educational Facilities Authority (The College of New Jersey), Series 2020, Ref. RB, (INS - AGM)(a)		3.61	%		07/01/2050			10,000			10,216,700
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 B, RB		6.56	%		12/15/2040			7,455			10,707,691
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 C, RB		5.75	%		12/15/2028			1,990			2,379,901
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		0.90	%		01/01/2025			500			498,685
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		1.05	%		01/01/2026			250			248,413
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		1.28	%		01/01/2027			500			494,945
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		1.48	%		01/01/2028			230			227,863
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		1.71	%		01/01/2029			250			246,493
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		1.81	%		01/01/2030			500			491,495
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		1.86	%		01/01/2031			500			491,200
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		2.78	%		01/01/2040			1,000			985,270
New Jersey Institute of Technology, Series 2020 B, Ref. RB		3.42	%		07/01/2042			6,955			7,041,937
Passaic (County of), NJ Improvement Authority, Series 2010, RB		6.54	%		08/01/2031			1,000			1,003,380
Passaic (County of), NJ Valley Water Commission, Series 2009, RB		7.57	%		12/15/2029			500			672,035
Passaic (County of), NJ Valley Water Commission, Series 2009, RB		7.82	%		12/15/2039			500			791,385
Rutgers The State University of New Jersey, Series 2010, RB		5.55	%		05/01/2029			905			1,062,705
Rutgers The State University of New Jersey, Series 2019 R, Ref. RB		3.27	%		05/01/2043			3,500			3,705,520
Rutgers The State University of New Jersey, Series 2020 S, Ref. RB		2.56	%		05/01/2040			6,000			5,904,540
Rutgers The State University of New Jersey, Series 2020 S, Ref. RB		2.68	%		05/01/2046			5,000			4,843,050
South Jersey Port Corp., Series 2009, RB		7.37	%		01/01/2040			5,000			6,475,550
											63,519,243
New York-14.80%
Long Island (City of), NY Power Authority, Series 2020 C, Ref. RB		0.66	%		03/01/2022			1,600			1,601,648
Long Island (City of), NY Power Authority, Series 2020 C, Ref. RB		0.76	%		03/01/2023			5,250			5,277,143
Metropolitan Transportation Authority, Series 2009, RB		5.87	%		11/15/2039			335			427,406
Metropolitan Transportation Authority, Series 2009, RB		7.34	%		11/15/2039			2,015			3,211,789
Metropolitan Transportation Authority, Series 2010 A2, RB		6.09	%		11/15/2040			2,500			3,512,450
Metropolitan Transportation Authority, Series 2010 E, RB		6.81	%		11/15/2040			6,525			9,135,392
Metropolitan Transportation Authority, Series 2010, RB		6.65	%		11/15/2039			1,800			2,464,434
Metropolitan Transportation Authority, Series 2010, RB		6.67	%		11/15/2039			7,250			10,060,897
Metropolitan Transportation Authority, Series 2010, RB		6.69	%		11/15/2040			3,745			5,187,312
Monroe County Industrial Development Corp. (University of Rochester), Series 2020, RB		2.85	%		07/01/2050			3,000			2,750,340
New York & New Jersey (States of) Port Authority, Series 2011, RB		4.93	%		10/01/2051			11,485			15,520,944
New York & New Jersey (States of) Port Authority, Series 2012, RB		4.46	%		10/01/2062			8,200			10,535,934
New York & New Jersey (States of) Port Authority, Series 2020 AAA, RB		1.09	%		07/01/2023			22,500			22,860,450
New York & New Jersey (States of) Port Authority, Series 2021, RB		3.18	%		07/15/2060			7,500			7,516,200
New York (City of), NY, Series 2010 D-1, GO Bonds		5.99	%		12/01/2036			1,500			2,045,580
New York (City of), NY, Series 2010 G-1, GO Bonds		5.97	%		03/01/2036			8,495			11,754,362
New York (City of), NY, Series 2010 H-1, GO Bonds		5.65	%		06/01/2027			1,000			1,188,640
New York (City of), NY, Series 2010 H-1, GO Bonds		5.85	%		06/01/2040			5,000			7,131,350
New York (City of), NY, Series 2011 F-1, GO Bonds		6.27	%		12/01/2037			7,920			11,442,974
New York (City of), NY, Series 2019 A-2, GO Bonds		2.13	%		08/01/2024			15,000			15,766,650
New York (City of), NY, Series 2019 A-2, GO Bonds		2.63	%		08/01/2028			10,000			10,718,200
New York (City of), NY, Series 2020 D-3, GO Bonds		2.22	%		03/01/2035			6,930			6,844,415
New York (City of), NY, Series 2021 D, Ref. GO Bonds		1.92	%		08/01/2031			2,000			1,969,000
New York (City of), NY, Series 2021 D, Ref. GO Bonds		2.02	%		08/01/2032			2,000			1,983,120
New York (City of), NY, Series 2021 D, Ref. GO Bonds		2.12	%		08/01/2033			6,875			6,791,813
New York (City of), NY, Series 2021 D, Ref. GO Bonds		2.17	%		08/01/2034			4,000			3,953,440
New York (City of), NY, Series 2021 D, Ref. GO Bonds		2.22	%		08/01/2035			3,000			2,963,640
New York (City of), NY, Series 2021 D, Ref. GO Bonds		2.42	%		08/01/2036			3,140			3,109,605
New York (City of), NY Educational Construction Fund, Series 2010 A, RB		6.00	%		04/01/2035			2,000			2,722,600

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

61

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2021

(Unaudited)

	Interest     Rate			Maturity     Date		Principal   Amount (000)			Value
New York-(continued)
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a)		2.68	%		03/01/2033		$	2,000		$	2,031,860
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a)		2.73	%		03/01/2034			3,000			3,038,070
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a)		2.78	%		03/01/2035			3,000			3,023,310
New York (City of), NY Municipal Water Finance Authority, Series 2010 GG, RB		5.72	%		06/15/2042			4,460			6,475,608
New York (City of), NY Transitional Finance Authority, Series 2010, RB		5.51	%		08/01/2037			1,575			2,096,309
New York (City of), NY Transitional Finance Authority, Series 2011 B-1, RB		5.93	%		11/01/2036			6,475			6,498,763
New York (City of), NY Transitional Finance Authority, Series 2011 S-1B, RB		6.83	%		07/15/2040			3,785			5,493,473
New York (City of), NY Transitional Finance Authority, Series 2019 B-2, RB		2.11	%		11/01/2024			5,000			5,269,550
New York (State of) Dormitory Authority, Series 2009 F, RB		5.29	%		03/15/2025			200			235,576
New York (State of) Dormitory Authority, Series 2010 C, RB		4.90	%		02/15/2023			1,400			1,523,256
New York (State of) Dormitory Authority, Series 2010 D, RB		5.00	%		03/15/2024			2,100			2,378,334
New York (State of) Dormitory Authority, Series 2010 D, RB		5.50	%		03/15/2030			2,760			3,357,788
New York (State of) Dormitory Authority, Series 2010 H, RB		5.29	%		03/15/2033			1,345			1,665,366
New York (State of) Dormitory Authority, Series 2010 H, RB		5.39	%		03/15/2040			1,800			2,403,918
New York (State of) Dormitory Authority, Series 2019 B, Ref. RB		3.14	%		07/01/2043			2,000			1,993,320
New York (State of) Dormitory Authority, Series 2020 F, Ref. RB		3.19	%		02/15/2043			5,000			5,223,300
New York (State of) Dormitory Authority (General Purpose), Series 2020 F, Ref. RB		2.03	%		02/15/2023			1,245			1,283,508
New York (State of) Dormitory Authority (General Purpose), Series 2020 F, Ref. RB		3.03	%		02/15/2033			6,970			7,616,049
New York (State of) Dormitory Authority (New York University), Series 2018 B, RB		4.85	%		07/01/2048			5,000			5,671,400
New York (State of) Dormitory Authority (New York University), Series 2020 B, Ref. RB		2.77	%		07/01/2043			5,000			4,805,100
New York (State of) Dormitory Authority (New York University) (Green Bonds), Series 2019, RB		4.01	%		07/01/2049			3,000			3,335,700
New York (State of) Housing Finance Agency, Series 2019 A, Ref. VRD RB(b)		0.12	%		11/01/2045			9,900			9,900,000
New York (State of) Housing Finance Agency, Series 2019 B, Ref. VRD RB(b)		0.09	%		11/01/2045			14,000			14,000,000
New York (State of) Thruway Authority, Series 2019 M, Ref. RB		2.90	%		01/01/2035			5,000			5,378,700
New York State Environmental Facilities Corp., Series 2010, RB		5.71	%		06/15/2030			1,000			1,277,490
New York State Urban Development Corp., Series 2010 B, RB		5.84	%		03/15/2040			2,000			2,626,560
New York State Urban Development Corp., Series 2020 F, Ref. RB		1.80	%		03/15/2031			5,000			4,853,950
New York State Urban Development Corp., Series 2020 F, Ref. RB		1.90	%		03/15/2032			5,000			4,940,450
New York Transportation Development Corp., Series 2020 B, Ref. RB		1.61	%		12/01/2022			1,100			1,112,177
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.02	%		07/01/2024			2,000			2,012,960
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.12	%		01/01/2025			2,750			2,775,300
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.22	%		07/01/2025			2,500			2,526,175
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.27	%		01/01/2026			2,000			2,010,660
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.32	%		07/01/2026			1,000			1,005,170
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.42	%		07/01/2027			2,000			2,013,300
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.47	%		07/01/2028			3,000			2,995,260
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.57	%		07/01/2029			2,000			2,002,620
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.67	%		07/01/2030			1,000			1,001,070
Triborough Bridge & Tunnel Authority, Series 2009 B, RB		5.50	%		11/15/2039			2,715			3,620,941
Triborough Bridge & Tunnel Authority, Series 2010, RB		5.45	%		11/15/2032			2,280			2,846,648
Westchester County Local Development Corp. (Sarah Lawrence College), Series 2020 A, Ref. RB		6.25	%		06/01/2050			4,000			4,562,840
Westchester Local Development Corp. (Westchester Medical Center Obligated Group), Series 2020, Ref. RB, (INS - AGM)(a)		3.85	%		11/01/2050			7,750			8,143,235
Western Nassau County Water Authority, Series 2010 B, RB		6.70	%		04/01/2040			500			717,800
											348,190,592

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

62

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2021

(Unaudited)

	Interest     Rate			Maturity     Date		Principal   Amount (000)			Value
North Carolina-0.02%
University of North Carolina at Chapel Hill, Series 2009, RB		5.76	%		12/01/2039		$	500		$	501,555
Ohio-2.61%
American Municipal Power, Inc., Series 2009 B, RB		6.45	%		02/15/2044			2,000			2,854,220
American Municipal Power, Inc. (Combined Hydroelectric), Series 2010 B, RB		8.08	%		02/15/2050			9,930			17,698,239
American Municipal Power, Inc. (Meldahl Hydroelectric), Series 2010 B, RB		7.50	%		02/15/2050			3,395			5,431,015
American Municipal Power, Inc. (Meldahl Hydroelectric), Series 2010 E, RB		6.27	%		02/15/2050			2,075			2,898,256
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2009 C, RB		6.05	%		02/15/2043			8,005			11,123,028
Columbus (City of), OH Regional Airport Authority, Series 2019, RB.		4.20	%		12/15/2048			1,000			964,520
Cuyahoga (County of), OH, Series 2010, RB		8.22	%		02/15/2040			1,000			1,294,730
Franklin (County of), OH (Nationwide Childrens Hospital), Series 2019 B, RB		3.38	%		11/01/2050			8,000			8,504,800
Franklin (County of), OH Convention Facilities Authority, Series 2010, RB		6.39	%		12/01/2030			1,000			1,274,060
Franklin (County of), OH Convention Facilities Authority, Series 2010, RB		6.54	%		12/01/2036			1,070			1,478,473
JobsOhio Beverage System, Series 2020 A, Ref. RB		2.83	%		01/01/2038			2,000			2,106,780
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB		3.70	%		01/01/2043			1,000			1,113,180
Ohio State University (The), Series 2020, Ref. RB		3.02	%		12/01/2050			5,000			4,700,250
											61,441,551
Oklahoma-0.30%
Oklahoma (State of) Turnpike Authority, Series 2020 B, Ref. RB		0.49	%		01/01/2022			2,000			2,002,920
Oklahoma (State of) Turnpike Authority, Series 2020 B, Ref. RB		0.63	%		01/01/2023			1,500			1,505,520
Oklahoma (State of) Turnpike Authority, Series 2020 B, Ref. RB		0.80	%		01/01/2024			2,000			2,013,040
Oklahoma (State of) Turnpike Authority, Series 2020 B, Ref. RB		0.90	%		01/01/2025			1,500			1,506,030
											7,027,510
Oregon-1.32%
Metro, Series 2019, GO Bonds		3.25	%		06/01/2028			10,000			11,294,700
Morrow (Port of), OR (Bonneville Cooperation Project No. 4), Series 2016, RB		2.99	%		09/01/2036			4,000			4,339,240
Oregon (State of), Series 2003, GO Bonds		5.89	%		06/01/2027			2,000			2,480,160
Oregon (State of) Department of Transportation, Series 2010, RB		5.83	%		11/15/2034			1,000			1,400,890
Oregon (State of) Department of Transportation, Series 2020 B, Ref. RB		1.66	%		11/15/2031			4,000			3,980,960
Oregon State University, Series 2019, RB		4.05	%		04/01/2052			6,000			6,472,140
Portland (Port of), OR (Portland International Airport), Series 2019, RB		4.24	%		07/01/2049			1,000			1,022,970
											30,991,060
Pennsylvania-5.17%
Allegheny (County of), PA, Series 2020 C-79, Ref. GO Bonds		2.09	%		11/01/2033			18,000			18,005,400
Allegheny (County of), PA, Series 2020 C-79, Ref. GO Bonds		2.34	%		11/01/2037			38,000			36,546,500
Commonwealth Financing Authority, Series 2010 C2, RB		5.59	%		06/01/2030			2,000			2,408,560
Commonwealth Financing Authority, Series 2019 A, RB		3.81	%		06/01/2041			5,000			5,543,150
Commonwealth Financing Authority, Series 2019 A, RB, (INS - AGM)(a)		3.66	%		06/01/2038			20,000			22,843,600
Erie (City of), PA Water Authority, Series 2020, RB, (INS - AGM)(a)		3.46	%		06/01/2060			3,140			3,087,374
Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)(a)		3.23	%		12/01/2050			2,700			2,757,078
Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)(a)		3.48	%		12/01/2055			4,000			4,134,320
Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)(a)		3.63	%		12/01/2059			4,500			4,631,040
Pennsylvania (Commonwealth of), Series 2010 B, GO Bonds		4.65	%		02/15/2026			4,955			5,495,541
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2010, RB		6.14	%		04/01/2030			1,000			1,269,480
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009, RB		6.11	%		12/01/2039			1,443			2,055,077
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 A, Ref. RB		3.42	%		12/01/2041			5,000			5,188,350
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 A, Ref. RB		3.44	%		12/01/2043			3,000			3,084,510
School District of Philadelphia (The), Series 2010, GO Bonds		6.62	%		06/01/2030			1,000			1,235,340
University of Pittsburgh-of the Commonwealth System of Higher Education, Series 2017 C, Ref. RB		3.01	%		09/15/2041			2,750			2,830,355
West Mifflin (Borough of), PA Sanitary Sewer Municipal Authority (Green Bonds), Series 2020 A, Ref. RB, (INS - BAM)(a)		0.80	%		08/01/2021			500			500,590
											121,616,265
South Carolina-1.74%
Charleston Educational Excellence Finance Corp., Series 2020, Ref. RB		1.42	%		12/01/2027			10,000			9,955,400

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

63

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2021

(Unaudited)

	Interest     Rate			Maturity     Date		Principal   Amount (000)			Value
South Carolina-(continued)
South Carolina (State of) Jobs-Economic Development Authority, Series 2020, RB, (INS - AGM)(a)		2.73	%		07/01/2030		$	10,000		$	10,447,800
South Carolina (State of) Public Service Authority, Series 2010 C, RB		6.45	%		01/01/2050			9,050			14,022,794
South Carolina (State of) Public Service Authority, Series 2016 D, RB, (INS - AGM)(a)		2.39	%		12/01/2023			1,355			1,426,734
South Carolina Student Loan Corp., Series 2020, RB		3.59	%		12/01/2039			5,000			4,989,300
											40,842,028
Tennessee-0.09%
Metropolitan Government Nashville & Davidson County Health & Educational Facs Board
(Vanderbilt University), Seris 2016 B, RB		4.05	%		07/01/2026			1,000			1,119,430
Nashville & Davidson (Counties of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds		1.39	%		07/01/2030			250			245,187
Nashville & Davidson (Counties of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds		1.49	%		07/01/2031			100			97,944
Nashville & Davidson (Counties of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds		1.59	%		07/01/2032			125			122,385
Nashville & Davidson (Counties of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds		1.69	%		07/01/2033			200			196,196
Nashville & Davidson (Counties of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds		1.79	%		07/01/2034			200			196,668
											1,977,810
Texas-7.96%
Austin (City of), TX, Series 2021, Ref. RB, (INS - AGM)(a)		2.86	%		11/15/2042			2,585			2,575,435
Board of Regents of The University of Texas System, Series 2010 C, RB		4.64	%		08/15/2030			10,000			12,159,500
Channelview Independent School District, Series 2010 B, GO Bonds, (CEP - Texas Permanent School Fund)		5.93	%		08/15/2035			2,000			2,005,820
Dallas Convention Center Hotel Development Corp., Series 2009, RB		7.09	%		01/01/2042			2,780			3,701,570
Dallas Independent School District, Series 2010 C, GO Bonds, (CEP - Texas Permanent School Fund)		6.45	%		02/15/2035			5,170			5,216,685
Dallas-Fort Worth (Cities of), TX International Airport, Series 2019 A, Ref. RB		1.89	%		11/01/2021			11,820			11,937,609
Dallas-Fort Worth (Cities of), TX International Airport, Series 2019 A, Ref. RB		1.88	%		11/01/2022			5,690			5,824,398
Dallas-Fort Worth (Cities of), TX International Airport, Series 2019 A, Ref. RB		1.94	%		11/01/2023			5,800			6,001,260
Dallas-Fort Worth (Cities of), TX International Airport, Series 2020 C, Ref. RB		1.33	%		11/01/2025			3,250			3,275,870
Dallas-Fort Worth (Cities of), TX International Airport, Series 2020 C, Ref. RB		1.65	%		11/01/2026			2,400			2,437,752
Dallas-Fort Worth (Cities of), TX International Airport, Series 2020 C, Ref. RB		2.92	%		11/01/2050			20,000			20,099,600
Denison Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		2.74	%		08/01/2041			10,000			10,077,200
Harris (County of) & Houston (City of), TX Sports Authority, Series 2020 B, Ref. RB, (INS - AGM)(a)		3.71	%		11/15/2056			4,000			4,118,240
Harris (County of) & Houston (City of), TX Sports Authority, Series 2020 C, Ref. RB, (INS - AGM)(a)		3.86	%		11/15/2040			2,255			2,331,445
North Texas Tollway Authority, Series 2009, RB		6.72	%		01/01/2049			1,700			2,798,030
North Texas Tollway Authority, Series 2020, Ref. RB		3.08	%		01/01/2042			500			501,780
San Antonio (City of), TX, Series 2020, Ref. GO Bonds		0.36	%		02/01/2022			5,000			5,008,400
San Antonio (City of), TX, Series 2020, Ref. GO Bonds		0.48	%		02/01/2023			13,000			13,056,160
San Antonio (City of), TX, Series 2020, Ref. GO Bonds		0.84	%		02/01/2025			10,000			10,075,800
San Antonio Education Facilities Corp. (Trinity University), Series 2020, Ref. RB		3.24	%		06/01/2050			10,000			10,088,700
Tarrant County Cultural Education Facilities Finance Corp. (Hendrick Medical Center Obligated Group), Series 2021, Ref. RB, (INS - AGM)(a)		3.29	%		09/01/2040			500			515,050
Tarrant County Cultural Education Facilities Finance Corp. (Hendrick Medical Center Obligated Group), Series 2021, Ref. RB, (INS - AGM)(a)		3.42	%		09/01/2050			1,000			1,014,750
Texas (State of), Series 2009, GO Bonds		5.52	%		04/01/2039			9,680			13,990,891
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB		3.03	%		08/15/2041			2,000			1,980,700
Texas (State of) Transportation Commission State Highway Fund, Series 2010 B, RB		5.03	%		04/01/2026			2,000			2,286,440
Texas (State of) Transportation Commission State Highway Fund, Series 2010 B, RB		5.18	%		04/01/2030			11,715			14,696,702
Texas A&M University, Series 2019 A, RB		4.20	%		05/15/2048			2,500			2,840,700
Texas A&M University System Board of Regents, Series 2019 B, Ref. RB		2.62	%		05/15/2029			3,000			3,250,740
University of Texas System (The), Series 2020 B, RB		2.44	%		08/15/2049			7,500			7,231,200
Uptown Development Authority, Series 2021 B, RB, (INS - AGM)(a)		3.46	%		09/01/2040			1,160			1,194,777
Waco Educational Finance Corp. (Baylor University), Series 2020, Ref. RB		2.84	%		03/01/2040			5,000			5,023,750
											187,316,954

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

64

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2021

(Unaudited)

	Interest     Rate			Maturity     Date		Principal   Amount (000)			Value
Utah-0.28%
Salt Lake (County of), UT Municipal Building Authority, Series 2009, RB		5.82	%		12/01/2029		$	500		$	628,195
Utah (State of), Series 2009 D, GO Bonds		4.55	%		07/01/2024			575			618,085
Utah (State of), Series 2010 B, GO Bonds		3.54	%		07/01/2025			2,355			2,547,780
Utah (State of) Transit Authority, Series 2009 B, RB		5.94	%		06/15/2039			1,815			2,649,664
											6,443,724
Virgin Islands-0.30%
Virgin Islands (Government of) Water & Power Authority, Series 2010, RB, (INS - AGM)(a)		6.85	%		07/01/2035			5,795			7,120,954
Washington-2.39%
Benton (County of), WA Public Utility District No. 1, Series 2010, RB		6.55	%		11/01/2030			750			1,008,420
Central Puget Sound Regional Transit Authority, Series 2009 S-2T, RB		5.49	%		11/01/2039			1,855			2,579,378
Cowlitz (County of), WA Public Utility District No. 1, Series 2010, RB		6.88	%		09/01/2032			6,500			8,847,540
Douglas (County of), WA Public Utility District No. 1, Series 2010 1-B, RB		5.25	%		09/01/2030			2,000			2,345,000
Grant (County of), WA Public Utility District No. 2, Series 2010, Ref. RB		5.73	%		01/01/2030			2,500			3,256,225
Grant (County of), WA Public Utility District No. 2, Series 2010, Ref. RB		5.83	%		01/01/2040			2,750			3,710,877
King (County of), WA, Series 2020 B, Ref. RB		1.30	%		01/01/2028			15,990			15,972,091
King (County of), WA, Series 2020 B, Ref. RB		1.46	%		01/01/2029			5,915			5,912,102
Seattle (Port of), WA, Series 2017, Ref. RB		3.76	%		05/01/2036			500			521,590
Snohomish (County of), WA Public Hospital District No. 3, Series 2010, GO Bonds		6.33	%		12/01/2035			1,000			1,001,710
Tacoma (City of), WA, Series 2010 B, RB		5.37	%		12/01/2030			1,000			1,241,150
Tacoma (City of), WA, Series 2010 B, RB, (INS - AGM)(a)		5.79	%		01/01/2032			2,570			3,413,448
University of Washington, Series 2021 B, Ref. RB		2.62	%		04/01/2042			2,000			1,975,960
Washington (State of), Series 2010, GO Bonds		5.09	%		08/01/2033			2,000			2,588,860
Washington (State of) Biomedical Research Facilities 3, Series 2010 B, RB		6.42	%		07/01/2030			1,435			1,834,131
											56,208,482
Wisconsin-2.03%
Wisconsin (State of), Series 2017 A, Ref. RB		3.95	%		05/01/2036			3,000			3,431,370
Wisconsin (State of), Series 2019 1, Ref. GO Bonds		2.38	%		05/01/2030			7,500			8,032,050
Wisconsin (State of), Series 2020 2, Ref. GO Bonds		1.88	%		05/01/2025			2,500			2,628,400
Wisconsin (State of), Series 2020 2, Ref. GO Bonds		2.35	%		05/01/2031			1,000			1,063,720
Wisconsin (State of), Series 2020 A, Ref. RB		2.50	%		05/01/2032			2,000			2,118,020
Wisconsin (State of), Series 2021, Ref. GO Bonds		0.21	%		05/01/2023			1,000			999,710
Wisconsin (State of), Series 2021, Ref. GO Bonds		0.36	%		05/01/2024			1,000			999,000
Wisconsin (State of), Series 2021, Ref. GO Bonds		0.65	%		05/01/2025			1,500			1,501,620
Wisconsin (State of), Series 2021, Ref. GO Bonds		0.80	%		05/01/2026			1,000			996,080
Wisconsin (State of) Center District, Series 2020 B, Ref. RB, (INS - AGM)(a)		4.17	%		12/15/2050			2,000			2,045,580
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2020, RB, (INS - AGM)(a)		3.09	%		06/01/2050			25,000			23,799,000
											47,614,550
Total Municipal Obligations (Cost $2,111,401,918)											2,242,357,197
U.S. Dollar Denominated Bonds & Notes-2.09%
California-0.63%
Claremont Mckenna College, Series 2019		3.38	%		01/01/2050			7,500			7,699,383
Pepperdine University		3.30	%		12/01/2059			5,000			5,146,276
University of Southern California, Series A		3.23	%		10/01/2120			2,000			1,877,466
											14,723,125
Connecticut-0.18%
Wesleyan University		3.37	%		07/01/2050			4,000			4,210,243
District of Columbia-0.13%
Association of American Medical Colleges		3.32	%		10/01/2041			3,000			2,960,874
Maine-0.07%
President & Trustees of Colby College (The)		3.20	%		07/01/2054			2,000			1,773,576

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

65

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2021

(Unaudited)

	Interest     Rate			Maturity     Date		Principal   Amount (000)			Value
Massachusetts-0.17%
Whitehead Institute for Biomedical Research		3.28	%		12/01/2050		$	4,000		$	3,995,450
Minnesota-0.11%
Mayo Clinic, Series 2016		4.13	%		11/15/2052			2,000			2,515,293
New Hampshire-0.09%
Trustees of Dartmouth College		3.47	%		06/01/2046			2,000			2,235,869
New York-0.56%
Ford Foundation (The)		2.82	%		06/01/2070			5,000			4,652,772
Montefiore Medical Center		2.90	%		04/20/2032			1,130			1,239,344
Montefiore Obligated Group, (INS - AGM)(a)		3.79	%		09/01/2050			7,000			7,239,219
											13,131,335
Texas-0.15%
Baylor Scott & White Holdings		3.97	%		11/15/2046			3,000			3,446,159
Total U.S. Dollar Denominated Bonds & Notes (Cost $47,629,900)											48,991,924
						Shares
Money Market Funds-3.46%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d) (Cost $81,455,124)								81,455,124			81,455,124
TOTAL INVESTMENTS IN SECURITIES(e) -100.88% (Cost $2,240,486,942)											2,372,804,245
OTHER ASSETS LESS LIABILITIES-(0.88%)											(20,608,742	)
NET ASSETS-100.00%										$	2,352,195,503

Investment Abbreviations:

AGC -Assured Guaranty Corp.

AGM -Assured Guaranty Municipal Corp.

BAM -Build America Mutual Assurance Co.

CEP -Credit Enhancement Provider

COP -Certificates of Participation

GO -General Obligation

INS -Insurer

RB -Revenue Bonds

Ref. -Refunding

VRD -Variable Rate Demand

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

66

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

February 28, 2021

(Unaudited)

Notes to Schedule of Investments:

^(a) Principal and/or interest payments are secured by the bond insurance company listed.

^(b) Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2021.

^(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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	441,644,222		$	(360,189,098	)		$	-		$	-		$	81,455,124		$	8,089
Invesco Premier U.S. Government Money Portfolio, Institutional Class			90,139,484			43,580,996			(133,720,480	)			-			-			-			536
Total		$	90,139,484		$	485,225,218		$	(493,909,578	)		$	-		$	-		$	81,455,124		$	8,625

^(d)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

^(e)  This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

Entities	Percentage
Assured Guaranty Municipal Corp		10.08%

Portfolio Composition

Revenue Type Breakdown (% of the Fund’s Net Assets)

as of February 28, 2021

Ad Valorem Property Tax	18.41
College & University Revenue	14.57
Port, Airport & Marina Revenue	9.01
Miscellaneous Revenue	8.62
General Fund	7.69
Electric Power Revenue	6.91
Water Revenue	5.01
Sales Tax Revenue	4.92
Health, Hospital, Nursing Home Revenue	4.73
Lease Revenue	4.06
Revenue Types Each Less Than 3%	13.49
Money Market Funds Plus Other Assets Less Liabilities	2.58

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

67

Invesco Treasury Collateral ETF (CLTL)

February 28, 2021

(Unaudited)

Schedule of Investments

	Principal Amount		Value
U.S. Treasury Securities-99.63%
U.S. Treasury Bills-38.27%(a)
0.06%–0.09%, 04/01/2021	$	558,000	$	557,984
0.07%–0.17%, 04/22/2021		15,603,000		15,602,493
0.06%, 05/06/2021		11,505,300		11,504,667
0.06%, 05/13/2021		5,105,200		5,104,812
0.06%–0.10%, 05/20/2021		15,400,200		15,398,917
0.07%, 05/27/2021		11,505,100		11,504,266
0.07%, 06/03/2021		11,860,200		11,858,816
0.08%–0.16%, 06/17/2021		14,800,000		14,798,113
0.03%, 06/24/2021		13,000,000		12,998,339
0.07%, 07/01/2021		10,600,000		10,598,473
0.07%, 07/08/2021		11,505,100		11,503,451
0.08%–0.10%, 07/15/2021		18,158,000		18,155,256
0.05%, 07/29/2021		15,000,000		14,997,187
0.04%, 08/05/2021		14,000,000		13,997,100
0.04%–0.10%, 08/12/2021		29,658,000		29,651,582
0.05%, 08/19/2021		15,000,000		14,996,438
0.05%, 08/26/2021		15,000,000		14,996,662
0.08%–0.11%, 09/09/2021		18,158,000		18,152,916
0.06%–0.11%, 12/30/2021		16,539,000		16,530,201
0.07%, 01/27/2022		7,000,000		6,996,030
0.08%, 02/24/2022		10,000,000		9,993,067
				279,896,770
U.S. Treasury Notes-61.36%
2.38%, 04/15/2021		24,460,000		24,529,676

	Principal Amount		Value
U.S. Treasury Notes-(continued)
2.25%, 04/30/2021	$	21,747,000	$	21,825,550
2.63%, 05/15/2021		18,023,000		18,117,993
1.38% - 2.00%, 05/31/2021		46,776,000		46,963,572
2.63%, 06/15/2021		9,350,000		9,420,401
1.63% - 2.13%, 06/30/2021		43,902,000		44,166,639
2.63%, 07/15/2021		18,260,000		18,437,589
1.13% - 2.25%, 07/31/2021		25,079,000		25,220,899
2.13% - 2.75%, 08/15/2021		27,067,000		27,359,056
1.13% - 2.00%, 08/31/2021		46,522,000		46,875,385
2.75%, 09/15/2021		14,207,000		14,413,667
1.13% - 2.13%, 09/30/2021		36,198,000		36,516,422
2.88%, 10/15/2021		7,472,000		7,602,650
1.25% - 2.00%, 10/31/2021		37,170,000		37,580,609
2.00% - 2.88%, 11/15/2021		19,478,000		19,806,090
1.50% - 1.88%, 11/30/2021		27,058,000		27,394,657
1.63% - 2.13%, 12/31/2021		20,078,000		20,379,297
1.38%, 01/31/2022		2,087,000		2,111,977
				448,722,129
TOTAL INVESTMENTS IN SECURITIES-99.63% (Cost $728,461,361)				728,618,899
OTHER ASSETS LESS LIABILITIES-0.37%				2,716,241
NET ASSETS-100.00%.			$	731,335,140

Notes to Schedule of Investments:

^(a) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	4,585,988		$	(4,585,988	)		$	-		$	-		$	-		$	4
Invesco Premier U.S. Government Money Portfolio, Institutional Class			221,238			164,048			(385,286	)			-			-			-			-
Total		$	221,238		$	4,750,036		$	(4,971,274	)		$	-		$	-		$	-		$	4

Portfolio Composition                                         

Security Type Breakdown (% of the Fund’s Net Assets)

as of February 28, 2021

U.S. Treasury Notes	61.36
U.S. Treasury Bills	38.27
Other Assets Less Liabilities	0.37

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

68

Invesco Variable Rate Preferred ETF (VRP)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-66.65%
Automobiles-0.98%
General Motors Financial Co., Inc.
Series A, 5.75%(b)(c)(d)	$	6,940,000	$	7,300,186
Series B, 6.50%(b)(c)(d)		3,415,000		3,737,291
Series C, 5.70%(c)(d)		3,498,000		3,891,525
				14,929,002
Banks-32.37%
Bank of America Corp.
Series AA, 6.10%(c)(d)		12,980,000		14,431,099
Series DD, 6.30%(b)(c)(d)		6,895,000		7,920,655
Series FF, 5.88%(c)(d)		16,155,000		17,684,847
Series JJ, 5.13%(c)(d)		6,925,000		7,356,794
Series MM, 4.30%(c)(d)		7,475,000		7,559,841
Series U, 5.20%(b)(c)(d)		6,866,000		7,163,193
Series X, 6.25%(c)(d)		13,665,000		14,979,603
Citigroup, Inc.
3.88%(c)(d)		15,930,000		15,890,175
5.90%(b)(c)(d)		5,175,000		5,370,615
Series A, 5.95%(c)(d)		10,216,000		10,654,025
Series D, 5.35%(b)(c)(d)		8,585,000		8,799,625
Series M, 6.30%(c)(d)		12,010,000		12,716,188
Series P, 5.95%(c)(d)		13,662,000		14,857,425
Series Q, 4.29% (3 mo. USD LIBOR + 4.10%)(d)(e)		8,683,000		8,661,292
Series R, 4.68% (3 mo. USD LIBOR + 4.48%)(d)(e)		7,047,000		7,056,169
Series V, 4.70%(c)(d)		10,150,000		10,272,561
Citizens Financial Group, Inc., Series F, 5.65%(c)(d)		2,730,000		3,009,825
Comerica, Inc., 5.63%(c)(d)		2,700,000		2,966,490
Fifth Third Bancorp
Series H, 5.10%(c)(d)		4,075,000		4,085,188
Series L, 4.50%(c)(d)		2,390,000		2,537,702
Huntington Bancshares, Inc.
Series E, 5.70%(c)(d)		3,429,000		3,463,290
Series F, 5.63%(c)(d)		3,430,000		3,880,188
Series G, 4.45%(c)(d)		3,485,000		3,646,112
JPMorgan Chase & Co.
Series CC, 4.63%(b)(c)(d)		8,600,000		8,610,750
Series FF, 5.00%(c)(d)		15,521,000		16,133,964
Series HH, 4.60%(c)(d)		20,450,000		20,884,562
Series II, 4.00%(c)(d)		10,350,000		10,299,544
Series Q, 5.15%(c)(d)		10,245,000		10,491,303
Series R, 6.00%(c)(d)		10,290,000		10,898,530
Series S, 6.75%(c)(d)		13,630,000		15,065,169
Series U, 1.15% (3 mo. USD LIBOR + 0.95%), 02/02/2037(e)		2,240,000		2,005,158
Series U, 6.13%(c)(d)		6,940,000		7,496,715
Series V, 3.56% (3 mo. USD LIBOR + 3.32%)(b)(d)(e)		17,369,000		17,251,759
Series W, 1.19% (3 mo. USD LIBOR +
1.00%), 05/15/2047(e)		4,059,000		3,470,445
Series X, 6.10%(c)(d)		10,978,000		11,953,414
Series Z, 4.01% (3 mo. USD LIBOR + 3.80%)(b)(d)(e)		13,790,000		13,787,035
KeyCorp, Series D, 5.00%(b)(c)(d)		3,665,000		3,912,168

	Principal Amount		Value
Banks-(continued)
M&T Bank Corp.
Series E, 6.45%(c)(d)	$	2,365,000	$	2,589,675
Series F, 5.13%(b)(c)(d)		3,470,000		3,751,070
Series G, 5.00%(c)(d)		2,725,000		2,901,444
PNC Financial Services Group, Inc. (The)
Series O, 6.75%(b)(c)(d)		6,755,000		6,873,212
Series R, 4.85%(c)(d)		3,495,000		3,636,734
Series S, 5.00%(c)(d)		3,600,000		3,948,768
Regions Financial Corp., Series D, 5.75%(b)(c)(d)		2,405,000		2,663,538
SVB Financial Group, 4.10%(c)(d)		5,275,000		5,331,047
Truist Financial Corp.
Series L, 5.05%(c)(d)		5,150,000		5,220,813
Series M, 5.13%(b)(c)(d)		3,480,000		3,662,700
Series N, 4.80%(c)(d)		11,600,000		12,049,500
Series P, 4.95%(c)(d)		6,875,000		7,409,875
Series Q, 5.10%(c)(d)		6,775,000		7,414,424
U.S. Bancorp
Series I, 3.73% (3 mo. USD LIBOR +3.49%)(b)(d)(e)		5,190,000		5,170,538
Series J, 5.30%(c)(d)		6,890,000		7,649,967
USB Capital IX, 3.50% (3 mo. USD LIBOR + 1.02%)(d)(e)		4,780,000		4,642,575
Wachovia Capital Trust III, 5.57% (3 mo. USD LIBOR + 0.93%)(d)(e)		8,449,000		8,456,773
Wells Fargo & Co.
3.90%(c)(d)		24,425,000		24,346,229
Series S, 5.90%(c)(d)		13,864,000		14,780,468
Series U, 5.88%(c)(d)		13,946,000		15,295,275
				495,018,043
Capital Markets-7.42%
Bank of New York Mellon Corp. (The)
Series D, 4.50%(c)(d)		3,445,000		3,496,675
Series E, 3.66% (3 mo. USD LIBOR + 3.42%)(d)(e)		7,015,000		7,059,561
Series F, 4.63%(c)(d)		6,861,000		7,264,084
Series H, 3.70%(c)(d)		3,995,000		4,089,881
Charles Schwab Corp. (The)
7.00%(b)(c)(d)		2,810,000		2,961,038
Series E, 4.63%(c)(d)		4,135,000		4,181,725
Series F, 5.00%(c)(d)		3,465,000		3,681,563
Series G, 5.38%(c)(d)		17,225,000		18,818,312
Goldman Sachs Capital II, 4.00% (3 mo. USD LIBOR + 0.77%)(b)(d)(e)		5,282,000		5,097,130
Goldman Sachs Group, Inc. (The)
Series O, 5.30%(c)(d)		4,455,000		4,931,128
Series Q, 5.50%(b)(c)(d)		3,450,000		3,734,625
Series R, 4.95%(c)(d)		4,150,000		4,424,937
Mellon Capital IV, Series 1, 4.00% (3 mo. USD LIBOR + 0.57%)(b)(d)(e)		3,480,000		3,465,210

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

69

Invesco Variable Rate Preferred ETF (VRP)–(continued)

February 28, 2021

(Unaudited)

	Principal Amount		Value
Capital Markets-(continued)
Morgan Stanley
Series H, 3.85% (3 mo. USD LIBOR + 3.61%)(b)(d)(e)	$	9,049,000	$	9,028,750
Series J, 4.05% (3 mo. USD LIBOR + 3.81%)(b)(d)(e)		10,390,000		10,396,552
Series M, 5.88%(b)(c)(d)		2,785,000		3,137,860
Series N, 5.30%(b)(c)(d)		2,050,000		2,126,875
Northern Trust Corp., Series D, 4.60%(c)(d) .		3,470,000		3,756,275
State Street Corp.
1.22% (3 mo. USD LIBOR + 1.00%), 06/15/2047(e)		3,536,000		3,008,623
Series F, 3.81% (3 mo. USD LIBOR + 3.60%)(b)(d)(e)		5,250,000		5,259,975
Series H, 5.63%(c)(d)		3,440,000		3,599,100
				113,519,879
Consumer Finance-1.68%
American Express Co.
Series B, 3.62% (3 mo. USD LIBOR + 3.43%)(b)(d)(e)		5,155,000		5,134,896
Series C, 3.50% (3 mo. USD LIBOR + 3.29%)(d)(e)		5,808,000		5,764,440
Capital One Financial Corp., Series E, 3.99% (3 mo. USD LIBOR + 3.80%)(b)(d)(e)		6,938,000		6,940,742
Discover Financial Services
Class C, 5.50%(c)(d)		3,880,000		4,078,850
Series D, 6.13%(c)(d)		3,395,000		3,730,256
				25,649,184
Diversified Financial Services-0.36%
National Rural Utilities Cooperative Finance Corp.
4.75%, 04/30/2043(c)		2,714,000		2,829,073
5.25%, 04/20/2046(c)		2,470,000		2,688,554
				5,517,627
Electric Utilities-2.00%
Duke Energy Corp., 4.88%(c)(d)		6,875,000		7,369,725
NextEra Energy Capital Holdings, Inc.
2.31% (3 mo. USD LIBOR + 2.07%), 10/01/2066(e)		2,147,000		1,978,987
4.80%, 12/01/2077(c)		3,770,000		4,087,324
5.65%, 05/01/2079(c)		3,450,000		4,035,301
Southern Co. (The)
Series B, 4.00%, 01/15/2051(c)		8,835,000		9,230,399
Series B, 5.50%, 03/15/2057(c)		3,821,000		3,948,127
				30,649,863
Industrial Conglomerates-2.47%
General Electric Co., Series D, 3.55% (3 mo. USD LIBOR +3.33%)(d)(e)		39,564,000		37,761,860
Insurance-6.64%
Aegon N.V. (Netherlands), 5.50%, 04/11/2048(c)		5,475,000		6,325,681
Allstate Corp. (The), Series B, 5.75%, 08/15/2053(c)		5,469,000		5,861,312
American International Group, Inc., Series A-9, 5.75%, 04/01/2048(c)		5,179,000		5,889,818

	Principal Amount		Value
Insurance-(continued)
AXIS Specialty Finance LLC, 4.90%, 01/15/2040(c)	$	2,909,000	$	2,994,271
Enstar Finance LLC, 5.75%, 09/01/2040(c)		2,390,000		2,488,811
Everest Reinsurance Holdings, Inc., 2.58% (3 mo. USD LIBOR + 2.39%), 05/15/2037(e)		1,599,000		1,479,252
Lincoln National Corp. 2.55% (3 mo. USD LIBOR + 2.36%), 05/17/2066(e)		5,055,000		4,400,125
2.26% (3 mo. USD LIBOR + 2.04%), 04/20/2067(e)		3,360,000		2,778,300
Markel Corp., 6.00%(c)(d)		4,120,000		4,527,550
MetLife, Inc., Series D, 5.88%(b)(c)(d)		3,415,000		3,901,637
PartnerRe Finance B LLC, 4.50%, 10/01/2050(c)		3,495,000		3,649,976
Principal Financial Group, Inc., 3.24% (3 mo. USD LIBOR + 3.04%), 05/15/2055(b)(e)		2,843,000		2,818,124
Progressive Corp. (The), Series B, 5.38%(c)(d)		3,390,000		3,542,550
Prudential Financial, Inc.
5.88%, 09/15/2042(c)		6,772,000		7,166,765
5.63%, 06/15/2043(c)		10,303,000		11,093,301
5.20%, 03/15/2044(c)		3,460,000		3,698,196
5.38%, 05/15/2045(c)		6,847,000		7,605,594
4.50%, 09/15/2047(c)		5,150,000		5,743,286
5.70%, 09/15/2048(c)		6,815,000		7,853,984
3.70%, 10/01/2050(c)		5,500,000		5,637,500
Reinsurance Group of America, Inc., 2.88% (3 mo. USD LIBOR + 2.67%), 12/15/2065(e)		2,230,000		2,079,475
				101,535,508
Machinery-0.36%
Stanley Black & Decker, Inc., 4.00%, 03/15/2060(c)		5,225,000		5,518,870
Media-0.55%
ViacomCBS, Inc.
5.88%, 02/28/2057(c)		3,455,000		3,530,578
6.25%, 02/28/2057(c)		4,371,000		4,883,806
				8,414,384
Multi-Utilities-1.79%
CMS Energy Corp.
4.75%, 06/01/2050(c)		3,500,000		3,836,518
3.75%, 12/01/2050(c)		2,750,000		2,761,138
Dominion Energy, Inc.
Series A, 5.75%, 10/01/2054(c)		4,750,000		5,218,194
Series B, 4.65%(c)(d)		5,465,000		5,749,890
Sempra Energy, 4.88%(c)(d)		6,200,000		6,624,390
WEC Energy Group, Inc., 2.31% (3 mo. USD LIBOR + 2.11%), 05/15/2067(e)		3,416,000		3,157,973
				27,348,103
Oil, Gas & Consumable Fuels-8.51%
BP Capital Markets PLC (United Kingdom)
4.38%(c)(d)		17,275,000		18,255,702
4.88%(c)(d)		17,300,000		18,614,800

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

70

Invesco Variable Rate Preferred ETF (VRP)–(continued)

February 28, 2021

(Unaudited)

	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Enbridge, Inc. (Canada)
5.50%, 07/15/2077(c)	$	6,940,000	$	7,071,695
6.25%, 03/01/2078(c)		5,870,000		6,231,315
Series 20-A, Conv., 5.75%, 07/15/2080(c)		6,750,000		7,315,748
Energy Transfer Operating L.P.
Series A, 6.25%(c)(d)		6,645,000		5,498,605
Series G, 7.13%(c)(d)		7,650,000		7,398,468
Enterprise Products Operating LLC
5.38%, 02/15/2078(c)		4,851,000		4,846,681
Series D, 4.88%, 08/16/2077(c)		4,735,000		4,503,199
Series E, 5.25%, 08/16/2077(c)		6,789,000		6,803,581
Plains All American Pipeline L.P., Series B, 6.13%(c)(d)		5,328,000		4,382,280
TransCanada PipeLines Ltd. (Canada), 2.40% (3 mo. USD LIBOR + 2.21%), 05/15/2067(e)		6,908,000		5,582,358
Transcanada Trust (Canada)
5.63%, 05/20/2075(c)		5,152,000		5,561,584
5.30%, 03/15/2077(c)		10,205,000		10,587,687
5.50%, 09/15/2079(c)		7,525,000		8,258,688
Series 16-A, 5.88%, 08/15/2076(c)		8,272,000		9,142,305
				130,054,696
Trading Companies & Distributors-0.46%
AerCap Holdings N.V. (Ireland), 5.88%, 10/10/2079(b)(c)		5,018,000		5,138,909
Air Lease Corp., Series B, 4.65%(c)(d)		1,990,000		1,945,225
				7,084,134
Wireless Telecommunication Services-1.06%
Vodafone Group PLC (United Kingdom), 7.00%, 04/04/2079(c)		13,490,000		16,178,321
Total U.S. Dollar Denominated Bonds & Notes (Cost $993,753,467)				1,019,179,474
	Shares
Preferred Stocks-32.62%
Banks-11.59%
Bank of America Corp.
Series 2, Pfd., (3 mo. USD LIBOR + 0.65%), 3.00%(b)(e)		85,201		1,784,109
Series 4, Pfd., (3 mo. USD LIBOR + 0.75%), 4.00%(b)(e)		60,590		1,448,707
Series 5, Pfd., (3 mo. USD LIBOR + 0.50%), 4.00%(b)(e)		119,858		2,905,358
Series E, Pfd., (3 mo. USD LIBOR + 0.35%), 4.00%(b)(e)		90,486		2,220,526
Series K, Pfd., 6.45%(b)(c)		292,239		7,735,566
Series Z, Pfd., 6.50%(b)(c)		9,638,000		10,749,261
Citigroup, Inc.
Series W, Pfd., 4.00%(c)		10,400,000		10,529,792
Series U, Pfd., 5.00%(c)		10,250,000		10,570,312
Series T, Pfd., 6.25%(c)		10,352,000		11,830,266
Series K, Pfd., 6.88%(c)		412,910		11,297,218
Series J, Pfd., 7.13%(c)		266,070		7,351,514
Citizens Financial Group, Inc., Series D, Pfd., 6.35%(c)		86,010		2,364,415
F.N.B. Corp., Pfd., 7.25%(b)(c)		31,839		875,139

	Shares		Value
Banks-(continued)
Fifth Third Bancorp, Series I, Pfd., 6.63%(c)		123,097	$	3,438,099
First Horizon Corp., Series D, Pfd., 6.10%(b)(c)		29,006		762,858
Heartland Financial USA, Inc., Series E, Pfd., 7.00%(b)(c)		32,887		905,708
JPMorgan Chase & Co., Series I, Pfd., (3 mo. USD LIBOR + 3.47%), 3.68%(e)		20,391,000		20,344,347
KeyCorp, Series E, Pfd., 6.13%(b)(c)		137,312		3,892,795
People’s United Financial, Inc., Series A, Pfd., 5.63%(c)		70,315		1,906,240
PNC Financial Services Group, Inc. (The), Series P, Pfd., 6.13%(c)		418,108		10,950,249
Regions Financial Corp.
Series C, Pfd., 5.70%(b)(c)		142,177		3,838,779
Series B, Pfd., 6.38%(c)		137,974		3,759,791
Synovus Financial Corp.
Series E, Pfd., 5.88%(b)(c)		99,802		2,631,779
Series D, Pfd., 6.30%(c)		57,262		1,503,128
Truist Financial Corp., Series I, Pfd., (3 mo. USD LIBOR + 0.53%), 4.00%(b)(e)		47,578		1,189,926
U.S. Bancorp Series B, Pfd., (3 mo. USD LIBOR + 0.60%), 3.50%(b)(e)		278,059		6,506,581
Series F, Pfd., 6.50%(c)		306,723		8,054,546
Valley National Bancorp
Series B, Pfd., 5.50%(b)(c)		29,099		733,877
Series A, Pfd., 6.25%(c)		32,346		864,285
Wells Fargo & Co.
Series Q, Pfd., 5.85%(c)		482,876		12,511,317
Series R, Pfd., 6.63%(c)		234,408		6,502,478
WesBanco, Inc., Series A, Pfd., 6.75%(b)(c) .		40,227		1,092,163
Wintrust Financial Corp.
Series D, Pfd., 6.50%(c)		35,563		949,888
Series E, Pfd., 6.88%(c)		81,656		2,245,540
Zions Bancorporation N.A., Series G, Pfd., 6.30%(c)		39,453		1,030,512
				177,277,069
Capital Markets-7.13%
Bank of New York Mellon Corp. (The), Series G, Pfd., 4.70%(c)		6,840,000		7,397,460
Charles Schwab Corp. (The), Series H, Pfd., 4.00%(c)		17,370,000		17,456,850
Goldman Sachs Group, Inc. (The)
Series A, Pfd., (3 mo. USD LIBOR + 0.75%), 3.75%(b)(e)		208,914		4,873,964
Series C, Pfd., (3 mo. USD LIBOR + 0.75%), 4.00%(b)(e)		56,917		1,371,700
Series D, Pfd., (3 mo. USD LIBOR + 0.67%), 4.00%(b)(e)		373,966		8,840,556
Series P, Pfd., 5.00%(b)(c)		10,410,000		10,423,012
Series J, Pfd., 5.50%(c)		278,846		7,386,631
Series K, Pfd., 6.38%(c)		195,690		5,371,690

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

71

Invesco Variable Rate Preferred ETF (VRP)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Capital Markets-(continued)
Morgan Stanley
Series A, Pfd., (3 mo. USD LIBOR + 0.70%), 4.00%(b)(e)		305,185	$	7,223,729
Series K, Pfd., 5.85%(c)		278,953		7,743,735
Series I, Pfd., 6.38%(c)		278,046		7,729,679
Series F, Pfd., 6.88%(c)		238,574		6,677,686
Series E, Pfd., 7.13%(c)		241,119		6,828,490
State Street Corp.
Series G, Pfd., 5.35%(c)		138,167		3,861,768
Series D, Pfd., 5.90%(c)		213,085		5,891,800
				109,078,750
Consumer Finance-1.26%
GMAC Capital Trust I, Series 2, Pfd., (3 mo. USD LIBOR + 5.79%), 5.98%(e)		741,919		19,252,798
Diversified Financial Services-1.29%
Citigroup Capital XIII, Pfd., (3 mo. USD LIBOR + 6.37%), 6.58%(e)		625,468		16,793,816
Compass Diversified Holdings, Series B, Pfd., 7.88%(c)		28,472		717,494
Voya Financial, Inc., Series B, Pfd., 5.35%(c)		86,293		2,268,643
				19,779,953
Electric Utilities-0.42%
SCE Trust III, Series H, Pfd., 5.75%(c)		79,171		1,946,023
SCE Trust IV, Series J, Pfd., 5.38%(c)		93,834		2,242,633
SCE Trust V, Series K, Pfd., 5.45%(c)		86,129		2,148,918
				6,337,574
Food Products-0.44%
CHS, Inc.
Series 3, Pfd., 6.75%(b)(c)		135,286		3,652,722
Series 2, Pfd., 7.10%(c)		114,291		3,136,145
				6,788,867
Insurance-3.47%
Aegon N.V., Series 1, Pfd., (3 mo. USD LIBOR + 0.88%), 4.00% (Netherlands)(b)(e)		71,654		1,773,437
Allstate Corp. (The), Pfd., 5.10%(c)		137,711		3,610,782
American Equity Investment Life Holding Co.
Series A, Pfd., 5.95%(c)		113,939		2,917,978
Series B, Pfd., 6.63%(c)		82,353		2,217,766
Argo Group International Holdings Ltd., Pfd., 7.00%(c)		42,853		1,122,320
Aspen Insurance Holdings Ltd., Pfd., 5.95% (Bermuda)(c)		78,338		2,075,957
Athene Holding Ltd.
Series A, Pfd., 6.35%(c)		238,968		6,485,592
Series C, Pfd., 6.38%(c)		164,804		4,502,445
Enstar Group Ltd., Series D, Pfd., 7.00%(c) .		108,025		2,987,972
Hartford Financial Services Group, Inc. (The), Pfd., 7.88%(c)		166,475		4,499,819
MetLife, Inc.
Series C, Pfd., (3 mo. USD LIBOR + 3.58%), 3.79%(e)		3,491,000		3,482,398
Series G, Pfd., 3.85%(c)		6,845,000		7,016,125
Series A, Pfd., (3 mo. USD LIBOR + 1.00%), 4.00%(b)(e)		165,793		4,149,799

	Shares		Value
Insurance-(continued)
Reinsurance Group of America, Inc.
Pfd., 5.75%(c)		114,480	$	3,144,766
Pfd., 6.20%(c)		114,528		2,996,052
				52,983,208
Marine-0.07%
Atlas Corp., Series I, Pfd., 8.00% (Canada)(b)(c)		42,409		1,087,791
Mortgage REITs-2.99%
ACRES Commercial Realty Corp., Pfd., 8.63%(b)(c)		33,009		803,769
AGNC Investment Corp.
Series F, Pfd., 6.13%(b)(c)		163,632		3,830,625
Series E, Pfd., 6.50%(b)(c)		114,655		2,806,754
Series D, Pfd., 6.88%(b)(c)		66,605		1,664,459
Series C, Pfd., 7.00%(b)(c)		92,489		2,357,545
Annaly Capital Management, Inc.
Series G, Pfd., 6.50%(b)(c)		121,166		2,952,815
Series I, Pfd., 6.75%(b)(c)		125,702		3,099,811
Series F, Pfd., 6.95%(c)		198,945		4,882,110
Chimera Investment Corp.
Series C, Pfd., 7.75%(c)		74,006		1,709,539
Series B, Pfd., 8.00%(c)		92,684		2,203,099
Series D, Pfd., 8.00%(b)(c)		57,434		1,335,340
Dynex Capital, Inc., Series C, Pfd., 6.90%(b)(c)		31,795		803,142
Ellington Financial, Inc., Pfd., 6.75%(b)(c)		32,081		744,921
MFA Financial, Inc., Series C, Pfd., 6.50%(c)		77,090		1,692,125
New Residential Investment Corp.
Series C, Pfd., 6.38%(c)		115,239		2,513,363
Series B, Pfd., 7.13%(b)(c)		79,550		1,863,061
Series A, Pfd., 7.50%(b)(c)		44,147		1,072,331
New York Mortgage Trust, Inc.
Series E, Pfd., 7.88%(c)		49,266		1,189,774
Series D, Pfd., 8.00%(b)(c)		38,226		930,039
PennyMac Mortgage Investment Trust
Series B, Pfd., 8.00%(b)(c)		55,441		1,386,025
Series A, Pfd., 8.13%(b)(c)		32,549		815,027
Two Harbors Investment Corp.
Series C, Pfd., 7.25%(c)		84,137		1,994,047
Series B, Pfd., 7.63%(c)		81,515		2,023,202
Series A, Pfd., 8.13%(b)(c)		41,036		1,045,187
				45,718,110
Multi-Utilities-1.16%
Algonquin Power & Utilities Corp.
Series 19-A, Pfd., 6.20% (Canada)(b)(c)		99,714		2,754,101
Pfd., 6.88% (Canada)(c)		82,247		2,248,633
CenterPoint Energy, Inc., Series A, Pfd., 6.13%(c)		5,462,000		5,792,403
Integrys Holding, Inc., Pfd., 6.00%(c)		112,450		3,008,038
NiSource, Inc., Series B, Pfd., 6.50%(c)		142,483		3,885,511
				17,688,686
Oil, Gas & Consumable Fuels-2.01%
Altera Infrastructure L.P., Series E, Pfd., 8.88%(b)(c)		33,693		749,669
DCP Midstream L.P.
Series B, Pfd., 7.88%(c)		45,627		1,027,976
Series C, Pfd., 7.95%(c)		31,070		702,182

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

72

Invesco Variable Rate Preferred ETF (VRP)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Oil, Gas & Consumable Fuels-(continued)
Enbridge, Inc., Series B, Pfd., 6.38% (Canada)(c)		166,687	$	4,465,544
Energy Transfer Operating L.P.
Series C, Pfd., 7.38%(c)		128,364		2,798,335
Series E, Pfd., 7.60%(c)		226,489		5,111,857
Series D, Pfd., 7.63%(c)		126,420		2,858,356
GasLog Partners L.P.
Series B, Pfd., 8.20% (Greece)(c)		32,513		654,812
Series C, Pfd., 8.50% (Greece)(c)		28,271		576,446
Series A, Pfd., 8.63% (Greece)(c)		40,534		849,998
NGL Energy Partners L.P., Series B, Pfd., 9.00%(c)		86,604		961,304
NuStar Energy L.P.
Series B, Pfd., 7.63%(c)		108,333		1,987,911
Series A, Pfd., 8.50%(c)		63,134		1,325,814
Series C, Pfd., 9.00%(c)		49,067		1,119,218
NuStar Logistics L.P., Pfd., (3 mo. USD LIBOR + 6.73%), 6.98%(b)(e)		113,788		2,609,159
Teekay LNG Partners L.P., Series B, Pfd., 8.50% (Bermuda)(b)(c)		49,499		1,278,064
Tsakos Energy Navigation Ltd.
Series E, Pfd., 9.25% (Greece)(c)		33,121		740,254
Series F, Pfd., 9.50% (Greece)(c)		43,147		971,671
				30,788,570
Thrifts & Mortgage Finance-0.32%
Merchants Bancorp, Series B, Pfd., 6.00%(b)(c)		35,496		911,892
New York Community Bancorp, Inc., Series A, Pfd., 6.38%(c)		140,969		3,935,855
				4,847,747

	Shares		Value
Trading Companies & Distributors-0.47%
Air Lease Corp., Series A, Pfd., 6.15%(c)		71,429	$	1,839,297
Fortress Transportation and Infrastructure Investors LLC, Series B, Pfd., 8.00%(c)		32,699		815,186
WESCO International, Inc., Series A, Pfd., 10.63%(c)		150,227		4,559,389
				7,213,872
Total Preferred Stocks (Cost $508,351,047)				498,842,995
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.27% (Cost $1,502,104,514)				1,518,022,469
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.19%
Invesco Private Government Fund, 0.01%(f)(g)(h)		37,818,793		37,818,793
Invesco Private Prime Fund, 0.11%(f)(g)(h)		56,865,944		56,888,691
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $94,706,051)				94,707,484
TOTAL INVESTMENTS IN SECURITIES-105.46% (Cost $1,596,810,565)				1,612,729,953
OTHER ASSETS LESS LIABILITIES-(5.46)%				(83,458,315	)
NET ASSETS-100.00%			$	1,529,271,638

Investment Abbreviations:

Conv. -Convertible

LIBOR -London Interbank Offered Rate

Pfd. -Preferred

REIT -Real Estate Investment Trust

USD -U.S. Dollar

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

73

Invesco Variable Rate Preferred ETF (VRP)–(continued)

February 28, 2021

(Unaudited)

Notes to Schedule of Investments:

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

^(b) All or a portion of this security was out on loan at February 28, 2021.

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

^(d) Perpetual bond with no specified maturity date.

^(e) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2021.

^(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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	79,343,821		$	(79,343,821	)		$	-		$	-		$	-		$	368
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			6,056,704			(6,056,704	)			-			-			-			5
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			26,063,360			99,295,135			(87,539,702	)			-			-			37,818,793			3,944	*
Invesco Private Prime Fund			8,688,001			118,782,402			(70,587,719	)			1,434			4,573			56,888,691			21,155	*
Total		$	34,751,361		$	303,478,062		$	(243,527,946	)		$	1,434		$	4,573		$	94,707,484		$	25,472

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

^(g)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

^(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.

Portfolio Composition

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

as of February 28, 2021

Financials	76.52
Energy	10.52
Utilities	5.37
Industrials	3.83
Sector Types Each Less Than 3%	3.03
Money Market Funds Plus Other Assets Less Liabilities	0.73

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

74

Invesco VRDO Tax-Free Weekly ETF (PVI)

February 28, 2021

(Unaudited)

Schedule of Investments

	Interest   Rate			Maturity   Date		Principal   Amount (000)			Value
Municipal Obligations-98.49%
California-10.14%
Bay Area Toll Authority, Series 2007 G1, VRD RB, (LOC - Bank of America, N.A.)(a)(b)		0.01	%		04/01/2047		$	1,000		$	1,000,000
Modesto (City of), CA Public Financing Authority, Series 2008, Ref. VRD RB, (LOC –Bank of the West)(a)(b)		0.03	%		09/01/2033			1,000			1,000,000
Riverside (City of), CA, Series 2008 A, Ref. VRD RB, (LOC - Barclays Bank PLC)(a)(b)		0.01	%		10/01/2029			1,300			1,300,000
San Diego (County of), CA Regional Transportation Commission, Series 2008 C, VRD RB(a)		0.01	%		04/01/2038			1,500			1,500,000
											4,800,000
Colorado-4.65%
Colorado Springs (City of), CO, Series 2006 B, VRD RB(a)		0.05	%		11/01/2036			2,200			2,200,000
District of Columbia-5.28%
District of Columbia, Series 1998 A, VRD RB, (LOC - PNC Bank, N.A.)(a)(b)		0.04	%		08/15/2038			1,200			1,200,000
District of Columbia (Georgetown University), Series 2007 B-2, Ref. VRD RB, (LOC –Bank of America, N.A.)(a)(b)		0.02	%		04/01/2041			1,300			1,300,000
											2,500,000
Florida-6.34%
Florida Keys Aqueduct Authority, Series 2008, Ref. VRD RB, (LOC - TD Bank, N.A.)(a)(b)		0.04	%		09/01/2035			1,500			1,500,000
West Palm Beach (City of), FL, Series 2008 C, VRD RB, (INS - AGC)(a)(c)		0.05	%		10/01/2038			1,500			1,500,000
											3,000,000
Indiana-5.07%
Indianapolis (City of), IN, Series 2008, VRD RB, (LOC - Fannie Mae)(a)(b)		0.02	%		05/15/2038			2,400			2,400,000
Louisiana-4.86%
Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC), Series 2013 B, Ref. VRD RB, (LOC - JPMorgan Chase Bank, N.A.)(a)(b)		0.03	%		09/01/2033			2,000			2,000,000
Louisiana (State of) Public Facilities Authority (CHRISTUS Health), Series 2009 B2, Ref. VRD RB, (LOC - Bank of New York Mellon)(a)(b)		0.04	%		07/01/2047			300			300,000
											2,300,000
Maryland-4.65%
Washington (State of) Suburban Sanitary Commission, Series 2015 A-2, VRD RB(a)		0.02	%		06/01/2023			2,200			2,200,000
Massachusetts-10.57%
Massachusetts (State of) Bay Transportation Authority, Series 2018 A-2, Ref. VRD(a)		0.03	%		07/01/2026			300			300,000
Massachusetts (State of) Health & Educational Facilities Authority (Partners Healthcare), Series 1997 P1, VRD RB(a)		0.02	%		07/01/2027			2,400			2,400,000
University of Massachusetts Building Authority, Series 2008 1, VRD RB(a)		0.03	%		05/01/2038			2,300			2,300,000
											5,000,000
Missouri-5.71%
Kansas City (City of), MO (H Roe Bartle), Series 2008 F, Ref. VRD RB, (LOC - Sumitomo Mitsui Banking)(a)(b)		0.04	%		04/15/2025			300			300,000
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2008 C, VRD RB(a)		0.02	%		05/15/2038			2,400			2,400,000
											2,700,000
Nevada-2.64%
Clark (County of), NV Department of Aviation, Series 2008 D-3, VRD RB, (LOC –Bank of America, N.A.)(a)(b)		0.03	%		07/01/2029			1,250			1,250,000
New York-16.69%
Battery Park (City of), NY Authority, Series 2019 D-1, Ref. VRD RB(a)		0.03	%		11/01/2038			1,800			1,800,000
Build NYC Resource Corp., Series 2015, Ref. VRD RB, (LOC - TD Bank, N.A.)(a)(b)		0.03	%		04/01/2045			2,500			2,500,000

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

75

Invesco VRDO Tax-Free Weekly ETF (PVI)–(continued)

February 28, 2021

(Unaudited)

	Interest   Rate			Maturity   Date		Principal   Amount (000)			Value
New York-(continued)
New York State Urban Development Corp., Series 2008 A-1, Ref. VRD RB, (LOC - Wells Fargo Bank, N.A.)(a)(b)		0.02	%		01/01/2030		$	1,200		$	1,200,000
Triborough Bridge & Tunnel Authority, Series 2005 A, VRD RB, (LOC - Barclays Bank PLC)(a)(b)		0.02	%		11/01/2041			2,400			2,400,000
											7,900,000
North Carolina-0.21%
Charlotte (City of), NC, Series 2006 B, VRD RB(a)		0.02	%		07/01/2036			100			100,000
Ohio-2.64%
Franklin (County of), OH (OhioHealth Corp.), Series 2009 A, Ref. VRD RB(a)		0.03	%		11/15/2041			1,250			1,250,000
Pennsylvania-4.23%
General Authority of Southcentral Pennsylvania (WellSpan Health Obligated Group), Series 2019 D, Ref. VRD RB(a)		0.06	%		06/01/2037			2,000			2,000,000
Tennessee-2.46%
Sevier (County of), TN Public Building Authority, Series 2010 D-1, VRD RB, (LOC –Bank of America, N.A.)(a)(b)		0.05	%		06/01/2026			1,165			1,165,000
Texas-8.34%
Austin (City of), TX, Series 2008, Ref. VRD RB, (LOC - Barclays Bank PLC)(a)(b)		0.04	%		05/15/2031			1,635			1,635,000
Texas (State of), Series 2015 B, VRD GO Bonds(a)		0.03	%		06/01/2046			1,610			1,610,000
University of Texas System Board of Regents, Series 2008 B, VRD RB(a)		0.01	%		08/01/2025			700			700,000
											3,945,000
Washington-4.01%
Washington (State of) Higher Education Facilities Authority (Whitman College), Series 2004, VRD Ref. RB(a)		0.04	%		10/01/2029			1,900			1,900,000
TOTAL INVESTMENTS IN SECURITIES(d) -98.49% (Cost $46,610,000)											46,610,000
OTHER ASSETS LESS LIABILITIES-1.51%											713,417
NET ASSETS-100.00%										$	47,323,417

Investment Abbreviations:

AGC -Assured Guaranty Corp.

GO -General Obligation

INS -Insurer

LOC -Letter of Credit

RB -Revenue Bonds

Ref. -Refunding

VRD -Variable Rate Demand

Notes to Schedule of Investments:

^(a) Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2021.

^(b) Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

^(c) Principal and/or interest payments are secured by the bond insurance company listed.

^(d) This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

Entities	Percentage
Barclays Bank PLC		11.45%
Bank of America N.A		10.12%
TD Bank, N.A		8.58%
Fannie Mae		5.15%

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

76

Invesco VRDO Tax-Free Weekly ETF (PVI)–(continued)

February 28, 2021

(Unaudited)

Portfolio Composition
Revenue Type Breakdown (% of the Fund’s Net Assets)
as of February 28, 2021
Miscellaneous Revenue	19.67
Health, Hospital, Nursing Home Revenue	17.65
Water Revenue	12.75
College & University Revenue	10.35
Ad Valorem Property Tax	7.40
Highway Tolls Revenue	7.19
Port, Airport & Marina Revenue	6.87
Sales Tax Revenue	5.28
Local or GTD Housing	5.07
Revenue Types Each Less Than 3%	6.26
Other Assets Less Liabilities	1.51

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

77

Statements of Assets and Liabilities

February 28, 2021

(Unaudited)

	Invesco 1-30 Laddered Treasury ETF (PLW)				Invesco California AMT-Free Municipal Bond ETF (PWZ)			Invesco CEF Income Composite ETF (PCEF)				Invesco Fundamental High Yield® Corporate Bond ETF (PHB)				Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)
Assets:
Unaffiliated investments in securities, at value(a)		$	103,184,523			$	455,738,994		$	795,014,843			$	712,860,334			$	52,270,672
Affiliated investments in securities, at value			-				-			29,614,853				50,894,883				942,565
Cash			-				20,121,501			-				13				500
Deposits with brokers:
Cash segregated as collateral			-				-			-				-				-
Receivable for:
Dividends and interest			119,554				3,744,279			1,128,973				9,373,154				457,521
Securities lending			289				-			129,749				8,866				117
Investments sold			50,813				-			1,092,191				32,829,343				801,355
Fund shares sold			-				-			-				-				-
Other assets			-				-			-				-				-
Total assets			103,355,179				479,604,774			826,980,609				805,966,593				54,472,730
Liabilities:
Due to custodian			27,324				-			960,724				-				-
Payable for:
Investments purchased			-				4,358,850			-				1,295,651				1,093,037
Collateral upon return of securities loaned			-				-			18,041,878				44,742,363				859,890
Collateral upon receipt of securities in-kind			-				-			-				-				-
Fund shares repurchased			-				-			1,127,711				38,690,863				-
Accrued unitary management fees			19,947				101,514			312,584				292,020				9,125
Accrued expenses			-				-			-				643				-
Accrued tax expenses			-				-			-				644				-
Total liabilities			47,271				4,460,364			20,442,897				85,022,184				1,962,052
Net Assets		$	103,307,908			$	475,144,410		$	806,537,712			$	720,944,409			$	52,510,678
Net assets consist of:
Shares of beneficial interest		$	114,833,379			$	449,659,429		$	821,663,667			$	724,748,619			$	49,298,351
Distributable earnings (loss)			(11,525,471	)			25,484,981			(15,125,955	)			(3,804,210	)			3,212,327
Net Assets		$	103,307,908			$	475,144,410		$	806,537,712			$	720,944,409			$	52,510,678
Shares outstanding (unlimited amount authorized, $0.01 par value)			2,870,000				17,300,000			35,760,000				37,300,000				1,950,000
Net asset value		$	36.00			$	27.46		$	22.55			$	19.33			$	26.93
Market price		$	36.17			$	27.48		$	22.61			$	19.29			$	26.90
Unaffiliated investments in securities, at cost		$	112,535,791			$	429,562,978		$	751,133,755			$	686,727,819			$	49,950,094
Affiliated investments in securities, at cost		$	-			$	-		$	28,379,105			$	50,893,171			$	942,565
(a) Includes securities on loan with an aggregate value of:		$	-			$	-		$	17,631,466			$	42,967,500			$	834,811

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

78

Invesco National AMT-Free Municipal Bond ETF (PZA)			Invesco New York AMT-Free Municipal Bond ETF (PZT)			Invesco Preferred ETF (PGX)				Invesco Taxable Municipal Bond  ETF (BAB)			Invesco Treasury Collateral ETF (CLTL)			Invesco Variable Rate Preferred ETF (VRP)				Invesco VRDO Tax- Free Weekly ETF (PVI)
	$	2,168,214,657		$	106,675,804		$	6,755,279,837			$	2,291,349,121		$	728,618,899		$	1,518,022,469			$	46,610,000
		-			-			134,155,074				81,455,124			-			94,707,484				-
		50,006,256			3,653,950			-				-			-			-				720,979
		-			-			6,639				-			-			-				-
		22,023,698			1,024,885			41,928,447				19,103,269			2,630,027			15,292,806				1,514
		-			-			201,129				-			-			92,314				-
		1,196,683			-			40,950,486				6,404,370			107,146,004			16,091,568				-
		-			-			2,920,883				-			-			-				-
		-			-			375				-			-			-				-
		2,241,441,294			111,354,639			6,975,442,870				2,398,311,884			838,394,930			1,644,206,641				47,332,493
		-			-			37,031,765				-			43,914			2,651,678				-
		6,401,013			1,157,270			31,122,793				45,615,000			106,968,684			9,306,593				-
		-			-			134,155,073				-			-			94,706,051				-
		-			-			6,639				-			-			-				-
		-			-			41,483,093				-			-			7,671,224				-
		489,296			24,182			2,637,159				501,381			47,192			594,676				9,076
		-			-			-				-			-			4,139				-
		-			-			-				-			-			642				-
		6,890,309			1,181,452			246,436,522				46,116,381			107,059,790			114,935,003				9,076
	$	2,234,550,985		$	110,173,187		$	6,729,006,348			$	2,352,195,503		$	731,335,140		$	1,529,271,638			$	47,323,417
	$	2,136,342,624		$	105,539,672		$	6,926,227,658			$	2,221,938,912		$	731,053,461		$	1,543,136,191			$	47,363,668
		98,208,361			4,633,515			(197,221,310	)			130,256,591			281,679			(13,864,553	)			(40,251	)
	$	2,234,550,985		$	110,173,187		$	6,729,006,348			$	2,352,195,503		$	731,335,140		$	1,529,271,638			$	47,323,417
		84,050,000			4,300,000			460,750,000				71,700,000			12,420,001			59,700,000				1,900,000
	$	26.59		$	25.62		$	14.60			$	32.81		$	58.88		$	25.62			$	24.91
	$	26.59		$	25.63		$	14.58			$	32.61		$	105.69		$	25.48			$	24.90
	$	2,072,402,053		$	102,247,615		$	6,784,393,302			$	2,159,031,818		$	728,461,361		$	1,502,104,514			$	46,610,000
	$	-		$	-		$	134,155,073			$	81,455,124		$	-		$	94,706,051			$	-
	$	-		$	-		$	131,505,666			$	-		$	-		$	91,765,673			$	-

79

Statements of Operations

For the six months ended February 28, 2021

(Unaudited)

	Invesco 1-30 Laddered Treasury ETF (PLW)			Invesco California AMT-Free Municipal Bond ETF (PWZ)			Invesco CEF Income Composite ETF (PCEF)			Invesco Fundamental High Yield® Corporate Bond ETF (PHB)			Invesco Fundamental Investment Grade Corporate Bond ETF  (PFIG)
Investment income:
Unaffiliated interest income	$	749,730		$	6,046,420		$	-		$	16,886,798		$	709,737
Unaffiliated dividend income		-			-			30,157,936			-			-
Affiliated dividend income		6			-			322,087			374			16
Securities lending income		1,417			-			1,496,217			51,375			854
Foreign withholding tax		-			-			-			-			-
Total investment income		751,153			6,046,420			31,976,240			16,938,547			710,607
Expenses:
Unitary management fees		178,117			637,043			1,910,508			1,952,286			62,401
Tax expenses		-			-			-			644			-
Total expenses		178,117			637,043			1,910,508			1,952,930			62,401
Less: Waivers		(37	)		-			(277	)		(2,132	)		(100	)
Net expenses		178,080			637,043			1,910,231			1,950,798			62,301
Net investment income (loss)		573,073			5,409,377			30,066,009			14,987,749			648,306
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(32,857	)		248			(13,829,322	)		1,832,938			270,822
Affiliated investment securities		(468	)		-			(101,845	)		2,145			35
Unaffiliated in-kind redemptions		(1,873,384	)		-			4,106,573			12,513,386			712,376
Affiliated in-kind redemptions		-			-			10,903			-			-
Distributions of underlying fund shares		-			-			217,785			-			-
Net realized gain (loss)		(1,906,709	)		248			(9,595,906	)		14,348,469			983,233
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(8,581,676	)		(3,132,313	)		65,313,284			5,840,670			(1,710,760	)
Affiliated investment securities		-			-			1,226,633			1,712			-
Change in net unrealized appreciation (depreciation)		(8,581,676	)		(3,132,313	)		66,539,917			5,842,382			(1,710,760	)
Net realized and unrealized gain (loss)		(10,488,385	)		(3,132,065	)		56,944,011			20,190,851			(727,527	)
Net increase (decrease) in net assets resulting from operations	$	(9,915,312	)	$	2,277,312		$	87,010,020		$	35,178,600		$	(79,221	)

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

80

Invesco National AMT-Free Municipal Bond ETF (PZA)				Invesco New York AMT-Free Municipal Bond ETF (PZT)				Invesco Preferred ETF (PGX)				Invesco Taxable Municipal Bond ETF (BAB)				Invesco Treasury Collateral ETF (CLTL)				Invesco Variable Rate Preferred ETF (VRP)				Invesco VRDO Tax- Free Weekly ETF (PVI)
	$	30,811,433			$	1,475,643			$	-			$	31,694,295			$	1,022,588			$	23,876,321			$	20,292
		-				-				182,809,461				-				-				12,038,581				-
		-				-				5,584				8,625				4				373				-
		-				-				1,419,586				-				-				452,339				-
		-				-				(3	)			-				-				-				-
		30,811,433				1,475,643				184,234,628				31,702,920				1,022,592				36,367,614				20,292
		3,247,419				146,876				16,514,375				3,076,727				348,798				3,711,800				60,444
		-				-				-				-				-				642				-
		3,247,419				146,876				16,514,375				3,076,727				348,798				3,712,442				60,444
		-				-				(27,851	)			(46,252	)			(33	)			(1,691	)			-
		3,247,419				146,876				16,486,524				3,030,475				348,765				3,710,751				60,444
		27,564,014				1,328,767				167,748,104				28,672,445				673,827				32,656,863				(40,152	)
		(220,693	)			660,970				(22,936,059	)			(42,585	)			128,926				(881,886	)			-
		-				-				6,569				-				-				4,573				-
		12,485,764				-				13,640,078				1,002,240				45,228				231,412				-
		-				-				-				-				-				-				-
		-				-				-				-				-				-				-
		12,265,071				660,970				(9,289,412	)			959,655				174,154				(645,901	)			-
		(32,740,880	)			(927,127	)			(121,483,180	)			(43,404,047	)			(492,881	)			38,311,376				-
		-				-				2				-				-				1,434				-
		(32,740,880	)			(927,127	)			(121,483,178	)			(43,404,047	)			(492,881	)			38,312,810				-
		(20,475,809	)			(266,157	)			(130,772,590	)			(42,444,392	)			(318,727	)			37,666,909				-
	$	7,088,205			$	1,062,610			$	36,975,514			$	(13,771,947	)		$	355,100			$	70,323,772			$	(40,152	)

81

Statements of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	Invesco 1-30 Laddered Treasury ETF (PLW)								Invesco California AMT-Free Municipal Bond ETF (PWZ)
	Six Months Ended February 28, 2021				Year Ended August 31, 2020				Six Months Ended February 28, 2021				Year Ended August 31, 2020
Operations:
Net investment income		$	573,073			$	2,305,480			$	5,409,377			$	9,737,280
Net realized gain (loss)			(1,906,709	)			13,797,774				248				1,464,819
Change in net unrealized appreciation (depreciation)			(8,581,676	)			(10,100,653	)			(3,132,313	)			5,525,914
Net increase (decrease) in net assets resulting from operations			(9,915,312	)			6,002,601				2,277,312				16,728,013
Distributions to Shareholders from:
Distributable earnings			(563,471	)			(2,310,988	)			(5,456,397	)			(9,796,658	)
Shareholder Transactions:
Proceeds from shares sold			14,073,173				304,604,241				26,405,940				179,954,052
Value of shares repurchased			(104,189,577	)			(283,516,270	)			-				(81,617,562	)
Transaction fees			-				-				-				47,470
Net increase (decrease) in net assets resulting from share transactions			(90,116,404	)			21,087,971				26,405,940				98,383,960
Net increase (decrease) in net assets			(100,595,187	)			24,779,584				23,226,855				105,315,315
Net assets:
Beginning of period			203,903,095				179,123,511				451,917,555				346,602,240
End of period		$	103,307,908			$	203,903,095			$	475,144,410			$	451,917,555
Changes in Shares Outstanding:
Shares sold			380,000				7,900,000				950,000				6,900,000
Shares repurchased			(2,710,000	)			(7,650,000	)			-				(3,100,000	)
Shares outstanding, beginning of period			5,200,000				4,950,000				16,350,000				12,550,000
Shares outstanding, end of period			2,870,000				5,200,000				17,300,000				16,350,000

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

82

Invesco CEF Income Composite								Invesco Fundamental High Yield®								Invesco Fundamental Investment Grade								Invesco National AMT-Free
ETF (PCEF)								Corporate Bond (PHB)								Corporate Bond ETF (PFIG)								Municipal Bond ETF (PZA)
Six Months Ended February 28, 2021				Year Ended August 31, 2020				Six Months Ended February 28, 2021				Year Ended August 31, 2020				Six Months Ended February 28, 2021				Year Ended August 31, 2020				Six Months Ended February 28, 2021				Year Ended August 31, 2020
	$	30,066,009			$	47,944,988			$	14,987,749			$	27,916,831			$	648,306			$	1,984,136			$	27,564,014			$	56,083,599
		(9,595,906	)			(19,338,594	)			14,348,469				(22,358,689	)			983,233				2,132,281				12,265,071				(4,242,080	)
		66,539,917				(24,669,496	)			5,842,382				13,193,509				(1,710,760	)			334,648				(32,740,880	)			(10,782,082	)
		87,010,020				3,936,898				35,178,600				18,751,651				(79,221	)			4,451,065				7,088,205				41,059,437
		(29,049,672	)			(61,569,372	)			(15,223,886	)			(28,061,635	)			(858,260	)			(1,990,881	)			(27,384,739	)			(56,650,368	)
		22,911,152				142,234,540				171,146,246				453,998,450				1,371,421				5,409,386				163,476,772				1,113,812,258
		(30,440,234	)			(89,454,197	)			(227,967,292	)			(447,423,697	)			(10,952,935	)			(37,011,091	)			(585,789,150	)			(427,602,641	)
		-				-				-				-				-				-				6,623				536,331
		(7,529,082	)			52,780,343				(56,821,046	)			6,574,753				(9,581,514	)			(31,601,705	)			(422,305,755	)			686,745,948
		50,431,266				(4,852,131	)			(36,866,332	)			(2,735,231	)			(10,518,995	)			(29,141,521	)			(442,602,289	)			671,155,017
		756,106,446				760,958,577				757,810,741				760,545,972				63,029,673				92,171,194				2,677,153,274				2,005,998,257
	$	806,537,712			$	756,106,446			$	720,944,409			$	757,810,741			$	52,510,678			$	63,029,673			$	2,234,550,985			$	2,677,153,274
		1,050,000				6,650,000				9,100,000				24,600,000				50,000				200,000				6,050,000				41,900,000
		(1,440,000	)			(4,550,000	)			(11,900,000	)			(24,400,000	)			(400,000	)			(1,400,000	)			(22,100,000	)			(16,750,000	)
		36,150,000				34,050,000				40,100,000				39,900,000				2,300,000				3,500,000				100,100,000				74,950,000
		35,760,000				36,150,000				37,300,000				40,100,000				1,950,000				2,300,000				84,050,000				100,100,000

83

Statements of Changes in Net Assets–(continued)

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	Invesco New York AMT-Free Municipal Bond ETF (PZT)								Invesco Preferred ETF (PGX)
	Six Months Ended February 28, 2021				Year Ended August 31, 2020				Six Months Ended February 28, 2021				Year Ended August 31, 2020
Operations:
Net investment income (loss)		$	1,328,767			$	2,386,497			$	167,748,104			$	293,903,498
Net realized gain (loss)			660,970				(300,744	)			(9,289,412	)			(87,644,001	)
Change in net unrealized appreciation (depreciation)			(927,127	)			459,153				(121,483,178	)			(16,793,393	)
Net increase (decrease) in net assets resulting from operations			1,062,610				2,544,906				36,975,514				189,466,104
Distributions to Shareholders from:
Distributable earnings			(1,350,491	)			(2,399,843	)			(165,274,723	)			(296,096,193	)
Shareholder Transactions:
Proceeds from shares sold			11,632,307				22,896,565				841,434,203				1,590,156,558
Value of shares repurchased			-				(3,813,813	)			(245,084,976	)			(575,184,908	)
Transaction fees			-				-				-				-
Net increase (decrease) in net assets resulting from share transactions			11,632,307				19,082,752				596,349,227				1,014,971,650
Net increase (decrease) in net assets			11,344,426				19,227,815				468,050,018				908,341,561
Net assets:
Beginning of period			98,828,761				79,600,946				6,260,956,330				5,352,614,769
End of period		$	110,173,187			$	98,828,761			$	6,729,006,348			$	6,260,956,330
Changes in Shares Outstanding:
Shares sold			450,000				900,000				56,050,000				107,200,000
Shares repurchased			-				(150,000	)			(16,600,000	)			(44,350,000	)
Shares outstanding, beginning of period			3,850,000				3,100,000				421,300,000				358,450,000
Shares outstanding, end of period			4,300,000				3,850,000				460,750,000				421,300,000

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

84

Invesco Taxable Municipal Bond								Invesco Treasury Collateral								Invesco Variable Rate Preferred								Invesco VRDO Tax-Free Weekly
ETF (BAB)								ETF (CLTL)								ETF (VRP)								ETF (PVI)
Six Months Ended February 28, 2021				Year Ended August 31, 2020				Six Months Ended February 28, 2021				Year Ended August 31, 2020				Six Months Ended February 28, 2021				Year Ended August 31, 2020				Six Months Ended February 28, 2021				Year Ended August 31, 2020
	$	28,672,445			$	47,750,609			$	673,827			$	8,457,091			$	32,656,863			$	71,154,137			$	(40,152	)		$	369,757
		959,655				7,620,761				174,154				958,606				(645,901	)			(33,407,859	)			-				(1	)
		(43,404,047	)			26,074,006				(492,881	)			(22,171	)			38,312,810				(8,784,028	)			-				-
		(13,771,947	)			81,445,376				355,100				9,393,526				70,323,772				28,962,250				(40,152	)			369,756
		(28,285,446	)			(48,233,360	)			(1,066,384	)			(8,689,595	)			(32,747,291	)			(71,331,749	)			(98	)			(372,291	)
		401,399,419				820,344,063				84,593,787				623,230,093				43,908,408				224,131,741				1,245,703				2,492,708
		(13,007,282	)			(156,954,488	)			(290,716,870	)			(232,782,080	)			(25,020,695	)			(238,556,105	)			(3,737,464	)			(9,972,306	)
		-				1,035,983				-				-				-				-				-				-
		388,392,137				664,425,558				(206,123,083	)			390,448,013				18,887,713				(14,424,364	)			(2,491,761	)			(7,479,598	)
		346,334,744				697,637,574				(206,834,367	)			391,151,944				56,464,194				(56,793,863	)			(2,532,011	)			(7,482,133	)
		2,005,860,759				1,308,223,185				938,169,507				547,017,563				1,472,807,444				1,529,601,307				49,855,428				57,337,561
	$	2,352,195,503			$	2,005,860,759			$	731,335,140			$	938,169,507			$	1,529,271,638			$	1,472,807,444			$	47,323,417			$	49,855,428
		12,050,000				24,950,000				800,000				5,890,000				1,700,000				8,800,000				50,000				100,000
		(400,000	)			(4,750,000	)			(2,750,000	)			(2,200,000	)			(1,000,000	)			(10,300,000	)			(150,000	)			(400,000	)
		60,050,000				39,850,000				8,870,001				5,180,001				59,000,000				60,500,000				2,000,000				2,300,000
		71,700,000				60,050,000				6,920,001				8,870,001				59,700,000				59,000,000				1,900,000				2,000,000

85

Financial Highlights

Invesco 1-30 Laddered Treasury ETF (PLW)

	Six Months Ended
	February 28,												Ten Months Ended
	2021				Years Ended August 31,								August 31,				Years Ended October 31,
	(Unaudited)				2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	39.21			$	36.19			$	31.68			$	32.59			$	33.81			$	32.59			$	31.96
Net investment income(a)			0.15				0.47				0.69				0.57				0.66				0.65				0.70
Net realized and unrealized gain (loss) on investments			(3.20	)			3.04				4.51				(0.91	)			(1.22	)			1.22				0.63
Total from investment operations			(3.05	)			3.51				5.20				(0.34	)			(0.56	)			1.87				1.33
Distributions to shareholders from:
Net investment income			(0.16	)			(0.49	)			(0.69	)			(0.57	)			(0.66	)			(0.65	)			(0.70	)
Net asset value at end of period		$	36.00			$	39.21			$	36.19			$	31.68			$	32.59			$	33.81			$	32.59
Market price at end of period(b)		$	36.17			$	39.14			$	36.23			$	31.64			$	32.59			$	33.84			$	32.60
Net Asset Value Total Return(c)			(7.80	)%			9.82	%			16.71	%			(1.04	)%			(1.63	)%			5.76	%			4.18	%
Market Price Total Return(c)			(7.20	)%			9.50	%			16.98	%			(1.17	)%			(1.72	)%			5.82	%			4.18	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	103,308			$	203,903			$	179,124			$	153,634			$	187,393			$	221,472			$	267,278
Ratio to average net assets of:
Expenses			0.25	%(d)			0.25	%			0.26	%(e)			0.25	%(d)			0.25	%			0.25	%			0.25	%
Net investment income			0.80	%(d)			1.25	%			2.13	%(e)			2.13	%(d)			2.02	%			1.94	%			2.14	%
Portfolio turnover rate(f)			3	%			9	%			5	%			5	%			5	%			6	%			7	%

^(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)  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.

86

Financial Highlights–(continued)

Invesco California AMT-Free Municipal Bond ETF (PWZ)

	Six Months Ended
	February 28,												Ten Months Ended
	2021				Years Ended August 31,								August 31,				Years Ended October 31,
	(Unaudited)				2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	27.64			$	27.62			$	25.86			$	26.09			$	26.15			$	25.43			$	25.45
Net investment income(a)			0.33				0.67				0.67				0.54				0.65				0.74				0.82
Net realized and unrealized gain (loss) on investments			(0.18	)			0.02				1.76				(0.23	)			(0.07	)			0.70				(0.06	)
Total from investment operations			0.15				0.69				2.43				0.31				0.58				1.44				0.76
Distributions to shareholders from:
Net investment income			(0.33	)			(0.67	)			(0.67	)			(0.53	)			(0.65	)			(0.75	)			(0.83	)
Return of capital.			-				-				-				(0.01	)			(0.01	)			(0.01	)			(0.00	)(b)
Total distributions			(0.33	)			(0.67	)			(0.67	)			(0.54	)			(0.66	)			(0.76	)			(0.83	)
Transaction fees(a)			-				0.00	(b)			0.00	(b)			0.00	(b)			0.02				0.04				0.05
Net asset value at end of period		$	27.46			$	27.64			$	27.62			$	25.86			$	26.09			$	26.15			$	25.43
Market price at end of period(c)		$	27.48			$	27.58			$	27.62			$	25.83			$	26.08			$	26.21			$	25.50
Net Asset Value Total Return(d)			0.53	%			2.56	%			9.58	%			1.22	%			2.36	%			5.84	%			3.25	%
Market Price Total Return(d)			0.83	%			2.34	%			9.70	%			1.15	%			2.08	%			5.79	%			2.87	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	475,144			$	451,918			$	346,602			$	250,796			$	237,413			$	189,620			$	109,369
Ratio to average net assets of:
Expenses			0.28	%(e)			0.28	%			0.28	%			0.28	%(e)			0.28	%			0.28	%			0.28	%
Net investment income			2.38	%(e)			2.46	%			2.55	%			2.49	%(e)			2.52	%			2.81	%			3.23	%
Portfolio turnover rate(f)			2	%			12	%			13	%			6	%			24	%			6	%			3	%

^(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.

87

Financial Highlights–(continued)

Invesco CEF Income Composite ETF (PCEF)

	Six Months Ended
	February 28,												Ten Months Ended
	2021				Years Ended August 31,								August 31,				Years Ended October 31,
	(Unaudited)				2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	20.92			$	22.35			$	22.99			$	23.96			$	22.23			$	21.91			$	24.41
Net investment income(a)(b)			0.84				1.35				1.18				1.26				1.13				1.30				1.53
Net realized and unrealized gain (loss) on investments			1.60				(1.05	)			(0.19	)			(0.84	)			2.28				0.77				(2.07	)
Total from investment operations			2.44				0.30				0.99				0.42				3.41				2.07				(0.54	)
Distributions to shareholders from:
Net investment income			(0.81	)			(1.73	)			(1.63	)			(1.39	)			(1.13	)			(1.34	)			(1.49	)
Return of capital.			-				-				-				-				(0.55	)			(0.41	)			(0.47	)
Total distributions			(0.81	)			(1.73	)			(1.63	)			(1.39	)			(1.68	)			(1.75	)			(1.96	)
Net asset value at end of period		$	22.55			$	20.92			$	22.35			$	22.99			$	23.96			$	22.23			$	21.91
Market price at end of period(c)		$	22.61			$	20.91			$	22.35			$	23.01			$	23.96			$	22.23			$	21.85
Net Asset Value Total Return(d)			11.92	%			1.84	%			4.72	%			1.85	%			15.86	%			10.11	%			(2.31	)%
Market Price Total Return(d)			12.27	%			1.80	%			4.62	%			1.94	%			15.86	%			10.41	%			(2.62	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	806,538			$	756,106			$	760,959			$	723,177			$	703,177			$	642,473			$	628,684
Ratio to average net assets of:
Expenses(e)			0.50	%(f)			0.50	%			0.50	%			0.50	%(f)			0.50	%			0.50	%			0.50	%
Net investment income(b)			7.87	%(f)			6.36	%			5.35	%			6.53	%(f)			4.85	%			5.99	%			6.61	%
Portfolio turnover rate(g)			15	%			21	%			20	%			12	%			15	%			20	%			20	%

^(a)  Based on average shares outstanding.

^(b)  Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests.

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

^(d) 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)  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.

88

Financial Highlights–(continued)

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)

	Six Months Ended
	February 28,												Ten Months Ended
	2021				Years Ended August 31,								August 31,				Years Ended October 31,
	(Unaudited)				2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	18.90			$	19.06			$	18.56			$	19.08			$	18.79			$	18.25			$	19.24
Net investment income(a)			0.36				0.76				0.77				0.64				0.80				0.85				0.81
Net realized and unrealized gain (loss) on investments			0.44				(0.15	)			0.51				(0.52	)			0.29				0.54				(0.98	)
Total from investment operations			0.80				0.61				1.28				0.12				1.09				1.39				(0.17	)
Distributions to shareholders from:
Net investment income			(0.37	)			(0.77	)			(0.78	)			(0.64	)			(0.80	)			(0.85	)			(0.82	)
Net asset value at end of period		$	19.33			$	18.90			$	19.06			$	18.56			$	19.08			$	18.79			$	18.25
Market price at end of period(b)		$	19.29			$	18.89			$	19.07			$	18.55			$	19.07			$	18.70			$	18.23
Net Asset Value Total Return(c)			4.29	%			3.38	%			7.12	%			0.70	%			5.96	%			7.97	%			(0.90	)%
Market Price Total Return(c)			4.13	%			3.28	%			7.25	%			0.70	%			6.42	%			7.56	%			(0.75	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	720,944			$	757,811			$	760,546			$	948,530			$	1,197,922			$	1,088,137			$	666,301
Ratio to average net assets of:
Expenses			0.50	%(d)			0.50	%			0.50	%			0.50	%(d)			0.50	%			0.50	%			0.50	%
Net investment income			3.84	%(d)			4.09	%			4.18	%			4.12	%(d)			4.23	%			4.69	%			4.34	%
Portfolio turnover rate(e)			18	%			35	%			17	%			12	%			9	%			14	%			16	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Annualized.

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

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

89

Financial Highlights–(continued)

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)

	Six Months Ended
	February 28,												Ten Months Ended
	2021				Years Ended August 31,								August 31,				Years Ended October 31,
	(Unaudited)				2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	27.40			$	26.33			$	24.80			$	25.63			$	25.85			$	25.24			$	25.45
Net investment income(a)			0.31				0.71				0.76				0.57				0.65				0.65				0.62
Net realized and unrealized gain (loss) on investments			(0.37	)			1.07				1.53				(0.83	)			(0.22	)			0.62				(0.19	)
Total from investment operations			(0.06	)			1.78				2.29				(0.26	)			0.43				1.27				0.43
Distributions to shareholders from:
Net investment income.			(0.31	)			(0.71	)			(0.76	)			(0.57	)			(0.65	)			(0.66	)			(0.64	)
Net realized gains			(0.10	)			-				-				-				-				-				-
Return of capital			-				-				-				(0.00	)(b)			-	(0.00)(b)							-
Total distributions			(0.41	)			(0.71	)			(0.76	)			(0.57	)			(0.65	)			(0.66	)			(0.64	)
Net asset value at end of period		$	26.93			$	27.40			$	26.33			$	24.80			$	25.63			$	25.85			$	25.24
Market price at end of period(c)		$	26.90			$	27.39			$	26.31			$	24.80			$	25.62			$	25.87			$	25.27
Net Asset Value Total Return(d)			(0.22	)%			6.91	%			9.45	%			(1.01	)%			1.73	%			5.08	%			1.69	%
Market Price Total Return(d)			(0.30	)%			6.95	%			9.36	%			(0.98	)%			1.61	%			5.03	%			1.72	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	52,511			$	63,030			$	92,171			$	106,620			$	49,970			$	58,154			$	34,067
Ratio to average net assets of:
Expenses			0.22	%(e)			0.22	%			0.23	%(f)			0.22	%(e)			0.22	%			0.22	%			0.22	%
Net investment income.			2.29	%(e)			2.68	%			3.03	%(f)			2.77	%(e)			2.53	%			2.55	%			2.45	%
Portfolio turnover rate(g)			14	%			36	%			28	%			24	%			42	%			20	%			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)  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.

90

Financial Highlights–(continued)

Invesco National AMT-Free Municipal Bond ETF (PZA)

	Six Months Ended
	February 28,												Ten Months Ended
	2021				Years Ended August 31,								August 31,				Years Ended October 31,
	(Unaudited)				2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	26.74			$	26.76			$	25.11			$	25.58			$	25.69			$	25.10			$	25.17
Net investment income(a)			0.32				0.68				0.76				0.65				0.77				0.82				0.92
Net realized and unrealized gain (loss) on investments			(0.15	)			(0.02	)			1.65				(0.46	)			(0.11	)			0.57				(0.09	)
Total from investment operations			0.17				0.66				2.41				0.19				0.66				1.39				0.83
Distributions to shareholders from:
Net investment income			(0.32	)			(0.69	)			(0.76	)			(0.66	)			(0.78	)			(0.83	)			(0.92	)
Return of capital			-				-				-				-				-				(0.00	)(b)			(0.00	)(b)
Total distributions			(0.32	)			(0.69	)			(0.76	)			(0.66	)			(0.78	)			(0.83	)			(0.92	)
Transaction fees(a)			0.00	(b)			0.01				0.00	(b)			0.00	(b)			0.01				0.03				0.02
Net asset value at end of period		$	26.59			$	26.74			$	26.76			$	25.11			$	25.58			$	25.69			$	25.10
Market price at end of period(c)		$	26.59			$	26.73			$	26.80			$	25.12			$	25.55			$	25.77			$	25.15
Net Asset Value Total Return(d)			0.62	%			2.60	%			9.83	%			0.77	%			2.70	%			5.71	%			3.45	%
Market Price Total Return(d)			0.66	%			2.42	%			9.96	%			0.93	%			2.25	%			5.82	%			3.32	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,234,551			$	2,677,153			$	2,005,998			$	1,659,981			$	1,611,258			$	1,379,633			$	897,395
Ratio to average net assets of:
Expenses			0.28	%(e)			0.28	%			0.28	%			0.28	%(e)			0.28	%			0.28	%			0.28	%
Net investment income			2.38	%(e)			2.59	%			2.99	%			3.10	%(e)			3.06	%			3.17	%			3.64	%
Portfolio turnover rate(f)			5	%			15	%			11	%			8	%			23	%			6	%			4	%

^(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.

91

Financial Highlights–(continued)

Invesco New York AMT-Free Municipal Bond ETF (PZT)

	Six Months Ended
	February 28,												Ten Months Ended
	2021				Years Ended August 31,								August 31,				Years Ended October 31,
	(Unaudited)				2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	25.67			$	25.68			$	23.99			$	24.47			$	24.64			$	24.14			$	24.33
Net investment income(a)			0.32				0.67				0.69				0.58				0.73				0.81				0.83
Net realized and unrealized gain (loss) on investments			(0.04	)			(0.01	)			1.70				(0.47	)			(0.17	)			0.51				(0.19	)
Total from investment operations			0.28				0.66				2.39				0.11				0.56				1.32				0.64
Distributions to shareholders from:
Net investment income			(0.33	)			(0.67	)			(0.70	)			(0.59	)			(0.73	)			(0.81	)			(0.83	)
Return of capital			-				-				-				-				-				(0.01	)			(0.00	)(b)
Total distributions			(0.33	)			(0.67	)			(0.70	)			(0.59	)			(0.73	)			(0.82	)			(0.83	)
Net asset value at end of period		$	25.62			$	25.67			$	25.68			$	23.99			$	24.47			$	24.64			$	24.14
Market price at end of period(c)		$	25.63			$	25.73			$	25.70			$	23.92			$	24.53			$	24.67			$	24.05
Net Asset Value Total Return(d)			1.09	%			2.66	%			10.17	%			0.46	%			2.37	%			5.50	%			2.68	%
Market Price Total Return(d)			0.89	%			2.83	%			10.58	%			(0.08	)%			2.49	%			6.02	%			2.77	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	110,173			$	98,829			$	79,601			$	63,577			$	66,061			$	64,063			$	50,692
Ratio to average net assets of:
Expenses			0.28	%(e)			0.28	%			0.29	%(f)			0.28	%(e)			0.28	%			0.28	%			0.28	%
Net investment income			2.53	%(e)			2.64	%			2.84	%(f)			2.89	%(e)			3.01	%			3.26	%			3.42	%
Portfolio turnover rate(g)			8	%			12	%			11	%			7	%			22	%			21	%			18	%

^(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) 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.

92

Financial Highlights–(continued)

Invesco Preferred ETF (PGX)

	Six Months Ended
	February 28,												Ten Months Ended
	2021				Years Ended August 31,								August 31,				Years Ended October 31,
	(Unaudited)				2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	14.86			$	14.93			$	14.60			$	14.97			$	14.96			$	14.78			$	14.57
Net investment income(a)			0.38				0.75				0.78				0.71				0.84				0.84				0.87
Net realized and unrealized gain (loss) on investments			(0.27	)			(0.06	)			0.36				(0.40	)			0.02				0.20				0.21
Total from investment operations			0.11				0.69				1.14				0.31				0.86				1.04				1.08
Distributions to shareholders from:
Net investment income			(0.37	)			(0.76	)			(0.81	)			(0.68	)			(0.85	)			(0.86	)			(0.87	)
Net asset value at end of period		$	14.60			$	14.86			$	14.93			$	14.60			$	14.97			$	14.96			$	14.78
Market price at end of period(b)		$	14.58			$	14.91			$	14.97			$	14.62			$	14.96			$	15.00			$	14.80
Net Asset Value Total Return(c)			0.70	%			4.98	%			8.23	%			2.18	%			5.97	%			7.22	%			7.66	%
Market Price Total Return(c)			0.23	%			5.04	%			8.37	%			2.39	%			5.60	%			7.36	%			7.43	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	6,729,006			$	6,260,956			$	5,352,615			$	5,378,011			$	5,333,535			$	4,730,845			$	3,117,091
Ratio to average net assets of:
Expenses			0.50	%(d)(e)			0.50	%(e)			0.50	%(e)			0.50	%(d)(e)			0.50	%			0.50	%			0.50	%
Net investment income			5.08	%(d)(e)			5.20	%(e)			5.45	%(e)			5.83	%(d)(e)			5.66	%			5.63	%			5.95	%
Portfolio turnover rate(f)			10	%			18	%			15	%			16	%			10	%			14	%			12	%

^(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)  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.

93

Financial Highlights–(continued)

Invesco Taxable Municipal Bond ETF (BAB)

	Six Months Ended
	February 28,												Ten Months Ended
	2021				Years Ended August 31,								August 31,				Years Ended October 31,
	(Unaudited)				2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	33.40			$	32.83			$	29.66			$	30.38			$	30.68			$	29.11			$	29.77
Net investment income(a)			0.43				1.07				1.23				1.01				1.21				1.26				1.37
Net realized and unrealized gain (loss) on investments			(0.60	)			0.58				3.14				(0.72	)			(0.32	)			1.54				(0.71	)
Total from investment operations			(0.17	)			1.65				4.37				0.29				0.89				2.80				0.66
Distributions to shareholders from:
Net investment income			(0.42	)			(1.10	)			(1.23	)			(1.02	)			(1.21	)			(1.27	)			(1.37	)
Transaction fees(a)			-				0.02				0.03				0.01				0.02				0.04				0.05
Net asset value at end of period		$	32.81			$	33.40			$	32.83			$	29.66			$	30.38			$	30.68			$	29.11
Market price at end of period(b)		$	32.61			$	33.41			$	32.97			$	29.51			$	30.45			$	30.74			$	29.17
Net Asset Value Total Return(c)			(0.51	)%			5.28	%			15.31	%			1.02	%			3.14	%			9.93	%			2.40	%
Market Price Total Return(c)			(1.14	)%			4.88	%			16.39	%			0.29	%			3.19	%			9.90	%			2.65	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,352,196			$	2,005,861			$	1,308,223			$	938,871			$	972,235			$	1,070,679			$	676,840
Ratio to average net assets of:
Expenses, after Waivers			0.28	%(d)(e)			0.27	%			0.28	%			0.28	%(d)			0.28	%(e)			0.27	%			0.28	%
Expenses, prior to Waivers			0.28	%(d)(e)			0.28	%			0.28	%			0.28	%(d)			0.28	%(e)			0.27	%			0.28	%
Net investment income			2.61	%(d)(e)			3.32	%			4.06	%			4.06	%(d)			4.05	%(e)			4.14	%			4.59	%
Portfolio turnover rate(f)			3	%			18	%			7	%			4	%			6	%			0	%(g)			9	%

^(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)  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. For the year ended October 31, 2017, 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.

^(g)  Amount represents less than 0.5%.

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

94

Financial Highlights–(continued)

Invesco Treasury Collateral ETF (CLTL)

	Six Months Ended February 28, 2021			Years Ended August 31,						Ten Months Ended August 31,			For the Period January 10, 2017(a) Through October 31,
	(Unaudited)			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period	$	105.77		$	105.60		$	105.48		$	105.93		$	105.35
Net investment income(b)		0.08			1.27			2.39			1.28			0.66
Net realized and unrealized gain (loss) on investments		(46.85	)		0.37			0.16			0.00	(c)		(0.08	)
Total from investment operations		(46.77	)		1.64			2.55			1.28			0.58
Distributions to shareholders from:
Net investment income		(0.08	)		(1.45	)		(2.43	)		(1.73	)		-
Net realized gains		(0.04	)		(0.02	)		-			-			-
Total distributions		(0.12	)		(1.47	)		(2.43	)		(1.73	)		-
Net asset value at end of period	$	58.88		$	105.77		$	105.60		$	105.48		$	105.93
Market price at end of period(d)	$	105.69		$	105.78		$	105.62		$	105.54		$	105.94
Net Asset Value Total Return(e)		0.04	%		1.56	%		2.44	%		1.22	%		0.55	%(f)
Market Price Total Return(e)		0.05	%		1.55	%		2.41	%		1.27	%		0.56	%(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	731,335		$	938,170		$	547,018		$	468,323		$	454,429
Ratio to average net assets of:
Expenses		0.08	%(g)		0.08	%		0.08	%		0.08	%(g)		0.08	%(g)
Net investment income.		0.15	%(g)		1.20	%		2.27	%		1.45	%(g)		0.77	%(g)

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

^(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)  The net asset value total return from Fund Inception (January 12, 2017, the first day of trading on the Exchange) to October 31, 2017 was 0.55%. The market price total return from Fund Inception to October 31, 2017 was 0.54%.

^(g)  Annualized.

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

95

Financial Highlights–(continued)

Invesco Variable Rate Preferred ETF (VRP)

	Six Months Ended
	February 28,												Ten Months Ended
	2021				Years Ended August 31,								August 31,				Years Ended October 31,
	(Unaudited)				2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	24.96			$	25.28			$	25.14			$	25.87			$	25.33			$	24.36			$	24.85
Net investment income(a)			0.55				1.13				1.14				0.91				1.21				1.23				1.20
Net realized and unrealized gain (loss) on investments			0.67				(0.31	)			0.33				(0.66	)			0.56				0.98				(0.47	)
Total from investment operations			1.22				0.82				1.47				0.25				1.77				2.21				0.73
Distributions to shareholders from:
Net investment income			(0.56	)			(1.14	)			(1.33	)			(0.98	)			(1.23	)			(1.24	)			(1.20	)
Return of capital			-				-				-				-				-				-				(0.02	)
Total distributions			(0.56	)			(1.14	)			(1.33	)			(0.98	)			(1.23	)			(1.24	)			(1.22	)
Net asset value at end of period		$	25.62			$	24.96			$	25.28			$	25.14			$	25.87			$	25.33			$	24.36
Market price at end of period(b)		$	25.48			$	25.01			$	25.33			$	25.11			$	25.94			$	25.42			$	24.40
Net Asset Value Total Return(c)			4.91	%			3.48	%			6.17	%			1.01	%			7.18	%			9.43	%			2.99	%
Market Price Total Return(c)			4.13	%			3.51	%			6.52	%			0.62	%			7.08	%			9.63	%			2.85	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,529,272			$	1,472,807			$	1,529,601			$	2,192,114			$	1,890,954			$	899,060			$	397,065
Ratio to average net assets of:
Expenses			0.50	%(d)			0.50	%			0.50	%			0.50	%(d)			0.50	%			0.50	%			0.50	%
Net investment income			4.40	%(d)			4.61	%			4.63	%			4.31	%(d)			4.72	%			5.03	%			4.88	%
Portfolio turnover rate(e)			5	%			22	%			13	%			7	%			4	%			17	%			5	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Annualized.

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

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

96

Financial Highlights–(continued)

Invesco VRDO Tax-Free Weekly ETF (PVI)

	Six Months Ended
	February 28,												Ten Months Ended
	2021				Years Ended August 31,								August 31,				Years Ended October 31,
	(Unaudited)				2020				2019				2018				2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	24.93			$	24.93			$	24.93			$	24.93			$	24.93			$	24.93			$	24.96
Net investment income (loss)(a)			(0.02	)			0.17				0.31				0.20				0.13				0.02				(0.03	)
Net realized and unrealized gain on investments			-				(0.00	)(b)			-				-				(0.00	)(b)			-				-
Total from investment operations			(0.02	)			0.17				0.31				0.20				0.13				0.02				(0.03	)
Distributions to shareholders from:
Net investment income			-				(0.17	)			(0.31	)			(0.20	)			(0.13	)			(0.02	)			-
Return of capital			-				-				-				-				(0.00	)(b)			(0.00	)(b)			(0.00	)(b)
Total distributions			-				(0.17	)			(0.31	)			(0.20	)			(0.13	)			(0.02	)			(0.00	)(b)
Net asset value at end of period		$	24.91			$	24.93			$	24.93			$	24.93			$	24.93			$	24.93			$	24.93
Market price at end of period(c)		$	24.90			$	24.93			$	24.96			$	24.93			$	24.93			$	24.91			$	24.93
Net Asset Value Total Return(d)			(0.08	)%			0.69	%			1.26	%			0.82	%			0.51	%			0.07	%			(0.12	)%
Market Price Total Return(d)			(0.12	)%			0.58	%			1.38	%			0.82	%			0.59	%			(0.01	)%			(0.16	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	47,323			$	49,855			$	57,338			$	62,327			$	83,512			$	59,831			$	81,010
Ratio to average net assets of:
Expenses			0.25	%(e)			0.25	%			0.26	%(f)			0.25	%(e)			0.25	%			0.25	%			0.25	%
Net investment income (loss)			(0.17	)%(e)			0.70	%			1.25	%(f)			0.98	%(e)			0.51	%			0.06	%			(0.15	)%

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

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

97

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2021

(Unaudited)

NOTE 1–Organization

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

Full Name	Short Name
Invesco 1-30 Laddered Treasury ETF (PLW)	“1-30 Laddered Treasury ETF”
Invesco California AMT-Free Municipal Bond ETF (PWZ)	“California AMT-Free Municipal Bond ETF”
Invesco CEF Income Composite ETF (PCEF)	“CEF Income Composite ETF”
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)	“Fundamental High Yield® Corporate Bond ETF”
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)	“Fundamental Investment Grade Corporate Bond ETF”
Invesco National AMT-Free Municipal Bond ETF (PZA)	“National AMT-Free Municipal Bond ETF”
Invesco New York AMT-Free Municipal Bond ETF (PZT)	“New York AMT-Free Municipal Bond ETF”
Invesco Preferred ETF (PGX)	“Preferred ETF”
Invesco Taxable Municipal Bond ETF (BAB)	“Taxable Municipal Bond ETF”
Invesco Treasury Collateral ETF (CLTL)	“Treasury Collateral ETF”
Invesco Variable Rate Preferred ETF (VRP)	“Variable Rate Preferred ETF”
Invesco VRDO Tax-Free Weekly ETF (PVI)	“VRDO Tax-Free Weekly 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 1-30 Laddered Treasury ETF, which are listed and traded on The Nasdaq Stock Market.

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 1-30 Laddered Treasury ETF, CEF Income Composite ETF, Fundamental High Yield^® Corporate Bond ETF, Fundamental Investment Grade Corporate Bond ETF, Preferred ETF, Treasury Collateral ETF and Variable Rate Preferred ETF are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities (“Deposit Securities”). Creation Units of California AMT-Free Municipal Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF, Taxable Municipal Bond ETF and VRDO Tax-Free Weekly ETF are issued and redeemed principally in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by Authorized Participants, the Shares are not individually redeemable securities of the Funds.

To provide enhanced daily liquidity, Treasury Collateral ETF determines its NAV twice each day, at 12:00 p.m. ET and 4:00 p.m. ET. The Fund provides same-day settlement for creation/redemption trades in the primary market for any trades placed before the initial daily NAV strike.

CEF Income Composite ETF is a “fund of funds,” in that it invests in other funds (“Underlying Funds”). Each Underlying Fund’s accounting policies are outlined in that Underlying Fund’s financial statements and are publicly available.

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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
1-30 Laddered Treasury ETF	Ryan/NASDAQ U.S. 1-30 Year Treasury Laddered Index
California AMT-Free Municipal Bond ETF	ICE BofAML California Long-Term Core Plus Municipal Securities Index
CEF Income Composite ETF	S-Network Composite Closed-End Fund IndexSM
Fundamental High Yield® Corporate Bond ETF	RAFI® Bonds U.S. High Yield 1-10 Index
Fundamental Investment Grade Corporate Bond ETF	RAFI® Bonds U.S. Investment Grade 1-10 Index
National AMT-Free Municipal Bond ETF	ICE BofAML National Long-Term Core Plus Municipal Securities Index
New York AMT-Free Municipal Bond ETF	ICE BofAML New York Long-Term Core Plus Municipal Securities Index
Preferred ETF	ICE BofAML Core Plus Fixed Rate Preferred Securities Index
Taxable Municipal Bond ETF	ICE BofAML US Taxable Municipal Securities Plus Index
Treasury Collateral ETF	ICE U.S. Treasury Short Bond Index
Variable Rate Preferred ETF	Wells Fargo® Hybrid and Preferred Securities Floating and Variable Rate Index
VRDO Tax-Free Weekly ETF	Bloomberg U.S. Municipal AMT-Free Weekly VRDO 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 the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

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

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.

Cash Transaction Risk. Most exchange-traded funds (“ETFs”) generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, certain Funds currently intend to effect creations and redemptions principally for cash, rather than principally in-kind, because of the nature of the Fund’s investments. As such, each Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, a Fund may recognize a capital gain on these sales that might not have been incurred if the Fund had made a redemption in-kind. This may decrease the tax efficiency of each Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between each Fund and conventional ETFs.

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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 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 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.

Fund of Funds Risk. Because CEF Income Composite ETF invests primarily in other funds, its investment performance largely depends on the investment performance of the Underlying Funds in which it invests. An investment in the Fund is subject to the risks associated with the Underlying Funds that comprise its Underlying Index. In addition, at times, certain of the segments of the market represented by Underlying Funds in which the Fund invests may be out of favor and underperform other segments. The Fund will pay indirectly a proportional share of the fees and expenses of the Underlying Funds in which it invests, including their investment advisory and administration fees, while continuing to pay its own unitary management fee. As a result, shareholders will absorb duplicate levels of fees with respect to investments in the Underlying Funds. In addition, at times certain segments of the market represented by constituent Underlying Funds in its Underlying Index may be out of favor and underperform other segments.

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.

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

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announced a desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates will continue to be published until June 2023 in order to assist with the transition. 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. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the Fund.

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.

Mortgage-Backed and Asset-Backed Securities Risk. For certain Funds, investments in mortgage- and asset-backed securities are subject to prepayment or call risk, which is the risk that payments from the borrower may be received earlier than expected due to changes in the rate at which the underlying loans are prepaid. Securities may be prepaid at a price less than the original purchase value. In addition, TBA transactions involve the risk that the securities received may be less favorable than what was anticipated by the Fund when entering into the TBA transaction and counterparty risk. Default or bankruptcy of a counterparty to a TBA transaction would expose the Fund to potential loss and could affect the Fund’s returns.

Municipal Insurance Risk. A portion of the municipal securities that certain Funds hold may be covered by insurance that guarantees the bond’s scheduled payment of interest and repayment of principal. Municipal security insurance does not insure against market fluctuations or fluctuations in a Fund’s Share price. In addition, a municipal security insurance policy will not cover: (i) repayment of a municipal security before maturity (redemption), (ii) prepayment or payment of an acceleration premium (except for a mandatory sinking fund redemption) or any other provision of a bond indenture that advances the maturity of the bond, or (iii) nonpayment of principal or interest caused by negligence or bankruptcy of the paying agent. A mandatory sinking fund redemption may be a provision of a municipal security issue whereby part of the municipal security issue may be retired before maturity.

Municipal Securities Risk. Certain Funds invest in municipal securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. Political changes and uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders can significantly affect municipal securities. Because many securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. If the Internal Revenue Service (“IRS”) determines that an issuer of a municipal security has not complied with applicable tax requirements, interest from the security could become taxable and the security could decline significantly in value.

Non-Diversified Fund Risk. Because California AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF, Preferred ETF and Variable Rate Preferred ETF are non-diversified and can invest a greater portion of its 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.

Not a Money Market Fund. Treasury Collateral ETF is not a money market fund and is not subject to the strict rules that govern the quality, maturity, liquidity and other features of securities that money market funds may purchase. Under normal circumstances, the Fund’s investments may be more susceptible than a money market fund’s investments to credit risk, interest rate risk, valuation risk and other risks relevant to the Fund’s investments. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, and it is possible for the Fund to lose money. The Fund does not seek to maintain a stable NAV of $1.00 per share.

Preferred Stock Risk. With respect to certain Funds, preferred stock is subject to issuer-specific and overall market risks that are generally applicable to equity securities as a whole; however, there are special risks associated with investing in preferred stock. Preferred stock may be less liquid than many other types of securities, such as common stock, and generally provides no voting rights with respect to the issuer. Preferred stock also may be subordinated to bonds or other debt instruments in an issuer’s capital structure, meaning that an issuer’s preferred stock generally pays dividends only after the issuer makes required payments to holders of its bonds and other debt. This subjects preferred stock to a greater risk of non-payment than more senior securities. Because of the subordinated position of preferred stock in an issuer’s capital structure, the ability to defer dividend or interest payments for extended periods of time without triggering an event of default for the issuer, and certain other features, its quality and value are heavily dependent on the profitability and cash flows of the issuer rather than

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on any legal claims to specific assets. Also, in certain circumstances, an issuer of a preferred stock may call or redeem it prior to a specified date or may convert it to common stock, all of which may negatively impact its return.

Risks of Investing in Closed-End Funds. For CEF Income Composite ETF, the shares of closed-end funds may trade at a discount or premium to, or at, their NAV. To the extent that the Fund invests a portion of its assets in closed-end funds, those assets will be subject to the risks of the closed-end fund’s portfolio securities, and a shareholder in the Fund will bear not only his or her proportionate share of the expenses of the Fund, but also, indirectly, the expenses of the closed-end fund. The securities of closed-end funds in which the Fund may invest may be leveraged. As a result, the Fund may be exposed indirectly to leverage through an investment in such securities. An investment in securities of closed-end funds that use leverage may expose the Fund to higher volatility in the market value of such securities and the possibility that the Fund’s long-term returns on such securities (and, indirectly, the long-term returns of the Shares) will be diminished.

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.

Tax Risk. There is no guarantee that the income from certain Funds will be exempt from federal or state income taxes. Events occurring after the date of issuance of a municipal bond or after a Fund’s acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by a Fund to its shareholders to be taxable to those shareholders in the year of receipt. Federal or state changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to lose value.

U.S. Government Obligation 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 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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

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

E. Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on 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 - 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.

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 payments to Invesco Advisers, Inc. (the “Sub-Adviser”) for Treasury Collateral ETF and, for each Fund, 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).

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

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indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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, and for Treasury Collateral ETF, the oversight of the Sub-Adviser.

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)
1-30 Laddered Treasury ETF	0.25%
California AMT-Free Municipal Bond ETF	0.28%
CEF Income Composite ETF	0.50%
Fundamental High Yield® Corporate Bond ETF	0.50%
Fundamental Investment Grade Corporate Bond ETF	0.22%
National AMT-Free Municipal Bond ETF	0.28%
New York AMT-Free Municipal Bond ETF	0.28%
Preferred ETF	0.50%
Taxable Municipal Bond ETF	0.28%
Treasury Collateral ETF	0.08%
Variable Rate Preferred ETF	0.50%
VRDO Tax-Free Weekly ETF	0.25%

Further, through at least August 31, 2023, 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 six months ended February 28, 2021, the Adviser waived fees for each Fund in the following amounts:

1-30 Laddered Treasury ETF	$	37
California AMT-Free Municipal Bond ETF		-
CEF Income Composite ETF		277
Fundamental High Yield® Corporate Bond ETF		2,132
Fundamental Investment Grade Corporate Bond ETF		100
National AMT-Free Municipal Bond ETF		-
New York AMT-Free Municipal Bond ETF		-
Preferred ETF		27,851
Taxable Municipal Bond ETF		46,252
Treasury Collateral ETF		33
Variable Rate Preferred ETF		1,691
VRDO Tax-Free Weekly ETF		-

For Treasury Collateral ETF, the Adviser has entered into a sub-advisory agreement with the Sub-Adviser. The sub-advisory fee is paid by the Adviser to the Sub-Adviser at the annual rate of 40% of compensation paid to the Adviser from the Fund.

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
1-30 Laddered Treasury ETF	Nasdaq, Inc.
California AMT-Free Municipal Bond ETF	Merrill Lynch, Pierce, Fenner & Smith Inc.
CEF Income Composite ETF	S-Network Global Indexes, LLC
Fundamental High Yield® Corporate Bond ETF	Research Affiliates®
Fundamental Investment Grade Corporate Bond ETF	Research Affiliates®
National AMT-Free Municipal Bond ETF	Merrill Lynch, Pierce, Fenner & Smith Inc.
New York AMT-Free Municipal Bond ETF	Merrill Lynch, Pierce, Fenner & Smith Inc.
Preferred ETF	Merrill Lynch, Pierce, Fenner & Smith Inc.
Taxable Municipal Bond ETF	Merrill Lynch, Pierce, Fenner & Smith Inc.
Treasury Collateral ETF	Interactive Data Pricing and Reference Data LLC
Variable Rate Preferred ETF	Wells Fargo & Company
VRDO Tax-Free Weekly ETF	Bloomberg Finance L.P.

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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 six months ended February 28, 2021, the following Fund 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:

CEF Income Composite ETF $1,021

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

NOTE 4–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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 February 28, 2021, for each Fund, (except for 1-30 Laddered Treasury ETF, California AMT-Free Municipal Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF, Treasury Collateral ETF, and VRDO Tax-Free Weekly ETF). As of February 28, 2021, all of the securities in 1-30 Laddered Treasury ETF, California AMT-Free Municipal Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF, Treasury Collateral ETF, and VRDO Tax-Free Weekly 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
CEF Income Composite ETF
Investments in Securities
Closed-End Funds	$	806,587,818	$	-	$-	$	806,587,818
Money Market Funds		-		18,041,878	-		18,041,878
Total Investments	$	806,587,818	$	18,041,878	$-	$	824,629,696
Fundamental High Yield® Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	712,860,334	$-	$	712,860,334
Money Market Funds		6,150,808		44,744,075	-		50,894,883
Total Investments	$	6,150,808	$	757,604,409	$-	$	763,755,217
Fundamental Investment Grade Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	52,270,672	$-	$	52,270,672
Money Market Funds		82,675		859,890	-		942,565
Total Investments	$	82,675	$	53,130,562	$-	$	53,213,237

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	Level 1		Level 2		Level 3		Total
Preferred ETF
Investments in Securities
Preferred Stocks	$	6,755,279,837	$	-		$-	$	6,755,279,837
Money Market Funds		-		134,155,074		-		134,155,074
Total Investments	$	6,755,279,837	$	134,155,074		$-	$	6,889,434,911
Taxable Municipal Bond ETF
Investments in Securities
Municipal Obligations	$	-	$	2,221,575,892		$-	$	2,242,357,197
U.S. Dollar Denominated Bonds & Notes		-		48,991,924		-		48,991,924
Money Market Funds		81,455,124		-		-		81,455,124
Total Investments	$	81,455,124	$	2,270,567,816		$-	$	2,372,804,245
Variable Rate Preferred ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-	$	1,019,179,474		$-	$	1,019,179,474
Preferred Stocks		383,250,769		115,592,226		-		498,842,995
Money Market Funds		-		94,707,484		-		94,707,484
Total Investments	$	383,250,769	$	1,229,479,184		$-	$	1,612,729,953

NOTE 5–Tax Information

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 August 31, 2020:

	No expiration
	Short-Term		Long-Term		Total*
1-30 Laddered Treasury ETF	$	255,727	$	-	$	255,727
California AMT-Free Municipal Bond ETF		249,270		311,226		560,496
CEF Income Composite ETF		5,755,745		27,360,988		33,116,733
Fundamental High Yield® Corporate Bond ETF		18,137,887		25,870,822		44,008,709
Fundamental Investment Grade Corporate Bond ETF		-		-		-
National AMT-Free Municipal Bond ETF		7,456,076		2,592,513		10,048,589
New York AMT-Free Municipal Bond ETF		292,856		141,064		433,920
Preferred ETF		24,366,783		121,527,914		145,894,697
Taxable Municipal Bond ETF		1,759,440		1,647,926		3,407,366
Treasury Collateral ETF		---
Variable Rate Preferred ETF		6,828,588		21,773,992		28,602,580
VRDO Tax-Free Weekly ETF		1-				1

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

NOTE 6–Investment Transactions

For the six months ended February 28, 2021, 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
1-30 Laddered Treasury ETF	$	-	$	-
California AMT-Free Municipal Bond ETF		29,222,225		10,318,250
CEF Income Composite ETF		115,326,638		114,588,677
Fundamental High Yield® Corporate Bond ETF		139,498,964		145,965,068
Fundamental Investment Grade Corporate Bond ETF		7,835,487		8,516,686
National AMT-Free Municipal Bond ETF		170,800,248		117,385,433

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	Purchases		Sales
New York AMT-Free Municipal Bond ETF	$	20,470,585	$	8,486,880
Preferred ETF		747,533,156		682,437,275
Taxable Municipal Bond ETF		476,987,611		68,310,279
Treasury Collateral ETF		-		-
Variable Rate Preferred ETF		108,359,147		75,782,925
VRDO Tax-Free Weekly ETF		-		-

For the six months ended February 28, 2021, the cost of securities purchased and proceeds from sales of U.S. Treasury obligations (other than short-term securities, money market funds and in-kind transactions), for the 1-30 Laddered Treasury ETF amounted to $5,054,959 and $4,300,559, respectively and for the Treasury Collateral ETF amounted to $0 and $0, respectively.

For the six months ended February 28, 2021, in-kind transactions associated with creations and redemptions were as follows:

	Cost of		Value of
	Securities		Securities
	Received		Delivered
1-30 Laddered Treasury ETF	$	13,489,295	$	99,874,529
California AMT-Free Municipal Bond ETF		-		-
CEF Income Composite ETF		22,200,830		29,622,338
Fundamental High Yield® Corporate Bond ETF		158,268,594		199,035,488
Fundamental Investment Grade Corporate Bond ETF		1,363,775		10,402,892
National AMT-Free Municipal Bond ETF		-		487,642,143
New York AMT-Free Municipal Bond ETF		-		-
Preferred ETF		800,308,296		212,236,935
Taxable Municipal Bond ETF		-		12,942,590
Treasury Collateral ETF		-		-
Variable Rate Preferred ETF		15,907,582		23,313,304
VRDO Tax-Free Weekly ETF		-		-

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At February 28, 2021, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost
1-30 Laddered Treasury ETF	$	591,402	$	(9,964,039	)	$	(9,372,637	)	$	112,557,160
California AMT-Free Municipal Bond ETF		27,531,066		(1,438,817	)		26,092,249			429,646,745
CEF Income Composite ETF		63,747,397		(37,177,050	)		26,570,347			798,059,349
Fundamental High Yield® Corporate Bond ETF		30,279,566		(4,187,399	)		26,092,167			737,663,050
Fundamental Investment Grade Corporate Bond ETF		2,495,678		(184,965	)		2,310,713			50,902,524
National AMT-Free Municipal Bond ETF		107,403,366		(11,590,762	)		95,812,604			2,072,402,053
New York AMT-Free Municipal Bond ETF		4,914,287		(486,098	)		4,428,189			102,247,615
Preferred ETF		70,017,471		(113,378,537	)		(43,361,066	)		6,932,795,977
Taxable Municipal Bond ETF		144,649,661		(12,332,358	)		132,317,303			2,240,486,942
Treasury Collateral ETF		158,427		(4,118	)		154,309			728,464,590
Variable Rate Preferred ETF		40,340,704		(31,548,378	)		8,792,326			1,603,937,627
VRDO Tax-Free Weekly ETF		-		-			-			46,610,000

NOTE 7–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation 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

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are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 8–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. For 1-30 Laddered Treasury ETF, CEF Income Composite ETF, Fundamental High Yield^® Corporate Bond ETF, Fundamental Investment Grade Corporate Bond ETF, Preferred ETF, Treasury Collateral ETF and Variable Rate Preferred ETF, such transactions are generally in exchange for Deposit Securities. 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. For California AMT-Free Municipal Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF, Taxable Municipal Bond ETF and VRDO Tax-Free Weekly ETF, such transactions are principally in exchange for the deposit or delivery of cash.

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 9–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 10–Subsequent Event

Effective at the close of markets on March 24, 2021, for Invesco VRDO Tax-Free Weekly ETF, the Fund’s name, underlying index, index provider, investment objective and principal investment strategy changed. The Fund’s name changed to Invesco VRDO Tax-Free ETF, the underlying index changed to ICE US Municipal AMT-Free VRDO Constrained Index (the “New Underlying Index”), the index provider changed to ICE Data Indices, LLC, the investment objective changed to track the investment results (before fees and expenses) of the New Underlying Index, and the principal investment strategy changed to generally invest at least 80% of its total assets in components of the New Underlying Index.

Effective at the close of markets on June 30, 2021, for Invesco Variable Rate Preferred ETF, the Fund’s underlying index, index provider, investment objective and principal investment strategy will change. The Fund’s underlying index will change to ICE Variable Rate Preferred & Hybrid Securities Index (the “New Underlying Index”), the index provider will change to ICE Data Indices, LLC, the investment objective will change to track the investment results (before fees and expenses) of the New Underlying Index, and the principal investment strategy will change to generally invest at least 90% of its total assets in the components of the New Underlying Index.

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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, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended February 28, 2021.

In addition to the fees and expenses which the Invesco CEF Income Composite ETF, Invesco Preferred ETF and Taxable Municipal Bond ETF (collectively the “Portfolios”) bear directly, the Portfolios indirectly bear a pro rata share of the fees and expenses of the investment companies in which the Portfolios invest. The amount of fees and expenses incurred indirectly by the Portfolios will vary because the investment companies have varied expenses and fee levels and the Portfolios may own different proportions of the investment companies at different times. Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolios. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolios invest in. The effect of the estimated investment companies’ expenses that the Portfolios bear indirectly is included in each Portfolio’s total return.

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 the 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 Fund 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.

					Annualized
	Beginning		Ending		Expense Ratio		Expenses Paid
	Account Value		Account Value		Based on the		During the
	September 1, 2020		February 28, 2021		Six-Month Period		Six-Month Period(1)
Invesco 1-30 Laddered Treasury ETF (PLW)
Actual		$1,000.00		$922.00		0.25%		$1.19
Hypothetical (5% return before expenses)		1,000.00		1,023.55		0.25		1.25
Invesco California AMT-Free Municipal Bond ETF (PWZ)
Actual		1,000.00		1,005.30		0.28		1.39
Hypothetical (5% return before expenses)		1,000.00		1,023.41		0.28		1.40

111

Calculating your ongoing Fund expenses–(continued)

					Annualized
	Beginning		Ending		Expense Ratio		Expenses Paid
	Account Value		Account Value		Based on the		During the
	September 1, 2020		February 28, 2021		Six-Month Period		Six-Month Period(1)
Invesco CEF Income Composite ETF (PCEF)
Actual		$1,000.00		$1,119.20		0.50%		$2.63
Hypothetical (5% return before expenses)		1,000.00		1,022.32		0.50		2.51
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)
Actual		1,000.00		1,042.90		0.50		2.53
Hypothetical (5% return before expenses)		1,000.00		1,022.32		0.50		2.51
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)
Actual		1,000.00		997.80		0.22		1.09
Hypothetical (5% return before expenses)		1,000.00		1,023.70		0.22		1.10
Invesco National AMT-Free Municipal Bond ETF (PZA)
Actual		1,000.00		1,006.20		0.28		1.39
Hypothetical (5% return before expenses)		1,000.00		1,023.41		0.28		1.40
Invesco New York AMT-Free Municipal Bond ETF (PZT)
Actual		1,000.00		1,010.90		0.28		1.40
Hypothetical (5% return before expenses)		1,000.00		1,023.41		0.28		1.40
Invesco Preferred ETF (PGX)
Actual		1,000.00		1,007.00		0.50		2.49
Hypothetical (5% return before expenses)		1,000.00		1,022.32		0.50		2.51
Invesco Taxable Municipal Bond ETF (BAB)
Actual		1,000.00		994.90		0.28		1.38
Hypothetical (5% return before expenses)		1,000.00		1,023.41		0.28		1.40
Invesco Treasury Collateral ETF (CLTL)
Actual		1,000.00		1,000.40		0.08		0.40
Hypothetical (5% return before expenses)		1,000.00		1,024.40		0.08		0.40
Invesco Variable Rate Preferred ETF (VRP)
Actual		1,000.00		1,049.10		0.50		2.54
Hypothetical (5% return before expenses)		1,000.00		1,022.32		0.50		2.51
Invesco VRDO Tax-Free Weekly ETF (PVI)
Actual		1,000.00		999.20		0.25		1.24
Hypothetical (5% return before expenses)		1,000.00		1,023.55		0.25		1.25

⁽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 February 28, 2021. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

112

(This Page Intentionally Left Blank)

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

©2021 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-TRST2-FINC-SAR-1	invesco.com/ETFs

Invesco Semi-Annual Report to Shareholders

February 28, 2021

USEQ Invesco Russell 1000 Enhanced Equal Weight ETF

EQAL Invesco Russell 1000 Equal Weight ETF

USLB Invesco Russell 1000 Low Beta Equal Weight ETF

SPVU Invesco S&P 500 Enhanced Value ETF

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

SPHB Invesco S&P 500^® High Beta ETF

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

SPLV Invesco S&P 500^® Low Volatility ETF

SPMV Invesco S&P 500 Minimum Variance ETF

SPMO Invesco S&P 500 Momentum ETF

XMLV Invesco S&P MidCap Low Volatility ETF

XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF

XSLV Invesco S&P SmallCap Low Volatility ETF

XSHQ Invesco S&P SmallCap Quality ETF

Table of Contents

Schedules of Investments
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)	3
Invesco Russell 1000 Equal Weight ETF (EQAL)	10
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)	20
Invesco S&P 500 Enhanced Value ETF (SPVU)	25
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)	28
Invesco S&P 500® High Beta ETF (SPHB)	30
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)	33
Invesco S&P 500® Low Volatility ETF (SPLV)	35
Invesco S&P 500 Minimum Variance ETF (SPMV)	38
Invesco S&P 500 Momentum ETF (SPMO)	41
Invesco S&P MidCap Low Volatility ETF (XMLV)	43
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)	46
Invesco S&P SmallCap Low Volatility ETF (XSLV)	48
Invesco S&P SmallCap Quality ETF (XSHQ)	51
Statements of Assets and Liabilities	54
Statements of Operations	56
Statements of Changes in Net Assets	58
Financial Highlights	63
Notes to Financial Statements	77
Fund Expenses	89

2

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-3.68%
Activision Blizzard, Inc.		31	$	2,964
Alphabet, Inc., Class A(b)		1		2,022
Alphabet, Inc., Class C(b)		1		2,037
Altice USA, Inc., Class A(b)		72		2,420
AT&T, Inc.		85		2,371
Cable One, Inc.		1		1,915
Charter Communications, Inc., Class A(b)		3		1,840
Comcast Corp., Class A		49		2,583
DISH Network Corp., Class A(b)		67		2,111
Electronic Arts, Inc.		19		2,545
Facebook, Inc., Class A(b)		9		2,319
Interpublic Group of Cos., Inc. (The)		106		2,769
Liberty Media Corp.-Liberty SiriusXM, Class A(b)		19		844
Liberty Media Corp.-Liberty SiriusXM, Class C(b)		41		1,809
Lumen Technologies, Inc.		233		2,864
New York Times Co. (The), Class A		55		2,814
Nexstar Media Group, Inc., Class A		23		3,164
Sirius XM Holdings, Inc.(c)		381		2,229
Take-Two Interactive Software, Inc.(b)		14		2,582
T-Mobile US, Inc.(b)		19		2,279
United States Cellular Corp.(b)		80		2,354
Verizon Communications, Inc.		40		2,212
ViacomCBS, Inc., Class A		66		4,241
ViacomCBS, Inc., Class B.		69		4,450
				59,738
Consumer Discretionary-10.89%
Advance Auto Parts, Inc.		17		2,726
Aptiv PLC		20		2,997
AutoNation, Inc.(b)		38		2,851
AutoZone, Inc.(b)		2		2,320
Best Buy Co., Inc.		23		2,308
Booking Holdings, Inc.(b)		1		2,328
BorgWarner, Inc.		63		2,835
Bright Horizons Family Solutions, Inc.(b)		15		2,395
Brunswick Corp.		34		3,005
CarMax, Inc.(b)		26		3,107
Carter’s, Inc.		27		2,254
Choice Hotels International, Inc.		24		2,517
Columbia Sportswear Co.		29		2,989
D.R. Horton, Inc.		35		2,690
Dick’s Sporting Goods, Inc.		44		3,140
Dollar General Corp.		11		2,079
Dollar Tree, Inc.(b)		22		2,160
Domino’s Pizza, Inc.		7		2,426
eBay, Inc.		48		2,708
Five Below, Inc.(b)		16		2,978
Floor & Decor Holdings, Inc., Class A(b)		31		2,948
Foot Locker, Inc.		63		3,030
frontdoor, inc.(b)		53		2,776
Garmin Ltd.		21		2,604
General Motors Co.		56		2,874
Gentex Corp.		75		2,653
Grand Canyon Education, Inc.(b)		30		3,141
H&R Block, Inc.		134		2,577
Hanesbrands, Inc.		175		3,096
Harley-Davidson, Inc.		62		2,212

	Shares		Value
Consumer Discretionary-(continued)
Hasbro, Inc.		26	$	2,436
Home Depot, Inc. (The)		9		2,325
Lear Corp.		17		2,824
Leggett & Platt, Inc.		57		2,466
Lennar Corp., Class A		33		2,738
Lennar Corp., Class B		2		132
LKQ Corp.(b)		69		2,718
Lowe’s Cos., Inc.		16		2,556
Marriott International, Inc., Class A		19		2,813
McDonald’s Corp.		12		2,474
Mohawk Industries, Inc.(b)		20		3,500
NVR, Inc.(b)		1		4,501
Ollie’s Bargain Outlet Holdings, Inc.(b)		29		2,398
O’Reilly Automotive, Inc.(b)		5		2,237
Penske Automotive Group, Inc.		43		2,923
Planet Fitness, Inc., Class A(b)		33		2,841
Polaris, Inc.		25		2,944
Pool Corp.		8		2,678
PulteGroup, Inc.		60		2,707
Qurate Retail, Inc., Class A		240		2,981
Ross Stores, Inc.		22		2,566
Service Corp. International		50		2,388
Target Corp.		14		2,568
Tempur Sealy International, Inc.		101		3,374
Terminix Global Holdings, Inc.(b)		50		2,250
Thor Industries, Inc.		26		3,044
TJX Cos., Inc. (The)		38		2,508
Toll Brothers, Inc.		55		2,938
Tractor Supply Co.		18		2,861
Ulta Beauty, Inc.(b)		9		2,901
Vail Resorts, Inc.		9		2,783
Wendy’s Co. (The)		114		2,329
Whirlpool Corp.		13		2,471
Williams-Sonoma, Inc.		22		2,888
Yum China Holdings, Inc. (China)		43		2,573
Yum! Brands, Inc.		23		2,381
				176,739
Consumer Staples-5.89%
Altria Group, Inc.		61		2,660
Archer-Daniels-Midland Co.		50		2,829
Brown-Forman Corp., Class A		7		466
Brown-Forman Corp., Class B		25		1,789
Campbell Soup Co.		50		2,274
Casey’s General Stores, Inc.		13		2,625
Church & Dwight Co., Inc.		29		2,284
Clorox Co. (The)		12		2,173
Coca-Cola Co. (The)		48		2,351
Colgate-Palmolive Co.		29		2,181
Conagra Brands, Inc.		70		2,375
Constellation Brands, Inc., Class A		12		2,570
Costco Wholesale Corp.		7		2,317
Estee Lauder Cos., Inc. (The), Class A		10		2,859
Flowers Foods, Inc.		112		2,436
General Mills, Inc.		42		2,310
Grocery Outlet Holding Corp.(b)		67		2,411
Hain Celestial Group, Inc. (The)(b)		68		2,868
Herbalife Nutrition Ltd.(b)		51		2,294

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

3

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Consumer Staples-(continued)
Hershey Co. (The)		17	$	2,476
Hormel Foods Corp.		53		2,458
Ingredion, Inc.		32		2,886
JM Smucker Co. (The)		21		2,352
Kellogg Co.		40		2,308
Keurig Dr Pepper, Inc.		81		2,472
Kimberly-Clark Corp.		18		2,310
Kroger Co. (The)		76		2,448
Lamb Weston Holdings, Inc.		34		2,712
McCormick & Co., Inc.		27		2,276
Molson Coors Beverage Co., Class B		54		2,400
Mondelez International, Inc., Class A		42		2,233
Monster Beverage Corp.(b)		29		2,544
Nu Skin Enterprises, Inc., Class A		49		2,508
PepsiCo, Inc.		17		2,196
Philip Morris International, Inc.		31		2,605
Post Holdings, Inc.(b)		27		2,594
Procter & Gamble Co. (The)		18		2,224
Spectrum Brands Holdings, Inc.		38		2,947
Sprouts Farmers Market, Inc.(b)		119		2,512
Walmart, Inc.		16		2,079
				95,612
Energy-1.02%
Cabot Oil & Gas Corp.		144		2,665
Cheniere Energy, Inc.(b)		44		2,965
Equitrans Midstream Corp.		303		2,191
Kinder Morgan, Inc.		172		2,528
Pioneer Natural Resources Co.		24		3,566
Williams Cos., Inc. (The)		113		2,581
				16,496
Financials-19.16%
Affiliated Managers Group, Inc.		27		3,779
Aflac, Inc.		55		2,634
Allstate Corp. (The)		24		2,558
Ally Financial, Inc.		79		3,278
American Express Co.		20		2,705
American Financial Group, Inc.		27		2,881
Ameriprise Financial, Inc.		13		2,876
Aon PLC, Class A		12		2,733
Arch Capital Group Ltd.(b)		76		2,722
Arthur J. Gallagher & Co.		21		2,516
Assurant, Inc.		19		2,341
Athene Holding Ltd., Class A(b)		53		2,416
Bank of America Corp.		85		2,950
Bank of Hawaii Corp.		31		2,713
Bank of New York Mellon Corp. (The)		61		2,572
Bank OZK.		86		3,545
Berkshire Hathaway, Inc., Class B(b)		11		2,646
BlackRock, Inc.		3		2,084
BOK Financial Corp.		36		3,098
Brown & Brown, Inc.		55		2,525
Cboe Global Markets, Inc.		27		2,672
Charles Schwab Corp. (The)		49		3,024
Chubb Ltd.		16		2,601
Cincinnati Financial Corp.		31		3,034
Citizens Financial Group, Inc.		71		3,084
CME Group, Inc., Class A		14		2,796
CNA Financial Corp.		70		2,978
Commerce Bancshares, Inc.		39		2,887

	Shares		Value
Financials-(continued)
Cullen/Frost Bankers, Inc.		29	$	3,028
Discover Financial Services		30		2,822
East West Bancorp, Inc.		55		3,969
Erie Indemnity Co., Class A		11		2,663
Evercore, Inc., Class A		27		3,234
Everest Re Group Ltd.		11		2,660
FactSet Research Systems, Inc.		7		2,127
Fidelity National Financial, Inc.		67		2,565
Fifth Third Bancorp		93		3,226
First American Financial Corp.		52		2,732
First Citizens BancShares, Inc., Class A		5		3,689
First Hawaiian, Inc.		110		3,068
First Republic Bank.		19		3,130
Franklin Resources, Inc.		112		2,931
Globe Life, Inc.		26		2,428
Goldman Sachs Group, Inc. (The)		11		3,514
Hanover Insurance Group, Inc. (The)		22		2,538
Hartford Financial Services Group, Inc. (The)		54		2,737
Huntington Bancshares, Inc.(c)		191		2,930
Interactive Brokers Group, Inc., Class A		46		3,330
Intercontinental Exchange, Inc.		23		2,537
Invesco Ltd., (Acquired 12/18/2020; Cost $2,566)(d)(e)		147		3,296
Jefferies Financial Group, Inc.		107		3,107
JPMorgan Chase & Co.		20		2,943
Kemper Corp.		33		2,495
KeyCorp.		154		3,102
Lazard Ltd., Class A.		64		2,476
Lincoln National Corp.		48		2,730
LPL Financial Holdings, Inc.		26		3,420
Markel Corp.(b)		3		3,266
Marsh & McLennan Cos., Inc.		21		2,420
Mercury General Corp.		55		3,212
MetLife, Inc.		51		2,938
MGIC Investment Corp.		206		2,509
Moody’s Corp.		9		2,474
Morgan Stanley		61		4,689
Morningstar, Inc.		12		2,691
Nasdaq, Inc.		19		2,628
New York Community Bancorp, Inc.		246		3,004
Northern Trust Corp.		26		2,473
Old Republic International Corp.		134		2,590
OneMain Holdings, Inc.		62		2,908
People’s United Financial, Inc.		190		3,409
Pinnacle Financial Partners, Inc.		43		3,490
PNC Financial Services Group, Inc. (The)		17		2,862
Popular, Inc.		50		3,341
Primerica, Inc.		18		2,542
Principal Financial Group, Inc.		48		2,716
Progressive Corp. (The)		27		2,321
Prosperity Bancshares, Inc.		38		2,792
Raymond James Financial, Inc.		26		3,035
Regions Financial Corp.		155		3,198
RenaissanceRe Holdings Ltd. (Bermuda)		15		2,505
S&P Global, Inc.		8		2,635
Santander Consumer USA Holdings, Inc.		104		2,600
SEI Investments Co.		46		2,576
Signature Bank		20		4,367
SLM Corp.		215		3,395
Starwood Property Trust, Inc.		131		2,991

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

4

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Financials-(continued)
State Street Corp.		34	$	2,474
Sterling Bancorp		150		3,275
SVB Financial Group(b)		7		3,538
Synovus Financial Corp.		76		3,216
T. Rowe Price Group, Inc.		17		2,756
TCF Financial Corp.		72		3,227
TFS Financial Corp.		140		2,734
Tradeweb Markets, Inc., Class A		41		2,984
Travelers Cos., Inc. (The)		18		2,619
Truist Financial Corp.		52		2,962
Unum Group		107		2,833
Virtu Financial, Inc., Class A		106		2,891
W.R. Berkley Corp.		37		2,565
Webster Financial Corp.		63		3,485
Western Alliance Bancorporation		46		4,209
White Mountains Insurance Group Ltd.		3		3,585
Willis Towers Watson PLC		12		2,648
Wintrust Financial Corp.		43		3,167
Zions Bancorporation N.A		60		3,190
				311,010
Health Care-10.28%
Abbott Laboratories.		23		2,755
AbbVie, Inc.		23		2,478
Acadia Healthcare Co., Inc.(b)		58		3,204
Agilent Technologies, Inc.		22		2,686
Alexion Pharmaceuticals, Inc.(b)		20		3,055
Amedisys, Inc.(b)		10		2,536
Amgen, Inc.		11		2,474
Anthem, Inc.		8		2,426
Baxter International, Inc.		33		2,564
Bio-Rad Laboratories, Inc., Class A(b)		5		2,922
Bruker Corp.		47		2,866
Cardinal Health, Inc.		44		2,267
Catalent, Inc.(b)		27		3,070
Centene Corp.(b)		39		2,283
Cerner Corp.		33		2,282
Charles River Laboratories International, Inc.(b)		11		3,148
Chemed Corp.		5		2,226
Cigna Corp.		12		2,519
Cooper Cos., Inc. (The)		7		2,703
CVS Health Corp.		35		2,385
Danaher Corp.		11		2,416
DaVita, Inc.(b)		23		2,349
Edwards Lifesciences Corp.(b)		29		2,410
Eli Lilly and Co.		17		3,483
Encompass Health Corp.		31		2,494
Exelixis, Inc.(b)		128		2,772
Gilead Sciences, Inc.		40		2,456
Globus Medical, Inc., Class A(b)		41		2,562
Haemonetics Corp.(b)		22		2,783
HCA Healthcare, Inc.		16		2,752
Henry Schein, Inc.(b)		38		2,350
Hologic, Inc.(b)		35		2,523
Horizon Therapeutics PLC(b)		35		3,182
Humana, Inc.		6		2,278
ICU Medical, Inc.(b)		13		2,697
Illumina, Inc.(b)		7		3,076
Integra LifeSciences Holdings Corp.(b)		45		3,075
IQVIA Holdings, Inc.(b)		15		2,892

	Shares		Value
Health Care-(continued)
Jazz Pharmaceuticals PLC(b)		17	$	2,857
Johnson & Johnson		17		2,694
Laboratory Corp. of America Holdings(b)		13		3,119
McKesson Corp.		14		2,373
Medtronic PLC		22		2,573
Merck & Co., Inc.		30		2,179
Mettler-Toledo International, Inc.(b)		2		2,232
Molina Healthcare, Inc.(b)		12		2,601
PerkinElmer, Inc.		18		2,270
Pfizer, Inc.		60		2,009
PRA Health Sciences, Inc.(b)		22		3,243
Premier, Inc., Class A		71		2,401
Quest Diagnostics, Inc.		20		2,312
Regeneron Pharmaceuticals, Inc.(b)		5		2,253
ResMed, Inc.		12		2,313
STERIS PLC		13		2,272
Stryker Corp.		11		2,670
Syneos Health, Inc.(b)		39		3,017
Teleflex, Inc.		7		2,787
Thermo Fisher Scientific, Inc.		5		2,250
UnitedHealth Group, Inc.		7		2,326
Universal Health Services, Inc., Class B		19		2,381
Varian Medical Systems, Inc.(b)		14		2,454
Vertex Pharmaceuticals, Inc.(b)		11		2,338
Waters Corp.(b)		11		3,013
Zoetis, Inc.		16		2,484
				166,820
Industrials-16.23%
3M Co.		14		2,451
A.O. Smith Corp.		45		2,672
AGCO Corp.		27		3,496
Allegion PLC		22		2,393
AMERCO		6		3,448
AMETEK, Inc.		21		2,477
Booz Allen Hamilton Holding Corp.		28		2,160
BWX Technologies, Inc.		43		2,494
C.H. Robinson Worldwide, Inc.		27		2,453
CACI International, Inc., Class A(b)		10		2,213
Carlisle Cos., Inc.		17		2,469
Caterpillar, Inc.		14		3,022
Cintas Corp.		7		2,270
Clean Harbors, Inc.(b)		34		2,895
Copart, Inc.(b)		22		2,402
CoreLogic, Inc.		32		2,709
CSX Corp.		27		2,472
Cummins, Inc.		11		2,785
Deere & Co.		9		3,142
Donaldson Co., Inc.		46		2,710
Dover Corp.		20		2,465
Eaton Corp. PLC		21		2,734
Emerson Electric Co.		33		2,835
Expeditors International of Washington, Inc.		28		2,572
Fastenal Co.		53		2,458
FedEx Corp.		9		2,290
Fortive Corp.		35		2,304
Fortune Brands Home & Security, Inc.		31		2,577
FTI Consulting, Inc.(b)		24		2,749
Gates Industrial Corp. PLC(b)		187		2,805
Generac Holdings, Inc.(b)		12		3,955

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

5

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Industrials-(continued)
General Dynamics Corp.		16	$	2,616
General Electric Co.		235		2,947
Graco, Inc.		37		2,566
HEICO Corp.		7		880
HEICO Corp., Class A		13		1,505
Honeywell International, Inc.		12		2,428
Howmet Aerospace, Inc.(b)		103		2,895
Hubbell, Inc.		16		2,840
IAA, Inc.(b)		42		2,462
IDEX Corp.		13		2,537
IHS Markit Ltd.		27		2,434
Illinois Tool Works, Inc.		12		2,426
ITT, Inc.		33		2,738
J.B. Hunt Transport Services, Inc.		18		2,644
Jacobs Engineering Group, Inc.		23		2,647
Johnson Controls International PLC		53		2,957
Kansas City Southern		13		2,760
Knight-Swift Transportation Holdings, Inc.		61		2,635
L3Harris Technologies, Inc.		13		2,365
Landstar System, Inc.		19		3,043
Leidos Holdings, Inc.		24		2,123
Lennox International, Inc.		9		2,518
Lincoln Electric Holdings, Inc.		21		2,480
Lockheed Martin Corp.		7		2,312
ManpowerGroup, Inc.		28		2,644
Masco Corp.		47		2,501
Mercury Systems, Inc.(b)		35		2,288
Middleby Corp. (The)(b)		18		2,635
MSA Safety, Inc.		17		2,737
MSC Industrial Direct Co., Inc., Class A		30		2,584
Nordson Corp.		13		2,501
Norfolk Southern Corp.		10		2,521
Northrop Grumman Corp.		8		2,333
Old Dominion Freight Line, Inc.		12		2,577
Oshkosh Corp.		31		3,286
PACCAR, Inc.		29		2,639
Parker-Hannifin Corp.		9		2,583
Pentair PLC.		48		2,685
Quanta Services, Inc.		36		3,019
Regal Beloit Corp.		21		2,870
Republic Services, Inc.		26		2,316
Robert Half International, Inc.		38		2,956
Rockwell Automation, Inc.		10		2,433
Roper Technologies, Inc.		6		2,266
Schneider National, Inc., Class B		117		2,706
Science Applications International Corp.		26		2,239
Sensata Technologies Holding PLC(b)		50		2,864
Snap-on, Inc.		14		2,844
Stanley Black & Decker, Inc.		14		2,448
Teledyne Technologies, Inc.(b)		7		2,597
Textron, Inc.		53		2,668
Timken Co. (The)		34		2,664
Toro Co. (The)		28		2,822
Trane Technologies PLC		17		2,605
TransDigm Group, Inc.(b)		4		2,307
TransUnion		27		2,274
Trinity Industries, Inc.		111		3,563
Union Pacific Corp.		12		2,472
United Parcel Service, Inc., Class B		15		2,367
United Rentals, Inc.(b)		11		3,271

	Shares		Value
Industrials-(continued)
Univar Solutions, Inc.(b)		135	$	2,688
Valmont Industries, Inc.		15		3,548
Verisk Analytics, Inc.		13		2,130
W.W. Grainger, Inc.		6		2,236
Wabtec Corp.		34		2,463
Waste Management, Inc.		21		2,329
Watsco, Inc.		11		2,674
Woodward, Inc.		21		2,399
XPO Logistics, Inc.(b)		22		2,565
Xylem, Inc.		26		2,589
				263,341
Information Technology-12.58%
Accenture PLC, Class A		10		2,509
Akamai Technologies, Inc.(b)		24		2,268
Amdocs Ltd.		38		2,881
Amphenol Corp., Class A		19		2,388
Analog Devices, Inc.		18		2,805
Apple, Inc.		20		2,425
Applied Materials, Inc.		29		3,428
Arista Networks, Inc.(b)		9		2,519
Arrow Electronics, Inc.(b)		27		2,707
Aspen Technology, Inc.(b)		19		2,860
Automatic Data Processing, Inc.		14		2,436
Broadcom, Inc.		6		2,819
Broadridge Financial Solutions, Inc.		17		2,422
Cadence Design Systems, Inc.(b)		21		2,963
CDW Corp.		19		2,981
Ciena Corp.(b)		54		2,817
Cirrus Logic, Inc.(b)		31		2,535
Cisco Systems, Inc.		56		2,513
Citrix Systems, Inc.		19		2,538
Cognizant Technology Solutions Corp., Class A		31		2,278
Corning, Inc.		66		2,524
Dell Technologies, Inc., Class C(b)		35		2,837
Dolby Laboratories, Inc., Class A		27		2,636
Dropbox, Inc., Class A(b)		122		2,750
Entegris, Inc.		27		2,841
F5 Networks, Inc.(b)		15		2,850
Fair Isaac Corp.(b)		5		2,288
Fiserv, Inc.(b)		21		2,423
FleetCor Technologies, Inc.(b)		9		2,496
Fortinet, Inc.(b)		20		3,377
Gartner, Inc.(b)		16		2,865
Genpact Ltd.		60		2,426
HP, Inc.		107		3,100
International Business Machines Corp.		20		2,379
Intuit, Inc.		7		2,731
IPG Photonics Corp.(b)		12		2,728
Jabil, Inc.		64		2,763
Jack Henry & Associates, Inc.		15		2,227
Juniper Networks, Inc.		113		2,631
Keysight Technologies, Inc.(b)		20		2,830
KLA Corp.		9		2,801
Lam Research Corp.		5		2,836
Littelfuse, Inc.		10		2,602
Lumentum Holdings, Inc.(b)		29		2,610
Marvell Technology Group Ltd.		54		2,607
Mastercard, Inc., Class A		7		2,477
Maxim Integrated Products, Inc.		29		2,702

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

6

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Information Technology-(continued)
Microchip Technology, Inc.		18	$	2,747
Micron Technology, Inc.(b)		36		3,295
Microsoft Corp.		11		2,556
MKS Instruments, Inc.		17		2,803
Motorola Solutions, Inc.		15		2,632
National Instruments Corp.		63		2,797
NortonLifeLock, Inc.		132		2,575
ON Semiconductor Corp.(b)		86		3,463
Oracle Corp.		42		2,709
Paychex, Inc.		27		2,459
Qorvo, Inc.(b)		15		2,621
QUALCOMM, Inc.		16		2,179
RealPage, Inc.(b)		36		3,124
Skyworks Solutions, Inc.		17		3,023
SolarWinds Corp.(b)		108		1,749
SS&C Technologies Holdings, Inc.		36		2,386
Switch, Inc., Class A		153		2,653
SYNNEX Corp.		32		2,853
Synopsys, Inc.(b)		11		2,697
Teradyne, Inc.		22		2,829
Texas Instruments, Inc.		15		2,584
Trimble, Inc.(b)		41		3,040
Ubiquiti, Inc.		10		3,189
VeriSign, Inc.(b)		12		2,328
Visa, Inc., Class A		12		2,549
VMware, Inc., Class A(b)(c)		17		2,350
WEX, Inc.(b)		14		2,917
Xilinx, Inc.		17		2,215
Zebra Technologies Corp., Class A(b)		7		3,496
				204,247
Materials-6.85%
Air Products and Chemicals, Inc.		9		2,301
Albemarle Corp.		18		2,830
Amcor PLC		214		2,341
AptarGroup, Inc.		19		2,471
Ardagh Group S.A		138		3,497
Avery Dennison Corp.		16		2,803
Axalta Coating Systems Ltd.(b)		86		2,351
Ball Corp.		26		2,220
Berry Global Group, Inc.(b)		45		2,493
Celanese Corp.		19		2,639
CF Industries Holdings, Inc.		66		2,988
Crown Holdings, Inc.(b)		25		2,389
Eagle Materials, Inc.		26		3,260
Eastman Chemical Co.		25		2,731
Element Solutions, Inc.		175		3,159
FMC Corp.		21		2,135
Graphic Packaging Holding Co.		158		2,507
Huntsman Corp.		100		2,730
International Flavors & Fragrances, Inc.		22		2,981
International Paper Co.		50		2,483
Linde PLC (United Kingdom)		10		2,443
LyondellBasell Industries N.V., Class A		29		2,990
Martin Marietta Materials, Inc.		9		3,032
NewMarket Corp.		7		2,653
Newmont Corp.		42		2,284
Nucor Corp.		45		2,692
Packaging Corp. of America		19		2,508
PPG Industries, Inc.		17		2,292

	Shares		Value
Materials-(continued)
Reliance Steel & Aluminum Co.		21	$	2,776
Royal Gold, Inc.		22		2,282
RPM International, Inc.		29		2,310
Scotts Miracle-Gro Co. (The)		15		3,197
Sealed Air Corp.		54		2,263
Sherwin-Williams Co. (The)		3		2,041
Silgan Holdings, Inc.		73		2,742
Sonoco Products Co.		42		2,502
Southern Copper Corp. (Peru)		41		2,925
Steel Dynamics, Inc.		66		2,744
Valvoline, Inc.		111		2,771
Vulcan Materials Co.		18		3,006
W.R. Grace & Co.		44		2,607
Westlake Chemical Corp.(c)		32		2,739
				111,108
Real Estate-9.31%
Alexandria Real Estate Equities, Inc.		15		2,395
American Campus Communities, Inc.		61		2,499
American Homes 4 Rent, Class A		86		2,678
American Tower Corp.		11		2,377
Americold Realty Trust		73		2,558
Apartment Income REIT Corp.		61		2,494
Apartment Investment & Management Co.		61		290
AvalonBay Communities, Inc.		15		2,636
Boston Properties, Inc.		25		2,478
Brandywine Realty Trust		216		2,642
Brixmor Property Group, Inc.		154		3,031
Brookfield Property REIT, Inc., Class A(c)		157		2,747
Camden Property Trust		25		2,604
CBRE Group, Inc., Class A(b)		40		3,031
CoreSite Realty Corp.		20		2,434
Corporate Office Properties Trust		93		2,418
Cousins Properties, Inc.		74		2,482
Crown Castle International Corp.		15		2,336
CubeSmart		77		2,846
Digital Realty Trust, Inc.		19		2,560
Douglas Emmett, Inc.		79		2,587
Duke Realty Corp.		66		2,590
Equity Commonwealth.		93		2,624
Equity LifeStyle Properties, Inc.		42		2,589
Equity Residential.		41		2,682
Essex Property Trust, Inc.		10		2,548
Extra Space Storage, Inc.		22		2,765
First Industrial Realty Trust, Inc.		60		2,563
Gaming and Leisure Properties, Inc.		59		2,620
Healthcare Trust of America, Inc., Class A		96		2,607
Healthpeak Properties, Inc.		84		2,444
Highwoods Properties, Inc.		64		2,557
Hudson Pacific Properties, Inc.		94		2,405
Invitation Homes, Inc.		86		2,506
Iron Mountain, Inc.		89		3,096
JBG SMITH Properties		78		2,476
Jones Lang LaSalle, Inc.(b)		18		3,132
Kilroy Realty Corp.		40		2,538
Kimco Realty Corp.		163		2,988
Lamar Advertising Co., Class A		31		2,684
Life Storage, Inc.		34		2,853
Medical Properties Trust, Inc.		128		2,763
Mid-America Apartment Communities, Inc.		20		2,695

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

7

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Real Estate-(continued)
National Retail Properties, Inc.		65	$	2,850
Omega Healthcare Investors, Inc.		68		2,526
Prologis, Inc.		25		2,477
Public Storage.		11		2,573
Rayonier, Inc.		88		2,872
Realty Income Corp.		41		2,471
Regency Centers Corp.		51		2,794
Spirit Realty Capital, Inc.		68		2,925
STORE Capital Corp.		79		2,642
UDR, Inc.		63		2,594
Ventas, Inc.		51		2,698
VICI Properties, Inc.		98		2,793
Welltower, Inc.		39		2,648
Weyerhaeuser Co.		86		2,913
WP Carey, Inc.		35		2,399
				151,023
Utilities-4.03%
Alliant Energy Corp.		45		2,077
Ameren Corp.		31		2,178
American Electric Power Co., Inc.		28		2,096
American Water Works Co., Inc.		16		2,270
Atmos Energy Corp.		25		2,115
Avangrid, Inc.		53		2,425
CMS Energy Corp.		41		2,218
Consolidated Edison, Inc.		32		2,101
Dominion Energy, Inc.		31		2,118
DTE Energy Co.		19		2,237
Duke Energy Corp.		27		2,311
Edison International		39		2,106
Entergy Corp.		23		1,997
Essential Utilities, Inc.		52		2,187
Evergy, Inc.		44		2,360
Eversource Energy		28		2,225
Exelon Corp.		60		2,316

	Shares		Value
Utilities-(continued)
Hawaiian Electric Industries, Inc.		69	$	2,412
IDACORP, Inc.		27		2,328
MDU Resources Group, Inc.		99		2,782
NextEra Energy, Inc.		34		2,498
Pinnacle West Capital Corp.		30		2,098
PPL Corp.		86		2,252
Public Service Enterprise Group, Inc.		43		2,315
Sempra Energy.		19		2,204
Southern Co. (The)		41		2,326
UGI Corp.		68		2,605
WEC Energy Group, Inc.		26		2,097
Xcel Energy, Inc.		36		2,109
				65,363
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.92% (Cost $1,392,805)				1,621,497
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.81%
Invesco Private Government Fund, 0.01%(d)(f)(g)		5,253		5,253
Invesco Private Prime Fund, 0.11%(d)(f)(g)		7,876		7,879
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,132)				13,132
TOTAL INVESTMENTS IN SECURITIES-100.73% (Cost $1,405,937)				1,634,629
OTHER ASSETS LESS LIABILITIES-(0.73)%				(11,840	)
NET ASSETS-100.00%			$	1,622,789

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2021.

^(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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Invesco Ltd.		$	-		$	5,115		$	(2,920	)		$	730		$	371		$	3,296		$	23
Investments in Affiliated Money   Market Funds:
Invesco Government & Agency   Portfolio,
Institutional Class			-			69,578			(69,578	)			-			-			-			-
Invesco Premier U.S. Government
Money Portfolio, Institutional Class			210			18,598			(18,808	)			-			-			-			-

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

8

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

February 28, 2021

(Unaudited)

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments Purchased with Cash   Collateral from Securities on Loan:
Invesco Private Government Fund		$	42,741		$	122,954		$	(160,442	)		$	-		$	-		$	5,253		$	3	*
Invesco Private Prime Fund			13,093			124,462			(129,679	)			-			3			7,879			9	*
Total		$	56,044		$	340,707		$	(381,427	)		$	730		$	374		$	16,428		$	35

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

^(e)  Restricted security. The value of this security at February 28, 2021 represented less than 1% of the Fund’s Net Assets.

^(f) The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

 Portfolio Composition

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

 as of February 28, 2021

Financials	19.16
Industrials	16.23
Information Technology	12.58
Consumer Discretionary	10.89
Health Care	10.28
Real Estate	9.31
Materials	6.85
Consumer Staples	5.89
Utilities	4.03
Communication Services	3.68
Energy	1.02
Money Market Funds Plus Other Assets Less Liabilities	0.08

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

9

Invesco Russell 1000 Equal Weight ETF (EQAL)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-7.10%
Activision Blizzard, Inc.		3,963	$	378,902
Alphabet, Inc., Class A(b)		211		426,623
Altice USA, Inc., Class A(b)		62,752		2,109,095
AT&T, Inc.		71,401		1,991,374
Cable One, Inc.		1,040		1,991,444
Charter Communications, Inc., Class A(b)		3,334		2,045,142
Comcast Corp., Class A		43,408		2,288,470
Discovery, Inc., Class A(b)(c)		11,407		604,913
DISH Network Corp., Class A(b)		60,504		1,906,481
Electronic Arts, Inc.		2,437		326,485
Facebook, Inc., Class A(b)		1,304		335,937
Fox Corp., Class A		11,287		375,970
IAC/InterActiveCorp.(b)		2,439		597,140
Interpublic Group of Cos., Inc. (The)		13,888		362,755
John Wiley & Sons, Inc., Class A		7,568		398,682
Liberty Broadband Corp., Class C(b)		26,972		4,032,584
Liberty Media Corp.-Liberty Formula One, Class C(b)		7,643		335,528
Liberty Media Corp.-Liberty SiriusXM, Class C(b)		7,796		343,960
Lions Gate Entertainment Corp., Class A(b)(c)		33,608		487,988
Live Nation Entertainment, Inc.(b)		4,552		404,491
Lumen Technologies, Inc.		218,394		2,684,062
Madison Square Garden Entertainment Corp.(b)		4,213		454,035
Madison Square Garden Sports Corp., Class A(b)		1,831		352,193
Match Group, Inc.(b)		2,460		376,011
Netflix, Inc.(b)		653		351,869
New York Times Co. (The), Class A		6,442		329,637
News Corp., Class A		17,902		419,802
Nexstar Media Group, Inc., Class A		3,038		417,877
Omnicom Group, Inc.		5,147		353,753
Pinterest, Inc., Class A(b)		5,080		409,346
Roku, Inc.(b)		6,782		2,682,145
Sirius XM Holdings, Inc.(c)		51,432		300,877
Spotify Technology S.A.(b)		968		297,544
Take-Two Interactive Software, Inc.(b)		1,751		322,989
Telephone & Data Systems, Inc.		115,290		2,062,538
T-Mobile US, Inc.(b)		16,746		2,009,018
TripAdvisor, Inc.(b)		11,188		555,149
Twitter, Inc.(b)		7,091		546,433
United States Cellular Corp.(b)		71,408		2,101,537
Verizon Communications, Inc.		36,211		2,002,468
ViacomCBS, Inc., Class B		9,149		590,019
Walt Disney Co. (The)(b)		2,136		403,789
World Wrestling Entertainment, Inc., Class A		7,382		364,671
Zillow Group, Inc., Class C(b)		5,358		864,406
Zynga, Inc., Class A(b)		37,945		423,087
				43,419,219
Consumer Discretionary-6.66%
Advance Auto Parts, Inc.		2,063		330,802
Amazon.com, Inc.(b)		110		340,222
Aptiv PLC		2,634		394,679
Aramark		8,646		320,940
AutoNation, Inc.(b)		4,930		369,849

	Shares		Value
Consumer Discretionary-(continued)
AutoZone, Inc.(b)		297	$	344,496
Best Buy Co., Inc.		3,179		319,013
Booking Holdings, Inc.(b)		161		374,890
BorgWarner, Inc.		8,571		385,695
Bright Horizons Family Solutions, Inc.(b)		1,967		314,051
Brunswick Corp.		4,101		362,405
Burlington Stores, Inc.(b)		1,400		362,348
Capri Holdings Ltd.(b)		8,286		386,708
CarMax, Inc.(b)		3,487		416,731
Carnival Corp.		14,727		393,947
Carter’s, Inc.		3,584		299,157
Carvana Co.(b)		1,258		356,643
Chegg, Inc.(b)		4,082		394,036
Chipotle Mexican Grill, Inc.(b)		258		372,036
Choice Hotels International, Inc.		3,131		328,348
Columbia Sportswear Co.		3,913		403,313
D.R. Horton, Inc.		4,699		361,212
Darden Restaurants, Inc.		2,852		391,665
Dick’s Sporting Goods, Inc.		6,015		429,291
Dollar General Corp.		1,604		303,140
Dollar Tree, Inc.(b)		3,031		297,644
Domino’s Pizza, Inc.		839		290,722
eBay, Inc.		6,620		373,500
Etsy, Inc.(b)		1,978		435,694
Expedia Group, Inc.		2,512		404,432
Extended Stay America, Inc.		23,001		370,086
Five Below, Inc.(b)		1,982		368,890
Floor & Decor Holdings, Inc., Class A(b)		3,632		345,367
Foot Locker, Inc.		7,771		373,707
Ford Motor Co.		36,037		421,633
frontdoor, inc.(b)		6,499		340,353
Gap, Inc. (The)(b)		15,202		379,290
Garmin Ltd.		2,780		344,776
General Motors Co.		7,667		393,547
Gentex Corp.		9,892		349,979
Genuine Parts Co.		3,394		357,558
Graham Holdings Co., Class B		717		430,795
Grand Canyon Education, Inc.(b)		3,597		376,570
Grubhub, Inc.(b)		5,247		336,175
H&R Block, Inc.		20,597		396,080
Hanesbrands, Inc.		23,440		414,654
Harley-Davidson, Inc.		8,395		299,450
Hasbro, Inc.		3,699		346,633
Hilton Worldwide Holdings, Inc.		3,056		377,966
Home Depot, Inc. (The)		1,238		319,825
Hyatt Hotels Corp., Class A		4,391		386,188
Kohl’s Corp.		8,355		461,614
L Brands, Inc.		7,997		437,116
Las Vegas Sands Corp.		5,744		359,574
Lear Corp.		2,115		351,280
Leggett & Platt, Inc.		7,722		334,131
Lennar Corp., Class A		4,555		377,928
Leslie’s, Inc.(b)		16,156		392,268
LKQ Corp.(b)		8,981		353,762
Lowe’s Cos., Inc.		2,039		325,730
lululemon athletica, inc.(b)		877		273,343
Marriott International, Inc., Class A		2,488		368,398
Mattel, Inc.(b)		20,821		420,584

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

10

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Consumer Discretionary-(continued)
McDonald’s Corp.		1,589	$	327,556
MGM Resorts International		10,626		401,557
Mohawk Industries, Inc.(b)		2,467		431,700
Newell Brands, Inc.		15,804		366,179
NIKE, Inc., Class B		2,388		321,855
Nordstrom, Inc.(c)		10,328		376,456
Norwegian Cruise Line Holdings Ltd.(b)(c)		11,970		353,833
NVR, Inc.(b)		85		382,571
Ollie’s Bargain Outlet Holdings, Inc.(b)		4,222		349,075
O’Reilly Automotive, Inc.(b)		730		326,551
Peloton Interactive, Inc., Class A(b)		2,793		336,473
Penske Automotive Group, Inc.		5,781		392,992
Planet Fitness, Inc., Class A(b)		4,234		364,505
Polaris, Inc.		3,468		408,392
Pool Corp.		1,000		334,770
PulteGroup, Inc.		7,790		351,407
PVH Corp.		3,476		347,461
Qurate Retail, Inc., Class A		31,764		394,509
Ralph Lauren Corp.		3,155		369,387
Ross Stores, Inc.		2,903		338,606
Royal Caribbean Cruises Ltd.		4,078		380,355
Service Corp. International		6,682		319,132
Six Flags Entertainment Corp.		10,139		452,199
Skechers U.S.A., Inc., Class A(b)		8,979		328,631
Starbucks Corp.		3,111		336,081
Tapestry, Inc.		11,102		467,838
Target Corp.		1,900		348,536
Tempur Sealy International, Inc.		12,850		429,319
Terminix Global Holdings, Inc.(b)		6,581		296,211
Tesla, Inc.(b)		508		343,154
Thor Industries, Inc.		3,528		412,988
TJX Cos., Inc. (The)		4,931		325,397
Toll Brothers, Inc.		7,345		392,370
Tractor Supply Co.		2,415		383,888
Travel + Leisure Co.		7,388		446,457
Ulta Beauty, Inc.(b)		1,207		389,052
Under Armour, Inc., Class A(b)		18,657		408,402
Vail Resorts, Inc.		1,130		349,373
VF Corp.		3,771		298,399
Vroom, Inc.(b)		10,678		472,502
Wayfair, Inc., Class A(b)		1,338		386,655
Wendy’s Co. (The)		14,816		302,691
Whirlpool Corp.		1,800		342,144
Williams-Sonoma, Inc.		3,126		410,413
Wyndham Hotels & Resorts, Inc.		5,574		363,871
Wynn Resorts Ltd.		2,914		383,861
Yum China Holdings, Inc. (China)		5,738		343,362
Yum! Brands, Inc.		3,081		318,976
				40,750,951
Consumer Staples-8.11%
Albertsons Cos., Inc., Class A(c)		63,703		1,030,077
Altria Group, Inc.		22,392		976,291
Archer-Daniels-Midland Co.		19,543		1,105,743
Beyond Meat, Inc.(b)(c)		7,000		1,018,360
Boston Beer Co., Inc. (The), Class A(b)		1,021		1,050,313
Brown-Forman Corp., Class B		12,618		903,196
Bunge Ltd.		14,903		1,141,272
Campbell Soup Co.		20,315		923,926
Casey’s General Stores, Inc.		5,378		1,086,141

	Shares		Value
Consumer Staples-(continued)
Church & Dwight Co., Inc.		11,268	$	887,355
Clorox Co. (The)		4,791		867,411
Coca-Cola Co. (The)		18,135		888,434
Colgate-Palmolive Co.		11,362		854,422
Conagra Brands, Inc.		27,187		922,455
Constellation Brands, Inc., Class A		4,643		994,252
Costco Wholesale Corp.		868		287,308
Coty, Inc., Class A		46,095		353,549
Energizer Holdings, Inc.		22,149		925,828
Estee Lauder Cos., Inc. (The), Class A		1,326		379,050
Flowers Foods, Inc.		42,839		931,748
General Mills, Inc.		16,317		897,598
Grocery Outlet Holding Corp.(b)		25,522		918,537
Hain Celestial Group, Inc. (The)(b)		25,555		1,077,910
Herbalife Nutrition Ltd.(b)		19,393		872,297
Hershey Co. (The)		6,427		936,093
Hormel Foods Corp.		20,638		956,984
Ingredion, Inc.		11,857		1,069,501
JM Smucker Co. (The)		8,298		929,376
Kellogg Co.		15,508		894,967
Keurig Dr Pepper, Inc.		31,865		972,520
Kimberly-Clark Corp.		7,169		919,998
Kraft Heinz Co. (The)		28,181		1,025,225
Kroger Co. (The)		30,808		992,326
Lamb Weston Holdings, Inc.		12,580		1,003,507
McCormick & Co., Inc.		10,321		869,854
Molson Coors Beverage Co., Class B		19,953		886,911
Mondelez International, Inc., Class A		16,805		893,354
Monster Beverage Corp.(b)		10,911		957,331
Nu Skin Enterprises, Inc., Class A		18,257		934,393
PepsiCo, Inc.		6,640		857,822
Philip Morris International, Inc.		11,313		950,518
Pilgrim’s Pride Corp.(b)		46,332		1,037,373
Post Holdings, Inc.(b)		10,183		978,179
Procter & Gamble Co. (The)		7,096		876,569
Reynolds Consumer Products, Inc.		32,048		884,845
Seaboard Corp.		284		940,932
Spectrum Brands Holdings, Inc.		13,877		1,076,161
Sprouts Farmers Market, Inc.(b)		47,832		1,009,734
Sysco Corp.		12,448		991,234
TreeHouse Foods, Inc.(b)		21,742		1,087,535
Tyson Foods, Inc., Class A		13,842		936,688
US Foods Holding Corp.(b)		28,125		1,025,437
Walgreens Boots Alliance, Inc.		23,086		1,106,512
Walmart, Inc.		2,241		291,151
				49,586,503
Energy-9.18%
Antero Midstream Corp.		161,468		1,424,148
Apache Corp.		82,389		1,625,535
Baker Hughes Co., Class A		59,021		1,444,834
Cabot Oil & Gas Corp.		77,169		1,428,398
Cheniere Energy, Inc.(b)		22,108		1,489,858
Chevron Corp.		14,623		1,462,300
Cimarex Energy Co.		34,483		1,999,669
ConocoPhillips		61,281		3,187,225
Continental Resources, Inc.(b)(c)		70,811		1,712,210
Devon Energy Corp.		163,030		3,511,666
Diamondback Energy, Inc.		27,183		1,883,238
EOG Resources, Inc.		24,841		1,603,735

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

11

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Energy-(continued)
EQT Corp.		92,678	$	1,648,742
Equitrans Midstream Corp.		150,083		1,085,100
Exxon Mobil Corp.		30,903		1,680,196
Halliburton Co.		68,254		1,489,985
Helmerich & Payne, Inc.		52,947		1,521,167
Hess Corp.		23,709		1,553,651
HollyFrontier Corp.		47,902		1,814,528
Kinder Morgan, Inc.		92,261		1,356,237
Marathon Oil Corp.		186,115		2,065,876
Marathon Petroleum Corp.		30,992		1,692,783
Murphy Oil Corp.		99,811		1,629,914
NOV, Inc.		92,725		1,400,148
Occidental Petroleum Corp.		63,907		1,700,565
ONEOK, Inc.		32,667		1,446,821
Phillips 66.		19,242		1,598,048
Pioneer Natural Resources Co.		22,942		3,408,493
Schlumberger Ltd.		58,099		1,621,543
Targa Resources Corp.		48,390		1,496,703
Valero Energy Corp.		22,691		1,746,753
Williams Cos., Inc. (The)		62,102		1,418,410
				56,148,479
Financials-9.75%
Affiliated Managers Group, Inc.		3,687		516,069
Aflac, Inc.		7,992		382,737
AGNC Investment Corp.		23,410		375,262
Alleghany Corp.		607		392,383
Allstate Corp. (The)		3,449		367,663
Ally Financial, Inc.		10,533		437,119
American Express Co.		2,500		338,150
American Financial Group, Inc.		4,134		441,098
American International Group, Inc.		9,132		401,351
American National Group, Inc.		4,110		369,982
Ameriprise Financial, Inc.		1,878		415,489
Annaly Capital Management, Inc.		44,156		366,936
Aon PLC, Class A.		1,761		400,997
Apollo Global Management, Inc.		7,642		377,973
Arch Capital Group Ltd.(b)		10,598		379,620
Ares Management Corp., Class A		7,502		389,954
Arthur J. Gallagher & Co.		3,035		363,593
Associated Banc-Corp.		22,027		443,844
Assurant, Inc.		2,750		338,855
Assured Guaranty Ltd.		11,232		496,679
Athene Holding Ltd., Class A(b)		8,374		381,771
AXIS Capital Holdings Ltd.		6,947		351,032
Bank of America Corp.		12,471		432,868
Bank of Hawaii Corp.		4,589		401,538
Bank of New York Mellon Corp. (The)		8,784		370,333
Bank OZK		11,532		475,349
Berkshire Hathaway, Inc., Class B(b)		1,605		386,019
BlackRock, Inc.		504		350,028
BOK Financial Corp.		5,170		444,930
Brighthouse Financial, Inc.(b)		10,519		419,603
Brown & Brown, Inc.		8,099		371,744
Capital One Financial Corp.		3,214		386,291
Carlyle Group, Inc. (The)		12,227		418,775
Cboe Global Markets, Inc.		4,175		413,158
Charles Schwab Corp. (The)		7,241		446,915
Chubb Ltd.		2,363		384,177
Cincinnati Financial Corp.		4,496		440,024

	Shares		Value
Financials-(continued)
Citigroup, Inc.		5,998	$	395,148
Citizens Financial Group, Inc.		10,085		438,092
CME Group, Inc., Class A		1,980		395,406
CNA Financial Corp.		9,748		414,680
Comerica, Inc.		6,855		466,825
Commerce Bancshares, Inc.		5,758		426,265
Credit Acceptance Corp.(b)(c)		1,086		394,240
Cullen/Frost Bankers, Inc.		4,143		432,529
Discover Financial Services		4,307		405,159
East West Bancorp, Inc.		7,560		545,530
Eaton Vance Corp.		5,526		403,785
Equitable Holdings, Inc.		13,733		406,085
Erie Indemnity Co., Class A		1,598		386,876
Evercore, Inc., Class A		3,629		434,645
Everest Re Group Ltd.		1,550		374,806
F.N.B. Corp.		37,977		449,268
FactSet Research Systems, Inc.		1,048		318,498
Fidelity National Financial, Inc.		9,778		374,302
Fifth Third Bancorp		13,068		453,329
First American Financial Corp.		7,138		375,031
First Citizens BancShares, Inc., Class A		600		442,734
First Hawaiian, Inc.		15,581		434,554
First Horizon Corp.		28,008		453,730
First Republic Bank		2,794		460,311
Franklin Resources, Inc.		14,959		391,477
Globe Life, Inc.		3,814		356,228
GoHealth, Inc., Class A(b)(c)		26,473		359,239
Goldman Sachs Group, Inc. (The)		1,520		485,610
Hanover Insurance Group, Inc. (The)		3,113		359,085
Hartford Financial Services Group, Inc. (The)		7,662		388,387
Huntington Bancshares, Inc.		27,864		427,434
Interactive Brokers Group, Inc., Class A		6,492		469,956
Intercontinental Exchange, Inc.		3,334		367,774
Invesco Ltd., (Acquired 01/16/2019 -     02/26/2021; Cost $279,428)(d)(e)		20,736		464,901
Jefferies Financial Group, Inc.		15,330		445,183
JPMorgan Chase & Co.		3,016		443,865
Kemper Corp.		4,624		349,667
KeyCorp		22,577		454,701
KKR & Co., Inc., Class A		9,315		424,391
Lazard Ltd., Class A		8,947		346,159
Lemonade, Inc.(b)(c)		4,139		520,645
LendingTree, Inc.(b)(c)		1,319		354,640
Lincoln National Corp.		6,906		392,744
Loews Corp.		8,315		397,540
LPL Financial Holdings, Inc.		3,699		486,566
M&T Bank Corp.		2,843		429,122
Markel Corp.(b)		345		375,636
MarketAxess Holdings, Inc.		655		364,141
Marsh & McLennan Cos., Inc.		3,139		361,676
Mercury General Corp.		7,799		455,462
MetLife, Inc.		7,639		440,006
MGIC Investment Corp.		29,135		354,864
Moody’s Corp.		1,319		362,580
Morgan Stanley		5,621		432,086
Morningstar, Inc.		1,777		398,492
MSCI, Inc.		847		351,098
Nasdaq, Inc.		2,908		402,147
New Residential Investment Corp.		38,543		396,222
New York Community Bancorp, Inc.		35,863		437,887

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

12

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Financials-(continued)
Northern Trust Corp.		3,967	$	377,381
Old Republic International Corp.		19,084		368,894
OneMain Holdings, Inc.		8,308		389,728
PacWest Bancorp.		14,432		523,016
People’s United Financial, Inc.		27,495		493,260
Pinnacle Financial Partners, Inc.		6,019		488,562
PNC Financial Services Group, Inc. (The)		2,515		423,425
Popular, Inc.		6,812		455,178
Primerica, Inc.		2,590		365,786
Principal Financial Group, Inc.		7,280		411,902
Progressive Corp. (The)		3,841		330,134
Prosperity Bancshares, Inc.		5,454		400,705
Prudential Financial, Inc.		4,550		394,576
Raymond James Financial, Inc.		3,929		458,671
Regions Financial Corp.		22,917		472,778
Reinsurance Group of America, Inc.		2,972		363,268
RenaissanceRe Holdings Ltd. (Bermuda)		2,218		370,362
Rocket Cos., Inc., Class A(b)(c)		17,443		381,130
S&P Global, Inc.		1,118		368,224
Santander Consumer USA Holdings, Inc.		15,691		392,275
SEI Investments Co.		6,397		358,232
Signature Bank		2,801		611,570
SLM Corp.		30,872		487,469
Starwood Property Trust, Inc.		19,190		438,108
State Street Corp.		5,074		369,235
Sterling Bancorp		20,918		456,640
SVB Financial Group(b)		1,034		522,542
Synchrony Financial		9,271		358,602
Synovus Financial Corp.		11,159		472,137
T. Rowe Price Group, Inc.		2,429		393,838
TCF Financial Corp.		10,174		455,999
TFS Financial Corp.		20,579		401,908
Tradeweb Markets, Inc., Class A		5,598		407,478
Travelers Cos., Inc. (The)		2,643		384,557
Truist Financial Corp.		7,578		431,643
U.S. Bancorp		7,865		393,250
Umpqua Holdings Corp.		24,474		417,771
Unum Group.		15,256		403,979
Virtu Financial, Inc., Class A		16,234		442,701
Voya Financial, Inc.(c)		6,160		371,325
W.R. Berkley Corp.		5,588		387,416
Webster Financial Corp.		8,985		496,960
Wells Fargo & Co.		12,318		445,542
Western Alliance Bancorporation		6,208		568,094
White Mountains Insurance Group Ltd.		357		426,636
Willis Towers Watson PLC		1,778		392,298
Wintrust Financial Corp.		5,968		439,603
Zions Bancorporation N.A		8,505		452,211
				59,616,747
Health Care-9.42%
10X Genomics, Inc., Class A(b)		2,969		528,452
Abbott Laboratories		4,165		498,884
AbbVie, Inc.		4,129		444,858
ABIOMED, Inc.(b)		1,662		539,402
Acadia Healthcare Co., Inc.(b)		9,353		516,660
ACADIA Pharmaceuticals, Inc.(b)		8,435		413,062
Acceleron Pharma, Inc.(b)		3,575		486,772
Adaptive Biotechnologies Corp.(b)		8,047		455,219
Agilent Technologies, Inc.		3,727		454,955

	Shares		Value
Health Care-(continued)
Agios Pharmaceuticals, Inc.(b)		13,110	$	621,938
Alexion Pharmaceuticals, Inc.(b)		3,725		568,994
Align Technology, Inc.(b)		928		526,278
Alkermes PLC(b)		21,453		408,465
Alnylam Pharmaceuticals, Inc.(b)		3,522		521,608
Amedisys, Inc.(b)		1,651		418,760
American Well Corp., Class A(b)(c)		14,480		354,326
AmerisourceBergen Corp.		9,667		978,494
Amgen, Inc.		1,937		435,670
Anthem, Inc.		1,404		425,679
Avantor, Inc.(b)		16,744		466,655
Baxter International, Inc.		5,594		434,598
Becton, Dickinson and Co.		1,829		441,063
Berkeley Lights, Inc.(b)		4,922		305,016
Biogen, Inc.(b)		1,824		497,733
BioMarin Pharmaceutical, Inc.(b)		5,717		442,667
Bio-Rad Laboratories, Inc., Class A(b)		790		461,755
Bio-Techne Corp.		1,442		521,557
Bluebird Bio, Inc.(b)		10,426		324,249
Boston Scientific Corp.(b)		13,051		506,118
Bristol-Myers Squibb Co.		7,360		451,389
Bruker Corp.		8,161		497,658
Cardinal Health, Inc.		7,989		411,593
Catalent, Inc.(b)		4,666		530,571
Centene Corp.(b)		7,232		423,361
Cerner Corp.		5,996		414,563
Change Healthcare, Inc.(b)		19,689		450,287
Charles River Laboratories International, Inc.(b)		1,847		528,501
Chemed Corp.		932		414,936
Cigna Corp.		2,100		440,790
Cooper Cos., Inc. (The)		1,272		491,157
CVS Health Corp.		13,303		906,333
Danaher Corp.		1,979		434,727
DaVita, Inc.(b)		3,974		405,865
DENTSPLY SIRONA, Inc.		8,208		435,598
DexCom, Inc.(b)		1,274		506,772
Edwards Lifesciences Corp.(b)		5,126		425,971
Elanco Animal Health, Inc.(b)		15,409		506,340
Eli Lilly and Co.		2,766		566,726
Encompass Health Corp.		5,224		420,219
Envista Holdings Corp.(b)		13,730		529,154
Exact Sciences Corp.(b)		3,349		455,866
Exelixis, Inc.(b)		22,942		496,924
Gilead Sciences, Inc.		7,331		450,123
Global Blood Therapeutics, Inc.(b)		10,872		463,147
Globus Medical, Inc., Class A(b)		7,402		462,625
Guardant Health, Inc.(b)		3,522		518,368
Haemonetics Corp.(b)		3,772		477,158
HCA Healthcare, Inc.		2,753		473,599
Henry Schein, Inc.(b)		6,209		384,027
Hill-Rom Holdings, Inc.		4,546		484,922
Hologic, Inc.(b)		5,825		419,924
Horizon Therapeutics PLC(b)		6,029		548,096
Humana, Inc.		1,120		425,208
ICU Medical, Inc.(b)		2,260		468,950
IDEXX Laboratories, Inc.(b)		986		512,888
Illumina, Inc.(b)		1,286		565,081
Incyte Corp.(b)		5,405		425,157
Insulet Corp.(b)		1,796		465,344

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

13

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Health Care-(continued)
Integra LifeSciences Holdings Corp.(b)		7,535	$	514,942
Intuitive Surgical, Inc.(b)		567		417,766
Ionis Pharmaceuticals, Inc.(b)		9,564		501,154
Iovance Biotherapeutics, Inc.(b)		8,965		334,394
IQVIA Holdings, Inc.(b)		2,622		505,495
Jazz Pharmaceuticals PLC(b)		3,022		507,817
Johnson & Johnson.		2,917		462,228
Laboratory Corp. of America Holdings(b)		2,148		515,327
Masimo Corp.(b)		1,647		412,952
McKesson Corp.		5,408		916,764
Medtronic PLC		3,948		461,797
Merck & Co., Inc.		5,347		388,299
Mettler-Toledo International, Inc.(b)		276		308,030
Moderna, Inc.(b)		2,855		441,982
Molina Healthcare, Inc.(b)		2,177		471,886
Nektar Therapeutics(b)		26,773		607,479
Neurocrine Biosciences, Inc.(b)		4,858		532,000
Novocure Ltd.(b)		2,626		391,537
Oak Street Health, Inc.(b)		7,928		420,422
Penumbra, Inc.(b)		2,267		644,803
PerkinElmer, Inc.		3,038		383,061
Perrigo Co. PLC		9,091		366,913
Pfizer, Inc.		10,636		356,200
PPD, Inc.(b)		12,624		442,597
PRA Health Sciences, Inc.(b)		3,824		563,696
Premier, Inc., Class A		12,003		405,941
QIAGEN N.V.(b)(c)		8,374		418,700
Quest Diagnostics, Inc.		3,538		408,957
Quidel Corp.(b)		2,257		370,735
Reata Pharmaceuticals, Inc., Class A(b)		3,581		437,813
Regeneron Pharmaceuticals, Inc.(b)		938		422,635
Repligen Corp.(b)		2,467		523,966
ResMed, Inc.		2,137		411,971
Royalty Pharma PLC, Class A		9,829		457,736
Sage Therapeutics, Inc.(b)		6,376		541,960
Sarepta Therapeutics, Inc.(b)		2,782		242,201
Seagen, Inc.(b)		2,378		359,340
STERIS PLC		2,340		409,032
Stryker Corp.		1,882		456,743
Syneos Health, Inc.(b)		6,807		526,521
Tandem Diabetes Care, Inc.(b)		4,777		458,544
Teladoc Health, Inc.(b)		2,236		494,357
Teleflex, Inc.		1,159		461,421
Thermo Fisher Scientific, Inc.		958		431,177
United Therapeutics Corp.(b)		3,222		538,654
UnitedHealth Group, Inc.		1,301		432,218
Universal Health Services, Inc., Class B		3,291		412,461
Varian Medical Systems, Inc.(b)		2,530		443,433
Veeva Systems, Inc., Class A(b)		1,679		470,305
Vertex Pharmaceuticals, Inc.(b)		1,972		419,149
Viatris, Inc.(b)		25,554		379,477
Waters Corp.(b)		1,261		345,363
West Pharmaceutical Services, Inc.		1,669		468,405
Zimmer Biomet Holdings, Inc.		3,036		495,050
Zoetis, Inc.		2,814		436,845
				57,640,456
Industrials-9.89%
3M Co.		1,761		308,281
A.O. Smith Corp.		5,420		321,785

	Shares		Value
Industrials-(continued)
Acuity Brands, Inc.		2,642	$	325,759
ADT, Inc.		35,137		267,393
AECOM(b)		6,294		364,360
AGCO Corp.		3,430		444,116
Air Lease Corp.		7,168		328,724
Alaska Air Group, Inc.		6,412		416,908
Allegion PLC.		2,769		301,212
Allison Transmission Holdings, Inc.		7,135		270,559
AMERCO		754		433,339
American Airlines Group, Inc.(b)(c)		18,271		382,595
AMETEK, Inc.		2,571		303,301
Armstrong World Industries, Inc.		3,807		325,803
Array Technologies, Inc.(b)		37,399		1,386,755
Axon Enterprise, Inc.(b)		2,431		402,306
AZEK Co., Inc. (The)(b)		8,559		377,538
Boeing Co. (The)		1,297		274,977
Booz Allen Hamilton Holding Corp.		3,488		269,064
BWX Technologies, Inc.		4,910		284,829
C.H. Robinson Worldwide, Inc.		3,306		300,350
CACI International, Inc., Class A(b)		1,509		334,002
Carlisle Cos., Inc.		1,961		284,835
Carrier Global Corp.		8,143		297,464
Caterpillar, Inc.		1,711		369,371
Cintas Corp.		866		280,878
Clean Harbors, Inc.(b)		17,320		1,474,798
Colfax Corp.(b)		8,065		357,683
Copa Holdings S.A., Class A (Panama)		3,899		357,421
Copart, Inc.(b)		2,868		313,071
CoreLogic, Inc.		3,948		334,238
CoStar Group, Inc.(b)		784		645,828
Crane Co.		4,017		336,866
CSX Corp.		3,401		311,362
Cummins, Inc.		1,382		349,922
Curtiss-Wright Corp.		2,581		285,175
Deere & Co.		1,204		420,341
Delta Air Lines, Inc.		7,710		369,617
Donaldson Co., Inc.		5,578		328,600
Dover Corp.		2,510		309,383
Dun & Bradstreet Holdings, Inc.(b)		14,121		308,685
Eaton Corp. PLC		2,639		343,571
Emerson Electric Co.		3,745		321,696
Equifax, Inc.		1,671		270,501
Expeditors International of Washington, Inc.		3,412		313,358
Fastenal Co.		29,577		1,371,486
FedEx Corp.		1,056		268,752
Flowserve Corp.		8,312		307,544
Fortive Corp.		4,418		290,793
Fortune Brands Home & Security, Inc.		3,925		326,325
FTI Consulting, Inc.(b)		2,836		324,864
Gates Industrial Corp. PLC(b)		22,905		343,575
Generac Holdings, Inc.(b)		1,434		472,589
General Dynamics Corp.		2,020		330,209
General Electric Co.		26,966		338,154
Graco, Inc.		4,479		310,619
GrafTech International Ltd.		144,071		1,704,360
HEICO Corp.		2,332		293,319
Hexcel Corp.		26,646		1,432,489
Honeywell International, Inc.		1,429		289,158
Howmet Aerospace, Inc.(b)		11,696		328,775
Hubbell, Inc.		1,903		337,802

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

14

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Industrials-(continued)
Huntington Ingalls Industries, Inc.		1,752	$	308,194
IAA, Inc.(b)		5,489		321,820
IDEX Corp.		1,600		312,272
IHS Markit Ltd.		4,052		365,328
Illinois Tool Works, Inc.		1,520		307,314
Ingersoll Rand, Inc.(b)		6,805		315,344
ITT, Inc.		3,959		328,518
J.B. Hunt Transport Services, Inc.		2,235		328,254
Jacobs Engineering Group, Inc.		2,816		324,065
JetBlue Airways Corp.(b)		21,207		390,845
Johnson Controls International PLC		6,677		372,510
Kansas City Southern		1,576		334,648
Kirby Corp.(b)		5,472		342,328
Knight-Swift Transportation Holdings, Inc.		7,369		318,341
L3Harris Technologies, Inc.		11,680		2,124,709
Landstar System, Inc.		2,199		352,148
Leidos Holdings, Inc.		3,468		306,745
Lennox International, Inc.		1,103		308,586
Lincoln Electric Holdings, Inc.		2,547		300,826
Lockheed Martin Corp.		847		279,722
Lyft,Inc.,Class A(b)		6,816		379,651
Macquarie Infrastructure Corp.		9,228		289,206
ManpowerGroup, Inc.		3,416		322,607
Masco Corp.		5,596		297,819
Mercury Systems, Inc.(b)		3,811		249,087
Middleby Corp. (The)(b)		2,248		329,130
MSA Safety, Inc.		2,008		323,268
MSC Industrial Direct Co., Inc., Class A		3,602		310,240
Nielsen Holdings PLC		17,325		388,253
Nordson Corp.		1,553		298,813
Norfolk Southern Corp.		1,287		324,401
Northrop Grumman Corp.		1,031		300,701
nVent Electric PLC		12,713		333,843
Old Dominion Freight Line, Inc.		1,548		332,464
Oshkosh Corp.		3,575		378,950
Otis Worldwide Corp.		4,771		303,960
Owens Corning		4,063		329,184
PACCAR, Inc.		3,561		324,015
Parker-Hannifin Corp.		1,116		320,247
Pentair PLC		5,972		334,014
Quanta Services, Inc.		4,182		350,661
Raytheon Technologies Corp.		4,183		301,134
Regal Beloit Corp.		2,591		354,112
Republic Services, Inc.		13,549		1,207,080
Robert Half International, Inc.		4,761		370,358
Rockwell Automation, Inc.		1,235		300,451
Rollins, Inc.		9,095		301,681
Roper Technologies, Inc.		862		325,508
Ryder System, Inc.		4,891		331,463
Schneider National, Inc., Class B		14,470		334,691
Science Applications International Corp.		3,640		313,513
Sensata Technologies Holding PLC(b)		6,142		351,875
Snap-on, Inc.		1,693		343,865
Southwest Airlines Co.		7,026		408,421
Spirit AeroSystems Holdings, Inc., Class A		7,879		337,458
Stanley Black & Decker, Inc.		1,722		301,074
Stericycle, Inc.(b)		18,909		1,226,627
Teledyne Technologies, Inc.(b)		771		286,041
Textron, Inc.		6,366		320,464
Timken Co. (The)		18,865		1,478,073

	Shares		Value
Industrials-(continued)
Toro Co. (The)		3,377	$	340,300
Trane Technologies PLC.		2,202		337,434
TransDigm Group, Inc.(b)		493		284,298
TransUnion.		3,192		268,798
Trex Co., Inc.(b)		3,948		361,795
Trinity Industries, Inc.		12,130		389,373
Uber Technologies, Inc.(b)		6,041		312,622
Union Pacific Corp.		1,520		313,059
United Airlines Holdings, Inc.(b)		6,615		348,478
United Parcel Service, Inc., Class B		1,856		292,932
United Rentals, Inc.(b)		1,259		374,401
Univar Solutions, Inc.(b)		77,116		1,535,380
Valmont Industries, Inc.		1,793		424,098
Verisk Analytics, Inc.		1,598		261,832
Vertiv Holdings Co.		19,074		399,219
Virgin Galactic Holdings, Inc.(b)(c)		9,490		353,313
W.W. Grainger, Inc.		752		280,278
Wabtec Corp.		4,055		293,704
Waste Management, Inc.		11,029		1,223,006
Watsco, Inc.		1,391		338,152
Woodward, Inc.		2,575		294,117
XPO Logistics, Inc.(b)		2,533		295,348
Xylem, Inc.		3,103		308,935
				60,467,225
Information Technology-14.61%
2U, Inc.(b)		9,587		379,933
Accenture PLC, Class A		1,238		310,614
Adobe, Inc.(b)		754		346,591
Advanced Micro Devices, Inc.(b)		3,970		335,505
Akamai Technologies, Inc.(b)		3,513		331,979
Allegro MicroSystems, Inc. (Japan)(b)		13,688		357,804
Alliance Data Systems Corp.		4,083		394,010
Alteryx, Inc., Class A(b)		3,082		294,639
Amdocs Ltd.		5,455		413,544
Amphenol Corp., Class A		2,772		348,385
Analog Devices, Inc.		2,561		399,055
Anaplan, Inc.(b)		5,118		332,619
ANSYS, Inc.(b)		1,091		372,020
Apple, Inc.		2,947		357,353
Applied Materials, Inc.		4,132		488,361
Arista Networks, Inc.(b)		1,308		366,031
Arrow Electronics, Inc.(b)		3,782		379,183
Aspen Technology, Inc.(b)		2,715		408,635
Atlassian Corp. PLC, Class A(b)		1,606		381,746
Autodesk, Inc.(b)		1,286		354,936
Automatic Data Processing, Inc.		1,776		309,060
Avalara, Inc.(b)		2,204		345,896
Avnet, Inc.		11,380		433,237
BigCommerce Holdings, Inc., Series 1(b)(c)		4,891		289,107
Bill.com Holdings, Inc.(b)		2,234		368,632
Black Knight, Inc.(b)		4,169		319,721
Broadcom, Inc.		872		409,727
Broadridge Financial Solutions, Inc.		2,478		353,090
Cadence Design Systems, Inc.(b)		3,086		435,404
CDK Global, Inc.		7,175		359,755
CDW Corp.		2,766		433,958
Ceridian HCM Holding, Inc.(b)		3,735		334,880
Ciena Corp.(b)		47,455		2,475,727
Cirrus Logic, Inc.(b)		4,472		365,720

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

15

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Information Technology-(continued)
Cisco Systems, Inc.		49,318	$	2,212,899
Citrix Systems, Inc.		2,747		366,944
Cloudflare, Inc., Class A(b)		4,312		318,959
Cognex Corp.		4,114		339,775
Cognizant Technology Solutions Corp., Class A		4,637		340,727
Coherent, Inc.(b)		2,246		543,397
CommScope Holding Co., Inc.(b)		166,262		2,425,763
Concentrix Corp.(b)		3,698		456,740
Corning, Inc.		9,755		373,031
Coupa Software, Inc.(b)		1,155		399,930
Cree, Inc.(b)		3,890		441,359
Crowdstrike Holdings, Inc., Class A(b)		2,006		433,296
Datadog, Inc., Class A(b)		3,575		341,091
Datto Holding Corp.(b)		14,270		332,206
Dell Technologies, Inc., Class C(b)		5,018		406,809
DocuSign, Inc.(b)		1,638		371,269
Dolby Laboratories, Inc., Class A		3,606		352,054
Dropbox, Inc., Class A(b)		17,098		385,474
Duck Creek Technologies, Inc.(b)(c)		9,274		438,660
DXC Technology Co.		14,620		368,716
Dynatrace, Inc.(b)		9,384		466,948
EchoStar Corp., Class A(b)		99,429		2,257,038
Elastic N.V.(b)		2,547		342,291
Enphase Energy, Inc.(b)		10,273		1,808,664
Entegris, Inc.		3,911		411,476
EPAM Systems, Inc.(b)		1,128		421,432
Euronet Worldwide, Inc.(b)		2,289		344,060
Everbridge, Inc.(b)		2,745		420,616
F5 Networks, Inc.(b)		2,130		404,657
Fair Isaac Corp.(b)		602		275,445
Fastly, Inc., Class A(b)(c)		3,740		275,189
Fidelity National Information Services, Inc.		2,058		284,004
FireEye, Inc.(b)		26,528		512,521
First Solar, Inc.(b)		15,639		1,267,072
Fiserv, Inc.(b)		2,647		305,384
Five9, Inc.(b)		2,284		423,088
FleetCor Technologies, Inc.(b)		1,120		310,587
FLIR Systems, Inc.		7,269		388,165
Fortinet, Inc.(b)		2,852		481,560
Gartner, Inc.(b)		2,329		416,984
Genpact Ltd.		7,485		302,693
Global Payments, Inc.		1,582		313,220
Globant S.A. (Argentina)(b)		2,025		434,808
GoDaddy, Inc., Class A(b)		4,291		348,086
Guidewire Software, Inc.(b)		2,979		330,639
Hewlett Packard Enterprise Co.		29,942		435,956
HP, Inc.		15,658		453,612
HubSpot, Inc.(b)		931		479,465
Inphi Corp.(b)		2,431		400,118
Intel Corp.		7,219		438,771
International Business Machines Corp.		2,908		345,848
Intuit, Inc.		1,010		394,041
IPG Photonics Corp.(b)		1,756		399,227
Jabil, Inc.		9,086		392,243
Jack Henry & Associates, Inc.		1,976		293,317
Jamf Holding Corp.(b)		11,472		429,053
JFrog Ltd. (Israel)(b)(c)		5,326		284,888
Juniper Networks, Inc.		99,672		2,320,364
Keysight Technologies, Inc.(b)		2,445		346,016

	Shares		Value
Information Technology-(continued)
KLA Corp.		1,408	$	438,212
Lam Research Corp.		734		416,317
Littelfuse, Inc.		1,245		323,974
Lumentum Holdings, Inc.(b)		24,737		2,226,330
Manhattan Associates, Inc.(b)		3,587		441,022
Marvell Technology Group Ltd.		8,454		408,159
Mastercard, Inc., Class A		933		330,142
Maxim Integrated Products, Inc.		4,289		399,606
McAfee Corp., Class A(c)		22,753		470,987
Medallia, Inc.(b)		10,834		437,369
Microchip Technology, Inc.		2,585		394,549
Micron Technology, Inc.(b)		5,105		467,261
Microsoft Corp.		1,727		401,320
MKS Instruments, Inc.		2,037		335,901
MongoDB, Inc.(b)		1,140		439,960
Monolithic Power Systems, Inc.		1,182		442,683
Motorola Solutions, Inc.		12,735		2,234,738
National Instruments Corp.		9,154		406,438
nCino, Inc.(b)		4,479		306,274
NCR Corp.(b)		10,748		373,600
NetApp, Inc.		5,940		371,844
New Relic, Inc.(b)		5,581		341,222
NortonLifeLock, Inc.		18,590		362,691
Nuance Communications, Inc.(b)		8,494		378,832
Nutanix, Inc., Class A(b)		11,719		354,910
NVIDIA Corp.		695		381,263
Okta, Inc.(b)		1,453		379,887
ON Semiconductor Corp.(b)		11,887		478,690
Oracle Corp.		6,096		393,253
PagerDuty, Inc.(b)		8,450		378,053
Palo Alto Networks, Inc.(b)		1,180		422,806
Paychex, Inc.		3,353		305,358
Paycom Software, Inc.(b)		839		313,987
Paylocity Holding Corp.(b)		1,620		309,728
PayPal Holdings, Inc.(b)		1,408		365,869
Pegasystems, Inc.		2,928		387,521
Pluralsight, Inc., Class A(b)		16,144		332,405
Proofpoint, Inc.(b)		3,126		377,996
PTC, Inc.(b)		3,211		439,714
Pure Storage, Inc., Class A(b)		16,623		388,646
Qorvo, Inc.(b)		2,297		401,355
QUALCOMM, Inc.		2,333		317,731
RealPage, Inc.(b)		9,496		824,063
RingCentral, Inc., Class A(b)		1,054		398,581
Sabre Corp.		27,826		408,764
salesforce.com, inc.(b)		1,636		354,194
ServiceNow, Inc.(b)		671		357,952
Skyworks Solutions, Inc.		2,489		442,594
Slack Technologies, Inc., Class A(b)		8,567		350,647
Smartsheet, Inc., Class A(b)		5,260		364,255
SolarEdge Technologies, Inc.(b)		4,930		1,470,668
SolarWinds Corp.(b)		15,461		250,314
Splunk, Inc.(b)		2,366		338,362
Square, Inc., Class A(b)		1,396		321,122
SS&C Technologies Holdings, Inc.		5,020		332,726
StoneCo Ltd., Class A (Brazil)(b)		4,098		351,649
Switch, Inc., Class A		23,069		400,016
SYNNEX Corp.		4,528		403,716
Synopsys, Inc.(b)		1,561		382,773
Teradata Corp.(b)		15,467		620,227

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

16

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Information Technology-(continued)
Teradyne, Inc.		3,131	$	402,678
Texas Instruments, Inc.		2,247		387,091
Trade Desk, Inc. (The), Class A(b)		350		281,887
Trimble, Inc.(b)		4,889		362,470
Twilio, Inc., Class A(b)		1,090		428,239
Tyler Technologies, Inc.(b)		798		369,809
Ubiquiti, Inc.		8,394		2,677,014
Unity Software, Inc.(b)(c)		2,299		247,441
Universal Display Corp.		1,569		332,142
VeriSign, Inc.(b)		1,749		339,358
ViaSat, Inc.(b)(c)		63,641		3,254,601
Visa, Inc., Class A		1,458		309,665
VMware, Inc., Class A(b)(c)		2,551		352,574
Vontier Corp.(b)		10,271		322,509
Western Digital Corp.		7,039		482,383
Western Union Co. (The)		13,938		323,640
WEX, Inc.(b)		1,616		336,694
Workday, Inc., Class A(b)		1,669		409,205
Xerox Holdings Corp.		15,888		404,826
Xilinx, Inc.		2,517		327,965
Zebra Technologies Corp., Class A(b)		804		401,542
Zendesk, Inc.(b)		2,628		384,056
Zoom Video Communications, Inc., Class A(b)		925		345,589
Zscaler, Inc.(b)		2,009		411,905
				89,342,011
Materials-9.30%
Air Products and Chemicals, Inc.		5,323		1,360,665
Albemarle Corp.		10,100		1,587,821
Amcor PLC		26,497		289,877
AptarGroup, Inc.		2,342		304,624
Ardagh Group S.A		17,114		433,669
Ashland Global Holdings, Inc.		18,665		1,570,100
Avery Dennison Corp.		9,484		1,661,692
Axalta Coating Systems Ltd.(b)		10,678		291,937
Ball Corp.		3,288		280,762
Berry Global Group, Inc.(b)		5,751		318,605
Cabot Corp.		34,121		1,679,777
Celanese Corp.		10,911		1,515,647
CF Industries Holdings, Inc.		36,585		1,656,569
Chemours Co. (The)		53,736		1,264,408
Corteva, Inc.		24,822		1,120,713
Crown Holdings, Inc.(b)		3,130		299,103
Dow, Inc.		26,256		1,557,243
DuPont de Nemours, Inc.		4,595		323,120
Eagle Materials, Inc.		3,134		392,941
Eastman Chemical Co.		13,886		1,517,184
Ecolab, Inc.		6,301		1,319,177
Element Solutions, Inc.		90,918		1,641,070
FMC Corp.		12,151		1,235,635
Freeport-McMoRan, Inc.(b)		57,491		1,949,520
Graphic Packaging Holding Co.		18,644		295,880
Huntsman Corp.		55,640		1,518,972
International Flavors & Fragrances, Inc.		12,694		1,720,164
International Paper Co.		29,416		1,460,504
Linde PLC (United Kingdom)		5,698		1,391,851
LyondellBasell Industries N.V., Class A		16,245		1,674,697
Martin Marietta Materials, Inc.		1,147		386,390
Mosaic Co. (The)		64,167		1,886,510
NewMarket Corp.		3,643		1,380,624

	Shares		Value
Materials-(continued)
Newmont Corp.		24,173	$	1,314,528
Nucor Corp.		25,081		1,500,346
Olin Corp.		60,124		1,860,237
Packaging Corp. of America		2,258		298,101
PPG Industries, Inc.		2,142		288,785
Reliance Steel & Aluminum Co.		11,700		1,546,740
Royal Gold, Inc.		12,953		1,343,356
RPM International, Inc.		3,510		279,536
Scotts Miracle-Gro Co. (The)		7,625		1,625,269
Sealed Air Corp.		6,718		281,484
Sherwin-Williams Co. (The)		413		280,981
Silgan Holdings, Inc.		8,670		325,645
Sonoco Products Co.		4,942		294,395
Southern Copper Corp. (Peru)		24,083		1,717,840
Steel Dynamics, Inc.		36,161		1,503,574
Valvoline, Inc.		60,771		1,516,844
Vulcan Materials Co.		2,224		371,386
W.R. Grace & Co.		25,595		1,516,760
Westlake Chemical Corp.		17,043		1,458,710
Westrock Co.		6,963		303,517
				56,915,485
Real Estate-8.52%
Alexandria Real Estate Equities, Inc.		3,784		604,267
American Campus Communities, Inc.		15,260		625,050
American Homes 4 Rent, Class A		22,335		695,512
American Tower Corp.		2,958		639,313
Americold Realty Trust		19,283		675,676
Apartment Investment & Management Co.		15,919		75,774
Apple Hospitality REIT, Inc.		49,662		707,684
AvalonBay Communities, Inc.		4,000		703,000
Boston Properties, Inc.		6,376		632,053
Brandywine Realty Trust		55,800		682,434
Brixmor Property Group, Inc.		40,168		790,506
Brookfield Property REIT, Inc., Class A(c)		40,895		715,663
Camden Property Trust		6,757		703,742
CBRE Group, Inc., Class A(b)		9,771		740,349
CoreSite Realty Corp.		5,471		665,875
Corporate Office Properties Trust		25,282		657,332
Cousins Properties, Inc.		19,110		640,949
Crown Castle International Corp.		4,129		643,092
CubeSmart		19,948		737,278
CyrusOne, Inc.		9,699		636,545
Digital Realty Trust, Inc.		4,993		672,707
Douglas Emmett, Inc.		20,603		674,748
Duke Realty Corp.		16,982		666,544
Empire State Realty Trust, Inc., Class A		65,757		723,985
EPR Properties		19,169		866,055
Equinix, Inc.		956		619,813
Equity Commonwealth		24,588		693,627
Equity LifeStyle Properties, Inc.		10,904		672,232
Equity Residential		10,846		709,437
Essex Property Trust, Inc.		2,632		670,607
Extra Space Storage, Inc.		5,900		741,630
Federal Realty Investment Trust		7,099		718,206
First Industrial Realty Trust, Inc.		15,801		674,861
Gaming and Leisure Properties, Inc.		15,327		680,519
Healthcare Trust of America, Inc., Class A		25,041		680,114
Healthpeak Properties, Inc.		21,968		639,049
Highwoods Properties, Inc.		16,438		656,862

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

17

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Real Estate-(continued)
Host Hotels & Resorts, Inc.		43,767	$	726,095
Howard Hughes Corp. (The)(b)		8,292		786,662
Hudson Pacific Properties, Inc.		24,867		636,347
Invitation Homes, Inc.		22,452		654,251
Iron Mountain, Inc.		21,422		745,271
JBG SMITH Properties.		20,535		651,986
Jones Lang LaSalle, Inc.(b)		4,246		738,719
Kilroy Realty Corp.		10,637		675,024
Kimco Realty Corp.		43,795		802,762
Lamar Advertising Co., Class A		8,187		708,912
Life Storage, Inc.		8,671		727,497
Medical Properties Trust, Inc.		31,662		683,583
Mid-America Apartment Communities, Inc.		5,397		727,138
National Retail Properties, Inc.		16,478		722,396
Omega Healthcare Investors, Inc.		17,381		645,530
Outfront Media, Inc.		32,353		656,119
Paramount Group, Inc.		69,170		641,206
Park Hotels & Resorts, Inc.		35,730		777,127
Prologis, Inc.		6,671		660,896
Public Storage		2,995		700,650
Rayonier, Inc.		21,321		695,917
Realty Income Corp.		10,822		652,134
Regency Centers Corp.		13,632		746,761
Rexford Industrial Realty, Inc.		13,908		663,690
SBA Communications Corp., Class A		2,356		601,086
Simon Property Group, Inc.		7,173		809,975
SL Green Realty Corp.		11,346		783,668
Spirit Realty Capital, Inc.		16,077		691,633
STORE Capital Corp.		19,943		666,894
Sun Communities, Inc.		4,631		703,680
UDR, Inc.		16,944		697,584
Ventas, Inc.		13,280		702,512
VEREIT, Inc.		17,191		670,449
VICI Properties, Inc.		25,520		727,320
Vornado Realty Trust		16,355		702,284
Weingarten Realty Investors		29,247		742,581
Welltower, Inc.		10,133		688,031
Weyerhaeuser Co.		20,428		691,896
WP Carey, Inc.		9,463		648,594
				52,087,950
Utilities-7.37%
AES Corp. (The)		61,863		1,643,081
Alliant Energy Corp.		24,413		1,126,904
Ameren Corp.		16,384		1,151,304
American Electric Power Co., Inc.		15,356		1,149,397
American Water Works Co., Inc.		8,732		1,238,896
Atmos Energy Corp.		12,906		1,091,977
Avangrid, Inc.		28,717		1,314,090
CenterPoint Energy, Inc.		58,089		1,129,250
CMS Energy Corp.		21,306		1,152,868
Consolidated Edison, Inc.		17,261		1,133,185

Investment Abbreviations:

REIT -Real Estate Investment Trust

	Shares		Value
Utilities-(continued)
Dominion Energy, Inc.		17,046	$	1,164,583
DTE Energy Co.		10,482		1,233,941
Duke Energy Corp.		14,182		1,213,837
Edison International		20,140		1,087,359
Entergy Corp.		12,272		1,065,332
Essential Utilities, Inc.		26,358		1,108,617
Evergy, Inc.		22,989		1,232,900
Eversource Energy		14,780		1,174,714
Exelon Corp.		31,544		1,217,598
FirstEnergy Corp.		42,968		1,423,960
Hawaiian Electric Industries, Inc.		33,813		1,182,102
IDACORP, Inc.		13,641		1,176,400
MDU Resources Group, Inc.		12,350		347,035
National Fuel Gas Co.		30,078		1,366,744
NextEra Energy, Inc.		17,642		1,296,334
NiSource, Inc.		57,605		1,244,268
NRG Energy, Inc.		38,094		1,390,812
OGE Energy Corp.		39,156		1,146,096
PG&E Corp.(b)		105,333		1,107,050
Pinnacle West Capital Corp.		16,119		1,127,202
PPL Corp.		46,250		1,211,288
Public Service Enterprise Group, Inc.		22,969		1,236,421
Sempra Energy		9,848		1,142,171
Southern Co. (The)		21,500		1,219,480
UGI Corp.		36,558		1,400,537
Vistra Corp.		68,677		1,184,678
WEC Energy Group, Inc.		13,761		1,109,687
Xcel Energy, Inc.		19,434		1,138,638
				45,080,736
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $489,839,007)				611,055,762
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.17%
Invesco Private Government Fund, 0.01%(d)(f)(g)		5,161,368		5,161,368
Invesco Private Prime Fund, 0.11%(d)(f)(g)		8,107,363		8,110,606
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,271,974)				13,271,974
TOTAL INVESTMENTS IN SECURITIES-102.08% (Cost $503,110,981)				624,327,736
OTHER ASSETS LESS LIABILITIES-(2.08)%				(12,746,726	)
NET ASSETS-100.00%.			$	611,581,010

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

18

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

February 28, 2021

(Unaudited)

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c) All or a portion of this security was out on loan at February 28, 2021.

^(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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value February 28, 2021			Dividend Income
Invesco Ltd.		$	185,854		$	146,618		$	(157,803	)		$	359,912		$	(69,680	)		$	464,901		$	7,362
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			7,171,171			(7,171,171	)			-			-				-			34
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			1,654,460			(1,654,460	)			-			-				-			2
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			7,244,822			25,611,883			(27,695,337	)			-			-				5,161,368			757	*
Invesco Private Prime Fund			2,301,736			27,564,395			(21,756,559	)			-			1,034				8,110,606			3,737	*
Total		$	9,732,412		$	62,148,527		$	(58,435,330	)		$	359,912		$	(68,646	)		$	13,736,875		$	11,892

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

^(e) Restricted security. The value of this security at February 28, 2021 represented less than 1% of the Fund’s Net Assets.

^(f) The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

 Portfolio Composition

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

 as of February 28, 2021

Information Technology	14.61
Industrials	9.89
Financials	9.75
Health Care	9.42
Materials	9.30
Energy	9.18
Real Estate	8.52
Consumer Staples	8.11
Utilities	7.37
Communication Services	7.10
Consumer Discretionary	6.66
Money Market Funds Plus Other Assets  Less Liabilities	0.09

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

19

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-3.97%
Activision Blizzard, Inc.		279	$	26,675
Alphabet, Inc., Class A(b)		6		12,132
Alphabet, Inc., Class C(b)		6		12,221
Altice USA, Inc., Class A(b)		627		21,074
AT&T, Inc.		745		20,778
Cable One, Inc.		11		21,063
Charter Communications, Inc., Class A(b)		33		20,243
Comcast Corp., Class A		425		22,406
Electronic Arts, Inc.		170		22,775
Liberty Broadband Corp., Class A(b)		26		3,779
Liberty Broadband Corp., Class C(b)		245		36,630
Netflix, Inc.(b)		44		23,709
New York Times Co. (The), Class A		489		25,022
Take-Two Interactive Software, Inc.(b)		121		22,320
T-Mobile US, Inc.(b)		164		19,675
United States Cellular Corp.(b)		696		20,483
Verizon Communications, Inc.		353		19,521
				350,506
Consumer Discretionary-4.79%
Amazon.com, Inc.(b)		7		21,651
AutoZone, Inc.(b)		19		22,038
Columbia Sportswear Co.		264		27,210
Dollar General Corp.		101		19,088
Dollar Tree, Inc.(b)		195		19,149
Domino’s Pizza, Inc.		56		19,405
frontdoor, inc.(b)		466		24,404
Garmin Ltd.		184		22,820
Grand Canyon Education, Inc.(b)		266		27,848
Hasbro, Inc.		231		21,647
Home Depot, Inc. (The)		81		20,926
McDonald’s Corp.		103		21,232
NIKE,Inc.,Class B		160		21,565
Pool Corp.		65		21,760
Service Corp. International		444		21,205
Terminix Global Holdings, Inc.(b)		448		20,164
TJX Cos., Inc. (The)		334		22,041
Tractor Supply Co.		159		25,275
Yum China Holdings, Inc. (China)		383		22,919
				422,347
Consumer Staples-9.68%
Altria Group, Inc.		542		23,631
Archer-Daniels-Midland Co.		439		24,839
Boston Beer Co., Inc. (The), Class A(b)		24		24,689
Brown-Forman Corp., Class A		55		3,662
Brown-Forman Corp., Class B		221		15,819
Bunge Ltd.		370		28,335
Campbell Soup Co.		442		20,102
Casey’s General Stores, Inc.		119		24,033
Church & Dwight Co., Inc.		252		19,845
Clorox Co. (The)		109		19,734
Coca-Cola Co. (The)		416		20,380
Colgate-Palmolive Co.		253		19,026
Conagra Brands, Inc.		616		20,901
Costco Wholesale Corp.		57		18,867
Estee Lauder Cos., Inc. (The), Class A		89		25,442
Flowers Foods, Inc.		980		21,315

	Shares		Value
Consumer Staples-(continued)
General Mills, Inc.		360	$	19,804
Grocery Outlet Holding Corp.(b)		576		20,730
Hain Celestial Group, Inc. (The)(b)		584		24,633
Hershey Co. (The)		146		21,265
Hormel Foods Corp.		471		21,840
Ingredion, Inc.		285		25,707
JM Smucker Co. (The)		189		21,168
Kellogg Co.		346		19,968
Keurig Dr Pepper, Inc.		721		22,005
Kimberly-Clark Corp.		157		20,148
Kroger Co. (The)		672		21,645
McCormick & Co., Inc.		237		19,974
Mondelez International, Inc., Class A		374		19,882
Monster Beverage Corp.(b)		252		22,110
PepsiCo, Inc.		150		19,379
Philip Morris International, Inc.		278		23,358
Pilgrim’s Pride Corp.(b)		1,113		24,920
Post Holdings, Inc.(b)		238		22,862
Procter & Gamble Co. (The)		157		19,394
Seaboard Corp.		7		23,192
Sprouts Farmers Market, Inc.(b)		1,046		22,081
Tyson Foods, Inc., Class A		328		22,196
Walgreens Boots Alliance, Inc.		555		26,601
Walmart, Inc.		145		18,838
				854,320
Energy-0.27%
Cabot Oil & Gas Corp.		1,296		23,989
Financials-12.90%
Allstate Corp. (The)		209		22,279
American Financial Group, Inc.		244		26,035
American National Group, Inc.		255		22,955
Aon PLC, Class A		104		23,682
Arch Capital Group Ltd.(b)		655		23,462
Ares Management Corp., Class A		473		24,587
Arthur J. Gallagher & Co.		190		22,762
Assurant, Inc.		165		20,331
Bank of New York Mellon Corp. (The)		553		23,314
Berkshire Hathaway, Inc., Class B(b)		96		23,089
BlackRock, Inc.		31		21,529
Brown & Brown, Inc.		482		22,124
Cboe Global Markets, Inc.		234		23,157
Charles Schwab Corp. (The)		432		26,663
Chubb Ltd.		144		23,412
Cincinnati Financial Corp.		276		27,012
CME Group, Inc., Class A		120		23,964
CNA Financial Corp.		620		26,375
Commerce Bancshares, Inc.		343		25,392
Erie Indemnity Co., Class A		100		24,210
Everest Re Group Ltd.		95		22,972
FactSet Research Systems, Inc.		65		19,754
First Republic Bank.		165		27,184
Interactive Brokers Group, Inc., Class A		401		29,028
Intercontinental Exchange, Inc.		207		22,834
Kemper Corp.		288		21,779
Markel Corp.(b)		22		23,954
MarketAxess Holdings, Inc.		41		22,794
Marsh & McLennan Cos., Inc.		188		21,661

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

20

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Financials-(continued)
Mercury General Corp.		492	$	28,733
Moody’s Corp.		78		21,441
MSCI, Inc.		53		21,970
Nasdaq, Inc.		168		23,233
New York Community Bancorp, Inc.		2,208		26,960
Northern Trust Corp.		231		21,975
Old Republic International Corp.		1,173		22,674
Progressive Corp. (The)		244		20,972
RenaissanceRe Holdings Ltd. (Bermuda)		130		21,707
S&P Global, Inc.		65		21,408
SEI Investments Co.		395		22,120
TFS Financial Corp.		1,262		24,647
Tradeweb Markets, Inc., Class A		375		27,296
Travelers Cos., Inc. (The)		162		23,571
U.S. Bancorp		495		24,750
Virtu Financial, Inc., Class A		953		25,988
W.R. Berkley Corp.		323		22,394
White Mountains Insurance Group Ltd.		22		26,291
Willis Towers Watson PLC		102		22,505
				1,138,929
Health Care-17.74%
Abbott Laboratories.		201		24,076
AbbVie, Inc.		207		22,302
Agilent Technologies, Inc.		192		23,437
Alexion Pharmaceuticals, Inc.(b)		177		27,037
Amedisys, Inc.(b)		88		22,320
Amgen, Inc.		96		21,592
Baxter International, Inc.		284		22,064
Becton, Dickinson and Co.		90		21,704
Biogen, Inc.(b)		88		24,013
BioMarin Pharmaceutical, Inc.(b)		275		21,293
Bio-Rad Laboratories, Inc., Class A(b)		40		23,380
Bio-Techne Corp.		73		26,403
Boston Scientific Corp.(b)		647		25,091
Cardinal Health, Inc.		395		20,350
Centene Corp.(b)		340		19,904
Cerner Corp.		287		19,843
Charles River Laboratories International, Inc.(b)		93		26,611
Chemed Corp.		46		20,480
Cigna Corp.		103		21,620
Cooper Cos., Inc. (The)		66		25,485
CVS Health Corp.		315		21,461
Danaher Corp.		98		21,528
DaVita, Inc.(b)		200		20,426
DexCom, Inc.(b)		66		26,254
Eli Lilly and Co.		151		30,938
Encompass Health Corp.		277		22,282
Exelixis, Inc.(b)		1,145		24,801
Gilead Sciences, Inc.		355		21,797
Globus Medical, Inc., Class A(b)		370		23,125
Haemonetics Corp.(b)		192		24,288
Henry Schein, Inc.(b)		326		20,163
Hill-Rom Holdings, Inc.		230		24,534
Horizon Therapeutics PLC(b)		317		28,818
Humana, Inc.		54		20,501
ICU Medical, Inc.(b)		114		23,655
IDEXX Laboratories, Inc.(b)		48		24,968
Illumina, Inc.(b)		64		28,122
Insulet Corp.(b)		85		22,024

	Shares		Value
Health Care-(continued)
Intuitive Surgical, Inc.(b)		29	$	21,367
Ionis Pharmaceuticals, Inc.(b)		428		22,427
Jazz Pharmaceuticals PLC(b)		153		25,710
Johnson & Johnson		148		23,452
Masimo Corp.(b)		86		21,563
McKesson Corp.		120		20,342
Medtronic PLC		191		22,341
Merck & Co., Inc.		265		19,244
Mettler-Toledo International, Inc.(b)		19		21,205
Molina Healthcare, Inc.(b)		105		22,760
Neurocrine Biosciences, Inc.(b)		227		24,859
Novocure Ltd.(b)		169		25,198
PerkinElmer, Inc.		159		20,048
Pfizer, Inc.		531		17,783
Premier, Inc., Class A		619		20,935
QIAGEN N.V.(b)(c)		454		22,700
Quidel Corp.(b)		109		17,904
Regeneron Pharmaceuticals, Inc.(b)		43		19,375
Repligen Corp.(b)		116		24,637
ResMed, Inc.		105		20,242
Seagen, Inc.(b)		124		18,738
STERIS PLC		114		19,927
Stryker Corp.		94		22,813
Thermo Fisher Scientific, Inc.		46		20,704
United Therapeutics Corp.(b)		166		27,752
UnitedHealth Group, Inc.		63		20,930
Veeva Systems, Inc., Class A(b)		81		22,689
Vertex Pharmaceuticals, Inc.(b)		96		20,405
Waters Corp.(b)		93		25,471
West Pharmaceutical Services, Inc.		79		22,171
Zoetis, Inc.		137		21,268
				1,565,650
Industrials-14.84%
3M Co.		127		22,233
A.O. Smith Corp.		403		23,926
Allison Transmission Holdings, Inc.		535		20,287
AMERCO		52		29,885
Booz Allen Hamilton Holding Corp.		246		18,976
BWX Technologies, Inc.		390		22,624
C.H. Robinson Worldwide, Inc.		235		21,350
CACI International, Inc., Class A(b)		90		19,921
Carlisle Cos., Inc.		148		21,497
Caterpillar, Inc.		126		27,201
CoStar Group, Inc.(b)		25		20,594
Cummins, Inc.		97		24,560
Deere & Co.		84		29,326
Eaton Corp. PLC		185		24,085
Expeditors International of Washington, Inc.		246		22,593
Fastenal Co.		456		21,145
FedEx Corp.		76		19,342
FTI Consulting, Inc.(b)		211		24,170
Generac Holdings, Inc.(b)		105		34,604
General Dynamics Corp.		143		23,376
Graco, Inc.		326		22,608
GrafTech International Ltd.		2,545		30,107
Hubbell, Inc.		138		24,496
Huntington Ingalls Industries, Inc.		133		23,396
IDEX Corp.		116		22,640
Illinois Tool Works, Inc.		106		21,431

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

21

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Industrials-(continued)
J.B. Hunt Transport Services, Inc.		161	$	23,646
Jacobs Engineering Group, Inc.		204		23,476
Kansas City Southern		115		24,419
Knight-Swift Transportation Holdings, Inc.		523		22,594
L3Harris Technologies, Inc.		115		20,920
Landstar System, Inc.		167		26,743
Leidos Holdings, Inc.		210		18,575
Lennox International, Inc.		78		21,822
Lockheed Martin Corp.		60		19,815
Mercury Systems, Inc.(b)		306		20,000
MSA Safety, Inc.		146		23,505
MSC Industrial Direct Co., Inc., Class A		264		22,738
Nordson Corp.		110		21,165
Northrop Grumman Corp.		73		21,291
Old Dominion Freight Line, Inc.		106		22,766
PACCAR, Inc.		250		22,747
Quanta Services, Inc.		322		27,000
Republic Services, Inc.		230		20,491
Rollins, Inc.		589		19,537
Roper Technologies, Inc.		53		20,014
Schneider National, Inc., Class B		1,029		23,801
Science Applications International Corp.		230		19,810
Teledyne Technologies, Inc.(b)		57		21,147
Toro Co. (The)		244		24,588
Trane Technologies PLC		151		23,139
United Parcel Service, Inc., Class B		130		20,518
Valmont Industries, Inc.		133		31,458
Verisk Analytics, Inc.		111		18,187
Waste Management, Inc.		185		20,515
Watsco, Inc.		98		23,824
Xylem, Inc.		229		22,799
				1,309,423
Information Technology-14.35%
Accenture PLC, Class A		88		22,079
Adobe, Inc.(b)		46		21,145
Akamai Technologies, Inc.(b)		210		19,845
Amdocs Ltd.		333		25,245
ANSYS, Inc.(b)		65		22,164
Arista Networks, Inc.(b)		81		22,667
Automatic Data Processing, Inc.		128		22,275
Black Knight, Inc.(b)		243		18,636
Broadridge Financial Solutions, Inc.		149		21,231
Cadence Design Systems, Inc.(b)		187		26,384
CDW Corp.		168		26,357
Ciena Corp.(b)		475		24,781
Cirrus Logic, Inc.(b)		272		22,244
Cisco Systems, Inc.		494		22,166
Citrix Systems, Inc.		173		23,109
Dell Technologies, Inc., Class C(b)		312		25,294
Dolby Laboratories, Inc., Class A		241		23,529
Dropbox, Inc., Class A(b)		1,098		24,754
Entegris, Inc.		233		24,514
EPAM Systems, Inc.(b)		68		25,405
Fiserv, Inc.(b)		188		21,690
Fortinet, Inc.(b)		179		30,224
HP, Inc.		967		28,014
Intel Corp.		443		26,926
International Business Machines Corp.		174		20,694
Intuit, Inc.		61		23,799

	Shares		Value
Information Technology-(continued)
IPG Photonics Corp.(b)		106	$	24,099
Jack Henry & Associates, Inc.		138		20,485
Keysight Technologies, Inc.(b)		178		25,191
KLA Corp.		85		26,455
Lam Research Corp.		46		26,091
Lumentum Holdings, Inc.(b)		249		22,410
Marvell Technology Group Ltd.		475		22,933
Micron Technology, Inc.(b)		319		29,198
Microsoft Corp.		101		23,470
Monolithic Power Systems, Inc.		68		25,467
Motorola Solutions, Inc.		128		22,461
NortonLifeLock, Inc.		1,189		23,197
NVIDIA Corp.		40		21,943
Oracle Corp.		367		23,675
Paychex, Inc.		235		21,401
RealPage, Inc.(b)		321		27,856
ServiceNow, Inc.(b)		42		22,405
Skyworks Solutions, Inc.		153		27,206
SolarWinds Corp.(b)		956		15,478
Switch, Inc., Class A		1,355		23,496
Synopsys, Inc.(b)		98		24,031
Texas Instruments, Inc.		135		23,256
Tyler Technologies, Inc.(b)		52		24,098
VeriSign, Inc.(b)		110		21,343
Visa, Inc., Class A		104		22,089
VMware, Inc., Class A(b)(c)		156		21,561
Xilinx, Inc.		150		19,545
Zoom Video Communications, Inc., Class A(b)		54		20,175
				1,266,186
Materials-5.31%
Air Products and Chemicals, Inc.		80		20,450
Amcor PLC		1,890		20,677
AptarGroup, Inc.		173		22,502
Avery Dennison Corp.		144		25,230
Ball Corp.		232		19,810
Corteva, Inc.		578		26,097
Crown Holdings, Inc.(b)		224		21,405
FMC Corp.		186		18,914
Graphic Packaging Holding Co.		1,375		21,821
International Paper Co.		435		21,598
Linde PLC (United Kingdom)		87		21,252
Martin Marietta Materials, Inc.		80		26,950
NewMarket Corp.		58		21,981
Newmont Corp.		367		19,957
Packaging Corp. of America		165		21,783
Reliance Steel & Aluminum Co.		185		24,457
RPM International, Inc.		249		19,830
Sherwin-Williams Co. (The)		31		21,091
Silgan Holdings, Inc.		651		24,452
Sonoco Products Co.		376		22,398
Vulcan Materials Co.		157		26,217
				468,872
Real Estate-9.32%
Alexandria Real Estate Equities, Inc.		131		20,919
American Homes 4 Rent, Class A		753		23,448
American Tower Corp.		95		20,532
Americold Realty Trust		654		22,916
Camden Property Trust		222		23,121
CoreSite Realty Corp.		181		22,030

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

22

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Real Estate-(continued)
Corporate Office Properties Trust		825	$	21,450
Crown Castle International Corp.		130		20,248
CubeSmart		686		25,355
Digital Realty Trust, Inc.		164		22,096
Douglas Emmett, Inc.		692		22,663
Duke Realty Corp.		585		22,961
Equinix, Inc.		32		20,747
Equity Commonwealth.		826		23,302
Equity LifeStyle Properties, Inc.		369		22,749
Equity Residential.		366		23,940
Essex Property Trust, Inc.		89		22,676
Extra Space Storage, Inc.		196		24,637
First Industrial Realty Trust, Inc.		523		22,337
Healthcare Trust of America, Inc., Class A		840		22,814
Healthpeak Properties, Inc.		735		21,381
Invitation Homes, Inc.		751		21,884
Iron Mountain, Inc.		805		28,006
JBG SMITH Properties		687		21,812
Kilroy Realty Corp.		351		22,275
Life Storage, Inc.		303		25,422
Medical Properties Trust, Inc.		1,127		24,332
Mid-America Apartment Communities, Inc.		179		24,117
Prologis, Inc.		223		22,093
Public Storage.		97		22,692
Rayonier, Inc.		783		25,557
Realty Income Corp.		357		21,513
Rexford Industrial Realty, Inc.		466		22,238
Sun Communities, Inc.		155		23,552
UDR, Inc.		561		23,096
WP Carey, Inc.		313		21,453
				822,364
Utilities-6.77%
Alliant Energy Corp.		404		18,649
Ameren Corp.		276		19,395
American Electric Power Co., Inc.		252		18,862
American Water Works Co., Inc.		140		19,863
Atmos Energy Corp.		225		19,037
Avangrid, Inc.		463		21,187
CMS Energy Corp.		351		18,993
Consolidated Edison, Inc.		281		18,448
Dominion Energy, Inc.		270		18,446
DTE Energy Co.		171		20,130
Duke Energy Corp.		231		19,771
Edison International		349		18,843
Entergy Corp.		200		17,362

	Shares		Value
Utilities-(continued)
Essential Utilities, Inc.		458	$	19,263
Evergy, Inc.		386		20,701
Eversource Energy		246		19,552
Exelon Corp.		521		20,111
FirstEnergy Corp.		809		26,810
Hawaiian Electric Industries, Inc.		597		20,871
IDACORP, Inc.		239		20,611
MDU Resources Group, Inc.		886		24,897
NextEra Energy, Inc.		292		21,456
Pinnacle West Capital Corp.		266		18,601
PPL Corp.		760		19,904
Public Service Enterprise Group, Inc.		376		20,240
Sempra Energy.		165		19,137
Southern Co. (The)		350		19,852
Vistra Corp.		1,174		20,252
WEC Energy Group, Inc.		226		18,225
Xcel Energy, Inc.		316		18,514
				597,983
Total Common Stocks & Other Equity Interests (Cost $7,905,563)				8,820,569
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) (Cost $3,835)		3,835		3,835
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $7,909,398)				8,824,404
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.52%
Invesco Private Government Fund, 0.01%(d)(e)(f)		18,248		18,248
Invesco Private Prime Fund, 0.11%(d)(e)(f)		27,361		27,372
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $45,620)				45,620
TOTAL INVESTMENTS IN SECURITIES-100.50% (Cost $7,955,018)				8,870,024
OTHER ASSETS LESS LIABILITIES-(0.50)%				(43,989	)
NET ASSETS-100.00%			$	8,826,035

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

23

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

February 28, 2021

(Unaudited)

Notes to Schedule of Investments:

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

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at February 28, 2021.

^(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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	182,613		$	(178,778	)		$	-		$	-		$	3,835		$	1
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			87,386			(87,386	)			-			-			-			-
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			41,433			318,888			(342,073	)			-			-			18,248			4	*
Invesco Private Prime Fund			13,298			373,679			(359,609	)			-			4			27,372			19	*
Total		$	54,731		$	962,566		$	(967,846	)		$	-		$	4		$	49,455		$	24

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

(e) The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

 Portfolio Composition

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

 as of February 28, 2021

Health Care	17.74
Industrials	14.84
Information Technology	14.35
Financials	12.90
Consumer Staples	9.68
Real Estate	9.32
Utilities	6.77
Materials	5.31
Consumer Discretionary	4.79
Communication Services	3.97
Energy	0.27
Money Market Funds Plus Other Assets  Less Liabilities	0.06

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

24

Invesco S&P 500 Enhanced Value ETF (SPVU)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.86%
Communication Services-6.91%
AT&T, Inc.		141,456	$	3,945,208
Discovery, Inc., Class C(b)		8,462		380,790
DISH Network Corp., Class A(b)(c)		7,256		228,636
Fox Corp., Class A		10,113		336,864
Lumen Technologies, Inc.		53,937		662,886
ViacomCBS, Inc., Class B		18,438		1,189,067
				6,743,451
Consumer Discretionary-9.63%
Best Buy Co., Inc.		6,948		697,232
BorgWarner, Inc.		6,783		305,235
D.R. Horton, Inc.		9,460		727,190
Ford Motor Co.		193,141		2,259,750
General Motors Co.		50,164		2,574,918
Hanesbrands, Inc.		10,040		177,608
Lennar Corp., Class A		9,987		828,621
LKQ Corp.(b)		7,700		303,303
MGM Resorts International		10,031		379,072
Mohawk Industries, Inc.(b)		2,020		353,480
PulteGroup, Inc.		8,831		398,366
Whirlpool Corp.		2,040		387,763
				9,392,538
Consumer Staples-6.58%
Archer-Daniels-Midland Co.		24,814		1,403,976
JM Smucker Co. (The)		3,080		344,960
Kraft Heinz Co. (The)		20,342		740,042
Kroger Co. (The)		40,516		1,305,020
Molson Coors Beverage Co., Class B		7,770		345,377
Tyson Foods, Inc., Class A		11,666		789,438
Walgreens Boots Alliance, Inc.		31,099		1,490,575
				6,419,388
Energy-9.82%
Exxon Mobil Corp.		103,945		5,651,490
HollyFrontier Corp.		6,716		254,402
Marathon Petroleum Corp.		16,382		894,785
Phillips 66		15,771		1,309,781
Valero Energy Corp.		18,992		1,462,004
				9,572,462
Financials-41.79%
Aflac, Inc.		16,468		788,653
Allstate Corp. (The)		8,294		884,140
American International Group, Inc.		18,325		805,384
Assurant, Inc.		1,370		168,811
Bank of America Corp.		152,011		5,276,302
Bank of New York Mellon Corp. (The)		19,788		834,262
Berkshire Hathaway, Inc., Class B(b)		19,559		4,704,135
Capital One Financial Corp.		9,486		1,140,122
Chubb Ltd.		7,960		1,294,137
Cincinnati Financial Corp.		2,695		263,760
Citigroup, Inc.		53,362		3,515,489
Citizens Financial Group, Inc.		9,816		426,407
Comerica, Inc.		2,828		192,587
Everest Re Group Ltd.		983		237,699
Fifth Third Bancorp		14,770		512,371
Franklin Resources, Inc.		5,097		133,389

	Shares		Value
Financials-(continued)
Globe Life, Inc.		1,874	$	175,032
Goldman Sachs Group, Inc. (The)		7,002		2,236,999
Hartford Financial Services Group, Inc. (The)		9,883		500,969
Huntington Bancshares, Inc.		17,244		264,523
Invesco Ltd., (Acquired 12/12/2018 - 02/26/2021; Cost $166,747)(d)(e)		9,422		211,241
KeyCorp		19,948		401,753
Lincoln National Corp.		5,926		337,012
Loews Corp.		5,200		248,612
M&T Bank Corp.		2,448		369,501
MetLife, Inc.		26,525		1,527,840
Morgan Stanley		28,110		2,160,816
People’s United Financial, Inc.		10,477		187,957
PNC Financial Services Group, Inc. (The)		8,215		1,383,077
Principal Financial Group, Inc.		7,090		401,152
Progressive Corp. (The)		9,599		825,034
Prudential Financial, Inc.		12,364		1,072,206
Regions Financial Corp.		19,018		392,341
State Street Corp.		7,257		528,092
Synchrony Financial.		8,305		321,237
Travelers Cos., Inc. (The)		5,563		809,417
Truist Financial Corp.		25,920		1,476,403
Unum Group		8,128		215,229
Wells Fargo & Co.		92,832		3,357,734
Zions Bancorporation N.A		3,184		169,293
				40,751,118
Health Care-16.42%
Anthem, Inc.		8,071		2,447,046
Cardinal Health, Inc.		11,720		603,814
Centene Corp.(b)		29,640		1,735,126
Cigna Corp.		14,972		3,142,623
CVS Health Corp.		60,507		4,122,342
Humana, Inc.		3,956		1,501,895
McKesson Corp.		7,228		1,225,291
Perrigo Co. PLC		3,880		156,597
Universal Health Services, Inc., Class B		2,316		290,264
Viatris, Inc.(b)		53,306		791,594
				16,016,592
Industrials-1.12%
Howmet Aerospace, Inc.(b)		9,846		276,771
Huntington Ingalls Industries, Inc.		1,149		202,121
Quanta Services, Inc.		3,573		299,596
Textron, Inc.		6,148		309,490
				1,087,978
Information Technology-3.03%
DXC Technology Co.		5,754		145,116
Hewlett Packard Enterprise Co.		52,580		765,565
HP, Inc.		37,183		1,077,192
Juniper Networks, Inc.		8,715		202,885
Western Digital Corp.		7,963		545,704
Xerox Holdings Corp.		8,726		222,338
				2,958,800
Materials-1.40%
International Paper Co.		9,577		475,498

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

25

Invesco S&P 500 Enhanced Value ETF (SPVU)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Materials-(continued)
Nucor Corp.		8,850	$	529,407
Westrock Co.		8,344		363,715
				1,368,620
Real Estate-1.03%
CBRE Group, Inc., Class A(b)		8,271		626,694
Kimco Realty Corp.		12,685		232,516
SL Green Realty Corp.		2,100		145,047
				1,004,257
Utilities-2.13%
Consolidated Edison, Inc.		9,228		605,818
Exelon Corp.		31,568		1,218,525
NRG Energy, Inc.		6,902		251,992
				2,076,335
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.86% (Cost $88,265,691)				97,391,539

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.01%
Invesco Private Government Fund, 0.01%(d)(f)(g)		3,625	$	3,625
Invesco Private Prime Fund, 0.11%(d)(f)(g)		5,435		5,437
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $9,062)				9,062
TOTAL INVESTMENTS IN SECURITIES-99.87% (Cost $88,274,753)				97,400,601
OTHER ASSETS LESS LIABILITIES-0.13%				124,289
NET ASSETS-100.00%			$	97,524,890

Notes to Schedule of Investments:

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

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at February 28, 2021.

^(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 six months ended February 28, 2021.

											Change in			Realized
	Value			Purchases			Proceeds				Unrealized			Gain				Value			Dividend
	August 31, 2020			at Cost			from Sales				Appreciation			(Loss)				February 28, 2021			Income
Invesco Ltd.		$	132,722		$	34,839		$	(99,724	)		$	152,498		$	(9,094	)		$	211,241		$	3,519
Investments in Affiliated Money  Market Funds:
Invesco Government & Agency  Portfolio, Institutional Class			-			1,559,124			(1,559,124	)			-			-				-			9
Invesco Premier U.S. Government  Money Portfolio, Institutional Class			38,540			570,488			(609,028	)			-			-				-			1
Investments Purchased with Cash  Collateral from Securities on Loan:
Invesco Private Government Fund			-			470,186			(466,561	)			-			-				3,625			2	*
Invesco Private Prime Fund			-			688,001			(682,567	)			-			3				5,437			7	*
Total		$	171,262		$	3,322,638		$	(3,417,004	)		$	152,498		$	(9,091	)		$	220,303		$	3,538

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

^(e)  Restricted security. The value of this security at February 28, 2021 represented less than 1% of the Fund’s Net Assets.

^(f)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

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

26

Invesco S&P 500 Enhanced Value ETF (SPVU)–(continued)

February 28, 2021

(Unaudited)

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of February 28, 2021
Financials	41.79
Health Care	16.42
Energy	9.82
Consumer Discretionary	9.63
Communication Services	6.91
Consumer Staples	6.58
Information Technology	3.03
Sector Types Each Less Than 3%	5.68
Money Market Funds Plus Other Assets  Less Liabilities	0.14

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

27

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

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Communication Services-6.15%
Alphabet, Inc., Class C(b)		227	$	462,367
AT&T, Inc.		18,109		505,060
Charter Communications, Inc., Class A(b)		823		504,845
Comcast Corp., Class A		8,974		473,109
Electronic Arts, Inc.		3,473		465,278
T-Mobile US, Inc.(b)		3,561		427,213
				2,837,872
Consumer Discretionary-8.70%
Amazon.com, Inc.(b)		146		451,568
AutoZone, Inc.(b)		366		424,531
eBay, Inc.		7,719		435,506
Garmin Ltd.		3,879		481,073
McDonald’s Corp.		2,142		441,552
NIKE,Inc.,Class B		3,112		419,435
O’Reilly Automotive, Inc.(b)		949		424,516
Target Corp.		2,547		467,222
Tractor Supply Co.		2,958		470,204
				4,015,607
Consumer Staples-9.69%
Altria Group, Inc.		11,810		514,916
Archer-Daniels-Midland Co.		8,398		475,159
Campbell Soup Co.		11,451		520,791
Coca-Cola Co. (The)		10,674		522,919
Conagra Brands, Inc.		15,411		522,895
Estee Lauder Cos., Inc. (The), Class A		1,580		451,659
Kroger Co. (The)		15,956		513,943
Monster Beverage Corp.(b)		5,614		492,572
Philip Morris International, Inc.		5,432		456,397
				4,471,251
Financials-10.23%
Allstate Corp. (The)		4,078		434,715
Aon PLC, Class A		2,052		467,261
Arthur J. Gallagher & Co.		3,873		463,985
Berkshire Hathaway, Inc., Class B(b)		2,212		532,008
Cboe Global Markets, Inc.		4,687		463,826
Intercontinental Exchange, Inc.		4,316		476,098
Marsh & McLennan Cos., Inc.		4,495		517,914
Nasdaq, Inc.		3,049		421,646
Progressive Corp. (The)		5,821		500,315
Willis Towers Watson PLC		2,014		444,369
				4,722,137
Health Care-24.33%
Abbott Laboratories		3,735		447,378
AbbVie, Inc.		5,059		545,057
ABIOMED, Inc.(b)		1,303		422,889
Agilent Technologies, Inc.		4,034		492,430
AmerisourceBergen Corp.		4,089		413,889
Amgen, Inc.		2,020		454,338
Becton, Dickinson and Co.		1,990		479,888
Bio-Rad Laboratories, Inc., Class A(b)		705		412,072
Bristol-Myers Squibb Co.		10,335		633,845
Cooper Cos., Inc. (The)		1,213		468,376
CVS Health Corp.		6,328		431,127
Danaher Corp.		2,261		496,674

	Shares		Value
Health Care-(continued)
DaVita, Inc.(b)		3,933	$	401,677
IDEXX Laboratories, Inc.(b)		857		445,786
Johnson & Johnson		3,601		570,614
Merck & Co., Inc.		7,703		559,392
Mettler-Toledo International, Inc.(b)		374		417,403
PerkinElmer, Inc.		3,278		413,323
Pfizer, Inc.		14,981		501,714
Quest Diagnostics, Inc.		3,607		416,933
Thermo Fisher Scientific, Inc.		1,010		454,581
Waters Corp.(b)		1,637		448,342
West Pharmaceutical Services, Inc.		1,598		448,479
Zoetis, Inc.		2,930		454,853
				11,231,060
Industrials-24.68%
3M Co.		2,692		471,261
A.O. Smith Corp.		7,796		462,849
C.H. Robinson Worldwide, Inc.		6,063		550,824
Expeditors International of Washington, Inc.		5,949		546,356
Fastenal Co.		9,899		459,017
General Dynamics Corp.		2,805		458,533
IDEX Corp.		2,392		466,847
Illinois Tool Works, Inc.		2,117		428,015
J.B. Hunt Transport Services, Inc.		3,029		444,869
Jacobs Engineering Group, Inc.		3,847		442,713
Johnson Controls International PLC		8,310		463,615
L3Harris Technologies, Inc.		2,367		430,581
Lockheed Martin Corp.		1,306		431,306
Masco Corp.		7,874		419,054
Northrop Grumman Corp.		1,537		448,281
Old Dominion Freight Line, Inc.		2,068		444,144
PACCAR, Inc.		4,904		446,215
Republic Services, Inc.		5,825		518,949
Rollins, Inc.		12,475		413,796
Roper Technologies, Inc.		1,107		418,025
Union Pacific Corp.		2,146		441,990
United Parcel Service, Inc., Class B		2,712		428,035
Verisk Analytics, Inc.		2,495		408,806
W.W. Grainger, Inc.		1,160		432,344
Waste Management, Inc.		4,646		515,195
				11,391,620
Information Technology-12.48%
Accenture PLC, Class A		1,722		432,050
Akamai Technologies, Inc.(b)		4,488		424,116
Amphenol Corp., Class A.		3,427		430,705
Broadridge Financial Solutions, Inc.		3,485		496,578
Cisco Systems, Inc.		9,419		422,631
F5 Networks, Inc.(b)		2,166		411,497
International Business Machines Corp.		3,594		427,434
Juniper Networks, Inc.		19,097		444,578
Motorola Solutions, Inc.		2,302		403,955
Oracle Corp.		7,220		465,762
Texas Instruments, Inc.		2,443		420,856
Tyler Technologies, Inc.(b)		1,162		538,494
Visa, Inc., Class A		2,085		442,833
				5,761,489

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

28

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Materials-2.84%
International Flavors & Fragrances, Inc.		3,265	$	442,440
Linde PLC (United Kingdom)		1,851		452,144
Sherwin-Williams Co. (The)		610		415,007
				1,309,591
Utilities-0.89%
Public Service Enterprise Group, Inc.		7,655		412,069
TOTAL INVESTMENTS IN SECURITIES-99.99% (Cost $41,212,501)				46,152,696
OTHER ASSETS LESS LIABILITIES-0.01%				6,349
NET ASSETS-100.00%			$	46,159,045

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.

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

											Change in
	Value			Purchases			Proceeds				Unrealized			Realized			Value			Dividend
	August 31, 2020			at Cost			from Sales				Appreciation			Gain			February 28, 2021			Income
Investments in Affiliated Money   Market Funds:
Invesco Government & Agency   Portfolio, Institutional Class		$	-		$	406,045		$	(406,045	)		$	-		$	-		$	-		$	2
Invesco Premier U.S. Government   Money Portfolio, Institutional Class			-			33,630			(33,630	)			-			-			-			-
Investments Purchased with Cash   Collateral from Securities on Loan:
Invesco Private Government Fund			25,621			797,485			(823,106	)			-			-			-			11	*
Invesco Private Prime Fund			8,637			598,646			(607,310	)			-			27			-			63	*
Total		$	34,258		$	1,835,806		$	(1,870,091	)		$	-		$	27		$	-		$	76

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

Portfolio Composition
Sector Breakdown (% of the Fund’s Net Assets)
as of February 28, 2021
Industrials	24.68
Health Care	24.33
Information Technology	12.48
Financials	10.23
Consumer Staples	9.69
Consumer Discretionary	8.70
Communication Services	6.15
Sector Types Each Less Than 3%	3.73
Other Assets Less Liabilities	0.01

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

29

Invesco S&P 500^® High Beta ETF (SPHB)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-0.88%
DISH Network Corp., Class A(b)		265,838	$	8,376,555
Consumer Discretionary-17.38%
Aptiv PLC		55,887		8,374,108
Carnival Corp.		552,310		14,774,292
Darden Restaurants, Inc.		73,850		10,141,821
Expedia Group, Inc.		52,360		8,429,960
Gap, Inc. (The)(b)		413,233		10,310,163
L Brands, Inc.		182,858		9,995,018
Leggett & Platt, Inc.		202,347		8,755,555
LKQ Corp.(b)		213,030		8,391,252
MGM Resorts International		295,697		11,174,390
Norwegian Cruise Line Holdings Ltd.(b)(c)		499,206		14,756,529
PulteGroup, Inc.		156,811		7,073,744
PVH Corp.		106,098		10,605,556
Royal Caribbean Cruises Ltd.		156,706		14,615,969
Tapestry, Inc.		251,606		10,602,677
Whirlpool Corp.		39,843		7,573,357
Wynn Resorts Ltd.		77,677		10,232,391
				165,806,782
Consumer Staples-0.88%
Sysco Corp.		105,437		8,395,948
Energy-19.92%
Apache Corp.		634,460		12,517,896
Baker Hughes Co., Class A		376,649		9,220,368
Chevron Corp.		87,110		8,711,000
ConocoPhillips		184,450		9,593,244
Devon Energy Corp.		507,098		10,922,891
Diamondback Energy, Inc.		131,705		9,124,522
EOG Resources, Inc.		128,985		8,327,272
Halliburton Co.		541,308		11,816,754
Hess Corp.		144,716		9,483,239
HollyFrontier Corp.		244,084		9,245,902
Marathon Oil Corp.		953,610		10,585,071
Marathon Petroleum Corp.		195,306		10,667,614
NOV, Inc.		702,694		10,610,679
Occidental Petroleum Corp.		425,031		11,310,075
ONEOK, Inc.		213,286		9,446,437
Phillips 66		104,267		8,659,374
Pioneer Natural Resources Co.		67,380		10,010,647
Schlumberger Ltd.		333,316		9,302,850
Valero Energy Corp.		136,636		10,518,239
				190,074,074
Financials-27.18%
American Express Co.		68,115		9,213,235
American International Group, Inc.		211,784		9,307,907
Ameriprise Financial, Inc.		49,042		10,850,052
Bank of America Corp.		251,758		8,738,520
Capital One Financial Corp.		80,200		9,639,238
Citigroup, Inc.		146,220		9,632,974
Citizens Financial Group, Inc.		236,835		10,288,112
Comerica, Inc.		138,252		9,414,961
Discover Financial Services		116,911		10,997,818
Fifth Third Bancorp		296,752		10,294,327
Invesco Ltd., (Acquired 11/02/2020 - 02/26/2021; Cost $7,274,216)(d)(e)		420,136		9,419,449

	Shares		Value
Financials-(continued)
KeyCorp		510,135	$	10,274,119
Lincoln National Corp.		251,454		14,300,189
Loews Corp.		168,502		8,056,081
MetLife, Inc.		156,495		9,014,112
Morgan Stanley		113,893		8,754,955
PNC Financial Services Group, Inc. (The)		50,144		8,442,244
Principal Financial Group, Inc.		162,588		9,199,229
Prudential Financial, Inc.		114,317		9,913,570
Raymond James Financial, Inc.		68,997		8,054,710
Regions Financial Corp.		459,397		9,477,360
State Street Corp.		106,814		7,772,855
SVB Financial Group(b)		17,211		8,697,751
Synchrony Financial		258,239		9,988,684
Truist Financial Corp.		161,714		9,211,229
Unum Group		431,156		11,417,011
Wells Fargo & Co.		246,519		8,916,592
				259,287,284
Health Care-1.63%
Align Technology, Inc.(b)		13,905		7,885,664
Universal Health Services, Inc., Class B		60,820		7,622,571
				15,508,235
Industrials-10.63%
Alaska Air Group, Inc.		151,423		9,845,524
American Airlines Group, Inc.(b)(c)		446,428		9,348,202
Boeing Co. (The)		48,349		10,250,472
Delta Air Lines, Inc.		183,685		8,805,859
Howmet Aerospace, Inc.(b)		303,876		8,541,954
Parker-Hannifin Corp.		31,376		9,003,657
Stanley Black & Decker, Inc.		49,027		8,571,881
Textron, Inc.		172,660		8,691,704
TransDigm Group, Inc.(b)		13,398		7,726,225
United Airlines Holdings, Inc.(b)		213,219		11,232,377
United Rentals, Inc.(b)		31,459		9,355,277
				101,373,132
Information Technology-10.91%
Applied Materials, Inc.		81,201		9,597,146
DXC Technology Co.		439,596		11,086,611
Enphase Energy, Inc.(b)		45,216		7,960,729
Global Payments, Inc.		40,522		8,022,951
KLA Corp.		28,705		8,933,857
Lam Research Corp.		16,781		9,518,015
Microchip Technology, Inc.		57,045		8,706,778
NVIDIA Corp.		13,245		7,265,942
Paycom Software, Inc.(b)		20,070		7,510,997
Skyworks Solutions, Inc.		42,769		7,605,184
Western Digital Corp.		137,108		9,396,011
Xerox Holdings Corp.		333,722		8,503,237
				104,107,458
Materials-3.77%
Dow, Inc.		137,452		8,152,278
Freeport-McMoRan, Inc.(b)		299,627		10,160,352
LyondellBasell Industries N.V., Class A		92,311		9,516,341
Westrock Co.		187,409		8,169,158
				35,998,129

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

30

Invesco S&P 500^® High Beta ETF (SPHB)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Real Estate-6.74%
CBRE Group, Inc., Class A(b)		114,406	$	8,668,542
Kimco Realty Corp		443,787		8,134,616
Simon Property Group, Inc		85,691		9,676,228
SL Green Realty Corp.(c)		135,413		9,352,976
Ventas, Inc		186,673		9,875,002
Welltower, Inc		128,000		8,691,200
Weyerhaeuser Co		293,185		9,930,176
				64,328,740
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.92% (Cost $834,906,194)				953,256,337
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.65%
Invesco Private Government Fund, 0.01%(d)(f)(g)		9,776,538		9,776,538

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.11%(d)(f)(g)		15,523,995	$	15,530,204
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $25,306,742)				25,306,742
TOTAL INVESTMENTS IN SECURITIES-102.57% (Cost $860,212,936)				978,563,079
OTHER ASSETS LESS LIABILITIES-(2.57)%				(24,550,468	)
NET ASSETS-100.00%.			$	954,012,611

Notes to Schedule of Investments:

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

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at February 28, 2021.

^(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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Invesco Ltd.		$	1,367,983		$	15,474,041		$	(11,307,951	)		$	2,322,980		$	1,562,396		$	9,419,449		$	147,830
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			4,529,618			(4,529,618	)			-			-			-			29
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			587,747			(587,747	)			-			-			-			1
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			2,842,878			36,274,585			(29,340,925	)			-			-			9,776,538			595	*
Invesco Private Prime Fund			947,650			41,198,386			(26,616,681	)			-			849			15,530,204			3,599	*
Total		$	5,158,511		$	98,064,377		$	(72,382,922	)		$	2,322,980		$	1,563,245		$	34,726,191		$	152,054

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

^(e)  Restricted security. The value of this security at February 28, 2021 represented less than 1% of the Fund’s Net Assets.

^(f)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

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

31

Invesco S&P 500^® High Beta ETF (SPHB)–(continued)

February 28, 2021

(Unaudited)

 Portfolio Composition

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

 as of February 28, 2021

Financials	27.18
Energy	19.92
Consumer Discretionary	17.38
Information Technology	10.91
Industrials	10.63
Real Estate	6.74
Materials	3.77
Sector Types Each Less Than 3%	3.39
Money Market Funds Plus Other Assets Less Liabilities	0.08

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

32

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

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-11.79%
AT&T, Inc.		2,671,757	$	74,515,303
Interpublic Group of Cos., Inc. (The)		2,011,293		52,534,973
Lumen Technologies, Inc.		6,920,979		85,058,832
Omnicom Group, Inc.		759,430		52,195,624
Verizon Communications, Inc.		834,740		46,161,122
				310,465,854
Consumer Discretionary-5.19%
Genuine Parts Co.		352,884		37,176,329
Hanesbrands, Inc.		3,011,636		53,275,841
Newell Brands, Inc.		1,991,988		46,154,362
				136,606,532
Consumer Staples-15.52%
Altria Group, Inc.		1,847,818		80,564,865
General Mills, Inc.		685,786		37,725,088
JM Smucker Co. (The)		307,278		34,415,136
Kellogg Co.		716,359		41,341,078
Kimberly-Clark Corp.		273,685		35,121,996
Kraft Heinz Co. (The)		1,598,922		58,168,782
Philip Morris International, Inc.		808,907		67,964,366
Walgreens Boots Alliance, Inc.		1,114,401		53,413,240
				408,714,551
Energy-9.07%
Chevron Corp.		759,268		75,926,800
Exxon Mobil Corp.		1,629,638		88,603,418
Kinder Morgan, Inc.		5,045,297		74,165,866
				238,696,084
Financials-4.94%
Franklin Resources, Inc.		1,878,304		49,155,216
People’s United Financial, Inc.		4,505,226		80,823,754
				129,978,970
Health Care-6.80%
AbbVie, Inc.		452,944		48,800,186
Cardinal Health, Inc.		744,934		38,379,000
Gilead Sciences, Inc.		795,018		48,814,105
Pfizer, Inc.		1,287,808		43,128,690
				179,121,981
Industrials-1.51%
3M Co.		226,845		39,711,486
Information Technology-12.61%
Broadcom, Inc.		75,229		35,347,850
Cisco Systems, Inc.		813,602		36,506,322
Hewlett Packard Enterprise Co.		3,804,046		55,386,910
International Business Machines Corp.		497,004		59,108,685
Juniper Networks, Inc.		1,617,857		37,663,711

	Shares		Value
Information Technology-(continued)
Seagate Technology PLC		801,078	$	58,662,942
Western Union Co. (The)		2,119,628		49,217,762
				331,894,182
Materials-7.05%
Amcor PLC		4,038,927		44,185,861
CF Industries Holdings, Inc.		814,673		36,888,394
Dow, Inc.		1,001,110		59,375,834
International Paper Co.		910,952		45,228,767
				185,678,856
Real Estate-7.40%
Healthpeak Properties, Inc.		1,849,128		53,791,133
Iron Mountain, Inc.(b)		2,563,647		89,189,279
Realty Income Corp.		858,230		51,716,940
				194,697,352
Utilities-18.03%
Consolidated Edison, Inc.		701,214		46,034,699
Dominion Energy, Inc.		723,415		49,423,713
Duke Energy Corp.		526,727		45,082,564
Edison International.		787,932		42,540,449
Entergy Corp.		454,409		39,447,245
Evergy, Inc.		782,464		41,963,544
FirstEnergy Corp.		1,857,775		61,566,664
Pinnacle West Capital Corp.		587,673		41,095,973
PPL Corp.		2,411,922		63,168,237
Southern Co. (The)		783,707		44,451,861
				474,774,949
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $2,600,832,325)				2,630,340,797
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.37%
Invesco Private Government Fund, 0.01%(c)(d)(e)		3,875,876		3,875,876
Invesco Private Prime Fund, 0.11%(c)(d)(e)		5,811,490		5,813,814
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $9,689,690)				9,689,690
TOTAL INVESTMENTS IN SECURITIES-100.28% (Cost $2,610,522,015)				2,640,030,487
OTHER ASSETS LESS LIABILITIES-(0.28)%				(7,286,524	)
NET ASSETS-100.00%			$	2,632,743,963

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

33

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)–(continued)

February 28, 2021

(Unaudited)

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at February 28, 2021.

^(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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	49,634,392		$	(49,634,392	)		$	-		$	-		$	-		$	288
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			5,659,871			(5,659,871	)			-			-			-			7
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			50,133,719			47,508,285			(93,766,128	)			-			-			3,875,876			3,255	*
Invesco Private Prime Fund			16,711,276			69,873,129			(80,773,684	)			1			3,092			5,813,814			8,868	*
Total		$	66,844,995		$	172,675,677		$	(229,834,075	)		$	1		$	3,092		$	9,689,690		$	12,418

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

^(d)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

  Portfolio Composition

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

  as of February 28, 2021

Utilities	18.03
Consumer Staples	15.52
Information Technology	12.61
Communication Services	11.79
Energy	9.07
Real Estate	7.40
Materials	7.05
Health Care	6.80
Consumer Discretionary	5.19
Financials	4.94
Industrials	1.51
Money Market Funds Plus Other Assets Less Liabilities	0.09

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

34

Invesco S&P 500^® Low Volatility ETF (SPLV)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-7.42%
Activision Blizzard, Inc.		697,534	$	66,691,226
Alphabet, Inc., Class C(b)		34,605		70,485,540
AT&T, Inc.		2,748,918		76,667,323
Charter Communications, Inc., Class A(b)		124,949		76,646,216
Comcast Corp., Class A		1,361,692		71,788,402
Electronic Arts, Inc.		527,295		70,641,711
Verizon Communications, Inc.		2,048,249		113,268,170
				546,188,588
Consumer Discretionary-6.78%
Amazon.com, Inc.(b)		21,755		67,286,692
Dollar General Corp.		442,004		83,534,336
eBay, Inc.		1,171,832		66,114,761
Garmin Ltd.		588,141		72,941,247
McDonald’s Corp.		325,048		67,005,395
Target Corp.		386,408		70,882,683
Tractor Supply Co.		448,403		71,278,141
				499,043,255
Consumer Staples-25.65%
Altria Group, Inc.		1,791,845		78,124,442
Archer-Daniels-Midland Co.		1,274,011		72,083,542
Brown-Forman Corp., Class B		913,045		65,355,761
Campbell Soup Co.		1,737,693		79,030,278
Church & Dwight Co., Inc.		1,022,782		80,544,082
Clorox Co. (The)		450,413		81,547,274
Coca-Cola Co. (The)		1,619,848		79,356,354
Colgate-Palmolive Co.		1,115,478		83,883,946
Conagra Brands, Inc.		2,339,263		79,371,194
Costco Wholesale Corp.		269,005		89,040,655
General Mills, Inc.		1,540,065		84,718,976
Hershey Co. (The)		506,118		73,716,087
Hormel Foods Corp.		1,809,851		83,922,791
JM Smucker Co. (The)		704,061		78,854,832
Kellogg Co.(c)		1,515,240		87,444,500
Kimberly-Clark Corp.		668,865		85,835,445
Kroger Co. (The)		2,421,826		78,007,015
McCormick & Co., Inc.		807,789		68,080,457
Mondelez International, Inc., Class A		1,528,311		81,245,013
Monster Beverage Corp.(b)		850,883		74,656,474
PepsiCo, Inc.		553,885		71,556,403
Philip Morris International, Inc.		823,875		69,221,977
Procter & Gamble Co. (The)		668,258		82,549,911
Walmart, Inc.		614,189		79,795,435
				1,887,942,844
Financials-7.01%
Aon PLC, Class A		310,396		70,680,273
Arthur J. Gallagher & Co.		588,213		70,467,917
Berkshire Hathaway, Inc., Class B(b)		335,652		80,727,663
Intercontinental Exchange, Inc.		655,338		72,290,335
Marsh & McLennan Cos., Inc.		682,554		78,643,872
Progressive Corp. (The)		883,813		75,963,727
Willis Towers Watson PLC		304,399		67,162,595
				515,936,382
Health Care-21.88%
Abbott Laboratories		566,291		67,830,336

	Shares		Value
Health Care-(continued)
AbbVie, Inc.		767,143	$	82,651,987
Agilent Technologies, Inc.		611,905		74,695,243
Amgen, Inc.		306,390		68,913,239
Baxter International, Inc.		973,924		75,664,156
Becton, Dickinson and Co.		302,275		72,893,616
Bristol-Myers Squibb Co.		1,568,525		96,197,638
Cerner Corp.		1,114,115		77,029,911
Cooper Cos., Inc. (The)		183,304		70,779,174
CVS Health Corp.		960,406		65,432,461
Danaher Corp.		343,324		75,417,983
Gilead Sciences, Inc.		1,082,116		66,441,922
Johnson & Johnson		546,438		86,588,566
Merck & Co., Inc.		1,169,410		84,922,554
Mettler-Toledo International, Inc.(b)		56,699		63,278,919
PerkinElmer, Inc.		497,257		62,699,135
Pfizer, Inc.		2,274,083		76,159,040
STERIS PLC		392,713		68,646,232
Thermo Fisher Scientific, Inc.		153,523		69,097,632
Waters Corp.(b)		248,327		68,011,799
West Pharmaceutical Services, Inc.		243,293		68,280,180
Zoetis, Inc.		444,680		69,032,123
				1,610,663,846
Industrials-14.49%
3M Co.		408,670		71,541,770
A.O. Smith Corp.		1,183,152		70,243,734
C.H. Robinson Worldwide, Inc.		920,306		83,609,800
Expeditors International of Washington, Inc.		901,632		82,805,883
Fastenal Co.		1,502,463		69,669,209
General Dynamics Corp.		425,839		69,611,901
IDEX Corp.		362,899		70,826,998
Lockheed Martin Corp.		198,059		65,408,985
Northrop Grumman Corp.		233,583		68,126,818
PACCAR, Inc.		744,493		67,741,418
Republic Services, Inc.		884,386		78,789,949
Rollins, Inc.		1,893,449		62,805,703
United Parcel Service, Inc., Class B		411,906		65,011,124
Verisk Analytics, Inc.		378,601		62,033,774
Waste Management, Inc.		705,050		78,182,995
				1,066,410,061
Information Technology-8.48%
Akamai Technologies, Inc.(b)		681,442		64,396,269
Amphenol Corp., Class A		520,574		65,425,741
Broadridge Financial Solutions, Inc.		528,976		75,373,790
F5 Networks, Inc.(b)		328,603		62,427,998
Jack Henry & Associates, Inc.		470,860		69,894,459
Juniper Networks, Inc.		2,898,343		67,473,425
Oracle Corp.		1,095,230		70,653,287
Tyler Technologies, Inc.(b)		176,741		81,905,314
VeriSign, Inc.(b)		344,673		66,876,902
				624,427,185
Materials-1.85%
Ball Corp.		788,983		67,371,258
Linde PLC (United Kingdom)		281,031		68,647,443
				136,018,701

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

35

Invesco S&P 500^® Low Volatility ETF (SPLV)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Real Estate-1.84%
Equinix, Inc.		91,137	$	59,087,763
Public Storage		326,811		76,454,165
				135,541,928
Utilities-4.53%
Alliant Energy Corp.		1,468,305		67,776,959
American Electric Power Co., Inc.		910,255		68,132,587
CMS Energy Corp.		1,260,640		68,213,230
Public Service Enterprise Group, Inc.		1,161,763		62,537,702
Xcel Energy, Inc.		1,137,859		66,667,159
				333,327,637
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $7,174,927,533)				7,355,500,427

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.00%
Invesco Private Government Fund, 0.01%(d)(e)(f)		27,576	$	27,576
Invesco Private Prime Fund, 0.11%(d)(e)(f)		41,347		41,364
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $68,940)				68,940
TOTAL INVESTMENTS IN SECURITIES-99.93% (Cost $7,174,996,473)				7,355,569,367
OTHER ASSETS LESS LIABILITIES-0.07%				5,263,627
NET ASSETS-100.00%			$	7,360,832,994

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2021.

^(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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	72,240,859		$	(72,240,859	)		$	-		$	-		$	-		$	460
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			11,814,145			(11,814,145	)			-			-			-			41
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			36,058			(8,482	)			-			-			27,576			-
Invesco Private Prime Fund			-			44,910			(3,546	)			-			-			41,364			-
Total		$	-		$	84,135,972		$	(84,067,032	)		$	-		$	-		$	68,940		$	501

^(e)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

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

36

Invesco S&P 500^® Low Volatility ETF (SPLV)–(continued)

February 28, 2021

(Unaudited)

  Portfolio Composition

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

  as of February 28, 2021

Consumer Staples	25.65
Health Care	21.88
Industrials	14.49
Information Technology	8.48
Communication Services	7.42
Financials	7.01
Consumer Discretionary	6.78
Utilities	4.53
Sector Types Each Less Than 3%	3.69
Money Market Funds Plus Other Assets Less Liabilities	0.07

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

37

Invesco S&P 500 Minimum Variance ETF (SPMV)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.81%
Communication Services-4.55%
Alphabet, Inc., Class C(b)		4	$	8,147
AT&T, Inc.		2,240		62,474
Lumen Technologies, Inc.		446		5,481
Verizon Communications, Inc.		1,343		74,268
				150,370
Consumer Discretionary-11.08%
Amazon.com, Inc.(b)		26		80,416
Home Depot, Inc. (The)		171		44,176
McDonald’s Corp.		358		73,798
NIKE,Inc.,Class B		599		80,733
Starbucks Corp.		220		23,767
TJX Cos., Inc. (The)		962		63,483
				366,373
Consumer Staples-10.56%
Campbell Soup Co.		176		8,004
Clorox Co. (The)		132		23,899
Coca-Cola Co. (The)		637		31,207
Colgate-Palmolive Co.		661		49,707
Conagra Brands, Inc.		888		30,130
General Mills, Inc.		936		51,489
Hershey Co. (The)		46		6,700
Hormel Foods Corp.		596		27,636
JM Smucker Co. (The)		263		29,456
Kellogg Co.		228		13,158
Kimberly-Clark Corp.		93		11,935
McCormick & Co., Inc.		332		27,981
Monster Beverage Corp.(b)		90		7,897
Procter & Gamble Co. (The)		244		30,141
				349,340
Energy-1.00%
Exxon Mobil Corp.		612		33,274
Financials-12.32%
Aon PLC, Class A		259		58,977
Bank of America Corp.		726		25,199
Berkshire Hathaway, Inc., Class B(b)		368		88,508
Chubb Ltd.		514		83,566
JPMorgan Chase & Co.		37		5,445
Marsh & McLennan Cos., Inc.		557		64,178
Progressive Corp. (The)		842		72,370
Travelers Cos., Inc. (The)		65		9,457
				407,700
Health Care-15.49%
Becton, Dickinson and Co.		18		4,341
Bristol-Myers Squibb Co.		46		2,821
Cerner Corp.		413		28,555
Cigna Corp.		204		42,820
CVS Health Corp.		1,165		79,371
Gilead Sciences, Inc.		26		1,596
Humana, Inc.		17		6,454
Intuitive Surgical, Inc.(b)		13		9,578
Johnson & Johnson		383		60,690
Laboratory Corp. of America Holdings(b)		113		27,110
Medtronic PLC		499		58,368
Merck & Co., Inc.		884		64,196

	Shares		Value
Health Care-(continued)
Quest Diagnostics, Inc.		162	$	18,726
Stryker Corp.		111		26,939
UnitedHealth Group, Inc.		243		80,729
				512,294
Industrials-3.49%
Republic Services, Inc.		439		39,111
Rollins, Inc.		466		15,457
Waste Management, Inc.		548		60,768
				115,336
Information Technology-25.70%
Accenture PLC, Class A		342		85,808
Adobe, Inc.(b)		170		78,144
Advanced Micro Devices, Inc.(b)		85		7,183
Analog Devices, Inc.		87		13,556
Apple, Inc.		478		57,962
Applied Materials, Inc.		49		5,791
Automatic Data Processing, Inc.		131		22,797
Cisco Systems, Inc.		356		15,974
Citrix Systems, Inc.		194		25,915
Cognizant Technology Solutions Corp., Class A		474		34,830
Global Payments, Inc.		174		34,450
Intel Corp.		955		58,045
Intuit, Inc.		148		57,741
Micron Technology, Inc.(b)		36		3,295
Microsoft Corp.		393		91,325
NVIDIA Corp.		28		15,360
Oracle Corp.		170		10,967
QUALCOMM, Inc.		594		80,897
salesforce.com, inc.(b)		28		6,062
Texas Instruments, Inc.		468		80,622
Tyler Technologies, Inc.(b)		39		18,073
VeriSign, Inc.(b)		84		16,299
Visa, Inc., Class A		136		28,885
				849,981
Materials-2.62%
Corteva, Inc.		511		23,072
Newmont Corp.		1,171		63,679
				86,751
Real Estate-5.54%
American Tower Corp.		321		69,378
Crown Castle International Corp.		316		49,217
Digital Realty Trust, Inc.		188		25,329
Prologis, Inc.		218		21,597
Public Storage.		76		17,780
				183,301
Utilities-7.46%
Ameren Corp.		126		8,854
American Electric Power Co., Inc.		69		5,165
Consolidated Edison, Inc.		41		2,692
Dominion Energy, Inc.		350		23,912
DTE Energy Co.		24		2,825
Duke Energy Corp.		108		9,244
Eversource Energy		172		13,670
NextEra Energy, Inc.		852		62,605
Public Service Enterprise Group, Inc.		817		43,979

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

38

Invesco S&P 500 Minimum Variance ETF (SPMV)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Utilities-(continued)
Sempra Energy		35	$	4,059
Southern Co. (The)		922		52,296
WEC Energy Group, Inc.		56		4,516
Xcel Energy, Inc.		221		12,948
				246,765
Total Common Stocks & Other Equity Interests (Cost $3,074,048)				3,301,485
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d) (Cost $2,133)		2,133		2,133
TOTAL INVESTMENTS IN SECURITIES-99.87% (Cost $3,076,181)				3,303,618
OTHER ASSETS LESS LIABILITIES-0.13%				4,177
NET ASSETS-100.00%			$	3,307,795

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)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	45,904		$	(43,771	)		$	-		$	-		$	2,133		$	-
Invesco Premier U.S. Government Money Portfolio, Institutional Class			3,000			7,702			(10,702	)			-			-			-			-
Total		$	3,000		$	53,606		$	(54,473	)		$	-		$	-		$	2,133		$	-

^(d)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

39

Invesco S&P 500 Minimum Variance ETF (SPMV)–(continued)

February 28, 2021

(Unaudited)

  Portfolio Composition

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

  as of February 28, 2021

Information Technology	25.70
Health Care	15.49
Financials	12.32
Consumer Discretionary	11.08
Consumer Staples	10.56
Utilities	7.46
Real Estate	5.54
Communication Services	4.55
Industrials	3.49
Sector Types Each Less Than 3%	3.62
Money Market Funds Plus Other Assets Less Liabilities	0.19

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

40

Invesco S&P 500 Momentum ETF (SPMO)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-12.00%
Activision Blizzard, Inc.		8,514	$	814,024
Charter Communications, Inc., Class A(b)		1,450		889,459
Electronic Arts, Inc.		2,784		372,973
Facebook, Inc., Class A(b)		14,310		3,686,542
Netflix, Inc.(b)		3,597		1,938,243
Take-Two Interactive Software, Inc.(b)		722		133,180
T-Mobile US, Inc.(b)		3,887		466,323
				8,300,744
Consumer Discretionary-15.05%
Amazon.com, Inc.(b)		1,806		5,585,832
Chipotle Mexican Grill, Inc.(b)		196		282,632
D.R. Horton, Inc.		2,116		162,657
Dollar General Corp.		2,210		417,668
Domino’s Pizza, Inc.		352		121,971
eBay, Inc.		4,912		277,135
Garmin Ltd.		908		112,610
Home Depot, Inc. (The)		5,881		1,519,297
Lennar Corp., Class A		1,742		144,534
Lowe’s Cos., Inc.		5,465		873,034
PulteGroup, Inc.		1,466		66,131
Target Corp.		3,946		723,854
Tractor Supply Co.		760		120,810
				10,408,165
Consumer Staples-3.04%
Brown-Forman Corp., Class B		1,066		76,304
Campbell Soup Co.		1,089		49,528
Church & Dwight Co., Inc.		1,672		131,670
Clorox Co. (The)		1,304		236,089
Conagra Brands, Inc.		3,101		105,217
Costco Wholesale Corp.		2,515		832,465
General Mills, Inc.		3,734		205,407
Hormel Foods Corp.		1,857		86,109
Kellogg Co.		1,459		84,199
Kroger Co. (The)		9,137		294,303
				2,101,291
Financials-1.97%
MarketAxess Holdings, Inc.		295		164,002
Moody’s Corp.		893		245,477
MSCI, Inc.		707		293,066
Nasdaq, Inc.		785		108,558
S&P Global, Inc.		1,685		554,971
				1,366,074
Health Care-17.69%
AbbVie, Inc.		16,870		1,817,574
Agilent Technologies, Inc.		2,318		282,958
Amgen, Inc.		4,070		915,424
Bio-Rad Laboratories, Inc., Class A(b)		224		130,928
Bristol-Myers Squibb Co.		19,328		1,185,386
Danaher Corp.		5,671		1,245,748
DaVita, Inc.(b)		615		62,810
DexCom, Inc.(b)		1,210		481,314
Eli Lilly and Co.		6,262		1,283,021
Hologic, Inc.(b)		1,652		119,093
IDEXX Laboratories, Inc.(b)		620		322,505

	Shares		Value
Health Care-(continued)
Intuitive Surgical, Inc.(b)		678	$	499,550
PerkinElmer, Inc.		848		106,924
Quest Diagnostics, Inc.		773		89,351
Regeneron Pharmaceuticals, Inc.(b)		1,317		593,401
ResMed, Inc.		1,196		230,565
Thermo Fisher Scientific, Inc.		3,546		1,595,984
Vertex Pharmaceuticals, Inc.(b)		2,552		542,428
West Pharmaceutical Services, Inc.		924		259,321
Zoetis, Inc.		3,037		471,464
				12,235,749
Industrials-2.26%
Fastenal Co.		5,013		232,453
Fortune Brands Home & Security, Inc.		816		67,842
IHS Markit Ltd.		1,962		176,894
J.B. Hunt Transport Services, Inc.		478		70,204
Kansas City Southern		587		124,644
Masco Corp.		1,909		101,597
Old Dominion Freight Line, Inc.		943		202,528
PACCAR, Inc.		2,072		188,531
Rockwell Automation, Inc.		704		171,269
Rollins, Inc.		2,267		75,197
Verisk Analytics, Inc.		911		149,267
				1,560,426
Information Technology-40.45%
Adobe, Inc.(b)		3,671		1,687,449
Advanced Micro Devices, Inc.(b)		14,773		1,248,466
Akamai Technologies, Inc.(b)		973		91,949
ANSYS, Inc.(b)		686		233,919
Apple, Inc.		48,326		5,860,011
Autodesk, Inc.(b)		1,606		443,256
Cadence Design Systems, Inc.(b)		2,087		294,455
Citrix Systems, Inc.		1,115		148,942
Fortinet, Inc.(b)		1,173		198,061
Jack Henry & Associates, Inc.		485		71,993
KLA Corp.		1,010		314,342
Lam Research Corp.		1,261		715,227
Microsoft Corp.		27,655		6,426,469
NortonLifeLock, Inc.		7,266		141,760
NVIDIA Corp.		7,738		4,244,912
PayPal Holdings, Inc.(b)		11,677		3,034,268
Qorvo, Inc.(b)		981		171,410
QUALCOMM, Inc.		7,979		1,086,660
ServiceNow, Inc.(b)		1,536		819,395
Skyworks Solutions, Inc.		1,475		262,284
Synopsys, Inc.(b)		1,242		304,551
Tyler Technologies, Inc.(b)		396		183,514
				27,983,293
Materials-2.44%
Air Products and Chemicals, Inc.		1,251		319,781
Linde PLC (United Kingdom)		3,338		815,373
Newmont Corp.		10,119		550,271
				1,685,425
Real Estate-3.32%
American Tower Corp.		2,338		505,312
Crown Castle International Corp.		2,387		371,775

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

41

Invesco S&P 500 Momentum ETF (SPMO)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Real Estate-(continued)
Digital Realty Trust, Inc.		2,033	$	273,906
Equinix, Inc.		838		543,309
Prologis, Inc.		4,468		442,645
SBA Communications Corp., Class A		627		159,967
				2,296,914
Utilities-1.68%
American Water Works Co., Inc.		1,063		150,818
NextEra Energy, Inc.		13,747		1,010,130
				1,160,948
Total Common Stocks & Other Equity Interests (Cost $69,568,000)				69,099,029

	Shares		Value
Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d) (Cost $3,403)		3,403	$	3,403
TOTAL INVESTMENTS IN SECURITIES-99.90% (Cost $69,571,403)				69,102,432
OTHER ASSETS LESS LIABILITIES-0.10%				69,141
NET ASSETS-100.00%			$	69,171,573

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) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money   Market Funds:
Invesco Government & Agency Portfolio,
Institutional Class		$	-		$	504,761		$	(501,358	)		$	-		$	-		$	3,403		$	3
Invesco Premier U.S. Government
Money Portfolio, Institutional Class			-			453,897			(453,897	)			-			-			-			-
Total		$	-		$	958,658		$	(955,255	)		$	-		$	-		$	3,403		$	3

^(d) The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

Portfolio Composition

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

as of February 28, 2021

Information Technology	40.45
Health Care	17.69
Consumer Discretionary	15.05
Communication Services	12.00
Real Estate	3.32
Consumer Staples	3.04
Sector Types Each Less Than 3%	8.35
Money Market Funds Plus Other Assets Less  Liabilities	0.10

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

42

Invesco S&P MidCap Low Volatility ETF (XMLV)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-3.58%
Cable One, Inc.		9,370	$	17,942,145
John Wiley & Sons, Inc., Class A		366,473		19,305,798
New York Times Co. (The), Class A		426,425		21,820,167
				59,068,110
Consumer Discretionary-6.15%
Adtalem Global Education, Inc.(b)		449,830		17,678,319
Gentex Corp.		643,280		22,759,246
Grand Canyon Education, Inc.(b)		211,748		22,167,898
Murphy USA, Inc.		159,873		19,928,170
Service Corp. International		394,079		18,821,213
				101,354,846
Consumer Staples-12.89%
Casey’s General Stores, Inc.		97,834		19,758,555
Flowers Foods, Inc.		1,169,471		25,435,994
Grocery Outlet Holding Corp.(b)		487,519		17,545,809
Hain Celestial Group, Inc. (The)(b)		483,339		20,387,239
Ingredion, Inc.		226,100		20,394,220
Lancaster Colony Corp.		113,890		19,893,166
Post Holdings, Inc.(b)		250,263		24,040,264
Sanderson Farms, Inc.		130,789		19,945,322
Tootsie Roll Industries, Inc.(c)		760,694		23,436,982
TreeHouse Foods, Inc.(b)		431,291		21,573,176
				212,410,727
Financials-10.04%
Brown & Brown, Inc.		531,499		24,395,804
FactSet Research Systems, Inc.		64,701		19,663,281
Hanover Insurance Group, Inc. (The)		176,291		20,335,167
Interactive Brokers Group, Inc., Class A		266,191		19,269,566
Kemper Corp.		247,579		18,721,924
Mercury General Corp.		371,137		21,674,401
RenaissanceRe Holdings Ltd. (Bermuda)		130,049		21,715,582
SEI Investments Co.		351,654		19,692,624
				165,468,349
Health Care-13.52%
Bio-Techne Corp.		58,347		21,103,526
Chemed Corp.		42,054		18,722,861
Encompass Health Corp.		255,678		20,566,738
Globus Medical, Inc., Class A(b)		283,519		17,719,938
Hill-Rom Holdings, Inc.		189,874		20,253,860
ICU Medical, Inc.(b)		103,537		21,483,927
Integra LifeSciences Holdings Corp.(b)		297,812		20,352,472
Jazz Pharmaceuticals PLC(b)		120,240		20,205,130
Masimo Corp.(b)		88,879		22,284,632
Neogen Corp.(b)		218,232		17,877,565
United Therapeutics Corp.(b)		133,416		22,304,487
				222,875,136
Industrials-19.75%
CACI International, Inc., Class A(b)		86,226		19,085,263
Carlisle Cos., Inc.		130,153		18,904,723
Donaldson Co., Inc.		336,916		19,847,722
FTI Consulting, Inc.(b)		188,687		21,614,096
Graco, Inc.		307,609		21,332,684
Hubbell, Inc.		120,433		21,378,062
Knight-Swift Transportation Holdings, Inc.		530,134		22,901,789

	Shares		Value
Industrials-(continued)
Landstar System, Inc.		146,525	$	23,464,514
Lennox International, Inc.		79,916		22,358,099
Lincoln Electric Holdings, Inc.		181,174		21,398,461
MSC Industrial Direct Co., Inc., Class A		260,586		22,444,272
Toro Co. (The)		246,503		24,840,107
Valmont Industries, Inc.		86,089		20,362,631
Watsco, Inc.		92,734		22,543,635
Werner Enterprises, Inc.		535,278		22,974,132
				325,450,190
Information Technology-9.04%
Arrow Electronics, Inc.(b)		182,870		18,334,546
CDK Global, Inc.		413,396		20,727,675
CommVault Systems, Inc.(b)		274,058		17,465,716
j2 Global, Inc.(b)		182,037		20,275,281
MAXIMUS, Inc.		267,964		21,780,114
NetScout Systems, Inc.(b)		607,089		17,132,052
PTC, Inc.(b)		130,940		17,930,924
Qualys, Inc.(b)		158,501		15,399,957
				149,046,265
Materials-10.66%
AptarGroup, Inc.		186,359		24,239,715
Ashland Global Holdings, Inc.		224,667		18,898,988
NewMarket Corp.		63,066		23,900,753
Reliance Steel & Aluminum Co.		156,900		20,742,180
RPM International, Inc.		238,829		19,020,342
Sensient Technologies Corp.		272,632		21,224,401
Silgan Holdings, Inc.		766,177		28,777,608
Sonoco Products Co.		318,398		18,966,969
				175,770,956
Real Estate-8.41%
Camden Property Trust		186,178		19,390,439
CoreSite Realty Corp.		198,458		24,154,323
CyrusOne, Inc.		258,776		16,983,469
First Industrial Realty Trust, Inc.		455,615		19,459,317
Healthcare Realty Trust, Inc.		680,940		19,651,928
Life Storage, Inc.		245,847		20,626,563
Rexford Industrial Realty, Inc.		385,389		18,390,763
				138,656,802
Utilities-5.92%
Essential Utilities, Inc.		382,223		16,076,299
Hawaiian Electric Industries, Inc.		547,555		19,142,523
IDACORP, Inc.		242,560		20,918,375
National Fuel Gas Co.		499,108		22,679,468
OGE Energy Corp.		641,816		18,785,954
				97,602,619
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $1,460,255,381)				1,647,704,000

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

43

Invesco S&P MidCap Low Volatility ETF (XMLV)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.38%
Invesco Private Government Fund, 0.01%(d)(e)(f)		9,116,887	$	9,116,887
Invesco Private Prime Fund, 0.11%(d)(e)(f)		13,669,863		13,675,331
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $22,792,196)				22,792,218
TOTAL INVESTMENTS IN SECURITIES-101.34% (Cost $1,483,047,577)				1,670,496,218
OTHER ASSETS LESS LIABILITIES-(1.34)%				(22,151,803	)
NET ASSETS-100.00%			$	1,648,344,415

Notes to Schedule of Investments:

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

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at February 28, 2021.

^(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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated  Money Market Funds:
Invesco Government & Agency Portfolio,  Institutional Class		$	-		$	17,479,042		$	(17,479,042	)		$	-		$	-		$	-		$	102
Invesco Premier U.S. Government Money  Portfolio, Institutional Class			485,395			7,346,063			(7,831,458	)			-			-			-			9
Investments Purchased with Cash  Collateral from Securities on Loan:
Invesco Private Government Fund			28,769,050			41,636,911			(61,289,074	)			-			-			9,116,887			2,435	*
Invesco Private Prime Fund			9,589,952			56,380,640			(52,299,122	)			23			3,838			13,675,331			10,476	*
Total		$	38,844,397		$	122,842,656		$	(138,898,696	)		$	23		$	3,838		$	22,792,218		$	13,022

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

^(e) The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

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

44

Invesco S&P MidCap Low Volatility ETF (XMLV)–(continued)

February 28, 2021

(Unaudited)

 Portfolio Composition

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

 as of February 28, 2021

Industrials	19.75
Health Care	13.52
Consumer Staples	12.89
Materials	10.66
Financials	10.04
Information Technology	9.04
Real Estate	8.41
Consumer Discretionary	6.15
Utilities	5.92
Communication Services	3.58
Money Market Funds Plus Other Assets Less Liabilities	0.04

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

45

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Communication Services-4.82%
Cogent Communications Holdings, Inc.		6,833	$	408,955
Scholastic Corp.		8,108		233,510
Spok Holdings, Inc.		32,817		351,798
				994,263
Consumer Discretionary-9.46%
Buckle, Inc. (The)		8,238		316,669
Ethan Allen Interiors, Inc.		16,167		414,199
Haverty Furniture Cos., Inc., (Acquired
07/31/2020; Cost $106,533)(b)		7,487		270,805
M.D.C. Holdings, Inc.		4,636		262,258
PetMed Express, Inc.		10,134		351,751
Rent-A-Center, Inc.		5,812		335,701
				1,951,383
Consumer Staples-15.32%
Andersons, Inc. (The)		10,219		267,125
B&G Foods, Inc.(c)		19,495		591,283
Calavo Growers, Inc.		2,023		152,231
Fresh Del Monte Produce, Inc.		4,686		120,618
J&J Snack Foods Corp.		875		138,915
Medifast, Inc.		942		238,316
SpartanNash Co.		22,004		401,133
Universal Corp.		11,641		591,595
Vector Group Ltd.		48,175		657,589
				3,158,805
Financials-5.58%
KKR Real Estate Finance Trust, Inc.		32,744		603,472
Northwest Bancshares, Inc.		38,775		547,503
				1,150,975
Health Care-1.90%
Luminex Corp.		5,061		164,584
Phibro Animal Health Corp., Class A		10,509		226,679
				391,263
Industrials-11.44%
Deluxe Corp.		10,888		430,403
Greenbrier Cos., Inc. (The)		7,280		342,524
Hillenbrand, Inc.		4,372		203,123
ManTech International Corp., Class A		1,283		100,279
Matthews International Corp., Class A		8,215		293,276
Park Aerospace Corp.		18,860		261,965
Powell Industries, Inc.		10,386		323,316
Resources Connection, Inc.		31,785		405,577
				2,360,463
Information Technology-7.28%
ADTRAN, Inc.		12,577		211,797
Benchmark Electronics, Inc.		7,901		224,388
Comtech Telecommunications Corp.		7,321		196,789
CSG Systems International, Inc.		4,116		189,953
Kulicke & Soffa Industries, Inc. (Singapore)		3,743		186,626
NIC, Inc.		4,232		146,893

	Shares		Value
Information Technology-(continued)
Progress Software Corp.		3,192	$	135,788
Xperi Holding Corp.		9,904		208,974
				1,501,208
Materials-12.83%
Glatfelter Corp.		16,103		258,453
Haynes International, Inc.		13,972		390,238
Kaiser Aluminum Corp.		2,459		280,572
Mercer International, Inc. (Germany)		24,426		375,428
Neenah, Inc.		5,673		313,830
Schweitzer-Mauduit International, Inc., Class A		9,536		445,331
Tredegar Corp.		16,576		252,618
Trinseo S.A		5,095		329,698
				2,646,168
Real Estate-22.66%
Brandywine Realty Trust.		50,571		618,483
Franklin Street Properties Corp.		125,648		623,214
GEO Group, Inc. (The)(c)		70,046		504,331
Global Net Lease, Inc.		34,515		641,289
Industrial Logistics Properties Trust		22,962		488,402
LTC Properties, Inc.		13,168		538,703
Office Properties Income Trust		23,827		602,585
Saul Centers, Inc.		18,572		657,820
				4,674,827
Utilities-8.70%
American States Water Co.		1,808		132,075
Avista Corp.		9,435		379,381
California Water Service Group		2,615		143,694
Chesapeake Utilities Corp.		1,396		147,599
Northwest Natural Holding Co.		8,662		415,689
South Jersey Industries, Inc.		22,941		576,049
				1,794,487
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $18,547,859)				20,623,842
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.66%
Invesco Private Government Fund, 0.01%(d)(e)(f)		467,037		467,037
Invesco Private Prime Fund, 0.11%(d)(e)(f)		700,275		700,555
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,167,592)				1,167,592
TOTAL INVESTMENTS IN SECURITIES-105.65% (Cost $19,715,451)				21,791,434
OTHER ASSETS LESS LIABILITIES-(5.65)%				(1,165,071	)
NET ASSETS-100.00%			$	20,626,363

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

46

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)–(continued)

February 28, 2021

(Unaudited)

Notes to Schedule of Investments:

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

^(b) Restricted security. The value of this security at February 28, 2021 represented 1.31% of the Fund’s Net Assets. (c) All or a portion of this security was out on loan at February 28, 2021.

^(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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	443,998		$	(443,998	)		$	-		$	-		$	-		$	1
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			64,526			(64,526	)			-			-			-			-
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			553,367			3,022,118			(3,108,448	)			-			-			467,037			60	*
Invesco Private Prime Fund			184,465			3,731,108			(3,215,090	)			-			72			700,555			263	*
Total		$	737,832		$	7,261,750		$	(6,832,062	)		$	-		$	72		$	1,167,592		$	324

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

^(e) The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

 Portfolio Composition

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

 as of February 28, 2021

Real Estate	22.66
Consumer Staples	15.32
Materials	12.83
Industrials	11.44
Consumer Discretionary	9.46
Utilities	8.70
Information Technology	7.28
Financials	5.58
Communication Services	4.82
Health Care	1.90
Money Market Funds Plus Other Assets Less Liabilities	0.01

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

47

Invesco S&P SmallCap Low Volatility ETF (XSLV)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.87%
Communication Services-3.01%
Cogent Communications Holdings, Inc.		206,171	$	12,339,334
Scholastic Corp.		404,900		11,661,120
Shenandoah Telecommunications Co.		251,607		11,158,770
TechTarget, Inc.(b)		118,055		9,872,940
				45,032,164
Consumer Discretionary-5.17%
Core-Mark Holding Co., Inc.		360,619		11,748,967
Dorman Products, Inc.(b)		127,764		12,739,348
Gentherm, Inc.(b)		180,707		12,792,249
Shutterstock, Inc.		163,551		14,430,105
Standard Motor Products, Inc.		289,686		12,169,709
Sturm Ruger & Co., Inc.		198,325		13,525,765
				77,406,143
Consumer Staples-9.73%
Calavo Growers, Inc.		154,412		11,619,503
Cal-Maine Foods, Inc.(b)		406,856		15,501,214
Central Garden & Pet Co., Class A(b)		346,418		14,379,811
Coca-Cola Consolidated, Inc.		44,560		11,436,770
J&J Snack Foods Corp.		71,378		11,331,971
John B. Sanfilippo & Son, Inc.		180,257		15,585,020
MGP Ingredients, Inc.		170,059		10,863,369
PriceSmart, Inc.		138,523		13,360,543
Universal Corp.		313,363		15,925,108
Vector Group Ltd.		937,640		12,798,786
WD-40 Co.		41,423		12,913,620
				145,715,715
Financials-14.20%
AMERISAFE, Inc.		228,748		13,386,333
Capitol Federal Financial, Inc.		1,054,410		14,034,197
City Holding Co.		170,970		12,858,654
Community Bank System, Inc.		168,105		11,967,395
CVB Financial Corp.		540,905		11,580,776
Employers Holdings, Inc.		426,169		14,187,166
HCI Group, Inc.		209,411		12,118,615
Horace Mann Educators Corp.		309,758		11,938,073
James River Group Holdings Ltd.		228,042		10,469,408
National Bank Holdings Corp., Class A		318,757		12,351,834
NBT Bancorp, Inc.		328,300		11,894,309
Northwest Bancshares, Inc.		896,323		12,656,081
Old National Bancorp.		641,810		11,636,015
Safety Insurance Group, Inc.		182,322		14,418,024
SiriusPoint Ltd. (Bermuda)(b)		1,148,969		11,730,973
Southside Bancshares, Inc.		341,978		11,825,599
Westamerica Bancorporation		225,814		13,573,680
				212,627,132
Health Care-11.50%
Amphastar Pharmaceuticals, Inc.(b)		755,279		13,240,041
Cardiovascular Systems, Inc.(b)		265,665		10,971,964
Eagle Pharmaceuticals, Inc.(b)		259,661		11,554,914
Enanta Pharmaceuticals, Inc.(b)		219,671		10,834,174
HealthStream, Inc.(b)		543,194		12,656,420
HMS Holdings Corp.(b)		395,907		14,563,439
Innoviva, Inc.(b)		883,902		10,103,000
Luminex Corp.		402,551		13,090,959

	Shares		Value
Health Care-(continued)
Mesa Laboratories, Inc.		52,430	$	14,256,241
Natus Medical, Inc.(b)		418,433		10,841,599
Omnicell, Inc.(b)		95,958		12,177,070
Orthofix Medical, Inc.(b)		278,084		12,933,687
Pacira BioSciences, Inc.(b)		147,334		10,829,049
Prestige Consumer Healthcare, Inc.(b)		335,997		14,014,435
				172,066,992
Industrials-20.34%
AAON, Inc.		147,372		11,362,381
Alamo Group, Inc.		81,170		12,388,977
Astec Industries, Inc.		176,874		12,013,282
Brady Corp., Class A		249,296		13,065,603
Encore Wire Corp.		204,077		13,373,166
ESCO Technologies, Inc.		120,509		12,734,186
Exponent, Inc.		157,929		15,235,411
Federal Signal Corp.		382,296		13,919,397
Forward Air Corp.		153,043		13,126,498
Franklin Electric Co., Inc.		153,967		11,556,763
Heartland Express, Inc.		897,468		16,333,918
Heidrick & Struggles International, Inc.		334,135		11,992,105
Hub Group, Inc., Class A(b)		246,688		14,204,295
Lindsay Corp.		80,056		12,828,974
ManTech International Corp., Class A		134,054		10,477,661
Marten Transport Ltd.		653,512		10,573,824
National Presto Industries, Inc.		147,706		15,114,755
Park Aerospace Corp.(c)		934,338		12,977,955
Resources Connection, Inc.		943,121		12,034,224
Saia, Inc.(b)		55,303		11,089,911
Tennant Co.		148,721		11,332,540
UniFirst Corp.		55,861		13,534,562
US Ecology, Inc.(b)		292,731		11,185,251
Watts Water Technologies, Inc., Class A		104,939		11,972,490
				304,428,129
Information Technology-22.37%
Alarm.com Holdings, Inc.(b)		109,702		9,640,612
Badger Meter, Inc.(d)		111,617		12,120,490
Bottomline Technologies (DE), Inc.(b)		246,473		11,061,708
CSG Systems International, Inc.		369,751		17,064,009
CTS Corp.		344,980		11,098,007
Diodes, Inc.(b)		146,284		11,486,220
DSP Group, Inc.(b)		817,841		12,733,784
ePlus, Inc.(b)		119,417		11,292,072
EVERTEC, Inc.		324,881		12,637,871
Fabrinet (Thailand)(b)		156,417		13,816,314
FARO Technologies, Inc.(b)		150,473		14,063,207
Insight Enterprises, Inc.(b)		132,128		11,044,580
Knowles Corp.(b)		628,245		13,061,214
Methode Electronics, Inc.		289,110		11,255,052
NIC, Inc.		477,776		16,583,605
OSI Systems, Inc.(b)		157,215		14,875,683
PC Connection, Inc.		213,120		9,805,651
Plexus Corp.(b)		139,727		11,734,273
Power Integrations, Inc.		125,170		11,061,273
Progress Software Corp.		361,747		15,388,717
Rambus, Inc.(b)		575,683		12,077,829
Sanmina Corp.(b)		318,750		11,353,875
SPS Commerce, Inc.(b)		121,910		12,279,994

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

48

Invesco S&P SmallCap Low Volatility ETF (XSLV)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Information Technology-(continued)
Sykes Enterprises, Inc.(b)		285,884	$	11,681,220
TTEC Holdings, Inc.		133,002		11,190,788
TTM Technologies, Inc.(b)		863,061		12,186,421
Viavi Solutions, Inc.(b)		762,949		12,348,330
				334,942,799
Materials-3.21%
Balchem Corp.		122,348		14,603,457
H.B. Fuller Co.		196,528		11,019,325
Neenah, Inc.		196,064		10,846,261
Stepan Co.		95,883		11,572,119
				48,041,162
Real Estate-6.50%
Agree Realty Corp.		191,453		12,360,206
Centerspace		165,253		11,341,313
Easterly Government Properties, Inc.		652,821		14,349,005
Industrial Logistics Properties Trust		551,506		11,730,533
Lexington Realty Trust		1,250,022		13,400,236
National Storage Affiliates Trust		318,754		12,287,967
St. Joe Co. (The)		214,417		10,791,608
Washington REIT		491,172		11,061,193
				97,322,061
Utilities-3.84%
American States Water Co.		146,329		10,689,334
Avista Corp.		299,410		12,039,276

	Shares		Value
Utilities-(continued)
California Water Service Group		198,982	$	10,934,061
Chesapeake Utilities Corp.		113,859		12,038,312
South Jersey Industries, Inc.		471,174		11,831,179
				57,532,162
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.87% (Cost $1,317,986,672)				1,495,114,459
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.51%
Invesco Private Government Fund, 0.01%(c)(e)(f)		3,001,213		3,001,213
Invesco Private Prime Fund, 0.11%(c)(e)(f)		4,548,893		4,550,712
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,551,925)				7,551,925
TOTAL INVESTMENTS IN SECURITIES-100.38% (Cost $1,325,538,597)				1,502,666,384
OTHER ASSETS LESS LIABILITIES-(0.38)%				(5,629,572	)
NET ASSETS-100.00%			$	1,497,036,812

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b) Non-income producing security.

^(c) Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	23,751,313		$	(23,751,313	)		$	-		$	-		$	-		$	92
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			8,100,665			(8,100,665	)			-			-			-			7
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			10,435,290			88,409,733			(95,843,810	)			-			-			3,001,213			1,209	*
Invesco Private Prime Fund			3,478,558			80,953,274			(79,882,728	)			-			1,608			4,550,712			5,983	*

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

49

Invesco S&P SmallCap Low Volatility ETF (XSLV)–(continued)

February 28, 2021

(Unaudited)

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Other Affiliates:
Park Aerospace Corp.**		$	13,904,631		$	3,244,664		$	(7,259,131	)		$	2,560,083		$	527,708		$	12,977,955		$	219,029
Total		$	27,818,479		$	204,459,649		$	(214,837,647	)		$	2,560,083		$	529,316		$	20,529,880		$	226,320

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

** As of February 28, 2021, this security was not considered as an affiliate of the Fund.

^(d) All or a portion of this security was out on loan at February 28, 2021.

^(e) The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

 Portfolio Composition

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

 as of February 28, 2021

Information Technology	22.37
Industrials	20.34
Financials	14.20
Health Care	11.50
Consumer Staples	9.73
Real Estate	6.50
Consumer Discretionary	5.17
Utilities	3.84
Materials	3.21
Communication Services	3.01
Money Market Funds Plus Other Assets Less Liabilities	0.13

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

50

Invesco S&P SmallCap Quality ETF (XSHQ)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.85%
Communication Services-0.48%
QuinStreet, Inc.(b)		7,951	$	189,949
Consumer Discretionary-11.48%
American Public Education, Inc.(b)		2,655		78,163
Cavco Industries, Inc.(b)		1,534		323,536
Dorman Products, Inc.(b)		4,912		489,775
Gentherm, Inc.(b)		5,807		411,078
iRobot Corp.(b)		5,135		637,305
MarineMax, Inc.(b)		5,061		225,974
Meritage Homes Corp.(b)		7,461		629,037
Perdoceo Education Corp.(b)		11,356		146,152
PetMed Express, Inc.(c)		4,944		171,606
Stamps.com, Inc.(b)		3,263		593,638
Sturm Ruger & Co., Inc.		3,372		229,970
Unifi, Inc.(b)		2,609		65,042
Universal Electronics, Inc.(b)		2,632		153,156
Vista Outdoor, Inc.(b)		11,880		375,527
				4,529,959
Consumer Staples-6.02%
Cal-Maine Foods, Inc.(b)		6,966		265,404
Inter Parfums, Inc.		2,970		217,315
J&J Snack Foods Corp.		2,501		397,059
John B. Sanfilippo & Son, Inc.		1,672		144,561
National Beverage Corp.(c)		5,076		241,922
Seneca Foods Corp., Class A(b)		1,293		70,417
USANA Health Sciences, Inc.(b)		2,823		274,000
WD-40 Co.		2,445		762,229
				2,372,907
Energy-1.62%
Helmerich & Payne, Inc.		18,558		533,172
QEP Resources, Inc.		30,364		104,452
				637,624
Financials-24.49%
Allegiance Bancshares, Inc.		3,747		141,075
American Equity Investment Life Holding Co.		16,821		464,764
AMERISAFE, Inc.		3,620		211,842
Assured Guaranty Ltd.		14,057		621,601
Axos Financial, Inc.(b)		11,138		515,355
Banner Corp.		5,599		289,916
Boston Private Financial Holdings, Inc.		14,751		202,974
City Holding Co.		2,774		208,633
Community Bank System, Inc.		9,101		647,900
CVB Financial Corp.		23,452		502,107
Employers Holdings, Inc.		4,812		160,191
First Commonwealth Financial Corp.		18,467		247,642
Green Dot Corp., Class A(b)		11,691		552,517
HCI Group, Inc.		1,405		81,307
Heritage Financial Corp.		6,292		162,900
HomeStreet, Inc.		4,493		193,019
Hope Bancorp, Inc.		20,999		276,347
Meta Financial Group, Inc.		8,056		356,800
National Bank Holdings Corp., Class A		5,488		212,660
NBT Bancorp, Inc.		7,395		267,921
OFG Bancorp.		11,197		216,214
Pacific Premier Bancorp, Inc.		16,378		660,033
Park National Corp.		2,501		310,124

	Shares		Value
Financials-(continued)
Preferred Bank		2,712	$	157,160
Seacoast Banking Corp. of Florida(b)		9,140		328,583
SiriusPoint Ltd. (Bermuda)(b)		18,113		184,934
Stewart Information Services Corp.		4,179		197,249
Tompkins Financial Corp.		2,427		187,680
United Community Banks, Inc.		15,843		523,770
United Insurance Holdings Corp.		3,740		23,263
Universal Insurance Holdings, Inc.		5,046		75,135
Virtus Investment Partners, Inc.		1,133		284,270
Waddell & Reed Financial, Inc., Class A		7,787		195,376
				9,661,262
Health Care-3.55%
Anika Therapeutics, Inc.(b)		2,679		98,319
Computer Programs & Systems, Inc.		2,232		70,196
Eagle Pharmaceuticals, Inc.(b)		2,289		101,860
Enanta Pharmaceuticals, Inc.(b)		3,158		155,753
Innoviva, Inc.(b)		13,198		150,853
Magellan Health, Inc.(b)		3,967		370,200
ModivCare, Inc.(b)		2,329		298,718
Natus Medical, Inc.(b)		5,916		153,284
				1,399,183
Industrials-26.90%
AAON, Inc.		8,325		641,858
AeroVironment, Inc.(b)		4,202		462,556
Albany International Corp., Class A		5,140		406,317
Arcosa, Inc.		8,696		493,324
Astec Industries, Inc.		4,055		275,416
AZZ, Inc.		4,380		223,774
Barnes Group, Inc.		7,554		395,452
Boise Cascade Co.		6,931		346,134
Brady Corp., Class A		8,254		432,592
Encore Wire Corp.		3,533		231,518
ESCO Technologies, Inc.		5,190		548,427
Exponent, Inc.		9,707		936,434
Franklin Electric Co., Inc.		6,919		519,340
Gibraltar Industries, Inc.(b)		5,966		521,130
Hub Group, Inc., Class A(b)		5,846		336,613
Insteel Industries, Inc.		3,524		108,821
Kaman Corp.		5,611		273,031
Marten Transport Ltd.		10,246		165,780
Mueller Industries, Inc.		10,455		424,891
National Presto Industries, Inc.		980		100,284
Powell Industries, Inc.		1,848		57,528
Proto Labs, Inc.(b)		4,528		659,639
Quanex Building Products Corp.		5,924		144,131
UFP Industries, Inc.		11,412		696,132
UniFirst Corp.		2,710		656,606
Watts Water Technologies, Inc., Class A		4,869		555,504
				10,613,232
Information Technology-19.78%
ADTRAN, Inc.		7,703		129,719
Agilysys, Inc.(b)		3,600		214,524
Badger Meter, Inc.		5,583		606,258
Daktronics, Inc.		6,710		36,301
Diodes, Inc.(b)		7,138		560,476
Fabrinet (Thailand)(b)		6,561		579,533

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

51

Invesco S&P SmallCap Quality ETF (XSHQ)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Information Technology-(continued)
FARO Technologies, Inc.(b)		3,052	$	285,240
FormFactor, Inc.(b)		13,297		603,285
Methode Electronics, Inc.		6,242		243,001
MicroStrategy, Inc., Class A(b)(c)		1,964		1,473,805
Plexus Corp.(b)		5,080		426,618
Rogers Corp.(b)		3,223		584,910
Sanmina Corp.(b)		12,027		428,402
SPS Commerce, Inc.(b)		6,739		678,820
TTM Technologies, Inc.(b)		17,462		246,563
Ultra Clean Holdings, Inc.(b)		6,623		307,175
Xperi Holding Corp.		18,932		399,465
				7,804,095
Materials-3.59%
FutureFuel Corp.		4,617		67,778
Hawkins, Inc.		1,640		102,664
Haynes International, Inc.		1,957		54,659
Innospec, Inc.		4,170		418,876
Myers Industries, Inc.		6,371		141,054
Olympic Steel, Inc.		1,534		27,367
Stepan Co.		3,724		449,449
Warrior Met Coal, Inc.		8,147		156,178
				1,418,025
Real Estate-1.94%
Kite Realty Group Trust		14,436		276,738
LTC Properties, Inc.		6,565		268,574
Office Properties Income Trust		8,670		219,265
				764,577
Total Common Stocks & Other Equity Interests
(Cost $34,098,183)				39,390,813

	Shares		Value
Money Market Funds-0.09%
Invesco Government & Agency Portfolio,
Institutional Class, 0.03%(d)(e)
(Cost $35,281)		35,281	$	35,281
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $34,133,464)				39,426,094
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.51%
Invesco Private Government Fund, 0.01%(d)(e)(f)		238,240		238,240
Invesco Private Prime Fund, 0.11%(d)(e)(f)		357,218		357,361
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $595,601)				595,601
TOTAL INVESTMENTS IN SECURITIES-101.45% (Cost $34,729,065)				40,021,695
OTHER ASSETS LESS LIABILITIES-(1.45)%				(573,790	)
NET ASSETS-100.00%			$	39,447,905

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2021.

^(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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	211,577		$	(176,296	)		$	-		$	-		$	35,281		$	2
Invesco Premier U.S. Government Money Portfolio, Institutional Class			445			15,345			(15,790	)			-			-			-			-
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			49,421			4,508,206			(4,319,387	)			-			-			238,240			19	*
Invesco Private Prime Fund			15,836			6,071,129			(5,729,640	)			-			36			357,361			166	*
Total		$	65,702		$	10,806,257		$	(10,241,113	)		$	-		$	36		$	630,882		$	187

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

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

52

Invesco S&P SmallCap Quality ETF (XSHQ)–(continued)

February 28, 2021

(Unaudited)

^(e)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

 Portfolio Composition

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

 as of February 28, 2021

Industrials	26.90
Financials	24.49
Information Technology	19.78
Consumer Discretionary	11.48
Consumer Staples	6.02
Materials	3.59
Health Care	3.55
Sector Types Each Less Than 3%	4.04
Money Market Funds Plus Other Assets  Less Liabilities	0.15

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

53

Statements of Assets and Liabilities

February 28, 2021

(Unaudited)

	Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)				Invesco Russell 1000 Equal Weight ETF (EQAL)			Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)				Invesco S&P 500 Enhanced Value ETF (SPVU)			Invesco S&P 500®  ex-Rate Sensitive Low Volatility ETF (XRLV)				Invesco S&P 500® High Beta ETF (SPHB)
Assets:
Unaffiliated investments in securities, at value(a)		$	1,618,201			$	610,590,861		$	8,820,569			$	97,180,298		$	46,152,696			$	943,836,888
Affiliated investments in securities, at value			16,428				13,736,875			49,455				220,303			-				34,726,191
Cash			-				-			51				-			-				-
Receivable for:
Dividends			1,962				816,039			10,731				267,414			71,416				1,313,572
Securities lending			3				17,426			3				-			228				2,262
Investments sold			2,777				-			24,405				-			818,689				1,334,830
Fund shares sold			-				16,497,163			-				1,875,852			-				14,716,213
Foreign tax reclaims			-				118			-				-			-				-
Total assets			1,639,371				641,658,482			8,905,214				99,543,867			47,043,029				995,929,956
Liabilities:
Due to custodian			289				457,630			-				125,463			50,054				433,754
Payable for:
Investments purchased			2,800				16,256,554			31,147				1,874,815			-				14,696,039
Collateral upon return of securities loaned			13,132				13,271,974			45,620				9,062			-				25,306,742
Fund shares repurchased			-				-			-				-			824,268				1,336,152
Accrued unitary management fees			361				91,314			2,412				9,637			9,662				144,658
Total liabilities			16,582				30,077,472			79,179				2,018,977			883,984				41,917,345
Net Assets		$	1,622,789			$	611,581,010		$	8,826,035			$	97,524,890		$	46,159,045			$	954,012,611
Net assets consist of:
Shares of beneficial interest		$	6,734,939			$	557,267,167		$	36,480,864			$	96,696,113		$	61,393,893			$	789,274,633
Distributable earnings (loss)			(5,112,150	)			54,313,843			(27,654,829	)			828,777			(15,234,848	)			164,737,978
Net Assets		$	1,622,789			$	611,581,010		$	8,826,035			$	97,524,890		$	46,159,045			$	954,012,611
Shares outstanding (unlimited amount authorized, $0.01 par value)			50,001				14,850,001			250,001				2,620,001			1,120,001				14,280,000
Net asset value		$	32.46			$	41.18		$	35.30			$	37.22		$	41.21			$	66.81
Market price		$	32.62			$	41.19		$	35.29			$	37.25		$	41.20			$	66.80
Unaffiliated investments in securities, at cost		$	1,390,239			$	489,559,579		$	7,905,563			$	88,098,944		$	41,212,501			$	827,631,978
Affiliated investments in securities, at cost		$	15,698			$	13,551,402		$	49,455			$	175,809		$	-			$	32,580,958
(a) Includes securities on loan with an aggregate value of:		$	12,681			$	12,829,659		$	43,734			$	8,854		$	-			$	25,143,682

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

54

Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)			Invesco S&P 500® Low Volatility ETF (SPLV)			Invesco S&P 500 Minimum Variance ETF (SPMV)		Invesco S&P 500 Momentum ETF (SPMO)		Invesco S&P MidCap Low Volatility ETF (XMLV)			Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)			Invesco S&P SmallCap Low Volatility ETF (XSLV)			Invesco S&P SmallCap Quality ETF (XSHQ)
$	2,630,340,797		$	7,355,500,427		$	3,301,485	$	69,099,029	$	1,647,704,000		$	20,623,842		$	1,495,114,459		$	39,390,813
	9,689,690			68,940			2,133		3,403		22,792,218			1,167,592			7,551,925			630,882
	-			-			-		-		-			-			-			-
	12,170,515			11,631,344			4,399		58,772		1,209,277			24,540			2,597,182			30,240
	88			-			-		-		3,856			552			3,834			330
	339,390			186,276,779			-		12,432,879		2,486,741			-			29,924,963			-
	-			11,433,246			-		-		-			-			-			-
	-			-			-		-		-			-			-			-
	2,652,540,480			7,564,910,736			3,308,017		81,594,083		1,674,196,092			21,816,526			1,535,192,363			40,052,265
	9,155,683			5,123,652			-		-		244,751			17,661			366,695			-
	-			11,454,946			-		-		-			-			-			-
	9,689,690			68,940			-		-		22,792,196			1,167,592			7,551,925			595,601
	339,465			185,901,800			-		12,414,695		2,485,441			-			29,937,657			-
	611,679			1,528,404			222		7,815		329,289			4,910			299,274			8,759
	19,796,517			204,077,742			222		12,422,510		25,851,677			1,190,163			38,155,551			604,360
$	2,632,743,963		$	7,360,832,994		$	3,307,795	$	69,171,573	$	1,648,344,415		$	20,626,363		$	1,497,036,812		$	39,447,905
$	3,227,898,066		$	8,462,796,615		$	2,863,602	$	59,010,496	$	1,974,967,148		$	22,613,492		$	1,783,013,554		$	35,747,486
	(595,154,103	)		(1,101,963,621	)		444,193		10,161,077		(326,622,733	)		(1,987,129	)		(285,976,742	)		3,700,419
$	2,632,743,963		$	7,360,832,994		$	3,307,795	$	69,171,573	$	1,648,344,415		$	20,626,363		$	1,497,036,812		$	39,447,905
	67,010,000			135,200,000			100,001		1,330,001		33,160,000			940,001			33,640,000			1,100,001
$	39.29		$	54.44		$	33.08	$	52.01	$	49.71		$	21.94		$	44.50		$	35.86
$	39.29		$	54.44		$	33.32	$	52.02	$	49.69		$	22.07		$	44.47		$	36.06
$	2,600,832,325		$	7,174,927,533		$	3,074,048	$	69,568,000	$	1,460,255,381		$	18,547,859		$	1,317,986,672		$	34,098,183
$	9,689,690		$	68,940		$	2,133	$	3,403	$	22,792,196		$	1,167,592		$	7,551,925		$	630,882
$	9,494,191		$	66,309		$	-	$	-	$	21,489,545		$	1,084,653		$	7,546,462		$	788,134

55

Statements of Operations

For the six months ended February 28, 2021

(Unaudited)

	Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)				Invesco Russell 1000 Equal Weight ETF (EQAL)				Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)				Invesco S&P 500 Enhanced Value ETF (SPVU)				Invesco S&P 500®  ex-Rate Sensitive Low Volatility ETF (XRLV)				Invesco S&P 500® High Beta ETF (SPHB)
Investment income:
Unaffiliated dividend income		$	29,667			$	5,451,410			$	112,624			$	1,182,559			$	469,954			$	4,708,409
Affiliated dividend income			23				7,398				1				3,529				2				147,860
Securities lending income			157				180,201				62				20				3,543				13,083
Foreign withholding tax			(22	)			(2,152	)			-				-				-				-
Total investment income			29,825				5,636,857				112,687				1,186,108				473,499				4,869,352
Expenses:
Unitary management fees			3,755				516,486				15,962				51,952				68,182				565,997
Less: Waivers			(2	)			(190	)			(5	)			(56	)			(10	)			(150	)
Net expenses			3,753				516,296				15,957				51,896				68,172				565,847
Net investment income			26,072				5,120,561				96,730				1,134,212				405,327				4,303,505
Realized and unrealized gain (loss)from:
Net realized gain (loss) from:
Unaffiliated investment securities			25,901				(3,399,747	)			(157,896	)			(2,788,021	)			(434,566	)			(5,987,512	)
Affiliated investment securities			3				(76,079	)			4				(16,533	)			27				131,707
Unaffiliated in-kind redemptions			309,387				7,813,068				720,690				1,366,211				5,048,902				128,409,904
Affiliated in-kind redemptions			371				7,433				-				7,442				-				1,431,538
Net realized gain (loss)			335,662				4,344,675				562,798				(1,430,901	)			4,614,363				123,985,637
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			163,507				102,796,929				85,414				22,515,719				(2,557,873	)			123,441,499
Affiliated investment securities			730				359,912				-				152,498				-				2,322,980
Change in net unrealized appreciation (depreciation)			164,237				103,156,841				85,414				22,668,217				(2,557,873	)			125,764,479
Net realized and unrealized gain (loss)			499,899				107,501,516				648,212				21,237,316				2,056,490				249,750,116
Net increase (decrease) in net assets resulting from operations		$	525,971			$	112,622,077			$	744,942			$	22,371,528			$	2,461,817			$	254,053,621

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

56

Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)			Invesco S&P 500® Low Volatility ETF (SPLV)			Invesco S&P 500 Minimum Variance ETF (SPMV)			Invesco S&P 500 Momentum ETF (SPMO)			Invesco S&P MidCap Low Volatility ETF (XMLV)			Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)			Invesco S&P SmallCap Low Volatility ETF (XSLV)			Invesco S&P SmallCap Quality ETF (XSHQ)
$	60,058,583		$	85,809,019		$	48,559		$	353,617		$	15,136,638		$	603,313		$	14,757,269		$	127,112
	295			501			-			3			111			1			99			2
	30,031			-			-			-			30,534			4,332			47,486			846
	-			-			-			-			-			(1,830	)		-			(68	)
	60,088,909			85,809,520			48,559			353,620			15,167,283			605,816			14,804,854			127,892
	3,735,708			10,475,247			2,228			45,367			2,221,703			32,891			1,874,440			26,802
	(1,685	)		(3,271	)		(2	)		(19	)		(700	)		(9	)		(516	)		(5	)
	3,734,023			10,471,976			2,226			45,348			2,221,003			32,882			1,873,924			26,797
	56,354,886			75,337,544			46,333			308,272			12,946,280			572,934			12,930,930			101,095
	(49,862,382	)		(9,325,388	)		(20,203	)		(529,124	)		(3,634,553	)		52,579			(344,614	)		(24,472	)
	3,092			-			-			-			3,838			72			1,608			36
	96,306,998			628,652,375			270,237			15,852,878			130,735,164			3,419,897			195,260,665			587,333
	-			-			-			-			-			-			-			-
	46,447,708			619,326,987			250,034			15,323,754			127,104,449			3,472,548			194,917,659			562,897
	296,552,854			(661,164,419	)		(126,480	)		(15,954,680	)		93,169,779			2,689,708			154,443,748			5,201,612
	1			-			-			-			23			-			646,475			-
	296,552,855			(661,164,419	)		(126,480	)		(15,954,680	)		93,169,802			2,689,708			155,090,223			5,201,612
	343,000,563			(41,837,432	)		123,554			(630,926	)		220,274,251			6,162,256			350,007,882			5,764,509
$	399,355,449		$	33,500,112		$	169,887		$	(322,654	)	$	233,220,531		$	6,735,190		$	362,938,812		$	5,865,604

57

Statements of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)								Invesco Russell 1000 Equal Weight ETF (EQAL)
	Six Months Ended February 28, 2021				Year Ended August 31, 2020				Six Months Ended February 28, 2021				Year Ended August 31, 2020
Operations:
Net investment income		$	26,072			$	176,625			$	5,120,561			$	9,620,881
Net realized gain (loss)			335,662				(1,712,555	)			4,344,675				(30,545,682	)
Change in net unrealized appreciation (depreciation)			164,237				384,728				103,156,841				29,158,185
Net increase (decrease) in net assets resulting from operations			525,971				(1,151,202	)			112,622,077				8,233,384
Distributions to Shareholders from:
Distributable earnings			(45,734	)			(210,847	)			(4,498,040	)			(10,587,171	)
Shareholder Transactions:
Proceeds from shares sold			-				1,512,476				55,037,887				91,719,158
Value of shares repurchased			(1,595,374	)			(15,435,876	)			(26,920,124	)			(174,958,378	)
Net increase (decrease) in net assets resulting from share transactions			(1,595,374	)			(13,923,400	)			28,117,763				(83,239,220	)
Net increase (decrease) in net assets			(1,115,137	)			(15,285,449	)			136,241,800				(85,593,007	)
Net assets:
Beginning of period			2,737,926				18,023,375				475,339,210				560,932,217
End of period		$	1,622,789			$	2,737,926			$	611,581,010			$	475,339,210
Changes in Shares Outstanding:
Shares sold.			-				50,000				1,400,000				2,800,000
Shares repurchased			(50,000	)			(600,000	)			(750,000	)			(6,400,000	)
Shares outstanding, beginning of period			100,001				650,001				14,200,001				17,800,001
Shares outstanding, end of period.			50,001				100,001				14,850,001				14,200,001

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

58

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)						Invesco S&P 500 Enhanced Value ETF (SPVU)						Invesco S&P 500®  ex-Rate Sensitive Low Volatility ETF (XRLV)						Invesco S&P 500® High Beta ETF (SPHB)
Six Months Ended February 28, 2021			Year Ended August 31, 2020			Six Months Ended February 28, 2021			Year Ended August 31, 2020			Six Months Ended February 28, 2021			Year Ended August 31, 2020			Six Months Ended February 28, 2021			Year Ended August 31, 2020
$	96,730		$	926,404		$	1,134,212		$	2,265,169		$	405,327		$	2,227,356		$	4,303,505		$	2,978,620
	562,798			1,766,357			(1,430,901	)		(1,503,071	)		4,614,363			(865,052	)		123,985,637			(1,813,413	)
	85,414			(7,091,515	)		22,668,217			(11,062,511	)		(2,557,873	)		(5,089,290	)		125,764,479			8,531,706
	744,942			(4,398,754	)		22,371,528			(10,300,413	)		2,461,817			(3,726,986	)		254,053,621			9,696,913
	(135,756	)		(1,429,929	)		(1,112,000	)		(2,147,572	)		(355,999	)		(2,309,005	)		(2,934,968	)		(2,778,271	)
	1,738,363			10,405,627			15,526,765			61,215,380			10,633,740			73,762,467			1,249,408,074			449,772,568
	(3,417,317	)		(105,866,613	)		(8,302,953	)		(39,885,462	)		(35,582,895	)		(165,381,578	)		(677,689,188	)		(416,509,169	)
	(1,678,954	)		(95,460,986	)		7,223,812			21,329,918			(24,949,155	)		(91,619,111	)		571,718,886			33,263,399
	(1,069,768	)		(101,289,669	)		28,483,340			8,881,933			(22,843,337	)		(97,655,102	)		822,837,539			40,182,041
	9,895,803			111,185,472			69,041,550			60,159,617			69,002,382			166,657,484			131,175,072			90,993,031
$	8,826,035		$	9,895,803		$	97,524,890		$	69,041,550		$	46,159,045		$	69,002,382		$	954,012,611		$	131,175,072
	50,000			300,000			470,000			1,900,000			260,000			1,900,000			23,900,000			11,250,000
	(100,000	)		(3,350,000	)		(250,000	)		(1,300,000	)		(890,000	)		(4,450,000	)		(12,620,000	)		(10,500,000	)
	300,001			3,350,001			2,400,001			1,800,001			1,750,001			4,300,001			3,000,000			2,250,000
	250,001			300,001			2,620,001			2,400,001			1,120,001			1,750,001			14,280,000			3,000,000

59

Statements of Changes in Net Assets–(continued)

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	Invesco S&P 500® High Dividend Low  Volatility ETF (SPHD)						Invesco S&P 500® Low Volatility ETF (SPLV)
	Six Months Ended February 28, 2021			Year Ended August 31, 2020			Six Months Ended February 28, 2021			Year Ended August 31, 2020
Operations:
Net investment income	$	56,354,886		$	123,734,093		$	75,337,544		$	252,439,401
Net realized gain (loss)		46,447,708			(442,118,384	)		619,326,987			(388,555,187	)
Change in net unrealized appreciation (depreciation)		296,552,855			(130,835,552	)		(661,164,419	)		(409,441,163	)
Net increase (decrease) in net assets resulting from operations		399,355,449			(449,219,843	)		33,500,112			(545,556,949	)
Distributions to Shareholders from:
Distributable earnings		(61,623,925	)		(148,884,394	)		(69,061,425	)		(261,808,889	)
Shareholder Transactions:
Proceeds from shares sold		605,032,051			1,047,961,731			2,870,625,261			6,809,880,526
Value of shares repurchased		(756,758,499	)		(1,307,303,319	)		(4,708,197,887	)		(9,117,426,455	)
Net increase (decrease) in net assets resulting from share transactions		(151,726,448	)		(259,341,588	)		(1,837,572,626	)		(2,307,545,929	)
Net increase (decrease) in net assets		186,005,076			(857,445,825	)		(1,873,133,939	)		(3,114,911,767	)
Net assets:
Beginning of period		2,446,738,887			3,304,184,712			9,233,966,933			12,348,878,700
End of period	$	2,632,743,963		$	2,446,738,887		$	7,360,832,994		$	9,233,966,933
Changes in Shares Outstanding:
Shares sold		15,580,000			25,500,000			51,840,000			119,950,000
Shares repurchased		(20,320,000	)		(35,300,000	)		(85,490,000	)		(168,700,000	)
Shares outstanding, beginning of period		71,750,000			81,550,000			168,850,000			217,600,000
Shares outstanding, end of period		67,010,000			71,750,000			135,200,000			168,850,000

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

60

Invesco S&P 500 Minimum Variance ETF (SPMV)						Invesco S&P 500 Momentum ETF (SPMO)						Invesco S&P MidCap Low Volatility ETF (XMLV)						Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)
Six Months Ended February 28, 2021			Year Ended August 31, 2020			Six Months Ended February 28, 2021			Year Ended August 31, 2020			Six Months Ended February 28, 2021			Year Ended August 31, 2020			Six Months Ended February 28, 2021			Year Ended August 31, 2020
$	46,333		$	50,806		$	308,272		$	888,245		$	12,946,280		$	63,811,834		$	572,934		$	889,821
	250,034			499,142			15,323,754			(658,212	)		127,104,449			(481,819,958	)		3,472,548			(4,854,937	)
	(126,480	)		129,404			(15,954,680	)		12,697,783			93,169,802			(138,578,400	)		2,689,708			986,090
	169,887			679,352			(322,654	)		12,927,816			233,220,531			(556,586,524	)		6,735,190			(2,979,026	)
	(28,130	)		(76,277	)		(419,355	)		(931,171	)		(11,870,227	)		(83,397,290	)		(446,316	)		(1,357,406	)
	334,980			5,819,406			100,321,024			52,017,847			272,960,963			1,173,463,453			6,102,822			15,374,655
	(2,016,076	)		(3,086,540	)		(104,279,496	)		(65,195,002	)		(888,669,059	)		(1,722,512,968	)		(12,592,308	)		(13,747,174	)
	(1,681,096	)		2,732,866			(3,958,472	)		(13,177,155	)		(615,708,096	)		(549,049,515	)		(6,489,486	)		1,627,481
	(1,539,339	)		3,335,941			(4,700,481	)		(1,180,510	)		(394,357,792	)		(1,189,033,329	)		(200,612	)		(2,708,951	)
	4,847,134			1,511,193			73,872,054			75,052,564			2,042,702,207			3,231,735,536			20,826,975			23,535,926
$	3,307,795		$	4,847,134		$	69,171,573		$	73,872,054		$	1,648,344,415		$	2,042,702,207		$	20,626,363		$	20,826,975
	10,000			200,000			1,970,000			1,250,000			5,710,000			22,200,000			300,000			800,000
	(60,000	)		(100,000	)		(2,090,000	)		(1,650,000	)		(19,350,000	)		(37,700,000	)		(610,000	)		(600,000	)
	150,001			50,001			1,450,001			1,850,001			46,800,000			62,300,000			1,250,001			1,050,001
	100,001			150,001			1,330,001			1,450,001			33,160,000			46,800,000			940,001			1,250,001

61

Statements of Changes in Net Assets–(continued)

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	Invesco S&P SmallCap Low Volatility  ETF (XSLV)						Invesco S&P SmallCap Quality   ETF (XSHQ)
	Six Months Ended February 28, 2021			Year Ended August 31, 2020			Six Months Ended February 28, 2021			Year Ended August 31, 2020
Operations:
Net investment income.	$	12,930,930		$	48,223,058		$	101,095		$	68,951
Net realized gain (loss)		194,917,659			(595,799,521	)		562,897			636,264
Change in net unrealized appreciation (depreciation)		155,090,223			(44,542,679	)		5,201,612			380,456
Net increase (decrease) in net assets resulting from operations		362,938,812			(592,119,142	)		5,865,604			1,085,671
Distributions to Shareholders from:
Distributable earnings		(15,862,297	)		(61,636,699	)		(90,025	)		(57,762	)
Shareholder Transactions:
Proceeds from shares sold		316,257,954			1,151,033,302			35,009,187			7,300,521
Value of shares repurchased		(780,402,790	)		(928,774,382	)		(5,379,910	)		(8,245,185	)
Net increase (decrease) in net assets resulting from share transactions ..		(464,144,836	)		222,258,920			29,629,277			(944,664	)
Net increase (decrease) in net assets		(117,068,321	)		(431,496,921	)		35,404,856			83,245
Net assets:
Beginning of period		1,614,105,133			2,045,602,054			4,043,049			3,959,804
End of period	$	1,497,036,812		$	1,614,105,133		$	39,447,905		$	4,043,049
Changes in Shares Outstanding:
Shares sold.		7,720,000			27,800,000			1,120,000			300,000
Shares repurchased		(19,880,000	)		(25,000,000	)		(170,000	)		(300,000	)
Shares outstanding, beginning of period		45,800,000			43,000,000			150,001			150,001
Shares outstanding, end of period.		33,640,000			45,800,000			1,100,001			150,001

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

62

Financial Highlights

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)

	Six Months Ended February  28, 2021 (Unaudited)						Ten Months Ended August 31, 2018		For the Period July 11, 2017(a) Through October 31, 2017
			Years Ended August 31,
			2020		2019
Per Share Operating Performance:
Net asset value at beginning of period		$27.38		$27.73		$28.81		$26.39		$24.98
Net investment income(b)		0.29		0.53		0.45		0.39		0.11
Net realized and unrealized gain (loss) on investments		5.25		(0.15)		(0.91)		2.34		1.35
Total from investment operations		5.54		0.38		(0.46)		2.73		1.46
Distributions to shareholders from:
Net investment income		(0.46)		(0.73)		(0.62)		(0.31)		(0.05)
Net asset value at end of period		$32.46		$27.38		$27.73		$28.81		$26.39
Market price at end of period(c)		$32.62		$27.40		$27.71		$28.83		$26.43
Net Asset Value Total Return(d)		20.47%		1.72%		(1.34)%		10.38%		5.84%(e)
Market Price Total Return(d)		20.97%		1.88%		(1.49)%		10.29%		6.00%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$1,623		$2,738		$18,023		$145,500		$67,301
Ratio to average net assets of:
Expenses		0.29%(f)		0.29%		0.30%(g)		0.29%(f)		0.29%(f)
Net investment income		2.01%(f)		1.85%		1.63%(g)		1.69%(f)		1.35%(f)
Portfolio turnover rate(h)		25%		28%		23%		34%		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 (July 13, 2017, the first day of trading on the Exchange) to October 31, 2017 was 4.96%. The market price total return from Fund Inception to October 31, 2017 was 5.08%.

^(f)  Annualized.

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

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

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

63

Financial Highlights–(continued)

Invesco Russell 1000 Equal Weight ETF (EQAL)

	Six Months Ended February 28, 2021 (Unaudited)												Ten Months Ended August 31, 2018												For the Period December 22,  2014(a) Through October 31, 2015
					Years Ended August 31,												Years Ended October 31,
					2020				2019								2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	33.47			$	31.51			$	33.30			$	29.90			$	25.38			$	24.44			$	25.05
Net investment income(b)			0.36				0.61				0.53				0.41				0.42				0.41				0.32
Net realized and unrealized gain (loss) on investments			7.67				2.01				(1.84	)			3.31				4.50				0.95				(0.71	)
Total from investment operations			8.03				2.62				(1.31	)			3.72				4.92				1.36				(0.39	)
Distributions to shareholders from:
Net investment income			(0.32	)			(0.66	)			(0.48	)			(0.32	)			(0.40	)			(0.42	)			(0.22	)
Net asset value at end of period		$	41.18			$	33.47			$	31.51			$	33.30			$	29.90			$	25.38			$	24.44
Market price at end of period(c) .		$	41.19			$	33.52			$	31.51			$	33.31			$	29.91			$	25.41			$	24.48
Net Asset Value Total Return(d) .			24.15	%			8.71	%			(3.88	)%			12.50	%			19.48	%			5.67	%			(1.58	)%(e)
Market Price Total Return(d)			23.99	%			8.87	%			(3.91	)%			12.49	%			19.38	%			5.62	%			(1.42	)%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	611,581			$	475,339			$	560,932			$	474,554			$	315,495			$	115,484			$	149,084
Ratio to average net assets of: Expenses			0.20	%(f)			0.20	%			0.20	%			0.20	%(f)			0.20	%			0.20	%			0.20	%(f)
Net investment income			1.98	%(f)			1.95	%			1.67	%			1.57	%(f)			1.48	%			1.70	%			1.49	%(f)
Portfolio turnover rate(g)			27	%			29	%			27	%			19	%			29	%			31	%			24	%

^(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 23, 2014, the first day of trading on the Exchange) to October 31, 2015 was (2.01)%. The market price total return from Fund Inception to October 31, 2015 was (1.93)%.

^(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.

64

Financial Highlights–(continued)

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)

	Six Months Ended February 28, 2021 (Unaudited)												Ten Months Ended August 31, 2018				Year Ended October 31, 2017				For the Period November 2,  2015(a) Through October 31, 2016
					Years Ended August 31,
					2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	32.99			$	33.19			$	33.29			$	29.81			$	25.93			$	25.31
Net investment income(b)			0.36				0.59				0.58				0.42				0.45				0.42
Net realized and unrealized gain (loss) on investments			2.43				0.01				(0.07	)			3.44				3.83				0.53
Total from investment operations			2.79				0.60				0.51				3.86				4.28				0.95
Distributions to shareholders from:
Net investment income			(0.48	)			(0.80	)			(0.61	)			(0.38	)			(0.40	)			(0.33	)
Net asset value at end of period		$	35.30			$	32.99			$	33.19			$	33.29			$	29.81			$	25.93
Market price at end of period(c)		$	35.29			$	33.06			$	33.19			$	33.29			$	29.81			$	25.95
Net Asset Value Total Return(d)			8.60	%			2.08	%			1.69	%			13.04	%			16.60	%			3.78	%(e)
Market Price Total Return(d)			8.34	%			2.30	%			1.69	%			13.04	%			16.51	%			3.86	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	8,826			$	9,896			$	111,185			$	164,778			$	153,515			$	138,704
Ratio to average net assets of:
Expenses			0.35	%(f)			0.35	%			0.36	%(g)			0.35	%(f)			0.35	%			0.35	%(f)
Net investment income			2.12	%(f)			1.76	%			1.82	%(g)			1.63	%(f)			1.60	%			1.66	%(f)
Portfolio turnover rate(h)			22	%			33	%			53	%			91	%			40	%			118	%

^(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 4.19%. The market price total return from Fund Inception to October 31, 2016 was 4.15%.

^(f)  Annualized.

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

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

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

65

Financial Highlights–(continued)

Invesco S&P 500 Enhanced Value ETF (SPVU)

	Six Months Ended February  28, 2021 (Unaudited)												Ten Months Ended August 31, 2018												For the Period October 6,  2015(a) Through October 31, 2015
					Years Ended August 31,												Years Ended October 31,
					2020				2019								2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	28.77			$	33.42			$	35.99			$	33.08			$	26.44			$	25.78			$	25.04
Net investment income(b)			0.45				0.99				0.93				0.68				0.57				0.63				0.01
Net realized and unrealized gain (loss) on investments			8.44				(4.69	)			(2.67	)			3.12				6.44				0.38				0.73
Total from investment operations			8.89				(3.70	)			(1.74	)			3.80				7.01				1.01				0.74
Distributions to shareholders from:
Net investment income			(0.44	)			(0.95	)			(0.83	)			(0.89	)			(0.37	)			(0.35	)			-
Net asset value at end of period		$	37.22			$	28.77			$	33.42			$	35.99			$	33.08			$	26.44			$	25.78
Market price at end of period(c)		$	37.25			$	28.82			$	33.45			$	36.01			$	33.10			$	26.45			$	25.83
Net Asset Value Total Return(d)			31.31	%			(11.04	)%			(4.79	)%			11.61	%			26.58	%			4.03	%			2.96	%(e)
Market Price Total Return(d)			31.19	%			(10.97	)%			(4.76	)%			11.60	%			26.61	%			3.86	%			3.15	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	97,525			$	69,042			$	60,160			$	26,996			$	51,275			$	1,322			$	2,578
Ratio to average net assets of:
Expenses			0.13	%(f)			0.13	%			0.15	%(g)			0.16	%(f)			0.25	%			0.25	%			0.25	%(f)
Net investment income			2.84	%(f)			3.14	%			2.72	%(g)			2.35	%(f)			1.81	%			2.53	%			0.63	%(f)
Portfolio turnover rate(h)			26	%			39	%			54	%			34	%			36	%			42	%			0	%(i)

^(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 (October 9, 2015, the first day of trading on the Exchange) to October 31, 2015 was 1.38%. The market price total return from Fund Inception to October 31, 2015 was 1.45%.

^(f)  Annualized.

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

^(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.

⁽ⁱ⁾  Amount represents less than 0.5%.

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

66

Financial Highlights–(continued)

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

	Six Months Ended February 28, 2021 (Unaudited)												Ten Months Ended August 31, 2018												For the Period April 6, 2015(a) Through October 31, 2015
					Years Ended August 31,												Years Ended October 31,
					2020				2019								2017				2016
Per Share Operating Performance:
Net asset value at beginning of period.		$	39.43			$	38.76			$	36.10			$	32.38			$	26.74			$	25.36			$	25.14
Net investment income(b)			0.30				0.72				0.63				0.43				0.51				0.44				0.23
Net realized and unrealized gain on investments			1.75				0.71				2.68				3.73				5.62				1.39				0.18
Total from investment operations			2.05				1.43				3.31				4.16				6.13				1.83				0.41
Distributions to shareholders from:
Net investment income			(0.27	)			(0.76	)			(0.65	)			(0.44	)			(0.49	)			(0.45	)			(0.19	)
Return of capital			-				-				-				-				-				-				(0.00	)(c)
Total distributions			(0.27	)			(0.76	)			(0.65	)			(0.44	)			(0.49	)			(0.45	)			(0.19	)
Net asset value at end of period		$	41.21			$	39.43			$	38.76			$	36.10			$	32.38			$	26.74			$	25.36
Market price at end of period(d)		$	41.20			$	39.49			$	38.77			$	36.11			$	32.38			$	26.75			$	25.42
Net Asset Value Total Return(e)			5.22	%			3.86	%			9.35	%			12.92	%			23.11	%			7.29	%			1.62	%(f)
Market Price Total Return(e)
Ratios/Supplemental Data:			5.04	%			3.99	%			9.35	%			12.96	%			23.06	%			7.08	%			1.86	%(f)
Net assets at end of period (000’s omitted)		$	46,159			$	69,002			$	166,657			$	146,189			$	131,153			$	164,423			$	107,785
Ratio to average net assets of:
Expenses			0.25	%(g)			0.25	%			0.26	%(h)			0.25	%(g)			0.25	%			0.25	%			0.25	%(g)
Net investment income			1.49	%(g)			1.87	%			1.74	%(h)			1.52	%(g)			1.75	%			1.65	%			1.65	%(g)
Portfolio turnover rate(i)			18	%			84	%			62	%			68	%			61	%			52	%			32	%

^(a) Commencement of investment operations.

^(b) Based on average shares outstanding.

^(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) The net asset value total return from Fund Inception (April 9, 2015, the first day of trading on the Exchange) to October 31, 2015 was 1.62%. The market price total return from Fund Inception to October 31, 2015 was 1.78%.

^(g) Annualized.

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

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

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

67

Financial Highlights–(continued)

Invesco S&P 500^® High Beta ETF (SPHB)

	Six Months Ended February 28, 2021 (Unaudited)												Ten Months Ended August 31, 2018
					Years Ended August 31,												Years Ended October 31,
					2020				2019								2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	43.73			$	40.44			$	45.25			$	40.12			$	32.29			$	31.38			$	34.04
Net investment income(a)			0.51				0.99	(b)			0.44				0.51				0.44				0.39				0.37
Net realized and unrealized gain (loss) on investments.			23.02				3.25				(4.67	)			5.15				8.01				0.84				(2.58	)
Total from investment operations			23.53				4.24				(4.23	)			5.66				8.45				1.23				(2.21	)
Distributions to shareholders from:
Net investment income			(0.45	)			(0.95	)			(0.58	)			(0.53	)			(0.62	)			(0.32	)			(0.45	)
Net asset value at end of period		$	66.81			$	43.73			$	40.44			$	45.25			$	40.12			$	32.29			$	31.38
Market price at end of period(c)		$	66.80			$	43.83			$	40.46			$	45.28			$	40.12			$	32.32			$	31.42
Net Asset Value Total Return(d)			54.20	%			11.38	%			(9.32	)%			14.14	%			26.32	%			4.02	%			(6.56	)%
Market Price Total Return(d)			53.82	%			11.59	%			(9.33	)%			14.22	%			26.20	%			3.98	%			(6.47	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	954,013			$	131,175			$	90,993			$	171,934			$	359,072			$	489,204			$	80,025
Ratio to average net assets of:
Expenses			0.25	%(e)			0.25	%			0.25	%			0.25	%(e)			0.25	%			0.25	%			0.25	%
Net investment income			1.90	%(e)			2.39	%(b)			1.07	%			1.42	%(e)			1.18	%			1.28	%			1.09	%
Portfolio turnover rate(f)			26	%			113	%			69	%			76	%			80	%			55	%			90	%

^(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 $0.79 and 1.91%, respectively.

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

^(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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.

68

Financial Highlights–(continued)

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

	Six Months Ended February 28, 2021 (Unaudited)												Ten Months Ended August 31, 2018
					Years Ended August 31,												Years Ended October 31,
					2020				2019								2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	34.10			$	40.52			$	41.68			$	41.24			$	37.69			$	33.22			$	32.14
Net investment income(a)			0.82				1.53				1.64				1.35				1.33				1.29				1.10
Net realized and unrealized gain (loss)on investments			5.27				(6.10	)			(1.06	)			0.45				3.68				4.51				1.13
Total from investment operations			6.09				(4.57	)			0.58				1.80				5.01				5.80				2.23
Distributions to shareholders from:
Net investment income			(0.90	)			(1.85	)			(1.74	)			(1.36	)			(1.46	)			(1.33	)			(1.15	)
Net asset value at end of period		$	39.29			$	34.10			$	40.52			$	41.68			$	41.24			$	37.69			$	33.22
Market price at end of period(b)		$	39.29			$	34.16			$	40.55			$	41.68			$	41.25			$	37.72			$	33.27
Net Asset Value Total Return(c)			18.10	%			(11.46	)%			1.42	%			4.48	%			13.48	%			17.75	%			7.07	%
Market Price Total Return(c)			17.89	%			(11.37	)%			1.49	%			4.45	%			13.42	%			17.66	%			7.20	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,632,744			$	2,446,739			$	3,304,185			$	2,656,868			$	2,973,601			$	2,623,431			$	538,180
Ratio to average net assets of:
Expenses			0.30	%(d)			0.30	%			0.30	%			0.30	%(d)			0.30	%			0.30	%			0.30	%
Net investment income			4.53	%(d)			4.02	%			3.97	%			3.95	%(d)			3.31	%			3.48	%			3.38	%
Portfolio turnover rate(e)			22	%			76	%			43	%			46	%			56	%			50	%			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.

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

69

Financial Highlights–(continued)

Invesco S&P 500^® Low Volatility ETF (SPLV)

	Six Months Ended February 28, 2021 (Unaudited)												Ten Months Ended August 31, 2018
					Years Ended August 31,												Years Ended October 31,
					2020				2019								2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	54.69			$	56.75			$	49.77			$	46.56			$	40.47			$	38.34			$	36.60
Net investment income(a)			0.49				1.27				1.16				0.81				0.95				0.81				0.85
Net realized and unrealized gain (loss) on investments			(0.29	)			(2.01	)			6.96				3.23				6.09				2.16				1.78
Total from investment operations.			0.20				(0.74	)			8.12				4.04				7.04				2.97				2.63
Distributions to shareholders from:
Net investment income			(0.45	)			(1.32	)			(1.14	)			(0.83	)			(0.95	)			(0.84	)			(0.89	)
Net asset value at end of period		$	54.44			$	54.69			$	56.75			$	49.77			$	46.56			$	40.47			$	38.34
Market price at end of period(b)		$	54.44			$	54.77			$	56.77			$	49.78			$	46.57			$	40.50			$	38.40
Net Asset Value Total Return(c)			0.37	%			(1.19	)%			16.57	%			8.77	%			17.57	%			7.80	%			7.28	%
Market Price Total Return(c)			0.21	%			(1.08	)%			16.59	%			8.76	%			17.51	%			7.72	%			7.39	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	7,360,833			$	9,233,967			$	12,348,879			$	7,381,362			$	7,140,364			$	6,451,015			$	5,051,233
Ratio to average net assets of:
Expenses			0.25	%(d)			0.25	%			0.25	%			0.25	%(d)			0.25	%			0.25	%			0.25	%
Net investment income			1.80	%(d)			2.33	%			2.24	%			2.06	%(d)			2.18	%			2.02	%			2.26	%
Portfolio turnover rate(e)			16	%			86	%			51	%			68	%			49	%			53	%			65	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Annualized.

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

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

70

Financial Highlights–(continued)

Invesco S&P 500 Minimum Variance ETF (SPMV)

	Six Months Ended February 28, 2021 (Unaudited)												Ten Months Ended August 31, 2018				For the Period July 11,  2017(a) Through October 31, 2017
					Years Ended August 31,
					2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	32.31			$	30.22			$	29.19			$	26.29			$	24.92
Net investment income(b)			0.34				0.63				0.46				0.47				0.15
Net realized and unrealized gain on investments			0.64				2.57				1.65				3.04				1.30
Total from investment operations			0.98				3.20				2.11				3.51				1.45
Distributions to shareholders from:
Net investment income			(0.21	)			(0.58	)			(0.55	)			(0.61	)			(0.08	)
Net realized gains			-				(0.53	)			(0.53	)			-				-
Total distributions			(0.21	)			(1.11	)			(1.08	)			(0.61	)			(0.08	)
Net asset value at end of period		$	33.08			$	32.31			$	30.22			$	29.19			$	26.29
Market price at end of period(c)		$	33.32			$	32.39			$	30.24			$	29.19			$	26.30
Net Asset Value Total Return(d)			3.03	%			11.02	%			7.86	%			13.50	%			5.81	%(e)
Market Price Total Return(d)			3.53	%			11.22	%			7.94	%			13.45	%			5.85	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	3,308			$	4,847			$	1,511			$	1,460			$	2,629
Ratio to average net assets of:
Expenses			0.10	%(f)			0.10	%			0.58	%(g)			0.13	%(f)			0.13	%(f)
Net investment income			2.08	%(f)			2.11	%			1.62	%(g)			2.08	%(f)			1.97	%(f)
Portfolio turnover rate(h)			12	%			20	%			34	%			30	%			14	%

^(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 (July 13, 2017, the first day of trading on the Exchange) to October 31, 2017 was 4.97%. The market price total return from Fund Inception to October 31, 2017 was 4.93%.

^(f)  Annualized.

^(g)  Ratios include non-recurring costs associated with a proxy statement of 0.48%.

^(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.

71

Financial Highlights–(continued)

Invesco S&P 500 Momentum ETF (SPMO)

	Six Months Ended February 28, 2021 (Unaudited)												Ten Months Ended August 31, 2018												For the Period October 6,  2015(a) Through October 31, 2015
					Years Ended August 31,												Years Ended October 31,
					2020				2019								2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	50.95			$	40.57			$	40.07			$	33.26			$	26.56			$	26.06			$	24.65
Net investment income(b)			0.23				0.62				0.51				0.34				0.46				0.41				0.01
Net realized and unrealized gain on investments			1.16				10.42				0.46				6.67				6.72				0.44				1.40
Total from investment operations			1.39				11.04				0.97				7.01				7.18				0.85				1.41
Distributions to shareholders from:
Net investment income			(0.33	)			(0.66	)			(0.47	)			(0.20	)			(0.48	)			(0.35	)			-
Net asset value at end of period		$	52.01			$	50.95			$	40.57			$	40.07			$	33.26			$	26.56			$	26.06
Market price at end of period(c)		$	52.02			$	51.10			$	40.59			$	40.08			$	33.23			$	26.58			$	26.12
Net Asset Value Total Return(d)			2.76	%			27.77	%			2.52	%			21.12	%			27.35	%			3.28	%			5.72	%(e)
Market Price Total Return(d)			2.48	%			28.08	%			2.55	%			21.26	%			27.14	%			3.12	%			5.96	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	69,172			$	73,872			$	75,053			$	50,082			$	1,663			$	1,328			$	2,606
Ratio to average net assets of:
Expenses			0.13	%(f)			0.13	%			0.14	%(g)			0.13	%(f)			0.25	%			0.25	%			0.25	%(f)
Net investment income			0.88	%(f)			1.48	%			1.32	%(g)			1.10	%(f)			1.61	%			1.60	%			0.69	%(f)
Portfolio turnover rate(h)			37	%			90	%			83	%			41	%			140	%			105	%			1	%

^(a)  Commencement of investment operations.

^(b)  Based on average shares outstanding.

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

^(d)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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 (October 9, 2015, the first day of trading on the Exchange) to October 31, 2015 was 3.62%. The market price total return from Fund Inception to October 31, 2015 was 3.77%.

^(f)  Annualized.

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

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

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

72

Financial Highlights–(continued)

Invesco S&P MidCap Low Volatility ETF (XMLV)

	Six Months Ended February 28, 2021 (Unaudited)												Ten Months Ended August 31, 2018
					Years Ended August 31,												Years Ended October 31,
					2020				2019								2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	43.65			$	51.87			$	49.02			$	45.02			$	38.21			$	34.38			$	31.82
Net investment income(a)			0.33				1.02				1.09				0.96				0.69				0.69				0.66
Net realized and unrealized gain (loss) on investments			6.01				(7.93	)			2.72				3.92				6.80				3.72				2.55
Total from investment operations			6.34				(6.91	)			3.81				4.88				7.49				4.41				3.21
Distributions to shareholders from:
Net investment income			(0.28	)			(1.31	)			(0.96	)			(0.88	)			(0.68	)			(0.58	)			(0.65	)
Net asset value at end of period		$	49.71			$	43.65			$	51.87			$	49.02			$	45.02			$	38.21			$	34.38
Market price at end of period(b)		$	49.69			$	43.70			$	51.88			$	49.04			$	45.02			$	38.23			$	34.42
Net Asset Value Total Return(c)			14.63	%			(13.26	)%			7.99	%			11.00	%			19.76	%			12.96	%			10.18	%
Market Price Total Return(c)			14.45	%			(13.17	)%			7.97	%			11.04	%			19.69	%			12.89	%			10.30	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,648,344			$	2,042,702			$	3,231,736			$	1,443,641			$	1,195,218			$	682,094			$	106,565
Ratio to average net assets of:
Expenses			0.25	%(d)			0.25	%			0.25	%			0.25	%(d)			0.25	%			0.25	%			0.25	%
Net investment income			1.46	%(d)			2.13	%			2.21	%			2.52	%(d)			1.64	%			1.86	%			1.97	%
Portfolio turnover rate(e)			20	%			84	%			61	%			50	%			57	%			51	%			57	%

^(a) Based on average shares outstanding.

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

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

^(d)  Annualized.

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

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

73

Financial Highlights–(continued)

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)

	Six Months Ended February 28, 2021 (Unaudited)												Ten Months Ended August 31, 2018				For the Period November 29,  2016(a) Through October 31, 2017
					Years Ended August 31,
					2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	16.66			$	22.42			$	26.86			$	25.13			$	25.02
Net investment income(b)			0.48				0.82				1.02				0.78				0.81
Net realized and unrealized gain (loss) on investments.			5.18				(5.31	)			(4.28	)			1.98				0.24
Total from investment operations			5.66				(4.49	)			(3.26	)			2.76				1.05
Distributions to shareholders from:
Net investment income			(0.38	)			(1.27	)			(1.18	)			(1.03	)			(0.94	)
Net asset value at end of period		$	21.94			$	16.66			$	22.42			$	26.86			$	25.13
Market price at end of period(c)		$	22.07			$	16.69			$	22.35			$	26.85			$	25.15
Net Asset Value Total Return(d)			34.42	%			(20.41	)%			(12.29	)%			11.39	%			4.31	%(e)
Market Price Total Return(d)			34.97	%			(20.01	)%			(12.52	)%			11.26	%			4.39	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	20,626			$	20,827			$	23,536			$	12,086			$	7,538
Ratio to average net assets of:
Expenses			0.30	%(f)			0.30	%			0.34	%(g)			0.30	%(f)			0.30	%(f)
Net investment income			5.23	%(f)			4.15	%			4.29	%(g)			3.74	%(f)			3.58	%(f)
Portfolio turnover rate(h)			26	%			83	%			67	%			61	%			86	%

^(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 6.26%. The market price total return from Fund Inception to October 31, 2017 was 6.34%.

^(f) Annualized.

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

^(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.

74

Financial Highlights–(continued)

Invesco S&P SmallCap Low Volatility ETF (XSLV)

	Six Months Ended February 28, 2021 (Unaudited)												Ten Months Ended August 31, 2018
					Years Ended August 31,												Years Ended October 31,
					2020				2019								2017				2016				2015
Per Share Operating Performance:
Net asset value at beginning of period		$	35.24			$	47.57			$	51.10			$	46.43			$	37.90			$	34.30			$	32.93
Net investment income(a)			0.33				1.08				1.24				0.87				0.97				0.78				0.77
Net realized and unrealized gain (loss) on investments			9.32				(12.05	)			(3.46	)			4.55				8.46				3.58				1.38
Total from investment operations			9.65				(10.97	)			(2.22	)			5.42				9.43				4.36				2.15
Distributions to shareholders from:
Net investment income			(0.39	)			(1.36	)			(1.31	)			(0.75	)			(0.90	)			(0.76	)			(0.78	)
Net asset value at end of period		$	44.50			$	35.24			$	47.57			$	51.10			$	46.43			$	37.90			$	34.30
Market price at end of period(b)		$	44.47			$	35.30			$	47.59			$	51.10			$	46.47			$	37.93			$	34.30
Net Asset Value Total Return(c)			27.63	%			(23.22	)%			(4.17	)%			11.81	%			25.05	%			12.90	%			6.63	%
Market Price Total Return(c)			27.33	%			(23.12	)%			(4.14	)%			11.71	%			25.06	%			12.99	%			6.70	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,497,037			$	1,614,105			$	2,045,602			$	1,433,356			$	1,079,472			$	651,821			$	126,926
Ratio to average net assets of:
Expenses			0.25	%(d)			0.25	%			0.25	%			0.25	%(d)			0.25	%			0.25	%			0.25	%(e)
Net investment income			1.72	%(d)			2.55	%			2.62	%			2.24	%(d)			2.25	%			2.15	%			2.33	%
Portfolio turnover rate(f)			24	%			103	%			56	%			66	%			59	%			48	%			57	%

^(a)  Based on average shares outstanding.

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

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

^(d) Annualized.

^(e)  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.

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Financial Highlights–(continued)

Invesco S&P SmallCap Quality ETF (XSHQ)

	Six Months Ended February 28, 2021 (Unaudited)												Ten Months Ended August 31, 2018				For the Period April 3,  2017(a) Through October 31, 2017
					Years Ended August 31,
					2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	26.95			$	26.40			$	31.80			$	26.11			$	24.54
Net investment income(b)			0.18				0.36				0.35				0.26				0.16
Net realized and unrealized gain (loss) on investments			8.94				0.54				(5.41	)			5.65				1.51
Total from investment operations			9.12				0.90				(5.06	)			5.91				1.67
Distributions to shareholders from:
Net investment income			(0.21	)			(0.35	)			(0.34	)			(0.22	)			(0.10	)
Net realized gains			-				-				(0.00	)(c)			-				-
Total distributions			(0.21	)			(0.35	)			(0.34	)			(0.22	)			(0.10	)
Net asset value at end of period		$	35.86			$	26.95			$	26.40			$	31.80			$	26.11
Market price at end of period(d)		$	36.06			$	26.99			$	26.39			$	31.81			$	26.14
Net Asset Value Total Return(e)			34.10	%			3.61	%			(15.88	)%			22.75	%			6.81	%(f)
Market Price Total Return(e)			34.65	%			3.80	%			(15.94	)%			22.65	%			6.93	%(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	39,448			$	4,043			$	3,960			$	42,924			$	1,305
Ratio to average net assets of:
Expenses			0.29	%(g)			0.29	%			0.34	%(h)			0.29	%(g)			0.29	%(g)
Net investment income			1.09	%(g)			1.37	%			1.23	%(h)			1.06	%(g)			1.11	%(g)
Portfolio turnover rate(i)			30	%			107	%			52	%			23	%			65	%

^(a) Commencement of investment operations.

^(b) Based on average shares outstanding.

^(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) The net asset value total return from Fund Inception (April 6, 2017, the first day of trading on the Exchange) to October 31, 2017 was 7.33%. The market price total return from Fund Inception to October 31, 2017 was 7.54%.

^(g)  Annualized.

^(h)  Ratios include non-recurring costs associated with a proxy statement of 0.05%.

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

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

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2021

(Unaudited)

NOTE 1–Organization

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

Full Name	Short Name
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)	“Russell 1000 Enhanced Equal Weight ETF”
Invesco Russell 1000 Equal Weight ETF (EQAL)	“Russell 1000 Equal Weight ETF”
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)	“Russell 1000 Low Beta Equal Weight ETF”
Invesco S&P 500 Enhanced Value ETF (SPVU)	“S&P 500 Enhanced Value ETF”
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)	“S&P 500® ex-Rate Sensitive Low Volatility ETF”
Invesco S&P 500® High Beta ETF (SPHB)	“S&P 500® High Beta ETF”
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)	“S&P 500® High Dividend Low Volatility ETF”
Invesco S&P 500® Low Volatility ETF (SPLV)	“S&P 500® Low Volatility ETF”
Invesco S&P 500 Minimum Variance ETF (SPMV)	“S&P 500 Minimum Variance ETF”
Invesco S&P 500 Momentum ETF (SPMO)	“S&P 500 Momentum ETF”
Invesco S&P MidCap Low Volatility ETF (XMLV)	“S&P MidCap Low Volatility ETF”
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)	“S&P SmallCap High Dividend Low Volatility ETF”
Invesco S&P SmallCap Low Volatility ETF (XSLV)	“S&P SmallCap Low Volatility ETF”
Invesco S&P SmallCap Quality ETF (XSHQ)	“S&P SmallCap 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 NYSE Arca, Inc., except for Shares of Russell 1000 Low Beta Equal Weight ETF, which is listed and traded on The Nasdaq Stock Market and Shares of Russell 1000 Enhanced Equal Weight ETF, S&P 500 Minimum Variance ETF, S&P SmallCap High Dividend Low Volatility ETF and S&P SmallCap Quality 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
Russell 1000 Enhanced Equal Weight ETF	Russell 1000® Enhanced Value Equal Weight Index
Russell 1000 Equal Weight ETF	Russell 1000® Equal Weight Index
Russell 1000 Low Beta Equal Weight ETF	Russell 1000® Low Beta Equal Weight Index
S&P 500 Enhanced Value ETF	S&P 500 Enhanced Value Index
S&P 500® ex-Rate Sensitive Low Volatility ETF	S&P 500® Low Volatility Rate Response Index
S&P 500® High Beta ETF	S&P 500® High Beta Index
S&P 500® High Dividend Low Volatility ETF	S&P 500® Low Volatility High Dividend Index
S&P 500® Low Volatility ETF	S&P 500® Low Volatility Index
S&P 500 Minimum Variance ETF	S&P 500® Minimum Volatility Index
S&P 500 Momentum ETF	S&P 500® Momentum Index
S&P MidCap Low Volatility ETF	S&P MidCap 400® Low Volatility Index
S&P SmallCap High Dividend Low Volatility ETF	S&P SmallCap 600® Low Volatility High Dividend Index
S&P SmallCap Low Volatility ETF	S&P SmallCap 600® Low Volatility Index
S&P SmallCap Quality ETF	S&P SmallCap 600® Quality Index

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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 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

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

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.

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 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.

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

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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. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because S&P 500 Momentum ETF is non-diversified and can invest a greater portion of its 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 the Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund’s performance.

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

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

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

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

E. Dividends and Distributions to Shareholders - Each Fund (except for S&P 500^® ex-Rate Sensitive Low Volatility ETF, S&P 500^® High Dividend Low Volatility ETF, S&P 500^® Low Volatility ETF and S&P SmallCap High Dividend Low Volatility ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on

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the ex-dividend date. S&P 500^® ex-Rate Sensitive Low Volatility ETF, S&P 500^® High Dividend Low Volatility ETF, S&P 500^® Low Volatility ETF and S&P SmallCap High Dividend Low Volatility ETF each 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 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 - 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.

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).

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. The risk of material loss as a result of such indemnification claims is considered 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

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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)
Russell 1000 Enhanced Equal Weight ETF		0.29	%
Russell 1000 Equal Weight ETF		0.20	%
Russell 1000 Low Beta Equal Weight ETF		0.35	%
S&P 500 Enhanced Value ETF		0.13	%
S&P 500® ex-Rate Sensitive Low Volatility ETF		0.25	%
S&P 500® High Beta ETF		0.25	%
S&P 500® High Dividend Low Volatility ETF		0.30	%
S&P 500® Low Volatility ETF		0.25	%
S&P 500 Minimum Variance ETF		0.10	%
S&P 500 Momentum ETF		0.13	%
S&P MidCap Low Volatility ETF		0.25	%
S&P SmallCap High Dividend Low Volatility ETF		0.30	%
S&P SmallCap Low Volatility ETF		0.25	%
S&P SmallCap Quality ETF		0.29	%

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Further, through at least August 31, 2023, 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 six months ended February 28, 2021, the Adviser waived fees for each Fund in the following amounts:

Russell 1000 Enhanced Equal Weight ETF	$	2
Russell 1000 Equal Weight ETF		190
Russell 1000 Low Beta Equal Weight ETF		5
S&P 500 Enhanced Value ETF		56
S&P 500® ex-Rate Sensitive Low Volatility ETF		10
S&P 500® High Beta ETF		150
S&P 500® High Dividend Low Volatility ETF		1,685
S&P 500® Low Volatility ETF		3,271
S&P 500 Minimum Variance ETF		2
S&P 500 Momentum ETF		19
S&P MidCap Low Volatility ETF		700
S&P SmallCap High Dividend Low Volatility ETF		9
S&P SmallCap Low Volatility ETF		516
S&P SmallCap Quality ETF		5

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
Russell 1000 Enhanced Equal Weight ETF	Frank Russell Company
Russell 1000 Equal Weight ETF	Frank Russell Company
Russell 1000 Low Beta Equal Weight ETF	Frank Russell Company
S&P 500 Enhanced Value ETF	S&P Dow Jones Indices LLC
S&P 500® ex-Rate Sensitive Low Volatility ETF	S&P Dow Jones Indices LLC
S&P 500® High Beta ETF	S&P Dow Jones Indices LLC
S&P 500® High Dividend Low Volatility ETF	S&P Dow Jones Indices LLC
S&P 500® Low Volatility ETF	S&P Dow Jones Indices LLC
S&P 500 Minimum Variance ETF	S&P Dow Jones Indices LLC
S&P 500 Momentum ETF	S&P Dow Jones Indices LLC
S&P MidCap Low Volatility ETF	S&P Dow Jones Indices LLC
S&P SmallCap High Dividend Low Volatility ETF	S&P Dow Jones Indices LLC
S&P SmallCap Low Volatility ETF	S&P Dow Jones Indices LLC
S&P SmallCap Quality ETF	S&P Dow Jones Indices LLC

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

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

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For the six months ended February 28, 2021, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

Russell 1000 Enhanced Equal Weight ETF	$	3
Russell 1000 Equal Weight ETF		17,974
Russell 1000 Low Beta Equal Weight ETF		376
S&P 500 Enhanced Value ETF		5,342
S&P 500® ex-Rate Sensitive Low Volatility ETF		1,129
S&P 500® High Beta ETF		31,493
S&P 500® High Dividend Low Volatility ETF		25,055
S&P 500® Low Volatility ETF		35,252
S&P 500 Minimum Variance ETF		96
S&P 500 Momentum ETF		2,525
S&P MidCap Low Volatility ETF		7,294
S&P SmallCap High Dividend Low Volatility ETF		937
S&P SmallCap Low Volatility ETF		6,098
S&P SmallCap Quality ETF		748

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

NOTE 4–Security Transactions with Affiliated Funds

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

For the six months ended February 28, 2021, the following Funds engaged in transactions with affiliates as listed below:

	Securities Purchases			Securities Sales			Net Realized Gains (Losses)*
Russell 1000 Equal Weight ETF		$	341,836		$	247,464		$	8,526
S&P 500® High Dividend Low Volatility ETF			49,475,835			20,777,483			(2,407,977	)
S&P MidCap Low Volatility ETF			-			8,856,257			80,512

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

NOTE 5–Additional Valuation Information

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 February 28, 2021, for each Fund (except for S&P 500 ex-Rate Sensitive Low Volatility ETF, S&P 500 Minimum Variance ETF and S&P 500 Momentum ETF). As of February 28, 2021, all of the securities in S&P 500 ex-Rate Sensitive Low Volatility ETF, S&P 500 Minimum Variance ETF and S&P 500 Momentum ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the

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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
Russell 1000 Enhanced Equal Weight ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,621,497		$	-		$	-		$	1,621,497
Money Market Funds			-			13,132			-			13,132
Total Investments		$	1,621,497		$	13,132		$	-		$	1,634,629
Russell 1000 Equal Weight ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	611,055,762		$	-		$	-		$	611,055,762
Money Market Funds			-			13,271,974			-			13,271,974
Total Investments		$	611,055,762		$	13,271,974		$	-		$	624,327,736
Russell 1000 Low Beta Equal Weight ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	8,820,569		$	-		$	-		$	8,820,569
Money Market Funds			3,835			45,620			-			49,455
Total Investments		$	8,824,404		$	45,620		$	-		$	8,870,024
S&P 500 Enhanced Value ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	97,391,539		$	-		$	-		$	97,391,539
Money Market Funds			-			9,062			-			9,062
Total Investments		$	97,391,539		$	9,062		$	-		$	97,400,601
S&P 500® High Beta ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	953,256,337		$	-		$	-		$	953,256,337
Money Market Funds			-			25,306,742			-			25,306,742
Total Investments		$	953,256,337		$	25,306,742		$	-		$	978,563,079
S&P 500® High Dividend Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	2,630,340,797		$	-		$	-		$	2,630,340,797
Money Market Funds			-			9,689,690			-			9,689,690
Total Investments		$	2,630,340,797		$	9,689,690		$	-		$	2,640,030,487
S&P 500® Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	7,355,500,427		$	-		$	-		$	7,355,500,427
Money Market Funds			-			68,940			-			68,940
Total Investments		$	7,355,500,427		$	68,940		$	-		$	7,355,569,367
S&P MidCap Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,647,704,000		$	-		$	-		$	1,647,704,000
Money Market Funds			-			22,792,218			-			22,792,218
Total Investments		$	1,647,704,000		$	22,792,218		$	-		$	1,670,496,218
S&P SmallCap High Dividend Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	20,623,842		$	-		$	-		$	20,623,842
Money Market Funds			-			1,167,592			-			1,167,592
Total Investments		$	20,623,842		$	1,167,592		$	-		$	21,791,434
S&P SmallCap Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,495,114,459		$	-		$	-		$	1,495,114,459
Money Market Funds			-			7,551,925			-			7,551,925
Total Investments		$	1,495,114,459		$	7,551,925		$	-		$	1,502,666,384

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	Level 1			Level 2			Level 3			Total
S&P SmallCap Quality ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	39,390,813		$	-		$	-		$	39,390,813
Money Market Funds			35,281			595,601			-			630,882
Total Investments		$	39,426,094		$	595,601		$	-		$	40,021,695

NOTE 6–Tax Information

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 August 31, 2020:

	No expiration
	Short-Term			Long-Term			Total*
Russell 1000 Enhanced Equal Weight ETF		$	3,377,267		$	2,295,448		$	5,672,715
Russell 1000 Equal Weight ETF			12,923,414			50,265,486			63,188,900
Russell 1000 Low Beta Equal Weight ETF			18,166,817			10,884,776			29,051,593
S&P 500 Enhanced Value ETF			3,514,684			1,772,299			5,286,983
S&P 500® ex-Rate Sensitive Low Volatility ETF			17,823,632			6,765,268			24,588,900
S&P 500® High Beta ETF			56,229,197			19,428,381			75,657,578
S&P 500® High Dividend Low Volatility ETF			328,586,450			304,232,917			632,819,367
S&P 500® Low Volatility ETF			1,482,621,950			406,718,756			1,889,340,706
S&P 500 Minimum Variance ETF			-			-			-
S&P 500 Momentum ETF			4,210,972			525,621			4,736,593
S&P MidCap Low Volatility ETF			404,341,313			233,797,929			638,139,242
S&P SmallCap High Dividend Low Volatility ETF			3,976,213			3,360,270			7,336,483
S&P SmallCap Low Volatility ETF			372,278,070			274,447,685			646,725,755
S&P SmallCap Quality ETF			1,812,819			330,382			2,143,201

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

NOTE 7–Investment Transactions

For the six months ended February 28, 2021, 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
Russell 1000 Enhanced Equal Weight ETF		$	617,821		$	667,788
Russell 1000 Equal Weight ETF			139,544,871			137,955,264
Russell 1000 Low Beta Equal Weight ETF			2,075,795			2,002,248
S&P 500 Enhanced Value ETF			20,640,961			20,394,092
S&P 500® ex-Rate Sensitive Low Volatility ETF			10,113,262			9,907,500
S&P 500® High Beta ETF			124,531,889			121,669,456
S&P 500® High Dividend Low Volatility ETF			563,922,355			563,049,709
S&P 500® Low Volatility ETF			1,326,953,841			1,315,321,208
S&P 500 Minimum Variance ETF			540,624			517,464
S&P 500 Momentum ETF			26,181,998			24,917,266
S&P MidCap Low Volatility ETF			363,453,667			361,146,883
S&P SmallCap High Dividend Low Volatility ETF			5,948,793			5,756,863
S&P SmallCap Low Volatility ETF			360,298,976			362,972,492
S&P SmallCap Quality ETF			5,816,385			5,808,352

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For the six months ended February 28, 2021, in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received			Value of Securities Delivered
Russell 1000 Enhanced Equal Weight ETF		$	-		$	1,561,480
Russell 1000 Equal Weight ETF			54,443,052			26,771,315
Russell 1000 Low Beta Equal Weight ETF			1,728,679			3,513,696
S&P 500 Enhanced Value ETF			15,491,673			8,287,375
S&P 500® ex-Rate Sensitive Low Volatility ETF			10,500,649			35,581,843
S&P 500® High Beta ETF			1,247,488,672			677,678,146
S&P 500® High Dividend Low Volatility ETF			604,954,824			758,412,318
S&P 500® Low Volatility ETF			2,868,472,999			4,704,052,658
S&P 500 Minimum Variance ETF			335,007			2,017,104
S&P 500 Momentum ETF			100,258,683			105,612,821
S&P MidCap Low Volatility ETF			273,012,258			888,912,651
S&P SmallCap High Dividend Low Volatility ETF			5,782,700			12,326,853
S&P SmallCap Low Volatility ETF			316,185,804			781,461,370
S&P SmallCap Quality ETF			34,974,504			5,398,806

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

At February 28, 2021, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

	Gross Unrealized Appreciation			Gross Unrealized (Depreciation)				Net Unrealized Appreciation (Depreciation)				Cost
Russell 1000 Enhanced Equal Weight ETF		$	280,965		$	(65,681	)		$	215,284			$	1,419,345
Russell 1000 Equal Weight ETF			133,121,283			(22,002,137	)			111,119,146				513,208,590
Russell 1000 Low Beta Equal Weight ETF			1,155,565			(282,573	)			872,992				7,997,032
S&P 500 Enhanced Value ETF			11,341,565			(4,272,392	)			7,069,173				90,331,428
S&P 500® ex-Rate Sensitive Low Volatility ETF			5,839,126			(1,148,765	)			4,690,361				41,462,335
S&P 500® High Beta ETF			120,344,476			(5,848,752	)			114,495,724				864,067,355
S&P 500® High Dividend Low Volatility ETF			171,479,617			(174,993,022	)			(3,513,405	)			2,643,543,892
S&P 500® Low Volatility ETF			453,828,172			(292,054,193	)			161,773,979				7,193,795,388
S&P 500 Minimum Variance ETF			328,815			(104,239	)			224,576				3,079,042
S&P 500 Momentum ETF			1,837,830			(2,314,363	)			(476,533	)			69,578,965
S&P MidCap Low Volatility ETF			229,900,060			(46,564,053	)			183,336,007				1,487,160,211
S&P SmallCap High Dividend Low Volatility ETF			2,617,752			(867,564	)			1,750,188				20,041,246
S&P SmallCap Low Volatility ETF			207,775,534			(39,012,813	)			168,762,721				1,333,903,663
S&P SmallCap Quality ETF			5,529,239			(274,830	)			5,254,409				34,767,286

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 a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 9–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the

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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.

88

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, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended February 28, 2021.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on the 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 Fund 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 September 1, 2020			Ending Account Value February 28, 2021			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)
Actual		$	1,000.00		$	1,204.70		0.29	%		$	1.59
Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45
Invesco Russell 1000 Equal Weight ETF (EQAL)
Actual			1,000.00			1,241.50		0.20				1.11
Hypothetical (5% return before expenses)			1,000.00			1,023.80		0.20				1.00
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)
Actual			1,000.00			1,086.00		0.35				1.81
Hypothetical (5% return before expenses)			1,000.00			1,023.06		0.35				1.76
Invesco S&P 500 Enhanced Value ETF (SPVU)
Actual			1,000.00			1,313.10		0.13				0.75
Hypothetical (5% return before expenses)			1,000.00			1,024.15		0.13				0.65
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)
Actual			1,000.00			1,052.20		0.25				1.27
Hypothetical (5% return before expenses)			1,000.00			1,023.55		0.25				1.25

89

Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value September 1, 2020			Ending Account Value February 28, 2021			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco S&P 500® High Beta ETF (SPHB)
Actual		$	1,000.00		$	1,542.00		0.25	%		$	1.58
Hypothetical (5% return before expenses)			1,000.00			1,023.55		0.25				1.25
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)
Actual			1,000.00			1,181.00		0.30				1.62
Hypothetical (5% return before expenses)			1,000.00			1,023.31		0.30				1.51
Invesco S&P 500® Low Volatility ETF (SPLV)
Actual			1,000.00			1,003.70		0.25				1.24
Hypothetical (5% return before expenses)			1,000.00			1,023.55		0.25				1.25
Invesco S&P 500 Minimum Variance ETF (SPMV)
Actual			1,000.00			1,030.30		0.10				0.50
Hypothetical (5% return before expenses)			1,000.00			1,024.30		0.10				0.50
Invesco S&P 500 Momentum ETF (SPMO)
Actual			1,000.00			1,027.60		0.13				0.65
Hypothetical (5% return before expenses)			1,000.00			1,024.15		0.13				0.65
Invesco S&P MidCap Low Volatility ETF (XMLV)
Actual			1,000.00			1,146.30		0.25				1.33
Hypothetical (5% return before expenses)			1,000.00			1,023.55		0.25				1.25
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)
Actual			1,000.00			1,344.20		0.30				1.74
Hypothetical (5% return before expenses)			1,000.00			1,023.31		0.30				1.51
Invesco S&P SmallCap Low Volatility ETF (XSLV)
Actual			1,000.00			1,276.30		0.25				1.41
Hypothetical (5% return before expenses)			1,000.00			1,023.55		0.25				1.25
Invesco S&P SmallCap Quality ETF (XSHQ)
Actual			1,000.00			1,341.00		0.29				1.68
Hypothetical (5% return before expenses)			1,000.00			1,023.36		0.29				1.45

⁽¹⁾ Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended February 28, 2021. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

90

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.

©2021 Invesco Capital Management LLC
3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-TRST2-HBLV-SAR-1	invesco.com/ETFs

	Invesco Semi-Annual Report to Shareholders
	February 28, 2021
	RWL	Invesco S&P 500 Revenue ETF
	RWK	Invesco S&P MidCap 400 Revenue ETF
	RWJ	Invesco S&P SmallCap 600 Revenue ETF
	RDIV	Invesco S&P Ultra Dividend Revenue ETF

Table of Contents

Schedules of Investments
Invesco S&P 500 Revenue ETF (RWL)	3
Invesco S&P MidCap 400 Revenue ETF (RWK)	9
Invesco S&P SmallCap 600 Revenue ETF (RWJ)	14
Invesco S&P Ultra Dividend Revenue ETF (RDIV)	21
Statements of Assets and Liabilities	23
Statements of Operations	24
Statements of Changes in Net Assets	26
Financial Highlights	28
Notes to Financial Statements	32
Fund Expenses	41

2

Invesco S&P 500 Revenue ETF (RWL)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-8.07%
Activision Blizzard, Inc.		6,345	$	606,645
Alphabet, Inc., Class A(b)		3,349		6,771,377
Alphabet, Inc., Class C(b)		3,336		6,794,965
AT&T, Inc.		386,907		10,790,836
Charter Communications, Inc., Class A(b)		5,026		3,083,049
Comcast Corp., Class A		141,862		7,478,965
Discovery, Inc., Class A(b)		12,761		676,716
Discovery, Inc., Class C(b)		14,494		652,230
DISH Network Corp., Class A(b)		27,358		862,051
Electronic Arts, Inc.		2,796		374,580
Facebook, Inc., Class A(b)		20,028		5,159,613
Fox Corp., Class A		14,640		487,658
Fox Corp., Class B		14,943		477,130
Interpublic Group of Cos., Inc. (The)		27,348		714,330
Live Nation Entertainment, Inc.(b)		4,483		398,359
Lumen Technologies, Inc.		144,286		1,773,275
Netflix, Inc.(b)		3,283		1,769,045
News Corp., Class A		17,235		404,161
News Corp., Class B		17,335		397,318
Omnicom Group, Inc.		14,585		1,002,427
Take-Two Interactive Software, Inc.(b)		1,249		230,390
T-Mobile US, Inc.(b)		31,680		3,800,650
Twitter, Inc.(b)		4,713		363,184
Verizon Communications, Inc.		147,803		8,173,506
ViacomCBS, Inc., Class B		50,504		3,257,003
Walt Disney Co. (The)		25,706		4,859,462
				71,358,925
Consumer Discretionary-13.15%
Advance Auto Parts, Inc.		4,343		696,400
Amazon.com, Inc.(b)		7,759		23,998,044
Aptiv PLC		7,078		1,060,568
AutoZone, Inc.(b)		758		879,219
Best Buy Co., Inc.		31,390		3,149,986
Booking Holdings, Inc.(b)		287		668,282
BorgWarner, Inc.		16,745		753,525
CarMax, Inc.(b)		13,579		1,622,826
Carnival Corp.(b)		33,707		901,662
Chipotle Mexican Grill, Inc.(b)		308		444,136
D.R. Horton, Inc.		20,190		1,552,005
Darden Restaurants, Inc.		4,438		609,471
Dollar General Corp.		10,550		1,993,845
Dollar Tree, Inc.(b)		16,402		1,610,676
Domino’s Pizza, Inc.		690		239,092
eBay, Inc.		15,014		847,090
Etsy, Inc.(b)		576		126,876
Expedia Group, Inc.		3,977		640,297
Ford Motor Co.(b)		1,006,731		11,778,753
Gap, Inc. (The)		46,829		1,168,384
Garmin Ltd.		2,317		287,354
General Motors Co.(b)		191,892		9,849,816
Genuine Parts Co.		12,501		1,316,980
Hanesbrands, Inc.		32,930		582,532
Hasbro, Inc.		4,032		377,839
Hilton Worldwide Holdings, Inc.		3,858		477,157
Home Depot, Inc. (The)		32,944		8,510,753
L Brands, Inc.(b)		20,632		1,127,745

	Shares		Value
Consumer Discretionary-(continued)
Las Vegas Sands Corp.		7,315	$	457,919
Leggett & Platt, Inc.		7,165		310,030
Lennar Corp., Class A		21,567		1,789,414
LKQ Corp.(b)		22,152		872,567
Lowe’s Cos., Inc.		37,436		5,980,401
Marriott International, Inc., Class A(b)		7,455		1,103,862
McDonald’s Corp.		6,437		1,326,923
MGM Resorts International		15,782		596,402
Mohawk Industries, Inc.(b)		4,815		842,577
Newell Brands, Inc.		31,578		731,662
NIKE, Inc., Class B		18,856		2,541,412
Norwegian Cruise Line Holdings Ltd.(b)(c)		7,210		213,128
NVR, Inc.(b)		121		544,602
O’Reilly Automotive, Inc.(b)		1,746		781,038
Pool Corp.		755		252,751
PulteGroup, Inc.		17,823		803,996
PVH Corp.		5,980		597,761
Ralph Lauren Corp.		3,227		377,817
Ross Stores, Inc.		7,822		912,358
Royal Caribbean Cruises Ltd.		4,265		397,797
Starbucks Corp.		15,835		1,710,655
Tapestry, Inc.		11,316		476,856
Target Corp.		35,764		6,560,548
Tesla, Inc.(b)		3,205		2,164,978
TJX Cos., Inc. (The)		35,050		2,312,949
Tractor Supply Co.		4,978		791,303
Ulta Beauty, Inc.(b)		1,677		540,547
Under Armour, Inc., Class A(b)(c)		9,116		199,549
Under Armour, Inc., Class C(b)		10,364		188,625
VF Corp.		7,369		583,109
Whirlpool Corp.		7,191		1,366,865
Wynn Resorts Ltd.(b)		1,921		253,053
Yum! Brands, Inc.		3,675		380,473
				116,235,240
Consumer Staples-11.93%
Altria Group, Inc.		33,272		1,450,659
Archer-Daniels-Midland Co.		87,560		4,954,145
Brown-Forman Corp., Class B		3,026		216,601
Campbell Soup Co.		12,796		581,962
Church & Dwight Co., Inc.		3,840		302,400
Clorox Co. (The)		2,459		445,202
Coca-Cola Co. (The)		43,676		2,139,687
Colgate-Palmolive Co.		13,262		997,302
Conagra Brands, Inc.		22,298		756,571
Constellation Brands, Inc., Class A		2,750		588,885
Costco Wholesale Corp.		30,841		10,208,371
Estee Lauder Cos., Inc. (The), Class A		3,949		1,128,861
General Mills, Inc.		21,075		1,159,336
Hershey Co. (The)		3,744		545,314
Hormel Foods Corp.		14,147		655,996
JM Smucker Co. (The)		4,870		545,440
Kellogg Co.		15,138		873,614
Kimberly-Clark Corp.		9,652		1,238,641
Kraft Heinz Co. (The)		52,854		1,922,829
Kroger Co. (The)		285,842		9,206,971
Lamb Weston Holdings, Inc.		3,351		267,309
McCormick & Co., Inc.		4,115		346,812

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

3

Invesco S&P 500 Revenue ETF (RWL)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Consumer Staples-(continued)
Molson Coors Beverage Co., Class B		14,468	$	643,103
Mondelez International, Inc., Class A		31,919		1,696,814
Monster Beverage Corp.(b)		3,487		305,949
PepsiCo, Inc.		33,362		4,310,037
Philip Morris International, Inc.		23,791		1,998,920
Procter & Gamble Co. (The)		36,827		4,549,239
Sysco Corp.		45,131		3,593,782
Tyson Foods, Inc., Class A		43,231		2,925,442
Walgreens Boots Alliance, Inc.		233,066		11,170,853
Walmart, Inc.		259,422		33,704,106
				105,431,153
Energy-6.97%
Apache Corp.		20,894		412,239
Baker Hughes Co., Class A		66,080		1,617,638
Cabot Oil & Gas Corp.		5,951		110,153
Chevron Corp.		78,184		7,818,400
ConocoPhillips		33,285		1,731,153
Devon Energy Corp.		18,436		397,111
Diamondback Energy, Inc.		4,366		302,477
EOG Resources, Inc.		14,645		945,481
Exxon Mobil Corp.		310,252		16,868,401
Halliburton Co.		57,472		1,254,614
Hess Corp.		5,799		380,008
HollyFrontier Corp.		32,041		1,213,713
Kinder Morgan, Inc.		55,244		812,087
Marathon Oil Corp.		34,528		383,261
Marathon Petroleum Corp.		142,367		7,776,086
NOV, Inc.		34,185		516,194
Occidental Petroleum Corp.		65,348		1,738,910
ONEOK, Inc.		14,271		632,063
Phillips 66.		76,102		6,320,271
Pioneer Natural Resources Co.		4,597		682,976
Schlumberger Ltd.		79,518		2,219,347
Valero Energy Corp.		89,788		6,911,880
Williams Cos., Inc. (The)		24,508		559,763
				61,604,226
Financials-14.72%
Aflac, Inc.		33,842		1,620,693
Allstate Corp. (The)		29,390		3,132,974
American Express Co.		23,430		3,169,142
American International Group, Inc.		82,039		3,605,614
Ameriprise Financial, Inc.		4,830		1,068,589
Aon PLC, Class A.		3,738		851,180
Arthur J. Gallagher & Co.		3,973		475,965
Assurant, Inc.		5,257		647,768
Bank of America Corp.		261,367		9,072,049
Bank of New York Mellon Corp. (The)		32,050		1,351,228
Berkshire Hathaway, Inc., Class B(b)		75,675		18,200,594
BlackRock, Inc.		1,612		1,119,534
Capital One Financial Corp.		24,202		2,908,838
Cboe Global Markets, Inc.		2,573		254,624
Charles Schwab Corp. (The)		14,919		920,801
Chubb Ltd.		15,732		2,557,709
Cincinnati Financial Corp.		6,062		593,288
Citigroup, Inc.		112,367		7,402,738
Citizens Financial Group, Inc.		14,537		631,487
CME Group, Inc., Class A		1,896		378,631
Comerica, Inc.		4,240		288,744
Discover Financial Services		11,085		1,042,766

	Shares		Value
Financials-(continued)
Everest Re Group Ltd.		2,716	$	656,756
Fifth Third Bancorp		20,214		701,224
First Republic Bank		2,412		397,377
Franklin Resources, Inc.		15,806		413,643
Globe Life, Inc.		3,463		323,444
Goldman Sachs Group, Inc. (The)		15,264		4,876,543
Hartford Financial Services Group, Inc. (The)		30,895		1,566,068
Huntington Bancshares, Inc.		27,201		417,263
Intercontinental Exchange, Inc.		4,538		500,587
Invesco Ltd., (Acquired 10/19/2009 - 02/26/2021; Cost $348,401)(d)(e)		24,068		539,605
JPMorgan Chase & Co.		78,309		11,524,736
KeyCorp.		32,101		646,514
Lincoln National Corp.		23,893		1,358,795
Loews Corp.		20,293		970,208
M&T Bank Corp.		3,470		523,762
MarketAxess Holdings, Inc.		85		47,255
Marsh & McLennan Cos., Inc.		10,262		1,182,388
MetLife, Inc.		96,275		5,545,440
Moody’s Corp.		1,342		368,902
Morgan Stanley		58,420		4,490,745
MSCI, Inc.		278		115,237
Nasdaq, Inc.		2,891		399,796
Northern Trust Corp.		4,988		474,508
People’s United Financial, Inc.		12,256		219,873
PNC Financial Services Group, Inc. (The)		9,405		1,583,426
Principal Financial Group, Inc.		21,406		1,211,151
Progressive Corp. (The)		30,841		2,650,784
Prudential Financial, Inc.		53,104		4,605,179
Raymond James Financial, Inc.		6,171		720,403
Regions Financial Corp.		28,205		581,869
S&P Global, Inc.		1,565		515,448
State Street Corp.		11,069		805,491
SVB Financial Group(b)		748		378,009
Synchrony Financial		28,983		1,121,062
T. Rowe Price Group, Inc.		2,731		442,804
Travelers Cos., Inc. (The)		16,275		2,368,013
Truist Financial Corp.		33,627		1,915,394
U.S. Bancorp		36,908		1,845,400
Unum Group		35,605		942,820
W.R. Berkley Corp.		8,258		572,527
Wells Fargo & Co.		201,595		7,291,691
Willis Towers Watson PLC		3,159		697,002
Zions Bancorporation N.A		5,016		266,701
				130,070,799
Health Care-17.77%
Abbott Laboratories		20,883		2,501,366
AbbVie, Inc.		26,501		2,855,218
ABIOMED, Inc.(b)		203		65,884
Agilent Technologies, Inc.		3,135		382,689
Alexion Pharmaceuticals, Inc.(b)		3,275		500,256
Align Technology, Inc.(b)		319		180,908
AmerisourceBergen Corp.		134,625		13,626,742
Amgen, Inc.		7,563		1,701,070
Anthem, Inc.		26,143		7,926,296
Baxter International, Inc.		10,102		784,824
Becton, Dickinson and Co.		4,901		1,181,876
Biogen, Inc.(b)		3,724		1,016,205
Bio-Rad Laboratories, Inc., Class A(b)		289		168,921

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

4

Invesco S&P 500 Revenue ETF (RWL)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Health Care-(continued)
Boston Scientific Corp.(b)		20,908	$	810,812
Bristol-Myers Squibb Co.		45,007		2,760,279
Cardinal Health, Inc.		197,631		10,181,949
Catalent, Inc.(b)		2,305		262,102
Centene Corp.(b)		116,529		6,821,608
Cerner Corp.		5,182		358,283
Cigna Corp.		52,027		10,920,467
Cooper Cos., Inc. (The)		496		191,520
CVS Health Corp.		258,289		17,597,230
Danaher Corp.		6,335		1,391,609
DaVita, Inc.(b)		7,410		756,783
DENTSPLY SIRONA, Inc.		4,423		234,729
DexCom, Inc.(b)		361		143,599
Edwards Lifesciences Corp.(b)		3,608		299,825
Eli Lilly and Co.		10,005		2,049,924
Gilead Sciences, Inc.		26,371		1,619,179
HCA Healthcare, Inc.		22,411		3,855,364
Henry Schein, Inc.(b)		9,562		591,410
Hologic, Inc.(b)		3,529		254,406
Humana, Inc.		13,217		5,017,834
IDEXX Laboratories, Inc.(b)		409		212,750
Illumina, Inc.(b)		657		288,692
Incyte Corp.(b)		2,101		165,265
Intuitive Surgical, Inc.(b)		386		284,405
IQVIA Holdings, Inc.(b)		4,540		875,267
Johnson & Johnson		36,660		5,809,144
Laboratory Corp. of America Holdings(b)		4,236		1,016,259
McKesson Corp.		93,217		15,802,146
Medtronic PLC		17,204		2,012,352
Merck & Co., Inc.		39,432		2,863,552
Mettler-Toledo International, Inc.(b)		183		204,237
PerkinElmer, Inc.		1,565		197,331
Perrigo Co. PLC.		7,410		299,068
Pfizer, Inc.		82,068		2,748,457
Quest Diagnostics, Inc.		4,762		550,440
Regeneron Pharmaceuticals, Inc.(b)		1,193		537,530
ResMed, Inc.		1,048		202,033
STERIS PLC.		1,140		199,272
Stryker Corp.		4,257		1,033,131
Teleflex, Inc.		450		179,154
Thermo Fisher Scientific, Inc.		4,195		1,888,086
UnitedHealth Group, Inc.		52,086		17,304,011
Universal Health Services, Inc., Class B		5,974		748,721
Varian Medical Systems, Inc.(b)		1,259		220,665
Vertex Pharmaceuticals, Inc.(b)		1,851		393,430
Viatris, Inc.(b)		46,231		686,530
Waters Corp.(b)		680		186,238
West Pharmaceutical Services, Inc.		533		149,586
Zimmer Biomet Holdings, Inc.		3,463		564,677
Zoetis, Inc.		2,849		442,279
				157,075,875
Industrials-10.15%
3M Co.		12,718		2,226,413
A.O. Smith Corp.		3,465		205,717
Alaska Air Group, Inc.(b)		6,948		451,759
Allegion PLC		1,718		186,884
American Airlines Group, Inc.(b)(c)		100,178		2,097,727
AMETEK, Inc.		2,766		326,305
Boeing Co. (The)(b)		18,303		3,880,419

	Shares		Value
Industrials-(continued)
C.H. Robinson Worldwide, Inc.		11,524	$	1,046,955
Carrier Global Corp.		32,480		1,186,494
Caterpillar, Inc.		16,884		3,644,918
Cintas Corp.		1,400		454,076
Copart, Inc.(b)		1,330		145,183
CSX Corp.		8,179		748,787
Cummins, Inc.		6,214		1,573,385
Deere & Co.		9,645		3,367,262
Delta Air Lines, Inc.(b)		40,816		1,956,719
Dover Corp.		3,824		471,346
Eaton Corp. PLC		11,071		1,441,333
Emerson Electric Co.		14,163		1,216,602
Equifax, Inc.		1,418		229,546
Expeditors International of Washington, Inc.		6,907		634,339
Fastenal Co.		7,738		358,811
FedEx Corp.		17,129		4,359,330
Flowserve Corp.		7,142		264,254
Fortive Corp.		7,286		479,565
Fortune Brands Home & Security, Inc.		4,927		409,631
General Dynamics Corp.		17,517		2,863,504
General Electric Co.		523,296		6,562,132
Honeywell International, Inc.		10,790		2,183,357
Howmet Aerospace, Inc.(b)		23,657		664,998
Huntington Ingalls Industries, Inc.		3,524		619,907
IDEX Corp.		807		157,502
IHS Markit Ltd.		3,398		306,364
Illinois Tool Works, Inc.		4,291		867,554
Ingersoll Rand, Inc.(b)		6,283		291,154
J.B. Hunt Transport Services, Inc.		4,680		687,352
Jacobs Engineering Group, Inc.		8,626		992,680
Johnson Controls International PLC		34,050		1,899,650
Kansas City Southern		929		197,264
L3Harris Technologies, Inc.		6,745		1,226,983
Leidos Holdings, Inc.		7,919		700,436
Lockheed Martin Corp.		12,306		4,064,057
Masco Corp.		8,906		473,977
Nielsen Holdings PLC		22,954		514,399
Norfolk Southern Corp.		2,904		731,982
Northrop Grumman Corp.		8,110		2,365,363
Old Dominion Freight Line, Inc.		1,370		294,235
Otis Worldwide Corp.		13,469		858,110
PACCAR, Inc.		15,665		1,425,358
Parker-Hannifin Corp.		3,439		986,855
Pentair PLC		4,067		227,467
Quanta Services, Inc.		10,995		921,931
Raytheon Technologies Corp.		63,351		4,560,638
Republic Services, Inc.		7,433		662,206
Robert Half International, Inc.		5,790		450,404
Rockwell Automation, Inc.		1,796		436,931
Rollins, Inc.		4,036		133,874
Roper Technologies, Inc.		897		338,725
Snap-on, Inc.		1,491		302,837
Southwest Airlines Co.		19,336		1,124,002
Stanley Black & Decker, Inc.		5,490		959,872
Teledyne Technologies, Inc.(b)		574		212,954
Textron, Inc.		17,535		882,712
Trane Technologies PLC.		6,673		1,022,571
TransDigm Group, Inc.(b)		597		344,272
Union Pacific Corp.		6,707		1,381,374
United Airlines Holdings, Inc.(b)		32,807		1,728,273

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

5

Invesco S&P 500 Revenue ETF (RWL)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Industrials-(continued)
United Parcel Service, Inc., Class B		32,940	$	5,198,920
United Rentals, Inc.(b)		2,518		748,803
Verisk Analytics, Inc..		923		151,234
W.W. Grainger, Inc.		2,017		751,756
Wabtec Corp.		7,335		531,274
Waste Management, Inc.		9,032		1,001,558
Xylem, Inc.		3,489		347,365
				89,720,886
Information Technology-11.04%
Accenture PLC, Class A		12,508		3,138,257
Adobe, Inc.(b)		1,811		832,462
Advanced Micro Devices, Inc.(b)		6,556		554,048
Akamai Technologies, Inc.(b)		2,098		198,261
Amphenol Corp., Class A		4,416		555,003
Analog Devices, Inc.		2,762		430,375
ANSYS, Inc.(b)		302		102,979
Apple, Inc.		155,688		18,878,727
Applied Materials, Inc.		13,543		1,600,647
Arista Networks, Inc.(b)		568		158,949
Autodesk, Inc.(b)		923		254,748
Automatic Data Processing, Inc.		5,839		1,016,103
Broadcom, Inc.		3,989		1,874,311
Broadridge Financial Solutions, Inc.		2,230		317,753
Cadence Design Systems, Inc.(b)		1,486		209,660
CDW Corp.		9,598		1,505,830
Cisco Systems, Inc.		75,234		3,375,750
Citrix Systems, Inc.		1,721		229,891
Cognizant Technology Solutions Corp., Class A		14,835		1,090,076
Corning, Inc.		21,010		803,422
DXC Technology Co.		54,864		1,383,670
F5 Networks, Inc.(b)		965		183,331
Fidelity National Information Services, Inc.		5,914		816,132
Fiserv, Inc.(b)		9,119		1,052,059
FleetCor Technologies, Inc.(b)		636		176,369
FLIR Systems, Inc.		3,137		167,516
Fortinet, Inc.(b)		1,251		211,231
Gartner, Inc.(b)		1,919		343,578
Global Payments, Inc.		2,707		535,959
Hewlett Packard Enterprise Co.		155,543		2,264,706
HP, Inc.		169,232		4,902,651
Intel Corp.		108,814		6,613,715
International Business Machines Corp.		41,834		4,975,318
Intuit, Inc.		1,496		583,649
IPG Photonics Corp.(b)		393		89,349
Jack Henry & Associates, Inc.		761		112,963
Juniper Networks, Inc.		14,047		327,014
Keysight Technologies, Inc.(b)		2,353		332,997
KLA Corp.		1,602		498,590
Lam Research Corp.		1,566		888,220
Mastercard, Inc., Class A		3,310		1,171,243
Maxim Integrated Products, Inc.		1,913		178,234
Microchip Technology, Inc.		2,639		402,791
Micron Technology, Inc.(b)		20,957		1,918,194
Microsoft Corp.		47,853		11,120,080
Motorola Solutions, Inc.		3,067		538,197
NetApp, Inc.		6,212		388,871
NortonLifeLock, Inc.		8,769		171,083
NVIDIA Corp.		1,975		1,083,446

	Shares		Value
Information Technology-(continued)
Oracle Corp.		44,881	$	2,895,273
Paychex, Inc.		3,059		278,583
Paycom Software, Inc.(b)		136		50,897
PayPal Holdings, Inc.(b)		6,552		1,702,537
Qorvo, Inc.(b)		1,596		278,869
QUALCOMM, Inc.		11,315		1,540,990
salesforce.com, inc.(b)		6,340		1,372,610
Seagate Technology PLC		11,001		805,603
ServiceNow, Inc.(b)		546		291,269
Skyworks Solutions, Inc.		1,674		297,671
Synopsys, Inc.(b)		1,049		257,225
TE Connectivity Ltd.		7,166		931,795
Teradyne, Inc.		1,841		236,771
Texas Instruments, Inc.		5,948		1,024,662
Tyler Technologies, Inc.(b)		183		84,806
VeriSign, Inc.(b)		390		75,672
Visa, Inc., Class A		7,363		1,563,828
Vontier Corp.(b)		6,513		204,508
Western Digital Corp.		22,606		1,549,189
Western Union Co. (The)		15,258		354,291
Xerox Holdings Corp.		23,015		586,422
Xilinx, Inc.		1,460		190,238
Zebra Technologies Corp., Class A(b)		803		401,042
				97,533,159
Materials-2.95%
Air Products and Chemicals, Inc.		2,301		588,181
Albemarle Corp.		1,650		259,396
Amcor PLC		75,476		825,707
Avery Dennison Corp.		3,138		549,809
Ball Corp.		8,456		722,058
Celanese Corp.		2,916		405,061
CF Industries Holdings, Inc.		7,185		325,337
Corteva, Inc.		25,333		1,143,785
Dow, Inc.		48,651		2,885,491
DuPont de Nemours, Inc.		21,296		1,497,535
Eastman Chemical Co.		5,750		628,245
Ecolab, Inc.		4,120		862,563
FMC Corp.		2,797		284,427
Freeport-McMoRan, Inc.		38,026		1,289,462
International Flavors & Fragrances, Inc.		3,191		432,412
International Paper Co.		29,781		1,478,627
Linde PLC (United Kingdom)		7,525		1,838,132
LyondellBasell Industries N.V., Class A		21,944		2,262,207
Martin Marietta Materials, Inc.		1,226		413,003
Mosaic Co. (The)		25,950		762,930
Newmont Corp.		13,002		707,049
Nucor Corp.		24,552		1,468,701
Packaging Corp. of America		3,415		450,848
PPG Industries, Inc.		6,683		901,002
Sealed Air Corp.		7,611		318,901
Sherwin-Williams Co. (The)		1,738		1,182,431
Vulcan Materials Co.		2,425		404,951
Westrock Co.		28,066		1,223,397
				26,111,648
Real Estate-0.93%
Alexandria Real Estate Equities, Inc.		666		106,353
American Tower Corp.		2,482		536,435
AvalonBay Communities, Inc.		974		171,180
Boston Properties, Inc.		1,991		197,368

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

6

Invesco S&P 500 Revenue ETF (RWL)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Real Estate-(continued)
CBRE Group, Inc., Class A(b)		25,203	$	1,909,631
Crown Castle International Corp.		2,547		396,695
Digital Realty Trust, Inc.		1,916		258,143
Duke Realty Corp.		1,552		60,916
Equinix, Inc.		587		380,576
Equity Residential		3,018		197,407
Essex Property Trust, Inc.		434		110,579
Extra Space Storage, Inc.		728		91,510
Federal Realty Investment Trust		695		70,313
Healthpeak Properties, Inc.		5,457		158,744
Host Hotels & Resorts, Inc.		12,871		213,530
Iron Mountain, Inc.		9,535		331,723
Kimco Realty Corp.		8,126		148,950
Mid-America Apartment Communities, Inc.		891		120,044
Prologis, Inc.		2,962		293,445
Public Storage		909		212,651
Realty Income Corp.		1,891		113,952
Regency Centers Corp.		1,496		81,951
SBA Communications Corp., Class A		519		132,412
Simon Property Group, Inc.		3,924		443,098
SL Green Realty Corp.(c)		1,299		89,722
UDR, Inc.		2,351		96,791
Ventas, Inc.		5,531		292,590
Vornado Realty Trust		3,829		164,417
Welltower, Inc.		5,202		353,216
Weyerhaeuser Co.		15,239		516,145
				8,250,487
Utilities-2.25%
AES Corp. (The)		31,332		832,178
Alliant Energy Corp.		4,678		215,937
Ameren Corp.		5,189		364,631
American Electric Power Co., Inc.		12,524		937,421
American Water Works Co., Inc.		1,759		249,567
Atmos Energy Corp.		1,981		167,612
CenterPoint Energy, Inc.		27,267		530,071
CMS Energy Corp.		7,812		422,707
Consolidated Edison, Inc.		11,613		762,393

	Shares		Value
Utilities-(continued)
Dominion Energy, Inc.		14,952	$	1,021,521
DTE Energy Co.		6,676		785,899
Duke Energy Corp.		18,335		1,569,293
Edison International		14,817		799,970
Entergy Corp.		6,788		589,266
Evergy, Inc.		6,238		334,544
Eversource Energy		7,064		561,447
Exelon Corp.		56,273		2,172,138
FirstEnergy Corp.		24,993		828,268
NextEra Energy, Inc.		16,371		1,202,941
NiSource, Inc.		14,778		319,205
NRG Energy, Inc.		19,088		696,903
Pinnacle West Capital Corp.		2,997		209,580
PPL Corp.		18,889		494,703
Public Service Enterprise Group, Inc.		11,474		617,645
Sempra Energy		6,032		699,591
Southern Co. (The)		22,982		1,303,539
WEC Energy Group, Inc.		5,466		440,778
Xcel Energy, Inc.		12,169		712,982
				19,842,730
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $713,983,447)				883,235,128
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.17%
Invesco Private Prime Fund, 0.11%(d)(f)(g) (Cost $1,454,745)		1,454,163		1,454,745
TOTAL INVESTMENTS IN SECURITIES-100.10% (Cost $715,438,192)				884,689,873
OTHER ASSETS LESS LIABILITIES-(0.10)%				(858,621	)
NET ASSETS-100.00%.			$	883,831,252

Notes to Schedule of Investments:

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

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at February 28, 2021.

^(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 six months ended February 28, 2021.

	Value August 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value February 28, 2021		Dividend Income
Invesco Ltd.	$	363,222	$	43,789	$	(246,021	)	$	520,173	$	(141,558	)	$	539,605	$	9,180
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		-		8,499,809		(8,499,809	)		-		-			-		37
Invesco Premier U.S. Government Money Portfolio, Institutional Class		319,347		2,836,687		(3,156,034	)		-		-			-		9

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

7

Invesco S&P 500 Revenue ETF (RWL)–(continued)

February 28, 2021

(Unaudited)

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value February 28, 2021			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	2,397,010		$	11,208,488		$	(13,605,498	)		$	-		$	-			$	-		$	250	*
Invesco Private Prime Fund			799,024			11,099,898			(10,444,487	)			-			310				1,454,745			1,030	*
Total		$	3,878,603		$	33,688,671		$	(35,951,849	)		$	520,173		$	(141,248	)		$	1,994,350		$	10,506

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

^(e)  Restricted security. The value of this security at February 28, 2021 represented less than 1% of the Fund’s Net Assets.

^(f) The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

Portfolio Composition

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

as of February 28, 2021

Health Care	17.77
Financials	14.72
Consumer Discretionary	13.15
Consumer Staples	11.93
Information Technology	11.04
Industrials	10.15
Communication Services	8.07
Energy	6.97
Sector Types Each Less Than 3%	6.13
Money Market Funds Plus Other Assets Less Liabilities	0.07

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

8

Invesco S&P MidCap 400 Revenue ETF (RWK)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Communication Services-1.26%
Cable One, Inc.		130	$	248,930
Cinemark Holdings, Inc.(b)		17,948		402,933
John Wiley & Sons, Inc., Class A		9,200		484,656
New York Times Co. (The), Class A		7,418		379,579
TEGNA, Inc.		36,230		660,473
Telephone & Data Systems, Inc.		59,427		1,063,149
TripAdvisor, Inc.(b)(c)		6,134		304,369
World Wrestling Entertainment, Inc., Class A(b)		5,050		249,470
Yelp, Inc.(c)		6,566		247,604
				4,041,163
Consumer Discretionary-22.40%
Adient PLC(c)		77,000		2,855,160
Adtalem Global Education, Inc.(c)		7,193		282,685
American Eagle Outfitters, Inc.(b)		41,523		1,067,141
AutoNation, Inc.(c)		64,637		4,849,068
Boyd Gaming Corp.(c)		12,484		732,811
Brunswick Corp.		11,913		1,052,752
Caesars Entertainment, Inc.(c)		7,904		738,550
Carter’s, Inc.		7,448		621,685
Choice Hotels International, Inc.		1,760		184,571
Churchill Downs, Inc.		1,164		268,453
Columbia Sportswear Co.		6,594		679,644
Cracker Barrel Old Country Store, Inc.		3,970		614,834
Dana, Inc.		78,190		1,861,704
Deckers Outdoor Corp.(c)		1,616		526,994
Dick’s Sporting Goods, Inc.		36,309		2,591,373
Five Below, Inc.(c)		2,227		414,489
Foot Locker, Inc.		38,557		1,854,206
Fox Factory Holding Corp.(c)		1,767		224,674
Gentex Corp.		10,255		362,822
Goodyear Tire & Rubber Co. (The)		255,407		4,293,392
Graham Holdings Co., Class B		1,343		806,915
Grand Canyon Education, Inc.(c)		1,933		202,366
Grubhub, Inc.(c)		5,007		320,799
H&R Block, Inc.		41,745		802,756
Harley-Davidson, Inc.		24,798		884,545
Helen of Troy Ltd.(c)		1,853		401,730
Jack in the Box, Inc.		2,423		247,994
KB Home		28,599		1,154,828
Kohl’s Corp.		93,321		5,155,985
Lear Corp.		22,982		3,817,080
Lithia Motors, Inc., Class A		9,877		3,693,504
Marriott Vacations Worldwide Corp.		5,335		905,403
Mattel, Inc.(c)		59,475		1,201,395
Murphy USA, Inc.		20,251		2,524,287
Nordstrom, Inc.(b)		80,645		2,939,510
Ollie’s Bargain Outlet Holdings, Inc.(c)		4,361		360,568
Papa John’s International, Inc.		4,407		397,467
Penn National Gaming, Inc.(c)		11,186		1,295,115
Polaris, Inc.		15,107		1,779,000
RH(c)		1,269		622,280
Scientific Games Corp.(c)		15,084		706,384
Service Corp. International		14,815		707,564
Six Flags Entertainment Corp.		3,422		152,621
Skechers U.S.A., Inc., Class A(c)		28,007		1,025,056
Strategic Education, Inc.		2,305		209,571

	Shares		Value
Consumer Discretionary-(continued)
Taylor Morrison Home Corp., Class A(c)		50,714	$	1,395,142
Tempur Sealy International, Inc.		28,418		949,445
Texas Roadhouse, Inc.		6,838		621,437
Thor Industries, Inc.		18,450		2,159,757
Toll Brothers, Inc.		33,303		1,779,046
TopBuild Corp.(c)		3,425		652,154
Travel + Leisure Co.		12,325		744,800
Tri Pointe Homes, Inc.(c)		42,492		807,348
Urban Outfitters, Inc.(c)		28,445		964,286
Visteon Corp.(c)		4,319		549,247
Wendy’s Co. (The)		16,209		331,150
Williams-Sonoma, Inc.		12,918		1,696,004
Wingstop, Inc.		388		52,826
WW International, Inc.(c)		10,127		298,645
Wyndham Hotels & Resorts, Inc.		5,568		363,479
				71,756,497
Consumer Staples-6.46%
BJ’s Wholesale Club Holdings, Inc.(c)		85,563		3,437,921
Boston Beer Co., Inc. (The), Class A(c)		361		371,364
Casey’s General Stores, Inc.		10,548		2,130,274
Coty,Inc.,Class A		171,886		1,318,366
Darling Ingredients, Inc.(c)		13,377		843,286
Edgewell Personal Care Co.		11,379		348,084
Energizer Holdings, Inc.		14,007		585,493
Flowers Foods, Inc.		40,833		888,118
Grocery Outlet Holding Corp.(c)		16,912		608,663
Hain Celestial Group, Inc. (The)(c)		11,690		493,084
Ingredion, Inc.		15,824		1,427,325
Lancaster Colony Corp.		1,650		288,205
Nu Skin Enterprises, Inc., Class A		10,013		512,465
Pilgrim’s Pride Corp.(c)		125,244		2,804,213
Post Holdings, Inc.(c)		12,676		1,217,657
Sanderson Farms, Inc.		5,303		808,707
Sprouts Farmers Market, Inc.(c)		68,003		1,435,543
Tootsie Roll Industries, Inc.(b)		3,274		100,872
TreeHouse Foods, Inc.(c)		21,299		1,065,376
				20,685,016
Energy-2.61%
Antero Midstream Corp.		25,325		223,366
ChampionX Corp.(c)		22,532		479,256
Cimarex Energy Co.		9,788		567,606
CNX Resources Corp.(c)		32,104		404,831
EQT Corp.		28,260		502,745
Equitrans Midstream Corp.		37,990		274,668
Murphy Oil Corp.		33,372		544,965
World Fuel Services Corp.		172,493		5,361,082
				8,358,519
Financials-13.28%
Affiliated Managers Group, Inc.		4,527		633,644
Alleghany Corp.		3,135		2,026,558
American Financial Group, Inc.		17,920		1,912,064
Associated Banc-Corp.		18,673		376,261
BancorpSouth Bank		8,693		261,312
Bank of Hawaii Corp.		1,955		171,063
Bank OZK		8,181		337,221
Brighthouse Financial, Inc.(c)		55,269		2,204,680

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

9

Invesco S&P MidCap 400 Revenue ETF (RWK)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Financials-(continued)
Brown & Brown, Inc.		12,195	$	559,750
Cathay General Bancorp		5,468		205,816
CIT Group, Inc.		17,365		787,503
CNO Financial Group, Inc.		35,685		858,581
Commerce Bancshares, Inc.		4,724		349,718
Cullen/Frost Bankers, Inc.		3,692		385,445
East West Bancorp, Inc.		8,366		603,691
Essent Group Ltd.		4,510		185,947
Evercore, Inc., Class A		4,292		514,053
F.N.B. Corp.		32,199		380,914
FactSet Research Systems, Inc.		915		278,078
Federated Hermes, Inc., Class B		10,310		275,483
First American Financial Corp.		27,686		1,454,622
First Financial Bankshares, Inc.		2,904		129,693
First Horizon Corp.		52,164		845,057
FirstCash, Inc.		5,193		328,821
Fulton Financial Corp.		15,812		244,295
Genworth Financial, Inc., Class A(c)		417,921		1,303,914
Glacier Bancorp, Inc.		3,676		199,239
Hancock Whitney Corp.		9,806		370,176
Hanover Insurance Group, Inc. (The)		8,832		1,018,771
Home BancShares, Inc.		8,915		217,883
Interactive Brokers Group, Inc., Class A		9,531		689,949
International Bancshares Corp.		3,569		155,537
Janus Henderson Group PLC.		15,225		445,027
Jefferies Financial Group, Inc.		57,000		1,655,280
Kemper Corp.		14,055		1,062,839
LendingTree, Inc.(c)		740		198,964
Mercury General Corp.		16,985		991,924
MGIC Investment Corp.		21,193		258,131
Navient Corp.		92,309		1,142,785
New York Community Bancorp, Inc.		38,379		468,608
Old Republic International Corp.		74,328		1,436,760
PacWest Bancorp.		10,741		389,254
Pinnacle Financial Partners, Inc.		4,440		360,395
Primerica, Inc.		3,498		494,023
PROG Holdings, Inc.		14,827		741,350
Prosperity Bancshares, Inc.		4,076		299,464
Reinsurance Group of America, Inc.		25,661		3,136,544
RenaissanceRe Holdings Ltd. (Bermuda)		6,180		1,031,936
RLI Corp.		1,988		207,428
SEI Investments Co.		6,242		349,552
Selective Insurance Group, Inc.		9,303		631,022
Signature Bank		3,354		732,312
SLM Corp.		43,280		683,391
Sterling Bancorp		14,955		326,468
Stifel Financial Corp.		16,071		981,617
Synovus Financial Corp.		15,693		663,971
TCF Financial Corp.		14,894		667,549
Texas Capital Bancshares, Inc.(b)(c)		4,762		362,864
Trustmark Corp.		5,175		156,078
UMB Financial Corp.		3,961		334,190
Umpqua Holdings Corp.		20,772		354,578
United Bankshares, Inc.		7,173		265,042
Valley National Bancorp		33,878		415,005
Washington Federal, Inc.		5,984		180,836
Webster Financial Corp.		6,642		367,369
Wintrust Financial Corp.		6,737		496,247
				42,554,542

	Shares		Value
Health Care-6.68%
Acadia Healthcare Co., Inc.(c)		14,387	$	794,738
Amedisys, Inc.(c)		1,589		403,034
Arrowhead Pharmaceuticals, Inc.(c)		297		23,659
Avanos Medical, Inc.(c)		3,227		148,377
Bio-Techne Corp.		528		190,972
Cantel Medical Corp.		2,887		214,446
Charles River Laboratories International, Inc.(c)		2,559		732,232
Chemed Corp.		912		406,032
Emergent BioSolutions, Inc.(c)		3,460		332,160
Encompass Health Corp.		11,713		942,194
Exelixis, Inc.(c)		10,209		221,127
Globus Medical, Inc., Class A(c)		2,718		169,875
Haemonetics Corp.(c)		1,629		206,069
Halozyme Therapeutics, Inc.(c)		1,050		47,513
HealthEquity, Inc.(c)		2,382		196,158
Hill-Rom Holdings, Inc.		6,486		691,862
ICU Medical, Inc.(c)		1,405		291,537
Integra LifeSciences Holdings Corp.(c)		4,998		341,563
Jazz Pharmaceuticals PLC(c)		3,371		566,463
LHC Group, Inc.(c)		2,210		401,579
Ligand Pharmaceuticals, Inc.(b)(c)		336		49,802
LivaNova PLC(c)		3,316		257,123
Masimo Corp.(c)		870		218,135
Medpace Holdings, Inc.(c)		1,342		217,981
Molina Healthcare, Inc.(c)		19,754		4,281,877
Nektar Therapeutics(c)		2,377		53,934
Neogen Corp.(c)		1,145		93,798
NuVasive, Inc.(c)		4,953		298,814
Patterson Cos., Inc.		36,785		1,142,542
Penumbra, Inc.(b)(c)		619		176,062
PRA Health Sciences, Inc.(c)		5,821		858,074
Quidel Corp.(c)		1,069		175,594
Repligen Corp.(c)		404		85,806
Syneos Health, Inc.(c)		14,769		1,142,382
Tenet Healthcare Corp.(c)		91,587		4,672,769
United Therapeutics Corp.(c)		2,184		365,121
				21,411,404
Industrials-21.13%
Acuity Brands, Inc.		6,141		757,185
AECOM(c)		58,822		3,405,206
AGCO Corp.		21,395		2,770,225
ASGN, Inc.(c)		10,182		946,621
Avis Budget Group, Inc.(c)		34,179		1,898,643
Axon Enterprise, Inc.(c)		1,094		181,046
Brink’s Co. (The)		11,171		858,268
Builders FirstSource, Inc.(c)		46,866		2,027,658
CACI International, Inc., Class A(c)		3,719		823,163
Carlisle Cos., Inc.		5,980		868,595
Clean Harbors, Inc.(c)		9,494		808,414
Colfax Corp.(c)		18,015		798,965
CoreLogic, Inc.		4,823		408,315
Crane Co.		8,632		723,880
Curtiss-Wright Corp.		4,364		482,178
Donaldson Co., Inc.		9,991		588,570
Dycom Industries, Inc.(c)		8,713		667,242
EMCOR Group, Inc.		21,298		2,073,786
EnerSys		7,470		674,392
Fluor Corp.		203,213		3,487,135

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

10

Invesco S&P MidCap 400 Revenue ETF (RWK)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Industrials-(continued)
FTI Consulting, Inc.(c)		4,717	$	540,332
GATX Corp.		3,176		303,086
Generac Holdings, Inc.(c)		2,277		750,408
Graco, Inc.		4,827		334,752
Healthcare Services Group, Inc.		15,651		445,271
Herman Miller, Inc.		13,876		532,214
Hexcel Corp.		7,309		392,932
Hubbell, Inc.		5,685		1,009,144
IAA, Inc.(c)		4,717		276,558
Insperity, Inc.		10,678		947,139
ITT, Inc.		6,800		564,264
JetBlue Airways Corp.(c)		62,681		1,155,211
KAR Auction Services, Inc.		26,942		374,763
KBR, Inc.		43,683		1,354,173
Kennametal, Inc.		9,811		366,539
Kirby Corp.(c)		9,276		580,307
Knight-Swift Transportation Holdings, Inc.		23,962		1,035,158
Landstar System, Inc.		5,946		952,192
Lennox International, Inc.		2,737		765,731
Lincoln Electric Holdings, Inc.		4,754		561,495
ManpowerGroup, Inc.		43,079		4,068,381
MasTec, Inc.(c)		20,188		1,751,309
Mercury Systems, Inc.(c)		2,160		141,178
Middleby Corp. (The)(c)		4,002		585,933
MSA Safety, Inc.		1,875		301,856
MSC Industrial Direct Co., Inc., Class A		8,060		694,208
Nordson Corp.		2,316		445,622
nVent Electric PLC		18,251		479,271
Oshkosh Corp.		16,997		1,801,682
Owens Corning		19,663		1,593,096
Regal Beloit Corp.		5,287		722,574
Ryder System, Inc.		29,095		1,971,768
Science Applications International Corp.		14,541		1,252,416
Simpson Manufacturing Co., Inc.		2,898		282,439
Stericycle, Inc.(c)		8,752		567,742
Sunrun, Inc.(c)		3,094		193,623
Terex Corp.		19,341		796,462
Tetra Tech, Inc.		5,518		763,526
Timken Co. (The)		9,967		780,914
Toro Co. (The)		7,625		768,371
Trex Co., Inc.(c)		2,209		202,433
Trinity Industries, Inc.		20,364		653,684
Univar Solutions, Inc.(c)		104,040		2,071,436
Valmont Industries, Inc.		3,502		828,328
Watsco, Inc.		4,849		1,178,792
Werner Enterprises, Inc.		12,866		552,209
Woodward, Inc.		4,585		523,699
XPO Logistics, Inc.(c)		27,834		3,245,444
				67,709,552
Information Technology-12.77%
ACI Worldwide, Inc.(c)		7,041		269,389
Alliance Data Systems Corp.		14,342		1,384,003
Arrow Electronics, Inc.(c)		61,602		6,176,217
Avnet, Inc.		120,310		4,580,202
Belden, Inc.		9,774		432,109
Blackbaud, Inc.		3,422		235,502
CDK Global, Inc.		8,185		410,396
Ceridian HCM Holding, Inc.(c)		1,801		161,478
Ciena Corp.(c)		16,463		858,875

	Shares		Value
Information Technology-(continued)
Cirrus Logic, Inc.(c)		3,366	$	275,272
CMC Materials, Inc.		1,634		278,597
Cognex Corp.		2,087		172,365
Coherent, Inc.(c)		1,929		466,702
CommVault Systems, Inc.(c)		2,800		178,444
Concentrix Corp.(c)		29,658		3,663,060
Cree, Inc.(c)		2,014		228,508
Fair Isaac Corp.(c)		542		247,992
First Solar, Inc.(c)		8,656		701,309
II-VI, Inc.(c)		8,454		712,672
InterDigital, Inc.		1,280		81,114
j2 Global, Inc.(c)		3,104		345,724
Jabil, Inc.		147,625		6,372,971
Littelfuse, Inc.		1,192		310,182
LiveRamp Holdings, Inc.(c)		1,243		78,508
Lumentum Holdings, Inc.(c)		4,133		371,970
Manhattan Associates, Inc.(c)		1,252		153,933
MAXIMUS, Inc.		10,157		825,561
MKS Instruments, Inc.		3,128		515,807
National Instruments Corp.		6,787		301,343
NCR Corp.(c)		41,443		1,440,559
NetScout Systems, Inc.(c)		7,182		202,676
Paylocity Holding Corp.(c)		649		124,082
Perspecta, Inc		40,882		1,193,754
PTC, Inc.(c)		2,747		376,174
Qualys, Inc.(c)		789		76,659
Sabre Corp.		38,787		569,781
SailPoint Technologies Holding, Inc.(c)		1,537		86,656
Semtech Corp.(c)		1,711		125,433
Silicon Laboratories, Inc.(c)		1,535		239,061
SolarEdge Technologies, Inc.(c)		1,124		335,300
Synaptics, Inc.(c)		3,568		478,219
SYNNEX Corp.		26,652		2,376,292
Teradata Corp.(c)		17,108		686,031
Universal Display Corp.		361		76,420
ViaSat, Inc.(b)(c)		13,920		711,869
Vishay Intertechnology, Inc.		27,190		649,025
WEX, Inc.(c)		1,836		382,531
				40,920,727
Materials-7.70%
AptarGroup, Inc.		4,687		609,638
Ashland Global Holdings, Inc.		6,662		560,407
Avient Corp.		16,125		696,923
Cabot Corp.		13,444		661,848
Chemours Co. (The)		40,076		942,988
Commercial Metals Co.		59,258		1,490,339
Compass Minerals International, Inc.		4,990		314,819
Domtar Corp.		32,191		1,192,677
Eagle Materials, Inc.		3,409		427,420
Greif, Inc., Class A		20,380		984,354
Ingevity Corp.(c)		3,561		247,418
Louisiana-Pacific Corp.		13,408		638,355
Minerals Technologies, Inc.		5,653		402,663
NewMarket Corp.		1,100		416,878
O-I Glass, Inc.		115,296		1,346,657
Olin Corp.		49,212		1,522,619
Reliance Steel & Aluminum Co.		16,181		2,139,128
Royal Gold, Inc.		1,043		108,170
RPM International, Inc.		13,932		1,109,545

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

11

Invesco S&P MidCap 400 Revenue ETF (RWK)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Materials-(continued)
Scotts Miracle-Gro Co. (The)		4,636	$	988,163
Sensient Technologies Corp.		3,813		296,842
Silgan Holdings, Inc.		28,610		1,074,592
Sonoco Products Co.		18,066		1,076,192
Steel Dynamics, Inc.		51,338		2,134,634
United States Steel Corp.(b)		117,525		1,952,090
Valvoline, Inc.		22,138		552,565
Worthington Industries, Inc.		12,153		776,455
				24,664,379
Real Estate-3.31%
American Campus Communities, Inc.		4,403		180,347
Apartment Income REIT Corp.		4,502		184,042
Brixmor Property Group, Inc.		14,141		278,295
Camden Property Trust		2,364		246,211
CoreSite Realty Corp.		1,088		132,420
Corporate Office Properties Trust		4,532		117,832
Cousins Properties, Inc.		4,849		162,635
CyrusOne, Inc.		3,262		214,085
Douglas Emmett, Inc.		5,978		195,780
EastGroup Properties, Inc.		548		74,588
EPR Properties		3,155		142,543
First Industrial Realty Trust, Inc.		2,324		99,258
Healthcare Realty Trust, Inc.		3,544		102,280
Highwoods Properties, Inc..		4,058		162,158
Hudson Pacific Properties, Inc.		6,858		175,496
JBG SMITH Properties		4,152		131,826
Jones Lang LaSalle, Inc.(c)		24,945		4,339,931
Kilroy Realty Corp.		3,120		197,995
Lamar Advertising Co., Class A		4,333		375,194
Life Storage, Inc.		1,677		140,700
Macerich Co. (The)(b)		15,093		195,002
Medical Properties Trust, Inc.		11,985		258,756
National Retail Properties, Inc.		3,560		156,070
Omega Healthcare Investors, Inc.		4,863		180,612
Park Hotels & Resorts, Inc.		18,627		405,137
Pebblebrook Hotel Trust		8,865		200,881
Physicians Realty Trust		5,164		87,788
PotlatchDeltic Corp.		3,996		202,797
PS Business Parks, Inc.		678		98,215
Rayonier, Inc.		5,729		186,995
Rexford Industrial Realty, Inc.		1,453		69,337
Sabra Health Care REIT, Inc.		7,231		124,518
Service Properties Trust		27,813		357,119
Spirit Realty Capital, Inc.		2,454		105,571

	Shares		Value
Real Estate-(continued)
STORE Capital Corp.		4,529	$	151,450
Urban Edge Properties		4,775		78,788
Weingarten Realty Investors		4,142		105,165
				10,617,817
Utilities-2.39%
ALLETE, Inc.		4,128		256,473
Black Hills Corp.		6,055		358,214
Essential Utilities, Inc.		5,396		226,956
Hawaiian Electric Industries, Inc.		15,368		537,265
IDACORP, Inc.		2,976		256,650
MDU Resources Group, Inc.		47,651		1,338,993
National Fuel Gas Co.		7,076		321,533
New Jersey Resources Corp.		12,632		496,311
NorthWestern Corp.		4,581		267,897
OGE Energy Corp.		13,891		406,590
ONE Gas, Inc.		3,979		266,474
PNM Resources, Inc.		6,508		312,449
Southwest Gas Holdings, Inc.		11,079		690,776
Spire, Inc.		6,029		400,446
UGI Corp.		39,794		1,524,508
				7,661,535
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $251,181,494)				320,381,151
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.67%
Invesco Private Government Fund, 0.01%(d)(e)(f)		2,147,906		2,147,906
Invesco Private Prime Fund, 0.11%(d)(e)(f)		3,220,571		3,221,860
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,369,766)				5,369,766
TOTAL INVESTMENTS IN SECURITIES-101.66% (Cost $256,551,260)				325,750,917
OTHER ASSETS LESS LIABILITIES-(1.66)%				(5,327,592	)
NET ASSETS-100.00%			$	320,423,325

Investment Abbreviations:

REIT-Real Estate Investment Trust

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

12

Invesco S&P MidCap 400 Revenue ETF (RWK)–(continued)

February 28, 2021

(Unaudited)

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at February 28, 2021.

^(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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	1,848,813		$	(1,848,813	)		$	-		$	-		$	-		$	10
Invesco Premier U.S. Government Money Portfolio, Institutional Class			159,490			510,607			(670,097	)			-			-			-			-
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			5,595,005			23,089,223			(26,536,322	)			-			-			2,147,906			423	*
Invesco Private Prime Fund			1,865,033			22,239,415			(20,883,029	)			-			441			3,221,860			1,753	*
Total		$	7,619,528		$	47,688,058		$	(49,938,261	)		$	-		$	441		$	5,369,766		$	2,186

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

^(e)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

Portfolio Composition

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

as of February 28, 2021

Consumer Discretionary	22.40
Industrials	21.13
Financials	13.28
Information Technology	12.77
Materials	7.70
Health Care	6.68
Consumer Staples	6.46
Real Estate	3.31
Sector Types Each Less Than 3%	6.26
Money Market Funds Plus Other Assets Less Liabilities	0.01

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

13

Invesco S&P SmallCap 600 Revenue ETF (RWJ)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Communication Services-2.54%
AMC Networks, Inc., Class A(b)(c)		29,890	$	1,960,485
ATN International, Inc.		3,212		156,360
Cincinnati Bell, Inc.(b)		34,764		531,194
Cogent Communications Holdings, Inc.		3,245		194,213
Consolidated Communications Holdings, Inc.(b)		85,728		450,929
E.W. Scripps Co. (The), Class A		42,538		800,565
Gannett Co., Inc.(b)		392,735		1,944,038
Glu Mobile, Inc.(b)		18,791		234,512
Marcus Corp. (The)(c)		10,819		212,485
Meredith Corp.		50,774		1,258,180
QuinStreet, Inc.(b)		8,066		192,697
Scholastic Corp.		19,610		564,768
Shenandoah Telecommunications Co.		4,045		179,396
Spok Holdings, Inc.		5,041		54,040
TechTarget, Inc.(b)		772		64,562
Vonage Holdings Corp.(b)		30,934		408,947
				9,207,371
Consumer Discretionary-30.44%
Aaron’s Co., Inc. (The)(b)		11,272		247,533
Abercrombie & Fitch Co., Class A		52,526		1,437,637
American Axle & Manufacturing Holdings, Inc.(b)		205,640		2,009,103
American Public Education, Inc.(b)		3,216		94,679
America’s Car-Mart, Inc.(b)		2,358		318,330
Asbury Automotive Group, Inc.(b)		16,237		2,751,360
Barnes & Noble Education, Inc.(b)		161,211		1,043,035
Bed Bath & Beyond, Inc.(c)		176,069		4,729,213
Big Lots, Inc.		44,553		2,830,898
BJ’s Restaurants, Inc.(b)		9,315		517,262
Bloomin’ Brands, Inc.		64,537		1,603,099
Boot Barn Holdings, Inc.(b)		6,754		408,077
Brinker International, Inc.		19,405		1,330,989
Buckle, Inc. (The)(c)		8,843		339,925
Caleres, Inc.		60,387		957,738
Callaway Golf Co.		23,127		646,400
Cato Corp. (The), Class A		24,735		305,230
Cavco Industries, Inc.(b)		2,033		428,780
Century Communities, Inc.(b)		23,486		1,299,480
Cheesecake Factory, Inc. (The)(c)		19,537		1,073,558
Chico’s FAS, Inc.		338,518		910,613
Children’s Place, Inc. (The)(b)(c)		12,308		852,329
Chuy’s Holdings, Inc.(b)		4,621		189,461
Conn’s, Inc.(b)		45,938		651,860
Cooper Tire & Rubber Co.		22,464		1,285,839
Cooper-Standard Holdings, Inc.(b)		23,319		835,287
Core-Mark Holding Co., Inc.		186,999		6,092,427
Crocs, Inc.(b)		6,844		525,072
Dave & Buster’s Entertainment, Inc.		11,964		485,858
Designer Brands, Inc., Class A		130,289		1,627,310
Dine Brands Global, Inc.		3,627		286,932
Dorman Products, Inc.(b)		3,545		353,472
El Pollo Loco Holdings, Inc.(b)		7,978		146,237
Ethan Allen Interiors, Inc.		10,096		258,660
Fiesta Restaurant Group, Inc.(b)		15,287		233,280
Fossil Group, Inc.(b)		46,490		703,859

	Shares		Value
Consumer Discretionary-(continued)
GameStop Corp., Class A(b)(c)		143,699	$	14,619,936
Genesco, Inc.(b)		21,677		974,164
Gentherm, Inc.(b)		4,557		322,590
G-III Apparel Group Ltd.(b)		38,766		1,116,073
Group 1 Automotive, Inc.		30,719		4,682,804
Guess?, Inc.(c)		37,396		942,753
Haverty Furniture Cos., Inc., (Acquired 11/17/2014 - 12/18/2020; Cost $191,294)(d)		8,848		320,032
Hibbett Sports, Inc.(b)		10,167		653,331
Installed Building Products, Inc.(b)		5,932		648,724
iRobot Corp.(b)(c)		6,034		748,880
Kontoor Brands, Inc.		16,488		696,618
La-Z-Boy, Inc.		14,131		602,122
LCI Industries		6,879		969,526
LGI Homes, Inc.(b)		6,601		721,159
Liquidity Services, Inc.(b)		4,791		74,788
Lumber Liquidators Holdings, Inc.(b)		11,714		290,156
M.D.C. Holdings, Inc.		26,331		1,489,545
M/I Homes, Inc.(b)		22,559		1,125,694
Macy’s, Inc.		606,139		9,219,374
MarineMax, Inc.(b)		16,842		751,995
Meritage Homes Corp.(b)		16,668		1,405,279
Michaels Cos., Inc. (The)(b)(c)		132,673		1,990,095
Monarch Casino & Resort, Inc.(b)		1,206		81,598
Monro, Inc.		8,292		514,021
Motorcar Parts of America, Inc.(b)		7,244		154,152
Movado Group, Inc.		10,346		235,889
ODP Corp. (The)		128,017		4,899,211
Oxford Industries, Inc.		5,431		414,059
Patrick Industries, Inc.		11,285		890,725
Perdoceo Education Corp.(b)		17,938		230,862
PetMed Express, Inc.(c)		3,437		119,298
Red Robin Gourmet Burgers, Inc.(b)		17,183		527,346
Regis Corp.(b)(c)		19,000		223,250
Rent-A-Center, Inc.		27,641		1,596,544
Ruth’s Hospitality Group, Inc.		6,919		157,788
Sally Beauty Holdings, Inc.(b)		102,291		1,646,885
Shake Shack, Inc., Class A(b)		2,009		238,026
Shoe Carnival, Inc.		9,286		454,643
Shutterstock, Inc.		3,241		285,953
Signet Jewelers Ltd.		65,971		3,284,036
Sleep Number Corp.(b)		7,219		989,942
Sonic Automotive, Inc., Class A		80,279		3,701,665
Stamps.com, Inc.(b)		1,218		221,591
Standard Motor Products, Inc.		7,110		298,691
Steven Madden Ltd.		13,489		498,958
Sturm Ruger & Co., Inc.		2,692		183,594
Tupperware Brands Corp.(b)		17,342		530,145
Unifi, Inc.(b)		11,261		280,737
Universal Electronics, Inc.(b)		4,046		235,437
Vera Bradley, Inc.(b)		22,488		213,411
Vista Outdoor, Inc.(b)		33,457		1,057,576
Winnebago Industries, Inc.		13,743		956,513
Wolverine World Wide, Inc.		21,257		742,932
Zumiez, Inc.(b)		8,930		402,564
				110,444,502

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

14

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Consumer Staples-9.13%
Andersons, Inc. (The)		112,034	$	2,928,569
B&G Foods, Inc.(c)		22,491		682,152
Calavo Growers, Inc.		5,021		377,830
Cal-Maine Foods, Inc.(b)		13,043		496,938
Central Garden & Pet Co.(b)		12,406		565,714
Central Garden & Pet Co., Class A(b)		13,245		549,800
Chefs’ Warehouse, Inc. (The)(b)		18,693		582,100
Coca-Cola Consolidated, Inc.		6,479		1,662,900
Fresh Del Monte Produce, Inc.		55,361		1,424,992
Inter Parfums, Inc.		3,189		233,339
J&J Snack Foods Corp.		2,250		357,210
John B. Sanfilippo & Son, Inc.		3,807		329,153
Medifast, Inc.		1,528		386,569
MGP Ingredients, Inc.		2,839		181,355
National Beverage Corp.(c)		8,414		401,011
PriceSmart, Inc.		12,975		1,251,439
Seneca Foods Corp., Class A(b)		11,773		641,158
SpartanNash Co.		176,033		3,209,082
United Natural Foods, Inc.(b)		561,244		14,844,904
Universal Corp.		12,806		650,801
USANA Health Sciences, Inc.(b)		5,050		490,153
Vector Group Ltd.		52,234		712,994
WD-40 Co.		524		163,357
				33,123,520
Energy-7.87%
Archrock, Inc.		33,938		349,901
Bonanza Creek Energy, Inc.(b)		3,382		107,987
Bristow Group, Inc.(b)		8,014		213,333
Callon Petroleum Co.(b)		22,240		568,677
CONSOL Energy, Inc.(b)		54,285		586,821
Core Laboratories N.V		6,131		217,896
DMC Global, Inc.		1,842		116,028
Dorian LPG Ltd.(b)		8,577		106,784
Dril-Quip, Inc.(b)		3,960		134,482
Exterran Corp.(b)		62,479		341,760
Green Plains, Inc.(b)		53,386		1,351,733
Helix Energy Solutions Group, Inc.(b)		59,664		292,354
Helmerich & Payne, Inc.		24,193		695,065
Laredo Petroleum, Inc.(b)		10,900		355,231
Matador Resources Co.(b)		23,851		498,247
Nabors Industries Ltd.		11,228		1,246,420
Oceaneering International, Inc.(b)		82,063		968,343
Oil States International, Inc.(b)		47,186		345,873
Par Pacific Holdings, Inc.(b)		100,140		1,769,474
Patterson-UTI Energy, Inc.		86,780		642,172
PBF Energy, Inc., Class A		742,485		10,543,287
PDC Energy, Inc.(b)		20,309		709,799
Penn Virginia Corp.(b)		9,724		142,359
ProPetro Holding Corp.(b)		50,037		573,924
QEP Resources, Inc.		116,932		402,246
Range Resources Corp.(b)		87,619		844,647
Renewable Energy Group, Inc.(b)		14,349		1,115,922
REX American Resources Corp.(b)		1,269		119,375
RPC, Inc.(b)		59,965		380,778
SM Energy Co.		65,551		908,537
Southwestern Energy Co.(b)		238,402		965,528
Talos Energy, Inc.(b)		23,494		248,801
US Silica Holdings, Inc.		50,461		671,636
				28,535,420

	Shares		Value
Financials-7.24%
Allegiance Bancshares, Inc.		2,416	$	90,962
Ambac Financial Group, Inc.(b)		2,952		50,036
American Equity Investment Life Holding Co.		53,595		1,480,830
Ameris Bancorp		10,608		505,365
AMERISAFE, Inc.		2,020		118,210
Apollo Commercial Real Estate Finance, Inc.		13,298		176,730
Assured Guaranty Ltd.		10,295		455,245
Axos Financial, Inc.(b)		6,879		318,291
Banc of California, Inc.		6,701		124,371
BancFirst Corp.		2,696		172,221
BankUnited, Inc.		13,534		543,932
Banner Corp.		4,630		239,741
Berkshire Hills Bancorp, Inc.		9,278		187,045
Blucora, Inc.(b)		19,062		308,804
Boston Private Financial Holdings, Inc.		16,401		225,678
Brightsphere Investment Group, Inc.		13,557		245,382
Brookline Bancorp, Inc.		10,114		143,922
Cadence BanCorp.		19,834		406,994
Capitol Federal Financial, Inc.		8,833		117,567
Capstead Mortgage Corp.		760		4,355
Central Pacific Financial Corp.		4,801		108,647
City Holding Co.		1,281		96,344
Columbia Banking System, Inc.		6,218		275,395
Community Bank System, Inc.		3,238		230,513
Customers Bancorp, Inc.(b)		11,573		309,925
CVB Financial Corp.		8,148		174,449
Donnelley Financial Solutions, Inc.(b)		14,984		389,434
Eagle Bancorp, Inc.		3,645		178,204
eHealth, Inc.(b)(c)		2,797		166,198
Employers Holdings, Inc.		7,569		251,972
Encore Capital Group, Inc.(b)		12,515		418,251
Enova International, Inc.(b)		17,879		548,885
EZCORP, Inc., Class A(b)		57,308		275,078
FB Financial Corp.		4,866		206,367
First Bancorp		29,305		307,409
First Bancorp/Southern Pines NC		3,174		127,817
First Commonwealth Financial Corp.		12,910		173,123
First Financial Bancorp		13,639		305,923
First Hawaiian, Inc.		11,733		327,233
First Midwest Bancorp, Inc.		18,563		367,176
Flagstar Bancorp, Inc.		15,504		672,719
Granite Point Mortgage Trust, Inc.		8,053		89,872
Great Western Bancorp, Inc.		9,950		266,959
Green Dot Corp., Class A(b)		7,286		344,336
Greenhill & Co., Inc.		6,732		101,586
Hanmi Financial Corp.		8,214		140,624
HCI Group, Inc.		1,751		101,330
Heritage Financial Corp.		3,485		90,227
HomeStreet, Inc.		3,884		166,857
Hope Bancorp, Inc.		21,376		281,308
Horace Mann Educators Corp.		10,158		391,489
Independent Bank Corp.		2,347		200,692
Independent Bank Group, Inc.		3,901		271,861
James River Group Holdings Ltd.		5,140		235,977
KKR Real Estate Finance Trust, Inc.		5,125		94,454
Meta Financial Group, Inc.		4,965		219,900
Mr. Cooper Group, Inc.(b)		27,886		877,015
National Bank Holdings Corp., Class A		3,451		133,726
NBT Bancorp, Inc.		5,209		188,722
New York Mortgage Trust, Inc.		28,538		119,004

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

15

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Financials-(continued)
NMI Holdings, Inc., Class A(b)		6,107	$	139,606
Northfield Bancorp, Inc.		5,187		71,010
Northwest Bancshares, Inc.		14,808		209,089
OFG Bancorp		10,657		205,787
Old National Bancorp		18,183		329,658
Pacific Premier Bancorp, Inc.		7,147		288,024
Palomar Holdings, Inc.(b)		745		63,422
Park National Corp.		1,521		188,604
PennyMac Mortgage Investment Trust		20,626		391,275
Piper Sandler Cos.		3,684		391,683
PRA Group, Inc.(b)		8,154		300,556
Preferred Bank		1,679		97,298
ProAssurance Corp.		17,181		425,230
Provident Financial Services, Inc.		8,300		167,909
Ready Capital Corp.		16,936		222,200
Redwood Trust, Inc.		18,556		182,591
Renasant Corp.		7,444		292,400
S&T Bancorp, Inc.		5,324		153,757
Safety Insurance Group, Inc.		3,609		285,400
Seacoast Banking Corp. of Florida(b)		4,212		151,421
ServisFirst Bancshares, Inc.		3,442		170,586
Simmons First National Corp., Class A		17,252		505,139
SiriusPoint Ltd. (Bermuda)(b)		25,772		263,132
Southside Bancshares, Inc.		3,079		106,472
Stewart Information Services Corp.		14,684		693,085
StoneX Group, Inc.(b)		6,649		383,581
Tompkins Financial Corp.		1,585		122,568
Triumph Bancorp, Inc.(b)		2,446		187,608
Trupanion, Inc.(b)		1,513		146,398
TrustCo Bank Corp.		10,589		72,852
United Community Banks, Inc.		8,455		279,522
United Fire Group, Inc.		14,696		432,797
United Insurance Holdings Corp.		59,305		368,877
Universal Insurance Holdings, Inc.		24,165		359,817
Veritex Holdings, Inc.		5,341		155,316
Virtus Investment Partners, Inc.		900		225,810
Waddell & Reed Financial, Inc., Class A		13,866		347,898
Walker & Dunlop, Inc.		3,787		377,412
Westamerica Bancorporation		1,286		77,302
WisdomTree Investments, Inc.		17,407		92,257
World Acceptance Corp.(b)(c)		1,644		208,048
				26,276,079
Health Care-8.10%
Addus HomeCare Corp.(b)		2,432		261,610
Allscripts Healthcare Solutions, Inc.(b)		40,251		621,073
AMN Healthcare Services, Inc.(b)		11,840		862,781
Amphastar Pharmaceuticals, Inc.(b)		6,061		106,249
AngioDynamics, Inc.(b)		6,194		129,764
ANI Pharmaceuticals, Inc.(b)		2,235		65,039
Anika Therapeutics, Inc.(b)		1,150		42,205
Cardiovascular Systems, Inc.(b)		2,137		88,258
Coherus Biosciences, Inc.(b)		9,231		149,911
Community Health Systems, Inc.(b)		479,413		4,103,775
Computer Programs & Systems, Inc.		3,329		104,697
CONMED Corp.		2,821		347,152
Corcept Therapeutics, Inc.(b)		4,722		118,758
CorVel Corp.(b)		1,984		201,376
Covetrus, Inc.(b)		54,742		2,034,213
Cross Country Healthcare, Inc.(b)		30,613		340,110

	Shares		Value
Health Care-(continued)
CryoLife, Inc.(b)		3,932	$	99,283
Cutera, Inc.(b)		2,335		82,472
Cytokinetics, Inc.(b)(c)		886		16,595
Eagle Pharmaceuticals, Inc.(b)		1,379		61,366
Enanta Pharmaceuticals, Inc.(b)		992		48,925
Endo International PLC(b)		188,449		1,494,401
Ensign Group, Inc. (The)		10,914		895,166
Fulgent Genetics, Inc.(b)		909		92,045
Glaukos Corp.(b)		1,083		102,409
Hanger, Inc.(b)		14,890		327,282
HealthStream, Inc.(b)		4,073		94,901
Heska Corp.(b)		395		74,418
HMS Holdings Corp.(b)		6,781		249,439
Innoviva, Inc.(b)		10,969		125,376
Inogen, Inc.(b)		2,736		143,613
Integer Holdings Corp.(b)		4,787		422,166
Invacare Corp.		31,868		289,999
Lannett Co., Inc.(b)		28,065		170,074
Lantheus Holdings, Inc.(b)		7,686		143,575
LeMaitre Vascular, Inc.		1,182		60,743
Luminex Corp.		5,458		177,494
Magellan Health, Inc.(b)		25,184		2,350,171
MEDNAX, Inc.(b)		40,557		990,808
Meridian Bioscience, Inc.(b)		4,351		91,719
Merit Medical Systems, Inc.(b)		5,801		323,232
Mesa Laboratories, Inc.		151		41,058
ModivCare, Inc.(b)		3,286		421,462
Myriad Genetics, Inc.(b)		10,186		310,571
Natus Medical, Inc.(b)		6,926		179,453
NeoGenomics, Inc.(b)		2,814		143,430
NextGen Healthcare, Inc.(b)		10,429		195,022
Omnicell, Inc.(b)		2,596		329,432
OraSure Technologies, Inc.(b)		4,146		43,948
Orthofix Medical, Inc.(b)		3,640		169,296
Owens & Minor, Inc.		103,690		3,526,497
Pacira BioSciences, Inc.(b)		2,433		178,826
Pennant Group, Inc. (The)(b)		2,208		116,538
Phibro Animal Health Corp., Class A		14,773		318,654
R1 RCM, Inc.(b)		19,841		548,405
RadNet, Inc.(b)		19,091		352,038
REGENXBIO, Inc.(b)		1,218		49,828
Select Medical Holdings Corp.(b)		73,562		2,328,237
Simulations Plus, Inc.		224		16,065
Supernus Pharmaceuticals, Inc.(b)		7,396		198,731
SurModics, Inc.(b)		833		43,441
Tabula Rasa HealthCare, Inc.(b)(c)		2,631		106,687
Tactile Systems Technology, Inc.(b)		1,621		82,379
Tivity Health, Inc.(b)		21,390		509,082
US Physical Therapy, Inc.		1,293		151,591
Vanda Pharmaceuticals, Inc.(b)		6,347		118,372
Varex Imaging Corp.(b)		15,343		351,815
Xencor, Inc.(b)		653		32,173
Zynex, Inc.(b)(c)		1,769		25,686
				29,393,360
Industrials-17.52%
AAON, Inc.		2,770		213,567
AAR Corp.		19,456		773,960
ABM Industries, Inc.		52,511		2,267,425
Aegion Corp.(b)		20,931		541,066

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

16

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Industrials-(continued)
Aerojet Rocketdyne Holdings, Inc.(b)(c)		15,964	$	818,474
AeroVironment, Inc.(b)		1,472		162,038
Alamo Group, Inc.		3,042		464,300
Albany International Corp., Class A		4,389		346,950
Allegiant Travel Co.		2,393		603,491
American Woodmark Corp.(b)		6,043		564,477
Apogee Enterprises, Inc.		15,464		578,354
Applied Industrial Technologies, Inc.		13,896		1,186,302
ArcBest Corp.		21,668		1,278,195
Arcosa, Inc.		12,114		687,227
Astec Industries, Inc.		5,903		400,932
Atlas Air Worldwide Holdings, Inc.(b)		18,674		1,029,498
AZZ, Inc.		6,815		348,178
Barnes Group, Inc.		8,535		446,807
Boise Cascade Co.		38,389		1,917,147
Brady Corp., Class A		7,505		393,337
Chart Industries, Inc.(b)		3,778		540,594
CIRCOR International, Inc.(b)		7,450		265,294
Comfort Systems USA, Inc.		19,178		1,187,885
CoreCivic, Inc.		88,349		634,346
Cubic Corp.		8,117		563,726
Deluxe Corp.		23,323		921,958
DXP Enterprises, Inc.(b)		16,436		493,737
Echo Global Logistics, Inc.(b)		26,711		744,168
Encore Wire Corp.		7,412		485,708
Enerpac Tool Group Corp.		6,726		166,132
EnPro Industries, Inc.		4,976		399,772
ESCO Technologies, Inc.		2,395		253,080
Exponent, Inc.		1,583		152,712
Federal Signal Corp.		12,199		444,166
Forrester Research, Inc.(b)		3,466		156,594
Forward Air Corp.		6,205		532,203
Franklin Electric Co., Inc.		5,874		440,902
Gibraltar Industries, Inc.(b)		5,701		497,982
GMS, Inc.(b)		38,969		1,426,265
Granite Construction, Inc.		14,063		483,486
Greenbrier Cos., Inc. (The)		27,238		1,281,548
Griffon Corp.		42,198		1,038,071
Harsco Corp.(b)		34,527		564,862
Hawaiian Holdings, Inc.		25,089		672,887
Heartland Express, Inc.		11,737		213,613
Heidrick & Struggles International, Inc.		7,840		281,378
Hillenbrand, Inc.		22,368		1,039,217
Hub Group, Inc., Class A(b)		20,213		1,163,865
Insteel Industries, Inc.		6,740		208,131
Interface, Inc.		45,754		568,265
John Bean Technologies Corp.		5,166		762,347
Kaman Corp.		4,962		241,451
Kelly Services, Inc., Class A		71,595		1,490,608
Korn Ferry		14,777		909,524
Lindsay Corp.		1,329		212,972
Lydall, Inc.(b)		8,349		290,796
ManTech International Corp., Class A		10,423		814,662
Marten Transport Ltd.		16,425		265,756
Matrix Service Co.(b)		34,444		467,405
Matson, Inc.		13,127		909,307
Matthews International Corp., Class A		18,799		671,124
Meritor, Inc.(b)		37,670		1,144,038
Moog, Inc., Class A		11,910		924,931
Mueller Industries, Inc.		23,120		939,597

	Shares		Value
Industrials-(continued)
MYR Group, Inc.(b)		12,707	$	749,078
National Presto Industries, Inc.		1,270		129,959
NOW, Inc.(b)		105,221		1,118,499
Park Aerospace Corp.		1,291		17,932
PGT Innovations, Inc.(b)		14,344		338,375
Pitney Bowes, Inc.		197,590		1,675,563
Powell Industries, Inc.		6,575		204,680
Proto Labs, Inc.(b)		995		144,952
Quanex Building Products Corp.		12,644		307,629
Raven Industries, Inc.		3,600		141,120
Resideo Technologies, Inc.(b)		94,314		2,265,422
Resources Connection, Inc.		17,663		225,380
Saia, Inc.(b)		3,356		672,979
SEACOR Holdings, Inc.(b)		5,901		250,851
SkyWest, Inc.		18,180		1,024,807
SPX Corp.(b)		9,828		546,339
SPX FLOW, Inc.(b)		7,977		491,064
Standex International Corp.		2,718		266,527
Team, Inc.(b)		28,204		312,782
Tennant Co.		4,942		376,580
Titan International, Inc.		81,930		677,561
Triumph Group, Inc.		57,874		843,224
TrueBlue, Inc.(b)		32,671		680,537
UFP Industries, Inc.		30,198		1,842,078
UniFirst Corp.		3,141		761,033
US Ecology, Inc.(b)		8,572		327,536
Veritiv Corp.(b)		119,304		2,837,049
Viad Corp.		7,451		311,750
Vicor Corp.(b)		1,110		109,324
Wabash National Corp.		31,535		522,850
Watts Water Technologies, Inc., Class A		4,411		503,251
				63,565,501
Information Technology-8.88%
3D Systems Corp.(b)(c)		18,975		680,064
8x8, Inc.(b)		5,254		179,739
ADTRAN, Inc.		11,747		197,819
Advanced Energy Industries, Inc.		4,915		513,372
Agilysys, Inc.(b)		1,235		73,594
Alarm.com Holdings, Inc.(b)(c)		2,558		224,797
Applied Optoelectronics, Inc.(b)(c)		9,995		93,203
Arlo Technologies, Inc.(b)		15,328		106,683
Axcelis Technologies, Inc.(b)		5,448		200,868
Badger Meter, Inc.		1,596		173,310
Bel Fuse, Inc., Class B		11,197		198,747
Benchmark Electronics, Inc.		27,664		785,658
BM Technologies, Inc.(b)(e)		1,983		24,986
BM Technologies, Inc.(b)(c)		15		189
Bottomline Technologies (DE), Inc.(b)		3,042		136,525
CalAmp Corp.(b)		11,354		126,824
Cardtronics PLC, Class A(b)		10,776		415,415
CEVA, Inc.(b)		865		52,964
Cohu, Inc.		5,213		226,505
Comtech Telecommunications Corp.		12,328		331,377
CSG Systems International, Inc.		7,663		353,647
CTS Corp.		4,241		136,433
Daktronics, Inc.		41,874		226,538
Diebold Nixdorf, Inc.(b)		124,874		1,813,170
Digi International, Inc.(b)		4,991		116,590
Diodes, Inc.(b)		6,094		478,501

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

17

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Information Technology-(continued)
DSP Group, Inc.(b)		2,314	$	36,029
Ebix, Inc.		5,090		124,094
ePlus, Inc.(b)		6,501		614,735
EVERTEC, Inc.		4,196		163,224
ExlService Holdings, Inc.(b)		3,892		329,341
Extreme Networks, Inc.(b)		51,502		472,273
Fabrinet (Thailand)(b)		8,401		742,060
FARO Technologies, Inc.(b)		1,503		140,470
FormFactor, Inc.(b)		5,416		245,724
Harmonic, Inc.(b)		17,700		137,086
Ichor Holdings Ltd.(b)		8,986		384,241
Insight Enterprises, Inc.(b)		39,688		3,317,520
Itron, Inc.(b)		9,323		1,093,029
Knowles Corp.(b)		14,588		303,285
Kulicke & Soffa Industries, Inc. (Singapore)		6,216		309,930
LivePerson, Inc.(b)		1,989		130,518
MaxLinear, Inc.(b)		3,893		154,825
Methode Electronics, Inc.		8,466		329,581
MicroStrategy, Inc., Class A(b)		586		439,740
MTS Systems Corp.		4,815		281,003
NETGEAR, Inc.(b)		11,026		441,040
NIC, Inc.		5,597		194,272
OneSpan, Inc.(b)		3,841		89,726
Onto Innovation, Inc.(b)		3,735		233,288
OSI Systems, Inc.(b)		4,100		387,942
PC Connection, Inc		19,909		916,013
PDF Solutions, Inc.(b)		1,357		24,915
Perficient, Inc.(b)		4,278		238,242
Photronics, Inc.(b)		18,408		219,239
Plantronics, Inc.		20,820		843,002
Plexus Corp.(b)		15,025		1,261,799
Power Integrations, Inc.		2,086		184,340
Progress Software Corp.		3,500		148,890
Rambus, Inc.(b)		4,584		96,172
Rogers Corp.(b)		1,752		317,953
Sanmina Corp.(b)		74,290		2,646,210
ScanSource, Inc.(b)		35,703		1,015,393
SMART Global Holdings, Inc.(b)		11,327		528,858
SPS Commerce, Inc.(b)		1,048		105,565
Sykes Enterprises, Inc.(b)		14,815		605,341
TTEC Holdings, Inc.		8,683		730,588
TTM Technologies, Inc.(b)		59,355		838,093
Ultra Clean Holdings, Inc.(b)		13,341		618,756
Unisys Corp.(b)		42,938		1,054,128
Veeco Instruments, Inc.(b)		8,245		177,267
Viavi Solutions, Inc.(b)		29,346		474,965
Xperi Holding Corp.		9,434		199,057
				32,207,280
Materials-5.36%
AdvanSix, Inc.(b)		20,100		558,780
Allegheny Technologies, Inc.(b)		68,853		1,353,650
American Vanguard Corp.		9,206		179,701
Arconic Corp.(b)		67,294		1,475,084
Balchem Corp.		2,072		247,314
Carpenter Technology Corp.		23,614		960,145
Century Aluminum Co.(b)		49,052		673,484
Clearwater Paper Corp.(b)		17,208		602,452
Ferro Corp.(b)		22,633		359,186
FutureFuel Corp.		4,868		71,462

	Shares		Value
Materials-(continued)
GCP Applied Technologies, Inc.(b)		13,119	$	325,220
Glatfelter Corp.		18,116		290,762
H.B. Fuller Co.		18,097		1,014,699
Hawkins, Inc.		3,560		222,856
Haynes International, Inc.		5,186		144,845
Innospec, Inc.		5,161		518,422
Kaiser Aluminum Corp.		4,648		530,337
Koppers Holdings, Inc.(b)		21,579		720,954
Kraton Corp.(b)		19,378		720,668
Livent Corp.(b)(c)		5,821		108,387
Materion Corp.		6,773		463,815
Mercer International, Inc. (Germany)		46,940		721,468
Myers Industries, Inc.		8,716		192,972
Neenah, Inc.		4,871		269,464
Olympic Steel, Inc.		28,128		501,804
Quaker Chemical Corp.		1,950		550,641
Rayonier Advanced Materials, Inc.(b)		88,598		819,531
Schweitzer-Mauduit International, Inc., Class A		9,175		428,473
Stepan Co.		5,282		637,485
SunCoke Energy, Inc.		97,606		623,702
TimkenSteel Corp.(b)		53,912		435,609
Tredegar Corp.		13,939		212,430
Trinseo S.A		24,177		1,564,494
US Concrete, Inc.(b)		13,607		700,216
Warrior Met Coal, Inc.		13,382		256,533
				19,457,045
Real Estate-2.39%
Acadia Realty Trust		7,959		150,505
Agree Realty Corp.		1,273		82,185
Alexander & Baldwin, Inc.		7,100		124,037
American Assets Trust, Inc.		4,140		128,671
Armada Hoffler Properties, Inc.		11,419		147,419
Brandywine Realty Trust		16,122		197,172
CareTrust REIT, Inc.		2,711		60,130
Centerspace		784		53,806
Chatham Lodging Trust		5,437		75,737
Community Healthcare Trust, Inc.		500		21,915
DiamondRock Hospitality Co.(b)		19,544		197,785
Diversified Healthcare Trust		123,355		555,098
Easterly Government Properties, Inc.		3,630		79,787
Essential Properties Realty Trust, Inc.		2,686		62,315
Four Corners Property Trust, Inc.		1,946		52,717
Franklin Street Properties Corp.		17,871		88,640
GEO Group, Inc. (The)(c)		86,984		626,285
Getty Realty Corp.		1,701		47,594
Global Net Lease, Inc.		6,353		118,039
Hersha Hospitality Trust		10,899		121,197
Independence Realty Trust, Inc.		5,374		75,451
Industrial Logistics Properties Trust		3,769		80,167
Innovative Industrial Properties, Inc.(c)		191		37,245
iStar, Inc.(c)		11,102		196,727
Kite Realty Group Trust		6,103		116,995
Lexington Realty Trust		10,420		111,702
LTC Properties, Inc.		1,390		56,865
Mack-Cali Realty Corp.		8,157		113,953
Marcus & Millichap, Inc.(b)		6,544		247,821
National Storage Affiliates Trust		4,014		154,740
NexPoint Residential Trust, Inc.		1,567		64,310

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

18

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Real Estate-(continued)
Office Properties Income Trust		8,567	$	216,659
RE/MAX Holdings, Inc., Class A		2,654		110,725
Realogy Holdings Corp.(b)		141,118		2,128,060
Retail Opportunity Investments Corp.		6,661		105,310
Retail Properties of America, Inc., Class A		16,710		175,956
RPT Realty		8,089		88,736
Safehold, Inc.(c)		726		55,358
Saul Centers, Inc.		2,328		82,458
SITE Centers Corp.		16,143		215,348
St. Joe Co. (The)		1,285		64,674
Summit Hotel Properties, Inc.		11,437		118,373
Tanger Factory Outlet Centers, Inc.(c)		12,387		194,971
Uniti Group, Inc.		32,142		382,811
Universal Health Realty IncomeTrust		371		22,984
Urstadt Biddle Properties, Inc., Class A		3,163		50,988
Washington REIT		4,433		99,831
Whitestone REIT		5,125		47,919
Xenia Hotels & Resorts, Inc.		12,922		258,052
				8,666,223
Utilities-0.52%
American States Water Co.		2,077		151,725
Avista Corp.		11,726		471,502
California Water Service Group		5,024		276,069
Chesapeake Utilities Corp.		1,542		163,036
Northwest Natural Holding Co.		5,242		251,564
South Jersey Industries, Inc.		22,694		569,846
				1,883,742
Total Common Stocks & Other Equity Interests (Cost $255,441,782)				362,760,043

	Shares		Value
Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(f)(g) (Cost $297,922)		297,922	$	297,922
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.07% (Cost $255,739,704)				363,057,965
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.74%
Invesco Private Government Fund, 0.01%(f)(g)(h)		9,771,956		9,771,956
Invesco Private Prime Fund, 0.11%(f)(g)(h)		14,663,318		14,669,183
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $24,441,139)				24,441,139
TOTAL INVESTMENTS IN SECURITIES-106.81% (Cost $280,180,843)				387,499,104
OTHER ASSETS LESS LIABILITIES-(6.81)%				(24,689,249	)
NET ASSETS-100.00%.			$	362,809,855

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c) All or a portion of this security was out on loan at February 28, 2021.

^(d) Restricted security. The value of this security at February 28, 2021 represented less than 1% of the Fund’s Net Assets. (e) Security valued using significant unobservable inputs (Level 3). See Note 5.

^(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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value February 28, 2021			Dividend Income
Invesco Mortgage Capital, Inc.		$	33,873		$	-		$	(32,077	)		$	6,571		$	(8,367	)		$	-		$	-
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			2,306,797			(2,008,875	)			-			-				297,922			14
Invesco Premier U.S. Government Money Portfolio, Institutional Class			122,767			133,312			(256,079	)			-			-				-			1

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

19

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

February 28, 2021

(Unaudited)

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value February 28, 2021			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	15,106,711		$	72,590,498		$	(77,925,253	)		$	-		$	-			$	9,771,956		$	1,555	*
Invesco Private Prime Fund			5,035,646			92,175,683			(82,543,967	)			-			1,821				14,669,183			7,409	*
Total		$	20,298,997		$	167,206,290		$	(162,766,251	)		$	6,571		$	(6,546	)		$	24,739,061		$	8,979

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

^(g) The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

^(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.

Portfolio Composition

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

as of February 28, 2021

Consumer Discretionary	30.44
Industrials	17.52
Consumer Staples	9.13
Information Technology	8.88
Health Care	8.10
Energy	7.87
Financials	7.24
Materials	5.36
Sector Types Each Less Than 3%	5.45
Money Market Funds Plus Other Assets Less Liabilities	0.01

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

20

Invesco S&P Ultra Dividend Revenue ETF (RDIV)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.51%
Communication Services-2.08%
Interpublic Group of Cos., Inc. (The)		523,978	$	13,686,305
Consumer Discretionary-2.21%
Hanesbrands, Inc.		580,582		10,270,496
Travel + Leisure Co.		70,737		4,274,637
				14,545,133
Consumer Staples-9.85%
Kraft Heinz Co. (The)		917,423		33,375,849
Philip Morris International, Inc.		374,186		31,439,108
				64,814,957
Energy-18.64%
Baker Hughes Co., Class A		1,331,020		32,583,370
Chevron Corp.		329,137		32,913,700
HollyFrontier Corp.		596,582		22,598,526
Phillips 66		416,127		34,559,347
				122,654,943
Financials-31.66%
Associated Banc-Corp.		102,592		2,067,229
Bank OZK		45,775		1,886,846
Cathay General Bancorp		29,196		1,098,937
CIT Group, Inc.		106,465		4,828,188
Citizens Financial Group, Inc.		263,494		11,446,179
F.N.B. Corp.		188,418		2,228,985
Fifth Third Bancorp		351,876		12,206,579
First Horizon Corp.		294,335		4,768,227
Hancock Whitney Corp.		50,811		1,918,115
Huntington Bancshares, Inc.		502,591		7,709,746
KeyCorp		548,517		11,047,132
Mercury General Corp.		95,300		5,565,520
MetLife, Inc.		593,596		34,191,130
Old Republic International Corp.		484,704		9,369,328
People’s United Financial, Inc.		224,732		4,031,692
Principal Financial Group, Inc.		384,671		21,764,685
Regions Financial Corp.		488,627		10,080,375
Synovus Financial Corp.		86,843		3,674,327
Truist Financial Corp.		589,852		33,597,970
Umpqua Holdings Corp.		120,009		2,048,554
United Bankshares, Inc.		39,801		1,470,647
Unum Group		642,382		17,010,275
Valley National Bancorp		194,240		2,379,440
Webster Financial Corp.		35,002		1,935,961
				208,326,067
Health Care-5.56%
AbbVie, Inc.		272,287		29,336,201
Patterson Cos., Inc.		234,375		7,279,688
				36,615,889
Industrials-1.75%
Ryder System, Inc.		170,047		11,524,085
Information Technology-9.09%
International Business Machines Corp.		254,546		30,273,156
Seagate Technology PLC		233,660		17,110,922
Xerox Holdings Corp.		489,294		12,467,211
				59,851,289

	Shares		Value
Materials-12.52%
Chemours Co. (The)		250,459	$	5,893,300
Greif, Inc., Class A		124,639		6,020,064
International Paper Co.		552,578		27,435,498
LyondellBasell Industries N.V., Class A		330,027		34,022,483
Olin Corp.		291,029		9,004,437
				82,375,782
Real Estate-4.25%
American Campus Communities, Inc.		29,399		1,204,183
Brixmor Property Group, Inc.		84,643		1,665,774
Federal Realty Investment Trust		13,261		1,341,615
Highwoods Properties, Inc.		26,057		1,041,238
Kimco Realty Corp.		142,282		2,608,029
Medical Properties Trust, Inc.		75,003		1,619,315
National Retail Properties, Inc.		22,840		1,001,305
Physicians Realty Trust		33,127		563,159
Realty Income Corp.		37,843		2,280,419
Regency Centers Corp.		29,669		1,625,268
SL Green Realty Corp.(b)		24,189		1,670,734
STORE Capital Corp.		30,220		1,010,557
Vornado Realty Trust		77,538		3,329,482
Welltower, Inc.		103,422		7,022,354
				27,983,432
Utilities-1.90%
OGE Energy Corp.		92,442		2,705,777
PPL Corp.		375,202		9,826,541
				12,532,318
Total Common Stocks & Other Equity Interests (Cost $523,514,860)				654,910,200
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d) (Cost $481,284)		481,284		481,284
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.58% (Cost $523,996,144)				655,391,484
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.12%
Invesco Private Government Fund, 0.01%(c)(d)(e)		311,743		311,743
Invesco Private Prime Fund, 0.11%(c)(d)(e)		467,427		467,614
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $779,357)				779,357
TOTAL INVESTMENTS IN SECURITIES-99.70% (Cost $524,775,501)				656,170,841
OTHER ASSETS LESS LIABILITIES-0.30%				1,949,393
NET ASSETS-100.00%			$	658,120,234

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

21

Invesco S&P Ultra Dividend Revenue ETF (RDIV)–(continued)

February 28, 2021

(Unaudited)

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at February 28, 2021.

^(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 six months ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	26,228,510		$	(25,747,226	)		$	-		$	-		$	481,284		$	171
Invesco Premier U.S. Government Money Portfolio, Institutional Class			-			6,872,377			(6,872,377	)			-			-			-			15
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			3,568,846			(3,257,103	)			-			-			311,743			8	*
Invesco Private Prime Fund			-			5,982,847			(5,515,233	)			-			-			467,614			100	*
Total		$	-		$	42,652,580		$	(41,391,939	)		$	-		$	-		$	1,260,641		$	294

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

^(d)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

 Portfolio Composition

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

 as of February 28, 2021

Financials	31.66
Energy	18.64
Materials	12.52
Consumer Staples	9.85
Information Technology	9.09
Health Care	5.56
Real Estate	4.25
Sector Types Each Less Than 3%	7.94
Money Market Funds Plus Other Assets Less Liabilities	0.49

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

22

Statements of Assets and Liabilities

February 28, 2021

(Unaudited)

	Invesco S&P 500 Revenue ETF (RWL)			Invesco S&P MidCap 400 Revenue ETF (RWK)			Invesco S&P SmallCap 600 Revenue ETF (RWJ)				Invesco S&P Ultra Dividend Revenue ETF (RDIV)
Assets:
Unaffiliated investments in securities, at value(a)		$	882,695,523		$	320,381,151		$	362,760,043			$	654,910,200
Affiliated investments in securities, at value			1,994,350			5,369,766			24,739,061				1,260,641
Receivable for:
Dividends			1,831,562			225,094			125,033				2,949,840
Securities lending			12,108			1,150			26,133				53
Investments sold			-			411,528			1,168,349				5,345,871
Investments sold - affiliated broker			-			-			55,294				-
Fund shares sold			8,122,639			-			12,190,550				-
Total assets			894,656,182			326,388,689			401,064,463				664,466,605
Liabilities:
Due to custodian			614,175			1,604			-				-
Payable for:
Investments purchased			8,446,023			-			12,124,501				-
Investments purchased - affiliated broker			46,196			499,048			1,586,418				-
Collateral upon return of securities loaned			1,454,745			5,369,766			24,441,139				779,357
Fund shares repurchased			-			-			-				5,372,517
Accrued unitary management fees			263,791			94,946			102,550				194,497
Total liabilities			10,824,930			5,965,364			38,254,608				6,346,371
Net Assets		$	883,831,252		$	320,423,325		$	362,809,855			$	658,120,234
Net assets consist of:
Shares of beneficial interest		$	762,315,928		$	292,485,595		$	364,747,590			$	963,375,711
Distributable earnings (loss)			121,515,324			27,937,730			(1,937,735	)			(305,255,477	)
Net Assets		$	883,831,252		$	320,423,325		$	362,809,855			$	658,120,234
Shares outstanding (unlimited amount authorized, $0.01 par value)			13,601,400			4,081,400			3,571,400				17,170,000
Net asset value		$	64.98		$	78.51		$	101.59			$	38.33
Market price		$	65.00		$	78.52		$	101.74			$	38.32
Unaffiliated investments in securities, at cost		$	713,635,046		$	251,181,494		$	255,441,782			$	523,514,860
Affiliated investments in securities, at cost		$	1,803,146		$	5,369,766		$	24,739,061			$	1,260,641
(a) Includes securities on loan with an aggregate value of:		$	514,166		$	5,193,130		$	23,413,008			$	780,146

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

23

Statements of Operations

For the six months ended February 28, 2021

(Unaudited)

	Invesco S&P 500 Revenue ETF (RWL)				Invesco S&P MidCap 400 Revenue ETF (RWK)				Invesco S&P SmallCap 600 Revenue ETF (RWJ)				Invesco S&P Ultra Dividend Revenue ETF (RDIV)
Investment income:
Unaffiliated dividend income		$	8,697,966			$	1,598,117			$	1,372,563			$	12,434,431
Affiliated dividend income			9,226				10				15				186
Securities lending income			19,509				18,836				362,762				248
Foreign withholding tax			-				-				(2,789	)			-
Total investment income			8,726,701				1,616,963				1,732,551				12,434,865
Expenses:
Unitary management fees			1,575,459				483,678				535,577				1,184,199
Less: Waivers			(352	)			(51	)			(64	)			(1,049	)
Net expenses			1,575,107				483,627				535,513				1,183,150
Net investment income			7,151,594				1,133,336				1,197,038				11,251,715
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(31,688,933	)			(9,051,719	)			(5,337,677	)			(36,206,949	)
Affiliated investment securities			(146,900	)			441				(6,546	)			-
Unaffiliated in-kind redemptions			29,687,662				8,769,092				24,544,306				49,853,923
Affiliated in-kind redemptions			5,652				-				-				-
Net realized gain (loss)			(2,142,519	)			(282,186	)			19,200,083				13,646,974
Change in net unrealized appreciation of:
Unaffiliated investment securities			120,075,844				80,828,463				120,953,988				176,822,617
Affiliated investment securities			520,173				-				6,571				-
Change in net unrealized appreciation			120,596,017				80,828,463				120,960,559				176,822,617
Net realized and unrealized gain			118,453,498				80,546,277				140,160,642				190,469,591
Net increase in net assets resulting from operations		$	125,605,092			$	81,679,613			$	141,357,680			$	201,721,306

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

24

(This Page Intentionally Left Blank)

25

Statements of Changes in Net Assets

For the six months ended February 28, 2021 and the year ended August 31, 2020

(Unaudited)

	Invesco S&P 500 Revenue ETF (RWL)								Invesco S&P MidCap 400 Revenue ETF (RWK)
	Six Months Ended February 28, 2021				Year Ended August 31, 2020				Six Months Ended February 28, 2021				Year Ended August 31, 2020
Operations:
Net investment income		$	7,151,594			$	17,213,084			$	1,133,336			$	3,604,253
Net realized gain (loss)			(2,142,519	)			54,618,192				(282,186	)			1,667,993
Change in net unrealized appreciation (depreciation)			120,596,017				(19,780,568	)			80,828,463				(10,502,165	)
Net increase (decrease) in net assets resulting from operations			125,605,092				52,050,708				81,679,613				(5,229,919	)
Distributions to Shareholders from:
Distributable earnings			(7,355,965	)			(18,858,596	)			(1,089,259	)			(4,187,523	)
Shareholder Transactions:
Proceeds from shares sold			73,512,368				122,131,917				57,838,079				31,016,971
Value of shares repurchased			(90,013,077	)			(291,418,745	)			(27,370,155	)			(139,652,137	)
Net increase (decrease) in net assets resulting from share transactions			(16,500,709	)			(169,286,828	)			30,467,924				(108,635,166	)
Net increase (decrease) in net assets			101,748,418				(136,094,716	)			111,058,278				(118,052,608	)
Net assets:
Beginning of period			782,082,834				918,177,550				209,365,047				327,417,655
End of period		$	883,831,252			$	782,082,834			$	320,423,325			$	209,365,047
Changes in Shares Outstanding:
Shares sold			1,250,000				2,250,000				800,000				600,000
Shares repurchased			(1,600,000	)			(5,750,000	)			(420,000	)			(2,700,000	)
Shares outstanding, beginning of period			13,951,400				17,451,400				3,701,400				5,801,400
Shares outstanding, end of period			13,601,400				13,951,400				4,081,400				3,701,400

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

26

Invesco S&P SmallCap 600 Revenue ETF (RWJ)								Invesco S&P Ultra Dividend Revenue ETF (RDIV)
Six Months Ended February 28, 2021				Year Ended August 31, 2020				Six Months Ended February 28, 2021				Year Ended August 31, 2020
	$	1,197,038			$	4,191,612			$	11,251,715			$	55,095,693
		19,200,083				(53,856,222	)			13,646,974				(364,444,598	)
		120,960,559				63,729,548				176,822,617				60,150,734
		141,357,680				14,064,938				201,721,306				(249,198,171	)
		(956,109	)			(5,070,798	)			(23,392,578	)			(51,573,798	)
		50,381,942				53,812,575				191,200,857				470,839,096
		(55,398,261	)			(184,776,912	)			(315,911,501	)			(1,137,864,895	)
		(5,016,319	)			(130,964,337	)			(124,710,644	)			(667,025,799	)
		135,385,252				(121,970,197	)			53,618,084				(967,797,768	)
		227,424,603				349,394,800				604,502,150				1,572,299,918
	$	362,809,855			$	227,424,603			$	658,120,234			$	604,502,150
		560,000				800,000				6,000,000				12,400,000
		(590,000	)			(3,150,000	)			(9,980,000	)			(35,350,000	)
		3,601,400				5,951,400				21,150,000				44,100,000
		3,571,400				3,601,400				17,170,000				21,150,000

27

Financial Highlights

Invesco S&P 500 Revenue ETF (RWL)

	Six Months Ended February 28, 2021				Year Ended August 31,				Two Months Ended August 31,				Years Ended June 30,
	(Unaudited)				2020				2019				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	56.06			$	52.61			$	53.43			$	50.69			$	46.43			$	40.74			$	40.91
Net investment income(a)			0.53				1.08				0.20				1.03				0.90				0.83				0.76
Net realized and unrealized gain (loss) on investments			8.93				3.53				(1.02	)			2.72				4.41				5.60				(0.14	)
Total from investment operations			9.46				4.61				(0.82	)			3.75				5.31				6.43				0.62
Distributions to shareholders from:
Net investment income			(0.54	)			(1.16	)			-				(1.01	)			(1.05	)			(0.74	)			(0.76	)
Net realized gains			-				-				-				-				-				-				(0.03	)
Total distributions			(0.54	)			(1.16	)			-				(1.01	)			(1.05	)			(0.74	)			(0.79	)
Net asset value at end of period		$	64.98			$	56.06			$	52.61			$	53.43			$	50.69			$	46.43			$	40.74
Market price at end of period		$	65.00	(b)		$	56.16	(b)		$	52.62	(b)		$	53.41	(b)
Net Asset Value Total Return(c)			17.00	%			9.09	%			(1.54	)%			7.51	%			11.49	%			15.96	%			1.55	%
Market Price Total Return(c)			16.83	%			9.26	%			(1.47	)%			7.41	%			11.46	%			15.98	%			1.61	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	883,831			$	782,083			$	918,178			$	956,549			$	917,494			$	689,504			$	366,679
Ratio to average net assets of:
Expenses, after Waivers			0.39	%(d)			0.39	%			0.39	%(e)			0.39	%			0.39	%			0.42	%			0.49	%
Expenses, prior to Waivers			0.39	%(d)			0.39	%			0.39	%(e)			0.39	%			0.41	%			0.52	%			0.62	%
Net investment income			1.77	%(d)			2.01	%			2.26	%(e)			1.99	%			1.81	%			1.89	%			1.92	%
Portfolio turnover rate(f)			10	%			14	%			0	%(g)			19	%			15	%			15	%			14	%

^(a)  Based on average shares outstanding.

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

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption 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)  Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(f) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

^(g)  Amount represents less than 0.5%.

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

28

Financial Highlights—(continued)

Invesco S&P MidCap 400 Revenue ETF (RWK)

	Six Months Ended February 28, 2021			Year Ended August 31,			Two Months Ended August 31,			Years Ended June 30,
	(Unaudited)			2020			2019			2019			2018			2017			2016
Per Share Operating Performance:
Net asset value at beginning of period		$    56.56			$    56.44			$    61.01			$     61.05			$    56.31			$     47.74			$     49.39
Net investment income(a)		0.30			0.74			0.10			0.65			0.63			0.56			0.44
Net realized and unrealized gain (loss) on investments		21.95			0.21			(4.67	)		(0.06	)		4.70			8.68			(1.63	)
Total from investment operations		22.25			0.95			(4.57	)		0.59			5.33			9.24			(1.19	)
Distributions to shareholders from:
Net investment income		(0.30	)		(0.83	)		-			(0.63	)		(0.59	)		(0.67	)		(0.46	)
Net asset value at end of period		$    78.51			$    56.56			$    56.44			$ 61.01			$     61.05			$    56.31			$     47.74
Market price at end of period		$    78.52	(b)		$    56.62	(b)		$    56.42	(b)		$    60.91	(b)
Net Asset Value Total Return(c)		39.48	%		1.89	%		(7.49	)%		1.05	%		9.48	%		19.46	%		(2.39	)%
Market Price Total Return(c)		39.36	%		2.03	%		(7.37	)%		0.90	%		9.40	%		19.45	%		(2.38	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$320,423			$209,365			$327,418			$356,996			$378,611			$329,502			$186,252
Ratio to average net assets of:
Expenses, after Waivers		0.39	%(d)		0.39	%		0.39	%(e)		0.39	%		0.39	%		0.43	%		0.54	%
Expenses, prior to Waivers		0.39	%(d)		0.39	%		0.39	%(e)		0.39	%		0.42	%		0.56	%		0.72	%
Net investment income		0.91	%(d)		1.30	%		1.06	%(e)		1.09	%		1.08	%		1.05	%		0.94	%
Portfolio turnover rate(f)		18	%		33	%		0	%(g)		33	%		34	%		46	%		22	%

^(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) Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(f)  Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

^(g)  Amount represents less than 0.5%.

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

29

Financial Highlights–(continued)

Invesco S&P SmallCap 600 Revenue ETF (RWJ)

	Six Months Ended February 28, 2021				Year Ended August 31,				Two Months Ended August 31,				Years Ended June 30,
	(Unaudited)				2020				2019				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	63.15			$	58.71			$	63.30			$	73.21			$	66.03			$	55.06			$	58.05
Net investment income(a)			0.34				0.89				0.11				0.79				0.69				0.55				0.36
Net realized and unrealized gain (loss) on investments			38.37				4.58				(4.70	)			(9.90	)			7.24				10.85				(2.97	)
Total from investment operations			38.71				5.47				(4.59	)			(9.11	)			7.93				11.40				(2.61	)
Distributions to shareholders from:
Net investment income			(0.27	)			(1.03	)			-				(0.80	)			(0.75	)			(0.43	)			(0.38	)
Net asset value at end of period		$	101.59			$	63.15			$	58.71			$	63.30			$	73.21			$	66.03			$	55.06
Market price at end of period		$	101.74	(b)		$	63.17	(b)		$	58.69	(b)		$	63.23	(b)
Net Asset Value Total Return(c)			61.51	%			9.63	%			(7.25	)%			(12.45	)%			12.07	%(d)			20.75	%			(4.46	)%
Market Price Total Return(c)			61.69	%			9.70	%			(7.18	)%			(12.57	)%			12.10	%(d)			20.76	%			(4.51	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	362,810			$	227,425			$	349,395			$	405,199			$	508,897			$	554,751			$	297,421
Ratio to average net assets of:
Expenses, after Waivers			0.39	%(e)			0.39	%			0.39	%(f)			0.39	%			0.39	%			0.43	%			0.54	%
Expenses, prior to Waivers			0.39	%(e)			0.39	%			0.39	%(f)			0.39	%			0.42	%			0.54	%			0.68	%
Net investment income			0.87	%(e)			1.50	%			1.10	%(f)			1.15	%			1.01	%			0.86	%			0.68	%
Portfolio turnover rate(g)			24	%			49	%			1	%			39	%			38	%			46	%			44	%

^(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)  Total Return at Net Asset Value and Total Return at Market Value include payments by affiliate, without which Total Return at Net Asset Value and Total Return at Market Value would have been lower. Such payments positively impacted Total Return at Net Asset Value by 0.10% and Total Return at Market Value by 0.09%.

^(e)  Annualized.

^(f)  Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(g)  Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

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

30

Financial Highlights–(continued)

Invesco S&P Ultra Dividend Revenue ETF (RDIV)

	Six Months Ended February 28, 2021				Year Ended August 31,				Two Months Ended August 31,				Years Ended June 30,
	(Unaudited)				2020				2019				2019				2018				2017				2016
Per Share Operating Performance:
Net asset value at beginning of period		$	28.58			$	35.65			$	37.65			$	38.19			$	33.82			$	31.52			$	28.81
Net investment income(a)			0.59				1.62				0.21				1.46				1.73				1.50				1.21
Net realized and unrealized gain (loss) on investments			10.38				(7.33	)			(2.21	)			(0.66	)			4.56				1.96				2.66
Total from investment operations			10.97				(5.71	)			(2.00	)			0.80				6.29				3.46				3.87
Distributions to shareholders from:
Net investment income			(1.22	)			(1.36	)			-				(1.34	)			(1.92	)			(1.14	)			(1.16	)
Net realized gains			-								-				-				-				(0.02	)			-
Total distributions			(1.22	)			(1.36	)			-				(1.34	)			(1.92	)			(1.16	)			(1.16	)
Net asset value at end of period		$	38.33			$	28.58			$	35.65			$	37.65			$	38.19			$	33.82			$	31.52
Market price at end of period		$	38.32	(b)		$	28.63	(b)		$	35.67	(b)		$	37.67	(b)
Net Asset Value Total Return(c)			39.40	%			(16.26	)%			(5.31	)%			2.26	%			19.13	%			11.10	%			13.91	%
Market Price Total Return(c)			39.13	%			(16.17	)%			(5.31	)%			2.26	%			19.12	%			11.18	%			13.90	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	658,120			$	604,502			$	1,572,300			$	1,782,599			$	610,987			$	510,630			$	110,330
Ratio to average net assets of:
Expenses, after Waivers			0.39	%(d)			0.39	%			0.39	%(e)			0.39	%			0.39	%			0.41	%			0.49	%
Expenses, prior to Waivers			0.39	%(d)			0.39	%			0.39	%(e)			0.39	%			0.41	%			0.52	%			0.75	%
Net investment income			3.71	%(d)			4.77	%			3.36	%(e)			3.93	%			4.90	%			4.48	%			4.19	%
Portfolio turnover rate(f)			35	%			98	%			12	%			122	%			74	%			81	%			208	%

^(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)  Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(f)  Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.

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

February 28, 2021

(Unaudited)

NOTE 1–Organization

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

Full Name	Short Name
Invesco S&P 500 Revenue ETF (RWL)	“S&P 500 Revenue ETF”
Invesco S&P MidCap 400 Revenue ETF (RWK)	“S&P MidCap 400 Revenue ETF”
Invesco S&P SmallCap 600 Revenue ETF (RWJ)	“S&P SmallCap 600 Revenue ETF”
Invesco S&P Ultra Dividend Revenue ETF (RDIV)	“S&P Ultra Dividend Revenue 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 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
S&P 500 Revenue ETF	S&P 500 Revenue-Weighted Index
S&P MidCap 400 Revenue ETF	S&P MidCap 400 Revenue-Weighted Index
S&P SmallCap 600 Revenue ETF	S&P SmallCap 600 Revenue-Weighted Index
S&P Ultra Dividend Revenue ETF	S&P 900 Dividend Revenue-Weighted 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

32

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 Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes, may increase this risk.

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

33

in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

Index Risk. Unlike many investment companies, 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.

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

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

Non-Diversified Fund Risk. Because each Fund is non-diversified and can invest a greater portion of its 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.

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 settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to 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

34

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 - 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.

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).

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. The risk of material loss as a result of such indemnification claims is considered 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

35

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 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)
S&P 500 Revenue ETF	0.39%
S&P MidCap 400 Revenue ETF	0.39%
S&P SmallCap 600 Revenue ETF	0.39%
S&P Ultra Dividend Revenue ETF	0.39%

The Adviser has agreed to waive a portion of each Fund’s unitary management fee to the extent necessary to prevent the operating expenses of each Fund (excluding distribution fees, if any, brokerage expenses, taxes, interest, litigation expenses, acquired fund fees and expenses, if any, and other extraordinary expenses) from exceeding the Fund’s unitary management fee through at least May 24, 2021.

Further, through at least August 31, 2023, 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 six months ended February 28, 2021, the Adviser waived fees for each Fund in the following amounts:

S&P 500 Revenue ETF	$	352
S&P MidCap 400 Revenue ETF		51
S&P SmallCap 600 Revenue ETF		64
S&P Ultra Dividend Revenue ETF		1,049

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 S&P Dow Jones Indices LLC (the “Licensor”).

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

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

For the six months ended February 28, 2021, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

S&P 500 Revenue ETF	$	23,901
S&P MidCap 400 Revenue ETF		8,006
S&P SmallCap 600 Revenue ETF		14,123
S&P Ultra Dividend Revenue ETF		18,985

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

NOTE 4 – Security Transactions with Affiliated Funds

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

For the six months ended February 28, 2021, the following Funds engaged in transactions with affiliates as listed below:

	Securities Purchases			Securities Sales			Net Realized Gains (Losses)*
S&P MidCap 400 Revenue ETF		$	-		$	1,761,719		$	(353,932	)
S&P SmallCap 600 Revenue ETF			96,944			646,896			320,449
S&P Ultra Dividend Revenue ETF			23,311,272			7,229,196			(238,877	)

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

NOTE 5–Additional Valuation Information

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 February 28, 2021. 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

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uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3			Total
S&P 500 Revenue ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	883,235,128		$	-		$	-		$	883,235,128
Money Market Funds			-			1,454,745			-			1,454,745
Total Investments		$	883,235,128		$	1,454,745		$	-		$	884,689,873
S&P MidCap 400 Revenue ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	320,381,151		$	-		$	-		$	320,381,151
Money Market Funds			-			5,369,766			-			5,369,766
Total Investments		$	320,381,151		$	5,369,766		$	-		$	325,750,917
S&P SmallCap 600 Revenue ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	362,735,057		$	-			$24,986		$	362,760,043
Money Market Funds			297,922			24,441,139			-			24,739,061
Total Investments		$	363,032,979		$	24,441,139			$24,986		$	387,499,104
S&P Ultra Dividend Revenue ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	654,910,200		$	-		$	-		$	654,910,200
Money Market Funds			481,284			779,357			-			1,260,641
Total Investments		$	655,391,484		$	779,357		$	-		$	656,170,841

NOTE 6–Tax Information

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 August 31, 2020:

	No expiration
	Short-Term			Long-Term			Total*
S&P 500 Revenue ETF		$	7,090,290		$	33,614,030		$	40,704,320
S&P MidCap 400 Revenue ETF			19,240,402			19,574,109			38,814,511
S&P SmallCap 600 Revenue ETF			31,882,109			91,908,859			123,790,968
S&P Ultra Dividend Revenue ETF			349,008,001			105,557,419			454,565,420

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

NOTE 7–Investment Transactions

For the six months ended February 28, 2021, 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
S&P 500 Revenue ETF	$	83,937,442	$	80,984,914
S&P MidCap 400 Revenue ETF		43,585,309		43,074,144
S&P SmallCap 600 Revenue ETF		67,396,591		66,951,870
S&P Ultra Dividend Revenue ETF		215,246,103		230,160,275

38

For the six months ended February 28, 2021, in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received		Value of Securities Delivered
S&P 500 Revenue ETF	$	73,104,508	$	91,099,114
S&P MidCap 400 Revenue ETF		57,767,869		27,451,170
S&P SmallCap 600 Revenue ETF		50,257,699		55,318,059
S&P Ultra Dividend Revenue ETF		191,137,888		311,108,819

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At February 28, 2021, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation		Cost
S&P 500 Revenue ETF	$	187,559,603	$	(25,881,115	)	$	161,678,488	$	723,011,385
S&P MidCap 400 Revenue ETF		73,409,670		(6,749,799	)		66,659,871		259,091,046
S&P SmallCap 600 Revenue ETF		114,243,108		(12,006,506	)		102,236,602		285,262,502
S&P Ultra Dividend Revenue ETF		138,944,750		(7,735,290	)		131,209,460		524,961,381

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 a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 9–Capital

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

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

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

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

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.

39

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.

40

Calculating your ongoing Fund expenses

Example

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

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended February 28, 2021.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, 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 September 1, 2020			Ending Account Value February 28, 2021			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco S&P 500 Revenue ETF (RWL)
Actual		$	1,000.00		$	1,170.00		0.39	%		$	2.10
Hypothetical (5% return before expenses)			1,000.00			1,022.86		0.39				1.96
Invesco S&P MidCap 400 Revenue ETF (RWK)
Actual			1,000.00			1,394.80		0.39				2.32
Hypothetical (5% return before expenses)			1,000.00			1,022.86		0.39				1.96
Invesco S&P SmallCap 600 Revenue ETF (RWJ)
Actual			1,000.00			1,615.10		0.39				2.53
Hypothetical (5% return before expenses)			1,000.00			1,022.86		0.39				1.96
Invesco S&P Ultra Dividend Revenue ETF (RDIV)
Actual			1,000.00			1,394.00		0.39				2.31
Hypothetical (5% return before expenses)			1,000.00			1,022.86		0.39				1.96

⁽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 February 28, 2021. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

41

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

©2021 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 O-REV-SAR-1             invesco.com/ETFs

	Invesco Semi-Annual Report to Shareholders February 28, 2021
	QQQM	Invesco NASDAQ 100 ETF
	QQQJ	Invesco NASDAQ Next Gen 100 ETF

Table of Contents

Schedules of Investments
Invesco NASDAQ 100 ETF (QQQM)	3
Invesco NASDAQ Next Gen 100 ETF (QQQJ)	6
Statements of Assets and Liabilities	9
Statements of Operations	10
Statements of Changes in Net Assets	11
Financial Highlights	12
Notes to Financial Statements	14
Fund Expenses	22
Approval of Investment Advisory Contracts	23

2

Invesco NASDAQ 100 ETF (QQQM)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.89%
Communication Services-19.06%
Activision Blizzard, Inc.		37,422	$	3,577,917
Alphabet, Inc., Class A(b)		9,584		19,377,985
Alphabet, Inc., Class C(b)		10,512		21,411,472
Baidu, Inc., ADR (China)(b)		13,532		3,835,781
Charter Communications, Inc., Class A(b)		9,677		5,936,065
Comcast Corp., Class A		221,566		11,680,960
Electronic Arts, Inc.		14,081		1,886,432
Facebook, Inc., Class A(b)		76,786		19,781,609
Fox Corp., Class A		16,380		545,618
Fox Corp., Class B		12,393		395,709
Match Group, Inc.(b)		12,841		1,962,747
NetEase, Inc., ADR (China)		15,901		1,746,725
Netflix, Inc.(b)		21,418		11,541,089
Sirius XM Holdings, Inc.(c)		206,168		1,206,083
T-Mobile US, Inc.(b)		60,157		7,217,035
				112,103,227
Consumer Discretionary-18.55%
Amazon.com, Inc.(b)		15,991		49,459,044
Booking Holdings, Inc.(b)		1,959		4,561,551
Dollar Tree, Inc.(b)		11,398		1,119,284
eBay, Inc.		33,324		1,880,140
JD.com, Inc., ADR (China)(b)		42,299		3,970,607
lululemon athletica, inc.(b)		6,038		1,881,924
Marriott International, Inc., Class A		15,812		2,341,283
MercadoLibre, Inc. (Argentina)(b)		2,392		3,918,359
O’Reilly Automotive, Inc.(b)		3,565		1,594,731
Peloton Interactive, Inc., Class A(b)		12,354		1,488,286
Pinduoduo, Inc., ADR (China)(b)		14,511		2,483,703
Ross Stores, Inc.		17,281		2,015,656
Starbucks Corp.		56,924		6,149,500
Tesla, Inc.(b)		37,400		25,263,700
Trip.com Group Ltd., ADR (China)(b)		25,418		1,002,740
				109,130,508
Consumer Staples-4.75%
Costco Wholesale Corp.		21,401		7,083,731
Keurig Dr Pepper, Inc.		68,273		2,083,692
Kraft Heinz Co. (The)		59,253		2,155,624
Mondelez International, Inc., Class A		69,508		3,695,045
Monster Beverage Corp.(b)		25,564		2,242,985
PepsiCo, Inc.		66,986		8,653,921
Walgreens Boots Alliance, Inc.		41,951		2,010,712
				27,925,710
Health Care-6.52%
Alexion Pharmaceuticals, Inc.(b)		10,559		1,612,887
Align Technology, Inc.(b)		3,795		2,152,182
Amgen, Inc.		28,234		6,350,391
Biogen, Inc.(b)		7,437		2,029,409
Cerner Corp.		14,932		1,032,399
DexCom, Inc.(b)		4,617		1,836,550
Gilead Sciences, Inc.		60,884		3,738,278
IDEXX Laboratories, Inc.(b)		4,122		2,144,141
Illumina, Inc.(b)		7,162		3,147,054
Incyte Corp.(b)		10,563		830,886
Intuitive Surgical, Inc.(b)		5,734		4,224,811
Moderna, Inc.(b)		19,166		2,967,088

	Shares		Value
Health Care-(continued)
Regeneron Pharmaceuticals, Inc.(b)		5,056	$	2,278,082
Seagen, Inc.(b)		8,708		1,315,866
Vertex Pharmaceuticals, Inc.(b)		12,666		2,692,158
				38,352,182
Industrials-1.76%
Cintas Corp.		5,049		1,637,593
Copart, Inc.(b)		11,426		1,247,262
CSX Corp.		36,972		3,384,786
Fastenal Co.		27,817		1,289,874
PACCAR, Inc.		16,821		1,530,543
Verisk Analytics, Inc.		7,829		1,282,782
				10,372,840
Information Technology-48.38%
Adobe, Inc.(b)		23,250		10,687,327
Advanced Micro Devices, Inc.(b)		58,309		4,927,694
Analog Devices, Inc.		17,857		2,782,478
ANSYS, Inc.(b)		4,139		1,411,358
Apple, Inc.		542,329		65,762,815
Applied Materials, Inc.		44,240		5,228,726
ASML Holding N.V., New York Shares (Netherlands)		3,661		2,076,116
Atlassian Corp. PLC, Class A(b)		6,396		1,520,329
Autodesk, Inc.(b)		10,613		2,929,188
Automatic Data Processing, Inc.		20,856		3,629,361
Broadcom, Inc.		19,604		9,211,331
Cadence Design Systems, Inc.(b)		13,581		1,916,143
CDW Corp.		6,894		1,081,600
Check Point Software Technologies Ltd. (Israel)(b)		6,812		750,955
Cisco Systems, Inc.		205,104		9,203,016
Cognizant Technology Solutions Corp., Class A		25,940		1,906,071
DocuSign, Inc.(b)		9,030		2,046,740
Fiserv, Inc.(b)		32,651		3,766,946
Intel Corp.		198,844		12,085,738
Intuit, Inc.		12,746		4,972,724
KLA Corp.		7,623		2,372,506
Lam Research Corp.		6,962		3,948,777
Marvell Technology Group Ltd.		32,648		1,576,245
Maxim Integrated Products, Inc.		13,087		1,219,316
Microchip Technology, Inc.		12,676		1,934,738
Micron Technology, Inc.(b)		54,069		4,948,936
Microsoft Corp.		241,165		56,041,923
NVIDIA Corp.		30,035		16,476,600
NXP Semiconductors N.V. (Netherlands)		13,605		2,483,593
Okta, Inc.(b)		5,858		1,531,574
Paychex, Inc.		17,384		1,583,161
PayPal Holdings, Inc.(b)		56,864		14,776,110
QUALCOMM, Inc.		54,951		7,483,777
Skyworks Solutions, Inc.		8,111		1,442,298
Splunk, Inc.(b)		7,764		1,110,330
Synopsys, Inc.(b)		7,331		1,797,634
Texas Instruments, Inc.		44,562		7,676,696
VeriSign, Inc.(b)		5,507		1,068,523
Workday, Inc., Class A(b)		8,699		2,132,821

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

3

Invesco NASDAQ 100 ETF (QQQM)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Information Technology-(continued)
Xilinx, Inc.		11,869	$	1,546,531
Zoom Video Communications, Inc., Class A(b)		9,492		3,546,306
				284,595,051
Utilities-0.87%
American Electric Power Co., Inc.		24,099		1,803,810
Exelon Corp.		47,333		1,827,054
Xcel Energy, Inc.		25,491		1,493,518
				5,124,382
Total Common Stocks & Other Equity Interests (Cost $583,987,500)				587,603,900
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) (Cost $306,997)		306,997		306,997
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $584,294,497)				587,910,897

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.21%
Invesco Private Government Fund, 0.01%(d)(e)(f)		483,413	$	483,413
Invesco Private Prime Fund, 0.11%(d)(e)(f)		724,829		725,119
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,208,532)				1,208,532
TOTAL INVESTMENTS IN SECURITIES-100.15% (Cost $585,503,029)				589,119,429
OTHER ASSETS LESS LIABILITIES-(0.15)%				(899,858	)
NET ASSETS-100.00%.			$	588,219,571

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2021.

^(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 period ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	1,294,930		$	(987,933	)		$	-		$	-		$	306,997		$	14
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			1,796,023			(1,312,610	)			-			-			483,413			18	*
Invesco Private Prime Fund			-			2,446,861			(1,721,783	)			-			41			725,119			164	*
Total		$	-		$	5,537,814		$	(4,022,326	)		$	-		$	41		$	1,515,529		$	196

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

^(e)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

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

4

Invesco NASDAQ 100 ETF (QQQM)–(continued)

February 28, 2021

(Unaudited)

Portfolio Composition  Sector Breakdown (% of the Fund’s Net Assets)  as of February 28, 2021
Information Technology	48.38
Communication Services	19.06
Consumer Discretionary	18.55
Health Care	6.52
Consumer Staples	4.75
Sector Types Each Less Than 3%	2.63
Money Market Funds Plus Other Assets Less Liabilities	0.11

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

5

Invesco NASDAQ Next Gen 100 ETF (QQQJ)

February 28, 2021

(Unaudited)

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-15.44%
Bilibili, Inc., ADR (China)(b)		115,588	$	14,560,620
Discovery, Inc., Class A(b)(c)		104,988		5,567,514
Discovery, Inc., Class C(b)		212,530		9,563,850
IAC/InterActiveCorp.(b)		52,237		12,789,185
iQIYI, Inc., ADR (China)(b)(c)		206,914		5,241,132
Liberty Broadband Corp., Class C(b)		97,934		14,642,112
Liberty Global PLC, Class A (United Kingdom)(b)		118,271		2,912,423
Liberty Global PLC, Class C (United Kingdom)(b)		253,419		6,158,082
News Corp., Class A		255,654		5,995,086
News Corp., Class B		130,832		2,998,669
Roku, Inc.(b)		71,660		28,340,097
Take-Two Interactive Software, Inc.(b)		75,197		13,870,839
ViacomCBS, Inc., Class B		368,237		23,747,604
Yandex N.V., Class A (Russia)(b)		206,459		13,210,279
Zynga, Inc., Class A(b)		705,120		7,862,088
				167,459,580
Consumer Discretionary-14.04%
Caesars Entertainment, Inc.(b)		135,262		12,638,881
DraftKings, Inc., Class A(b)		255,492		15,720,423
Etsy, Inc.(b)		82,076		18,078,880
Expedia Group, Inc.		88,688		14,278,768
Garmin Ltd.		124,613		15,454,504
Hasbro, Inc.		89,035		8,343,470
LKQ Corp.(b)		199,490		7,857,911
Newell Brands, Inc.		276,357		6,403,192
Penn National Gaming, Inc.(b)		101,588		11,761,859
Pool Corp.		26,240		8,784,365
Tractor Supply Co.		75,771		12,044,558
Ulta Beauty, Inc.(b)		36,431		11,742,804
Wynn Resorts Ltd.		69,659		9,176,180
				152,285,795
Consumer Staples-0.54%
Beyond Meat, Inc.(b)(c)		40,127		5,837,676
Health Care-18.80%
10X Genomics, Inc., Class A(b)		52,429		9,331,838
ABIOMED, Inc.(b)		29,524		9,582,014
Alnylam Pharmaceuticals, Inc.(b)		75,670		11,206,727
AstraZeneca PLC, ADR (United Kingdom)(c)		318,430		15,405,643
BeiGene Ltd., ADR (China)(b)		30,193		9,661,760
BioMarin Pharmaceutical, Inc.(b)		118,339		9,162,989
DENTSPLY SIRONA, Inc.		141,932		7,532,331
Guardant Health, Inc.(b)		65,466		9,635,286
Henry Schein, Inc.(b)		92,545		5,723,908
Hologic, Inc.(b)		167,598		12,082,140
Horizon Therapeutics PLC(b)		144,269		13,115,495
Insulet Corp.(b)		42,853		11,103,212
Jazz Pharmaceuticals PLC(b)		36,237		6,089,265
Masimo Corp.(b)		36,029		9,033,551
Mirati Therapeutics, Inc.(b)		32,826		6,595,400
Neurocrine Biosciences, Inc.(b)		61,703		6,757,096
Novocure Ltd.(b)		66,045		9,847,310
PPD, Inc.(b)		229,051		8,030,528
Quidel Corp.(b)		26,846		4,409,724

	Shares		Value
Health Care-(continued)
Repligen Corp.(b)		33,568	$	7,129,508
Royalty Pharma PLC, Class A		253,071		11,785,516
Sanofi, ADR (France)		133,964		6,147,608
Sarepta Therapeutics, Inc.(b)		51,913		4,519,546
				203,888,395
Industrials-7.10%
C.H. Robinson Worldwide, Inc.		88,691		8,057,577
Expeditors International of Washington, Inc.		111,074		10,201,036
J.B. Hunt Transport Services, Inc.		68,964		10,128,743
Nordson Corp.		38,551		7,417,598
Old Dominion Freight Line, Inc.		76,035		16,330,037
Ryanair Holdings PLC, ADR (Ireland)(b)		63,049		6,779,029
Sunrun, Inc.(b)		128,478		8,040,153
United Airlines Holdings, Inc.(b)		190,721		10,047,182
				77,001,355
Information Technology-42.91%
Akamai Technologies, Inc.(b)		105,645		9,983,453
Amdocs Ltd.		86,074		6,525,270
Citrix Systems, Inc.		79,600		10,632,968
Cognex Corp.		114,464		9,453,582
Coupa Software, Inc.(b)		45,440		15,734,054
Crowdstrike Holdings, Inc., Class A(b)		120,817		26,096,472
Datadog, Inc., Class A(b)		135,190		12,898,478
Enphase Energy, Inc.(b)		82,266		14,483,752
Entegris, Inc.		88,388		9,299,301
F5 Networks, Inc.(b)		39,793		7,559,874
First Solar, Inc.(b)		69,142		5,601,885
Five9, Inc.(b)		42,870		7,941,239
Fortinet, Inc.(b)		105,499		17,813,506
GDS Holdings Ltd., ADR (China)(b)(c)		72,528		7,409,460
IPG Photonics Corp.(b)		35,373		8,042,052
Jack Henry & Associates, Inc.		49,523		7,351,194
Logitech International S.A. (Switzerland)		111,037		11,996,438
MongoDB, Inc.(b)		38,899		15,012,291
Monolithic Power Systems, Inc.		29,494		11,046,093
NetApp, Inc.		144,680		9,056,968
Nice Ltd., ADR (Israel)(b)		32,084		7,364,561
NortonLifeLock, Inc.		386,893		7,548,282
Nuance Communications, Inc.(b)		184,266		8,218,264
ON Semiconductor Corp.(b)		268,834		10,825,945
Open Text Corp. (Canada)		177,535		7,912,735
Paylocity Holding Corp.(b)		35,772		6,839,249
Pegasystems, Inc.		52,601		6,961,742
PTC, Inc.(b)		75,823		10,383,202
Qorvo, Inc.(b)		74,862		13,080,637
Seagate Technology PLC		167,573		12,271,371
SolarEdge Technologies, Inc.(b)		33,121		9,880,326
SS&C Technologies Holdings, Inc.		167,266		11,086,390
StoneCo Ltd., Class A (Brazil)(b)		147,331		12,642,473
Teradyne, Inc.		108,368		13,937,209
Trade Desk, Inc. (The), Class A(b)		27,131		21,851,036
Trimble, Inc.(b)		163,742		12,139,832
Universal Display Corp.		30,131		6,378,431
Western Digital Corp.		199,458		13,668,857
Wix.com Ltd. (Israel)(b)		36,214		12,623,114

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

6

Invesco NASDAQ Next Gen 100 ETF (QQQJ)–(continued)

February 28, 2021

(Unaudited)

	Shares		Value
Information Technology-(continued)
Zebra Technologies Corp., Class A(b)		35,408	$	17,683,817
Zscaler, Inc.(b)		87,998		18,042,230
				465,278,033
Materials-0.41%
Royal Gold, Inc.		42,750		4,433,602
Utilities-0.70%
Alliant Energy Corp.		163,611		7,552,284
Total Common Stocks & Other Equity Interests (Cost $1,013,880,183)				1,083,736,720
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e) (Cost $256,329)		256,329		256,329
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $1,014,136,512)				1,083,993,049

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.78%
Invesco Private Government Fund, 0.01%(d)(e)(f)		12,075,631	$	12,075,631
Invesco Private Prime Fund, 0.11%(d)(e)(f)		18,106,205		18,113,447
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $30,189,078)				30,189,078
TOTAL INVESTMENTS IN SECURITIES-102.74% (Cost $1,044,325,590)				1,114,182,127
OTHER ASSETS LESS LIABILITIES-(2.74)%				(29,742,378	)
NET ASSETS-100.00%			$	1,084,439,749

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at February 28, 2021.

^(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 period ended February 28, 2021.

	Value August 31, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value February 28, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	1,233,751		$	(977,422	)		$	-		$	-		$	256,329		$	9
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			40,798,287			(28,722,656	)			-			-			12,075,631			200	*
Invesco Private Prime Fund			-			40,539,836			(22,427,001	)			-			612			18,113,447			2,109	*
Total		$	-		$	82,571,874		$	(52,127,079	)		$	-		$	612		$	30,445,407		$	2,318

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

^(e)  The rate shown is the 7-day SEC standardized yield as of February 28, 2021.

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

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

7

Invesco NASDAQ Next Gen 100 ETF (QQQJ)–(continued)

February 28, 2021

(Unaudited)

Portfolio Composition  Sector Breakdown (% of the Fund’s Net Assets)  as of February 28, 2021
Information Technology	42.91
Health Care	18.80
Communication Services	15.44
Consumer Discretionary	14.04
Industrials	7.10
Sector Types Each Less Than 3%	1.65
Money Market Funds Plus Other Assets Less Liabilities	0.06

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

8

Statements of Assets and Liabilities

February 28, 2021

(Unaudited)

	Invesco NASDAQ 100 ETF (QQQM)			Invesco NASDAQ Next Gen 100 ETF (QQQJ)
Assets:
Unaffiliated investments in securities, at value(a)		$	587,603,900		$	1,083,736,720
Affiliated investments in securities, at value			1,515,529			30,445,407
Receivable for:
Dividends			346,354			535,858
Securities lending			150			3,927
Fund shares sold			7,724,312			16,302,537
Total assets			597,190,245			1,131,024,449
Liabilities:
Payable for:
Investments purchased			-			16,283,497
Collateral upon return of securities loaned			1,208,532			30,189,078
Fund shares repurchased.			7,700,658			-
Accrued unitary management fees.			61,484			112,125
Total liabilities			8,970,674			46,584,700
Net Assets		$	588,219,571		$	1,084,439,749
Net assets consist of:
Shares of beneficial interest		$	572,433,275		$	997,062,151
Distributable earnings			15,786,296			87,377,598
Net Assets		$	588,219,571		$	1,084,439,749
Shares outstanding (unlimited amount authorized, $0.01 par value)			4,550,001			32,820,001
Net asset value		$	129.28		$	33.04
Market price		$	129.28		$	33.04
Unaffiliated investments in securities, at cost		$	583,987,500		$	1,013,880,183
Affiliated investments in securities, at cost		$	1,515,529		$	30,445,407
(a) Includes securities on loan with an aggregate value of:		$	1,178,277		$	29,518,733

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

9

Statements of Operations

For the period ended February 28, 2021^(a)

(Unaudited)

	Invesco NASDAQ 100 ETF (QQQM)				Invesco NASDAQ Next Gen 100 ETF (QQQJ)
Investment income:
Unaffiliated dividend income		$	1,236,221			$	1,242,447
Affiliated dividend income			14				9
Securities lending income			440				8,870
Foreign withholding tax			(822	)			(3,787	)
Total investment income			1,235,853				1,247,539
Expenses:
Unitary management fees			214,384				290,273
Less: Waivers			(47	)			(34	)
Net expenses			214,337				290,239
Net investment income			1,021,516				957,300
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(606,527	)			1,818,040
Affiliated investment securities			41				612
In-kind redemptions			12,311,768				15,216,252
Net realized gain			11,705,282				17,034,904
Change in net unrealized appreciation on investment securities			3,616,400				69,856,537
Net realized and unrealized gain			15,321,682				86,891,441
Net increase in net assets resulting from operations		$	16,343,198			$	87,848,741

^(a)  For the period October 12, 2020 (commencement of investment operations) through February 28, 2021.

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

10

Statements of Changes in Net Assets

For the period ended February 28, 2021^(a)

(Unaudited)

	Invesco NASDAQ 100 ETF (QQQM)				Invesco NASDAQ Next Gen 100 ETF (QQQJ)
	Period Ended February 28, 2021				Period Ended February 28, 2021
Operations:
Net investment income		$	1,021,516			$	957,300
Net realized gain			11,705,282				17,034,904
Change in net unrealized appreciation			3,616,400				69,856,537
Net increase in net assets resulting from operations			16,343,198				87,848,741
Distributions to Shareholders from:
Distributable earnings			(556,902	)			(471,143	)
Shareholder Transactions:
Proceeds from shares sold			748,837,703				1,142,283,767
Value of shares repurchased			(176,404,428	)			(145,221,616	)
Net increase in net assets resulting from share transactions			572,433,275				997,062,151
Net increase in net assets			588,219,571				1,084,439,749
Net assets:
Beginning of period			-				-
End of period		$	588,219,571			$	1,084,439,749
Changes in Shares Outstanding:
Shares sold			5,950,001				37,510,001
Shares repurchased			(1,400,000	)			(4,690,000	)
Shares outstanding, beginning of period			-				-
Shares outstanding, end of period			4,550,001				32,820,001

^(a) For the period October 12, 2020 (commencement of investment operations) through February 28, 2021.

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

11

Financial Highlights

Invesco NASDAQ 100 ETF (QQQM)

	For the Period October 12,  2020(a) Through February 28, 2021 (Unaudited)
Per Share Operating Performance:
Net asset value at beginning of period		$	120.98
Net investment income(b)			0.34
Net realized and unrealized gain on investments			8.17
Total from investment operations			8.51
Distributions to shareholders from:
Net investment income			(0.21	)
Net asset value at end of period		$	129.28
Market price at end of period(c)		$	129.28
Net Asset Value Total Return(d)			7.03	%(e)
Market Price Total Return(d)			7.03	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	588,220
Ratio to average net assets of:
Expenses			0.15	%(f)
Net investment income			0.71	%(f)
Portfolio turnover rate(g)			5	%

^(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 (October 13, 2020, the first day of trading on the exchange) to February 28, 2021 was 7.07%. The market price total return from Fund Inception to February 28, 2021 was 7.07%.

^(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.

12

Financial Highlights–(continued)

Invesco NASDAQ Next Gen 100 ETF (QQQJ)

	For the Period October 12, 2020(a) Through February 28, 2021 (Unaudited)
Per Share Operating Performance:
Net asset value at beginning of period		$	26.71
Net investment income(b)			0.06
Net realized and unrealized gain on investments			6.30
Total from investment operations			6.36
Distributions to shareholders from:
Net investment income			(0.03	)
Net asset value at end of period		$	33.04
Market price at end of period(c)		$	33.04
Net Asset Value Total Return(d)			23.81	%(e)
Market Price Total Return(d)			23.81	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,084,440
Ratio to average net assets of:
Expenses			0.15	%(f)
Net investment income			0.49	%(f)
Portfolio turnover rate(g)			34	%

^(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 (October 13, 2020, the first day of trading on the exchange) to February 28, 2021 was 23.63%. The market price total return from Fund Inception to February 28, 2021 was 23.63%.

^(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.

13

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

February 28, 2021

(Unaudited)

NOTE 1–Organization

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

Full Name	Short Name
Invesco NASDAQ 100 ETF (QQQM)	“NASDAQ 100 ETF”
Invesco NASDAQ Next Gen 100 ETF (QQQJ)	“NASDAQ Next Gen 100 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 Nasdaq Stock Market LLC.

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
NASDAQ 100 ETF	NASDAQ-100 Index®
NASDAQ Next Gen 100 ETF	NASDAQ Next Generation 100 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

14

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

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

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

15

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.

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. Foreign securities also are subject to the risks of expropriation, nationalization, political instability, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund’s returns.

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

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index 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.

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.

Non-Correlation Risk. Each Fund’s return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary

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due to asset valuation differences and differences between each Fund’s portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

Non-Diversified Fund Risk. Because each Fund is non-diversified and can invest a greater portion of its assets in securities of individual issuers than 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.

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

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

E. Dividends and Distributions to Shareholders - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on 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,

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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. The risk of material loss as a result of such indemnification claims is considered 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

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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)
NASDAQ 100 ETF	0.15%
NASDAQ Next Gen 100 ETF	0.15%

Further, through at least August 31, 2023, 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 period October 12, 2020 (commencement of investment operations) through February 28, 2021, the Adviser waived fees for each Fund in the following amounts:

NASDAQ 100 ETF	$	47
NASDAQ Next Gen 100 ETF		34

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 licensing agreements on behalf of each Fund with Nasdaq, Inc. (the, “Licensor”).

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

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 period October 12, 2020 (commencement of investment operations) through February 28, 2021, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

NASDAQ 100 ETF	$	2
NASDAQ Next Gen 100 ETF		646

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

NOTE 4–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market

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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 February 28, 2021. 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
NASDAQ 100 ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	587,603,900		$	-		$	-		$	587,603,900
Money Market Funds			306,997			1,208,532			-			1,515,529
Total Investments		$	587,910,897		$	1,208,532		$	-		$	589,119,429
NASDAQ Next Gen 100 ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,083,736,720		$	-		$	-		$	1,083,736,720
Money Market Funds			256,329			30,189,078			-			30,445,407
Total Investments		$	1,083,993,049		$	30,189,078		$	-		$	1,114,182,127

NOTE 5–Investment Transactions

For the period October 12, 2020 (commencement of investment operations) through February 28, 2021, 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
NASDAQ 100 ETF	$	18,870,612	$	18,318,782
NASDAQ Next Gen 100 ETF		199,279,080		202,488,786

For the period October 12, 2020 (commencement of investment operations) through February 28, 2021, in-kind transactions associated with creations and redemptions were as follows:

	Cost of Securities Received		Value of Securities Delivered
NASDAQ 100 ETF	$	747,807,339	$	176,076,951
NASDAQ Next Gen 100 ETF		1,141,818,947		141,763,964

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. At February 28, 2021, the aggregate cost of investments, including any derivatives, is the same for tax and financial reporting purposes. In the Fund’s initial year of operations, the cost of investments for tax purposes will not reflect any tax adjustments until its fiscal year-end reporting period.

	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation		Cost
NASDAQ 100 ETF	$	22,845,820	$	(19,229,420	)	$	3,616,400	$	585,503,029
NASDAQ Next Gen 100 ETF		89,717,100		(19,860,563	)		69,856,537		1,044,325,590

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NOTE 6–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 7–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 8–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.

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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 including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period October 12, 2020 (commencement of investment operations) through February 28, 2021.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value September 1, 2020			Ending Account Value February 28, 2021(1)			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(2)
Invesco NASDAQ 100 ETF (QQQM)
Actual		$	1,000.00		$	1,070.30		0.15	%		$	0.60
Hypothetical (5% return before expenses)			1,000.00			1,024.05		0.15				0.75
Invesco NASDAQ Next Gen 100 ETF (QQQJ) Actual			1,000.00			1,238.10		0.15				0.64
Hypothetical (5% return before expenses)			1,000.00			1,024.05		0.15				0.75

⁽¹⁾  The actual ending account value is based on the actual total return of the Fund for the period October 12, 2020 (commencement of investment operations) through February 28, 2021, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

⁽²⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the period October 12, 2020 (commencement of investment operations) to February 28, 2021. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 140/365. Hypothetical expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365.

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Approval of Investment Advisory Contracts

Invesco NASDAQ 100 ETF	Invesco NASDAQ Next Gen 100 ETF
At a meeting held on September 17, 2020, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the Investment Advisory Agreement (the “Agreement”) between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco NASDAQ 100 ETF and Invesco NASDAQ Next Gen 100 ETF (each, a “Fund” and collectively, the “Funds”).
The Trustees reviewed information provided by the Adviser describing: (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for each Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as each Fund grows and whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (iv) any benefits to be realized by the Adviser or its affiliates from the Adviser’s relationship with each Fund.
Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions to be performed by the Adviser for each Fund, including the identity of the persons who will be responsible for the day-to-day management of the Funds, and they considered the quality of services provided by the Adviser to other exchange-traded funds (“ETFs”). The Trustees noted that each of the Funds’ portfolio managers also manages other ETFs on behalf of the Adviser that are overseen by the Board and that the Board is familiar with the background and experience of the Funds’ portfolio managers. The Trustees also noted other information the Board received and considered at its March 12, 2020 and April 14, 2020 meetings describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. The Trustees reviewed information related to the Adviser’s portfolio transaction policies and procedures, as well as reports on the correlation and tracking error between the underlying indexes and the performance of other ETFs for which the Adviser serves as investment adviser.
The Trustees considered the services to be provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs and that was expected to be provided for each Fund.
Based on their review, the Trustees concluded that the nature, extent and quality of the services to be provided by the Adviser to each Fund under the Agreement were expected to be appropriate and reasonable.
Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the median net expense ratios of comparable passive ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively managed funds. The Trustees also considered fee and expense data on Adviser-identified select peers. The Trustees noted that the fee data provided by the Adviser included four Adviser-identified select peers for Invesco NASDAQ 100 ETF and three Adviser-identified select peers for Invesco NASDAQ Next Gen 100 ETF.
The Trustees noted that the proposed annual advisory fee to be charged to each Fund was a unitary fee, and that the Adviser has agreed to pay all other expenses of each Fund except for the fee payment under the Agreement, payments under the Fund’s 12b-1 plan, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses. The Trustees noted each Fund’s proposed unitary advisory fee as compared to the median net expense ratio of its peer groups and select peer group as shown below:

Fund	ETF Peer Group (Number of Peers)	Open-End Index Fund Peer Group (Number of Peers)	Open-End Active Fund Peer Group (Number of Peers)	Select Peer Group (Number of Peers)
Invesco NASDAQ 100 ETF	Lower than median (16)	Lower than median (2)	Lower than median (135)	Lower than median (4)
Invesco NASDAQ Next Gen 100 ETF	Lower than median (11)	Lower than median (2)	Lower than median (104)	Lower than median (3)

Based on all the information provided, the Board concluded that each Fund’s proposed unitary advisory fee was reasonable and appropriate in light of the administrative, operational and management oversight services to be provided by the Adviser and the related costs in providing such services.

23

Approval of Investment Advisory Contracts–(continued)

In conjunction with their review of the unitary advisory fee, the Trustees considered that the Adviser did not provide a profitability analysis for the Adviser in managing the Funds because the Funds had not yet commenced operations. However, the Trustees noted other information the Board received and considered at its March 12, 2020 and April 14, 2020 meetings on the Adviser’s overall profitability from its relationship with other ETFs for which it serves as investment adviser.

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

Fall-Out Benefits. The Trustees considered that the Adviser identified no additional benefits that it would derive from its relationships with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits to be received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees and advisory fees for money market cash management vehicles. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

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

24

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Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

©2021 Invesco Capital Management LLC 3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-TRST2-SAR-1	invesco.com/ETFs

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

(a) The Schedules of Investments are included as a part of the report to shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that would require disclosure herein.

Item 11. Controls and Procedures.

(a) Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the Registrant’s President (principal executive officer) and Treasurer (principal financial officer) have concluded that such disclosure controls and procedures are effective.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	Not applicable.
(a)(2)	Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section  302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.
(a)(3)	Not applicable.
(a)(4)	Not applicable.
(b)	Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section  906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Invesco Exchange-Traded Fund Trust II

By:	/s/ Anna Paglia
Name:	Anna Paglia
Title:	President

Date: May 7, 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: May 7, 2021

By:	/s/ Kelli Gallegos
Name:	Kelli Gallegos
Title:	Treasurer

Date: May 7, 2021

EX-99.CERT

Exhibit 99.CERT

EXHIBIT (a)(2)

CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Anna Paglia, certify that:

1. I have reviewed this report on Form N-CSR of Invesco Exchange-Traded Fund Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting 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; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: May 7, 2021	/s/ Anna Paglia
	Anna Paglia
	President

Exhibit 99.CERT

EXHIBIT (a)(2)

CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Kelli Gallegos, certify that:

1. I have reviewed this report on Form N-CSR of Invesco Exchange-Traded Fund Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting 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; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: May 7, 2021	/s/ Kelli Gallegos
	Kelli Gallegos Treasurer

EX-99.906CERT

Exhibit 99.906CERT

EXHIBIT (b)

CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the report of Invesco Exchange-Traded Fund Trust II (the “Registrant”) on Form N-CSR for the period ended February 28, 2021 (the “Report”), each of the undersigned officers of the Registrant hereby certifies, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to SS. 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his/her knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated: May 7, 2021

/s/ Anna Paglia

Name: Anna Paglia

Title:   President

Dated: May 7, 2021

/s/ Kelli Gallegos

Name: Kelli Gallegos

Title:   Treasurer

This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or as a separate disclosure document.