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: August 31, 2022

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

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

Item 1. Reports to Stockholders.

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

(b) Not applicable.

             Invesco Annual Report to Shareholders   August 31, 2022   BKLN   Invesco Senior Loan ETF

Table of Contents

The Market Environment	3
Management’s Discussion of Fund Performance	5
Liquidity Risk Management Program	8
Schedule of Investments
Invesco Senior Loan ETF (BKLN)	9
Statement of Assets and Liabilities	14
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	17
Notes to Financial Statements	18
Report of Independent Registered Public Accounting Firm	27
Fund Expenses	28
Tax Information	29
Trustees and Officers	30
Approval of Investment Advisory and Sub-Advisory Contracts	40

2

The Market Environment

Bank Loans

During the fiscal year covered by this report, the senior loan market was characterized by risk aversion in reaction to escalating geopolitical turmoil in Ukraine, persistent inflation, rapidly escalating interest rate expectations, rising energy prices, and a softening economic growth outlook. The confluence of these various pressures drove flows out of capital markets and caused risk premia to widen. Despite these circumstances, loans continued to outperform other risk assets through the end of the fiscal year. Loans’ relative resilience to intensifying market headwinds served as a lower volatility asset class that features defensive positioning within issuers’ capital structures and has delivered strong yields over the recent fiscal period, yields which tend to grow as rates ascend. The last few months of the fiscal year saw a reversal in overall market performance, with the broad loan market up from the second quarter of 2022 lows. Senior loans’ defensive positioning at the top of the capital structure and floating rate feature benefited the asset class during these bouts of risk aversion and inflation jitters, while the current, relatively high, level of coupons helped the asset class maintain stable performance during the fiscal year relative to traditional asset classes.

Senior loans returned 0.18%, as represented by the Credit Suisse Leveraged Loan Index during the Fund’s fiscal year.¹ Throughout the 2021 calendar year risk assets performed well, and loans were no exception—returning 5.40%.¹ The first month of 2022 continued this trend, however geopolitical turmoil and inflation began to influence performance by February. Loans suffered a weak second quarter of 2022, down 4.35%,¹ driven largely by technical factors and not fundamentals. In particular, the risk-off sentiment in other markets led to retail outflows and more importantly, a lack of new collateralized loan obligation (CLO) creation (which represents 65% of loan demand) in May and June of 2022. At their low point, loan prices as of June 30, 2022, were implying a 7.9%¹ default rate in the market, in excess of forecasted rates for 2023, and the rolling 12-month default rate. This has been fairly typical of other historical selloffs where the market overshoots compensating investors for actual defaults and then rallies sharply as buyers step in. Since the end of June 2022, CLO creation has come back in earnest, driving prices sharply higher. Loans were up 1.87% in July and another 1.53% in August, bringing the average price to $94.19.¹ Loans are down 1.17% year-to-date and have outperformed high yield bonds by approximately 900 basis points (bps).^1,3 In addition to CLO buyers, we believe regular way cash buyers have recognized that the market was overcompensating them for defaults and have stepped in, viewing this as a buying opportunity. During the fiscal year, BB-, B- and CCC-rated loans returned 1.46%, 0.46% and -6.04%, respectively.¹ Energy was the best performing sector, returning 4.84% for the fiscal year, while consumer durables was the worst performing sector, returning -5.53%.¹

The loan market continues to benefit from strong supportive fundamental backdrops. As of the first quarter of 2022, overall leverage for loan issuers (excluding gaming and transportation) declined for a fourth consecutive quarter, while at the same time corporate profits have remained robust.⁴ The second quarter of 2022 saw interest coverage ratios reach a record high, despite continued rising rates.⁵ With approximately 0.5% of the market trading at distressed levels and minimal near-term maturity challenges, we believe the market is poised to experience relatively low defaults for the foreseeable future as is historically typical following peaks in default rates (absent any drastic changes in earnings/liquidity conditions). Spreads and yields remain robust, with the average loan coupon now surpassing the average coupon for high-yield bonds for the first time on record.⁴ We anticipate that this will benefit current investors and drive-up potential demand.

As of August 31, 2022, the 12-month default rate was 0.60%.² Issuer fundamentals ended the most recent quarter with a strong ability to service their debt, even in a rising rate environment. Interest coverage ratios are near their highs, currently 4.3x,⁵ so companies have sufficient ability to absorb higher rates. Additionally, leverage levels have returned to pre-pandemic levels as borrowers have repaired their balance sheets and pushed out their maturities. As of June 30, 2022, only 2.6% of outstanding loans mature in the next 18 months so there is little refinancing risk in the market.⁴ The average price in the senior loan market was $94.19 as of August 31, 2022.¹ Given the price of senior loans at the end of the fiscal year, they provided a 9.24% yield (represented by the yield to 3-year life).¹

¹  Source: Credit Suisse Leveraged Loan Index

²  Source: Morningstar LSTA Leveraged Loan Index

³  Source: Credit Suisse High Yield Index

⁴  Source: JP Morgan

⁵  Source: Pitchbook LCD

Fixed Income

In the fourth quarter of 2021, concerns about inflation heightened as US inflation rose 7%,¹ its highest level in nearly 40 years. Though the US Federal Reserve (the Fed) left policy rates unchanged in the quarter, the Fed indicated its accommodative policies were coming to an end in 2022 through a willingness to raise interest rates to combat inflation and the announced reduction of its monthly bond purchase program. Additionally, US interest rate moves and inflation risk significantly affected fixed income valuations during the quarter. The two-year Treasury yield rose moderately from 0.27% to 0.73%, while the 10-year increased slightly from 1.48% to 1.52% during the quarter.² The yield curve, as measured by the yield differential between two- and 10-year Treasuries, flattened during the quarter.

At the beginning of 2022, geopolitical and economic tensions between Ukraine and Russia culminated with the latter invading Ukrainian territory. World leaders levied sanctions against Russia

3

The Market Environment (continued)

Fixed Income (continued)

that had material effects on its fixed income markets, particularly sovereign debt, corporates and levels of liquidity. The Russia-Ukraine war exacerbated inflationary pressures while also exerting downward pressure on economic growth through a surge in commodity/energy prices. Additionally, surges of COVID-19 in China exacerbated supply chain issues and aggravated inflation. During the second quarter of 2022, the two-year Treasury yield rose significantly from 0.78% to 2.28%, while the 10-year increased moderately from 1.63% to 2.32%.²

In the second quarter of 2022, the macro backdrop of tightening financial conditions and slowing economic growth was negative for credit asset classes. Inflation, as measured by the Consumer Price Index, increased further to 9.1%¹ and fixed income markets felt the impact of rising interest rates. Bond sectors experienced negative performance ranging from -0.9% (Bloomberg Asset-Backed Securities) to -9.8% (Bloomberg US Corporate High Yield).³ Credit spreads increased across all major credit-sensitive sectors, reflecting anticipation of an economic slowdown and increasing concerns about recession risk, with corporate spreads ending the second quarter above their long-term historical average. The Fed continued its rapid tightening of monetary policy in an effort to combat inflation via higher interest rates while simultaneously engineering a soft landing so as to not push the economy into a recession. The Fed aggressively raised its key fed funds rate during the period, including a 0.50% hike in May, a 0.75% hike in June (the largest since 1994), and an additional 0.75% hike in July to a target range of 2.25-2.50%. We believe that the Fed is unlikely to pivot from its hawkish policies, and we expect the Fed will increase the target range to 3.50-3.75% by the end of the year followed by a 0.50% cut in 2023. While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 2.92% to 3.45% during the last 2-month period in the fiscal year, while 10-year Treasury rates increased from 3.04% to 3.15% over the same period.² At the end of the fiscal year, the yield curve remained inverted, which historically has been an indicator of a potential recession.

¹  Source: US Bureau of Labor Statistics

²  Source: US Department of the Treasury

³  Source: Bloomberg

4

BKLN	Management’s Discussion of Fund Performance
	Invesco Senior Loan ETF (BKLN)

As an index fund, the Invesco Senior Loan ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Morningstar LSTA US Leveraged Loan 100 Index (formerly named the S&P/LSTA U.S. Leveraged Loan 100 Index) (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.

Strictly in accordance with its guidelines and mandated procedures, Morningstar, Inc. (the “Index Provider”) compiles, maintains and calculates the Index, which tracks the market value weighted performance of the largest institutional leveraged loans based on market weightings, spreads and interest payments. Pursuant to a benchmark administration agreement with the Index Provider, S&P Dow Jones Indices LLC serves as the benchmark administrator for the Index. The Fund’s adviser, Invesco Capital Management LLC, and the Fund’s sub-adviser, Invesco Senior Secured Management, Inc., define senior loans to include loans referred to as leveraged loans, bank loans and/or floating rate loans. Banks and other lending institutions generally issue senior loans to corporations, partnerships or other entities (“borrowers”). These borrowers operate in a variety of industries and geographic regions, including foreign countries.

Senior loans often are issued in connection with recapitalizations, acquisitions, leveraged buyouts and re-financings. Senior loans typically are structured and administered by a financial institution that acts as agent for the lenders in the lending group. The Fund generally will purchase loans from banks or other financial institutions through assignments or participations. The Fund may acquire a direct interest in a loan from the agent or another lender by assignment or an indirect interest in a loan as a participation in another lender’s portion of a loan. The Fund generally will sell loans it holds by way of an assignment, but may sell participation interests in such loans at any time to facilitate its ability to fund redemption requests.

To be included in the Index, leveraged loans must be senior secured, denominated in U.S. dollars and must have a minimum initial term of one year and a minimum par amount of $50 million. A leveraged loan is rated below investment grade quality or is unrated but deemed to be of comparable quality. The Fund will invest in loans that are expected to be below investment grade quality and to bear interest at a floating rate that periodically resets. The Index may include, and the Fund may acquire and retain, loans of borrowers that are in default. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (1.99)%. On a net asset value (“NAV”) basis, the Fund returned (1.54)%. During the same time period, the Index returned (0.47)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses incurred by the Fund during the period, as well as a negative impact from the Fund’s sampling methodology. The Fund’s allocation to cash to manage liquidity, as needed, also resulted in a drag on overall performance.

During this same time period, the Morningstar LSTA US Leveraged Loan Index (the “Benchmark Index”) returned 0.37%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,500 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S leveraged loan market.

The majority of the Fund’s underperformance, on a NAV basis, relative to the Benchmark Index during the period can be attributed to the Fund’s fees and operating expenses, as well as the higher average credit quality of the Fund’s holdings versus those of the Benchmark Index during the period in which loans with higher credit quality underperformed lower credit quality loans. The Fund’s underweight allocation to lower rated loans relative to the benchmark detracted from its performance.

For the fiscal year ended August 31, 2022, the cable & satellite television industry contributed most significantly to the Fund’s return, followed by the food service and lodging & casinos industries, respectively. The health care industry detracted most significantly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included IRB Holding Corp., 2022 Term Loan, a food service company (portfolio average weight of 1.62%), and CSC Holdings, LLC, a cable & satellite television company (portfolio average weight of 1.82%). The position that detracted most significantly from the Fund’s return was Diamond Sports Holdings, LLC, a radio & television company (portfolio average weight of 0.40%).

Credit Quality Rating Breakdown* (% of the Fund’s Net Assets) as of August 31, 2022
Baa1	0.93
Baa3	3.44
Ba1	11.27
Ba2	7.90
Ba3	9.91
B1	24.61
B2	30.85
B3	4.68
Caa2	0.80
NR	1.75
Money Market Fund Plus Other Assets Less Liabilities	3.86

* 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. “NR” 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 “Methodologies & Frameworks” under “Ratings & Assessments” on the homepage.

5

Invesco Senior Loan ETF (BKLN) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Peraton Corp., First Lien Term Loan B, 6.27%, 02/01/2028	1.87
McAfee LLC, First Lien Term Loan B, 6.16%, 03/01/2029	1.69
Mozart Debt Merger Sub, Inc., Term Loan, 5.77%, 10/01/2028	1.58
athenahealth, Inc., Term Loan B, 5.80%, 01/26/2029	1.56
Bass Pro Group LLC, Term Loan B-2, 6.27%, 03/06/2028	1.50
CenturyLink, Inc., Term Loan B, 4.77%, 03/15/2027	1.44
United Airlines, Inc., Term Loan B, 6.53%, 04/21/2028	1.42
Ultimate Software Group Inc., Term Loan, 4.75%, 05/04/2026	1.41
Caesars Resort Collection LLC, Term Loan B, 5.27%, 12/23/2024	1.34
Gainwell Holding Corp., Term Loan B, 6.25%, 10/01/2027	1.30
Total	15.11

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Morningstar LSTA US Leveraged Loan 100 Index (USD)		(0.47	)%		2.61	%		8.03	%		3.17	%		16.89	%		3.39	%		39.61	%		3.47	%		47.94	%
Morningstar LSTA US Leveraged Loan Index (USD)		0.37			3.16			9.77			3.53			18.96			3.89			46.42			3.90			55.28
Fund
NAV Return		(1.54	)		1.24			3.78			2.06			10.74			2.48			27.73			2.66			35.24
Market Price Return		(1.99	)		1.11			3.37			1.98			10.28			2.40			26.82			2.58			34.01

6

Invesco Senior Loan ETF (BKLN) (continued)

Fund Inception: March 3, 2011

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.66% (0.65% after fee waiver) includes the unitary management fee of 0.65% and acquired fund fees and expenses of 0.01%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table

above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

7

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements, including the terms of the Fund’s credit facility and the financial health of the institution providing the credit facility; (4) the relationship between the Fund’s portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of the Fund’s portfolio. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 15, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

● The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

● The Fund’s investment strategy remained appropriate for an open-end fund;

● The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

● The Fund did not breach the 15% limit on Illiquid Investments; and

● The Committee had established an HLIM for the Fund and the Fund complied with its HLIM.

  8  

Invesco Senior Loan ETF (BKLN)

August 31, 2022

Schedule of Investments

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Variable Rate Senior Loan Interests-92.10%(a)(b)
Aerospace & Defense-2.69%
Peraton Corp., First Lien Term Loan B (1 mo. USD LIBOR + 3.75%)		6.27%		02/01/2028	$	78,886	$	76,847,680
TransDigm, Inc., Term Loan F (1 mo. USD LIBOR + 2.25%)		4.77%		12/09/2025		34,320		33,508,928
								110,356,608
Air Transport-4.15%
AAdvantage Loyalty IP Ltd., Term Loan B (3 mo. USD LIBOR + 4.75%)		7.46%		04/20/2028		35,447		34,989,586
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Term Loan (3 mo. USD LIBOR + 5.25%)		7.31%		06/21/2027		38,215		38,931,820
SkyMiles IP Ltd., Term Loan (3 mo. USD LIBOR + 3.75%)		6.46%		10/20/2027		37,588		38,178,522
United Airlines, Inc., Term Loan B (3 mo. USD LIBOR + 3.75%)		6.53%		04/21/2028		59,731		58,308,230
								170,408,158
Automotive-1.09%
Panther BF Aggregator 2 L.P., Term Loan (Canada) (1 mo. USD LIBOR + 3.25%)		5.77%		04/30/2026		45,636		44,620,767
Beverage & Tobacco-0.82%
Triton Water Holdings, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.50%)		5.75%		03/31/2028		35,955		33,833,860
Building & Development-2.47%
Cornerstone Building Brands, Inc., Term Loan B (1 mo. USD LIBOR + 3.25%)		5.64%		04/12/2028		30,632		27,599,844
DTZ U.S. Borrower LLC, Term Loan (1 mo. USD LIBOR + 2.75%)		5.27%		08/21/2025		23,509		22,921,080
LBM Holdings LLC, Term Loan (1 mo. USD LIBOR + 3.75%)		7.12%		12/17/2027		36,105		33,121,555
Quikrete Holdings, Inc., First Lien Term Loan (1 mo. USD LIBOR + 2.63%)		5.15%		02/01/2027		18,420		17,792,334
								101,434,813
Business Equipment & Services-8.23%
Allied Universal Holdco LLC, Term Loan (1 mo. USD LIBOR + 3.75%)		6.27%		05/12/2028		54,432		52,091,610
Asurion LLC
Second Lien Term Loan B-4 (1 mo. USD LIBOR + 5.25%)		7.77%		01/20/2029		34,350		29,498,098
Term Loan B-8 (1 mo. USD LIBOR + 3.25%)		5.77%		12/23/2026		42,775		39,314,875
Brand Energy & Infrastructure Services, Inc., Term Loan (3 mo. USD LIBOR + 4.25%)		7.03%		06/21/2024		34,605		31,737,943
Change Healthcare Holdings, Inc., Term Loan (1 mo. USD LIBOR + 2.50%)		5.02%		03/01/2024		44,390		44,192,267
Dun & Bradstreet Corp. (The), Term Loan (1 mo. USD LIBOR + 3.25%)		5.74%		02/06/2026		35,819		34,914,738
Mitchell International, Inc., First Lien Term Loan (3 mo. USD LIBOR + 3.75%)		6.73%		10/01/2028		13,514		12,943,829
Prime Security Services Borrower LLC, Term Loan B-1 (1 mo. USD LIBOR + 2.75%)		5.11%		09/23/2026		12,328		12,073,964
Solera, Term Loan B (1 mo. USD LIBOR + 4.00%)		6.52%		06/02/2028		48,815		47,008,937
Trans Union LLC, First Lien Term Loan (1 mo. USD LIBOR + 2.25%)		4.77%		11/30/2028		34,883		34,297,163
								338,073,424
Cable & Satellite Television-4.37%
Charter Communications Operating LLC, Term Loan B-2 (1 mo. USD LIBOR + 1.75%)		4.28%		02/01/2027		48,752		47,394,242
CSC Holdings LLC
Term Loan (1 mo. USD LIBOR + 2.25%)		4.64%		07/17/2025		47,630		46,350,105
Term Loan (2 mo. USD LIBOR + 2.50%)		4.89%		04/15/2027		27,653		26,815,067
Numericable-SFR S.A., Incremental Term Loan B-13 (France) (3 mo. USD LIBOR + 4.00%)		6.91%		08/14/2026		3,725		3,623,179
Virgin Media 02 - LG, Term Loan N (United Kingdom) (1 mo. USD LIBOR + 2.50%)		4.89%		01/31/2028		32,689		32,042,938
Vodafone Ziggo - LG, Term Loan I (1 mo. USD LIBOR + 2.50%)		4.89%		04/30/2028		23,918		23,170,537
								179,396,068
Chemicals & Plastics-1.00%
AkzoNoble Chemicals, Term Loan (3 mo. USD LIBOR + 2.75%)		5.00%		10/01/2025		42,115		41,135,500
Containers & Glass Products-2.00%
Berry Global, Inc., Term Loan Z (3 mo. USD LIBOR + 1.75%)		4.18%		07/01/2026		44,962		44,069,784
Flex Acquisition Co., Inc., First Lien Term Loan B (1 mo. SOFR + 4.18%)		6.73%		04/13/2029		39,375		38,110,162
								82,179,946

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

  9  

Invesco Senior Loan ETF (BKLN)–(continued)

August 31, 2022

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Cosmetics & Toiletries-0.76%
Bausch and Lomb, Inc., Term Loan (1 mo. SOFR + 3.35%)		5.65%		05/05/2027	$	33,055	$	31,170,865
Drugs-2.39%
Amneal Pharmaceuticals LLC, Term Loan (1 mo. USD LIBOR + 3.50%)		6.06%		05/04/2025		33,376		32,026,825
Bausch and Lomb, Inc., Term Loan B (1 mo. SOFR + 5.35%)		7.66%		01/27/2027		33,296		26,714,092
Jazz Pharmaceuticals, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)		6.02%		04/21/2028		40,371		39,675,033
								98,415,950
Electronics & Electrical-13.27%
Boxer Parent Co., Inc., Term Loan B (1 mo. USD LIBOR + 3.75%)		6.27%		10/02/2025		39,574		38,300,887
CDK Global, Inc., Term Loan B (3 mo. SOFR + 4.50%)		6.61%		06/09/2029		24,725		24,153,601
CommScope, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)		5.77%		04/06/2026		30,000		28,851,448
CoreLogic, Inc., Term Loan B (1 mo. USD LIBOR + 3.50%)		6.06%		04/09/2028		48,665		41,973,793
Finastra USA, Inc., First Lien Term Loan (United Kingdom) (3 mo. USD LIBOR + 3.50%)		6.87%		06/13/2024		43,009		40,355,528
Hyland Software, Inc., First Lien Term Loan (1 mo. USD LIBOR + 3.50%)		6.02%		07/01/2024		32,222		31,887,819
McAfee Enterprise, Term Loan B (1 mo. USD LIBOR + 4.75%)		7.25%		07/27/2028		41,607		39,801,589
McAfee LLC, First Lien Term Loan B (1 mo. SOFR + 3.75%)		6.16%		03/01/2029		72,903		69,394,348
NortonLifeLock, Inc., Term Loan B(c)		-		01/28/2029		37,878		36,854,845
Proofpoint, Inc., Term Loan B (3 mo. USD LIBOR + 3.25%)		6.32%		08/31/2028		32,348		31,223,960
Quest Software US Holdings, Inc., Term Loan B (3 mo. SOFR + 4.25%)		5.32%		01/19/2029		36,253		33,086,184
RealPage, Inc., Term Loan B (1 mo. USD LIBOR + 3.00%)		5.37%		04/24/2028		42,446		40,942,420
TIBCO Software, Inc., Term Loan B-3 (1 mo. USD LIBOR + 3.75%)		6.28%		06/30/2026		30,841		30,752,188
Ultimate Software Group, Inc., Term Loan (3 mo. USD LIBOR + 3.75%)		4.75%		05/04/2026		59,624		57,888,324
								545,466,934
Financial Intermediaries-1.30%
Citadel Securities L.P., Term Loan B (1 mo. SOFR + 2.61%)		5.07%		02/15/2028		38,585		37,867,473
Jane Street Group LLC, First Lien Term Loan B (1 mo. USD LIBOR + 2.75%)		5.27%		01/26/2028		15,997		15,704,080
								53,571,553
Food Products-0.76%
Froneri International PLC, Term Loan B-2 (United Kingdom) (1 mo. USD LIBOR + 2.25%)		4.77%		01/29/2027		32,367		31,288,451
Food Service-2.75%
IRB Holding Corp.
Term Loan (3 mo. SOFR + 3.15%)		5.44%		12/15/2027		30,005		29,111,244
Term Loan B (1 mo. USD LIBOR + 2.75%)		5.27%		02/05/2025		35,898		35,258,502
New Red Finance, Inc., Term Loan B-4 (1 mo. USD LIBOR + 1.75%)		4.27%		11/19/2026		49,766		48,449,548
								112,819,294
Health Care-13.05%
athenahealth, Inc.
Delayed Draw Term Loan (d)		0.00%		02/15/2029		11,330		10,872,791
Term Loan B (1 mo. SOFR + 3.50%)		5.80%		01/26/2029		66,847		64,149,462
DaVita HealthCare Partners, Inc., Term Loan B-1 (1 mo. USD LIBOR + 1.75%)		2.21%		08/12/2026		33,021		32,163,850
Elanco Animal Health, Inc., Term Loan (1 mo. USD LIBOR + 1.75%)		4.12%		07/30/2027		51,782		50,151,273
Envision Healthcare Corp.
First Lien Term Loan (3 mo. SOFR + 7.88%)		10.53%		07/22/2027		4,212		4,064,937
Second Lien Term Loan (3 mo. SOFR + 4.25%)		6.83%		03/31/2027		24,977		12,987,976
Third Lien Term Loan (3 mo. SOFR + 3.75%)		6.33%		03/31/2027		11,737		2,992,962
Gainwell Holding Corp., Term Loan B (3 mo. USD LIBOR + 4.00%)		6.25%		10/01/2027		54,721		53,627,153
ICON PLC
Term Loan (3 mo. USD LIBOR + 2.25%)		4.56%		07/03/2028		9,950		9,816,720
Term Loan (Luxembourg) (3 mo. USD LIBOR + 2.25%)		4.56%		07/03/2028		36,043		35,558,799
LifePoint Health, Inc., First Lien Term Loan B (1 mo. USD LIBOR + 3.75%)		6.27%		11/16/2025		40,693		39,529,537
Mozart Debt Merger Sub, Inc., Term Loan (1 mo. USD LIBOR + 3.25%)		5.77%		10/01/2028		67,744		64,804,336
Organon & Co., Term Loan B (3 mo. USD LIBOR + 3.00%)		4.63%		06/02/2028		34,180		33,880,935
PAREXEL International Corp., Term Loan B (1 mo. USD LIBOR + 3.25%)		5.77%		11/15/2028		34,492		33,652,862

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

  10  

Invesco Senior Loan ETF (BKLN)–(continued)

August 31, 2022

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Health Care-(continued)
Sunshine Luxembourg VII S.a.r.l., Term Loan (Switzerland) (3 mo. USD LIBOR + 3.75%)		6.00%		10/01/2026	$	40,198	$	38,833,229
Verscend Holding Corp., Term Loan B-1 (1 mo. USD LIBOR + 4.00%)		6.52%		08/27/2025		49,406		49,179,463
								536,266,285
Home Furnishings-1.00%
Hunter Douglas, Inc., First Lien Term Loan (3 mo. SOFR + 3.50%)		6.34%		02/09/2029		46,976		41,256,254
Industrial Equipment-2.40%
Madison IAQ LLC, Term Loan (1 mo. USD LIBOR + 3.25%)		3.75%		06/21/2028		31,684		30,654,355
MKS Instruments, Inc., Term Loan B (3 mo. SOFR + 2.75%)		5.15%		04/11/2029		34,717		34,441,794
Thyssenkrupp Elevators (Vertical Midco GmbH), Term Loan B (Germany) (3 mo. USD LIBOR + 3.50%)		6.87%		07/31/2027		34,591		33,668,639
								98,764,788
Insurance-5.49%
Acrisure LLC, Term Loan (1 mo. USD LIBOR + 3.50%)		6.02%		02/15/2027		43,520		41,824,515
AmWINS Group LLC, Term Loan (1 mo. USD LIBOR + 2.25%)		4.77%		02/19/2028		32,367		31,664,819
HUB International Ltd.
Incremental Term Loan B-3 (3 mo. USD LIBOR + 3.25%)		5.78%		04/25/2025		33,434		32,998,983
Term Loan (3 mo. USD LIBOR + 3.00%)		5.77%		04/25/2025		53,310		52,319,424
Hyperion Insurance Group Ltd., Term Loan B (United Kingdom)(c)		-		11/12/2027		34,377		33,597,861
USI, Inc., Term Loan (3 mo. USD LIBOR + 3.00%)		5.25%		05/16/2024		33,574		33,242,124
								225,647,726
Leisure Goods, Activities & Movies-3.20%
Alpha Topco Ltd., Term Loan B (United Kingdom) (1 mo. USD LIBOR + 2.50%)		5.02%		02/01/2024		37,877		37,608,700
Crown Finance US, Inc., Term Loan (3 mo. USD LIBOR + 2.50%)		4.00%		02/28/2025		40,516		24,955,291
UFC Holdings LLC, Term Loan B-3 (3 mo. USD LIBOR + 2.75%)		3.50%		04/29/2026		35,059		34,165,129
William Morris Endeavor Entertainment LLC, First Lien Term Loan B-1 (1 mo. USD LIBOR + 2.75%)		5.28%		05/16/2025		35,966		34,922,741
								131,651,861
Lodging & Casinos-3.73%
Caesars Resort Collection LLC, Term Loan B (1 mo. USD LIBOR + 2.75%)		5.27%		12/23/2024		55,763		55,158,061
Fertitta Entertainment LLC, Term Loan (1 mo. SOFR + 4.00%)		6.46%		01/31/2029		28,560		27,526,105
Hilton Worldwide Finance LLC, Term Loan B-2 (1 mo. USD LIBOR + 1.75%)		4.19%		06/22/2026		33,067		32,413,773
Stars Group (US) Co-Borrower LLC, Term Loan (3 mo. USD LIBOR + 2.25%)		4.50%		07/21/2026		39,001		38,175,226
								153,273,165
Publishing-0.70%
Micro Holding L.P., First Lien Term Loan (1 mo. USD LIBOR + 3.75%)		6.27%		09/13/2024		29,323		28,685,182
Radio & Television-1.29%
Diamond Sports Holdings LLC, Second Lien Term Loan (1 mo. SOFR + 3.35%)		5.64%		08/24/2026		38,730		7,317,284
DIRECTV Financing LLC, Term Loan B (1 mo. USD LIBOR + 5.00%)		7.52%		07/25/2027		47,768		45,833,320
								53,150,604
Rail Industries-0.78%
Genesee & Wyoming, Inc., Term Loan (3 mo. USD LIBOR + 2.00%)		4.25%		12/30/2026		32,663		32,060,272
Retailers (except Food & Drug)-3.49%
Bass Pro Group LLC, Term Loan B-2 (3 mo. USD LIBOR + 3.75%)		6.27%		03/06/2028		63,376		61,585,807
Harbor Freight Tools USA, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)		5.27%		10/15/2027		38,387		36,805,473
Pilot Travel Centers LLC, Term Loan B (1 mo. SOFR + 2.00%)		4.46%		07/31/2028		45,869		45,090,990
								143,482,270
Telecommunications-6.80%
CenturyLink, Inc., Term Loan B (1 mo. USD LIBOR + 2.25%)		4.77%		03/15/2027		62,503		59,012,987
Genesys Telecom Holdings U.S., Inc., Term Loan (1 mo. USD LIBOR + 4.00%)		6.52%		12/01/2027		34,638		34,134,321
II-VI, Inc., Term Loan B (3 mo. USD LIBOR + 2.75%)		5.12%		12/15/2028		36,392		35,694,579
Intelsat Jackson Holdings S.A., Term Loan B (Luxembourg) (6 mo. SOFR + 4.50%)		7.44%		02/01/2029		38,273		36,445,944
Level 3 Financing, Inc., Term Loan B (1 mo. USD LIBOR + 1.75%)		4.27%		03/01/2027		25,621		24,530,106

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

  11  

Invesco Senior Loan ETF (BKLN)–(continued)

August 31, 2022

	Interest Rate	Maturity   Date	Principal     Amount (000)		Value
Telecommunications-(continued)
Radiate Holdco LLC, Term Loan B (1 mo. USD LIBOR + 3.25%)	5.77%	09/25/2026	$	44,502	$	42,577,781
Zayo Group LLC, Term Loan (1 mo. USD LIBOR + 3.00%)	5.52%	03/09/2027		51,712		47,263,780
						279,659,498
Utilities-2.12%
Brookfield WEC Holdings, Inc., Term Loan B (1 mo. USD LIBOR + 2.75%)	5.27%	08/01/2025		38,585		37,784,643
Pacific Gas and Electric Co., Term Loan B (1 mo. USD LIBOR + 3.00%)	5.38%	07/01/2025		19,934		19,622,906
Vistra Operations Co. LLC, Incremental Term Loan (1 mo. USD LIBOR + 1.75%)	4.27%	12/31/2025		30,134		29,622,786
						87,030,335
Total Variable Rate Senior Loan Interests (Cost $3,861,658,020)						3,785,100,431
U.S. Dollar Denominated Bonds & Notes-4.04%
Aerospace & Defense-0.24%
TransDigm, Inc.(e)	6.25%	03/15/2026		10,081		9,916,932
Airlines-0.42%
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(e)	5.50%	04/20/2026		7,296		6,950,607
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(e)	5.75%	04/20/2029		4,378		3,957,668
United Airlines, Inc.(e)	4.38%	04/15/2026		1,895		1,730,306
United Airlines, Inc.(e)	4.63%	04/15/2029		5,478		4,813,793
						17,452,374
Commercial Services & Supplies-0.55%
ADT Security Corp. (The)(e)	4.13%	08/01/2029		9,296		7,994,374
Prime Security Services Borrower LLC/Prime Finance, Inc.(e)	5.75%	04/15/2026		15,160		14,609,533
						22,603,907
Diversified Telecommunication Services-0.64%
Altice France S.A. (France)(e)	5.13%	07/15/2029		3,405		2,590,898
Altice France S.A. (France)(e)	5.50%	10/15/2029		3,615		2,859,230
CommScope, Inc.(e)	6.00%	03/01/2026		7,690		7,277,047
CommScope, Inc.(e)	4.75%	09/01/2029		3,634		3,098,803
Lumen Technologies, Inc.(e)	4.00%	02/15/2027		3,000		2,613,270
Zayo Group Holdings, Inc.(e)	4.00%	03/01/2027		9,000		7,684,335
						26,123,583
Electric Utilities-0.41%
PG&E Corp.	5.00%	07/01/2028		9,000		7,999,245
PG&E Corp.	5.25%	07/01/2030		7,000		6,063,365
Vistra Operations Co. LLC(e)	4.30%	07/15/2029		3,000		2,705,219
						16,767,829
Health Care Equipment & Supplies-0.21%
Medline Borrower L.P.(e)	3.88%	04/01/2029		10,000		8,487,500
Hotels, Restaurants & Leisure-0.52%
1011778 BC ULC/New Red Finance, Inc. (Canada)(e)	3.88%	01/15/2028		16,000		14,245,440
1011778 BC ULC/New Red Finance, Inc. (Canada)(e)	3.50%	02/15/2029		5,000		4,308,075
Caesars Resort Collection LLC/CRC Finco, Inc.(e)	5.75%	07/01/2025		3,000		2,943,780
						21,497,295
Insurance-0.15%
Acrisure LLC/Acrisure Finance, Inc.(e)	4.25%	02/15/2029		7,282		6,187,877
Interactive Media & Services-0.01%
Diamond Sports Group LLC/Diamond Sports Finance Co.(e)	5.38%	08/15/2026		2,241		428,591
Machinery-0.07%
TK Elevator US Newco, Inc. (Germany)(e)	5.25%	07/15/2027		3,000		2,741,085
Media-0.50%
CSC Holdings LLC(e)	6.50%	02/01/2029		3,000		2,785,845

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

  12  

Invesco Senior Loan ETF (BKLN)–(continued)

August 31, 2022

	Interest Rate	Maturity   Date	Principal     Amount (000)		Value
Media-(continued)
Virgin Media Secured Finance PLC (United Kingdom)(e)	4.50%	08/15/2030	$	12,000	$	10,013,400
VZ Secured Financing B.V. (Netherlands)(e)	5.00%	01/15/2032		6,190		5,054,661
Ziggo B.V. (Netherlands)(e)	4.88%	01/15/2030		3,000		2,536,930
						20,390,836
Pharmaceuticals-0.06%
Organon & Co./Organon Foreign Debt Co-Issuer B.V.(e)	4.13%	04/30/2028		2,832		2,544,821
Real Estate Management & Development-0.24%
Cushman & Wakefield US Borrower LLC(e)	6.75%	05/15/2028		10,000		9,928,000
Software-0.02%
Central Parent, Inc./CDK Global, Inc.(e)	7.25%	06/15/2029		1,052		1,008,668
Total U.S. Dollar Denominated Bonds & Notes (Cost $189,335,966)						166,079,298
			Shares
Money Market Funds-12.37%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(f)(g) (Cost $508,484,125)				508,484,125		508,484,125
TOTAL INVESTMENTS IN SECURITIES-108.51% (Cost $4,559,478,111)						4,459,663,854
OTHER ASSETS LESS LIABILITIES-(8.51)%						(349,822,945	)
NET ASSETS-100.00%					$	4,109,840,909

Investment Abbreviations:

LIBOR-London Interbank Offered Rate

SOFR -Secured Overnight Financing 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 August 31, 2022, at which time the interest rate will be determined.

^(d)  All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding. See Note 9.

^(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 August 31, 2022 was $152,016,688, which represented 3.70% of the Fund’s Net Assets.

^(f)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation	Realized Gain	Value August 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$446,146,569		$8,368,062,341		$(8,305,724,785)	$-	$-		$508,484,125		$2,786,450

^(g)  The rate shown is the 7-day SEC standardized yield as of August 31, 2022.

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

  13  

Statement of Assets and Liabilities

August 31, 2022

	Invesco Senior Loan ETF (BKLN)
Assets:
Unaffiliated investments in securities, at value	$	3,951,179,729
Affiliated investments in securities, at value		508,484,125
Cash		2,243,634
Receivable for:
Dividends and interest		14,103,033
Investments sold		489,897,747
Fund shares sold		354,868
Total assets		4,966,263,136
Liabilities:
Payable for:
Investments purchased		688,958,825
Fund shares repurchased		153,887,423
Accrued unitary management fees		2,363,713
Accrued tax expenses		647
Unfunded loan commitments		11,211,619
Total liabilities		856,422,227
Net Assets	$	4,109,840,909
Net assets consist of:
Shares of beneficial interest	$	5,249,685,095
Distributable earnings (loss)		(1,139,844,186	)
Net Assets	$	4,109,840,909
Shares outstanding (unlimited amount authorized, $0.01 par value)		195,000,000
Net asset value	$	21.08
Market price	$	20.98
Unaffiliated investments in securities, at cost	$	4,050,993,986
Affiliated investments in securities, at cost	$	508,484,125

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

  14  

Statement of Operations

For the year ended August 31, 2022

	Invesco Senior Loan ETF (BKLN)
Investment income:
Interest income		$	231,478,753
Affiliated dividend income			2,786,450
Total investment income			234,265,203
Expenses:
Unitary management fees			36,469,886
Tax expenses			647
Total expenses			36,470,533
Less: Waivers			(220,409	)
Net expenses			36,250,124
Net investment income			198,015,079
Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investments			(188,297,774	)
Change in net unrealized appreciation (depreciation) on unaffiliated investment securities			(141,484,520	)
Net realized and unrealized gain (loss)			(329,782,294	)
Net increase (decrease) in net assets resulting from operations		$	(131,767,215	)

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

  15  

Statement of Changes in Net Assets

For the years ended August 31, 2022 and 2021

	Invesco Senior Loan ETF (BKLN)
	2022			2021
Operations:
Net investment income	$	198,015,079		$	171,942,636
Net realized gain (loss)		(188,297,774	)		(45,804,588	)
Change in net unrealized appreciation (depreciation)		(141,484,520	)		82,836,777
Net increase (decrease) in net assets resulting from operations		(131,767,215	)		208,974,825
Distributions to Shareholders from:
Distributable earnings		(185,373,620	)		(173,598,262	)
Return of capital		-			(5,490,954	)
Total distributions to shareholders		(185,373,620	)		(179,089,216	)
Shareholder Transactions:
Proceeds from shares sold		4,321,916,237			4,875,251,293
Value of shares repurchased		(6,207,401,473	)		(3,123,795,601	)
Transaction fees		23,220,206			8,081,009
Net increase (decrease) in net assets resulting from share transactions		(1,862,265,030	)		1,759,536,701
Net increase (decrease) in net assets		(2,179,405,865	)		1,789,422,310
Net assets:
Beginning of year		6,289,246,774			4,499,824,464
End of year	$	4,109,840,909		$	6,289,246,774
Changes in Shares Outstanding:
Shares sold		199,700,000			219,800,000
Shares repurchased		(288,900,000	)		(141,800,000	)
Shares outstanding, beginning of year		284,200,000			206,200,000
Shares outstanding, end of year		195,000,000			284,200,000

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

  16  

Financial Highlights

Invesco Senior Loan ETF (BKLN)

	Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period	$	22.13		$	21.82		$	22.57		$	23.11			$	23.15		$	23.16
Net investment income(a)		0.77			0.68			0.93			1.07				0.77			0.82
Net realized and unrealized gain (loss) on investments		(1.18	)		0.31			(0.88	)		(0.53	)			(0.08	)		(0.02	)
Total from investment operations		(0.41	)		0.99			0.05			0.54				0.69			0.80
Distributions to shareholders from:
Net investment income		(0.73	)		(0.69	)		(0.91	)		(1.12	)			(0.74	)		(0.82	)
Return of capital		-			(0.02	)		-			(0.02	)			-			-
Total distributions		(0.73	)		(0.71	)		(0.91	)		(1.14	)			(0.74	)		(0.82	)
Transaction fees(a)		0.09			0.03			0.11			0.06				0.01			0.01
Net asset value at end of period	$	21.08		$	22.13		$	21.82		$	22.57			$	23.11		$	23.15
Market price at end of period(b)	$	20.98		$	22.15		$	21.91		$	22.61			$	23.05		$	23.12
Net Asset Value Total Return(c)		(1.44	)%		4.72	%		0.80	%		2.68	%			3.07	%		3.54	%
Market Price Total Return(c)		(1.99	)%		4.38	%		1.05	%		3.15	%			2.93	%		3.27	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	4,109,841		$	6,289,247		$	4,499,824		$	4,401,945			$	7,378,227		$	8,763,831
Ratio to average net assets of:
Expenses, after Waivers(d)		0.65	%		0.64	%		0.63	%		0.64	%			0.63	%(e)		0.63	%
Expenses, prior to Waivers(d)		0.65	%		0.65	%		0.65	%		0.65	%			0.65	%(e)		0.65	%
Net investment income		3.53	%		3.08	%		4.22	%		4.66	%			3.99	%(e)		3.52	%
Portfolio turnover rate(f)		106	%		109	%		107	%		78	%			74	%		71	%

^(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.

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

August 31, 2022

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

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

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

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

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may

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become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The 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 and unreliable are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/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, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

B. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest 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

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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.

C. 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.

D. 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.

E. 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.

F. Expenses - 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), 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).

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.

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.

G. 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.

H. 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.

I. 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.

J. 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 or could experience extended market closures or trading halts, may increase this risk.

Cash Transaction Risk. Most exchange-traded funds (“ETFs”) generally make in-kind redemptions to avoid being taxed at the fund level on gains on the distributed portfolio securities. 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 historically low interest rate environment observed over the past several years 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, before implementing several rounds of rate increases in 2022. Because there is little precedent for this situation, it is difficult to predict the impact of these rate changes and 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 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 the Fund’s portfolio turnover rate and 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 occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

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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 operating 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 Transition Risk. The Fund may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (“FCA”), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Fund and the instruments in which the Fund invests. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Fund invests that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Fund 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, the Fund 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 (commonly known as “junk bonds”) and unrated securities of comparable credit quality are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the non-investment grade securities markets generally, real or perceived adverse economic and competitive industry conditions and less secondary market liquidity. If the issuer of non-investment grade securities defaults, the Fund may incur additional expenses to seek recovery.

Portfolio Turnover Risk. The Fund 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 the Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for the Fund. While a high portfolio turnover rate can result in an increase in

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taxable capital gains distributions to the Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

Risk of Investing in Loans. Investments in loans are subject to interest rate risk and credit risk. Default in the payment of interest or principal on a loan will result in a reduction in its value. 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 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 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

  23  

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.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

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), 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 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 at least August 31, 2024, the Adviser has contractually agreed to waive the management fee payable by the Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to the Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended August 31, 2022, the Adviser waived fees of $220,409.

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 Morningstar, Inc. (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.

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

The following is a summary of the tiered valuation input levels, as of August 31, 2022. 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		$	-		$	3,785,100,431		$	-		$	3,785,100,431
U.S. Dollar Denominated Bonds & Notes			-			166,079,298			-			166,079,298
Money Market Funds			508,484,125			-			-			508,484,125
Total Investments		$	508,484,125		$	3,951,179,729		$	-		$	4,459,663,854

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2022 and 2021:

	2022		2021
Ordinary income*	$	185,373,620	$	173,598,262
Return of capital		-		5,490,954

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

Tax Components of Net Assets at Fiscal Year-End:

Undistributed ordinary income	$	12,641,459
Net unrealized appreciation (depreciation) – investments		(183,684,493	)
Capital loss carryforward		(968,801,152	)
Shares of beneficial interest		5,249,685,095
Total net assets	$	4,109,840,909

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 Fund has a capital loss carryforward as of August 31, 2022, as follows:

No expiration
Short-Term		Long-Term		Total*
$	274,012,442	$	694,788,710	$	968,801,152

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

NOTE 6–Investment Transactions

For the fiscal year August 31, 2022, the cost of securities purchased and proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were $5,700,469,600 and $7,463,440,060, respectively.

At August 31, 2022, 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	$	9,753,114
Aggregate unrealized (depreciation) of investments		(193,437,607	)
Net unrealized appreciation (depreciation) of investments	$	(183,684,493	)
Cost of investments for tax purposes is $4,643,348,347.

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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–Borrowing

The Fund is a party to a committed line of credit facility with a syndicate administered by State Street Bank and Trust Company, which will expire on May 23, 2023. The Fund may borrow up to the lesser of (1) $725,000,000 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 fiscal year ended August 31, 2022, there were no outstanding borrowings from the line of credit.

NOTE 9–Unfunded Loan Commitments

Pursuant to the terms of certain Senior Loan agreements, the Fund held the following unfunded loan commitment as of August 31, 2022. The Fund intends to reserve against such contingent obligations by designating cash, liquid securities and liquid Senior Loans as a reserve. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.

				Unrealized
		Unfunded Loan		Appreciation
Borrower	Type	Commitment		(Depreciation)
athenahealth, Inc.	Delayed Draw Term Loan		$11,211,619	$(338,828)

NOTE 10–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 fiscal year ended August 31, 2022, there were no interests in senior loans purchased by the Fund on a participation basis.

NOTE 11–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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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco Senior Loan ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Senior Loan ETF (one of the funds constituting Invesco Exchange-Traded Fund Trust II, referred to hereafter as the “Fund”) as of August 31, 2022, the related statement of operations for the year ended August 31, 2022, the statement of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights for each of the four years in the period ended August 31, 2022, for the ten months in the period ended August 31, 2018 and for the year ended October 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2022, and the financial highlights for each of the four years in the period ended August 31, 2022, for the ten months in the period ended August 31, 2018 and for the year ended October 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent, agent banks, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 31, 2022

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

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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 for the entire period March 1, 2022 through August 31, 2022.

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
	March 1, 2022		August 31, 2022		Six-Month Period		Six-Month Period(1)
Invesco Senior Loan ETF (BKLN)
Actual		$1,000.00		$   983.30		0.64%		$3.20
Hypothetical (5% return before expenses)		1,000.00		1,021.98		0.64		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 August 31, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

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Tax Information

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2022:

Qualified Interest Income*	94	%
Qualified Dividend Income*	0	%
Qualified Business Income*	0	%
Corporate Dividends Received Deduction*	0	%
U.S. Treasury Obligations*	0	%
Business Interest Income*	100	%

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

  29  

Trustees and Officers

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

As of August 31, 2022

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2007	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	230	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).
Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	230	None.

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

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

  30  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Edmund P. Giambastiani, Jr.–1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chair of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	230	Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010-Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

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

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

  31  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Victoria J. Herget–1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	230	Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, Mather LifeWays (2001-2021); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

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

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

  32  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Audit Committee and Trustee	Chair of the Audit Committee since 2008; Trustee since 2007	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	230	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.
Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Investment Oversight Committee and Trustee	Chair of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	230	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

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

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

  33  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Joanne Pace–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.	230	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012-Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

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

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

  34  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	230	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015-Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).
Donald H. Wilson–1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Board and Trustee	Chair since 2012; Trustee since 2007	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	230	Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

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

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

  35  

Trustees and Officers–(continued)

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

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road Suite 700 Downers Grove, IL 60515	Trustee, President and Principal Executive Officer	Trustee since 2022, President and Principal Executive Officer since 2020	President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).	230	None

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

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

  36  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2020	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

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

  37  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); and Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present); Director, Invesco Trust Company (2022-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).
Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

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

  38  

Trustees and Officers–(continued)

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

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

Availability of Additional Information About the Trustees

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

  39  

Approval of Investment Advisory and Sub-Advisory Contracts

At a meeting held on April 6, 2022, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 74 series (each, a “Fund” and collectively, the “Funds”):

Invesco 1-30 Laddered Treasury ETF

Invesco California AMT-Free Municipal Bond ETF

Invesco CEF Income Composite ETF

Invesco China Technology ETF

Invesco DWA Developed Markets Momentum ETF

Invesco DWA Emerging Markets Momentum ETF

Invesco DWA SmallCap Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco FTSE International Low Beta Equal Weight ETF

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

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

Invesco FTSE RAFI Emerging Markets ETF

Invesco Fundamental High Yield^® Corporate Bond ETF

Invesco Fundamental Investment Grade Corporate Bond ETF

Invesco Global Clean Energy ETF

Invesco Global Short Term High Yield Bond ETF

Invesco Global Water ETF

Invesco International BuyBack Achievers™ ETF

Invesco International Corporate Bond ETF

Invesco KBW Bank ETF

Invesco KBW High Dividend Yield Financial ETF

Invesco KBW Premium Yield Equity REIT ETF

Invesco KBW Property & Casualty Insurance ETF

Invesco KBW Regional Banking ETF

Invesco MSCI Green Building ETF

Invesco NASDAQ 100 ETF

Invesco NASDAQ Next Gen 100 ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

Invesco Preferred ETF

Invesco PureBeta^SM 0-5 Yr US TIPS ETF

Invesco PureBeta^SM FTSE Developed ex-North America ETF

Invesco PureBeta^SM FTSE Emerging Markets ETF

Invesco PureBeta^SM MSCI USA ETF

Invesco PureBeta^SM MSCI USA Small Cap ETF

Invesco PureBeta^SM US Aggregate Bond ETF

Invesco Russell 1000 Enhanced Equal Weight ETF

Invesco Russell 1000 Equal Weight ETF

Invesco Russell 1000 Low Beta Equal Weight ETF

Invesco S&P 500^® Enhanced Value ETF

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

Invesco S&P 500^® High Beta ETF

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

Invesco S&P 500^® Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500^® Momentum ETF

Invesco S&P 500 Revenue ETF

Invesco S&P Emerging Markets Low Volatility ETF

Invesco S&P Emerging Markets Momentum ETF

Invesco S&P International Developed High Dividend Low Volatility ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

Invesco S&P International Developed Quality ETF

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap Low Volatility ETF

Invesco S&P SmallCap 600 Revenue ETF

Invesco S&P SmallCap Consumer Discretionary ETF

Invesco S&P SmallCap Consumer Staples ETF

Invesco S&P SmallCap Energy ETF

Invesco S&P SmallCap Financials ETF

Invesco S&P SmallCap Health Care ETF

Invesco S&P SmallCap High Dividend Low Volatility ETF

Invesco S&P SmallCap Industrials ETF

Invesco S&P SmallCap Information Technology ETF

Invesco S&P SmallCap Low Volatility ETF

Invesco S&P SmallCap Materials ETF

Invesco S&P SmallCap Quality ETF

Invesco S&P SmallCap Utilities & Communication Services ETF

Invesco S&P Ultra Dividend Revenue ETF

Invesco Senior Loan ETF

Invesco Taxable Municipal Bond ETF

Invesco Treasury Collateral ETF

Invesco Variable Rate Preferred ETF

Invesco VRDO Tax-Free ETF

Also at the April 6, 2022 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).

Investment Advisory Agreement

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other

  40  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2021, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year and since-inception periods for Invesco VRDO Tax-Free ETF and the one-year period for Invesco Treasury Collateral ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco VRDO Tax-Free ETF’s and Invesco Treasury Collateral ETF’s level of correlation to their respective underlying indexes. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement. The Trustees concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

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

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:

● 0.04% of the Fund’s average daily net assets for Invesco PureBeta^SM MSCI USA ETF;

● 0.05% of the Fund’s average daily net assets for Invesco PureBeta^SM US Aggregate Bond ETF;

● 0.06% of the Fund’s average daily net assets for Invesco PureBeta^SM MSCI USA Small Cap ETF;

● 0.07% of the Fund’s average daily net assets for Invesco PureBeta^SM 0-5 Yr US TIPS ETF and Invesco PureBeta^SM FTSE Developed ex-North America ETF;

● 0.08% of the Fund’s average daily net assets for Invesco Treasury Collateral ETF;

● 0.10% of the Fund’s average daily net assets for Invesco S&P 500 Minimum Variance ETF;

● 0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;

  41  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

● 0.14% of the Fund’s average daily net assets for Invesco PureBeta^SM FTSE Emerging Markets ETF;

● 0.15% of the Fund’s average daily net assets for Invesco NASDAQ 100 ETF and Invesco NASDAQ Next Gen 100 ETF;

● 0.20% of the Fund’s average daily net assets for Invesco Russell 1000 Equal Weight ETF;

● 0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;

● 0.25% of the Fund’s average daily net assets for Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500^® High Beta ETF, Invesco S&P 500^® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF and Invesco VRDO Tax-Free ETF;

● 0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF;

● 0.29% of the Fund’s average daily net assets for Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF;

● 0.30% of the Fund’s average daily net assets for Invesco S&P 500^® High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF and Invesco S&P International Developed High Dividend Low Volatility ETF;

● 0.35% of the Fund’s average daily net assets for Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco Russell 1000 Low Beta Equal Weight ETF;

● 0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF;

● 0.45% of the Fund’s daily net assets for Invesco FTSE International Low Beta Equal Weight ETF and Invesco FTSE RAFI Developed Markets ex-U.S. ETF;

● 0.49% of the Fund’s daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF;

● 0.50% of the Fund’s daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield^® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF;

● 0.55% of the Fund’s daily net assets for Invesco International BuyBack Achievers^TM ETF;

● 0.60% of the Fund’s daily net assets for Invesco DWA SmallCap Momentum ETF;

● 0.65% of the Fund’s daily net assets for Invesco Senior Loan ETF;

● 0.70% of the Fund’s daily net assets for Invesco China Technology ETF;

● 0.75% of the Fund’s daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF;

● 0.80% of the Fund’s daily net assets for Invesco DWA Developed Markets Momentum ETF; and

● 0.90% of the Fund’s daily net assets for Invesco DWA Emerging Markets Momentum ETF.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their

  42  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

	Equal	Equal to/Lower	Lower than
	to/Lower	than Open-End	Open-End
	than ETF	Index Fund	Active Fund
Invesco Fund	Peer Median	Peer Median*	Peer Median
Invesco 1-30 Laddered Treasury ETF			X
Invesco California AMT-Free Municipal Bond ETF		N/A	X
Invesco CEF Income Composite ETF	X	N/A	X
Invesco China Technology ETF		N/A	X
Invesco DWA Developed Markets Momentum ETF			X
Invesco DWA Emerging Markets Momentum ETF			X
Invesco DWA SmallCap Momentum ETF			X
Invesco Emerging Markets Sovereign Debt ETF			X
Invesco FTSE International Low Beta Equal Weight ETF	X	X	X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF			X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		X	X
Invesco FTSE RAFI Emerging Markets ETF	X		X
Invesco Fundamental High Yield® Corporate Bond ETF		X	X
Invesco Fundamental Investment Grade Corporate Bond ETF			X
Invesco Global Clean Energy ETF		X	X
Invesco Global Short Term High Yield Bond ETF	X	N/A	X
Invesco Global Water ETF		X	X
Invesco International BuyBack AchieversTM ETF			X
Invesco International Corporate Bond ETF			X
Invesco KBW Bank ETF	X		X
Invesco KBW High Dividend Yield Financial ETF	X		X
Invesco KBW Premium Yield Equity REIT ETF	X		X
Invesco KBW Property & Casualty Insurance ETF	X		X
Invesco KBW Regional Banking ETF	X		X
Invesco MSCI Green Building ETF		X	X
Invesco NASDAQ 100 ETF	X		X
Invesco NASDAQ Next Gen 100 ETF	X		X
Invesco National AMT-Free Municipal Bond ETF			X
Invesco New York AMT-Free Municipal Bond ETF		N/A	X
Invesco Preferred ETF		N/A	X
Invesco PureBetaSM 0-5 Yr US TIPS ETF	X		X
Invesco PureBetaSM FTSE Developed ex-North America ETF	X	X	X
Invesco PureBetaSM FTSE Emerging Markets ETF	X	X	X
Invesco PureBetaSM MSCI USA ETF	X	X	X
Invesco PureBetaSM MSCI USA Small Cap ETF	X	X	X
Invesco PureBetaSM US Aggregate Bond ETF	X	X	X
Invesco Russell 1000 Enhanced Equal Weight ETF			X
Invesco Russell 1000 Equal Weight ETF	X		X
Invesco Russell 1000 Low Beta Equal Weight ETF			X
Invesco S&P 500 Enhanced Value ETF	X	X	X
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF	X		X
Invesco S&P 500® High Beta ETF	X		X
Invesco S&P 500® High Dividend Low Volatility ETF	X	X	X

  43  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

	Equal	Equal to/Lower	Lower than
	to/Lower	than Open-End	Open-End
	than ETF	Index Fund	Active Fund
Invesco Fund	Peer Median	Peer Median*	Peer Median
Invesco S&P 500® Low Volatility ETF	X		X
Invesco S&P 500 Minimum Variance ETF	X	X	X
Invesco S&P 500 Momentum ETF	X	X	X
Invesco S&P 500 Revenue ETF			X
Invesco S&P Emerging Markets Low Volatility ETF	X		X
Invesco S&P Emerging Markets Momentum ETF	X		X
Invesco S&P International Developed High Dividend Low Volatility ETF	X	X	X
Invesco S&P International Developed Low Volatility ETF	X		X
Invesco S&P International Developed Momentum ETF	X	N/A	X
Invesco S&P International Developed Quality ETF	X	N/A	X
Invesco S&P MidCap 400 Revenue ETF			X
Invesco S&P MidCap Low Volatility ETF	X	X	X
Invesco S&P SmallCap 600 Revenue ETF		X	X
Invesco S&P SmallCap Consumer Discretionary ETF	X		X
Invesco S&P SmallCap Consumer Staples ETF	X		X
Invesco S&P SmallCap Energy ETF	X		X
Invesco S&P SmallCap Financials ETF	X		X
Invesco S&P SmallCap Health Care ETF	X		X
Invesco S&P SmallCap High Dividend Low Volatility ETF	X	X	X
Invesco S&P SmallCap Industrials ETF	X		X
Invesco S&P SmallCap Information Technology ETF	X		X
Invesco S&P SmallCap Low Volatility ETF	X	X	X
Invesco S&P SmallCap Materials ETF	X		X
Invesco S&P SmallCap Quality ETF	X	X	X
Invesco S&P SmallCap Utilities & Communication Services ETF	X	X	X
Invesco S&P Ultra Dividend Revenue ETF		X	X
Invesco Senior Loan ETF	X	N/A	X
Invesco Taxable Municipal Bond ETF		N/A	X
Invesco Treasury Collateral ETF	X		X
Invesco Variable Rate Preferred ETF		X	X
Invesco VRDO Tax-Free ETF		N/A	X

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

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Global Clean Energy ETF, Invesco International Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco VRDO Tax-Free ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

  44  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

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

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

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees for money market cash management vehicles and fees as the Funds’ direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. 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 continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

Investment Sub-Advisory Agreement

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 6, 2022. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

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

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

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

  45  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 15 and April 6, 2022 Board meetings, and Invesco Advisers, Inc., in connection with the April 6, 2022 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.

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

Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as the direct securities lending agent for the Invesco ETFs. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

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

  46  

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.

©2022 Invesco Capital Management LLC         3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-BKLN-AR-1	invesco.com/ETFs

Invesco Annual Report to Shareholders   August 31, 2022     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

The Market Environment	3
Management’s Discussion of Fund Performance	4
Liquidity Risk Management Program	14
Schedules of Investments
Invesco KBW Bank ETF (KBWB)	15
Invesco KBW High Dividend Yield Financial ETF (KBWD)	17
Invesco KBW Premium Yield Equity REIT ETF (KBWY)	19
Invesco KBW Property & Casualty Insurance ETF (KBWP)	21
Invesco KBW Regional Banking ETF (KBWR)	22
Statements of Assets and Liabilities	24
Statements of Operations	25
Statements of Changes in Net Assets	26
Financial Highlights	28
Notes to Financial Statements	32
Report of Independent Registered Public Accounting Firm	42
Fund Expenses	43
Tax Information	45
Trustees and Officers	46
Approval of Investment Advisory and Sub-Advisory Contracts	56

2

The Market Environment

Domestic Equity

The fiscal year began with increasing volatility and the US stock market saw a selloff through most of September due to increasing concerns of inflation resulting from a spike in oil prices and supply chain shortages causing rising costs. Despite the Consumer Price Index (CPI) increasing monthly from June through September 2021,¹ the US Federal Reserve (the Fed) declined to raise interest rates at its September 2021 Federal Open Market Committee meeting.

Equity markets saw continued volatility in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruption and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil rose to nearly $85 per barrel in October,² causing higher gas prices for consumers, and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.¹ To combat inflation, the Fed announced a faster pace of “tapering” at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at the 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.² The CPI rose by another 7.9% for the 12 months ended February 2022 reaching a 40 year high.¹ To combat inflation, the Fed raised the federal funds rate by a one-quarter percentage point in March.

As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix, reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued for much of the second quarter of 2022 amid record inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the CPI rose by yet another 8.6% for the 12 months ended May 2022 reaching a 40 year high.¹ Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.² To tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.³ US

equity markets rose in July and much of August until Fed chairman Jerome Powell’s hawkish comments at Jackson Hole, Wyoming, an economic policy symposium, sparked a sharp selloff at month end. Due to declining energy prices, the CPI rose by 8.5% for the 12 months ending July,¹ down slightly from June, but still at multi-decade highs and far above the Fed’s 2% annual inflation target. As a result, the Fed indicated that it would continue taking aggressive action to curb inflation, though such measures could “bring pain to households and businesses.” The remarks deflated investor optimism that the Fed would pause rate hikes in the second half of 2022 and increased the likelihood of a US recession. In this environment, US stocks had negative double-digit returns of (11.23)% for the fiscal year ended August 31, 2022, measured by the S&P 500 Index.⁴

¹  Source: US Bureau of Labor Statistics

²  Source: Bloomberg LP

³  Source: US Federal Reserve

⁴  Source: Lipper Inc.

3

KBWB	Management’s Discussion of Fund Performance
	Invesco KBW Bank ETF (KBWB)

As an index fund, the Invesco KBW Bank ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the KBW Nasdaq Bank Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Keefe, Bruyette & Woods, Inc. and Nasdaq, Inc. (the “Index Provider”) compile, maintain and calculate the Index, which is a modified-market capitalization-weighted index of companies primarily engaged in U.S. banking activities, as determined by the Index Provider. The Index is designed to track the performance of large national U.S. money centers, regional banks and thrift institutions that are publicly traded in the U.S. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (15.33)%. On a net asset value (“NAV”) basis, the Fund returned (15.59)%. During the same time period, the Index returned (15.34)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were partially offset by the Fund holding cash to pay distributions in September, which coincided with the overall market decline.

During this same time period, the S&P 500^® Financials Index (the “Benchmark Index”) returned (12.37)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 66 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the financial sector of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Benchmark Index is broadly diversified across all financial sub-industries and is not concentrated just in the banking sub-industry.

Relative to the Benchmark Index, the Fund was most overweight in the regional banks sub-industry and most underweight in the multi-sector holdings sub-industry during the fiscal year ended August 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight allocation to the multi-sector holdings and property & casualty insurance sub-industries, respectively.

For the fiscal year ended August 31, 2022, no sub-industries contributed positively to the Fund’s return. The diversified banks sub-industry detracted most significantly from the Fund’s return during the period, followed by the regional banks sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included M&T Bank Corp., a regional banks company (portfolio average weight of 3.57%) and First Horizon Corp., a regional banks company (portfolio average weight of 1.71%). Positions that detracted most significantly from the Fund’s return included JPMorgan Chase & Co., a diversified banks company (portfolio average weight of 7.80%) and Citigroup, Inc., a diversified banks company (portfolio average weight of 7.71%).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Regional Banks	44.43
Diversified Banks	39.58
Asset Management & Custody Banks	11.50
Consumer Finance	3.65
Sub-Industry Types Each Less Than 3%	0.79
Money Market Funds Plus Other Assets Less Liabilities	0.05
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Wells Fargo & Co.	8.42
Citigroup, Inc.	8.05
Bank of America Corp.	7.96
JPMorgan Chase & Co.	7.58
U.S. Bancorp	7.57
M&T Bank Corp.	4.45
First Republic Bank	4.31
State Street Corp.	4.15
Truist Financial Corp.	4.15
PNC Financial Services Group, Inc. (The)	3.97
Total	60.61

* Excluding money market fund holdings

4

Invesco KBW Bank ETF (KBWB) (continued)

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
KBW Nasdaq Bank Index		(15.34	)%		7.56	%		24.43	%		5.53	%		30.87	%		11.08	%		185.90	%		12.56	%		260.32	%
S&P 500® Financials Index		(12.37	)		9.43			31.03			8.27			48.76			12.66			229.41			13.50			294.00
Fund
NAV Return		(15.59	)		7.22			23.26			5.19			28.76			10.69			176.19			12.18			247.13
Market Price Return		(15.33	)		7.23			23.29			5.24			29.09			10.69			176.18			12.20			248.04

Fund Inception: November 1, 2011

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

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

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

Notes Regarding Indexes and Fund Performance History:

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

5

KBWD	Management’s Discussion of Fund Performance
	Invesco KBW High Dividend Yield Financial ETF (KBWD)

As an index fund, the Invesco KBW High Dividend Yield Financial ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the KBW Nasdaq Financial Sector Dividend Yield Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Keefe, Bruyette & Woods, Inc. and Nasdaq, Inc. (the “Index Provider”) compile, maintain and calculate the Index, which is a modified-dividend yield-weighted index of companies principally engaged in the business of providing financial services and products, as determined by the Index Provider. The Index is designed to track the performance of financial companies, which may include business development companies and real estate investment trusts (“REITs”), with competitive dividend yields that are publicly-traded in the U.S. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (9.14)%. On a net asset value (“NAV”) basis, the Fund returned (9.15)%. During the same time period, the Index returned (8.90)%. During the fiscal year, the Fund utilized sampling for certain holdings. The Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period which were partially offset by proceeds from the securities lending program in which the Fund participates.

During this same time period, the S&P 500^® Financials Index (the “Benchmark Index”) returned (12.37)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 66 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the financial sector of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the mortgage REITs sub-industry and most underweight in the diversified banks sub-industry during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection in the asset management & custody banks sub-industry and underweight allocation to the diversified banks sub-industry.

For the fiscal year ended August 31, 2022, the life & health insurance sub-industry contributed most significantly to the Fund’s

return, followed by the thrifts & mortgage finance sub-industry. The mortgage REITs sub-industry detracted most significantly from the Fund’s return during the period, followed by the property & casualty insurance sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Unum Group, a life & health insurance company (portfolio average weight of 1.61%) and Carlyle Secured Lending, Inc, an asset management & custody banks company (portfolio average weight of 3.14%). Positions that detracted most significantly from the Fund’s return included Sculptor Capital Management, Inc. Class A, an asset management & custody banks company (no longer held at fiscal year-end) and ARMOUR Residential REIT, Inc., a mortgage REITs company (portfolio average weight of 4.23%).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Mortgage REITs	38.66
Closed-End Funds	21.52
Asset Management & Custody Banks	16.41
Investment Banking & Brokerage	5.44
Regional Banks	3.64
Thrifts & Mortgage Finance	3.53
Sub-Industry Types Each Less Than 3%	10.68
Money Market Funds Plus Other Assets Less Liabilities	0.12
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
ARMOUR Residential REIT, Inc.	4.83
Annaly Capital Management, Inc.	4.21
FS KKR Capital Corp.	4.07
Two Harbors Investment Corp.	3.75
AGNC Investment Corp.	3.73
Ellington Financial, Inc.	3.57
PennyMac Mortgage Investment Trust	3.45
MidCap Financial Investment Corp.	3.44
Newtek Business Services Corp.	3.43
Ready Capital Corp.	3.31
Total	37.79

* Excluding money market fund holdings

6

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

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
KBW Nasdaq Financial Sector Dividend Yield Index		(8.90	)%		4.72	%		14.84	%		2.91	%		15.40	%		5.64	%		73.07	%		6.56	%		110.85	%
S&P 500® Financials Index		(12.37	)		9.43			31.03			8.27			48.76			12.66			229.41			10.97			239.54
Fund
NAV Return		(9.15	)		4.72			14.84			2.99			15.90			5.50			70.74			6.37			106.42
Market Price Return		(9.14	)		4.76			14.96			2.99			15.86			5.49			70.68			6.38			106.74

Fund Inception: December 2, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 2.59% includes the unitary management fee of 0.35% and acquired fund fees and expenses of 2.24%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder

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

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

Notes Regarding Indexes and Fund Performance History:

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

7

KBWY	Management’s Discussion of Fund Performance
	Invesco KBW Premium Yield Equity REIT ETF (KBWY)

As an index fund, the Invesco KBW Premium Yield Equity REIT ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the KBW Nasdaq Premium Yield Equity REIT Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Keefe, Bruyette & Woods, Inc. and Nasdaq, Inc. (the “Index Provider”) compile, maintain and calculate the Index, which is a modified-dividend yield-weighted index of domestic equity real estate investment trusts (“REITs”) of small- and mid-capitalization, as determined by the Index Provider. The Index is designed to track the performance of small- and mid-capitalization domestic equity REITs that have competitive dividend yields and are publicly- traded in the U.S. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (2.06)%. On a net asset value (“NAV”) basis, the Fund returned (2.23)%. During the same time period, the Index returned (1.74)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses incurred during the period as well as costs associated with portfolio rebalancing.

During this same time period, the Dow Jones U.S. Real Estate Index (the “Benchmark Index”) returned (11.31)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 83 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the United States REIT market.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the health care REITs sub-industry and most underweight in the specialized REITs sub-industry during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection in the residential REITs and health care REITs sub-industries.

For the fiscal year ended August 31, 2022, the residential REITs sub-industry contributed most significantly to the Fund’s return, followed by the health care REITs sub-industry. The industrial REITs sub-industry detracted most significantly from the Fund’s return during the period, followed by the office REITs sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Bluerock Residential Growth REIT, Inc., a residential REITs company (no longer held at fiscal year-end), and Preferred Apartment Communities, Inc., a diversified REITs company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Industrial Logistics Properties Trust, an industrial REITs company (portfolio average weight of 3.25%) and Office Properties Income Trust, an office REITs company (portfolio average weight of 5.26%).

REIT Sub-Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Health Care REITs	26.47
Retail REITs	19.98
Diversified REITs	16.83
Office REITs	14.07
Specialized REITs	10.23
Industrial REITs	10.09
Residential REITs	2.32
Money Market Funds Plus Other Assets Less Liabilities	0.01
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Global Net Lease, Inc.	6.45
Necessity Retail REIT, Inc. (The)	6.11
Omega Healthcare Investors, Inc.	6.06
Office Properties Income Trust	5.22
Sabra Health Care REIT, Inc.	4.57
CareTrust REIT, Inc.	4.31
LTC Properties, Inc.	4.26
National Health Investors, Inc.	4.21
Gladstone Commercial Corp.	4.03
Getty Realty Corp.	3.95
Total	49.17

* Excluding money market fund holdings

8

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

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
KBW Nasdaq Premium Yield Equity REIT Index		(1.74	)%		(1.88	)%		(5.53	)%		(2.63	)%		(12.49	)%		4.92	%		61.67	%		5.70	%		91.76	%
Dow Jones U.S. Real Estate Index		(11.31	)		3.50			10.87			6.35			36.02			7.75			110.86			8.79			169.10
Fund
NAV Return		(2.23	)		(1.68	)		(4.94	)		(2.62	)		(12.43	)		4.73			58.68			5.47			86.85
Market Price Return		(2.06	)		(1.66	)		(4.88	)		(2.61	)		(12.41	)		4.70			58.37			5.49			87.35

Fund Inception: December 2, 2010

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

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

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

Notes Regarding Indexes and Fund Performance History:

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

9

KBWP	Management’s Discussion of Fund Performance
	Invesco KBW Property & Casualty Insurance ETF (KBWP)

As an index fund, the Invesco KBW Property & Casualty Insurance ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the KBW Nasdaq Property & Casualty Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Keefe, Bruyette & Woods, Inc. and Nasdaq, Inc. (the “Index Provider”) compile, maintain and calculate the Index, which is a modified-market capitalization-weighted index designed to track the performance of companies primarily engaged in U.S. property and casualty insurance activities, as determined by the Index Provider. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (1.79)%. On a net asset value (“NAV”) basis, the Fund returned (1.98)%. During the same time period, the Index returned (1.67)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Property & Casualty Index (the “Benchmark Index”) returned 7.13%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 10 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the United States property and casualty insurance market.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the multi-line insurance sub-industry and most underweight in the property & casualty insurance sub-industry during the fiscal year ended August 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight allocation to the property & casualty insurance sub-industry.

For the fiscal year ended August 31, 2022, there were no sub-industries that contributed to the Fund’s return during the period. The reinsurance sub-industry detracted most significantly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Progressive Corp. (The), a property & casualty insurance company (portfolio

average weight of 8.28%), and W.R. Berkley Corp., a property & casualty insurance company (portfolio average weight of 4.19%). Positions that detracted most significantly from the Fund’s return included Mercury General Corp., a property & casualty company (portfolio average weight of 2.69%) and Kemper Corp., a property & casualty insurance company (portfolio average weight of 3.38%).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Property & Casualty Insurance	73.34
Multi-line Insurance	17.48
Reinsurance	8.98
Money Market Funds Plus Other Assets Less Liabilities	0.20
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Progressive Corp. (The)	9.11
Travelers Cos., Inc. (The)	8.00
Chubb Ltd.	7.93
American International Group, Inc.	7.82
Allstate Corp. (The)	7.81
Selective Insurance Group, Inc.	4.44
Arch Capital Group Ltd.	4.27
Everest Re Group Ltd.	4.22
W.R. Berkley Corp.	4.04
AXIS Capital Holdings Ltd.	4.02
Total	61.66

* Excluding money market fund holdings

10

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

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
KBW Nasdaq Property & Casualty Index		(1.67	)%		5.60	%		17.76	%		8.81	%		52.56	%		13.46	%		253.64	%		12.86	%		313.91	%
S&P 500® Property & Casualty Index		7.13			10.32			34.25			11.99			76.15			15.70			329.72			14.32			381.31
Fund
NAV Return		(1.98	)		5.31			16.78			8.48			50.21			13.08			241.93			12.47			297.65
Market Price Return		(1.79	)		5.33			16.85			8.53			50.54			13.08			241.79			12.49			298.28

Fund Inception: December 2, 2010

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

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

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

Notes Regarding Indexes and Fund Performance History:

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

11

KBWR	Management’s Discussion of Fund Performance
	Invesco KBW Regional Banking ETF (KBWR)

As an index fund, the Invesco KBW Regional Banking ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the KBW Nasdaq Regional Banking Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Keefe, Bruyette & Woods, Inc. and Nasdaq, Inc. (the “Index Provider”) compile, maintain and calculate the Index, which is a modified-market capitalization-weighted index comprised of companies primarily engaged in U.S. regional banking activities, as determined by the Index Provider. The Index is designed to track the performance of U.S. regional banking and thrift companies that are publicly-traded in the U.S. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (0.49)%. On a net asset value (“NAV”) basis, the Fund returned (0.79)%. During the same time period, the Index returned (0.45)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Commercial Banks Index (the “Benchmark Index”) returned (15.64)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 100 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the United States commercial banking market.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the regional banks sub-industry and most underweight in the diversified banks sub-industry during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to and security selection in the regional banks sub-industry.

For the fiscal year ended August 31, 2022, the thrifts and mortgage finance sub-industry contributed most significantly to the Fund’s return. The regional banks sub-industry detracted most significantly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included CVB Financial Corp., a regional banks company (portfolio average weight of 1.92%), and Cullen/Frost Bankers, Inc., a regional banks company (portfolio average weight of 3.88%). Positions that detracted most significantly from the Fund’s return included PacWest Bancorp, a regional banks company (portfolio average weight of 1.87%) and Western Alliance Bancorporation, a regional banks company (portfolio average weight of 3.88%).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Regional Banks	96.85
Thrifts & Mortgage Finance	2.98
Money Market Funds Plus Other Assets Less Liabilities	0.17
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
East West Bancorp, Inc.	3.97
Cullen/Frost Bankers, Inc.	3.96
Commerce Bancshares, Inc.	3.95
Webster Financial Corp.	3.88
Western Alliance Bancorporation	3.81
United Community Banks, Inc.	2.16
CVB Financial Corp.	2.14
First Interstate BancSystem, Inc., Class A	2.14
Old National Bancorp	2.12
Glacier Bancorp Inc.	2.12
Total	30.25

* Excluding money market fund holdings

12

Invesco KBW Regional Banking ETF (KBWR) (continued)

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
KBW Nasdaq Regional Banking Index		(0.45	)%		10.22	%		33.88	%		5.90	%		33.19	%		10.39	%		168.63	%		11.88	%		237.17	%
S&P Composite 1500® Commercial Banks Index		(15.64	)		5.80			18.42			5.35			29.79			10.34			167.59			12.58			260.85
Fund
NAV Return		(0.79	)		9.90			32.72			5.56			31.07			10.01			159.64			11.50			225.17
Market Price Return		(0.49	)		9.94			32.87			5.61			31.36			10.01			159.58			11.53			226.15

Fund Inception: November 1, 2011

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

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

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

Notes Regarding Indexes and Fund Performance History:

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

13

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 15, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

• The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

• Each Fund’s investment strategy remained appropriate for an open-end fund;

• Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

• The Funds did not breach the 15% limit on Illiquid Investments; and

• The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

  14  

Invesco KBW Bank ETF (KBWB)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Asset Management & Custody Banks-11.50%
Bank of New York Mellon Corp. (The)(b)		1,861,557	$	77,310,462
Northern Trust Corp.		708,981		67,417,004
State Street Corp.		1,196,957		81,812,011
				226,539,477
Consumer Finance-3.65%
Capital One Financial Corp.		678,610		71,810,510
Diversified Banks-39.58%
Bank of America Corp.		4,664,917		156,787,860
Citigroup, Inc.		3,249,112		158,589,157
JPMorgan Chase & Co.		1,312,373		149,256,181
U.S. Bancorp		3,269,930		149,141,507
Wells Fargo & Co.		3,791,464		165,724,892
				779,499,597
Regional Banks-44.43%
Citizens Financial Group, Inc.		1,685,668		61,830,302
Comerica, Inc.		444,892		35,724,828
Fifth Third Bancorp(b)		2,200,549		75,148,748
First Horizon Corp.		1,819,821		41,164,351
First Republic Bank(b)		559,676		84,975,607
Huntington Bancshares, Inc.(b)		4,896,531		65,613,515
KeyCorp		3,172,565		56,122,675
M&T Bank Corp.		482,124		87,640,501
PNC Financial Services Group, Inc. (The)		494,649		78,154,542
Regions Financial Corp.		3,179,469		68,899,093
Signature Bank(b)		214,102		37,330,825

	Shares		Value
Regional Banks-(continued)
SVB Financial Group(b)(c)		177,596	$	72,196,326
Truist Financial Corp.		1,744,421		81,708,680
Zions Bancorporation N.A.		514,972		28,338,909
				874,848,902
Thrifts & Mortgage Finance-0.79%
New York Community Bancorp, Inc.(b)		1,589,013		15,556,437
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $2,537,213,701)				1,968,254,923
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.09%
Invesco Private Government Fund, 2.29%(d)(e)(f)		6,003,556		6,003,556
Invesco Private Prime Fund, 2.37%(d)(e)(f)		15,436,171		15,437,715
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $21,440,395)				21,441,271
TOTAL INVESTMENTS IN SECURITIES-101.04% (Cost $2,558,654,096)				1,989,696,194
OTHER ASSETS LESS LIABILITIES-(1.04)%				(20,495,165	)
NET ASSETS-100.00%			$	1,969,201,029

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 August 31, 2022.

^(c)  Non-income producing security.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31,  2022			Dividend Income
Investments in Affiliated  Money Market Funds:
Invesco Government & Agency  Portfolio, Institutional Class		$	565,597		$	97,146,285		$	(97,711,882	)		$	-		$	-		$	-		$	7,173
Investments Purchased with  Cash Collateral from Securities  on Loan:
Invesco Private Government  Fund			895,708			210,825,533			(205,717,685	)			-			-			6,003,556			40,776	*
Invesco Private Prime Fund			2,089,985			487,485,111			(474,142,412	)			876			4,155			15,437,715			117,052	*
Total		$	3,551,290		$	795,456,929		$	(777,571,979	)		$	876		$	4,155		$	21,441,271		$	165,001

* 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.

  15  

Invesco KBW Bank ETF (KBWB)–(continued)

August 31, 2022

^(e)  The rate shown is the 7-day SEC standardized yield as of August 31, 2022.

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

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

  16  

Invesco KBW High Dividend Yield Financial ETF (KBWD)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-78.36%
Asset Management & Custody Banks-16.41%
Artisan Partners Asset Management, Inc., Class A(b)		282,274	$	9,529,570
BlackRock TCP Capital Corp.(b)		911,409		12,358,706
Carlyle Secured Lending, Inc., BDC(b)		870,816		12,531,043
MidCap Financial Investment Corp.(b)		1,104,742		14,549,452
Newtek Business Services Corp., BDC(b)		679,102		14,512,410
Patria Investments Ltd., Class A (Cayman Islands)		409,038		5,910,599
				69,391,780
Consumer Finance-2.22%
OneMain Holdings, Inc.(b)		268,150		9,366,480
Diversified Banks-1.86%
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		241,748		7,885,820
Investment Banking & Brokerage-5.44%
B. Riley Financial, Inc.		185,496		9,232,136
Lazard Ltd., Class A		207,143		7,529,648
Moelis & Co., Class A(b)		149,344		6,221,671
				22,983,455
Life & Health Insurance-2.54%
Prudential Financial, Inc.		58,249		5,577,342
Unum Group		136,319		5,159,674
				10,737,016
Mortgage REITs-38.66%
AGNC Investment Corp.		1,318,837		15,760,102
Annaly Capital Management, Inc.(b)		2,759,081		17,796,072
Apollo Commercial Real Estate Finance, Inc.(b)		1,183,456		13,787,262
ARMOUR Residential REIT, Inc.(b)		2,876,215		20,421,127
Broadmark Realty Capital, Inc.		2,107,045		13,590,440
Dynex Capital, Inc.(b)		804,331		12,475,174
Ellington Financial, Inc.		1,027,670		15,086,196
PennyMac Mortgage Investment Trust(b)		983,750		14,608,688
Ready Capital Corp.(b)		1,067,918		13,989,726
Rithm Capital Corp.(b)		1,072,822		10,116,711
Two Harbors Investment Corp.(b)		3,266,705		15,843,519
				163,475,017
Property & Casualty Insurance-2.82%
James River Group Holdings Ltd.		42,256		1,004,002
Mercury General Corp.(b)		145,467		4,640,397
Universal Insurance Holdings, Inc.(b)		526,840		6,290,470
				11,934,869

Investment Abbreviations:

BDC -Business Development Company

REIT -Real Estate Investment Trust

	Shares		Value
Regional Banks-3.64%
Heritage Commerce Corp.		541,454	$	6,113,015
Northwest Bancshares, Inc.(b)		659,582		9,280,319
				15,393,334
Thrifts & Mortgage Finance-3.53%
New York Community Bancorp, Inc.(b)		935,251		9,156,107
Provident Financial Services, Inc.		248,812		5,779,903
				14,936,010
Trading Companies & Distributors-1.24%
Triton International Ltd. (Bermuda)		87,762		5,229,738
Total Common Stocks & Other Equity Interests (Cost $345,873,810)				331,333,519
Closed-End Funds-21.52%
Bain Capital Specialty Finance, Inc., BDC(b)		872,816		12,856,580
FS KKR Capital Corp., BDC(b)		797,147		17,202,432
Goldman Sachs BDC, Inc., BDC(b)		753,485		12,824,315
New Mountain Finance Corp., BDC(b)		983,255		12,910,138
Oaktree Specialty Lending Corp., BDC		1,877,190		12,990,155
Owl Rock Capital Corp., BDC(b)		923,816		12,138,942
WhiteHorse Finance, Inc., BDC(b)		687,453		10,071,186
				90,993,748
Total Closed-End Funds (Cost $89,510,789)				90,993,748
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.88% (Cost $435,384,599)				422,327,267
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-22.51%
Invesco Private Government Fund, 2.29%(c)(d)(e)		26,654,039		26,654,039
Invesco Private Prime Fund, 2.37%(c)(d)(e)		68,541,052		68,547,907
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $95,199,575)				95,201,946
TOTAL INVESTMENTS IN SECURITIES-122.39% (Cost $530,584,174)				517,529,213
OTHER ASSETS LESS LIABILITIES-(22.39)%				(94,677,360	)
NET ASSETS-100.00%			$	422,851,853

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

  17  

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

August 31, 2022

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 August 31, 2022.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Investments in Affiliated  Money Market Funds:
Invesco Government & Agency  Portfolio, Institutional Class		$	52,479		$	27,767,838		$	(27,820,317	)		$	-		$	-			$	-		$	2,321
Investments Purchased with  Cash Collateral from  Securities on Loan:
Invesco Private Government  Fund			28,288,827			215,370,091			(217,004,879	)			-			-				26,654,039			123,739	*
Invesco Private Prime Fund			66,007,263			469,666,906			(467,101,935	)			2,370			(26,697	)			68,547,907			361,309	*
Total		$	94,348,569		$	712,804,835		$	(711,927,131	)		$	2,370		$	(26,697	)		$	95,201,946		$	487,369

* 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 August 31, 2022.

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

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

  18  

Invesco KBW Premium Yield Equity REIT ETF (KBWY)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Diversified REITs-16.83%
Armada Hoffler Properties, Inc.		644,884	$	8,467,327
Gladstone Commercial Corp.(b)		610,036		11,633,386
Global Net Lease, Inc.(b)		1,351,780		18,614,011
STORE Capital Corp.		364,347		9,830,082
				48,544,806
Health Care REITs-26.47%
CareTrust REIT, Inc.(b)		576,912		12,426,684
LTC Properties, Inc.(b)		273,574		12,280,737
Medical Properties Trust, Inc.(b)		605,137		8,841,052
National Health Investors, Inc.(b)		185,312		12,139,789
Omega Healthcare Investors, Inc.(b)		534,925		17,470,651
Sabra Health Care REIT, Inc.(b)		881,603		13,197,597
				76,356,510
Industrial REITs-10.09%
Industrial Logistics Properties Trust		1,002,739		7,510,515
LXP Industrial Trust(b)		646,858		6,507,391
Plymouth Industrial REIT, Inc.(b)		384,191		7,787,552
STAG Industrial, Inc.		237,089		7,302,341
				29,107,799
Office REITs-14.07%
Brandywine Realty Trust		1,100,880		8,840,066
Easterly Government Properties, Inc.(b)		495,392		8,892,287
Office Properties Income Trust(b)		857,018		15,057,806
SL Green Realty Corp.		176,049		7,776,084
				40,566,243
Residential REITs-2.32%
UMH Properties, Inc.		371,592		6,703,520
Retail REITs-19.98%
Getty Realty Corp.		378,309		11,379,535

Investment Abbreviations:

REIT -Real Estate Investment Trust

	Shares		Value
Retail REITs-(continued)
National Retail Properties, Inc.		194,552	$	8,735,385
Necessity Retail REIT, Inc. (The)		2,361,249		17,614,917
Spirit Realty Capital, Inc.		260,636		10,646,980
Urstadt Biddle Properties, Inc., Class A		552,330		9,234,958
				57,611,775
Specialized REITs-10.23%
EPR Properties		226,341		9,843,570
Four Corners Property Trust, Inc.(b)		315,107		8,473,227
Gaming and Leisure Properties, Inc.		231,659		11,182,180
				29,498,977
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $313,363,098)				288,389,630
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-14.05%
Invesco Private Government Fund, 2.29%(c)(d)(e)		11,365,194		11,365,194
Invesco Private Prime Fund, 2.37%(c)(d)(e)		29,168,029		29,170,947
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $40,535,246)				40,536,141
TOTAL INVESTMENTS IN SECURITIES-114.04% (Cost $353,898,344)				328,925,771
OTHER ASSETS LESS LIABILITIES-(14.04)%				(40,506,111	)
NET ASSETS-100.00%			$	288,419,660

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 August 31, 2022.

^(c)  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an “affiliated person” under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, 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 fiscal year ended August 31, 2022.

	Value August 31, 2021	Purchases at Cost	Proceeds from Sales	Change in Unrealized Appreciation (Depreciation)	Realized Gain (Loss)	Value August 31, 2022	Dividend Income
Investments in Affiliated  Money Market Funds:
Invesco Government &  Agency Portfolio,  Institutional Class	$    -	$    18,415,210	$    (18,415,210)	$    -	$    -	$    -	$2,313

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

  19  

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

August 31, 2022

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Investments Purchased  with Cash Collateral  from Securities on Loan:
Invesco Private  Government Fund		$	15,588,616		$	150,631,447		$	(154,854,869	)		$	-			$	-			$	11,365,194		$	51,727	*
Invesco Private Prime  Fund			36,373,437			267,954,458			(275,146,838	)			894				(11,004	)			29,170,947			149,578	*
Investments in Other  Affiliates:
Bluerock Residential  Growth REIT, Inc.			16,111,243			5,355,180			(33,039,800	)			(2,472,442	)			14,045,819				-			662,081
Total		$	68,073,296		$	442,356,295		$	(481,456,717	)		$	(2,471,548	)		$	14,034,815			$	40,536,141		$	865,699

* 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 August 31, 2022.

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

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

  20  

Invesco KBW Property & Casualty Insurance ETF (KBWP)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.80%
Multi-line Insurance-17.48%
American International Group, Inc.		312,203	$	16,156,505
Assurant, Inc.		51,847		8,217,231
Hartford Financial Services Group, Inc. (The)		126,352		8,125,697
Horace Mann Educators Corp.		101,489		3,630,262
				36,129,695
Property & Casualty Insurance-73.34%
Allstate Corp. (The)		134,000		16,147,000
American Financial Group, Inc.		64,823		8,276,601
Arch Capital Group Ltd.(b)		193,041		8,825,834
AXIS Capital Holdings Ltd.		156,386		8,311,916
Chubb Ltd.		86,701		16,390,824
Cincinnati Financial Corp.		71,614		6,943,693
Hanover Insurance Group, Inc. (The)		62,447		8,080,017
James River Group Holdings Ltd.		91,750		2,179,980
Kemper Corp.		156,284		7,189,064
Mercury General Corp.		135,585		4,325,161
ProAssurance Corp.		132,345		2,830,860
Progressive Corp. (The)		153,438		18,819,171
RLI Corp.		75,625		8,300,600
Selective Insurance Group, Inc.		115,541		9,176,266
Travelers Cos., Inc. (The)		102,336		16,541,591

	Shares		Value
Property & Casualty Insurance-(continued)
Universal Insurance Holdings, Inc.		75,820	$	905,291
W.R. Berkley Corp.		128,796		8,345,981
				151,589,850
Reinsurance-8.98%
Everest Re Group Ltd.		32,419		8,722,332
RenaissanceRe Holdings Ltd. (Bermuda)		59,674		8,071,505
SiriusPoint Ltd. (Bermuda)(b)		397,217		1,775,560
				18,569,397
Total Common Stocks & Other Equity Interests (Cost $214,739,556)				206,288,942
Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(c)(d) (Cost $158,610)		158,610		158,610
TOTAL INVESTMENTS IN SECURITIES-99.88% (Cost $214,898,166)				206,447,552
OTHER ASSETS LESS LIABILITIES-0.12%				241,009
NET ASSETS-100.00%			$	206,688,561

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 fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value August 31, 2022			Dividend Income
Investments in Affiliated Money  Market Funds:
Invesco Government & Agency  Portfolio, Institutional Class		$	17,923		$	3,158,151		$	(3,017,464	)		$	-		$	-		$	158,610		$	572
Investments Purchased with Cash  Collateral from Securities on Loan:
Invesco Private Government Fund			12,250			13,178,859			(13,191,109	)			-			-			-			6,246
Invesco Private Prime Fund			31,217			36,140,797			(36,172,935	)			-			921			-			18,902
Total		$	61,390		$	52,477,807		$	(52,381,508	)		$	-		$	921		$	158,610		$	25,720

^(d)  The rate shown is the 7-day SEC standardized yield as of August 31, 2022.

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

  21  

Invesco KBW Regional Banking ETF (KBWR)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.83%
Regional Banks-96.85%
Ameris Bancorp(b)		31,918	$	1,489,932
Associated Banc-Corp.		68,982		1,382,399
Atlantic Union Bankshares Corp.(b)		34,477		1,118,779
Bank of Hawaii Corp.		18,522		1,445,086
Bank OZK(b)		36,718		1,488,181
BankUnited, Inc.		36,544		1,353,955
Brookline Bancorp, Inc.		35,642		444,456
Cadence Bank(b)		56,977		1,451,774
Cathay General Bancorp		34,557		1,449,321
Columbia Banking System, Inc.(b)		36,160		1,082,992
Commerce Bancshares, Inc.		43,213		2,971,758
Community Bank System, Inc.		23,069		1,508,251
Cullen/Frost Bankers, Inc.		22,943		2,981,672
CVB Financial Corp.		61,442		1,612,238
East West Bancorp, Inc.		41,410		2,988,560
Eastern Bankshares, Inc.		78,223		1,517,526
F.N.B. Corp.		125,324		1,493,862
First Bancorp		90,819		1,298,712
First Commonwealth Financial Corp.(b)		43,367		584,587
First Financial Bancorp		43,406		936,702
First Financial Bankshares, Inc.(b)		36,926		1,569,724
First Hawaiian, Inc.		58,866		1,513,445
First Interstate BancSystem, Inc., Class A		40,002		1,610,481
Fulton Financial Corp.		73,915		1,199,640
Glacier Bancorp, Inc.(b)		31,455		1,594,139
Hancock Whitney Corp.		30,550		1,473,427
Home BancShares, Inc.(b)		67,404		1,586,016
Hope Bancorp, Inc.(b)		55,367		801,161
Independent Bank Corp.(b)		18,278		1,429,888
Old National Bancorp		95,765		1,598,318
Pacific Premier Bancorp, Inc.		43,648		1,429,909
PacWest Bancorp		48,222		1,269,685
Pinnacle Financial Partners, Inc.(b)		18,699		1,509,196
Popular, Inc.		18,637		1,439,149
Prosperity Bancshares, Inc.(b)		21,006		1,488,905
Simmons First National Corp., Class A(b)		59,234		1,397,330
South State Corp.		18,846		1,470,742
Synovus Financial Corp.(b)		35,709		1,434,073
Texas Capital Bancshares, Inc.(b)(c)		23,312		1,376,107
Trustmark Corp.		28,258		891,257
UMB Financial Corp.		16,490		1,475,360

	Shares		Value
Regional Banks-(continued)
United Bankshares, Inc.		40,547	$	1,504,294
United Community Banks, Inc.(b)		48,446		1,624,394
Valley National Bancorp(b)		119,782		1,391,867
Washington Federal, Inc.		30,028		961,196
Webster Financial Corp.		62,043		2,919,123
Western Alliance Bancorporation		37,426		2,871,323
Wintrust Financial Corp.		17,422		1,469,372
				72,900,264
Thrifts & Mortgage Finance-2.98%
Provident Financial Services, Inc.		34,675		805,500
WSFS Financial Corp.		29,735		1,437,688
				2,243,188
Total Common Stocks & Other Equity Interests (Cost $81,586,763)				75,143,452
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(d)(e) (Cost $15,014)		15,014		15,014
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.85% (Cost $81,601,777)				75,158,466
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-15.99%
Invesco Private Government Fund, 2.29%(d)(e)(f)		3,369,206		3,369,206
Invesco Private Prime Fund, 2.37%(d)(e)(f)		8,662,807		8,663,673
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,032,516)				12,032,879
TOTAL INVESTMENTS IN SECURITIES-115.84% (Cost $93,634,293)				87,191,345
OTHER ASSETS LESS LIABILITIES-(15.84)%				(11,923,322	)
NET ASSETS-100.00%			$	75,268,023

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

  22  

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

August 31, 2022

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 August 31, 2022.

^(c)  Non-income producing security.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Investments in Affiliated  Money Market Funds:
Invesco Government & Agency  Portfolio, Institutional Class		$	57,308		$	2,326,123		$	(2,368,417	)		$	-		$	-			$	15,014		$	256
Investments Purchased with  Cash Collateral from Securities  on Loan:
Invesco Private Government Fund			793,247			33,056,117			(30,480,158	)			-			-				3,369,206			15,427	*
Invesco Private Prime Fund			1,850,911			72,095,373			(65,282,135	)			363			(839	)			8,663,673			43,213	*
Total		$	2,701,466		$	107,477,613		$	(98,130,710	)		$	363		$	(839	)		$	12,047,893		$	58,896

* 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 August 31, 2022.

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

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

  23  

Statements of Assets and Liabilities

August 31, 2022

	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)	$	1,968,254,923		$	422,327,267		$	288,389,630		$	206,288,942		$	75,143,452
Affiliated investments in securities, at value		21,441,271			95,201,946			40,536,141			158,610			12,047,893
Receivable for:
Dividends		3,123,026			635,393			219,251			302,978			131,812
Securities lending		3,501			22,221			2,000			157			684
Fund shares sold		4,898,507			-			1,112,073			-			-
Total assets		1,997,721,228			518,186,827			330,259,095			206,750,687			87,323,841
Liabilities:
Due to custodian		1,587,391			4,934			102,957			-			-
Payable for:
Investments purchased		4,896,692			-			1,111,716			-			-
Collateral upon return of securities loaned		21,440,395			95,199,575			40,535,246			-			12,032,516
Accrued unitary management fees		595,721			130,465			89,516			62,126			23,302
Total liabilities		28,520,199			95,334,974			41,839,435			62,126			12,055,818
Net Assets	$	1,969,201,029		$	422,851,853		$	288,419,660		$	206,688,561		$	75,268,023
Net assets consist of:
Shares of beneficial interest	$	2,569,201,021		$	605,420,169		$	473,519,324		$	223,618,474		$	92,165,481
Distributable earnings (loss)		(599,999,992	)		(182,568,316	)		(185,099,664	)		(16,929,913	)		(16,897,458	)
Net Assets	$	1,969,201,029		$	422,851,853		$	288,419,660		$	206,688,561		$	75,268,023
Shares outstanding (unlimited amount authorized, $0.01 par value)		36,180,000			24,590,000			13,070,000			2,700,000			1,300,000
Net asset value	$	54.43		$	17.20		$	22.07		$	76.55		$	57.90
Market price	$	54.52		$	17.21		$	22.09		$	76.65		$	57.95
Unaffiliated investments in securities, at cost	$	2,537,213,701		$	435,384,599		$	313,363,098		$	214,739,556		$	81,586,763
Affiliated investments in securities, at cost	$	21,440,395		$	95,199,575		$	40,535,246		$	158,610		$	12,047,530
(a) Includes securities on loan with an aggregate value of:	$	20,633,499		$	92,141,097		$	39,316,214		$	-		$	11,637,225

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

  24  

Statements of Operations

For the year ended August 31, 2022

	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	$	71,528,306		$	31,742,522		$	10,224,813		$	2,814,499		$	2,076,899
Affiliated dividend income		7,173			2,321			664,394			572			256
Securities lending income, net		30,807			242,505			32,902			2,487			7,124
Foreign withholding tax		-			-			-			-			(8,393	)
Total investment income		71,566,286			31,987,348			10,922,109			2,817,558			2,075,886
Expenses:
Unitary management fees		9,466,663			1,624,018			1,109,836			400,894			276,748
Tax expenses		-			-			-			2,501			-
Total expenses		9,466,663			1,624,018			1,109,836			403,395			276,748
Less: Waivers		(621	)		(164	)		(182	)		(37	)		(21	)
Net expenses		9,466,042			1,623,854			1,109,654			403,358			276,727
Net investment income		62,100,244			30,363,494			9,812,455			2,414,200			1,799,159
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(83,973,167	)		(6,628,956	)		10,168,801			(391,048	)		(2,197,168	)
Affiliated investment securities		4,155			(26,697	)		14,034,815			921			(839	)
In-kind redemptions		148,033,582			20,740,520			39,945,519			2,904,409			1,588,462
Net realized gain (loss)		64,064,570			14,084,867			64,149,135			2,514,282			(609,545	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(616,756,839	)		(92,545,612	)		(76,987,352	)		(16,681,345	)		(4,112,526	)
Affiliated investment securities		876			2,370			(2,471,548	)		-			363
Change in net unrealized appreciation (depreciation)		(616,755,963	)		(92,543,242	)		(79,458,900	)		(16,681,345	)		(4,112,163	)
Net realized and unrealized gain (loss)		(552,691,393	)		(78,458,375	)		(15,309,765	)		(14,167,063	)		(4,721,708	)
Net increase (decrease) in net assets resulting from operations	$	(490,591,149	)	$	(48,094,881	)	$	(5,497,310	)	$	(11,752,863	)	$	(2,922,549	)

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

  25  

Statements of Changes in Net Assets

For the years ended August 31, 2022 and 2021

	Invesco KBW Bank ETF (KBWB)								Invesco KBW High Dividend Yield Financial ETF (KBWD)
	2022				2021				2022				2021
Operations:
Net investment income		$	62,100,244			$	41,908,427			$	30,363,494			$	22,881,881
Net realized gain (loss)			64,064,570				516,670,012				14,084,867				(6,083,384	)
Change in net unrealized appreciation (depreciation)			(616,755,963	)			209,700,645				(92,543,242	)			134,861,819
Net increase (decrease) in net assets resulting from operations			(490,591,149	)			768,279,084				(48,094,881	)			151,660,316
Distributions to Shareholders from:
Distributable earnings			(65,164,401	)			(34,452,457	)			(39,784,352	)			(26,982,397	)
Shareholder Transactions:
Proceeds from shares sold			4,094,517,993				5,456,085,474				160,076,565				148,601,484
Value of shares repurchased			(4,547,864,150	)			(3,975,572,555	)			(114,842,574	)			(37,417,928	)
Net increase (decrease) in net assets resulting from share transactions			(453,346,157	)			1,480,512,919				45,233,991				111,183,556
Net increase (decrease) in net assets			(1,009,101,707	)			2,214,339,546				(42,645,242	)			235,861,475
Net assets:
Beginning of period			2,978,302,736				763,963,190				465,497,095				229,635,620
End of period		$	1,969,201,029			$	2,978,302,736			$	422,851,853			$	465,497,095
Changes in Shares Outstanding:
Shares sold			61,560,000				95,760,000				7,970,000				7,810,000
Shares repurchased			(70,360,000	)			(70,080,000	)			(5,890,000	)			(2,000,000	)
Shares outstanding, beginning of period			44,980,000				19,300,000				22,510,000				16,700,000
Shares outstanding, end of period			36,180,000				44,980,000				24,590,000				22,510,000

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

  26  

Invesco KBW Premium Yield Equity REIT ETF (KBWY)								Invesco KBW Property & Casualty Insurance ETF (KBWP)								Invesco KBW Regional Banking ETF (KBWR)
2022				2021				2022				2021				2022				2021
	$	9,812,455			$	8,434,153			$	2,414,200			$	5,002,625			$	1,799,159			$	1,447,442
		64,149,135				(22,521,430	)			2,514,282				48,555,711				(609,545	)			3,960,063
		(79,458,900	)			91,166,639				(16,681,345	)			10,602,124				(4,112,163	)			15,509,812
		(5,497,310	)			77,079,362				(11,752,863	)			64,160,460				(2,922,549	)			20,917,317
		(17,784,899	)			(17,377,292	)			(2,788,226	)			(4,271,635	)			(1,800,845	)			(1,334,791	)
		116,944,071				171,624,563				151,564,768				95,105,554				24,061,190				55,708,173
		(155,305,074	)			(54,289,034	)			(18,928,465	)			(249,505,040	)			(17,597,678	)			(30,087,549	)
		(38,361,003	)			117,335,529				132,636,303				(154,399,486	)			6,463,512				25,620,624
		(61,643,212	)			177,037,599				118,095,214				(94,510,661	)			1,740,118				45,203,150
		350,062,872				173,025,273				88,593,347				183,104,008				73,527,905				28,324,755
	$	288,419,660			$	350,062,872			$	206,688,561			$	88,593,347			$	75,268,023			$	73,527,905
		4,910,000				7,900,000				1,840,000				1,380,000				370,000				940,000
		(6,480,000	)			(2,510,000	)			(240,000	)			(3,330,000	)			(300,000	)			(510,000	)
		14,640,000				9,250,000				1,100,000				3,050,000				1,230,000				800,000
		13,070,000				14,640,000				2,700,000				1,100,000				1,300,000				1,230,000

  27  

Financial Highlights

Invesco KBW Bank ETF (KBWB)

	Years Ended August 31,												Ten Months Ended August 31, 2018			Year Ended October 31, 2017
	2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period	$	66.21		$	39.58		$	48.15		$	57.01		$	52.36		$	38.40
Net investment income(a)		1.49			1.31			1.40			1.27			0.83			0.77
Net realized and unrealized gain (loss) on investments		(11.66	)		26.56			(8.45	)		(8.86	)		4.51			13.92
Total from investment operations		(10.17	)		27.87			(7.05	)		(7.59	)		5.34			14.69
Distributions to shareholders from:
Net investment income		(1.61	)		(1.24	)		(1.52	)		(1.27	)		(0.69	)		(0.73	)
Net asset value at end of period	$	54.43		$	66.21		$	39.58		$	48.15		$	57.01		$	52.36
Market price at end of period(b)	$	54.52		$	66.11		$	39.68		$	48.22		$	57.01		$	52.39
Net Asset Value Total Return(c)		(15.59	)%		71.42	%		(14.81	)%		(13.30	)%		10.24	%		38.42	%
Market Price Total Return(c)		(15.33	)%		70.75	%		(14.72	)%		(13.18	)%		10.18	%		38.36	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	1,969,201		$	2,978,303		$	763,963		$	563,393		$	1,023,260		$	932,052
Ratio to average net assets of:
Expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%(d)		0.35	%
Net investment income		2.30	%		2.25	%		3.07	%		2.51	%		1.78	%(d)		1.60	%
Portfolio turnover rate(e)		23	%		22	%		18	%		13	%		7	%		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)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

  28  

Financial Highlights–(continued)

Invesco KBW High Dividend Yield Financial ETF (KBWD)

	Years Ended August 31,												Ten Months Ended August 31, 2018			Year Ended October 31, 2017
	2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period	$	20.68		$	13.75		$	19.81		$	23.68		$	23.43		$	21.49
Net investment income(a)		1.25			1.19			1.39			1.59			1.23			1.84
Net realized and unrealized gain (loss) on investments		(3.08	)		7.14			(5.66	)		(3.67	)		0.69			2.16
Total from investment operations		(1.83	)		8.33			(4.27	)		(2.08	)		1.92			4.00
Distributions to shareholders from:
Net investment income		(1.65	)		(1.40	)		(1.79	)		(1.79	)		(1.67	)		(1.88	)
Return of capital		-			-			-			-			-			(0.18	)
Total distributions		(1.65	)		(1.40	)		(1.79	)		(1.79	)		(1.67	)		(2.06	)
Net asset value at end of period	$	17.20		$	20.68		$	13.75		$	19.81		$	23.68		$	23.43
Market price at end of period(b)	$	17.21		$	20.69		$	13.77		$	19.80		$	23.69		$	23.46
Net Asset Value Total Return(c)		(9.15	)%		62.77	%		(22.34	)%		(9.06	)%		8.57	%		18.95	%
Market Price Total Return(c)		(9.15	)%		62.61	%		(22.18	)%		(9.15	)%		8.47	%		18.99	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	422,852		$	465,497		$	229,636		$	270,390		$	344,556		$	319,788
Ratio to average net assets of:
Expenses(d)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%(e)		0.35	%
Net investment income		6.54	%		6.55	%		8.08	%		7.32	%		6.36	%(e)		7.77	%
Portfolio turnover rate(f)		76	%		59	%		77	%		54	%		46	%		52	%

^(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.

  29  

Financial Highlights–(continued)

Invesco KBW Premium Yield Equity REIT ETF (KBWY)

	Years Ended August 31,												Ten Months Ended August 31,			Year Ended October 31,
	2022			2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period	$	23.91		$	18.71		$	29.25		$	35.80		$	36.64		$	33.95
Net investment income(a)		0.74			0.69			1.36			1.21			1.45			1.49
Net realized and unrealized gain (loss) on investments		(1.23	)		5.94			(9.62	)		(5.86	)		(0.18	)		3.78
Total from investment operations		(0.49	)		6.63			(8.26	)		(4.65	)		1.27			5.27
Distributions to shareholders from:
Net investment income		(1.35	)		(1.43	)		(2.28	)		(1.90	)		(2.11	)		(2.58	)
Net asset value at end of period	$	22.07		$	23.91		$	18.71		$	29.25		$	35.80		$	36.64
Market price at end of period(b)	$	22.09		$	23.89		$	18.74		$	29.26		$	35.80		$	36.67
Net Asset Value Total Return(c)		(2.23	)%		36.86	%		(28.96	)%		(12.94	)%		4.05	%		15.71	%
Market Price Total Return(c)		(2.06	)%		36.52	%		(28.87	)%		(12.91	)%		3.95	%		15.79	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	288,420		$	350,063		$	173,025		$	317,390		$	442,126		$	381,021
Ratio to average net assets of:
Expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%(d)		0.35	%
Net investment income		3.09	%		3.16	%		5.45	%		3.94	%		5.16	%(d)		4.04	%
Portfolio turnover rate(e)		77	%		72	%		100	%		69	%		53	%		61	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Annualized.

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

Invesco KBW Property & Casualty Insurance ETF (KBWP)

	Years Ended August 31,												Ten Months Ended August 31,			Year Ended October 31,
	2022			2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period	$	80.54		$	60.03		$	70.73		$	63.85		$	59.67		$	50.41
Net investment income(a)		1.68			1.94	(b)		1.28			1.35			1.22			1.12
Net realized and unrealized gain (loss) on investments		(3.26	)		20.09			(10.63	)		7.06			4.06			9.23
Total from investment operations		(1.58	)		22.03			(9.35	)		8.41			5.28			10.35
Distributions to shareholders from:
Net investment income		(2.41	)		(1.52	)		(1.35	)		(1.53	)		(1.10	)		(1.09	)
Net asset value at end of period	$	76.55		$	80.54		$	60.03		$	70.73		$	63.85		$	59.67
Market price at end of period(c)	$	76.65		$	80.48		$	60.13		$	70.78		$	63.92		$	59.68
Net Asset Value Total Return(d)		(1.98	)%		37.10	%		(13.11	)%		13.54	%		8.99	%		20.68	%
Market Price Total Return(d)		(1.79	)%		36.78	%		(13.03	)%		13.50	%		9.09	%		20.63	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	206,689		$	88,593		$	183,104		$	109,630		$	67,040		$	98,462
Ratio to average net assets of:
Expenses		0.35	%		0.35	%		0.35	%		0.36	%(e)		0.35	%(f)		0.35	%
Net investment income		2.11	%		2.82	%(b)		2.04	%		2.09	%(e)		2.41	%(f)		1.97	%
Portfolio turnover rate(g)		8	%		16	%		16	%		14	%		22	%		16	%

^(a)  Based on average shares outstanding.

^(b)  Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $1.54 and 2.23%, 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)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(f)  Annualized.

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

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

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Financial Highlights–(continued)

Invesco KBW Regional Banking ETF (KBWR)

	Years Ended August 31,												Ten Months Ended August 31,			Year Ended October 31,
	2022			2021			2020			2019			2018			2017
Per Share Operating Performance:
Net asset value at beginning of period	$	59.78		$	35.41		$	47.62		$	59.19		$	55.13		$	44.09
Net investment income(a)		1.38			1.32			1.32			1.20			0.89			0.94
Net realized and unrealized gain (loss) on investments		(1.87	)		24.29			(12.07	)		(11.52	)		3.94			10.96
Total from investment operations		(0.49	)		25.61			(10.75	)		(10.32	)		4.83			11.90
Distributions to shareholders from:
Net investment income		(1.39	)		(1.24	)		(1.46	)		(1.25	)		(0.77	)		(0.86	)
Net asset value at end of period	$	57.90		$	59.78		$	35.41		$	47.62		$	59.19		$	55.13
Market price at end of period(b)	$	57.95		$	59.66		$	35.44		$	47.61		$	59.19		$	55.20
Net Asset Value Total Return(c)		(0.79	)%		73.45	%		(22.87	)%		(17.48	)%		8.79	%		27.06	%
Market Price Total Return(c)		(0.49	)%		72.96	%		(22.80	)%		(17.50	)%		8.65	%		27.05	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	75,268		$	73,528		$	28,325		$	69,047		$	195,338		$	148,854
Ratio to average net assets of:
Expenses		0.35	%		0.35	%		0.35	%		0.36	%(d)		0.35	%(e)		0.35	%
Net investment income		2.28	%		2.41	%		2.96	%		2.33	%(d)		1.85	%(e)		1.75	%
Portfolio turnover rate(f)		27	%		20	%		21	%		15	%		14	%		21	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Annualized.

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

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

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

August 31, 2022

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 Premium Yield 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter (“OTC”) market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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

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

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for

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

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

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

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The 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 and unreliable are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/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, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

B. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest 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

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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.

C. 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.

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

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

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.

F. 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, 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).

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.

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

G. 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.

H. 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.

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

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through August 31, 2022, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:

	Amount
KBW Bank ETF		$1,007
KBW High Dividend Yield Financial ETF		7,115
KBW Premium Yield Equity REIT ETF		1,045
KBW Property & Casualty Insurance ETF		79
KBW Regional Banking ETF		510

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J. 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 or could experience extended market closures or trading halts, may increase this risk.

Business Development Company (“BDC”) Risk. Certain Funds invest in BDCs. There are certain risks inherent in investing in BDCs, whose principal business is to invest in, and lend capital or provide services to, privately held companies. BDCs generally invest in less mature private companies, which involve greater risk than well-established publicly traded companies. Generally, little public information exists for private and thinly traded companies, and there is a risk that investors may not be able to make a fully informed evaluation of a BDC and its portfolio of investments. In addition, investments made by BDCs generally are subject to legal and other restrictions on resale and otherwise are less liquid than publicly traded securities. With respect to a BDC’s investment in debt instruments, there is a risk that the issuer may default on its payments or declare bankruptcy. Investment advisers to BDCs may be entitled to compensation based on the BDC’s performance, which may result in riskier or more speculative investments in an effort to maximize incentive compensation and higher fees. In addition, to the extent that a Fund invests a portion of its assets in BDCs, a shareholder in the Fund not only will bear his or her proportionate share of the expenses of the Fund, but also will bear indirectly the expenses of the BDCs.

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. In addition, the value of dividend-paying stocks can decline when interest rates rise, as fixed-income investments become more attractive to investors.

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

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.

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

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.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into 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, 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 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%

Through at least August 31, 2024, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These

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waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended August 31, 2022, the Adviser waived fees for each Fund in the following amounts:

KBW Bank ETF	$	621
KBW High Dividend Yield Financial ETF		164
KBW Premium Yield Equity REIT ETF		182
KBW Property & Casualty Insurance ETF		37
KBW Regional Banking ETF		21

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

For the fiscal year ended August 31, 2022, 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	$	60,341
KBW High Dividend Yield Financial ETF		34,595
KBW Premium Yield Equity REIT ETF		15,760
KBW Property & Casualty Insurance ETF		923
KBW Regional Banking ETF		4,732

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 the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2022, for each Fund (except for KBW Property & Casualty Insurance ETF). As of August 31, 2022, all of the securities in 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

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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 Bank ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,968,254,923		$	-		$	-		$	1,968,254,923
Money Market Funds			-			21,441,271			-			21,441,271
Total Investments		$	1,968,254,923		$	21,441,271		$	-		$	1,989,696,194
KBW High Dividend Yield Financial ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	331,333,519		$	-		$	-		$	331,333,519
Closed-End Funds			90,993,748			-			-			90,993,748
Money Market Funds			-			95,201,946			-			95,201,946
Total Investments		$	422,327,267		$	95,201,946		$	-		$	517,529,213
KBW Premium Yield Equity REIT ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	288,389,630		$	-		$	-		$	288,389,630
Money Market Funds			-			40,536,141			-			40,536,141
Total Investments		$	288,389,630		$	40,536,141		$	-		$	328,925,771
KBW Regional Banking ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	75,143,452		$	-		$	-		$	75,143,452
Money Market Funds			15,014			12,032,879			-			12,047,893
Total Investments		$	75,158,466		$	12,032,879		$	-		$	87,191,345

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2022 and 2021:

	2022		2021
	Ordinary Income*		Ordinary Income*
KBW Bank ETF	$	65,164,401	$	34,452,457
KBW High Dividend Yield Financial ETF		39,784,352		26,982,397
KBW Premium Yield Equity REIT ETF		17,784,899		17,377,292
KBW Property & Casualty Insurance ETF		2,788,226		4,271,635
KBW Regional Banking ETF		1,800,845		1,334,791

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

Tax Components of Net Assets at Fiscal Year-End:

	Undistributed Ordinary Income			Net Unrealized Appreciation (Depreciation)- Investments				Capital Loss Carryforwards				Shares of Beneficial Interest			Total Net Assets
KBW Bank ETF		$	7,744,550		$	(589,476,875	)		$	(18,267,667	)		$	2,569,201,021		$	1,969,201,029
KBW High Dividend Yield Financial ETF			-			(24,595,780	)			(157,972,536	)			605,420,169			422,851,853
KBW Premium Yield Equity REIT ETF			-			(32,960,770	)			(152,138,894	)			473,519,324			288,419,660
KBW Property & Casualty Insurance ETF			359,465			(9,456,468	)			(7,832,910	)			223,618,474			206,688,561
KBW Regional Banking ETF			309,885			(7,537,016	)			(9,670,327	)			92,165,481			75,268,023

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.

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The Funds have capital loss carryforwards as of August 31, 2022, as follows:

	No expiration
	Short-Term		Long-Term		Total*
KBW Bank ETF	$	16,742,453	$	1,525,214	$	18,267,667
KBW High Dividend Yield Financial ETF		32,212,693		125,759,843		157,972,536
KBW Premium Yield Equity REIT ETF		47,628,538		104,510,356		152,138,894
KBW Property & Casualty Insurance ETF		1,684,049		6,148,861		7,832,910
KBW Regional Banking ETF		2,311,163		7,359,164		9,670,327

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

NOTE 6–Investment Transactions

For the fiscal year ended August 31, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
KBW Bank ETF	$	618,966,181	$	622,156,665
KBW High Dividend Yield Financial ETF		356,406,462		346,897,754
KBW Premium Yield Equity REIT ETF		252,515,066		241,255,982
KBW Property & Casualty Insurance ETF		8,831,152		9,545,729
KBW Regional Banking ETF		21,470,950		21,448,838

For the fiscal year ended August 31, 2022, in-kind transactions associated with creations and redemptions were as follows:

	In-kind		In-kind
	Purchases		Sales
KBW Bank ETF	$	4,068,559,149	$	4,519,600,923
KBW High Dividend Yield Financial ETF		152,066,968		114,762,100
KBW Premium Yield Equity REIT ETF		91,066,202		138,576,864
KBW Property & Casualty Insurance ETF		151,473,653		18,789,549
KBW Regional Banking ETF		24,036,179		17,578,541

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

As of August 31, 2022, 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
KBW Bank ETF		$	7,518,959		$	(596,995,834	)		$	(589,476,875	)		$	2,579,173,069
KBW High Dividend Yield Financial ETF			27,055,219			(51,650,999	)			(24,595,780	)			542,124,993
KBW Premium Yield Equity REIT ETF			12,446,339			(45,407,109	)			(32,960,770	)			361,886,540
KBW Property & Casualty Insurance ETF			4,241,075			(13,697,543	)			(9,456,468	)			215,904,020
KBW Regional Banking ETF			1,173,764			(8,710,780	)			(7,537,016	)			94,728,361

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, taxable overdistributions and real estate investment trust distributions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2022, the reclassifications were as follows:

	Undistributed Net Investment  Income			Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
KBW Bank ETF		$	-		$	(85,577,749	)		$	85,577,749
KBW High Dividend Yield Financial ETF			9,435,197			(18,902,452	)			9,467,255
KBW Premium Yield Equity REIT ETF			7,972,444			(38,518,517	)			30,546,073

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	Undistributed Net			Undistributed Net				Shares of
	Investment Income			Realized Gain (Loss)				Beneficial Interest
KBW Property & Casualty Insurance ETF		$	2,501		$	(2,852,121	)		$	2,849,620
KBW Regional Banking ETF			-			(1,153,375	)			1,153,375

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.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF and Invesco KBW Regional Banking ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF and Invesco KBW Regional Banking ETF (five of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights for each of the four years in the period ended August 31, 2022, for the ten months in the period ended August 31, 2018 and for the year ended October 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2022 and each of the financial highlights for each of the four years in the period ended August 31, 2022, for the ten months in the period ended August 31, 2018 and for the year ended October 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 27, 2022

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

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2022 through August 31, 2022.

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 March 1, 2022			Ending Account Value August 31, 2022			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		$	799.20		0.35	%		$	1.59
Hypothetical (5% return before expenses)			1,000.00			1,023.44		0.35				1.79
Invesco KBW High Dividend Yield Financial ETF (KBWD)
Actual			1,000.00			946.40		0.35				1.72
Hypothetical (5% return before expenses)			1,000.00			1,023.44		0.35				1.79

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Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value March 1, 2022			Ending Account Value August 31, 2022			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		$	944.40		0.35	%		$	1.72
Hypothetical (5% return before expenses)			1,000.00			1,023.44		0.35				1.79
Invesco KBW Property & Casualty Insurance ETF (KBWP)
Actual			1,000.00			945.60		0.35				1.72
Hypothetical (5% return before expenses)			1,000.00			1,023.44		0.35				1.79
Invesco KBW Regional Banking ETF (KBWR)
Actual			1,000.00			888.40		0.35				1.67
Hypothetical (5% return before expenses)			1,000.00			1,023.44		0.35				1.79

⁽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 August 31, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

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Tax Information

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

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2022:

	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*
Invesco KBW Bank ETF		0	%		100	%		100	%		0	%		0	%
Invesco KBW High Dividend Yield Financial ETF		19	%		16	%		15	%		0	%		0	%
Invesco KBW Premium Yield Equity REIT ETF		57	%		0	%		0	%		0	%		0	%
Invesco KBW Property & Casualty Insurance ETF		0	%		100	%		97	%		0	%		0	%
Invesco KBW Regional Banking ETF		0	%		100	%		100	%		0	%		0	%

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

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Trustees and Officers

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

As of August 31, 2022

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2007	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	230	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).
Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	230	None.

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

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

  46  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Edmund P. Giambastiani, Jr.–1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chair of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	230	Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

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

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

  47  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Victoria J. Herget–1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	230	Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, Mather LifeWays (2001-2021); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

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

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

  48  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Audit Committee and Trustee	Chair of the Audit Committee since 2008; Trustee since 2007	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	230	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.
Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Investment Oversight Committee and Trustee	Chair of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	230	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

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

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

  49  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Joanne Pace–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.	230	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

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

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

  50  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	230	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).
Donald H. Wilson–1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Board and Trustee	Chair since 2012; Trustee since 2007	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	230	Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

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

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

  51  

Trustees and Officers–(continued)

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

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road Suite 700 Downers Grove, IL 60515	Trustee, President and Principal Executive Officer	Trustee since 2022, President and Principal Executive Officer since 2020	President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).	230	None

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

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

  52  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2020	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

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

  53  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); and Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present); Director, Invesco Trust Company (2022-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange- Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).
Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

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

  54  

Trustees and Officers–(continued)

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

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

Availability of Additional Information About the Trustees

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

  55  

Approval of Investment Advisory and Sub-Advisory Contracts

At a meeting held on April 6, 2022, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 74 series (each, a “Fund” and collectively, the “Funds”):

Invesco 1-30 Laddered Treasury ETF	Invesco Russell 1000 Low Beta Equal Weight ETF
Invesco California AMT-Free Municipal Bond ETF	Invesco S&P 500® Enhanced Value ETF
Invesco CEF Income Composite ETF	Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco China Technology ETF	Invesco S&P 500® High Beta ETF
Invesco DWA Developed Markets Momentum ETF	Invesco S&P 500® High Dividend Low Volatility ETF
Invesco DWA Emerging Markets Momentum ETF	Invesco S&P 500® Low Volatility ETF
Invesco DWA SmallCap Momentum ETF	Invesco S&P 500 Minimum Variance ETF
Invesco Emerging Markets Sovereign Debt ETF	Invesco S&P 500® Momentum ETF
Invesco FTSE International Low Beta Equal Weight ETF	Invesco S&P 500 Revenue ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF	Invesco S&P Emerging Markets Low Volatility ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	Invesco S&P Emerging Markets Momentum ETF
Invesco FTSE RAFI Emerging Markets ETF	Invesco S&P International Developed High Dividend Low
Invesco Fundamental High Yield® Corporate Bond ETF	Volatility ETF
Invesco Fundamental Investment Grade Corporate Bond ETF	Invesco S&P International Developed Low Volatility ETF
Invesco Global Clean Energy ETF	Invesco S&P International Developed Momentum ETF
Invesco Global Short Term High Yield Bond ETF	Invesco S&P International Developed Quality ETF
Invesco Global Water ETF	Invesco S&P MidCap 400 Revenue ETF
Invesco International BuyBack Achievers™ ETF	Invesco S&P MidCap Low Volatility ETF
Invesco International Corporate Bond ETF	Invesco S&P SmallCap 600 Revenue ETF
Invesco KBW Bank ETF	Invesco S&P SmallCap Consumer Discretionary ETF
Invesco KBW High Dividend Yield Financial ETF	Invesco S&P SmallCap Consumer Staples ETF
Invesco KBW Premium Yield Equity REIT ETF	Invesco S&P SmallCap Energy ETF
Invesco KBW Property & Casualty Insurance ETF	Invesco S&P SmallCap Financials ETF
Invesco KBW Regional Banking ETF	Invesco S&P SmallCap Health Care ETF
Invesco MSCI Green Building ETF	Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco NASDAQ 100 ETF	Invesco S&P SmallCap Industrials ETF
Invesco NASDAQ Next Gen 100 ETF	Invesco S&P SmallCap Information Technology ETF
Invesco National AMT-Free Municipal Bond ETF	Invesco S&P SmallCap Low Volatility ETF
Invesco New York AMT-Free Municipal Bond ETF	Invesco S&P SmallCap Materials ETF
Invesco Preferred ETF	Invesco S&P SmallCap Quality ETF
Invesco PureBetaSM 0-5 Yr US TIPS ETF	Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco PureBetaSM FTSE Developed ex-North America ETF	Invesco S&P Ultra Dividend Revenue ETF
Invesco PureBetaSM FTSE Emerging Markets ETF	Invesco Senior Loan ETF
Invesco PureBetaSM MSCI USA ETF	Invesco Taxable Municipal Bond ETF
Invesco PureBetaSM MSCI USA Small Cap ETF	Invesco Treasury Collateral ETF
Invesco PureBetaSM US Aggregate Bond ETF	Invesco Variable Rate Preferred ETF
Invesco Russell 1000 Enhanced Equal Weight ETF	Invesco VRDO Tax-Free ETF
Invesco Russell 1000 Equal Weight ETF

Also at the April 6, 2022 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).

Investment Advisory Agreement

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other

  56  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2021, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year and since-inception periods for Invesco VRDO Tax-Free ETF and the one-year period for Invesco Treasury Collateral ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco VRDO Tax-Free ETF’s and Invesco Treasury Collateral ETF’s level of correlation to their respective underlying indexes. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement. The Trustees concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

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

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:

● 0.04% of the Fund’s average daily net assets for Invesco PureBeta^SM MSCI USA ETF;

● 0.05% of the Fund’s average daily net assets for Invesco PureBeta^SM US Aggregate Bond ETF;

● 0.06% of the Fund’s average daily net assets for Invesco PureBeta^SM MSCI USA Small Cap ETF;

● 0.07% of the Fund’s average daily net assets for Invesco PureBeta^SM 0-5 Yr US TIPS ETF and Invesco PureBeta^SM FTSE Developed ex-North America ETF;

● 0.08% of the Fund’s average daily net assets for Invesco Treasury Collateral ETF;

● 0.10% of the Fund’s average daily net assets for Invesco S&P 500 Minimum Variance ETF;

● 0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;

  57  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

● 0.14% of the Fund’s average daily net assets for Invesco PureBeta^SM FTSE Emerging Markets ETF;

● 0.15% of the Fund’s average daily net assets for Invesco NASDAQ 100 ETF and Invesco NASDAQ Next Gen 100 ETF;

● 0.20% of the Fund’s average daily net assets for Invesco Russell 1000 Equal Weight ETF;

● 0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;

● 0.25% of the Fund’s average daily net assets for Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500^® High Beta ETF, Invesco S&P 500^® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF and Invesco VRDO Tax-Free ETF;

● 0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF;

● 0.29% of the Fund’s average daily net assets for Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF;

● 0.30% of the Fund’s average daily net assets for Invesco S&P 500^® High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF and Invesco S&P International Developed High Dividend Low Volatility ETF;

● 0.35% of the Fund’s average daily net assets for Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco Russell 1000 Low Beta Equal Weight ETF;

● 0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF;

● 0.45% of the Fund’s daily net assets for Invesco FTSE International Low Beta Equal Weight ETF and Invesco FTSE RAFI Developed Markets ex-U.S. ETF;

● 0.49% of the Fund’s daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF;

● 0.50% of the Fund’s daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield^® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF;

● 0.55% of the Fund’s daily net assets for Invesco International BuyBack Achievers^TM ETF;

● 0.60% of the Fund’s daily net assets for Invesco DWA SmallCap Momentum ETF;

● 0.65% of the Fund’s daily net assets for Invesco Senior Loan ETF;

● 0.70% of the Fund’s daily net assets for Invesco China Technology ETF;

● 0.75% of the Fund’s daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF;

● 0.80% of the Fund’s daily net assets for Invesco DWA Developed Markets Momentum ETF; and

● 0.90% of the Fund’s daily net assets for Invesco DWA Emerging Markets Momentum ETF.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their

  58  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

Invesco Fund	Equal to/Lower than ETF Peer Median		Equal to/Lower than Open-End Index Fund Peer Median*		Lower than Open-End Active Fund Peer Median
Invesco 1-30 Laddered Treasury ETF						X
Invesco California AMT-Free Municipal Bond ETF				N/A		X
Invesco CEF Income Composite ETF		X		N/A		X
Invesco China Technology ETF				N/A		X
Invesco DWA Developed Markets Momentum ETF						X
Invesco DWA Emerging Markets Momentum ETF						X
Invesco DWA SmallCap Momentum ETF						X
Invesco Emerging Markets Sovereign Debt ETF						X
Invesco FTSE International Low Beta Equal Weight ETF		X		X		X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF						X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF				X		X
Invesco FTSE RAFI Emerging Markets ETF		X				X
Invesco Fundamental High Yield® Corporate Bond ETF				X		X
Invesco Fundamental Investment Grade Corporate Bond ETF						X
Invesco Global Clean Energy ETF				X		X
Invesco Global Short Term High Yield Bond ETF		X		N/A		X
Invesco Global Water ETF				X		X
Invesco International BuyBack AchieversTM ETF						X
Invesco International Corporate Bond ETF						X
Invesco KBW Bank ETF		X				X
Invesco KBW High Dividend Yield Financial ETF		X				X
Invesco KBW Premium Yield Equity REIT ETF		X				X
Invesco KBW Property & Casualty Insurance ETF		X				X
Invesco KBW Regional Banking ETF		X				X
Invesco MSCI Green Building ETF				X		X
Invesco NASDAQ 100 ETF		X				X
Invesco NASDAQ Next Gen 100 ETF		X				X
Invesco National AMT-Free Municipal Bond ETF						X
Invesco New York AMT-Free Municipal Bond ETF				N/A		X
Invesco Preferred ETF				N/A		X
Invesco PureBetaSM 0-5 Yr US TIPS ETF		X				X
Invesco PureBetaSM FTSE Developed ex-North America ETF		X		X		X
Invesco PureBetaSM FTSE Emerging Markets ETF		X		X		X
Invesco PureBetaSM MSCI USA ETF		X		X		X
Invesco PureBetaSM MSCI USA Small Cap ETF		X		X		X
Invesco PureBetaSM US Aggregate Bond ETF		X		X		X
Invesco Russell 1000 Enhanced Equal Weight ETF						X
Invesco Russell 1000 Equal Weight ETF		X				X
Invesco Russell 1000 Low Beta Equal Weight ETF						X
Invesco S&P 500 Enhanced Value ETF		X		X		X
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF		X				X
Invesco S&P 500® High Beta ETF		X				X
Invesco S&P 500® High Dividend Low Volatility ETF		X		X		X

  59  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

Invesco Fund	Equal to/Lower than ETF Peer Median		Equal to/Lower than Open-End Index Fund Peer Median*		Lower than Open-End Active Fund Peer Median
Invesco S&P 500® Low Volatility ETF		X				X
Invesco S&P 500 Minimum Variance ETF		X		X		X
Invesco S&P 500 Momentum ETF		X		X		X
Invesco S&P 500 Revenue ETF						X
Invesco S&P Emerging Markets Low Volatility ETF		X				X
Invesco S&P Emerging Markets Momentum ETF		X				X
Invesco S&P International Developed High Dividend Low Volatility ETF		X		X		X
Invesco S&P International Developed Low Volatility ETF		X				X
Invesco S&P International Developed Momentum ETF		X		N/A		X
Invesco S&P International Developed Quality ETF		X		N/A		X
Invesco S&P MidCap 400 Revenue ETF						X
Invesco S&P MidCap Low Volatility ETF		X		X		X
Invesco S&P SmallCap 600 Revenue ETF				X		X
Invesco S&P SmallCap Consumer Discretionary ETF		X				X
Invesco S&P SmallCap Consumer Staples ETF		X				X
Invesco S&P SmallCap Energy ETF		X				X
Invesco S&P SmallCap Financials ETF		X				X
Invesco S&P SmallCap Health Care ETF		X				X
Invesco S&P SmallCap High Dividend Low Volatility ETF		X		X		X
Invesco S&P SmallCap Industrials ETF		X				X
Invesco S&P SmallCap Information Technology ETF		X				X
Invesco S&P SmallCap Low Volatility ETF		X		X		X
Invesco S&P SmallCap Materials ETF		X				X
Invesco S&P SmallCap Quality ETF		X		X		X
Invesco S&P SmallCap Utilities & Communication Services ETF		X		X		X
Invesco S&P Ultra Dividend Revenue ETF				X		X
Invesco Senior Loan ETF		X		N/A		X
Invesco Taxable Municipal Bond ETF				N/A		X
Invesco Treasury Collateral ETF		X				X
Invesco Variable Rate Preferred ETF				X		X
Invesco VRDO Tax-Free ETF				N/A		X

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

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Global Clean Energy ETF, Invesco International Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco VRDO Tax-Free ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

  60  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

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

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

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees for money market cash management vehicles and fees as the Funds’ direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. 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 continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

Investment Sub-Advisory Agreement

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 6, 2022. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

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

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

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

  61  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 15 and April 6, 2022 Board meetings, and Invesco Advisers, Inc., in connection with the April 6, 2022 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.

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

Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as the direct securities lending agent for the Invesco ETFs. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

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

  62  

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.

©2022 Invesco Capital Management LLC              3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-KBW-AR-1	invesco.com/ETFs

	Invesco Annual Report to Shareholders
	August 31, 2022
	PBUS	Invesco PureBetaSM MSCI USA ETF
	PBSM	Invesco PureBetaSM MSCI USA Small Cap ETF
	PBND	Invesco PureBetaSM US Aggregate Bond ETF

Table of Contents

The Market Environment	3
Management’s Discussion of Fund Performance	5
Liquidity Risk Management Program	11
Schedules of Investments
Invesco PureBetaSM MSCI USA ETF (PBUS)	12
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)	19
Invesco PureBetaSM US Aggregate Bond ETF (PBND)	37
Statements of Assets and Liabilities	47
Statements of Operations	48
Statements of Changes in Net Assets	49
Financial Highlights	51
Notes to Financial Statements	54
Report of Independent Registered Public Accounting Firm	64
Fund Expenses	65
Tax Information	66
Trustees and Officers	67
Approval of Investment Advisory and Sub-Advisory Contracts	77

2

The Market Environment

Domestic Equity

The fiscal year began with increasing volatility and the US stock market saw a selloff through most of September due to increasing concerns of inflation resulting from a spike in oil prices and supply chain shortages causing rising costs. Despite the Consumer Price Index (CPI) increasing monthly from June through September 2021,¹ the US Federal Reserve (the Fed) declined to raise interest rates at its September 2021 Federal Open Market Committee meeting.

Equity markets saw continued volatility in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruption and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil rose to nearly $85 per barrel in October,² causing higher gas prices for consumers, and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.¹ To combat inflation, the Fed announced a faster pace of “tapering” at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at the 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.² The CPI rose by another 7.9% for the 12 months ended February 2022 reaching a 40 year high.¹ To combat inflation, the Fed raised the federal funds rate by a one-quarter percentage point in March.

As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix, reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued for much of the second quarter of 2022 amid record inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the CPI rose by yet another 8.6% for the 12 months ended May 2022 reaching a 40 year high.¹ Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.² To tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.³ US equity markets rose in July and much of August until Fed

chairman Jerome Powell’s hawkish comments at Jackson Hole, Wyoming, an economic policy symposium, sparked a sharp selloff at month end. Due to declining energy prices, the CPI rose by 8.5% for the 12 months ending July,¹ down slightly from June, but still at multi-decade highs and far above the Fed’s 2% annual inflation target. As a result, the Fed indicated that it would continue taking aggressive action to curb inflation, though such measures could “bring pain to households and businesses.” The remarks deflated investor optimism that the Fed would pause rate hikes in the second half of 2022 and increased the likelihood of a US recession. In this environment, US stocks had negative double-digit returns of (11.23)% for the fiscal year ended August 31, 2022, measured by the S&P 500 Index.⁴

¹  Source: US Bureau of Labor Statistics

²  Source: Bloomberg LP

³  Source: US Federal Reserve

⁴  Source: Lipper Inc.

Fixed Income

In the fourth quarter of 2021, concerns about inflation heightened as US inflation rose 7%,¹ its highest level in nearly 40 years. Though the US Federal Reserve (the Fed) left policy rates unchanged in the quarter, the Fed indicated its accommodative policies were coming to an end in 2022 through a willingness to raise interest rates to combat inflation and the announced reduction of its monthly bond purchase program. Additionally, US interest rate moves and inflation risk significantly affected fixed income valuations during the quarter. The two-year Treasury yield rose moderately from 0.27% to 0.73%, while the 10-year increased slightly from 1.48% to 1.52% during the quarter.² The yield curve, as measured by the yield differential between two- and 10-year Treasuries, flattened during the quarter.

At the beginning of 2022, geopolitical and economic tensions between Ukraine and Russia culminated with the latter invading Ukrainian territory. World leaders levied sanctions against Russia that had material effects on its fixed income markets, particularly sovereign debt, corporates and levels of liquidity. The Russia-Ukraine war exacerbated inflationary pressures while also exerting downward pressure on economic growth through a surge in commodity/energy prices. Additionally, surges of COVID-19 in China exacerbated supply chain issues and aggravated inflation. During the second quarter of 2022, the two-year Treasury yield rose significantly from 0.78% to 2.28%, while the 10-year increased moderately from 1.63% to 2.32%.²

In the second quarter of 2022, the macro backdrop of tightening financial conditions and slowing economic growth was negative for credit asset classes. Inflation, as measured by the Consumer Price Index, increased further to 9.1%¹ and fixed income markets felt the impact of rising interests rates. Bond sectors experienced negative performance ranging from -0.9% (Bloomberg Asset-Backed Securities) to -9.8% (Bloomberg US Corporate High Yield).³ Credit spreads increased across all major credit-sensitive

3

The Market Environment (continued)

sectors, reflecting anticipation of an economic slowdown and increasing concerns about recession risk, with corporate spreads ending the second quarter above their long-term historical average. The Fed continued its rapid tightening of monetary policy in an effort to combat inflation via higher interest rates while simultaneously engineering a soft landing so as to not push the economy into a recession. The Fed aggressively raised its key fed funds rate during the period, including a 0.50% hike in May, a 0.75% hike in June (the largest since 1994), and an additional 0.75% hike in July to a target range of 2.25-2.50%. We believe that the Fed is unlikely to pivot from its hawkish policies, and we expect the Fed will increase the target range to 3.50-3.75% by the end of the year followed by a 0.50% cut in 2023. While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 2.92% to 3.45% during the last 2-month period in the fiscal year, while 10-year Treasury rates increased from 3.04% to 3.15% over the same period.² At the end of the fiscal year, the yield curve remained inverted, which historically has been an indicator of a potential recession.

¹  Source: US Bureau of Labor Statistics

²  Source: US Department of the Treasury

³  Source: Bloomberg

4

PBUS	Management’s Discussion of Fund Performance
	Invesco PureBetaSM MSCI USA ETF (PBUS)

As an index fund, the Invesco PureBeta^SM MSCI USA ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the MSCI USA Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, MSCI Inc. (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of the large- and mid-capitalization segments of the U.S. equity market. The Index Provider weights securities in the Index by their free float-adjusted market capitalization. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (13.03)%. On a net asset value (“NAV”) basis, the Fund returned (13.10)%. During the same time period, the Index returned (13.08)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

For the fiscal year ended August 31, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the utilities and consumer staples sectors, respectively. The information technology sector detracted most significantly from the Fund’s return, followed by the communication services and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Exxon Mobil Corp., an energy company (portfolio average weight of 0.85%), and Chevron Corp., an energy company (portfolio average weight of 0.70%). Positions that detracted most significantly from the Fund’s return included Meta Platforms, Inc., Class A, a communication services company (portfolio average weight of 1.52%), and Amazon.com, Inc., a consumer discretionary company (portfolio average weight of 3.45%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Information Technology	27.71
Health Care	13.91
Consumer Discretionary	11.48
Financials	10.64
Communication Services	8.37
Industrials	7.99
Consumer Staples	6.52
Energy	4.62
Utilities	3.07
Real Estate	3.01
Materials	2.58
Money Market Funds Plus Other Assets Less Liabilities	0.10
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Apple, Inc.	7.22
Microsoft Corp.	5.27
Amazon.com, Inc.	3.29
Tesla, Inc.	2.06
Alphabet, Inc., Class A	1.85
Alphabet, Inc., Class C	1.75
UnitedHealth Group, Inc.	1.38
Johnson & Johnson	1.20
Exxon Mobil Corp.	1.14
NVIDIA Corp.	1.07
Total	26.23

* Excluding money market fund holdings

5

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

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index										Average Annualized			Cumulative
MSCI USA Index		(13.08	)%		12.36	%		41.85	%		11.64	%		72.24	%
Fund
NAV Return		(13.10	)		12.31			41.68			11.53			71.44
Market Price Return		(13.03	)		12.34			41.77			11.57			71.74

Fund Inception: September 22, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.04% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Index and Fund Performance History:

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

6

PBSM	Management’s Discussion of Fund Performance
	Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM)

As an index fund, the Invesco PureBeta^SM MSCI USA Small Cap ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the MSCI USA Small Cap Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, MSCI Inc. (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of the small-capitalization segment of the U.S. equity market. The Index Provider weights securities in the Index by their free float-adjusted market capitalization. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (14.62)%. On a net asset value (“NAV”) basis, the Fund returned (14.70)%. During the same time period, the Index returned (14.76)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to proceeds from the securities lending program in which the Fund participates which were partially offset by fees and operating expenses that the Fund incurred during the period.

For the fiscal year ended August 31, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the utilities sector. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the health care and information technology sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Marathon Oil Corp., an energy company (no longer held at fiscal year-end), and APA Corp., an energy company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Chegg, Inc., a consumer discretionary company (portfolio average weight of 0.10%), and Trex Co., Inc., an industrials company (portfolio average weight of 0.21%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Industrials	16.79
Financials	16.22
Health Care	13.88
Consumer Discretionary	12.91
Information Technology	12.85
Real Estate	7.69
Energy	5.53
Materials	5.00
Consumer Staples	4.06
Sector Types Each Less Than 3%	5.03
Money Market Funds Plus Other Assets Less Liabilities	0.04
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Wolfspeed, Inc.	0.34
Ovintiv, Inc.	0.33
Darling Ingredients, Inc.	0.30
First Solar, Inc.	0.29
First Horizon Corp.	0.29
Reliance Steel & Aluminum Co.	0.28
Chesapeake Energy Corp.	0.28
Lamb Weston Holdings, Inc.	0.28
Repligen Corp.	0.28
Antero Resources Corp.	0.27
Total	2.94

* Excluding money market fund holdings

7

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

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index										Average Annualized			Cumulative
MSCI USA Small Cap Index		(14.76	)%		10.01	%		33.13	%		8.24	%		47.85	%
Fund
NAV Return		(14.70	)		10.01			33.13			8.15			47.23
Market Price Return		(14.62	)		9.94			33.88			8.13			47.09

Fund Inception: September 22, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.06% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Index and Fund Performance History:

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

8

PBND	Management’s Discussion of Fund Performance
	Invesco PureBetaSM US Aggregate Bond ETF (PBND)

As an index fund, the Invesco PureBeta^SM US Aggregate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA US Broad Market Index^SM (the “Index”). The Fund generally will invest at least 80% of its total assets in the component securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to provide a broad measure of the performance of the domestic investment grade bond market, represented by U.S. dollar-denominated, investment grade debt securities that are publicly offered for sale in the United States. Constituent securities may include U.S. Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities. Transactions in U.S. government agency mortgage-backed securities may occur through standardized agreements for forward or future delivery in which the actual mortgage pools to be delivered are not specified until shortly prior to settlement (to be announced (“TBA”) transactions). The Fund may engage in such TBA transactions. Pending settlement of TBA transactions, the Fund will invest its assets in high-quality, liquid, short-term instruments, including affiliated money market funds. The Fund also may acquire interests in mortgage pools through means other than such standardized agreements for forward or future delivery.

To qualify for inclusion in the Index, securities must have: (i) at least one year to final maturity; (ii) at least 18 months to final maturity when issued; (iii) a fixed coupon schedule; and (iv) with the exception of U.S. Treasuries, an investment grade rating (based on an average of ratings by Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings, a division of S&P Global Inc. (“S&P”) and Fitch Ratings, Inc. (“Fitch”)). Original issue zero coupon bonds, Rule 144A securities, corporate pay-in-kind securities and “hybrid” securities (including those that may convert into preferred shares) are eligible for inclusion in the Index. Index constituents are capitalization-weighted, based on their current amount outstanding times the market price, plus accrued interest. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (11.42)%. On a net asset value (“NAV”) basis, the Fund returned (11.19)%. During the same time period, the Index returned (11.52)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the positive effects of the Fund’s utilization of a sampling methodology, which were partially offset by fees and expenses that the Fund incurred during the period.

For the fiscal year ended August 31, 2022, the banks sub-industry contributed most significantly to the Fund’s return, followed by the

electric utilities sub-industry. The energy equipment & services sub-industry detracted most significantly from the Fund’s return.

The position that contributed most significantly to the Fund’s return was Halliburton Co., 7.45% coupon, due 09/15/2039, an oil & gas equipment & services company (portfolio average weight of 0.03%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2022, included Citigroup, Inc., 8.13% coupon, due 07/15/2039, a diversified banks company (portfolio average weight of 0.28%), and Georgia Power Co., 4.30% coupon, due 03/15/2043, an electric utilities company (portfolio average weight of 0.18%).

Security Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
U.S. Treasury Securities	44.04
U.S. Dollar Denominated Bonds & Notes	27.89
U.S. Government Sponsored Agency Mortgage-Backed Securities	24.69
Asset-Backed Securities	1.89
Municipal Obligations	0.37
Money Market Funds Plus Other Assets Less Liabilities	1.12
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Federal Home Loan Mortgage Corp., 3.00%, 06/01/2052	1.10
Government National Mortgage Association, 2.50%, 05/20/2052	0.91
Federal Home Loan Mortgage Corp., 2.00%, 04/01/2052	0.85
Federal Home Loan Mortgage Corp., 4.00%, 06/01/2052	0.77
Federal National Mortgage Association, 3.50%, 06/01/2052	0.76
Government National Mortgage Association, 3.00%, 05/20/2052	0.75
Federal National Mortgage Association, 2.50%, 04/01/2052	0.70
Government National Mortgage Association, 2.00%, 05/20/2052	0.70
Federal Home Loan Mortgage Corp., 2.00%, 08/01/2051	0.65
Federal National Mortgage Association, 2.00%, 05/01/2037	0.54
Total	7.73

* Excluding money market fund holdings

9

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

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index										Average Annualized			Cumulative
ICE BofA US Broad Market IndexSM		(11.52	)%		(2.03	)%		(5.96	)%		0.67	%		3.36	%
Fund
NAV Return		(11.19	)		(2.00	)		(5.89	)		0.59			2.94
Market Price Return		(11.42	)		(2.10	)		(6.18	)		0.60			2.99

Fund Inception: September 29, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.05% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Index and Fund Performance History:

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

10

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 15, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

• The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

• Each Fund’s investment strategy remained appropriate for an open-end fund;

• Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

• The Funds did not breach the 15% limit on Illiquid Investments; and

• The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

  11  

Invesco PureBeta^SM MSCI USA ETF (PBUS)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-8.37%
Activision Blizzard, Inc.		50,579	$	3,969,946
Alphabet, Inc., Class A(b)		389,123		42,110,891
Alphabet, Inc., Class C(b)		364,898		39,828,617
AMC Entertainment Holdings, Inc., Class A(b)(c)		33,148		302,310
AMC Entertainment Holdings, Inc., Preference Shares(c)		33,148		162,425
AT&T, Inc.(c)		463,110		8,122,949
Cable One, Inc.(c)		342		388,170
Charter Communications, Inc., Class A(b)(c)		7,601		3,136,401
Comcast Corp., Class A(c)		289,198		10,466,076
DISH Network Corp., Class A(b)(c)		15,951		276,750
Electronic Arts, Inc.		18,108		2,297,362
Fox Corp., Class A		20,375		696,417
Fox Corp., Class B		9,552		302,034
IAC, Inc.(b)		5,113		328,613
Interpublic Group of Cos., Inc. (The)		25,429		702,858
Liberty Broadband Corp., Class C(b)(c)		8,461		860,484
Liberty Global PLC, Class A (United Kingdom)(b)		10,076		203,535
Liberty Global PLC, Class C (United Kingdom)(b)		19,462		414,735
Liberty Media Corp.-Liberty Formula One, Class C(b)		12,549		799,120
Liberty Media Corp.-Liberty SiriusXM, Class A(b)(c)		4,879		202,674
Liberty Media Corp.-Liberty SiriusXM, Class C(b)		10,758		444,951
Live Nation Entertainment, Inc.(b)(c)		11,065		999,833
Lumen Technologies, Inc.(c)		59,408		591,704
Match Group, Inc.(b)(c)		18,355		1,037,608
Meta Platforms, Inc., Class A(b)		148,366		24,173,272
Netflix, Inc.(b)(c)		28,740		6,425,114
News Corp., Class A		24,651		417,095
Omnicom Group, Inc.		13,309		890,372
Paramount Global, Class B(c)		39,187		916,584
Pinterest, Inc., Class A(b)		36,730		846,259
ROBLOX Corp., Class A(b)(c)		22,672		886,702
Roku, Inc., Class A(b)(c)		7,660		520,880
Sirius XM Holdings, Inc.(c)		50,912		310,054
Snap, Inc., Class A(b)(c)		70,693		769,140
Take-Two Interactive Software, Inc.(b)		10,487		1,285,287
T-Mobile US, Inc.(b)(c)		40,547		5,837,146
Twitter, Inc.(b)(c)		42,019		1,628,236
Verizon Communications, Inc.		271,672		11,358,606
Walt Disney Co. (The)(b)		117,830		13,206,386
Warner Bros Discovery, Inc.(b)		149,141		1,974,627
ZoomInfo Technologies, Inc., Class A(b)(c) .		16,885		766,917
				190,859,140
Consumer Discretionary-11.48%
Advance Auto Parts, Inc.		3,957		667,308
Airbnb, Inc., Class A(b)(c)		24,294		2,748,137
Amazon.com, Inc.(b)		592,357		75,093,097
Aptiv PLC(b)		17,436		1,629,046
Aramark		14,829		529,544

	Shares		Value
Consumer Discretionary-(continued)
AutoZone, Inc.(b)(c)		1,266	$	2,682,920
Bath & Body Works, Inc.(c)		15,428		575,927
Best Buy Co., Inc.		13,098		925,898
Booking Holdings, Inc.(b)		2,628		4,929,629
BorgWarner, Inc.		15,521		585,142
Burlington Stores, Inc.(b)		4,313		604,639
Caesars Entertainment, Inc.(b)		13,809		595,444
CarMax, Inc.(b)(c)		10,455		924,640
Carnival Corp.(b)(c)		63,345		599,244
Chewy, Inc., Class A(b)(c)		5,907		202,787
Chipotle Mexican Grill, Inc.(b)(c)		1,813		2,894,998
D.R. Horton, Inc.		21,644		1,539,971
Darden Restaurants, Inc.		8,069		998,216
Dollar General Corp.		14,684		3,486,275
Dollar Tree, Inc.(b)(c)		14,462		1,962,204
Domino’s Pizza, Inc.		2,344		871,640
DoorDash, Inc., Class A(b)(c)		12,459		746,294
eBay, Inc.		36,216		1,598,212
Etsy, Inc.(b)		8,202		866,213
Expedia Group, Inc.(b)		9,805		1,006,483
Ford Motor Co.		255,452		3,893,089
Garmin Ltd.		9,927		878,440
General Motors Co.		89,602		3,423,692
Genuine Parts Co.		9,139		1,425,775
Hasbro, Inc.		8,531		672,413
Hilton Worldwide Holdings, Inc.		17,978		2,289,678
Home Depot, Inc. (The)		66,485		19,175,604
Las Vegas Sands Corp.(b)		22,193		835,123
Lear Corp.		3,870		536,537
Lennar Corp., Class A		16,836		1,303,948
LKQ Corp.		17,486		930,605
Lowe’s Cos., Inc.		41,345		8,026,718
Lucid Group, Inc.(b)(c)		26,641		408,673
lululemon athletica, inc.(b)		7,571		2,270,997
Marriott International, Inc., Class A		17,997		2,766,859
McDonald’s Corp.		47,841		12,069,328
MercadoLibre, Inc. (Brazil)(b)		2,928		2,504,494
MGM Resorts International		22,049		719,679
Mohawk Industries, Inc.(b)		3,330		367,499
Newell Brands, Inc.		25,412		453,604
NIKE, Inc., Class B		82,075		8,736,884
NVR, Inc.(b)		202		836,292
O’Reilly Automotive, Inc.(b)		4,252		2,964,154
Pool Corp.(c)		2,583		876,128
PulteGroup, Inc.		15,372		625,026
Rivian Automotive, Inc., Class A(b)(c)		20,215		661,233
Ross Stores, Inc.		22,748		1,962,470
Royal Caribbean Cruises Ltd.(b)(c)		14,760		602,946
Starbucks Corp.(c)		74,192		6,237,321
Target Corp.		29,996		4,809,559
Tesla, Inc.(b)		170,898		47,101,198
TJX Cos., Inc. (The)(c)		75,792		4,725,631
Tractor Supply Co.		7,250		1,342,338
Ulta Beauty, Inc.(b)		3,352		1,407,404
Vail Resorts, Inc.		2,596		583,269
VF Corp.		21,302		882,968
Wayfair, Inc., Class A(b)(c)		4,857		256,012
Whirlpool Corp.(c)		3,636		569,398

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

  12  

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

August 31, 2022

	Shares		Value
Consumer Discretionary-(continued)
Wynn Resorts Ltd.(b)(c)		7,095	$	429,886
Yum! Brands, Inc.		18,447		2,052,044
				261,878,824
Consumer Staples-6.52%
Altria Group, Inc.		116,976		5,277,957
Archer-Daniels-Midland Co.		36,401		3,199,284
Brown-Forman Corp., Class B		19,956		1,450,801
Bunge Ltd.		9,815		973,354
Campbell Soup Co.		13,626		686,478
Church & Dwight Co., Inc.		15,633		1,308,638
Clorox Co. (The)		7,909		1,141,585
Coca-Cola Co. (The)		266,408		16,440,038
Colgate-Palmolive Co.		51,373		4,017,882
Conagra Brands, Inc.		30,852		1,060,692
Constellation Brands, Inc., Class A		10,529		2,590,660
Costco Wholesale Corp.		28,659		14,962,864
Estee Lauder Cos., Inc. (The), Class A		15,025		3,822,060
General Mills, Inc.(c)		38,833		2,982,374
Hershey Co. (The)		9,444		2,121,784
Hormel Foods Corp.		19,230		966,884
JM Smucker Co. (The)		6,995		979,230
Kellogg Co.		16,505		1,200,574
Keurig Dr Pepper, Inc.		50,213		1,914,120
Kimberly-Clark Corp.		21,795		2,779,298
Kraft Heinz Co. (The)		47,229		1,766,365
Kroger Co. (The)		44,927		2,153,800
McCormick & Co., Inc.		16,075		1,351,425
Molson Coors Beverage Co., Class B		11,639		601,387
Mondelez International, Inc., Class A		89,368		5,528,305
Monster Beverage Corp.(b)(c)		25,698		2,282,753
PepsiCo, Inc.		89,445		15,408,690
Philip Morris International, Inc.		100,275		9,575,260
Procter & Gamble Co. (The)		155,209		21,409,529
Sysco Corp.(c)		32,958		2,709,807
Tyson Foods, Inc., Class A		18,814		1,418,199
Walgreens Boots Alliance, Inc.		47,200		1,654,832
Walmart, Inc.		97,941		12,982,080
				148,718,989
Energy-4.62%
APA Corp.(c)		21,880		855,727
Baker Hughes Co., Class A		63,691		1,608,835
Cheniere Energy, Inc.		14,796		2,370,023
Chevron Corp.		120,747		19,085,271
ConocoPhillips		83,672		9,157,900
Coterra Energy, Inc.(c)		52,379		1,619,035
Devon Energy Corp.		40,633		2,869,503
Diamondback Energy, Inc.		10,873		1,449,153
EOG Resources, Inc.		37,889		4,595,936
EQT Corp.(c)		21,514		1,028,369
Exxon Mobil Corp.		272,506		26,048,849
Halliburton Co.		58,348		1,758,025
Hess Corp.		18,122		2,188,775
Kinder Morgan, Inc.		132,013		2,418,478
Marathon Oil Corp.		45,780		1,171,510
Marathon Petroleum Corp.		34,997		3,525,948
Occidental Petroleum Corp.		60,626		4,304,446
ONEOK, Inc.		28,891		1,768,996
Phillips 66		31,122		2,784,174
Pioneer Natural Resources Co.		14,825		3,753,987

	Shares		Value
Energy-(continued)
Schlumberger N.V.		91,436	$	3,488,283
Targa Resources Corp.		13,980		953,855
Texas Pacific Land Corp.		401		738,025
Valero Energy Corp.		26,319		3,082,481
Williams Cos., Inc. (The)		78,792		2,681,292
				105,306,876
Financials-10.64%
Aflac, Inc.		39,722		2,360,281
Alleghany Corp.(b)		870		731,827
Allstate Corp. (The)		17,788		2,143,454
Ally Financial, Inc.(c)		20,898		693,814
American Express Co.		41,408		6,294,016
American Financial Group, Inc.		4,654		594,223
American International Group, Inc.		51,246		2,651,980
Ameriprise Financial, Inc.		7,123		1,909,035
Annaly Capital Management, Inc.(c)		111,738		720,710
Aon PLC, Class A		13,771		3,845,689
Apollo Global Management, Inc.(c)		26,013		1,445,803
Arch Capital Group Ltd.(b)		24,419		1,116,437
Arthur J. Gallagher & Co.		13,589		2,467,355
Assurant, Inc.		3,499		554,556
Bank of America Corp.		469,074		15,765,577
Bank of New York Mellon Corp. (The)(c)		49,643		2,061,674
Berkshire Hathaway, Inc., Class B(b)		83,174		23,355,259
BlackRock, Inc.		9,804		6,533,288
Blackstone, Inc., Class A(c)		45,329		4,258,206
Brown & Brown, Inc.		15,486		976,237
Capital One Financial Corp.(c)		25,426		2,690,579
Carlyle Group, Inc. (The)		12,609		410,171
Cboe Global Markets, Inc.		6,862		809,510
Charles Schwab Corp. (The)		94,035		6,671,783
Chubb Ltd.		27,572		5,212,487
Cincinnati Financial Corp.		9,795		949,723
Citigroup, Inc.		125,621		6,131,561
Citizens Financial Group, Inc.		31,914		1,170,606
CME Group, Inc., Class A		23,250		4,547,932
Coinbase Global, Inc., Class A(b)		7,706		514,761
Discover Financial Services		18,175		1,826,406
Equitable Holdings, Inc.		24,647		733,248
Erie Indemnity Co., Class A		1,596		343,028
Everest Re Group Ltd.		2,526		679,620
FactSet Research Systems, Inc.		2,434		1,054,750
Fidelity National Financial, Inc.		17,400		680,340
Fifth Third Bancorp		44,382		1,515,645
First Citizens BancShares, Inc., Class A		782		634,953
First Republic Bank		11,621		1,764,416
Franklin Resources, Inc.(c)		19,371		505,002
Globe Life, Inc.		6,107		593,539
Goldman Sachs Group, Inc. (The)		22,217		7,390,929
Hartford Financial Services Group, Inc. (The)		21,331		1,371,797
Huntington Bancshares, Inc.(c)		92,549		1,240,157
Intercontinental Exchange, Inc.(c)		36,180		3,648,753
Invesco Ltd.(d)		22,328		367,742
JPMorgan Chase & Co.		189,996		21,608,245
KeyCorp		59,830		1,058,393
KKR & Co., Inc., Class A(c)		36,419		1,841,345
Lincoln National Corp.		10,590		487,775
Loews Corp.		13,611		752,824

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

  13  

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

August 31, 2022

	Shares		Value
Financials-(continued)
LPL Financial Holdings, Inc.(c)		5,148	$	1,139,407
M&T Bank Corp.		11,555		2,100,468
Markel Corp.(b)		875		1,044,846
MarketAxess Holdings, Inc.		2,436		605,565
Marsh & McLennan Cos., Inc.		32,468		5,239,361
MetLife, Inc.(c)		44,715		2,876,516
Moody’s Corp.		10,748		3,058,021
Morgan Stanley(c)		84,870		7,232,621
MSCI, Inc.		5,248		2,357,612
Nasdaq, Inc.		22,224		1,322,995
Northern Trust Corp.		12,740		1,211,447
PNC Financial Services Group, Inc. (The)		26,754		4,227,132
Principal Financial Group, Inc.		16,346		1,222,027
Progressive Corp. (The)		37,835		4,640,463
Prudential Financial, Inc.		24,171		2,314,373
Raymond James Financial, Inc.(c)		12,488		1,303,373
Regions Financial Corp.		60,306		1,306,831
S&P Global, Inc.		22,454		7,907,850
SEI Investments Co.(c)		7,566		413,860
Signature Bank(c)		4,060		707,902
State Street Corp.		23,748		1,623,176
SVB Financial Group(b)(c)		3,802		1,545,589
Synchrony Financial		32,441		1,062,443
T. Rowe Price Group, Inc.(c)		14,659		1,759,080
Tradeweb Markets, Inc., Class A		6,901		480,241
Travelers Cos., Inc. (The)		15,558		2,514,795
Truist Financial Corp.		86,128		4,034,235
U.S. Bancorp		91,306		4,164,467
W.R. Berkley Corp.		13,684		886,723
Webster Financial Corp.		11,558		543,804
Wells Fargo & Co.		245,195		10,717,473
Willis Towers Watson PLC(c)		7,212		1,491,658
				242,743,795
Health Care-13.91%
Abbott Laboratories		113,267		11,626,858
AbbVie, Inc.		114,313		15,370,526
ABIOMED, Inc.(b)		2,919		756,838
Agilent Technologies, Inc.		19,310		2,476,507
Align Technology, Inc.(b)		4,816		1,173,659
Alnylam Pharmaceuticals, Inc.(b)		7,815		1,615,126
AmerisourceBergen Corp.		10,163		1,489,489
Amgen, Inc.		34,557		8,304,047
Avantor, Inc.(b)		39,257		977,892
Baxter International, Inc.		32,573		1,871,645
Becton, Dickinson and Co.		18,441		4,654,877
Biogen, Inc.(b)(c)		9,453		1,846,927
BioMarin Pharmaceutical, Inc.(b)		11,841		1,056,217
Bio-Rad Laboratories, Inc., Class A(b)		1,465		710,584
Bio-Techne Corp.		2,526		838,152
Boston Scientific Corp.(b)		92,478		3,727,788
Bristol-Myers Squibb Co.		137,728		9,284,244
Cardinal Health, Inc.		17,623		1,246,299
Catalent, Inc.(b)		10,967		965,096
Centene Corp.(b)		37,836		3,395,403
Charles River Laboratories International, Inc.(b)		3,287		674,657
Cigna Corp.		20,524		5,817,528
Cooper Cos., Inc. (The)		3,154		906,586
CVS Health Corp.		84,744		8,317,624

	Shares		Value
Health Care-(continued)
Danaher Corp.		44,682	$	12,060,119
DaVita, Inc.(b)		3,749		319,752
DENTSPLY SIRONA, Inc.		14,105		462,221
DexCom, Inc.(b)		25,391		2,087,394
Edwards Lifesciences Corp.(b)		40,221		3,623,912
Elanco Animal Health, Inc.(b)		27,510		416,226
Elevance Health, Inc.		15,596		7,565,776
Eli Lilly and Co.		52,245		15,737,761
Exact Sciences Corp.(b)(c)		11,236		399,440
Gilead Sciences, Inc.		81,141		5,150,019
HCA Healthcare, Inc.		15,292		3,025,828
Henry Schein, Inc.(b)		8,855		650,046
Hologic, Inc.(b)		16,090		1,087,040
Horizon Therapeutics PLC(b)		14,127		836,460
Humana, Inc.		8,177		3,939,515
IDEXX Laboratories, Inc.(b)		5,402		1,877,843
Illumina, Inc.(b)		10,163		2,049,267
Incyte Corp.(b)(c)		12,096		851,921
Insulet Corp.(b)(c)		4,463		1,140,163
Intuitive Surgical, Inc.(b)		23,221		4,777,489
IQVIA Holdings, Inc.(b)		12,269		2,609,126
Jazz Pharmaceuticals PLC(b)(c)		3,981		617,931
Johnson & Johnson		170,223		27,463,779
Laboratory Corp. of America Holdings		6,033		1,359,054
Masimo Corp.(b)		3,363		493,991
McKesson Corp.		9,404		3,451,268
Medtronic PLC		86,085		7,568,593
Merck & Co., Inc.		163,586		13,963,701
Mettler-Toledo International, Inc.(b)		1,468		1,779,891
Moderna, Inc.(b)(c)		21,871		2,892,877
Molina Healthcare, Inc.(b)		3,780		1,275,259
Neurocrine Biosciences, Inc.(b)		6,169		645,462
Novocure Ltd.(b)(c)		6,081		499,433
PerkinElmer, Inc.		8,149		1,100,604
Pfizer, Inc.(c)		362,965		16,416,907
Quest Diagnostics, Inc.		7,592		951,353
Regeneron Pharmaceuticals, Inc.(b)		6,988		4,060,447
ResMed, Inc.		9,463		2,081,103
Royalty Pharma PLC, Class A		22,355		934,663
Seagen, Inc.(b)		8,877		1,369,632
STERIS PLC		6,456		1,300,109
Stryker Corp.		22,016		4,517,683
Teladoc Health, Inc.(b)(c)		10,310		320,229
Teleflex, Inc.		3,002		679,232
Thermo Fisher Scientific, Inc.		25,323		13,809,138
UnitedHealth Group, Inc.		60,690		31,518,138
Universal Health Services, Inc., Class B		4,363		426,876
Veeva Systems, Inc., Class A(b)		9,058		1,805,441
Vertex Pharmaceuticals, Inc.(b)(c)		16,545		4,661,719
Viatris, Inc.		77,851		743,477
Waters Corp.(b)		3,913		1,168,422
West Pharmaceutical Services, Inc.		4,776		1,416,991
Zimmer Biomet Holdings, Inc.		13,456		1,430,642
Zoetis, Inc.		30,445		4,765,556
				317,261,488
Industrials-7.99%
3M Co.(c)		36,760		4,571,106
A.O. Smith Corp.		8,494		479,486
Allegion PLC		5,662		538,456

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

  14  

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

August 31, 2022

	Shares		Value
Industrials-(continued)
AMERCO		616	$	323,813
AMETEK, Inc.		14,886		1,788,702
Boeing Co. (The)(b)		36,359		5,826,530
Booz Allen Hamilton Holding Corp.(c)		8,610		823,977
C.H. Robinson Worldwide, Inc.		8,233		939,797
Carlisle Cos., Inc.		3,344		988,687
Carrier Global Corp.		55,069		2,154,299
Caterpillar, Inc.		34,493		6,371,202
Cintas Corp.		5,957		2,423,546
Clarivate PLC(b)(c)		19,948		232,793
Copart, Inc.(b)		13,837		1,655,597
CoStar Group, Inc.(b)		25,632		1,785,012
CSX Corp.		140,651		4,451,604
Cummins, Inc.		9,168		1,974,512
Deere & Co.		18,783		6,860,491
Delta Air Lines, Inc.(b)		10,276		319,275
Dover Corp.		9,270		1,158,379
Eaton Corp. PLC		25,811		3,526,815
Emerson Electric Co.		38,425		3,140,859
Equifax, Inc.		7,914		1,493,768
Expeditors International of Washington, Inc.		10,940		1,125,617
Fastenal Co.		37,040		1,864,223
FedEx Corp.		15,928		3,357,782
Fortive Corp.		21,896		1,386,674
Fortune Brands Home & Security, Inc.		8,462		519,821
Generac Holdings, Inc.(b)(c)		4,126		909,412
General Dynamics Corp.		15,270		3,495,761
General Electric Co.		71,201		5,229,001
HEICO Corp.(c)		2,797		425,983
HEICO Corp., Class A		4,712		577,597
Honeywell International, Inc.		44,036		8,338,217
Howmet Aerospace, Inc.		24,339		862,331
Huntington Ingalls Industries, Inc.		2,568		591,308
IDEX Corp.		4,895		984,923
Illinois Tool Works, Inc.		20,156		3,926,993
Ingersoll Rand, Inc.		26,211		1,241,615
J.B. Hunt Transport Services, Inc.		5,383		936,750
Jacobs Solutions, Inc.		8,339		1,038,873
Johnson Controls International PLC(c)		45,002		2,436,408
Knight-Swift Transportation Holdings, Inc.		10,133		511,818
L3Harris Technologies, Inc.		12,477		2,847,127
Leidos Holdings, Inc.		8,399		798,325
Lennox International, Inc.		2,071		497,289
Lockheed Martin Corp.		15,493		6,508,764
Lyft, Inc., Class A(b)(c)		19,757		291,021
Masco Corp.		15,263		776,429
Nordson Corp.(c)		3,349		760,792
Norfolk Southern Corp.		15,450		3,756,358
Northrop Grumman Corp.		9,537		4,558,591
Old Dominion Freight Line, Inc.		6,233		1,691,699
Otis Worldwide Corp.		27,359		1,975,867
Owens Corning		6,404		523,399
PACCAR, Inc.		22,388		1,959,174
Parker-Hannifin Corp.		8,292		2,197,380
Pentair PLC		10,669		474,771
Plug Power, Inc.(b)(c)		33,358		935,358
Quanta Services, Inc.(c)		9,252		1,307,308
Raytheon Technologies Corp.		96,207		8,634,578
Republic Services, Inc.		14,245		2,033,046

	Shares		Value
Industrials-(continued)
Robert Half International, Inc.		7,132	$	548,950
Rockwell Automation, Inc.		7,521		1,782,026
Rollins, Inc.		14,234		480,540
Sensata Technologies Holding PLC		10,141		408,479
Snap-on, Inc.		3,416		744,210
Southwest Airlines Co.(b)		9,507		348,907
Stanley Black & Decker, Inc.		9,766		860,385
Textron, Inc.		13,969		871,386
Trane Technologies PLC		15,058		2,319,986
TransDigm Group, Inc.		3,355		2,014,308
TransUnion(c)		12,331		910,891
Uber Technologies, Inc.(b)		95,271		2,739,994
Union Pacific Corp.		40,650		9,126,331
United Parcel Service, Inc., Class B(c)		47,510		9,241,170
United Rentals, Inc.(b)		4,659		1,360,614
Verisk Analytics, Inc.(c)		10,215		1,911,839
W.W. Grainger, Inc.(c)		2,975		1,650,946
Wabtec Corp.		11,225		983,871
Waste Connections, Inc.		16,636		2,315,398
Waste Management, Inc.		26,856		4,539,470
Xylem, Inc.		11,599		1,056,669
				182,333,459
Information Technology-27.71%
Accenture PLC, Class A		40,974		11,819,360
Adobe, Inc.(b)(c)		30,566		11,414,567
Advanced Micro Devices, Inc.(b)		104,829		8,896,837
Affirm Holdings, Inc.(b)(c)		12,246		286,924
Akamai Technologies, Inc.(b)(c)		10,311		930,877
Amphenol Corp., Class A		38,565		2,835,684
Analog Devices, Inc.		33,626		5,095,348
ANSYS, Inc.(b)		5,589		1,387,749
Apple, Inc.(c)		1,047,430		164,676,945
Applied Materials, Inc.		56,276		5,293,883
AppLovin Corp., Class A(b)(c)		7,646		188,321
Arista Networks, Inc.(b)		15,953		1,912,446
Arrow Electronics, Inc.(b)		4,372		458,229
Autodesk, Inc.(b)		14,072		2,838,885
Automatic Data Processing, Inc.		27,172		6,641,109
Avalara, Inc.(b)		5,615		514,278
Bentley Systems, Inc., Class B		12,271		451,205
Bill.com Holdings, Inc.(b)(c)		6,035		976,946
Black Knight, Inc.(b)		9,993		661,137
Block, Inc., Class A(b)(c)		33,561		2,312,688
Broadcom, Inc.(c)		26,123		13,038,251
Broadridge Financial Solutions, Inc.		7,583		1,297,982
Cadence Design Systems, Inc.(b)		17,864		3,104,227
CDW Corp.		8,698		1,484,749
Ceridian HCM Holding, Inc.(b)		8,819		525,965
Cisco Systems, Inc.		267,899		11,980,443
Citrix Systems, Inc.		8,125		835,006
Cloudflare, Inc., Class A(b)(c)		16,376		1,024,646
Cognex Corp.		11,223		472,601
Cognizant Technology Solutions Corp., Class A		33,780		2,133,883
Corning, Inc.		51,693		1,774,104
Coupa Software, Inc.(b)(c)		4,811		280,962
Crowdstrike Holdings, Inc., Class A(b)		13,112		2,394,382
Datadog, Inc., Class A(b)(c)		15,567		1,633,757
Dell Technologies, Inc., Class C		17,745		679,456

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

  15  

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

August 31, 2022

	Shares		Value
Information Technology-(continued)
DocuSign, Inc.(b)		12,765	$	743,178
Dropbox, Inc., Class A(b)		18,580		397,426
Dynatrace, Inc.(b)		12,923		493,400
Enphase Energy, Inc.(b)		8,735		2,502,053
Entegris, Inc.		9,539		905,060
EPAM Systems, Inc.(b)(c)		3,683		1,570,799
F5, Inc.(b)		3,935		618,031
Fair Isaac Corp.(b)		1,701		764,429
Fidelity National Information Services, Inc.		39,510		3,610,029
Fiserv, Inc.(b)		39,724		4,019,672
FleetCor Technologies, Inc.(b)		4,753		1,010,155
Fortinet, Inc.(b)		43,984		2,141,581
Gartner, Inc.(b)		5,210		1,486,517
Global Payments, Inc.(c)		18,155		2,255,396
GoDaddy, Inc., Class A(b)		10,464		793,380
Guidewire Software, Inc.(b)(c)		5,085		364,645
Hewlett Packard Enterprise Co.		83,715		1,138,524
HP, Inc.		67,772		1,945,734
HubSpot, Inc.(b)(c)		2,936		989,549
Intel Corp.		264,514		8,443,287
International Business Machines Corp.		58,099		7,462,817
Intuit, Inc.		17,347		7,490,088
Jack Henry & Associates, Inc.		4,694		902,187
Juniper Networks, Inc.		20,812		591,477
Keysight Technologies, Inc.(b)		11,757		1,926,855
KLA Corp.		9,654		3,322,231
Lam Research Corp.		8,984		3,934,183
Marvell Technology, Inc.		54,979		2,574,117
Mastercard, Inc., Class A		56,178		18,222,458
Microchip Technology, Inc.		35,755		2,333,014
Micron Technology, Inc.(c)		72,055		4,073,269
Microsoft Corp.		459,622		120,177,364
MongoDB, Inc.(b)(c)		4,403		1,421,553
Monolithic Power Systems, Inc.		2,866		1,298,814
Motorola Solutions, Inc.		10,844		2,639,538
NetApp, Inc.		14,321		1,032,974
NortonLifeLock, Inc.		37,436		845,679
NVIDIA Corp.		161,983		24,449,714
NXP Semiconductors N.V. (China)		16,985		2,795,391
Okta, Inc.(b)		9,752		891,333
ON Semiconductor Corp.(b)(c)		28,108		1,932,987
Oracle Corp.		103,468		7,672,152
Palantir Technologies, Inc., Class A(b)(c)		105,752		816,405
Palo Alto Networks, Inc.(b)(c)		6,445		3,588,640
Paychex, Inc.		21,019		2,592,483
Paycom Software, Inc.(b)		3,313		1,163,526
PayPal Holdings, Inc.(b)		71,238		6,656,479
PTC, Inc.(b)		7,158		822,383
Qorvo, Inc.(b)		6,859		615,801
QUALCOMM, Inc.		72,452		9,583,226
RingCentral, Inc., Class A(b)		5,152		221,742
Roper Technologies, Inc.		6,851		2,758,076
salesforce.com, inc.(b)		64,296		10,037,892
Seagate Technology Holdings PLC(c)		13,203		884,073
ServiceNow, Inc.(b)(c)		12,968		5,636,152
Skyworks Solutions, Inc.		10,410		1,025,905
Snowflake, Inc., Class A(b)(c)		14,404		2,606,404
SolarEdge Technologies, Inc.(b)(c)		3,583		988,801
Splunk, Inc.(b)		10,408		937,032

	Shares		Value
Information Technology-(continued)
SS&C Technologies Holdings, Inc.		14,853	$	828,203
Synopsys, Inc.(b)		9,896		3,424,214
TE Connectivity Ltd. (Switzerland)		20,841		2,630,343
Teledyne Technologies, Inc.(b)		3,024		1,113,921
Teradyne, Inc.		10,363		877,124
Texas Instruments, Inc.		59,627		9,850,977
Trade Desk, Inc. (The), Class A(b)		28,599		1,793,157
Trimble, Inc.(b)		16,199		1,024,587
Twilio, Inc., Class A(b)(c)		11,084		771,225
Tyler Technologies, Inc.(b)		2,657		987,102
Unity Software, Inc.(b)(c)		12,306		525,712
VeriSign, Inc.(b)		6,394		1,165,115
Visa, Inc., Class A(c)		106,460		21,154,667
VMware, Inc., Class A		13,630		1,581,489
Western Digital Corp.(b)		20,194		853,398
Western Union Co. (The)		25,377		376,087
Workday, Inc., Class A(b)		12,873		2,118,381
Zebra Technologies Corp., Class A(b)		3,392		1,023,163
Zendesk, Inc.(b)		7,834		601,416
Zoom Video Communications, Inc., Class A(b)(c)		14,654		1,178,182
Zscaler, Inc.(b)(c)		5,476		871,998
				632,122,353
Materials-2.58%
Air Products and Chemicals, Inc.		14,346		3,621,648
Albemarle Corp.		7,576		2,030,065
Alcoa Corp.(c)		11,881		587,872
Amcor PLC		97,411		1,169,906
Avery Dennison Corp.		5,290		971,350
Ball Corp.		20,694		1,154,932
Celanese Corp.		6,965		772,140
CF Industries Holdings, Inc.		13,494		1,396,089
Cleveland-Cliffs, Inc.(b)(c)		33,837		584,365
Corteva, Inc.(c)		46,775		2,873,388
Crown Holdings, Inc.		8,004		725,082
Dow, Inc.		47,100		2,402,100
DuPont de Nemours, Inc.		32,993		1,835,730
Eastman Chemical Co.		8,340		758,940
Ecolab, Inc.		16,598		2,719,250
FMC Corp.		8,135		879,231
Freeport-McMoRan, Inc.		93,654		2,772,158
International Flavors & Fragrances, Inc.		16,385		1,810,215
International Paper Co.		22,777		947,979
Linde PLC (United Kingdom)		32,521		9,198,890
LyondellBasell Industries N.V., Class A		16,870		1,400,210
Martin Marietta Materials, Inc.		4,031		1,401,619
Mosaic Co. (The)		23,417		1,261,474
Newmont Corp.		51,309		2,122,140
Nucor Corp.(c)		17,211		2,288,030
Packaging Corp. of America		6,055		829,051
PPG Industries, Inc.(c)		15,212		1,931,620
RPM International, Inc.		8,368		779,563
Sealed Air Corp.		9,545		513,616
Sherwin-Williams Co. (The)		15,986		3,710,351
Steel Dynamics, Inc.(c)		12,315		994,067
Vulcan Materials Co.		8,563		1,425,654
Westlake Corp.(c)		2,474		244,011
WestRock Co.		16,486		669,167
				58,781,903

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

  16  

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

August 31, 2022

	Shares		Value
Real Estate-3.01%
Alexandria Real Estate Equities, Inc.		10,031	$	1,538,755
American Homes 4 Rent, Class A		20,190		717,956
American Tower Corp.		29,517		7,498,794
AvalonBay Communities, Inc.		9,000		1,808,190
Boston Properties, Inc.		9,588		761,575
Camden Property Trust		6,546		841,226
CBRE Group, Inc., Class A(b)		21,144		1,669,530
Crown Castle, Inc.		28,012		4,785,290
Digital Realty Trust, Inc.		18,415		2,276,646
Duke Realty Corp.		24,870		1,463,600
Equinix, Inc.		5,888		3,870,595
Equity LifeStyle Properties, Inc.(c)		11,394		798,719
Equity Residential		23,013		1,684,091
Essex Property Trust, Inc.		4,212		1,116,433
Extra Space Storage, Inc.		8,632		1,715,437
Gaming and Leisure Properties, Inc.		16,527		797,758
Healthcare Realty Trust, Inc.(c)		24,500		595,840
Healthpeak Properties, Inc.		34,707		911,059
Host Hotels & Resorts, Inc.		45,967		816,834
Invitation Homes, Inc.		39,481		1,432,371
Iron Mountain, Inc.(c)		18,688		983,176
Kimco Realty Corp.		39,677		836,391
Medical Properties Trust, Inc.(c)		38,551		563,230
Mid-America Apartment Communities, Inc.		7,411		1,227,780
Prologis, Inc.		47,887		5,962,410
Public Storage		10,194		3,372,481
Realty Income Corp.		38,917		2,657,253
Regency Centers Corp.		9,914		603,168
SBA Communications Corp., Class A		6,999		2,276,425
Simon Property Group, Inc.		21,259		2,167,993
Sun Communities, Inc.		7,867		1,209,237
UDR, Inc.		20,529		921,136
Ventas, Inc.		25,703		1,230,146
VICI Properties, Inc.(c)		61,957		2,043,961
Vornado Realty Trust(c)		10,546		276,516
W.P. Carey, Inc.(c)		12,478		1,048,526
Welltower, Inc.		29,367		2,250,981
Weyerhaeuser Co.		48,045		1,641,217
Zillow Group, Inc., Class C(b)(c)		10,641		356,048
				68,728,774
Utilities-3.07%
AES Corp. (The)		42,975		1,093,714
Alliant Energy Corp.		16,121		984,026
Ameren Corp.		16,704		1,547,124
American Electric Power Co., Inc.		33,221		3,328,744
American Water Works Co., Inc.		11,692		1,735,677
Atmos Energy Corp.		8,993		1,019,626

	Shares		Value
Utilities-(continued)
CenterPoint Energy, Inc.		40,505	$	1,277,123
CMS Energy Corp.		18,644		1,259,216
Consolidated Edison, Inc.		22,919		2,240,103
Constellation Energy Corp.		21,134		1,724,323
Dominion Energy, Inc.		52,463		4,291,473
DTE Energy Co.		12,461		1,624,167
Duke Energy Corp.		49,804		5,324,545
Edison International		24,523		1,661,924
Entergy Corp.		13,087		1,508,931
Essential Utilities, Inc.		16,105		791,561
Evergy, Inc.		14,759		1,011,434
Eversource Energy		22,191		1,990,311
Exelon Corp.		63,409		2,784,289
FirstEnergy Corp.		34,865		1,378,911
NextEra Energy, Inc.		127,082		10,809,595
NiSource, Inc.		26,121		770,831
NRG Energy, Inc.		15,350		633,648
PG&E Corp.(b)(c)		95,897		1,182,410
PPL Corp.		47,299		1,375,455
Public Service Enterprise Group, Inc.		32,313		2,079,665
Sempra Energy		20,327		3,353,345
Southern Co. (The)		68,734		5,297,329
UGI Corp.		13,530		534,435
Vistra Corp.(c)		25,141		622,240
WEC Energy Group, Inc.		20,313		2,095,083
Xcel Energy, Inc.		35,233		2,616,050
				69,947,308
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $2,419,498,749)				2,278,682,909
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-12.11%
Invesco Private Government Fund, 2.29%(d)(e)(f)		77,205,584		77,205,584
Invesco Private Prime Fund, 2.37%(d)(e)(f)		199,077,694		199,097,606
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $276,301,088)				276,303,190
TOTAL INVESTMENTS IN SECURITIES-112.01% (Cost $2,695,799,837)				2,554,986,099
OTHER ASSETS LESS LIABILITIES-(12.01)%				(273,940,989	)
NET ASSETS-100.00%			$	2,281,045,110

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

  17  

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

August 31, 2022

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 August 31, 2022.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Invesco Ltd.		$	462,824		$	164,702		$	(63,448	)		$	(191,226	)		$	(5,110	)		$	367,742		$	15,791
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			46,470,194			(46,470,194	)			-				-				-			4,475
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,815,320			190,251,644			(116,861,380	)			-				-				77,205,584			104,668	*
Invesco Private Prime Fund			9,010,612			415,951,556			(225,854,133	)			2,102				(12,531	)			199,097,606			294,720	*
Total		$	13,288,756		$	652,838,096		$	(389,249,155	)		$	(189,124	)		$	(17,641	)		$	276,670,932		$	419,654

* 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 August 31, 2022.

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

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

  18  

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

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-2.21%
AdTheorent Holding Co., Inc.(b)		162	$	428
Advantage Solutions, Inc.(b)		845		3,076
Altice USA, Inc., Class A(b)		1,624		16,240
AMC Networks, Inc., Class A(b)		216		5,787
Angi, Inc., Class A(b)		545		2,213
Anterix, Inc.(b)		93		3,948
ATN International, Inc.		87		4,076
Audacy, Inc.(b)		968		534
Bandwidth, Inc., Class A(b)(c)		173		2,681
Boston Omaha Corp., Class A(b)(c)		135		3,622
Bumble, Inc., Class A(b)(c)		533		13,352
Cardlytics, Inc.(b)(c)		255		3,376
Cargurus, Inc.(b)(c)		648		12,118
Cars.com, Inc.(b)(c)		492		6,273
Cinemark Holdings, Inc.(b)(c)		885		12,461
Clear Channel Outdoor Holdings, Inc.(b)		2,579		4,126
Cogent Communications Holdings, Inc.		326		17,359
Consolidated Communications Holdings, Inc.(b)		447		2,566
E.W. Scripps Co. (The), Class A(b)(c)		411		6,144
EchoStar Corp., Class A(b)		279		5,136
Endeavor Group Holdings, Inc., Class A(b)		667		15,088
Eventbrite, Inc., Class A(b)		651		4,629
EverQuote, Inc., Class A(b)		148		1,280
Frontier Communications Parent, Inc.(b)		1,534		39,516
fuboTV, Inc.(b)(c)		1,377		4,985
Gannett Co., Inc.(b)		1,061		2,461
Globalstar, Inc.(b)		5,613		11,226
Gogo, Inc.(b)		389		5,781
Gray Television, Inc.(c)		595		11,364
IDT Corp., Class B(b)		145		3,708
iHeartMedia, Inc., Class A(b)(c)		859		7,602
IMAX Corp.(b)		352		5,519
Innovid Corp. (Israel)(b)		448		1,644
Iridium Communications, Inc.(b)(c)		902		40,040
John Wiley & Sons, Inc., Class A(c)		331		15,236
Liberty Latin America Ltd., Class A (Chile)(b)		287		2,009
Liberty Latin America Ltd., Class C (Chile)(b)(c)		1,160		8,085
Liberty Media Corp.-Liberty Braves, Class A(b)(c)		65		1,826
Liberty Media Corp.-Liberty Braves, Class C(b)		335		9,159
Lions Gate Entertainment Corp., Class A(b)(c)		453		4,462
Lions Gate Entertainment Corp., Class B(b)		942		8,789
Loyalty Ventures, Inc.(b)		138		291
Madison Square Garden Entertainment Corp.(b)(c)		184		10,223
Madison Square Garden Sports Corp., Class A(b)		110		17,630
Magnite, Inc.(b)(c)		894		6,732
Marcus Corp. (The)(c)		172		2,767
MediaAlpha, Inc., Class A(b)(c)		253		2,113
New York Times Co. (The), Class A(c)		1,306		39,820
Nexstar Media Group, Inc., Class A		318		60,840
Nextdoor Holdings, Inc.(b)(c)		328		1,043
Playstudios, Inc.(b)		621		2,248
PubMatic, Inc., Class A(b)		293		5,734
QuinStreet, Inc.(b)(c)		405		4,864
Radius Global Infrastructure, Inc., Class A(b)(c)		590		8,124
Scholastic Corp.		231		10,605
Shenandoah Telecommunications Co.(c)		370		8,247

	Shares		Value
Communication Services-(continued)
Shutterstock, Inc.		191	$	10,583
Sinclair Broadcast Group, Inc., Class A		382		8,438
Skillz, Inc., (Acquired 5/27/2021 - 6/8/2022; Cost $13,271)(b)(c)(d)		1,784		2,373
Stagwell, Inc.(b)(c)		487		3,302
TechTarget, Inc.(b)(c)		214		13,889
TEGNA, Inc.		1,658		35,481
Telephone & Data Systems, Inc.		751		12,219
Thryv Holdings, Inc.(b)(c)		160		4,093
TripAdvisor, Inc.(b)		759		18,064
TrueCar, Inc.(b)		668		1,456
United States Cellular Corp.(b)(c)		106		3,031
Vimeo, Inc.(b)		1,150		6,808
Vinco Ventures, Inc.(b)		922		894
WideOpenWest, Inc.(b)(c)		411		7,316
World Wrestling Entertainment, Inc., Class A		331		22,511
Yelp, Inc.(b)		549		18,759
Ziff Davis, Inc.(b)(c)		352		27,203
ZipRecruiter, Inc., Class A(b)(c)		292		4,871
				712,497
Consumer Discretionary-12.91%
1-800-Flowers.com, Inc., Class A(b)		152		1,319
2U, Inc.(b)(c)		582		4,144
Aaron’s Co., Inc. (The)		227		2,701
Abercrombie & Fitch Co., Class A(b)		424		6,101
Academy Sports & Outdoors, Inc.(c)		633		27,270
Accel Entertainment, Inc.(b)(c)		443		4,169
Acushnet Holdings Corp.		277		13,199
Adient PLC(b)		714		23,705
ADT, Inc.		1,197		8,726
Adtalem Global Education, Inc.(b)		371		13,983
Allbirds, Inc., Class A(b)		606		2,491
American Axle & Manufacturing Holdings, Inc.(b)(c)		892		9,232
American Eagle Outfitters, Inc.(c)		1,203		13,546
American Public Education, Inc.(b)(c)		147		1,519
America’s Car-Mart, Inc.(b)(c)		47		3,789
AMMO, Inc.(b)(c)		663		2,526
Arko Corp.		382		3,640
Asbury Automotive Group, Inc.(b)(c)		166		28,964
Autoliv, Inc. (Sweden)		645		50,175
AutoNation, Inc.(b)		297		37,006
Bally’s Corp.(b)(c)		255		6,041
BARK, Inc.(b)(c)		459		1,065
Beachbody Co., Inc. (The)(b)		783		908
Bed Bath & Beyond, Inc.(b)(c)		531		5,060
Big Lots, Inc.		216		4,443
BJ’s Restaurants, Inc.(b)		188		4,715
Bloomin’ Brands, Inc.(c)		627		12,678
Boot Barn Holdings, Inc.(b)(c)		222		14,790
Bowlero Corp.(b)(c)		283		3,345
Boxed, Inc.(b)		209		222
Boyd Gaming Corp.		634		34,509
Bright Horizons Family Solutions, Inc.(b)		465		31,713
Brinker International, Inc.(b)		333		8,162
Brunswick Corp.		596		44,527
Buckle, Inc. (The)(c)		235		7,586

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)

August 31, 2022

	Shares		Value
Consumer Discretionary-(continued)
Caleres, Inc.		296	$	7,554
Callaway Golf Co.(b)(c)		1,048		23,192
Camping World Holdings, Inc., Class A		323		9,729
Canoo, Inc.(b)(c)		831		2,651
Capri Holdings Ltd.(b)		1,143		53,927
CarParts.com, Inc.(b)(c)		298		1,931
Carriage Services, Inc.		112		3,966
Carter’s, Inc.		307		22,672
Carvana Co.(b)		704		23,225
Cavco Industries, Inc.(b)		70		16,381
Century Communities, Inc.		228		10,645
Cheesecake Factory, Inc. (The)		357		10,931
Chegg, Inc.(b)		1,013		19,936
Chico’s FAS, Inc.(b)		919		5,220
Children’s Place, Inc. (The)(b)(c)		124		5,230
Choice Hotels International, Inc.		284		32,578
Churchill Downs, Inc.		265		52,229
Chuy’s Holdings, Inc.(b)		157		3,506
Clarus Corp.(c)		173		2,624
Columbia Sportswear Co.(c)		266		18,950
Container Store Group, Inc. (The)(b)(c)		253		1,715
ContextLogic, Inc., Class A(b)		3,469		4,510
Coursera, Inc.(b)		426		4,899
Cracker Barrel Old Country Store, Inc.		167		18,026
Cricut, Inc., Class A(b)		204		1,273
Crocs, Inc.(b)		483		35,597
Dana, Inc.		976		15,099
Dave & Buster’s Entertainment, Inc.(b)(c)		298		12,319
Deckers Outdoor Corp.(b)(c)		207		66,565
Denny’s Corp.(b)		500		4,725
Designer Brands, Inc., Class A(c)		487		8,308
Dick’s Sporting Goods, Inc.		446		47,441
Dillard’s, Inc., Class A(c)		47		13,923
Dine Brands Global, Inc.		128		8,525
Dorman Products, Inc.(b)		202		18,311
DraftKings, Inc., Class A(b)(c)		2,976		47,795
Dream Finders Homes, Inc., Class A(b)(c)		138		1,704
Duluth Holdings, Inc., Class B(b)		164		1,455
Duolingo, Inc.(b)		130		12,223
Dutch Bros, Inc., Class A(b)		201		7,336
El Pollo Loco Holdings, Inc.(b)		159		1,439
Ethan Allen Interiors, Inc.		169		4,017
European Wax Center, Inc., Class A		191		4,131
Everi Holdings, Inc.(b)		704		13,024
EVgo, Inc.(b)(c)		513		4,868
F45 Training Holdings, Inc.(b)		148		370
Faraday Future Intelligent Electric, Inc.(b)		1,020		1,142
Fisker, Inc.(b)(c)		1,234		11,143
Five Below, Inc.(b)(c)		435		55,628
Floor & Decor Holdings, Inc., Class A(b)(c)		829		67,447
Foot Locker, Inc.(c)		681		25,088
Fox Factory Holding Corp.(b)		330		30,759
Franchise Group, Inc.(c)		216		7,320
frontdoor, inc.(b)(c)		617		14,487
Funko, Inc., Class A(b)		224		4,988
GameStop Corp., Class A(b)(c)		2,032		58,196
Gap, Inc. (The)(c)		1,529		13,975
Genesco, Inc.(b)		103		5,828
Gentex Corp.		1,830		49,941
Gentherm, Inc.(b)(c)		250		14,975

	Shares		Value
Consumer Discretionary-(continued)
G-III Apparel Group Ltd.(b)		338	$	7,122
Golden Entertainment, Inc.(b)		148		5,662
Goodyear Tire & Rubber Co. (The)(b)		2,212		31,034
GoPro, Inc., Class A(b)(c)		940		5,725
Graham Holdings Co., Class B		31		17,528
Grand Canyon Education, Inc.(b)		265		21,566
Green Brick Partners, Inc.(b)		255		6,212
Group 1 Automotive, Inc.		122		21,788
Groupon, Inc.(b)(c)		168		1,665
GrowGeneration Corp.(b)(c)		370		1,758
Guess?, Inc.		312		5,451
H&R Block, Inc.		1,250		56,250
Hanesbrands, Inc.		2,634		22,942
Harley-Davidson, Inc.(c)		1,096		42,273
Haverty Furniture Cos., Inc., (Acquired 12/7/2020 - 6/8/2022; Cost $3,945)(d)		127		3,406
Helen of Troy Ltd.(b)		180		22,253
Hibbett, Inc.		97		5,684
Hilton Grand Vacations, Inc.(b)(c)		706		28,791
Holley, Inc.(b)(c)		325		1,843
Hovnanian Enterprises, Inc., Class A(b)		44		1,764
Hyatt Hotels Corp., Class A		397		35,579
Installed Building Products, Inc.		195		17,659
iRobot Corp.(b)(c)		204		12,012
Jack in the Box, Inc.(c)		158		12,618
Johnson Outdoors, Inc., Class A(c)		46		2,812
KB Home(c)		598		17,133
Kohl’s Corp.		1,007		28,619
Kontoor Brands, Inc.		381		14,185
Krispy Kreme, Inc.(c)		502		5,898
Lands’ End, Inc.(b)(c)		99		1,368
Latham Group, Inc.(b)		372		2,124
Laureate Education, Inc., Class A		853		9,400
La-Z-Boy, Inc.		368		9,712
LCI Industries		199		23,058
Leggett & Platt, Inc.(c)		1,047		40,016
Leslie’s, Inc.(b)(c)		1,166		16,534
Levi Strauss & Co., Class A		761		12,853
LGI Homes, Inc.(b)(c)		163		15,470
Life Time Group Holdings, Inc.(b)(c)		216		2,560
Light & Wonder, Inc.(b)		723		35,593
Lindblad Expeditions Holdings, Inc.(b)		237		1,832
Liquidity Services, Inc.(b)		218		3,813
Lithia Motors, Inc., Class A(c)		225		59,724
LL Flooring Holdings, Inc.(b)		229		1,864
Lordstown Motors Corp., Class A(b)(c)		1,232		2,636
Lovesac Co. (The)(b)		106		3,270
Luminar Technologies, Inc.(b)(c)		1,699		14,645
M.D.C. Holdings, Inc.(c)		424		13,178
M/I Homes, Inc.(b)		216		9,340
Macy’s, Inc.		2,112		36,580
Malibu Boats, Inc., Class A(b)		164		9,845
MarineMax, Inc.(b)(c)		171		6,214
Marriott Vacations Worldwide Corp.		314		44,720
Mattel, Inc.(b)		2,760		61,051
Membership Collective Group, Inc., Class A (United Kingdom)(b)(c)		246		1,395
Meritage Homes Corp.(b)		278		21,781
Mister Car Wash, Inc.(b)(c)		560		5,550
Modine Manufacturing Co.(b)		351		5,258

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)

August 31, 2022

	Shares		Value
Consumer Discretionary-(continued)
Monarch Casino & Resort, Inc.(b)		110	$	6,643
Monro, Inc.(c)		259		11,994
Movado Group, Inc.		123		3,922
Murphy USA, Inc.		180		52,231
National Vision Holdings, Inc.(b)(c)		621		20,636
Nordstrom, Inc.(c)		838		14,338
Norwegian Cruise Line Holdings Ltd.(b)(c)		3,274		42,824
ODP Corp. (The)(b)		330		11,797
Ollie’s Bargain Outlet Holdings, Inc.(b)(c)		427		23,617
OneSpaWorld Holdings Ltd. (Bahamas)(b)(c)		591		5,207
Overstock.com, Inc.(b)		353		9,213
Oxford Industries, Inc.(c)		121		12,914
Papa John’s International, Inc.		255		20,612
Party City Holdco, Inc.(b)(c)		832		1,639
Patrick Industries, Inc.		168		8,899
Peloton Interactive, Inc., Class A(b)		2,285		23,284
PENN Entertainment, Inc.(b)(c)		1,314		41,036
Penske Automotive Group, Inc.(c)		233		27,473
Perdoceo Education Corp.(b)(c)		546		6,323
Petco Health & Wellness Co., Inc.(b)(c)		743		11,086
PetMed Express, Inc.		160		3,291
Planet Fitness, Inc., Class A(b)(c)		665		45,054
Playa Hotels & Resorts N.V.(b)		1,150		7,544
PLBY Group, Inc.(b)(c)		136		612
Polaris, Inc.		442		50,065
Porch Group, Inc.(b)		645		1,387
Portillo’s, Inc., Class A(b)		266		5,857
Poshmark, Inc., Class A(b)		105		1,136
PowerSchool Holdings, Inc., Class A(b)		372		6,696
Purple Innovation, Inc.(b)		394		1,127
PVH Corp.		528		29,700
Quotient Technology, Inc.(b)		624		1,161
Qurate Retail, Inc., Class A(c)		2,649		8,212
Ralph Lauren Corp.(c)		347		31,692
RCI Hospitality Holdings, Inc.		58		3,782
RealReal, Inc. (The)(b)(c)		607		1,299
Red Rock Resorts, Inc., Class A		413		15,785
Rent-A-Center, Inc.		476		12,300
Revolve Group, Inc.(b)		313		7,352
RH(b)(c)		155		39,666
Rover Group, Inc.(b)		613		2,336
Rush Street Interactive, Inc.(b)(c)		414		2,004
Ruth’s Hospitality Group, Inc.		255		4,646
Sally Beauty Holdings, Inc.(b)(c)		828		12,321
SeaWorld Entertainment, Inc.(b)(c)		372		18,693
Service Corp. International		1,233		76,088
Shake Shack, Inc., Class A(b)(c)		280		13,345
Shoe Carnival, Inc.(c)		138		3,283
Signet Jewelers Ltd.(c)		371		24,252
Six Flags Entertainment Corp.(b)(c)		569		12,603
Skechers U.S.A., Inc., Class A(b)		1,060		40,068
Skyline Champion Corp.(b)		428		24,255
Sleep Number Corp.(b)(c)		176		7,292
Smith & Wesson Brands, Inc.(c)		373		4,961
Snap One Holdings Corp.(b)		119		1,332
Solid Power, Inc.(b)		778		5,119
Sonic Automotive, Inc., Class A(c)		159		8,457
Sonos, Inc.(b)(c)		957		14,393
Sportsman’s Warehouse Holdings, Inc.(b)(c)		340		2,706
Standard Motor Products, Inc.		173		6,349

	Shares		Value
Consumer Discretionary-(continued)
Steven Madden Ltd.		581	$	16,913
Stitch Fix, Inc., Class A(b)		626		3,143
Stoneridge, Inc.(b)(c)		214		4,066
Strategic Education, Inc.		175		11,322
Stride, Inc.(b)(c)		305		11,633
Sturm Ruger & Co., Inc.		138		7,210
Tapestry, Inc.		1,972		68,488
Target Hospitality Corp.(b)		266		3,535
Taylor Morrison Home Corp., Class A(b)		867		21,770
Tempur Sealy International, Inc.(c)		1,294		32,363
Tenneco, Inc., Class A(b)(c)		608		11,467
Terminix Global Holdings, Inc.(b)		950		40,517
Texas Roadhouse, Inc.		513		45,534
Thor Industries, Inc.(c)		438		35,482
ThredUp, Inc., Class A(b)		411		991
Toll Brothers, Inc.		875		38,316
TopBuild Corp.(b)		254		46,675
Traeger, Inc.(b)(c)		420		1,109
Travel + Leisure Co.		645		27,348
TravelCenters of America, Inc.(b)(c)		98		5,300
Tri Pointe Homes, Inc.(b)(c)		804		13,933
Tupperware Brands Corp.(b)(c)		393		4,417
Under Armour, Inc., Class A(b)		1,420		11,956
Under Armour, Inc., Class C(b)		1,620		12,296
Universal Electronics, Inc.(b)		106		2,356
Urban Outfitters, Inc.(b)(c)		479		9,642
Victoria’s Secret & Co.(b)(c)		666		22,271
Vista Outdoor, Inc.(b)		422		11,867
Visteon Corp.(b)		212		25,404
Vivid Seats, Inc.		174		1,408
Vivint Smart Home, Inc.(b)		314		1,966
Volta, Inc.(b)(c)		891		1,907
Vuzix Corp.(b)(c)		475		3,567
Warby Parker, Inc.(b)(c)		501		6,298
Weber, Inc., Class A(c)		138		991
Wendy’s Co. (The)		1,410		27,044
Williams-Sonoma, Inc.(c)		548		81,515
Wingstop, Inc.(c)		234		26,643
Winmark Corp.		23		4,747
Winnebago Industries, Inc.		239		13,762
Wolverine World Wide, Inc.(c)		613		11,978
Workhorse Group, Inc.(b)(c)		1,224		3,831
WW International, Inc.(b)		409		2,135
Wyndham Hotels & Resorts, Inc.		718		46,914
Xometry, Inc., Class A(b)(c)		96		4,705
XPEL, Inc.(b)(c)(e)		145		9,937
YETI Holdings, Inc.(b)		684		25,233
Zumiez, Inc.(b)(c)		146		3,790
				4,153,781
Consumer Staples-4.06%
Andersons, Inc. (The)		249		9,220
AppHarvest, Inc.(b)		768		2,212
B&G Foods, Inc.(c)		539		11,675
Beauty Health Co. (The)(b)(c)		676		7,842
BellRing Brands, Inc.(b)		1,040		24,638
Benson Hill, Inc.(b)(c)		846		3,003
Beyond Meat, Inc.(b)(c)		429		10,468
BJ’s Wholesale Club Holdings, Inc.(b)		1,058		78,810
Boston Beer Co., Inc. (The), Class A(b)(c)		77		25,955

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)

August 31, 2022

	Shares		Value
Consumer Staples-(continued)
BRC, Inc.(b)		183	$	1,784
Calavo Growers, Inc.		132		5,549
Cal-Maine Foods, Inc.		283		15,172
Casey’s General Stores, Inc.		289		61,780
Celsius Holdings, Inc.(b)(c)		325		33,634
Central Garden & Pet Co.(b)		76		3,034
Central Garden & Pet Co., Class A(b)		319		12,045
Chefs’ Warehouse, Inc. (The)(b)		259		8,635
Coca-Cola Consolidated, Inc.		40		18,973
Coty, Inc., Class A(b)		2,564		19,256
Darling Ingredients, Inc.(b)		1,265		96,216
Duckhorn Portfolio, Inc. (The)(b)		301		5,490
Edgewell Personal Care Co.		386		15,039
elf Beauty, Inc.(b)		367		13,994
Energizer Holdings, Inc.		512		14,387
Flowers Foods, Inc.		1,573		42,943
Fresh Del Monte Produce, Inc.		280		7,655
Freshpet, Inc.(b)(c)		374		16,280
Grocery Outlet Holding Corp.(b)		717		28,766
Hain Celestial Group, Inc. (The)(b)		684		13,858
Herbalife Nutrition Ltd.(b)		743		19,385
Honest Co., Inc. (The)(b)		433		1,563
Hostess Brands, Inc.(b)		1,083		25,104
Ingles Markets, Inc., Class A		100		8,753
Ingredion, Inc.		523		45,538
Inter Parfums, Inc.		158		12,406
J&J Snack Foods Corp.(c)		132		19,672
John B. Sanfilippo & Son, Inc.		70		5,651
Lamb Weston Holdings, Inc.		1,131		89,948
Lancaster Colony Corp.		151		25,451
Local Bounti Corp.(b)(c)		227		844
Medifast, Inc.		88		11,042
MGP Ingredients, Inc.		98		10,727
Mission Produce, Inc.(b)(c)		319		5,136
National Beverage Corp.(c)		175		9,705
Nu Skin Enterprises, Inc., Class A		372		15,230
Performance Food Group Co.(b)		1,196		59,776
Pilgrim’s Pride Corp.(b)		400		11,388
Post Holdings, Inc.(b)		439		38,966
PriceSmart, Inc.		184		11,642
Reynolds Consumer Products, Inc.(c)		474		13,239
Rite Aid Corp.(b)		423		3,037
Seaboard Corp.		2		7,725
Simply Good Foods Co. (The)(b)		668		20,407
Sovos Brands, Inc.(b)		227		3,466
SpartanNash Co.		301		9,159
Spectrum Brands Holdings, Inc.(c)		306		19,275
Sprouts Farmers Market, Inc.(b)		835		24,131
Tattooed Chef, Inc.(b)(c)		322		2,145
Tootsie Roll Industries, Inc.(c)		128		4,586
TreeHouse Foods, Inc.(b)(c)		376		17,522
Turning Point Brands, Inc.(c)		112		2,612
United Natural Foods, Inc.(b)		438		19,307
Universal Corp.		184		9,391
US Foods Holding Corp.(b)		1,555		47,614
USANA Health Sciences, Inc.(b)		94		6,065
Utz Brands, Inc.		482		8,030
Vector Group Ltd.		985		9,653
Veru, Inc.(b)		498		7,619
Vintage Wine Estates, Inc.(b)		232		1,371

	Shares		Value
Consumer Staples-(continued)
Vital Farms, Inc.(b)		126	$	1,632
WD-40 Co.(c)		110		20,808
Weis Markets, Inc.(c)		122		9,481
				1,304,515
Energy-5.53%
Alto Ingredients, Inc.(b)(c)		539		2,328
Antero Midstream Corp.(c)		2,333		23,493
Antero Resources Corp.(b)		2,170		86,974
Arch Resources, Inc.		116		16,887
Archaea Energy, Inc.(b)		535		10,572
Archrock, Inc.		1,025		7,575
Berry Corp.		441		4,035
Brigham Minerals, Inc., Class A		356		10,591
Bristow Group, Inc.(b)		56		1,625
Cactus, Inc., Class A		473		18,896
California Resources Corp.		412		20,584
Callon Petroleum Co.(b)		370		15,747
Centrus Energy Corp.(b)		83		4,134
ChampionX Corp.		1,593		34,743
Chesapeake Energy Corp.		897		90,140
Chord Energy Corp.		314		44,447
Civitas Resources, Inc.(c)		432		29,026
Clean Energy Fuels Corp.(b)(c)		1,306		8,776
CNX Resources Corp.(b)(c)		1,522		26,894
Comstock Resources, Inc.(b)(c)		700		13,720
CONSOL Energy, Inc.		253		18,160
Core Laboratories N.V		347		5,604
Crescent Energy Co., Class A		257		4,402
CVR Energy, Inc.		237		7,740
Delek US Holdings, Inc.(c)		501		14,153
Denbury, Inc.(b)		396		35,216
DMC Global, Inc.(b)(c)		147		3,281
Dorian LPG Ltd.		253		3,681
Dril-Quip, Inc.(b)		260		5,754
DT Midstream, Inc.		759		41,904
Earthstone Energy, Inc., Class A(b)(c)		302		4,590
EnLink Midstream LLC(b)		2,003		20,350
Enviva, Inc.		252		17,519
Equitrans Midstream Corp.		3,219		29,840
Expro Group Holdings N.V.(b)		559		7,558
Gevo, Inc.(b)(c)		1,841		5,762
Gran Tierra Energy, Inc. (Colombia)(b)		2,763		3,896
Green Plains, Inc.(b)(c)		405		14,835
Gulfport Energy Corp.(b)		97		9,483
Helix Energy Solutions Group, Inc.(b)		1,127		4,869
Helmerich & Payne, Inc.		824		35,226
Hess Midstream L.P., Class A(c)		322		9,116
HF Sinclair Corp.		1,223		64,366
International Seaways, Inc.		294		8,682
Kimbell Royalty Partners L.P.		326		5,783
Kinetik Holdings, Inc., Class A(c)		129		4,756
Kosmos Energy Ltd. (Ghana)(b)		3,420		24,179
Laredo Petroleum, Inc.(b)(c)		108		8,382
Liberty Energy, Inc., Class A(b)		965		14,475
Magnolia Oil & Gas Corp., Class A		1,321		31,532
Matador Resources Co.		918		54,713
Murphy Oil Corp.		1,156		45,049
Nabors Industries Ltd.(b)		70		9,276
New Fortress Energy, Inc.		311		17,836

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)

August 31, 2022

	Shares		Value
Energy-(continued)
NextDecade Corp.(b)		279	$	2,056
NexTier Oilfield Solutions, Inc.(b)		1,595		14,945
Noble Corp.(b)		355		10,774
Northern Oil and Gas, Inc.		515		16,295
NOV, Inc.		3,043		53,770
Oceaneering International, Inc.(b)		780		6,903
Ovintiv, Inc.		2,021		107,396
Par Pacific Holdings, Inc.(b)		355		6,674
Patterson-UTI Energy, Inc.		1,694		25,241
PBF Energy, Inc., Class A(b)		757		25,859
PDC Energy, Inc.		777		52,766
Peabody Energy Corp.(b)(c)		901		22,219
Permian Resources Corp., Class A(b)		1,562		12,855
Plains GP Holdings L.P., Class A(b)		1,441		17,263
ProPetro Holding Corp.(b)		604		5,533
Range Resources Corp.(b)		2,112		69,400
Ranger Oil Corp., Class A(c)		159		6,199
REX American Resources Corp.(b)		126		3,818
RPC, Inc.		593		4,714
SandRidge Energy, Inc.(b)(c)		234		4,909
Select Energy Services, Inc., Class A(b)		500		3,555
SilverBow Resources, Inc.(b)		68		2,704
SM Energy Co.		954		42,043
Southwestern Energy Co.(b)		6,934		51,936
Talos Energy, Inc.(b)		431		8,935
TechnipFMC PLC (United Kingdom)(b)(c)		3,364		27,518
Tellurian, Inc.(b)(c)		3,782		15,128
Tidewater, Inc.(b)		79		1,751
Transocean Ltd.(b)(c)		5,066		18,339
Uranium Energy Corp.(b)		2,634		11,906
US Silica Holdings, Inc.(b)		562		7,885
Valaris Ltd.(b)(c)		172		8,769
Viper Energy Partners L.P		463		14,131
W&T Offshore, Inc.(b)(c)		754		4,901
Weatherford International PLC(b)		448		12,607
World Fuel Services Corp.		476		12,281
				1,777,133
Financials-16.22%
1st Source Corp.		138		6,512
Affiliated Managers Group, Inc.(c)		303		38,590
AGNC Investment Corp.		4,057		48,481
Allegiance Bancshares, Inc.		151		6,396
Amalgamated Financial Corp.		110		2,475
A-Mark Precious Metals, Inc.		136		4,204
Ambac Financial Group, Inc.(b)		364		5,493
Amerant Bancorp, Inc.(c)		216		5,657
American Equity Investment Life Holding Co.(c)		592		22,496
Ameris Bancorp		496		23,153
AMERISAFE, Inc.		166		7,938
Apollo Commercial Real Estate Finance, Inc.		1,002		11,673
Arbor Realty Trust, Inc.(c)		1,129		16,912
Ares Commercial Real Estate Corp.		413		5,447
Ares Management Corp., Class A(c)		1,142		84,668
Argo Group International Holdings Ltd.		261		5,123
ARMOUR Residential REIT, Inc.		858		6,092
Arrow Financial Corp.		126		4,046
Artisan Partners Asset Management, Inc.,
Class A(c)		505		17,049
AssetMark Financial Holdings, Inc.(b)		173		3,346

	Shares		Value
Financials-(continued)
Associated Banc-Corp.		1,124	$	22,525
Assured Guaranty Ltd.		473		24,156
Atlantic Union Bankshares Corp.		567		18,399
Atlanticus Holdings Corp.(b)		40		1,139
AXIS Capital Holdings Ltd.		629		33,431
Axos Financial, Inc.(b)(c)		404		16,879
B. Riley Financial, Inc.		119		5,923
Banc of California, Inc.		435		7,343
BancFirst Corp.(c)		137		14,777
Bancorp, Inc. (The)(b)(c)		404		9,583
Bank First Corp.		54		4,389
Bank of Hawaii Corp.		315		24,576
Bank of Marin Bancorp		123		3,801
Bank OZK		927		37,571
BankUnited, Inc.		638		23,638
Banner Corp.		255		15,494
Bar Harbor Bankshares		118		3,343
Berkshire Hills Bancorp, Inc.		347		9,789
BGC Partners, Inc., Class A		2,264		9,101
Blackstone Mortgage Trust, Inc., Class A(c)		1,267		36,718
Blucora, Inc.(b)		331		6,646
Blue Owl Capital, Inc.		1,974		21,911
BOK Financial Corp.(c)		231		20,529
Bread Financial Holdings, Inc.		372		14,296
Brighthouse Financial, Inc.(b)		575		27,341
Brightsphere Investment Group, Inc.		315		5,383
BrightSpire Capital, Inc.		883		7,417
Broadmark Realty Capital, Inc.		987		6,366
Brookline Bancorp, Inc.		655		8,168
BRP Group, Inc., Class A(b)(c)		434		13,628
Byline Bancorp, Inc.		172		3,751
Cadence Bank		1,454		37,048
Camden National Corp.		118		5,337
Cannae Holdings, Inc.(b)(c)		585		12,642
Capital City Bank Group, Inc.		106		3,385
Capitol Federal Financial, Inc.		1,092		9,894
Cathay General Bancorp		540		22,648
CBTX, Inc.(c)		135		4,023
Central Pacific Financial Corp.		217		4,728
Chimera Investment Corp.(c)		1,779		15,121
City Holding Co.(c)		113		9,606
CNO Financial Group, Inc.		889		16,366
Cohen & Steers, Inc.		215		15,347
Columbia Banking System, Inc.(c)		591		17,700
Columbia Financial, Inc.(b)(c)		282		6,015
Comerica, Inc.		1,024		82,227
Commerce Bancshares, Inc.		842		57,904
Community Bank System, Inc.(c)		407		26,610
Community Trust Bancorp, Inc.		126		5,324
Compass Diversified Holdings		470		9,804
ConnectOne Bancorp, Inc.		282		7,058
Cowen, Inc., Class A		205		7,882
Credit Acceptance Corp.(b)		51		27,136
CrossFirst Bankshares, Inc.(b)		361		4,758
Cullen/Frost Bankers, Inc.		472		61,341
Curo Group Holdings Corp.		147		970
Customers Bancorp, Inc.(b)		242		8,395
CVB Financial Corp.		1,082		28,392
Diamond Hill Investment Group, Inc.		25		4,276
Dime Community Bancshares, Inc.(c)		253		7,909

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)

August 31, 2022

	Shares		Value
Financials-(continued)
Donegal Group, Inc., Class A		111	$	1,612
Donnelley Financial Solutions, Inc.(b)		219		9,297
Dynex Capital, Inc.		272		4,219
Eagle Bancorp, Inc.		241		11,696
East West Bancorp, Inc.		1,111		80,181
Eastern Bankshares, Inc.		1,247		24,192
Ellington Financial, Inc.		419		6,151
Employers Holdings, Inc.		233		9,124
Enact Holdings, Inc.		246		6,248
Encore Capital Group, Inc.(b)		183		10,006
Enova International, Inc.(b)		254		8,875
Enstar Group Ltd.(b)		94		17,789
Enterprise Financial Services Corp.		270		12,344
Essent Group Ltd.		817		32,672
Evercore, Inc., Class A		318		29,793
F.N.B. Corp.		2,752		32,804
FB Financial Corp.		288		11,411
Federal Agricultural Mortgage Corp., Class C		68		7,428
Federated Hermes, Inc., Class B		656		22,343
First American Financial Corp.		843		45,100
First Bancorp		1,544		22,079
First Bancorp/Southern Pines NC		293		10,668
First Bancshares, Inc. (The)		165		4,934
First Busey Corp.		395		9,085
First Commonwealth Financial Corp.		709		9,557
First Community Bankshares, Inc.(c)		122		3,847
First Financial Bancorp		708		15,279
First Financial Bankshares, Inc.		1,059		45,018
First Financial Corp.		87		4,046
First Foundation, Inc.		372		7,053
First Hawaiian, Inc.		1,003		25,787
First Horizon Corp.		4,188		94,733
First Interstate BancSystem, Inc., Class A(c)		729		29,350
First Merchants Corp.		444		17,680
First Mid Bancshares, Inc.		138		4,878
First of Long Island Corp. (The)		177		3,259
FirstCash Holdings, Inc.		309		24,090
Flagstar Bancorp, Inc.		401		15,451
Flushing Financial Corp.		207		4,275
Focus Financial Partners, Inc., Class A(b)		448		17,539
Franklin BSP Realty Trust, Inc.(c)		655		8,449
Freedom Holding Corp. (Kazakhstan)(b)(c)		138		7,994
Fulton Financial Corp.		1,257		20,401
Genworth Financial, Inc., Class A(b)		3,812		16,087
German American Bancorp, Inc.(c)		198		7,437
Glacier Bancorp, Inc.(c)		866		43,889
Goosehead Insurance, Inc., Class A(b)		143		7,436
Granite Point Mortgage Trust, Inc.		421		3,966
Great Southern Bancorp, Inc.		85		4,996
Green Dot Corp., Class A(b)		382		7,751
Hagerty, Inc.(b)(c)		185		2,078
Hamilton Lane, Inc., Class A(c)		265		18,439
Hancock Whitney Corp.		676		32,603
Hanmi Financial Corp.		228		5,636
Hannon Armstrong Sustainable Infrastructure
Capital, Inc.(c)		681		26,913
Hanover Insurance Group, Inc. (The)		280		36,229
HarborOne Bancorp, Inc.		381		5,197
HCI Group, Inc.		64		3,059
Heartland Financial USA, Inc.		316		14,116

	Shares		Value
Financials-(continued)
Heritage Commerce Corp.		464	$	5,239
Heritage Financial Corp.		263		6,835
Hilltop Holdings, Inc.(c)		391		10,322
Hingham Institution for Savings (The)(c)		12		3,563
Hippo Holdings, Inc.(b)		2,192		2,126
Home BancShares, Inc.		1,530		36,001
HomeStreet, Inc.		150		5,222
Hope Bancorp, Inc.		903		13,066
Horace Mann Educators Corp.		311		11,124
Horizon Bancorp, Inc.		311		5,884
Houlihan Lokey, Inc.		387		30,379
Independent Bank Corp.		356		27,850
Independent Bank Corporation		161		3,304
Independent Bank Group, Inc.(c)		289		19,467
Interactive Brokers Group, Inc., Class A		728		44,838
International Bancshares Corp.		455		18,987
Invesco Mortgage Capital, Inc.(f)		225		3,575
Jackson Financial, Inc., Class A		395		12,348
James River Group Holdings Ltd.		293		6,962
Janus Henderson Group PLC(c)		1,078		25,225
Jefferies Financial Group, Inc.		1,501		48,167
Kearny Financial Corp.		490		5,566
Kemper Corp.		480		22,080
Kinsale Capital Group, Inc.		171		43,362
KKR Real Estate Finance Trust, Inc.(c)		345		6,645
Ladder Capital Corp.		889		9,832
Lakeland Bancorp, Inc.		461		7,510
Lakeland Financial Corp.(c)		190		14,315
Lemonade, Inc.(b)(c)		385		8,516
LendingClub Corp.(b)		732		9,567
LendingTree, Inc.(b)		94		2,866
Live Oak Bancshares, Inc.		253		9,169
Luther Burbank Corp.		122		1,599
MBIA, Inc.(b)(c)		347		4,091
Mercantile Bank Corp.		119		3,937
Merchants Bancorp		118		3,182
Mercury General Corp.		216		6,890
Metropolitan Bank Holding Corp.(b)(c)		75		5,369
MFA Financial, Inc.		721		7,881
MGIC Investment Corp.		2,371		33,882
Midland States Bancorp, Inc.		167		4,190
MidWestOne Financial Group, Inc.		119		3,630
Moelis & Co., Class A		491		20,455
Morningstar, Inc.		202		46,054
Mr. Cooper Group, Inc.(b)(c)		526		22,250
National Bank Holdings Corp., Class A		224		8,989
National Western Life Group, Inc., Class A		19		3,616
Navient Corp.		1,145		17,622
NBT Bancorp, Inc.		328		12,720
Nelnet, Inc., Class A		114		9,603
New York Community Bancorp, Inc.(c)		3,657		35,802
New York Mortgage Trust, Inc.(c)		2,970		8,316
Nicolet Bankshares, Inc.(b)(c)		95		7,275
NMI Holdings, Inc., Class A(b)		611		12,544
Northfield Bancorp, Inc.		360		5,306
Northwest Bancshares, Inc.		905		12,733
OceanFirst Financial Corp.(c)		476		9,253
OFG Bancorp		371		10,091
Old National Bancorp		2,318		38,687
Old Republic International Corp.		2,270		49,577

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)

August 31, 2022

	Shares		Value
Financials-(continued)
Old Second Bancorp, Inc.		267	$	3,663
OneMain Holdings, Inc.(c)		912		31,856
Open Lending Corp., Class A(b)		804		7,807
Oportun Financial Corp.(b)		132		675
Origin Bancorp, Inc.		161		6,577
Oscar Health, Inc., Class A(b)(c)		334		2,214
Pacific Premier Bancorp, Inc.		743		24,341
PacWest Bancorp		920		24,224
Palomar Holdings, Inc.(b)(c)		190		15,065
Park National Corp.(c)		122		16,083
Pathward Financial, Inc.		223		7,350
Peapack-Gladstone Financial Corp.		125		4,209
PennyMac Financial Services, Inc.(c)		354		18,804
PennyMac Mortgage Investment Trust		715		10,618
Peoples Bancorp, Inc.		211		6,307
Perella Weinberg Partners		281		2,020
Pinnacle Financial Partners, Inc.		596		48,103
Piper Sandler Cos		136		15,582
PJT Partners, Inc., Class A		175		12,113
Popular, Inc.		600		46,332
PRA Group, Inc.(b)(c)		330		12,190
Preferred Bank		109		7,395
Premier Financial Corp.(c)		273		7,376
Primerica, Inc.		301		38,152
ProAssurance Corp.		420		8,984
PROG Holdings, Inc.(b)		413		7,657
Prosperity Bancshares, Inc.		713		50,537
Provident Financial Services, Inc.		550		12,776
QCR Holdings, Inc.		127		7,093
Radian Group, Inc.		1,318		27,823
Ready Capital Corp.		531		6,956
Redwood Trust, Inc.		885		6,859
Reinsurance Group of America, Inc.		521		65,313
RenaissanceRe Holdings Ltd. (Bermuda)		340		45,988
Renasant Corp.		418		13,936
Republic Bancorp, Inc., Class A		79		3,358
Rithm Capital Corp.(c)		3,655		34,467
RLI Corp.		319		35,013
Rocket Cos., Inc., Class A(c)		1,016		8,026
Root, Inc., Class A(b)(c)		26		322
Ryan Specialty Holdings, Inc., Class A(b)(c)		648		27,449
S&T Bancorp, Inc.		300		8,892
Safety Insurance Group, Inc.		112		10,086
Sandy Spring Bancorp, Inc.		338		13,020
Seacoast Banking Corp. of Florida		457		14,770
Selective Insurance Group, Inc.		475		37,724
Selectquote, Inc.(b)(c)		988		1,097
ServisFirst Bancshares, Inc.		383		32,310
Silvergate Capital Corp., Class A(b)		248		22,598
Simmons First National Corp., Class A		1,023		24,133
SiriusPoint Ltd. (Bermuda)(b)		697		3,116
SLM Corp.		2,099		32,073
SoFi Technologies, Inc.(b)(c)		4,661		27,593
South State Corp.		591		46,122
Southside Bancshares, Inc.		231		8,704
Starwood Property Trust, Inc.		2,360		54,115
StepStone Group, Inc., Class A		372		10,152
Stewart Information Services Corp.		203		10,280
Stifel Financial Corp.		827		49,049
Stock Yards Bancorp, Inc.		229		15,174

	Shares		Value
Financials-(continued)
StoneX Group, Inc.(b)		133	$	12,348
Synovus Financial Corp.		1,129		45,341
Texas Capital Bancshares, Inc.(b)		397		23,435
TFS Financial Corp.(c)		442		6,321
Tompkins Financial Corp.		97		6,949
Towne Bank		520		14,815
TPG RE Finance Trust, Inc.		394		3,648
TPG, Inc.		265		7,780
TriCo Bancshares		234		11,042
Triumph Bancorp, Inc.(b)(c)		178		11,020
Trupanion, Inc.(b)(c)		257		18,139
TrustCo Bank Corp.		152		5,068
Trustmark Corp.		440		13,878
Two Harbors Investment Corp.(c)		2,586		12,542
UMB Financial Corp.		360		32,209
Umpqua Holdings Corp.		1,699		30,140
United Bankshares, Inc.		1,074		39,845
United Community Banks, Inc.		799		26,790
United Fire Group, Inc.		168		4,944
Universal Insurance Holdings, Inc.		216		2,579
Univest Financial Corp.		231		5,729
Unum Group		1,583		59,917
Upstart Holdings, Inc.(b)		597		15,462
UWM Holdings Corp.(c)		749		2,711
Valley National Bancorp		3,309		38,451
Veritex Holdings, Inc.		423		12,737
Victory Capital Holdings, Inc., Class A		129		3,455
Virtu Financial, Inc., Class A		688		15,796
Virtus Investment Partners, Inc.		59		11,284
Voya Financial, Inc.		800		49,224
Walker & Dunlop, Inc.		238		23,909
Washington Federal, Inc.		489		15,653
Washington Trust Bancorp, Inc.		136		6,886
Waterstone Financial, Inc.		168		2,905
WesBanco, Inc.		460		15,737
Westamerica Bancorporation		203		11,358
Western Alliance Bancorporation		848		65,059
White Mountains Insurance Group Ltd.(c)		23		31,510
Wintrust Financial Corp.		450		37,953
WisdomTree Investments, Inc.		851		4,264
World Acceptance Corp.(b)(c)		32		3,720
WSFS Financial Corp.		490		23,691
Zions Bancorporation N.A		1,173		64,550
				5,217,048
Health Care-13.88%
10X Genomics, Inc., Class A(b)(c)		632		20,850
1Life Healthcare, Inc.(b)		1,010		17,382
23andMe Holding Co., Class A(b)(c)		1,926		6,491
2seventy bio, Inc.(b)		276		4,065
4D Molecular Therapeutics, Inc.(b)		190		1,493
Acadia Healthcare Co., Inc.(b)		709		58,088
Acadia Pharmaceuticals, Inc.(b)		907		14,902
Accolade, Inc.(b)(c)		428		4,357
Aclaris Therapeutics, Inc.(b)		323		5,139
AdaptHealth Corp.(b)		490		8,805
Adaptive Biotechnologies Corp.(b)(c)		710		6,333
Addus HomeCare Corp.(b)		135		12,045
Adicet Bio, Inc.(b)		137		1,940
Aerie Pharmaceuticals, Inc.(b)		353		5,330

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)

August 31, 2022

	Shares		Value
Health Care-(continued)
Agenus, Inc.(b)		2,255	$	6,088
Agiliti, Inc.(b)(c)		253		4,063
agilon health, inc.(b)(c)		1,586		32,957
Agios Pharmaceuticals, Inc.(b)(c)		372		9,486
Akero Therapeutics, Inc.(b)(c)		123		1,445
Albireo Pharma, Inc.(b)		129		2,258
Alector, Inc.(b)(c)		409		4,233
Alignment Healthcare, Inc.(b)(c)		634		9,643
Alkermes PLC(b)		1,280		30,298
Allogene Therapeutics, Inc.(b)(c)		738		10,118
Allovir, Inc.(b)		282		2,118
Allscripts Healthcare Solutions, Inc.(b)		875		14,875
Alphatec Holdings, Inc.(b)(c)		517		3,924
ALX Oncology Holdings, Inc.(b)		132		1,716
Amedisys, Inc.(b)(c)		255		30,205
American Well Corp., Class A(b)(c)		1,463		6,657
Amicus Therapeutics, Inc.(b)(c)		1,581		17,755
AMN Healthcare Services, Inc.(b)		350		35,924
Amneal Pharmaceuticals, Inc.(b)		760		1,649
Amphastar Pharmaceuticals, Inc.(b)		318		9,413
AnaptysBio, Inc.(b)(c)		138		3,204
Anavex Life Sciences Corp.(b)(c)		566		5,428
AngioDynamics, Inc.(b)(c)		298		6,598
ANI Pharmaceuticals, Inc.(b)(c)		90		3,320
Anika Therapeutics, Inc.(b)		113		2,554
Apellis Pharmaceuticals, Inc.(b)(c)		667		40,360
Apollo Medical Holdings, Inc.(b)(c)		292		12,594
Arcturus Therapeutics Holdings, Inc.(b)		166		2,331
Arcus Biosciences, Inc.(b)(c)		370		8,910
Arcutis Biotherapeutics, Inc.(b)		352		9,486
Arrowhead Pharmaceuticals, Inc.(b)		787		31,252
Artivion, Inc.(b)(c)		299		6,626
Arvinas, Inc.(b)(c)		336		14,226
ATAI Life Sciences N.V. (Germany)(b)		907		4,081
Atara Biotherapeutics, Inc.(b)(c)		567		2,274
Atea Pharmaceuticals, Inc.(b)(c)		564		4,230
AtriCure, Inc.(b)		331		15,100
Atrion Corp.		12		7,247
Aurinia Pharmaceuticals, Inc. (Canada)(b)		854		6,285
Avanos Medical, Inc.(b)		356		8,768
Aveanna Healthcare Holdings, Inc.(b)		362		659
Avid Bioservices, Inc.(b)(c)		483		8,317
Avidity Biosciences, Inc.(b)(c)		259		5,082
Axonics, Inc.(b)		294		21,241
Axsome Therapeutics, Inc.(b)		236		15,057
Azenta, Inc.		587		30,941
Beam Therapeutics, Inc.(b)(c)		440		24,024
BioCryst Pharmaceuticals, Inc.(b)(c)		1,397		19,418
Biohaven Pharmaceutical Holding Co. Ltd.(b)		473		70,643
BioLife Solutions, Inc.(b)		246		5,808
Bionano Genomics, Inc.(b)(c)		2,176		5,396
Bioventus, Inc., Class A(b)		227		1,659
Bioxcel Therapeutics, Inc.(b)(c)		154		2,107
Blueprint Medicines Corp.(b)(c)		466		34,121
Bridgebio Pharma, Inc.(b)(c)		528		5,544
Brookdale Senior Living, Inc.(b)		1,256		5,526
Bruker Corp.		818		45,808
Butterfly Network, Inc.(b)(c)		852		5,308
C4 Therapeutics, Inc.(b)		254		2,560
Cano Health, Inc.(b)		1,084		6,688

	Shares		Value
Health Care-(continued)
Cara Therapeutics, Inc.(b)(c)		315	$	3,251
Cardiovascular Systems, Inc.(b)		316		4,174
CareDx, Inc.(b)(c)		409		8,012
CareMax, Inc.(b)		362		2,476
Caribou Biosciences, Inc.(b)		366		3,612
Cassava Sciences, Inc.(b)(c)		294		7,565
Castle Biosciences, Inc.(b)(c)		158		4,582
Catalyst Pharmaceuticals, Inc.(b)(c)		765		10,358
Celldex Therapeutics, Inc.(b)		293		8,907
Celularity, Inc.(b)		209		566
Cerevel Therapeutics Holdings, Inc.(b)(c)		444		12,920
Certara, Inc.(b)(c)		780		12,223
Cerus Corp.(b)		1,345		5,528
Change Healthcare, Inc.(b)		1,995		49,017
Chemed Corp.		115		54,762
ChemoCentryx, Inc.(b)		446		22,737
Chimerix, Inc.(b)		572		1,258
Chinook Therapeutics, Inc.(b)(c)		297		6,178
CinCor Pharma, Inc.(b)		163		5,505
Clover Health Investments Corp.(b)(c)		2,325		6,068
Codexis, Inc.(b)		453		3,176
Coherus Biosciences, Inc.(b)(c)		481		5,378
Collegium Pharmaceutical, Inc.(b)		252		4,430
Community Health Systems, Inc.(b)		873		2,322
Computer Programs & Systems, Inc.(b)		109		3,326
CONMED Corp.(c)		231		20,460
Corcept Therapeutics, Inc.(b)		719		18,565
CorVel Corp.(b)		72		11,187
Covetrus, Inc.(b)		878		18,324
Crinetics Pharmaceuticals, Inc.(b)		280		5,286
CRISPR Therapeutics AG (Switzerland)(b)(c)		567		36,906
Cross Country Healthcare, Inc.(b)		284		7,208
CryoPort, Inc.(b)		371		12,117
Cullinan Oncology, Inc.(b)		120		1,618
Cutera, Inc.(b)(c)		112		5,348
Cytek Biosciences, Inc.(b)		504		5,872
Cytokinetics, Inc.(b)		630		33,365
Deciphera Pharmaceuticals, Inc.(b)		263		4,268
Definitive Healthcare Corp.(b)		255		5,120
Denali Therapeutics, Inc.(b)		646		17,875
DermTech, Inc.(b)(c)		138		767
DICE Therapeutics, Inc.(b)(c)		71		1,115
DocGo, Inc.(b)		605		6,171
Dynavax Technologies Corp.(b)(c)		856		9,818
Dyne Therapeutics, Inc.(b)		177		1,735
Eagle Pharmaceuticals, Inc.(b)		88		2,884
Editas Medicine, Inc.(b)(c)		532		7,820
Embecta Corp.		427		13,630
Emergent BioSolutions, Inc.(b)		347		8,335
Enanta Pharmaceuticals, Inc.(b)		148		9,010
Encompass Health Corp.(c)		779		37,836
Enhabit, Inc.(b)		391		6,491
Enovis Corp.(b)(c)		366		18,538
Ensign Group, Inc. (The)		413		35,229
Envista Holdings Corp.(b)		1,254		46,511
EQRx, Inc.(b)		1,100		5,379
Erasca, Inc.(b)(c)		191		1,723
Establishment Labs Holdings, Inc. (Costa
Rica)(b)(c)		149		9,265
Evolent Health, Inc., Class A(b)(c)		610		22,417

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

  26  

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

August 31, 2022

	Shares		Value
Health Care-(continued)
Evolus, Inc.(b)(c)		272	$	2,614
Exelixis, Inc.(b)		2,473		43,871
Fate Therapeutics, Inc.(b)(c)		623		16,285
FibroGen, Inc.(b)(c)		651		8,098
Figs, Inc., Class A(b)(c)		514		5,942
Forma Therapeutics Holdings, Inc.(b)		254		3,404
Fulcrum Therapeutics, Inc.(b)(c)		201		1,487
Fulgent Genetics, Inc.(b)		151		6,564
Generation Bio Co.(b)		290		1,485
Geron Corp.(b)		2,539		6,703
Glaukos Corp.(b)		353		17,138
Global Blood Therapeutics, Inc.(b)(c)		484		32,864
Globus Medical, Inc., Class A(b)(c)		621		36,757
GoodRx Holdings, Inc., Class A(b)		551		3,361
Gossamer Bio., Inc.(b)(c)		394		5,496
GreenLight Biosciences Holdings PBC(b)(c)		372		1,056
Guardant Health, Inc.(b)		721		36,093
Haemonetics Corp.(b)(c)		401		30,087
Halozyme Therapeutics, Inc.(b)		1,068		43,500
Hanger, Inc.(b)		299		5,570
Harmony Biosciences Holdings, Inc.(b)(c)		175		7,684
Health Catalyst, Inc.(b)(c)		335		4,020
HealthEquity, Inc.(b)(c)		661		43,679
HealthStream, Inc.(b)		199		4,404
Heron Therapeutics, Inc.(b)		762		3,117
Heska Corp.(b)(c)		80		7,286
Hims & Hers Health, Inc.(b)		885		5,629
Humacyte, Inc.(b)		405		1,478
ICU Medical, Inc.(b)(c)		159		25,281
Ideaya Biosciences, Inc.(b)		212		2,084
IGM Biosciences, Inc.(b)		66		1,281
Imago Biosciences, Inc.(b)(c)		92		1,337
ImmunityBio, Inc.(b)(c)		897		3,588
ImmunoGen, Inc.(b)		1,712		9,947
Immunovant, Inc.(b)		317		1,633
Inari Medical, Inc.(b)(c)		333		23,094
Inhibrx, Inc.(b)		173		3,069
Innoviva, Inc.(b)(c)		487		6,409
Inogen, Inc.(b)		151		4,323
Inovio Pharmaceuticals, Inc.(b)		1,645		3,767
Insmed, Inc.(b)(c)		936		23,044
Inspire Medical Systems, Inc.(b)		214		40,979
Integer Holdings Corp.(b)(c)		251		15,831
Integra LifeSciences Holdings Corp.(b)		565		26,956
Intellia Therapeutics, Inc.(b)		535		32,132
Intercept Pharmaceuticals, Inc.(b)(c)		175		3,040
Intra-Cellular Therapies, Inc.(b)		665		33,423
Invitae Corp.(b)(c)		1,618		4,919
Ionis Pharmaceuticals, Inc.(b)(c)		995		42,307
Iovance Biotherapeutics, Inc.(b)(c)		884		9,476
iRhythm Technologies, Inc.(b)(c)		233		34,356
Ironwood Pharmaceuticals, Inc.(b)(c)		1,075		11,567
iTeos Therapeutics, Inc.(b)(c)		149		3,305
IVERIC bio, Inc.(b)(c)		605		5,953
Joint Corp. (The)(b)		113		2,061
Karuna Therapeutics, Inc.(b)		209		53,308
Karyopharm Therapeutics, Inc.(b)(c)		530		2,682
Keros Therapeutics, Inc.(b)		106		3,749
Kezar Life Sciences, Inc.(b)		321		3,300
Kiniksa Pharmaceuticals Ltd., Class A(b)(c)		324		3,797

	Shares		Value
Health Care-(continued)
Kodiak Sciences, Inc.(b)(c)		243	$	2,432
Krystal Biotech, Inc.(b)		137		9,605
Kura Oncology, Inc.(b)(c)		443		6,140
Kymera Therapeutics, Inc.(b)(c)		257		7,265
Lantheus Holdings, Inc.(b)		527		41,528
LeMaitre Vascular, Inc.		153		7,555
Lexicon Pharmaceuticals, Inc.(b)		450		1,238
LHC Group, Inc.(b)		229		36,977
Ligand Pharmaceuticals, Inc.(b)		131		12,103
LivaNova PLC(b)(c)		401		22,557
MacroGenics, Inc.(b)		380		1,509
Madrigal Pharmaceuticals, Inc.(b)(c)		93		6,707
MannKind Corp.(b)		1,851		6,756
Maravai LifeSciences Holdings, Inc., Class A(b)		840		17,531
MaxCyte, Inc.(b)		504		2,621
Medpace Holdings, Inc.(b)(c)		201		29,670
MeiraGTx Holdings PLC(b)		174		1,444
Meridian Bioscience, Inc.(b)		324		10,559
Merit Medical Systems, Inc.(b)		444		26,298
Mersana Therapeutics, Inc.(b)		582		4,365
Merus N.V. (Netherlands)(b)		216		5,115
Mesa Laboratories, Inc.		40		6,834
MiMedx Group, Inc.(b)		568		2,005
Mirati Therapeutics, Inc.(b)		306		24,795
Mirum Pharmaceuticals, Inc.(b)(c)		156		3,897
ModivCare, Inc.(b)		99		10,724
Monte Rosa Therapeutics, Inc.(b)(c)		223		1,766
Morphic Holding, Inc.(b)(c)		148		4,073
Multiplan Corp.(b)		1,439		5,065
Myovant Sciences Ltd.(b)		336		5,742
Myriad Genetics, Inc.(b)(c)		609		13,605
NanoString Technologies, Inc.(b)(c)		328		4,448
Natera, Inc.(b)		716		35,270
National HealthCare Corp.(c)		109		7,570
National Research Corp.(c)		110		3,752
Nektar Therapeutics(b)(c)		1,306		5,146
Neogen Corp.(b)(c)		809		16,908
NeoGenomics, Inc.(b)		913		9,176
Nevro Corp.(b)(c)		256		11,602
NextGen Healthcare, Inc.(b)		450		7,713
NGM Biopharmaceuticals, Inc.(b)(c)		206		2,907
Novavax, Inc.(b)(c)		612		20,220
Nurix Therapeutics, Inc.(b)(c)		254		3,995
NuVasive, Inc.(b)		389		16,536
Nuvation Bio, Inc.(b)		848		2,374
Oak Street Health, Inc.(b)(c)		815		21,353
Ocugen, Inc.(b)(c)		1,554		4,009
Omnicell, Inc.(b)		351		35,904
OPKO Health, Inc.(b)(c)		3,464		7,552
OptimizeRx Corp.(b)(c)		125		1,984
Option Care Health, Inc.(b)		1,128		34,923
OraSure Technologies, Inc.(b)(c)		567		2,319
Organogenesis Holdings, Inc.(b)		436		1,565
Organon & Co.		1,964		56,033
Orthofix Medical, Inc.(b)		155		3,084
OrthoPediatrics Corp.(b)(c)		108		5,302
Outset Medical, Inc.(b)(c)		302		5,524
Owens & Minor, Inc.(c)		539		15,906
Pacific Biosciences of California, Inc.(b)(c)		1,640		9,610
Pacira BioSciences, Inc.(b)		356		18,683

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

  27  

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

August 31, 2022

	Shares		Value
Health Care-(continued)
Paragon 28, Inc.(b)		202	$	3,545
Patterson Cos., Inc.		659		18,380
Pediatrix Medical Group, Inc.(b)		606		10,799
Pennant Group, Inc. (The)(b)(c)		212		3,322
Penumbra, Inc.(b)(c)		281		46,132
Perrigo Co. PLC		1,042		38,992
PetIQ, Inc.(b)(c)		193		1,803
Phathom Pharmaceuticals, Inc.(b)(c)		111		948
Phibro Animal Health Corp., Class A		160		2,370
Phreesia, Inc.(b)(c)		358		9,186
PMV Pharmaceuticals, Inc.(b)(c)		161		2,241
Point Biopharma Global, Inc.(b)(c)		284		2,769
Praxis Precision Medicines, Inc.(b)		274		855
Precigen, Inc.(b)		727		1,607
Premier, Inc., Class A		895		31,540
Prestige Consumer Healthcare, Inc.(b)		376		19,018
Privia Health Group, Inc.(b)(c)		603		23,993
PROCEPT BioRobotics Corp.(b)		83		3,360
Progyny, Inc.(b)(c)		576		23,161
Prometheus Biosciences, Inc.(b)		73		3,819
Protagonist Therapeutics, Inc.(b)		269		2,346
Prothena Corp. PLC (Ireland)(b)(c)		248		6,837
Provention Bio, Inc.(b)		372		1,607
PTC Therapeutics, Inc.(b)		513		25,619
Pulmonx Corp.(b)		213		3,913
Quanterix Corp.(b)		313		2,927
Quantum-Si, Inc.(b)		641		2,000
QuidelOrtho Corp.(b)		396		31,387
R1 RCM, Inc.(b)		1,095		23,926
Radius Health, Inc.(b)(g)		340		27
RadNet, Inc.(b)		436		8,759
RAPT Therapeutics, Inc.(b)		186		4,968
Reata Pharmaceuticals, Inc., Class A(b)(c)		210		5,021
Recursion Pharmaceuticals, Inc., Class A(b)(c)		473		4,971
REGENXBIO, Inc.(b)(c)		276		8,142
Relay Therapeutics, Inc.(b)(c)		489		11,232
Relmada Therapeutics, Inc.(b)		148		4,313
Repare Therapeutics, Inc. (Canada)(b)		129		1,538
Repligen Corp.(b)		408		89,503
Replimune Group, Inc.(b)(c)		166		3,164
Revance Therapeutics, Inc.(b)(c)		532		10,587
REVOLUTION Medicines, Inc.(b)(c)		456		9,498
Rhythm Pharmaceuticals, Inc.(b)		277		6,260
Rigel Pharmaceuticals, Inc.(b)		1,339		1,901
Rocket Pharmaceuticals, Inc.(b)(c)		295		4,546
Roivant Sciences Ltd.(b)		2,082		7,412
Sage Therapeutics, Inc.(b)		400		15,064
Sana Biotechnology, Inc.(b)(c)		641		4,365
Sangamo Therapeutics, Inc.(b)(c)		967		5,222
Sarepta Therapeutics, Inc.(b)		651		71,206
Scholar Rock Holding Corp.(b)(c)		307		2,560
Schrodinger, Inc.(b)(c)		442		12,128
Seer, Inc.(b)(c)		246		2,485
Select Medical Holdings Corp.		895		22,948
Sema4 Holdings Corp.(b)		845		862
Senseonics Holdings, Inc.(b)(c)		2,963		5,274
Seres Therapeutics, Inc.(b)		777		3,994
Shockwave Medical, Inc.(b)		280		83,121
SI-BONE, Inc.(b)		209		3,448
SIGA Technologies, Inc.		350		5,278

	Shares		Value
Health Care-(continued)
Signify Health, Inc., Class A(b)		515	$	14,368
Silk Road Medical, Inc.(b)		254		10,117
Simulations Plus, Inc.		127		7,626
SomaLogic, Inc.(b)		1,028		3,783
Sorrento Therapeutics, Inc.(b)		3,045		6,242
Sotera Health Co.(b)(c)		745		12,598
SpringWorks Therapeutics, Inc.(b)		205		5,693
STAAR Surgical Co.(b)(c)		318		30,080
Stoke Therapeutics, Inc.(b)		106		1,596
Supernus Pharmaceuticals, Inc.(b)		401		13,726
Surgery Partners, Inc.(b)		296		8,149
SurModics, Inc.(b)		109		3,672
Syndax Pharmaceuticals, Inc.(b)		380		8,972
Syneos Health, Inc.(b)		805		48,389
Tactile Systems Technology, Inc.(b)		156		1,287
Tandem Diabetes Care, Inc.(b)		482		22,047
Tango Therapeutics, Inc.(b)		230		943
Tenet Healthcare Corp.(b)		788		44,522
TG Therapeutics, Inc.(b)(c)		1,074		7,658
Theravance Biopharma, Inc.(b)		434		3,910
Tilray Brands, Inc., Class 2 (Canada)(b)(c)		3,897		14,809
TransMedics Group, Inc.(b)(c)		249		12,955
Travere Therapeutics, Inc.(b)		406		10,865
Treace Medical Concepts, Inc.(b)		125		2,504
Tricida, Inc.(b)		186		2,329
Twist Bioscience Corp.(b)(c)		401		16,088
Ultragenyx Pharmaceutical, Inc.(b)(c)		520		24,799
uniQure N.V. (Netherlands)(b)		321		6,272
United Therapeutics Corp.(b)		355		80,450
US Physical Therapy, Inc.		99		8,178
Vanda Pharmaceuticals, Inc.(b)		438		4,634
Varex Imaging Corp.(b)(c)		300		6,327
Vaxart, Inc.(b)(c)		956		2,964
Vaxcyte, Inc.(b)		253		6,618
VBI Vaccines, Inc.(b)		1,400		1,254
Vera Therapeutics, Inc.(b)		104		2,260
Veracyte, Inc.(b)(c)		590		12,036
Vericel Corp.(b)(c)		312		7,784
Verve Therapeutics, Inc.(b)(c)		246		9,437
ViewRay, Inc.(b)		965		3,300
Vir Biotechnology, Inc.(b)		542		12,872
Viridian Therapeutics, Inc.(b)		224		4,975
Xencor, Inc.(b)		411		10,846
Xenon Pharmaceuticals, Inc. (Canada)(b)		340		13,195
Y-mAbs Therapeutics, Inc.(b)(c)		257		4,133
Zentalis Pharmaceuticals, Inc.(b)(c)		341		9,142
Zimvie, Inc.(b)		168		2,557
Zogenix, Inc.(g)		376		256
				4,464,285
Industrials-16.79%
AAON, Inc.(c)		316		18,164
AAR Corp.(b)		270		11,578
ABM Industries, Inc.		507		23,525
ACCO Brands Corp.		747		4,430
Acuity Brands, Inc.(c)		272		44,589
ACV Auctions, Inc., Class A(b)(c)		922		7,846
Advanced Drainage Systems, Inc.		528		71,650
AECOM		1,049		76,734
Aerojet Rocketdyne Holdings, Inc.(b)		575		24,765

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

  28  

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

August 31, 2022

	Shares		Value
Industrials-(continued)
AeroVironment, Inc.(b)		175	$	15,514
AerSale Corp.(b)		116		2,236
AGCO Corp.		490		53,268
Air Lease Corp.		814		29,597
Air Transport Services Group, Inc.(b)		136		4,098
Alamo Group, Inc.		80		10,461
Alaska Air Group, Inc.(b)		246		10,716
Albany International Corp., Class A		240		21,166
Alight, Inc., Class A(b)(c)		1,925		15,169
Allegiant Travel Co.(b)		35		3,377
Allison Transmission Holdings, Inc.		734		26,615
Altra Industrial Motion Corp.		487		18,482
Ameresco, Inc., Class A(b)(c)		240		16,524
American Airlines Group, Inc.(b)		1,221		15,861
American Woodmark Corp.(b)		131		6,790
API Group Corp.(b)(c)		1,228		19,095
Apogee Enterprises, Inc.(c)		186		7,596
Applied Industrial Technologies, Inc.		301		31,912
ArcBest Corp.		184		14,817
Arcosa, Inc.		365		21,334
Argan, Inc.		124		4,289
Armstrong World Industries, Inc.		368		30,908
Array Technologies, Inc.(b)		1,117		23,345
ASGN, Inc.(b)		400		38,680
Astec Industries, Inc.		170		6,491
Astra Space, Inc.(b)		866		739
Atkore, Inc.(b)		338		28,531
Atlas Air Worldwide Holdings, Inc.(b)(c)		57		5,695
Avis Budget Group, Inc.(b)(c)		246		41,175
Axon Enterprise, Inc.(b)		525		61,257
AZEK Co., Inc. (The)(b)(c)		876		15,987
AZZ, Inc.		184		7,840
Babcock & Wilcox Enterprises, Inc.(b)		448		3,575
Barnes Group, Inc.		363		11,271
Barrett Business Services, Inc.		59		4,758
Beacon Roofing Supply, Inc.(b)		423		23,227
Blade Air Mobility, Inc.(b)		320		1,651
Blink Charging Co.(b)		294		6,283
Bloom Energy Corp., Class A(b)(c)		1,271		32,296
Blue Bird Corp.(b)(c)		128		1,519
BlueLinx Holdings, Inc.(b)(c)		73		5,117
Boise Cascade Co.		294		18,325
Brady Corp., Class A		363		16,894
BrightView Holdings, Inc.(b)		260		2,631
Brink’s Co. (The)		372		20,564
Builders FirstSource, Inc.(b)		1,353		79,299
BWX Technologies, Inc.		719		37,481
CACI International, Inc., Class A(b)		183		51,399
Cadre Holdings, Inc.		92		2,346
Casella Waste Systems, Inc., Class A(b)(c)		397		32,526
CBIZ, Inc.(b)		353		15,412
ChargePoint Holdings, Inc., (Acquired 11/30/2021 - 8/31/2022; Cost $39,121)(b)(d)		1,718		27,952
Chart Industries, Inc.(b)(c)		284		55,056
Cimpress PLC (Ireland)(b)(c)		128		4,298
CIRCOR International, Inc.(b)(c)		159		2,592
Clean Harbors, Inc.(b)		405		47,555
Columbus McKinnon Corp.(c)		218		6,677
Comfort Systems USA, Inc.		282		28,296

	Shares		Value
Industrials-(continued)
Construction Partners, Inc.(b)(c)		323	$	9,451
Core & Main, Inc., Class A(b)(c)		503		11,856
CoreCivic, Inc.(b)		905		8,625
CRA International, Inc.		58		5,302
Crane Holdings Co.		373		35,196
CSW Industrials, Inc.		112		14,179
Curtiss-Wright Corp.		299		44,010
Deluxe Corp.		333		6,407
Desktop Metal, Inc., Class A(b)(c)		1,578		5,018
Donaldson Co., Inc.		957		49,142
Douglas Dynamics, Inc.		176		5,122
Driven Brands Holdings, Inc.(b)(c)		376		11,818
Ducommun, Inc., (Acquired 5/28/2019 - 6/8/2022; Cost $4,484)(b)(d)		84		3,696
Dun & Bradstreet Holdings, Inc.		1,460		20,805
DXP Enterprises, Inc.(b)		120		3,190
Dycom Industries, Inc.(b)		226		25,339
Eagle Bulk Shipping, Inc.(c)		71		3,084
EMCOR Group, Inc.		400		47,568
Encore Wire Corp.(c)		152		19,775
Energy Recovery, Inc.(b)		384		8,809
Energy Vault Holdings, Inc.(b)		403		2,220
Enerpac Tool Group Corp.(c)		464		9,002
EnerSys(c)		310		19,335
Ennis, Inc.		206		4,373
Enovix Corp.(b)		516		11,414
EnPro Industries, Inc.		146		13,222
Esab Corp.		362		14,875
ESCO Technologies, Inc.(c)		195		15,879
ESS Tech, Inc.(b)		403		1,789
Evoqua Water Technologies Corp.(b)		950		33,326
Exponent, Inc.		406		38,107
Federal Signal Corp.		458		18,260
First Advantage Corp.(b)		416		5,757
Flowserve Corp.(c)		1,023		31,171
Fluor Corp.(b)(c)		1,112		29,401
Forrester Research, Inc.(b)		90		3,743
Forward Air Corp.		204		19,796
Franklin Covey Co.(b)		99		4,709
Franklin Electric Co., Inc.		308		26,750
FREYR Battery S.A. (Norway)(b)(c)		611		8,701
Frontier Group Holdings, Inc.(b)(c)		334		4,309
FTI Consulting, Inc.(b)		265		42,559
FuelCell Energy, Inc.(b)(c)		2,754		11,539
Gates Industrial Corp. PLC(b)		765		8,201
GATX Corp.(c)		279		26,954
Genco Shipping & Trading Ltd.		285		3,907
GEO Group, Inc. (The)(b)		954		7,804
Gibraltar Industries, Inc.(b)		268		11,216
Global Industrial Co.		129		3,880
GMS, Inc.(b)		294		14,171
Gorman-Rupp Co. (The)		164		4,331
Graco, Inc.		1,325		84,588
GrafTech International Ltd.		1,581		9,296
Granite Construction, Inc.(c)		344		10,313
Great Lakes Dredge & Dock Corp.(b)(c)		517		4,948
Greenbrier Cos., Inc. (The)		255		7,270
Griffon Corp.		318		9,969
GXO Logistics, Inc.(b)		833		36,969
H&E Equipment Services, Inc.		253		8,010

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

  29  

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

August 31, 2022

	Shares		Value
Industrials-(continued)
Harsco Corp.(b)		618	$	3,504
Hawaiian Holdings, Inc.(b)(c)		106		1,589
Hayward Holdings, Inc.(b)(c)		573		6,022
Healthcare Services Group, Inc.		557		7,837
Heartland Express, Inc.		526		7,969
Heidrick & Struggles International, Inc.		154		4,383
Heliogen, Inc.(b)		552		1,325
Helios Technologies, Inc.		242		13,218
Herc Holdings, Inc.		191		21,493
Heritage-Crystal Clean, Inc.(b)		124		4,039
Hertz Global Holdings, Inc.(b)(c)		1,725		31,843
Hexcel Corp.		657		38,546
Hillenbrand, Inc.(c)		547		22,793
Hillman Solutions Corp.(b)(c)		733		6,150
HireRight Holdings Corp.(b)		177		2,878
HNI Corp.		329		10,528
Hub Group, Inc., Class A(b)		254		20,272
Hubbell, Inc.		415		85,614
Huron Consulting Group, Inc.(b)		163		10,905
Hydrofarm Holdings Group, Inc.(b)(c)		207		704
Hyliion Holdings Corp.(b)		744		2,611
Hyster-Yale Materials Handling, Inc.		97		2,826
Hyzon Motors, Inc.(b)(c)		579		1,233
IAA, Inc.(b)		1,049		39,086
ICF International, Inc.		139		14,117
Ideanomics, Inc.(b)		3,375		1,999
IES Holdings, Inc.(b)(c)		74		2,249
Insperity, Inc.		285		31,071
Insteel Industries, Inc.		152		4,393
Interface, Inc.		460		5,138
ITT, Inc.		663		48,087
Janus International Group, Inc.(b)(c)		727		7,510
JELD-WEN Holding, Inc.(b)(c)		678		7,560
JetBlue Airways Corp.(b)(c)		621		4,838
John Bean Technologies Corp.		239		24,679
Kadant, Inc.(c)		88		15,790
Kaman Corp.		197		6,249
KAR Auction Services, Inc.(b)(c)		933		13,622
KBR, Inc.		1,078		52,067
Kelly Services, Inc., Class A		259		4,172
Kennametal, Inc.		594		13,923
Kforce, Inc.		153		8,372
Kirby Corp.(b)		118		7,913
Korn Ferry		411		25,038
Kratos Defense & Security Solutions, Inc.(b)(c)		937		11,750
Landstar System, Inc.(c)		294		43,109
Lincoln Electric Holdings, Inc.		433		59,187
Lindsay Corp.		86		13,791
Luxfer Holdings PLC (United Kingdom)		216		3,553
Manitowoc Co., Inc. (The)(b)		275		2,626
ManpowerGroup, Inc.		405		29,695
ManTech International Corp., Class A		209		20,045
Markforged Holding Corp.(b)		662		1,609
Marten Transport Ltd.		489		9,687
Masonite International Corp.(b)		167		13,664
MasTec, Inc.(b)(c)		446		35,903
Matson, Inc.		77		5,672
Matthews International Corp., Class A		216		5,402
Maxar Technologies, Inc.		547		13,035
McGrath RentCorp.		181		15,298

	Shares		Value
Industrials-(continued)
MDU Resources Group, Inc.		1,589	$	47,908
Mercury Systems, Inc.(b)(c)		406		19,541
Microvast Holdings, Inc.(b)		904		2,224
Middleby Corp. (The)(b)(c)		409		58,822
MillerKnoll, Inc.		567		15,695
Montrose Environmental Group, Inc.(b)(c)		176		7,077
Moog, Inc., Class A		216		16,196
MRC Global, Inc.(b)		613		5,964
MSA Safety, Inc.		293		34,826
MSC Industrial Direct Co., Inc., Class A		369		29,228
Mueller Industries, Inc.		387		24,447
Mueller Water Products, Inc., Class A		1,180		13,310
MYR Group, Inc.(b)		133		12,361
National Presto Industries, Inc.		42		2,865
Nielsen Holdings PLC		2,639		73,470
Nikola Corp.(b)(c)		2,021		10,833
NOW, Inc.(b)		865		10,484
NV5 Global, Inc.(b)(c)		99		13,935
nVent Electric PLC		1,300		42,848
Omega Flex, Inc.		28		2,829
Oshkosh Corp.		523		41,714
Parsons Corp.(b)(c)		273		11,297
PGT Innovations, Inc.(b)		464		9,707
Pitney Bowes, Inc.		1,379		3,985
Planet Labs PBC(b)		1,205		6,603
Primoris Services Corp.		418		8,473
Proterra, Inc., (Acquired 11/30/2021 - 3/15/2022; Cost $14,426)(b)(c)(d)		1,331		8,039
Proto Labs, Inc.(b)		208		7,987
Quanex Building Products Corp.		259		5,776
RBC Bearings, Inc.(b)(c)		223		53,672
Regal Rexnord Corp.		526		72,372
Resideo Technologies, Inc.(b)		1,147		23,881
Resources Connection, Inc.		244		4,768
REV Group, Inc.(c)		232		2,673
Rocket Lab USA, Inc.(b)		1,047		5,758
Rush Enterprises, Inc., Class A		326		15,342
Rush Enterprises, Inc., Class B		44		2,228
Ryder System, Inc.		406		31,035
Saia, Inc.(b)(c)		207		42,814
Sarcos Technology and Robotics Corp.(b)		485		1,591
Schneider National, Inc., Class B		426		9,738
Science Applications International Corp.(c)		437		39,798
SES AI Corp.(b)		683		3,237
Shoals Technologies Group, Inc., Class A(b)(c)		880		23,206
Shyft Group, Inc. (The)		250		5,987
Simpson Manufacturing Co., Inc.		328		30,386
SiteOne Landscape Supply, Inc.(b)(c)		350		43,806
Skillsoft Corp.(b)		523		1,684
SkyWest, Inc.(b)		99		2,108
SP Plus Corp.(b)		177		5,866
Spirit AeroSystems Holdings, Inc., Class A		791		23,809
Spirit Airlines, Inc.(b)		213		4,831
SPX Technologies, Inc.(b)(c)		340		19,400
Standex International Corp.		96		8,679
Steelcase, Inc., Class A(c)		621		6,943
Stem, Inc.(b)		512		8,049
Stericycle, Inc.(b)		724		36,265
Sterling Check Corp.(b)		614		13,066
Sterling Infrastructure, Inc.(b)		216		5,463

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

  30  

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

August 31, 2022

	Shares		Value
Industrials-(continued)
Sun Country Airlines Holdings, Inc.(b)(c)		113	$	2,251
SunPower Corp.(b)		649		15,576
Sunrun, Inc.(b)(c)		1,462		48,290
Tennant Co.		134		8,087
Terex Corp.		526		17,474
Tetra Tech, Inc.		417		56,633
Thermon Group Holdings, Inc.(b)		257		4,510
Timken Co. (The)		507		31,936
Titan International, Inc.(b)		373		5,233
Titan Machinery, Inc.(b)		152		4,679
Toro Co. (The)		810		67,173
TPI Composites, Inc.(b)(c)		293		5,447
Trex Co., Inc.(b)		886		41,456
TriNet Group, Inc.(b)		325		26,780
Trinity Industries, Inc.(c)		581		14,165
Triton International Ltd. (Bermuda)		516		30,748
Triumph Group, Inc.(b)		503		6,534
TrueBlue, Inc.(b)(c)		257		5,279
TuSimple Holdings, Inc., Class A(b)		379		2,725
Tutor Perini Corp.(b)		362		2,454
UFP Industries, Inc.		486		38,584
UniFirst Corp.		114		20,550
Univar Solutions, Inc.(b)		1,325		33,416
Upwork, Inc.(b)(c)		869		15,121
V2X, Inc.(b)		92		3,189
Valmont Industries, Inc.		167		46,229
Velo3D, Inc.(b)		412		1,776
Veritiv Corp.(b)		104		12,396
Vertiv Holdings Co.		2,507		28,906
Viad Corp.(b)		161		6,147
Vicor Corp.(b)		175		12,449
Virgin Galactic Holdings, Inc.(b)(c)		1,508		8,912
Wabash National Corp.		372		6,119
Watsco, Inc.(c)		260		70,728
Watts Water Technologies, Inc., Class A		209		28,951
Werner Enterprises, Inc.		447		17,786
WESCO International, Inc.(b)		356		46,878
Wheels Up Experience, Inc.(b)		575		1,075
Willdan Group, Inc.(b)(c)		97		2,208
WillScot Mobile Mini Holdings Corp.(b)		1,730		69,442
Woodward, Inc.(c)		451		41,975
XPO Logistics, Inc.(b)		800		41,936
Zurn Elkay Water Solutions Corp.		986		27,194
				5,398,779
Information Technology-12.85%
3D Systems Corp.(b)(c)		980		9,927
8x8, Inc.(b)(c)		832		4,335
908 Devices, Inc.(b)(c)		122		2,458
A10 Networks, Inc.		499		6,936
ACI Worldwide, Inc.(b)		827		19,600
ACM Research, Inc., Class A(b)		383		6,469
ADTRAN Holdings, Inc.		548		12,736
Advanced Energy Industries, Inc.		284		25,500
Aeva Technologies, Inc.(b)		746		2,298
AEye, Inc.(b)		785		1,209
Agilysys, Inc.(b)		177		9,163
Alarm.com Holdings, Inc.(b)		358		23,843
Alkami Technology, Inc.(b)		137		1,987
Allegro MicroSystems, Inc. (Japan)(b)		499		11,637

	Shares		Value
Information Technology-(continued)
Alpha & Omega Semiconductor Ltd.(b)(c)		166	$	6,418
Altair Engineering, Inc., Class A(b)(c)		387		20,128
Alteryx, Inc., Class A(b)(c)		473		29,477
Ambarella, Inc.(b)		283		19,210
American Software, Inc., Class A		247		4,182
Amkor Technology, Inc.		828		16,668
Amplitude, Inc.(b)		354		5,363
AppFolio, Inc., Class A(b)(c)		147		14,903
Appian Corp.(b)		259		12,147
Arlo Technologies, Inc.(b)		639		3,892
Asana, Inc., Class A(b)		467		8,943
Aspen Technology, Inc.(b)(c)		211		44,437
Avaya Holdings Corp.(b)		658		1,046
AvePoint, Inc.(b)(c)		628		2,939
Avid Technology, Inc.(b)		259		7,084
AvidXchange Holdings, Inc.(b)		372		2,898
Avnet, Inc.		745		32,698
Axcelis Technologies, Inc.(b)		252		16,869
Badger Meter, Inc.		218		20,642
Belden, Inc.		336		22,001
Benchmark Electronics, Inc.		280		7,686
Benefitfocus, Inc.(b)		209		1,549
BigCommerce Holdings, Inc., Series 1(b)		436		7,268
Blackbaud, Inc.(b)(c)		352		18,410
Blackline, Inc.(b)(c)		441		29,962
Box, Inc., Class A(b)		1,112		28,634
Braze, Inc.(b)		211		8,689
BTRS Holdings, Inc.(b)		537		3,630
C3.ai, Inc., Class A(b)		571		10,278
Calix, Inc.(b)		455		26,777
Cambium Networks Corp.(b)(c)		73		1,421
Cantaloupe, Inc.(b)		415		2,644
Casa Systems, Inc.(b)		259		1,005
Cass Information Systems, Inc.		107		3,925
CCC Intelligent Solutions Holdings, Inc.(b)		920		8,795
Cerence, Inc.(b)(c)		294		5,883
CEVA, Inc.(b)		176		5,152
ChannelAdvisor Corp.(b)		205		3,093
Ciena Corp.(b)		1,188		60,279
Cipher Mining, Inc.(b)		394		792
Cirrus Logic, Inc.(b)		431		33,053
Clear Secure, Inc., Class A(b)		235		5,391
Clearfield, Inc.(b)(c)		92		10,682
Clearwater Analytics Holdings, Inc.(b)		180		2,772
Cohu, Inc.(b)		400		10,732
CommScope Holding Co., Inc.(b)(c)		1,540		17,402
CommVault Systems, Inc.(b)		300		16,287
Comtech Telecommunications Corp.		205		2,314
Concentrix Corp.		349		43,897
Conduent, Inc.(b)(c)		1,334		5,456
Consensus Cloud Solutions, Inc.(b)		144		7,250
Corsair Gaming, Inc.(b)(c)		285		4,386
Couchbase, Inc.(b)		122		2,024
Credo Technology Group Holding Ltd.(b)		216		2,979
CS Disco, Inc.(b)(c)		108		1,490
CSG Systems International, Inc.		244		14,115
CTS Corp.		273		11,553
Cyxtera Technologies, Inc.(b)(c)		334		2,118
Diebold Nixdorf, Inc.(b)		581		2,022
Digi International, Inc.(b)		258		8,542

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

  31  

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

August 31, 2022

	Shares		Value
Information Technology-(continued)
Digital Turbine, Inc.(b)		691	$	12,763
DigitalOcean Holdings, Inc.(b)(c)		366		15,405
Diodes, Inc.(b)		354		25,194
Dolby Laboratories, Inc., Class A		516		37,792
Domo, Inc., Class B(b)		229		4,411
DoubleVerify Holdings, Inc.(b)(c)		305		7,884
Duck Creek Technologies, Inc.(b)(c)		597		7,104
DXC Technology Co.(b)		1,806		44,753
E2open Parent Holdings, Inc.(b)(c)		1,358		9,329
Eastman Kodak Co.(b)(c)		433		2,343
Ebix, Inc.		185		4,814
Edgio, Inc.(b)(c)		992		3,651
Elastic N.V.(b)		581		48,752
Embark Technology, Inc.(b)		62		564
Enfusion, Inc., Class A(b)(c)		124		1,536
Envestnet, Inc.(b)		350		18,330
ePlus, Inc.(b)		203		9,565
Euronet Worldwide, Inc.(b)		403		35,730
Everbridge, Inc.(b)(c)		297		11,815
EverCommerce, Inc.(b)(c)		219		2,549
EVERTEC, Inc.		460		15,456
Evo Payments, Inc., Class A(b)		372		12,395
Evolv Technologies Holdings, Inc.(b)		505		1,146
ExlService Holdings, Inc.(b)		258		43,269
Expensify, Inc., Class A(b)		100		1,813
Extreme Networks, Inc.(b)		971		13,914
Fabrinet (Thailand)(b)		279		28,692
FARO Technologies, Inc.(b)		168		5,636
Fastly, Inc., Class A(b)(c)		797		7,452
First Solar, Inc.(b)		743		94,770
Five9, Inc.(b)(c)		536		52,587
Flex Ltd.(b)		3,601		64,134
Flywire Corp.(b)		227		5,643
FormFactor, Inc.(b)		589		17,246
Freshworks, Inc.(b)(c)		748		10,180
Gitlab, Inc., Class A(b)		314		18,799
Grid Dynamics Holdings, Inc.(b)(c)		318		6,427
Hackett Group, Inc. (The)		228		4,681
Harmonic, Inc.(b)		791		8,907
I3 Verticals, Inc., Class A(b)(c)		173		4,041
Ichor Holdings Ltd.(b)		218		6,697
II-VI Incorporated(b)(c)		998		47,136
Impinj, Inc.(b)(c)		169		15,088
indie Semiconductor, Inc., A Shares (China)(b)		506		4,306
Infinera Corp.(b)(c)		1,385		7,590
Informatica, Inc., Class A(b)(c)		265		5,849
Inseego Corp.(b)		604		1,631
Insight Enterprises, Inc.(b)(c)		275		25,058
Intapp, Inc.(b)		96		1,391
InterDigital, Inc.(c)		230		11,537
International Money Express, Inc.(b)		298		6,675
IonQ, Inc.(b)		743		4,413
IPG Photonics Corp.(b)		277		25,093
Itron, Inc.(b)		337		16,034
Jabil, Inc.		1,056		63,677
Jamf Holding Corp.(b)(c)		280		6,706
JFrog Ltd. (Israel)(b)		368		7,783
Kimball Electronics, Inc.(b)(c)		196		4,222
KnowBe4, Inc., Class A(b)		522		10,033
Knowles Corp.(b)		688		10,423

	Shares		Value
Information Technology-(continued)
Kulicke & Soffa Industries, Inc. (Singapore)		468	$	19,675
Kyndryl Holdings, Inc.(b)		1,345		14,015
Latch, Inc.(b)		278		297
Lattice Semiconductor Corp.(b)		1,069		57,619
Lightwave Logic, Inc.(b)		836		6,663
Littelfuse, Inc.		191		45,309
LivePerson, Inc.(b)(c)		522		6,055
LiveRamp Holdings, Inc.(b)		513		10,183
Lumentum Holdings, Inc.(b)(c)		540		45,117
MACOM Technology Solutions Holdings, Inc.(b)(c)		369		20,350
MagnaChip Semiconductor Corp. (South Korea)(b)		329		3,849
Mandiant, Inc.(b)		1,879		42,954
Manhattan Associates, Inc.(b)		487		68,794
Marathon Digital Holdings, Inc.(b)(c)		732		8,674
Marqeta, Inc., Class A(b)(c)		2,880		22,435
Matterport, Inc.(b)(c)		1,581		7,288
Maximus, Inc.		465		28,174
MaxLinear, Inc.(b)		549		19,726
MeridianLink, Inc.(b)		158		2,744
Meta Materials, Inc.(b)		3,220		2,785
Methode Electronics, Inc.		281		11,369
MicroStrategy, Inc., Class A(b)(c)		75		17,367
MicroVision, Inc.(b)(c)		1,290		6,244
Mirion Technologies, Inc.(b)		975		7,381
Mitek Systems, Inc.(b)		341		3,485
MKS Instruments, Inc.		460		45,821
Model N, Inc.(b)(c)		253		7,565
Momentive Global, Inc.(b)(c)		982		6,962
MoneyGram International, Inc.(b)(c)		607		6,252
N-able, Inc.(b)(c)		310		3,088
Napco Security Technologies, Inc.(b)		232		6,881
National Instruments Corp.(c)		1,033		41,072
Navitas Semiconductor Corp.(b)		325		1,921
nCino, Inc.(b)(c)		431		13,594
NCR Corp.(b)		1,070		33,224
NETGEAR, Inc.(b)		240		5,662
NetScout Systems, Inc.(b)		556		17,647
New Relic, Inc.(b)		472		28,655
NextNav, Inc.(b)(c)		255		864
nLight, Inc.(b)		311		3,884
Novanta, Inc.(b)(c)		280		37,433
Nutanix, Inc., Class A(b)		1,727		29,877
Olo, Inc., Class A(b)(c)		539		4,210
ON24, Inc.(b)		214		1,917
OneSpan, Inc.(b)		253		2,912
Onto Innovation, Inc.(b)(c)		388		27,544
OSI Systems, Inc.(b)		127		10,582
Ouster, Inc.(b)(c)		521		782
PagerDuty, Inc.(b)		581		15,129
PAR Technology Corp.(b)(c)		193		6,794
Paya Holdings, Inc., Class A(b)		666		4,176
Paycor HCM, Inc.(b)		262		7,763
Paylocity Holding Corp.(b)		302		72,782
Paymentus Holdings, Inc., Class A(b)(c)		93		1,108
Payoneer Global, Inc.(b)		1,530		10,129
PC Connection, Inc.		93		4,620
PDF Solutions, Inc.(b)		234		6,173
Pegasystems, Inc.		306		11,203

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

  32  

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

August 31, 2022

	Shares		Value
Information Technology-(continued)
Perficient, Inc.(b)		272	$	21,243
Photronics, Inc.(b)		463		7,778
Ping Identity Holding Corp.(b)(c)		532		14,970
Plexus Corp.(b)		213		19,964
Power Integrations, Inc.		447		31,974
Procore Technologies, Inc.(b)(c)		204		11,138
Progress Software Corp.		353		16,990
PROS Holdings, Inc.(b)(c)		304		6,338
Pure Storage, Inc., Class A(b)(c)		2,220		64,313
Q2 Holdings, Inc.(b)		452		17,953
Qualys, Inc.(b)		276		41,924
Rackspace Technology, Inc.(b)(c)		528		2,355
Rambus, Inc.(b)		863		22,257
Rapid7, Inc.(b)		451		25,933
Remitly Global, Inc.(b)		624		6,864
Repay Holdings Corp.(b)(c)		611		5,676
Ribbon Communications, Inc.(b)		560		1,966
Rimini Street, Inc.(b)		411		2,071
Riot Blockchain, Inc.(b)(c)		908		6,510
Rockley Photonics Holdings Ltd.(b)(c)		643		913
Rogers Corp.(b)		145		36,325
Sabre Corp.(b)(c)		2,311		16,616
Samsara, Inc.(b)(c)		567		8,431
Sanmina Corp.(b)		480		23,290
ScanSource, Inc.(b)		201		5,823
SEMrush Holdings, Inc., Class A(b)(c)		293		3,595
Semtech Corp.(b)		486		22,448
Shift4 Payments, Inc., Class A(b)(c)		399		18,071
ShotSpotter, Inc.(b)		69		2,251
Silicon Laboratories, Inc.(b)		286		35,844
SiTime Corp.(b)		117		12,450
SMART Global Holdings, Inc.(b)(c)		339		6,221
SmartRent, Inc.(b)(c)		655		2,116
Smartsheet, Inc., Class A(b)(c)		958		31,873
SolarWinds Corp.(b)(c)		311		2,821
Sprinklr, Inc., Class A(b)		408		4,839
Sprout Social, Inc., Class A(b)		363		21,795
SPS Commerce, Inc.(b)		284		34,682
Squarespace, Inc.(b)		242		5,082
Sumo Logic, Inc.(b)		643		5,646
Super Micro Computer, Inc.(b)		366		23,819
Switch, Inc., Class A		1,060		35,987
Synaptics, Inc.(b)		309		35,723
TaskUS, Inc., Class A (Philippines)(b)		183		2,723
TD SYNNEX Corp.		339		32,639
Telos Corp.(b)(c)		213		2,109
Tenable Holdings, Inc.(b)		866		34,302
Teradata Corp.(b)(c)		800		26,320
TTEC Holdings, Inc.		139		7,277
TTM Technologies, Inc.(b)		746		11,735
Tucows, Inc., Class A(b)(c)		71		3,336
Ultra Clean Holdings, Inc.(b)		336		9,835
Unisys Corp.(b)		528		4,916
Universal Display Corp.		351		39,217
Upland Software, Inc.(b)(c)		203		2,125
Varonis Systems, Inc.(b)(c)		858		23,466
Veeco Instruments, Inc.(b)(c)		396		8,371
Velodyne Lidar, Inc.(b)		1,303		1,629
Verint Systems, Inc.(b)		492		23,857
Veritone, Inc.(b)(c)		215		1,580

	Shares		Value
Information Technology-(continued)
Verra Mobility Corp.(b)(c)		1,056	$	16,833
Vertex, Inc., Class A(b)		306		4,186
Viasat, Inc.(b)(c)		423		16,066
Viavi Solutions, Inc.(b)		1,730		24,358
Vishay Intertechnology, Inc.		996		19,591
Vishay Precision Group, Inc.(b)		99		3,397
Vontier Corp.		1,261		27,641
WEX, Inc.(b)		346		53,371
WM Technology, Inc.(b)		401		1,051
Wolfspeed, Inc.(b)(c)		968		109,839
Workiva, Inc.(b)		358		24,305
Xerox Holdings Corp.		879		14,609
Xperi Holding Corp.		786		12,505
Yext, Inc.(b)		790		3,516
Zeta Global Holdings Corp.(b)		845		5,915
Zuora, Inc., Class A(b)		880		6,758
				4,134,228
Materials-5.00%
AdvanSix, Inc.		216		7,832
Alpha Metallurgical Resources, Inc.		141		22,158
American Vanguard Corp.(c)		214		4,265
Amyris, Inc.(b)(c)		1,290		3,793
AptarGroup, Inc.		508		52,228
Arconic Corp.(b)		791		19,941
Ashland, Inc.		410		41,722
Aspen Aerogels, Inc.(b)		208		2,706
ATI, Inc.(b)(c)		956		28,613
Avient Corp.		716		31,382
Axalta Coating Systems Ltd.(b)		1,694		43,621
Balchem Corp.		245		32,296
Berry Global Group, Inc.(b)		1,020		55,417
Cabot Corp.		442		31,811
Carpenter Technology Corp.		364		12,365
Century Aluminum Co.(b)(c)		375		2,895
Chase Corp.(c)		59		5,201
Chemours Co. (The)		1,217		41,049
Clearwater Paper Corp.(b)		131		5,573
Coeur Mining, Inc.(b)(c)		2,010		5,548
Commercial Metals Co.		951		38,525
Compass Minerals International, Inc.		254		10,284
Danimer Scientific, Inc.(b)(c)		610		2,715
Diversey Holdings Ltd.(b)		607		3,721
Eagle Materials, Inc.		299		35,766
Ecovyst, Inc.(b)		463		4,278
Element Solutions, Inc.		1,843		34,409
FutureFuel Corp.		207		1,509
GCP Applied Technologies, Inc.(b)		352		11,060
Ginkgo Bioworks Holdings, Inc.(b)(c)		4,467		12,016
Glatfelter Corp.(c)		340		1,656
Graphic Packaging Holding Co.		2,383		53,069
Greif, Inc., Class A		198		13,276
Greif, Inc., Class B		43		2,807
H.B. Fuller Co.(c)		400		25,944
Hawkins, Inc.		150		5,748
Hecla Mining Co.(c)		4,045		15,937
Huntsman Corp.		1,427		39,985
Ingevity Corp.(b)		293		20,551
Innospec, Inc.		185		17,290
Intrepid Potash, Inc.(b)(c)		82		3,832

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

  33  

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

August 31, 2022

	Shares		Value
Materials-(continued)
Kaiser Aluminum Corp.		119	$	8,539
Koppers Holdings, Inc.		168		3,835
Kronos Worldwide, Inc.		177		2,280
Livent Corp.(b)(c)		1,266		40,740
Louisiana-Pacific Corp.		643		34,870
LSB Industries, Inc.(b)		296		4,671
Materion Corp.		153		13,205
Mativ Holdings, Inc., Class A(c)		412		9,731
McEwen Mining, Inc. (Canada)(b)(c)		304		933
Mercer International, Inc. (Germany)		333		5,401
Minerals Technologies, Inc.		251		14,623
MP Materials Corp.(b)(c)		604		21,134
Myers Industries, Inc.		242		4,675
NewMarket Corp.		58		16,658
O-I Glass, Inc.(b)		1,170		15,222
Olin Corp.		1,129		61,711
Origin Materials, Inc.(b)		805		5,031
Orion Engineered Carbons S.A. (Germany)		477		8,042
Pactiv Evergreen, Inc.		353		3,918
Perimeter Solutions S.A.(b)		1,106		10,784
Piedmont Lithium, Inc.(b)		125		7,644
PureCycle Technologies, Inc.(b)(c)		749		6,838
Quaker Chemical Corp.(c)		96		16,735
Ramaco Resources, Inc.		168		1,771
Ranpak Holdings Corp.(b)		299		1,582
Reliance Steel & Aluminum Co.		485		91,170
Royal Gold, Inc.		510		46,869
Ryerson Holding Corp.		136		3,876
Schnitzer Steel Industries, Inc., Class A(c)		204		6,740
Scotts Miracle-Gro Co. (The)		313		20,955
Sensient Technologies Corp.		316		25,176
Silgan Holdings, Inc.		694		31,612
Sonoco Products Co.		761		47,958
Stepan Co.		168		17,511
Summit Materials, Inc., Class A(b)		892		25,351
SunCoke Energy, Inc.		648		4,270
Sylvamo Corp.		264		11,732
TimkenSteel Corp.(b)		294		4,510
Tredegar Corp.		212		2,165
TriMas Corp.		333		9,164
Trinseo PLC		221		5,863
Tronox Holdings PLC, Class A		869		12,713
United States Lime & Minerals, Inc.		18		1,850
United States Steel Corp.		2,032		46,472
Valvoline, Inc.		1,410		40,989
Warrior Met Coal, Inc.		387		12,597
Worthington Industries, Inc.(c)		251		12,799
				1,607,709
Real Estate-7.69%
Acadia Realty Trust		743		11,836
Agree Realty Corp.		589		44,363
Alexander & Baldwin, Inc.(c)		545		10,208
Alexander’s, Inc.		18		4,264
American Assets Trust, Inc.		386		10,715
Americold Realty Trust, Inc.(c)		2,108		62,017
Anywhere Real Estate, Inc.(b)(c)		879		8,588
Apartment Income REIT Corp.		1,217		49,714
Apartment Investment & Management Co., Class A		1,173		10,369

	Shares		Value
Real Estate-(continued)
Apple Hospitality REIT, Inc.		1,703	$	27,095
Armada Hoffler Properties, Inc.		480		6,302
Bluerock Residential Growth REIT, Inc.(c)		218		5,810
Brandywine Realty Trust		1,286		10,327
Brixmor Property Group, Inc.		2,311		49,640
Broadstone Net Lease, Inc.(c)		1,326		25,380
CareTrust REIT, Inc.		728		15,681
CatchMark Timber Trust, Inc., Class A		380		4,047
CBL & Associates Properties, Inc.		98		2,836
Centerspace		111		8,367
Chatham Lodging Trust(b)		379		4,609
City Office REIT, Inc.		338		3,904
Community Healthcare Trust, Inc.		175		6,456
Compass, Inc.(b)		1,694		4,845
Corporate Office Properties Trust(c)		842		21,757
Cousins Properties, Inc.		1,165		31,280
CubeSmart		1,757		80,910
Cushman & Wakefield PLC(b)(c)		1,097		16,411
DiamondRock Hospitality Co.(b)		1,582		13,811
DigitalBridge Group, Inc.(b)(c)		1,169		20,808
Diversified Healthcare Trust		1,866		2,724
Doma Holdings, Inc.(b)(c)		884		533
Douglas Elliman, Inc.		516		2,379
Douglas Emmett, Inc.		1,376		26,860
Easterly Government Properties, Inc.(c)		675		12,116
EastGroup Properties, Inc.		321		52,975
Empire State Realty Trust, Inc., Class A(c)		1,079		7,521
EPR Properties		566		24,615
Equity Commonwealth(b)(c)		849		22,337
Essential Properties Realty Trust, Inc.		1,027		23,251
eXp World Holdings, Inc.		518		6,698
Farmland Partners, Inc.		331		4,803
Federal Realty Investment Trust		560		56,711
First Industrial Realty Trust, Inc.		1,023		51,846
Five Point Holdings LLC, Class A(b)		455		1,661
Forestar Group, Inc.(b)(c)		136		1,692
Four Corners Property Trust, Inc.		600		16,134
Franklin Street Properties Corp.		801		2,251
FRP Holdings, Inc.(b)		48		2,761
Getty Realty Corp.		294		8,844
Gladstone Commercial Corp.		289		5,511
Gladstone Land Corp.		255		5,995
Global Medical REIT, Inc.		480		5,203
Global Net Lease, Inc.(c)		781		10,754
Highwoods Properties, Inc.		823		25,027
Howard Hughes Corp. (The)(b)(c)		311		19,789
Hudson Pacific Properties, Inc.		1,137		15,020
Independence Realty Trust, Inc.(c)		1,732		33,687
Indus Realty Trust, Inc.(c)		35		2,150
Industrial Logistics Properties Trust		504		3,775
Innovative Industrial Properties, Inc.		219		20,087
InvenTrust Properties Corp.		506		13,288
iStar, Inc.		649		8,937
JBG SMITH Properties		863		18,960
Jones Lang LaSalle, Inc.(b)		382		66,086
Kennedy-Wilson Holdings, Inc.		932		16,366
Kilroy Realty Corp.(c)		823		40,138
Kite Realty Group Trust(c)		1,715		33,202
Lamar Advertising Co., Class A		682		64,033
Life Storage, Inc.		661		84,112

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

  34  

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

August 31, 2022

	Shares		Value
Real Estate-(continued)
LTC Properties, Inc.		300	$	13,467
LXP Industrial Trust		2,147		21,599
Macerich Co. (The)		1,601		15,322
Marcus & Millichap, Inc.		224		8,373
National Health Investors, Inc.		365		23,911
National Retail Properties, Inc.		1,358		60,974
National Storage Affiliates Trust		683		34,505
Necessity Retail REIT, Inc. (The)		1,116		8,325
NETSTREIT Corp.		386		7,589
Newmark Group, Inc., Class A(c)		1,279		13,110
NexPoint Residential Trust, Inc.		175		9,244
Offerpad Solutions, Inc.(b)(c)		433		658
Office Properties Income Trust		375		6,589
Omega Healthcare Investors, Inc.		1,854		60,552
One Liberty Properties, Inc.(c)		131		3,164
Opendoor Technologies, Inc.(b)		3,046		13,189
Orion Office REIT, Inc.		434		4,284
Outfront Media, Inc.		1,092		19,328
Paramount Group, Inc.		1,316		9,120
Park Hotels & Resorts, Inc.		1,775		24,850
Pebblebrook Hotel Trust		990		17,444
Phillips Edison & Co., Inc.		892		29,142
Physicians Realty Trust(c)		1,764		29,388
Piedmont Office Realty Trust, Inc., Class A(c)		925		10,897
Plymouth Industrial REIT, Inc.(c)		275		5,574
PotlatchDeltic Corp.		528		24,510
Rayonier, Inc.		1,140		40,493
RE/MAX Holdings, Inc., Class A		149		3,391
Redfin Corp.(b)(c)		738		6,044
Retail Opportunity Investments Corp.		921		15,427
Rexford Industrial Realty, Inc.		1,292		80,375
RLJ Lodging Trust		1,252		15,099
RMR Group, Inc. (The), Class A		121		3,151
RPT Realty		639		6,154
Ryman Hospitality Properties, Inc.(b)		410		33,710
Sabra Health Care REIT, Inc.		1,808		27,066
Safehold, Inc.		126		4,792
Saul Centers, Inc.		111		4,916
Seritage Growth Properties, Class A, (Acquired 10/1/2020 - 3/15/2022; Cost $4,425)(b)(d)		299		3,749
Service Properties Trust		1,292		8,837
SITE Centers Corp.		1,427		18,494
SL Green Realty Corp.		489		21,599
Spirit Realty Capital, Inc.		1,052		42,974
St. Joe Co. (The)		245		9,359
STAG Industrial, Inc.		1,385		42,658
STORE Capital Corp.		1,977		53,339
Summit Hotel Properties, Inc.(c)		833		6,547
Sunstone Hotel Investors, Inc.(b)(c)		1,650		17,969
Tanger Factory Outlet Centers, Inc.(c)		783		12,074
Tejon Ranch Co.(b)		166		2,616
Terreno Realty Corp.		595		36,289
UMH Properties, Inc.		370		6,675
Uniti Group, Inc.		1,774		16,658
Universal Health Realty Income Trust		99		5,038
Urban Edge Properties		880		13,842
Urstadt Biddle Properties, Inc., Class A		237		3,963
Veris Residential, Inc.(b)		567		7,620
Washington REIT(c)		661		12,962
WeWork, Inc.(b)(c)		1,324		5,428

	Shares		Value
Real Estate-(continued)
Whitestone REIT		351	$	3,454
Xenia Hotels & Resorts, Inc.(b)		858		13,608
				2,474,660
Utilities-2.82%
ALLETE, Inc.		446		26,394
Altus Power, Inc.(b)		346		3,626
American States Water Co.(c)		278		23,066
Avista Corp.		567		23,037
Black Hills Corp.		508		38,344
California Water Service Group		405		23,705
Chesapeake Utilities Corp.		138		17,429
Clearway Energy, Inc., Class A		254		8,758
Clearway Energy, Inc., Class C		650		24,115
Hawaiian Electric Industries, Inc.		857		33,526
IDACORP, Inc.		394		43,041
MGE Energy, Inc.		272		20,949
Middlesex Water Co.		138		12,250
Montauk Renewables, Inc.(b)		488		8,662
National Fuel Gas Co.		676		48,179
New Jersey Resources Corp.(c)		753		33,237
NextEra Energy Partners L.P.		650		53,359
Northwest Natural Holding Co.		268		12,760
NorthWestern Corp.		409		21,669
OGE Energy Corp.		1,547		62,715
ONE Gas, Inc.		424		33,187
Ormat Technologies, Inc.(c)		355		33,185
Otter Tail Corp.		282		21,302
Pinnacle West Capital Corp.		876		66,007
PNM Resources, Inc.		638		30,260
Portland General Electric Co.(c)		699		36,117
SJW Group		180		11,574
South Jersey Industries, Inc.		958		32,428
Southwest Gas Holdings, Inc.		523		40,716
Spire, Inc.		408		28,515
Star Group L.P.		280		2,573
Sunnova Energy International, Inc.(b)(c)		808		20,378
Unitil Corp.		125		6,511
York Water Co. (The)(c)		98		4,309
				905,883
Total Common Stocks & Other Equity Interests (Cost $38,682,574)				32,150,518
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(f)(h) (Cost $15,920)		15,920		15,920
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $38,698,494)				32,166,438
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-25.00%
Invesco Private Government Fund, 2.29%(f)(h)(i)		2,267,562		2,267,562

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

  35  

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

August 31, 2022

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 2.37%(f)(h)(i)		5,770,947	$	5,771,524
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $8,038,667)				8,039,086
TOTAL INVESTMENTS IN SECURITIES-125.01% (Cost $46,737,161)				40,205,524
OTHER ASSETS LESS LIABILITIES-(25.01)%				(8,043,927	)
NET ASSETS-100.00%			$	32,161,597

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 August 31, 2022.

^(d)  Restricted security. The aggregate value of these securities at August 31, 2022 was $49,215, 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 value of this security at August 31, 2022 represented less than 1% of the Fund’s Net Assets.

^(f)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Invesco Mortgage Capital, Inc.		$	7,142		$	2,972		$	(3,029	)		$	(3,338	)		$	(172	)		$	3,575		$	841
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			1,566,593			(1,550,673)				-				-				15,920			95
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,052,576			11,726,926			(10,511,940	)			-				-				2,267,562			13,327	*
Invesco Private Prime Fund			2,456,004			22,375,735			(19,060,048	)			419				(586	)			5,771,524			37,080	*
Total		$	3,515,722		$	35,672,226		$	(31,125,690	)		$	(2,919	)		$	(758	)		$	8,058,581		$	51,343

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

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

^(h)  The rate shown is the 7-day SEC standardized yield as of August 31, 2022.

 ⁽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 2I.

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

  36  

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)

August 31, 2022

Schedule of Investments^(a)

	Principal     Amount		Value
U.S. Treasury Securities-44.04%
U.S. Treasury Bonds-10.71%
7.50%, 11/15/2024	$	20,000	$	21,714
7.63%, 02/15/2025		15,000		16,461
6.88%, 08/15/2025		25,000		27,362
6.00%, 02/15/2026		30,000		32,470
6.50%, 11/15/2026		20,000		22,431
6.63%, 02/15/2027		10,000		11,329
6.38%, 08/15/2027		10,000		11,370
6.13%, 11/15/2027		20,000		22,630
5.50%, 08/15/2028		50,000		55,818
5.25%, 11/15/2028		30,000		33,229
5.25%, 02/15/2029		10,000		11,134
6.13%, 08/15/2029		5,000		5,893
6.25%, 05/15/2030		25,000		30,176
5.38%, 02/15/2031		30,000		34,852
4.50%, 02/15/2036		50,000		57,853
4.75%, 02/15/2037		15,000		17,821
5.00%, 05/15/2037		40,000		48,678
4.38%, 02/15/2038		40,000		45,822
4.50%, 05/15/2038		25,000		29,006
3.50%, 02/15/2039		50,000		51,463
4.25%, 05/15/2039		50,000		56,350
4.50%, 08/15/2039		35,000		40,592
4.38%, 11/15/2039		90,000		102,748
4.63%, 02/15/2040		65,000		76,455
1.13% - 4.38%, 05/15/2040		240,000		220,928
1.13% - 3.88%, 08/15/2040		130,000		101,608
1.38% - 4.25%, 11/15/2040		200,000		163,898
1.88% - 4.75%, 02/15/2041		255,000		240,290
2.25% - 4.38%, 05/15/2041		180,000		164,648
1.75% - 3.75%, 08/15/2041		175,000		145,187
2.00% - 3.13%, 11/15/2041		200,000		175,957
2.38% - 3.13%, 02/15/2042		150,000		128,844
3.00% - 3.25%, 05/15/2042		165,000		155,700
2.75%, 08/15/2042		60,000		52,976
2.75%, 11/15/2042		70,000		61,677
3.13%, 02/15/2043		60,000		56,041
2.88%, 05/15/2043		55,000		49,272
3.63%, 08/15/2043		50,000		50,488
3.75%, 11/15/2043		50,000		51,442
3.63%, 02/15/2044		125,000		125,991
3.38%, 05/15/2044		70,000		67,867
3.13%, 08/15/2044		60,000		55,765
3.00%, 11/15/2044		55,000		50,001
2.50%, 02/15/2045		50,000		41,555
3.00%, 05/15/2045		100,000		90,820
2.88%, 08/15/2045		50,000		44,438
3.00%, 11/15/2045		40,000		36,380
2.50%, 02/15/2046		120,000		99,464
2.50%, 05/15/2046		70,000		57,991
2.25%, 08/15/2046		50,000		39,355
2.88%, 11/15/2046		70,000		62,385
3.00%, 02/15/2047		40,000		36,485
3.00%, 05/15/2047		62,000		56,640
2.75%, 08/15/2047		80,000		69,903
2.75%, 11/15/2047		130,000		113,755
3.00%, 02/15/2048		45,000		41,435

	Principal     Amount		Value
U.S. Treasury Bonds-(continued)
3.13%, 05/15/2048	$	125,000	$	118,271
3.00%, 08/15/2048		40,000		37,045
3.38%, 11/15/2048		70,000		69,702
3.00%, 02/15/2049		85,000		79,458
2.88%, 05/15/2049		70,000		64,014
2.25%, 08/15/2049		55,000		44,303
2.38%, 11/15/2049		80,000		66,284
2.00%, 02/15/2050		125,000		95,073
1.25%, 05/15/2050		60,000		37,308
1.38%, 08/15/2050		170,000		109,305
1.63%, 11/15/2050		160,000		110,053
1.88%, 02/15/2051		160,000		117,375
2.38%, 05/15/2051		160,000		132,394
2.00%, 08/15/2051		165,000		124,588
1.88%, 11/15/2051		125,000		91,504
2.25%, 02/15/2052		155,000		124,436
2.88%, 05/15/2052		100,000		92,578
3.00%, 08/15/2052		50,000		47,586
				5,334,120
U.S. Treasury Notes-33.33%
0.13% - 2.75%, 08/31/2023		420,000		411,331
0.13%, 09/15/2023		50,000		48,305
0.25% - 2.88%, 09/30/2023		185,000		181,542
0.13%, 10/15/2023		170,000		163,864
0.38% - 2.88%, 10/31/2023		70,000		68,148
0.25% - 2.75%, 11/15/2023		185,000		181,063
0.50% - 2.88%, 11/30/2023		150,000		147,548
0.13%, 12/15/2023		75,000		71,912
0.75% - 2.63%, 12/31/2023		260,000		253,853
0.13%, 01/15/2024		100,000		95,582
0.88% - 2.50%, 01/31/2024		195,000		190,694
0.13% - 2.75%, 02/15/2024		270,000		261,065
1.50% - 2.38%, 02/29/2024		100,000		97,817
0.25%, 03/15/2024		90,000		85,707
2.13% - 2.25%, 03/31/2024		300,000		294,193
0.38%, 04/15/2024		140,000		133,224
2.50%, 04/30/2024		100,000		98,467
0.25% - 2.50%, 05/15/2024		230,000		220,888
2.00% - 2.50%, 05/31/2024		275,000		269,197
0.25%, 06/15/2024		80,000		75,594
1.75% - 3.00%, 06/30/2024		115,000		112,767
0.38%, 07/15/2024		95,000		89,786
1.75% - 3.00%, 07/31/2024(b)		300,000		294,825
0.38% - 2.38%, 08/15/2024		235,000		223,742
1.25% - 3.25%, 08/31/2024		190,000		184,157
0.38%, 09/15/2024		125,000		117,495
1.50%, 09/30/2024		50,000		48,071
0.63%, 10/15/2024		170,000		160,265
1.50% - 2.25%, 10/31/2024		140,000		135,949
0.75% - 2.25%, 11/15/2024		225,000		215,364
1.50%, 11/30/2024		65,000		62,286
1.00%, 12/15/2024		120,000		113,569
1.75% - 2.25%, 12/31/2024		100,000		96,792

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

  37  

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

August 31, 2022

	Principal     Amount		Value
U.S. Treasury Notes-(continued)
1.13%, 01/15/2025	$	120,000	$	113,662
1.38% - 2.50%, 01/31/2025		175,000		169,857
1.50% - 2.00%, 02/15/2025		185,000		177,516
1.13% - 2.75%, 02/28/2025		85,000		82,217
1.75%, 03/15/2025		140,000		134,247
0.50%, 03/31/2025		45,000		41,741
2.63%, 04/15/2025		40,000		39,162
0.38% - 2.88%, 04/30/2025		100,000		95,338
2.13% - 2.75%, 05/15/2025		250,000		243,778
0.25% - 2.88%, 05/31/2025		120,000		114,725
2.88%, 06/15/2025		125,000		123,018
0.25% - 2.75%, 06/30/2025		190,000		179,077
3.00%, 07/15/2025		140,000		138,228
0.25% - 2.88%, 07/31/2025		50,000		46,298
2.00% - 3.13%, 08/15/2025		210,000		204,239
0.25% - 2.75%, 08/31/2025		205,000		195,182
0.25% - 3.00%, 09/30/2025		130,000		124,284
0.25% - 3.00%, 10/31/2025		185,000		176,344
2.25%, 11/15/2025		120,000		115,589
0.38% - 2.88%, 11/30/2025		235,000		217,428
0.38%, 12/31/2025		90,000		81,316
0.38%, 01/31/2026		145,000		130,687
1.63%, 02/15/2026		50,000		47,027
0.50%, 02/28/2026		115,000		103,877
0.75%, 03/31/2026		65,000		59,137
0.75%, 04/30/2026		100,000		90,820
1.63%, 05/15/2026		100,000		93,793
0.75% - 2.13%, 05/31/2026		200,000		183,708
0.88% - 1.88%, 06/30/2026		310,000		287,752
0.63% - 1.88%, 07/31/2026		170,000		155,991
1.50%, 08/15/2026		100,000		92,971
0.75% - 1.38%, 08/31/2026		225,000		205,196
0.88% - 1.63%, 09/30/2026		195,000		178,053
1.13% - 1.63%, 10/31/2026		185,000		169,907
2.00%, 11/15/2026		170,000		160,763
1.25%, 11/30/2026		55,000		50,402
1.25%, 12/31/2026		100,000		91,520
1.50%, 01/31/2027		140,000		129,391
2.25%, 02/15/2027		50,000		47,695
1.13% - 1.88%, 02/28/2027		95,000		88,459
0.63% - 2.50%, 03/31/2027		130,000		123,039
0.50% - 2.75%, 04/30/2027		125,000		119,462
2.38%, 05/15/2027		125,000		119,746
0.50% - 2.63%, 05/31/2027		245,000		225,541
0.50% - 3.25%, 06/30/2027		150,000		143,445
0.38% - 2.75%, 07/31/2027		185,000		175,576
2.25%, 08/15/2027		135,000		128,435
0.50% - 3.13%, 08/31/2027		170,000		156,047
0.38%, 09/30/2027		50,000		43,178
0.50%, 10/31/2027		115,000		99,753
2.25%, 11/15/2027		120,000		113,902
0.63%, 11/30/2027		60,000		52,268
0.63%, 12/31/2027		140,000		121,680
0.75%, 01/31/2028		65,000		56,776
2.75%, 02/15/2028		70,000		67,971
1.13%, 02/29/2028		135,000		120,226
1.25%, 03/31/2028		145,000		129,730
1.25%, 04/30/2028		165,000		147,430
2.88%, 05/15/2028		125,000		122,041

	Principal     Amount		Value
U.S. Treasury Notes-(continued)
1.25%, 05/31/2028	$	160,000	$	142,784
1.25%, 06/30/2028		65,000		57,896
1.00%, 07/31/2028		60,000		52,579
2.88%, 08/15/2028		120,000		117,094
1.13%, 08/31/2028		140,000		123,430
1.25%, 09/30/2028		80,000		70,939
1.38%, 10/31/2028		85,000		75,866
3.13%, 11/15/2028		175,000		173,202
1.50%, 11/30/2028		65,000		58,388
1.38%, 12/31/2028		100,000		89,178
1.75%, 01/31/2029		100,000		91,156
2.63%, 02/15/2029		100,000		96,145
1.88%, 02/28/2029		90,000		82,709
2.38%, 03/31/2029		90,000		85,092
2.88%, 04/30/2029		65,000		63,372
2.38%, 05/15/2029		210,000		198,540
2.75%, 05/31/2029		60,000		58,046
3.25%, 06/30/2029		60,000		59,920
2.63%, 07/31/2029		60,000		57,680
1.63%, 08/15/2029		150,000		135,354
3.13%, 08/31/2029		55,000		54,605
1.75%, 11/15/2029		145,000		131,998
1.50%, 02/15/2030		145,000		129,010
0.63%, 05/15/2030		135,000		111,649
0.63%, 08/15/2030		225,000		185,133
0.88%, 11/15/2030		205,000		171,884
1.13%, 02/15/2031		240,000		204,703
1.63%, 05/15/2031		235,000		208,232
1.25%, 08/15/2031		210,000		179,296
1.38%, 11/15/2031		255,000		219,131
1.88%, 02/15/2032		215,000		192,795
2.88%, 05/15/2032		195,000		190,628
2.75%, 08/15/2032		85,000		82,251
				16,602,388
Total U.S. Treasury Securities (Cost $23,241,082)				21,936,508
U.S. Dollar Denominated Bonds & Notes-27.89%
Aerospace & Defense-0.41%
Boeing Co. (The)
4.88%, 05/01/2025		50,000		50,187
5.81%, 05/01/2050		50,000		47,763
Lockheed Martin Corp., 4.50%, 05/15/2036		50,000		49,882
Raytheon Technologies Corp., 7.20%, 08/15/2027		50,000		56,625
				204,457
Agricultural & Farm  Machinery-0.09%
Deere & Co., 3.90%, 06/09/2042		50,000		46,962
Air Freight & Logistics-0.20%
FedEx Corp., 2.40%, 05/15/2031		50,000		42,373
United Parcel Service, Inc., 6.20%, 01/15/2038		50,000		59,040
				101,413

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

  38  

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

August 31, 2022

	Principal     Amount		Value
Airlines-0.07%
Continental Airlines Pass-Through Trust, Series 2012-2, Class A, 4.00%, 10/29/2024	$	28,814	$	27,462
United Airlines Pass-Through Trust, Series 2013-1, Class A, 4.30%, 08/15/2025		6,031		5,680
				33,142
Asset Management & Custody Banks-0.27%
Apollo Management Holdings L.P., 4.87%, 02/15/2029(c)		25,000		24,409
Bank of New York Mellon Corp. (The), 2.50%, 01/26/2032		50,000		42,354
BlackRock, Inc., 2.40%, 04/30/2030		25,000		22,045
State Street Corp., 1.68%, 11/18/2027(d)		50,000		45,260
				134,068
Automobile Manufacturers-0.49%
American Honda Finance Corp., 2.25%, 01/12/2029		50,000		44,075
BMW US Capital LLC (Germany), 3.90%, 04/09/2025(c)		50,000		49,669
General Motors Co., 4.88%, 10/02/2023		50,000		50,251
General Motors Financial Co., Inc., 3.80%, 04/07/2025		50,000		48,725
Toyota Motor Credit Corp., 3.05%, 04/14/2025		50,000		49,228
				241,948
Biotechnology-0.43%
AbbVie, Inc.
3.60%, 05/14/2025		50,000		49,131
3.20%, 11/21/2029		50,000		45,843
Amgen, Inc., 4.66%, 06/15/2051		50,000		47,100
Baxalta, Inc., 4.00%, 06/23/2025		50,000		49,765
Gilead Sciences, Inc., 1.20%, 10/01/2027		25,000		21,640
				213,479
Brewers-0.19%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), 3.65%, 02/01/2026		50,000		49,226
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.60%, 04/15/2048		50,000		45,574
				94,800
Building Products-0.09%
Carrier Global Corp., 2.72%, 02/15/2030		50,000		43,436
Cable & Satellite-0.44%
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp.
4.91%, 07/23/2025		50,000		49,973
4.40%, 04/01/2033		50,000		44,390
Comcast Corp.
4.15%, 10/15/2028		50,000		49,606
4.00%, 08/15/2047		50,000		43,498
2.94%, 11/01/2056		50,000		34,072
				221,539
Commodity Chemicals-0.08%
LYB International Finance III LLC, 3.38%, 10/01/2040		50,000		38,297

	Principal     Amount		Value
Communications Equipment-0.10%
Cisco Systems, Inc., 3.50%, 06/15/2025	$	50,000	$	49,967
Computer & Electronics Retail-0.10%
Dell International LLC/EMC Corp., 4.00%, 07/15/2024		50,000		49,838
Construction Machinery & Heavy Trucks-0.10%
Caterpillar Financial Services Corp., 3.40%, 05/13/2025		50,000		49,373
Consumer Finance-0.29%
American Express Co., 3.30%, 05/03/2027		50,000		47,944
Capital One Financial Corp., 4.20%, 10/29/2025		50,000		49,430
Discover Financial Services, 3.95%, 11/06/2024		50,000		49,550
				146,924
Data Processing & Outsourced Services-0.25%
Fiserv, Inc., 2.75%, 07/01/2024		50,000		48,793
Mastercard, Inc., 2.00%, 11/18/2031		50,000		42,281
Visa, Inc., 2.00%, 08/15/2050		50,000		32,618
				123,692
Distillers & Vintners-0.09%
Diageo Capital PLC (United Kingdom), 3.88%, 04/29/2043		50,000		44,427
Diversified Banks-4.88%
Asian Development Bank (Supranational), 0.63%, 04/29/2025		100,000		92,610
Asian Infrastructure Investment Bank (The) (Supranational), 0.50%, 01/27/2026		50,000		44,819
Bank of America Corp.
1.53%, 12/06/2025(d)		50,000		46,697
3.50%, 04/19/2026		50,000		48,745
1.90%, 07/23/2031(d)		50,000		39,546
1.92%, 10/24/2031(d)		50,000		39,680
3.85%, 03/08/2037(d)		50,000		43,276
3.31%, 04/22/2042(d)		25,000		19,693
5.00%, 01/21/2044		50,000		48,823
Bank of Montreal (Canada), 4.80%(d)(e)		50,000		45,161
Bank of Nova Scotia (The) (Canada), 0.70%, 04/15/2024		50,000		47,434
Barclays PLC (United Kingdom), 4.38%, 09/11/2024		50,000		49,401
BNP Paribas S.A. (France), 1.32%, 01/13/2027(c)(d)		100,000		87,862
Canadian Imperial Bank of Commerce (Canada), 3.10%, 04/02/2024		50,000		49,320
Citigroup, Inc.
3.88%, 10/25/2023		50,000		50,176
4.41%, 03/31/2031(d)		50,000		47,753
8.13%, 07/15/2039		50,000		65,573
4.65%, 07/23/2048		50,000		47,387
Commonwealth Bank of Australia (Australia), 2.30%, 03/14/2025(c)		50,000		47,965
European Investment Bank (Supranational)
0.38%, 07/24/2024		50,000		47,139
2.75%, 08/15/2025		50,000		48,903
1.25%, 02/14/2031(b)		50,000		42,706

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

  39  

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

August 31, 2022

	Principal Amount		Value
Diversified Banks-(continued)
HSBC Holdings PLC (United Kingdom), 3.80%, 03/11/2025(d)	$	100,000	$	98,178
Inter-American Development Bank (Supranational)
0.25%, 11/15/2023		50,000		48,208
1.50%, 01/13/2027		50,000		46,075
International Bank for Reconstruction & Development (Supranational) 0.63%, 04/22/2025		50,000		46,344
Series GDIF, 1.75%, 10/23/2029		100,000		89,892
JPMorgan Chase & Co.
2.60%, 02/24/2026(d)		50,000		47,473
1.47%, 09/22/2027(d)		50,000		43,904
2.18%, 06/01/2028(d)		50,000		44,539
2.74%, 10/15/2030(d)		50,000		43,426
4.91%, 07/25/2033(d)		50,000		49,757
3.33%, 04/22/2052(d)		50,000		37,946
Kreditanstalt fuer Wiederaufbau (Germany)
1.25%, 01/31/2025		100,000		94,667
0.75%, 09/30/2030		50,000		40,902
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.78%, 03/02/2025		50,000		49,494
3.96%, 03/02/2028		50,000		48,347
Royal Bank of Canada (Canada), 2.05%, 01/21/2027		50,000		45,571
Sumitomo Mitsui Financial Group, Inc. (Japan)
3.78%, 03/09/2026		50,000		48,916
3.54%, 01/17/2028		50,000		47,505
Toronto-Dominion Bank (The) (Canada)
0.45%, 09/11/2023		25,000		24,157
0.75%, 01/06/2026		50,000		44,754
U.S. Bancorp, 3.38%, 02/05/2024		50,000		49,799
Wells Fargo & Co.
3.00%, 10/23/2026		50,000		47,335
3.35%, 03/02/2033(d)		50,000		44,000
4.90%, 07/25/2033(d)		50,000		49,275
5.95%, 12/15/2036		50,000		50,518
Westpac Banking Corp. (Australia), 2.89%, 02/04/2030(d)		50,000		46,994
				2,428,645
Diversified Capital Markets-0.14%
Deutsche Bank AG (Germany), 4.10%, 01/13/2026(b)		25,000		24,461
Macquarie Group Ltd. (Australia), 4.10%, 06/21/2028(c)(d)		50,000		47,708
				72,169
Diversified Chemicals-0.08%
Dow Chemical Co. (The), 2.10%, 11/15/2030		50,000		40,970
Diversified Metals & Mining-0.18%
Corp. Nacional del Cobre de Chile (Chile), 4.50%, 08/01/2047(c)		50,000		42,300
Glencore Funding LLC (Australia), 4.00%, 03/27/2027(c)		50,000		48,156
				90,456
Diversified REITs-0.10%
VICI Properties L.P./VICI Note Co., Inc., 4.63%, 06/15/2025(c)		50,000		48,469

	Principal Amount		Value
Education Services-0.09%
University of Southern California, Series 2017, 3.84%, 10/01/2047	$	50,000	$	46,208
Electric Utilities-1.54%
Berkshire Hathaway Energy Co.
4.05%, 04/15/2025		50,000		50,116
4.45%, 01/15/2049		50,000		46,786
Cleveland Electric Illuminating Co. (The), 5.50%, 08/15/2024		42,000		43,069
Commonwealth Edison Co., 2.20%, 03/01/2030		25,000		21,873
Consolidated Edison Co. of New York, Inc., 3.85%, 06/15/2046		50,000		42,169
Duke Energy Corp.
3.15%, 08/15/2027		50,000		47,270
3.75%, 09/01/2046		50,000		39,598
Electricite de France S.A. (France), 3.63%, 10/13/2025(c)		50,000		49,544
Entergy Corp., 2.80%, 06/15/2030		25,000		21,483
Georgia Power Co., 4.30%, 03/15/2043		50,000		44,377
NextEra Energy Capital Holdings, Inc., 2.75%, 11/01/2029		50,000		44,700
Niagara Mohawk Power Corp., 2.76%, 01/10/2032(c)		50,000		42,423
Oncor Electric Delivery Co. LLC, 3.70%, 05/15/2050		50,000		43,215
Pacific Gas and Electric Co., 4.95%, 07/01/2050		50,000		40,101
Southern California Edison Co.
2.25%, 06/01/2030		50,000		42,074
Series 08-A, 5.95%, 02/01/2038		25,000		26,033
Southwestern Electric Power Co., Series N, 1.65%, 03/15/2026		50,000		45,424
Virginia Electric & Power Co., Series B, 6.00%, 01/15/2036		25,000		27,480
Xcel Energy, Inc., 4.00%, 06/15/2028		50,000		49,108
				766,843
Environmental & Facilities Services-0.05%
Waste Management, Inc., 4.15%, 07/15/2049		25,000		22,978
Financial Exchanges & Data-0.10%
Moody’s Corp., 4.88%, 02/15/2024		50,000		50,602
Food Distributors-0.10%
Sysco Corp., 3.25%, 07/15/2027		50,000		47,468
Food Retail-0.10%
Kroger Co. (The), 3.70%, 08/01/2027		50,000		48,864
Footwear-0.10%
NIKE, Inc., 2.40%, 03/27/2025		50,000		48,434
Gas Utilities-0.15%
CenterPoint Energy Resources Corp., 4.40%, 07/01/2032(b)		50,000		50,008
Southern California Gas Co., Series KK, 5.75%, 11/15/2035		25,000		27,096
				77,104
General Merchandise Stores-0.10%
Target Corp., 3.50%, 07/01/2024		50,000		49,894

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

  40  

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

August 31, 2022

	Principal     Amount		Value
Health Care Equipment-0.15%
Abbott Laboratories, 4.90%, 11/30/2046	$	25,000	$	26,391
Baxter International, Inc., 2.60%, 08/15/2026		50,000		46,888
				73,279
Health Care Facilities-0.18%
CommonSpirit Health, 4.19%, 10/01/2049		50,000		41,155
HCA, Inc., 5.00%, 03/15/2024		50,000		50,374
				91,529
Health Care REITs-0.10%
Welltower, Inc., 4.00%, 06/01/2025		50,000		49,422
Health Care Services-0.50%
Cigna Corp.
3.05%, 10/15/2027		50,000		46,715
3.20%, 03/15/2040		25,000		19,737
CVS Health Corp.
3.25%, 08/15/2029		50,000		45,834
4.78%, 03/25/2038		25,000		23,865
5.05%, 03/25/2048		20,000		19,330
Roche Holdings, Inc. (Switzerland), 2.31%, 03/10/2027(c)		50,000		46,633
Sutter Health, Series 20A, 1.32%, 08/15/2025		50,000		46,034
				248,148
Home Improvement Retail-0.24%
Home Depot, Inc. (The)
5.88%, 12/16/2036		25,000		28,211
4.20%, 04/01/2043		50,000		46,115
Lowe’s Cos., Inc., 3.75%, 04/01/2032		50,000		46,208
				120,534
Hotels, Resorts & Cruise Lines-0.10%
Marriott International, Inc., Series X, 4.00%, 04/15/2028		50,000		47,725
Household Products-0.08%
Kimberly-Clark Corp., 2.88%, 02/07/2050		25,000		18,796
Procter & Gamble Co. (The), 3.00%, 03/25/2030		25,000		23,619
				42,415
Hypermarkets & Super Centers-0.18%
Costco Wholesale Corp., 2.75%, 05/18/2024		50,000		49,613
Walmart, Inc., 1.80%, 09/22/2031		50,000		42,200
				91,813
Independent Power Producers & Energy  Traders-0.08%
Tennessee Valley Authority, 1.50%, 09/15/2031		50,000		42,016
Industrial Conglomerates-0.32%
3M Co., 3.70%, 04/15/2050(b)		25,000		20,262
General Electric Co., 4.50%, 03/11/2044		50,000		45,087
Honeywell International, Inc., 2.30%, 08/15/2024		50,000		48,763
Siemens Financieringsmaatschappij N.V. (Germany), 1.70%, 03/11/2028(c)		50,000		43,706
				157,818
Insurance Brokers-0.09%
Aon Global Ltd., 4.45%, 05/24/2043		50,000		43,483

	Principal     Amount		Value
Integrated Oil & Gas-0.71%
BP Capital Markets PLC (United Kingdom), 3.28%, 09/19/2027	$	50,000	$	48,011
Chevron USA, Inc., 1.02%, 08/12/2027		50,000		43,608
Equinor ASA (Norway), 2.88%, 04/06/2025		50,000		48,689
Exxon Mobil Corp., 4.33%, 03/19/2050		50,000		47,859
Petronas Capital Ltd. (Malaysia), 2.48%, 01/28/2032(c)		50,000		43,690
Saudi Arabian Oil Co. (Saudi Arabia), 3.25%, 11/24/2050(c)		50,000		37,587
Shell International Finance B.V. (Netherlands), 2.75%, 04/06/2030		50,000		45,034
TotalEnergies Capital International S.A. (France), 3.39%, 06/29/2060		50,000		38,787
				353,265
Integrated Telecommunication Services-0.65%
AT&T, Inc.
1.65%, 02/01/2028		75,000		64,594
2.25%, 02/01/2032		50,000		40,596
3.55%, 09/15/2055		50,000		36,799
Telefonica Emisiones S.A. (Spain), 4.67%, 03/06/2038		50,000		43,514
Verizon Communications, Inc.
0.85%, 11/20/2025		50,000		45,056
5.50%, 03/16/2047		50,000		52,790
3.70%, 03/22/2061		50,000		38,662
				322,011
Interactive Media & Services-0.17%
Alphabet, Inc., 0.80%, 08/15/2027(b)		50,000		43,771
Tencent Holdings Ltd. (China), 3.93%, 01/19/2038(c)		50,000		41,641
				85,412
Internet & Direct Marketing Retail-0.17%
Amazon.com, Inc.
2.10%, 05/12/2031		50,000		43,217
3.10%, 05/12/2051		50,000		39,189
				82,406
Investment Banking & Brokerage-0.95%
Brookfield Finance, Inc. (Canada), 4.70%, 09/20/2047		50,000		43,539
Charles Schwab Corp. (The), 2.45%, 03/03/2027		50,000		46,743
Goldman Sachs Group, Inc. (The)
4.25%, 10/21/2025		125,000		123,543
2.38%, 07/21/2032(d)		50,000		40,614
Morgan Stanley
3.70%, 10/23/2024		50,000		49,688
3.62%, 04/01/2031(d)		50,000		45,960
4.30%, 01/27/2045		25,000		22,466
Series F, 3.88%, 04/29/2024		50,000		49,922
Morgan Stanley Domestic Holdings, Inc.,
4.50%, 06/20/2028		50,000		49,580
				472,055
IT Consulting & Other Services-0.11%
International Business Machines Corp., 6.22%, 08/01/2004		50,000		55,130

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

  41  

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

August 31, 2022

	Principal     Amount		Value
Life & Health Insurance-0.46%
Athene Global Funding, 3.21%, 03/08/2027(c)	$	50,000	$	45,547
Brighthouse Financial, Inc., 4.70%, 06/22/2047		50,000		39,682
Equitable Financial Life Global Funding, 1.40%, 07/07/2025(c)		50,000		45,785
MetLife, Inc., 6.40%, 12/15/2036		50,000		51,355
Prudential Financial, Inc., 5.20%, 03/15/2044(d)		50,000		48,663
				231,032
Life Sciences Tools & Services-0.08%
Thermo Fisher Scientific, Inc., 2.00%, 10/15/2031(b)		50,000		42,248
Managed Health Care-0.21%
Elevance Health, Inc., 3.70%, 09/15/2049		50,000		41,247
UnitedHealth Group, Inc.
2.00%, 05/15/2030		25,000		21,383
3.70%, 08/15/2049		50,000		42,799
				105,429
Motorcycle Manufacturers-0.08%
Harley-Davidson, Inc., 4.63%, 07/28/2045(b)		50,000		39,085
Movies & Entertainment-0.36%
Magallanes, Inc., 5.14%, 03/15/2052(c)		50,000		40,438
Netflix, Inc., 5.38%, 11/15/2029(c)		50,000		49,232
TWDC Enterprises 18 Corp., 4.38%, 08/16/2041		30,000		28,580
Walt Disney Co. (The)
3.70%, 09/15/2024		50,000		49,831
4.75%, 09/15/2044		10,000		9,934
				178,015
Multi-line Insurance-0.23%
Hartford Financial Services Group, Inc. (The), 5.95%, 10/15/2036		50,000		54,181
Liberty Mutual Group, Inc., 3.95%, 05/15/2060(c)		25,000		17,920
New York Life Insurance Co., 3.75%, 05/15/2050(c)		50,000		41,820
				113,921
Multi-Utilities-0.36%
Dominion Energy, Inc., Series D, 2.85%, 08/15/2026		50,000		47,297
NiSource, Inc., 5.80%, 02/01/2042		50,000		50,125
Public Service Electric & Gas Co., 3.15%, 01/01/2050		50,000		38,853
Sempra Energy, 3.80%, 02/01/2038		50,000		43,096
				179,371
Office REITs-0.30%
Alexandria Real Estate Equities, Inc., 3.45%, 04/30/2025		50,000		49,274
Boston Properties L.P., 3.80%, 02/01/2024		100,000		99,369
				148,643
Oil & Gas Equipment & Services-0.12%
Halliburton Co., 7.45%, 09/15/2039		50,000		58,145

	Principal     Amount		Value
Oil & Gas Exploration & Production-0.29%
Canadian Natural Resources Ltd. (Canada), 3.85%, 06/01/2027	$	50,000	$	47,851
ConocoPhillips Co., 2.40%, 03/07/2025		50,000		48,417
Sinopec Group Overseas Development (2012) Ltd. (China), 4.88%, 05/17/2042(c)		50,000		49,156
				145,424
Oil & Gas Refining & Marketing-0.10%
Phillips 66 Co., 3.61%, 02/15/2025(c)		50,000		48,993
Oil & Gas Storage & Transportation-0.85%
Enbridge, Inc. (Canada), 3.70%, 07/15/2027		50,000		48,020
Energy Transfer L.P.
3.90%, 05/15/2024		20,000		19,744
5.40%, 10/01/2047		50,000		44,771
Enterprise Products Operating LLC, 4.45%, 02/15/2043		50,000		44,463
Kinder Morgan, Inc., 3.25%, 08/01/2050		50,000		35,101
MPLX L.P., 4.50%, 04/15/2038		50,000		44,389
ONEOK, Inc., 3.10%, 03/15/2030		50,000		43,268
Sabine Pass Liquefaction LLC, 4.50%, 05/15/2030(b)		50,000		47,922
TransCanada PipeLines Ltd. (Canada), 4.63%, 03/01/2034		50,000		47,920
Williams Cos., Inc. (The), 3.90%, 01/15/2025		50,000		49,213
				424,811
Other Diversified Financial Services-0.26%
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust (Ireland), 3.85%, 10/29/2041		50,000		36,983
Province of Quebec (Canada), 0.60%, 07/23/2025		50,000		45,812
Voya Financial, Inc., 3.65%, 06/15/2026		50,000		48,685
				131,480
Packaged Foods & Meats-0.25%
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 3.00%, 05/15/2032(c)		50,000		41,417
Kraft Heinz Foods Co. (The), 3.75%, 04/01/2030		50,000		46,505
Nestle Holdings, Inc., 2.63%, 09/14/2051(c)		50,000		36,674
				124,596
Paper Packaging-0.10%
WRKCo, Inc., 4.00%, 03/15/2028		50,000		48,269
Paper Products-0.09%
Georgia-Pacific LLC, 2.30%, 04/30/2030(c)		50,000		43,365
Personal Products-0.10%
Estee Lauder Cos., Inc. (The), 3.15%, 03/15/2027		50,000		48,850
Pharmaceuticals-0.59%
AstraZeneca PLC (United Kingdom), 1.38%, 08/06/2030		50,000		41,166
Bayer US Finance II LLC (Germany), 4.40%, 07/15/2044(c)		50,000		40,931
Bristol-Myers Squibb Co., 3.55%,  03/15/2042		50,000		43,082
Johnson & Johnson, 4.50%, 12/05/2043		50,000		49,921
Merck & Co., Inc., 2.75%, 12/10/2051		50,000		36,389

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

  42  

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

August 31, 2022

	Principal     Amount		Value
Pharmaceuticals-(continued)
Pfizer, Inc., 3.40%, 05/15/2024	$	25,000	$	24,935
Wyeth LLC, 6.00%, 02/15/2036		50,000		56,605
				293,029
Property & Casualty Insurance-0.10%
Chubb INA Holdings, Inc., 3.35%, 05/03/2026		50,000		49,012
Railroads-0.36%
Burlington Northern Santa Fe LLC, 4.05%, 06/15/2048		50,000		45,582
CSX Corp., 2.40%, 02/15/2030		50,000		43,765
Norfolk Southern Corp., 3.70%, 03/15/2053		50,000		41,191
Union Pacific Corp., 2.15%, 02/05/2027		50,000		46,542
				177,080
Regional Banks-0.74%
Citizens Financial Group, Inc., 4.30%, 12/03/2025		50,000		49,454
Fifth Third Bancorp, 3.95%, 03/14/2028		50,000		48,656
KeyCorp, 2.55%, 10/01/2029		50,000		42,927
PNC Financial Services Group, Inc. (The), 3.15%, 05/19/2027		50,000		47,977
Regions Financial Corp., 2.25%, 05/18/2025		50,000		47,748
Santander Holdings USA, Inc., 3.24%, 10/05/2026		50,000		46,685
SVB Financial Group, 2.10%, 05/15/2028		50,000		42,473
Truist Financial Corp., 1.13%, 08/03/2027		50,000		43,110
				369,030
Reinsurance-0.19%
Alleghany Corp., 3.63%, 05/15/2030		50,000		47,019
Berkshire Hathaway Finance Corp., 2.30%, 03/15/2027(b)		50,000		47,186
				94,205
Restaurants-0.09%
McDonald’s Corp., 4.20%, 04/01/2050		50,000		44,969
Retail REITs-0.19%
Realty Income Corp., 4.63%, 11/01/2025		50,000		50,677
Simon Property Group L.P., 1.75%, 02/01/2028		50,000		43,442
				94,119
Semiconductor Equipment-0.09%
NXP B.V./NXP Funding LLC/NXP USA, Inc. (China), 2.70%, 05/01/2025		50,000		47,413
Semiconductors-0.38%
Broadcom, Inc.
4.15%, 04/15/2032(c)		50,000		44,857
3.19%, 11/15/2036(c)		50,000		37,406
Intel Corp., 2.45%, 11/15/2029		50,000		44,052
NVIDIA Corp., 1.55%, 06/15/2028		50,000		43,667
QUALCOMM, Inc., 3.25%, 05/20/2050(b)		25,000		20,364
				190,346
Soft Drinks-0.18%
Coca-Cola Co. (The), 2.25%, 01/05/2032(b)		50,000		43,649
PepsiCo, Inc., 2.63%, 07/29/2029		50,000		45,991
				89,640

	Principal     Amount		Value
Sovereign Debt-2.48%
African Development Bank (Supranational), Series GDIF, 3.38%, 07/07/2025	$	50,000	$	49,694
Caisse d’Amortissement de la Dette Sociale (France), 3.38%, 03/20/2024(c)		100,000		99,652
Canada Government International Bond (Canada), 1.63%, 01/22/2025		60,000		57,337
Colombia Government International Bond (Colombia), 6.13%, 01/18/2041		100,000		80,321
Hungary Government International Bond (Hungary), 5.38%, 03/25/2024		50,000		50,327
Japan Bank for International Cooperation (Japan), 0.50%, 04/15/2024		100,000		95,039
Mexico Government International Bond (Mexico)
5.55%, 01/21/2045		60,000		56,377
5.75%, 10/12/2110		70,000		60,236
Panama Government International Bond (Panama), 8.88%, 09/30/2027		100,000		118,827
Peruvian Government International Bond (Peru), 3.55%, 03/10/2051		100,000		74,874
Philippine Government International Bond
(Philippines)
10.63%, 03/16/2025		50,000		58,457
9.50%, 02/02/2030		25,000		33,107
Province of Alberta (Canada), 3.30%, 03/15/2028		50,000		48,935
Province of Ontario (Canada), 2.13%, 01/21/2032		100,000		87,300
Qatar Government International Bond (Qatar), 6.40%, 01/20/2040(c)		100,000		122,376
Republic of Italy Government International Bond (Italy), 5.38%, 06/15/2033		50,000		49,920
Romanian Government International Bond (Romania), 5.13%, 06/15/2048(c)		50,000		41,472
Uruguay Government International Bond (Uruguay), 4.38%, 01/23/2031		50,000		51,306
				1,235,557
Specialized REITs-0.19%
American Tower Corp., 3.10%, 06/15/2050		50,000		35,043
Crown Castle, Inc., 2.50%, 07/15/2031		50,000		41,221
Equinix, Inc., 1.55%, 03/15/2028		20,000		17,012
				93,276
Specialty Chemicals-0.27%
Albemarle Corp., 5.05%, 06/01/2032		50,000		48,959
DuPont de Nemours, Inc., 4.49%, 11/15/2025		50,000		50,418
Sherwin-Williams Co. (The), 2.90%, 03/15/2052		50,000		33,734
				133,111
Steel-0.12%
Steel Dynamics, Inc., 3.25%, 10/15/2050		25,000		17,191
Vale Overseas Ltd. (Brazil), 3.75%, 07/08/2030		50,000		43,621
				60,812
Systems Software-0.43%
Microsoft Corp.
3.50%, 02/12/2035		50,000		48,018
4.25%, 02/06/2047(b)		50,000		50,124

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

  43  

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

August 31, 2022

	Principal
	Amount		Value
Systems Software-(continued)
Oracle Corp.
1.65%, 03/25/2026	$	50,000	$	45,091
3.60%, 04/01/2040		50,000		36,520
3.95%, 03/25/2051		50,000		36,081
				215,834
Technology Distributors-0.09%
CDW LLC/CDW Finance Corp., 3.28%, 12/01/2028		50,000		44,125
Technology Hardware, Storage & Peripherals-0.34%
Apple, Inc. 1.65%, 02/08/2031		50,000		41,702
3.75%, 09/12/2047		50,000		44,965
2.80%, 02/08/2061		50,000		35,562
HP, Inc., 4.75%, 01/15/2028		50,000		49,293
				171,522
Tobacco-0.24%
Altria Group, Inc., 3.80%, 02/14/2024(b)		50,000		49,924
BAT Capital Corp. (United Kingdom), 3.46%, 09/06/2029		50,000		43,317
Philip Morris International, Inc., 4.38%, 11/15/2041		30,000		24,956
				118,197
Trading Companies & Distributors-0.08%
Air Lease Corp., 3.13%, 12/01/2030		50,000		42,219
Water Utilities-0.04%
American Water Capital Corp., 3.45%, 05/01/2050		25,000		19,670
Wireless Telecommunication Services-0.28%
Rogers Communications, Inc. (Canada), 2.95%, 03/15/2025(c)		50,000		48,400
T-Mobile USA, Inc., 3.88%, 04/15/2030		50,000		46,426
Vodafone Group PLC (United Kingdom), 4.38%, 02/19/2043		50,000		43,208
				138,034
Total U.S. Dollar Denominated Bonds & Notes (Cost $14,863,842)				13,888,204
U.S. Government Sponsored Agency Mortgage-Backed Securities-24.69%
Collateralized Mortgage Obligations-0.37%
Freddie Mac Multifamily Structured Pass-Through Ctfs.
Series 2019-K092, Class A2, 3.30%, 04/25/2029		100,000		97,551
Series 2022-K141, Class A2, 2.25%, 02/25/2032		100,000		88,035
				185,586
Federal Farm Credit Bank (FFCB)-0.29%
0.88%, 11/18/2024		50,000		47,271
2.90%, 05/09/2025		100,000		98,475
				145,746

	Principal
	Amount		Value
Federal Home Loan Bank (FHLB)-0.28%
0.38%, 09/04/2025	$	50,000	$	45,606
2.13%, 12/14/2029		100,000		92,222
				137,828
Federal Home Loan Mortgage Corp. (FHLMC)-9.08%
0.38%, 09/23/2025		50,000		45,586
0.90%, 10/13/2027		100,000		88,181
2.50%, 09/01/2028 to 06/01/2052		1,123,009		1,009,779
3.00%, 11/01/2028 to 06/01/2052		837,860		785,239
2.00%, 05/01/2036 to 05/01/2052		1,654,774		1,437,269
1.50%, 10/01/2036 to 04/01/2051		369,636		322,447
3.50%, 02/01/2043 to 09/01/2052		239,248		230,194
4.00%, 08/01/2047 to 06/01/2052		448,876		440,345
4.50%, 03/01/2049 to 06/01/2050		35,633		35,882
5.50%, 09/01/2052		100,000		102,891
Series 1, 0.00%, 11/15/2038(f)		50,000		26,732
				4,524,545
Federal National Mortgage Association (FNMA)-9.09%
2.63%, 09/06/2024		100,000		98,376
0.75%, 10/08/2027(b)		60,000		52,843
3.50%, 12/01/2028 to 06/01/2052		716,582		689,520
2.50%, 02/01/2032 to 04/01/2052		1,207,530		1,098,679
1.50%, 09/01/2035 to 12/01/2051		345,837		296,620
2.00%, 09/01/2035 to 07/01/2052		1,560,329		1,379,929
3.00%, 09/01/2037 to 05/01/2052		552,598		517,311
4.00%, 09/01/2047 to 09/01/2050		93,727		92,937
5.00%, 05/01/2048 to 07/01/2049		57,867		59,655
4.50%, 04/01/2049 to 06/01/2052		241,459		241,599
				4,527,469
Government National Mortgage Association (GNMA)-5.58%
3.50%, 04/20/2042 to 05/20/2052		378,140		366,873
4.00%, 11/15/2046 to 09/20/2052		261,031		259,745
3.00%, 11/20/2046 to 05/20/2052		643,475		606,433
5.00%, 05/20/2048 to 09/20/2052		111,236		113,085
2.50%, 06/20/2049 to 05/20/2052		811,698		742,798
4.50%, 07/20/2049 to 06/20/2052		65,700		66,026
2.00%, 09/20/2050 to 05/20/2052		700,376		621,898
				2,776,858
Total U.S. Government Sponsored Agency Mortgage- Backed Securities (Cost $13,034,771)				12,298,032
Asset-Backed Securities-1.89%
Avis Budget Rental Car Funding (AESOP) LLC, Series 2020-2A, Class A, 2.02%, 02/20/2027(c)		100,000		91,869
Capital One Multi-Asset Execution Trust, Series 2019-A3, Class A3, 2.06%, 08/15/2028		50,000		46,686
Commercial Mortgage Trust, Series 2015- CR22, Class A5, 3.31%, 03/10/2048		100,000		97,120
Ford Credit Auto Owner Trust, Series 2019-1, Class A, 3.52%, 07/15/2030(c)		100,000		99,202
GM Financial Consumer Automobile Receivables Trust, Series 2020-4, Class C, 1.05%, 05/18/2026		100,000		94,423

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

  44  

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

August 31, 2022

	Principal     Amount		Value
Navient Private Education Refi Loan Trust, Series 2021-CA, Class A, 1.06%, 10/15/2069(c)	$	68,459	$	61,433
SMB Private Education Loan Trust, Series 2021-B, Class A, 1.31%, 07/17/2051(c)		70,476		64,109
Verizon Owner Trust, Series 2020-B, Class  A, 0.47%, 02/20/2025		50,000		49,325
Wells Fargo Commercial Mortgage Trust
Series 2015-LC20, Class B, 3.72%, 04/15/2050		100,000		94,881
Series 2015-NXS2, Class A4, 3.50%, 07/15/2058		200,000		194,554
WFRBS Commercial Mortgage Trust, Series 2012-C9, Class C, 4.54%, 11/15/2045(g)		50,000		49,662
Total Asset-Backed Securities (Cost $993,878)				943,264
Municipal Obligations-0.37%
California (State of), Series 2009, GO Bonds, 7.55%, 04/01/2039		100,000		133,130
University of California, Series 2014, RB, 4.77%, 05/15/2044		50,000		50,161
Total Municipal Obligations (Cost $196,581)				183,291

	Shares		Value
Money Market Funds-4.17%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(h)(i) (Cost $2,078,326)		2,078,326	$	2,078,326
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-103.05% (Cost $54,408,480)				51,327,625
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.17%
Invesco Private Government Fund, 2.29%(h)(i)(j)		162,453		162,453
Invesco Private Prime Fund, 2.37%(h)(i)(j)		417,556		417,597
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $580,050)				580,050
TOTAL INVESTMENTS IN SECURITIES-104.22% (Cost $54,988,530)				51,907,675
OTHER ASSETS LESS LIABILITIES-(4.22)%				(2,101,265	)
NET ASSETS-100.00%			$	49,806,410

Investment Abbreviations:

Ctfs.  -Certificates

GO    -General Obligation

RB    -Revenue Bonds

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 August 31, 2022.

^(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 August 31, 2022 was $1,913,816, which represented 3.84% 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)  Perpetual bond with no specified maturity date.

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

^(g)  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 August 31, 2022.

^(h)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value August 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$516,374		$15,002,476		$(13,440,524)		$-		$ -		$2,078,326		$4,106

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

  45  

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

August 31, 2022

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	245,544		$	5,022,733		$	(5,105,824	)		$	-		$	-			$	162,453		$	1,006	*
Invesco Private Prime Fund			572,937			7,793,354			(7,948,447	)			-			(247	)			417,597			2,887	*
Total		$	1,334,855		$	27,818,563		$	(26,494,795	)		$	-		$	(247	)		$	2,658,376		$	7,999

* 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.

⁽ⁱ⁾ The rate shown is the 7-day SEC standardized yield as of August 31, 2022.

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

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

  46  

Statements of Assets and Liabilities

August 31, 2022

	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)	$	2,278,315,167	$	32,146,943	$	49,249,299
Affiliated investments in securities, at value		276,670,932		8,058,581		2,658,376
Deposits with brokers:
Cash segregated as collateral		-		-		686,195
Receivable for:
Dividends and interest		3,546,575		30,889		268,725
Securities lending		15,195		5,122		797
Investments sold		8,454,203		417,939		596,576
Fund shares sold		-		-		554,884
Foreign tax reclaims		742		-		-
Total assets		2,567,002,814		40,659,474		54,014,852
Liabilities:
Due to custodian		829,263		-		879
Payable for:
Investments purchased		8,745,798		457,164		2,845,459
Collateral upon return of securities loaned		276,301,088		8,038,667		580,050
Collateral upon receipt of securities in-kind		-		-		686,195
Fund shares repurchased		-		222		94,002
Accrued unitary management fees		81,555		1,824		1,857
Total liabilities		285,957,704		8,497,877		4,208,442
Net Assets	$	2,281,045,110	$	32,161,597	$	49,806,410
Net assets consist of:
Shares of beneficial interest	$	2,433,075,419	$	39,430,050	$	52,957,334
Distributable earnings (loss)		(152,030,309)		(7,268,453)		(3,150,924)
Net Assets	$	2,281,045,110	$	32,161,597	$	49,806,410
Shares outstanding (unlimited amount authorized, $0.01 par value)		57,725,001		975,001		2,200,001
Net asset value	$	39.52	$	32.99	$	22.64
Market price	$	39.55	$	32.98	$	22.59
Unaffiliated investments in securities, at cost	$	2,418,937,610	$	38,674,664	$	52,330,154
Affiliated investments in securities, at cost	$	276,862,227	$	8,062,497	$	2,658,376
(a) Includes securities on loan with an aggregate value of:	$	266,677,001	$	7,787,294	$	563,138

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

  47  

Statements of Operations

For the year ended August 31, 2022

	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	$	-		$	-		$	588,928
Unaffiliated dividend income		35,171,392			479,230			-
Affiliated dividend income		20,266			936			4,106
Securities lending income, net		125,170			35,985			2,685
Foreign withholding tax		(8,975)			(239)			-
Total investment income		35,307,853			515,912			595,719
Expenses:
Unitary management fees		956,048			22,456			13,881
Less: Waivers		(362)			(8)			(358)
Net expenses		955,686			22,448			13,523
Net investment income		34,352,167			493,464			582,196
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(18,101,981	)		(982,115	)		(66,846	)
Affiliated investment securities		(18,460	)		(792	)		(247	)
Unaffiliated in-kind redemptions		39,253,130			4,793,326			(141,053	)
Affiliated in-kind redemptions		(4,291)			(138)			-
Net realized gain (loss)		21,128,398			3,810,281			(208,146)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(412,982,016	)		(9,895,548	)		(3,661,131	)
Affiliated investment securities		(189,124)			(2,919)			-
Change in net unrealized appreciation (depreciation)		(413,171,140)			(9,898,467)			(3,661,131)
Net realized and unrealized gain (loss)		(392,042,742)			(6,088,186)			(3,869,277)
Net increase (decrease) in net assets resulting from operations	$	(357,690,575	)	$	(5,594,722	)	$	(3,287,081	)

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

  48  

Statements of Changes in Net Assets

For the years ended August 31, 2022 and 2021

	Invesco PureBetaSM MSCI USA ETF (PBUS)
	2022			2021
Operations:
Net investment income	$	34,352,167		$	12,346,118
Net realized gain (loss)		21,128,398			4,494,280
Change in net unrealized appreciation (depreciation)		(413,171,140)			270,255,033
Net increase (decrease) in net assets resulting from operations		(357,690,575)			287,095,431
Distributions to Shareholders from:
Distributable earnings		(33,386,819)			(7,694,515)
Shareholder Transactions:
Proceeds from shares sold		798,972,770			1,901,249,143
Value of shares repurchased		(301,051,848)			(15,303,140)
Net increase (decrease) in net assets resulting from share transactions		497,920,922			1,885,946,003
Net increase (decrease) in net assets		106,843,528			2,165,346,919
Net assets:
Beginning of year		2,174,201,582			8,854,663
End of year	$	2,281,045,110		$	2,174,201,582
Changes in Shares Outstanding:
Shares sold		17,625,000			47,225,000
Shares repurchased		(7,025,000	)		(350,000	)
Shares outstanding, beginning of year		47,125,001			250,001
Shares outstanding, end of year		57,725,001			47,125,001

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

  49  

Invesco PureBetaSM						Invesco PureBetaSM
MSCI USA Small Cap ETF (PBSM)						US Aggregate Bond ETF (PBND)
2022			2021			2022			2021
$	493,464		$	262,673		$	582,196		$	349,918
	3,810,281			1,252,810			(208,146	)		952,648
	(9,898,467	)		2,882,970			(3,661,131	)		(1,336,513	)
	(5,594,722	)		4,398,453			(3,287,081	)		(33,947	)
	(881,276	)		(247,628	)		(660,942	)		(534,345	)
	19,529,331			37,177,435			46,662,440			5,286,219
	(22,427,945	)		(3,838,450	)		(16,395,540	)		(10,807,847	)
	(2,898,614	)		33,338,985			30,266,900			(5,521,628	)
	(9,374,612	)		37,489,810			26,318,877			(6,089,920	)
	41,536,209			4,046,399			23,487,533			29,577,453
$	32,161,597		$	41,536,209		$	49,806,410		$	23,487,533
	525,000			1,000,000			2,000,000			200,000
	(600,000	)		(100,000	)		(700,000	)		(400,000	)
	1,050,001			150,001			900,001			1,100,001
	975,001			1,050,001			2,200,001			900,001

  50  

Financial Highlights

Invesco PureBeta^SM MSCI USA ETF (PBUS)

	Years Ended August 31,												Ten Months Ended August 31,				For the Period September 19, 2017(a) Through October 31,
	2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period	$	46.14		$	35.42		$	29.16		$	29.09			$	25.70			$	25.00
Net investment income(b)		0.63			0.57			0.56			0.48				0.43				0.04
Net realized and unrealized gain (loss) on investments		(6.63	)		10.58			6.21			0.19				3.32				0.66
Total from investment operations		(6.00	)		11.15			6.77			0.67				3.75				0.70
Distributions to shareholders from:
Net investment income		(0.61	)		(0.43	)		(0.51	)		(0.53	)			(0.36	)			-
Net realized gains		(0.01	)		-			-			(0.07	)			-				-
Total distributions		(0.62	)		(0.43	)		(0.51	)		(0.60	)			(0.36	)			-
Net asset value at end of period	$	39.52		$	46.14		$	35.42		$	29.16			$	29.09			$	25.70
Market price at end of period(c)	$	39.55		$	46.14		$	35.61		$	29.16			$	29.09			$	25.70
Net Asset Value Total Return(d)		(13.10	)%		31.79	%		23.71	%		2.48	%			14.68	%			2.80	%(e)
Market Price Total Return(d)		(13.03	)%		31.07	%		24.36	%		2.48	%			14.68	%			2.80	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	2,281,045		$	2,174,202		$	8,855		$	2,916			$	2,909			$	2,570
Ratio to average net assets of:
Expenses		0.04	%		0.04	%		0.04	%		0.29	%(f)			0.04	%(g)			0.04	%(g)
Net investment income		1.44	%		1.32	%		1.82	%		1.70	%(f)			1.91	%(g)			1.31	%(g)
Portfolio turnover rate(h)		3	%		6	%		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)  Ratios include non-recurring costs associated with a proxy statement of 0.25%.

^(g) Annualized.

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

⁽ⁱ⁾  Amount represents less than 0.5%.

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

  51  

Financial Highlights–(continued)

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

	Years Ended August 31,												Ten Months Ended August 31,				For the Period September 19, 2017(a) Through October 31,
	2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$39.56			$26.98			$26.17			$30.11				$26.06				$25.00
Net investment income(b)		0.48			0.43			0.38			0.31				0.32				0.04
Net realized and unrealized gain (loss) on investments		(6.23	)		12.65			0.82			(3.05	)			4.00				1.02
Total from investment operations		(5.75	)		13.08			1.20			(2.74	)			4.32				1.06
Distributions to shareholders from:
Net investment income		(0.45	)		(0.37	)		(0.38	)		(0.38	)			(0.27	)			-
Net realized gains		(0.37	)		(0.13	)		(0.01	)		(0.82	)			-				-
Total distributions		(0.82	)		(0.50	)		(0.39	)		(1.20	)			(0.27	)			-
Net asset value at end of period	$	32.99		$	39.56		$	26.98		$	26.17			$	30.11			$	26.06
Market price at end of period(c)	$	32.98		$	39.51		$	27.00		$	26.21			$	30.11			$	26.08
Net Asset Value Total Return(d)		(14.70	)%		48.83	%		4.87	%		(8.54	)%			16.66	%			4.24	%(e)
Market Price Total Return(d)		(14.62	)%		48.53	%		4.79	%		(8.40	)%			16.57	%			4.32	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	32,162		$	41,536		$	4,046		$	2,617			$	3,011			$	2,606
Ratio to average net assets of:
Expenses		0.06	%		0.06	%		0.06	%		0.32	%(f)			0.06	%(g)			0.06	%(g)
Net investment income		1.32	%		1.14	%		1.49	%		1.16	%(f)			1.39	%(g)			1.21	%(g)
Portfolio turnover rate(h)		17	%		21	%		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)  Ratios include non-recurring costs associated with a proxy statement of 0.26%.

^(g) Annualized.

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

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

  52  

Financial Highlights–(continued)

Invesco PureBeta^SM US Aggregate Bond ETF (PBND)

	Years Ended August 31,												Ten Months Ended August 31,				For the Period September 27, 2017(a) Through October 31,
	2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period	$	26.10		$	26.89		$	25.94		$	24.23			$	24.96			$	25.00
Net investment income(b)		0.50			0.45			0.62			0.67				0.52				0.06
Net realized and unrealized gain (loss) on investments		(3.39	)		(0.56	)		1.02			1.74				(0.70	)			(0.05	)
Total from investment operations		(2.89	)		(0.11	)		1.64			2.41				(0.18	)			0.01
Distributions to shareholders from:
Net investment income		(0.49	)		(0.56	)		(0.69	)		(0.70	)			(0.54	)			(0.05	)
Net realized gains		(0.08	)		(0.12	)		-			-				-				-
Return of capital		-			-			-			-				(0.01	)			-
Total distributions		(0.57	)		(0.68	)		(0.69	)		(0.70	)			(0.55	)			(0.05	)
Net asset value at end of period	$	22.64		$	26.10		$	26.89		$	25.94			$	24.23			$	24.96
Market price at end of period(c)	$	22.59		$	26.11		$	26.93		$	25.96			$	24.25			$	24.96
Net Asset Value Total Return(d)		(11.19	)%		(0.42	)%		6.42	%		10.14	%			(0.72	)%			0.05	%(e)
Market Price Total Return(d)		(11.42	)%		(0.53	)%		6.49	%		10.14	%			(0.64	)%			0.05	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	49,806		$	23,488		$	29,577		$	25,940			$	24,233			$	24,964
Ratio to average net assets of:
Expenses, after Waivers		0.05	%		0.05	%		0.05	%		0.08	%(f)			0.05	%(g)			0.04	%(g)
Expenses, prior to Waivers		0.05	%		0.05	%		0.05	%		0.08	%(f)			0.05	%(g)			0.05	%(g)
Net investment income		2.10	%		1.70	%		2.36	%		2.71	%(f)			2.55	%(g)			2.44	%(g)
Portfolio turnover rate(h)		23	%		42	%		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) Ratios include non-recurring costs associated with a proxy statement of 0.03%.

^(g)  Annualized.

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

⁽ⁱ⁾ Amount represents less than 0.5%.

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

  53  

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

August 31, 2022

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 BofA 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter (“OTC”) market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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

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

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

  54  

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

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

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

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The 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 and unreliable are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/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, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

B. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest 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

  55  

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.

C. 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.

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

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

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.

F. 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, 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).

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.

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G. 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.

H. 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.

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

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through August 31, 2022, each Fund (except for PureBeta^SM US Aggregate Bond ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each applicable Fund as listed below:

	Amount
PureBetaSM MSCI USA ETF	$	5,214
PureBetaSM MSCI USA Small Cap ETF		830

J. Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of

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foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

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

K. 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 or could experience extended market closures or trading halts, 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 historically low interest rate environment observed over the past several years 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, before implementing several rounds of rate increases in 2022. Because there is little precedent for this situation, it is difficult to predict the impact of these rate changes and 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 a Fund’s portfolio turnover rate and 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 occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security. If a U.S. Government-sponsored entity is

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negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

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

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 call (prepayment) risk, reinvestment risk and extension risk. In addition, these securities are susceptible to an unexpectedly high rate of defaults on the mortgages held by a mortgage pool, which may adversely affect their value. The risk of such defaults depends on the quality of the mortgages underlying such security, the credit quality of its issuer or guarantor, and the nature and structure of its credit support. For example, the risk of default generally is higher in the case of mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely mortgage payments.

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

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

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

U.S. Government Obligations Risk. Certain Funds may invest in U.S. government obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U.S. Government securities include securities that are issued or guaranteed by the United States Treasury, by various agencies of the U.S. Government, or by various instrumentalities which have been established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the “full faith and credit” of the United States. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or 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. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government

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securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into 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, 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 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%

Through at least August 31, 2024, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended August 31, 2022, the Adviser waived fees for each Fund in the following amounts:

PureBetaSM MSCI USA ETF	$362
PureBetaSM MSCI USA Small Cap ETF	8
PureBetaSM US Aggregate Bond ETF	358

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

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

Fund	Licensor
PureBetaSM 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 BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

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For the fiscal year ended August 31, 2022, 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	$	7,757
PureBetaSM MSCI USA Small Cap ETF		743

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 the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
PureBetaSM MSCI USA ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	2,278,682,909	$	-	$	-	$	2,278,682,909
Money Market Funds		-		276,303,190		-		276,303,190
Total Investments	$	2,278,682,909	$	276,303,190	$	-	$	2,554,986,099
PureBetaSM MSCI USA Small Cap ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	32,150,235	$	-	$	283	$	32,150,518
Money Market Funds		15,920		8,039,086		-		8,055,006
Total Investments	$	32,166,155	$	8,039,086	$	283	$	40,205,524
PureBetaSM US Aggregate Bond ETF
Investments in Securities
U.S. Treasury Securities	$	-	$	21,936,508	$	-	$	21,936,508
U.S. Dollar Denominated Bonds & Notes		-		13,888,204		-		13,888,204
U.S. Government Sponsored Agency Mortgage-Backed Securities		-		12,298,032		-		12,298,032
Asset-Backed Securities		-		943,264		-		943,264
Municipal Obligations		-		183,291		-		183,291
Money Market Funds		2,078,326		580,050		-		2,658,376
Total Investments	$	2,078,326	$	49,829,349	$	-	$	51,907,675

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2022 and 2021:

	2022					2021
	Ordinary		Long-Term			Ordinary		Long-Term
	Income*		Capital Gains			Income*		Capital Gains
PureBetaSM MSCI USA ETF	$	33,386,819		$	-	$	7,694,515		$	-
PureBetaSM MSCI USA Small Cap ETF		711,275			170,001		231,628			16,000
PureBetaSM US Aggregate Bond ETF		581,731			79,211		435,056			99,289

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

Tax Components of Net Assets at Fiscal Year-end:

	Undistributed Ordinary Income		Net Unrealized Appreciation (Depreciation)- Investments			Capital Loss Carryforwards			Post-October Capital Losses Deferrals			Shares of Beneficial Interest		Total Net Assets
PureBetaSM MSCI USA ETF	$	6,214,937	$	(148,134,055	)	$	(10,111,191	)	$	-		$	2,433,075,419	$	2,281,045,110
PureBetaSM MSCI USA Small Cap ETF		68,803		(7,205,056	)		-			(132,200	)		39,430,050		32,161,597
PureBetaSM US Aggregate Bond ETF		46,885		(3,086,711	)		(111,098	)		-			52,957,334		49,806,410

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

The Funds have capital loss carryforwards as of August 31, 2022, as follows:

	No expiration
	Short-Term		Long-Term		Total*
PureBetaSM MSCI USA ETF	$	5,526,952	$	4,584,239	$	10,111,191
PureBetaSM MSCI USA Small Cap ETF		-		-		-
PureBetaSM US Aggregate Bond ETF		56,364		54,734		111,098

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

NOTE 6–Investment Transactions

For the fiscal year ended August 31, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
PureBetaSM MSCI USA ETF	$	83,946,901	$	79,973,118
PureBetaSM MSCI USA Small Cap ETF		6,487,755		7,046,516
PureBetaSM US Aggregate Bond ETF		11,374,713		3,806,801

For the fiscal year ended August 31, 2022, in-kind transactions associated with creations and redemptions were as follows:

	In-kind		In-kind
	Purchases		Sales
PureBetaSM MSCI USA ETF	$	791,071,013	$	298,887,978
PureBetaSM MSCI USA Small Cap ETF		19,348,257		21,989,896
PureBetaSM US Aggregate Bond ETF		33,898,047		11,939,474

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

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As of August 31, 2022, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost
PureBetaSM MSCI USA ETF	$	152,560,517	$	(300,694,572	)	$	(148,134,055	)	$	2,703,120,154
PureBetaSM MSCI USA Small Cap ETF		1,716,527		(8,921,583	)		(7,205,056	)		47,410,580
PureBetaSM US Aggregate Bond ETF		2,539		(3,089,250	)		(3,086,711	)		54,994,386

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, distributions and paydowns, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2022, the reclassifications were as follows:

	Undistributed Net Investment Income (Loss)				Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
PureBetaSM MSCI USA ETF		$	(78,665	)		$	(37,299,620	)		$	37,378,28	5
PureBetaSM MSCI USA Small Cap ETF			1,668				(4,117,040	)			4,115,37	2
PureBetaSM US Aggregate Bond ETF			45,631				91,981				(137,61	2)

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.

  63  

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco PureBeta^SM MSCI USA ETF, Invesco PureBeta^SM MSCI USA Small Cap ETF and Invesco PureBeta^SM US Aggregate Bond ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco PureBeta^SM MSCI USA ETF, Invesco PureBeta^SM MSCI USA Small Cap ETF and Invesco PureBeta^SM US Aggregate Bond ETF (three of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 27, 2022

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

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2022 through August 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value March 1, 2022			Ending Account Value August 31, 2022			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco PureBetaSM MSCI USA ETF (PBUS) Actual Hypothetical (5% return before expenses)		$	1,000.00 1,000.00		$	904.90 1,025.00		0.04 0.04	%		$	0.19 0.20
Invesco PureBetaSM MSCI USA Small Cap ETF (PBSM) Actual Hypothetical (5% return before expenses)			1,000.00 1,000.00			912.10 1,024.90		0.06 0.06				0.29 0.31
Invesco PureBetaSM US Aggregate Bond ETF (PBND) Actual Hypothetical (5% return before expenses)			1,000.00 1,000.00			926.10 1,024.95		0.05 0.05				0.24 0.26

⁽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 August 31, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

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Tax Information

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

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2022:

	Qualified Business Income*		Qualified Dividend Income*		Corporate Dividends Received Deduction*		U.S. Treasury Obligations*		Business Interest Income*		Qualified Interest Income*		Long Term Capital  Gains			Qualified Short Term Gains
Invesco PureBetaSM MSCI USA ETF		0%		94%		91%		0%		0%		0%		$	-		$	553,424
Invesco PureBetaSM MSCI USA  Small Cap ETF		13%		60%		59%		0%		0%		0%			170,001			229,455
Invesco PureBetaSM US Aggregate Bond ETF		0%		0%		0%		32%		99%		91%			79,211			-

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

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Trustees and Officers

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

As of August 31, 2022

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2007	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	230	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).
Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	230	None.

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

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

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Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Edmund P. Giambastiani, Jr.–1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chair of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	230	Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

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

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

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Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Victoria J. Herget–1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	230	Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, Mather LifeWays (2001-2021); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

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

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

.

  69  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Audit Committee and Trustee	Chair of the Audit Committee since 2008; Trustee since 2007	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	230	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.
Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Investment Oversight Committee and Trustee	Chair of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	230	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

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

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

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Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Joanne Pace–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.	230	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

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

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

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Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	230	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).
Donald H. Wilson–1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Board and Trustee	Chair since 2012; Trustee since 2007	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	230	Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

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

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

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Trustees and Officers–(continued)

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

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road Suite 700 Downers Grove, IL 60515	Trustee, President and Principal Executive Officer	Trustee since 2022, President and Principal Executive Officer since 2020	President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).	230	None

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

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

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Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2020	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

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

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Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); and Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present); Director, Invesco Trust Company (2022-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange- Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).
Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

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

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Trustees and Officers–(continued)

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

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

Availability of Additional Information About the Trustees

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

  76  

Approval of Investment Advisory and Sub-Advisory Contracts

At a meeting held on April 6, 2022, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 74 series (each, a “Fund” and collectively, the “Funds”):

Invesco 1-30 Laddered Treasury ETF	Invesco Russell 1000 Low Beta Equal Weight ETF
Invesco California AMT-Free Municipal Bond ETF	Invesco S&P 500® Enhanced Value ETF
Invesco CEF Income Composite ETF	Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco China Technology ETF	Invesco S&P 500® High Beta ETF
Invesco DWA Developed Markets Momentum ETF	Invesco S&P 500® High Dividend Low Volatility ETF
Invesco DWA Emerging Markets Momentum ETF	Invesco S&P 500® Low Volatility ETF
Invesco DWA SmallCap Momentum ETF	Invesco S&P 500 Minimum Variance ETF
Invesco Emerging Markets Sovereign Debt ETF	Invesco S&P 500® Momentum ETF
Invesco FTSE International Low Beta Equal Weight ETF	Invesco S&P 500 Revenue ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF	Invesco S&P Emerging Markets Low Volatility ETF
Invesco FTSE RAFI Developed Markets ex-U.S.  Small-Mid ETF	Invesco S&P Emerging Markets Momentum ETF
Invesco FTSE RAFI Emerging Markets ETF	Invesco S&P International Developed High Dividend Low
Invesco Fundamental High Yield® Corporate Bond ETF	Volatility ETF
Invesco Fundamental Investment Grade Corporate Bond ETF	Invesco S&P International Developed Low Volatility ETF
Invesco Global Clean Energy ETF	Invesco S&P International Developed Momentum ETF
Invesco Global Short Term High Yield Bond ETF	Invesco S&P International Developed Quality ETF
Invesco Global Water ETF	Invesco S&P MidCap 400 Revenue ETF
Invesco International BuyBack Achievers™ ETF	Invesco S&P MidCap Low Volatility ETF
Invesco International Corporate Bond ETF	Invesco S&P SmallCap 600 Revenue ETF
Invesco KBW Bank ETF	Invesco S&P SmallCap Consumer Discretionary ETF
Invesco KBW High Dividend Yield Financial ETF	Invesco S&P SmallCap Consumer Staples ETF
Invesco KBW Premium Yield Equity REIT ETF	Invesco S&P SmallCap Energy ETF
Invesco KBW Property & Casualty Insurance ETF	Invesco S&P SmallCap Financials ETF
Invesco KBW Regional Banking ETF	Invesco S&P SmallCap Health Care ETF
Invesco MSCI Green Building ETF	Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco NASDAQ 100 ETF	Invesco S&P SmallCap Industrials ETF
Invesco NASDAQ Next Gen 100 ETF	Invesco S&P SmallCap Information Technology ETF
Invesco National AMT-Free Municipal Bond ETF	Invesco S&P SmallCap Low Volatility ETF
Invesco New York AMT-Free Municipal Bond ETF	Invesco S&P SmallCap Materials ETF
Invesco Preferred ETF	Invesco S&P SmallCap Quality ETF
Invesco PureBetaSM 0-5 Yr US TIPS ETF	Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco PureBetaSM FTSE Developed ex-North  America ETF	Invesco S&P Ultra Dividend Revenue ETF
Invesco PureBetaSM FTSE Emerging Markets ETF	Invesco Senior Loan ETF
Invesco PureBetaSM MSCI USA ETF	Invesco Taxable Municipal Bond ETF
Invesco PureBetaSM MSCI USA Small Cap ETF	Invesco Treasury Collateral ETF
Invesco PureBetaSM US Aggregate Bond ETF	Invesco Variable Rate Preferred ETF
Invesco Russell 1000 Enhanced Equal Weight ETF	Invesco VRDO Tax-Free ETF
Invesco Russell 1000 Equal Weight ETF

Also at the April 6, 2022 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).

Investment Advisory Agreement

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other

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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2021, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year and since-inception periods for Invesco VRDO Tax-Free ETF and the one-year period for Invesco Treasury Collateral ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco VRDO Tax-Free ETF’s and Invesco Treasury Collateral ETF’s level of correlation to their respective underlying indexes. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement. The Trustees concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

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

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:

● 0.04% of the Fund’s average daily net assets for Invesco PureBeta^SM MSCI USA ETF;

● 0.05% of the Fund’s average daily net assets for Invesco PureBeta^SM US Aggregate Bond ETF;

● 0.06% of the Fund’s average daily net assets for Invesco PureBeta^SM MSCI USA Small Cap ETF;

● 0.07% of the Fund’s average daily net assets for Invesco PureBeta^SM 0-5 Yr US TIPS ETF and Invesco PureBeta^SM FTSE Developed ex-North America ETF;

● 0.08% of the Fund’s average daily net assets for Invesco Treasury Collateral ETF;

● 0.10% of the Fund’s average daily net assets for Invesco S&P 500 Minimum Variance ETF;

● 0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;

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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

● 0.14% of the Fund’s average daily net assets for Invesco PureBeta^SM FTSE Emerging Markets ETF;

● 0.15% of the Fund’s average daily net assets for Invesco NASDAQ 100 ETF and Invesco NASDAQ Next Gen 100 ETF;

● 0.20% of the Fund’s average daily net assets for Invesco Russell 1000 Equal Weight ETF;

● 0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;

● 0.25% of the Fund’s average daily net assets for Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500^® High Beta ETF, Invesco S&P 500^® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF and Invesco VRDO Tax-Free ETF;

● 0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF;

● 0.29% of the Fund’s average daily net assets for Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF;

● 0.30% of the Fund’s average daily net assets for Invesco S&P 500^® High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF and Invesco S&P International Developed High Dividend Low Volatility ETF;

● 0.35% of the Fund’s average daily net assets for Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco Russell 1000 Low Beta Equal Weight ETF;

● 0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF;

● 0.45% of the Fund’s daily net assets for Invesco FTSE International Low Beta Equal Weight ETF and Invesco FTSE RAFI Developed Markets ex-U.S. ETF;

● 0.49% of the Fund’s daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF;

● 0.50% of the Fund’s daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield^® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF;

● 0.55% of the Fund’s daily net assets for Invesco International BuyBack AchieversTM ETF;

● 0.60% of the Fund’s daily net assets for Invesco DWA SmallCap Momentum ETF;

● 0.65% of the Fund’s daily net assets for Invesco Senior Loan ETF;

● 0.70% of the Fund’s daily net assets for Invesco China Technology ETF;

● 0.75% of the Fund’s daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF;

● 0.80% of the Fund’s daily net assets for Invesco DWA Developed Markets Momentum ETF; and

● 0.90% of the Fund’s daily net assets for Invesco DWA Emerging Markets Momentum ETF.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their

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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower         than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median
Invesco 1-30 Laddered Treasury ETF			X
Invesco California AMT-Free Municipal Bond ETF		N/A	X
Invesco CEF Income Composite ETF	X	N/A	X
Invesco China Technology ETF		N/A	X
Invesco DWA Developed Markets Momentum ETF			X
Invesco DWA Emerging Markets Momentum ETF			X
Invesco DWA SmallCap Momentum ETF			X
Invesco Emerging Markets Sovereign Debt ETF			X
Invesco FTSE International Low Beta Equal Weight ETF	X	X	X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF			X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		X	X
Invesco FTSE RAFI Emerging Markets ETF	X		X
Invesco Fundamental High Yield® Corporate Bond ETF		X	X
Invesco Fundamental Investment Grade Corporate Bond ETF			X
Invesco Global Clean Energy ETF		X	X
Invesco Global Short Term High Yield Bond ETF	X	N/A	X
Invesco Global Water ETF		X	X
Invesco International BuyBack AchieversTM ETF			X
Invesco International Corporate Bond ETF			X
Invesco KBW Bank ETF	X		X
Invesco KBW High Dividend Yield Financial ETF	X		X
Invesco KBW Premium Yield Equity REIT ETF	X		X
Invesco KBW Property & Casualty Insurance ETF	X		X
Invesco KBW Regional Banking ETF	X		X
Invesco MSCI Green Building ETF		X	X
Invesco NASDAQ 100 ETF	X		X
Invesco NASDAQ Next Gen 100 ETF	X		X
Invesco National AMT-Free Municipal Bond ETF			X
Invesco New York AMT-Free Municipal Bond ETF		N/A	X
Invesco Preferred ETF		N/A	X
Invesco PureBetaSM 0-5 Yr US TIPS ETF	X		X
Invesco PureBetaSM FTSE Developed ex-North America ETF	X	X	X
Invesco PureBetaSM FTSE Emerging Markets ETF	X	X	X
Invesco PureBetaSM MSCI USA ETF	X	X	X
Invesco PureBetaSM MSCI USA Small Cap ETF	X	X	X
Invesco PureBetaSM US Aggregate Bond ETF	X	X	X
Invesco Russell 1000 Enhanced Equal Weight ETF			X
Invesco Russell 1000 Equal Weight ETF	X		X
Invesco Russell 1000 Low Beta Equal Weight ETF			X
Invesco S&P 500 Enhanced Value ETF	X	X	X
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF	X		X
Invesco S&P 500® High Beta ETF	X		X
Invesco S&P 500® High Dividend Low Volatility ETF	X	X	X

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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower         than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median
Invesco S&P 500® Low Volatility ETF	X		X
Invesco S&P 500 Minimum Variance ETF	X	X	X
Invesco S&P 500 Momentum ETF	X	X	X
Invesco S&P 500 Revenue ETF			X
Invesco S&P Emerging Markets Low Volatility ETF	X		X
Invesco S&P Emerging Markets Momentum ETF	X		X
Invesco S&P International Developed High Dividend Low Volatility ETF	X	X	X
Invesco S&P International Developed Low Volatility ETF	X		X
Invesco S&P International Developed Momentum ETF	X	N/A	X
Invesco S&P International Developed Quality ETF	X	N/A	X
Invesco S&P MidCap 400 Revenue ETF			X
Invesco S&P MidCap Low Volatility ETF	X	X	X
Invesco S&P SmallCap 600 Revenue ETF		X	X
Invesco S&P SmallCap Consumer Discretionary ETF	X		X
Invesco S&P SmallCap Consumer Staples ETF	X		X
Invesco S&P SmallCap Energy ETF	X		X
Invesco S&P SmallCap Financials ETF	X		X
Invesco S&P SmallCap Health Care ETF	X		X
Invesco S&P SmallCap High Dividend Low Volatility ETF	X	X	X
Invesco S&P SmallCap Industrials ETF	X		X
Invesco S&P SmallCap Information Technology ETF	X		X
Invesco S&P SmallCap Low Volatility ETF	X	X	X
Invesco S&P SmallCap Materials ETF	X		X
Invesco S&P SmallCap Quality ETF	X	X	X
Invesco S&P SmallCap Utilities & Communication Services ETF	X	X	X
Invesco S&P Ultra Dividend Revenue ETF		X	X
Invesco Senior Loan ETF	X	N/A	X
Invesco Taxable Municipal Bond ETF		N/A	X
Invesco Treasury Collateral ETF	X		X
Invesco Variable Rate Preferred ETF		X	X
Invesco VRDO Tax-Free ETF		N/A	X

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

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Global Clean Energy ETF, Invesco International Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco VRDO Tax-Free ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

  81  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

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

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

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees for money market cash management vehicles and fees as the Funds’ direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. 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 continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

Investment Sub-Advisory Agreement

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 6, 2022. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

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

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

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

  82  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 15 and April 6, 2022 Board meetings, and Invesco Advisers, Inc., in connection with the April 6, 2022 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.

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

Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as the direct securities lending agent for the Invesco ETFs. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

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

  83  

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.

©2022 Invesco Capital Management LLC 3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-PBETA-AR-2	invesco.com/ETFs

	Invesco Annual Report to Shareholders
	August 31, 2022
	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

The Market Environment	3
Management’s Discussion of Fund Performance	4
Liquidity Risk Management Program	24
Schedules of Investments
Invesco DWA SmallCap Momentum ETF (DWAS)	25
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)	28
Invesco S&P SmallCap Consumer Staples ETF (PSCC)	30
Invesco S&P SmallCap Energy ETF (PSCE)	32
Invesco S&P SmallCap Financials ETF (PSCF)	33
Invesco S&P SmallCap Health Care ETF (PSCH)	36
Invesco S&P SmallCap Industrials ETF (PSCI)	38
Invesco S&P SmallCap Information Technology ETF (PSCT)	40
Invesco S&P SmallCap Materials ETF (PSCM)	42
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)	44
Statements of Assets and Liabilities	46
Statements of Operations	48
Statements of Changes in Net Assets	50
Financial Highlights	54
Notes to Financial Statements	62
Report of Independent Registered Public Accounting Firm	74
Fund Expenses	75
Tax Information	77
Trustees and Officers	78
Approval of Investment Advisory and Sub-Advisory Contracts	88

2

The Market Environment

Domestic Equity

The fiscal year began with increasing volatility and the US stock market saw a selloff through most of September due to increasing concerns of inflation resulting from a spike in oil prices and supply chain shortages causing rising costs. Despite the Consumer Price Index (CPI) increasing monthly from June through September 2021,¹ the US Federal Reserve (the Fed) declined to raise interest rates at its September 2021 Federal Open Market Committee meeting.

Equity markets saw continued volatility in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruption and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil rose to nearly $85 per barrel in October,² causing higher gas prices for consumers, and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.¹ To combat inflation, the Fed announced a faster pace of “tapering” at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at the 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.² The CPI rose by another 7.9% for the 12 months ended February 2022 reaching a 40 year high.¹ To combat inflation, the Fed raised the federal funds rate by a one-quarter percentage point in March.

As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix, reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued for much of the second quarter of 2022 amid record inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the CPI rose by yet another 8.6% for the 12 months ended May 2022 reaching a 40 year high.¹ Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.² To tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.³

US equity markets rose in July and much of August until Fed chairman Jerome Powell’s hawkish comments at Jackson Hole, Wyoming, an economic policy symposium, sparked a sharp selloff at month end. Due to declining energy prices, the CPI rose by 8.5% for the 12 months ending July,¹ down slightly from June, but still at multi-decade highs and far above the Fed’s 2% annual inflation target. As a result, the Fed indicated that it would continue taking aggressive action to curb inflation, though such measures could “bring pain to households and businesses.” The remarks deflated investor optimism that the Fed would pause rate hikes in the second half of 2022 and increased the likelihood of a US recession. In this environment, US stocks had negative double-digit returns of (11.23%) for the fiscal year ended August 31, 2022, measured by the S&P 500 Index.⁴

¹  Source: US Bureau of Labor Statistics

²  Source: Bloomberg LP

³  Source: US Federal Reserve

⁴  Source: Lipper Inc.

3

DWAS	Management’s Discussion of Fund Performance
	Invesco DWA SmallCap Momentum ETF (DWAS)

As an index fund, the Invesco DWA SmallCap Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® SmallCap Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey, Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) selects securities of small capitalization companies trading on U.S. exchanges for inclusion in the Index pursuant to a proprietary methodology that is designed to identify securities that demonstrate powerful relative strength (or momentum) characteristics. “Relative strength” is an investing technique that compares the performance of a particular asset to the overall performance of the market. The Index Provider assigns a relative strength score to each eligible security by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index. The Index Provider selects securities for inclusion in the Index from an eligible universe of the constituents ranked between 1,001 and 3,000 by market capitalization within the NASDAQ US Benchmark Index. The Index Provider assigns a relative strength score to each eligible security and selects approximately 200 securities with the greatest scores for inclusion in the Index. Component security weights are based on relative scores, with securities with higher scores receiving larger weights in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (12.15)%. On a net asset value (“NAV”) basis, the Fund returned (12.25)%. During the same time period, the Index returned (11.66)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

For the fiscal year ended August 31, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the materials and utilities sectors, respectively. The health care sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included LSB Industries, Inc., a materials company (no longer held at fiscal year-end), and SM Energy Co., an energy company (portfolio average weight of 1.84%). Positions that detracted most significantly from the Fund’s return included Hovnanian Enterprises, Inc., Class A, a consumer discretionary company (no longer held at fiscal year-end), and Aspen Aerogels Inc, an energy company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Energy	25.57
Industrials	18.41
Financials	13.12
Health Care	12.51
Consumer Discretionary	10.91
Information Technology	6.34
Materials	4.71
Consumer Staples	3.54
Sector Types Each Less Than 3%	4.80
Money Market Funds Plus Other Assets Less Liabilities	0.09
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
CONSOL Energy, Inc.	1.84
SM Energy Co.	1.66
Alpha Metallurgical Resources, Inc.	1.60
Weatherford International PLC	1.49
Permian Resources Corp., Class A	1.34
Veritiv Corp.	1.31
Clearfield, Inc.	1.26
Kinsale Capital Group, Inc.	1.19
SilverBow Resources, Inc.	1.19
Dillard’s, Inc., Class A	1.17
Total	14.05

* Excluding money market fund holdings.

4

Invesco DWA SmallCap Momentum ETF (DWAS) (continued)

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Dorsey Wright® SmallCap Technical Leaders Index		(11.66	)%		13.57	%		46.48	%		12.36	%		79.11	%		12.42	%		222.44	%		12.61	%		232.54	%
Russell 2000® Index		(17.88	)		8.59			28.05			6.95			39.92			10.01			159.54			10.04			163.16
Fund
NAV Return		(12.25	)		12.96			44.12			11.74			74.19			11.78			204.49			11.97			213.87
Market Price Return		(12.15	)		12.96			44.14			11.75			74.27			11.76			203.99			11.96			213.57

Fund Inception: July 19, 2012

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.60% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

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

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

Notes Regarding Indexes and Fund Performance History:

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

5

PSCD	Management’s Discussion of Fund Performance
	Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)

As an index fund, the Invesco S&P SmallCap Consumer Discretionary ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Capped Consumer Discretionary Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of securities of small-capitalization U.S. companies in the consumer discretionary sector, as defined by the Global Industry Classification Standard (“GICS^®”). These companies are principally engaged in the business of providing consumer goods and services that are cyclical in nature, including, but not limited to, household durables, leisure products and services, apparel and luxury goods, computers and electronics, automobiles and auto components, and hotel and restaurant services. The Index selects constituents from the S&P SmallCap 600^® Index (the “Benchmark Index”), which reflects the small-capitalization segment of the U.S. equity market. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (27.91)%. On a net asset value (“NAV”) basis, the Fund returned (28.01)%. During the same time period, the Index returned (27.84)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period which were partially offset by proceeds from the securities lending program in which the Fund participates.

During this same time period, the Benchmark Index returned (12.12)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the specialty retail industry and most underweight in the banks industry during the fiscal year ended August 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to the household durables, specialty retail and hotels, restaurants and leisure industries.

For the fiscal year ended August 31, 2022, no industry contributed to the Fund’s return. The specialty retail industry detracted most significantly from the Fund’s return during the

period, followed by the household durables and hotels, restaurants & leisure industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Academy Sports & Outdoors, Inc., a specialty retail company (portfolio average weight of 1.39%) and National Vision Holdings, Inc., a specialty retail company (portfolio average weight of 0.47%). Positions that detracted most significantly from the Fund’s return included Sonos, Inc., a household durables company (portfolio average weight of 1.04%), and Rent-A-Center, Inc., a specialty retail company (portfolio average weight of 1.76%).

Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Specialty Retail	34.85
Household Durables	19.91
Hotels, Restaurants & Leisure	13.95
Auto Components	10.73
Textiles, Apparel & Luxury Goods	8.00
Diversified Consumer Services	7.20
Industry Types Each Less Than 3%	5.26
Money Market Funds Plus Other Assets Less Liabilities	0.10
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Asbury Automotive Group, Inc.	3.46
Academy Sports & Outdoors, Inc.	3.30
Signet Jewelers Ltd.	2.78
Group 1 Automotive, Inc.	2.66
LCI Industries	2.64
Meritage Homes Corp.	2.58
National Vision Holdings, Inc.	2.43
Dorman Products, Inc.	2.30
Steven Madden Ltd.	1.96
Installed Building Products, Inc.	1.88
Total	25.99

* Excluding money market fund holdings.

6

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

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P SmallCap 600® Capped Consumer Discretionary Index		(27.84	)%		13.43	%		45.95	%		10.60	%		65.53	%		11.02	%		184.47	%		10.84	%		258.30	%
S&P SmallCap 600® Index		(12.12	)		10.40			34.56			8.65			51.40			11.50			196.93			11.29			276.48
Fund
NAV Return		(28.01	)		13.21			45.11			10.40			64.04			10.80			178.94			10.61			248.93
Market Price Return		(27.91	)		13.21			45.09			10.42			64.13			10.79			178.71			10.61			249.11

Fund Inception: April 7, 2010

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

See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

7

PSCC	Management’s Discussion of Fund Performance
	Invesco S&P SmallCap Consumer Staples ETF (PSCC)

As an index fund, the Invesco S&P SmallCap Consumer Staples ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Capped Consumer Staples Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of securities of small-capitalization U.S. companies in the consumer staples sector, as defined by the Global Industry Classification Standard (“GICS^®”). These companies are principally engaged in the business of providing consumer goods and services that have non-cyclical characteristics, including, but not limited to, tobacco, food and beverage, and non-discretionary retail, such as non-durable household goods and personal products. The Index selects constituents from the S&P SmallCap 600^® Index (the “Benchmark Index”), which reflects the small-capitalization segment of the U.S. equity market. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned 1.62%. On a net asset value (“NAV”) basis, the Fund returned 1.48%. During the same time period, the Index returned 1.70%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period which were partially offset by proceeds from the securities lending program in which the Fund participates.

During this same time period, the Benchmark Index returned (12.12)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the food products industry and most underweight in the banks industry during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to the beverages and food products industries, respectively.

For the fiscal year ended August 31, 2022, the beverages industry contributed most significantly to the Fund’s return, followed by the food & staples retailing and food products industries, respectively. The personal products industry detracted

most significantly from the Fund’s return during the period, followed by the household products industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Cal-Maine Foods, Inc., a food products company (portfolio average weight of 3.61%), and Celsius Holdings, Inc., a beverages company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Medifast, Inc., a personal products company (portfolio average weight of 6.18%), and WD-40 Co., a household products company (portfolio average weight of 6.18%).

Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Food Products	41.65
Personal Products	17.70
Food & Staples Retailing	17.65
Household Products	10.58
Beverages	6.31
Tobacco	6.03
Money Market Funds Plus Other Assets Less Liabilities	0.08
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Hostess Brands, Inc.	7.59
Simply Good Foods Co. (The)	6.39
TreeHouse Foods, Inc.	6.18
WD-40 Co.	6.12
United Natural Foods, Inc.	6.08
J&J Snack Foods Corp.	5.28
Edgewell Personal Care Co.	4.87
Cal-Maine Foods, Inc.	4.76
elf Beauty, Inc.	4.33
PriceSmart, Inc.	3.61
Total	55.21

* Excluding money market fund holdings.

8

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

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P SmallCap 600® Capped Consumer Staples Index		1.70	%		14.59	%		50.47	%		10.37	%		63.80	%		12.99	%		239.29	%		13.55	%		383.37	%
S&P SmallCap 600® Index		(12.12	)		10.40			34.56			8.65			51.40			11.50			196.93			11.29			276.48
Fund
NAV Return		1.48			14.35			49.52			10.14			62.05			12.70			230.65			13.28			369.37
Market Price Return		1.62			14.47			50.01			10.18			62.40			12.70			230.63			13.29			369.47

Fund Inception: April 7, 2010

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

See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

9

PSCE	Management’s Discussion of Fund Performance
	Invesco S&P SmallCap Energy ETF (PSCE)

As an index fund, the Invesco S&P SmallCap Energy ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Capped Energy Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of securities of small-capitalization U.S. companies in the energy sector, as defined by the Global Industry Classification Standard (“GICS^®”). These companies are principally engaged in the business of producing, distributing or servicing energy related products and equipment, including relating to oil and gas exploration and production, refining, marketing, storage and transportation; and manufacturing equipment and the production and mining of coal, related products and other consumable fuels related to the generation of energy. The Index selects constituents from the S&P SmallCap 600^® Index (the “Benchmark Index”), which reflects the small-capitalization segment of the U.S. equity market. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned 53.18%. On a net asset value (“NAV”) basis, the Fund returned 53.42%. During the same time period, the Index returned 53.93%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, the effects of which were compounded during a time period of high returns.

During this same time period, the Benchmark Index returned (12.12)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the oil, gas & consumable fuels industry and most underweight in the banks industry during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to the oil, gas & consumable fuels industry.

For the fiscal year ended August 31, 2022, the oil, gas & consumable fuels industry contributed most significantly to the Fund’s return, followed by the energy equipment & services industry. No industry detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Matador Resources Co., an oil, gas & consumable fuels company (no longer held at fiscal year-end), and Range Resources Corp., an oil, gas & consumable fuels company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Core Laboratories N.V., an energy equipment & services company (portfolio average weight of 2.41%), and DMC Global, Inc., an energy equipment & services company (portfolio average weight of 1.25%).

Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Oil, Gas & Consumable Fuels	60.68
Energy Equipment & Services	38.34
Money Market Funds Plus Other Assets Less Liabilities	0.98
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
SM Energy Co.	12.49
Civitas Resources, Inc.	11.29
Helmerich & Payne, Inc.	10.47
CONSOL Energy, Inc.	5.92
PBF Energy, Inc., Class A	5.61
Green Plains, Inc.	4.82
Patterson-UTI Energy, Inc.	4.76
Callon Petroleum Co.	4.70
World Fuel Services Corp.	4.18
Nabors Industries Ltd.	3.01
Total	67.25

* Excluding money market fund holdings.

10

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

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P SmallCap 600® Capped Energy Index		53.93	%		13.61	%		46.65	%		(3.13	)%		(14.68	)%		(10.64	)%		(67.52	)%		(6.68	)%		(57.54	)%
S&P SmallCap 600® Index		(12.12	)		10.40			34.56			8.65			51.40			11.50			196.93			11.29			276.48
Fund
NAV Return		53.42			13.33			45.54			(3.40	)		(15.89	)		(10.86	)		(68.34	)		(6.93	)		(58.96	)
Market Price Return		53.18			13.27			45.33			(3.42	)		(15.96	)		(10.88	)		(68.39	)		(6.92	)		(58.90	)

Fund Inception: April 7, 2010

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

See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

11

PSCF	Management’s Discussion of Fund Performance
	Invesco S&P SmallCap Financials ETF (PSCF)

As an index fund, the Invesco S&P SmallCap Financials ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Capped Financials & Real Estate Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of securities of small-capitalization U.S. companies in the financials and real estate sectors, as defined by the Global Industry Classification Standard (“GICS^®”). These companies, which may include real estate investment trusts (“REITs”), are principally engaged in the business of providing financial services and products, including banking, diversified financials, insurance and REITs and real estate management and development. The Index selects constituents from the S&P SmallCap 600^® Index (the “Benchmark Index”), which reflects the small-capitalization segment of the U.S. equity market. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (11.67)%. On a net asset value (“NAV”) basis, the Fund returned (11.81)%. During the same time period, the Index returned (11.60)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period which were partially offset by proceeds from the securities lending program in which the Fund participates.

During this same time period, the Benchmark Index returned (12.12)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the banks industry and most underweight in the machinery industry during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to the banks industry.

For the fiscal year ended August 31, 2022, the banks industry was the only industry to contribute to the Fund’s return. The equity REITs industry detracted most significantly from the Fund’s return during the period, followed by the consumer finance and insurance industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included BancFirst Corp., a banks company (portfolio average weight of 0.59%), and CVB Financial Corp., a banks company (portfolio average weight of 1.16%). Positions that detracted most significantly from the Fund’s return included Innovative Industrial Properties, Inc., an equity REITS company (portfolio average weight of 1.75%), and Green Dot Corp., Class A, a consumer finance company (portfolio average weight of 0.68%).

Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Banks	40.12
Equity REITs	27.32
Insurance	10.16
Thrifts & Mortgage Finance	8.45
Mortgage REITs	5.22
Capital Markets	3.72
Consumer Finance	3.13
Real Estate Management & Development	1.76
Money Market Funds Plus Other Assets Less Liabilities	0.12
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Agree Realty Corp.	2.44
ServisFirst Bancshares, Inc.	1.78
Independent Bank Corp.	1.58
United Community Banks, Inc.	1.52
Community Bank System, Inc.	1.52
CVB Financial Corp.	1.50
First Hawaiian, Inc.	1.42
Assured Guaranty Ltd.	1.41
Essential Properties Realty Trust, Inc.	1.36
Mr. Cooper Group, Inc.	1.35
Total	15.88

* Excluding money market fund holdings.

12

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

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P SmallCap 600® Capped Financials & Real Estate Index		(11.60	)%		2.47	%		7.60	%		3.90	%		21.06	%		8.69	%		130.13	%		8.87	%		186.85	%
S&P SmallCap 600® Index		(12.12	)		10.40			34.56			8.65			51.40			11.50			196.93			11.29			276.48
Fund
NAV Return		(11.81	)		2.28			6.99			3.69			19.84			8.43			124.74			8.60			177.95
Market Price Return		(11.67	)		2.34			7.19			3.70			19.92			8.43			124.73			8.60			177.94

Fund Inception: April 7, 2010

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

See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

13

PSCH	Management’s Discussion of Fund Performance
	Invesco S&P SmallCap Health Care ETF (PSCH)

As an index fund, the Invesco S&P SmallCap Health Care ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Capped Health Care Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of securities of small-capitalization U.S. companies in the health care sector, as defined by the Global Industry Classification Standard (“GICS^®”). These companies are principally engaged in the business of providing healthcare-related products, facilities, equipment and services, including in areas such as biotechnology, pharmaceuticals, life sciences, medical technology and supplies. The Index selects constituents from the S&P SmallCap 600^® Index (the “Benchmark Index”), which reflects the small-capitalization segment of the U.S. equity market. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (26.24)%. On a net asset value (“NAV”) basis, the Fund returned (26.41)%. During the same time period, the Index returned (26.41)%. During the fiscal year, the Fund fully replicated the components of the Index. The fees and operating expenses that the Fund incurred during the period were offset by proceeds from the securities lending program in which the Fund participates and the contribution of the Fund being underweight a single security relative to the Index due to holdings restrictions enacted on the Fund, such that the Fund’s performance, on a NAV basis, matched the return of the Index.

During this same time period, the Benchmark Index returned (12.12)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the health care providers & services industry and most underweight in the banks industry during the fiscal year ended August 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to the health care providers & services, biotechnology and life sciences tools & services industries, respectively.

For the fiscal year ended August 31, 2022, no industry contributed to the Fund’s return. The health care providers & services industry detracted most significantly from the Fund’s

return during the period, followed by the health care equipment & supplies and biotechnology industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Lantheus Holdings, Inc., a health care equipment & supplies company (portfolio average weight of 2.75%), and Cytokinetics, Inc., a biotechnology company (portfolio average weight of 2.81%). Positions that detracted most significantly from the Fund’s return included NeoGenomics, Inc., a life sciences tools & services company (portfolio average weight of 2.35%), and Omnicell, Inc., a health care equipment & supplies company (no longer held at fiscal year-end).

Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Health Care Providers & Services	29.65
Health Care Equipment & Supplies	27.75
Biotechnology	22.78
Pharmaceuticals	13.80
Health Care Technology	4.83
Life Sciences Tools & Services	1.18
Money Market Funds Plus Other Assets Less Liabilities	0.01
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Lantheus Holdings, Inc.	5.07
AMN Healthcare Services, Inc.	4.30
Cytokinetics, Inc.	4.25
Ensign Group, Inc. (The)	4.21
Merit Medical Systems, Inc.	2.83
Select Medical Holdings Corp.	2.48
CONMED Corp.	2.45
Prestige Consumer Healthcare, Inc.	2.38
Corcept Therapeutics, Inc.	2.32
Pacira BioSciences, Inc.	2.24
Total	32.53

* Excluding money market fund holdings.

14

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

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P SmallCap 600® Capped Health Care Index		(26.41	)%		7.22	%		23.26	%		10.07	%		61.53	%		15.16	%		310.28	%		15.61	%		504.05	%
S&P SmallCap 600® Index		(12.12	)		10.40			34.56			8.65			51.40			11.50			196.93			11.29			276.48
Fund
NAV Return		(26.41	)		7.02			22.59			9.84			59.87			14.88			300.35			15.32			485.49
Market Price Return		(26.24	)		7.04			22.65			9.84			59.92			14.87			300.00			15.33			486.09

Fund Inception: April 7, 2010

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

See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

15

PSCI	Management’s Discussion of Fund Performance
	Invesco S&P SmallCap Industrials ETF (PSCI)

As an index fund, the Invesco S&P SmallCap Industrials ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Capped Industrials Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of securities of small-capitalization U.S. companies in the industrials sector, as defined by the Global Industry Classification Standard (“GICS^®”). These companies are principally engaged in the business of producing capital goods, such as manufacturing aerospace and defense products, building products, electrical equipment, and machinery; providing commercial and professional services; and transportation such as railroads, air freight and logistics, airlines, and trucking. The Index selects constituents from the S&P SmallCap 600^® Index (the “Benchmark Index”), which reflects the small-capitalization segment of the U.S. equity market. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (7.43)%. On a net asset value (“NAV”) basis, the Fund returned (7.52)%. During the same time period, the Index returned (7.24)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Benchmark Index returned (12.12)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the machinery industry and most underweight in the banks industry during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocations to the trading companies & distributors, air freight & logistics and construction & engineering industries, respectively.

For the fiscal year ended August 31, 2022, the air freight & logistics industry contributed most significantly to the Fund’s return, followed by the trading companies & distributors and construction & engineering industries, respectively. The commercial services & supplies industry detracted most

significantly from the Fund’s return during the period, followed by the machinery and airlines industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Mueller Industries, Inc., a machinery company (portfolio average weight of 1.95%), and Meritor, Inc., a machinery company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Resideo Technologies, Inc., a building products company (portfolio average weight of 2.15%), and Allegiant Travel Co., an airlines company (portfolio average weight of 1.47%).

Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Machinery	26.95
Commercial Services & Supplies	12.60
Building Products	12.07
Professional Services	9.35
Trading Companies & Distributors	8.27
Aerospace & Defense	7.65
Construction & Engineering	7.57
Air Freight & Logistics	5.44
Industry Types Each Less Than 3%	10.01
Money Market Funds Plus Other Assets Less Liabilities	0.09
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
UFP Industries, Inc.	3.41
Exponent, Inc.	3.33
Applied Industrial Technologies, Inc.	2.79
Comfort Systems USA, Inc.	2.47
Mueller Industries, Inc.	2.46
Franklin Electric Co., Inc.	2.31
Korn Ferry	2.25
John Bean Technologies Corp.	2.25
Aerojet Rocketdyne Holdings, Inc.	2.21
ABM Industries, Inc.	2.12
Total	25.60

* Excluding money market fund holdings.

16

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

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P SmallCap 600® Capped Industrials Index		(7.24	)%		11.76	%		39.60	%		10.64	%		65.78	%		12.82	%		234.14	%		11.69	%		293.78	%
S&P SmallCap 600® Index		(12.12	)		10.40			34.56			8.65			51.40			11.50			196.93			11.29			276.48
Fund
NAV Return		(7.52	)		11.46			38.46			10.32			63.41			12.51			225.12			11.38			280.28
Market Price Return		(7.43	)		11.43			38.35			10.34			63.53			12.50			224.70			11.38			280.41

Fund Inception: April 7, 2010

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

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

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

Notes Regarding Indexes and Fund Performance History:

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

17

PSCT	Management’s Discussion of Fund Performance
	Invesco S&P SmallCap Information Technology ETF (PSCT)

As an index fund, the Invesco S&P SmallCap Information Technology ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Capped Information Technology Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of securities of small-capitalization U.S. companies in the information technology sector, as defined by the Global Industry Classification Standard (“GICS^®”). These companies are principally engaged in the business of providing information technology-related products and services, including, but not limited to, developing and producing software; manufacturing communication equipment and products, and electronic equipment and instruments; providing commercial electronic data processing; and manufacturing semiconductors and related products. The Index selects constituents from the S&P SmallCap 600^® Index (the “Benchmark Index”), which reflects the small-capitalization segment of the U.S. equity market. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (16.79)%. On a net asset value (“NAV”) basis, the Fund returned (16.87)%. During the same time period, the Index returned (16.65)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period which were partially offset by proceeds from the securities lending program in which the Fund participates.

During this same time period, the Benchmark Index returned (12.12)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the electronic equipment, instruments & components industry and most underweight in the banks industry during the fiscal year ended August 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to the semiconductors & semiconductor equipment and software industries, respectively.

For the fiscal year ended August 31, 2022, the communications equipment industry was the only industry to contribute to the Fund’s return. The semiconductors & semiconductor equipment industry detracted most significantly from the Fund’s return during the period, followed by the software and technology hardware storage & peripherals industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Vonage Holdings Corp., a diversified telecommunication services company (no longer held at fiscal year-end), and ExlService Holdings, Inc., an IT services company (portfolio average weight of 3.49%). Positions that detracted most significantly from the Fund’s return included LivePerson, Inc., a software company (portfolio average weight of 1.50%), and 3D Systems Corp., a technology hardware, storage & peripherals company (portfolio average weight of 1.69%).

Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Electronic Equipment, Instruments & Components	31.66
Semiconductors & Semiconductor Equipment	23.68
Software	18.34
Communications Equipment	11.95
IT Services	11.77
Technology Hardware, Storage & Peripherals	2.60
Money Market Funds Plus Other Assets Less Liabilities	0.00
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
ExlService Holdings, Inc.	4.74
Rogers Corp.	3.98
SPS Commerce, Inc.	3.74
Fabrinet	3.21
Onto Innovation, Inc.	2.98
Advanced Energy Industries, Inc.	2.86
Diodes, Inc.	2.73
Viavi Solutions, Inc.	2.72
Insight Enterprises, Inc.	2.71
Alarm.com Holdings, Inc.	2.60
Total	32.27

* Excluding money market fund holdings.

18

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

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P SmallCap 600® Capped Information Technology Index		(16.65	)%		14.17	%		48.83	%		10.97	%		68.27	%		15.66	%		328.53	%		14.06	%		411.06	%
S&P SmallCap 600® Index		(12.12	)		10.40			34.56			8.65			51.40			11.50			196.93			11.29			276.48
Fund
NAV Return		(16.87	)		13.86			47.61			10.69			66.16			15.35			317.20			13.75			393.85
Market Price Return		(16.79	)		13.93			47.88			10.74			66.52			15.35			317.20			13.76			394.53

Fund Inception: April 7, 2010

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

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

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

Notes Regarding Indexes and Fund Performance History:

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

19

PSCM	Management’s Discussion of Fund Performance
	Invesco S&P SmallCap Materials ETF (PSCM)

As an index fund, the Invesco S&P SmallCap Materials ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Capped Materials Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of securities of small-capitalization U.S. companies in the basic materials sector, as defined by the Global Industry Classification Standard (“GICS^®”). These companies are principally engaged in the business of producing raw materials, including producing and manufacturing chemical products; manufacturing construction materials, containers, and packaging; mining metals and the production of related products; and manufacturing paper and forest products. The Index selects constituents from the S&P SmallCap 600^® Index (the “Benchmark Index”), which reflects the small-capitalization segment of the U.S. equity market. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (3.60)%. On a net asset value (“NAV”) basis, the Fund returned (3.69)%. During the same time period, the Index returned (3.55)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period which were partially offset by proceeds from the securities lending program in which the Fund participates.

During this same time period, the Benchmark Index returned (12.12)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the chemicals industry and most underweight in the banks industry during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to the chemicals and metals & mining industries, respectively.

For the fiscal year ended August 31, 2022, no industry contributed to the Fund’s return. The chemicals industry detracted most significantly from the Fund’s return during the period, followed by the containers & packaging and paper & forest products industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included ATI Inc., a metals & mining company (portfolio average weight of 5.37%), and Livent Corp., a chemicals company (portfolio average weight of 7.74%). Positions that detracted most significantly from the Fund’s return included Quaker Chemical Corp., a chemicals company (portfolio average weight of 4.99%), and Trinseo PLC, a chemicals company (portfolio average weight of 3.49%).

Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Chemicals	54.87
Metals & Mining	33.13
Paper & Forest Products	6.41
Containers & Packaging	5.54
Money Market Funds Plus Other Assets Less Liabilities	0.05
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Livent Corp.	10.54
Balchem Corp.	8.57
ATI, Inc.	7.52
H.B. Fuller Co.	6.97
Arconic Corp.	5.40
Quaker Chemical Corp.	4.77
Stepan Co.	4.51
Innospec, Inc.	4.40
O-I Glass, Inc.	4.12
Materion Corp.	3.61
Total	60.41

* Excluding money market fund holdings.

20

Invesco S&P SmallCap Materials ETF (PSCM) (continued)

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P SmallCap 600® Capped Materials Index		(3.55	)%		17.19	%		60.93	%		8.13	%		47.82	%		9.59	%		149.87	%		8.82	%		185.21	%
S&P SmallCap 600® Index		(12.12	)		10.40			34.56			8.65			51.40			11.50			196.93			11.29			276.48
Fund
NAV Return		(3.69	)		17.05			60.37			7.96			46.67			9.34			144.16			8.56			176.94
Market Price Return		(3.60	)		17.05			60.36			8.01			46.97			9.31			143.61			8.56			176.80

Fund Inception: April 7, 2010

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

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

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

Notes Regarding Indexes and Fund Performance History:

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

21

PSCU	Management’s Discussion of Fund Performance
	Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)

As an index fund, the Invesco S&P SmallCap Utilities & Communication Services ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Capped Utilities & Communication Services Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of securities of small-capitalization U.S. companies in the utilities and communication services sectors, as defined by the Global Industry Classification Standard (“GICS^®”). The utilities companies are principally engaged in providing either energy, water, electric or natural gas utilities. These companies may include companies that generate and supply electricity, including electricity wholesalers; distribute natural gas to customers; provide water to customers, as well as deal with associated wastewater. The communication services sector includes companies that facilitate communication or offer related content and information through various types of media and is comprised of companies from the following industries: diversified telecommunications services; wireless telecommunication services; media; entertainment; and interactive media and services. The Index selects constituents from the S&P SmallCap 600^® Index (the “Benchmark Index”), which reflects the small-capitalization segment of the U.S. equity market. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (11.23)%. On a net asset value (“NAV”) basis, the Fund returned (11.42)%. During the same time period, the Index returned (11.21)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period which were partially offset by proceeds from the securities lending program in which the Fund participates.

During this same time period, the Benchmark Index returned (12.12)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 600 small-cap securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. small-cap stock market.

Relative to the Benchmark Index, the Fund was most overweight in the water utilities industry and most underweight in the banks industry during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark

Index during the period can be attributed to the Fund’s overweight allocations to the gas utilities and multi-utilities industries, respectively.

For the fiscal year ended August 31, 2022, the gas utilities industry contributed most significantly to the Fund’s return, followed by the multi-utilities industry. The media industry detracted most significantly from the Fund’s return during the period, followed by the wireless telecommunication services and diversified telecommunication services industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included South Jersey Industries, Inc., a gas utilities company (portfolio average weight of 8.99%), and Meredith Corp., a media company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Loyalty Ventures, Inc., a media company (no longer held at fiscal year-end), and AMC Networks, Inc., Class A, a media company (portfolio average weight of 3.39%).

Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Water Utilities	20.22
Gas Utilities	18.76
Media	14.86
Interactive Media & Services	12.57
Wireless Telecommunication Services	10.30
Multi-Utilities	9.84
Diversified Telecommunication Services	8.37
Entertainment	4.94
Money Market Funds Plus Other Assets Less Liabilities	0.14
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
South Jersey Industries, Inc.	10.62
California Water Service Group	8.06
American States Water Co.	7.86
Avista Corp.	7.54
Cogent Communications Holdings, Inc.	5.82
Yelp, Inc.	5.06
Telephone & Data Systems, Inc.	4.43
Middlesex Water Co.	4.30
Chesapeake Utilities Corp.	4.28
TechTarget, Inc.	4.28
Total	62.25

* Excluding money market fund holdings.

22

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

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P SmallCap 600® Capped Utilities & Communication Services Index		(11.21	)%		5.58	%		17.68	%		3.82	%		20.61	%		9.98	%		158.99	%		10.35	%		239.17	%
S&P SmallCap 600® Index		(12.12	)		10.40			34.56			8.65			51.40			11.50			196.93			11.29			276.48
Fund
NAV Return		(11.42	)		5.28			16.70			3.60			19.34			9.71			152.63			10.07			228.48
Market Price Return		(11.23	)		5.32			16.83			3.60			19.32			9.69			152.25			10.07			228.52

Fund Inception: April 7, 2010

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

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

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

Notes Regarding Indexes and Fund Performance History:

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

23

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 15, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

● The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

● Each Fund’s investment strategy remained appropriate for an open-end fund;

● Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

● The Funds did not breach the 15% limit on Illiquid Investments; and

● The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

  24  

Invesco DWA SmallCap Momentum ETF (DWAS)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-2.87%
DHI Group, Inc.(b)		288,953	$	1,473,660
Gogo, Inc.(b)(c)		82,032		1,218,996
Iridium Communications, Inc.(b)		51,318		2,278,006
Playstudios, Inc.(b)(c)		223,978		810,800
Radius Global Infrastructure, Inc., Class A(b)(c)		89,643		1,234,384
Stagwell, Inc.(b)(c)		320,797		2,175,004
TechTarget, Inc.(b)(c)		30,933		2,007,552
				11,198,402
Consumer Discretionary-10.91%
Academy Sports & Outdoors, Inc.(c)		38,257		1,648,112
Adient PLC(b)(c)		45,196		1,500,507
Asbury Automotive Group, Inc.(b)(c)		8,558		1,493,200
Bluegreen Vacations Holding Corp.		59,262		1,235,020
Build-A-Bear Workshop, Inc.(c)		257,843		3,950,155
Chico’s FAS, Inc.(b)(c)		489,278		2,779,099
Dave & Buster’s Entertainment, Inc.(b)		57,453		2,375,107
Designer Brands, Inc., Class A(c)		104,386		1,780,825
Dillard’s, Inc., Class A(c)		15,356		4,549,061
Dine Brands Global, Inc.(c)		21,519		1,433,165
Funko, Inc., Class A(b)(c)		96,226		2,142,953
Genesco, Inc.(b)		30,094		1,702,718
Golden Entertainment, Inc.(b)(c)		79,407		3,038,112
Group 1 Automotive, Inc.		8,979		1,603,560
H&R Block, Inc.		40,800		1,836,000
MasterCraft Boat Holdings, Inc.(b)		66,204		1,594,854
Modine Manufacturing Co.(b)		127,090		1,903,808
Movado Group, Inc.		46,685		1,488,785
Oxford Industries, Inc.(c)		14,982		1,599,029
Playa Hotels & Resorts N.V.(b)		209,394		1,373,625
Vista Outdoor, Inc.(b)(c)		54,830		1,541,820
				42,569,515
Consumer Staples-3.54%
Chefs’ Warehouse, Inc. (The)(b)		41,670		1,389,278
Coca-Cola Consolidated, Inc.		2,672		1,267,410
elf Beauty, Inc.(b)		51,872		1,977,879
Grocery Outlet Holding Corp.(b)(c)		33,222		1,332,867
Ingles Markets, Inc., Class A		15,575		1,363,280
MGP Ingredients, Inc.		15,740		1,722,900
National Beverage Corp.(c)		29,979		1,662,635
SpartanNash Co.		45,050		1,370,871
United Natural Foods, Inc.(b)(c)		38,575		1,700,386
				13,787,506
Energy-25.57%
Antero Midstream Corp.		163,876		1,650,231
Arch Resources, Inc.		18,839		2,742,582
Archrock, Inc.(c)		163,515		1,208,376
Berry Corp.(c)		174,659		1,598,130
Brigham Minerals, Inc., Class A		52,163		1,551,849
California Resources Corp.		40,954		2,046,062
Callon Petroleum Co.(b)(c)		28,202		1,200,277
ChampionX Corp.(c)		64,719		1,411,521
Chord Energy Corp.		15,910		2,252,060
Civitas Resources, Inc.(c)		28,264		1,899,058
Comstock Resources, Inc.(b)(c)		129,002		2,528,439

	Shares		Value
Energy-(continued)
CONSOL Energy, Inc.		100,151	$	7,188,839
CVR Energy, Inc.		50,060		1,634,960
Delek US Holdings, Inc.(c)		49,894		1,409,505
Denbury, Inc.(b)(c)		27,221		2,420,764
Earthstone Energy, Inc., Class A(b)(c)		202,017		3,070,658
Evolution Petroleum Corp.		229,811		1,594,888
Green Plains, Inc.(b)(c)		72,525		2,656,591
Helmerich & Payne, Inc.		34,603		1,479,278
Kinetik Holdings, Inc., Class A(c)		97,862		3,608,172
Kosmos Energy Ltd. (Ghana)(b)(c)		300,245		2,122,732
Magnolia Oil & Gas Corp., Class A(c)		121,801		2,907,390
NACCO Industries, Inc., Class A		32,111		1,444,032
NexTier Oilfield Solutions, Inc.(b)		229,932		2,154,463
Noble Corp.(b)		44,333		1,345,507
Patterson-UTI Energy, Inc.		160,962		2,398,334
PBF Energy, Inc., Class A(b)		79,909		2,729,691
Peabody Energy Corp.(b)(c)		66,964		1,651,332
Permian Resources Corp., Class A(b)(c)		635,256		5,228,157
ProPetro Holding Corp.(b)		126,095		1,155,030
Ranger Oil Corp., Class A(c)		66,238		2,582,620
Riley Exploration Permian, Inc.		49,768		1,251,168
Select Energy Services, Inc., Class A(b)		175,853		1,250,315
SilverBow Resources, Inc.(b)		116,354		4,626,235
Sitio Royalties Corp.(c)		59,257		1,507,498
SM Energy Co.(c)		146,522		6,457,225
Solaris Oilfield Infrastructure, Inc., Class A		114,589		1,226,102
Talos Energy, Inc.(b)		74,268		1,539,576
Tidewater, Inc.(b)(c)		62,138		1,376,978
VAALCO Energy, Inc.		461,211		2,310,667
Valaris Ltd.(b)(c)		29,833		1,520,886
Weatherford International PLC(b)(c)		206,380		5,807,533
				99,745,711
Financials-13.12%
A-Mark Precious Metals, Inc.(c)		115,440		3,568,250
Amerant Bancorp, Inc.(c)		49,277		1,290,565
Assured Guaranty Ltd.		25,174		1,285,636
BancFirst Corp.(c)		14,532		1,567,422
BCB Bancorp, Inc.		76,460		1,376,280
Coastal Financial Corp.(b)(c)		37,286		1,498,897
Cowen, Inc., Class A		57,143		2,197,148
Ellington Financial, Inc.		97,101		1,425,443
Encore Capital Group, Inc.(b)(c)		23,576		1,289,136
Esquire Financial Holdings, Inc.		39,932		1,492,658
Farmers & Merchants Bancorp, Inc.(c)		37,524		1,071,686
First Bancorp		102,205		1,461,532
First Business Financial Services, Inc.		41,318		1,375,063
First Internet Bancorp		36,585		1,341,572
First Merchants Corp.		37,693		1,500,935
Greene County Bancorp, Inc.		28,897		1,537,320
Hancock Whitney Corp.		30,696		1,480,468
Kinsale Capital Group, Inc.(c)		18,344		4,651,672
LendingClub Corp.(b)		109,429		1,430,237
MVB Financial Corp.		42,527		1,360,014
Nexpoint Real Estate Finance, Inc.		65,977		1,353,848
Northeast Bank(c)		40,689		1,577,513
OFG Bancorp		59,037		1,605,806
Premier Financial Corp.(c)		52,608		1,421,468

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

  25  

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

August 31, 2022

	Shares		Value
Financials-(continued)
RLI Corp.		24,786	$	2,720,511
Seacoast Banking Corp. of Florida(c)		40,951		1,323,536
Selective Insurance Group, Inc.		17,390		1,381,114
ServisFirst Bancshares, Inc.		17,803		1,501,861
Stock Yards Bancorp, Inc.(c)		22,570		1,495,488
United Fire Group, Inc.		39,696		1,168,253
Unity Bancorp, Inc.		50,464		1,414,506
				51,165,838
Health Care-12.51%
Acadia Healthcare Co., Inc.(b)		25,277		2,070,945
Catalyst Pharmaceuticals, Inc.(b)(c)		210,588		2,851,361
Chinook Therapeutics, Inc.(b)(c)		72,792		1,514,074
Cogent Biosciences, Inc.(b)		146,003		2,407,589
Cross Country Healthcare, Inc.(b)(c)		76,676		1,946,037
CTI BioPharma Corp.(b)(c)		402,487		2,527,618
Cytokinetics, Inc.(b)(c)		33,558		1,777,232
Day One Biopharmaceuticals, Inc.(b)(c)		93,801		2,203,385
Deciphera Pharmaceuticals, Inc.(b)		109,631		1,779,311
EQRx, Inc.(b)		266,027		1,300,872
Evolent Health, Inc., Class A(b)(c)		73,345		2,695,429
Evolus, Inc.(b)(c)		122,602		1,178,205
Harmony Biosciences Holdings, Inc.(b)(c)		29,832		1,309,923
Intra-Cellular Therapies, Inc.(b)		26,199		1,316,762
Lantheus Holdings, Inc.(b)		39,704		3,128,675
Meridian Bioscience, Inc.(b)		47,007		1,531,958
Merit Medical Systems, Inc.(b)		26,190		1,551,234
Multiplan Corp.(b)(c)		249,452		878,071
Option Care Health, Inc.(b)		52,088		1,612,644
Point Biopharma Global, Inc.(b)(c)		168,107		1,639,043
PROCEPT BioRobotics Corp.(b)(c)		39,244		1,588,597
SIGA Technologies, Inc.(c)		117,819		1,776,711
TransMedics Group, Inc.(b)		49,056		2,552,384
Tricida, Inc.(b)(c)		178,269		2,231,928
UFP Technologies, Inc.(b)(c)		18,820		1,750,072
Y-mAbs Therapeutics, Inc.(b)(c)		104,885		1,686,551
				48,806,611
Industrials-18.41%
AAR Corp.(b)		33,619		1,441,583
Albany International Corp., Class A		17,434		1,537,504
ArcBest Corp.		21,978		1,769,888
Array Technologies, Inc.(b)		108,278		2,263,010
Beacon Roofing Supply, Inc.(b)(c)		27,537		1,512,057
Boise Cascade Co.		21,628		1,348,073
CBIZ, Inc.(b)		45,384		1,981,465
Chart Industries, Inc.(b)(c)		18,022		3,493,745
CoreCivic, Inc.(b)		122,753		1,169,836
Covenant Logistics Group, Inc., Class A		61,467		1,728,452
CRA International, Inc.		16,248		1,485,230
CSW Industrials, Inc.		14,006		1,773,160
Eagle Bulk Shipping, Inc.(c)		23,842		1,035,696
Encore Wire Corp.(c)		12,716		1,654,352
Energy Recovery, Inc.(b)(c)		71,786		1,646,771
Federal Signal Corp.		39,015		1,555,528
Fluor Corp.(b)(c)		54,856		1,450,393
Genco Shipping & Trading Ltd.		84,508		1,158,605
GMS, Inc.(b)		34,308		1,653,646
Hudson Technologies, Inc.(b)		472,454		3,921,368
ICF International, Inc.		14,790		1,502,072
Kadant, Inc.(c)		13,623		2,444,375

	Shares		Value
Industrials-(continued)
McGrath RentCorp.		18,068	$	1,527,107
MRC Global, Inc.(b)		139,868		1,360,916
NOW, Inc.(b)		138,912		1,683,613
NV5 Global, Inc.(b)(c)		12,587		1,771,746
PAM Transportation Services, Inc.(b)		60,047		1,783,996
Resideo Technologies, Inc.(b)		82,489		1,717,421
Rush Enterprises, Inc., Class A		28,761		1,353,493
Shoals Technologies Group, Inc., Class A(b)(c)		72,207		1,904,099
SPX Technologies, Inc.(b)(c)		38,499		2,196,753
Sterling Infrastructure, Inc.(b)		61,305		1,550,403
Titan International, Inc.(b)		272,182		3,818,713
Triton International Ltd. (Bermuda)		27,674		1,649,094
Univar Solutions, Inc.(b)		51,581		1,300,873
USA Truck, Inc.(b)		113,182		3,549,388
Veritiv Corp.(b)		43,007		5,126,004
				71,820,428
Information Technology-6.34%
A10 Networks, Inc.		95,680		1,329,952
ADTRAN Holdings, Inc.		73,869		1,716,715
Avid Technology, Inc.(b)		68,085		1,862,125
Badger Meter, Inc.		17,828		1,688,133
Clearfield, Inc.(b)(c)		42,302		4,911,685
Cyxtera Technologies, Inc.(b)(c)		93,576		593,272
Digi International, Inc.(b)		59,104		1,956,933
DZS, Inc.(b)(c)		79,953		1,064,174
ExlService Holdings, Inc.(b)		9,866		1,654,627
Impinj, Inc.(b)(c)		26,957		2,406,721
Insight Enterprises, Inc.(b)(c)		16,855		1,535,828
Onto Innovation, Inc.(b)		25,437		1,805,773
PFSweb, Inc.(b)		112,841		1,067,476
Photronics, Inc.(b)		66,792		1,122,106
				24,715,520
Materials-4.71%
Alpha Metallurgical Resources, Inc.		39,705		6,239,641
ATI, Inc.(b)(c)		60,706		1,816,931
Avient Corp.		33,242		1,456,997
Commercial Metals Co.		37,343		1,512,765
Ramaco Resources, Inc.		216,649		2,283,480
SunCoke Energy, Inc.		195,411		1,287,759
TimkenSteel Corp.(b)		159,921		2,453,188
Warrior Met Coal, Inc.		40,868		1,330,253
				18,381,014
Real Estate-1.07%
Farmland Partners, Inc.(c)		95,882		1,391,248
Independence Realty Trust, Inc.		66,326		1,290,041
Tanger Factory Outlet Centers, Inc.(c)		97,048		1,496,480
				4,177,769
Utilities-0.86%
Middlesex Water Co.		17,399		1,544,509
Montauk Renewables, Inc.(b)(c)		102,592		1,821,008
				3,365,517
Total Common Stocks & Other Equity Interests (Cost $363,386,243)				389,733,831

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

  26  

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

August 31, 2022

	Shares		Value
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(d)(e) (Cost $202,856)		202,856	$	202,856
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $363,589,099)				389,936,687
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-24.12%
Invesco Private Government Fund, 2.29%(d)(e)(f)		25,614,890		25,614,890

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 2.37%(d)(e)(f)		68,437,358	$	68,444,203
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $94,054,605)				94,059,093
TOTAL INVESTMENTS IN SECURITIES-124.08% (Cost $457,643,704)				483,995,780
OTHER ASSETS LESS LIABILITIES-(24.08)%				(93,915,674	)
NET ASSETS-100.00%			$	390,080,106

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 August 31, 2022.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	11,980,373		$	(11,777,517	)		$	-		$	-			$	202,856	$	687
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			27,265,424			182,610,206			(184,260,740	)			-			-				25,614,890		140,999	*
Invesco Private Prime Fund			64,045,154			365,059,957			(360,641,590	)			4,488			(23,806	)			68,444,203		411,602	*
Total		$	91,310,578		$	559,650,536		$	(556,679,847	)		$	4,488		$	(23,806	)		$	94,261,949	$	553,288

* 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 August 31, 2022.

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

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

  27  

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Auto Components-10.73%
American Axle & Manufacturing Holdings, Inc.(b)(c)		25,760	$	266,616
Dorman Products, Inc.(b)		6,369		577,350
Gentherm, Inc.(b)(c)		7,456		446,614
LCI Industries		5,719		662,661
Motorcar Parts of America, Inc.(b)(c)		4,297		63,853
Patrick Industries, Inc.		4,917		260,454
Standard Motor Products, Inc.		4,273		156,819
XPEL, Inc.(b)(c)(d)		3,728		255,480
				2,689,847
Automobiles-1.69%
Winnebago Industries, Inc.		7,375		424,653
Diversified Consumer Services-7.20%
Adtalem Global Education, Inc.(b)		10,157		382,817
American Public Education, Inc.(b)(c)		4,242		43,820
frontdoor, inc.(b)(c)		18,508		434,568
Perdoceo Education Corp.(b)(c)		15,476		179,212
Strategic Education, Inc.		5,165		334,175
Stride, Inc.(b)(c)		9,620		366,907
WW International, Inc.(b)		12,026		62,776
				1,804,275
Hotels, Restaurants & Leisure-13.95%
BJ’s Restaurants, Inc.(b)		5,274		132,272
Bloomin’ Brands, Inc.(c)		18,162		367,236
Brinker International, Inc.(b)		9,864		241,767
Cheesecake Factory, Inc. (The)(c)		11,046		338,229
Chuy’s Holdings, Inc.(b)		4,262		95,170
Dave & Buster’s Entertainment, Inc.(b)(c)		8,758		362,056
Dine Brands Global, Inc.(c)		3,769		251,015
El Pollo Loco Holdings, Inc.(b)		4,385		39,684
Golden Entertainment, Inc.(b)		4,565		174,657
Jack in the Box, Inc.		4,734		378,057
Monarch Casino & Resort, Inc.(b)		2,973		179,539
Ruth’s Hospitality Group, Inc.(c)		7,045		128,360
Shake Shack, Inc., Class A(b)(c)		8,825		420,599
Six Flags Entertainment Corp.(b)(c)		17,505		387,736
				3,496,377
Household Durables-19.91%
Cavco Industries, Inc.(b)		1,917		448,597
Century Communities, Inc.		6,520		304,419
Ethan Allen Interiors, Inc.(c)		4,956		117,804
Green Brick Partners, Inc.(b)(c)		10,352		252,175
Installed Building Products, Inc.		5,207		471,546
iRobot Corp.(b)(c)		6,101		359,227
La-Z-Boy, Inc.		9,724		256,616
LGI Homes, Inc.(b)(c)		4,686		444,748
M.D.C. Holdings, Inc.(c)		12,810		398,135
M/I Homes, Inc.(b)		6,366		275,266
Meritage Homes Corp.(b)		8,257		646,936
Sonos, Inc.(b)(c)		28,776		432,791
Tri Pointe Homes, Inc.(b)		23,274		403,338
Tupperware Brands Corp.(b)(c)		10,315		115,941
Universal Electronics, Inc.(b)		2,841		63,155
				4,990,694

	Shares		Value
Internet & Direct Marketing Retail-0.80%
Liquidity Services, Inc.(b)(c)		6,003	$	104,992
PetMed Express, Inc.(c)		4,721		97,111
				202,103
Leisure Products-2.24%
Sturm Ruger & Co., Inc.		3,962		207,014
Vista Outdoor, Inc.(b)(c)		12,621		354,903
				561,917
Multiline Retail-0.53%
Big Lots, Inc.		6,426		132,183
Specialty Retail-34.85%
Aaron’s Co., Inc. (The)		6,910		82,229
Abercrombie & Fitch Co., Class A(b)		11,344		163,240
Academy Sports & Outdoors, Inc.(c)		19,216		827,825
America’s Car-Mart, Inc.(b)(c)		1,349		108,743
Asbury Automotive Group, Inc.(b)(c)		4,978		868,561
Bed Bath & Beyond, Inc.(b)(c)		17,964		171,197
Boot Barn Holdings, Inc.(b)(c)		6,691		445,754
Buckle, Inc. (The)(c)		6,649		214,630
Caleres, Inc.		8,543		218,017
Cato Corp. (The), Class A		3,940		42,591
Chico’s FAS, Inc.(b)(c)		28,157		159,932
Children’s Place, Inc. (The)(b)(c)		2,897		122,195
Conn’s, Inc.(b)(c)		3,480		33,443
Designer Brands, Inc., Class A(c)		13,654		232,937
Genesco, Inc.(b)		2,903		164,252
Group 1 Automotive, Inc.		3,735		667,034
Guess?, Inc.		8,070		140,983
Haverty Furniture Cos., Inc., (Acquired 6/25/2020 - 7/29/2022; Cost $79,778)(e)		3,123		83,759
Hibbett, Inc.		2,743		160,740
LL Flooring Holdings, Inc.(b)		6,701		54,546
MarineMax, Inc.(b)(c)		4,846		176,104
Monro, Inc.(c)		7,548		349,548
National Vision Holdings, Inc.(b)(c)		18,320		608,774
ODP Corp. (The)(b)		9,851		352,173
Rent-A-Center, Inc.(c)		12,109		312,897
Sally Beauty Holdings, Inc.(b)(c)		24,075		358,236
Shoe Carnival, Inc.(c)		3,849		91,568
Signet Jewelers Ltd.(c)		10,663		697,040
Sleep Number Corp.(b)(c)		5,002		207,233
Sonic Automotive, Inc., Class A(c)		4,398		233,930
Urban Outfitters, Inc.(b)(c)		14,422		290,315
Zumiez, Inc.(b)(c)		3,717		96,493
				8,736,919
Textiles, Apparel & Luxury Goods-8.00%
Fossil Group, Inc.(b)(c)		10,599		44,834
G-III Apparel Group Ltd.(b)(c)		9,703		204,442
Kontoor Brands, Inc.(c)		10,462		389,500
Movado Group, Inc.		3,624		115,569
Oxford Industries, Inc.(c)		3,457		368,966
Steven Madden Ltd.		16,891		491,697

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

  28  

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

August 31, 2022

	Shares		Value
Textiles, Apparel & Luxury Goods-(continued)
Unifi, Inc.(b)		3,118	$	35,421
Wolverine World Wide, Inc.		18,165		354,944
				2,005,373
Total Common Stocks & Other Equity Interests (Cost $36,633,835)				25,044,341
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(f)(g) (Cost $18,475)		18,475		18,475
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.97% (Cost $36,652,310)				25,062,816

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-33.20%
Invesco Private Government Fund, 2.29%(f)(g)(h)		2,330,277	$	2,330,277
Invesco Private Prime Fund, 2.37%(f)(g)(h)		5,991,543		5,992,142
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $8,321,985)				8,322,419
TOTAL INVESTMENTS IN SECURITIES-133.17% (Cost $44,974,295)				33,385,235
OTHER ASSETS LESS LIABILITIES-(33.17)%				(8,314,660	)
NET ASSETS-100.00%			$	25,070,575

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at August 31, 2022.

^(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 August 31, 2022 represented 1.02% of the Fund’s Net Assets.

^(e)  Restricted security. The value of this security at August 31, 2022 represented less than 1% of the Fund’s Net Assets.

^(f)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	41,673		$	709,052		$	(732,250	)		$	-		$	-			$	18,475		$	76
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,430,460			25,320,583			(24,420,766	)			-			-				2,330,277			14,197	*
Invesco Private Prime Fund			3,337,740			47,670,488			(45,013,998	)			434			(2,522	)			5,992,142			40,764	*
Total		$	4,809,873		$	73,700,123		$	(70,167,014	)		$	434		$	(2,522	)		$	8,340,894		$	55,037

* 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 August 31, 2022.

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

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

  29  

Invesco S&P SmallCap Consumer Staples ETF (PSCC)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Beverages-6.31%
MGP Ingredients, Inc.		18,236	$	1,996,112
National Beverage Corp.(b)		33,955		1,883,144
				3,879,256
Food & Staples Retailing-17.65%
Andersons, Inc. (The)(b)		45,782		1,695,308
Chefs’ Warehouse, Inc. (The)(b)(c)		47,843		1,595,086
PriceSmart, Inc.		35,042		2,217,107
SpartanNash Co.(b)		52,601		1,600,648
United Natural Foods, Inc.(c)		84,784		3,737,279
				10,845,428
Food Products-41.65%
B&G Foods, Inc.(b)		100,240		2,171,199
Calavo Growers, Inc.		25,781		1,083,833
Cal-Maine Foods, Inc.		54,596		2,926,892
Fresh Del Monte Produce, Inc.		48,710		1,331,732
Hostess Brands, Inc.(b)(c)		201,229		4,664,488
J&J Snack Foods Corp.(b)		21,765		3,243,638
John B. Sanfilippo & Son, Inc.		12,995		1,049,086
Seneca Foods Corp., Class A(c)		8,822		466,066
Simply Good Foods Co. (The)(c)		128,526		3,926,469
Tootsie Roll Industries, Inc.(b)		25,922		928,785
TreeHouse Foods, Inc.(b)(c)		81,518		3,798,738
				25,590,926
Household Products-10.58%
Central Garden & Pet Co.(b)(c)		14,184		566,225
Central Garden & Pet Co., Class A(c)		57,625		2,175,920
WD-40 Co.(b)		19,877		3,759,934
				6,502,079
Personal Products-17.70%
Edgewell Personal Care Co.		76,837		2,993,570
elf Beauty, Inc.(c)		69,777		2,660,597
Inter Parfums, Inc.		25,947		2,037,358
Medifast, Inc.(b)		16,753		2,102,166
USANA Health Sciences, Inc.(b)(c)		16,752		1,080,839
				10,874,530

	Shares		Value
Tobacco-6.03%
Universal Corp.(b)		35,809	$	1,827,692
Vector Group Ltd.		191,639		1,878,062
				3,705,754
Total Common Stocks & Other Equity Interests (Cost $62,834,827)				61,397,973
Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(d)(e) (Cost $48,841)		48,841		48,841
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $62,883,668)				61,446,814
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-24.14%
Invesco Private Government Fund, 2.29%(d)(e)(f)		4,082,330		4,082,330
Invesco Private Prime Fund, 2.37%(d)(e)(f)		10,749,065		10,750,140
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $14,831,748)				14,832,470
TOTAL INVESTMENTS IN SECURITIES-124.14% (Cost $77,715,416)				76,279,284
OTHER ASSETS LESS LIABILITIES-(24.14)%				(14,831,782	)
NET ASSETS-100.00%			$	61,447,502

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at August 31, 2022.

^(c) Non-income producing security.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31,  2021		Purchases at Cost			Proceeds from  Sales			Change  in Unrealized Appreciation			Realized Gain (Loss)			Value August 31,  2022			Dividend   Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	6,948		$	915,846		$	(873,953)		$	-		$	-		$	48,841		$	70

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

  30  

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

August 31, 2022

	Value August 31, 2021		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$  601,416		$	35,864,183		$	(32,383,269	)		$	-		$	-			$	4,082,330		$	20,565	*
Invesco Private Prime Fund		1,403,304			75,145,853			(65,797,672	)			722			(2,067	)			10,750,140			58,438	*
Total		$2,011,668			$111,925,882			$(99,054,894)				$722			$(2,067)				$14,881,311			$79,073

* 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 August 31, 2022.

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

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

  31  

Invesco S&P SmallCap Energy ETF (PSCE)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.02%
Energy Equipment & Services-38.34%
Archrock, Inc.(b)		480,299	$	3,549,410
Bristow Group, Inc.(b)(c)		82,321		2,388,132
Core Laboratories N.V.(b)		164,237		2,652,428
DMC Global, Inc.(b)(c)		69,118		1,542,714
Dril-Quip, Inc.(b)(c)		122,423		2,709,221
Helix Energy Solutions Group, Inc.(b)(c)		505,697		2,184,611
Helmerich & Payne, Inc.(b)		338,403		14,466,728
Nabors Industries Ltd.(b)(c)		31,442		4,166,379
Oceaneering International, Inc.(b)(c)		355,606		3,147,113
Oil States International, Inc.(b)(c)		219,571		1,075,898
Patterson-UTI Energy, Inc.		441,532		6,578,827
ProPetro Holding Corp.(b)(c)		303,233		2,777,614
RPC, Inc.(b)		249,731		1,985,361
US Silica Holdings, Inc.(b)(c)		268,429		3,766,059
				52,990,495
Oil, Gas & Consumable Fuels-60.68%
Callon Petroleum Co.(b)(c)		152,596		6,494,486
Civitas Resources, Inc.(b)		232,118		15,596,009
CONSOL Energy, Inc.		113,909		8,176,388
Dorian LPG Ltd.		98,283		1,430,018
Green Plains, Inc.(b)(c)		181,896		6,662,851
Laredo Petroleum, Inc.(b)(c)		51,681		4,010,962
Par Pacific Holdings, Inc.(b)(c)		162,090		3,047,292
PBF Energy, Inc., Class A(b)(c)		226,758		7,746,053
Ranger Oil Corp., Class A(b)		75,048		2,926,122

	Shares		Value
Oil, Gas & Consumable Fuels-(continued)
REX American Resources Corp.(c)		55,532	$	1,682,619
SM Energy Co.		391,703		17,262,351
Talos Energy, Inc.(b)(c)		146,373		3,034,312
World Fuel Services Corp.		224,088		5,781,470
				83,850,933
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.02% (Cost $138,968,428)				136,841,428
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-32.21%
Invesco Private Government Fund, 2.29%(d)(e)(f)		12,461,522		12,461,522
Invesco Private Prime Fund, 2.37%(d)(e)(f)		32,040,710		32,043,914
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $44,504,202)				44,505,436
TOTAL INVESTMENTS IN SECURITIES-131.23% (Cost $183,472,630)				181,346,864
OTHER ASSETS LESS LIABILITIES-(31.23)%				(43,154,126	)
NET ASSETS-100.00%			$	138,192,738

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 August 31, 2022.

^(c) Non-income producing security.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31,  2021			Purchases at Cost			Proceeds from Sales				Change  in Unrealized Appreciation			Realized Gain (Loss)				Value August 31,  2022			Dividend   Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	59,795		$	14,304,841		$	(14,364,636	)		$	-		$	-			$	-	$	951
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			2,682,300			110,260,413			(100,481,191	)			-			-				12,461,522		57,629	*
Invesco Private Prime Fund			6,258,699			223,175,078			(197,386,587	)			1,234			(4,510	)			32,043,914		162,172	*
Total		$	9,000,794		$	347,740,332		$	(312,232,414	)		$	1,234		$	(4,510	)		$	44,505,436	$	220,752

* 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 August 31, 2022.

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

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

  32  

Invesco S&P SmallCap Financials ETF (PSCF)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.88%
Banks-40.12%
Allegiance Bancshares, Inc.		3,074	$	130,215
Ameris Bancorp		10,742		501,436
Banc of California, Inc.		8,611		145,354
BancFirst Corp.(b)		3,089		333,179
Bancorp, Inc. (The)(c)		9,210		218,461
BankUnited, Inc.		13,313		493,247
Banner Corp.		5,626		341,836
Berkshire Hills Bancorp, Inc.		7,703		217,302
Brookline Bancorp, Inc.		12,597		157,085
Central Pacific Financial Corp.		4,513		98,338
City Holding Co.(b)		2,437		207,169
Columbia Banking System, Inc.(b)		12,675		379,616
Community Bank System, Inc.		8,779		573,971
Customers Bancorp, Inc.(c)		4,937		171,264
CVB Financial Corp.		21,660		568,358
Dime Community Bancshares, Inc.		5,230		163,490
Eagle Bancorp, Inc.		5,215		253,084
FB Financial Corp.		5,771		228,647
First Bancorp (Puerto Rico)		32,282		461,633
First Bancorp/Southern Pines NC		5,628		204,915
First Commonwealth Financial Corp.		15,359		207,039
First Financial Bancorp		15,371		331,706
First Hawaiian, Inc.		20,928		538,059
Hanmi Financial Corp.		4,989		123,328
Heritage Financial Corp.		5,702		148,195
Hilltop Holdings, Inc.(b)		8,098		213,787
HomeStreet, Inc.		3,063		106,623
Hope Bancorp, Inc.		19,596		283,554
Independent Bank Corp.		7,616		595,800
Independent Bank Group, Inc.(b)		5,916		398,502
Lakeland Financial Corp.(b)		4,125		310,777
National Bank Holdings Corp., Class A		4,892		196,316
NBT Bancorp, Inc.		6,966		270,141
Northwest Bancshares, Inc.(b)		20,608		289,955
OFG Bancorp (Puerto Rico)		7,913		215,234
Pacific Premier Bancorp, Inc.		15,518		508,370
Park National Corp.(b)		2,355		310,460
Pathward Financial, Inc.		4,779		157,516
Preferred Bank		2,212		150,062
Renasant Corp.		9,094		303,194
S&T Bancorp, Inc.		6,396		189,577
Seacoast Banking Corp. of Florida(b)		10,024		323,976
ServisFirst Bancshares, Inc.		7,958		671,337
Simmons First National Corp., Class A		20,636		486,803
Southside Bancshares, Inc.(b)		5,227		196,953
Tompkins Financial Corp.		1,911		136,904
Triumph Bancorp, Inc.(b)(c)		3,846		238,106
Trustmark Corp.		10,064		317,419
United Community Banks, Inc.		17,149		575,006
Veritex Holdings, Inc.		8,769		264,035
Westamerica Bancorporation(b)		4,408		246,628
				15,153,962
Capital Markets-3.72%
B. Riley Financial, Inc.		2,654		132,090
Blucora, Inc.(b)(c)		7,675		154,114
Brightsphere Investment Group, Inc.		5,291		90,423

	Shares		Value
Capital Markets-(continued)
Donnelley Financial Solutions, Inc.(c)		4,543	$	192,850
Piper Sandler Cos.		2,317		265,459
StoneX Group, Inc.(c)		2,797		259,673
Virtus Investment Partners, Inc.		1,144		218,790
WisdomTree Investments, Inc.		18,003		90,195
				1,403,594
Consumer Finance-3.13%
Encore Capital Group, Inc.(b)(c)		3,946		215,767
Enova International, Inc.(c)		5,295		185,007
EZCORP, Inc., Class A(c)		8,793		76,939
Green Dot Corp., Class A(c)		8,811		178,775
LendingTree, Inc.(b)(c)		1,798		54,821
PRA Group, Inc.(b)(c)		6,468		238,928
PROG Holdings, Inc.(c)		8,785		162,874
World Acceptance Corp.(b)(c)		598		69,512
				1,182,623
Equity REITs-27.32%
Acadia Realty Trust(b)		15,429		245,784
Agree Realty Corp.		12,246		922,369
Alexander & Baldwin, Inc.(b)		11,830		221,576
American Assets Trust, Inc.		8,562		237,681
Armada Hoffler Properties, Inc.		10,997		144,391
Brandywine Realty Trust		27,864		223,748
CareTrust REIT, Inc.		15,786		340,030
Centerspace		2,502		188,601
Chatham Lodging Trust(c)		7,993		97,195
Community Healthcare Trust, Inc.		3,826		141,141
DiamondRock Hospitality Co.(c)		34,298		299,422
Diversified Healthcare Trust		39,142		57,147
Easterly Government Properties, Inc.(b)		14,774		265,193
Essential Properties Realty Trust, Inc.		22,604		511,755
Four Corners Property Trust, Inc.		13,080		351,721
Franklin Street Properties Corp.		15,205		42,726
Getty Realty Corp.(b)		6,614		198,949
Global Net Lease, Inc.(b)		16,848		231,997
Hersha Hospitality Trust(c)		5,415		52,526
Industrial Logistics Properties Trust		10,712		80,233
Innovative Industrial Properties, Inc.(b)		4,553		417,601
iStar, Inc.		13,486		185,702
LTC Properties, Inc.(b)		6,415		287,969
LXP Industrial Trust(b)		46,857		471,381
NexPoint Residential Trust, Inc.		3,768		199,026
Office Properties Income Trust		7,872		138,311
Orion Office REIT, Inc.(b)		9,274		91,534
Retail Opportunity Investments Corp.(b)		20,325		340,444
RPT Realty		13,823		133,115
Safehold, Inc.(b)		2,536		96,444
Saul Centers, Inc.		2,152		95,312
Service Properties Trust(b)		26,852		183,668
SITE Centers Corp.		29,577		383,318
Summit Hotel Properties, Inc.(b)		17,376		136,575
Sunstone Hotel Investors, Inc.(b)(c)		35,048		381,673
Tanger Factory Outlet Centers, Inc.(b)		16,988		261,955
Uniti Group, Inc.		38,587		362,332
Universal Health Realty Income Trust		2,100		106,869
Urban Edge Properties(b)		17,957		282,464
Urstadt Biddle Properties, Inc., Class A		4,940		82,597

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

  33  

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

August 31, 2022

	Shares		Value
Equity REITs-(continued)
Veris Residential, Inc.(c)		13,028	$	175,096
Washington REIT(b)		14,320		280,815
Whitestone REIT		7,566		74,449
Xenia Hotels & Resorts, Inc.(b)(c)		18,725		296,979
				10,319,814
Insurance-10.16%
Ambac Financial Group, Inc.(c)		7,377		111,319
American Equity Investment Life Holding Co.		12,575		477,850
AMERISAFE, Inc.		3,138		150,059
Assured Guaranty Ltd.		10,441		533,222
eHealth, Inc.(b)(c)		3,955		25,312
Employers Holdings, Inc.		4,513		176,729
Genworth Financial, Inc., Class A(c)		83,050		350,471
HCI Group, Inc.		1,293		61,793
Horace Mann Educators Corp.		6,742		241,161
James River Group Holdings Ltd.		6,078		144,413
Palomar Holdings, Inc.(c)		3,893		308,676
ProAssurance Corp.		8,789		187,997
Safety Insurance Group, Inc.		2,280		205,314
Selectquote, Inc.(b)(c)		20,464		22,715
SiriusPoint Ltd. (Bermuda)(c)		14,170		63,340
Stewart Information Services Corp.		4,399		222,765
Trupanion, Inc.(b)(c)		5,632		397,507
United Fire Group, Inc.		3,540		104,182
Universal Insurance Holdings, Inc.		4,561		54,458
				3,839,283
Mortgage REITs-5.22%
Apollo Commercial Real Estate Finance, Inc.		21,662		252,362
ARMOUR Residential REIT, Inc.		16,898		119,976
Ellington Financial, Inc.		9,204		135,115
Franklin BSP Realty Trust, Inc.(b)		13,626		175,775
Granite Point Mortgage Trust, Inc.		8,820		83,084
Invesco Mortgage Capital, Inc.(d)		5,404		85,870
KKR Real Estate Finance Trust, Inc.(b)		8,057		155,178
New York Mortgage Trust, Inc.(b)		62,014		173,639
PennyMac Mortgage Investment Trust(b)		14,971		222,319
Ready Capital Corp.		10,925		143,118
Redwood Trust, Inc.		19,553		151,536
Two Harbors Investment Corp.(b)		55,977		271,488
				1,969,460
Real Estate Management & Development-1.76%
Anywhere Real Estate, Inc.(b)(c)		19,237		187,945
Douglas Elliman, Inc.		11,309		52,134
Marcus & Millichap, Inc.		3,981		148,810

	Shares		Value
Real Estate Management & Development-(continued)
RE/MAX Holdings, Inc., Class A		3,156	$	71,831
St. Joe Co. (The)		5,373		205,249
				665,969
Thrifts & Mortgage Finance-8.45%
Axos Financial, Inc.(c)		8,783		366,954
Capitol Federal Financial, Inc.		21,018		190,423
Flagstar Bancorp, Inc.		8,664		333,824
Mr. Cooper Group, Inc.(c)		12,078		510,899
NMI Holdings, Inc., Class A(c)		14,095		289,370
Northfield Bancorp, Inc.		7,048		103,888
Provident Financial Services, Inc.		12,258		284,753
TrustCo Bank Corp.		3,144		104,821
Walker & Dunlop, Inc.		4,963		498,583
WSFS Financial Corp.		10,539		509,561
				3,193,076
Total Common Stocks & Other Equity Interests (Cost $42,218,370)				37,727,781
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(d)(e) (Cost $19,360)		19,361		19,361
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $42,237,730)				37,747,142
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-22.94%
Invesco Private Government Fund, 2.29%(d)(e)(f)		2,426,621		2,426,621
Invesco Private Prime Fund, 2.37%(d)(e)(f)		6,239,259		6,239,883
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $8,666,244)				8,666,504
TOTAL INVESTMENTS IN SECURITIES-122.87% (Cost $50,903,974)				46,413,646
OTHER ASSETS LESS LIABILITIES-(22.87)%				(8,638,406	)
NET ASSETS-100.00%			$	37,775,240

Investment Abbreviations:

REIT-Real Estate Investment Trust

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

  34  

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

August 31, 2022

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 August 31, 2022.

^(c)  Non-income producing security.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Invesco Mortgage Capital, Inc.		$	161,607		$	33,685		$	(27,632	)		$	(75,741	)		$	(6,047	)		$	85,870		$	19,221
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			1,269,475			(1,250,114	)			-				-				19,361			153
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,555,298			21,895,999			(21,024,676	)			-				-				2,426,621			10,599	*
Invesco Private Prime Fund			3,629,029			46,601,941			(43,989,250	)			260				(2,097	)			6,239,883			30,131	*
Total		$	5,345,934		$	69,801,100		$	(66,291,672	)		$	(75,481	)		$	(8,144	)		$	8,771,735		$	60,104

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

^(e)  The rate shown is the 7-day SEC standardized yield as of August 31, 2022.

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

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

  35  

Invesco S&P SmallCap Health Care ETF (PSCH)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Biotechnology-22.78%
Anika Therapeutics, Inc.(b)		45,864	$	1,036,526
Arcus Biosciences, Inc.(b)(c)		147,103		3,542,240
Avid Bioservices, Inc.(b)(c)		194,689		3,352,545
Coherus Biosciences, Inc.(b)(c)		202,706		2,266,253
Cytokinetics, Inc.(b)(c)		270,187		14,309,104
Dynavax Technologies Corp.(b)(c)		370,403		4,248,522
Eagle Pharmaceuticals, Inc.(b)(c)		35,225		1,154,323
Emergent BioSolutions, Inc.(b)		141,003		3,386,892
Enanta Pharmaceuticals, Inc.(b)(c)		58,168		3,541,268
Ironwood Pharmaceuticals, Inc.(b)(c)		485,170		5,220,429
iTeos Therapeutics, Inc.(b)(c)		63,978		1,419,032
Ligand Pharmaceuticals, Inc.(b)(c)		53,184		4,913,670
Myriad Genetics, Inc.(b)(c)		253,442		5,661,894
Organogenesis Holdings, Inc.(b)(c)		199,973		717,903
REGENXBIO, Inc.(b)(c)		119,803		3,534,189
uniQure N.V. (Netherlands)(b)		114,758		2,242,371
Vanda Pharmaceuticals, Inc.(b)(c)		178,031		1,883,568
Vericel Corp.(b)(c)		148,610		3,707,820
Vir Biotechnology, Inc.(b)(c)		233,767		5,551,966
Xencor, Inc.(b)(c)		187,768		4,955,198
				76,645,713
Health Care Equipment & Supplies-27.75%
AngioDynamics, Inc.(b)(c)		122,296		2,707,633
Artivion, Inc.(b)(c)		126,804		2,809,977
Avanos Medical, Inc.(b)(c)		149,314		3,677,604
BioLife Solutions, Inc.(b)(c)		96,358		2,275,012
Cardiovascular Systems, Inc.(b)		128,641		1,699,348
CONMED Corp.(c)		93,125		8,248,081
Cutera, Inc.(b)(c)		52,137		2,489,542
Embecta Corp.		182,246		5,817,292
Glaukos Corp.(b)		149,296		7,248,321
Heska Corp.(b)(c)		34,033		3,099,385
Inogen, Inc.(b)		64,851		1,856,684
Integer Holdings Corp.(b)(c)		104,396		6,584,256
Lantheus Holdings, Inc.(b)		216,497		17,059,964
LeMaitre Vascular, Inc.		60,935		3,008,970
Meridian Bioscience, Inc.(b)		137,433		4,478,941
Merit Medical Systems, Inc.(b)(c)		160,889		9,529,456
Mesa Laboratories, Inc.		16,616		2,839,010
OraSure Technologies, Inc.(b)(c)		229,030		936,733
Orthofix Medical, Inc.(b)(c)		62,783		1,249,382
SurModics, Inc.(b)(c)		44,129		1,486,706
Varex Imaging Corp.(b)(c)		125,588		2,648,651
Zimvie, Inc.(b)(c)		65,774		1,001,080
Zynex, Inc.(c)		70,094		626,640
				93,378,668
Health Care Providers & Services-29.65%
AdaptHealth Corp.(b)(c)		309,268		5,557,546
Addus HomeCare Corp.(b)(c)		50,704		4,523,811
AMN Healthcare Services, Inc.(b)		141,048		14,477,167
Apollo Medical Holdings, Inc.(b)(c)		120,179		5,183,320
Community Health Systems, Inc.(b)(c)		398,992		1,061,319
CorVel Corp.(b)		29,450		4,575,941
Covetrus, Inc.(b)		329,747		6,881,820
Cross Country Healthcare, Inc.(b)(c)		112,110		2,845,352
Enhabit, Inc.(b)		157,337		2,611,794

	Shares		Value
Health Care Providers & Services-(continued)
Ensign Group, Inc. (The)(c)		166,231	$	14,179,504
Fulgent Genetics, Inc.(b)(c)		62,199		2,703,790
Hanger, Inc.(b)		116,875		2,177,381
Joint Corp. (The)(b)(c)		45,542		830,686
ModivCare, Inc.(b)(c)		38,981		4,222,422
Owens & Minor, Inc.(c)		240,007		7,082,607
Pediatrix Medical Group, Inc.(b)(c)		271,660		4,840,981
Pennant Group, Inc. (The)(b)(c)		85,430		1,338,688
RadNet, Inc.(b)(c)		147,236		2,957,971
Select Medical Holdings Corp.(c)		325,498		8,345,769
US Physical Therapy, Inc.(c)		40,989		3,386,101
				99,783,970
Health Care Technology-4.83%
Allscripts Healthcare Solutions, Inc.(b)		365,975		6,221,575
Computer Programs & Systems, Inc.(b)(c)		46,549		1,420,210
HealthStream, Inc.(b)		76,676		1,696,840
NextGen Healthcare, Inc.(b)(c)		177,111		3,035,682
OptimizeRx Corp.(b)(c)		57,242		908,431
Simulations Plus, Inc.(c)		49,723		2,985,866
				16,268,604
Life Sciences Tools & Services-1.18%
NeoGenomics, Inc.(b)(c)		393,505		3,954,725
Pharmaceuticals-13.80%
Amphastar Pharmaceuticals, Inc.(b)(c)		118,547		3,508,991
ANI Pharmaceuticals, Inc.(b)(c)		41,285		1,523,004
Cara Therapeutics, Inc.(b)(c)		133,390		1,376,585
Collegium Pharmaceutical, Inc.(b)(c)		107,129		1,883,328
Corcept Therapeutics, Inc.(b)		301,634		7,788,190
Harmony Biosciences Holdings, Inc.(b)(c)		72,653		3,190,193
Innoviva, Inc.(b)(c)		197,910		2,604,496
Nektar Therapeutics(b)(c)		587,783		2,315,865
Pacira BioSciences, Inc.(b)(c)		143,321		7,521,486
Phibro Animal Health Corp., Class A(c)		64,110		949,469
Prestige Consumer Healthcare, Inc.(b)(c)		158,566		8,020,268
Supernus Pharmaceuticals, Inc.(b)(c)		168,479		5,767,036
				46,448,911
Total Common Stocks & Other Equity Interests (Cost $367,532,048)				336,480,591
Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(d)(e) (Cost $1,214)		1,214		1,214
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $367,533,262)				336,481,805
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-30.19%
Invesco Private Government Fund, 2.29%(d)(e)(f)		28,445,085		28,445,085

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

  36  

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

August 31, 2022

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 2.37%(d)(e)(f)		73,137,189	$	73,144,505
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $101,585,117)				101,589,590
TOTAL INVESTMENTS IN SECURITIES-130.18% (Cost $469,118,379)				438,071,395
OTHER ASSETS LESS LIABILITIES-(30.18)%				(101,570,569	)
NET ASSETS-100.00%			$	336,500,826

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 August 31, 2022.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	155,654		$	17,448,033		$	(17,602,473	)		$	-		$	-			$	1,214		$	1,037
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			25,999,273			179,286,848			(176,841,036	)			-			-				28,445,085			164,658	*
Invesco Private Prime Fund			60,664,971			352,352,402			(339,852,860	)			4,473			(24,481	)			73,144,505			480,144	*
Total		$	86,819,898		$	549,087,283		$	(534,296,369	)		$	4,473		$	(24,481	)		$	101,590,804		$	645,839

* 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 August 31, 2022.

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

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

  37  

Invesco S&P SmallCap Industrials ETF (PSCI)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Aerospace & Defense-7.65%
AAR Corp.(b)		15,545	$	666,570
Aerojet Rocketdyne Holdings, Inc.(b)(c)		35,164		1,514,513
AeroVironment, Inc.(b)(c)		10,887		965,133
Kaman Corp.		13,147		417,023
Moog, Inc., Class A		13,628		1,021,827
National Presto Industries, Inc.		2,387		162,841
Park Aerospace Corp.(c)		9,131		105,098
Triumph Group, Inc.(b)		30,368		394,480
				5,247,485
Air Freight & Logistics-5.44%
Atlas Air Worldwide Holdings, Inc.(b)(c)		12,318		1,230,815
Forward Air Corp.		12,621		1,224,742
Hub Group, Inc., Class A(b)		15,976		1,275,044
				3,730,601
Airlines-2.70%
Allegiant Travel Co.(b)		7,149		689,878
Hawaiian Holdings, Inc.(b)(c)		24,118		361,529
SkyWest, Inc.(b)		23,740		505,425
Sun Country Airlines Holdings, Inc.(b)(c)		14,715		293,123
				1,849,955
Building Products-12.07%
AAON, Inc.(c)		19,701		1,132,413
American Woodmark Corp.(b)(c)		7,785		403,497
Apogee Enterprises, Inc.		10,429		425,920
Gibraltar Industries, Inc.(b)		15,409		644,867
Griffon Corp.		22,510		705,689
Insteel Industries, Inc.		9,133		263,944
PGT Innovations, Inc.(b)		28,156		589,024
Quanex Building Products Corp.(c)		15,687		349,820
Resideo Technologies, Inc.(b)		68,320		1,422,422
UFP Industries, Inc.		29,478		2,340,258
				8,277,854
Commercial Services & Supplies-12.60%
ABM Industries, Inc.(c)		31,419		1,457,842
Brady Corp., Class A		22,585		1,051,106
CoreCivic, Inc.(b)		57,135		544,496
Deluxe Corp.(c)		20,200		388,648
GEO Group, Inc. (The)(b)(c)		58,310		476,976
Harsco Corp.(b)(c)		37,318		211,593
Healthcare Services Group, Inc.		34,789		489,481
HNI Corp.		19,916		637,312
Interface, Inc.		27,941		312,101
KAR Auction Services, Inc.(b)(c)		57,105		833,733
Matthews International Corp., Class A(c)		14,711		367,922
Pitney Bowes, Inc.		76,601		221,377
UniFirst Corp.		7,134		1,285,975
Viad Corp.(b)(c)		9,677		369,468
				8,648,030
Construction & Engineering-7.57%
Arcosa, Inc.		22,706		1,327,166
Comfort Systems USA, Inc.		16,908		1,696,549
Granite Construction, Inc.(c)		21,315		639,024

	Shares		Value
Construction & Engineering-(continued)
MYR Group, Inc.(b)		7,990	$	742,590
NV5 Global, Inc.(b)(c)		5,606		789,100
				5,194,429
Electrical Equipment-2.63%
AZZ, Inc.		11,600		494,276
Encore Wire Corp.(c)		9,271		1,206,157
Powell Industries, Inc.		4,262		105,101
				1,805,534
Machinery-26.95%
Alamo Group, Inc.		4,664		609,865
Albany International Corp., Class A		14,802		1,305,388
Astec Industries, Inc.		10,733		409,786
Barnes Group, Inc.		21,918		680,554
CIRCOR International, Inc.(b)(c)		9,520		155,176
Enerpac Tool Group Corp.(c)		28,452		551,969
EnPro Industries, Inc.		9,773		885,043
ESCO Technologies, Inc.(c)		12,146		989,049
Federal Signal Corp.		28,479		1,135,458
Franklin Electric Co., Inc.		18,281		1,587,705
Greenbrier Cos., Inc. (The)(c)		15,312		436,545
Hillenbrand, Inc.(c)		33,695		1,404,071
John Bean Technologies Corp.		14,935		1,542,188
Lindsay Corp.		5,159		827,297
Mueller Industries, Inc.		26,739		1,689,103
Proto Labs, Inc.(b)(c)		12,918		496,051
SPX Technologies, Inc.(b)(c)		21,514		1,227,589
Standex International Corp.		5,671		512,715
Tennant Co.		8,729		526,795
Titan International, Inc.(b)		24,141		338,698
Trinity Industries, Inc.(c)		32,896		802,004
Wabash National Corp.		23,038		378,975
				18,492,024
Marine-2.05%
Matson, Inc.		19,050		1,403,223
Professional Services-9.35%
Exponent, Inc.		24,351		2,285,585
Forrester Research, Inc.(b)		5,145		213,980
Heidrick & Struggles International, Inc.		9,266		263,710
Kelly Services, Inc., Class A		16,238		261,594
Korn Ferry		25,327		1,542,921
ManTech International Corp., Class A		12,943		1,241,363
Resources Connection, Inc.		14,622		285,714
TrueBlue, Inc.(b)(c)		15,633		321,102
				6,415,969
Road & Rail-2.63%
ArcBest Corp.		11,503		926,336
Heartland Express, Inc.(c)		21,882		331,512
Marten Transport Ltd.		27,723		549,193
				1,807,041
Trading Companies & Distributors-8.27%
Applied Industrial Technologies, Inc.		18,063		1,915,039
Boise Cascade Co.		18,534		1,155,224
DXP Enterprises, Inc.(b)		8,059		214,208
GMS, Inc.(b)		20,224		974,797

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

  38  

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

August 31, 2022

	Shares		Value
Trading Companies & Distributors-(continued)
NOW, Inc.(b)		52,021	$	630,495
Veritiv Corp.(b)		6,556		781,410
				5,671,173
Total Common Stocks & Other Equity Interests (Cost $78,892,999)				68,543,318
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(d)(e) (Cost $19,939)		19,939		19,939
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $78,912,938)				68,563,257

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-19.72%
Invesco Private Government Fund, 2.29%(d)(e)(f)		3,784,177	$	3,784,177
Invesco Private Prime Fund, 2.37%(d)(e)(f)		9,745,312		9,746,286
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,529,870)				13,530,463
TOTAL INVESTMENTS IN SECURITIES-119.66% (Cost $92,442,808)				82,093,720
OTHER ASSETS LESS  LIABILITIES-(19.66)%				(13,486,249	)
NET ASSETS-100.00%			$	68,607,471

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 August 31, 2022.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31,  2021			Purchases at Cost			Proceeds from Sales				Change  in Unrealized Appreciation			Realized Gain (Loss)				Value August 31,  2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	7,078,021		$	(7,058,082	)		$	-		$	-			$	19,939		$	234
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,848,380			33,796,030			(31,860,233	)			-			-				3,784,177			17,265	*
Invesco Private Prime Fund			4,312,886			78,209,541			(72,774,804	)			593			(1,930	)			9,746,286			48,374	*
Total		$	6,161,266		$	119,083,592		$	(111,693,119	)		$	593		$	(1,930	)		$	13,550,402		$	65,873

* 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 August 31, 2022.

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

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

  39  

Invesco S&P SmallCap Information Technology ETF (PSCT)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Communications Equipment-11.95%
ADTRAN Holdings, Inc.(b)		250,798	$	5,828,545
CalAmp Corp.(b)(c)		117,035		723,276
Clearfield, Inc.(b)(c)		37,169		4,315,693
Comtech Telecommunications Corp.		86,146		972,588
Digi International, Inc.(b)(c)		114,178		3,780,434
Extreme Networks, Inc.(c)		425,403		6,096,025
Harmonic, Inc.(b)(c)		339,766		3,825,765
NETGEAR, Inc.(c)		93,532		2,206,420
NetScout Systems, Inc.(b)(c)		240,036		7,618,743
Viavi Solutions, Inc.(b)(c)		740,784		10,430,239
				45,797,728
Electronic Equipment, Instruments & Components-31.66%
Advanced Energy Industries, Inc.(b)		122,125		10,965,604
Arlo Technologies, Inc.(c)		282,150		1,718,293
Badger Meter, Inc.		95,151		9,009,848
Benchmark Electronics, Inc.(b)		114,168		3,133,912
CTS Corp.(b)		104,295		4,413,764
ePlus, Inc.(c)		87,445		4,120,408
Fabrinet (Thailand)(c)		119,619		12,301,618
FARO Technologies, Inc.(b)(c)		59,413		1,993,306
Insight Enterprises, Inc.(b)(c)		114,039		10,391,234
Itron, Inc.(b)(c)		146,488		6,969,899
Knowles Corp.(b)(c)		298,340		4,519,851
Methode Electronics, Inc.(b)		120,091		4,858,882
OSI Systems, Inc.(c)		51,536		4,293,979
PC Connection, Inc.		35,895		1,783,264
Plexus Corp.(b)(c)		90,126		8,447,510
Rogers Corp.(c)		60,903		15,257,420
Sanmina Corp.(c)		197,839		9,599,148
ScanSource, Inc.(c)		82,078		2,377,800
TTM Technologies, Inc.(b)(c)		328,494		5,167,211
				121,322,951
IT Services-11.77%
CSG Systems International, Inc.		101,159		5,852,048
EVERTEC, Inc. (Puerto Rico)		211,709		7,113,422
ExlService Holdings, Inc.(c)		108,230		18,151,253
Perficient, Inc.(b)(c)		112,638		8,797,028
TTEC Holdings, Inc.(b)		59,631		3,121,683
Unisys Corp.(b)(c)		219,779		2,046,143
				45,081,577
Semiconductors & Semiconductor Equipment-23.68%
Alpha & Omega Semiconductor Ltd.(b)(c)		70,370		2,720,504
Axcelis Technologies, Inc.(c)		107,365		7,187,013
CEVA, Inc.(b)(c)		75,463		2,208,802
Cohu, Inc.(b)(c)		158,173		4,243,782
Diodes, Inc.(c)		147,135		10,471,598
FormFactor, Inc.(c)		253,873		7,433,401
Ichor Holdings Ltd.(b)(c)		93,034		2,858,005
Kulicke & Soffa Industries, Inc. (Singapore)(b)		192,229		8,081,307
MaxLinear, Inc.(b)(c)		231,421		8,314,957
Onto Innovation, Inc.(b)(c)		161,157		11,440,535
PDF Solutions, Inc.(b)(c)		96,100		2,535,118
Photronics, Inc.(b)(c)		200,765		3,372,852
Rambus, Inc.(b)(c)		358,355		9,241,975

	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
SMART Global Holdings, Inc.(b)(c)		153,765	$	2,821,588
Ultra Clean Holdings, Inc.(c)		146,638		4,292,094
Veeco Instruments, Inc.(b)(c)		166,639		3,522,749
				90,746,280
Software-18.34%
8x8, Inc.(b)(c)		384,396		2,002,703
A10 Networks, Inc.		189,836		2,638,720
Agilysys, Inc.(b)(c)		63,555		3,290,242
Alarm.com Holdings, Inc.(b)(c)		149,850		9,980,010
Cerence, Inc.(b)(c)		127,818		2,557,638
Consensus Cloud Solutions, Inc.(b)(c)		52,036		2,620,013
Digital Turbine, Inc.(b)(c)		286,833		5,297,806
Ebix, Inc.(b)		77,348		2,012,595
InterDigital, Inc.(b)		100,357		5,033,907
LivePerson, Inc.(b)(c)		225,076		2,610,882
LiveRamp Holdings, Inc.(c)		221,697		4,400,685
OneSpan, Inc.(c)		112,011		1,289,247
Progress Software Corp.		142,317		6,849,717
SPS Commerce, Inc.(b)(c)		117,368		14,332,980
Xperi Holding Corp.		337,889		5,375,814
				70,292,959
Technology Hardware, Storage & Peripherals-2.60%
3D Systems Corp.(b)(c)		423,695		4,292,030
Avid Technology, Inc.(c)		115,863		3,168,853
Corsair Gaming, Inc.(b)(c)		108,538		1,670,400
Diebold Nixdorf, Inc.(b)(c)		238,667		830,561
				9,961,844
Total Common Stocks & Other Equity Interests (Cost $359,680,369)				383,203,339
Money Market Funds-1.04%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(d)(e) (Cost $3,971,318)		3,971,318		3,971,318
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-101.04% (Cost $363,651,687)				387,174,657
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-23.00%
Invesco Private Government Fund, 2.29%(d)(e)(f)		24,677,602		24,677,602
Invesco Private Prime Fund, 2.37%(d)(e)(f)		63,450,346		63,456,692
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $88,129,567)				88,134,294
TOTAL INVESTMENTS IN SECURITIES-124.04% (Cost $451,781,254)				475,308,951
OTHER ASSETS LESS LIABILITIES-(24.04)%				(92,104,685	)
NET ASSETS-100.00%			$	383,204,266

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

  40  

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

August 31, 2022

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 August 31, 2022.

^(c) Non-income producing security.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31,  2021			Purchases at Cost			Proceeds from Sales				Change  in Unrealized Appreciation			Realized Gain (Loss)				Value August 31,  2022			Dividend   Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	12,626,687		$	(8,655,369	)		$	-		$	-			$	3,971,318		$	1,005
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			20,615,016			166,268,954			(162,206,368	)			-			-				24,677,602			122,560	*
Invesco Private Prime Fund			48,449,778			317,342,320			(302,326,090	)			4,727			(14,043	)			63,456,692			352,840	*
Total		$	69,064,794		$	496,237,961		$	(473,187,827	)		$	4,727		$	(14,043	)		$	92,105,612		$	476,405

* 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 August 31, 2022.

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

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

  41  

Invesco S&P SmallCap Materials ETF (PSCM)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Chemicals-54.87%
AdvanSix, Inc.		10,799	$	391,572
American Vanguard Corp.		10,301		205,299
Balchem Corp.		12,304		1,621,913
FutureFuel Corp.		9,921		72,324
GCP Applied Technologies, Inc.(b)(c)		20,806		653,724
H.B. Fuller Co.		20,326		1,318,344
Hawkins, Inc.		7,221		276,709
Innospec, Inc.		8,909		832,635
Koppers Holdings, Inc.		8,124		185,471
Livent Corp.(b)(c)		61,961		1,993,905
Mativ Holdings, Inc., Class A		21,017		496,422
Quaker Chemical Corp.(c)		5,177		902,455
Rayonier Advanced Materials, Inc.(b)(c)		24,534		110,894
Stepan Co.		8,187		853,331
Tredegar Corp.		9,886		100,936
Trinseo PLC		13,891		368,528
				10,384,462
Containers & Packaging-5.54%
Myers Industries, Inc.		13,965		269,804
O-I Glass, Inc.(b)		59,874		778,960
				1,048,764
Metals & Mining-33.13%
Arconic Corp.(b)		40,538		1,021,963
ATI, Inc.(b)(c)		47,557		1,423,381
Carpenter Technology Corp.		18,608		632,114
Century Aluminum Co.(b)(c)		19,632		151,559
Compass Minerals International, Inc		13,122		531,310
Haynes International, Inc.		4,787		189,996
Kaiser Aluminum Corp.		6,111		438,525
Materion Corp.		7,904		682,194
Olympic Steel, Inc.		3,592		94,542

	Shares		Value
Metals & Mining-(continued)
SunCoke Energy, Inc.		32,039	$	211,137
TimkenSteel Corp.(b)		15,945		244,596
Warrior Met Coal, Inc.		19,907		647,973
				6,269,290
Paper & Forest Products-6.41%
Clearwater Paper Corp.(b)		6,489		276,042
Glatfelter Corp.		17,184		83,686
Mercer International, Inc. (Germany)		15,501		251,426
Sylvamo Corp.		13,560		602,607
				1,213,761
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $20,015,622)				18,916,277
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-15.52%
Invesco Private Government Fund, 2.29%(d)(e)(f)		822,594		822,594
Invesco Private Prime Fund, 2.37%(d)(e)(f)		2,115,031		2,115,243
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,937,687)				2,937,837
TOTAL INVESTMENTS IN SECURITIES-115.47% (Cost $22,953,309)				21,854,114
OTHER ASSETS LESS LIABILITIES-(15.47)%				(2,927,565	)
NET ASSETS-100.00%			$	18,926,549

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at August 31, 2022.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31,  2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value August 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$            -	$	1,533,111	$	(1,533,111	)		$    -		$    -		$            -		$    88

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

  42  

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

August 31, 2022

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	452,121		$	12,037,162		$	(11,666,689	)		$	-		$	-			$	822,594		$	6,149	*
Invesco Private Prime Fund			1,054,948			25,183,008			(24,122,307	)			150			(556	)			2,115,243			17,545	*
Total		$	1,507,069		$	38,753,281		$	(37,322,107	)		$	150		$	(556	)		$	2,937,837		$	23,782

* 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 August 31, 2022.

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

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

  43  

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

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.86%
Diversified Telecommunication Services-8.37%
ATN International, Inc.		6,779	$	317,596
Cogent Communications Holdings, Inc.		24,757		1,318,310
Consolidated Communications Holdings, Inc.(b)(c)		45,361		260,372
				1,896,278
Entertainment-4.94%
Cinemark Holdings, Inc.(b)(c)		63,687		896,713
Marcus Corp. (The)(c)		13,757		221,350
				1,118,063
Gas Utilities-18.76%
Chesapeake Utilities Corp.		7,683		970,363
Northwest Natural Holding Co.		18,364		874,310
South Jersey Industries, Inc.		71,049		2,405,009
				4,249,682
Interactive Media & Services-12.57%
Cars.com, Inc.(b)(c)		40,758		519,664
QuinStreet, Inc.(b)(c)		31,461		377,847
Shutterstock, Inc.		14,494		803,113
Yelp, Inc.(b)		33,566		1,146,950
				2,847,574
Media-14.86%
AMC Networks, Inc., Class A(b)		18,633		499,178
E.W. Scripps Co. (The), Class A(b)(c)		36,064		539,157
Gannett Co., Inc.(b)(c)		91,465		212,199
Scholastic Corp.		19,043		874,264
TechTarget, Inc.(b)(c)		14,932		969,087
Thryv Holdings, Inc.(b)		10,682		273,245
				3,367,130
Multi-Utilities-9.84%
Avista Corp.		42,043		1,708,207
Unitil Corp.		10,003		521,056
				2,229,263

	Shares		Value
Water Utilities-20.22%
American States Water Co.(c)		21,448	$	1,779,541
California Water Service Group(c)		31,210		1,826,721
Middlesex Water Co.		10,975		974,251
				4,580,513
Wireless Telecommunication Services-10.30%
Gogo, Inc.(b)		42,629		633,467
Shenandoah Telecommunications Co.(c)		31,232		696,161
Telephone & Data Systems, Inc.		61,687		1,003,648
				2,333,276
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.86% (Cost $23,316,788)				22,621,779
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-15.18%
Invesco Private Government Fund, 2.29%(d)(e)(f)		962,400		962,400
Invesco Private Prime Fund, 2.37%(d)(e)(f)		2,474,495		2,474,743
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,436,990)				3,437,143
TOTAL INVESTMENTS IN SECURITIES-115.04% (Cost $26,753,778)				26,058,922
OTHER ASSETS LESS LIABILITIES-(15.04)%				(3,406,037	)
NET ASSETS-100.00%			$	22,652,885

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 August 31, 2022.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value August 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$              -		$  1,533,432		$  (1,533,432)		$    -		$        -		$          -		$      60

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

  44  

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

August 31, 2022

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	850,628		$	14,935,305		$	(14,823,533	)		$	-		$	-			$	962,400		$	7,789	*
Invesco Private Prime Fund			1,984,799			33,361,041			(32,869,870	)			153			(1,380	)			2,474,743			22,323	*
Total		$	2,835,427		$	49,829,778		$	(49,226,835	)		$	153		$	(1,380	)		$	3,437,143		$	30,172

* 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 August 31, 2022.

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

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

  45  

Statements of Assets and Liabilities

August 31, 2022

	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)	$	389,733,831			$	25,044,341			$	61,397,973			$	136,841,428
Affiliated investments in securities, at value(a)		94,261,949				8,340,894				14,881,311				44,505,436
Cash		-				-				-				-
Receivable for:
Dividends		315,665				12,030				9,271				205,100
Securities lending		21,383				2,291				3,945				2,206
Investments sold		-				-				-				1,259,722
Fund shares sold		2,294,404				-				2,048,226				-
Total assets		486,627,232				33,399,556				78,340,726				182,813,892
Liabilities:
Due to custodian		-				-				-				83,537
Payable for:
Investments purchased		2,293,113				-				2,046,565				-
Collateral upon return of securities loaned		94,054,605				8,321,985				14,831,748				44,504,202
Fund shares repurchased		-				-				-				-
Accrued unitary management fees		199,408				6,996				14,911				33,415
Total liabilities		96,547,126				8,328,981				16,893,224				44,621,154
Net Assets	$	390,080,106			$	25,070,575			$	61,447,502			$	138,192,738
Net assets consist of:
Shares of beneficial interest	$	804,589,746			$	49,430,734			$	74,690,989			$	204,028,818
Distributable earnings (loss)		(414,509,640	)			(24,360,159	)			(13,243,487	)			(65,836,080	)
Net Assets	$	390,080,106			$	25,070,575			$	61,447,502			$	138,192,738
Shares outstanding (unlimited amount authorized, $0.01 par value)		5,120,000				310,000				600,000				13,960,000
Net asset value	$	76.19			$	80.87			$	102.41			$	9.90
Market price	$	76.21			$	80.85			$	102.43			$	9.90
Unaffiliated investments in securities, at cost	$	363,386,243			$	36,633,835			$	62,834,827			$	138,968,428
Affiliated investments in securities, at cost	$	94,257,461			$	8,340,460			$	14,880,589			$	44,504,202
(a) Includes securities on loan with an aggregate value of:	$	92,186,569			$	7,947,082			$	14,398,820			$	44,277,198

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

  46  

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)
	$	37,641,911			$	336,480,591			$	68,543,318			$	383,203,339		$	18,916,277			$	22,621,779
		8,771,735				101,590,804				13,550,402				92,105,612			2,937,837				3,437,143
		-				-				-				1,613,960			-				-
		37,387				95,131				63,090				122,003			21,820				38,119
		432				7,963				771				7,583			225				276
		-				-				1,735,146				1,206,611			-				-
		-				-				-				-			-				-
		46,451,465				438,174,489				83,892,727				478,259,108			21,876,159				26,097,317
		-				-				-				-			7,127				1,538
		-				-				-				5,599,487			-				-
		8,666,244				101,585,117				13,529,870				88,129,567			2,937,687				3,436,990
		-				-				1,736,883				1,224,284			-				-
		9,981				88,546				18,503				101,504			4,796				5,904
		8,676,225				101,673,663				15,285,256				95,054,842			2,949,610				3,444,432
	$	37,775,240			$	336,500,826			$	68,607,471			$	383,204,266		$	18,926,549			$	22,652,885
	$	47,936,741			$	477,989,890			$	82,511,059			$	374,612,541		$	23,770,998			$	33,303,469
		(10,161,501	)			(141,489,064	)			(13,903,588	)			8,591,725			(4,844,449	)			(10,650,584	)
	$	37,775,240			$	336,500,826			$	68,607,471			$	383,204,266		$	18,926,549			$	22,652,885
		750,000				2,390,000				790,000				3,130,000			300,000				390,000
	$	50.37			$	140.80			$	86.84			$	122.43		$	63.09			$	58.08
	$	50.38			$	140.82			$	86.84			$	122.55		$	63.05			$	58.08
	$	41,778,062			$	367,532,048			$	78,892,999			$	359,680,369		$	20,015,622			$	23,316,788
	$	9,125,912			$	101,586,331			$	13,549,809			$	92,100,885		$	2,937,687			$	3,436,990
	$	8,354,302			$	98,640,083			$	12,977,517			$	85,372,944		$	2,855,382			$	3,329,780

  47  

Statements of Operations

For the year ended August 31, 2022

	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	$	4,990,820			$	553,578			$	700,187			$	1,847,025
Affiliated dividend income		687				76				70				951
Securities lending income, net		397,008				12,031				38,813				31,876
Foreign withholding tax		(3,187	)			-				-				(813	)
Total investment income		5,385,328				565,685				739,070				1,879,039
Expenses:
Unitary management fees		2,629,430				123,049				142,446				410,439
Tax expenses		-				2,921				-				971
Total expenses		2,629,430				125,970				142,446				411,410
Less: Waivers		(55	)			(7	)			(6	)			(172	)
Net expenses		2,629,375				125,963				142,440				411,238
Net investment income (loss)		2,755,953				439,722				596,630				1,467,801
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(128,971,482	)			(5,178,774	)			(1,280,042	)			2,624,726
Affiliated investment securities		(23,806	)			(2,522	)			(2,067	)			(4,510	)
Unaffiliated in-kind redemptions		78,279,559				(1,107,045	)			4,109,052				28,829,142
Affiliated in-kind redemptions		-				-				-				-
Net realized gain (loss)		(50,715,729	)			(6,288,341	)			2,826,943				31,449,358
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(22,141,806	)			(7,298,103	)			(3,375,445	)			14,789,650
Affiliated investment securities		4,488				434				722				1,234
Change in net unrealized appreciation (depreciation)		(22,137,318	)			(7,297,669	)			(3,374,723	)			14,790,884
Net realized and unrealized gain (loss)		(72,853,047	)			(13,586,010	)			(547,780	)			46,240,242
Net increase (decrease) in net assets resulting from operations	$	(70,097,094	)		$	(13,146,288	)		$	48,850			$	47,708,043

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

  48  

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)
	$	1,171,373			$	434,908			$	979,200			$	1,192,544			$	238,246			$	430,316
		19,374				1,037				234				1,005				88				60
		12,373				144,662				8,457				97,067				2,937				4,878
		(2,031	)			-				-				(13	)			(890	)			-
		1,201,089				580,607				987,891				1,290,603				240,381				435,254
		132,886				1,202,823				275,247				1,304,519				64,878				75,487
		-				-				-				-				-				-
		132,886				1,202,823				275,247				1,304,519				64,878				75,487
		(12	)			(50	)			(28	)			(72	)			(6	)			(5	)
		132,874				1,202,773				275,219				1,304,447				64,872				75,482
		1,068,215				(622,166	)			712,672				(13,844	)			175,509				359,772
		(675,101	)			(32,759,919	)			822,335				(6,320,020	)			(46,166	)			(2,661,395	)
		(6,612	)			(24,481	)			(1,930	)			(14,043	)			(556	)			(1,380	)
		1,866,228				13,223,295				13,681,067				39,156,125				1,292,994				1,745,162
		(1,532	)			-				-				-				-				-
		1,182,983				(19,561,105	)			14,501,472				32,822,062				1,246,272				(917,613	)
		(7,678,178	)			(112,447,215	)			(24,332,912	)			(116,983,199	)			(2,175,579	)			(2,859,282	)
		(75,481	)			4,473				593				4,727				150				153
		(7,753,659	)			(112,442,742	)			(24,332,319	)			(116,978,472	)			(2,175,429	)			(2,859,129	)
		(6,570,676	)			(132,003,847	)			(9,830,847	)			(84,156,410	)			(929,157	)			(3,776,742	)
	$	(5,502,461	)		$	(132,626,013	)		$	(9,118,175	)		$	(84,170,254	)		$	(753,648	)		$	(3,416,970	)

  49  

Statements of Changes in Net Assets

For the years ended August 31, 2022 and 2021

	Invesco DWA SmallCap								Invesco S&P SmallCap
	Momentum ETF (DWAS)								Consumer Discretionary ETF (PSCD)
	2022				2021				2022				2021
Operations:
Net investment income		$	2,755,953			$	132,979			$	439,722			$	287,371
Net realized gain (loss)			(50,715,729	)			131,106,926				(6,288,341	)			17,720,548
Change in net unrealized appreciation (depreciation)			(22,137,318	)			3,864,196				(7,297,669	)			(2,040,670	)
Net increase (decrease) in net assets resulting from operations			(70,097,094	)			135,104,101				(13,146,288	)			15,967,249
Distributions to Shareholders from:
Distributable earnings			(1,517,201	)			(441,684	)			(447,217	)			(233,371	)
Shareholder Transactions:
Proceeds from shares sold			463,001,703				767,918,832				7,543,321				120,948,147
Value of shares repurchased			(457,120,808	)			(681,140,855	)			(34,786,413	)			(90,244,850	)
Net increase (decrease) in net assets resulting from share transactions			5,880,895				86,777,977				(27,243,092	)			30,703,297
Net increase (decrease) in net assets			(65,733,400	)			221,440,394				(40,836,597	)			46,437,175
Net assets:
Beginning of year			455,813,506				234,373,112				65,907,172				19,469,997
End of year		$	390,080,106			$	455,813,506			$	25,070,575			$	65,907,172
Changes in Shares Outstanding:
Shares sold			5,300,000				9,950,000				70,000				1,100,000
Shares repurchased			(5,410,000	)			(8,670,000	)			(340,000	)			(820,000	)
Shares outstanding, beginning of year			5,230,000				3,950,000				580,000				300,000
Shares outstanding, end of year			5,120,000				5,230,000				310,000				580,000

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

  50  

Invesco S&P  SmallCap Consumer Staples ETF (PSCC)								Invesco S&P SmallCap Energy ETF (PSCE)								Invesco S&P SmallCap Financials ETF (PSCF)
2022				2021				2022				2021				2022				2021
	$	596,630			$	702,518			$	1,467,801			$	393,528			$	1,068,215			$	785,570
		2,826,943				3,010,821				31,449,358				16,587,489				1,182,983				(1,013,441	)
		(3,374,723	)			5,741,360				14,790,884				(9,195,227	)			(7,753,659	)			12,056,806
		48,850				9,454,699				47,708,043				7,785,790				(5,502,461	)			11,828,935
		(553,632	)			(734,686	)			(1,206,030	)			(240,859	)			(1,022,746	)			(876,466	)
		35,437,137				22,954,941				124,402,426				210,541,973				3,600,462				22,229,937
		(20,467,022	)			(23,874,928	)			(138,300,452	)			(127,210,808	)			(9,588,046	)			(9,191,248	)
		14,970,115				(919,987	)			(13,898,026	)			83,331,165				(5,987,584	)			13,038,689
		14,465,333				7,800,026				32,603,987				90,876,096				(12,512,791	)			23,991,158
		46,982,169				39,182,143				105,588,751				14,712,655				50,288,031				26,296,873
	$	61,447,502			$	46,982,169			$	138,192,738			$	105,588,751			$	37,775,240			$	50,288,031
		340,000				220,000				13,590,000				31,060,000				60,000				400,000
		(200,000	)			(260,000	)			(15,850,000	)			(19,040,000	)			(170,000	)			(190,000	)
		460,000				500,000				16,220,000				4,200,000				860,000				650,000
		600,000				460,000				13,960,000				16,220,000				750,000				860,000

  51  

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2022 and 2021

	Invesco S&P SmallCap						Invesco S&P SmallCap
	Health Care ETF (PSCH)						Industrials ETF (PSCI)
	2022			2021			2022			2021
Operations:
Net investment income (loss)	$	(622,166	)	$	(785,555	)	$	712,672		$	616,569
Net realized gain (loss)		(19,561,105	)		24,141,032			14,501,472			2,942,407
Change in net unrealized appreciation (depreciation)		(112,442,742	)		140,268,932			(24,332,319	)		17,999,704
Net increase (decrease) in net assets resulting from operations		(132,626,013	)		163,624,409			(9,118,175	)		21,558,680
Distributions to Shareholders from:
Distributable earnings		-			-			(699,479	)		(509,144	)
Shareholder Transactions:
Proceeds from shares sold		7,487,611			93,123,057			15,464,593			74,571,539
Value of shares repurchased		(64,464,356	)		(115,601,310	)		(61,875,092	)		(16,953,241	)
Net increase (decrease) in net assets resulting from share transactions		(56,976,745	)		(22,478,253	)		(46,410,499	)		57,618,298
Net increase (decrease) in net assets		(189,602,758	)		141,146,156			(56,228,153	)		78,667,834
Net assets:
Beginning of year		526,103,584			384,957,428			124,835,624			46,167,790
End of year	$	336,500,826		$	526,103,584		$	68,607,471		$	124,835,624
Changes in Shares Outstanding:
Shares sold		50,000			600,000			170,000			840,000
Shares repurchased		(410,000	)		(750,000	)		(700,000	)		(220,000	)
Shares outstanding, beginning of year		2,750,000			2,900,000			1,320,000			700,000
Shares outstanding, end of year		2,390,000			2,750,000			790,000			1,320,000

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

  52  

Invesco S&P SmallCap Information Technology ETF (PSCT)								Invesco S&P SmallCap Materials ETF (PSCM)								Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)
2022				2021				2022				2021				2022				2021
	$	(13,844	)		$	107,770			$	175,509			$	203,679			$	359,772			$	709,593
		32,822,062				25,821,446				1,246,272				2,206,293				(917,613	)			1,208,977
		(116,978,472	)			136,680,577				(2,175,429	)			3,054,922				(2,859,129	)			5,433,914
		(84,170,254	)			162,609,793				(753,648	)			5,464,894				(3,416,970	)			7,352,484
		-				(177,198	)			(157,069	)			(193,769	)			(801,868	)			(269,592	)
		84,981,270				128,653,753				1,349,387				28,753,842				6,686,321				9,395,883
		(94,763,303	)			(58,471,170	)			(9,223,604	)			(14,742,171	)			(6,848,398	)			(11,429,660	)
		(9,782,033	)			70,182,583				(7,874,217	)			14,011,671				(162,077	)			(2,033,777	)
		(93,952,287	)			232,615,178				(8,784,934	)			19,282,796				(4,380,915	)			5,049,115
		477,156,553				244,541,375				27,711,483				8,428,687				27,033,800				21,984,685
	$	383,204,266			$	477,156,553			$	18,926,549			$	27,711,483			$	22,652,885			$	27,033,800
		580,000				1,020,000				20,000				460,000				100,000				150,000
		(690,000	)			(480,000	)			(140,000	)			(240,000	)			(110,000	)			(200,000	)
		3,240,000				2,700,000				420,000				200,000				400,000				450,000
		3,130,000				3,240,000				300,000				420,000				390,000				400,000

  53  

Financial Highlights

Invesco DWA SmallCap Momentum ETF (DWAS)

	Years Ended August 31,																Ten Months Ended August 31, 2018				Year Ended October 31,        2017
	2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of year		$	87.15			$	59.33			$	53.34			$	59.34			$	48.11			$	35.42
Net investment income (loss)(a)			0.53				0.03				0.20				(0.01	)			(0.01	)			0.14
Net realized and unrealized gain (loss) on investments			(11.20	)			27.88				5.97				(5.99	)			11.34				12.71
Total from investment operations			(10.67	)			27.91				6.17				(6.00	)			11.33				12.85
Distributions to shareholders from:
Net investment income			(0.29	)			(0.09	)			(0.18	)			-				(0.10	)			(0.16	)
Net asset value at end of year		$	76.19			$	87.15			$	59.33			$	53.34			$	59.34			$	48.11
Market price at end of year(b)		$	76.21			$	87.07			$	59.39			$	53.34			$	59.36			$	48.16
Net Asset Value Total Return(c)			(12.25	)%			47.07	%			11.65	%			(10.11	)%			23.60	%			36.38	%
Market Price Total Return(c)			(12.15	)%			46.79	%			11.77	%			(10.14	)%			23.51	%			36.60	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	390,080			$	455,814			$	234,373			$	264,010			$	453,972			$	228,517
Ratio to average net assets of:
Expenses			0.60	%			0.60	%			0.60	%			0.60	%			0.60	%(d)			0.60	%
Net investment income (loss)			0.63	%			0.03	%			0.39	%			(0.03	)%			(0.02	)%(d)			0.34	%
Portfolio turnover rate(e)			175	%			198	%			185	%			159	%			100	%			131	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Annualized.

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

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)

	Years Ended August 31,																Ten Months Ended August 31, 2018				Year Ended October 31,        2017
	2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of year		$	113.63			$	64.90			$	57.37			$	71.32			$	55.45			$	46.40
Net investment income(a)			1.04				0.47				0.61				0.57				0.56				0.66
Net realized and unrealized gain (loss) on investments			(32.74	)			48.59				7.57				(13.81	)			15.78				9.12
Total from investment operations			(31.70	)			49.06				8.18				(13.24	)			16.34				9.78
Distributions to shareholders from:
Net investment income			(1.06	)			(0.33	)			(0.65	)			(0.71	)			(0.47	)			(0.73	)
Net asset value at end of year		$	80.87			$	113.63			$	64.90			$	57.37			$	71.32			$	55.45
Market price at end of year(b)		$	80.85			$	113.46			$	64.92			$	57.36			$	71.31			$	55.51
Net Asset Value Total Return(c)			(28.01	)%			75.74	%			14.68	%			(18.57	)%			29.58	%			21.15	%
Market Price Total Return(c)			(27.91	)%			75.42	%			14.74	%			(18.58	)%			29.43	%			21.26	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	25,071			$	65,907			$	19,470			$	22,949			$	92,718			$	66,543
Ratio to average net assets of:
Expenses			0.30	%			0.29	%			0.29	%			0.30	%(d)			0.29	%(e)			0.29	%
Net investment income			1.04	%			0.44	%			1.08	%			0.93	%(d)			1.07	%(e)			1.25	%
Portfolio turnover rate(f)			24	%			33	%			27	%			27	%			9	%			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)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.

  54  

Financial Highlights–(continued)

Invesco S&P SmallCap Consumer Staples ETF (PSCC)

	Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,        2017
	2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of year		$	102.14			$	78.36			$	71.88			$	85.41			$	72.47			$	63.05
Net investment income(a)			1.25				1.55				1.21				1.09				0.56				0.94
Net realized and unrealized gain (loss) on investments			0.22	(b)			23.85				6.60				(13.48	)			12.91				9.64
Total from investment operations			1.47				25.40				7.81				(12.39	)			13.47				10.58
Distributions to shareholders from:
Net investment income			(1.20	)			(1.62	)			(1.33	)			(1.14	)			(0.53	)			(1.16	)
Net asset value at end of year		$	102.41			$	102.14			$	78.36			$	71.88			$	85.41			$	72.47
Market price at end of year(c)		$	102.43			$	102.02			$	78.57			$	71.66			$	85.34			$	72.54
Net Asset Value Total Return(d)			1.48	%			32.77	%			10.97	%			(14.52	)%			18.70	%			16.88	%
Market Price Total Return(d)			1.62	%			32.27	%			11.60	%			(14.71	)%			18.49	%			17.11	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	61,448			$	46,982			$	39,182			$	46,722			$	89,681			$	54,350
Ratio to average net assets of:
Expenses			0.29	%			0.29	%			0.29	%			0.30	%(e)			0.29	%(f)			0.29	%
Net investment income			1.21	%			1.64	%			1.66	%			1.41	%(e)			0.89	%(f)			1.38	%
Portfolio turnover rate(g)			20	%			30	%			40	%			59	%			42	%			62	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Annualized.

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

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

  55  

Financial Highlights–(continued)

Invesco S&P SmallCap Energy ETF (PSCE)

	Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,        2017
	2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of year		$	6.51			$	3.50			$	6.97			$	16.34			$	14.26			$	16.73
Net investment income (loss)(a)			0.09				0.03				0.05				(0.02	)			(0.00	)(b)			(0.01	)
Net realized and unrealized gain (loss) on investments			3.37				3.00				(3.49	)			(9.33	)			2.09				(2.44	)
Total from investment operations			3.46				3.03				(3.44	)			(9.35	)			2.09				(2.45	)
Distributions to shareholders from:
Net investment income			(0.07	)			(0.02	)			(0.03	)			(0.02	)			(0.01	)			(0.01	)
Return of capital			-				-				-				-				-				(0.01	)
Total distributions			(0.07	)			(0.02	)			(0.03	)			(0.02	)			(0.01	)			(0.02	)
Net asset value at end of year		$	9.90			$	6.51			$	3.50			$	6.97			$	16.34			$	14.26
Market price at end of year(c)		$	9.90			$	6.52			$	3.52			$	6.98			$	16.33			$	14.30
Net Asset Value Total Return(d)			53.42	%			87.13	%			(49.31	)%			(57.29	)%			14.64	%			(14.69	)%
Market Price Total Return(d)			53.18	%			86.35	%			(49.09	)%			(57.20	)%			14.25	%			(14.55	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	138,193			$	105,589			$	14,713			$	19,523			$	60,475			$	48,477
Ratio to average net assets of:
Expenses			0.29	%			0.29	%			0.29	%			0.31	%(e)			0.29	%(f)			0.29	%
Net investment income (loss)			1.04	%			0.43	%			1.01	%			(0.20	)%(e)			0.04	%(f)			(0.05	)%
Portfolio turnover rate(g)			58	%			26	%			74	%			48	%			40	%			39	%

^(a)  Based on average shares outstanding.

^(b)  Amount represents less than $0.005.

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

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

^(e)  Ratios include non-recurring costs associated with a proxy statement of 0.02%.

^(f)  Annualized.

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

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

  56  

Financial Highlights–(continued)

Invesco S&P SmallCap Financials ETF (PSCF)

	Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,        2017
	2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of year		$	58.47			$	40.46			$	52.62			$	60.04			$	54.25			$	43.73
Net investment income(a)			1.32				1.06				1.45				1.48				1.05				1.25
Net realized and unrealized gain (loss) on investments			(8.16	)			18.07				(10.89	)			(6.48	)			5.63				10.58
Total from investment operations			(6.84	)			19.13				(9.44	)			(5.00	)			6.68				11.83
Distributions to shareholders from:
Net investment income			(1.26	)			(1.12	)			(2.23	)			(1.85	)			(0.89	)			(1.09	)
Net realized gains			-				-				(0.49	)			(0.57	)			-				(0.22	)
Total distributions			(1.26	)			(1.12	)			(2.72	)			(2.42	)			(0.89	)			(1.31	)
Net asset value at end of year		$	50.37			$	58.47			$	40.46			$	52.62			$	60.04			$	54.25
Market price at end of year(b)		$	50.38			$	58.39			$	40.54			$	52.54			$	60.09			$	54.31
Net Asset Value Total Return(c)			(11.81	)%			47.97	%			(18.02	)%			(8.05	)%			12.44	%			27.23	%
Market Price Total Return(c)			(11.67	)%			47.48	%			(17.72	)%			(8.27	)%			12.41	%			27.37	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	37,775			$	50,288			$	26,297			$	123,655			$	267,169			$	254,975
Ratio to average net assets of:
Expenses			0.29	%			0.29	%			0.29	%			0.30	%(d)			0.29	%(e)			0.29	%
Net investment income			2.33	%			2.01	%			2.83	%			2.73	%(d)			2.26	%(e)			2.44	%
Portfolio turnover rate(f)			19	%			19	%			31	%			16	%			17	%			21	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Annualized.

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

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

  57  

Financial Highlights–(continued)

Invesco S&P SmallCap Health Care ETF (PSCH)

	Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,        2017
	2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of year		$	191.31			$	132.74			$	114.85			$	144.76			$	91.43			$	67.03
Net investment income (loss)(a)			(0.24	)			(0.28	)			(0.22	)			(0.16	)			(0.04	)			(0.03	)
Net realized and unrealized gain (loss) on investments			(50.27	)			58.85				18.11				(29.74	)			53.37				24.45
Total from investment operations			(50.51	)			58.57				17.89				(29.90	)			53.33				24.42
Distributions to shareholders from:
Net investment income			-				-				-				(0.01	)			-				(0.02	)
Net asset value at end of year		$	140.80			$	191.31			$	132.74			$	114.85			$	144.76			$	91.43
Market price at end of year(b)		$	140.82			$	190.92			$	132.83			$	114.81			$	144.99			$	91.58
Net Asset Value Total Return(c)			(26.40	)%			44.13	%			15.58	%			(20.66	)%			58.32	%			36.44	%
Market Price Total Return(c)			(26.24	)%			43.72	%			15.69	%			(20.82	)%			58.31	%			36.72	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	336,501			$	526,104			$	384,957			$	465,142			$	1,172,569			$	237,717
Ratio to average net assets of:
Expenses			0.29	%			0.29	%			0.29	%			0.29	%			0.29	%(d)			0.29	%
Net investment income (loss)			(0.15	)%			(0.16	)%			(0.18	)%			(0.13	)%			(0.04	)%(d)			(0.04	)%
Portfolio turnover rate(e)			31	%			30	%			19	%			36	%			20	%			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)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

Invesco S&P SmallCap Industrials ETF (PSCI)

	Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,        2017
	2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of year		$	94.57			$	65.95			$	64.17			$	75.22			$	62.13			$	47.51
Net investment income(a)			0.69				0.64				0.47				0.37				0.36				0.53
Net realized and unrealized gain (loss) on investments			(7.78	)			28.53				1.81				(11.03	)			13.07				14.62
Total from investment operations			(7.09	)			29.17				2.28				(10.66	)			13.43				15.15
Distributions to shareholders from:
Net investment income			(0.64	)			(0.55	)			(0.50	)			(0.39	)			(0.34	)			(0.53	)
Net asset value at end of year		$	86.84			$	94.57			$	65.95			$	64.17			$	75.22			$	62.13
Market price at end of year(b)		$	86.84			$	94.49			$	66.05			$	64.21			$	75.25			$	62.21
Net Asset Value Total Return(c)			(7.52	)%			44.37	%			3.68	%			(14.16	)%			21.69	%			32.00	%
Market Price Total Return(c)			(7.43	)%			44.03	%			3.76	%			(14.14	)%			21.59	%			32.42	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	68,607			$	124,836			$	46,168			$	54,547			$	154,205			$	99,414
Ratio to average net assets of:
Expenses			0.29	%			0.29	%			0.29	%			0.30	%(d)			0.29	%(e)			0.29	%
Net investment income			0.75	%			0.74	%			0.74	%			0.58	%(d)			0.66	%(e)			0.94	%
Portfolio turnover rate(f)			15	%			9	%			10	%			9	%			2	%			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)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.

  58  

Financial Highlights–(continued)

Invesco S&P SmallCap Information Technology ETF (PSCT)

	Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of year		$	147.27			$	90.57			$	83.13			$	89.80			$	81.13			$	61.26
Net investment income(a)			(0.00	)(b)			0.04				0.11				0.25				0.27				0.19
Net realized and unrealized gain (loss) on investments			(24.84	)			56.72				7.46				(6.62	)			8.69				19.83
Total from investment operations			(24.84	)			56.76				7.57				(6.37	)			8.96				20.02
Distributions to shareholders from:
Net investment income			-				(0.06	)			(0.13	)			(0.30	)			(0.29	)			(0.15	)
Net asset value at end of year		$	122.43			$	147.27			$	90.57			$	83.13			$	89.80			$	81.13
Market price at end of year(c)		$	122.55			$	147.28			$	90.67			$	83.05			$	89.71			$	81.23
Net Asset Value Total Return(d)			(16.87	)%			62.70	%			9.12	%			(7.08	)%			11.09	%			32.71	%
Market Price Total Return(d)			(16.79	)%			62.54	%			9.35	%			(7.08	)%			10.85	%			32.84	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	383,204			$	477,157			$	244,541			$	303,408			$	475,958			$	575,996
Ratio to average net assets of:
Expenses			0.29	%			0.29	%			0.29	%			0.29	%			0.29	%(e)			0.29	%
Net investment income			(0.00	)%			0.03	%			0.13	%			0.32	%			0.40	%(e)			0.26	%
Portfolio turnover rate(f)			18	%			16	%			19	%			11	%			15	%			16	%

^(a)  Based on average shares outstanding.

^(b)  Amount represents less than $(0.005) per share.

^(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.

  59  

Financial Highlights–(continued)

Invesco S&P SmallCap Materials ETF (PSCM)

	Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,        2017
	2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of year		$	65.98			$	42.14			$	40.93			$	55.57			$	50.96			$	38.70
Net investment income(a)			0.51				0.61				0.66				0.44				0.40				0.41
Net realized and unrealized gain (loss) on investments			(2.94	)			23.97				1.27				(14.56	)			4.54				12.19
Total from investment operations			(2.43	)			24.58				1.93				(14.12	)			4.94				12.60
Distributions to shareholders from:
Net investment income			(0.46	)			(0.74	)			(0.72	)			(0.52	)			(0.33	)			(0.34	)
Net asset value at end of year		$	63.09			$	65.98			$	42.14			$	40.93			$	55.57			$	50.96
Market price at end of year(b)		$	63.05			$	65.88			$	41.99			$	40.91			$	55.57			$	51.00
Net Asset Value Total Return(c)			(3.69	)%			58.70	%			4.91	%			(25.50	)%			9.73	%			32.62	%
Market Price Total Return(c)			(3.60	)%			59.03	%			4.59	%			(25.54	)%			9.65	%			32.48	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	18,927			$	27,711			$	8,429			$	14,327			$	30,566			$	48,411
Ratio to average net assets of:
Expenses			0.29	%			0.29	%			0.29	%			0.32	%(d)			0.29	%(e)			0.29	%
Net investment income			0.78	%			1.00	%			1.58	%			0.93	%(d)			0.91	%(e)			0.87	%
Portfolio turnover rate(f)			21	%			25	%			25	%			24	%			9	%			21	%

^(a)  Based on average shares outstanding.

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

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

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

^(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.

  60  

Financial Highlights–(continued)

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

	Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,        2017
	2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of year		$	67.58			$	48.85			$	53.08			$	55.80			$	55.67			$	45.61
Net investment income(a)			0.88				1.75	(b)			0.91				1.22				1.14				0.87
Net realized and unrealized gain (loss) on investments			(8.44	)			17.63				(4.03	)			(2.70	)			0.23				11.81
Total from investment operations			(7.56	)			19.38				(3.12	)			(1.48	)			1.37				12.68
Distributions to shareholders from:
Net investment income			(1.94	)			(0.65	)			(1.11	)			(1.24	)			(1.24	)			(0.86	)
Net realized gains			-				-				-				-				-				(1.76	)
Total distributions			(1.94	)			(0.65	)			(1.11	)			(1.24	)			(1.24	)			(2.62	)
Net asset value at end of year		$	58.08			$	67.58			$	48.85			$	53.08			$	55.80			$	55.67
Market price at end of year(c)		$	58.08			$	67.44			$	48.91			$	53.01			$	55.82			$	55.70
Net Asset Value Total Return(d)			(11.42	)%			40.03	%			(5.94	)%			(2.58	)%			2.55	%			28.66	%
Market Price Total Return(d)			(11.23	)%			39.57	%			(5.70	)%			(2.74	)%			2.54	%			28.83	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	22,653			$	27,034			$	21,985			$	50,421			$	61,381			$	52,887
Ratio to average net assets of:
Expenses			0.29	%			0.29	%			0.29	%			0.30	%(e)			0.29	%(f)			0.29	%
Net investment income			1.38	%			2.98	%(b)			1.78	%			2.27	%(e)			2.58	%(f)			1.73	%
Portfolio turnover rate(g)			40	%			70	%			64	%			66	%			48	%			48	%

^(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 $0.69 and 1.17%, 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)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(f)  Annualized.

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

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

  61  

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

August 31, 2022

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 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter (“OTC”) market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean

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between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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

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

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

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

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

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The 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 and unreliable are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/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, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a

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methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest 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.

C. 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.

D. 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.

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

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.

F. 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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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).

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.

G. 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.

H. 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.

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

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through August 31, 2022, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for

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securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:

	Amount
DWA SmallCap Momentum ETF	$17,272
S&P SmallCap Consumer Discretionary ETF	559
S&P SmallCap Consumer Staples ETF	1,625
S&P SmallCap Energy ETF	1,769
S&P SmallCap Financials ETF	385
S&P SmallCap Health Care ETF	4,792
S&P SmallCap Industrials ETF	497
S&P SmallCap Information Technology ETF	5,197
S&P SmallCap Materials ETF	140
S&P SmallCap Utilities & Communication Services ETF	208

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

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.

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

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 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.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into 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, 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 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%

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Through at least August 31, 2024, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended August 31, 2022, the Adviser waived fees for each Fund in the following amounts:

DWA SmallCap Momentum ETF	$	55
S&P SmallCap Consumer Discretionary ETF		7
S&P SmallCap Consumer Staples ETF		6
S&P SmallCap Energy ETF		172
S&P SmallCap Financials ETF		12
S&P SmallCap Health Care ETF		50
S&P SmallCap Industrials ETF		28
S&P SmallCap Information Technology ETF		72
S&P SmallCap Materials ETF		6
S&P SmallCap Utilities & Communication Services 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
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 BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

For the fiscal year ended August 31, 2022, 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	$	120,243
S&P SmallCap Consumer Discretionary ETF		2,467
S&P SmallCap Consumer Staples ETF		1,693
S&P SmallCap Energy ETF		61,332
S&P SmallCap Financials ETF		3,099
S&P SmallCap Health Care ETF		31,513
S&P SmallCap Industrials ETF		2,584
S&P SmallCap Information Technology ETF		13,040
S&P SmallCap Materials ETF		1,040
S&P SmallCap Utilities & Communication Services ETF		3,577

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.

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NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund 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 is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s current price, as provided for in these procedures.

For the fiscal year ended August 31, 2022, the following Funds engaged in transactions with affiliates as listed below:

	Securities Purchases		Securities Sales		Net Realized Gains (Losses)*
S&P SmallCap Consumer Discretionary ETF		$1,028,511		$               -		$           -
S&P SmallCap Energy ETF		-		4,045,260		316,544
S&P SmallCap Financials ETF		-		180,582		(26,749	)
S&P SmallCap Health Care ETF		3,654,238		-		-
S&P SmallCap Information Technology ETF		2,801,648		-		-

* 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 the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2022.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
DWA SmallCap Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	389,733,831	$	-		$-	$	389,733,831
Money Market Funds		202,856		94,059,093		-		94,261,949
Total Investments	$	389,936,687	$	94,059,093		$-	$	483,995,780
S&P SmallCap Consumer Discretionary ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	25,044,341	$	-		$-	$	25,044,341
Money Market Funds		18,475		8,322,419		-		8,340,894
Total Investments	$	25,062,816	$	8,322,419		$-	$	33,385,235
S&P SmallCap Consumer Staples ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	61,397,973	$	-		$-	$	61,397,973
Money Market Funds		48,841		14,832,470		-		14,881,311
Total Investments	$	61,446,814	$	14,832,470		$-	$	76,279,284

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	Level 1		Level 2		Level 3		Total
S&P SmallCap Energy ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	136,841,428	$	-		$-	$	136,841,428
Money Market Funds		-		44,505,436		-		44,505,436
Total Investments	$	136,841,428	$	44,505,436		$-	$	181,346,864
S&P SmallCap Financials ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	37,727,781	$	-		$-	$	37,727,781
Money Market Funds		19,361		8,666,504		-		8,685,865
Total Investments	$	37,747,142	$	8,666,504		$-	$	46,413,646
S&P SmallCap Health Care ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	336,480,591	$	-		$-	$	336,480,591
Money Market Funds		1,214		101,589,590		-		101,590,804
Total Investments	$	336,481,805	$	101,589,590		$-	$	438,071,395
S&P SmallCap Industrials ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	68,543,318	$	-		$-	$	68,543,318
Money Market Funds		19,939		13,530,463		-		13,550,402
Total Investments	$	68,563,257	$	13,530,463		$-	$	82,093,720
S&P SmallCap Information Technology ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	383,203,339	$	-		$-	$	383,203,339
Money Market Funds		3,971,318		88,134,294		-		92,105,612
Total Investments	$	387,174,657	$	88,134,294		$-	$	475,308,951
S&P SmallCap Materials ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	18,916,277	$	-		$-	$	18,916,277
Money Market Funds		-		2,937,837		-		2,937,837
Total Investments	$	18,916,277	$	2,937,837		$-	$	21,854,114
S&P SmallCap Utilities & Communication Services ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	22,621,779	$	-		$-	$	22,621,779
Money Market Funds		-		3,437,143		-		3,437,143
Total Investments	$	22,621,779	$	3,437,143		$-	$	26,058,922

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2022 and 2021:

	2022		2021
	Ordinary		Ordinary
	Income*		Income*
DWA SmallCap Momentum ETF	$	1,517,201	$	441,684
S&P SmallCap Consumer Discretionary ETF		447,217		233,371
S&P SmallCap Consumer Staples ETF		553,632		734,686
S&P SmallCap Energy ETF		1,206,030		240,859
S&P SmallCap Financials ETF		1,022,746		876,466
S&P SmallCap Health Care ETF		-		-
S&P SmallCap Industrials ETF		699,479		509,144
S&P SmallCap Information Technology ETF		-		177,198

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	2022		2021
	Ordinary		Ordinary
	Income*		Income*
S&P SmallCap Materials ETF	$	157,069	$	193,769
S&P SmallCap Utilities & Communication Services ETF		801,868		269,592

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

Tax Components of Net Assets at Fiscal Year-end:

	Undistributed Ordinary Income		Net Unrealized Appreciation (Depreciation)- Investments			Capital Loss Carryforwards			Late-Year Ordinary Loss Deferral			Shares of Beneficial Interest		Total Net Assets
DWA SmallCap Momentum ETF		$1,197,614		$24,441,275		$	(440,148,529)		$	-		$	804,589,746	$	390,080,106
S&P SmallCap Consumer Discretionary ETF		59,799		(11,823,064	)		(12,596,894	)		-			49,430,734		25,070,575
S&P SmallCap Consumer Staples ETF		115,238		(2,366,668	)		(10,992,057	)		-			74,690,989		61,447,502
S&P SmallCap Energy ETF		470,841		(3,842,399	)		(62,464,522	)		-			204,028,818		138,192,738
S&P SmallCap Financials ETF		34,094		(5,535,454	)		(4,660,141	)		-			47,936,741		37,775,240
S&P SmallCap Health Care ETF		-		(40,640,404	)		(100,483,129	)		(365,531	)		477,989,890		336,500,826
S&P SmallCap Industrials ETF		180,601		(11,147,766	)		(2,936,423	)		-			82,511,059		68,607,471
S&P SmallCap Information Technology ETF		-		11,685,881			(3,089,999	)		(4,157	)		374,612,541		383,204,266
S&P SmallCap Materials ETF		48,763		(1,406,071	)		(3,487,141	)		-			23,770,998		18,926,549
S&P SmallCap Utilities & Communication Services ETF		70,893		(2,030,010	)		(8,691,467	)		-			33,303,469		22,652,885

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

The Funds have capital loss carryforwards as of August 31, 2022, as follows:

	No expiration
	Short-Term		Long-Term		Total*
DWA SmallCap Momentum ETF	$	440,102,569	$	45,960	$	440,148,529
S&P SmallCap Consumer Discretionary ETF		2,159,956		10,436,938		12,596,894
S&P SmallCap Consumer Staples ETF		4,237,213		6,754,844		10,992,057
S&P SmallCap Energy ETF		10,833,106		51,631,416		62,464,522
S&P SmallCap Financials ETF		447,162		4,212,979		4,660,141
S&P SmallCap Health Care ETF		24,423,292		76,059,837		100,483,129
S&P SmallCap Industrials ETF		14,359		2,922,064		2,936,423
S&P SmallCap Information Technology ETF		834,231		2,255,768		3,089,999
S&P SmallCap Materials ETF		-		3,487,141		3,487,141
S&P SmallCap Utilities & Communication Services ETF		2,477,348		6,214,119		8,691,467

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

NOTE 7–Investment Transactions

For the fiscal year ended August 31, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
DWA SmallCap Momentum ETF	$	784,036,761	$	781,938,851
S&P SmallCap Consumer Discretionary ETF		10,535,537		10,174,840
S&P SmallCap Consumer Staples ETF		10,334,877		9,598,105
S&P SmallCap Energy ETF		80,741,992		80,865,907
S&P SmallCap Financials ETF		8,737,548		8,494,883
S&P SmallCap Health Care ETF		130,318,436		131,153,297
S&P SmallCap Industrials ETF		14,458,798		14,559,939

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	Purchases		Sales
S&P SmallCap Information Technology ETF	$	80,275,632	$	79,227,857
S&P SmallCap Materials ETF		4,647,281		4,623,717
S&P SmallCap Utilities & Communication Services ETF		10,577,681		10,364,199

For the fiscal year ended August 31, 2022, in-kind transactions associated with creations and redemptions were as follows:

	In-kind		In-kind
	Purchases		Sales
DWA SmallCap Momentum ETF	$	461,873,083	$	456,851,140
S&P SmallCap Consumer Discretionary ETF		7,511,613		35,113,111
S&P SmallCap Consumer Staples ETF		35,394,108		21,054,768
S&P SmallCap Energy ETF		124,153,265		138,759,841
S&P SmallCap Financials ETF		3,593,784		9,570,041
S&P SmallCap Health Care ETF		7,435,500		64,103,617
S&P SmallCap Industrials ETF		15,459,763		61,846,975
S&P SmallCap Information Technology ETF		84,996,821		96,194,246
S&P SmallCap Materials ETF		1,347,686		9,217,573
S&P SmallCap Utilities & Communication Services ETF		6,685,373		6,821,164

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

As of August 31, 2022, 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
DWA SmallCap Momentum ETF	$	44,163,917	$	(19,722,642	)	$	24,441,275		$	459,554,505
S&P SmallCap Consumer Discretionary ETF		368,263		(12,191,327	)		(11,823,064	)		45,208,299
S&P SmallCap Consumer Staples ETF		3,471,589		(5,838,257	)		(2,366,668	)		78,645,952
S&P SmallCap Energy ETF		14,062,410		(17,904,809	)		(3,842,399	)		185,189,263
S&P SmallCap Financials ETF		2,588,175		(8,123,629	)		(5,535,454	)		51,949,100
S&P SmallCap Health Care ETF		64,187,069		(104,827,473	)		(40,640,404	)		478,711,799
S&P SmallCap Industrials ETF		3,067,337		(14,215,103	)		(11,147,766	)		93,241,486
S&P SmallCap Information Technology ETF		67,814,097		(56,128,216	)		11,685,881			463,623,070
S&P SmallCap Materials ETF		1,988,310		(3,394,381	)		(1,406,071	)		23,260,185
S&P SmallCap Utilities & Communication Services ETF		1,953,952		(3,983,962	)		(2,030,010	)		28,088,932

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, real estate investment trust distributions and net operating loss, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2022, the reclassifications were as follows:

	Undistributed Net Investment Income (Loss)			Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
DWA SmallCap Momentum ETF		$  13,661			$(74,943,263)			$74,929,602
S&P SmallCap Consumer Discretionary ETF		2,921			2,567,789			(2,570,710	)
S&P SmallCap Consumer Staples ETF		-			(3,540,217	)		3,540,217
S&P SmallCap Energy ETF		971			(26,156,364	)		26,155,393
S&P SmallCap Financials ETF		(11,375	)		(1,342,550	)		1,353,925
S&P SmallCap Health Care ETF		803,643			(5,366,808	)		4,563,165
S&P SmallCap Industrials ETF		-			(11,685,505	)		11,685,505
S&P SmallCap Information Technology ETF		79,115			(36,961,701	)		36,882,586
S&P SmallCap Materials ETF		-			(1,070,537	)		1,070,537
S&P SmallCap Utilities & Communication Services ETF		-			(1,347,523	)		1,347,523

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NOTE 9–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of 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 10–Capital

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

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

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

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco DWA SmallCap Momentum ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF and Invesco S&P SmallCap Utilities & Communication Services ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco DWA SmallCap Momentum ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF and Invesco S&P SmallCap Utilities & Communication Services ETF (ten of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 27, 2022

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

  74  

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 for the entire period March 1, 2022 through August 31, 2022.

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 March 1, 2022			Ending Account Value August 31, 2022			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		$	926.50		0.60	%		$	2.91
Hypothetical (5% return before expenses)			1,000.00			1,022.18		0.60				3.06
Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)
Actual			1,000.00			819.90		0.31				1.42
Hypothetical (5% return before expenses)			1,000.00			1,023.64		0.31				1.58
Invesco S&P SmallCap Consumer Staples ETF (PSCC)
Actual			1,000.00			1,003.70		0.29				1.46
Hypothetical (5% return before expenses)			1,000.00			1,023.74		0.29				1.48
Invesco S&P SmallCap Energy ETF (PSCE)
Actual			1,000.00			1,137.10		0.29				1.56
Hypothetical (5% return before expenses)			1,000.00			1,023.74		0.29				1.48
Invesco S&P SmallCap Financials ETF (PSCF)
Actual			1,000.00			865.20		0.29				1.36
Hypothetical (5% return before expenses)			1,000.00			1,023.74		0.29				1.48

  75  

Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value March 1, 2022			Ending Account Value August 31, 2022			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		$	879.40		0.29	%		$	1.37
Hypothetical (5% return before expenses)			1,000.00			1,023.74		0.29				1.48
Invesco S&P SmallCap Industrials ETF (PSCI)
Actual			1,000.00			951.10		0.29				1.43
Hypothetical (5% return before expenses)			1,000.00			1,023.74		0.29				1.48
Invesco S&P SmallCap Information Technology ETF (PSCT)
Actual			1,000.00			900.10		0.29				1.39
Hypothetical (5% return before expenses)			1,000.00			1,023.74		0.29				1.48
Invesco S&P SmallCap Materials ETF (PSCM)
Actual			1,000.00			956.90		0.29				1.43
Hypothetical (5% return before expenses)			1,000.00			1,023.74		0.29				1.48
Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)
Actual			1,000.00			907.70		0.29				1.39
Hypothetical (5% return before expenses)			1,000.00			1,023.74		0.29				1.48

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended August 31, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

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Tax Information

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

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2022:

	Qualified Business Income*	Qualified Dividend Income*	Corporate Dividends Received Deduction*	U.S. Treasury Obligations*	Business Interest Income*
Invesco DWA SmallCap Momentum ETF	0%	100%	100%	0%	0%
Invesco S&P SmallCap Consumer Discretionary ETF	0%	100%	100%	0%	0%
Invesco S&P SmallCap Consumer Staples ETF	0%	90%	91%	0%	0%
Invesco S&P SmallCap Energy ETF	0%	96%	98%	0%	0%
Invesco S&P SmallCap Financials ETF	34%	66%	64%	0%	0%
Invesco S&P SmallCap Health Care ETF	0%	0%	0%	0%	0%
Invesco S&P SmallCap Industrials ETF	0%	100%	100%	0%	0%
Invesco S&P SmallCap Information Technology ETF	0%	0%	0%	0%	0%
Invesco S&P SmallCap Materials ETF	0%	100%	100%	0%	0%
Invesco S&P SmallCap Utilities & Communication Services ETF	0%	100%	100%	0%	0%

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

  77  

Trustees and Officers

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

As of August 31, 2022

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2007	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	230	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).
Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	230	None.

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

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

  78  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Edmund P. Giambastiani, Jr.–1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chair of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	230	Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

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

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

  79  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Victoria J. Herget–1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	230	Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, Mather LifeWays (2001-2021); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

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

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

  80  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Audit Committee and Trustee	Chair of the Audit Committee since 2008; Trustee since 2007	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	230	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.
Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Investment Oversight Committee and Trustee	Chair of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	230	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

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

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

  81  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Joanne Pace–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.	230	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

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

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

  82  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	230	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).
Donald H. Wilson–1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Board and Trustee	Chair since 2012; Trustee since 2007	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	230	Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

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

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

  83  

Trustees and Officers–(continued)

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

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road Suite 700 Downers Grove, IL 60515	Trustee, President and Principal Executive Officer	Trustee since 2022, President and Principal Executive Officer since 2020	President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).	230	None

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

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

  84  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2020	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

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

  85  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); and Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present); Director, Invesco Trust Company (2022-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange- Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).
Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

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

  86  

Trustees and Officers–(continued)

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

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

Availability of Additional Information About the Trustees

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

  87  

Approval of Investment Advisory and Sub-Advisory Contracts

At a meeting held on April 6, 2022, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 74 series (each, a “Fund” and collectively, the “Funds”):

Invesco 1-30 Laddered Treasury ETF	Invesco Russell 1000 Low Beta Equal Weight ETF
Invesco California AMT-Free Municipal Bond ETF	Invesco S&P 500® Enhanced Value ETF
Invesco CEF Income Composite ETF	Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco China Technology ETF	Invesco S&P 500® High Beta ETF
Invesco DWA Developed Markets Momentum ETF	Invesco S&P 500® High Dividend Low Volatility ETF
Invesco DWA Emerging Markets Momentum ETF	Invesco S&P 500® Low Volatility ETF
Invesco DWA SmallCap Momentum ETF	Invesco S&P 500 Minimum Variance ETF
Invesco Emerging Markets Sovereign Debt ETF	Invesco S&P 500® Momentum ETF
Invesco FTSE International Low Beta Equal Weight ETF	Invesco S&P 500 Revenue ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF	Invesco S&P Emerging Markets Low Volatility ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	Invesco S&P Emerging Markets Momentum ETF
Invesco FTSE RAFI Emerging Markets ETF	Invesco S&P International Developed High Dividend Low
Invesco Fundamental High Yield® Corporate Bond ETF	Volatility ETF
Invesco Fundamental Investment Grade Corporate Bond ETF	Invesco S&P International Developed Low Volatility ETF
Invesco Global Clean Energy ETF	Invesco S&P International Developed Momentum ETF
Invesco Global Short Term High Yield Bond ETF	Invesco S&P International Developed Quality ETF
Invesco Global Water ETF	Invesco S&P MidCap 400 Revenue ETF
Invesco International BuyBack Achievers™ ETF	Invesco S&P MidCap Low Volatility ETF
Invesco International Corporate Bond ETF	Invesco S&P SmallCap 600 Revenue ETF
Invesco KBW Bank ETF	Invesco S&P SmallCap Consumer Discretionary ETF
Invesco KBW High Dividend Yield Financial ETF	Invesco S&P SmallCap Consumer Staples ETF
Invesco KBW Premium Yield Equity REIT ETF	Invesco S&P SmallCap Energy ETF
Invesco KBW Property & Casualty Insurance ETF	Invesco S&P SmallCap Financials ETF
Invesco KBW Regional Banking ETF	Invesco S&P SmallCap Health Care ETF
Invesco MSCI Green Building ETF	Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco NASDAQ 100 ETF	Invesco S&P SmallCap Industrials ETF
Invesco NASDAQ Next Gen 100 ETF	Invesco S&P SmallCap Information Technology ETF
Invesco National AMT-Free Municipal Bond ETF	Invesco S&P SmallCap Low Volatility ETF
Invesco New York AMT-Free Municipal Bond ETF	Invesco S&P SmallCap Materials ETF
Invesco Preferred ETF	Invesco S&P SmallCap Quality ETF
Invesco PureBetaSM 0-5 Yr US TIPS ETF	Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco PureBetaSM FTSE Developed ex-North America ETF	Invesco S&P Ultra Dividend Revenue ETF
Invesco PureBetaSM FTSE Emerging Markets ETF	Invesco Senior Loan ETF
Invesco PureBetaSM MSCI USA ETF	Invesco Taxable Municipal Bond ETF
Invesco PureBetaSM MSCI USA Small Cap ETF	Invesco Treasury Collateral ETF
Invesco PureBetaSM US Aggregate Bond ETF	Invesco Variable Rate Preferred ETF
Invesco Russell 1000 Enhanced Equal Weight ETF	Invesco VRDO Tax-Free ETF
Invesco Russell 1000 Equal Weight ETF

Also at the April 6, 2022 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).

Investment Advisory Agreement

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other

  88  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2021, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year and since-inception periods for Invesco VRDO Tax-Free ETF and the one-year period for Invesco Treasury Collateral ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco VRDO Tax-Free ETF’s and Invesco Treasury Collateral ETF’s level of correlation to their respective underlying indexes. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement. The Trustees concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

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

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:

● 0.04% of the Fund’s average daily net assets for Invesco PureBeta^SM MSCI USA ETF;

● 0.05% of the Fund’s average daily net assets for Invesco PureBeta^SM US Aggregate Bond ETF;

● 0.06% of the Fund’s average daily net assets for Invesco PureBeta^SM MSCI USA Small Cap ETF;

● 0.07% of the Fund’s average daily net assets for Invesco PureBeta^SM 0-5 Yr US TIPS ETF and Invesco PureBeta^SM FTSE Developed ex-North America ETF;

● 0.08% of the Fund’s average daily net assets for Invesco Treasury Collateral ETF;

● 0.10% of the Fund’s average daily net assets for Invesco S&P 500 Minimum Variance ETF;

● 0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;

  89  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

● 0.14% of the Fund’s average daily net assets for Invesco PureBeta^SM FTSE Emerging Markets ETF;

● 0.15% of the Fund’s average daily net assets for Invesco NASDAQ 100 ETF and Invesco NASDAQ Next Gen 100 ETF;

● 0.20% of the Fund’s average daily net assets for Invesco Russell 1000 Equal Weight ETF;

● 0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;

● 0.25% of the Fund’s average daily net assets for Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500^® High Beta ETF, Invesco S&P 500^® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF and Invesco VRDO Tax-Free ETF;

● 0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF;

● 0.29% of the Fund’s average daily net assets for Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF;

● 0.30% of the Fund’s average daily net assets for Invesco S&P 500^® High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF and Invesco S&P International Developed High Dividend Low Volatility ETF;

● 0.35% of the Fund’s average daily net assets for Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco Russell 1000 Low Beta Equal Weight ETF;

● 0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF;

● 0.45% of the Fund’s daily net assets for Invesco FTSE International Low Beta Equal Weight ETF and Invesco FTSE RAFI Developed Markets ex-U.S. ETF;

● 0.49% of the Fund’s daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF;

● 0.50% of the Fund’s daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield^® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF;

● 0.55% of the Fund’s daily net assets for Invesco International BuyBack Achievers^TM ETF;

● 0.60% of the Fund’s daily net assets for Invesco DWA SmallCap Momentum ETF;

● 0.65% of the Fund’s daily net assets for Invesco Senior Loan ETF;

● 0.70% of the Fund’s daily net assets for Invesco China Technology ETF;

● 0.75% of the Fund’s daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF;

● 0.80% of the Fund’s daily net assets for Invesco DWA Developed Markets Momentum ETF; and

● 0.90% of the Fund’s daily net assets for Invesco DWA Emerging Markets Momentum ETF.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their

  90  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median
Invesco 1-30 Laddered Treasury ETF			X
Invesco California AMT-Free Municipal Bond ETF		N/A	X
Invesco CEF Income Composite ETF	X	N/A	X
Invesco China Technology ETF		N/A	X
Invesco DWA Developed Markets Momentum ETF			X
Invesco DWA Emerging Markets Momentum ETF			X
Invesco DWA SmallCap Momentum ETF			X
Invesco Emerging Markets Sovereign Debt ETF			X
Invesco FTSE International Low Beta Equal Weight ETF	X	X	X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF			X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		X	X
Invesco FTSE RAFI Emerging Markets ETF	X		X
Invesco Fundamental High Yield® Corporate Bond ETF		X	X
Invesco Fundamental Investment Grade Corporate Bond ETF			X
Invesco Global Clean Energy ETF		X	X
Invesco Global Short Term High Yield Bond ETF	X	N/A	X
Invesco Global Water ETF		X	X
Invesco International BuyBack AchieversTM ETF			X
Invesco International Corporate Bond ETF			X
Invesco KBW Bank ETF	X		X
Invesco KBW High Dividend Yield Financial ETF	X		X
Invesco KBW Premium Yield Equity REIT ETF	X		X
Invesco KBW Property & Casualty Insurance ETF	X		X
Invesco KBW Regional Banking ETF	X		X
Invesco MSCI Green Building ETF		X	X
Invesco NASDAQ 100 ETF	X		X
Invesco NASDAQ Next Gen 100 ETF	X		X
Invesco National AMT-Free Municipal Bond ETF			X
Invesco New York AMT-Free Municipal Bond ETF		N/A	X
Invesco Preferred ETF		N/A	X
Invesco PureBetaSM 0-5 Yr US TIPS ETF	X		X
Invesco PureBetaSM FTSE Developed ex-North America ETF	X	X	X
Invesco PureBetaSM FTSE Emerging Markets ETF	X	X	X
Invesco PureBetaSM MSCI USA ETF	X	X	X
Invesco PureBetaSM MSCI USA Small Cap ETF	X	X	X
Invesco PureBetaSM US Aggregate Bond ETF	X	X	X
Invesco Russell 1000 Enhanced Equal Weight ETF			X
Invesco Russell 1000 Equal Weight ETF	X		X
Invesco Russell 1000 Low Beta Equal Weight ETF			X
Invesco S&P 500 Enhanced Value ETF	X	X	X
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF	X		X
Invesco S&P 500® High Beta ETF	X		X
Invesco S&P 500® High Dividend Low Volatility ETF	X	X	X

  91  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median
Invesco S&P 500® Low Volatility ETF	X		X
Invesco S&P 500 Minimum Variance ETF	X	X	X
Invesco S&P 500 Momentum ETF	X	X	X
Invesco S&P 500 Revenue ETF			X
Invesco S&P Emerging Markets Low Volatility ETF	X		X
Invesco S&P Emerging Markets Momentum ETF	X		X
Invesco S&P International Developed High Dividend Low Volatility ETF	X	X	X
Invesco S&P International Developed Low Volatility ETF	X		X
Invesco S&P International Developed Momentum ETF	X	N/A	X
Invesco S&P International Developed Quality ETF	X	N/A	X
Invesco S&P MidCap 400 Revenue ETF			X
Invesco S&P MidCap Low Volatility ETF	X	X	X
Invesco S&P SmallCap 600 Revenue ETF		X	X
Invesco S&P SmallCap Consumer Discretionary ETF	X		X
Invesco S&P SmallCap Consumer Staples ETF	X		X
Invesco S&P SmallCap Energy ETF	X		X
Invesco S&P SmallCap Financials ETF	X		X
Invesco S&P SmallCap Health Care ETF	X		X
Invesco S&P SmallCap High Dividend Low Volatility ETF	X	X	X
Invesco S&P SmallCap Industrials ETF	X		X
Invesco S&P SmallCap Information Technology ETF	X		X
Invesco S&P SmallCap Low Volatility ETF	X	X	X
Invesco S&P SmallCap Materials ETF	X		X
Invesco S&P SmallCap Quality ETF	X	X	X
Invesco S&P SmallCap Utilities & Communication Services ETF	X	X	X
Invesco S&P Ultra Dividend Revenue ETF		X	X
Invesco Senior Loan ETF	X	N/A	X
Invesco Taxable Municipal Bond ETF		N/A	X
Invesco Treasury Collateral ETF	X		X
Invesco Variable Rate Preferred ETF		X	X
Invesco VRDO Tax-Free ETF		N/A	X

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

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Global Clean Energy ETF, Invesco International Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco VRDO Tax-Free ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

  92  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

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

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

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees for money market cash management vehicles and fees as the Funds’ direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. 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 continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

Investment Sub-Advisory Agreement

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 6, 2022. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

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

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

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

  93  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 15 and April 6, 2022 Board meetings, and Invesco Advisers, Inc., in connection with the April 6, 2022 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.

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

Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as the direct securities lending agent for the Invesco ETFs. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

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

  94  

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.

©2022 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515 P-SCS-AR-1                     invesco.com/ETFs

	Invesco Annual Report to Shareholders
	August 31, 2022
	IBBQ	Invesco Nasdaq Biotechnology ETF
	SOXQ	Invesco PHLX Semiconductor ETF
	TAN	Invesco Solar ETF

Table of Contents

The Market Environment	3
Management’s Discussion of Fund Performance	4
Liquidity Risk Management Program	11
Schedules of Investments
Invesco Nasdaq Biotechnology ETF (IBBQ)	12
Invesco PHLX Semiconductor ETF (SOXQ)	16
Invesco Solar ETF (TAN)	17
Statements of Assets and Liabilities	19
Statements of Operations	20
Statements of Changes in Net Assets	21
Financial Highlights	22
Notes to Financial Statements	25
Report of Independent Registered Public Accounting Firm	36
Fund Expenses	37
Tax Information	38
Trustees and Officers	39
Approval of Investment Advisory Contracts	49

2

The Market Environment

Domestic Equity

The fiscal year began with increasing volatility and the US stock market saw a selloff through most of September due to increasing concerns of inflation resulting from a spike in oil prices and supply chain shortages causing rising costs. Despite the Consumer Price Index (CPI) increasing monthly from June through September 2021,¹ the US Federal Reserve (the Fed) declined to raise interest rates at its September 2021 Federal Open Market Committee meeting.

Equity markets saw continued volatility in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruption and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil rose to nearly $85 per barrel in October,² causing higher gas prices for consumers, and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.¹ To combat inflation, the Fed announced a faster pace of “tapering” at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at the 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.² The CPI rose by another 7.9% for the 12 months ended February 2022 reaching a 40 year high.¹ To combat inflation, the Fed raised the federal funds rate by a one-quarter percentage point in March.

As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix, reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued for much of the second quarter of 2022 amid record inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the CPI rose by yet another 8.6% for the 12 months ended May 2022 reaching a 40 year high.¹ Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.² To tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.³ US equity markets rose in July and much of August until Fed

chairman Jerome Powell’s hawkish comments at Jackson Hole, Wyoming, an economic policy symposium, sparked a sharp selloff at month end. Due to declining energy prices, the CPI rose by 8.5% for the 12 months ending July,¹ down slightly from June, but still at multi-decade highs and far above the Fed’s 2% annual inflation target. As a result, the Fed indicated that it would continue taking aggressive action to curb inflation, though such measures could “bring pain to households and businesses.” The remarks deflated investor optimism that the Fed would pause rate hikes in the second half of 2022 and increased the likelihood of a US recession. In this environment, US stocks had negative double-digit returns of (11.23)% for the fiscal year ended August 31, 2022, measured by the S&P 500 Index.⁴

¹  Source: US Bureau of Labor Statistics

²  Source: Bloomberg LP

³  Source: US Federal Reserve

⁴  Source: Lipper Inc.

Global Equity

At the beginning of the fiscal year ended August 31, 2022, developed global equity markets were mostly positive, despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Emerging market equities declined due in part to COVID-19 concerns and China’s ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

Global equity markets declined in the first quarter 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

In the second quarter of 2022, global equity markets continued their decline as record inflation, rising interest rates and recession fears led to generally weaker consumer sentiment around the globe. In Europe, reduction of gas supplies from Russia due to the war in Ukraine drove prices higher and led to mounting fears of gas shortages and rationing. Emerging market equities also declined, but China was an outlier and posted a positive return for the quarter due to the easing of COVID-19 lockdowns.

After a rebound in July 2022, global equity markets declined again at the end of the fiscal year, as global economic uncertainty continued with central banks trying to bring inflation under control. At the end of the fiscal year, trailing one-year returns for developed market equities and emerging market equities were both in negative territory.

3

IBBQ	Management’s Discussion of Fund Performance
	Invesco Nasdaq Biotechnology ETF (IBBQ)

As an index fund, the Invesco Nasdaq Biotechnology ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq Biotechnology Index^® (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (“Nasdaq” or the “Index Provider”) compiles the Index, which is a modified market capitalization weighted index that is designed to measure the performance of securities listed on the Nasdaq Stock Market that are classified as either biotechnology or pharmaceutical companies. Eligible securities must (1) be classified under the biotechnology subsector or pharmaceuticals subsector of the Industry Classification Benchmark, (2) have a minimum market capitalization of $200 million at the time of the Index’s annual rebalancing, and (3) have a minimum average daily trading volume of 100,000 shares. The Index may include securities of large-, mid- and small-capitalization companies. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (27.06)%. On a net asset value (“NAV”) basis, the Fund returned (27.24)%. During the same time period, the Index returned (27.16)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Biotechnology Index (the “Benchmark Index”) returned (8.93)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 33 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the biotech industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the pharmaceuticals and life sciences tools and services sub-industries and most underweight in the biotechnology sub-industry during the fiscal year ended August 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to security selection in the biotechnology sub-industry.

For the fiscal year ended August 31, 2022, there were no sub-industries contributed positively to the Fund’s return. The biotechnology sub-industry detracted most significantly from the Fund’s return during the period, followed by the life sciences tools & services and pharmaceuticals sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Vertex Pharmaceuticals Inc., a biotechnology company (portfolio average weight of 5.74%) and Amgen Inc., a biotechnology company (portfolio average weight of 7.21%). Positions that detracted most significantly from the Fund’s return during the period included Moderna, Inc., a biotechnology company (portfolio average weight of 6.43%) and Illumina, Inc., a life sciences tools and services company (portfolio average weight of 4.41%).

Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Biotechnology	79.74
Pharmaceuticals	12.93
Life Sciences Tools & Services	5.67
Industry Types Each Less Than 3%	1.65
Money Market Funds Plus Other Assets Less Liabilities	0.01

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Gilead Sciences, Inc.	7.54
Vertex Pharmaceuticals, Inc.	7.40
Amgen, Inc.	7.21
Regeneron Pharmaceuticals, Inc.	6.45
Moderna, Inc.	5.41
AstraZeneca PLC, ADR	3.61
Illumina, Inc.	3.24
Biogen, Inc.	2.95
Seagen, Inc.	2.93
Alnylam Pharmaceuticals, Inc.	2.58
Total	49.32

* Excluding money market fund holdings.

4

Invesco Nasdaq Biotechnology ETF (IBBQ) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

				Fund Inception
Index	1 Year			Average Annualized			Cumulative
Nasdaq Biotechnology Index®		(27.16	)%		(19.65	)%		(23.41	)%
S&P Composite 1500® Biotechnology Index		(8.93	)		(3.77	)		(4.58	)
Fund
NAV Return		(27.24	)		(19.71	)		(23.49	)
Market Price Return		(27.06	)		(19.65	)		(23.41	)

Fund Inception: June 11, 2021

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See the current prospectus for more information.

According to the Fund’s current prospectus, the Fund’s expense ratio of 0.19% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. The Fund’s NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay

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

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

Notes Regarding Indexes and Fund Performance History:

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

5

SOXQ	Management’s Discussion of Fund Performance
	Invesco PHLX Semiconductor ETF (SOXQ)

As an index fund, the Invesco PHLX Semiconductor ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the PHLX Semiconductor Sector Index^® (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (“Nasdaq” or the “Index Provider”) compiles the Index, which is a modified market-capitalization weighted index designed to measure the performance of the 30 largest companies listed in the United States that are engaged in the semiconductor business, as determined by the Index Provider. Semiconductors include products such as memory chips, microprocessors, integrated circuits and related equipment that serve a wide variety of purposes in various types of electronics, including in personal household products, automobiles and computers, among others. The Index includes companies engaged in the design, distribution, manufacture and sale of semiconductors. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (20.76)%. On a net asset value (“NAV”) basis, the Fund returned (20.70)%. During the same time period, the Index returned (20.58)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Semiconductor Index (the “Benchmark Index”) returned (20.95)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 49 securities. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the semiconductor industry.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the electronic equipment, instruments & components industry and most underweight in the semiconductors & semiconductor equipment industry during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection in the semiconductors & semiconductor equipment industry.

For the fiscal year ended August 31, 2022, the semiconductors & semiconductor equipment industry detracted most significantly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included ON Semiconductor Corp., a semiconductors & semiconductor equipment company (portfolio average weight of 2.34%) and Wolfspeed, Inc., a semiconductors & semiconductor equipment company (portfolio average weight of 1.05%). Positions that detracted most significantly from the Fund’s return during the period included Intel Corp., a semiconductors & semiconductor equipment company (portfolio average weight of 7.95%) and NVIDIA Corp., a semiconductors & semiconductor equipment company (portfolio average weight of 7.89%).

Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Semiconductors & Semiconductor Equipment	98.20
Industry Types Each Less Than 3%	1.72
Other Assets Less Liabilities	0.08

Top Ten Fund Holdings * (% of the Fund’s Net Assets) as of August 31, 2022
Security
Texas Instruments, Inc.	8.64
Broadcom, Inc.	7.96
Advanced Micro Devices, Inc.	7.71
NVIDIA Corp.	7.48
Intel Corp.	6.65
KLA Corp.	4.36
QUALCOMM, Inc.	4.27
Analog Devices, Inc.	4.16
Microchip Technology, Inc.	4.15
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	4.04
Total	59.42

* Excluding money market fund holdings.

6

Invesco PHLX Semiconductor ETF (SOXQ) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

				Fund Inception
Index	1 Year			Average Annualized			Cumulative
PHLX Semiconductor Sector Index®		(20.58	)%		(12.68	)%		(15.24	)%
S&P Composite 1500® Semiconductor Index		(20.95	)		(10.39	)		(12.52	)
Fund
NAV Return		(20.70	)		(12.79	)		(15.37	)
Market Price Return		(20.76	)		(12.60	)		(15.14	)

Fund Inception: June 11, 2021

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.19% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. The Index’s return assumes that dividends and capital gain distributions have been reinvested in the Index. The Fund’s NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The

returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

7

TAN	Management’s Discussion of Fund Performance
	Invesco Solar ETF (TAN)

As an index fund, the Invesco Solar ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the MAC Global Solar Energy Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, MAC Indexing, LLC (the “Index Provider”), has contracted with S&P DJI Netherlands B.V. (a subsidiary of S&P Dow Jones Indices LLC or “S&P DJI”) to calculate and administer the Index, which is a rules-based index that seeks to track the performance of companies in global solar energy businesses. The universe of companies that are eligible for inclusion in the Index is determined by S&P DJI based on factors such as a company’s business description and its most recent reported revenue. The Index includes companies listed on exchanges in specified countries that derive at least one-third of their total revenues from business segments of the solar industry. S&P DJI identifies companies that place a degree of importance on solar business activities. Examples of solar business activities include, but are not limited to: solar power equipment producers, including ancillary or enabling products such as tracking systems, inverters, batteries, or other solar energy storage systems; suppliers of raw materials, components or services to solar producers or developers; companies that produce solar equipment fabrication systems; companies involved in solar power system installation, development, integration, maintenance, or finance; companies that produce hydrogen using solar energy; companies that provide solar-powered charging systems for electric vehicles or other electrical devices; companies selling systems that use solar thermal energy to produce heat or electricity; and companies that sell electricity derived from solar power. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (1.46)%. On a net asset value (“NAV”) basis, the Fund returned (2.11)%. During the same time period, the Index returned (6.28)%. During the fiscal year, the Fund’s performance, on an NAV basis, differed from the return of the Index primarily due to the Fund’s and Index’s removal of GCL Technology Holdings Ltd. (formerly GCL Poly-Energy Holdings Ltd.) (3800 HK), a semiconductors & semiconductor equipment company, for which trading had been halted since March 31, 2021. While the Index removed the security at a price of 0.01HKD, the Fund was able to liquidate its position at a higher value. In October 2021, the security resumed trading. In April 2022, GCL Technology Holdings Ltd. was added back into the Index and the Fund and continues to be a constituent of the Index and the Fund.

During this same time period, the MSCI World Index (the “Benchmark Index”) returned (15.08)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on

the average performance of approximately 1,517 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of equity markets in developed countries.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that targets solar energy businesses, whereas the Benchmark Index tracks a broad market universe.

Relative to the Benchmark Index, the Fund was most overweight in the semiconductors & semiconductor equipment industry and most underweight in the software industry during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to stock selection within the semiconductors & semiconductor equipment industry.

For the fiscal year ended August 31, 2022, the semiconductors & semiconductor equipment industry contributed most significantly to the Fund’s return, followed by the chemicals industry. The independent power and renewable electricity producers industry detracted most significantly from the Fund’s return during the period, followed by the electric equipment and building products industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Enphase Energy, Inc., a semiconductors & semiconductor equipment company (portfolio average weight of 10.89%), and First Solar, Inc., a semiconductors & semiconductor equipment company (portfolio average weight of 6.90%). Positions that detracted most significantly from the Fund’s return during this period included Xinyi Solar Holdings Ltd., a semiconductors & semiconductor equipment company (portfolio average weight of 6.37%), and Sunrun, Inc., an electrical equipment (portfolio average weight of 5.55%).

Industry Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Semiconductors & Semiconductor Equipment	56.84
Independent Power and Renewable Electricity Producers	21.90
Electrical Equipment	14.55
Industry Types Each Less Than 3%	6.70
Money Market Funds Plus Other Assets Less Liabilities	0.01

8

Invesco Solar ETF (TAN) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Enphase Energy, Inc.	12.77
First Solar, Inc.	9.80
SolarEdge Technologies, Inc.	8.04
Sunrun, Inc.	5.48
GCL Technology Holdings Ltd.	4.59
Xinyi Solar Holdings Ltd.	4.39
Daqo New Energy Corp., ADR	3.22
Encavis AG	2.85
Array Technologies, Inc.	2.83
Shoals Technologies Group, Inc., Class A	2.81
Total	56.78

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
MAC Global Solar Energy Index (Net)		(6.28	)%		39.89	%		173.73	%		31.03	%		286.23	%		17.88	%		418.19	%		(7.02	)%		(64.88	)%
MSCI World Index (Net)		(15.08	)		8.77			28.70			7.85			45.95			9.47			147.05			6.27			139.63
Fund
NAV Return		(2.11	)		40.33			176.36			32.04			301.32			20.08			523.12			(5.36	)		(54.73	)
Market Price Return		(1.46	)		40.48			177.24			31.95			299.92			20.09			523.95			(5.36	)		(54.73	)

9

Invesco Solar ETF (TAN) (continued)

Guggenheim Solar ETF (the “Predecessor Fund”) Inception: April 15, 2008

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.66% includes the management fee of 0.50%, 0.15% of other expenses and 0.01% of acquired fund fees and expenses. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

- Effective after the close of business on May 18, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

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

- Net returns reflect reinvested dividends net of withholding taxes.

10

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 15, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

● The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

● Each Fund’s investment strategy remained appropriate for an open-end fund;

● Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

● The Funds did not breach the 15% limit on Illiquid Investments; and

● The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

  11  

Invesco Nasdaq Biotechnology ETF (IBBQ)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Biotechnology-79.74%
4D Molecular Therapeutics, Inc.(b)		679	$	5,337
89bio, Inc.(b)		827		3,688
Abcam PLC, ADR (United Kingdom)(b)		516		7,699
AC Immune S.A. (Switzerland)		1,722		5,200
Acadia Pharmaceuticals, Inc.(b)		3,394		55,763
Achilles Therapeutics PLC, ADR (United Kingdom)		816		2,375
Acumen Pharmaceuticals, Inc.(b)		848		4,825
Adaptimmune Therapeutics PLC, ADR(b)		2,909		5,760
Adicet Bio, Inc.(b)		837		11,852
ADMA Biologics, Inc.(b)(c)		4,111		11,100
Adverum Biotechnologies, Inc.(b)		2,062		2,392
Aeglea BioTherapeutics, Inc.(b)		1,283		671
Aerovate Therapeutics, Inc.(b)(c)		509		10,093
Affimed N.V. (Germany)(b)		3,121		8,177
Agios Pharmaceuticals, Inc.(b)(c)		1,145		29,197
Akebia Therapeutics, Inc.(b)		3,814		1,389
Akero Therapeutics, Inc.(b)(c)		733		8,613
Akouos, Inc.(b)		723		2,422
Alaunos Therapeutics, Inc.(b)		4,519		11,117
Alector, Inc.(b)(c)		1,736		17,968
Aligos Therapeutics, Inc.(b)		827		1,034
Alkermes PLC(b)		3,432		81,235
Allakos, Inc.(b)		1,145		5,553
Allogene Therapeutics, Inc.(b)(c)		3,022		41,432
Allovir, Inc.(b)		1,941		14,577
Alnylam Pharmaceuticals, Inc.(b)		2,537		524,322
Alpine Immune Sciences, Inc.(b)(c)		635		4,769
Altimmune, Inc.(b)		1,026		22,654
ALX Oncology Holdings, Inc.(b)(c)		853		11,089
Amarin Corp. PLC, ADR (Ireland)(b)		8,265		9,753
Amgen, Inc.		6,104		1,466,791
Amicus Therapeutics, Inc.(b)		5,887		66,111
AnaptysBio, Inc.(b)(c)		592		13,746
Anavex Life Sciences Corp.(b)(c)		1,627		15,603
Annexon, Inc.(b)		1,013		5,956
Apellis Pharmaceuticals, Inc.(b)(c)		2,239		135,482
Applied Molecular Transport, Inc.(b)		805		1,191
Applied Therapeutics, Inc.(b)		988		1,354
Arbutus Biopharma Corp.(b)		3,086		6,851
Arcturus Therapeutics Holdings, Inc.(b)		557		7,820
Arcutis Biotherapeutics, Inc.(b)(c)		1,260		33,957
Argenx SE, ADR (Netherlands)(b)		623		235,413
Arrowhead Pharmaceuticals, Inc.(b)		2,221		88,196
Ascendis Pharma A/S, ADR (Denmark)(b)		1,166		104,439
Atara Biotherapeutics, Inc.(b)(c)		1,928		7,731
Athenex, Inc.(b)		2,344		1,124
Aurinia Pharmaceuticals, Inc. (Canada)(b)		2,969		21,852
Autolus Therapeutics PLC, ADR (United Kingdom)(c)		1,183		3,904
Avidity Biosciences, Inc.(b)(c)		1,040		20,405
Avrobio, Inc.(b)		910		864
Beam Therapeutics, Inc.(b)(c)		1,474		80,480
BeiGene Ltd., ADR (China)(b)(c)		1,031		176,981
BELLUS Health, Inc. (Canada)(b)		2,577		29,378
Bicycle Therapeutics PLC, ADR (United Kingdom)(b)		534		14,124

	Shares		Value
Biotechnology-(continued)
BioAtla, Inc.(b)		754	$	6,567
BioCryst Pharmaceuticals, Inc.(b)(c)		3,905		54,279
Biogen, Inc.(b)		3,076		600,989
BioMarin Pharmaceutical, Inc.(b)		3,884		346,453
Biomea Fusion, Inc.(b)		608		6,992
BioNTech SE, ADR (Germany)		1,846		267,005
Black Diamond Therapeutics, Inc.(b)(c)		763		2,434
Bluebird Bio, Inc.(b)(c)		1,499		8,754
Blueprint Medicines Corp.(b)		1,251		91,598
Bolt Biotherapeutics, Inc.(b)		812		1,462
Bridgebio Pharma, Inc.(b)(c)		3,102		32,571
Brooklyn ImmunoTherapeutics, Inc.(b)		1,229		506
C4 Therapeutics, Inc.(b)		1,017		10,251
Cabaletta Bio, Inc.(b)		603		576
Candel Therapeutics, Inc.(b)		596		2,068
Caribou Biosciences, Inc.(b)		1,272		12,555
Cellectis S.A., ADR (France)(b)		387		1,281
Centessa Pharmaceuticals PLC, ADR(b)		1,024		4,454
Century Therapeutics, Inc.(b)		1,228		12,919
ChemoCentryx, Inc.(b)		1,492		76,062
Chimerix, Inc.(b)		1,857		4,085
Chinook Therapeutics, Inc.(b)		1,293		26,894
Clovis Oncology, Inc.(b)		3,006		3,367
Codiak Biosciences, Inc.		498		1,071
Cogent Biosciences, Inc.(b)		1,334		21,998
Coherus Biosciences, Inc.(b)(c)		1,629		18,212
Compass Pathways PLC, ADR (United Kingdom)(b)(c)		489		7,990
Connect Biopharma Holdings Ltd., ADR (China)		985		1,379
Corvus Pharmaceuticals, Inc.(b)		978		937
Crinetics Pharmaceuticals, Inc.(b)(c)		1,115		21,051
CRISPR Therapeutics AG (Switzerland)(b)(c)		1,631		106,162
Cullinan Oncology, Inc.(b)		936		12,617
CureVac N.V. (Germany)(b)(c)		3,936		38,730
Curis, Inc.(b)		1,921		1,863
Cyteir Therapeutics, Inc.(b)		742		1,603
Cytokinetics, Inc.(b)(c)		1,797		95,169
CytomX Therapeutics, Inc.(b)		1,369		2,053
Day One Biopharmaceuticals, Inc.(b)(c)		1,513		35,540
Decibel Therapeutics, Inc.(b)		522		2,579
Deciphera Pharmaceuticals, Inc.(b)(c)		1,388		22,527
Denali Therapeutics, Inc.(b)		2,580		71,389
Design Therapeutics, Inc.(b)(c)		1,169		23,684
Dyne Therapeutics, Inc.(b)		1,085		10,633
Eagle Pharmaceuticals, Inc.(b)		265		8,684
Editas Medicine, Inc.(b)(c)		1,432		21,050
Eiger BioPharmaceuticals, Inc.(b)		895		7,393
Enanta Pharmaceuticals, Inc.(b)		435		26,483
Erasca, Inc.(b)(c)		2,554		23,037
Evelo Biosciences, Inc.		2,230		4,884
Exelixis, Inc.(b)		6,740		119,568
Fate Therapeutics, Inc.(b)(c)		2,034		53,169
FibroGen, Inc.(b)		1,959		24,370
Forma Therapeutics Holdings, Inc.(b)		1,005		13,467
Frequency Therapeutics, Inc.(b)		731		1,506
G1 Therapeutics, Inc.(b)(c)		902		13,088
Galapagos N.V., ADR (Belgium)(b)		285		14,267
Gamida Cell Ltd. (Israel)		1,254		3,323

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

  12  

Invesco Nasdaq Biotechnology ETF (IBBQ)–(continued)

August 31, 2022

	Shares		Value
Biotechnology-(continued)
Generation Bio Co.(b)		1,192	$	6,103
Genmab A/S, ADR (Denmark)(b)		888		31,515
Geron Corp.(b)		7,901		20,859
Gilead Sciences, Inc.		24,169		1,534,006
Global Blood Therapeutics, Inc.(b)		1,370		93,023
Gossamer Bio., Inc.(b)(c)		1,962		27,370
Gracell Biotechnologies, Inc., ADR (China)(b)		1,351		3,391
Graphite Bio, Inc.(b)		1,186		3,926
Grifols S.A., ADR (Spain)		2,417		18,780
Gritstone bio, Inc.(b)		1,496		4,922
Halozyme Therapeutics, Inc.(b)		2,893		117,832
Harpoon Therapeutics, Inc.(b)(c)		666		1,106
Homology Medicines, Inc.(b)		1,228		2,874
Horizon Therapeutics PLC(b)		4,825		285,688
Humacyte, Inc.(b)(c)		2,128		7,767
Icosavax, Inc.(b)		830		3,918
Ideaya Biosciences, Inc.(b)		804		7,903
IGM Biosciences, Inc.(b)		575		11,161
I-Mab, ADR (China)(b)		1,084		6,645
Imago Biosciences, Inc.(b)(c)		702		10,200
Immuneering Corp., Class A(b)(c)		556		3,102
Immunic, Inc.(b)		640		2,848
ImmunityBio, Inc.(b)(c)		8,332		33,328
ImmunoGen, Inc.(b)		4,614		26,807
Immunovant, Inc.(b)		2,438		12,556
Impel Pharmaceuticals, Inc.(b)		486		3,801
Incyte Corp.(b)(c)		4,652		327,640
Infinity Pharmaceuticals, Inc.(b)		1,862		2,998
Inhibrx, Inc.(b)(c)		814		14,440
Inovio Pharmaceuticals, Inc.(b)		4,767		10,916
Insmed, Inc.(b)		2,511		61,821
Instil Bio, Inc.(b)		2,702		14,050
Intellia Therapeutics, Inc.(b)		1,595		95,796
Intercept Pharmaceuticals, Inc.(b)(c)		621		10,787
Ionis Pharmaceuticals, Inc.(b)(c)		2,982		126,795
Iovance Biotherapeutics, Inc.(b)(c)		3,293		35,301
Ironwood Pharmaceuticals, Inc.(b)(c)		3,239		34,852
iTeos Therapeutics, Inc.(b)		745		16,524
IVERIC bio, Inc.(b)(c)		2,439		24,000
Janux Therapeutics, Inc.(b)		875		9,467
Jounce Therapeutics, Inc.(b)		1,085		3,971
KalVista Pharmaceuticals, Inc.(b)		512		8,433
Kamada Ltd. (Israel)(b)		936		4,671
Karuna Therapeutics, Inc.(b)		627		159,923
Karyopharm Therapeutics, Inc.(b)(c)		1,659		8,395
Keros Therapeutics, Inc.(b)		500		17,685
Kezar Life Sciences, Inc.(b)(c)		1,427		14,670
Kiniksa Pharmaceuticals Ltd., Class A(b)		715		8,380
Kinnate Biopharma, Inc.(b)		917		13,278
Kodiak Sciences, Inc.(b)(c)		1,092		10,931
Kronos Bio, Inc.(b)(c)		1,191		4,764
Krystal Biotech, Inc.(b)		538		37,719
Kura Oncology, Inc.(b)(c)		1,398		19,376
Kymera Therapeutics, Inc.(b)(c)		1,087		30,729
Larimar Therapeutics, Inc.(b)		343		933
Leap Therapeutics, Inc.(b)(c)		2,153		3,057
Legend Biotech Corp., ADR(b)(c)		1,118		51,976
Lexicon Pharmaceuticals, Inc.(b)		3,815		10,491
Ligand Pharmaceuticals, Inc.(b)		358		33,076
Lyell Immunopharma, Inc.(b)(c)		5,151		34,512

	Shares		Value
Biotechnology-(continued)
MacroGenics, Inc.(b)		1,287	$	5,109
Madrigal Pharmaceuticals, Inc.(b)(c)		363		26,180
Magenta Therapeutics, Inc.(b)		1,226		2,158
MannKind Corp.(b)(c)		5,290		19,308
MeiraGTx Holdings PLC(b)		934		7,752
Mereo Biopharma Group PLC, ADR (United Kingdom)		2,441		2,929
Mersana Therapeutics, Inc.(b)		2,034		15,255
Merus N.V. (Netherlands)(b)		915		21,667
Mirati Therapeutics, Inc.(b)		1,167		94,562
Mirum Pharmaceuticals, Inc.(b)(c)		769		19,210
Moderna, Inc.(b)		8,319		1,100,354
Molecular Templates, Inc.(b)		1,182		867
Monte Rosa Therapeutics, Inc.(b)(c)		981		7,770
Morphic Holding, Inc.(b)(c)		803		22,099
Mustang Bio, Inc.(b)		2,165		1,315
Myriad Genetics, Inc.(b)		1,689		37,732
Neoleukin Therapeutics, Inc.(b)		917		945
Neurocrine Biosciences, Inc.(b)		2,007		209,992
NextCure, Inc.(b)		596		2,444
Nkarta, Inc.(b)		1,013		14,577
Novavax, Inc.(b)(c)		1,638		54,120
Nurix Therapeutics, Inc.(b)(c)		940		14,786
Nuvalent, Inc., Class A(b)(c)		901		15,209
ObsEva S.A. (Switzerland)		1,747		314
Olema Pharmaceuticals, Inc.(b)		845		3,338
Omega Therapeutics, Inc		974		4,354
Oncocyte Corp.(b)		2,454		1,939
Oncorus, Inc.(b)		544		707
ORIC Pharmaceuticals, Inc.(b)		824		2,851
Ovid therapeutics, Inc.(b)		1,474		2,963
Oyster Point Pharma, Inc.(b)(c)		562		3,512
Passage Bio, Inc.(b)		1,134		2,291
PMV Pharmaceuticals, Inc.(b)(c)		955		13,294
Poseida Therapeutics, Inc.(b)		1,822		6,031
Praxis Precision Medicines, Inc.(b)		953		2,973
Precigen, Inc.(b)		4,373		9,664
Precision BioSciences, Inc.(b)		2,351		3,785
Prelude Therapeutics, Inc.(b)(c)		1,010		7,272
Prometheus Biosciences, Inc.(b)		818		42,790
ProQR Therapeutics N.V. (Netherlands)(b)		1,496		1,182
Protagonist Therapeutics, Inc.(b)		1,014		8,842
Prothena Corp. PLC (Ireland)(b)(c)		984		27,129
PTC Therapeutics, Inc.(b)		1,502		75,010
Puma Biotechnology, Inc.(b)		941		2,522
Quince Therapeutics, Inc.(b)		748		1,316
Rallybio Corp.(b)		669		7,392
RAPT Therapeutics, Inc.(b)		619		16,533
Recursion Pharmaceuticals, Inc., Class A(b)		3,444		36,196
Regeneron Pharmaceuticals, Inc.(b)		2,259		1,312,615
REGENXBIO, Inc.(b)		905		26,697
Relay Therapeutics, Inc.(b)(c)		2,279		52,349
Repare Therapeutics, Inc. (Canada)(b)		882		10,513
Replimune Group, Inc.(b)		1,024		19,517
REVOLUTION Medicines, Inc.(b)		1,802		37,536
Rhythm Pharmaceuticals, Inc.(b)		1,055		23,843
Rigel Pharmaceuticals, Inc.(b)		3,604		5,118
Rocket Pharmaceuticals, Inc.(b)(c)		1,379		21,250
Rubius Therapeutics, Inc.(b)		1,887		1,321
SAB Biotherapeutics, Inc.(b)		872		610

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

  13  

Invesco Nasdaq Biotechnology ETF (IBBQ)–(continued)

August 31, 2022

	Shares		Value
Biotechnology-(continued)
Sage Therapeutics, Inc.(b)		1,239	$	46,661
Sana Biotechnology, Inc.(b)(c)		3,966		27,008
Sangamo Therapeutics, Inc.(b)(c)		3,073		16,594
Sarepta Therapeutics, Inc.(b)		1,841		201,369
Scholar Rock Holding Corp.(b)		1,088		9,074
Seagen, Inc.(b)		3,862		595,868
Selecta Biosciences, Inc.(b)		3,180		5,978
Sensei Biotherapeutics, Inc.(b)		642		1,226
Sera Prognostics, Inc., Class A(b)		616		1,294
Seres Therapeutics, Inc.(b)		2,592		13,323
Sesen Bio, Inc.(b)		4,170		2,877
Shattuck Labs, Inc.(b)		914		2,970
Silverback Therapeutics, Inc.(b)		735		3,998
Solid Biosciences, Inc.(b)		2,388		1,528
Spectrum Pharmaceuticals, Inc.(b)		3,767		4,257
Spero Therapeutics, Inc		659		532
SpringWorks Therapeutics, Inc.(b)(c)		1,032		28,659
Stoke Therapeutics, Inc.(b)		817		12,304
Summit Therapeutics, Inc.(b)		2,026		2,431
Surface Oncology, Inc.(b)		1,141		1,552
Sutro Biopharma, Inc.(b)		1,093		6,186
Syndax Pharmaceuticals, Inc.(b)		1,180		27,860
Syros Pharmaceuticals, Inc.(b)		1,287		1,030
Talaris Therapeutics, Inc.(b)		871		2,883
Taysha Gene Therapies, Inc.(b)		850		2,686
TCR2 Therapeutics, Inc.(b)		802		2,181
Tenaya Therapeutics, Inc.(b)		868		3,811
Tonix Pharmaceuticals Holding Corp.		881		899
Travere Therapeutics, Inc.(b)		1,334		35,698
Twist Bioscience Corp.(b)(c)		1,184		47,502
Ultragenyx Pharmaceutical, Inc.(b)		1,470		70,104
uniQure N.V. (Netherlands)(b)		980		19,149
United Therapeutics Corp.(b)		951		215,516
UroGen Pharma Ltd.(b)		482		3,591
Vanda Pharmaceuticals, Inc.(b)		1,186		12,548
Vaxcyte, Inc.(b)		1,223		31,994
Veracyte, Inc.(b)(c)		1,498		30,559
Verastem, Inc.(b)		3,902		4,526
Vertex Pharmaceuticals, Inc.(b)		5,347		1,506,571
Verve Therapeutics, Inc.(b)(c)		1,260		48,334
Vir Biotechnology, Inc.(b)		2,785		66,144
Viracta Therapeutics, Inc.(b)		812		3,289
Vor BioPharma, Inc.(b)(c)		796		4,083
Werewolf Therapeutics, Inc.(b)		583		2,950
Xencor, Inc.(b)		1,252		33,040
Xenon Pharmaceuticals, Inc. (Canada)(b)		1,305		50,647
Y-mAbs Therapeutics, Inc.(b)(c)		911		14,649
Zai Lab Ltd., ADR (China)(b)(c)		1,431		66,127
Zentalis Pharmaceuticals, Inc.(b)		1,197		32,092
				16,229,256
Health Care Equipment & Supplies-0.93%
Bioventus, Inc., Class A(b)		1,287		9,408
Novocure Ltd.(b)(c)		2,195		180,275
				189,683
Health Care Providers & Services-0.72%
23andMe Holding Co., Class A(b)(c)		5,367		18,087
Castle Biosciences, Inc.(b)		553		16,037

	Shares		Value
Health Care Providers & Services-(continued)
Guardant Health, Inc.(b)		2,144	$	107,329
PetIQ, Inc.(b)		610		5,697
				147,150
Life Sciences Tools & Services-5.67%
AbCellera Biologics, Inc. (Canada)(b)		5,975		63,813
Absci Corp.(b)(c)		1,915		6,454
Adaptive Biotechnologies Corp.(b)		2,981		26,591
Alpha Teknova, Inc.(b)		588		2,652
Codex DNA, Inc.(b)(c)		613		1,177
Codexis, Inc.(b)		1,367		9,583
Compugen Ltd. (Israel)(b)		1,812		2,120
Harvard Bioscience, Inc.(b)		866		2,858
Illumina, Inc.(b)		3,273		659,968
Maravai LifeSciences Holdings, Inc., Class A(b)		2,761		57,622
MaxCyte, Inc.(b)		2,128		11,066
Medpace Holdings, Inc.(b)		703		103,770
NanoString Technologies, Inc.(b)(c)		975		13,221
Nautilus Biotechnology, Inc.(b)(c)		2,602		5,750
Pacific Biosciences of California, Inc.(b)(c)		4,691		27,489
Personalis, Inc.(b)		952		3,151
Quantum-Si, Inc.(b)		2,487		7,759
Rapid Micro Biosystems, Inc., Class A(b)		765		2,547
Seer, Inc.(b)(c)		1,226		12,383
Singular Genomics Systems, Inc.(b)(c)		1,478		3,946
Syneos Health, Inc.(b)		2,150		129,236
				1,153,156
Pharmaceuticals-12.93%
Aclaris Therapeutics, Inc.(b)		1,397		22,226
Aerie Pharmaceuticals, Inc.(b)		1,013		15,296
Amphastar Pharmaceuticals, Inc.(b)		1,025		30,340
Aquestive Therapeutics, Inc.(b)		1,050		1,517
Arvinas, Inc.(b)(c)		1,115		47,209
AstraZeneca PLC, ADR (United Kingdom)		11,787		735,273
ATAI Life Sciences N.V. (Germany)(b)		3,364		15,138
Atea Pharmaceuticals, Inc.(b)(c)		1,745		13,088
Athira Pharma, Inc.(b)		760		2,569
Avadel Pharmaceuticals PLC, ADR(b)		1,230		8,167
Axsome Therapeutics, Inc.(b)		817		52,125
Cara Therapeutics, Inc.(b)		1,117		11,527
Clearside Biomedical, Inc.(b)		1,258		1,723
Collegium Pharmaceutical, Inc.(b)		708		12,447
Cymabay Therapeutics, Inc.(b)		1,770		6,266
Edgewise Therapeutics, Inc.(b)		1,036		10,443
Esperion Therapeutics, Inc.(b)(c)		1,335		9,959
Evolus, Inc.(b)(c)		1,175		11,292
EyePoint Pharmaceuticals, Inc.(b)		709		7,090
Fulcrum Therapeutics, Inc.(b)(c)		1,092		8,081
Harmony Biosciences Holdings, Inc.(b)(c)		1,239		54,405
Harrow Health, Inc.(b)(c)		576		5,178
Hutchmed China Ltd., ADR (China)(b)		1,120		14,403
Ikena Oncology, Inc.(b)		760		3,610
Innoviva, Inc.(b)		1,457		19,174
Intra-Cellular Therapies, Inc.(b)		1,980		99,515
Jazz Pharmaceuticals PLC(b)		1,308		203,028
KemPharm, Inc.(b)(c)		718		3,920
Landos Biopharma, Inc.(b)		843		759
Marinus Pharmaceuticals, Inc.(b)		774		5,387
Nektar Therapeutics(b)(c)		4,226		16,650
NGM Biopharmaceuticals, Inc.(b)		1,656		23,366

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

  14  

Invesco Nasdaq Biotechnology ETF (IBBQ)–(continued)

August 31, 2022

	Shares		Value
Pharmaceuticals-(continued)
NRX Pharmaceuticals, Inc.(b)		1,398	$	909
Ocular Therapeutix, Inc.(b)		1,610		8,179
Omeros Corp.(b)		1,305		5,259
Optinose, Inc.(b)		1,758		6,417
Pacira BioSciences, Inc.(b)		956		50,171
Paratek Pharmaceuticals, Inc.(b)		1,138		2,856
Phathom Pharmaceuticals, Inc.(b)(c)		815		6,960
Phibro Animal Health Corp., Class A		426		6,309
Pliant Therapeutics, Inc.(b)		995		19,184
Provention Bio, Inc.(b)		1,705		7,366
Rain Therapeutics, Inc.(b)		390		2,313
Rani Therapeutics Holdings, Inc., Class A		511		4,548
Reata Pharmaceuticals, Inc., Class A(b)		664		15,876
Redhill Biopharma Ltd., ADR (Israel)(c)		1,076		968
Relmada Therapeutics, Inc.(b)(c)		627		18,271
Revance Therapeutics, Inc.(b)		1,528		30,407
Royalty Pharma PLC, Class A		9,136		381,976
Sanofi, ADR (France)		5,973		245,072
SIGA Technologies, Inc.(c)		1,521		22,937
Supernus Pharmaceuticals, Inc.(b)		1,121		38,372
Terns Pharmaceuticals, Inc.(b)		530		2,067
Theravance Biopharma, Inc.(b)		1,595		14,371
Tricida, Inc.(b)(c)		1,160		14,523
Verrica Pharmaceuticals, Inc.(b)		808		3,167
Viatris, Inc.		25,446		243,009

	Shares		Value
Pharmaceuticals-(continued)
WaVe Life Sciences Ltd.(b)		1,820	$	5,405
Xeris Biopharma Holdings, Inc.(b)		2,836		4,736
				2,632,799
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $27,355,090)				20,352,044
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-13.20%
Invesco Private Government Fund, 2.29%(d)(e)(f)		749,198		749,198
Invesco Private Prime Fund, 2.37%(d)(e)(f)		1,937,500		1,937,694
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,686,807)				2,686,892
TOTAL INVESTMENTS IN SECURITIES-113.19% (Cost $30,041,897)				23,038,936
OTHER ASSETS LESS LIABILITIES-(13.19)%				(2,685,226	)
NET ASSETS-100.00%			$	20,353,710

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 August 31, 2022.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	583,508		$	(583,508	)		$	-		$	-			$	-		$	30
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			262,268			10,649,162			(10,162,232	)			-			-				749,198			5,402	*
Invesco Private Prime Fund			611,959			21,966,470			(20,640,120	)			85			(700	)			1,937,694			14,969	*
Total		$	874,227		$	33,199,140		$	(31,385,860	)		$	85		$	(700	)		$	2,686,892		$	20,401

* 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 August 31, 2022.

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

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

  15  

Invesco PHLX Semiconductor ETF (SOXQ)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Electronic Equipment, Instruments & Components-1.26%
II-VI Incorporated(b)		9,102	$	429,887
IPG Photonics Corp.(b)		3,633		329,114
				759,001
Life Sciences Tools & Services-0.46%
Azenta, Inc.		5,266		277,571
Semiconductors & Semiconductor Equipment-98.20%
Advanced Micro Devices, Inc.(b)		54,825		4,652,998
Amkor Technology, Inc.		17,177		345,773
Analog Devices, Inc.		16,581		2,512,519
Applied Materials, Inc.		23,806		2,239,430
ASML Holding N.V., New York Shares (Netherlands)		4,845		2,373,759
Broadcom, Inc.		9,627		4,804,932
Entegris, Inc.		9,529		904,111
Intel Corp.		125,733		4,013,397
KLA Corp.		7,654		2,633,971
Lam Research Corp.		5,370		2,351,577
Lattice Semiconductor Corp.(b)		9,661		520,728
Marvell Technology, Inc.		47,210		2,210,372
Microchip Technology, Inc.		38,441		2,508,275

	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
Micron Technology, Inc.		37,819	$	2,137,908
Monolithic Power Systems, Inc.		3,276		1,484,618
NVIDIA Corp.		29,908		4,514,313
NXP Semiconductors N.V. (China)		14,717		2,422,124
ON Semiconductor Corp.(b)		30,515		2,098,517
Power Integrations, Inc.		4,088		292,415
Qorvo, Inc.(b)		7,446		668,502
QUALCOMM, Inc.		19,496		2,578,736
Silicon Laboratories, Inc.(b)		2,568		321,847
Skyworks Solutions, Inc.		11,304		1,114,009
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		29,297		2,441,905
Teradyne, Inc.		11,241		951,438
Texas Instruments, Inc.		31,593		5,219,480
Wolfspeed, Inc.(b)		8,672		984,012
				59,301,666
TOTAL INVESTMENTS IN SECURITIES-99.92% (Cost $75,532,881)				60,338,238
OTHER ASSETS LESS LIABILITIES-0.08%				47,414
NET ASSETS-100.00%			$	60,385,652

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.

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	763		$	780,965		$	(781,728	)		$	-		$	-			$	-		$	123
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			105,927			2,429,806			(2,535,733	)			-			-				-			147	*
Invesco Private Prime Fund			247,162			5,362,322			(5,609,184	)			-			(300	)			-			506	*
Total		$	353,852		$	8,573,093		$	(8,926,645	)		$	-		$	(300	)		$	-		$	776

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

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

  16  

Invesco Solar ETF (TAN)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Building Products-0.69%
Luoyang Glass Co. Ltd., H Shares (China)(b)(c)(d)		14,635,635	$	20,436,951
Chemicals-2.76%
Hanwha Solutions Corp. (South Korea)(c)		2,086,927		82,069,725
Construction & Engineering-1.20%
ReneSola Ltd., ADR (China)(c)(d)		3,166,746		18,493,797
Xinte Energy Co. Ltd., H Shares (China) .		6,498,705		17,056,425
				35,550,222
Electrical Equipment-14.55%
Array Technologies, Inc.(c)(d)		4,029,751		84,221,796
Heliogen, Inc.(c)		6,166,818		14,800,363
Shoals Technologies Group, Inc., Class A(c)(d)		3,174,595		83,714,070
Soltec Power Holdings S.A. (Spain)(c)(d) .		2,656,257		13,996,038
SunPower Corp.(c)(d)		3,040,883		72,981,192
Sunrun, Inc.(c)(d)		4,940,988		163,200,834
				432,914,293
Independent Power and Renewable Electricity Producers-21.90%
Altus Power, Inc.(c)(d)		2,451,377		25,690,431
Atlantica Sustainable Infrastructure PLC (Spain)		2,013,122		67,278,537
Azure Power Global Ltd. (India)(c)(d)		1,217,528		4,370,925
Doral Group Renewable Energy Resources Ltd. (Israel)(c)(d)		3,993,417		14,874,246
Encavis AG (Germany)		3,944,003		84,671,810
Energix-Renewable Energies Ltd. (Israel)		6,829,823		31,352,161
Enlight Renewable Energy Ltd. (Israel)(c)		20,550,174		50,423,280
GCL New Energy Holdings Ltd. (China)(c)(d)		524,322,141		5,878,612
Grenergy Renovables S.A. (Spain)(c)		641,080		23,206,971
Neoen S.A. (France)(d)(e)		1,027,337		42,561,201
OY Nofar Energy Ltd. (Israel)(c)		906,685		30,527,656
RENOVA, Inc. (Japan)(c)(d)		1,203,595		26,437,849
Scatec ASA (South Africa)(d)(e)		3,224,801		32,916,909
Shandong Hi-Speed New Energy Group Ltd. (China)(c)		1,153,888,848		11,173,045
Solaria Energia y Medio Ambiente S.A. (Spain)(c)		2,709,836		57,712,873
Sunnova Energy International, Inc.(c)(d) .		2,946,751		74,317,060
West Holdings Corp. (Japan)(d)		1,040,149		33,277,265
Xinyi Energy Holdings Ltd. (China)(d)		86,517,133		35,052,840
				651,723,671
Mortgage REITs-2.05%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(d)		1,542,949		60,977,344

	Shares		Value
Semiconductors & Semiconductor Equipment-56.84%
Canadian Solar, Inc. (Canada)(c)(d)		1,717,910	$	77,597,995
Daqo New Energy Corp., ADR (China)(c)(d)		1,435,717		95,719,252
Enphase Energy, Inc.(c)		1,326,773		380,040,858
First Solar, Inc.(c)		2,286,261		291,612,591
Flat Glass Group Co. Ltd., H Shares (China)(c)(d)		13,680,952		45,232,194
GCL Technology Holdings Ltd. (China)(c)(d)		380,298,610		136,636,842
Gigasolar Materials Corp. (Taiwan)(c)		2,450,000		11,550,719
Gigasolar Materials Corp., Rts., expiring 09/07/2022 (Taiwan)(c)		394,078		368,993
JinkoSolar Holding Co. Ltd., ADR (China)(c)(d)		1,249,791		76,074,778
Maxeon Solar Technologies Ltd.(c)(d)		1,243,016		24,673,868
Meyer Burger Technology AG (Switzerland)(c)(d)		100,607,238		50,553,604
Motech Industries, Inc. (Taiwan)(b)		19,688,000		18,434,760
SMA Solar Technology AG (Germany)(c)(d)		766,286		38,758,111
SolarEdge Technologies, Inc.(c)		866,684		239,178,783
TSEC Corp. (Taiwan)(c)		22,128,000		28,352,920
United Renewable Energy Co. Ltd. (Taiwan)(c)		60,628,458		45,913,296
Xinyi Solar Holdings Ltd. (China)		94,635,602		130,700,666
				1,691,400,230
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $3,057,273,335)				2,975,072,436
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-23.01%
Invesco Private Government Fund, 2.29%(b)(f)(g)		190,757,568		190,757,568
Invesco Private Prime Fund, 2.37%(b)(f)(g)		493,919,742		493,969,145
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $684,686,319)				684,726,713
TOTAL INVESTMENTS IN SECURITIES-123.00% (Cost $3,741,959,654)				3,659,799,149
OTHER ASSETS LESS LIABILITIES-(23.00)%				(684,316,649	)
NET ASSETS-100.00%			$	2,975,482,500

Investment Abbreviations:

ADR-American Depositary Receipt

Rts.  -Rights

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

  17  

Invesco Solar ETF (TAN)–(continued)

August 31, 2022

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)  Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an “affiliated person” under the Investment Company Act of 1940, as amended (the “1940 Act”), which defines “affiliated person” to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, 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 fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	22,392,028		$	148,390,646		$	(170,782,674	)		$	-			$	-			$	-		$	3,088
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			248,743,131			992,699,336			(1,050,684,899	)			-				-				190,757,568			1,035,925	*
Invesco Private Prime Fund			581,927,213			2,149,805,701			(2,237,633,612	)			40,389				(170,546	)			493,969,145			3,005,406	*
Investments in Other Affiliates:
Anji Technology Co. Ltd.			9,755,635			-			(8,186,704	)			5,725,615				(7,294,546	)			-			-
Beam Global***			12,568,322			11,132,094			(13,900,132	)			6,105,562				(15,905,846	)			-			-
Luoyang Glass Co. Ltd., H Shares			31,425,445			17,780,263			(23,924,246	)			(11,225,486	)			6,380,975				20,436,951			-
Motech Industries, Inc.			24,899,702			16,604,825			(21,331,651	)			2,403,961				(4,142,077	)			18,434,760			117,535
Sunworks, Inc.			11,990,259			6,174,372			(9,561,308	)			8,325,754				(16,929,077	)			-			-
TSEC Corp.**			28,150,071			21,671,409			(27,674,688	)			8,266,478				(2,060,350	)			28,352,920			-
Total		$	971,851,806		$	3,364,258,646		$	(3,563,679,914	)		$	19,642,273			$	(40,121,467	)		$	751,951,344		$	4,161,954

* 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 August 31, 2022, this security was not considered as an affiliate of the Fund.

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

^(c)  Non-income producing security.

^(d)  All or a portion of this security was out on loan at August 31, 2022.

^(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 August 31, 2022 was $75,478,110, which represented 2.54% of the Fund’s Net Assets.

^(f)  The rate shown is the 7-day SEC standardized yield as of August 31, 2022.

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

This Fund has holdings greater than 10% of net assets in the following country:
China	19.91	%

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

  18  

Statements of Assets and Liabilities

August 31, 2022

	Invesco Nasdaq Biotechnology ETF (IBBQ)			Invesco PHLX Semiconductor ETF (SOXQ)			Invesco Solar ETF (TAN)
Assets:
Unaffiliated investments in securities, at value(a)	$	20,352,044		$	60,338,238		$	2,936,200,725
Affiliated investments in securities, at value		2,686,892			-			723,598,424
Foreign currencies, at value		-			-			793,388
Deposits with brokers:
Cash segregated as collateral		-			-			5,612,939
Receivable for:
Dividends		23,970			106,938			3,438,744
Securities lending		1,202			-			411,672
Investments sold		3,596			-			279,046
Fund shares sold		-			-			5,345,502
Foreign tax reclaims		-			-			163,267
Other assets		-			-			19,045
Total assets		23,067,704			60,445,176			3,675,862,752
Liabilities:
Due to custodian		14,078			49,004			516,954
Payable for:
Investments purchased		4,106			-			6,715,827
Collateral upon return of securities loaned		2,686,807			-			684,686,319
Collateral upon receipt of securities in-kind		-			-			5,612,939
Fund shares repurchased		5,246			-			278,567
Accrued unitary management fees		3,757			10,520			-
Accrued advisory fees		-			-			1,289,093
Accrued trustees’ and officer’s fees		-			-			17,508
Accrued expenses		-			-			1,255,156
Accrued tax expenses		-			-			7,889
Total liabilities		2,713,994			59,524			700,380,252
Net Assets	$	20,353,710		$	60,385,652		$	2,975,482,500
Net assets consist of:
Shares of beneficial interest	$	28,133,062		$	77,380,170		$	3,690,485,336
Distributable earnings (loss)		(7,779,352	)		(16,994,518	)		(715,002,836	)
Net Assets	$	20,353,710		$	60,385,652		$	2,975,482,500
Shares outstanding (unlimited amount authorized, $0.01 par value)		1,050,001			2,860,001			35,288,000
Net asset value	$	19.38		$	21.11		$	84.32
Market price	$	19.40		$	21.15		$	84.34
Unaffiliated investments in securities, at cost	$	27,355,090		$	75,532,881		$	3,016,815,528
Affiliated investments in securities, at cost	$	2,686,807		$	-		$	725,144,126
Foreign currencies, at cost	$	-		$	-		$	789,684
(a) Includes securities on loan with an aggregate value of:	$	2,664,828		$	-		$	661,736,494

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

  19  

Statements of Operations

For the year ended August 31, 2022

	Invesco Nasdaq Biotechnology ETF (IBBQ)			Invesco PHLX Semiconductor ETF (SOXQ)			Invesco Solar ETF (TAN)
Investment income:
Unaffiliated dividend income	$	244,534		$	806,507		$	8,482,484
Affiliated dividend income		30			123			120,623
Securities lending income, net		17,289			392			3,890,157
Foreign withholding tax		(3,331	)		(17,649	)		(479,325	)
Total investment income		258,522			789,373			12,013,939
Expenses:
Unitary management fees		56,680			111,324			-
Advisory fees		-			-			13,573,064
Sub-licensing fees		-			-			3,800,450
Accounting & administration fees		-			-			262,552
Custodian & transfer agent fees		-			-			476,552
Trustees’ and officer’s fees		-			-			24,664
Other expenses		-			-			484,028
Total expenses		56,680			111,324			18,621,310
Less: Waivers		(24,612	)		(34,914	)		(221	)
Net expenses		32,068			76,410			18,621,089
Net investment income (loss)		226,454			712,963			(6,607,150	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(928,886	)		(1,922,265	)		(160,054,728	)
Affiliated investment securities		(700	)		(300	)		(41,425,948	)
Unaffiliated in-kind redemptions		11,261			7,298,142			262,542,661
Affiliated in-kind redemptions		-			-			1,304,481
Foreign currencies		-			-			(207,158	)
Net realized gain (loss)		(918,325	)		5,375,577			62,159,308
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(9,312,668	)		(18,852,741	)		(265,048,549	)
Affiliated investment securities		85			-			(8,781,136	)
Foreign currencies		-			-			(40,020	)
Change in net unrealized appreciation (depreciation)		(9,312,583	)		(18,852,741	)		(273,869,705	)
Net realized and unrealized gain (loss)		(10,230,908	)		(13,477,164	)		(211,710,397	)
Net increase (decrease) in net assets resulting from operations	$	(10,004,454	)	$	(12,764,201	)	$	(218,317,547	)

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

  20  

Statements of Changes in Net Assets

For the years ended August 31, 2022 and 2021

	Invesco Nasdaq Biotechnology ETF (IBBQ)						Invesco PHLX Semiconductor ETF (SOXQ)						Invesco Solar ETF (TAN)
	2022			2021(a)			2022			2021(a)			2022			2021
Operations:
Net investment income (loss)	$	226,454		$	85,123		$	712,963		$	147,084		$	(6,607,150	)	$	(1,656,887	)
Net realized gain (loss)		(918,325	)		814,104			5,375,577			877,721			62,159,308			945,864,381
Change in net unrealized appreciation (depreciation)		(9,312,583	)		2,309,622			(18,852,741	)		3,658,098			(273,869,705	)		(400,052,910	)
Net increase (decrease) in net assets resulting from operations		(10,004,454	)		3,208,849			(12,764,201	)		4,682,903			(218,317,547	)		544,154,584
Distributions to Shareholders from:
Distributable earnings		(290,468	)		-			(728,394	)		-			-			(3,100,002	)
Shareholder Transactions:
Proceeds from shares sold		35,536,414			69,388,017			62,816,295			73,208,006			1,842,850,588			3,176,990,404
Value of shares repurchased		(56,556,737	)		(20,927,911	)		(52,100,885	)		(14,728,072	)		(1,867,798,055	)		(1,834,571,394	)
Net increase (decrease) in net assets resulting from share transactions		(21,020,323	)		48,460,106			10,715,410			58,479,934			(24,947,467	)		1,342,419,010
Net increase (decrease) in net assets		(31,315,245	)		51,668,955			(2,777,185	)		63,162,837			(243,265,014	)		1,883,473,592
Net assets:
Beginning of period		51,668,955			-			63,162,837			-			3,218,747,514			1,335,273,922
End of period	$	20,353,710		$	51,668,955		$	60,385,652		$	63,162,837		$	2,975,482,500		$	3,218,747,514
Changes in Shares Outstanding:
Shares sold		1,610,000			2,730,001			2,380,000			2,900,001			22,400,000			35,760,000
Shares repurchased		(2,480,000	)		(810,000	)		(1,860,000	)		(560,000	)		(24,480,000	)		(21,920,000	)
Shares outstanding, beginning of period		1,920,001			-			2,340,001			-			37,368,000			23,528,000
Shares outstanding, end of period		1,050,001			1,920,001			2,860,001			2,340,001			35,288,000			37,368,000

^(a) For the period June 9, 2021 (commencement of investment operations) through August 31, 2021.

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

  21  

Financial Highlights

Invesco Nasdaq Biotechnology ETF (IBBQ)

	Year Ended August  31, 2022				For the  Period June 9, 2021(a) Through August 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	26.91			$	25.34
Net investment income(b)			0.17				0.04
Net realized and unrealized gain (loss) on investments			(7.47	)			1.53
Total from investment operations			(7.30	)			1.57
Distributions to shareholders from:
Net investment income			(0.23	)			-
Net asset value at end of period		$	19.38			$	26.91
Market price at end of period(c)		$	19.40			$	26.87
Net Asset Value Total Return(d)			(27.24	)%			6.19	%(e)
Market Price Total Return(d)			(27.06	)%			6.04	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	20,354			$	51,669
Ratio to average net assets of:
Expenses, after Waivers			0.11	%			-	%(f)
Expenses, prior to Waivers			0.19	%			0.19	%(f)
Net investment income			0.76	%			0.65	%(f)
Portfolio turnover rate(g)			22	%			8	%

^(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 (June 11, 2021, the first day of trading on the exchange) to August 31, 2021 was 5.16%. The market price total return from Fund Inception to August 31, 2021 was 5.00%.

^(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.

  22  

Financial Highlights–(continued)

Invesco PHLX Semiconductor ETF (SOXQ)

	Year Ended August  31, 2022				For the  Period June 9, 2021(a) Through August 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	26.99			$	24.88
Net investment income(b)			0.31				0.06
Net realized and unrealized gain (loss) on investments			(5.83	)			2.05
Total from investment operations			(5.52	)			2.11
Distributions to shareholders from:
Net investment income			(0.36	)			-
Net asset value at end of period		$	21.11			$	26.99
Market price at end of period(c)		$	21.15			$	27.06
Net Asset Value Total Return(d)			(20.70	)%			8.48	%(e)
Market Price Total Return(d)			(20.76	)%			8.76	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	60,386			$	63,163
Ratio to average net assets of:
Expenses, after Waivers			0.13	%			-	%(f)
Expenses, prior to Waivers			0.19	%			0.19	%(f)
Net investment income			1.22	%			1.09	%(f)
Portfolio turnover rate(g)			19	%			4	%

^(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 (June 11, 2021, the first day of trading on the exchange) to August 31, 2021 was 6.72%. The market price total return from Fund Inception to August 31, 2021 was 7.08%.

^(f)  Annualized.

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

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

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Financial Highlights–(continued)

Invesco Solar ETF (TAN)

	Years Ended August 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	86.14		$	56.75		$	30.63		$	21.92		$	21.62
Net investment income (loss)(a)		(0.19	)		(0.05	)		0.17			0.05			0.54
Net realized and unrealized gain (loss) on investments		(1.63	)		29.53			26.04			8.79			0.20
Total from investment operations		(1.82	)		29.48			26.21			8.84			0.74
Distributions to shareholders from:
Net investment income		-			(0.09	)		(0.09	)		(0.13	)		(0.44	)
Net asset value at end of year	$	84.32		$	86.14		$	56.75		$	30.63		$	21.92
Market price at end of year(b)	$	84.34		$	85.59		$	56.84		$	30.54		$	21.82
Net Asset Value Total Return(c)		(2.11	)%		51.93	%		85.82	%		40.73	%		3.19	%
Market Price Total Return(c)		(1.46	)%		50.72	%		86.67	%		40.96	%		2.33	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	2,975,483		$	3,218,748		$	1,335,274		$	456,086		$	319,383
Ratio to average net assets of:
Expenses, after Waivers		0.69	%		0.65	%		0.69	%		0.70	%		0.65	%
Expenses, prior to Waivers		0.69	%		0.65	%		0.69	%		0.71	%		0.69	%
Net investment income (loss)		(0.24	)%		(0.05	)%		0.49	%		0.22	%		2.23	%
Portfolio turnover rate(d)		38	%		55	%		28	%		29	%		54	%

^(a)  Based on average shares outstanding.

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

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

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

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

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

August 31, 2022

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 Biotechnology ETF (IBBQ)	“Nasdaq Biotechnology ETF”
Invesco PHLX Semiconductor ETF (SOXQ)	“PHLX Semiconductor ETF”
Invesco Solar ETF (TAN)	“Solar 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, except for Shares of Solar ETF, which are listed and traded on NYSE Arca, Inc.

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

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

Fund	Underlying Index
Nasdaq Biotechnology ETF	Nasdaq Biotechnology Index®
PHLX Semiconductor ETF	PHLX Semiconductor Sector Index®
Solar ETF	MAC Global Solar Energy Index

NOTE 2–Significant Accounting Policies

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter (“OTC”) market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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

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

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

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

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

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

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The 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 and unreliable are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/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, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

B. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest 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

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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.

C. 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.

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

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

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.

F. Expenses - Each Fund (except for Solar ETF) has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, 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).

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

  27  

Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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

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

G. 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.

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

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

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through August 31, 2022, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:

	Amount
Nasdaq Biotechnology ETF	$743
PHLX Semiconductor ETF	15
Solar ETF	41,609

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

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

K. 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 or could experience extended market closures or trading halts, may increase this risk.

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

Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging markets securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information,

  29  

including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index.

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

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

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

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.

Micro-Capitalization Company Risk. Investments in the securities of micro-capitalization companies involve substantially greater risks of loss and price fluctuations than other securities with larger capitalizations. Micro-capitalization companies carry additional risks because their earnings and revenues tend to be less predictable (and some companies may be experience significant losses), their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations. Micro-capitalization companies may be newly formed or in the early stages of development, with limited product lines, markets or financial resources, and they may lack management depth or may be overly reliant on specific key individuals. In addition, less public information may be available about these companies. The shares of micro-capitalization companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the future ability to sell these securities.

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.

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

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 3–Investment Advisory Agreement and Other Agreements

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

Pursuant to an Investment Advisory Agreement, Solar ETF 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 Solar ETF (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, 2024 (the “Expense Cap”). There is no guarantee that the Adviser will extend the waiver of these fees past that date.

Pursuant to another Investment Advisory Agreement, each Fund listed below accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, 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 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 Biotechnology ETF	0.19%
PHLX Semiconductor ETF	0.19%

Prior to December 17, 2021, the Adviser waived 100% of its unitary management fee for Nasdaq Biotechnology ETF and PHLX Semiconductor ETF.

Further, through at least August 31, 2024, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.

For the fiscal year ended August 31, 2022, the Adviser waived fees for each Fund in the following amounts:

Nasdaq Biotechnology ETF	$	24,612
PHLX Semiconductor ETF		34,914
Solar ETF		221

The fees waived and/or expenses borne by the Adviser, pursuant to the Expense Cap, for Solar ETF 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

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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 August 31, 2022.

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
Nasdaq Biotechnology ETF	Nasdaq, Inc.
PHLX Semiconductor ETF	Nasdaq, Inc.
Solar ETF	MAC Indexing 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 BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

For the fiscal year ended August 31, 2022, 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 Biotechnology ETF	$	2,530
PHLX Semiconductor ETF		841
Solar ETF		3,600

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 the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2022, for each Fund (except for PHLX Semiconductor ETF). As of August 31, 2022, all of the securities in PHLX Semiconductor 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
Nasdaq Biotechnology ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	20,352,044		$	-		$	-		$	20,352,044
Money Market Funds			-			2,686,892			-			2,686,892
Total Investments		$	20,352,044		$	2,686,892		$	-		$	23,038,936

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	Level 1			Level 2			Level 3			Total
Solar ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	2,974,703,443		$	368,993		$	-		$	2,975,072,436
Money Market Funds			-			684,726,713			-			684,726,713
Total Investments		$	2,974,703,443		$	685,095,706		$	-		$	3,659,799,149

A reconciliation of Level 3 investments is presented when a Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the year ended August 31, 2022:

	Value 08/31/21			Purchases at Cost			Proceeds from  Sales			Accrued Discounts/ Premiums			Realized Gain  (Loss)			Change in Unrealized Appreciation (Depreciation)			Transfers into Level 3			Transfers out of Level 3				Value 08/31/22
Solar ETF
Common Stocks & Other Equity Interests		$	44,976,464		$	–		$	–		$	–		$	–		$	–		$	–		$	(44,976,464	)		$	–

The Funds’ policy is to recognize transfers into or out of Level 3 at the beginning of the reporting period.

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

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2022 and 2021:

	2022		2021
	Ordinary Income*		Ordinary Income*
Nasdaq Biotechnology ETF**	$	290,468	$	-
PHLX Semiconductor ETF**		728,394		-
Solar ETF		-		3,100,002

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

** For the period June 9, 2021 (commencement of investment operations) through August 31, 2021.

Tax Components of Net Assets at Fiscal Year-End:

	Undistributed Ordinary Income			Temporary Book/Tax Differences				Net Unrealized Appreciation (Depreciation)- Investments				Net Unrealized (Depreciation)- Foreign Currencies			Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets
Nasdaq Biotechnology ETF		$	41,351		$	-			$	(7,056,604	)		$	-		$	(764,099)$		28,133,062		$	20,353,710
PHLX Semiconductor ETF			131,653			-				(15,216,567	)			-			(1,909,604)		77,380,170			60,385,652
Solar ETF			-			(14,232	)			(242,379,825	)			(27,511)			(472,581,268)		3,690,485,336			2,975,482,500

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

The Funds have capital loss carryforwards as of August 31, 2022, as follows:

	No expiration
	Short-Term			Long-Term			Total*
Nasdaq Biotechnology ETF		$	688,811		$	75,288		$	764,099
PHLX Semiconductor ETF			1,842,663			66,941			1,909,604
Solar ETF			196,052,127			276,529,141			472,581,268

* 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 fiscal year ended August 31, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases			Sales
Nasdaq Biotechnology ETF		$	6,575,849		$	6,732,263
PHLX Semiconductor ETF			11,011,322			11,068,739
Solar ETF			1,044,555,043			1,039,404,841

For the fiscal year ended August 31, 2022, in-kind transactions associated with creations and redemptions were as follows:

	In-kind			In-kind
	Purchases			Sales
Nasdaq Biotechnology ETF		$	35,421,898		$	56,338,498
PHLX Semiconductor ETF			62,777,244			52,003,878
Solar ETF			1,582,848,860			1,589,813,912

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of August 31, 2022, 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
Nasdaq Biotechnology ETF		$	719,282		$	(7,775,886	)		$	(7,056,604	)		$	30,095,540
PHLX Semiconductor ETF			465,844			(15,682,411	)			(15,216,567	)			75,554,805
Solar ETF			317,516,489			(559,896,314	)			(242,379,825	)			3,902,178,974

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2022, the reclassifications were as follows:

	Undistributed Net		Undistributed Net			Shares of
	Investment Income		Realized Gain (Loss)			Beneficial Interest
Nasdaq Biotechnology ETF	$	10,448	$	120,330		$	(130,778	)
PHLX Semiconductor ETF		-		(7,284,609	)		7,284,609
Solar ETF		6,972,456		(178,788,100	)		171,815,644

NOTE 8–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for Nasdaq Biotechnology ETF and PHLX Semiconductor ETF. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

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

NOTE 9–Capital

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

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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.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco Nasdaq Biotechnology ETF, Invesco PHLX Semiconductor ETF and Invesco Solar ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Nasdaq Biotechnology ETF, Invesco PHLX Semiconductor ETF and Invesco Solar ETF (three of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter referred to as the “Funds”) as of August 31, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022 (or for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF for the year ended August 31, 2022 and the period June 9, 2021 (commencement of investment operations) through August 31, 2021), including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2022 (or for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF for the year ended August 31, 2022 and the period June 9, 2021 (commencement of investment operations) through August 31, 2021) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2022 (or for Invesco Nasdaq Biotechnology ETF and Invesco PHLX

Semiconductor ETF for the year ended August 31, 2022 and the period June 9, 2021 (commencement of investment operations) through August 31, 2021), and the financial highlights for each of the five years in the period ended August 31, 2022 (or for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF for the year ended August 31, 2022 and the period June 9, 2021 (commencement of investment operations) through August 31, 2021) in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022, by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 27, 2022

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

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Calculating your ongoing Fund expenses

Example

As a shareholder of the Invesco Solar ETF, you incur advisory fees and other Fund expenses. As a shareholder of Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF, you incur a unitary management fee. In addition to the advisory fee or unitary management fee, a shareholder may pay distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of 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 March 1, 2022 through August 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value March 1, 2022			Ending Account Value August 31, 2022			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco Nasdaq Biotechnology ETF (IBBQ)
Actual		$	1,000.00		$	969.70		0.19	%		$	0.94
Hypothetical (5% return before expenses)			1,000.00			1,024.25		0.19				0.97
Invesco PHLX Semiconductor ETF (SOXQ)
Actual			1,000.00			785.80		0.19				0.86
Hypothetical (5% return before expenses)			1,000.00			1,024.25		0.19				0.97
Invesco Solar ETF (TAN)
Actual			1,000.00			1,185.10		0.72				3.97
Hypothetical (5% return before expenses)			1,000.00			1,021.58		0.72				3.67

⁽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 August 31, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

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Tax Information

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

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2022:

	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*
Invesco Nasdaq Biotechnology ETF		0	%		90	%		79	%		0	%		0	%
Invesco PHLX Semiconductor ETF		0	%		98	%		96	%		0	%		0	%
Invesco Solar ETF		0	%		0	%		0	%		0	%		0	%

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

  38  

Trustees and Officers

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

As of August 31, 2022

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2007	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	230	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).
Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	230	None.

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

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

  39  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Edmund P. Giambastiani, Jr.–1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chair of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	230	Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

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

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

  40  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Victoria J. Herget–1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	230	Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, Mather LifeWays (2001-2021); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

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

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

  41  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Audit Committee and Trustee	Chair of the Audit Committee since 2008; Trustee since 2007	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	230	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.
Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Investment Oversight Committee and Trustee	Chair of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	230	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

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

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

  42  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Joanne Pace–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.	230	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

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

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

  43  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	230	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).
Donald H. Wilson–1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Board and Trustee	Chair since 2012; Trustee since 2007	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	230	Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

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

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

  44  

Trustees and Officers–(continued)

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

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road Suite 700 Downers Grove, IL 60515 Executive Officer since 2020	Trustee, President and Principal Executive Officer	Trustee since 2022, President and Principal	President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).	230	None

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

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

  45  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2020	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

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

  46  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); and Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present); Director, Invesco Trust Company (2022-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange- Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).
Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

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

  47  

Trustees and Officers–(continued)

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

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

Availability of Additional Information About the Trustees

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

  48  

Approval of Investment Advisory and Sub-Advisory Contracts

At a meeting held on April 6, 2022, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco MSCI Global Timber ETF, Invesco S&P Global Water Index ETF and Invesco Solar ETF (each, a “Fund” and collectively, the “Funds”).

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

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2021, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between Invesco Solar ETF and its underlying index. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that the Funds were created in connection with the purchase by Invesco of the exchange-traded funds (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018, and on May 18, 2018 for the Invesco Solar ETF, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement. The Trustees concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

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

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

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee and gross and net expense ratios. The Trustees noted that the annual contractual advisory fee charged to each Fund is 0.50% of the Fund’s average daily net assets and that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund (excluding interest expenses, sub-licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding the percentage of that Fund’s average daily net assets, until at least August 31, 2024, as set forth below:

• 0.55% for Invesco MSCI Global Timber ETF;

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

• 0.65% for Invesco Solar ETF.

The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net advisory fees and net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds. The Trustees noted that the contractual advisory fees for certain Funds were equal to or lower than the median net advisory fees of their ETF and open-end index peer funds, as illustrated in the table

  49  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees of their open-end actively-managed peer funds.

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median	Lower than Open-End Active Fund Peer Median
Invesco MSCI Global Timber ETF			X
Invesco S&P Global Water Index ETF	X	X	X
Invesco Solar ETF		X	X

The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a significant component of the non-advisory fee expenses was the sub-licensing fees paid by the Funds, and noted that each Fund’s sub-license fees are not subject to the Expense Cap.

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal  to/Lower than Open-End Index Fund Peer Median	Lower than Open-End Active Fund Peer Median
Invesco MSCI Global Timber ETF			X
Invesco S&P Global Water Index ETF	X	X	X
Invesco Solar ETF		X	X

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding Invesco Solar ETF’s advisory fee and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fee and total expenses for the Fund are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including a product that has investment strategies comparable to one of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Trustees determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

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

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

  50  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

waived and/or borne by the Adviser. The Trustees considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the flat advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees for money market cash management vehicles and fees as the Funds’ direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s 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 continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

  51  

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.

©2022 Invesco Capital Management LLC         3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-TRST2-AR-2	invesco.com/ETFs

	Invesco Annual Report to Shareholders
	August 31, 2022
	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 ETF

Table of Contents

The Market Environment	3
Management’s Discussion of Fund Performance	5
Liquidity Risk Management Program	36
Schedules of Investments
Invesco 1-30 Laddered Treasury ETF (PLW)	37
Invesco California AMT-Free Municipal Bond ETF (PWZ)	39
Invesco CEF Income Composite ETF (PCEF)	45
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)	48
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)	52
Invesco National AMT-Free Municipal Bond ETF (PZA)	63
Invesco New York AMT-Free Municipal Bond ETF (PZT)	81
Invesco Preferred ETF (PGX)	84
Invesco Taxable Municipal Bond ETF (BAB)	89
Invesco Treasury Collateral ETF (CLTL)	106
Invesco Variable Rate Preferred ETF (VRP)	107
Invesco VRDO Tax-Free ETF (PVI)	113
Statements of Assets and Liabilities	116
Statements of Operations	118
Statements of Changes in Net Assets	120
Financial Highlights	124
Notes to Financial Statements	136
Report of Independent Registered Public Accounting Firm	151
Fund Expenses	152
Tax Information	154
Trustees and Officers	155
Approval of Investment Advisory and Sub-Advisory Contracts	165

2

The Market Environment

Domestic Equity

The fiscal year began with increasing volatility and the US stock market saw a selloff through most of September due to increasing concerns of inflation resulting from a spike in oil prices and supply chain shortages causing rising costs. Despite the Consumer Price Index (CPI) increasing monthly from June through September 2021,¹ the US Federal Reserve (the Fed) declined to raise interest rates at its September 2021 Federal Open Market Committee meeting.

Equity markets saw continued volatility in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruption and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil rose to nearly $85 per barrel in October,² causing higher gas prices for consumers, and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.¹ To combat inflation, the Fed announced a faster pace of “tapering” at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at the 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.² The CPI rose by another 7.9% for the 12 months ended February 2022 reaching a 40 year high.¹ To combat inflation, the Fed raised the federal funds rate by a one-quarter percentage point in March.

As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix, reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued for much of the second quarter of 2022 amid record inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the CPI rose by yet another 8.6% for the 12 months ended May 2022 reaching a 40 year high.¹ Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.² To tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.³ US equity markets rose in July and much of August until Fed

chairman Jerome Powell’s hawkish comments at Jackson Hole, Wyoming, an economic policy symposium, sparked a sharp selloff at month end. Due to declining energy prices, the CPI rose by 8.5% for the 12 months ending July,¹ down slightly from June, but still at multi-decade highs and far above the Fed’s 2% annual inflation target. As a result, the Fed indicated that it would continue taking aggressive action to curb inflation, though such measures could “bring pain to households and businesses.” The remarks deflated investor optimism that the Fed would pause rate hikes in the second half of 2022 and increased the likelihood of a US recession. In this environment, US stocks had negative double-digit returns of (11.23)% for the fiscal year ended August 31, 2022, measured by the S&P 500 Index.⁴

¹  Source: US Bureau of Labor Statistics

²  Source: Bloomberg LP

³  Source: US Federal Reserve

⁴  Source: Lipper Inc.

Fixed Income

In the fourth quarter of 2021, concerns about inflation heightened as US inflation rose 7%,¹ its highest level in nearly 40 years. Though the US Federal Reserve (the Fed) left policy rates unchanged in the quarter, the Fed indicated its accommodative policies were coming to an end in 2022 through a willingness to raise interest rates to combat inflation and the announced reduction of its monthly bond purchase program. Additionally, US interest rate moves and inflation risk significantly affected fixed income valuations during the quarter. The two-year Treasury yield rose moderately from 0.27% to 0.73%, while the 10-year increased slightly from 1.48% to 1.52% during the quarter.² The yield curve, as measured by the yield differential between two- and 10-year Treasuries, flattened during the quarter.

At the beginning of 2022, geopolitical and economic tensions between Ukraine and Russia culminated with the latter invading Ukrainian territory. World leaders levied sanctions against Russia that had material effects on its fixed income markets, particularly sovereign debt, corporates and levels of liquidity. The Russia-Ukraine war exacerbated inflationary pressures while also exerting downward pressure on economic growth through a surge in commodity/energy prices. Additionally, surges of COVID-19 in China exacerbated supply chain issues and aggravated inflation. During the second quarter of 2022, the two-year Treasury yield rose significantly from 0.78% to 2.28%, while the 10-year increased moderately from 1.63% to 2.32%.²

In the second quarter of 2022, the macro backdrop of tightening financial conditions and slowing economic growth was negative for credit asset classes. Inflation, as measured by the Consumer Price Index, increased further to 9.1%¹ and fixed income markets felt the impact of rising interest rates. Bond sectors experienced negative performance ranging from -0.9% (Bloomberg Asset-Backed Securities) to -9.8% (Bloomberg US Corporate High Yield).³ Credit spreads increased across all major credit-sensitive sectors,

3

The Market Environment (continued)

reflecting anticipation of an economic slowdown and increasing concerns about recession risk, with corporate spreads ending the second quarter above their long-term historical average. The Fed continued its rapid tightening of monetary policy in an effort to combat inflation via higher interest rates while simultaneously engineering a soft landing so as to not push the economy into a recession. The Fed aggressively raised its key fed funds rate during the period, including a 0.50% hike in May, a 0.75% hike in June (the largest since 1994), and an additional 0.75% hike in July to a target range of 2.25-2.50%. We believe that the Fed is unlikely to pivot from its hawkish policies, and we expect the Fed will increase the target range to 3.50-3.75% by the end of the year followed by a 0.50% cut in 2023. While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 2.92% to 3.45% during the last 2-month period in the fiscal year, while 10-year Treasury rates increased from 3.04% to 3.15% over the same period.² At the end of the fiscal year, the yield curve remained inverted, which historically has been an indicator of a potential recession.

¹  Source: US Bureau of Labor Statistics

²  Source: US Department of the Treasury

³  Source: Bloomberg

4

PLW	Management’s Discussion of Fund Performance
	Invesco 1-30 Laddered Treasury ETF (PLW)

As an index fund, the Invesco 1-30 Laddered Treasury ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Ryan/NASDAQ U.S. 1-30 Year Treasury Laddered Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (the “Index Provider”) oversees the Index, which seeks to measure the potential returns of a theoretical portfolio of U.S. Treasury securities with a yield curve based upon 30 distinct annual maturities. The Index seeks to maintain a continuous maturity laddered portfolio of securities, meaning that its constituent securities are scheduled to mature in a proportional, annual sequential pattern. The Index allows a six-month maturity deviation if securities with a desired maturity date are not available.

The Index includes securities that are U.S. Treasury-auctioned issues with fixed coupon rates that are non-callable. The Fund generally invests in all of the securities comprising its Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (15.99)%. On a net asset value (“NAV”) basis, the Fund returned (15.71)%. During the same time period, the Index returned (15.53)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Bloomberg U.S. Treasury Index (the “Benchmark Index”) returned (10.80)%. The Benchmark Index is an unmanaged index weighted by market capitalization, which is based on the average performance of approximately 300 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the roughly 5-year average duration of the U.S. Treasury market.

Relative to the Benchmark Index, the Fund was most overweight in bonds with maturities between 6-10 years duration and most underweight in bonds with maturities between 0-5 years duration during the fiscal year ended August 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s overweight allocation to bonds with maturities greater than 5 years.

For the fiscal year ended August 31, 2022, bonds with maturities of 10 years detracted most significantly from the Fund’s return, followed by bonds with maturities of 6 years. No bonds contributed positively to the Fund’s return over the period.

Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2022 included U.S. Treasury

Bond, 4.50% coupon, due 02/15/2036 (portfolio average weight of 9.40%), and U.S. Treasury Bond, 5.38% coupon, due 02/15/2031 (portfolio average weight 7.60%). No positions contributed positively to the Fund’s return during the period.

Duration Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Maturing in 0-5 Years	18.00
Maturing in 6-10 Years	21.61
Maturing in 11-15 Years	12.81
Maturing in 16-20 Years	16.39
Maturing in 21-25 Years	15.51
Maturing in 26-30 Years	15.53
Money Market Funds Plus Other Assets Less Liabilities	0.15
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
U.S. Treasury Bonds, 4.50%, 02/15/2036	9.44
U.S. Treasury Bonds, 5.38%, 02/15/2031	7.58
U.S. Treasury Notes, 2.75%, 02/15/2024	3.69
U.S. Treasury Bonds, 7.13%, 02/15/2023	3.67
U.S. Treasury Bonds, 7.63%, 02/15/2025	3.57
U.S. Treasury Bonds, 6.00%, 02/15/2026	3.55
U.S. Treasury Notes, 2.75%, 02/15/2028	3.54
U.S. Treasury Bonds, 6.63%, 02/15/2027	3.52
U.S. Treasury Notes, 1.50%, 02/15/2030	3.51
U.S. Treasury Notes, 1.88%, 02/15/2032	3.49
Total	45.56

* Excluding money market fund holdings.

5

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

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Ryan/NASDAQ U.S. 1-30 Year Treasury Laddered Index		(15.53	)%		(3.82	)%		(11.03	)%		0.30	%		1.49	%		1.30	%		13.83	%		4.07	%		81.20	%
Bloomberg U.S. Treasury Index		(10.80	)		(2.25	)		(6.59	)		0.30			1.52			0.83			8.57			2.67			47.96
Fund
NAV Return		(15.71	)		(4.06	)		(11.70	)		0.06			0.29			1.05			11.06			3.79			74.03
Market Price Return		(15.99	)		(4.20	)		(12.09	)		(0.01	)		(0.04	)		1.01			10.55			3.75			73.07

Fund Inception: October 11, 2007

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

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

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

Notes Regarding Indexes and Fund Performance History:

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

6

PWZ	Management’s Discussion of Fund Performance
	Invesco California AMT-Free Municipal Bond ETF (PWZ)

As an index fund, the Invesco California AMT-Free Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA California Long-Term Core Plus Municipal Securities Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is composed of U.S. dollar-denominated, tax-exempt municipal debt publicly issued by California or any U.S. territory and their political subdivisions, in the U.S. domestic market. Such securities are exempt from the federal alternative minimum tax and are considered investment grade based on an average of ratings by S&P Global Ratings, a division of S&P Global Inc., Moody’s Investors Service, Inc. and Fitch Ratings Inc. To be eligible for inclusion in the Index, such securities must have a term of at least 15 years remaining to final maturity, a fixed coupon schedule, and a minimum amount outstanding of $25 million per maturity. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (11.66)%. On a net asset value (“NAV”) basis, the Fund returned (11.28)%. During the same time period, the Index returned (11.47)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the positive effects of the sampling approach employed by the portfolio management team, which was partially offset by the fees and operating expenses incurred by the Fund and costs associated with portfolio rebalancing during the period.

During this same time period, the Bloomberg Municipal Bond 20 Year Index (the “Benchmark Index”) returned (10.90)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 5,800 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of municipal securities with maturities of 17 to 22 years.

Relative to the Benchmark Index, the Fund was most overweight in California bonds and most underweight in New York bonds during the fiscal year ended August 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s exposure to California bonds.

For the fiscal year ended August 31, 2022, California bonds detracted most significantly from the Fund’s return. Puerto Rico bonds contributed the most to the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return included Regents of the University of California Medical Center, 3.50% coupon, due 05/15/2054 (portfolio average weight of 2.30%), and Sacramento (City of), 5.50% coupon, due 08/01/2052 (portfolio average weight of 0.60%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2022, included California (State of) Health Facilities Financing Authority, 4.00% coupon, due 08/15/2050 (portfolio average weight of 2.00%), and Fremont (City of), CA, 4.00% coupon, due 08/01/2046 (portfolio average weight of 0.50%).

Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Ad Valorem Property Tax	28.30
Health, Hospital, Nursing Home Revenue	14.89
College & University Revenue	11.25
Electric Power Revenue	7.94
Port, Airport & Marina Revenue	6.83
General Fund	6.62
Water Revenue	5.14
Lease Revenue	4.36
Sewer Revenue	3.69
Revenue Types Each Less Than 3%	9.61
Other Assets Less Liabilities	1.37

7

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

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2022
Security
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds, 5.00%, 08/01/2041	2.89
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds, 5.00%, 07/01/2041	2.58
California State University, Series 2016 A, Ref. RB, 5.00%, 11/01/2041	2.34
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB, 4.00%, 08/15/2050	2.27
Regents of the University of California Medical Center, Series 2022, RB, 3.50%, 05/15/2054	2.23
Hayward Unified School District (Election of 2018), Series 2022, GO Bonds, 4.00%, 08/01/2050	1.69
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB, 5.00%, 08/15/2050	1.38
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016, RB, 5.00%, 05/01/2046	1.30
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB, 5.00%, 08/01/2049	1.25
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB, 5.00%, 07/01/2042	1.25
Total	19.18

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—ICE BofA California Long-Term Core Plus Municipal Securities Index		(11.47	)%		(1.56	)%		(4.61	)%		1.19	%		6.11	%		2.68	%		30.33	%		3.73	%		72.47	%
Bloomberg Municipal Bond 20 Year Index		(10.90	)		(1.16	)		(3.45	)		1.60			8.25			2.80			31.85			4.10			81.87
Fund
NAV Return		(11.28	)		(1.89	)		(5.58	)		0.88			4.50			2.53			28.41			3.31			62.41
Market Price Return		(11.66	)		(2.00	)		(5.89	)		0.77			3.92			2.48			27.78			3.24			60.66

8

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

Fund Inception: October 11, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.28% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The

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

Notes Regarding Indexes and Fund Performance History:

- The Blended—ICE BofA California Long-Term Core Plus Municipal Securities Index is comprised of the performance of the BofA Merrill Lynch California Insured Long-Term Core Municipal Securities Index, the Fund’s underlying index from Fund inception through the conversion date, May 29, 2009, followed by the performance of the BofA Merrill Lynch California Insured Long-Term Core Plus Municipal Securities Index, the Fund’s underlying index for the period May 29, 2009 until July 8, 2014, followed by the performance of the Index for the period July 8, 2014 through August 31, 2022.

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

9

PCEF	Management’s Discussion of Fund Performance
	Invesco CEF Income Composite ETF (PCEF)

As an index fund, the Invesco CEF Income Composite ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S-Network Composite Closed-End Fund Index^SM (the “Index”). The Fund generally will invest at least 90% of its total assets in the components of the Index. The Fund is a “fund of funds,” as it invests its assets in the common shares of funds included in the Index rather than in individual securities.

S-Network Global Indexes, Inc. compiles, maintains and calculates the Index, which is designed to measure the overall performance of a universe of U.S.-listed closed-end funds that are organized under the laws of the United States and are principally engaged in asset management processes designed to produce taxable annual yield. Each closed-end fund must have a stated objective to invest in taxable investment grade fixed-income securities, taxable high yield fixed-income securities or taxable options. The Index may include closed-end funds that are advised by an affiliate of Invesco Capital Management LLC, the Fund’s investment adviser. The Fund generally invests in all of the securities comprising its Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (14.18)%. On a net asset value (“NAV”) basis, the Fund returned (14.04)%. During the same time period, the Index returned (13.96)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned (11.23)%. The Benchmark Index is an unmanaged index weighted by market capitalization, which is based on the average performance of approximately 500 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall U.S. stock market.

Relative to the Benchmark Index, the Fund was most overweight in investment grade and high yield fixed-income closed-end funds during the fiscal year ended August 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index can be attributed to the Fund’s fixed-income exposure, which generally underperformed the equity markets during the period.

For the fiscal year ended August 31, 2022, the Highland Income Fund (portfolio average weight of 1.74%) contributed most significantly to the Fund’s return, followed by the BlackRock Energy and Resources Trust (portfolio average weight of 0.58%). Positions that detracted most significantly from the Fund’s return included BlackRock Science & Technology Trust (portfolio average

weight of 1.95%), and Nuveen Preferred & Income Securities Fund (portfolio average weight of 2.42%).

Asset Class Breakdown* (% of the Fund’s Net Assets) as of August 31, 2022
Bonds	40.55
Option Income	26.23
Bonds/High Yield	21.92
Fixed Income	7.90
Equities	2.23
Domestic Equity	1.13
Money Market Funds Plus Other Assets Less Liabilities	0.04

* Reflects exposure achieved through investments in underlying funds.

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
PIMCO Dynamic Income Fund	4.70
Eaton Vance Tax-Managed Global Diversified Equity Income Fund	3.03
PIMCO Dynamic Income Opportunities Fund	2.88
Nuveen Preferred & Income Securities Fund	2.59
DoubleLine Income Solutions Fund	2.43
BlackRock Enhanced Equity Dividend Trust	2.25
Virtus Dividend, Interest & Premium Strategy Fund	2.23
Eaton Vance Ltd. Duration Income Fund	2.11
Highland Income Fund	1.98
First Trust Intermediate Duration Preferred & Income Fund	1.97
Total	26.17

* Excluding money market fund holdings.

10

Invesco CEF Income Composite ETF (PCEF) (continued)

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S-Network Composite Closed-End Fund IndexSM		(13.96	)%		3.57	%		11.09	%		4.02	%		21.75	%		5.62	%		72.83	%		6.43	%		118.21	%
S&P 500® Index		(11.23	)		12.39			41.98			11.82			74.86			13.08			241.73			12.89			356.85
Fund
NAV Return		(14.04	)		3.43			10.63			3.76			20.28			5.24			66.62			6.01			107.84
Market Price Return		(14.18	)		3.41			10.58			3.72			20.06			5.22			66.39			6.00			107.39

Fund Inception: February 19, 2010

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 1.97% includes the unitary management fee of 0.50% and acquired fund fees and expenses of 1.47%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder

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

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

Notes Regarding Indexes and Fund Performance History:

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

11

PHB	Management’s Discussion of Fund Performance
	Invesco Fundamental High Yield® Corporate Bond ETF (PHB)

As an index fund, the Invesco Fundamental High Yield^® Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the RAFI^® Bonds U.S. High Yield 1-10 Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Research Affiliates, LLC (the “Index Provider”) or its agent compiles and calculates the Index, which is designed to measure the performance of U.S. dollar-denominated high yield corporate bonds that are SEC-registered securities, Rule 144A securities under the Securities Act of 1933 (the “Securities Act”), or Section 3(a)(2) securities under the Securities Act with registration rights (issued after July 31, 2013) and whose issuers are public companies domiciled in the United States.

The Index selects and weights securities based on the Fundamental Index^® approach developed by the Index Provider that uses four fundamental factors of company size: book value of assets, gross sales, gross dividends and cash flow. Only non-convertible, non-exchangeable, non-zero, fixed coupon high- yield corporate bonds qualify for inclusion in the Index. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (10.06)%. On a net asset value (“NAV”) basis, the Fund returned (9.55)%. During the same time period, the Index returned (9.10)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Bloomberg U.S. Corporate High Yield Index (the “Benchmark Index”) returned (10.60)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 2,100 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the broad-based U.S. high-yield corporate bond market.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the consumer discretionary sector during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the communication services sector.

For the fiscal year ended August 31, 2022, the consumer discretionary sector detracted most significantly from the Fund’s return, followed by the communication services and industrials

sectors, respectively. No sectors contributed positively to the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included CoreCivic, Inc., 8.25% coupon, due 04/15/2026 an industrial company (portfolio average weight of 0.64%), and Royal Caribbean Cruises Ltd., 5.25% coupon, due 11/15/2022, a consumer discretionary company (portfolio average weight of 0.61%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2022, included Ford Motor Co., 3.25% coupon, due 02/12/2032, a consumer discretionary company (portfolio average weight of 1.22%), and Dish DBS Corp., 5.13% coupon, due 06/01/2029, a communication services company (portfolio average weight of 0.56%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Consumer Discretionary	24.10
Industrials	13.94
Communication Services	11.04
Materials	8.62
Information Technology	8.39
Energy	8.19
Financials	6.42
Utilities	5.92
Real Estate	5.70
Health Care	5.18
Consumer Staples	1.04
Money Market Funds Plus Other Assets Less Liabilities	1.46
Credit Quality Rating (S&P)* (% of the Fund’s Net Assets) as of August 31, 2022
BBB	15.52
BB	67.68
B	13.90
CCC	0.50
Not Rated	0.94
Money Market Funds Plus Other Assets Less Liabilities	1.46

* Source: Standard & Poor’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. “Not Rated” indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard & Poor’s rating methodology, please visit spglobal.com/ratings/en/ and select “Understanding Credit Ratings” under About Ratings on the homepage.

12

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Centene Corp., 4.63%, 12/15/2029	2.11
United Airlines Holdings, Inc., 4.88%, 01/15/2025	1.87
Ford Motor Credit Co. LLC, 3.38%, 11/13/2025	1.72
Ally Financial, Inc., 5.75%, 11/20/2025	1.71
Sprint Corp., 7.88%, 09/15/2023	1.45
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025	1.39
Ford Motor Co., 3.25%, 02/12/2032	1.38
TransDigm, Inc., 5.50%, 11/15/2027	1.34
Sprint Capital Corp., 6.88%, 11/15/2028	1.34
DPL, Inc., 4.13%, 07/01/2025	1.33
Total	15.64

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—RAFI® Bonds U.S. High Yield 1-10 Index		(9.10	)%		1.01	%		3.06	%		2.64	%		13.90	%		4.08	%		49.18	%		4.53	%		92.63	%
Bloomberg US Corporate High Yield Index		(10.60	)		1.03			3.11			2.58			13.60			4.51			55.41			6.17			142.58
Fund
NAV Return		(9.55	)		0.15			0.46			1.84			9.53			3.22			37.23			2.97			54.28
Market Price Return		(10.06	)		0.00			0.00			1.73			8.93			3.14			36.24			2.78			50.10

13

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB) (continued)

Fund Inception: November 15, 2007

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

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

Notes Regarding Indexes and Fund Performance History:

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

- The Blended-RAFI^® Bonds U.S. High Yield 1-10 Index is comprised of the performance of the Wells Fargo^® High Yield Bond Index, the Fund’s previous index, from Fund inception through the conversion date, August 2, 2010, followed by the performance of the Index starting at the conversion date through August 31, 2022.

14

PFIG	Management’s Discussion of Fund Performance
	Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)

As an index fund, the Invesco Fundamental Investment Grade Corporate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the RAFI^® Bonds U.S. Investment Grade 1-10 Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.

Strictly in accordance with its guidelines and mandated procedures, Research Affiliates, LLC (the “Index Provider”) or its agent compiles and calculates the Index, which is designed to measure the performance of U.S. dollar-denominated investment grade corporate bonds that are SEC-registered securities, or Rule 144A securities under the Securities Act of 1933 (the “Securities Act”), or Section 3(a)(2) securities under the Securities Act with registration rights (issued after July 31, 2013) and whose issuers are public companies domiciled in the United States. The Index selects and weights securities based on the Fundamental Index^® approach developed by the Provider that uses four fundamental factors of company size: book value of assets, gross sales, gross dividends and cash flows. Only non-convertible, non-exchangeable, non-zero, fixed coupon investment grade corporate bonds qualify for inclusion in the Index. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (10.39)%. On a net asset value (“NAV”) basis, the Fund returned (10.10)%. During the same time period, the Index returned (9.93)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and operating expenses that the Fund incurred during the period.

During this same time period, the Bloomberg U.S. Corporate Index (the “Benchmark Index”) returned (14.91)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 7,300 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the broad-based U.S. corporate bond market.

Relative to the Benchmark Index, the Fund was most overweight in the real estate sector and most underweight in the financials sector during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to its security selection within the financials sector.

For the fiscal year ended August 31, 2022, the financials sector detracted most significantly from the Fund’s return, followed by the information technology and health care sectors, respectively. No sector contributed positively to the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Brighthouse Financial, Inc., 5.63% coupon, due 05/15/2030, a financials company (portfolio average weight of 0.10%), and HCA, Inc., 5.38% coupon, due 02/01/2025, a health care company (portfolio average weight of 0.14%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2022, included General Electric Co., 6.75% coupon, due 03/15/2032, a financials company (portfolio average weight of 0.30%), and Apple Inc., 1.65% coupon, due 02/08/2031, an information technology company (portfolio average weight of 0.51%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Financials	18.93
Information Technology	11.97
Health Care	10.36
Industrials	10.21
Consumer Staples	10.01
Consumer Discretionary	9.41
Utilities	7.10
Real Estate	5.88
Energy	5.67
Communication Services	4.89
Materials	4.60
Money Market Funds Plus Other Assets Less Liabilities	0.97
Credit Quality Rating (S&P)* (% of the Fund’s Net Assets) as of August 31, 2022
AAA	1.55
AA	8.12
A	33.10
BBB	56.26
Money Market Funds Plus Other Assets Less Liabilities	0.97

* Source: Standard & Poor’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. “Not Rated” indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard & Poor’s rating methodology, please visit spglobal.com/ratings/en/ and select “Understanding Credit Ratings” under About Ratings on the homepage.

15

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Microsoft Corp., 3.30%, 02/06/2027	0.79
JPMorgan Chase & Co., 2.95%, 10/01/2026	0.56
Apple, Inc., 1.65%, 02/08/2031	0.51
AT&T, Inc., 4.25%, 03/01/2027	0.51
Exxon Mobil Corp., 2.61%, 10/15/2030	0.49
Bank of America Corp., 3.25%, 10/21/2027	0.49
General Electric Co., 6.75%, 03/15/2032	0.48
American International Group, Inc., 3.90%, 04/01/2026	0.48
Walmart, Inc., 1.80%, 09/22/2031	0.47
Exxon Mobil Corp., 3.04%, 03/01/2026	0.47
Total	5.25

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
RAFI® Bonds U.S. Investment Grade 1-10 Index		(9.93	)%		(0.68	%		(2.02	%		1.29	%		6.63	%		2.08	%		22.82	%		2.55	%		31.72	%
Bloomberg U.S. Corporate Index		(14.91	)		(2.12	)		(6.22	)		1.02			5.22			2.32			25.82			3.02			38.61
Fund
NAV Return		(10.10	)		(0.91	)		(2.72	)		1.04			5.31			1.81			19.67			2.20			26.86
Market Price Return		(10.39	)		(0.98	)		(2.90	)		0.94			4.80			1.75			18.91			2.18			26.66

16

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) (continued)

Fund Inception: September 15, 2011

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.22% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

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

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

Notes Regarding Indexes and Fund Performance History:

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

17

PZA	Management’s Discussion of Fund Performance
	Invesco National AMT-Free Municipal Bond ETF (PZA)

As an index fund, the Invesco National AMT-Free Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA National Long-Term Core Plus Municipal Securities Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is composed of U.S. dollar-denominated, tax-exempt municipal debt publicly issued by U.S. states and territories and their political subdivisions, in the U.S. domestic market. Such securities are exempt from the federal alternative minimum tax and are considered investment grade based on an average of ratings by S&P Global Ratings, a division of S&P Global Inc., Moody’s Investors Service, Inc. and Fitch Ratings Inc. To be eligible for inclusion in the Index, such securities must have a term of at least 15 years remaining to final maturity, a fixed coupon schedule, and a minimum amount outstanding of $25 million per maturity. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (12.42)%. On a net asset value (“NAV”) basis, the Fund returned (12.21)%. During the same time period, the Index returned (12.16)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were partially offset by the positive effect of the sampling approach employed by the portfolio management team.

During this same time period, the Bloomberg Municipal Bond 20 Year Index (the “Benchmark Index”) returned (10.90)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 5,800 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of municipal securities with maturities of 17 to 22 years.

Relative to the Benchmark Index, the Fund was most overweight in Massachusetts bonds and most underweight in California bonds during the fiscal year ended August 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to differences in state weightings relative to the Benchmark Index, as well as fees and trading costs incurred by the Fund.

For the fiscal year ended August 31, 2022, New York bonds detracted most significantly from the Fund’s return, followed by California bonds. Puerto Rico bonds contributed most significantly to the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Harris County Texas Cultural, 4.13% coupon, due 07/01/2052 (portfolio average weight of 0.40%), and Ysleta Texas Independent School District, 4.25% coupon, due 08/15/2056 (portfolio average weight of 0.40%). Positions that detracted most significantly from the Fund’s return included Colorado Health Facilities, 3.00% coupon, due 11/15/2051 (portfolio average weight of 0.60%), and Colorado Health Facilities, 4.00% coupon, due 11/15/2050 (portfolio average weight of 0.90%).

Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Health, Hospital, Nursing Home Revenue	18.47
Ad Valorem Property Tax	15.80
College & University Revenue	9.78
Water Revenue	8.76
Highway Tolls Revenue	7.56
Sales Tax Revenue	6.66
Income Tax Revenue	5.44
Lease Revenue	4.94
Miscellaneous Revenue	4.69
Electric Power Revenue	3.89
Port, Airport & Marina Revenue	3.53
Revenue Types Each Less Than 3%	9.48
Other Assets Less Liabilities	1.00

18

Invesco National AMT-Free Municipal Bond ETF (PZA) (continued)

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2022
Security
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB, 5.00%, 06/01/2037	1.03
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB, 4.00%, 11/15/2050	0.94
San Diego Unified School District, Series 2020 M-2, GO Bonds, 4.00%, 07/01/2050	0.68
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB, 5.00%, 12/01/2045	0.60
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds, 5.25%, 01/01/2044	0.59
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB, 3.00%, 11/15/2051	0.57
Licking Heights Local School District, Series 2022, GO Bonds, 5.50%, 10/01/2059	0.56
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB, 5.00%, 12/01/2044	0.55
Grand Parkway Transportation Corp., Series 2018 A, RB, 5.00%, 10/01/2043	0.54
Chicago (City of), IL Transit Authority, Series 2017, RB, 5.00%, 12/01/2051	0.53
Total	6.59

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—ICE BofA National Long-Term Core Plus Municipal Securities Index		(12.16	)%		(1.56	)%		(4.60	)%		1.24	%		6.38	%		2.77	%		31.48	%		3.79	%		74.00	%
Bloomberg Municipal Bond 20 Year Index		(10.90	)		(1.16	)		(3.45	)		1.60			8.25			2.80			31.85			4.10			81.87
Fund
NAV Return		(12.21	)		(2.13	)		(6.27	)		0.73			3.68			2.24			24.84			3.27			61.46
Market Price Return		(12.42	)		(2.22	)		(6.52	)		0.70			3.53			2.21			24.43			3.20			59.73

19

Invesco National AMT-Free Municipal Bond ETF (PZA) (continued)

Fund Inception: October 11, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.28% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The

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

Notes Regarding Indexes and Fund Performance History:

- The Blended-ICE BofA National Long-Term Core Plus Municipal Securities Index is comprised of the performance of the BofA Merrill Lynch National Insured Long-Term Core Municipal Securities Index, the Fund’s underlying index from Fund inception through the conversion date, May 29, 2009, followed by the performance of the BofA Merrill Lynch National Insured Long-Term Core Plus Municipal Securities Index, the Fund’s underlying index for the period May 29, 2009 through July 8, 2014, followed by the performance of the Index for the period July 8, 2014 through August 31, 2022.

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

20

PZT	Management’s Discussion of Fund Performance
	Invesco New York AMT-Free Municipal Bond ETF (PZT)

As an index fund, the Invesco New York AMT-Free Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA New York Long-Term Core Plus Municipal Securities Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is composed of U.S. dollar-denominated, tax-exempt municipal debt publicly issued by New York or any U.S. territory and their political subdivisions in the U.S. domestic market. Such securities are exempt from the federal alternative minimum tax and are considered investment grade based on an average of ratings by S&P Global Ratings, a division of S&P Global Inc., Moody’s Investors Service, Inc. and Fitch Ratings Inc. To be eligible for inclusion in the Index, such securities must have a term of at least 15 years remaining to final maturity, a fixed coupon schedule, and a minimum amount outstanding of $25 million per maturity. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (12.49)%. On a net asset value (“NAV”) basis, the Fund returned (12.55)%. During the same time period, the Index returned (12.68)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the positive effect of the sampling approach employed by the portfolio management team, which was partially offset by fees and operating expenses that the Fund incurred during the period.

During this same time period, the Bloomberg Municipal Bond 20 Year Index (the “Benchmark Index”) returned (10.90)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 5,800 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the market for municipal securities with maturities of 17 to 22 years.

Relative to the Benchmark Index, the Fund was most overweight in New York bonds and most underweight in California bonds during the fiscal year ended August 31, 2022. The majority of the Fund’s underperformance, on a NAV basis, relative to the Benchmark Index during the period can be attributed to overweight allocation to New York bonds.

For the fiscal year ended August 31, 2022, New York bonds detracted most significantly from the Fund’s return. Guam bonds were the only contributor to the Fund’s return during the period.

Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2022, included New York

(State of) Dormitory Authority, 4.00% coupon, due 02/15/2044 (portfolio average weight of 3.30%), and New York (City of), NY Industrial Development Agency, 3.00% coupon, due 03/01/2049 (portfolio average weight of 1.30%). Positions that contributed most significantly to the Fund’s return included New York (City of), NY Municipal Water Finance Authority, 4.00% coupon, due 06/15/2051 (portfolio average weight of 2.10%), and MTA Hudson Rail Yards Trust Obligations, 5.00% coupon, due 11/15/2051 (portfolio average weight of 1.10%).

Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Income Tax Revenue	16.28
Water Revenue	13.52
Miscellaneous Revenue	11.30
Electric Power Revenue	11.08
Highway Tolls Revenue	8.21
Ad Valorem Property Tax	6.94
College & University Revenue	5.99
Health, Hospital, Nursing Home Revenue	5.42
Port, Airport & Marina Revenue	4.27
Lease Revenue	3.67
Hotel Occupancy Tax	3.48
Revenue Types Each Less Than 3%	7.05
Other Assets Less Liabilities	2.79

21

Invesco New York AMT-Free Municipal Bond ETF (PZT) (continued)

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2022
Security
New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB, 4.00%, 02/15/2044	3.32
New York (State of) Power Authority (Green Transmission), Series 2022, RB, 4.00%, 11/15/2052	3.31
Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB, 4.00%, 05/15/2046	2.47
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2019, RB, 5.00%, 11/01/2049	2.38
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB, 5.00%, 11/15/2051	2.31
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB, 4.00%, 06/15/2051	2.06
New York (State of) Utility Debt Securitization Authority, Series 2017, RB, 5.00%, 12/15/2038	1.91
New York (City of), NY, Series 2019 B-1, GO Bonds, 5.00%, 10/01/2039	1.88
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB, 5.00%, 06/15/2048	1.88
Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB, 5.00%, 09/01/2041	1.86
Total	23.38

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—ICE BofA New York Long-Term Core Plus Municipal Securities Index		(12.68	)%		(2.03	)%		(5.97	)%		0.82	%		4.14	%		2.45	%		27.44	%		3.41	%		64.67	%
Bloomberg Municipal Bond 20 Year Index		(10.90	)		(1.16	)		(3.45	)		1.60			8.25			2.80			31.85			4.10			81.87
Fund
NAV Return		(12.55	)		(1.96	)		(5.75	)		0.83			4.21			2.12			23.36			2.93			53.81
Market Price Return		(12.49	)		(1.98	)		(5.82	)		0.86			4.35			2.11			23.20			2.87			52.36

22

Invesco New York AMT-Free Municipal Bond ETF (PZT) (continued)

Fund Inception: October 11, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.28% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The

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

Notes Regarding Indexes and Fund Performance History:

- The Blended-ICE BofA New York Long-Term Core Plus Municipal Securities Index is comprised of the performance of the BofA Merrill Lynch New York Insured Long-Term Core Municipal Securities Index, the Fund’s underlying index from Fund inception through the conversion date, May 29, 2009, followed by the performance of the BofA Merrill Lynch New York Insured Long-Term Core Plus Municipal Securities Index, the Fund’s underlying index for the period May 29, 2009 through July 8, 2014, followed by the performance of the Index for the period July 8, 2014 through August 31, 2022.

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

23

PGX	Management’s Discussion of Fund Performance
	Invesco Preferred ETF (PGX)

As an index fund, the Invesco Preferred ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA Core Plus Fixed Rate Preferred Securities Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) selects securities for the Index, which is a market capitalization-weighted index designed to measure the total return performance of the fixed-rate U.S. dollar- denominated preferred securities market. The Index includes both traditional and other preferred securities. Unlisted preferred securities are excluded from the Index, but unlisted senior or subordinated debt- like securities are eligible for inclusion. The Index may include Rule 144A securities. Securities are selected for the Index using a rules-based methodology. Qualifying securities must be rated at least B3 (based on an average of ratings by Moody’s Investors Services, Inc. (“Moody’s”), S&P Global Ratings, a division of S&P Global Inc. (“S&P”) and Fitch Ratings, Inc. (“Fitch”)) and must have an investment grade country risk profile (based on an average of Moody’s, S&P and Fitch foreign currency long-term sovereign debt ratings). The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (13.91)%. On a net asset value (“NAV”) basis, the Fund returned (13.85)%. During the same time period, the Index returned (13.60)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the S&P U.S. Preferred Stock Index (the “Benchmark Index”) returned (12.94)%. The Benchmark Index is an unmanaged index weighted by modified market capitalization, which is based on the average performance of approximately 300 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the preferred stock market, which includes convertible preferred stocks.

Relative to the Benchmark Index, the Fund was most overweight in the energy sector and most underweight in the real estate sector during the fiscal year ended August 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to its security selection within the financials sector.

For the fiscal year ended August 31, 2022, the financials sector detracted most significantly from the Fund’s return, followed by the real estate sector. No sector contributed positively to the Fund’s return during the period.

Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2022, included JPMorgan Chase & Co., Series MM, Pfd., 4.20%, a financials company (portfolio average weight 1.42%), and Wells Fargo & Co., Series Z, Pfd., 4.75%, a financials company (portfolio average weight 1.43%). Positions that contributed most significantly to the Fund’s return included DCP Midstream L.P., Series B, Pfd., 7.88%, an energy company (portfolio average weight 0.12%), and Nustar Logistics L.P., Series B, Pfd., 7.65%, an energy company (portfolio average weight 0.21%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Financials	67.88
Utilities	10.36
Real Estate	8.22
Communication Services	6.83
Consumer Discretionary	3.32
Sector Types Each Less Than 3%	3.04
Money Market Funds Plus Other Assets Less Liabilities	0.35
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Citigroup, Inc., Series K, Pfd., 6.88%	1.78
JPMorgan Chase & Co., Series DD, Pfd., 5.75%	1.39
Wells Fargo & Co., Series Q, Pfd., 5.85%	1.39
Wells Fargo & Co., Series Z, Pfd., 4.75%	1.36
JPMorgan Chase & Co., Series LL, Pfd., 4.63%	1.35
JPMorgan Chase & Co., Series MM, Pfd., 4.20%	1.35
JPMorgan Chase & Co., Series EE, Pfd., 6.00%	1.31
Bank of America Corp., Series KK, Pfd., 5.38%	1.29
Bank of America Corp., Series GG, Pfd., 6.00%	1.22
AT&T, Inc., Series C, Pfd., 4.75%	1.18
Total	13.62

* Excluding money market fund holdings.

24

Invesco Preferred ETF (PGX) (continued)

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—ICE BofA Core Plus Fixed Rate Preferred Securities Index		(13.60	)%		(0.91	)%		(2.71	)%		1.63	%		8.40	%		4.31	%		52.49	%		3.53	%		65.74	%
S&P U.S. Preferred Stock Index		(12.94	)		0.74			2.23			2.22			11.61			4.34			52.97			4.67			94.65
Fund
NAV Return		(13.85	)		(1.15	)		(3.41	)		1.35			6.92			3.99			47.95			2.99			53.57
Market Price Return		(13.91	)		(1.24	)		(3.67	)		1.36			6.98			3.97			47.53			2.87			51.06

Fund Inception: January 31, 2008

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.51% includes the unitary management fee of 0.50% and acquired fund fees and expenses of 0.01%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

- The Blended-ICE BofA Core Plus Fixed Rate Preferred Securities Index is comprised of the performance of The BofA Merrill Lynch Core Fixed Rate Preferred Securities Index, the Fund’s previous underlying index, from Fund inception through the conversion date, April 1, 2012, followed by the performance of the Index starting from the conversion date through August 31, 2022.

25

BAB	Management’s Discussion of Fund Performance
	Invesco Taxable Municipal Bond ETF (BAB)

As an index fund, the Invesco Taxable Municipal Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA US Taxable Municipal Securities Plus Index (the “Index”). The Fund generally will invest at least 80% of its total assets in securities that comprise the Index.

ICE Data Indices, LLC (the “Index Provider”), oversees the Index, which is designed to measure the performance of U.S. dollar denominated taxable municipal debt publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. market.

Securities eligible for inclusion in the Index must have: (i) at least 18 months to final maturity at the time of issuance, (ii) at least one year remaining term to final maturity, (iii) a fixed coupon schedule, including zero coupon bonds, and (iv) an investment grade rating (based on an average of ratings by Moody’s Investors Services, Inc., S&P Global Ratings, a division of S&P Global Inc. and Fitch Ratings, Inc.). Component securities also must have a minimum amount outstanding that varies according to the bond’s initial term to final maturity at time of issuance: maturities between 1-5 years must have at least $10 million outstanding; maturities between 5-10 years must have at least $15 million outstanding; and maturities of 10 years or more must have at least $25 million outstanding. The Index excludes Rule 144A securities and securities in default. However, it may include bonds eligible to participate in the Build America Bond program created under the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal securities on which the issuer receives federal support of the interest paid (“Build America Bonds”). Unlike most other municipal obligations, interest received on Build America Bonds is subject to federal and state income tax. The Index does not include bonds that, under the Build America Bond program, are eligible for tax credits. Build America Bonds must have at least $1 million outstanding to be eligible for inclusion in the Index.

The Index uses a capitalization weighted methodology, weighting the Index’s constituent bonds using a factor that equals their current amount outstanding multiplied by their market price, plus accrued interest. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (16.23)%. On a net asset value (“NAV”) basis, the Fund returned (16.38)%. During the same time period, the Index returned (15.36)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index due to fees and operating expenses that the Fund incurred during the period, as well as costs associated with portfolio rebalancing, sampling, and trading.

During this same time period, ICE BofA U.S. Corporate Master Index returned (14.51)% and the Bloomberg U.S. Aggregate Bond Index returned (11.52)% (each, a “Benchmark Index” and, collectively the “Benchmark Indices”). The Benchmark Indices are unmanaged indices weighted by market capitalization and based on the average performance of approximately 9,600 securities and 12,700 securities, respectively. These Benchmark Indices were selected for their recognition in the marketplace, and their performance comparisons are a useful measure for investors as broad representations of the market for investment grade corporate debt with at least one year to maturity, and the market for U.S. investment grade, fixed-rate bonds, respectively.

Relative to each Benchmark Index, the majority of the Fund’s underperformance during the period can be attributed to the Fund’s overweight allocation to California.

For the fiscal year ended August 31, 2022, California bonds detracted most significantly from the Fund’s return, followed by New York bonds and Texas bonds, respectively. No state contributed positively to the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included New York (State of) Dormitory Authority, 5.97% coupon, due 07/01/2042 (portfolio average weight of 0.02%), and Dallas (City of), TX Independent School District, 6.45% coupon, due 02/15/2035 (portfolio average weight of 0.26%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2022, included California (State of), 7.55% coupon, due 04/01/2039 (portfolio average weight of 1.39%), and California (State of), 7.50% coupon, due 04/01/2034 (portfolio average weight of 1.17%).

Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Ad Valorem Property Tax	20.54
College & University Revenue	14.55
Port, Airport & Marina Revenue	8.64
Miscellaneous Revenue	7.62
Electric Power Revenue	6.58
General Fund	6.38
Lease Revenue	5.47
Water Revenue	5.17
Sales Tax Revenue	5.08
Health, Hospital, Nursing Home Revenue	4.01
Highway Tolls Revenue	3.49
Revenue Types Each Less Than 3%	11.4
Money Market Funds Plus Other Assets Less Liabilities	1.07

26

Invesco Taxable Municipal Bond ETF (BAB) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
California (State of), Series 2009, GO Bonds, 7.55%, 04/01/2039	1.37
New York & New Jersey (States of) Port Authority, Series 2020 AAA, RB, 1.09%, 07/01/2023	1.28
Fort Lauderdale (City of), FL, Series 2020, Ref. RB, 0.75%, 01/01/2024	1.18
California (State of), Series 2009, GO Bonds, 7.50%, 04/01/2034	1.15
California (State of), Series 2009, GO Bonds, 7.30%, 10/01/2039	0.98
New York (City of), NY, Subseries 2019 A-2, GO Bonds, 2.13%, 08/01/2024	0.79
Allegheny (County of), PA, Series 2020 C-79, Ref. GO Bonds, 2.09%, 11/01/2033	0.79
University of California, Series 2020 BG, RB, 1.32%, 05/15/2027	0.78
University of California, Series 2019 BD, RB, 3.35%, 07/01/2029	0.78
American Municipal Power, Inc. (Combined Hydroelectric), Series 2010 B, RB, 8.08%, 02/15/2050	0.76
Total	9.86

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—ICE BofA US Taxable Municipal Securities Plus Index		(15.36	)%		(2.43	)%		(7.11	)%		1.45	%		7.46	%		3.22	%		37.25	%		5.31	%		93.73	%
ICE BofA U.S. Corporate Master Index		(14.51	)		(1.93	)		(5.69	)		1.11			5.69			2.41			26.88			3.79			60.96
Bloomberg U.S. Aggregate Bond Index		(11.52	)		(2.00	)		(5.87	)		0.52			2.62			1.35			14.36			2.38			35.12
Fund
NAV Return		(16.38	)		(3.19	)		(9.26	)		1.10			5.62			2.94			33.60			5.12			89.27
Market Price Return		(16.23	)		(3.34	)		(9.70	)		1.06			5.39			2.93			33.44			5.08			88.48

27

Invesco Taxable Municipal Bond ETF (BAB) (continued)

Fund Inception: November 17, 2009

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.28% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

- The Blended-ICE BofA US Taxable Municipal Securities Plus Index is comprised of the performance of the ICE BofAML Build America Bond Index, the Fund’s previous underlying index, from Fund inception through the conversion date, May 31, 2017, followed by the performance of the Index starting at the conversion date through August 31, 2022.

28

CLTL	Management’s Discussion of Fund Performance
	Invesco Treasury Collateral ETF (CLTL)

As an index fund, the Invesco Treasury Collateral ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE U.S. Treasury Short Bond Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.

The Index is designed to measure the performance of U.S. Treasury Obligations with a maximum remaining maturity of less than 12 months. “U.S. Treasury Obligations” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. They include U.S. Treasury notes, bills and bonds. The Fund expects to invest 100% of its total assets in cash and U.S. Treasury Obligations with a maximum remaining maturity of less than 12 months. The Index includes all publicly-issued, non-convertible U.S. Treasury Obligations that: (i) are issued in U.S. dollars, (ii) have a minimum remaining maturity of at least one month and a maximum remaining maturity of less than 12 months at the time of rebalance, (iii) have a fixed coupon schedule, and (iv) have a minimum amount outstanding of $300 million.

The Index excludes inflation-linked securities, floating rate notes, any government agency debt issued with or without a government guarantee and Separate Trading of Registered Interest and Principal of Securities (“STRIPS”). The Index uses a market value-weighted methodology. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective. In managing the Fund, Invesco Advisers, Inc., the sub-adviser, selects component securities that are expected to have, in the aggregate, investment characteristics, risk factors and liquidity measures that are similar to, and therefore are representative of, the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned 0.18%. On a net asset value (“NAV”) basis, the Fund returned 0.15%. During the same time period, the Index returned 0.09%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the positive effect of the sampling approach employed by the portfolio management team, which was partially offset by fees and operating expenses that the Fund incurred during the period.

For the fiscal year ended August 31, 2022, bonds with maturities between 61-90 days duration detracted most significantly from the Fund’s return. Bonds with maturities between 8-12 days duration contributed most significantly to the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included U.S. Treasury Bill, due 10/11/2022 (portfolio average weight of 0.73%), and U.S. Treasury Bill, due 10/25/2022 (portfolio average weight of 0.73%). Positions that detracted most significantly from the Fund’s return included U.S. Treasury Bill, due 01/26/2023 (portfolio average weight of 1.00%), and U.S. Treasury Bill, due 12/29/2022 (portfolio average weight of 0.95%).

Security Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
U.S. Treasury Bills	59.72
U.S. Treasury Notes	40.56
Money Market Funds Plus Other Assets Less Liabilities	(0.28)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
U.S. Treasury Notes, 2.00%, 10/31/2022	4.00
U.S. Treasury Bills, 1.74%-2.45%, 10/04/2022	3.63
U.S. Treasury Bills, 1.87%-2.54%, 10/11/2022	3.63
U.S. Treasury Bills, 1.91%-2.55%, 10/18/2022	3.63
U.S. Treasury Bills, 1.93%-2.57%, 10/20/2022	3.63
U.S. Treasury Bills, 2.02%-2.56%, 10/25/2022	3.62
U.S. Treasury Bills, 2.58%-2.87%, 12/01/2022	3.26
U.S. Treasury Bills, 1.97%-2.61%, 11/03/2022	2.84
U.S. Treasury Bills, 2.59%-2.65%, 11/10/2022	2.66
U.S. Treasury Bills, 2.82%, 11/25/2022	2.41
Total	33.31

* Exlcuding money market fund holdings.

29

Invesco Treasury Collateral ETF (CLTL) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
ICE U.S. Treasury Short Bond Index		0.09	%		0.59	%		1.78	%		1.15	%		5.90	%		1.11	%		6.39	%
Fund
NAV Return		0.15			0.58			1.75			1.11			5.66			1.06			6.10
Market Price Return		0.18			0.58			1.76			1.11			5.67			1.05			6.09

Fund Inception: January 12, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.08% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

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

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

Notes Regarding Index and Fund Performance History:

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

30

VRP	Management’s Discussion of Fund Performance
	Invesco Variable Rate Preferred ETF (VRP)

As an index fund, the Invesco Variable Rate Preferred ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE Variable Rate Preferred & Hybrid Securities Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the components of the Index, including American depositary receipts (“ADRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and calculates the Index, a market capitalization-weighted index designed to track the performance of floating and variable rate investment grade and below investment grade U.S. dollar denominated preferred stock, as well as certain types of hybrid securities that are, in the judgment of the Index Provider, comparable to preferred stocks, that are issued by corporations in the U.S. domestic market. To be eligible for inclusion in the Index, the preferred stock or hybrid security must: (i) be publicly issued, (ii) be U.S.-registered or exempt from registration in the United States, (iii) have at least one day remaining to maturity and at least 18 months to maturity at the time of its issuance, (iv) be issued in either $25 or $1,000 par value increments, and (v) have a floating rate coupon or dividend, and must meet other minimum liquidity, trading volume and other requirements, as determined by the Index Provider. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (9.06)%. On a net asset value (“NAV”) basis, the Fund returned (8.63)%. During the same time period, the Index returned (8.39)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were partially offset by the positive effect of the sampling approach employed by the portfolio management team.

During this same time period, the S&P U.S. Preferred Stock Index (the “Benchmark Index”) returned (12.94)%. The Benchmark Index is an unmanaged index weighted by modified market capitalization and based on the average performance of approximately 300 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the primarily fixed-rate preferred stock market.

Relative to the Benchmark Index, the Fund was most overweight in the utilities sector and most underweight in the health care sector during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection to the financials sector.

For the fiscal year ended August 31, 2022, the financials and utilities sectors detracted most significantly from the Fund’s

return. No sector contributed positively to the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Citigroup Capital XIII, Pfd., 9.18%, a financial company (portfolio average weight of 1.10%), and General Electric Co., Series D, 5.16%, an industrial company (portfolio average weight of 2.30%). Positions that detracted most significantly from the Fund’s return included Wells Fargo & Co., Series BB, 3.90%, a financial company (portfolio average weight of 1.40%) and Charles Schwab Corp. (The), Series I, 4.00%, a financial company (portfolio average weight of 0.90%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Financials	72.84
Energy	10.99
Utilities	8.01
Industrials	3.55
Sector Types Each Less Than 3%	3.59
Money Market Funds Plus Other Assets Less Liabilities	1.02
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
General Electric Co., Series D, 5.16%	2.32
Wells Fargo & Co., Series BB, 3.90%	1.33
JPMorgan Chase & Co., Series I, Pfd., 6.28%	1.26
JPMorgan Chase & Co., Series HH, 4.60%	1.14
Charles Schwab Corp. (The), Series G, 5.38%	1.07
JPMorgan Chase & Co., Series V, 5.60%	1.07
Citigroup Capital XIII, Pfd., 9.18%	1.07
BP Capital Markets PLC, 4.38%	1.03
BP Capital Markets PLC, 4.88%	0.99
Bank of America Corp., Series FF, 5.88%	0.92
Total	12.20

* Excluding money market fund holdings.

31

Invesco Variable Rate Preferred ETF (VRP) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
Blended—ICE Variable Rate Preferred & Hybrid Securities Index		(8.39	)%		1.57	%		4.80	%		2.52	%		13.25	%		4.15	%		40.31	%
S&P U.S. Preferred Stock Index		(12.94	)		0.74			2.23			2.22			11.61			3.84			36.84
Fund
NAV Return		(8.63	)		1.31			3.97			2.25			11.77			3.88			37.35
Market Price Return		(9.06	)		1.20			3.65			2.21			11.53			3.84			36.84

Fund Inception: May 1, 2014

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

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

Notes Regarding Indexes and Fund Performance History:

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

- The Blended-ICE Variable Rate Preferred & Hybrid Securities Index is comprised of the performance of the Wells Fargo^® Hybrid and Preferred Securities Floating and Variable Rate Index, the Fund’s previous underlying index, from Fund inception through the conversion date, June 30, 2021, followed by the performance of the Index starting at the conversion date through August 31, 2022.

32

PVI	Management’s Discussion of Fund Performance
	Invesco VRDO Tax-Free ETF (PVI)

As an index fund, the Invesco VRDO Tax-Free ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE US Municipal AMT-Free VRDO Constrained Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the components of the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles and calculates the Index, which tracks the performance of U.S. dollar denominated tax-exempt variable rate demand obligations (“VRDOs”) that are publicly issued by U.S. states and territories, and their political subdivisions, and that have interest rates that reset daily, weekly or monthly. Securities eligible for the Index must have at least one day remaining term to final maturity, at least $10 million amount outstanding, an investment grade rating (based on an average of ratings from Moody’s Investors Service, Inc., S&P Global Ratings and Fitch Ratings, Inc.) Securities whose interest is subject to the U.S. alternative minimum tax are excluded from the Index. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned 0.17%. On a net asset value (“NAV”) basis, the Fund returned 0.17%. During the same time period, the Index returned 0.38%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Bloomberg Municipal 1-Year Bond Index (the “Benchmark Index”) returned (1.59)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 7,700 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the market for municipal securities with no more than a 1-year duration.

Relative to the Benchmark Index, the Fund was most overweight in California bonds and most underweight in New York bonds during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund being overweight in California and in New York bonds.

For the fiscal year ended August 31, 2022, New York bonds contributed most significantly to the Fund’s return, followed by California bonds and Texas bonds, respectively. There were no states that detracted from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Build NYC

Resources Corp., 1.48% coupon, due 04/01/2045 (portfolio average weight of 4.37%), and Metropolitan Transportation Authority, 1.48 coupon, due 11/01/2026 (portfolio average weight of 3.59%). There were no detracting positions for the fiscal year ended August 31, 2022.

Revenue Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Health, Hospital, Nursing Home Revenue	19.77
Water Revenue	15.80
Miscellaneous Revenue	12.61
Ad Valorem Property Tax	10.09
Electric Power Revenue	7.32
Local or GTD Housing	5.99
Sales Tax Revenue	5.99
Port, Airport & Marina Revenue	4.81
Lease Revenue	4.41
College & University Revenue	4.26
Transit Revenue	3.15
Revenue Types Each Less Than 3%	4.56
Other Assets Less Liabilities	1.24

33

Invesco VRDO Tax-Free ETF (PVI) (continued)

Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2022
Security
California (State of) Health Facilities Financing Authority (Dignity Health), Series 2011 B, VRD RB, 1.35%, 03/01/2047	3.78
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 C, VRD RB, 1.47%, 08/15/2052	3.78
Indianapolis (City of), IN (Capital Place Apartments, Covington Square Apartments and the Woods at Oak Crossing), Series 2008, VRD RB, 1.62%, 05/15/2038	3.78
Geneva (City of), NY Industrial Development Agency, Series 2008, VRD RB, 1.52%, 12/01/2037	3.78
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2004 A, VRD RB, 1.55%, 11/01/2034	3.78
Emmaus (Borough of), PA General Authority, Series 1996, VRD RB, 1.66%, 12/01/2028	3.78
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2008 C, VRD RB, 1.46%, 05/15/2038	3.63
Build NYC Resource Corp. (The Asia Society Project), Series 2015, Ref. VRD RB, 1.48%, 04/01/2045	3.62
Washington (State of) Suburban Sanitary Commission, Series 2015 A-2, VRD RB, 1.47%, 06/01/2023	3.31
Los Angeles (City of), CA Department of Water & Power, Subseries 2001 B-7, Ref. VRD RB, 1.20%, 07/01/2034	3.15
Total	36.39

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
Blended—ICE US Municipal AMT-Free VRDO Constrained Index		0.38	%		0.44	%		1.32	%		0.78	%		3.97	%		0.51	%		5.19	%		0.66	%		10.19	%
Bloomberg Municipal 1-Year Bond Index		(1.59	)		0.32			0.95			0.85			4.30			0.81			8.45			1.38			22.41
Fund
NAV Return		0.17			0.22			0.67			0.57			2.88			0.31			3.18			0.61			9.40
Market Price Return		0.17			0.18			0.55			0.58			2.92			0.31			3.14			0.61			9.40

34

Invesco VRDO Tax-Free ETF (PVI) (continued)

Fund Inception: November 15, 2007

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

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

Notes Regarding Indexes and Fund Performance History:

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

- The Blended-ICE US Municipal AMT-Free VRDO Constrained Index is comprised of the performance of the Thomson Municipal Market Data VRDO Index, the Fund’s underlying index from Fund inception through the conversion date, August 5, 2010, followed by the performance of the Bloomberg U.S. Municipal AMT-Free Weekly VRDO Index, the Fund’s underlying index for the period August 5, 2010 through March 24, 2021, followed by the performance of the Index for the period March 24, 2021 through August 31, 2022.

35

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 15, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

• The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

• Each Fund’s investment strategy remained appropriate for an open-end fund;

• Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

• The Funds did not breach the 15% limit on Illiquid Investments; and

• The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

36

Invesco 1-30 Laddered Treasury ETF (PLW)

August 31, 2022

Schedule of Investments

	Principal Amount		Value
U.S. Treasury Securities-99.85%
U.S. Treasury Bonds-85.62%
7.13%, 02/15/2023(a)	$	18,910,800	$	19,254,729
7.63%, 02/15/2025		17,085,900		18,750,107
6.00%, 02/15/2026		17,199,100		18,615,338
6.63%, 02/15/2027(a)		16,300,500		18,466,683
5.25%, 02/15/2029		16,440,000		18,303,628
5.38%, 02/15/2031		34,278,400		39,821,860
4.50%, 02/15/2036		42,817,500		49,542,022
4.75%, 02/15/2037		14,911,600		17,715,680
4.38%, 02/15/2038		15,279,900		17,503,842
3.50%, 02/15/2039		16,783,200		17,274,240
4.63%, 02/15/2040		14,799,300		17,407,388
4.75%, 02/15/2041		14,523,300		17,262,304
3.13%, 02/15/2042		17,583,200		16,605,134
3.13%, 02/15/2043		17,721,800		16,552,577
3.63%, 02/15/2044		16,421,700		16,551,919
2.50%, 02/15/2045		19,378,700		16,105,516
2.50%, 02/15/2046		19,452,500		16,123,539
3.00%, 02/15/2047		17,647,000		16,096,339
3.00%, 02/15/2048		17,591,200		16,197,647
3.00%, 02/15/2049		17,519,300		16,377,124
2.00%, 02/15/2050		21,066,200		16,022,655
1.88%, 02/15/2051		21,704,200		15,922,065
2.25%, 02/15/2052		21,194,600		17,015,290
				449,487,626
U.S. Treasury Notes-14.23%
2.75%, 02/15/2024		19,570,800		19,378,914
2.75%, 02/15/2028		19,121,000		18,566,790
1.50%, 02/15/2030		20,693,600		18,411,646
1.88%, 02/15/2032		20,441,600		18,330,366
				74,687,716
Total U.S. Treasury Securities (Cost $593,587,821)				524,175,342

	Shares		Value
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(b)(c) (Cost $46,479)		46,479	$	46,479
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateralfrom securities on loan)-99.86% (Cost $593,634,300)				524,221,821
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.02%
Invesco Private Government Fund, 2.29%(b)(c)(d)		1,506,072		1,506,072
Invesco Private Prime Fund, 2.37%(b)(c)(d)		3,874,212		3,874,600
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,380,587)				5,380,672
TOTAL INVESTMENTS IN SECURITIES-100.88% (Cost $599,014,887)				529,602,493
OTHER ASSETS LESS LIABILITIES-(0.88)%				(4,615,924	)
NET ASSETS-100.00%			$	524,986,569

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at August 31, 2022.

^(b)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021	Purchases at Cost	Proceeds from Sales	Change in Unrealized Appreciation	Realized Gain (Loss)	Value August 31, 2022	Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$66,933	$16,963,427	$(16,983,881)	$        -	$        -	$        46,479	$1,653

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

37

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

August 31, 2022

	Value August 31, 2021		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2022		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$          -		$	277,070,486		$	(275,564,414	)		$	-		$	-			$1,506,072		$	20,331	*
Invesco Private Prime Fund		-			450,832,262			(446,939,636	)			85			(18,111	)		3,874,600			53,988	*
Total		$66,933		$	744,866,175		$	(739,487,931	)		$	85		$	(18,111	)		$5,427,151			$75,972

* 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.

^(c)  The rate shown is the 7-day SEC standardized yield as of August 31, 2022.

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

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

38

Invesco California AMT-Free Municipal Bond ETF (PWZ)

August 31, 2022

Schedule of Investments

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.63%
California-98.63%
Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)(a)		3.00	%		10/01/2034	$	2,000	$	1,857,751
Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)(a)		5.00	%		10/01/2035		1,500		1,579,040
Alameda (City of), CA Corridor Transportation Authority, Series 2022 C, RB, (INS - AGM)(a)		5.00	%		10/01/2052		1,000		1,055,631
Alameda (County of), CA Transportation Commission, Series 2022, RB		5.00	%		03/01/2045		1,750		1,984,943
Anaheim (City of), CA Public Financing Authority, Series 2014 A, Ref. RB(b)(c)		5.00	%		05/01/2024		540		563,009
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 S-7, Ref. RB		4.00	%		04/01/2042		3,000		2,979,653
Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB		4.00	%		04/01/2038		150		151,311
California (State of), Series 2013, GO Bonds		5.00	%		04/01/2043		2,000		2,027,597
California (State of), Series 2013, GO Bonds		5.00	%		11/01/2043		1,965		2,018,931
California (State of), Series 2014, GO Bonds		5.00	%		10/01/2044		1,000		1,044,193
California (State of), Series 2014, Ref. GO Bonds		4.00	%		11/01/2044		520		520,467
California (State of), Series 2015, GO Bonds		4.00	%		03/01/2045		195		195,165
California (State of), Series 2015, GO Bonds		5.00	%		03/01/2045		1,000		1,047,805
California (State of), Series 2015, Ref. GO Bonds		5.00	%		08/01/2035		1,500		1,595,004
California (State of), Series 2016, GO Bonds		5.00	%		09/01/2046		2,000		2,130,914
California (State of), Series 2017, GO Bonds		5.00	%		11/01/2047		3,475		3,732,278
California (State of), Series 2018, GO Bonds		5.00	%		10/01/2047		1,720		1,820,765
California (State of), Series 2019, Ref. GO Bonds		4.00	%		10/01/2037		4,000		4,108,342
California (State of), Series 2020, GO Bonds		4.00	%		03/01/2046		660		653,940
California (State of), Series 2020, GO Bonds		3.00	%		03/01/2050		2,860		2,241,877
California (State of), Series 2021, GO Bonds		4.00	%		10/01/2039		4,990		5,059,703
California (State of), Series 2021, GO Bonds		2.38	%		12/01/2043		2,000		1,448,589
California (State of), Series 2021, GO Bonds		3.00	%		12/01/2043		400		329,512
California (State of), Series 2021, GO Bonds		5.00	%		12/01/2043		1,200		1,320,921
California (State of), Series 2021, GO Bonds		3.00	%		12/01/2046		750		598,459
California (State of), Series 2021, GO Bonds		5.00	%		12/01/2046		500		548,760
California (State of), Series 2021, GO Bonds		2.50	%		12/01/2049		750		519,954
California (State of), Series 2021, GO Bonds		3.00	%		12/01/2049		625		490,633
California (State of), Series 2021, Ref. GO Bonds		5.00	%		09/01/2041		1,530		1,711,528
California (State of), Series 2021, Ref. GO Bonds		4.00	%		10/01/2041		3,500		3,523,782
California (State of), Series 2022, Ref. GO Bonds		5.00	%		04/01/2042		1,720		1,858,847
California (State of), Series 2022, Ref. GO Bonds		5.00	%		04/01/2042		2,560		2,867,488
California (State of) (Green Bonds), Series 2014, GO Bonds		5.00	%		10/01/2037		1,500		1,570,944
California (State of) Department of Water Resources, Series 2016 AW, Ref. RB(b)(c)		5.00	%		12/01/2026		1,000		1,110,410
California (State of) Educational Facilities Authority (Stanford University) (Sustainability Bonds), Series 2021, Ref. RB		2.25	%		04/01/2051		400		253,146
California (State of) Educational Facilities Authority (University of San Francisco), Series 2018 A, RB		5.00	%		10/01/2053		2,000		2,128,791
California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021 A, Ref. RB		4.00	%		08/15/2040		1,000		996,068
California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021 A, Ref. RB		4.00	%		08/15/2048		4,535		4,411,426
California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021, Ref. RB		3.00	%		08/15/2051		2,200		1,690,197
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB		5.00	%		08/15/2035		500		536,525
California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles), Series 2017 A, Ref. RB		5.00	%		08/15/2042		6,500		6,723,657
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB		4.00	%		11/01/2044		110		104,913
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB		5.00	%		11/01/2047		6,000		6,829,490
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		1,047,259

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

39

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

August 31, 2022

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Series 2017, RB		5.00	%		11/15/2056	$	145	$	152,904
California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 A, RB		4.00	%		06/01/2050		5,000		4,574,672
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB		3.00	%		10/01/2047		2,620		1,938,259
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB		4.00	%		10/01/2047		335		317,558
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB		4.00	%		11/15/2040		885		869,129
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB		4.00	%		08/15/2050		13,700		12,858,106
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2015 A, Ref. RB(b)(c)		5.00	%		08/15/2025		1,000		1,073,792
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB		4.00	%		11/15/2041		885		864,695
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB		4.00	%		11/15/2048		175		166,184
California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB		4.00	%		11/15/2042		170		165,792
California (State of) Infrastructure & Economic Development Bank, Series 2016 A, RB(b)(c)		4.00	%		10/01/2026		1,000		1,061,965
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2015 A, Ref. RB		5.00	%		11/01/2041		1,000		1,020,846
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2015, Ref. RB		4.00	%		11/01/2045		395		382,065
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB		5.00	%		08/01/2044		2,005		2,147,980
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		1,331,600
California (State of) Infrastructure & Economic Development Bank (Los Angeles County Museum of Natural History Foundation), Series 2020, Ref. RB		3.00	%		07/01/2050		2,000		1,519,927
California (State of) Infrastructure & Economic Development Bank (Los Angeles County Museum of Natural History Foundation), Series 2020, Ref. RB		4.00	%		07/01/2050		1,250		1,180,483
California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB		5.00	%		05/15/2047		1,000		1,078,354
California (State of) Municipal Finance Authority (Clinicas Del Camino Real, Inc.), Series 2020, RB		4.00	%		03/01/2050		3,085		2,633,036
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB		4.00	%		02/01/2042		1,000		965,567
California (State of) Municipal Finance Authority (Eisenhower Medical Centers), Series 2017 A, Ref. RB		5.00	%		07/01/2042		1,000		1,027,446
California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM) (a)		4.00	%		05/15/2046		500		474,191
California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM) (a)		3.00	%		05/15/2051		1,000		765,848
California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM) (a)		3.00	%		05/15/2054		1,000		744,766
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB		5.00	%		11/01/2047		1,000		1,005,056
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB		5.25	%		11/01/2047		500		508,506
California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase I), Series 2017 A, RB		5.00	%		06/01/2042		1,000		1,071,254
California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing), Series 2019, RB		5.00	%		05/15/2049		2,000		2,050,908
California (State of) Public Finance Authority (Hoag Memorial Hospital), Series 2022 A, RB		5.00	%		07/15/2046		500		546,784
California (State of) Public Works Board (Green Bonds), Series 2021, RB		4.00	%		11/01/2046		1,000		971,935
California (State of) Public Works Board (Green Bonds), Series 2021, RB		5.00	%		11/01/2046		1,000		1,099,324
California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB		5.00	%		11/01/2034		670		723,825
California (State of) Statewide Communities Development Authority (Emanate Health), Series 2020 A, RB		3.00	%		04/01/2050		1,000		743,462
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services), Series 2021, Ref. RB		3.00	%		04/01/2046		1,250		965,345
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services), Series 2021, Ref. RB		4.00	%		04/01/2051		1,900		1,724,460
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB		4.00	%		08/15/2046		1,650		1,566,729
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB		4.00	%		08/15/2051		165		153,920

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

40

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

August 31, 2022

	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		5.00	%		08/15/2051	$	1,000	$	1,033,143
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018 A, Ref. RB		5.00	%		12/01/2057		1,075		1,114,378
California (State of) Statewide Communities Development Authority (Marin General Hospital) (Green Bonds), Series 2018, RB		4.00	%		08/01/2045		1,000		866,498
California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California), Series 2018; RB		5.00	%		01/01/2048		1,975		2,014,391
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		1,025,039
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		1,535,841
California State University, Series 2015 A, Ref. RB		5.00	%		11/01/2038		4,515		4,830,333
California State University, Series 2015 A, Ref. RB		5.00	%		11/01/2047		2,000		2,123,365
California State University, Series 2016 A, Ref. RB		4.00	%		11/01/2038		535		537,878
California State University, Series 2016 A, Ref. RB		5.00	%		11/01/2041		12,410		13,258,170
California State University, Series 2016 A, Ref. RB		5.00	%		11/01/2045		1,700		1,808,636
California State University, Series 2017 A, Ref. RB		5.00	%		11/01/2037		500		544,824
California State University, Series 2018 A, Ref. RB		5.00	%		11/01/2048		3,000		3,246,934
California State University, Series 2019 A, RB		5.00	%		11/01/2049		1,000		1,092,774
California State University, Series 2020 C, RB		4.00	%		11/01/2045		1,720		1,668,627
Chabot-Las Positas Community College District (Election of 2016), Series 2017 A, GO Bonds		4.00	%		08/01/2047		5,090		4,892,843
Chaffey Joint Union High School District (Election of 2012), Series 2015 B, GO Bonds		5.00	%		08/01/2044		2,000		2,080,751
Chino Valley Unified School District, Series 2020 B, GO Bonds		5.00	%		08/01/2055		5,000		5,459,032
Chino Valley Unified School District (Election of 2016), Series 2022 C, GO Bonds		4.00	%		08/01/2055		6,835		6,434,660
Coachella Valley Unified School District (2005 Election), Series 2016 E, GO Bonds, (INS - AGM)(a)		4.00	%		08/01/2045		1,500		1,435,779
Compton Unified School District, Series 2019 B, GO Bonds, (INS - BAM)(a)		4.00	%		06/01/2049		115		110,022
Contra Costa Community College District (Election of 2014), Series 2014 A, GO Bonds		4.00	%		08/01/2039		100		100,499
Desert Community College District, Series 2021 A-1, GO Bonds		4.00	%		08/01/2051		500		475,777
East Bay Municipal Utility District Water System Revenue, Series 2015 A, Ref. RB		5.00	%		06/01/2037		500		532,302
East Bay Municipal Utility District Water System Revenue (Green Bonds), Series 2017 A, RB		5.00	%		06/01/2042		1,500		1,635,060
East Bay Municipal Utility District Water System Revenue (Green Bonds), Series 2017 A, RB		5.00	%		06/01/2045		2,000		2,172,093
Folsom Cordova Unified School District, Series 2019 D, GO Bonds, (INS - AGM)(a)		4.00	%		10/01/2044		250		243,453
Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-1, Ref. RB		3.95	%		01/15/2053		2,000		1,817,760
Fremont Union High School District, Series 2015, GO Bonds		4.00	%		08/01/2044		1,000		1,001,320
Fremont Union High School District, Series 2019 A, GO Bonds		4.00	%		08/01/2046		3,110		3,081,132
Fresno Unified School District, Series 2022 B, GO Bonds		4.00	%		08/01/2052		2,000		1,875,548
Fresno Unified School District, Series 2022 B, GO Bonds		4.00	%		08/01/2055		2,500		2,328,709
Glendale Community College District, Series 2020 B, GO Bonds		3.00	%		08/01/2047		1,000		762,018
Glendale Community College District, Series 2020 B, GO Bonds		4.00	%		08/01/2050		2,400		2,362,175
Hayward Unified School District (Election of 2018), Series 2022, GO Bonds, (INS - BAM)(a)		4.00	%		08/01/2050		10,000		9,569,522
Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)(a)		5.00	%		09/01/2044		1,000		1,021,457
Irvine Unified School District (Community Facilities District No. 01-1), Series 2015, Ref. RB, (INS - BAM)(a)		5.00	%		09/01/2038		1,600		1,675,196
Jurupa Unified School District, Series 2017 B, GO Bonds		4.00	%		08/01/2041		2,000		1,974,652
Kaweah Delta Health Care District Guild, Series 2015 B, RB		4.00	%		06/01/2045		240		228,306
Lodi Unified School District (Election of 2016), Series 2020, GO Bonds		3.00	%		08/01/2043		5,000		4,015,986
Long Beach (City of), CA, Series 2015, RB		5.00	%		05/15/2045		500		506,786
Long Beach (City of), CA, Series 2017 C, Ref. RB		5.00	%		05/15/2047		1,500		1,613,374
Long Beach (City of), CA (Alamitos Bay Marina), Series 2015, RB		5.00	%		05/15/2040		500		509,054
Long Beach Community College District, Series 2019 C, GO Bonds		4.00	%		08/01/2049		1,500		1,427,585
Los Angeles (City of), CA, Series 2013 A, RB		5.00	%		06/01/2043		2,860		2,905,877
Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB		5.25	%		06/01/2047		1,000		1,090,832
Los Angeles (City of), CA (Green Bonds), Series 2022 A, RB		5.00	%		06/01/2047		3,000		3,370,715
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB		5.00	%		05/15/2045		1,500		1,630,065
Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB		5.00	%		05/15/2048		1,900		2,058,304
Los Angeles (City of), CA Department of Airports (Green Bonds), Series 2022 I, RB		5.00	%		05/15/2048		2,000		2,177,867

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

41

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

August 31, 2022

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California-(continued)
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E, RB		5.00	%		05/15/2044	$	610	$	651,949
Los Angeles (City of), CA Department of Water & Power, Series 2014 D, RB		5.00	%		07/01/2039		1,000		1,040,428
Los Angeles (City of), CA Department of Water & Power, Series 2015 E, RB		5.00	%		07/01/2044		1,000		1,039,154
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB		5.00	%		07/01/2046		1,000		1,056,692
Los Angeles (City of), CA Department of Water & Power, Series 2016 A, Ref. RB		5.00	%		07/01/2046		2,500		2,638,489
Los Angeles (City of), CA Department of Water & Power, Series 2016 B, RB		5.00	%		07/01/2042		1,500		1,588,375
Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB		5.00	%		07/01/2042		1,500		1,606,286
Los Angeles (City of), CA Department of Water & Power, Series 2018 A, RB		5.00	%		07/01/2048		2,000		2,160,515
Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB		5.00	%		07/01/2048		5,000		5,435,435
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB		5.00	%		07/01/2049		2,235		2,433,803
Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB		5.00	%		07/01/2039		2,250		2,504,433
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB		5.00	%		07/01/2037		1,000		1,124,601
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB		5.00	%		07/01/2040		1,000		1,111,259
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB		5.00	%		07/01/2041		1,000		1,108,091
Los Angeles (City of), CA Department of Water & Power, Series 2021, RB		5.00	%		07/01/2045		3,750		4,135,365
Los Angeles (City of), CA Department of Water & Power, Series 2021, RB		5.00	%		07/01/2051		3,250		3,534,250
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB		5.00	%		07/01/2047		4,000		4,424,168
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB		5.00	%		07/01/2052		3,000		3,284,307
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB		5.00	%		07/01/2041		2,500		2,805,827
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB		5.00	%		07/01/2042		2,500		2,799,938
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB		5.00	%		07/01/2043		1,500		1,686,054
Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB		5.00	%		07/01/2043		2,000		2,230,640
Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB		5.00	%		07/01/2042		6,500		7,070,430
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB		5.00	%		07/01/2041		1,000		1,089,533
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB		5.00	%		07/01/2044		1,000		1,094,661
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB		5.00	%		12/01/2044		2,000		2,080,490
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB		4.00	%		12/01/2040		185		186,051
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB		5.00	%		12/01/2045		1,050		1,103,866
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB		5.00	%		12/01/2045		2,050		2,276,471
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB		3.00	%		12/01/2050		585		456,966
Los Angeles Community College District, Series 2016, Ref. GO Bonds		4.00	%		08/01/2037		1,215		1,236,626
Los Angeles Community College District (Election of 2008), Series 2017 J, GO Bonds		4.00	%		08/01/2041		250		252,277
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds		3.00	%		08/01/2039		3,800		3,287,774
Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds		4.00	%		08/01/2039		100		101,351
Los Angeles Unified School District, Series 2020 C, GO Bonds		4.00	%		07/01/2040		1,000		989,524
Los Angeles Unified School District, Series 2020 C, GO Bonds		3.00	%		07/01/2045		1,000		777,615
Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds		5.00	%		07/01/2038		1,000		1,096,690
Madera Unified School District (Election of 2014), Series 2017, GO Bonds		4.00	%		08/01/2046		3,000		2,891,740
Marin (County of), CA Healthcare District (Election of 2013), Series 2015, GO Bonds		4.00	%		08/01/2040		190		187,430
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds		5.00	%		08/01/2041		15,180		16,373,871
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds		4.00	%		08/01/2047		150		141,764
Metropolitan Water District of Southern California, Series 2020 A, RB		5.00	%		10/01/2045		2,000		2,219,899
Metropolitan Water District of Southern California, Series 2021 A, RB		5.00	%		10/01/2046		1,000		1,123,659
Metropolitan Water District of Southern California, Series 2021 A, RB		5.00	%		10/01/2051		1,000		1,117,953
Moreno Valley Unified School District, Series 2021 C, GO Bonds, (INS - BAM)(a)		3.00	%		08/01/2050		3,000		2,318,591
Morgan Hill Unified School District (Election of 2012), Series 2017 B, GO Bonds		4.00	%		08/01/2047		3,000		2,970,646
Mountain View Shoreline Regional Park Community, Series 2018 A, RB, (INS - AGM)(a)		5.00	%		08/01/2048		1,800		1,921,955
Ontario (City of), CA Public Financing Authority (Civic Center Improvements), Series 2022, RB, (INS - AGM)(a)		5.00	%		11/01/2052		2,500		2,719,352
Orange (County of), CA Local Transportation Authority, Series 2019, RB		5.00	%		02/15/2041		1,000		1,095,963
Orange (County of), CA Water District, Series 2017 A, Ref. RB		4.00	%		08/15/2041		2,000		2,016,662
Oxnard Union High School District, Series 2020 B, GO Bonds		5.00	%		08/01/2045		2,180		2,357,033
Oxnard Union High School District, Series 2022 C, GO Bonds		4.00	%		08/01/2047		3,000		2,923,964
Regents of the University of California Medical Center, Series 2016 L, Ref. RB		5.00	%		05/15/2041		1,000		1,058,946
Regents of the University of California Medical Center, Series 2016 L, Ref. RB		5.00	%		05/15/2047		2,605		2,736,450
Regents of the University of California Medical Center, Series 2022 P, RB		5.00	%		05/15/2042		5,000		5,533,183
Regents of the University of California Medical Center, Series 2022, RB		3.50	%		05/15/2054		15,000		12,622,750

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

42

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

August 31, 2022

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California-(continued)
Riverside (County of), CA Transportation Commission, Series 2021 B1, Ref. RB		4.00	%		06/01/2037	$	600	$	583,744
Riverside (County of), CA Transportation Commission, Series 2021 B1, Ref. RB		4.00	%		06/01/2038		700		675,992
Riverside (County of), CA Transportation Commission, Series 2021 B1, Ref. RB		4.00	%		06/01/2039		675		646,620
Riverside (County of), CA Transportation Commission, Series 2021 B1, Ref. RB		4.00	%		06/01/2040		750		714,084
Riverside (County of), CA Transportation Commission, Series 2021 B1, Ref. RB		3.00	%		06/01/2049		2,000		1,460,172
Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB		4.00	%		06/01/2046		625		573,597
Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB		5.00	%		06/01/2048		2,700		2,832,609
Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB		5.00	%		08/15/2050		7,100		7,811,181
Sacramento (City of), CA Unified School District (Election of 2020), Series 2022 A, GO Bonds, (INS - BAM)(a)		5.50	%		08/01/2047		1,500		1,695,512
Sacramento (City of), CA Unified School District (Election of 2020), Series 2022 A, GO Bonds, (INS - BAM)(a)		5.50	%		08/01/2052		3,000		3,379,892
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2014 A, Ref. RB		5.00	%		12/01/2044		1,525		1,576,338
Sacramento City Unified School District (Measure Q) (Election of 2012), Series 2021 G, GO Bonds, (INS - AGM)(a)		4.00	%		08/01/2049		1,000		942,714
Salinas Union High School District, Series 2022 A, GO Bonds		4.00	%		08/01/2047		2,500		2,373,373
San Diego (City of), CA Association of Governments, Series 2017 A, RB		5.00	%		07/01/2042		1,000		1,063,694
San Diego (City of), CA Public Facilities Financing Authority, Series 2020 A, RB		4.00	%		08/01/2045		300		287,968
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2015 A, RB		5.00	%		10/15/2044		1,000		1,062,901
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB		5.00	%		10/15/2046		1,535		1,687,249
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB		4.00	%		10/15/2050		500		470,321
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB		5.00	%		07/01/2044		1,500		1,607,672
San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB		5.00	%		07/01/2049		3,000		3,191,869
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB		4.00	%		07/01/2046		500		474,113
San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB		5.00	%		07/01/2046		750		806,402
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB		5.00	%		04/01/2048		1,000		1,061,011
San Diego (County of), CA Water Authority, Series 2022 A, RB		5.00	%		05/01/2047		2,500		2,835,247
San Diego Unified School District (Election of 2012), Series 2016 F, GO Bonds		5.00	%		07/01/2040		1,000		1,059,126
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds		5.00	%		07/01/2041		13,535		14,645,501
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds		5.00	%		07/01/2047		3,000		3,224,121
San Diego Unified School District (Election of 2012), Series 2019 L, GO Bonds		4.00	%		07/01/2049		4,560		4,333,747
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2013 B, RB		5.00	%		05/01/2043		6,000		6,063,502
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2014 B, RB		5.00	%		05/01/2044		2,000		2,051,374
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016, RB		5.00	%		05/01/2046		6,970		7,340,777
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2017 B, RB		5.00	%		05/01/2047		2,000		2,127,737
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 F, RB		5.00	%		05/01/2050		1,540		1,635,390
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, RB		5.00	%		05/01/2049		3,000		3,187,767
San Francisco (City of), CA Public Utilities Commission (Hetch Hetchy Water), Series 2020 D, RB		3.00	%		11/01/2050		2,000		1,496,228
San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2019 F1, GO Bonds		3.00	%		08/01/2038		3,500		3,125,879
San Francisco Bay Area Rapid Transit District (Green Bonds) (Election of 2016), Series 2022 D-1, GO Bonds		3.00	%		08/01/2042		1,000		870,807
San Francisco Bay Area Rapid Transit District (Green Bonds) (Election of 2016), Series 2022 D-1, GO Bonds		4.00	%		08/01/2047		1,500		1,483,004
San Francisco Community College District (Election of 2020), Series 2020 A, GO Bonds		4.00	%		06/15/2045		3,000		2,852,083
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB		4.00	%		08/01/2044		5,000		4,859,685
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB		5.00	%		08/01/2049		6,500		7,084,531
San Mateo (City of), CA Joint Powers Financing Authority (Cordilleras Mental Health Center), Series 2021 A, RB		4.00	%		06/15/2041		1,950		1,952,128
San Mateo Foster City School District, Series 2021 A, GO Bonds		2.50	%		08/01/2046		1,000		700,382
San Mateo Foster City School District, Series 2021 A, GO Bonds		2.50	%		08/01/2051		1,000		667,818

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

43

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

August 31, 2022

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California-(continued)
San Mateo Union High School District, Series 2021 B, GO Bonds		2.00	%		09/01/2045	$	1,000	$	626,974
San Mateo Union High School District, Series 2021 B, GO Bonds		2.13	%		09/01/2048		1,000		618,092
San Rafael City High School District (Election of 2015), Series 2018 B, GO Bonds		4.00	%		08/01/2047		5,000		4,784,091
Santa Clara (County of), CA Financing Authority, Series 2019 A, RB		3.00	%		05/01/2041		1,000		828,946
Santa Clara Unified School District (Election of 2018), Series 2019, GO Bonds		4.00	%		07/01/2048		100		98,682
Santa Clara Valley Water District, Series 2016 A, Ref. RB		5.00	%		06/01/2046		4,090		4,322,811
Sequoia Union High School District (Election of 2014), Series 2014, GO Bonds(b)(c)		4.00	%		07/01/2024		6,200		6,390,094
Simi Valley Unified School District (Election of 2016), Series 2017 A, GO Bonds		4.00	%		08/01/2046		1,000		956,663
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB		5.00	%		10/01/2049		1,200		1,263,118
Tulare (County of), CA Local Health Care District, Series 2020, Ref. GO Bonds, (INS - BAM)(a)		4.00	%		08/01/2039		2,000		1,981,415
University of California, Series 2013 AI, RB		5.00	%		05/15/2038		3,515		3,573,643
University of California, Series 2016 AR, Ref. RB		5.00	%		05/15/2046		1,115		1,188,486
University of California, Series 2017 AV, RB		5.25	%		05/15/2042		4,000		4,352,942
University of California, Series 2018 AZ, Ref. RB		5.00	%		05/15/2043		1,915		2,078,995
University of California, Series 2018 AZ, Ref. RB		5.00	%		05/15/2048		3,500		3,781,732
University of California, Series 2019 BB, Ref. RB		5.00	%		05/15/2049		705		769,304
University of California, Series 2020 BE, Ref. RB		4.00	%		05/15/2047		4,750		4,575,008
University of California, Series 2020 BE, Ref. RB		4.00	%		05/15/2050		2,000		1,905,528
University of California, Series 2021 BH, Ref. RB		4.00	%		05/15/2046		6,000		5,797,752
University of California, Series 2021 BH, Ref. RB		4.00	%		05/15/2051		4,355		4,140,646
University of California (Limited), Series 2017 M, RB		5.00	%		05/15/2042		1,725		1,855,405
University of California (Limited), Series 2017 M, RB		4.00	%		05/15/2047		125		119,709
University of California (Limited), Series 2018 O, Ref. RB		5.00	%		05/15/2058		1,500		1,611,862
University of California (Limited), Series 2021 Q, Ref. RB		5.00	%		05/15/2046		5,000		5,479,286
Vacaville Unified School District, Series 2020 D, GO Bonds		4.00	%		08/01/2045		1,000		965,682
Vista Unified School District, Series 2022 B, GO Bonds, (INS - BAM)(a)		5.25	%		08/01/2048		1,500		1,684,445
TOTAL INVESTMENTS IN SECURITIES(d)-98.63% (Cost $601,727,339)									558,873,001
OTHER ASSETS LESS LIABILITIES-1.37%									7,783,512
NET ASSETS-100.00%								$	566,656,513

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)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’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.

44

Invesco CEF Income Composite ETF (PCEF)

August 31, 2022

Schedule of Investments

	Shares		Value
Closed-End Funds-99.96%
Bonds-40.55%
Aberdeen Asia-Pacific Income Fund, Inc.(a)		3,781,979	$	10,892,100
BlackRock Core Bond Trust(a)		650,789		7,627,247
BlackRock Credit Allocation Income Trust(a)		1,262,626		13,825,755
BlackRock Income Trust, Inc.		618,874		2,822,065
BlackRock Limited Duration Income Trust(a)		443,116		6,030,809
BlackRock Multi-Sector Income Trust(a)		375,930		6,093,825
BlackRock Taxable Municipal Bond Trust(a)		526,885		10,089,848
Cohen & Steers Limited Duration Preferred and Income Fund, Inc.		363,549		7,347,325
Cohen & Steers Select Preferred and Income Fund, Inc.		115,536		2,443,586
DoubleLine Income Solutions Fund(a)		1,415,222		17,661,971
DoubleLine Opportunistic Credit Fund		145,740		2,272,087
Eaton Vance Ltd. Duration Income Fund(a)		1,450,126		15,371,336
Eaton Vance Short Duration Diversified Income Fund(a)		164,039		1,825,754
First Trust Intermediate Duration Preferred & Income Fund		748,625		14,358,627
Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc.		147,486		3,170,949
Flaherty & Crumrine Preferred & Income Securities Fund, Inc.(a)		330,368		5,619,560
Flaherty & Crumrine Preferred and Income Fund, Inc.(a)		82,148		1,035,065
Flaherty & Crumrine Total Return Fund, Inc.(a)		84,038		1,473,186
Franklin Ltd. Duration Income Trust		555,277		3,825,859
Franklin Universal Trust(a)		294,293		2,354,344
Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust(a)		155,422		2,778,945
Invesco Bond Fund(a)(b)		139,085		2,169,726
Invesco Senior Income Trust(b)		2,074,451		8,007,381
John Hancock Preferred Income Fund(a)		214,866		3,841,804
John Hancock Preferred Income Fund II		145,897		2,605,720
John Hancock Preferred Income Fund III(a)		216,909		3,433,669
John Hancock Premium Dividend Fund(a)		338,467		5,209,007
MFS Charter Income Trust		546,935		3,544,139
MFS Government Markets Income Trust(a)		390,844		1,367,954
MFS Intermediate Income Trust		1,406,223		4,106,171
MFS Multimarket Income Trust		751,760		3,473,131
Nuveen Credit Strategies Income Fund		1,900,475		10,243,560
Nuveen Floating Rate Income Fund		713,182		6,176,156
Nuveen Global High Income Fund		319,873		3,851,271
Nuveen Preferred & Income Opportunities Fund(a)		1,288,907		10,246,811
Nuveen Preferred & Income Securities Fund(a)		2,561,407		18,877,570
Nuveen Taxable Municipal Income Fund(a)		241,624		4,409,638
PIMCO Dynamic Income Opportunities Fund		1,406,261		20,953,289
PIMCO Income Strategy Fund(a)		259,511		2,348,575
PIMCO Income Strategy Fund II(a)		580,169		4,513,715
Pioneer Floating Rate Fund, Inc.		173,683		1,594,410
Putnam Master Intermediate Income Trust		622,913		2,130,362
Putnam Premier Income Trust		1,244,699		4,692,515
RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.(a)		241,914		2,542,516

	Shares		Value
Bonds-(continued)
RiverNorth/DoubleLine Strategic Opportunity Fund, Inc., Rts., expiring 09/23/2022(a)		244,124	$	5,127
TCW Strategic Income Fund, Inc.(a)		574,463		2,912,527
Templeton Global Income Fund(a)		1,273,658		5,922,510
Virtus Global Multi-Sector Income Fund		158,089		1,320,043
Western Asset Global Corporate Defined Opportunity Fund, Inc.(a)		131,883		1,780,420
Western Asset Inflation-Linked Opportunities & Income Fund(a)		865,193		8,876,880
Western Asset Inflation-Linked Securities & Income Fund		328,379		3,300,209
Western Asset Investment Grade Defined Opportunity Trust, Inc.(a)		104,841		1,796,975
				295,174,024
Bonds/High Yield-21.92%
AllianceBernstein Global High Income Fund, Inc.(a)		1,151,798		11,517,980
Allspring Income Opportunities Fund		745,079		5,088,890
Allspring Multi-Sector Income Fund(a)		331,139		3,354,438
Barings Global Short Duration High Yield Fund(a)		280,755		3,857,574
BlackRock Corporate High Yield Fund, Inc.		1,126,195		10,788,948
BlackRock Debt Strategies Fund, Inc.(a)		651,619		6,281,607
BlackRock Floating Rate Income Strategies Fund, Inc.(a)		447,374		5,395,330
BlackRock Floating Rate Income Trust(a)		276,816		3,155,702
BNY Mellon High Yield Strategies Fund		1,007,958		2,348,542
Credit Suisse Asset Management Income Fund, Inc.(a)		633,086		1,848,611
Credit Suisse High Yield Bond Fund		1,419,918		2,797,239
Delaware Ivy High Income Opportunities Fund(a)		234,079		2,682,545
Eaton Vance Floating-Rate Income Trust		357,249		4,311,995
Eaton Vance Senior Floating-Rate Trust		335,694		4,018,257
First Trust High Income Long/Short Fund(a)		459,648		5,483,601
First Trust Senior Floating Rate Income Fund II(a)		199,629		2,072,149
Highland Income Fund		1,224,576		14,388,768
Morgan Stanley Emerging Markets Debt Fund, Inc.(a)		308,138		2,079,932
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		1,017,878		4,570,272
Neuberger Berman High Yield Strategies Fund, Inc.(a)		201,494		1,791,282
New America High Income Fund, Inc. (The)		321,111		2,305,577
Nuveen NASDAQ 100 Dynamic Overwrite Fund(a)		332,321		7,507,131
PGIM Global High Yield Fund, Inc.		574,151		6,757,757
PGIM High Yield Bond Fund, Inc.(a)		462,301		5,908,207
PGIM Short Duration High Yield Opportunities Fund		345,842		5,260,257
PIMCO High Income Fund(a)		932,593		4,840,158
Pioneer High Income Fund, Inc.(a)		399,603		2,857,161
Templeton Emerging Markets Income Fund		657,516		3,320,456
Western Asset Emerging Markets Debt Fund, Inc.		931,118		8,529,041
Western Asset Global High Income Fund, Inc.		302,751		2,185,862

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

45

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

August 31, 2022

	Shares		Value
Bonds/High Yield-(continued)
Western Asset High Income Fund II, Inc.(a)		762,448	$	4,140,093
Western Asset High Income Opportunity Fund, Inc.(a)		1,335,592		5,329,012
Western Asset High Yield Defined Opportunity Fund, Inc.(a)		225,524		2,810,029
				159,584,403
Domestic Equity-1.13%
John Hancock Tax-Advantaged Dividend Income Fund		342,566		8,235,287
Equities-2.23%
Virtus Dividend, Interest & Premium Strategy Fund		1,324,041		16,219,502
Fixed Income-7.90%
Ares Dynamic Credit Allocation Fund, Inc.		324,555		4,238,688
Blackstone Long-Short Credit Income Fund(a)		176,907		2,122,884
John Hancock Income Securities Trust		115,612		1,368,846
Nuveen Core Plus Impact Fund(a)		445,073		5,327,524
PIMCO Corporate & Income Strategy Fund(a)		290,332		4,041,421
PIMCO Dynamic Income Fund		1,577,696		34,172,895
PIMCO Strategic Income Fund, Inc.(a)		318,811		1,731,144
Saba Capital Income & Opportunities Fund		531,667		4,471,320
				57,474,722
Option Income-26.23%
BlackRock Energy and Resources Trust(a)		431,967		4,993,538
BlackRock Enhanced Capital and Income Fund, Inc.		427,849		8,039,283
BlackRock Enhanced Equity Dividend Trust(a)		1,735,670		16,384,725
BlackRock Enhanced Global Dividend Trust		875,065		8,505,632
BlackRock Enhanced International Dividend Trust		1,420,480		6,903,533
BlackRock Health Sciences Trust(a)		94,264		3,892,161
BlackRock Resources & Commodities Strategy Trust		1,089,895		10,234,114
BlackRock Science & Technology Trust(a)		306,676		10,755,127
Brookfield Real Assets Income Fund, Inc.(a)		352,963		6,773,360
Columbia Seligman Premium Technology Growth Fund, Inc.(a)		113,756		3,289,824
Eaton Vance Enhanced Equity Income Fund		333,473		5,172,166
Eaton Vance Enhanced Equity Income Fund II(a)		369,184		6,464,412
Eaton Vance Risk-Managed Diversified Equity Income Fund(a)		446,314		4,123,941
Eaton Vance Tax-Managed Buy-Write Income Fund(a)		192,001		3,072,016
Eaton Vance Tax-Managed Buy-Write Opportunities Fund(a)		708,010		10,464,388

Investment Abbreviations:

Rts. -Rights

	Shares		Value
Option Income-(continued)
Eaton Vance Tax-Managed Diversified Equity Income Fund		1,084,764	$	14,015,151
Eaton Vance Tax-Managed Global Buy Write Opportunities Fund		1,060,924		9,590,753
Eaton Vance Tax-Managed Global Diversified Equity Income Fund		2,559,202		22,060,321
First Trust Enhanced Equity Income Fund(a)		167,415		2,844,381
GAMCO Natural Resources Gold & Income Trust		293,069		1,345,187
John Hancock Hedged Equity & Income Fund(a)		86,285		1,066,483
Madison Covered Call & Equity Strategy Fund(a)		151,169		1,153,419
Nuveen Dow 30sm Dynamic Overwrite Fund(a)		347,792		5,435,989
Nuveen S&P 500 Buy-Write Income Fund(a)		865,067		11,557,295
Nuveen S&P 500 Dynamic Overwrite Fund		142,348		2,249,098
Voya Global Advantage and Premium Opportunity Fund(a)		225,095		2,055,117
Voya Global Equity Dividend and Premium Opportunity Fund		1,109,616		6,047,407
Voya Infrastructure Industrials and Materials Fund		242,592		2,408,939
				190,897,760
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $793,187,895)				727,585,698
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.82%
Invesco Private Government Fund, 2.29%(b)(c)(d)		7,699,235		7,699,235
Invesco Private Prime Fund, 2.37%(b)(c)(d)		20,051,771		20,053,777
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $27,751,132)				27,753,012
TOTAL INVESTMENTS IN SECURITIES-103.78% (Cost $820,939,027)				755,338,710
OTHER ASSETS LESS LIABILITIES-(3.78)%				(27,479,684	)
NET ASSETS-100.00%			$	727,859,026

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

46

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

August 31, 2022

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at August 31, 2022.

^(b)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

											Change in
											Unrealized				Realized
	Value			Purchases			Proceeds				Appreciation				Gain				Value			Dividend
	August 31, 2021			at Cost			from Sales				(Depreciation)				(Loss)				August 31, 2022			Income
Invesco Bond Fund		$	2,909,501		$	524,587		$	(580,881	)		$	(664,854	)		$	58,675			$	2,169,726		$	91,800
Invesco Senior Income Trust			9,293,431			2,914,739			(3,227,787	)			(1,085,561	)			112,559				8,007,381			729,037
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			31,437,802			(31,437,802	)			-				-				-			2,043
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			4,905,376			102,319,136			(99,525,277	)			-				-				7,699,235			46,198	*
Invesco Private Prime Fund			11,445,876			209,362,810			(200,753,895	)			1,880				(2,894	)			20,053,777			132,791	*
Total		$	28,554,184		$	346,559,074		$	(335,525,642	)		$	(1,748,535	)		$	168,340	**		$	37,930,119		$	1,001,869

* 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	$77,302

^(c)  The rate shown is the 7-day SEC standardized yield as of August 31, 2022.

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

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

47

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)

August 31, 2022

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.54%
Aerospace & Defense-2.64%
Hexcel Corp., 4.20%, 02/15/2027	$	3,735,000	$	3,559,713
Howmet Aerospace, Inc.
5.13%, 10/01/2024(b)		3,118,000		3,103,033
3.00%, 01/15/2029		3,472,000		2,937,104
TransDigm, Inc., 5.50%, 11/15/2027		11,058,000		9,965,635
				19,565,485
Air Freight & Logistics-0.64%
GXO Logistics, Inc., 1.65%, 07/15/2026		5,670,000		4,746,504
Airlines-3.73%
Delta Air Lines, Inc.
7.38%, 01/15/2026(b)		6,881,000		7,018,001
4.38%, 04/19/2028(b)		7,712,000		6,789,645
United Airlines Holdings, Inc., 4.88%, 01/15/2025(b)		14,666,000		13,889,834
				27,697,480
Auto Components-2.40%
American Axle & Manufacturing, Inc.,
5.00%, 10/01/2029(b)		5,618,000		4,773,334
Dana, Inc., 5.63%, 06/15/2028(b)		5,587,000		5,022,093
Goodyear Tire & Rubber Co. (The)
5.00%, 05/31/2026(b)		4,178,000		4,036,846
5.00%, 07/15/2029(b)		4,464,000		4,007,333
				17,839,606
Automobiles-3.10%
Ford Motor Co., 3.25%, 02/12/2032		13,012,000		10,205,702
Ford Motor Credit Co. LLC, 3.38%, 11/13/2025		13,980,000		12,782,473
				22,988,175
Building Products-0.39%
Griffon Corp., 5.75%, 03/01/2028(b)		3,116,000		2,887,597
Chemicals-2.58%
Avient Corp., 5.25%, 03/15/2023		4,006,000		4,011,208
Chemours Co. (The), 5.38%, 05/15/2027(b)		5,858,000		5,439,797
Olin Corp., 5.63%, 08/01/2029(b)		5,722,000		5,458,130
Scotts Miracle-Gro Co. (The), 4.00%, 04/01/2031(b)		5,668,000		4,265,170
				19,174,305
Commercial Services & Supplies-1.60%
CoreCivic, Inc., 8.25%, 04/15/2026(b)		4,558,000		4,549,821
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/2026		4,023,000		3,778,123
Steelcase, Inc., 5.13%, 01/18/2029(b)		3,795,000		3,555,904
				11,883,848
Communications Equipment-0.54%
Hughes Satellite Systems Corp., 6.63%, 08/01/2026(b)		4,253,000		4,031,376
Construction & Engineering-1.97%
AECOM, 5.13%, 03/15/2027(b)		8,198,000		7,966,816

	Principal Amount		Value
Construction &  Engineering-(continued)
Fluor Corp.
3.50%, 12/15/2024(b)	$	3,485,000	$	3,375,223
4.25%, 09/15/2028(b)		3,595,000		3,255,161
				14,597,200
Consumer Finance-4.33%
Ally Financial, Inc., 5.75%, 11/20/2025(b)		12,497,000		12,646,624
Navient Corp.
6.13%, 03/25/2024(b)		4,116,000		4,020,838
5.50%, 03/15/2029(b)		4,580,000		3,716,704
OneMain Finance Corp.
7.13%, 03/15/2026(b)		3,561,000		3,354,195
6.63%, 01/15/2028(b)		3,579,000		3,276,181
SLM Corp., 4.20%, 10/29/2025(b)		5,600,000		5,134,851
				32,149,393
Containers & Packaging-3.03%
Ball Corp.
5.25%, 07/01/2025(b)		3,590,000		3,585,530
2.88%, 08/15/2030(b)		3,843,000		3,122,399
Berry Global, Inc., 1.57%, 01/15/2026		8,242,000		7,378,071
Crown Americas LLC, 5.25%, 04/01/2030(b)(c)		4,090,000		3,932,576
Silgan Holdings, Inc., 4.13%, 02/01/2028(b)		4,868,000		4,462,788
				22,481,364
Diversified Consumer Services-0.72%
Service Corp. International, 5.13%, 06/01/2029(b)		5,614,000		5,326,030
Diversified Telecommunication Services-1.87%
Lumen Technologies, Inc.
Series G, 6.88%, 01/15/2028(b)		7,607,000		6,858,623
Series Y, 7.50%, 04/01/2024(b)		6,975,000		7,039,868
				13,898,491
Electric Utilities-4.98%
DPL, Inc., 4.13%, 07/01/2025		10,457,000		9,881,865
FirstEnergy Corp.
Series B, 4.40%, 07/15/2027		5,801,000		5,504,047
Series C, 7.38%, 11/15/2031		4,920,000		5,780,409
NRG Energy, Inc., 6.63%, 01/15/2027(b)		6,889,000		6,854,046
PG&E Corp., 5.25%, 07/01/2030(b)		10,332,000		8,949,527
				36,969,894
Electronic Equipment, Instruments & Components-1.56%
CDW LLC/CDW Finance Corp.
2.67%, 12/01/2026		4,281,000		3,860,642
3.57%, 12/01/2031(b)		4,271,000		3,595,379
Vontier Corp.
1.80%, 04/01/2026		2,460,000		2,155,132
2.95%, 04/01/2031		2,544,000		1,960,534
				11,571,687

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

48

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)–(continued)

August 31, 2022

	Principal     Amount		Value
Energy Equipment & Services-0.79%
Oceaneering International, Inc., 4.65%, 11/15/2024	$	3,042,000	$	2,842,214
Patterson-UTI Energy, Inc., 3.95%, 02/01/2028(b)		3,550,000		3,007,054
				5,849,268
Entertainment-1.28%
Netflix, Inc.
4.38%, 11/15/2026(b)		4,946,000		4,804,099
4.88%, 04/15/2028		4,849,000		4,722,078
				9,526,177
Equity REITs-4.80%
GLP Capital L.P./GLP Financing II, Inc.
5.38%, 04/15/2026		2,697,000		2,653,720
5.30%, 01/15/2029		2,722,000		2,635,292
iStar, Inc., 4.75%, 10/01/2024		2,619,000		2,623,426
MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/2027		5,398,000		4,856,048
RHP Hotel Properties L.P./RHP Finance Corp., 4.75%, 10/15/2027		4,193,000		3,818,355
Sabra Health Care L.P. 5.13%, 08/15/2026		1,999,000		1,935,220
3.90%, 10/15/2029(b)		2,121,000		1,854,466
SBA Communications Corp., 3.88%, 02/15/2027(b)		5,056,000		4,616,729
Service Properties Trust 4.35%, 10/01/2024		3,124,000		2,804,687
5.50%, 12/15/2027		3,122,000		2,704,870
VICI Properties L.P. 4.38%, 05/15/2025		2,631,000		2,572,500
5.13%, 05/15/2032(b)		2,700,000		2,567,025
				35,642,338
Food Products-0.50%
B&G Foods, Inc., 5.25%, 04/01/2025(b)		4,182,000		3,726,476
Gas Utilities-0.94%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 08/20/2026		7,311,000		6,969,613
Health Care Equipment & Supplies-0.55%
Teleflex, Inc., 4.63%, 11/15/2027(b)		4,344,000		4,072,717
Health Care Providers & Services-4.06%
Centene Corp., 4.63%, 12/15/2029		16,574,000		15,636,740
Encompass Health Corp., 4.75%, 02/01/2030		5,798,000		4,968,288
Tenet Healthcare Corp. 4.88%, 01/01/2026(b)(c)		5,122,000		4,888,053
4.25%, 06/01/2029(c)		5,316,000		4,613,703
				30,106,784
Hotels, Restaurants & Leisure-7.54%
Churchill Downs, Inc., 5.50%, 04/01/2027(b)(c)		2,824,000		2,711,148
Hilton Domestic Operating Co., Inc., 4.88%, 01/15/2030(b)		7,009,000		6,414,006
Hyatt Hotels Corp.
5.63%, 04/23/2025		2,143,000		2,166,344
6.00%, 04/23/2030(b)		2,042,000		2,093,209

	Principal     Amount		Value
Hotels, Restaurants & Leisure-(continued)
Las Vegas Sands Corp. 3.20%, 08/08/2024(b)	$	7,551,000	$	7,151,853
3.90%, 08/08/2029(b)		7,170,000		6,123,398
MGM Resorts International
6.00%, 03/15/2023		4,564,000		4,570,212
4.75%, 10/15/2028(b)		4,800,000		4,225,140
Royal Caribbean Cruises Ltd.
5.25%, 11/15/2022		4,418,000		4,422,363
3.70%, 03/15/2028(b)		5,219,000		3,555,913
Travel + Leisure Co., Series J,
6.00%, 04/01/2027		4,705,000		4,474,174
Yum! Brands, Inc., 3.63%, 03/15/2031		9,613,000		8,109,623
				56,017,383
Household Durables-4.33%
Century Communities, Inc., 6.75%, 06/01/2027(b)		3,059,000		3,004,795
KB Home, 4.00%, 06/15/2031(b)		3,771,000		2,975,941
M/I Homes, Inc., 4.95%, 02/01/2028		3,570,000		3,155,876
MDC Holdings, Inc., 2.50%, 01/15/2031		4,617,000		3,309,854
Meritage Homes Corp., 6.00%, 06/01/2025		4,037,000		4,039,765
Newell Brands, Inc., 4.45%, 04/01/2026		7,234,000		6,812,764
Toll Brothers Finance Corp.
4.38%, 04/15/2023		340		339
4.88%, 03/15/2027(b)		2,686,000		2,595,915
3.80%, 11/01/2029(b)		2,820,000		2,399,343
Tri Pointe Group, Inc./Tri Pointe Homes, Inc., 5.88%, 06/15/2024		1,971,000		1,950,603
Tri Pointe Homes, Inc., 5.70%, 06/15/2028		2,074,000		1,881,800
				32,126,995
Household Products-0.54%
Spectrum Brands, Inc., 5.75%, 07/15/2025		4,079,000		3,984,577
Internet & Direct Marketing Retail-1.03%
QVC, Inc.
4.45%, 02/15/2025		4,720,000		4,341,716
4.38%, 09/01/2028(b)		4,281,000		3,274,387
				7,616,103
IT Services-0.34%
Twilio, Inc., 3.63%, 03/15/2029(b)		3,036,000		2,539,234
Machinery-1.77%
Hillenbrand, Inc.
5.00%, 09/15/2026(b)		1,738,000		1,691,569
3.75%, 03/01/2031(b)		1,911,000		1,620,765
Trinity Industries, Inc., 4.55%, 10/01/2024		4,352,000		4,238,739
Wabtec Corp. 4.40%, 03/15/2024		2,867,000		2,860,134
4.95%, 09/15/2028		2,771,000		2,695,296
				13,106,503
Media-5.10%
AMC Networks, Inc.
5.00%, 04/01/2024		2,416,000		2,359,007
4.25%, 02/15/2029(b)		2,703,000		2,209,973

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

49

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)–(continued)

August 31, 2022

	Principal Amount		Value
Media-(continued)
CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 03/01/2030(c)	$	11,146,000	$	9,593,251
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., 4.91%, 07/23/2025(b)		10,358,000		10,352,381
DISH DBS Corp.
7.75%, 07/01/2026(b)		5,186,000		4,088,746
5.13%, 06/01/2029		6,201,000		3,683,456
Lamar Media Corp., 3.75%, 02/15/2028(b)		6,231,000		5,598,148
				37,884,962
Metals & Mining-3.01%
ATI, Inc., 5.88%, 12/01/2027		3,148,000		2,995,803
Carpenter Technology Corp., 6.38%, 07/15/2028		3,396,000		3,251,636
Cleveland-Cliffs Steel Corp., 7.00%, 03/15/2027		760		743
Freeport-McMoRan, Inc.
3.88%, 03/15/2023		5,165,000		5,159,345
4.63%, 08/01/2030(b)		5,078,000		4,717,150
United States Steel Corp., 6.88%, 03/01/2029(b)		6,352,000		6,232,995
				22,357,672
Mortgage REITs-1.10%
Starwood Property Trust, Inc., 4.75%, 03/15/2025		8,553,000		8,156,226
Multiline Retail-0.93%
Nordstrom, Inc.
4.00%, 03/15/2027(b)		4,195,000		3,677,343
4.38%, 04/01/2030(b)		4,216,000		3,255,363
				6,932,706
Oil, Gas & Consumable Fuels-7.40%
Apache Corp., 4.25%, 01/15/2030(b)		7,215,000		6,520,123
Cheniere Energy, Inc., 4.63%, 10/15/2028(b)		8,772,000		8,452,348
EQM Midstream Partners L.P.
4.13%, 12/01/2026(b)		2,810,000		2,536,769
5.50%, 07/15/2028		2,725,000		2,495,868
EQT Corp.
6.13%, 02/01/2025		2,001,000		2,059,139
3.90%, 10/01/2027		2,114,000		2,003,935
Murphy Oil Corp.
5.75%, 08/15/2025(b)		2,700,000		2,678,940
5.88%, 12/01/2027(b)		2,584,000		2,516,790
Occidental Petroleum Corp.
5.55%, 03/15/2026(b)		7,510,000		7,701,505
6.63%, 09/01/2030(b)		8,190,000		8,760,843
Range Resources Corp.
4.88%, 05/15/2025		1,472,000		1,430,512
8.25%, 01/15/2029(b)		1,366,000		1,435,591
SM Energy Co., 6.50%, 07/15/2028(b)		3,261,000		3,145,512
Southwestern Energy Co.
5.70%, 01/23/2025(b)		1,629,000		1,630,955
5.38%, 03/15/2030(b)		1,710,000		1,605,109
				54,973,939

	Principal Amount		Value
Pharmaceuticals-0.57%
Elanco Animal Health, Inc., 6.40%, 08/28/2028(b)	$	4,554,000	$	4,263,409
Real Estate Management & Development-0.90%
Kennedy-Wilson, Inc., 4.75%, 03/01/2029		4,182,000		3,495,253
Newmark Group, Inc., 6.13%, 11/15/2023		3,175,000		3,179,824
				6,675,077
Semiconductors & Semiconductor Equipment-2.14%
Amkor Technology, Inc., 6.63%, 09/15/2027(b)(c)		5,435,000		5,318,202
Qorvo, Inc., 4.38%, 10/15/2029(b)		5,379,000		4,768,726
Skyworks Solutions, Inc.
1.80%, 06/01/2026		3,563,000		3,179,498
3.00%, 06/01/2031(b)		3,201,000		2,606,700
				15,873,126
Software-0.21%
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029(b)		1,763,000		1,562,124
Specialty Retail-3.49%
Asbury Automotive Group, Inc., 4.75%, 03/01/2030(b)		5,558,000		4,745,837
Bath & Body Works, Inc., 5.25%, 02/01/2028(b)		8,864,000		7,954,953
Murphy Oil USA, Inc., 4.75%, 09/15/2029		6,587,000		6,048,953
Penske Automotive Group, Inc., 3.75%, 06/15/2029		8,496,000		7,197,811
				25,947,554
Technology Hardware, Storage & Peripherals-3.60%
Seagate HDD Cayman, 4.75%, 01/01/2025(b)		9,674,000		9,465,161
Western Digital Corp.
4.75%, 02/15/2026(b)		5,476,000		5,281,602
3.10%, 02/01/2032		6,264,000		4,725,624
Xerox Corp., 4.63%, 03/15/2023		7,318,000		7,284,506
				26,756,893
Textiles, Apparel & Luxury Goods-0.56%
Under Armour, Inc., 3.25%, 06/15/2026(b)		4,696,000		4,157,011
Thrifts & Mortgage Finance-0.99%
MGIC Investment Corp., 5.25%, 08/15/2028		3,801,000		3,550,799
Radian Group, Inc.
4.50%, 10/01/2024		420		402
4.88%, 03/15/2027		4,079,000		3,805,340
				7,356,541
Trading Companies & Distributors-1.20%
United Rentals North America, Inc., 4.88%, 01/15/2028		9,520,000		8,912,886

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

50

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)–(continued)

August 31, 2022

	Principal Amount		Value
Wireless Telecommunication Services-2.79%
Sprint Capital Corp., 6.88%, 11/15/2028 .	$	9,422,000	$	9,961,221
Sprint Corp., 7.88%, 09/15/2023		10,397,000		10,735,370
				20,696,591
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.54% (Cost $813,525,851)				731,599,320
	Shares
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-28.13%
Invesco Private Government Fund, 2.29%(d)(e)(f)		57,871,109		57,871,109

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 2.37%(d)(e)(f)		150,981,396	$	150,996,498
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $208,856,683)				208,867,607
TOTAL INVESTMENTS IN SECURITIES-126.67% (Cost $1,022,382,534)				940,466,927
OTHER ASSETS LESS LIABILITIES-(26.67)%				(197,986,443	)
NET ASSETS-100.00%			$	742,480,484

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at August 31, 2022.

^(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 August 31, 2022 was $31,056,933, which represented 4.18% of the Fund’s Net Assets.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	7,095,283		$	199,158,190		$	(206,253,473	)		$	-		$	-			$	-		$	20,293
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			66,093,480			250,235,296			(258,457,667	)			-			-				57,871,109			346,160	*
Invesco Private Prime Fund			154,371,993			450,960,589			(454,267,255	)			10,922			(79,751	)			150,996,498			1,021,562	*
Total		$	227,560,756		$	900,354,075		$	(918,978,395	)		$	10,922		$	(79,751	)		$	208,867,607		$	1,388,015

* 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 August 31, 2022.

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

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

51

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)

August 31, 2022

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-99.03%
Aerospace & Defense-2.27%
Boeing Co. (The)
4.88%, 05/01/2025	$	75,000	$	75,280
5.15%, 05/01/2030		25,000		24,673
General Dynamics Corp.
3.25%, 04/01/2025		30,000		29,577
3.75%, 05/15/2028		41,000		40,483
Huntington Ingalls Industries, Inc.
3.84%, 05/01/2025		20,000		19,590
3.48%, 12/01/2027		20,000		18,640
L3Harris Technologies, Inc.
3.85%, 06/15/2023		33,000		32,970
4.40%, 06/15/2028		38,000		37,465
Lockheed Martin Corp.
3.55%, 01/15/2026		72,000		71,531
3.90%, 06/15/2032(b)		60,000		59,026
Northrop Grumman Corp.
2.93%, 01/15/2025		50,000		48,760
3.25%, 01/15/2028		56,000		53,244
Raytheon Technologies Corp.
3.95%, 08/16/2025		60,000		60,067
4.13%, 11/16/2028		59,000		57,713
Textron, Inc., 3.00%, 06/01/2030(b)		45,000		39,113
				668,132
Air Freight & Logistics-0.84%
C.H. Robinson Worldwide, Inc., 4.20%, 04/15/2028		45,000		43,585
FedEx Corp.
3.25%, 04/01/2026		45,000		44,001
3.10%, 08/05/2029(b)		18,000		16,559
United Parcel Service, Inc.
3.90%, 04/01/2025		80,000		80,162
3.05%, 11/15/2027		64,000		62,456
				246,763
Airlines-0.14%
Southwest Airlines Co., 5.13%, 06/15/2027(b)		40,000		40,850
Auto Components-0.35%
BorgWarner, Inc., 2.65%, 07/01/2027(b)		60,000		54,718
Lear Corp., 3.80%, 09/15/2027(b)		50,000		47,354
				102,072
Automobiles-0.61%
General Motors Co., 6.13%, 10/01/2025		80,000		82,436
General Motors Financial Co., Inc., 3.10%, 01/12/2032(b)		60,000		48,596
PACCAR Financial Corp., 3.55%, 08/11/2025		50,000		49,595
				180,627
Banks-6.53%
Bank of America Corp.
3.30%, 01/11/2023		96,000		95,942
3.25%, 10/21/2027		150,000		142,195
Citigroup, Inc.
3.20%, 10/21/2026		130,000		124,416
4.45%, 09/29/2027		125,000		122,201

	Principal Amount		Value
Banks-(continued)
Comerica, Inc.
3.70%, 07/31/2023	$	30,000	$	29,974
4.00%, 02/01/2029		33,000		31,947
Fifth Third Bancorp, 3.65%, 01/25/2024(b)		50,000		49,721
Huntington Bancshares, Inc.
2.63%, 08/06/2024		40,000		38,876
2.55%, 02/04/2030		47,000		40,329
JPMorgan Chase & Co.
2.95%, 10/01/2026		171,000		162,895
4.25%, 10/01/2027		115,000		114,051
KeyCorp, 2.55%, 10/01/2029		40,000		34,341
Manufacturers and Traders Trust Co., 2.90%, 02/06/2025		88,000		85,317
PNC Financial Services Group, Inc. (The)
3.50%, 01/23/2024		80,000		79,817
2.55%, 01/22/2030		65,000		56,953
Regions Financial Corp.
2.25%, 05/18/2025(b)		50,000		47,748
1.80%, 08/12/2028		50,000		43,009
SVB Financial Group
1.80%, 10/28/2026		40,000		35,591
3.13%, 06/05/2030		35,000		30,095
Truist Bank, 3.63%, 09/16/2025		86,000		84,372
Truist Financial Corp., 1.95%, 06/05/2030		60,000		49,888
U.S. Bancorp 1.38%, 07/22/2030		100,000		80,242
Series V, 2.38%, 07/22/2026		91,000		86,005
Wells Fargo & Co.
3.00%, 04/22/2026		121,000		115,319
4.15%, 01/24/2029		140,000		136,100
				1,917,344
Beverages-1.57%
Coca-Cola Co. (The)
1.45%, 06/01/2027(b)		100,000		90,562
2.25%, 01/05/2032(b)		100,000		87,299
Constellation Brands, Inc., 2.25%, 08/01/2031.		40,000		32,738
Keurig Dr Pepper, Inc.
4.42%, 05/25/2025		40,000		40,323
4.60%, 05/25/2028		46,000		46,279
Molson Coors Beverage Co., 3.00%, 07/15/2026		48,000		45,052
PepsiCo, Inc.
2.75%, 03/01/2023		85,000		84,806
3.00%, 10/15/2027(b)		34,000		32,962
				460,021
Biotechnology-1.65%
AbbVie, Inc.
2.60%, 11/21/2024		35,000		33,852
3.20%, 11/21/2029		39,000		35,757
Amgen, Inc.
2.20%, 02/21/2027		80,000		73,676
2.00%, 01/15/2032		80,000		65,177
Biogen, Inc.
4.05%, 09/15/2025		46,000		45,838
2.25%, 05/01/2030		40,000		32,804

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

52

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

August 31, 2022

	Principal Amount		Value
Biotechnology-(continued)
Gilead Sciences, Inc.
3.65%, 03/01/2026	$	78,000	$	76,754
1.65%, 10/01/2030(b)		75,000		61,346
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030		75,000		59,559
				484,763
Building Products-0.75%
Carlisle Cos., Inc., 2.75%, 03/01/2030		40,000		34,402
Carrier Global Corp.
2.24%, 02/15/2025		50,000		47,576
2.72%, 02/15/2030		30,000		26,062
Fortune Brands Home & Security, Inc.
4.00%, 09/21/2023		19,000		18,969
3.25%, 09/15/2029		23,000		20,215
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 1.75%, 09/15/2030(b)		90,000		73,893
				221,117
Capital Markets-4.07%
Ameriprise Financial, Inc.
4.00%, 10/15/2023		14,000		14,021
4.50%, 05/13/2032(b)		20,000		20,019
Bank of New York Mellon Corp. (The)
2.20%, 08/16/2023		77,000		75,983
3.85%, 04/28/2028(b)		74,000		72,473
BlackRock, Inc.
3.50%, 03/18/2024		64,000		63,887
1.90%, 01/28/2031		70,000		58,407
Charles Schwab Corp. (The)
0.75%, 03/18/2024		70,000		67,107
2.00%, 03/20/2028		70,000		63,113
CME Group, Inc.
3.00%, 03/15/2025		76,000		74,653
2.65%, 03/15/2032		10,000		8,810
Franklin Resources, Inc., 1.60%, 10/30/2030		90,000		71,798
Goldman Sachs Group, Inc. (The)
3.50%, 04/01/2025		110,000		107,691
3.80%, 03/15/2030		50,000		46,256
Jefferies Group LLC/Jefferies Group Capital Finance, Inc.
4.85%, 01/15/2027		30,000		29,861
4.15%, 01/23/2030		25,000		22,555
Morgan Stanley, 3.63%, 01/20/2027		132,000		128,559
Nasdaq, Inc., 1.65%, 01/15/2031		30,000		23,998
Northern Trust Corp.
4.00%, 05/10/2027		40,000		39,939
1.95%, 05/01/2030		45,000		38,140
Raymond James Financial, Inc., 4.65%, 04/01/2030		50,000		49,315
State Street Corp.
3.55%, 08/18/2025		61,000		60,501
2.40%, 01/24/2030		65,000		57,528
				1,194,614
Chemicals-2.85%
Air Products and Chemicals, Inc.
1.50%, 10/15/2025		40,000		37,338
2.05%, 05/15/2030(b)		49,000		42,466

	Principal Amount		Value
Chemicals-(continued)
DuPont de Nemours, Inc.
4.21%, 11/15/2023	$	40,000	$	40,105
4.73%, 11/15/2028(b)		50,000		50,556
Eastman Chemical Co.
3.80%, 03/15/2025		33,000		32,537
4.50%, 12/01/2028(b)		30,000		29,380
Ecolab, Inc.
2.70%, 11/01/2026(b)		40,000		38,635
4.80%, 03/24/2030		40,000		41,361
EI du Pont de Nemours and Co.
1.70%, 07/15/2025		30,000		28,301
2.30%, 07/15/2030		35,000		30,333
FMC Corp.
3.20%, 10/01/2026		23,000		21,840
3.45%, 10/01/2029		22,000		19,815
Huntsman International LLC, 4.50%, 05/01/2029		30,000		27,723
Linde, Inc.
3.20%, 01/30/2026		46,000		45,186
1.10%, 08/10/2030		20,000		16,139
LYB International Finance III LLC, 2.25%, 10/01/2030		60,000		49,293
LyondellBasell Industries N.V., 5.75%, 04/15/2024		71,000		72,623
Mosaic Co. (The)
4.25%, 11/15/2023		13,000		13,020
4.05%, 11/15/2027		29,000		28,178
PPG Industries, Inc.
1.20%, 03/15/2026		40,000		36,024
3.75%, 03/15/2028		26,000		25,295
Sherwin-Williams Co. (The)
3.45%, 06/01/2027		38,000		36,444
2.95%, 08/15/2029(b)		30,000		27,014
Westlake Corp., 3.60%, 08/15/2026		49,000		47,542
				837,148
Commercial Services & Supplies-0.75%
Cintas Corp. No. 2
3.70%, 04/01/2027		28,000		27,663
4.00%, 05/01/2032		25,000		24,566
Republic Services, Inc.
2.50%, 08/15/2024		40,000		38,859
3.95%, 05/15/2028(b)		39,000		38,295
Waste Management, Inc.
0.75%, 11/15/2025		55,000		49,952
1.50%, 03/15/2031		50,000		39,750
				219,085
Communications Equipment-0.65%
Cisco Systems, Inc., 2.50%, 09/20/2026(b)		115,000		110,633
Juniper Networks, Inc., 3.75%, 08/15/2029		53,000		48,148
Motorola Solutions, Inc., 4.60%, 05/23/2029		33,000		31,887
				190,668
Construction & Engineering-0.15%
Quanta Services, Inc., 2.90%, 10/01/2030		50,000		42,879
Construction Materials-0.36%
Eagle Materials, Inc., 2.50%, 07/01/2031		30,000		23,581

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

53

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

August 31, 2022

	Principal Amount		Value
Construction Materials-(continued)
Martin Marietta Materials, Inc., 2.40%, 07/15/2031	$	50,000	$	41,373
Vulcan Materials Co., 3.50%, 06/01/2030		45,000		40,678
				105,632
Consumer Finance-1.31%
Ally Financial, Inc.
5.80%, 05/01/2025(b)		23,000		23,551
2.20%, 11/02/2028(b)		45,000		37,271
American Express Co.
2.25%, 03/04/2025(b)		70,000		66,853
4.05%, 05/03/2029		50,000		48,638
Capital One Financial Corp.
4.20%, 10/29/2025		21,000		20,760
3.80%, 01/31/2028(b)		60,000		56,856
Discover Bank
3.45%, 07/27/2026		66,000		62,637
4.65%, 09/13/2028		70,000		67,405
				383,971
Containers & Packaging-0.74%
Amcor Finance USA, Inc., 3.63%, 04/28/2026		30,000		28,626
Amcor Flexibles North America, Inc., 2.69%, 05/25/2031(b)		40,000		32,985
Avery Dennison Corp., 4.88%, 12/06/2028(b)		41,000		41,519
Sonoco Products Co., 3.13%, 05/01/2030		45,000		39,117
WRKCo, Inc.
4.65%, 03/15/2026		40,000		40,228
4.90%, 03/15/2029		35,000		35,036
				217,511
Distributors-0.07%
Genuine Parts Co., 1.88%, 11/01/2030		25,000		19,828
Diversified Financial Services-0.85%
Berkshire Hathaway, Inc., 3.13%, 03/15/2026		98,000		95,951
Equitable Holdings, Inc.
3.90%, 04/20/2023		52,000		52,079
4.35%, 04/20/2028		51,000		50,308
Jackson Financial, Inc., 3.13%, 11/23/2031(c)		65,000		52,260
				250,598
Diversified Telecommunication Services-1.70%
AT&T, Inc.
4.25%, 03/01/2027		150,000		148,945
4.30%, 02/15/2030		96,000		92,359
Verizon Communications, Inc.
4.13%, 03/16/2027(b)		130,000		129,412
4.33%, 09/21/2028		130,000		128,514
				499,230
Electric Utilities-4.62%
American Electric Power Co., Inc., 3.20%, 11/13/2027		56,000		52,899
Avangrid, Inc.
3.20%, 04/15/2025		35,000		33,953
3.80%, 06/01/2029		23,000		21,566
Berkshire Hathaway Energy Co., 3.70%, 07/15/2030		105,000		100,502
Consolidated Edison Co. of New York, Inc., 2.40%, 06/15/2031		80,000		68,639

	Principal Amount		Value
Electric Utilities-(continued)
Duke Energy Corp.
2.65%, 09/01/2026	$	16,000	$	14,990
2.55%, 06/15/2031(b)		80,000		67,197
Edison International, 4.13%, 03/15/2028		46,000		43,511
Entergy Corp.
2.95%, 09/01/2026		45,000		42,483
1.90%, 06/15/2028(b)		50,000		43,285
Evergy, Inc.
2.45%, 09/15/2024		30,000		28,946
2.90%, 09/15/2029		20,000		17,627
Eversource Energy, 3.38%, 03/01/2032		50,000		45,113
Exelon Corp.
3.95%, 06/15/2025		60,000		59,499
4.05%, 04/15/2030		50,000		48,267
Interstate Power and Light Co.
3.25%, 12/01/2024		24,000		23,577
4.10%, 09/26/2028		23,000		22,770
NextEra Energy Capital Holdings, Inc.
3.55%, 05/01/2027		60,000		57,894
2.25%, 06/01/2030		61,000		51,624
Pacific Gas and Electric Co.
3.15%, 01/01/2026		40,000		37,160
4.55%, 07/01/2030		40,000		35,915
PPL Capital Funding, Inc., 3.10%, 05/15/2026 .		70,000		66,525
Southern California Edison Co., Series E, 3.70%, 08/01/2025		30,000		29,604
Southern Co. (The)
3.25%, 07/01/2026		68,000		65,095
Series A, 3.70%, 04/30/2030(b)		70,000		65,765
Southwestern Electric Power Co., Series N, 1.65%, 03/15/2026		60,000		54,509
Virginia Electric & Power Co., Series C, 2.75%, 03/15/2023		64,000		63,718
Xcel Energy, Inc.
3.30%, 06/01/2025(b)		50,000		48,888
4.00%, 06/15/2028(b)		45,000		44,197
				1,355,718
Electrical Equipment-0.52%
Acuity Brands Lighting, Inc., 2.15%, 12/15/2030		35,000		27,880
Eaton Corp., 3.10%, 09/15/2027		34,000		32,386
Emerson Electric Co.
0.88%, 10/15/2026		55,000		49,172
2.20%, 12/21/2031		50,000		42,634
				152,072
Electronic Equipment, Instruments & Components-1.14%
Amphenol Corp., 2.80%, 02/15/2030		60,000		52,901
Arrow Electronics, Inc.
3.25%, 09/08/2024		18,000		17,612
3.88%, 01/12/2028		38,000		35,942
Avnet, Inc., 4.63%, 04/15/2026		58,000		57,514
Flex Ltd.
4.75%, 06/15/2025(b)		33,000		32,885
4.88%, 06/15/2029		40,000		38,130
Jabil, Inc., 3.95%, 01/12/2028(b)		33,000		31,180
Keysight Technologies, Inc., 4.60%, 04/06/2027		18,000		18,094

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

54

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

August 31, 2022

	Principal Amount		Value
Electronic Equipment, Instruments & Components-(continued)
Teledyne Technologies, Inc., 2.75%, 04/01/2031	$	20,000	$	16,731
Trimble, Inc., 4.90%, 06/15/2028		33,000		32,879
				333,868
Energy Equipment & Services-0.60%
Halliburton Co., 2.92%, 03/01/2030(b)		60,000		53,200
NOV, Inc., 3.60%, 12/01/2029		38,000		33,708
Schlumberger Investment S.A.
3.65%, 12/01/2023		49,000		49,001
2.65%, 06/26/2030(b)		45,000		39,812
				175,721
Entertainment-1.07%
Activision Blizzard, Inc.
3.40%, 09/15/2026		28,000		27,391
1.35%, 09/15/2030		34,000		26,973
Electronic Arts, Inc., 1.85%, 02/15/2031		55,000		45,291
Magallanes, Inc., 4.28%, 03/15/2032(b)(c)		40,000		34,852
Take-Two Interactive Software, Inc., 4.00%, 04/14/2032		30,000		27,717
Walt Disney Co. (The)
1.75%, 08/30/2024		84,000		80,729
2.65%, 01/13/2031		80,000		70,776
				313,729
Equity REITs-5.88%
Alexandria Real Estate Equities, Inc.
3.45%, 04/30/2025(b)		28,000		27,593
2.00%, 05/18/2032		30,000		23,772
American Homes 4 Rent L.P., 4.25%, 02/15/2028		28,000		26,830
American Tower Corp.
3.50%, 01/31/2023		49,000		48,988
3.80%, 08/15/2029		43,000		39,944
AvalonBay Communities, Inc.
3.45%, 06/01/2025		30,000		29,484
2.30%, 03/01/2030		35,000		30,413
Boston Properties L.P.
3.65%, 02/01/2026		30,000		29,210
3.25%, 01/30/2031		35,000		30,272
Brixmor Operating Partnership L.P.
3.85%, 02/01/2025		24,000		23,429
4.13%, 05/15/2029		20,000		18,470
Camden Property Trust, 2.80%, 05/15/2030		30,000		26,669
CBRE Services, Inc.
4.88%, 03/01/2026		30,000		30,257
2.50%, 04/01/2031		40,000		32,249
Corporate Office Properties L.P., 2.75%, 04/15/2031		25,000		19,747
Crown Castle, Inc., 3.65%, 09/01/2027		46,000		43,895
Digital Realty Trust L.P., 3.70%, 08/15/2027		13,000		12,463
Duke Realty L.P., 2.25%, 01/15/2032		10,000		8,319
EPR Properties, 3.75%, 08/15/2029		40,000		33,750
Equinix, Inc.
2.63%, 11/18/2024		40,000		38,547
3.20%, 11/18/2029(b)		40,000		35,951
ERP Operating L.P.
2.85%, 11/01/2026		38,000		36,240
2.50%, 02/15/2030		40,000		34,874

	Principal Amount		Value
Equity REITs-(continued)
Essex Portfolio L.P.
3.50%, 04/01/2025	$	10,000	$	9,807
3.00%, 01/15/2030		30,000		26,335
Extra Space Storage L.P., 2.35%, 03/15/2032		45,000		35,369
Healthcare Realty Holdings L.P.
3.50%, 08/01/2026		21,000		20,075
2.00%, 03/15/2031		20,000		15,631
Healthpeak Properties, Inc.
3.25%, 07/15/2026		30,000		28,882
3.50%, 07/15/2029		28,000		25,846
Host Hotels & Resorts L.P.
Series E, 4.00%, 06/15/2025		30,000		29,016
Series H, 3.38%, 12/15/2029		39,000		33,493
Hudson Pacific Properties L.P., 4.65%, 04/01/2029		33,000		31,080
Invitation Homes Operating Partnership L.P., 2.00%, 08/15/2031		10,000		7,631
Kilroy Realty L.P., 3.05%, 02/15/2030		38,000		32,267
Kimco Realty Corp.
2.80%, 10/01/2026		20,000		18,794
2.25%, 12/01/2031(b)		30,000		24,117
LifeStorage L.P., 3.50%, 07/01/2026		30,000		28,948
Mid-America Apartments L.P., 3.60%,
06/01/2027		44,000		42,335
Office Properties Income Trust, 4.50%, 02/01/2025		30,000		28,095
Omega Healthcare Investors, Inc.
5.25%, 01/15/2026		18,000		17,881
3.38%, 02/01/2031		20,000		16,358
Prologis L.P., 2.25%, 04/15/2030		42,000		36,634
Public Storage
1.50%, 11/09/2026(b)		40,000		36,415
1.85%, 05/01/2028(b)		40,000		35,623
Realty Income Corp., 3.25%, 01/15/2031		30,000		27,007
Regency Centers L.P., 3.60%, 02/01/2027		22,000		21,129
Simon Property Group L.P.
2.00%, 09/13/2024		36,000		34,734
2.45%, 09/13/2029		56,000		48,482
Spirit Realty L.P., 3.40%, 01/15/2030		33,000		28,504
Sun Communities Operating L.P., 2.70%, 07/15/2031		40,000		32,236
Ventas Realty L.P.
3.50%, 02/01/2025		40,000		39,084
4.40%, 01/15/2029		44,000		42,440
W.P. Carey, Inc.
4.60%, 04/01/2024		19,000		19,069
2.40%, 02/01/2031		30,000		24,483
Welltower, Inc.
4.00%, 06/01/2025		41,000		40,526
3.10%, 01/15/2030		30,000		26,506
Weyerhaeuser Co., 7.38%, 03/15/2032		70,000		81,128
				1,727,326
Food & Staples Retailing-2.53%
Costco Wholesale Corp.
1.38%, 06/20/2027(b)		85,000		76,446
1.60%, 04/20/2030		90,000		76,098

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

55

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

August 31, 2022

	Principal Amount		Value
Food & Staples Retailing-(continued)
Kroger Co. (The)
2.65%, 10/15/2026	$	77,000	$	72,861
4.50%, 01/15/2029		65,000		64,744
Sysco Corp.
3.30%, 07/15/2026		55,000		53,343
5.95%, 04/01/2030		30,000		32,382
Walgreens Boots Alliance, Inc.
3.45%, 06/01/2026		69,000		67,077
3.20%, 04/15/2030(b)		30,000		26,834
Walmart, Inc.
3.40%, 06/26/2023		133,000		133,397
1.80%, 09/22/2031(b)		165,000		139,260
				742,442
Food Products-3.78%
Archer-Daniels-Midland Co.
2.50%, 08/11/2026		60,000		57,189
3.25%, 03/27/2030		55,000		51,932
Bunge Ltd. Finance Corp.
1.63%, 08/17/2025		50,000		46,498
2.75%, 05/14/2031(b)		55,000		46,368
Campbell Soup Co.
3.95%, 03/15/2025		30,000		29,773
4.15%, 03/15/2028		33,000		32,500
Conagra Brands, Inc.
4.30%, 05/01/2024		30,000		30,017
4.85%, 11/01/2028		30,000		29,779
Flowers Foods, Inc., 2.40%, 03/15/2031(b)		50,000		41,791
General Mills, Inc.
4.00%, 04/17/2025		50,000		49,889
4.20%, 04/17/2028(b)		51,000		50,874
Hershey Co. (The), 2.30%, 08/15/2026(b)		68,000		64,378
Hormel Foods Corp., 1.80%, 06/11/2030		70,000		59,498
Ingredion, Inc.
3.20%, 10/01/2026(b)		28,000		26,923
2.90%, 06/01/2030(b)		20,000		17,487
JM Smucker Co. (The)
3.50%, 03/15/2025		33,000		32,600
2.38%, 03/15/2030		40,000		34,136
Kellogg Co.
3.25%, 04/01/2026(b)		41,000		39,865
Series B, 7.45%, 04/01/2031		30,000		34,783
Kraft Heinz Foods Co. (The)
3.00%, 06/01/2026(b)		65,000		61,645
3.75%, 04/01/2030		60,000		55,806
McCormick & Co., Inc., 3.40%, 08/15/2027		23,000		22,240
Mondelez International, Inc.
1.50%, 05/04/2025		40,000		37,478
2.75%, 04/13/2030		60,000		53,200
Tyson Foods, Inc.
3.55%, 06/02/2027		56,000		53,862
4.35%, 03/01/2029		50,000		49,491
				1,110,002
Gas Utilities-0.40%
Atmos Energy Corp., 3.00%, 06/15/2027		51,000		48,828

	Principal Amount		Value
Gas Utilities-(continued)
National Fuel Gas Co.
3.75%, 03/01/2023	$	15,000	$	14,993
2.95%, 03/01/2031		20,000		16,413
Southwest Gas Corp., 4.05%, 03/15/2032		40,000		36,236
				116,470
Health Care Equipment & Supplies-2.10%
Abbott Laboratories
3.75%, 11/30/2026		67,000		67,339
1.40%, 06/30/2030		70,000		58,128
Baxter International, Inc.
1.92%, 02/01/2027		40,000		36,077
1.73%, 04/01/2031		40,000		31,610
Becton, Dickinson and Co.
3.70%, 06/06/2027		40,000		38,934
1.96%, 02/11/2031		50,000		40,916
Boston Scientific Corp.
3.45%, 03/01/2024		20,000		19,866
2.65%, 06/01/2030		40,000		35,043
DENTSPLY SIRONA, Inc., 3.25%, 06/01/2030 .		30,000		24,799
DH Europe Finance II S.a.r.l.
2.20%, 11/15/2024		48,000		46,220
2.60%, 11/15/2029(b)		46,000		41,567
Edwards Lifesciences Corp., 4.30%,
06/15/2028		37,000		36,973
Stryker Corp.
3.50%, 03/15/2026		44,000		43,314
1.95%, 06/15/2030		50,000		41,855
Zimmer Biomet Holdings, Inc.
3.55%, 04/01/2025		25,000		24,469
2.60%, 11/24/2031		35,000		29,317
				616,427
Health Care Providers & Services-3.47%
AmerisourceBergen Corp.
3.25%, 03/01/2025		20,000		19,584
2.70%, 03/15/2031		70,000		59,852
Cardinal Health, Inc., 3.41%, 06/15/2027(b)		129,000		124,446
Cigna Corp.
4.13%, 11/15/2025		50,000		49,725
4.38%, 10/15/2028		64,000		63,195
CVS Health Corp.
3.88%, 07/20/2025		45,000		44,729
4.30%, 03/25/2028		40,000		39,636
Elevance Health, Inc.
2.38%, 01/15/2025		60,000		57,614
3.65%, 12/01/2027		55,000		53,406
HCA, Inc.
5.38%, 02/01/2025		40,000		40,431
3.50%, 09/01/2030		10,000		8,736
Humana, Inc.
1.35%, 02/03/2027		50,000		43,825
2.15%, 02/03/2032(b)		45,000		36,575
Laboratory Corp. of America Holdings
3.60%, 02/01/2025		33,000		32,571
2.95%, 12/01/2029		30,000		26,771
McKesson Corp., 3.80%, 03/15/2024		95,000		94,963
Quest Diagnostics, Inc.
3.50%, 03/30/2025		30,000		29,519
2.95%, 06/30/2030		35,000		31,047

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

56

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

August 31, 2022

	Principal Amount		Value
Health Care Providers & Services-(continued)
UnitedHealth Group, Inc.
3.75%, 07/15/2025	$	54,000	$	53,875
2.00%, 05/15/2030		70,000		59,871
Universal Health Services, Inc.
1.65%, 09/01/2026(c)		26,000		22,511
2.65%, 10/15/2030(c)		35,000		27,704
				1,020,586
Hotels, Restaurants & Leisure-1.42%
Booking Holdings, Inc.
3.60%, 06/01/2026		40,000		39,486
4.63%, 04/13/2030		30,000		30,266
Darden Restaurants, Inc., 3.85%, 05/01/2027		54,000		52,279
Expedia Group, Inc.
5.00%, 02/15/2026		30,000		30,118
3.80%, 02/15/2028		28,000		26,118
Marriott International, Inc.
Series FF, 4.63%, 06/15/2030		40,000		38,343
Series R, 3.13%, 06/15/2026		25,000		23,809
McDonald’s Corp.
3.70%, 01/30/2026		16,000		15,869
3.80%, 04/01/2028		55,000		54,142
Starbucks Corp.
3.80%, 08/15/2025		56,000		55,824
2.55%, 11/15/2030(b)		60,000		51,567
				417,821
Household Durables-1.12%
D.R. Horton, Inc.
2.50%, 10/15/2024		35,000		33,763
1.40%, 10/15/2027(b)		40,000		33,596
Leggett & Platt, Inc., 3.50%, 11/15/2027		40,000		37,446
Lennar Corp.
4.50%, 04/30/2024		30,000		30,052
4.75%, 11/29/2027		30,000		29,318
Mohawk Industries, Inc.
3.85%, 02/01/2023		36,000		36,009
3.63%, 05/15/2030(b)		10,000		8,947
NVR, Inc., 3.00%, 05/15/2030		20,000		17,283
PulteGroup, Inc., 5.50%, 03/01/2026		50,000		50,730
Whirlpool Corp., 4.75%, 02/26/2029(b)		54,000		53,325
				330,469
Household Products-1.15%
Clorox Co. (The), 3.90%, 05/15/2028(b)		25,000		24,702
Colgate-Palmolive Co., 3.25%, 03/15/2024		75,000		74,690
Kimberly-Clark Corp., 3.20%, 04/25/2029		77,000		72,702
Procter & Gamble Co. (The)
1.90%, 02/01/2027		90,000		84,457
3.00%, 03/25/2030		85,000		80,306
				336,857
Independent Power and Renewable Electricity Producers-0.22%
AES Corp. (The), 1.38%, 01/15/2026		15,000		13,334
NSTAR Electric Co., 3.20%, 05/15/2027		53,000		51,245
				64,579
Industrial Conglomerates-1.02%
3M Co.
3.25%, 02/14/2024(b)		19,000		18,888
2.88%, 10/15/2027(b)		73,000		68,999

	Principal Amount		Value
Industrial Conglomerates-(continued)
General Electric Co., 6.75%, 03/15/2032	$	125,000	$	141,999
Honeywell International, Inc.
2.50%, 11/01/2026		13,000		12,355
1.75%, 09/01/2031		70,000		58,147
				300,388
Insurance-6.17%
Aflac, Inc.
3.63%, 11/15/2024		56,000		55,880
3.60%, 04/01/2030(b)		55,000		52,512
Alleghany Corp., 3.63%, 05/15/2030		45,000		42,317
Allstate Corp. (The)
3.28%, 12/15/2026(b)		26,000		25,380
1.45%, 12/15/2030		50,000		39,912
American International Group, Inc., 3.90%, 04/01/2026		144,000		141,948
Aon Corp., 2.80%, 05/15/2030		40,000		35,054
Aon Global Ltd., 3.88%, 12/15/2025		40,000		39,637
Brighthouse Financial, Inc.
3.70%, 06/22/2027(b)		47,000		44,719
5.63%, 05/15/2030(b)		30,000		29,906
Brown & Brown, Inc.
4.20%, 09/15/2024		21,000		20,870
2.38%, 03/15/2031(b)		20,000		15,908
Chubb INA Holdings, Inc.
3.35%, 05/03/2026		65,000		63,715
1.38%, 09/15/2030		80,000		64,205
CNA Financial Corp.
3.95%, 05/15/2024		27,000		26,940
3.90%, 05/01/2029		43,000		40,397
CNO Financial Group, Inc.
5.25%, 05/30/2025		20,000		20,120
5.25%, 05/30/2029		18,000		17,468
Fidelity National Financial, Inc., 3.40%, 06/15/2030		60,000		52,134
First American Financial Corp., 2.40%, 08/15/2031		50,000		38,631
Globe Life, Inc., 4.55%, 09/15/2028		46,000		45,433
Hartford Financial Services Group, Inc. (The), 2.80%, 08/19/2029		39,000		34,657
Lincoln National Corp.
4.00%, 09/01/2023		11,000		11,013
3.80%, 03/01/2028		56,000		53,720
Loews Corp.
3.75%, 04/01/2026		38,000		37,575
3.20%, 05/15/2030		40,000		36,018
Marsh & McLennan Cos., Inc.
3.88%, 03/15/2024		44,000		43,999
4.38%, 03/15/2029		38,000		37,868
MetLife, Inc.
3.60%, 04/10/2024(b)		79,000		79,114
4.55%, 03/23/2030(b)		70,000		70,848
Old Republic International Corp., 3.88%, 08/26/2026		64,000		62,197
Primerica, Inc., 2.80%, 11/19/2031		40,000		33,578
Principal Financial Group, Inc., 3.70%,
05/15/2029		92,000		86,921

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

57

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

August 31, 2022

	Principal Amount		Value
Insurance-(continued)
Progressive Corp. (The)
2.45%, 01/15/2027	$	53,000	$	50,191
4.00%, 03/01/2029		45,000		44,769
Prudential Financial, Inc.
1.50%, 03/10/2026		80,000		73,400
2.10%, 03/10/2030(b)		85,000		72,453
Reinsurance Group of America, Inc., 3.90%, 05/15/2029		14,000		13,157
Willis North America, Inc.
3.60%, 05/15/2024		32,000		31,643
2.95%, 09/15/2029		30,000		26,026
				1,812,233
Interactive Media & Services-0.58%
Alphabet, Inc.
2.00%, 08/15/2026		67,000		63,223
1.10%, 08/15/2030		130,000		106,348
				169,571
Internet & Direct Marketing Retail-0.70%
Amazon.com, Inc.
3.15%, 08/22/2027		65,000		62,913
2.10%, 05/12/2031		130,000		112,365
eBay, Inc., 3.60%, 06/05/2027(b)		30,000		29,046
				204,324
IT Services-3.43%
Amdocs Ltd., 2.54%, 06/15/2030		50,000		41,666
Automatic Data Processing, Inc.
3.38%, 09/15/2025		41,000		40,629
1.25%, 09/01/2030		60,000		49,410
Broadridge Financial Solutions, Inc.
3.40%, 06/27/2026		25,000		24,284
2.60%, 05/01/2031		30,000		25,212
DXC Technology Co.
1.80%, 09/15/2026		34,000		30,059
2.38%, 09/15/2028(b)		33,000		28,144
Fidelity National Information Services, Inc.
1.15%, 03/01/2026		50,000		44,421
2.25%, 03/01/2031(b)		40,000		32,737
Fiserv, Inc.
2.75%, 07/01/2024		39,000		38,059
3.50%, 07/01/2029		38,000		34,895
Global Payments, Inc.
2.65%, 02/15/2025		30,000		28,594
3.20%, 08/15/2029		23,000		20,156
International Business Machines Corp.
3.00%, 05/15/2024		102,000		100,847
3.50%, 05/15/2029(b)		100,000		94,653
Kyndryl Holdings, Inc.
2.05%, 10/15/2026(c)		30,000		24,928
3.15%, 10/15/2031(b)(c)		40,000		28,043
Mastercard, Inc.
3.38%, 04/01/2024		53,000		52,876
3.35%, 03/26/2030		55,000		52,525
PayPal Holdings, Inc.
2.40%, 10/01/2024		45,000		43,838
2.85%, 10/01/2029(b)		45,000		40,840

	Principal Amount		Value
IT Services-(continued)
VeriSign, Inc.
5.25%, 04/01/2025	$	10,000	$	10,166
2.70%, 06/15/2031(b)		20,000		16,487
Visa, Inc.
3.15%, 12/14/2025		61,000		59,696
2.05%, 04/15/2030		50,000		44,008
				1,007,173
Leisure Products-0.29%
Brunswick Corp., 2.40%, 08/18/2031		40,000		29,956
Hasbro, Inc.
3.55%, 11/19/2026		30,000		28,651
3.90%, 11/19/2029		28,000		25,733
				84,340
Life Sciences Tools & Services-0.56%
Agilent Technologies, Inc., 2.30%, 03/12/2031		30,000		24,791
Bio-Rad Laboratories, Inc., 3.70%, 03/15/2032		20,000		17,944
Illumina, Inc., 2.55%, 03/23/2031(b)		50,000		41,207
PerkinElmer, Inc., 3.30%, 09/15/2029		33,000		29,469
Thermo Fisher Scientific, Inc., 2.00%, 10/15/2031		60,000		50,698
				164,109
Machinery-1.89%
Caterpillar Financial Services Corp., 3.40%, 05/13/2025		55,000		54,310
Caterpillar, Inc., 2.60%, 04/09/2030		45,000		40,905
Cummins, Inc.
3.65%, 10/01/2023		46,000		46,129
1.50%, 09/01/2030		50,000		40,896
Flowserve Corp., 3.50%, 10/01/2030		35,000		30,080
Fortive Corp., 3.15%, 06/15/2026		48,000		46,125
IDEX Corp., 3.00%, 05/01/2030		40,000		35,362
Illinois Tool Works, Inc., 2.65%, 11/15/2026(b) .		33,000		31,779
John Deere Capital Corp.
3.45%, 03/13/2025		21,000		20,890
2.80%, 07/18/2029		10,000		9,282
Otis Worldwide Corp.
2.06%, 04/05/2025		40,000		37,801
2.57%, 02/15/2030		40,000		34,576
Parker-Hannifin Corp., 3.25%, 06/14/2029		37,000		33,951
Stanley Black & Decker, Inc.
3.40%, 03/01/2026		15,000		14,728
2.30%, 03/15/2030		40,000		34,227
Xylem, Inc.
3.25%, 11/01/2026		25,000		23,971
2.25%, 01/30/2031(b)		25,000		20,884
				555,896
Marine-0.10%
Kirby Corp., 4.20%, 03/01/2028		33,000		30,681
Media-1.25%
Comcast Corp.
3.70%, 04/15/2024		74,000		73,888
4.15%, 10/15/2028		42,000		41,669

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

58

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

August 31, 2022

	Principal Amount		Value
Media-(continued)
Fox Corp.
4.03%, 01/25/2024	$	35,000	$	34,937
4.71%, 01/25/2029		30,000		29,783
Interpublic Group of Cos., Inc. (The), 4.75%, 03/30/2030		40,000		38,683
Omnicom Group, Inc., 2.60%, 08/01/2031		40,000		33,588
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026		38,000		37,200
Paramount Global
4.00%, 01/15/2026		40,000		39,432
4.95%, 01/15/2031(b)		40,000		38,199
				367,379
Metals & Mining-0.65%
Newmont Corp., 2.25%, 10/01/2030		70,000		57,718
Nucor Corp., 3.95%, 05/01/2028(b)		39,000		37,948
Reliance Steel & Aluminum Co.
4.50%, 04/15/2023		31,000		31,032
2.15%, 08/15/2030		25,000		20,156
Steel Dynamics, Inc., 3.45%, 04/15/2030		51,000		45,524
				192,378
Multiline Retail-0.91%
Dollar General Corp.
3.25%, 04/15/2023		44,000		43,858
3.50%, 04/03/2030(b)		40,000		37,019
Dollar Tree, Inc.
4.00%, 05/15/2025		35,000		34,710
4.20%, 05/15/2028(b)		42,000		41,039
Kohl’s Corp., 3.38%, 05/01/2031		60,000		43,138
Target Corp.
2.25%, 04/15/2025		55,000		52,929
3.38%, 04/15/2029		15,000		14,449
				267,142
Multi-Utilities-1.57%
Ameren Corp., 3.50%, 01/15/2031		10,000		9,180
Black Hills Corp., 4.25%, 11/30/2023		33,000		33,004
CenterPoint Energy, Inc.
1.45%, 06/01/2026		40,000		36,166
2.65%, 06/01/2031		40,000		34,294
Dominion Energy, Inc., Series C, 3.38%, 04/01/2030		15,000		13,693
DTE Electric Co., Series C, 2.63%, 03/01/2031.		40,000		35,562
DTE Energy Co., Series F, 1.05%, 06/01/2025		20,000		18,322
NiSource, Inc.
0.95%, 08/15/2025		30,000		27,315
3.60%, 05/01/2030(b)		30,000		27,658
Public Service Enterprise Group, Inc.
2.88%, 06/15/2024		40,000		39,064
2.45%, 11/15/2031		45,000		37,710
Sempra Energy
3.30%, 04/01/2025		40,000		38,974
3.40%, 02/01/2028		31,000		29,367
WEC Energy Group, Inc.
0.55%, 09/15/2023		48,000		46,370
1.38%, 10/15/2027		40,000		34,657
				461,336

	Principal Amount		Value
Oil, Gas & Consumable Fuels-5.07%
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027	$	25,000	$	25,016
Chevron Corp.
2.95%, 05/16/2026		62,000		60,163
2.24%, 05/11/2030		125,000		109,964
ConocoPhillips Co., 6.95%, 04/15/2029		90,000		103,038
Coterra Energy, Inc., 3.90%, 05/15/2027(c)		13,000		12,429
Devon Energy Corp., 7.88%, 09/30/2031		40,000		46,350
Diamondback Energy, Inc., 3.50%,
12/01/2029		25,000		22,762
EOG Resources, Inc.
2.63%, 03/15/2023		41,000		40,825
4.38%, 04/15/2030		40,000		40,095
Exxon Mobil Corp.
3.04%, 03/01/2026(b)		141,000		137,541
2.61%, 10/15/2030		160,000		143,481
Hess Corp., 4.30%, 04/01/2027		50,000		48,914
Kinder Morgan, Inc.
4.30%, 06/01/2025		64,000		63,839
4.30%, 03/01/2028		65,000		63,690
Marathon Oil Corp., 4.40%, 07/15/2027(b)		58,000		56,439
Marathon Petroleum Corp., 4.70%, 05/01/2025		120,000		120,888
ONEOK, Inc.
5.85%, 01/15/2026		50,000		51,387
4.55%, 07/15/2028		41,000		39,855
Ovintiv, Inc., 7.38%, 11/01/2031		20,000		21,879
Phillips 66
3.85%, 04/09/2025		40,000		39,707
3.90%, 03/15/2028		49,000		47,099
Pioneer Natural Resources Co.
1.13%, 01/15/2026		35,000		31,331
1.90%, 08/15/2030		30,000		24,544
Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.50%, 03/01/2030.		40,000		39,127
Valero Energy Corp.
3.40%, 09/15/2026		13,000		12,707
4.00%, 04/01/2029(b)		17,000		16,219
Williams Cos., Inc. (The)
3.75%, 06/15/2027		45,000		43,532
2.60%, 03/15/2031		30,000		25,155
				1,487,976
Personal Products-0.26%
Estee Lauder Cos., Inc. (The)
2.00%, 12/01/2024		40,000		38,922
2.38%, 12/01/2029		43,000		38,284
				77,206
Pharmaceuticals-2.58%
Bristol-Myers Squibb Co.
2.90%, 07/26/2024		15,000		14,773
3.40%, 07/26/2029		59,000		56,508
Eli Lilly and Co.
2.75%, 06/01/2025		20,000		19,642
3.38%, 03/15/2029		66,000		64,124
Johnson & Johnson
2.45%, 03/01/2026		118,000		113,563
1.30%, 09/01/2030		130,000		109,414

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

59

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

August 31, 2022

	Principal Amount		Value
Pharmaceuticals-(continued)
Merck & Co., Inc.
2.75%, 02/10/2025	$	34,000	$	33,269
3.40%, 03/07/2029		75,000		72,270
Pfizer, Inc.
3.00%, 12/15/2026(b)		93,000		90,668
3.45%, 03/15/2029		50,000		48,431
Royalty Pharma PLC, 2.15%, 09/02/2031(b)		20,000		15,883
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026		33,000		31,218
Viatris, Inc., 2.70%, 06/22/2030(b)		50,000		39,538
Zoetis, Inc.
3.25%, 02/01/2023		33,000		32,973
3.00%, 09/12/2027(b)		15,000		14,252
				756,526
Professional Services-0.25%
Equifax, Inc.
2.60%, 12/01/2024		18,000		17,416
2.35%, 09/15/2031		20,000		16,177
Verisk Analytics, Inc.
4.00%, 06/15/2025		20,000		19,798
4.13%, 03/15/2029		20,000		19,154
				72,545
Road & Rail-1.33%
CSX Corp.
3.25%, 06/01/2027		52,000		50,218
4.25%, 03/15/2029		40,000		39,681
J.B. Hunt Transport Services, Inc., 3.88%, 03/01/2026		50,000		49,234
Norfolk Southern Corp.
2.90%, 06/15/2026		43,000		41,173
3.80%, 08/01/2028		45,000		43,930
Ryder System, Inc., 3.65%, 03/18/2024(b)		56,000		55,511
Union Pacific Corp.
2.75%, 03/01/2026		60,000		57,699
3.95%, 09/10/2028		54,000		53,300
				390,746
Semiconductors & Semiconductor Equipment-2.84%
Analog Devices, Inc., 3.50%, 12/05/2026		30,000		29,559
Applied Materials, Inc.
3.30%, 04/01/2027		45,000		44,138
1.75%, 06/01/2030		50,000		42,109
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027		13,000		12,521
Broadcom, Inc., 2.45%, 02/15/2031(c)		70,000		56,352
Intel Corp.
3.70%, 07/29/2025(b)		50,000		49,824
2.45%, 11/15/2029		102,000		89,865
KLA Corp.
4.65%, 11/01/2024		13,000		13,219
4.65%, 07/15/2032		50,000		51,022
Lam Research Corp.
3.75%, 03/15/2026(b)		35,000		34,930
4.00%, 03/15/2029		33,000		32,475
Marvell Technology, Inc.
1.65%, 04/15/2026(b)		20,000		18,029
2.95%, 04/15/2031		20,000		16,468

	Principal Amount		Value
Semiconductors & Semiconductor Equipment-(continued)
Micron Technology, Inc.
4.19%, 02/15/2027	$	61,000	$	59,520
4.66%, 02/15/2030		10,000		9,399
NVIDIA Corp.
3.20%, 09/16/2026		32,000		31,557
2.85%, 04/01/2030		32,000		28,985
QUALCOMM, Inc.
3.25%, 05/20/2027(b)		68,000		66,518
1.65%, 05/20/2032		35,000		28,188
Texas Instruments, Inc.
1.38%, 03/12/2025		65,000		61,302
2.25%, 09/04/2029		36,000		32,289
Xilinx, Inc., 2.38%, 06/01/2030		30,000		26,261
				834,530
Software-2.26%
Adobe, Inc.
3.25%, 02/01/2025		33,000		32,696
2.30%, 02/01/2030		40,000		35,703
Autodesk, Inc., 3.50%, 06/15/2027		23,000		22,219
Citrix Systems, Inc.
1.25%, 03/01/2026		20,000		19,582
3.30%, 03/01/2030		20,000		19,804
Fortinet, Inc.
1.00%, 03/15/2026		16,000		14,155
2.20%, 03/15/2031		16,000		12,750
Intuit, Inc.
0.95%, 07/15/2025		30,000		27,660
1.65%, 07/15/2030		30,000		24,815
Microsoft Corp., 3.30%, 02/06/2027		235,000		231,439
Oracle Corp.
2.50%, 04/01/2025(b)		25,000		23,753
2.88%, 03/25/2031		40,000		33,279
Roper Technologies, Inc.
1.00%, 09/15/2025		30,000		27,243
1.75%, 02/15/2031		30,000		23,614
salesforce.com, inc.
3.25%, 04/11/2023		33,000		32,945
3.70%, 04/11/2028		32,000		31,781
ServiceNow, Inc., 1.40%, 09/01/2030		25,000		19,680
VMware, Inc., 3.90%, 08/21/2027		33,000		31,547
				664,665
Specialty Retail-3.12%
AutoNation, Inc., 3.85%, 03/01/2032		65,000		55,889
AutoZone, Inc.
3.13%, 07/15/2023		36,000		35,783
4.00%, 04/15/2030(b)		35,000		33,350
Best Buy Co., Inc., 1.95%, 10/01/2030		100,000		80,183
Dell International LLC/EMC Corp. 6.02%, 06/15/2026		26,000		27,049
5.30%, 10/01/2029		45,000		44,724
Dick’s Sporting Goods, Inc., 3.15%, 01/15/2032(b)		50,000		39,757
Home Depot, Inc. (The)
3.00%, 04/01/2026		90,000		87,545
2.95%, 06/15/2029(b)		103,000		96,002
Leidos, Inc.
3.63%, 05/15/2025		30,000		29,347
2.30%, 02/15/2031		30,000		23,650

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

60

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

August 31, 2022

	Principal Amount		Value
Specialty Retail-(continued)
Lowe’s Cos., Inc.
2.50%, 04/15/2026	$	69,000	$	65,706
2.63%, 04/01/2031		55,000		47,328
O’Reilly Automotive, Inc., 3.60%, 09/01/2027		29,000		28,042
Ross Stores, Inc.
4.60%, 04/15/2025		37,000		37,355
1.88%, 04/15/2031(b)		40,000		31,898
TJX Cos., Inc. (The)
2.25%, 09/15/2026		60,000		56,826
1.60%, 05/15/2031(b)		65,000		52,550
Tractor Supply Co., 1.75%, 11/01/2030		55,000		43,633
				916,617
Technology Hardware, Storage & Peripherals-1.65%
Apple, Inc.
2.40%, 05/03/2023		106,000		105,310
1.65%, 02/08/2031		180,000		150,126
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025(b)		78,000		79,326
HP, Inc.
3.00%, 06/17/2027		55,000		51,075
4.20%, 04/15/2032		60,000		53,193
NetApp, Inc.
1.88%, 06/22/2025		25,000		23,358
2.70%, 06/22/2030(b)		25,000		21,546
				483,934
Textiles, Apparel & Luxury Goods-0.82%
NIKE, Inc.
2.40%, 03/27/2025		45,000		43,591
2.85%, 03/27/2030(b)		50,000		46,122
Ralph Lauren Corp., 2.95%, 06/15/2030(b)		50,000		44,678
Tapestry, Inc., 3.05%, 03/15/2032		55,000		43,963
VF Corp.
2.40%, 04/23/2025		35,000		33,462
2.95%, 04/23/2030(b)		35,000		30,621
				242,437
Tobacco-0.72%
Altria Group, Inc.
4.40%, 02/14/2026(b)		70,000		69,746
4.80%, 02/14/2029		25,000		24,275
Philip Morris International, Inc.
3.25%, 11/10/2024(b)		86,000		84,944
3.38%, 08/15/2029		37,000		33,382
				212,347

Investment Abbreviations:

REIT-Real Estate Investment Trust

	Principal Amount		Value
Trading Companies & Distributors-0.20%
WW Grainger, Inc., 1.85%, 02/15/2025	$	62,000	$	58,934
Water Utilities-0.29%
American Water Capital Corp.
3.40%, 03/01/2025		32,000		31,635
4.45%, 06/01/2032(b)		20,000		19,919
Essential Utilities, Inc., 2.70%, 04/15/2030		40,000		34,737
				86,291
Wireless Telecommunication Services-0.29%
T-Mobile USA, Inc.
3.75%, 04/15/2027		20,000		19,229
3.88%, 04/15/2030		70,000		64,997
				84,226
Total U.S. Dollar Denominated Bonds & Notes
(Cost $31,765,970)				29,082,870
	Shares
Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(d)(e) (Cost $422)		422		422
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.03% (Cost $31,766,392)				29,083,292
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-17.52%
Invesco Private Government Fund, 2.29%(d)(e)(f)		1,441,129		1,441,129
Invesco Private Prime Fund, 2.37%(d)(e)(f)		3,705,390		3,705,760
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,146,594)				5,146,889
TOTAL INVESTMENTS IN SECURITIES-116.55% (Cost $36,912,986)				34,230,181
OTHER ASSETS LESS LIABILITIES-(16.55)%				(4,861,109	)
NET ASSETS-100.00%			$	29,369,072

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

61

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)–(continued)

August 31, 2022

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 August 31, 2022.

^(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 August 31, 2022 was $259,079, which represented less than 1% of the Fund’s Net Assets.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	555,106		$	3,429,463		$	(3,984,147	)		$	-		$	-			$	422		$	310
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,828,768			8,462,192			(8,849,831	)			-			-				1,441,129			7,965	*
Invesco Private Prime Fund			4,267,126			17,300,363			(17,859,816	)			295			(2,208	)			3,705,760			23,369	*
Total		$	6,651,000		$	29,192,018		$	(30,693,794	)		$	295		$	(2,208	)		$	5,147,311		$	31,644

* 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 August 31, 2022.

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

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

62

Invesco National AMT-Free Municipal Bond ETF (PZA)

August 31, 2022

Schedule of Investments

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-99.00%
Alabama-1.09%
Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB		5.25%		07/01/2047	$	3,000	$	3,240,685
Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB		5.25%		07/01/2052		3,000		3,228,043
Birmingham (City of) & Jefferson (County of), AL Civic Center Authority, Series 2018 A, RB		5.00%		07/01/2048		3,000		3,114,508
Birmingham (City of), AL Water Works Board, Series 2015 A, Ref. RB(a)(b)		5.00%		01/01/2025		1,000		1,059,256
Jefferson (County of), AL, Series 2013 A, Revenue Wts., (INS - AGM)(c)		5.50%		10/01/2053		5,000		5,232,844
Mobile (City of), AL Infirmary Health System Special Care Facilities Financing Authority, Series 2021 A, Ref. RB		4.00%		02/01/2046		5,000		4,558,426
Tuscaloosa (City of), AL Board of Education, Series 2016, Revenue Wts.(a)(b)		5.00%		08/01/2026		1,000		1,094,794
								21,528,556
Arizona-2.05%
Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital), Series 2014, Ref. RB		5.00%		12/01/2042		65		66,955
Arizona (State of) Industrial Development Authority (Phoenix Children’s Hospital), Series 2020, RB		3.00%		02/01/2045		2,000		1,536,853
Arizona (State of) Industrial Development Authority (Phoenix Children’s Hospital), Series 2020, RB		4.00%		02/01/2050		1,000		913,809
Arizona (State of) Industrial Development Authority (Social Bonds), Series 2020 A, RB		4.00%		11/01/2050		2,000		1,806,126
Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB		4.00%		07/15/2047		1,000		979,472
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2019 E, RB		3.00%		01/01/2049		3,355		2,628,204
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2019 F, RB		3.00%		01/01/2049		2,000		1,566,738
Maricopa (County of), AZ Industrial Development Authority (Honorhealth), Series 2021 A, RB		3.00%		09/01/2051		6,250		4,529,305
Maricopa (County of), AZ Industrial Development Authority (Honorhealth), Series 2021 A, RB		4.00%		09/01/2051		2,625		2,407,230
Phoenix (City of), AZ Industrial Development Authority (The) (Downtown Phoenix Student Housing, LLC- Arizona State University), Series 2018 A, Ref. RB		5.00%		07/01/2042		1,000		1,008,483
Phoenix Civic Improvement Corp., Series 2015 A, RB		5.00%		07/01/2045		2,000		2,084,539
Phoenix Civic Improvement Corp., Series 2019 A, RB		5.00%		07/01/2045		5,000		5,290,252
Phoenix Civic Improvement Corp., Series 2019, RB		5.00%		07/01/2049		4,000		4,226,362
Phoenix Civic Improvement Corp., Series 2021 A, RB		5.00%		07/01/2045		1,000		1,094,063
Phoenix Civic Improvement Corp. (Sustainability Bonds), Series 2020, RB		5.00%		07/01/2044		5,000		5,428,862
Queen Creek (Town of), AZ, Series 2020, RB		4.00%		08/01/2045		1,250		1,185,847
University of Arizona (The), Series 2020, Ref. RB		4.00%		08/01/2044		4,000		3,810,505
								40,563,605
Arkansas-0.38%
University of Arkansas, Series 2021 A, RB		5.00%		12/01/2045		5,000		5,474,340
University of Arkansas (Fayetteville Campus), Series 2017, RB		5.00%		11/01/2047		2,000		2,140,252
								7,614,592
California-16.61%
Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)(c)		5.00%		10/01/2036		1,000		1,047,569
Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGM)(c)		5.00%		10/01/2037		940		982,648
Bay Area Toll Authority (San Francisco Bay Area), Series 2014 S-6, RB(a)(b)		5.00%		10/01/2024		2,500		2,632,795
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB		4.00%		04/01/2056		5,000		4,755,413
Bay Area Toll Authority (San Francisco Bay Area), Series 2017 S-7, Ref. RB		4.00%		04/01/2042		2,500		2,483,044
Beaumont (City of), CA Public Improvement Authority, Series 2018 A, RB, (INS - AGM)(c)		5.00%		09/01/2049		1,000		1,074,656
California (State of), Series 2014, GO Bonds		5.00%		10/01/2039		5,000		5,234,407
California (State of), Series 2016, GO Bonds		5.00%		09/01/2046		3,000		3,196,370
California (State of), Series 2017, Ref. GO Bonds		4.00%		08/01/2038		1,000		1,012,732
California (State of), Series 2019, GO Bonds		5.00%		04/01/2045		4,000		4,355,038
California (State of), Series 2019, GO Bonds		5.00%		04/01/2049		1,000		1,085,461
California (State of), Series 2019, Ref. GO Bonds		5.00%		10/01/2039		4,500		4,992,655
California (State of), Series 2021, Ref. GO Bonds		5.00%		10/01/2041		5,500		6,126,410
California (State of) (Green Bonds), Series 2014, GO Bonds		5.00%		10/01/2037		3,500		3,665,535
California (State of) Educational Facilities Authority (Pepperdine University), Series 2016, Ref. RB(a)(b)		5.00%		04/01/2026		1,000		1,091,841

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

63

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

August 31, 2022

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of) Educational Facilities Authority (Pepperdine University), Series 2016, Ref. RB(a)(b)		5.00%		04/01/2026	$	1,000	$	1,091,841
California (State of) Educational Facilities Authority (Stanford University), Series 2007 T-1, RB		5.00%		03/15/2039		5,000		5,883,105
California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB		5.00%		05/01/2049		4,000		4,745,488
California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021 A, Ref. RB		4.00%		08/15/2048		1,000		972,751
California (State of) Health Facilities Financing Authority (Children’s Hospital of Orange County), Series 2021, Ref. RB		2.13%		11/01/2041		5,000		3,433,787
California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB		4.00%		02/01/2042		3,000		2,900,551
California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB		5.00%		02/01/2042		2,250		2,369,697
California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB		5.00%		11/01/2047		3,500		3,983,869
California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 A, RB		4.00%		06/01/2050		3,860		3,531,647
California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. RB		4.00%		08/15/2050		7,360		6,907,713
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		2,067,632
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB		4.00%		02/01/2042		4,000		3,862,266
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB		5.00%		02/01/2042		1,715		1,807,665
California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB		5.00%		02/01/2047		2,500		2,622,572
California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB		5.25%		11/01/2041		1,000		1,026,808
California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase I), Series 2017 A, RB		5.00%		06/01/2042		6,000		6,427,526
California (State of) Municipal Finance Authority (Pomona College), Series 2017, Ref. RB(a)(b)		5.00%		01/01/2028		1,000		1,132,437
California (State of) Municipal Finance Authority (University of La Verne), Series 2017 A, Ref. RB		5.00%		06/01/2043		1,750		1,827,381
California (State of) Public Works Board, Series 2014 B, RB		5.00%		10/01/2039		1,500		1,567,220
California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018 A, Ref. RB		4.00%		12/01/2057		500		458,202
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2038		2,500		2,719,230
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2042		6,080		6,568,935
California State University, Series 2017 A, Ref. RB		5.00%		11/01/2047		2,310		2,483,266
Chino Valley Unified School District, Series 2020 B, GO Bonds		4.00%		08/01/2045		2,500		2,392,682
Chino Valley Unified School District, Series 2020 B, GO Bonds		3.38%		08/01/2050		7,500		6,194,311
Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-1, Ref. RB		3.95%		01/15/2053		3,000		2,726,641
Inland Valley Development Agency, Series 2014 A, Ref. RB, (INS - AGM)(c)		5.00%		09/01/2044		1,000		1,021,457
Jurupa Unified School District, Series 2017 B, GO Bonds		4.00%		08/01/2041		10,000		9,873,259
Livermore Valley Joint Unified School District (Measure J), Series 2019, GO Bonds		4.00%		08/01/2046		7,000		6,788,367
Livermore Valley Joint Unified School District (Measure J), Series 2021, GO Bonds		4.00%		08/01/2047		3,000		2,897,224
Long Beach Unified School District (Election of 2016), Series 2019 B, GO Bonds		3.00%		08/01/2050		1,270		977,758
Los Angeles (City of), CA (Green Bonds), Series 2015 A, RB		5.00%		06/01/2044		1,000		1,052,421
Los Angeles (City of), CA (Green Bonds), Series 2015 C, Ref. RB		5.00%		06/01/2045		1,500		1,567,628
Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB		5.25%		06/01/2047		1,500		1,636,249
Los Angeles (City of), CA (Green Bonds), Series 2022 A, RB		4.00%		06/01/2052		5,000		4,722,737
Los Angeles (City of), CA Department of Airports, Series 2022 B, RB		4.00%		05/15/2048		5,000		4,887,485
Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB		5.00%		07/01/2044		2,360		2,587,394
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB		5.00%		07/01/2038		1,000		1,119,969
Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB		5.00%		07/01/2039		1,000		1,116,000
Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB		5.00%		07/01/2046		4,000		4,397,706
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB		5.00%		06/01/2037		18,000		20,446,510
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB		5.00%		12/01/2039		2,250		2,343,536
Los Angeles (County of), CA Public Works Financing Authority, Series 2015 A, RB		5.00%		12/01/2044		1,000		1,040,245
Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB		5.00%		12/01/2045		11,400		11,984,828
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB(a)(b)		5.00%		12/01/2028		1,720		1,968,371

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

64

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

August 31, 2022

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California-(continued)
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB		5.00	%		12/01/2051	$	2,680	$	2,896,979
Los Angeles Unified School District, Series 2020 C, GO Bonds		4.00	%		07/01/2038		1,000		1,020,131
Los Angeles Unified School District, Series 2020 C, GO Bonds		4.00	%		07/01/2039		1,000		1,012,012
Los Angeles Unified School District, Series 2020 C, GO Bonds		4.00	%		07/01/2040		1,000		989,524
Los Angeles Unified School District, Series 2020 C, GO Bonds		4.00	%		07/01/2044		1,000		964,003
Los Angeles Unified School District (Election of 2008), Series 2016 A, GO Bonds		5.00	%		07/01/2040		1,610		1,705,194
Madera Unified School District (Election of 2014), Series 2017, GO Bonds		4.00	%		08/01/2046		5,000		4,819,566
Manhattan Beach Unified School District (Measure C), Series 2020 B, GO Bonds		4.00	%		09/01/2045		5,635		5,602,471
Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds		4.00	%		08/01/2047		3,000		2,835,279
Metropolitan Water District of Southern California, Series 2020 A, RB		5.00	%		10/01/2049		1,000		1,106,360
Morgan Hill Unified School District (Election of 2012), Series 2017 B, GO Bonds		4.00	%		08/01/2047		2,000		1,980,431
Napa Valley Unified School District, Series 2019 C, GO Bonds, (INS - AGM)(c)		4.00	%		08/01/2044		3,000		2,945,355
Natomas Unified School District, Series 2020 A, GO Bonds, (INS - AGM)(c)		4.00	%		08/01/2049		3,885		3,667,849
Norman Y Mineta San Jose International Airport SJC, Series 2017 B, Ref. RB		5.00	%		03/01/2042		1,300		1,367,648
Norman Y Mineta San Jose International Airport SJC, Series 2017 B, Ref. RB		5.00	%		03/01/2047		1,500		1,567,294
North Orange County Community College District, Series 2022 C, GO Bonds		4.00	%		08/01/2047		2,500		2,444,883
Oxnard School District (Election of 2016), Series 2017 A, GO Bonds, (INS - BAM)(c)		5.00	%		08/01/2045		5,000		5,303,576
Perris Union High School District, Series 2019 A, GO Bonds, (INS - AGM)(c)		4.00	%		09/01/2048		7,500		7,121,241
Regents of the University of California Medical Center, Series 2022 P, RB		5.00	%		05/15/2047		5,000		5,494,494
Sacramento (County of), CA, Series 2016 A, Ref. RB		5.00	%		07/01/2041		2,400		2,541,631
Sacramento (County of), CA, Series 2016 B, Ref. RB		5.00	%		07/01/2041		2,250		2,365,409
Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB		5.00	%		12/01/2050		2,400		2,631,798
San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB		5.00	%		04/01/2048		6,620		7,023,896
San Diego Unified School District, Series 2020 M-2, GO Bonds		4.00	%		07/01/2050		14,300		13,531,005
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds		4.00	%		07/01/2047		5,000		4,778,378
San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds		5.00	%		07/01/2047		4,165		4,476,155
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2014 B, RB		5.00	%		05/01/2044		2,000		2,051,374
San Francisco Bay Area Rapid Transit District (Green Bonds) (Election of 2016), Series 2017 A, GO Bonds		5.00	%		08/01/2047		2,000		2,142,451
San Francisco Bay Area Rapid Transit District (Green Bonds) (Election of 2016), Series 2022 D-1, GO Bonds		3.00	%		08/01/2041		3,000		2,639,422
Simi Valley Unified School District (Election of 2016), Series 2017 A, GO Bonds		4.00	%		08/01/2046		4,000		3,826,650
Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB		5.00	%		10/01/2045		2,000		2,112,362
University of California, Series 2016 AR, Ref. RB		5.00	%		05/15/2046		9,500		10,126,117
University of California, Series 2022 BK, RB		5.00	%		05/15/2052		4,500		4,962,752
University of California (Limited), Series 2018 O, Ref. RB		5.00	%		05/15/2043		1,500		1,625,214
									329,549,845
Colorado-3.91%
Colorado (State of) Educational & Cultural Facilities Authority (University of Denver), Series 2017 A, RB		5.00	%		03/01/2047		2,000		2,110,827
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2019, Ref. RB		4.00	%		11/15/2043		1,000		958,829
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB		4.00	%		11/15/2046		7,500		7,097,470
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB		4.00	%		11/15/2050		20,000		18,672,576
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. RB		3.00	%		11/15/2051		15,000		11,261,962
Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022 A, Ref. RB		4.00	%		05/15/2052		2,500		2,361,438
Colorado (State of) Health Facilities Authority (Parkview Medical Center), Series 2020 A, RB		4.00	%		09/01/2050		2,800		2,440,119
Denver (City & County of), CO, Series 2016 A, Ref. RB		5.00	%		08/01/2042		1,000		1,059,840
Denver (City & County of), CO, Series 2016 A, Ref. RB		5.00	%		08/01/2044		750		792,905
Denver (City & County of), CO, Series 2021 A, RB		4.00	%		08/01/2051		1,000		967,653
Denver (City & County of), CO Board of Water Commissioners (The) (Green Bonds), Series 2017 A, RB		5.00	%		09/15/2047		5,000		5,379,801

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

65

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

August 31, 2022

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Colorado-(continued)
Denver City & County School District No. 1, Series 2021, GO Bonds		3.00	%		12/01/2043	$	3,970	$	3,209,898
Denver City & County School District No. 1, Series 2021, GO Bonds		4.00	%		12/01/2045		2,000		1,961,645
Denver City & County School District No. 1, Series 2022 A, GO Bonds		5.00	%		12/01/2045		1,000		1,112,546
E-470 Public Highway Authority, Series 2020 A, Ref. RB		5.00	%		09/01/2040		2,725		2,811,343
Loveland (City of), CO Electric & Communications Enterprise, Series 2019 A, RB		5.00	%		12/01/2044		5,000		5,386,430
Regional Transportation District (Green Bonds), Series 2021 B, Ref. RB		2.00	%		11/01/2041		1,000		676,728
Regional Transportation District (Green Bonds), Series 2021 B, Ref. RB		2.25	%		11/01/2045		1,000		655,338
Weld County School District No. 6 Greeley, Series 2021, GO Bonds		4.00	%		12/01/2045		1,000		968,318
Weld County School District No. Re-2 Eaton, Series 2019, GO Bonds		5.00	%		12/01/2044		3,550		3,886,596
Weld County School District No. Re-5J, Series 2021, GO Bonds		4.00	%		12/01/2045		4,000		3,861,758
									77,634,020
Connecticut-0.94%
Connecticut (State of), Series 2018 B, RB		5.00	%		10/01/2038		4,000		4,392,186
Connecticut (State of), Series 2020 A, GO Bonds		5.00	%		01/15/2040		3,000		3,269,446
Connecticut (State of), Series 2021 A, GO Bonds		3.00	%		01/15/2038		1,000		877,437
Connecticut (State of), Series 2021 A, GO Bonds		3.00	%		01/15/2039		1,000		860,627
Connecticut (State of), Series 2021 A, RB		4.00	%		05/01/2038		1,000		995,292
Connecticut (State of), Series 2021 A, RB		4.00	%		05/01/2039		1,000		990,515
Connecticut (State of), Series 2021 A, RB		4.00	%		05/01/2040		1,000		985,892
Connecticut (State of), Series 2021 A, RB		5.00	%		05/01/2041		1,000		1,099,883
Connecticut (State of), Series 2021 D, RB		4.00	%		11/01/2038		1,200		1,192,433
Connecticut (State of), Series 2021 D, RB		4.00	%		11/01/2039		1,200		1,186,376
Connecticut (State of), Series 2021 D, RB		4.00	%		11/01/2040		1,000		983,317
Connecticut (State of), Series 2021 D, RB		5.00	%		11/01/2041		250		276,188
University of Connecticut, Series 2018 A, RB		5.00	%		11/15/2043		1,450		1,568,787
									18,678,379
District of Columbia-0.54%
District of Columbia, Series 2017 D, GO Bonds		5.00	%		06/01/2042		1,100		1,177,383
District of Columbia, Series 2020 A, RB		2.63	%		03/01/2045		1,000		733,837
District of Columbia, Series 2020 C, RB		5.00	%		05/01/2045		1,000		1,090,280
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2019 A, Ref. RB		5.00	%		10/01/2044		1,500		1,605,586
Washington Metropolitan Area Transit Authority, Series 2020 A, RB		5.00	%		07/15/2045		2,500		2,725,595
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		4.00	%		07/15/2038		200		201,279
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		4.00	%		07/15/2039		125		125,150
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		3.00	%		07/15/2040		250		215,745
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		5.00	%		07/15/2041		100		110,350
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		3.00	%		07/15/2043		200		166,061
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		4.00	%		07/15/2043		200		195,112
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		4.00	%		07/15/2046		1,125		1,081,340
Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB		5.00	%		07/15/2046		1,125		1,239,967
									10,667,685
Florida-3.43%
Bay County School Board, Series 2022, COP, (INS - AGM)(c)		4.25	%		07/01/2047		500		488,475
Broward (County of), FL (Convention Center Expansion), Series 2021, RB		4.00	%		09/01/2047		1,000		919,629
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(c)		4.00	%		07/01/2037		500		509,216
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(c)		4.00	%		07/01/2038		500		502,906
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(c)		4.00	%		07/01/2039		500		500,331
Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGM)(c)		2.50	%		07/01/2040		1,500		1,144,125
Davie (Town of), FL (Nova Southeastern University), Series 2018, Ref. RB		5.00	%		04/01/2048		2,000		2,087,612
Escambia (County of), FL Health Facilities Authority, Series 2020, Ref. RB, (INS - AGM)(c)		3.00	%		08/15/2050		5,000		3,562,141
Florida Development Finance Corp. (UF Health Jacksonville), Series 2022, Ref. RB, (INS - AGM)(c)		4.00	%		02/01/2046		2,500		2,325,485
Fort Pierce (City of), FL Utilities Authority, Series 2022 A, Ref. RB, (INS - AGM)(c)		4.00	%		10/01/2052		2,500		2,343,694
Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2018 F, RB		5.00	%		10/01/2048		1,745		1,836,114
JEA Electric System, Series 2013 C, RB		5.00	%		10/01/2037		950		951,659
Lakeland (City of), FL (Lakeland Regional Health), Series 2015, RB		5.00	%		11/15/2040		1,050		1,067,635

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

66

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

August 31, 2022

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Florida-(continued)
Miami Beach (City of), FL, Series 2015, RB		5.00	%		09/01/2045	$	2,000	$	2,104,041
Miami Beach (City of), FL, Series 2019, Ref. GO Bonds		4.00	%		05/01/2049		6,000		5,547,398
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center), Series 2021, RB		4.00	%		11/15/2046		2,190		1,993,872
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center), Series 2021, RB		3.00	%		11/15/2051		2,000		1,394,038
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center), Series 2021, RB		4.00	%		11/15/2051		2,000		1,777,982
Miami Beach (City of), FL Redevelopment Agency (City Center), Series 2015, Ref. RB,(INS -AGM) (c)		5.00	%		02/01/2040		4,000		4,112,103
Miami-Dade (County of), FL, Series 2012 B, Ref. RB(a)(b)		5.00	%		10/01/2022		2,215		2,219,942
Miami-Dade (County of), FL, Series 2017 A, RB		3.38	%		10/01/2047		5,000		4,139,178
Miami-Dade (County of), FL, Series 2021, RB		4.00	%		10/01/2039		150		147,311
Miami-Dade (County of), FL, Series 2021, RB		3.00	%		10/01/2040		175		150,390
Miami-Dade (County of), FL, Series 2021, RB		4.00	%		10/01/2041		200		190,840
Miami-Dade (County of), FL, Series 2021, RB		4.00	%		10/01/2042		200		187,489
Miami-Dade (County of), FL, Series 2021, RB		3.00	%		10/01/2043		250		206,357
Miami-Dade (County of), FL, Series 2021, RB		4.00	%		10/01/2044		175		162,002
Miami-Dade (County of), FL, Series 2021, RB		4.00	%		10/01/2046		200		182,944
Miami-Dade (County of), FL, Series 2021, RB		4.00	%		10/01/2048		250		227,094
Miami-Dade (County of), FL, Series 2021, RB		4.00	%		10/01/2051		300		268,991
Orlando (City of), FL, Series 2018 B, RB		5.00	%		10/01/2048		5,685		6,225,566
Palm Beach (County of), FL Health Facilities Authority (Jupiter Medical Center), Series 2022, RB		5.00	%		11/01/2047		1,250		1,254,600
Palm Beach (County of), FL Health Facilities Authority (Jupiter Medical Center), Series 2022, RB		5.00	%		11/01/2052		1,500		1,499,153
Palm Beach (County of), FL Health Facilities Authority (Lifespace Communities, Inc.), Series 2019 B, RB		5.00	%		05/15/2053		1,000		934,603
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017 C, RB		5.00	%		07/01/2048		2,000		2,121,909
Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017, RB		5.00	%		07/01/2047		5,000		5,259,412
Tampa (City of), FL, Series 2016 A, RB		5.00	%		11/15/2046		1,750		1,818,684
Tampa (City of), FL (H. Lee Moffitt Cancer Center), Series 2020 B, RB		4.00	%		07/01/2045		2,500		2,326,461
Tampa (City of), FL (H. Lee Moffitt Cancer Center), Series 2020 B, RB		5.00	%		07/01/2050		3,250		3,390,184
									68,081,566
Georgia-1.82%
Atlanta (City of), GA, Series 2018 B, RB		5.00	%		11/01/2047		5,000		5,399,672
Burke (County of), GA Development Authority, Series 2012, Ref. RB		2.75	%		01/01/2052		2,000		1,394,295
Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2020, Ref. RB		5.00	%		04/01/2050		850		882,910
Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2022, RB		4.00	%		04/01/2052		1,000		921,226
Fulton (County of), GA Development Authority (Wellstar Health System, Inc.), Series 2020, RB		4.00	%		04/01/2050		1,000		932,893
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2017 B, Ref. RB		5.50	%		02/15/2042		2,000		2,142,070
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2021 A, RB		2.50	%		02/15/2051		2,000		1,269,785
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2021 A, RB		3.00	%		02/15/2051		2,000		1,405,223
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2021 A, RB		4.00	%		02/15/2051		4,000		3,630,800
Georgia (State of) Municipal Electric Authority, Series 2019 A, Ref. RB		5.00	%		01/01/2044		1,000		1,033,549
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2021 A, Ref. RB, (INS - AGM)(c)		5.00	%		01/01/2062		2,305		2,382,952
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2021 A, Ref. RB, (INS - AGM)(c)		5.00	%		01/01/2062		4,500		4,652,184
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2022, RB		4.50	%		07/01/2063		3,000		2,884,371
Georgia (State of) Ports Authority, Series 2022, RB		4.00	%		07/01/2047		1,000		959,959
Georgia (State of) Ports Authority, Series 2022, RB		4.00	%		07/01/2052		1,000		950,892
Glynn (County of) & Brunswick (City of), GA Memorial Hospital Authority (Southeast Georgia Health System), Series 2017, RAC		5.00	%		08/01/2047		3,000		3,018,996
Sandy Springs (City of), GA Public Facilities Authority (City Center), Series 2015, RB(a)(b)		5.00	%		05/01/2026		2,000		2,181,814
									36,043,591

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

67

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

August 31, 2022

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Hawaii-0.44%
Honolulu (City & County of), HI, Series 2015 A, GO Bonds		5.00	%		10/01/2039	$	4,000	$	4,223,038
Honolulu (City & County of), HI, Series 2019 A, RB		5.00	%		07/01/2049		1,500		1,628,682
Honolulu (City & County of), HI (Green Bonds), Series 2022 A, RB		4.13	%		07/01/2047		3,000		2,905,397
									8,757,117
Illinois-4.76%
Chicago (City of), IL, Series 2017 A, RB, (INS - AGM)(c)		5.25	%		01/01/2042		2,500		2,674,027
Chicago (City of), IL, Series 2017 A, RB, (INS - AGM)(c)		4.00	%		01/01/2052		7,000		6,731,799
Chicago (City of), IL, Series 2017 A, Ref. GO Bonds		6.00	%		01/01/2038		1,000		1,075,719
Chicago (City of), IL, Series 2019 A, GO Bonds		5.00	%		01/01/2044		2,000		2,054,108
Chicago (City of), IL, Series 2019 A, GO Bonds		5.50	%		01/01/2049		1,500		1,580,891
Chicago (City of), IL (O’Hare International Airport), Series 2015 D, RB		5.00	%		01/01/2046		1,250		1,286,161
Chicago (City of), IL (O’Hare International Airport), Series 2018 B, RB, (INS - AGM)(c)		4.00	%		01/01/2053		6,375		5,946,708
Chicago (City of), IL Board of Education, Series 2016, RB		6.00	%		04/01/2046		2,000		2,139,144
Chicago (City of), IL Board of Education, Series 2017 B, Ref. GO Bonds(d)		7.00	%		12/01/2042		5,000		5,663,021
Chicago (City of), IL Transit Authority, Series 2017, RB, (INS - AGM)(c)		5.00	%		12/01/2051		10,000		10,468,830
Du Page (County of), IL (Morton Abroretum), Series 2020, Ref. RB		3.00	%		05/15/2047		5,000		3,871,468
Illinois (State of), Series 2020, GO Bonds		5.50	%		05/01/2039		1,500		1,629,663
Illinois (State of), Series 2022 A, GO Bonds		5.50	%		03/01/2047		1,500		1,631,806
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB		4.00	%		08/15/2037		1,550		1,500,963
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB		4.00	%		08/15/2038		1,395		1,330,729
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB		4.00	%		08/15/2039		2,250		2,129,176
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB		4.00	%		08/15/2040		1,350		1,296,262
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB		4.00	%		08/15/2041		1,350		1,269,597
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB		3.00	%		08/15/2048		1,000		736,020
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB		4.00	%		08/15/2048		1,400		1,270,730
Illinois (State of) Finance Authority (Chicago LLC - University of Chicago), Series 2017 A, RB		5.00	%		02/15/2047		1,000		960,444
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020 A, Ref. RB		3.00	%		05/15/2050		4,000		2,872,503
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020 A, Ref. RB		4.00	%		05/15/2050		4,570		4,129,635
Illinois (State of) Finance Authority (Rush University Medical Center), Series 2015 A, Ref. RB		5.00	%		11/15/2038		1,175		1,209,560
Illinois (State of) Finance Authority (University of Illinois Health Services), Series 2020, RB		4.00	%		10/01/2050		1,500		1,326,270
Illinois (State of) Finance Authority (University of Illinois Health Services), Series 2020, RB		4.00	%		10/01/2055		1,450		1,240,560
Illinois (State of) Toll Highway Authority, Series 2017 A, RB		5.00	%		01/01/2042		5,000		5,276,357
Illinois (State of) Toll Highway Authority, Series 2020 A, RB		5.00	%		01/01/2041		4,000		4,326,599
Illinois (State of) Toll Highway Authority, Series 2020 A, RB		5.00	%		01/01/2045		2,500		2,670,250
Illinois (State of) Toll Highway Authority, Series 2021 A, RB		5.00	%		01/01/2046		1,000		1,073,085
Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2020, Ref. RB		5.00	%		06/15/2042		1,000		1,032,655
Sales Tax Securitization Corp., Series 2018 A, Ref. RB		5.00	%		01/01/2040		5,200		5,513,512
Sales Tax Securitization Corp., Series 2020 A, Ref. RB		4.00	%		01/01/2038		1,000		958,751
Sales Tax Securitization Corp., Series 2020 A, Ref. RB		4.00	%		01/01/2039		500		476,526
Sales Tax Securitization Corp., Series 2020 A, Ref. RB, (INS - BAM)(c)		4.00	%		01/01/2040		2,000		1,936,430
Springfield (City of), IL, Series 2015, Ref. RB, (INS - AGM)(c)		5.00	%		03/01/2040		3,000		3,127,016
									94,416,975
Indiana-0.85%
Indiana (State of) Health & Educational Facilities Financing Authority (Ascension Senior Credit Group), Series 2006, Ref. RB		5.00	%		11/15/2046		3,000		3,112,373
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB		5.00	%		02/01/2044		5,000		5,422,544
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB		5.00	%		02/01/2049		6,500		7,019,698
Northern Indiana Commuter Transportation District, Series 2016, RB		5.00	%		07/01/2041		1,250		1,340,520
									16,895,135
Kansas-0.35%
Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGM)(c)		5.00	%		09/01/2042		1,500		1,618,018
Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGM)(c)		5.00	%		09/01/2047		1,250		1,335,623
Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGM)(c)		4.00	%		09/01/2052		1,500		1,404,006
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2016 A, RB		5.00	%		09/01/2040		1,000		1,037,511
Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2016 A, RB		5.00	%		09/01/2045		1,500		1,546,806
									6,941,964

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

68

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

August 31, 2022

	Interest Rate			Maturity Date		Principal Amount (000)		Value
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	$	1,064,435
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		1,003,945
									2,068,380
Louisiana-1.03%
Greater New Orleans Expressway Commission, Series 2017, RB, (INS - AGM)(c)		5.00	%		11/01/2042		2,000		2,125,495
Greater New Orleans Expressway Commission, Series 2017, RB, (INS - AGM)(c)		5.00	%		11/01/2047		2,000		2,118,034
Jefferson (Parish of), LA Sales Tax District, Series 2017 B, RB, (INS - AGM)(c)		5.00	%		12/01/2042		2,750		2,955,265
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		3,715,073
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		3,443,117
Louisiana (State of) Public Facilities Authority (LA Children’s Medical Center), Series 2020, RB, (INS - AGM)(c)		3.00	%		06/01/2050		6,500		4,886,488
Shreveport (City of), LA, Series 2019 B, RB, (INS - AGM)(c)		4.00	%		12/01/2049		1,250		1,167,631
									20,411,103
Maine-0.47%
Maine (State of) Health & Higher Educational Facilities Authority, Series 2020 A, RB		4.00	%		07/01/2045		2,000		1,888,493
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 A, Ref. RB, (INS - AGM)(c)		5.00	%		07/01/2023		550		560,482
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 A, Ref. RB, (INS - AGM)(c)		5.00	%		07/01/2024		350		364,150
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 A, Ref. RB, (INS - AGM)(c)		5.00	%		07/01/2026		400		430,017
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 A, Ref. RB, (INS - AGM)(c)		2.50	%		07/01/2029		500		485,718
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 A, Ref. RB, (INS - AGM)(c)		5.00	%		07/01/2030		425		479,267
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 A, Ref. RB, (INS - AGM)(c)		4.00	%		07/01/2037		375		370,082
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 A, Ref. RB, (INS - AGM)(c)		4.00	%		07/01/2039		330		323,804
Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2020 A, RB		4.00	%		07/01/2050		4,500		4,169,355
Maine (State of) Turnpike Authority, Series 2020, RB		4.00	%		07/01/2045		300		284,732
									9,356,100
Maryland-0.92%
Baltimore (City of), MD (Convention Center Hotel), Series 2017, Ref. RB		5.00	%		09/01/2039		1,000		941,468
Baltimore (City of), MD (Convention Center Hotel), Series 2017, Ref. RB		5.00	%		09/01/2042		500		453,989
Baltimore (City of), MD (Water), Series 2017 A, RB		5.00	%		07/01/2046		9,510		10,101,406
Baltimore (City of), MD (Water), Series 2020 A, RB		5.00	%		07/01/2050		600		642,740
Maryland (State of) Stadium Authority, Series 2022 A, RB		4.00	%		06/01/2047		1,000		957,078
Maryland (State of) Stadium Authority (Baltimore City Public Schools), Series 2016, RB(a)(b)		5.00	%		05/01/2026		1,900		2,072,723
Maryland (State of) Stadium Authority (Built to Learn), Series 2021, RB		4.00	%		06/01/2046		1,000		959,778
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB		5.00	%		07/01/2046		1,000		1,103,394
Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB		5.00	%		07/01/2051		1,000		1,100,846
									18,333,422
Massachusetts-6.17%
Massachusetts (Commonwealth of), Series 2016 A, GO Bonds		5.00	%		03/01/2041		7,150		7,342,549
Massachusetts (Commonwealth of), Series 2016 A, GO Bonds		5.00	%		03/01/2046		5,000		5,123,852
Massachusetts (Commonwealth of), Series 2016 J, GO Bonds		4.00	%		12/01/2044		2,900		2,842,761
Massachusetts (Commonwealth of), Series 2017 A, GO Bonds		5.00	%		04/01/2042		4,210		4,505,865
Massachusetts (Commonwealth of), Series 2017 A, Ref. RB		5.00	%		06/01/2043		5,000		5,352,088
Massachusetts (Commonwealth of), Series 2017 F, GO Bonds		5.00	%		11/01/2041		8,000		8,642,684
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds		5.25	%		01/01/2044		10,675		11,672,365

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

69

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

August 31, 2022

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Massachusetts-(continued)
Massachusetts (Commonwealth of), Series 2019 A, GO Bonds		5.00	%		01/01/2049	$	5,000	$	5,365,764
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds		5.00	%		11/01/2045		2,500		2,738,376
Massachusetts (Commonwealth of), Series 2020 E, GO Bonds		5.00	%		11/01/2050		3,500		3,817,043
Massachusetts (Commonwealth of), Series 2020, GO Bonds		5.00	%		07/01/2045		1,000		1,091,980
Massachusetts (Commonwealth of), Series 2022 B, GO Bonds		4.00	%		02/01/2042		1,000		983,738
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2015 A, RB		5.00	%		06/01/2045		3,000		3,139,280
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2018 A, RB		5.25	%		06/01/2043		5,000		5,438,802
Massachusetts (Commonwealth of) Development Finance Agency (Dana-Farber Cancer Institute), Series 2016, RB		5.00	%		12/01/2046		2,000		2,099,538
Massachusetts (Commonwealth of) Development Finance Agency (Northern University), Series 2022, Ref. RB		5.00	%		10/01/2044		1,500		1,627,770
Massachusetts (Commonwealth of) School Building Authority, Series 2015 C, Ref. RB		5.00	%		08/15/2037		8,770		9,287,807
Massachusetts (State of) Bay Transportation Authority, Series 2015 A, RB		5.00	%		07/01/2040		7,145		7,527,573
Massachusetts (State of) Bay Transportation Authority, Series 2020, Ref. RB		5.00	%		07/01/2050		5,580		6,004,504
Massachusetts (State of) Development Finance Agency, Series 2021 G, Ref. RB		5.00	%		07/01/2050		1,000		1,047,675
Massachusetts (State of) Development Finance Agency (Boston University), Series 2013 X, RB		5.00	%		10/01/2048		875		887,248
Massachusetts (State of) Development Finance Agency (Boston University), Series 2016 BB1, RB		5.00	%		10/01/2046		4,500		4,756,840
Massachusetts (State of) Development Finance Agency (Dana-Farber Cancer Institute), Series 2016, RB		5.00	%		12/01/2041		2,665		2,818,712
Massachusetts (State of) Development Finance Agency (Wellforce, Inc.), Series 2020 C, Ref. RB, (INS - AGM)(c)		3.00	%		10/01/2045		3,500		2,743,689
Massachusetts (State of) Development Finance Agency (Wellforce, Inc.), Series 2020 C, Ref. RB, (INS - AGM)(c)		4.00	%		10/01/2045		1,500		1,417,950
Massachusetts (State of) School Building Authority, Series 2016 B, RB		5.00	%		11/15/2046		3,075		3,275,841
Massachusetts (State of) Water Resources Authority, Series 2018 B, RB		5.00	%		08/01/2043		5,000		5,448,249
University of Massachusetts Building Authority, Series 2020 1, RB		5.00	%		11/01/2050		5,000		5,427,356
									122,427,899
Michigan-0.81%
Lansing (City of), MI Board of Water & Light, Series 2021 A, RB		5.00	%		07/01/2051		1,000		1,065,074
Michigan (State of) Building Authority (Facilities Program), Series 2022 I, RB		4.00	%		10/15/2052		1,000		910,391
Michigan (State of) Finance Authority, Series 2019 A, Ref. RB		3.00	%		12/01/2049		2,440		1,813,441
Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2022, RB		4.00	%		12/01/2047		1,100		1,024,903
Michigan (State of) Hospital Finance Authority (Ascension Health Senior Credit Group), Series 2010, Ref. RB		5.00	%		11/15/2047		3,000		3,155,837
Michigan State University Board of Trustees, Series 2019 B, RB		5.00	%		02/15/2044		1,250		1,348,736
University of Michigan, Series 2017 A, Ref. RB(a)(b)		5.00	%		04/01/2027		3,100		3,447,351
Walled Lake Consolidated School District, Series 2020, GO Bonds		5.00	%		05/01/2050		2,500		2,697,138
Wayne (County of), MI Airport Authority (Detroit Michigan Wayne County Airport), Series 2015 D, RB		5.00	%		12/01/2040		500		525,775
									15,988,646
Minnesota-0.21%
Duluth (City of), MN Economic Development Authority (St. Luke’s Hospital of Duluth), Series 2022 B, RB		5.25	%		06/15/2047		2,000		2,045,530
Duluth (City of), MN Economic Development Authority (St. Luke’s Hospital of Duluth), Series 2022 B, RB		5.25	%		06/15/2052		1,000		1,018,059
Minnesota (State of) Higher Education Facilities Authority (Bethel University), Series 2017, Ref. RB		5.00	%		05/01/2047		1,000		1,002,398
									4,065,987
Missouri-0.89%
Cape Girardeau (County of), MO Industrial Development Authority (South Eastern Health), Series 2017 A, Ref. RB		5.00	%		03/01/2036		1,000		1,034,032
Kansas City (City of), MO (Downtown Arena), Series 2016 E, Ref. RB		5.00	%		04/01/2040		2,190		2,253,264
Metropolitan St. Louis Sewer District, Series 2016 C, RB(a)		5.00	%		05/01/2046		1,000		1,065,546
Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB		5.00	%		05/01/2047		750		799,564

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

70

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

August 31, 2022

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Missouri-(continued)
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2021 A, Ref. RB		3.00	%		07/01/2051	$	2,500	$	1,885,456
Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2017 C, Ref. RB		4.00	%		11/15/2047		1,500		1,417,257
Missouri (State of) Health & Educational Facilities Authority (Mosaic Health System), Series 2019 A, Ref. RB		4.00	%		02/15/2049		5,000		4,739,568
Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2022 A, RB		4.00	%		06/01/2052		5,000		4,539,125
									17,733,812
Montana-0.12%
Missoula (City of), MT, Series 2019 A, RB		4.00	%		07/01/2044		2,400		2,332,993
Nebraska-0.17%
Fremont School District, Series 2022, GO Bonds, (INS - AGM)(c)		4.00	%		12/15/2047		1,000		969,253
Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB		5.00	%		02/01/2042		1,000		1,082,129
University of Nebraska Facilities Corp., Series 2021 A, RB		4.00	%		07/15/2059		500		463,384
University of Nebraska Facilities Corp., Series 2021 A, RB		4.00	%		07/15/2062		1,000		921,001
									3,435,767
Nevada-0.10%
Clark (County of), NV Department of Aviation, Series 2017 A-2, Ref. RB		5.00	%		07/01/2040		1,035		1,095,806
Las Vegas Valley Water District, Series 2022 A, GO Bonds		4.00	%		06/01/2046		1,000		949,746
									2,045,552
New Hampshire-0.17%
New Hampshire (State of) Business Finance Authority (St. Luke’s University Health), Series 2021, RB, (INS - AGM)(c)		3.00	%		08/15/2046		2,210		1,720,621
New Hampshire (State of) Business Finance Authority (St. Luke’s University Health), Series 2021, RB, (INS - AGM)(c)		3.00	%		08/15/2051		2,200		1,648,078
									3,368,699
New Jersey-2.13%
New Jersey (State of) Economic Development Authority (Social Bonds), Series 2021 QQQ, RB		4.00	%		06/15/2046		1,000		917,112
New Jersey (State of) Economic Development Authority (Social Bonds), Series 2021, RB		4.00	%		06/15/2050		1,000		905,017
New Jersey (State of) Economic Development Authority (State House), Series 2017 B, RB		5.00	%		06/15/2043		1,000		1,038,033
New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green Bonds), Series 2020 A, RB		3.00	%		07/01/2050		1,000		730,877
New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green Bonds), Series 2020 A, RB		4.00	%		07/01/2050		2,800		2,556,773
New Jersey (State of) Health Care Facilities Financing Authority (Atlanticare Health System Obligated Group), Series 2021, RB		3.00	%		07/01/2046		750		569,249
New Jersey (State of) Health Care Facilities Financing Authority (Atlanticare Health System Obligated Group), Series 2021, RB		3.00	%		07/01/2051		1,125		825,988
New Jersey (State of) Health Care Facilities Financing Authority (Princeton HealthCare System), Series 2016 A, Ref. RB		5.00	%		07/01/2039		1,000		1,047,957
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		3,069,563
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		4.00	%		06/15/2038		1,000		966,758
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		5.00	%		06/15/2038		1,000		1,060,027
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		4.00	%		06/15/2039		1,000		962,506
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		5.00	%		06/15/2039		1,000		1,054,904
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		4.00	%		06/15/2040		1,000		958,008
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		5.00	%		06/15/2040		1,000		1,052,134
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		4.00	%		06/15/2045		1,000		920,512
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		5.00	%		06/15/2045		1,000		1,038,552
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		3.00	%		06/15/2050		1,000		723,434
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		4.00	%		06/15/2050		1,000		905,017
New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB		5.00	%		06/15/2050		1,000		1,035,738
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		4.00	%		06/15/2038		1,500		1,450,137
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		4.00	%		06/15/2039		1,000		962,506
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		4.00	%		06/15/2040		1,000		958,008

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

71

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

August 31, 2022

	Interest Rate			Maturity Date		Principal Amount (000)		Value
New Jersey-(continued)
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		4.00	%		06/15/2041	$	1,250	$	1,179,422
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		4.00	%		06/15/2042		1,000		936,525
New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB		4.00	%		06/15/2046		750		687,834
New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB		5.00	%		01/01/2040		1,000		1,069,766
New Jersey (State of) Turnpike Authority, Series 2021 A, RB		4.00	%		01/01/2042		5,000		4,799,121
New Jersey (State of) Turnpike Authority, Series 2021 A, RB		4.00	%		01/01/2051		5,450		5,121,749
Newark (City of), NJ Housing Authority, Series 2016, Ref. RB, (INS - AGM)(c)		5.00	%		12/01/2038		2,500		2,643,476
									42,146,703
New York-21.61%
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)(c)		3.00	%		04/01/2045		3,000		2,248,647
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)(c)		3.00	%		04/01/2050		8,750		6,148,101
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)(c)		4.00	%		04/01/2050		3,000		2,750,365
Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB		5.00	%		07/01/2041		1,000		1,015,723
Dutchess County Local Development Corp. (Vassar College), Series 2017, Ref. RB		5.00	%		07/01/2042		1,500		1,571,101
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00	%		02/15/2042		5,000		5,287,159
Long Island (City of), NY Power Authority, Series 2012 A, RB(a)(b)		5.00	%		09/10/2022		2,860		2,861,739
Long Island (City of), NY Power Authority, Series 2014 A, Ref. RB		5.00	%		09/01/2039		2,500		2,596,394
Long Island (City of), NY Power Authority, Series 2017, RB		5.00	%		09/01/2042		1,300		1,400,283
Long Island (City of), NY Power Authority, Series 2017, RB		5.00	%		09/01/2047		1,000		1,072,364
Metropolitan Transportation Authority, Series 2012 A-1, RB		5.00	%		11/15/2040		6,690		6,733,017
Metropolitan Transportation Authority, Series 2012 E, RB, (INS - AGM)(c)		5.00	%		11/15/2042		1,510		1,516,414
Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB		5.00	%		11/15/2052		3,525		3,593,817
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB		4.00	%		11/15/2051		2,900		2,552,010
Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGM)(c)		4.00	%		11/15/2050		5,000		4,737,444
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB		4.75	%		11/15/2045		1,000		984,726
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB		5.25	%		11/15/2055		6,000		6,243,042
Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB		5.00	%		11/15/2046		2,350		2,482,545
Monroe County Industrial Development Corp. (University of Rochester), Series 2020 A, RB		4.00	%		07/01/2050		2,000		1,867,911
MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB		5.00	%		11/15/2051		2,000		2,002,857
Nassau (County of), NY, Series 2019 B, GO Bonds, (INS - AGM)(c)		5.00	%		04/01/2049		5,000		5,408,031
New York & New Jersey (States of) Port Authority, One Hudred Eighty Four Series 2014, RB		5.00	%		09/01/2039		6,000		6,231,346
New York & New Jersey (States of) Port Authority, Series 2015, Ref. RB		5.00	%		05/01/2045		3,500		3,654,621
New York & New Jersey (States of) Port Authority, Series 2020-222, Ref. RB		4.00	%		07/15/2040		2,000		1,958,526
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB		5.00	%		09/01/2048		5,590		5,896,795
New York & New Jersey (States of) Port Authority, Two Hundredth Series 2017, Ref. RB		5.25	%		10/15/2057		2,400		2,576,218
New York (City of), NY, Series 2016 B-1, GO Bonds		5.00	%		12/01/2041		4,955		5,290,442
New York (City of), NY, Series 2019 B-1, GO Bonds		5.00	%		10/01/2038		6,500		7,067,674
New York (City of), NY, Series 2020 BB1, RB		3.00	%		06/15/2050		1,000		773,501
New York (City of), NY, Series 2020 BB1, RB		5.00	%		06/15/2050		1,000		1,070,362
New York (City of), NY, Series 2020 BB-1, RB		4.00	%		06/15/2050		2,000		1,902,094
New York (City of), NY, Series 2020 BB-2, Ref. RB		4.00	%		06/15/2042		1,000		972,950
New York (City of), NY, Series 2020 D-1, GO Bonds		5.00	%		03/01/2038		6,250		6,777,042
New York (City of), NY, Series 2021 A-1, GO Bonds		5.00	%		08/01/2047		3,345		3,587,755
New York (City of), NY, Series 2021 BB-1, Ref. RB		5.00	%		06/15/2044		9,150		10,027,228
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		1,053,224
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		1,052,164
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		1,434,033
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		3,733,172
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(c)		3.00	%		03/01/2049		5,000		3,707,064

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

72

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

August 31, 2022

	Interest Rate			Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (City of), NY Municipal Water Finance Authority, Series 2013 BB, RB		5.00	%		06/15/2047	$	9,640	$	9,699,782
New York (City of), NY Municipal Water Finance Authority, Series 2013 EE, RB		5.00	%		06/15/2047		500		508,454
New York (City of), NY Municipal Water Finance Authority, Series 2014 EE, Ref. RB		5.00	%		06/15/2036		600		623,380
New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB		5.00	%		06/15/2037		3,000		3,224,126
New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB		5.00	%		06/15/2044		5,000		5,396,226
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB		5.00	%		06/15/2048		3,000		3,249,641
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB		4.00	%		06/15/2051		5,000		4,743,173
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-1, RB		4.00	%		06/15/2049		2,500		2,384,079
New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-1, RB		5.00	%		06/15/2049		6,165		6,591,117
New York (City of), NY Transitional Finance Authority, Series 2015 B-1, RB		5.00	%		08/01/2042		4,330		4,482,205
New York (City of), NY Transitional Finance Authority, Series 2015 S-1, RB		5.00	%		07/15/2040		3,000		3,122,829
New York (City of), NY Transitional Finance Authority, Series 2019, RB		4.00	%		11/01/2040		5,000		4,848,304
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		3.00	%		11/01/2037		9,000		7,777,874
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		4.00	%		11/01/2038		3,000		2,946,695
New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB		3.00	%		11/01/2039		4,000		3,344,652
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB		4.00	%		11/01/2038		5,000		4,911,157
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		4.00	%		02/01/2038		1,000		982,836
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		4.00	%		02/01/2039		1,000		976,908
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		4.00	%		02/01/2040		1,000		970,525
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		4.00	%		02/01/2041		1,000		967,705
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		4.00	%		02/01/2042		1,500		1,444,509
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		4.00	%		02/01/2043		1,000		957,183
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		4.00	%		02/01/2046		1,000		947,359
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		4.00	%		02/01/2049		2,000		1,877,906
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		2.25	%		02/01/2051		2,000		1,232,019
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		3.00	%		02/01/2051		1,125		853,121
New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB		4.00	%		11/01/2036		500		499,711
New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB		4.00	%		08/01/2048		1,500		1,411,541
New York (City of), NY Transitional Finance Authority, Series 2022, RB		4.00	%		02/01/2038		3,000		2,948,507
New York (City of), NY Transitional Finance Authority, Series 2022, RB		4.00	%		02/01/2039		3,000		2,930,723
New York (City of), NY Transitional Finance Authority, Series 2022, RB		4.00	%		02/01/2040		3,000		2,911,574
New York (City of), NY Transitional Finance Authority, Series 2022, RB		4.00	%		02/01/2041		3,000		2,903,114
New York (City of), NY Transitional Finance Authority, Series 2022, RB		4.00	%		02/01/2042		3,000		2,889,018
New York (City of), NY Transitional Finance Authority, Series 2022, RB		5.00	%		02/01/2044		2,000		2,174,156
New York (City of), NY Transitional Finance Authority, Series 2022, RB		4.00	%		02/01/2047		3,000		2,833,179
New York (City of), NY Transitional Finance Authority, Series 2022, RB		5.00	%		02/01/2047		3,000		3,247,355
New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB		4.00	%		08/01/2041		1,850		1,789,192
New York (State of) Dormitory Authority, Series 2014 E, Ref. RB		5.00	%		02/15/2044		1,905		1,971,055
New York (State of) Dormitory Authority, Series 2020 A, RB		3.00	%		07/01/2048		4,000		2,909,406
New York (State of) Dormitory Authority, Series 2020 A, RB		4.00	%		07/01/2053		4,000		3,653,633
New York (State of) Dormitory Authority (Columbia University), Series 2016 A-2, RB		5.00	%		10/01/2046		500		536,652
New York (State of) Dormitory Authority (Columbia University), Series 2018 B, Ref. RB		5.00	%		10/01/2038		5,000		5,507,073
New York (State of) Dormitory Authority (Cornell University), Series 2020 A, Ref. RB		5.00	%		07/01/2050		6,500		7,179,613
New York (State of) Dormitory Authority (Fordham University), Series 2016 A, Ref. RB		5.00	%		07/01/2041		750		786,003
New York (State of) Dormitory Authority (Fordham University), Series 2020, RB		4.00	%		07/01/2050		2,000		1,813,415
New York (State of) Dormitory Authority (General Purpose), Series 2020 D, Ref. RB		5.00	%		02/15/2048		5,000		5,308,533
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A, Ref. RB		5.00	%		07/01/2040		1,000		1,026,973
New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB, (CEP - Federal Housing Administration)		3.00	%		02/01/2050		2,000		1,540,523
New York (State of) Dormitory Authority (New School (The)), Series 2015, Ref. RB		5.00	%		07/01/2045		1,000		1,015,778
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB		5.00	%		07/01/2046		1,000		1,020,169
New York (State of) Dormitory Authority (New York University), Series 2019 A, RB		5.00	%		07/01/2042		2,500		2,719,261
New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB		4.00	%		07/01/2046		1,750		1,649,847
New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB		5.00	%		07/01/2051		5,000		5,433,401
New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2022, Ref. RB		4.25	%		05/01/2052		6,000		5,640,166
New York (State of) Dormitory Authority (St. John’s University), Series 2021 A, Ref. RB		4.00	%		07/01/2048		1,750		1,588,645

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

73

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

August 31, 2022

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), Series 2019 A, RB		4.00%		07/01/2049	$	1,000	$	924,385
New York (State of) Dormitory Authority (Wagner College), Series 2022, Ref. RB		5.00%		07/01/2057		2,000		1,976,040
New York (State of) Dormitory Authority (Yeshiva University), Series 2022 A, Ref. RB		5.00%		07/15/2042		2,500		2,564,048
New York (State of) Dormitory Authority (Yeshiva University), Series 2022 A, Ref. RB		5.00%		07/15/2050		3,000		3,041,050
New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB		3.25%		11/15/2060		3,620		2,613,070
New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGM)(c)		4.00%		11/15/2047		1,500		1,445,109
New York (State of) Thruway Authority, Series 2016 A, RB		5.25%		01/01/2056		4,000		4,140,373
New York (State of) Thruway Authority, Series 2019 B, RB		4.00%		01/01/2045		1,000		945,108
New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGM)(c)		4.00%		01/01/2040		5,000		4,876,021
New York (State of) Thruway Authority, Series 2020 N, RB		3.00%		01/01/2049		3,400		2,551,380
New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB		4.00%		03/15/2058		3,000		2,763,487
New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB		5.00%		03/15/2046		1,000		1,079,334
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		5.00%		11/15/2040		2,000		2,072,918
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		5.00%		11/15/2045		3,000		3,086,553
New York Liberty Development Corp., Series 2021 1, Ref. RB		3.00%		02/15/2042		2,000		1,651,772
New York Liberty Development Corp., Series 2021 1, Ref. RB		4.00%		02/15/2043		2,000		1,891,697
New York Liberty Development Corp., Series 2021 1WTC, Ref. RB		2.75%		02/15/2044		1,000		721,549
New York Liberty Development Corp. (Bank of America Tower at One Bryant Park), Series 2019, Ref. RB		2.80%		09/15/2069		1,500		1,349,061
New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB		2.75%		11/15/2041		2,000		1,548,110
New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB		2.88%		11/15/2046		5,000		3,693,678
New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB		3.00%		11/15/2051		1,000		712,827
New York State Environmental Facilities Corp., Series 2020, Ref. RB		4.00%		06/15/2045		2,000		1,930,559
New York State Environmental Facilities Corp., Series 2020, Ref. RB		4.00%		06/15/2049		5,500		5,244,973
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB		4.00%		06/15/2047		5,000		4,792,584
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB		5.00%		06/15/2051		5,000		5,567,158
New York State Urban Development Corp., Series 2013 A-1, RB		5.00%		03/15/2043		1,000		1,012,787
New York State Urban Development Corp., Series 2017 C, Ref. RB		4.00%		03/15/2045		1,055		999,558
New York State Urban Development Corp., Series 2020 A, RB		5.00%		03/15/2041		1,000		1,081,374
New York State Urban Development Corp., Series 2020 A, RB		3.00%		03/15/2050		2,000		1,551,623
New York State Urban Development Corp., Series 2020 E, Ref. RB		4.00%		03/15/2046		1,000		944,401
New York State Urban Development Corp., Series 2020, Ref. RB		3.00%		03/15/2040		1,000		837,557
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		5.00%		12/01/2037		1,000		1,063,196
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		5.00%		12/01/2038		1,000		1,060,108
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		4.00%		12/01/2039		2,500		2,346,494
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		4.00%		12/01/2040		4,550		4,257,398
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		4.00%		12/01/2041		1,000		928,154
Oneida County Local Development Corp. (Mohawk Valley Health System), Series 2019, Ref. RB, (INS - AGM)(c)		3.00%		12/01/2044		1,555		1,211,086
Triborough Bridge & Tunnel Authority, Series 2015 A, RB		5.00%		11/15/2040		525		548,925
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB		5.00%		11/15/2041		4,000		4,257,534
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB		5.00%		11/15/2046		3,000		3,154,525
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2038		1,500		1,623,648
Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB		5.00%		05/15/2051		3,000		3,217,815
Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB		5.00%		05/15/2051		3,000		3,228,200
Triborough Bridge & Tunnel Authority, Series 2022 C, RB		5.00%		05/15/2042		5,000		5,469,109
Triborough Bridge & Tunnel Authority, Subseries 2021 B-1, Ref. RB		5.00%		05/15/2056		5,000		5,472,826
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-2, RB		5.00%		11/15/2042		9,675		10,463,440
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB		4.00%		11/15/2048		2,500		2,301,472
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB		5.00%		11/15/2037		785		850,621

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

74

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

August 31, 2022

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB		5.00%		11/15/2054	$	1,500	$	1,579,980
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB		4.00%		11/15/2056		1,500		1,363,408
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB		5.00%		11/15/2056		1,500		1,589,636
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB		5.00%		05/15/2043		1,000		1,090,844
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB		5.00%		05/15/2044		1,000		1,087,573
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB		5.00%		05/15/2047		1,000		1,081,995
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB		4.00%		05/15/2057		10,000		9,136,641
								428,736,654
North Carolina-0.72%
Charlotte (City of), NC, Series 2021 A, Ref. RB		3.00%		07/01/2046		750		586,498
Charlotte (City of), NC, Series 2021 A, Ref. RB		4.00%		07/01/2051		750		721,030
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2017 A, RB		5.00%		07/01/2047		2,000		2,085,826
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2019 A, RB		5.00%		07/01/2049		1,750		1,850,103
Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2022 A, RB		4.00%		07/01/2052		3,500		3,362,285
Charlotte (City of), NC (Transit), Series 2021 A, Ref. COP		3.00%		06/01/2048		1,000		804,232
North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2015 B, Ref. RB(a)(b)		5.00%		10/01/2025		3,000		3,232,294
North Carolina (State of) Medical Care Commission, Series 2020 A, RB		3.00%		07/01/2045		1,000		769,473
North Carolina (State of) Medical Care Commission (Forest at Duke (The)), Series 2021, RB		4.00%		09/01/2041		300		283,547
North Carolina (State of) Medical Care Commission (Forest at Duke (The)), Series 2021, RB		4.00%		09/01/2046		300		276,055
North Carolina (State of) Medical Care Commission (Forest at Duke (The)), Series 2021, RB		4.00%		09/01/2051		300		270,891
								14,242,234
North Dakota-0.23%
Grand Forks (City of), ND (Altru Health System), Series 2021, Ref. RB, (INS - AGM)(c)		3.00%		12/01/2046		1,325		1,008,535
Grand Forks (City of), ND (Altru Health System), Series 2021, Ref. RB, (INS - AGM)(c)		3.00%		12/01/2051		500		368,135
University of North Dakota, Series 2021 A, COP, (INS - AGM)(c)		3.00%		06/01/2061		4,500		3,155,365
								4,532,035
Ohio-3.04%
American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB		5.00%		02/15/2041		2,000		2,096,010
American Municipal Power, Inc. (Greenup Hydroelectric), Series 2016 A, RB		5.00%		02/15/2046		2,000		2,083,449
Franklin (County of), OH Convention Facilities Authority (Greater Columbus Convention Center), Series 2019, RB		5.00%		12/01/2051		1,000		1,000,349
Hamilton (County of), OH (Cincinnati Children’s Hospital), Series 2019 CC, RB		5.00%		11/15/2049		5,900		6,709,989
Licking Heights Local School District, Series 2022, GO Bonds		5.50%		10/01/2059		10,000		11,089,641
Miami University, Series 2020 A, Ref. RB		4.00%		09/01/2045		3,500		3,367,408
Montgomery (County of), OH (Dayton Children’s Hospital), Series 2021, Ref. RB		4.00%		08/01/2046		600		557,740
Montgomery (County of), OH (Dayton Children’s Hospital), Series 2021, Ref. RB		4.00%		08/01/2051		1,000		913,761
Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB		3.00%		08/01/2051		3,770		2,667,903
Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB		4.00%		08/01/2051		2,280		2,098,606
North Royalton City School District, Series 2017, GO Bonds		5.00%		12/01/2047		5,000		5,187,328
Ohio (State of), Series 2020 A, Ref. RB		4.00%		01/15/2050		2,250		2,069,417
Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB		5.00%		02/15/2046		500		549,055
Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB		5.00%		02/15/2051		1,000		1,094,144
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB		5.00%		12/01/2044		10,000		10,914,720
Ohio State University (The), Series 2014 A, RB		5.00%		12/01/2039		7,600		7,895,794
								60,295,314
Oklahoma-0.78%
Grand River Dam Authority, Series 2014 A, RB		5.00%		06/01/2039		3,500		3,622,062
Oklahoma (State of) Turnpike Authority, Second Series 2017 C, RB		5.00%		01/01/2047		1,660		1,748,756
Oklahoma (State of) Turnpike Authority, Series 2017 A, RB		5.00%		01/01/2042		5,000		5,294,983
Oklahoma (State of) Turnpike Authority, Series 2018 A, RB		5.00%		01/01/2043		2,000		2,113,928
University of Oklahoma (The), Series 2021 A, RB, (INS - AGM)(c)		5.00%		07/01/2046		2,500		2,699,602
								15,479,331

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

75

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

August 31, 2022

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Oregon-1.70%
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB, (INS - AGM) (c)		4.00%		08/15/2045	$	7,000	$	6,503,322
Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB, (INS - AGM)(c)		3.00%		08/15/2050		5,000		3,588,598
Oregon (State of) (Article XI-G OHSU), Series 2017 H, GO Bonds		5.00%		08/01/2042		5,000		5,388,378
Oregon (State of) (Article XI-Q State), Series 2017 A, GO Bonds		5.00%		05/01/2042		2,500		2,685,286
Oregon (State of) Facilities Authority (Legacy Health), Series 2022 A, RB		5.00%		06/01/2052		2,500		2,627,163
Oregon (State of) Facilities Authority (Reed College), Series 2017, Ref. RB(a)(b)		5.00%		07/01/2027		1,000		1,115,264
Oregon (State of) Facilities Authority (Willamette University), Series 2021 A, Ref. RB		4.00%		10/01/2051		2,000		1,763,939
University of Oregon, Series 2015 A, RB		5.00%		04/01/2045		7,515		7,814,620
University of Oregon, Series 2020 A, RB		5.00%		04/01/2050		2,000		2,175,490
								33,662,060
Pennsylvania-3.98%
Allegheny (County of), PA, Series 2020 C-78, GO Bonds		4.00%		11/01/2045		3,875		3,770,461
Allegheny (County of), PA, Series 2020 C-78, GO Bonds		4.00%		11/01/2049		5,000		4,778,486
Berks (County of), PA Industrial Development Authority (Tower Health), Series 2017, Ref. RB		3.75%		11/01/2042		1,000		662,229
Bucks (County of), PA Industrial Development Authority (St. Luke’s University Health Network), Series 2021, RB		3.00%		08/15/2053		3,110		2,204,706
Chester (County of), PA Health & Education Facilities Authority (Main Line Health System), Series 2020 A, RB		4.00%		09/01/2050		5,000		4,715,674
Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB		5.00%		07/01/2042		1,000		1,070,111
Geisinger Authority (Geisinger Health System), Series 2017 A-1, Ref. RB		4.00%		02/15/2047		2,000		1,844,608
Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB		5.00%		04/01/2050		2,500		2,604,978
Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB		5.00%		11/01/2046		2,000		2,096,623
Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB		5.00%		11/01/2051		2,000		2,083,799
Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016, Ref. RB		5.00%		08/15/2046		1,500		1,557,598
Lehigh (County of), PA (Lehigh Valley Health Network), Series 2019, Ref. RB		4.00%		07/01/2049		1,000		914,503
Pennsylvania (Commonwealth of) (Municipal Real Estate Funding, LLC), Series 2018 A, Ref. COP		5.00%		07/01/2043		250		268,748
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2021 A, Ref. RB		3.00%		10/15/2046		12,090		8,930,426
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2021 A, Ref. RB		4.00%		10/15/2051		10,555		9,634,147
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2022 A, Ref. RB		4.00%		02/15/2042		3,500		3,334,807
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2017 A, RB		5.00%		08/15/2046		2,000		2,142,190
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2018 A, RB		5.00%		02/15/2048		1,410		1,513,213
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2021 A, Ref. RB		5.00%		08/15/2044		1,000		1,071,019
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2012 B, RB(a)(b)		5.00%		12/01/2022		1,985		1,998,238
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 A, RB		5.00%		12/01/2044		1,375		1,411,447
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 B, RB		5.25%		12/01/2039		5,000		5,154,904
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 C, RB		5.00%		12/01/2044		1,200		1,231,808
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB		5.25%		12/01/2048		5,000		5,338,515
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB		4.00%		12/01/2043		100		96,614
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB		4.00%		12/01/2044		100		95,130
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB		4.00%		12/01/2045		100		94,276
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB		4.00%		12/01/2046		100		93,127
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB		4.00%		12/01/2050		100		91,559
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB		5.00%		12/01/2047		1,000		1,055,549
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB		4.00%		12/01/2051		1,000		940,769
Philadelphia (City of), PA, Series 2020 A, RB		5.00%		11/01/2045		1,500		1,624,291
Philadelphia (City of), PA, Series 2020 A, RB		5.00%		11/01/2050		2,400		2,585,838
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB		5.00%		09/01/2042		1,950		2,026,093
								79,036,484
Rhode Island-0.11%
Rhode Island Health & Educational Building Corp. (Providence College), Series 2017, RB		5.00%		11/01/2047		2,000		2,115,002

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

76

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

August 31, 2022

	Interest Rate		Maturity Date		Principal Amount (000)		Value
South Carolina-1.36%
Charleston (City of), SC, Series 2022, RB		5.00%		01/01/2047	$	1,000	$	1,128,015
South Carolina (State of) Public Service Authority, Series 2013 E, RB		5.00%		12/01/2048		4,660		4,698,172
South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB		5.00%		12/01/2039		2,000		2,041,340
South Carolina (State of) Public Service Authority, Series 2015 E, RB		5.25%		12/01/2055		2,500		2,557,153
South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB		5.00%		12/01/2037		3,500		3,618,170
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB		4.00%		12/01/2040		500		468,198
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB		3.00%		12/01/2041		1,085		866,043
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB		4.00%		12/01/2042		500		462,792
South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB		5.00%		12/01/2043		500		520,969
South Carolina (State of) Public Service Authority, Series 2021 B, RB		5.00%		12/01/2051		1,250		1,295,530
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB		5.00%		12/01/2044		2,000		2,091,535
South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB		4.00%		12/01/2047		8,000		7,294,102
								27,042,019
Tennessee-0.76%
Metropolitan Nashville Airport Authority (The), Series 2015 A, RB		5.00%		07/01/2045		1,500		1,563,404
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 A, RB		5.00%		05/15/2046		1,000		1,104,473
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		2,864,392
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016, RB		5.00%		07/01/2040		3,000		3,136,764
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2017 A, RB		4.00%		07/01/2047		1,250		1,133,189
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		2,076,909
Tennessee (State of) School Bond Authority, Series 2017, RB, (CEP - Colorado Higher Education Intercept Program)		5.00%		11/01/2047		3,000		3,211,843
								15,090,974
Texas-10.38%
Austin (City of), TX, Series 2016, Ref. RB		5.00%		11/15/2041		1,000		1,072,063
Austin (City of), TX, Series 2016, Ref. RB		5.00%		11/15/2045		1,000		1,065,398
Austin (City of), TX, Series 2017 A, RB		5.00%		11/15/2041		2,320		2,474,000
Austin (City of), TX, Series 2020 A, Ref. RB		5.00%		11/15/2045		500		539,039
Austin (City of), TX, Series 2020 A, Ref. RB		5.00%		11/15/2050		730		780,401
Central Texas Regional Mobility Authority, Series 2020 E, RB		5.00%		01/01/2045		1,000		1,052,629
Central Texas Regional Mobility Authority, Series 2020 E, RB		4.00%		01/01/2050		1,000		908,107
Central Texas Regional Mobility Authority, Series 2021 B, RB		5.00%		01/01/2046		1,000		1,054,190
Central Texas Regional Mobility Authority, Series 2021 B, RB		4.00%		01/01/2051		1,000		905,045
Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2017, Ref. RB (CEP - Texas Permanent School Fund)		4.00%		08/15/2042		8,500		8,294,586
Conroe Independent School District, Series 2022 A, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2047		1,500		1,449,355
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB		4.00%		11/01/2045		2,000		1,912,803
Dallas (City of), TX, Series 2017, RB		5.00%		10/01/2046		6,000		6,484,777
El Paso (City of), TX, Series 2022, RB		5.00%		03/01/2046		5,000		5,454,672
Forney Independent School District, Series 2022 B, GO Bonds, (CEP -Texas Permanent School Fund)		4.00%		08/15/2047		1,000		974,863
Forney Independent School District, Series 2022 B, GO Bonds, (CEP -Texas Permanent School Fund)		4.00%		08/15/2052		1,000		953,437
Friendswood Independent School District, Series 2021, GO Bonds, (CEP - Texas Permanent School Fund)		2.00%		02/15/2051		1,000		582,428
Grand Parkway Transportation Corp., Series 2018 A, RB		5.00%		10/01/2043		10,000		10,797,578
Harris (County of) & Houston (City of), TX Sports Authority, Series 2014 A, Ref. RB		5.00%		11/15/2053		3,950		4,015,313
Harris (County of), TX Flood Control District, Series 2020 A, GO Bonds		4.00%		10/01/2045		1,000		979,469
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB		4.00%		08/15/2045		1,000		947,085
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB		3.00%		08/15/2050		1,000		720,388
Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB		4.00%		08/15/2050		1,000		928,206

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

77

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

August 31, 2022

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2022 A, Ref. RB		4.13%		07/01/2052	$	8,100	$	7,688,708
Houston (City of), TX, Series 2020 C, Ref. RB		4.00%		11/15/2043		3,500		3,279,129
Houston (City of), TX, Series 2020 C, Ref. RB		5.00%		11/15/2045		3,500		3,814,343
Houston (City of), TX, Series 2020 C, Ref. RB		4.00%		11/15/2049		3,000		2,749,550
Humble Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2047		2,565		2,826,183
Humble Independent School District, Series 2022, GO Bonds, (CEP -Texas Permanent School Fund)		4.00%		02/15/2052		5,000		4,740,144
Hutto (City of), TX, Series 2017, GO Bonds, (INS - AGM)(c)		5.00%		08/01/2057		5,000		5,335,005
Lamar Consolidated Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2043		5,000		5,349,778
Lamar Consolidated Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		02/15/2047		5,000		4,908,845
Leander Independent School District, Series 2020 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2045		1,000		956,877
Lower Colorado River Authority, Series 2013, Ref. RB		5.00%		05/15/2039		1,000		1,012,618
Lower Colorado River Authority, Series 2015, Ref. RB		5.00%		05/15/2040		500		518,752
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB		5.00%		05/15/2044		2,000		2,092,163
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB		5.00%		05/15/2046		1,250		1,326,062
Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB		5.00%		05/15/2051		1,250		1,323,342
Lubbock (City of), TX, Series 2021, RB		4.00%		04/15/2046		1,000		937,094
Mesquite Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2048		5,000		5,349,329
Mesquite Independent School District, Series 2020 A, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2045		4,000		3,827,742
Midland (City of), TX, Series 2022 B, Ref. GO Bonds		5.00%		03/01/2047		2,500		2,744,799
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB(e)		5.00%		12/31/2049		1,000		740,000
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB(e)		5.00%		12/31/2049		1,000		740,000
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		1,276,408
North Texas Tollway Authority, Series 2015 B, Ref. RB		5.00%		01/01/2040		2,500		2,515,888
North Texas Tollway Authority, Series 2016 A, Ref. RB		5.00%		01/01/2039		1,800		1,895,348
North Texas Tollway Authority, Series 2018, Ref. RB		5.00%		01/01/2048		5,000		5,236,942
Prosper Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2047		1,000		1,073,592
Prosper Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2049		2,000		2,166,784
Richardson Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		02/15/2042		2,285		2,411,437
Rockwall Independent School District, Series 2016, GO Bonds(a)(b)		5.00%		02/15/2025		2,045		2,162,321
San Antonio (City of), TX, Series 2017, RB		5.00%		02/01/2047		5,000		5,309,619
San Antonio (City of), TX, Series 2020, RB		5.00%		02/01/2049		4,000		4,274,783
San Antonio (City of), TX, Series 2021 A, RB		5.00%		02/01/2046		1,500		1,605,022
San Antonio (City of), TX, Series 2021 A, RB		5.00%		02/01/2049		500		533,102
San Antonio (City of), TX Water System, Series 2018 A, Ref. RB		5.00%		05/15/2043		2,500		2,696,578
San Antonio (City of), TX Water System, Series 2020 A, Ref. RB		5.00%		05/15/2050		3,000		3,248,000
San Antonio (City of), TX Water System, Series 2020 C, RB		5.00%		05/15/2046		5,000		5,452,637
San Antonio Education Facilities Corp. (University of the Incarnate Word), Series 2021, Ref. RB		4.00%		04/01/2046		750		657,083
San Antonio Education Facilities Corp. (University of the Incarnate Word), Series 2021, Ref. RB		4.00%		04/01/2051		750		642,342
San Jacinto College District, Series 2019 A, GO Bonds		5.00%		02/15/2049		2,000		2,175,202
San Jacinto River Authority (Groundwater Reduction Plan Division), Series 2011, RB, (INS - AGM)(c)		5.00%		10/01/2037		1,000		1,000,834
Socorro Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2044		4,000		3,837,076
Spring Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2042		2,000		2,152,253
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016, Ref. RB		5.00%		11/15/2045		750		778,965
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2022 A, RB		4.00%		07/01/2053		1,500		1,365,472
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2022, RB		4.00%		10/01/2042		330		319,689
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2022, RB		4.00%		10/01/2047		275		259,077

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

78

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

August 31, 2022

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2022, RB		4.00%		10/01/2052	$	425	$	395,230
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds		5.00%		08/01/2039		2,000		2,112,702
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds		5.00%		08/01/2040		2,000		2,110,983
Texas (State of) (Water Financial Assistance), Series 2022 B, Ref. GO Bonds		5.00%		08/01/2041		2,000		2,112,702
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2015 C, Ref. RB		5.00%		08/15/2042		2,500		2,555,793
Texas (State of) Water Development Board, Series 2015 A, RB		5.00%		10/15/2045		3,910		4,164,151
Texas (State of) Water Development Board, Series 2016, RB		5.00%		10/15/2046		1,000		1,072,637
Texas (State of) Water Development Board, Series 2017 A, RB		5.00%		10/15/2047		4,975		5,393,959
Texas (State of) Water Development Board, Series 2018 B, RB		5.00%		04/15/2049		4,000		4,308,913
Ysleta Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)		5.00%		08/15/2047		2,500		2,645,290
Ysleta Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)		4.25%		08/15/2056		7,500		7,478,968
								206,004,077
Utah-0.51%
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2043		1,000		1,091,807
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2044		1,000		1,089,552
Intermountain Power Agency, Series 2022 A, Ref. RB		5.00%		07/01/2045		875		958,684
Salt Lake City (City of), UT, Series 2017 B, RB		5.00%		07/01/2042		2,000		2,106,501
Salt Lake City (City of), UT, Series 2017 B, RB		5.00%		07/01/2047		500		521,456
Salt Lake City (City of), UT, Series 2018 B, RB		5.00%		07/01/2048		3,000		3,142,910
University of Utah (The) (Green Bonds), Series 2022 A, RB		5.00%		08/01/2046		1,000		1,102,638
								10,013,548
Virginia-0.44%
Chesapeake Bay Bridge & Tunnel District, Series 2016, RB		5.00%		07/01/2051		3,395		3,501,754
Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. RB		4.00%		05/15/2042		3,000		2,911,238
Lynchburg Economic Development Authority, Series 2017 A, Ref. RB		5.00%		01/01/2047		1,000		1,019,310
Roanoke (City of), VA Economic Development Authority (Carilion Clinic Obligated Group), Series 2020, Ref. RB		3.00%		07/01/2045		1,650		1,292,142
								8,724,444
Washington-1.64%
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB		5.00%		11/01/2041		1,500		1,605,175
Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB		5.00%		11/01/2046		3,000		3,518,011
King & Snohomish Counties School District No. 417 Northshore, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)		5.00%		12/01/2036		1,000		1,098,259
Pierce County School District No 10. Tacoma (Social Bonds), Series 2020 B, GO Bonds, (CEP - Oregon School Bond Guaranty)		4.00%		12/01/2041		1,000		1,002,428
Snohomish (County of), WA Public Utility District No. 1, Series 2015, RB		5.00%		12/01/2040		1,000		1,058,562
Snohomish (County of), WA Public Utility District No. 1, Series 2021 A, RB		5.00%		12/01/2051		1,000		1,103,198
Washington (State of), Series 2017 D, GO Bonds		5.00%		02/01/2038		5,000		5,386,821
Washington (State of), Series 2017 D, GO Bonds		5.00%		02/01/2041		4,855		5,209,877
Washington (State of), Series 2021 C, GO Bonds		5.00%		02/01/2045		1,000		1,093,320
Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds		5.00%		08/01/2044		1,000		1,099,811
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB		5.00%		09/01/2055		3,000		3,076,870
Washington (State of) Health Care Facilities Authority (Seattle Children’s Hospital), Series 2015, Ref. RB		5.00%		10/01/2038		5,000		5,360,640
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB		4.00%		08/15/2042		1,000		900,107
Washington (State of) Higher Education Facilities Authority (Seattle University), Series 2020, RB		4.00%		05/01/2050		1,200		1,082,511
								32,595,590
Wisconsin-1.28%
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group), Series 2021, RB		4.00%		08/15/2046		1,000		927,954

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

79

Invesco National AMT-Free Municipal Bond ETF (PZA)–(continued)

August 31, 2022

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Wisconsin-(continued)
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group), Series 2021, RB		3.00%		08/15/2051	$	500	$	358,340
Wisconsin (State of) Health & Educational Facilities Authority (Children’s Hospital), Series 2017, Ref. RB		4.00%		08/15/2047		3,185		3,019,671
Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin), Series 2022, Ref. RB		4.00%		12/01/2046		1,360		1,241,135
Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin), Series 2022, Ref. RB		4.00%		12/01/2051		2,500		2,236,299
Wisconsin (State of) Health & Educational Facilities Authority (ProHealth Care, Inc. Obligated Group), Series 2015, Ref. RB		5.00%		08/15/2039		1,500		1,539,922
Wisconsin (State of) Public Finance Authority (Cone Health), Series 2022 A, RB		4.00%		10/01/2052		1,000		914,054
Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. -Central District Development), Series 2016, RB		5.00%		03/01/2041		5,000		5,258,099
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2020, Ref. RB		4.00%		06/01/2045		1,000		889,485
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2020, Ref. RB, (INS - AGM)(c)		3.00%		06/01/2045		5,000		3,771,881
Wisconsin (State of) Public Finance Authority (UNC Health Southeastern), Series 2021, Ref. RB		4.00%		02/01/2046		3,000		2,633,345
Wisconsin (State of) Public Finance Authority (UNC Health Southeastern), Series 2021, Ref. RB		4.00%		02/01/2051		3,000		2,577,938
								25,368,123
TOTAL INVESTMENTS IN SECURITIES(f)-99.00% (Cost $2,166,548,201)								1,964,025,982
OTHER ASSETS LESS LIABILITIES-1.00%								19,900,177
NET ASSETS-100.00%							$	1,983,926,159

Investment Abbreviations:
AGM	-Assured Guaranty Municipal Corp.
BAM	-Build America Mutual Assurance Co.
CEP	-Credit Enhancement Provider
COP	-Certificates of Participation
GO	-General Obligation
INS	-Insurer
RAC	-Revenue Anticipation Certificates
RB	-Revenue Bonds
Ref.	-Refunding
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 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 August 31, 2022 represented less than 1% of the Fund’s Net Assets.

^(e) Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2022 was $1,480,000, which 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.

Entity	Percentage
Assured Guaranty Municipal Corp.		9.43%

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

80

Invesco New York AMT-Free Municipal Bond ETF (PZT)

August 31, 2022

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-97.21%
Guam-0.87%
Guam (Territory of) Power Authority, Series 2012 A, Ref. RB(a)(b)		5.00%		10/01/2022	$	1,000	$	1,002,025
New York-96.34%
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2019, RB		4.00%		11/01/2044		1,000		980,314
Battery Park (City of), NY Authority (Sustainability Bonds), Series 2019, RB		5.00%		11/01/2049		2,500		2,743,550
Brooklyn Arena Local Development Corp. (Barclays Center), Series 2016 A, Ref. RB		5.00%		07/15/2042		2,000		2,024,916
Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, (INS - AGM)(c)		3.00%		04/01/2045		1,000		749,549
Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB		5.00%		07/01/2041		1,000		1,015,723
Dutchess County Local Development Corp. (Health Quest Systems, Inc.), Series 2016 B, RB		5.00%		07/01/2046		500		507,606
Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB		5.00%		02/15/2042		450		475,844
Long Island (City of), NY Power Authority, Series 2014 A, Ref. RB		5.00%		09/01/2044		2,000		2,070,818
Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB		5.00%		09/01/2041		2,000		2,146,838
Metropolitan Transportation Authority (Green Bonds), Series 2016 A-1, RB		5.25%		11/15/2056		1,000		1,029,029
Metropolitan Transportation Authority (Green Bonds), Series 2019 A-2, RB, (INS - AGM)(c)		5.00%		11/15/2044		800		850,744
Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB, (INS - AGM)(c)		4.00%		11/15/2049		500		475,059
Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB		5.25%		11/15/2055		1,000		1,040,507
Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB		5.00%		11/15/2046		1,500		1,584,603
Monroe County Industrial Development Corp. (University of Rochester), Series 2020 A, RB		4.00%		07/01/2050		500		466,978
MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB		5.00%		11/15/2051		1,240		1,241,772
New York & New Jersey (States of) Port Authority, One Hundred Ninety Fourth Series 2015, Ref. RB		5.25%		10/15/2055		1,000		1,050,706
New York & New Jersey (States of) Port Authority, Series 2021, Ref. RB		4.00%		07/15/2040		500		489,632
New York & New Jersey (States of) Port Authority, Series 2021, Ref. RB		4.00%		07/15/2041		750		732,906
New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB		5.00%		09/01/2048		1,500		1,582,324
New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB		5.00%		11/15/2047		1,000		1,062,290
New York (City of), NY, Series 2016 B-1, GO Bonds		4.00%		12/01/2043		2,000		1,922,979
New York (City of), NY, Series 2018 E-1, GO Bonds		5.00%		03/01/2038		1,000		1,071,238
New York (City of), NY, Series 2019 B-1, GO Bonds		5.00%		10/01/2039		2,000		2,168,917
New York (City of), NY, Series 2020 BB1, RB		3.00%		06/15/2050		1,000		773,501
New York (City of), NY, Series 2020 BB-1, RB		4.00%		06/15/2050		1,000		951,047
New York (City of), NY, Series 2020 C, GO Bonds		5.00%		08/01/2043		1,000		1,074,428
New York (City of), NY, Series 2020 GG-1, RB		5.00%		06/15/2050		1,000		1,066,735
New York (City of), NY, Subseries 2016 A-1, GO Bonds		5.00%		08/01/2038		500		534,274
New York (City of), NY, Subseries 2018 D1, GO Bonds		5.00%		12/01/2042		1,000		1,071,731
New York (City of), NY, Subseries 2022 D-1, GO Bonds		5.50%		05/01/2046		125		141,497
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(c)		3.00%		03/01/2049		2,000		1,482,826
New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB		5.25%		06/15/2037		1,000		1,096,364
New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-1, RB		3.63%		06/15/2048		2,000		1,817,612
New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-1, RB		4.00%		06/15/2049		1,000		953,631
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB		5.00%		06/15/2048		2,000		2,166,427
New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB		4.00%		06/15/2051		2,500		2,371,587
New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB		4.00%		06/15/2051		1,000		948,635
New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB		5.00%		06/15/2051		1,000		1,073,186
New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB		5.00%		07/15/2043		1,000		1,044,972
New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB		5.00%		08/01/2045		1,000		1,060,253
New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB		5.00%		02/01/2043		1,500		1,588,879
New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB		4.00%		07/15/2046		1,000		942,581
New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB		5.00%		07/15/2037		1,000		1,082,309
New York (City of), NY Transitional Finance Authority, Series 2020, RB		3.00%		05/01/2048		1,000		771,960
New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB		4.00%		11/01/2037		1,000		992,245
New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB		5.00%		02/01/2037		1,000		1,105,511
New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB		4.00%		11/01/2037		1,500		1,488,367
New York (City of), NY Transitional Finance Authority, Series 2022, RB		4.00%		02/01/2043		2,000		1,914,367

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

81

Invesco New York AMT-Free Municipal Bond ETF (PZT)–(continued)

August 31, 2022

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (State of) Dormitory Authority, Series 2017 A, RB		5.00%		03/15/2042	$	190		$      202,165
New York (State of) Dormitory Authority, Series 2017 A, Ref. RB		5.00%		02/15/2038		1,000		1,068,496
New York (State of) Dormitory Authority, Series 2020 A, RB		4.00%		07/01/2050		2,000		1,832,978
New York (State of) Dormitory Authority, Series 2020 A, Ref. RB		3.00%		03/15/2049		1,000		774,759
New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)(c)		4.25%		10/01/2051		500		480,104
New York (State of) Dormitory Authority (Bid Group 4), Series 2018 C, Ref. RB		5.00%		03/15/2043		1,000		1,066,202
New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB		4.00%		02/15/2044		4,000		3,824,122
New York (State of) Dormitory Authority (Catholic Health System Obligated Group), Series 2019 A, Ref. RB		4.00%		07/01/2045		500		391,073
New York (State of) Dormitory Authority (Cornell University), Series 2020 A, Ref. RB		5.00%		07/01/2050		1,000		1,104,556
New York (State of) Dormitory Authority (Fordham University), Series 2020, RB		4.00%		07/01/2050		500		453,354
New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB, (CEP - Federal Housing Administration)		3.00%		02/01/2050		1,110		854,990
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2017 1, Ref. RB		4.00%		07/01/2047		2,000		1,902,249
New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB		5.00%		07/01/2046		500		510,085
New York (State of) Dormitory Authority (New York University), Series 2001-1, RB, (INS - AMBAC)(c)		5.50%		07/01/2040		500		602,873
New York (State of) Dormitory Authority (Rockefeller University) (Green Bonds), Series 2019 B, RB		5.00%		07/01/2050		500		536,913
New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), Series 2019 A, RB		4.00%		07/01/2049		1,785		1,650,027
New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGM)(c)		4.00%		11/15/2052		4,000		3,807,290
New York (State of) Thruway Authority, Series 2016 A, RB		5.00%		01/01/2046		1,000		1,043,208
New York (State of) Thruway Authority, Series 2020 N, RB		3.00%		01/01/2049		2,000		1,500,812
New York (State of) Utility Debt Securitization Authority, Series 2017, RB		5.00%		12/15/2038		2,000		2,193,934
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		5.00%		11/15/2040		1,885		1,953,725
New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB		5.00%		11/15/2045		2,000		2,057,702
New York Liberty Development Corp., Series 2021 1, Ref. RB		4.00%		02/15/2043		1,000		945,849
New York State Environmental Facilities Corp., Series 2016, Ref. RB		5.00%		06/15/2041		1,000		1,076,089
New York State Environmental Facilities Corp. (State Clean Water & Drinking Water), Series 2021, RB		3.00%		06/15/2040		1,000		869,024
New York State Urban Development Corp., Series 2020 A, RB		5.00%		03/15/2041		1,000		1,081,374
New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB		4.00%		03/15/2044		2,000		1,911,861
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		4.00%		12/01/2039		500		469,299
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB		4.00%		12/01/2042		1,000		914,987
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB		5.00%		12/01/2043		500		550,727
Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB		5.00%		11/15/2046		1,470		1,545,717
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2037		1,000		1,084,391
Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB		5.00%		11/15/2038		1,000		1,082,432
Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB		4.00%		05/15/2046		2,000		1,893,929
Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB		4.00%		05/15/2046		3,000		2,840,893
Triborough Bridge & Tunnel Authority, Series 2022 C, RB		5.25%		05/15/2052		1,000		1,107,004
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB		5.00%		11/15/2037		500		541,797
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB		5.00%		11/15/2051		2,500		2,656,949
Utility Debt Securitization Authority, Series 2013, RB		5.00%		12/15/2041		1,500		1,542,229
								110,925,935
TOTAL INVESTMENTS IN SECURITIES(d) -97.21% (Cost $122,535,614)								111,927,960
OTHER ASSETS LESS LIABILITIES-2.79%								3,210,672
NET ASSETS-100.00%								$115,138,632

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

82

Invesco New York AMT-Free Municipal Bond ETF (PZT)–(continued)

August 31, 2022

Investment Abbreviations:
AGM	-Assured Guaranty Municipal Corp.
AMBAC	-American Municipal Bond Assurance Corp.
BAM	-Build America Mutual Assurance Co.
CEP	-Credit Enhancement Provider
GO	-General Obligation
INS	-Insurer
RB	-Revenue Bonds
Ref.	-Refunding

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)  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.

Entity	Percentage
Assured Guaranty Municipal Corp.		6.58%

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

83

Invesco Preferred ETF (PGX)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Preferred Stocks-99.65%
Automobiles-1.76%
Ford Motor Co.
Pfd., 6.00%(b)		1,467,714	$	34,960,948
Pfd., 6.20%		1,374,554		33,607,845
Pfd., 6.50%(b)		1,100,000		27,005,000
				95,573,793
Banks-36.35%
Associated Banc-Corp.
Series F, Pfd., 5.63%(b)		78,827		1,824,845
Series E, Pfd., 5.88%(b)		188,323		4,574,366
Bank of America Corp.
Series PP, Pfd., 4.13%(b)		1,990,146		36,479,376
Series QQ, Pfd., 4.25%(b)		2,531,283		47,208,428
Series NN, Pfd., 4.38%(b)		2,337,983		45,590,669
Series SS, Pfd., 4.75%		585,219		11,985,285
Series LL, Pfd., 5.00%(b)		2,646,112		58,373,231
Series KK, Pfd., 5.38%(b)		2,983,575		70,084,177
Series HH, Pfd., 5.88%(b)		1,816,106		45,457,133
Series GG, Pfd., 6.00%(b)		2,653,906		66,427,267
Series K, Pfd., 6.45%(b)(c)		30,693		794,028
Bank of Hawaii Corp., Series A, Pfd., 4.38%(b)		333,778		6,251,662
Bank OZK, Series A, Pfd., 4.63%(b)		622,243		11,387,047
Cadence Bank, Series A, Pfd., 5.50%(b)		363,690		8,110,287
Citigroup, Inc.
Series K, Pfd., 6.88%(b)(c)		3,803,414		96,416,545
Series J, Pfd., 7.13%(b)(c)		578,492		14,861,459
Citizens Financial Group, Inc.
Series E, Pfd., 5.00%(b)		817,143		16,710,574
Series D, Pfd., 6.35%(b)(c)		555,273		13,798,534
Cullen/Frost Bankers, Inc., Series B, Pfd., 4.45%(b)		268,479		5,485,026
Fifth Third Bancorp
Series K, Pfd., 4.95%		463,640		10,445,809
Series A, Pfd., 6.00%(b)		211,175		5,230,805
Series I, Pfd., 6.63%(b)(c)		946,502		24,258,846
First Citizens BancShares, Inc.
Series A, Pfd., 5.38%(b)		609,777		13,433,387
Series C, Pfd., 5.63%(b)		351,068		7,821,795
First Horizon Corp.
Series F, Pfd., 4.70%(b)		272,411		5,775,113
Series D, Pfd., 6.10%(b)(c)		180,624		4,459,607
Pfd., 6.50%		262,591		6,696,071
First Republic Bank
Series M, Pfd., 4.00%(b)		1,379,163		23,652,645
Series K, Pfd., 4.13%(b)		949,558		16,797,681
Series L, Pfd., 4.25%(b)		1,429,932		25,981,864
Series N, Pfd., 4.50%(b)		1,333,949		25,371,710
Series J, Pfd., 4.70%(b)		679,970		13,694,596
Series H, Pfd., 5.13%		359,705		7,992,645
Series I, Pfd., 5.50%(b)		578,828		13,949,755
Fulton Financial Corp., Series A, Pfd., 5.13%(b)		385,278		8,036,899
Hancock Whitney Corp., Pfd., 6.25%		332,888		8,245,636
Huntington Bancshares, Inc.
Series H, Pfd., 4.50%(b)		875,700		16,244,235
Series C, Pfd., 5.70%(b)		364,140		8,531,800

	Shares		Value
Banks-(continued)
JPMorgan Chase & Co.
Series MM, Pfd., 4.20%(b)		3,970,219	$	73,210,838
Series JJ, Pfd., 4.55%		3,015,777		59,893,331
Series LL, Pfd., 4.63%(b)		3,668,695		73,227,152
Series GG, Pfd., 4.75%(b)		1,734,310		37,634,527
Series DD, Pfd., 5.75%(b)		3,053,800		75,459,398
Series EE, Pfd., 6.00%(b)		2,816,697		71,121,599
KeyCorp.
Series G, Pfd., 5.63%(b)		789,655		18,777,996
Series F, Pfd., 5.65%(b)		771,041		18,427,880
Series E, Pfd., 6.13%(b)(c)		967,147		24,633,234
Pfd., 6.20%(c)		408,300		10,216,973
M&T Bank Corp., Series H, Pfd., 5.63%(b)(c)		506,027		13,379,354
Old National Bancorp
Series A, Pfd., 7.00%(b)		192,143		4,939,997
Series C, Pfd., 7.00%(b)		107,321		2,768,882
PacWest Bancorp, Series A, Pfd., 7.75%(b)(c)		628,828		15,940,790
Regions Financial Corp.
Series E, Pfd., 4.45%(b)		746,943		14,147,100
Series C, Pfd., 5.70%(b)(c)		895,810		20,755,918
Series B, Pfd., 6.38%(b)(c)		911,997		22,809,045
Signature Bank, Series A, Pfd., 5.00%(b)		1,321,578		24,634,214
Silvergate Capital Corp., Series A, Pfd., 5.38%		359,807		6,048,356
SVB Financial Group, Series A, Pfd., 5.25% (b)		713,732		14,945,548
Synovus Financial Corp.
Series E, Pfd., 5.88%(b)(c)		658,294		15,779,307
Series D, Pfd., 6.30%(b)(c)		280,035		6,692,837
Texas Capital Bancshares, Inc., Series B,
Pfd., 5.75%(b)		537,663		11,828,586
Truist Financial Corp.
Series R, Pfd., 4.75%(b)		1,724,881		34,756,352
Series O, Pfd., 5.25% (b)		1,083,493		25,093,698
U.S. Bancorp
Series L, Pfd., 3.75%(b)		800,560		13,745,615
Series M, Pfd., 4.00%(b)		1,376,408		24,720,288
Series O, Pfd., 4.50%(b)		304,916		6,067,828
Series K, Pfd., 5.50%(b)		1,195,097		28,646,475
Valley National Bancorp, Series A, Pfd., 6.25%(b)(c)		189,674		4,654,600
Washington Federal, Inc., Series A, Pfd., 4.88%(b)		513,238		10,044,068
Webster Financial Corp., Series F, Pfd., 5.25%(b)		299,845		6,512,633
Wells Fargo & Co.
Series DD, Pfd., 4.25%(b)		2,385,983		43,329,451
Series CC, Pfd., 4.38%(b)		2,013,080		37,000,410
Series AA, Pfd., 4.70%(b)		2,164,482		42,315,623
Series Z, Pfd., 4.75%(b)		3,740,126		73,867,489
Series Y, Pfd., 5.63%(b)		1,191,164		28,182,940
Series Q, Pfd., 5.85%(b)(c)		3,141,882		75,436,587
Series R, Pfd., 6.63%(b)(c)		1,574,596		39,758,549
Western Alliance Bancorporation,
Series A, Pfd., 4.25%(b)(c)		563,857		12,337,191

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

84

Invesco Preferred ETF (PGX)–(continued)

August 31, 2022

	Shares		Value
Banks-(continued)
Wintrust Financial Corp.
Series D, Pfd., 6.50%(b)(c)		227,548	$	5,784,270
Series E, Pfd., 6.88%(b)(c)		534,047		13,805,115
Zions Bancorporation N.A., Series G, Pfd., 6.30%(b)(c)		42,638		1,074,478
				1,972,847,360
Capital Markets-10.66%
Affiliated Managers Group, Inc.
Pfd., 4.20%(b)		377,150		6,513,381
Pfd., 4.75%(b)		533,961		10,348,164
Pfd., 5.88%(b)		552,232		12,878,050
Apollo Asset Management, Inc.
Series A, Pfd., 6.38%(b)		512,162		12,419,929
Series B, Pfd., 6.38%(b)		564,284		13,655,673
Brookfield Finance I (UK) PLC, Pfd., 4.50% (Canada)(b)		404,517		7,143,770
Brookfield Finance, Inc., Series 50, Pfd., 4.63% (Canada)		718,774		13,146,376
Charles Schwab Corp. (The)
Series J, Pfd., 4.45%(b)		1,193,669		24,470,215
Series D, Pfd., 5.95%		1,308,553		32,700,739
Goldman Sachs Group, Inc. (The)
Series J, Pfd., 5.50%(b)(c)		20,633		505,096
Series K, Pfd., 6.38%(b)(c)		1,268,778		32,023,957
Morgan Stanley
Series O, Pfd., 4.25%(b)		2,546,302		46,877,420
Series L, Pfd., 4.88%		1,064,322		22,276,259
Series K, Pfd., 5.85%(b)(c)		1,815,781		44,940,580
Series I, Pfd., 6.38%(b)(c)		2,000,753		50,959,179
Series P, Pfd., 6.50%		1,600,000		41,760,000
Series F, Pfd., 6.88%(b)(c)		1,275,286		32,392,264
Series E, Pfd., 7.13%(b)(c)		1,580,981		40,425,684
Northern Trust Corp., Series E, Pfd., 4.70%(b)		712,506		15,497,006
Oaktree Capital Group LLC
Series B, Pfd., 6.55%		459,307		11,110,636
Series A, Pfd., 6.63%		368,733		8,923,339
Prospect Capital Corp., Series A, Pfd., 5.35%(b)		315,890		5,698,656
State Street Corp.
Series G, Pfd., 5.35%(b)(c)		907,912		22,488,980
Series D, Pfd., 5.90%(b)(c)		1,359,816		33,587,455
Stifel Financial Corp.
Series D, Pfd., 4.50%(b)		601,034		10,782,550
Pfd., 5.20%(b)		448,727		9,894,430
Series C, Pfd., 6.13%(b)		379,755		9,376,151
Series B, Pfd., 6.25%(b)		223,721		5,570,653
				578,366,592
Chemicals-0.16%
EI du Pont de Nemours and Co., Series B, Pfd., 4.50%(b)		87,314		8,731,400
Commercial Services & Supplies-0.31%
Pitney Bowes, Inc., Pfd., 6.70%		843,127		17,005,872

	Shares		Value
Consumer Finance-3.36%
Capital One Financial Corp.
Series N, Pfd., 4.25%		754,758	$	13,223,360
Series L, Pfd., 4.38%(b)		1,340,599		23,715,197
Series K, Pfd., 4.63%(b)		224,877		4,178,215
Series J, Pfd., 4.80%(b)		2,305,405		44,332,938
Series I, Pfd., 5.00%(b)		2,719,731		54,938,566
Navient Corp., Pfd., 6.00%(b)		632,756		13,920,632
Synchrony Financial, Series A, Pfd., 5.63%(b)		1,392,156		27,773,512
				182,082,420
Diversified Financial Services-2.20%
Brookfield BRP Holdings Canada, Inc.
Pfd., 4.63% (Canada)		630,625		11,149,450
Pfd., 4.88% (Canada)		402,161		7,584,756
Carlyle Finance LLC, Pfd., 4.63%(b)		923,074		16,809,178
Equitable Holdings, Inc.
Series C, Pfd., 4.30%(b)		597,985		11,122,521
Series A, Pfd., 5.25%(b)		1,459,165		30,890,523
KKR Group Finance Co. IX LLC, Pfd., 4.63%		951,963		18,087,297
National Rural Utilities Cooperative Finance Corp., Pfd., 5.50%(b)		458,759		11,161,606
Voya Financial, Inc., Series B, Pfd., 5.35%(b)(c)		523,127		12,377,185
				119,182,516
Diversified Telecommunication Services-5.04%
AT&T, Inc.
Series C, Pfd., 4.75%		3,300,878		64,004,024
Series A, Pfd., 5.00%(b)		2,188,839		46,272,057
Pfd., 5.35%		2,417,320		59,055,128
Pfd., 5.63%(b)		1,499,232		37,031,030
Qwest Corp.
Pfd., 6.50%(b)		1,818,498		41,425,384
Pfd., 6.75%(b)		1,110,854		25,716,270
				273,503,893
Electric Utilities-6.15%
Alabama Power Co., Series A, Pfd., 5.00%		452,501		11,176,775
BIP Bermuda Holdings I Ltd., Pfd., 5.13% (Canada)		346,856		6,989,148
Brookfield Infrastructure Finance ULC, Pfd., 5.00% (Canada)		407,538		7,669,865
Duke Energy Corp. Pfd., 5.63%		978,285		24,212,554
Series A, Pfd., 5.75%		1,700,390		42,900,840
Entergy Arkansas LLC, Pfd., 4.88%		575,257		13,271,179
Entergy Louisiana LLC, Pfd., 4.88%		524,594		12,207,302
Entergy Mississippi LLC, Pfd., 4.90%(b)		519,588		12,075,225
Entergy New Orleans LLC, Pfd., 5.50%(b)		521,159		12,836,146
Georgia Power Co., Series 2017-A, Pfd., 5.00%(b)		522,106		12,885,576
NextEra Energy Capital Holdings, Inc., Series N, Pfd., 5.65%		1,241,203		30,248,117
SCE Trust II, Pfd., 5.10%(b)		203,038		4,141,975
SCE Trust III, Series H, Pfd., 5.75%(b)(c)		502,883		10,686,264
SCE Trust IV, Series J, Pfd., 5.38%(b)(c)		717,842		14,392,732
SCE Trust V, Series K, Pfd., 5.45%(b)(c)		635,373		13,978,206
SCE Trust VI, Pfd., 5.00%(b)		988,891		19,036,152

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

85

Invesco Preferred ETF (PGX)–(continued)

August 31, 2022

	Shares		Value
Electric Utilities-(continued)
Southern Co. (The)
Series C, Pfd., 4.20%(b)		1,408,604	$	26,876,164
Series 2020, Pfd., 4.95%(b)		1,804,522		39,410,761
Pfd., 5.25%(b)		801,432		18,817,623
				333,812,604
Equity REITs-7.31%
Agree Realty Corp., Series A, Pfd., 4.25%(b)		339,253		6,367,779
American Homes 4 Rent
Series G, Pfd., 5.88%(b)		180,720		4,449,326
Series H, Pfd., 6.25%(b)		179,525		4,541,983
Digital Realty Trust, Inc.
Series L, Pfd., 5.20%(b)		625,607		14,682,996
Series J, Pfd., 5.25%(b)		477,449		11,177,081
Series K, Pfd., 5.85%		352,476		8,843,623
Diversified Healthcare Trust
Pfd., 5.63%(b)		661,224		10,182,850
Pfd., 6.25%(b)		452,886		7,237,118
EPR Properties, Series G, Pfd., 5.75%(b)		356,743		7,869,751
Federal Realty Investment Trust, Series C, Pfd., 5.00%(b)		315,038		7,658,574
Global Net Lease, Inc.
Series B, Pfd., 6.88%(b)		37,921		923,756
Series A, Pfd., 7.25%(b)		253,837		6,127,625
Hudson Pacific Properties, Inc., Series C, Pfd., 4.75%		776,166		14,832,532
Kimco Realty Corp.
Series L, Pfd., 5.13%(b)		413,632		9,803,079
Series M, Pfd., 5.25%(b)		469,394		11,298,314
Office Properties Income Trust, Pfd., 6.38%(b)		295,418		6,519,875
PS Business Parks, Inc.
Series Z, Pfd., 4.88%(b)		577,708		10,335,196
Series Y, Pfd., 5.20%(b)		394,281		7,479,511
Series X, Pfd., 5.25%(b)		480,311		9,082,681
Public Storage
Series N, Pfd., 3.88%(b)		558,430		10,381,214
Series O, Pfd., 3.90%(b)		367,516		6,622,638
Series Q, Pfd., 3.95%		283,816		5,151,260
Series P, Pfd., 4.00%		1,209,714		22,585,360
Series R, Pfd., 4.00%(b)		743,031		13,790,655
Series S, Pfd., 4.10%(b)		780,000		14,804,400
Series M, Pfd., 4.13%(b)		440,876		8,627,943
Series L, Pfd., 4.63%(b)		909,929		20,091,232
Series J, Pfd., 4.70%(b)		120,598		2,676,070
Series K, Pfd., 4.75%		333,356		7,243,826
Series I, Pfd., 4.88%(b)		315,706		7,283,338
Series G, Pfd., 5.05%(b)		902,303		21,934,986
Series F, Pfd., 5.15%(b)		550,028		13,360,180
Series H, Pfd., 5.60%		483,827		12,260,176
SITE Centers Corp., Series A, Pfd., 6.38%(b)		259,046		6,494,283
SL Green Realty Corp., Series I, Pfd., 6.50%		414,190		10,147,655
Spirit Realty Capital, Inc., Series A, Pfd., 6.00%(b)		348,062		8,673,705

	Shares		Value
Equity REITs-(continued)
Vornado Realty Trust
Series O, Pfd., 4.45%		708,280	$	12,465,728
Series M, Pfd., 5.25%		621,315		12,929,565
Series N, Pfd., 5.25%(b)		507,027		10,576,583
Series L, Pfd., 5.40%(b)		416,592		9,048,378
				396,562,825
Gas Utilities-0.33%
South Jersey Industries, Inc., Pfd., 5.63%(b)		362,378		6,867,063
Spire, Inc., Series A, Pfd., 5.90%		458,007		11,175,371
				18,042,434
Independent Power and Renewable Electricity Producers-0.13%
Brookfield Renewable Partners L.P., Series 17, Pfd., 5.25% (Canada)		361,810		7,312,180
Insurance-14.88%
AEGON Funding Co. LLC, Pfd., 5.10% (Netherlands)		1,691,116		35,834,748
Allstate Corp. (The) Series I, Pfd., 4.75%		549,638		11,558,887
Pfd., 5.10%(b)(c)		525,895		12,668,811
Series H, Pfd., 5.10%(b)		2,078,819		46,004,265
Series G, Pfd., 5.63%(b)		1,106,382		27,150,614
American Equity Investment Life Holding Co. Series A, Pfd., 5.95%(b)(c)		705,737		16,457,787
Series B, Pfd., 6.63%(b)(c)		549,008		13,500,107
American Financial Group, Inc.
Pfd., 4.50%(b)		384,888		7,755,493
Pfd., 5.13%(b)		389,610		8,548,043
Pfd., 5.63%(b)		262,513		6,155,930
Pfd., 5.88%		165,886		4,067,525
American International Group, Inc., Series A, Pfd., 5.85%		904,203		21,773,208
Arch Capital Group Ltd. Series G, Pfd., 4.55%(b)		925,986		17,371,497
Series F, Pfd., 5.45%(b)		596,894		13,543,525
Argo Group International Holdings Ltd., Pfd., 7.00%(b)(c)		240,737		5,060,292
Argo Group U.S., Inc., Pfd., 6.50%(b)		234,374		5,292,165
Aspen Insurance Holdings Ltd. Pfd., 5.63% (Bermuda)		473,830		10,139,962
Pfd., 5.63% (Bermuda)(b)		461,700		9,769,572
Pfd., 5.95% (Bermuda)(c)		233,413		5,256,461
Assurant, Inc., Pfd., 5.25%(b)		382,251		8,168,704
Athene Holding Ltd. Series D, Pfd., 4.88%(b)		1,071,080		20,125,593
Series B, Pfd., 5.63%		602,531		13,225,555
Series A, Pfd., 6.35%(b)(c)		1,598,242		39,077,017
Series C, Pfd., 6.38%(b)(c)		1,119,216		28,719,083
AXIS Capital Holdings Ltd., Series E, Pfd., 5.50%		1,049,436		22,961,660
Brighthouse Financial, Inc. Series D, Pfd., 4.63%		620,651		10,991,729
Series C, Pfd., 5.38%(b)		1,057,858		21,040,796
Pfd., 6.25%(b)		755,092		18,197,717
Series A, Pfd., 6.60%(b)		765,585		18,940,573
Series B, Pfd., 6.75%		715,386		17,863,188
CNO Financial Group, Inc., Pfd., 5.13%		308,391		5,844,009

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

86

Invesco Preferred ETF (PGX)–(continued)

August 31, 2022

	Shares		Value
Insurance-(continued)
Enstar Group Ltd. Series D, Pfd., 7.00%(b)(c)		777,210	$	18,738,533
Series E, Pfd., 7.00%		184,297		4,530,020
Globe Life, Inc., Pfd., 4.25%(b)		601,939		11,569,268
Hartford Financial Services Group, Inc. (The), Series G, Pfd., 6.00%(b)		602,320		15,033,907
Kemper Corp., Pfd., 5.88%(b)(c)		79,044		1,873,343
MetLife, Inc. Series F, Pfd., 4.75%(b)		1,740,160		37,343,834
Series E, Pfd., 5.63%(b)		1,560,762		38,301,100
PartnerRe Ltd., Series J, Pfd., 4.88% (Bermuda)(b)		327,605		6,650,382
Prudential Financial, Inc. Pfd., 4.13%(b)		895,728		18,389,296
Pfd., 5.63%(b)		1,086,932		26,379,840
Pfd., 5.95%		500,000		12,495,000
Reinsurance Group of America, Inc., Pfd., 5.75%(b)(c)		733,231		18,602,070
RenaissanceRe Holdings Ltd.
Series G, Pfd., 4.20% (Bermuda)(b)		920,659		15,955,020
Series F, Pfd., 5.75% (Bermuda)		473,610		10,897,766
Selective Insurance Group, Inc., Series B,
Pfd., 4.60%(b)		380,652		7,118,192
SiriusPoint Ltd., Series B, Pfd., 8.00%
(Bermuda)(b)(c)		350,535		8,255,099
Unum Group, Pfd., 6.25%(b)		586,800		14,276,844
W.R. Berkley Corp.
Pfd., 4.13%(b)		524,040		9,595,172
Pfd., 4.25%(b)		492,160		9,173,862
Pfd., 5.10%		548,390		11,916,515
Pfd., 5.70%(b)		328,619		7,660,109
				807,819,688
Internet & Direct Marketing Retail-1.06%
Qurate Retail, Inc., Pfd., 8.00%		573,464		33,083,138
QVC, Inc.
Pfd., 6.25%(b)		913,721		16,949,525
Pfd., 6.38%(b)		402,133		7,741,060
				57,773,723
Leisure Products-0.45%
Brunswick Corp.
Pfd., 6.38%(b)		406,681		10,175,159
Pfd., 6.50%(b)		322,845		8,077,582
Pfd., 6.63%(b)		226,432		5,909,875
				24,162,616
Multi-Utilities-3.75%
Algonquin Power & Utilities Corp.
Series 19-A, Pfd., 6.20% (Canada)(c)		639,010		15,502,383
Pfd., 6.88% (Canada)(c)		541,814		13,426,151
Brookfield Infrastructure Partners L.P.
Series 14, Pfd., 5.00% (Canada)		433,207		7,828,051
Series 13, Pfd., 5.13% (Canada)		383,286		6,948,975
CMS Energy Corp.
Series C, Pfd., 4.20%(b)		417,400		7,312,848
Pfd., 5.63%(b)		387,295		9,198,256
Pfd., 5.88%		504,520		12,340,559
Pfd., 5.88%(b)		1,198,444		28,762,656

	Shares		Value
Multi-Utilities-(continued)
DTE Energy Co.
Pfd., 4.38%(b)		534,205	$	9,914,845
Series G, Pfd., 4.38%(b)		350,921		6,671,008
Series E, Investment Units, 5.25%(b)		751,651		17,505,952
Integrys Holding, Inc., Pfd., 6.00%(c)		452,261		10,922,103
NiSource, Inc., Series B, Pfd., 6.50%(b)(c)		926,777		23,447,458
Sempra Energy, Pfd., 5.75%(b)		1,379,758		33,969,642
				203,750,887
Oil, Gas & Consumable Fuels-1.08%
DCP Midstream L.P.
Series B, Pfd., 7.88%(c)		251,336		6,270,833
Series C, Pfd., 7.95%(c)		208,721		5,238,897
Enbridge, Inc., Series B, Pfd., 6.38%
(Canada)(c)		79,993		1,964,628
Energy Transfer L.P.
Series C, Pfd., 7.38%(c)		86,288		1,881,078
Series E, Pfd., 7.60%(c)		1,428,661		33,502,101
Series D, Pfd., 7.63%(c)		193,799		4,222,880
NuStar Energy L.P.
Series B, Pfd., 7.65% (3 mo. USD
LIBOR + 5.64%)(d)		129,437		2,725,943
Series C, Pfd., 9.00%(c)		115,525		2,807,258
				58,613,618
Real Estate Management & Development-0.91%
Brookfield Property Partners L.P. Series A, Pfd., 5.75%		450,127		8,057,273
Series A-2, Pfd., 6.38%		574,415		11,356,185
Series A-1, Pfd., 6.50%		327,773		6,686,569
Brookfield Property Preferred L.P., Pfd., 6.25%		1,194,614		23,306,919
				49,406,946
Textiles, Apparel & Luxury Goods-0.05%
Fossil Group, Inc., Pfd., 7.00%(b)		144,073		2,576,025
Thrifts & Mortgage Finance-0.43%
New York Community Bancorp, Inc.,
Series A, Pfd., 6.38%(b)(c)		942,006		23,069,727
Trading Companies & Distributors-1.49%
Air Lease Corp., Series A, Pfd., 6.15%(b)(c)		482,593		11,466,410
Fortress Transportation and
Infrastructure Investors LLC
Series B, Pfd., 8.00%(c)		248,462		5,856,249
Series A, Pfd., 8.25%(c)		182,336		4,232,018
Series C, Pfd., 8.25%(c)		181,300		4,280,493
Triton International Ltd. Series E, Pfd., 5.75% (Bermuda)(b)		337,080		7,220,254
Pfd., 6.88% (Bermuda)		226,928		5,537,043
Pfd., 7.38% (Bermuda)(b)		333,579		8,546,294
Pfd., 8.00% (Bermuda)(b)		258,381		6,627,473
WESCO International, Inc., Series A, Pfd., 10.63%(c)		981,048		27,292,755
				81,058,989
Wireless Telecommunication Services-1.79%
Telephone and Data Systems, Inc.
Series VV, Pfd., 6.00%(b)		1,295,815		25,605,304
Series UU, Pfd., 6.63%(b)		710,861		15,475,444

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

87

Invesco Preferred ETF (PGX)–(continued)

August 31, 2022

	Shares		Value
Wireless Telecommunication Services-(continued)
United States Cellular Corp.
Pfd., 5.50%		943,189	$	18,609,119
Pfd., 5.50%		937,138		18,311,677
Pfd., 6.25%(b)		890,545		19,280,299
				97,281,843
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.65% (Cost $6,430,571,937)				5,408,537,951

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.36%
Invesco Private Government Fund, 2.29%(e)(f)(g)	52,439,543	52,439,543

Investment Abbreviations:

LIBOR -London Interbank Offered Rate

Pfd.     -Preferred

REIT   -Real Estate Investment Trust

USD   -U.S. Dollar

	Shares	Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 2.37%(e)(f)(g)	130,140,061	$	130,153,077
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $182,582,554)			182,592,620
TOTAL INVESTMENTS IN SECURITIES-103.01% (Cost $6,613,154,491)			5,591,130,571
OTHER ASSETS LESS LIABILITIES-(3.01)%			(163,513,572	)
NET ASSETS-100.00%		$	5,427,616,999

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 August 31, 2022.

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

^(d) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2022.

^(e) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	80,379,198		$	786,692,667		$	(867,071,865	)		$	-		$	-			$	-		$	96,818
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			49,524,522			234,513,203			(231,598,182	)			-			-				52,439,543			249,020	*
Invesco Private Prime Fund			121,799,880			517,176,933			(508,790,461	)			10,065			(43,340	)			130,153,077			728,297	*
Total		$	251,703,600		$	1,538,382,803		$	(1,607,460,508	)		$	10,065		$	(43,340	)		$	182,592,620		$	1,074,135

* 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 August 31, 2022.

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

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

88

Invesco Taxable Municipal Bond ETF (BAB)

August 31, 2022

Schedule of Investments

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-97.06%
Alabama-0.64%
Auburn University, Series 2020 C, RB		2.53%		06/01/2040	$	7,500	$	5,794,058
Auburn University, Series 2020 C, RB		2.68%		06/01/2050		5,000		3,566,362
Birmingham (City of), AL Water Works Board, Series 2021, Ref. RB		2.51%		01/01/2036		1,000		814,686
Birmingham (City of), AL Water Works Board, Series 2021, Ref. RB		2.61%		01/01/2037		1,000		810,449
Birmingham (City of), AL Water Works Board, Series 2021, Ref. RB		2.71%		01/01/2038		1,000		806,741
								11,792,296
Alaska-0.01%
Alaska (State of) Municipal Bond Bank Authority, Series 2021 2, Ref. RB		3.03%		12/01/2041		150		119,444
Arizona-1.43%
Arizona (State of) Department of Transportation State Highway Fund Revenue, Series 2020, Ref. RB		2.46%		07/01/2030		2,560		2,272,281
Flagstaff (City of), AZ, Series 2020 A, COP		3.01%		05/01/2040		5,000		3,979,223
Maricopa (County of), AZ Industrial Development Authority (Honorhealth), Series 2021 B, RB		3.17%		09/01/2051		3,000		2,185,158
Phoenix Civic Improvement Corp., Series 2021 C, Ref. RB		2.97%		07/01/2044		905		677,715
Scottsdale (City of), AZ, Series 2020, Ref. GO Bonds		0.61%		07/01/2025		1,565		1,430,284
Scottsdale Municipal Property Corp., Series 2021 B, Ref. RB		1.23%		07/01/2028		5,000		4,312,464
Tempe (City of), AZ, Series 2021, COP		2.59%		07/01/2037		2,950		2,265,479
Tucson (City of), AZ, Series 2010, RB		5.79%		07/01/2026		1,275		1,345,295
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)		0.46%		07/01/2024		500		469,210
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)		0.83%		07/01/2025		750		686,350
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)		1.31%		07/01/2027		1,000		875,377
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)		1.70%		07/01/2029		500		421,067
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)		1.93%		07/01/2031		1,000		807,967
Tucson (City of), AZ, Series 2021 A, COP, (INS - AGM)(a)		2.86%		07/01/2047		2,000		1,480,938
Yuma (City of), AZ, Series 2021, RB		2.63%		07/15/2038		4,000		3,088,285
								26,297,093
Arkansas-0.01%
University of Arkansas, Series 2021 B, RB		3.10%		12/01/2041		150		116,849
California-24.70%
Alameda (City of), CA Corridor Transportation Authority, Series 2022 B, Ref. RB, (INS - AGM)(a)		5.40%		10/01/2046		2,500		2,579,273
Alameda (County of), CA (Social Bonds), Series 2022, GO Bonds		4.55%		08/01/2042		2,250		2,228,013
Bay Area Toll Authority, Series 2010 S1, RB		6.79%		04/01/2030		1,880		2,056,438
Bay Area Toll Authority (San Francisco Bay Area), Series 2010 S-1, RB		7.04%		04/01/2050		3,605		4,843,317
Bay Area Toll Authority (San Francisco Bay Area), Series 2010 S-3, RB		6.91%		10/01/2050		3,025		4,055,161
California (State of), Series 2009, GO Bonds		7.50%		04/01/2034		16,460		21,045,919
California (State of), Series 2009, GO Bonds		7.55%		04/01/2039		18,860		25,108,235
California (State of), Series 2009, GO Bonds		7.30%		10/01/2039		14,160		18,031,723
California (State of), Series 2009, GO Bonds		7.35%		11/01/2039		8,505		10,884,982
California (State of), Series 2010, GO Bonds		7.63%		03/01/2040		4,500		5,969,539
California (State of), Series 2010, GO Bonds		7.60%		11/01/2040		7,500		10,147,594
California (State of), Series 2018, Ref. GO Bonds		4.50%		04/01/2033		9,850		10,008,567
California (State of) Department of Water Resources (Central Valley), Series 2020, Ref. RB		1.77%		12/01/2034		7,510		5,718,070
California (State of) Department of Water Resources (Central Valley), Series 2020, Ref. RB		1.79%		12/01/2035		5,325		3,963,989
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB		1.24%		10/01/2027		1,000		870,450
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB		1.47%		10/01/2028		1,000		854,811
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB		1.60%		10/01/2029		1,000		836,444
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB		1.69%		10/01/2030		1,000		817,250
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB		2.72%		10/01/2040		1,000		744,700
California (State of) Infrastructure & Economic Development Bank, Series 2020 A, Ref. RB		2.79%		10/01/2043		1,500		1,058,432
California (State of) Infrastructure & Economic Development Bank (UCSF Neurosciences Building 19A), Series 2010 A, RB		6.49%		05/15/2049		1,000		1,178,108
California (State of) Municipal Finance Authority (FBI San Diego), Series 2020, RB		2.52%		10/01/2035		4,885		3,730,275

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

89

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

August 31, 2022

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of) Public Works Board (California State University), Series 2010 B-2, RB		7.80%		03/01/2035	$	800	$	981,591
California (State of) Statewide Communities Development Authority (Green Bonds), Series 2021, Ref. RB		2.68%		02/01/2039		1,850		1,372,874
California (State of) Statewide Communities Development Authority (Marin General Hospital), Series 2018 B, RB		4.82%		08/01/2045		2,000		1,750,023
California State University, Series 2010 B, RB		6.48%		11/01/2041		900		1,052,460
California State University, Series 2020 B, Ref. RB		2.98%		11/01/2051		5,000		3,832,404
California State University, Series 2021 B, Ref. RB		2.80%		11/01/2041		10,000		7,557,978
California State University, Series 2021 B, Ref. RB		2.72%		11/01/2052		5,000		3,726,936
Carson (City of), CA (Carson Pension Obligation), Series 2020, RB		3.70%		01/15/2044		3,000		2,458,421
Chula Vista (City of), CA, Series 2021, RB, (INS - BAM)(a)		2.81%		06/01/2045		1,000		667,431
Coast Community College District, Series 2022, Ref. GO Bonds		2.98%		08/01/2039		1,000		800,592
Downey (City of), CA, Series 2021, RB		2.85%		06/01/2040		750		572,139
Downey (City of), CA, Series 2021, RB		3.00%		06/01/2044		550		390,055
East Bay Municipal Utility District Wastewater System Revenue, Series 2010, RB		5.03%		06/01/2032		3,000		3,232,923
East Bay Municipal Utility District Water System Revenue, Series 2010, RB		5.87%		06/01/2040		3,000		3,465,148
El Segundo (City of), CA, Series 2021, RB		3.06%		07/01/2040		1,500		1,136,788
Fresno (City of), CA, Series 2010 A2, Ref. RB		6.50%		06/01/2030		2,000		2,217,833
Golden State Tobacco Securitization Corp., Series 2021 A-1, Ref. RB		3.49%		06/01/2036		1,000		827,240
Golden State Tobacco Securitization Corp., Series 2021 A-1, Ref. RB		3.71%		06/01/2041		9,480		7,620,815
Golden State Tobacco Securitization Corp., Series 2021, Ref. RB		3.12%		06/01/2038		12,500		10,271,784
Hayward Unified School District, Series 2020, Ref. GO Bonds, (INS - AGM)(a)		2.87%		08/01/2040		4,000		3,103,176
Huntington Beach (City of), CA, Series 2021, Ref. RB		0.38%		06/15/2023		500		487,172
Huntington Beach (City of), CA, Series 2021, Ref. RB		0.62%		06/15/2024		1,500		1,419,475
Huntington Beach (City of), CA, Series 2021, Ref. RB		1.07%		06/15/2025		2,000		1,855,317
Inglewood (City of), CA, Series 2020, RB, (INS - AGM)(a)		3.92%		09/01/2050		6,000		4,896,077
Jurupa Community Services District, Series 2010 B, COP		6.35%		09/01/2025		1,030		1,103,973
Jurupa Community Services District, Series 2010 B, COP		6.50%		09/01/2026		1,070		1,176,650
Jurupa Community Services District, Series 2010 B, COP		6.60%		09/01/2027		1,125		1,265,128
Jurupa Community Services District, Series 2010 B, COP		6.70%		09/01/2028		1,170		1,343,285
Jurupa Community Services District, Series 2010 B, COP		7.19%		09/01/2040		2,000		2,552,976
Los Angeles (City of), CA Department of Water & Power, Series 2009 C, RB		5.38%		07/01/2024		500		514,448
Los Angeles (City of), CA Department of Water & Power, Series 2009 C, RB		6.01%		07/01/2039		2,270		2,576,220
Los Angeles (City of), CA Department of Water & Power, Series 2010, RB		6.57%		07/01/2045		6,000		7,655,446
Los Angeles (City of), CA Department of Water & Power, Series 2010, RB		6.60%		07/01/2050		1,715		2,233,486
Los Angeles Community College District, Series 2010, GO Bonds		6.60%		08/01/2042		3,000		3,771,826
Los Angeles Community College District, Series 2020, Ref. GO Bonds		0.77%		08/01/2025		14,500		13,372,979
Los Angeles Community College District, Series 2020, Ref. GO Bonds		1.81%		08/01/2030		5,000		4,266,135
Los Angeles Community College District, Series 2020, Ref. GO Bonds		2.83%		08/01/2039		3,500		2,866,808
Los Angeles Unified School District, Series 2010 J-05, GO Bonds		5.98%		05/01/2027		500		540,236
Montebello (City of), CA, Series 2020, RB, (INS - AGM)(a)		4.06%		06/01/2039		6,000		5,308,594
Monterey Park (City of), CA, Series 2021 A, RB		3.02%		06/01/2043		2,500		1,905,313
Municipal Improvement Corp. of Los Angeles, Series 2021 A, Ref. RB		0.42%		11/01/2023		1,000		960,530
Municipal Improvement Corp. of Los Angeles, Series 2021 A, Ref. RB		0.68%		11/01/2024		1,000		933,391
Municipal Improvement Corp. of Los Angeles, Series 2021 A, Ref. RB		0.95%		11/01/2025		1,000		910,614
Napa Valley Unified School District, Series 2010 B, GO Bonds		6.51%		08/01/2043		3,000		3,609,978
Northern California Power Agency, Series 2010, RB		7.31%		06/01/2040		1,000		1,224,665
Oakland (Port of), CA, Series 2020 R, Ref. RB		0.82%		05/01/2023		595		583,002
Oakland (Port of), CA, Series 2020 R, Ref. RB		1.08%		05/01/2024		515		491,113
Oakland (Port of), CA, Series 2020 R, Ref. RB		1.18%		05/01/2025		600		557,309
Oakland (Port of), CA, Series 2020 R, Ref. RB		1.52%		05/01/2026		600		548,164
Oakland (Port of), CA, Series 2020 R, Ref. RB		1.67%		05/01/2027		875		784,137
Oakland (Port of), CA, Series 2020 R, Ref. RB		1.95%		05/01/2028		700		621,577
Oakland (Port of), CA, Series 2020 R, Ref. RB		2.05%		05/01/2029		1,000		872,661
Oakland (Port of), CA, Series 2020 R, Ref. RB		2.10%		05/01/2030		500		427,473
Oakland (Port of), CA, Series 2020 R, Ref. RB		2.20%		05/01/2031		375		315,561
Oakland (Port of), CA, Series 2020 R, Ref. RB		2.30%		05/01/2032		850		706,083
Oxnard School District, Series 2020, Ref. GO Bonds, (INS - BAM)(a)		2.63%		08/01/2041		8,040		6,075,413

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

90

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

August 31, 2022

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Paramount Unified School District, Series 2020, Ref. GO Bonds, (INS - BAM)(a)		3.27%		08/01/2051	$	5,000	$	3,739,618
Pasadena (City of), CA, Series 2020 A, Ref. RB		3.24%		05/01/2045		5,000		3,817,568
Pomona (City of), CA, Series 2020 BJ, RB		3.72%		08/01/2040		3,250		2,849,312
Pomona (City of), CA, Series 2020 BJ, RB		3.82%		08/01/2046		1,500		1,276,760
Rancho Santiago Community College District, Series 2020 A-1, Ref. GO Bonds		0.96%		09/01/2026		5,500		4,921,855
Rancho Water District Financing Authority, Series 2021 A, Ref. RB		2.60%		08/01/2040		850		657,282
Regents of the University of California Medical Center, Series 2009 F, RB		6.46%		05/15/2029		445		482,889
Regents of the University of California Medical Center, Series 2009 F, RB		6.58%		05/15/2049		4,335		5,391,119
Regents of the University of California Medical Center, Series 2020 N, RB		3.71%		05/15/2120		5,000		3,497,927
Richmond (City of), CA, Series 2022, Ref. RB		5.79%		01/15/2044		5,000		5,005,139
Riverside (City of), CA, Series 2009 B, RB		6.35%		10/01/2039		500		589,155
Riverside (City of), CA (Riverside Pension Obligation), Series 2020 A, RB		3.86%		06/01/2045		2,000		1,761,602
San Bernardino Community College District, Series 2021, Ref. GO Bonds		2.69%		08/01/2041		1,000		748,551
San Bernardino Community College District, Series 2021, Ref. GO Bonds		2.79%		08/01/2045		1,000		722,515
San Bernardino Community College District, Series 2021, Ref. GO Bonds		2.86%		08/01/2049		1,000		701,454
San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, Ref. RB		4.23%		10/15/2038		2,000		1,875,752
San Diego (County of), CA Water Authority (Green Bonds), Series 2020 A, Ref. RB		0.59%		05/01/2024		2,000		1,900,939
San Diego (County of), CA Water Authority (Green Bonds), Series 2020 A, Ref. RB		0.74%		05/01/2025		2,000		1,847,240
San Francisco (City & County of), CA, Series 2020 C, GO Bonds		2.83%		06/15/2050		1,325		984,392
San Francisco (City & County of), CA, Series 2020 C, GO Bonds		3.08%		06/15/2060		1,000		750,355
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		3,613,023
San Francisco (City & County of), CA (Clean & Safe Neighborhood Parks), Series 2010 D, GO Bonds		6.26%		06/15/2030		3,850		4,480,240
San Francisco (City & County of), CA (San Francisco General Hospital), Series 2010 C, GO Bonds		6.26%		06/15/2030		1,500		1,745,548
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 C, Ref. RB		3.35%		05/01/2051		2,000		1,563,340
San Francisco (City of), CA Municipal Transportation Agency, Series 2021 A, Ref. RB		2.80%		03/01/2044		500		366,193
San Francisco (City of), CA Public Utilities Commission, Series 2010 B, RB		6.00%		11/01/2040		2,245		2,523,591
San Francisco (City of), CA Public Utilities Commission, Series 2010, RB		5.70%		11/01/2027		3,000		3,234,279
San Francisco (City of), CA Public Utilities Commission, Series 2010, RB		6.00%		11/01/2040		2,480		2,803,365
San Francisco (City of), CA Public Utilities Commission, Series 2010, RB		6.95%		11/01/2050		4,600		6,000,793
San Francisco Community College District, Series 2020 A1, GO Bonds		3.17%		06/15/2041		4,000		3,247,520
San Jose (City of), CA Financing Authority (Convention Center), Series 2022, Ref. RB		4.76%		05/01/2042		4,000		3,760,128
San Jose (City of), CA Financing Authority (Convention Center), Series 2022, Ref. RB		4.86%		05/01/2052		10,000		9,400,029
San Jose (City of), CA Financing Authority (Ice Centre), Series 2020 B, RB		3.42%		06/01/2041		3,850		3,100,514
San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB		3.08%		08/01/2025		2,000		1,950,308
San Jose Unified School District, Series 2021, Ref. GO Bonds		2.31%		08/01/2039		7,000		5,253,440
San Luis Unit/Westlands Water District Financing Authority, Series 2020 A, RB, (INS - AGM)(a)		3.74%		09/01/2050		2,500		1,959,808
Santa Ana (City of), CA, Series 2021 A, RB		3.10%		08/01/2044		1,500		1,111,222
Santa Clara Valley Transportation Authority, Series 2010, RB		5.88%		04/01/2032		1,025		1,106,996
Santa Clara Valley Water District, Series 2016 B, Ref. RB		4.35%		06/01/2046		3,000		2,793,494
Santa Monica Community College District, Series 2020, Ref. GO Bonds		2.70%		08/01/2040		1,230		940,721
Santa Monica Community College District, Series 2020, Ref. GO Bonds		2.80%		08/01/2044		1,700		1,243,800
Southern California Public Power Authority, Series 2010, RB		5.92%		07/01/2035		2,000		2,259,049
Tulare (County of), CA, Series 2018, RB		4.45%		06/01/2037		2,000		1,908,642
University of California, Series 2015 AQ, RB		4.77%		05/15/2115		1,577		1,438,256
University of California, Series 2016 AS, Ref. RB		3.55%		05/15/2039		1,500		1,321,430
University of California, Series 2019 BD, RB		3.35%		07/01/2029		15,000		14,237,145
University of California, Series 2020 BG, RB		0.88%		05/15/2025		10,000		9,273,205
University of California, Series 2020 BG, RB		1.32%		05/15/2027		16,110		14,327,868
University of California, Series 2020 BG, RB		1.61%		05/15/2030		7,500		6,193,991
University of California, Series 2021 BI, Ref. RB		0.87%		05/15/2026		1,000		899,178
University of California, Series 2021 BI, Ref. RB		1.27%		05/15/2027		1,000		886,312
University of California, Series 2021 BI, Ref. RB		1.37%		05/15/2028		1,000		863,880
University of California, Series 2021 BI, Ref. RB		1.70%		05/15/2029		1,000		855,930
University of California, Series 2021 BI, Ref. RB		1.90%		05/15/2030		1,000		844,257
University of California, Series 2021 BI, Ref. RB		2.00%		05/15/2031		1,000		831,735

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

91

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

August 31, 2022

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
University of California, Series 2021 BI, Ref. RB		2.05%		05/15/2032	$	1,000	$	816,144
University of California, Series 2021 BI, Ref. RB		2.15%		05/15/2033		1,000		807,675
University of California, Series 2021 BI, Ref. RB		2.25%		05/15/2034		1,000		802,757
University of California, Series 2021 BI, Ref. RB		2.35%		05/15/2035		1,000		796,124
University of California, Series 2021 BI, Ref. RB		2.45%		05/15/2036		1,000		791,085
University of California, Series 2021 BJ, RB		3.07%		05/15/2051		1,960		1,441,204
University of California, Series 2022 BL, RB		4.50%		05/15/2052		12,000		11,889,328
								453,708,087
Colorado-1.43%
Aurora (City of), CO (Green Bonds), Series 2021 B, Ref. RB		2.72%		08/01/2046		1,925		1,402,948
Board of Governors of Colorado State University System, Series 2010 B, RB, (CEP - Colorado Higher Education Intercept Program)		5.96%		03/01/2033		1,000		1,095,774
Colorado (State of) Bridge Enterprise (Central 70), Series 2021 B, RB		0.92%		12/31/2023		7,500		7,207,423
Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 B, Ref. RB		3.70%		11/01/2039		1,200		1,027,045
Colorado Mesa University, Series 2009 B, RB, (CEP - Colorado Higher Education Intercept Program)		5.80%		05/15/2040		1,215		1,346,037
Denver (City & County of), CO, Series 2016 B, Ref. RB		3.82%		08/01/2032		1,000		954,174
Denver (City & County of), CO, Series 2020 C, Ref. RB		2.52%		11/15/2032		2,000		1,676,891
Denver (City & County of), CO, Series 2020 C, Ref. RB		2.62%		11/15/2033		1,500		1,247,660
Denver City & County School District No. 1, Series 2009 C, GO Bonds		5.66%		12/01/2033		500		554,414
Regional Transportation District, Series 2010 B, RB		5.84%		11/01/2050		5,025		5,996,270
Regional Transportation District, Series 2010, COP		7.67%		06/01/2040		3,000		3,777,484
								26,286,120
Connecticut-1.20%
Connecticut (State of), Series 2021 A, GO Bonds		0.31%		06/01/2023		315		307,318
Connecticut (State of), Series 2021 A, GO Bonds		0.51%		06/01/2024		500		472,875
Connecticut (State of), Series 2021 A, GO Bonds		0.92%		06/01/2025		250		230,751
Connecticut (State of), Series 2021 A, GO Bonds		1.12%		06/01/2026		400		360,687
Connecticut (State of), Series 2021 A, GO Bonds		1.50%		06/01/2027		350		312,146
Connecticut (State of), Series 2021 A, GO Bonds		1.65%		06/01/2028		450		393,306
Connecticut (State of), Series 2021 A, GO Bonds		1.89%		06/01/2029		440		380,488
Connecticut (State of), Series 2021 A, GO Bonds		1.99%		06/01/2030		650		552,283
Connecticut (State of), Series 2021 A, GO Bonds		2.09%		06/01/2031		850		711,636
Connecticut (State of) Health & Educational Facilities Authority (Stamford Hospital), Series 2021 L-2, RB		3.54%		07/01/2051		2,660		1,950,506
Hartford (County of), CT Metropolitan District (Clean Water), Series 2020, Ref. RB		2.56%		04/01/2039		6,000		4,580,955
New Britain (City of), CT, Series 2018, Ref. GO Bonds(b)(c)		4.35%		03/01/2028		20		20,416
New Britain (City of), CT, Series 2018, Ref. GO Bonds, (INS - BAM)(a)		4.35%		03/01/2039		4,815		4,601,312
New Britain (City of), CT, Series 2020 B, Ref. GO Bonds, (INS - AGM)(a)		3.25%		09/01/2042		4,000		3,152,368
South Central Connecticut Regional Water Authority, Series 2010 A, RB		6.24%		08/01/2030		2,000		2,188,415
South Central Connecticut Regional Water Authority, Series 2010 A, RB		6.39%		08/01/2040		1,645		1,912,476
								22,127,938
Delaware-0.29%
University of Delaware, Series 2018, RB		4.07%		11/01/2050		5,770		5,298,495
District of Columbia-0.42%
District of Columbia, Series 2010 F, RB		4.91%		12/01/2023		4,500		4,573,381
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2009, RB		7.46%		10/01/2046		2,480		3,200,301
								7,773,682
Florida-3.33%
Deltona (City of), FL, Series 2021, Ref. RB, (INS - BAM)(a)		2.84%		10/01/2050		3,000		2,083,815
Escambia (County of), FL Health Facilities Authority, Series 2020, Ref. RB, (INS - AGM)(a)		3.61%		08/15/2040		5,750		4,790,548
Florida Development Finance Corp. (UF Health Jacksonville), Series 2022, Ref. RB, (INS - AGM)(a)		3.22%		02/01/2032		1,000		880,683
Fort Lauderdale (City of), FL, Series 2020, Ref. RB		0.75%		01/01/2024		22,600		21,716,209

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

92

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

August 31, 2022

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Florida-(continued)
Gainesville (City of), FL, Series 2020, RB		3.05%		10/01/2040	$	6,000	$	4,564,275
JEA Electric System, Series 2009 F, RB		6.41%		10/01/2034		500		566,038
JEA Water & Sewer System, Series 2010 A, RB		6.21%		10/01/2033		1,250		1,417,139
Lee Memorial Health System, Series 2010 A, RB		7.28%		04/01/2027		2,500		2,787,745
Miami-Dade (County of), FL, Series 2019 B, Ref. RB		3.14%		10/01/2027		1,000		948,879
Miami-Dade (County of), FL, Series 2019 B, Ref. RB		3.18%		10/01/2028		3,600		3,376,782
Miami-Dade (County of), FL, Series 2019 B, Ref. RB		3.28%		10/01/2029		2,700		2,510,650
Miami-Dade (County of), FL, Series 2020 B, RB		0.38%		04/01/2023		2,000		1,959,537
Miami-Dade (County of), FL, Series 2020 B, Ref. RB		1.23%		10/01/2025		1,500		1,378,820
Miami-Dade (County of), FL, Series 2020 B, Ref. RB		3.27%		10/01/2041		2,250		1,799,045
Miami-Dade (County of), FL, Series 2021 B, Ref. RB		2.29%		10/01/2031		500		415,531
Miami-Dade (County of), FL, Series 2021 B, Ref. RB		2.44%		10/01/2032		500		413,755
Miami-Dade (County of), FL, Series 2021 B, Ref. RB		2.54%		10/01/2033		500		410,805
Miami-Dade (County of), FL, Series 2021 B, Ref. RB		2.74%		10/01/2036		1,000		799,804
Miami-Dade (County of), FL, Series 2021 B, Ref. RB		2.79%		10/01/2037		500		395,136
Miami-Dade (County of), FL Transit System, Series 2010 B, RB		5.53%		07/01/2032		2,500		2,663,437
Miami-Dade (County of), FL Transit System, Series 2020 B, Ref. RB		2.60%		07/01/2042		1,000		775,457
Reedy Creek Improvement District, Series 2020 A, Ref. GO Bonds		2.73%		06/01/2038		2,500		1,915,033
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		1,702,484
State Board of Administration Finance Corp., Series 2020 A, RB		2.15%		07/01/2030		1,000		856,284
								61,127,891
Georgia-2.04%
Atlanta (City of), GA, Series 2020, Ref. RB		2.26%		11/01/2035		4,000		3,251,062
Fulton (County of), GA Development Authority (Georgia Tech Athletic Association), Series 2022, Ref. RB		3.47%		10/01/2042		5,000		3,866,705
Fulton (County of), GA Development Authority (Georgia Tech Foundation), Series 2019, Ref. RB .		3.13%		11/01/2049		8,500		6,357,598
Georgia (State of), Series 2010, GO Bonds		4.31%		10/01/2026		1,000		1,021,063
Georgia (State of) Municipal Electric Authority, Series 2010, RB		7.06%		04/01/2057		9,556		10,430,021
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2010 A, RB		6.66%		04/01/2057		6,421		7,506,249
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2022, RB		6.47%		07/01/2045		5,000		4,974,999
								37,407,697
Hawaii-1.13%
Hawaii (State of), Series 2010, GO Bonds		5.53%		02/01/2030		1,000		1,097,158
Hawaii (State of), Series 2017 A, RB		3.89%		07/01/2037		1,250		1,100,525
Hawaii (State of), Series 2020 E, Ref. RB		2.23%		07/01/2029		2,200		1,912,255
Hawaii (State of), Series 2020 FZ, GO Bonds		0.89%		08/01/2026		1,000		903,182
Hawaii (State of), Series 2020 FZ, GO Bonds		2.00%		08/01/2027		5,000		4,609,317
Hawaii (State of), Series 2020 FZ, GO Bonds		1.70%		08/01/2032		5,000		3,997,249
Hawaii (State of), Series 2020 FZ, GO Bonds		1.87%		08/01/2033		1,000		789,633
Hawaii (State of), Series 2020 FZ, GO Bonds		2.29%		08/01/2040		1,000		712,937
Hawaii (State of), Series 2020 GB, GO Bonds		0.85%		10/01/2025		2,000		1,839,742
Honolulu (City & County of), HI, Series 2020 A, Ref. RB		0.30%		07/01/2023		200		194,446
Honolulu (City & County of), HI, Series 2020 A, Ref. RB		0.55%		07/01/2024		100		94,414
Honolulu (City & County of), HI, Series 2020 A, Ref. RB		1.47%		07/01/2030		500		407,503
Honolulu (City & County of), HI, Series 2020 A, Ref. RB		1.62%		07/01/2031		1,000		805,477
Kauai (County of), HI, Series 2010 A, GO Bonds		5.76%		08/01/2033		2,000		2,234,136
								20,697,974
Idaho-0.04%
Idaho (State of) Housing & Finance Association (Garvee), Series 2010 A-2, RB		6.35%		07/15/2028		595		654,125
Illinois-6.05%
Chicago (City of), IL, Series 2010 B, GO Bonds		7.52%		01/01/2040		2,000		2,158,715
Chicago (City of), IL, Series 2010 B, Ref. GO Bonds		6.21%		01/01/2032		4,515		4,525,355
Chicago (City of), IL, Series 2010 C, GO Bonds		6.21%		01/01/2036		8,280		8,127,546
Chicago (City of), IL, Series 2010 D, GO Bonds		6.26%		01/01/2040		2,000		1,917,142
Chicago (City of), IL, Series 2011 C1, GO Bonds		7.78%		01/01/2035		1,665		1,845,775

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

93

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

August 31, 2022

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Illinois-(continued)
Chicago (City of), IL, Series 2015 B, GO Bonds		7.38%		01/01/2033	$	2,170	$	2,330,870
Chicago (City of), IL (O’Hare International Airport), Series 2010 B, RB		6.40%		01/01/2040		5,750		6,860,311
Chicago (City of), IL (O’Hare International Airport), Series 2018 C, RB		4.47%		01/01/2049		10,000		9,656,071
Chicago (City of), IL (O’Hare International Airport), Series 2018 C, RB		4.57%		01/01/2054		9,580		9,362,990
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB		0.96%		01/01/2023		1,000		991,706
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB		1.37%		01/01/2025		5,970		5,626,624
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB		1.70%		01/01/2026		4,865		4,516,454
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB		2.35%		01/01/2030		3,000		2,640,882
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB		2.45%		01/01/2031		2,000		1,729,044
Chicago (City of), IL (O’Hare International Airport), Series 2020 D, Ref. RB		2.55%		01/01/2032		2,000		1,710,426
Chicago (City of), IL Board of Education, Series 2009 E, GO Bonds		6.14%		12/01/2039		8,700		8,560,689
Chicago (City of), IL Transit Authority, Series 2020 B, Ref. RB		3.60%		12/01/2035		10,000		8,910,292
Chicago (City of), IL Transit Authority, Series 2020 B, Ref. RB		3.91%		12/01/2040		3,000		2,696,109
Illinois (State of), Series 2003, GO Bonds		5.10%		06/01/2033		1,000		996,384
Illinois (State of), Series 2010 2, GO Bonds		6.90%		03/01/2035		9,300		10,164,317
Illinois (State of), Series 2010, GO Bonds		6.75%		03/01/2028		1,815		1,965,531
Illinois (State of) Finance Authority (Ann & Robert H. Lurie Children’s Hospital), Series 2018, Ref. RB		3.94%		08/15/2047		1,000		873,857
Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020, Ref. RB		3.51%		05/15/2041		5,000		3,779,959
Northern Illinois Municipal Power Agency, Series 2010, RB		7.62%		01/01/2030		190		211,934
Sales Tax Securitization Corp., Series 2017 B, Ref. RB		3.59%		01/01/2043		1,000		896,455
Sales Tax Securitization Corp., Series 2020 B, Ref. RB		2.96%		01/01/2032		2,500		2,180,798
Sales Tax Securitization Corp., Series 2020 B, Ref. RB, (INS - BAM)(a)		3.41%		01/01/2043		6,000		4,966,231
Sales Tax Securitization Corp., Series 2021 B, Ref. RB		3.24%		01/01/2042		1,000		853,659
								111,056,126
Indiana-0.38%
Indiana (State of) Finance Authority (Community Foundation of Northwest Indiana Obligated Group), Series 2022, RB		4.31%		03/01/2052		2,000		1,848,171
Indiana (State of) Finance Authority (Green Bonds), Series 2021, RB		3.05%		01/01/2051		500		397,375
Indianapolis Local Public Improvement Bond Bank, Series 2010 A-2, RB		5.85%		01/15/2030		1,000		1,059,945
Indianapolis Local Public Improvement Bond Bank, Series 2010 B-2, RB		5.97%		01/15/2030		3,500		3,746,845
								7,052,336
Iowa-0.07%
Iowa Student Loan Liquidity Corp., Series 2022 A, RB		5.08%		12/01/2039		1,300		1,268,544
Kansas-0.20%
Kansas (State of) Department of Transportation, Series 2010, RB		4.60%		09/01/2035		1,560		1,625,427
Kansas (State of) Development Finance Authority, Series 2015 H, RB		4.93%		04/15/2045		1,000		1,017,721
Kansas (State of) Development Finance Authority, Series 2021 K, RB, (INS - BAM)(a)		2.77%		05/01/2051		1,500		1,091,598
								3,734,746
Kentucky-0.21%
Kenton (County of), KY Airport Board, Series 2019, RB		4.69%		01/01/2049		1,000		952,287
Kentucky (State of) Public Transportation Infrastructure Authority (Downtown Crossing), Series 2021 A, Ref. RB, (INS - AGM)(a)		3.12%		07/01/2049		2,000		1,385,434
Kentucky (State of) Public Transportation Infrastructure Authority (Downtown Crossing), Series 2021 A, Ref. RB, (INS - AGM)(a)		3.22%		07/01/2053		2,000		1,352,585
Louisville (City of) & Jefferson (County of), KY Metropolitan Government, Series 2009, GO Bonds		5.45%		11/15/2027		200		209,571
								3,899,877
Louisiana-1.52%
Louisiana (State of), Series 2020 A-2, Ref. RB		2.23%		05/01/2036		2,000		1,565,922
Louisiana (State of), Series 2020 A-2, Ref. RB		2.53%		05/01/2041		3,000		2,269,115
Louisiana (State of), Series 2020 C-1, Ref. GO Bonds		1.86%		06/01/2032		3,000		2,478,745
Louisiana (State of) Energy & Power Authority (LEPA Unit No. 1), Series 2021 A, Ref. RB, (INS - AGM)(a)		3.17%		06/01/2040		1,500		1,156,608

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

94

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

August 31, 2022

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Louisiana-(continued)
Louisiana (State of) Energy & Power Authority (LEPA Unit No. 1), Series 2021 A, Ref. RB, (INS - AGM)(a)		3.25%		06/01/2044	$	1,000	$	734,801
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority, Series 2020, Ref. RB, (INS - AGM)(a)		2.59%		02/01/2043		9,225		6,508,274
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority, Series 2020, Ref. RB, (INS - AGM)(a)		2.64%		02/01/2048		1,000		671,194
Louisiana (State of) Public Facilities Authority (LA Children’s Medical Center), Series 2020, RB, (INS - AGM)(a)		2.28%		06/01/2030		10,000		8,535,373
Louisiana (State of) Transportation Authority, Series 2021 A, Ref. RB		3.08%		08/15/2043		1,000		771,111
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a)		2.84%		06/01/2041		1,400		1,006,603
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a)		2.89%		12/01/2041		1,500		1,078,535
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a)		2.94%		06/01/2045		870		592,833
New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGM)(a)		2.99%		12/01/2045		850		582,854
								27,951,968
Maine-0.04%
Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 B, Ref. RB, (INS - AGM)(a)		3.12%		07/01/2043		1,000		758,491
Maryland-1.20%
Baltimore (City of), MD (Wastewater), Series 2020 A, Ref. RB		0.70%		07/01/2024		1,125		1,067,020
Baltimore (City of), MD (Wastewater), Series 2020 A, Ref. RB		0.85%		07/01/2025		1,000		924,274
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		0.70%		07/01/2024		1,000		948,462
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		0.85%		07/01/2025		1,500		1,386,411
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		1.14%		07/01/2026		760		688,918
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		1.34%		07/01/2027		1,000		890,922
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		1.58%		07/01/2028		605		532,602
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		2.81%		07/01/2040		1,000		807,459
Baltimore (City of), MD (Water), Series 2020 B, Ref. RB		2.86%		07/01/2043		1,345		1,029,682
Baltimore (County of), MD, Series 2010 C, GO Bonds		4.45%		11/01/2026		5,000		5,120,207
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		0.36%		08/01/2023		500		483,352
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		0.53%		08/01/2024		500		467,802
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		0.81%		08/01/2025		500		454,333
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		0.91%		08/01/2026		715		630,682
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		1.25%		08/01/2027		1,000		870,126
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		1.30%		08/01/2028		1,000		846,491
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		1.64%		08/01/2029		1,000		838,777
Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB		1.69%		08/01/2030		500		409,108
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System), Series 2013 B, RB		4.67%		07/01/2036		1,000		983,792
Maryland (State of) Transportation Authority, Series 2010 B, RB		5.60%		07/01/2030		1,200		1,289,113
Maryland Economic Development Corp. (Seagirt Marine Terminal), Series 2019, RB		4.75%		06/01/2042		1,500		1,365,006
								22,034,539
Massachusetts-2.46%
Massachusetts (Commonwealth of), Series 2010 A, GO Bonds		4.48%		05/01/2024		4,300		4,359,070
Massachusetts (Commonwealth of), Series 2010 A, GO Bonds		4.91%		05/01/2029		7,765		8,211,745
Massachusetts (Commonwealth of), Series 2010 D, GO Bonds		4.50%		08/01/2031		2,000		2,072,587
Massachusetts (Commonwealth of), Series 2020 C, Ref. GO Bonds		0.51%		07/01/2023		2,000		1,949,540
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds		0.70%		11/01/2025		2,000		1,820,325
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds		0.99%		11/01/2026		1,000		890,813
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds		1.14%		11/01/2027		3,000		2,618,169
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds		1.37%		11/01/2028		2,500		2,154,437
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds		1.67%		11/01/2031		2,000		1,640,347
Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds		1.87%		11/01/2033		2,000		1,588,060
Massachusetts (Commonwealth of) (Green Bonds), Series 2016 F, GO Bonds		3.28%		06/01/2046		1,500		1,228,161
Massachusetts (Commonwelath of) School Building Authority, Series 2020 C, Ref. RB		2.95%		05/15/2043		1,000		789,634
Massachusetts (Commonwelath of) Water Resources Authority (Green Bonds), Series 2019 F, Ref. RB		3.10%		08/01/2039		1,000		838,845

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

95

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

August 31, 2022

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Massachusetts-(continued)
Massachusetts (State of) Bay Transportation Authority, Series 2010, RB		5.87%		07/01/2040	$	2,000	$	2,257,651
Massachusetts (State of) Clean Water Trust (The), Series 2010, RB		5.19%		08/01/2040		1,010		1,048,041
Massachusetts (State of) College Building Authority, Series 2009 C, RB		5.83%		05/01/2030		5,000		5,412,324
Massachusetts (State of) Port Authority, Series 2021 C, Ref. RB		2.72%		07/01/2042		1,200		884,045
Massachusetts (State of) Port Authority, Series 2021 C, Ref. RB		2.87%		07/01/2051		525		360,616
Massachusetts (State of) School Building Authority, Series 2009, RB		5.72%		08/15/2039		450		509,624
University of Massachusetts Building Authority, Series 2010 2, RB		4.55%		11/01/2025		1,500		1,532,653
University of Massachusetts Building Authority, Series 2021 2, Ref. RB		2.65%		11/01/2036		3,805		3,057,983
								45,224,670
Michigan-1.93%
Great Lakes Water Authority, Series 2020 B, Ref. RB, (INS - AGM)(a)		2.62%		07/01/2036		1,800		1,459,485
Macomb (County of), MI, Series 2020, Ref. GO Bonds		1.67%		11/01/2029		3,000		2,554,852
Michigan (State of) Building Authority, Series 2020, Ref. RB		2.71%		10/15/2040		4,000		3,121,184
Michigan (State of) Finance Authority, Series 2018 D, RB		5.02%		11/01/2043		1,824		1,856,248
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB		0.34%		09/01/2022		1,000		1,000,000
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB		0.54%		09/01/2023		1,000		967,142
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB		0.80%		09/01/2024		500		469,784
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB		1.12%		09/01/2025		250		229,252
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB		1.27%		09/01/2026		500		445,400
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB		1.53%		09/01/2027		500		439,885
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB		1.68%		09/01/2028		1,000		862,263
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB		1.88%		09/01/2029		500		424,731
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB		2.03%		09/01/2030		1,000		836,043
Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB		3.23%		09/01/2047		2,000		1,530,180
University of Michigan, Series 2010 A, RB		5.51%		04/01/2030		250		271,845
University of Michigan, Series 2020 B, RB		1.67%		04/01/2030		1,050		901,690
University of Michigan, Series 2022 A, RB		3.50%		04/01/2052		5,000		4,331,845
University of Michigan, Series 2022 A, RB		4.45%		04/01/2122		1,000		898,602
University of Michigan, Series 2022 C, Ref. RB		3.60%		04/01/2047		10,000		9,135,059
University of Michigan (Green Bonds), Series 2022 B, RB		3.50%		04/01/2052		1,233		1,068,233
Western Michigan University, Series 2021 B, Ref. RB, (INS - AGM)(a)		2.88%		11/15/2043		3,500		2,574,661
								35,378,384
Minnesota-0.39%
University of Minnesota, Series 2022, RB		4.05%		04/01/2052		5,000		4,752,198
Western Minnesota Municipal Power Agency, Series 2019 A, Ref. RB		3.23%		01/01/2046		3,000		2,396,324
								7,148,522
Mississippi-1.57%
Medical Center Educational Building Corp. (Captial Improvement), Series 2020, Ref. RB		2.92%		06/01/2041		4,000		3,046,963
Mississippi (State of), Series 2009 D, GO Bonds		5.54%		10/01/2029		2,899		3,079,960
Mississippi (State of), Series 2010, GO Bonds		5.25%		11/01/2034		1,000		1,085,016
Mississippi (State of), Series 2020 A, Ref. GO Bonds		0.94%		11/01/2026		4,500		3,995,611
Mississippi (State of), Series 2020 A, Ref. GO Bonds		1.04%		11/01/2027		5,000		4,340,888
Mississippi (State of), Series 2020 A, Ref. GO Bonds		1.63%		11/01/2031		7,500		6,114,415
Mississippi (State of), Series 2020 A, Ref. GO Bonds		1.73%		11/01/2032		7,000		5,617,751
Mississippi (State of), Series 2020 A, Ref. GO Bonds		1.78%		11/01/2033		2,000		1,569,425
								28,850,029
Missouri-1.45%
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport), Series 2020, Ref. RB		1.30%		03/01/2024		2,815		2,709,787
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport), Series 2020, Ref. RB		1.40%		03/01/2025		3,000		2,812,712
Missouri (State of) Health & Educational Facilities Authority (St. Louis University), Series 2019 B, RB		4.20%		10/01/2049		5,000		4,503,094
Missouri (State of) Highway & Transportation Commission, Series 2009 C, RB		4.96%		05/01/2023		2,250		2,266,611
Missouri (State of) Highway & Transportation Commission, Series 2009 C, RB		5.06%		05/01/2024		6,000		6,113,602

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

96

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

August 31, 2022

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Missouri-(continued)
Missouri (State of) Highway & Transportation Commission, Series 2010 B, RB		5.02%		05/01/2025	$	1,000	$	1,026,622
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2009 A, RB		6.89%		01/01/2042		5,000		6,062,651
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2010 A, RB		7.60%		01/01/2032		1,000		1,150,194
								26,645,273
Montana-0.11%
Montana (State of) Facility Finance Authority (Benefis Health Systems Obligated Group), Series 2021 B, RB		3.25%		08/15/2051		1,500		1,087,425
Montana (State of) Facility Finance Authority (Billings Clinic Obligated Group), Series 2021, RB		3.00%		08/15/2051		1,500		1,023,527
								2,110,952
Nebraska-0.34%
Omaha Public Facilities Corp., Series 2017, RB		4.35%		02/01/2047		1,785		1,777,830
University of Nebraska Facilities Corp., Series 2019 A, Ref. RB		3.04%		10/01/2049		6,000		4,422,612
								6,200,442
Nevada-0.40%
Clark (County of), NV, Series 2010 A, GO Bonds		6.55%		07/01/2030		1,500		1,642,511
Clark (County of), NV, Series 2010 A, GO Bonds		6.75%		07/01/2038		1,620		1,935,714
Washoe (County of), NV (Streets & Highways), Series 2010 H, RB		7.45%		02/01/2040		3,000		3,739,698
								7,317,923
New Hampshire-0.40%
New Hampshire (State of) Business Finance Authority (Birmingham Care Center), Series 2021, RB		3.78%		01/01/2036		1,200		951,002
New Hampshire (State of) Business Finance Authority (Butler Health Care Center), Series 2020, RB		3.28%		10/01/2037		2,940		2,122,516
New Hampshire (State of) Business Finance Authority (Lease), Series 2021, Ref. RB		3.30%		04/01/2032		3,000		2,422,744
New Hampshire (State of) Business Finance Authority (VA Eugene Health Care Center), Series 2020, Ref. RB		3.18%		01/01/2036		1,970		1,510,551
New Hampshire (State of) Turnpike System, Series 2009, RB		6.01%		11/01/2039		250		281,397
								7,288,210
New Jersey-2.96%
Camden (County of), NJ Improvement Authority (The) (County Capital Program), Series 2009 A, RB		6.18%		01/15/2027		425		447,761
New Jersey (State of) Educational Facilities Authority (New Jersey City University), Series 2010 G, RB		6.19%		07/01/2040		3,000		2,970,376
New Jersey (State of) Educational Facilities Authority (New Jersey City University), Series 2021, Ref. RB, (INS - AGM)(a)		4.43%		07/01/2051		2,000		1,680,811
New Jersey (State of) Educational Facilities Authority (Seton Hall University), Series 2020 D, RB, (INS - AGM)(a)		3.96%		07/01/2048		1,400		1,131,077
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 B, RB		6.56%		12/15/2040		7,455		8,693,967
New Jersey (State of) Transportation Trust Fund Authority, Series 2010 C, RB		5.75%		12/15/2028		1,990		2,056,895
New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB		4.13%		06/15/2042		1,000		878,729
New Jersey (State of) Turnpike Authority, Series 2010 A, RB		7.10%		01/01/2041		1,000		1,266,169
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		0.90%		01/01/2025		500		467,215
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		1.05%		01/01/2026		7,725		7,028,424
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		1.28%		01/01/2027		500		446,076
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		1.48%		01/01/2028		230		201,524
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		1.71%		01/01/2029		250		215,683
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		1.81%		01/01/2030		500		422,672
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		1.86%		01/01/2031		500		413,674
New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB		2.78%		01/01/2040		1,000		769,975
New Jersey Institute of Technology, Series 2020 B, Ref. RB		3.42%		07/01/2042		6,955		5,456,894
Passaic (County of), NJ Improvement Authority (The), Series 2010, RB		6.54%		08/01/2031		1,000		1,001,855
Passaic (County of), NJ Valley Water Commission, Series 2009, RB		7.57%		12/15/2029		500		581,168
Passaic (County of), NJ Valley Water Commission, Series 2009, RB		7.82%		12/15/2039		500		646,828
Rutgers The State University of New Jersey, Series 2010, RB		5.55%		05/01/2029		905		948,538
Rutgers The State University of New Jersey, Series 2019 R, Ref. RB		3.27%		05/01/2043		3,500		2,902,887

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

97

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

August 31, 2022

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New Jersey-(continued)
Rutgers The State University of New Jersey, Series 2020 S, Ref. RB		2.56%		05/01/2040	$	6,000	$	4,524,135
Rutgers The State University of New Jersey, Series 2020 S, Ref. RB		2.68%		05/01/2046		5,000		3,492,376
South Jersey Port Corp., Series 2009, RB		7.37%		01/01/2040		5,000		5,731,733
								54,377,442
New Mexico-0.15%
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2017, RB		4.41%		08/01/2046		3,000		2,791,055
New York-13.81%
Long Island (City of), NY Power Authority, Series 2021 C, Ref. RB		0.36%		03/01/2023		3,000		2,952,693
Metropolitan Transportation Authority, Series 2009, RB		5.87%		11/15/2039		335		355,970
Metropolitan Transportation Authority, Series 2009, RB		7.34%		11/15/2039		2,015		2,659,852
Metropolitan Transportation Authority, Series 2010 A2, RB		6.09%		11/15/2040		2,500		2,875,415
Metropolitan Transportation Authority, Series 2010 E, RB		6.81%		11/15/2040		6,525		7,564,100
Metropolitan Transportation Authority, Series 2010, RB		6.65%		11/15/2039		1,800		2,035,182
Metropolitan Transportation Authority, Series 2010, RB		6.67%		11/15/2039		7,250		8,344,098
Metropolitan Transportation Authority, Series 2010, RB		6.69%		11/15/2040		3,745		4,250,128
Monroe County Industrial Development Corp. (University of Rochester), Series 2020, RB		2.85%		07/01/2050		3,000		2,062,393
New York & New Jersey (States of) Port Authority, One Hudred Sixty Eigh Series 2011, RB		4.93%		10/01/2051		5,485		5,756,552
New York & New Jersey (States of) Port Authority, Series 2020 AAA, RB		1.09%		07/01/2023		23,945		23,437,699
New York & New Jersey (States of) Port Authority, Series 2021, RB		3.14%		02/15/2051		2,000		1,578,145
New York (City of), NY, Series 2009 D-1, GO Bonds		5.99%		12/01/2036		1,500		1,675,742
New York (City of), NY, Series 2010 F-1, GO Bonds		6.27%		12/01/2037		7,920		9,244,264
New York (City of), NY, Series 2010 G-1, GO Bonds		5.97%		03/01/2036		8,495		9,626,007
New York (City of), NY, Series 2010 H-1, GO Bonds		5.65%		06/01/2027		1,000		1,042,665
New York (City of), NY, Series 2010 H-1, GO Bonds		5.85%		06/01/2040		5,000		5,592,672
New York (City of), NY, Series 2020 D-3, GO Bonds		2.22%		03/01/2035		6,930		5,420,261
New York (City of), NY, Series 2021 D, Ref. GO Bonds		1.92%		08/01/2031		2,000		1,638,101
New York (City of), NY, Series 2021 D, Ref. GO Bonds		2.02%		08/01/2032		2,000		1,621,681
New York (City of), NY, Series 2021 D, Ref. GO Bonds		2.12%		08/01/2033		6,875		5,508,702
New York (City of), NY, Series 2021 D, Ref. GO Bonds		2.17%		08/01/2034		4,000		3,149,601
New York (City of), NY, Series 2021 D, Ref. GO Bonds		2.22%		08/01/2035		3,000		2,327,766
New York (City of), NY, Series 2021 D, Ref. GO Bonds		2.42%		08/01/2036		3,140		2,449,573
New York (City of), NY, Subseries 2019 A-2, GO Bonds		2.13%		08/01/2024		15,000		14,555,905
New York (City of), NY, Subseries 2019 A-2, GO Bonds		2.63%		08/01/2028		10,000		9,221,182
New York (City of), NY Educational Construction Fund, Series 2010 A, RB		6.00%		04/01/2035		2,000		2,263,381
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a)		2.68%		03/01/2033		2,000		1,669,278
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a)		2.73%		03/01/2034		3,000		2,472,442
New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGM)(a)		2.78%		03/01/2035		3,000		2,440,389
New York (City of), NY Municipal Water Finance Authority, Series 2010 GG, RB		5.72%		06/15/2042		4,460		5,150,526
New York (City of), NY Transitional Finance Authority, Series 2010 S-1B, RB		6.83%		07/15/2040		3,785		4,519,758
New York (City of), NY Transitional Finance Authority, Series 2010, RB		5.51%		08/01/2037		1,575		1,709,592
New York (City of), NY Transitional Finance Authority, Series 2019 B-2, RB		2.11%		11/01/2024		5,000		4,840,725
New York (State of) Dormitory Authority, Series 2009 F, RB		5.29%		03/15/2025		200		204,905
New York (State of) Dormitory Authority, Series 2010 C, RB		4.90%		02/15/2023		1,400		1,409,553
New York (State of) Dormitory Authority, Series 2010 D, RB		5.00%		03/15/2024		2,100		2,134,802
New York (State of) Dormitory Authority, Series 2010 D, RB		5.50%		03/15/2030		2,760		2,901,392
New York (State of) Dormitory Authority, Series 2010 H, RB		5.29%		03/15/2033		1,345		1,421,942
New York (State of) Dormitory Authority, Series 2010 H, RB		5.39%		03/15/2040		1,800		1,957,094
New York (State of) Dormitory Authority, Series 2019 B, Ref. RB		3.14%		07/01/2043		2,000		1,637,655
New York (State of) Dormitory Authority, Series 2020 F, Ref. RB		3.19%		02/15/2043		5,000		4,131,396
New York (State of) Dormitory Authority, Series 2021 B, Ref. RB		0.58%		03/15/2024		500		476,938
New York (State of) Dormitory Authority, Series 2021 B, Ref. RB		1.06%		03/15/2025		500		467,071
New York (State of) Dormitory Authority, Series 2021 B, Ref. RB		1.26%		03/15/2026		2,000		1,827,945
New York (State of) Dormitory Authority, Series 2021 C, RB		0.49%		03/15/2024		1,000		952,560

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

98

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

August 31, 2022

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York (State of) Dormitory Authority, Series 2021 C, RB		0.89%		03/15/2025	$	1,000	$	932,247
New York (State of) Dormitory Authority, Series 2021 C, RB		1.19%		03/15/2026		1,000		911,517
New York (State of) Dormitory Authority, Series 2021 C, RB		1.54%		03/15/2027		1,000		901,104
New York (State of) Dormitory Authority, Series 2021 C, RB		1.75%		03/15/2028		1,000		888,027
New York (State of) Dormitory Authority, Series 2021 C, RB		1.95%		03/15/2029		1,000		875,056
New York (State of) Dormitory Authority, Series 2021 C, RB		2.05%		03/15/2030		1,000		860,204
New York (State of) Dormitory Authority, Series 2021 C, RB		2.15%		03/15/2031		1,000		848,085
New York (State of) Dormitory Authority, Series 2021 C, RB		2.25%		03/15/2032		1,000		841,089
New York (State of) Dormitory Authority, Series 2021 C, RB		2.20%		03/15/2034		1,000		823,172
New York (State of) Dormitory Authority (Barnard College), Series 2022 B, Ref. RB		5.97%		07/01/2042		3,000		3,135,091
New York (State of) Dormitory Authority (General Purpose), Series 2020 F, Ref. RB		3.03%		02/15/2033		6,970		6,226,564
New York (State of) Dormitory Authority (New York University), Series 2018 B, RB		4.85%		07/01/2048		5,000		4,876,783
New York (State of) Dormitory Authority (New York University), Series 2020 B, Ref. RB		2.77%		07/01/2043		5,000		3,681,844
New York (State of) Dormitory Authority (New York University) (Green Bonds), Series 2019, RB		4.01%		07/01/2049		3,000		2,470,935
New York (State of) Thruway Authority, Series 2019 M, Ref. RB		2.90%		01/01/2035		5,000		4,378,703
New York City Housing Development Corp. (Sustainability Bonds), Series 2021 B, RB		2.95%		11/01/2041		5,000		3,807,593
New York State Environmental Facilities Corp., Series 2010, RB		5.71%		06/15/2030		1,000		1,088,431
New York State Urban Development Corp., Series 2010 B, RB		5.84%		03/15/2040		2,000		2,183,386
New York State Urban Development Corp., Series 2020 F, Ref. RB		1.80%		03/15/2031		5,000		4,138,049
New York State Urban Development Corp., Series 2020 F, Ref. RB		1.90%		03/15/2032		5,000		4,075,863
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.02%		07/01/2024		2,000		1,932,237
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.12%		01/01/2025		2,750		2,636,142
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.22%		07/01/2025		2,500		2,378,497
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.27%		01/01/2026		2,000		1,887,906
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.32%		07/01/2026		1,000		937,713
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.42%		07/01/2027		2,000		1,861,621
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.47%		07/01/2028		3,000		2,752,885
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.57%		07/01/2029		2,000		1,811,710
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 B, RB		3.67%		07/01/2030		1,000		897,083
New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020 B, Ref. RB		1.61%		12/01/2022		1,100		1,095,049
Triborough Bridge & Tunnel Authority, Series 2009 B, RB		5.50%		11/15/2039		2,715		2,980,180
Triborough Bridge & Tunnel Authority, Series 2010, RB		5.45%		11/15/2032		2,280		2,459,766
Western Nassau County Water Authority, Series 2010 B, RB		6.70%		04/01/2040		500		585,773
								253,695,998
North Carolina-0.04%
University of North Carolina at Chapel Hill, Series 2016 C, Ref. RB		3.33%		12/01/2036		810		753,844
Ohio-2.94%
American Municipal Power, Inc., Series 2009 B, RB		6.45%		02/15/2044		2,000		2,309,828
American Municipal Power, Inc., Series 2010, RB		5.94%		02/15/2047		1,000		1,118,978
American Municipal Power, Inc. (Combined Hydroelectric), Series 2010 B, RB		8.08%		02/15/2050		9,930		14,023,012
American Municipal Power, Inc. (Meldahl Hydroelectric), Series 2010 B, RB		7.50%		02/15/2050		3,395		4,365,677
American Municipal Power, Inc. (Meldahl Hydroelectric), Series 2010 E, RB		6.27%		02/15/2050		2,015		2,278,529
American Municipal Power, Inc. (Prairie State Energy Campus), Series 2009 C, RB		6.05%		02/15/2043		8,005		8,991,299
Buckeye Tobacco Settlement Financing Authority, Series 2020 A-1, Ref. RB		1.65%		06/01/2023		7,500		7,367,238
Cleveland (City of), OH Department of Public Utilities Division of Public Power, Series 2014, Ref. RB(b)(c)		5.50%		11/15/2024		1,000		1,038,029
Columbus (City of), OH Regional Airport Authority, Series 2019, RB		4.20%		12/15/2048		1,000		860,471

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

99

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

August 31, 2022

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Ohio-(continued)
Cuyahoga (County of), OH, Series 2010, RB		8.22%		02/15/2040	$	1,000	$	1,262,800
Franklin (County of), OH Convention Facilities Authority, Series 2010, RB		6.39%		12/01/2030		1,000		1,094,326
Franklin (County of), OH Convention Facilities Authority, Series 2010, RB		6.54%		12/01/2036		1,070		1,226,532
JobsOhio Beverage System, Series 2020 A, Ref. RB		2.83%		01/01/2038		2,000		1,666,916
Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB		3.70%		01/01/2043		1,000		877,532
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2010, RB		4.88%		12/01/2034		1,000		1,037,891
Ohio State University (The), Series 2016 A, RB		3.80%		12/01/2046		1,000		908,422
Ohio State University (The), Series 2020, Ref. RB		3.02%		12/01/2050		5,000		3,568,295
								53,995,775
Oklahoma-1.09%
Oklahoma (State of) Development Finance Authority, Series 2022, RB		4.62%		06/01/2044		5,000		4,973,375
Oklahoma (State of) Development Finance Authority (OK Natural Gas Co.), Series 2022, RB		4.38%		11/01/2045		3,500		3,424,526
Oklahoma (State of) Development Finance Authority (OK Natural Gas Co.), Series 2022, RB		4.71%		05/01/2052		5,000		4,969,062
Oklahoma (State of) Municipal Power Authority, Series 2021 B, Ref. RB, (INS - AGM)(a)		2.80%		01/01/2041		1,000		771,285
Oklahoma (State of) Turnpike Authority, Series 2020 B, Ref. RB		0.63%		01/01/2023		1,500		1,486,816
Oklahoma (State of) Turnpike Authority, Series 2020 B, Ref. RB		0.80%		01/01/2024		2,000		1,924,428
Oklahoma (State of) Turnpike Authority, Series 2020 B, Ref. RB		0.90%		01/01/2025		1,500		1,405,696
Oklahoma City (City of), OK Water Utilities Trust, Series 2022, Ref. RB		4.64%		07/01/2042		1,000		999,578
								19,954,766
Oregon-1.35%
Metro, Series 2019, GO Bonds		3.25%		06/01/2028		10,000		9,648,026
Morrow (Port of), OR (Bonneville Cooperation Project No. 4), Series 2016, RB		2.99%		09/01/2036		2,000		1,727,415
Oregon (State of), Series 2003, GO Bonds		5.89%		06/01/2027		2,000		2,122,249
Oregon (State of) Department of Transportation, Series 2010, RB		5.83%		11/15/2034		1,000		1,136,059
Oregon (State of) Department of Transportation, Series 2020 B, Ref. RB		1.66%		11/15/2031		4,000		3,240,399
Oregon (State of) Facilities Authority (Willamette University), Series 2021 B, RB		4.10%		10/01/2041		1,000		822,018
Oregon State University, Series 2019, RB		4.05%		04/01/2052		6,000		5,246,079
Portland (Port of), OR (Portland International Airport), Series 2019, RB		4.24%		07/01/2049		1,000		843,336
								24,785,581
Pennsylvania-3.37%
Allegheny (County of), PA, Series 2020 C-79, Ref. GO Bonds		2.09%		11/01/2033		18,000		14,509,611
Commonwealth Financing Authority, Series 2010 C2, RB		5.59%		06/01/2030		2,000		2,125,748
Commonwealth Financing Authority, Series 2019 A, RB		3.81%		06/01/2041		5,000		4,427,513
Commonwealth Financing Authority, Series 2019 A, RB, (INS - AGM)(a)		3.66%		06/01/2038		10,000		9,182,637
Commonwealth Financing Authority, Series 2020 C, Ref. RB		3.53%		06/01/2042		1,000		847,232
Commonwealth Financing Authority, Series 2021 A, RB		2.99%		06/01/2042		1,000		777,735
Erie (City of), PA Water Authority, Series 2020, RB, (INS - AGM)(a)		3.46%		06/01/2060		3,140		2,399,958
Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)(a)		3.23%		12/01/2050		2,700		1,974,783
Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)(a)		3.48%		12/01/2055		1,000		749,408
Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)(a)		3.63%		12/01/2059		4,500		3,364,341
Pennsylvania (Commonwealth of), Series 2010 B, GO Bonds		4.65%		02/15/2026		4,060		4,119,652
Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System Higher Education), Series 2021, RB		2.85%		06/15/2036		1,000		829,229
Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System Higher Education), Series 2021, RB		3.14%		06/15/2042		1,000		815,744
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2010, RB		6.14%		04/01/2030		1,000		1,096,463
Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2020, Ref. RB		3.44%		12/01/2043		3,000		2,397,412
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009, RB		6.11%		12/01/2039		1,443		1,652,937
Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 A, Ref. RB		3.42%		12/01/2041		5,000		4,122,518
Philadelphia (City of), PA Authority for Industrial Development, Series 2021, Ref. RB		0.94%		04/15/2024		750		710,945
Philadelphia (City of), PA Authority for Industrial Development, Series 2021, Ref. RB		1.43%		04/15/2025		500		463,650
Philadelphia (City of), PA Authority for Industrial Development, Series 2021, Ref. RB		1.63%		04/15/2026		500		453,055
Philadelphia School District (The), Series 2010, GO Bonds		6.62%		06/01/2030		1,000		1,096,579

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

100

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

August 31, 2022

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Pennsylvania-(continued)
Pocono Mountains Industrial Park Authority (St. Luke’s University Health Network), Series 2018, RB	5.05%		08/15/2049	$	1,500	$	1,516,529
University of Pittsburgh-of the Commonwealth System of Higher Education, Series 2017 C, Ref. RB	3.01%		09/15/2041		2,750		2,215,591
							61,849,270
South Carolina-1.23%
Charleston Educational Excellence Finance Corp., Series 2020, Ref. RB	1.42%		12/01/2027		1,000		886,363
Columbia (City of), SC, Series 2021 B, Ref. RB	3.01%		02/01/2049		1,545		1,199,894
South Carolina (State of) Jobs-Economic Development Authority (Conway Hospital, Inc.), Series 2020, RB, (INS - AGM)(a)	2.73%		07/01/2030		10,000		9,021,981
South Carolina (State of) Public Service Authority, Series 2010 C, RB	6.45%		01/01/2050		5,050		5,939,407
South Carolina (State of) Public Service Authority, Series 2016 D, RB, (INS - AGM)(a)	2.39%		12/01/2023		1,355		1,329,830
South Carolina Student Loan Corp., Series 2020, RB	3.59%		12/01/2039		5,000		4,166,179
							22,543,654
South Dakota-0.05%
South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2019 B, Ref. RB	3.69%		07/01/2042		1,000		857,870
Tennessee-0.28%
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds	1.39%		07/01/2030		250		207,214
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds	1.49%		07/01/2031		100		81,432
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds	1.59%		07/01/2032		125		100,134
Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO Bonds	1.79%		07/01/2034		200		156,535
Nashville (City of) & Davidson (County of), TN Metropolitan Government (Vanderbilt University Medical Center), Series 2021 B, RB	3.24%		07/01/2052		2,500		1,812,288
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016, Ref. RB	3.44%		10/01/2046		1,000		870,435
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Seris 2016 B, RB	4.05%		07/01/2026		1,000		1,003,265
Tennessee (State of) School Bond Authority, Series 2021 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)	0.17%		11/01/2022		1,000		995,374
							5,226,677
Texas-9.51%
Austin (City of), TX, Series 2021, Ref. RB, (INS - AGM)(a)	2.86%		11/15/2042		2,585		1,933,940
Board of Regents of the University of Texas System, Series 2010 C, RB	4.64%		08/15/2030		10,000		10,353,402
Board of Regents of the University of Texas System, Series 2010 C, RB	4.79%		08/15/2046		1,000		1,068,675
Board of Regents of the University of Texas System, Series 2010 D, RB	5.13%		08/15/2042		1,000		1,106,433
Channelview Independent School District, Series 2010 B, GO Bonds, (CEP - Texas Permanent School Fund)	5.93%		08/15/2035		2,000		2,003,978
Colony Local Development Corp., Series 2013 A, RB, (INS - BHAC)(a)	4.88%		10/01/2047		1,000		975,784
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2019 A, Ref. RB	1.94%		11/01/2023		300		294,060
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 C, Ref. RB	1.33%		11/01/2025		3,250		3,011,608
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 C, Ref. RB	1.65%		11/01/2026		2,400		2,192,533
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 C, Ref. RB	2.92%		11/01/2050		1,000		779,426
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB	0.63%		11/01/2023		1,705		1,646,102
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB	1.01%		11/01/2024		2,000		1,888,946

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

101

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

August 31, 2022

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		1.30%		11/01/2025	$	1,000	$	925,645
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		1.53%		11/01/2026		1,000		908,835
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		1.73%		11/01/2027		1,000		893,836
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		1.93%		11/01/2028		750		661,248
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		2.04%		11/01/2029		2,000		1,734,272
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		2.14%		11/01/2030		2,000		1,706,072
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		2.74%		11/01/2035		5,000		4,118,512
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		2.87%		11/01/2037		1,500		1,205,623
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB		2.84%		11/01/2046		2,500		1,928,668
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 A, RB		4.09%		11/01/2051		1,500		1,388,762
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 A, RB		4.51%		11/01/2051		2,500		2,401,168
Dallas (City of), TX Area Rapid Transit, Series 2021 A, Ref. RB		2.61%		12/01/2048		1,000		737,378
Dallas (City of), TX Independent School District, Series 2010 C, GO Bonds, (CEP - Texas Permanent School Fund)		6.45%		02/15/2035		5,170		5,383,355
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2024		1,000		1,008,331
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2025		250		252,650
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2026		1,000		1,012,442
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2027		250		253,645
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2028		1,000		1,011,133
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		4.00%		08/15/2029		500		503,029
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		1.94%		08/15/2030		1,000		861,552
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		2.01%		08/15/2031		1,000		848,222
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		2.09%		08/15/2032		250		209,754
Dallas (City of), TX Independent School District, Series 2021 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		2.19%		08/15/2034		250		202,215
Dallas Convention Center Hotel Development Corp., Series 2009, RB		7.09%		01/01/2042		2,780		3,258,153
Denison Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)		2.74%		08/01/2041		10,000		7,769,581
El Paso (City of), TX, Series 2014, Ref. GO Bonds		5.18%		08/15/2034		1,000		1,013,775
Fort Worth (City of), TX, Series 2017 B, RB		4.09%		03/01/2037		1,135		1,078,970
Harris (County of) & Houston (City of), TX Sports Authority, Series 2020 B, Ref. RB, (INS - AGM)(a)		3.71%		11/15/2056		4,000		3,119,056
Harris (County of) & Houston (City of), TX Sports Authority, Series 2020 C, Ref. RB, (INS - AGM)(a)		3.86%		11/15/2040		2,255		2,001,383
Houston (City of), TX, Series 2017, GO Bonds		3.96%		03/01/2047		1,000		936,107
Houston (City of), TX, Series 2020 C, Ref. RB		1.82%		07/01/2027		1,000		903,061
Midland (City of), TX, Series 2022 A, Ref. GO Bonds		4.52%		03/01/2042		3,000		2,966,902
Midland (City of), TX, Series 2022 A, Ref. GO Bonds		4.67%		03/01/2050		3,000		3,001,934
North Texas Tollway Authority, Series 2009, RB		6.72%		01/01/2049		1,700		2,192,065
North Texas Tollway Authority, Series 2020, Ref. RB		3.08%		01/01/2042		500		390,217

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

102

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

August 31, 2022

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-(continued)
North Texas Tollway Authority, Series 2021, Ref. RB		3.01%		01/01/2043	$	1,000	$	788,733
San Antonio (City of), TX, Series 2016, GO Bonds		2.93%		02/01/2046		1,495		1,172,159
San Antonio (City of), TX, Series 2020, Ref. GO Bonds		0.48%		02/01/2023		2,500		2,471,368
San Antonio (City of), TX, Series 2020, Ref. GO Bonds		0.84%		02/01/2025		10,000		9,357,347
San Antonio (City of), TX, Series 2022, GO Bonds		4.53%		02/01/2042		2,000		1,974,685
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		403,172
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		760,600
Texas (State of), Series 2009, GO Bonds		5.52%		04/01/2039		9,680		10,922,909
Texas (State of), Series 2021 A, Ref. GO Bonds		0.51%		10/01/2023		1,000		967,257
Texas (State of), Series 2021 A, Ref. GO Bonds		5.00%		10/01/2025		1,000		1,034,123
Texas (State of), Series 2021 A, Ref. GO Bonds		5.00%		10/01/2026		1,450		1,510,821
Texas (State of), Series 2021 A, Ref. GO Bonds		5.00%		10/01/2027		3,175		3,327,853
Texas (State of), Series 2021 A, Ref. GO Bonds		5.00%		10/01/2028		3,250		3,420,926
Texas (State of), Series 2021 A, Ref. GO Bonds		4.00%		10/01/2029		1,790		1,784,519
Texas (State of), Series 2021 A, Ref. GO Bonds		1.84%		10/01/2030		1,780		1,507,506
Texas (State of), Series 2021 A, Ref. GO Bonds		1.94%		10/01/2031		1,595		1,337,431
Texas (State of), Series 2021 B, Ref. GO Bonds		0.51%		10/01/2023		1,000		967,257
Texas (State of), Series 2021 B, Ref. GO Bonds		0.79%		10/01/2024		1,000		943,780
Texas (State of), Series 2021 B, Ref. GO Bonds		5.00%		10/01/2025		1,000		1,034,123
Texas (State of), Series 2021 B, Ref. GO Bonds		5.00%		10/01/2026		1,570		1,635,253
Texas (State of), Series 2021 B, Ref. GO Bonds		5.00%		10/01/2027		2,780		2,913,837
Texas (State of), Series 2021 B, Ref. GO Bonds		5.00%		10/01/2028		1,685		1,774,548
Texas (State of), Series 2021 B, Ref. GO Bonds		3.00%		10/01/2029		3,655		3,420,780
Texas (State of), Series 2021 B, Ref. GO Bonds		1.84%		10/01/2030		4,200		3,557,036
Texas (State of), Series 2021 B, Ref. GO Bonds		1.94%		10/01/2031		1,000		838,515
Texas (State of), Series 2021 B, Ref. GO Bonds		2.04%		10/01/2032		1,570		1,305,321
Texas (State of), Series 2021 B, Ref. GO Bonds		2.14%		10/01/2033		1,000		820,114
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB		3.03%		08/15/2041		2,000		1,497,879
Texas (State of) Transportation Commission State Highway Fund, Series 2010 B, RB		5.03%		04/01/2026		2,000		2,046,011
Texas (State of) Transportation Commission State Highway Fund, Series 2010 B, RB		5.18%		04/01/2030		11,715		12,368,520
Texas A&M University, Series 2019 A, RB		4.20%		05/15/2048		2,500		2,325,711
Texas A&M University, Series 2019 B, Ref. RB		2.62%		05/15/2029		3,000		2,770,544
Texas A&M University, Series 2021 B, RB		2.81%		05/15/2041		1,000		786,159
Uptown Development Authority, Series 2021 B, RB, (INS - AGM)(a)		3.46%		09/01/2040		1,160		950,572
Waco Educational Finance Corp. (Baylor University), Series 2020, Ref. RB		2.84%		03/01/2040		5,000		3,913,542
								174,653,349
Utah-0.87%
Salt Lake (County of), UT Municipal Building Authority, Series 2009, RB		5.82%		12/01/2029		500		542,787
Utah (State of), Series 2009 D, GO Bonds		4.55%		07/01/2024		265		267,960
Utah (State of), Series 2010 B, GO Bonds		3.54%		07/01/2025		1,729		1,720,381
Utah (State of) Transit Authority, Series 2009 B, RB		5.94%		06/15/2039		1,815		2,025,899
Utah (State of) Transit Authority (Green Bonds), Series 2021, Ref. RB		1.72%		12/15/2027		4,000		3,582,844
Utah (State of) Transit Authority (Green Bonds), Series 2021, Ref. RB		1.82%		12/15/2028		4,000		3,514,324
Utah (State of) Transit Authority (Green Bonds), Series 2021, Ref. RB		1.94%		12/15/2029		5,000		4,323,704
								15,977,899
Virgin Islands-0.35%
Virgin Islands (Government of) Water & Power Authority, Series 2010, RB, (INS - AGM)(a)		6.85%		07/01/2035		5,795		6,483,229
Virginia-0.08%
Virginia (Commonwealth of) Transportation Board, Series 2010, RB		4.70%		05/15/2024		1,395		1,415,746
Washington-2.39%
Benton (County of), WA Public Utility District No. 1, Series 2010, RB		6.55%		11/01/2030		750		853,316
Central Puget Sound Regional Transit Authority, Series 2009 S-2T, RB		5.49%		11/01/2039		1,855		2,065,515
Cowlitz (County of), WA Public Utility District No. 1, Series 2010, RB		6.88%		09/01/2032		6,500		7,600,986

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

103

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

August 31, 2022

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Washington-(continued)
Douglas (County of), WA Public Utility District No. 1, Series 2010 1-B, RB		5.25%		09/01/2030	$	1,830	$	1,897,318
Grant (County of), WA Public Utility District No. 2, Series 2010, Ref. RB		5.73%		01/01/2030		2,500		2,693,327
Grant (County of), WA Public Utility District No. 2, Series 2010, Ref. RB		5.83%		01/01/2040		2,750		2,988,762
King (County of), WA, Series 2020 B, Ref. RB		1.30%		01/01/2028		12,890		11,250,139
King (County of), WA, Series 2020 B, Ref. RB		1.46%		01/01/2029		5,915		5,056,453
Seattle (Port of), WA, Series 2017, Ref. RB		3.76%		05/01/2036		500		462,354
Tacoma (City of), WA, Series 2010 B, RB		5.37%		12/01/2030		1,000		1,073,999
Tacoma (City of), WA, Series 2010 B, RB, (INS - AGM)(a)		5.79%		01/01/2032		2,570		2,835,131
University of Washington, Series 2021 B, Ref. RB		2.62%		04/01/2042		2,000		1,492,911
Washington (State of), Series 2010, GO Bonds		5.09%		08/01/2033		2,000		2,122,447
Washington (State of) Biomedical Research Facilities 3, Series 2010 B, RB		6.42%		07/01/2030		1,435		1,576,244
								43,968,902
Wisconsin-1.20%
Wisconsin (State of), Series 2017 A, Ref. RB		3.95%		05/01/2036		3,000		2,880,634
Wisconsin (State of), Series 2019 1, Ref. GO Bonds		2.38%		05/01/2030		7,500		6,740,162
Wisconsin (State of), Series 2020 2, Ref. GO Bonds		1.88%		05/01/2025		2,500		2,393,554
Wisconsin (State of), Series 2020 2, Ref. GO Bonds		2.35%		05/01/2031		1,000		881,249
Wisconsin (State of), Series 2020 A, Ref. RB		2.50%		05/01/2032		2,000		1,712,382
Wisconsin (State of), Series 2021, Ref. GO Bonds		0.21%		05/01/2023		1,000		978,558
Wisconsin (State of), Series 2021, Ref. GO Bonds		0.36%		05/01/2024		1,000		948,770
Wisconsin (State of), Series 2021, Ref. GO Bonds		0.65%		05/01/2025		1,500		1,389,845
Wisconsin (State of), Series 2021, Ref. GO Bonds		0.80%		05/01/2026		1,000		904,392
Wisconsin (State of) Center District, Series 2020 B, Ref. RB, (INS - AGM)(a)		4.17%		12/15/2050		2,000		1,706,066
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2020, RB, (INS - AGM)(a)		3.09%		06/01/2050		2,000		1,426,384
								21,961,996
Total Municipal Obligations (Cost $1,988,644,664)								1,782,621,776
U.S. Dollar Denominated Bonds & Notes-1.87%
California-0.59%
Claremont Mckenna College, Series 2019		3.38%		01/01/2050		7,500		5,907,522
Pepperdine University, Series 2020		3.30%		12/01/2059		5,000		3,545,363
University of Southern California, Series A		3.23%		10/01/2120		2,000		1,297,636
								10,750,521
Connecticut-0.17%
Wesleyan University, Series 2020		3.37%		07/01/2050		4,000		3,114,729
District of Columbia-0.13%
Association of American Medical Colleges, Series 2020		3.32%		10/01/2041		3,000		2,384,247
Maine-0.08%
President & Trustees of Colby College (The)		3.20%		07/01/2054		2,000		1,543,920
Massachusetts-0.17%
Whitehead Institute for Biomedical Research, Series 2020		3.28%		12/01/2050		4,000		3,060,289
Minnesota-0.10%
Mayo Clinic, Series 2016		4.13%		11/15/2052		2,000		1,855,874
New Hampshire-0.09%
Trustees of Dartmouth College		3.47%		06/01/2046		2,000		1,732,257
New York-0.39%
Montefiore Medical Center		2.90%		04/20/2032		1,000		962,328
Montefiore Obligated Group		3.79%		09/01/2050		7,000		6,239,345
								7,201,673

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

104

Invesco Taxable Municipal Bond ETF (BAB)–(continued)

August 31, 2022

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas-0.15%
Baylor Scott & White Holdings		3.97%		11/15/2046	$	3,000	$	2,700,785
Total U.S. Dollar Denominated Bonds & Notes (Cost $42,499,900)								34,344,295
					Shares
Money Market Funds-1.60%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(d)(e) (Cost $29,365,372)						29,365,372		29,365,372
TOTAL INVESTMENTS IN SECURITIES(f)-100.53% (Cost $2,060,509,936)								1,846,331,443
OTHER ASSETS LESS LIABILITIES-(0.53%)								(9,665,389	)
NET ASSETS-100.00%							$	1,836,666,054

Investment Abbreviations:

AGM	-Assured Guaranty Municipal Corp.
BAM	-Build America Mutual Assurance Co.
BHAC	-Berkshire Hathaway Assurance Corp.
CEP	-Credit Enhancement Provider
COP	-Certificates of Participation
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) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value August 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$14,885,688	$	343,313,322	$	(328,833,638	)		$-		$-		$29,365,372		$84,061

^(e) The rate shown is the 7-day SEC standardized yield as of August 31, 2022.

^(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.

Entity	Percentage
Assured Guaranty Municipal Corp		6.24%

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

105

Invesco Treasury Collateral ETF (CLTL)

August 31, 2022

Schedule of Investments

	Principal Amount		Value
U.S. Treasury Securities-100.28%
U.S. Treasury Bills-59.72%(a)
1.10%–2.61%, 09/01/2022	$	3,102,000	$	3,102,000
1.74%–2.45%, 10/04/2022		30,008,000		29,944,417
1.74%–2.45%, 10/06/2022		10,720,000		10,697,123
1.87%–2.54%, 10/11/2022		30,008,000		29,928,962
1.85%–2.49%, 10/13/2022		9,928,000		9,901,244
1.91%–2.55%, 10/18/2022		30,008,000		29,910,733
1.93%–2.57%, 10/20/2022		30,008,000		29,906,992
2.02%–2.56%, 10/25/2022		30,008,000		29,891,644
1.97%–2.61%, 11/03/2022		23,508,000		23,400,267
2.59%–2.65%, 11/10/2022		22,024,000		21,913,028
2.50%–2.70%, 11/15/2022		13,276,000		13,202,519
2.64%, 11/17/2022		18,000,000		17,896,807
2.82%, 11/25/2022		20,000,000		19,867,471
2.58%–2.87%, 12/01/2022		27,124,000		26,927,471
2.78%, 12/08/2022		9,000,000		8,932,043
2.77%, 12/15/2022		9,000,000		8,927,524
2.42%–2.91%, 12/22/2022		19,977,000		19,791,309
0.72%–2.93%, 12/29/2022		12,805,000		12,679,149
2.74%–2.93%, 01/05/2023		9,220,000		9,124,293
2.76%–2.95%, 01/12/2023		9,219,900		9,118,650
2.82%–2.97%, 01/19/2023		9,219,900		9,112,245
0.76%–2.97%, 01/26/2023		16,642,400		16,438,021
3.13%, 02/02/2023		9,000,000		8,879,495
3.13%, 02/09/2023		8,000,000		7,887,711
3.16%, 02/16/2023		9,000,000		8,865,838
2.68%–3.21%, 02/23/2023		15,461,300		15,220,215
3.25%, 03/02/2023		9,000,000		8,852,353
2.71%–2.90%, 03/23/2023		7,461,100		7,340,668
2.77%–3.10%, 04/20/2023		7,461,300		7,315,755
2.79%–3.13%, 05/18/2023		7,459,700		7,293,328
2.80%–3.20%, 06/15/2023		7,461,500		7,271,892
2.91%–3.24%, 07/13/2023		13,734,200		13,340,780
3.31%, 08/10/2023		10,000,000		9,680,819
				492,562,766

	Principal Amount		Value
U.S. Treasury Notes-40.56%
1.88% - 2.00%, 10/31/2022	$	33,016,000	$	32,977,442
1.63%, 11/15/2022		11,000,000		10,974,960
0.13% - 2.00%, 11/30/2022		16,531,000		16,451,736
0.13% - 2.13%, 12/31/2022		19,000,000		18,876,839
1.50%, 01/15/2023		5,213,600		5,183,554
0.13% - 2.38%, 01/31/2023		29,509,700		29,274,883
1.38% - 2.00%, 02/15/2023		17,397,300		17,285,327
0.13% - 2.63%, 02/28/2023		20,433,900		20,215,557
0.50%, 03/15/2023		6,790,700		6,693,526
0.13% - 2.50%, 03/31/2023		21,464,200		21,196,222
0.25%, 04/15/2023		6,999,700		6,869,759
0.13% - 2.75%, 04/30/2023		20,392,400		20,101,982
0.13% - 1.75%, 05/15/2023		16,508,200		16,244,917
0.13% - 2.75%, 05/31/2023		19,653,800		19,333,920
0.25%, 06/15/2023		7,114,500		6,942,464
0.13% - 2.63%, 06/30/2023		23,170,600		22,706,264
0.13%, 07/15/2023		7,925,600		7,698,997
0.13% - 2.75%, 07/31/2023		23,033,500		22,526,891
0.13% - 2.50%, 08/15/2023		17,000,000		16,667,576
0.13% - 2.75%, 08/31/2023		16,790,000		16,342,347
				334,565,163
Total U.S. Treasury Securities (Cost $828,338,090)				827,127,929
	Shares
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(b)(c) (Cost $112,449)		112,449		112,449
TOTAL INVESTMENTS IN SECURITIES-100.29% (Cost $828,450,539)				827,240,378
OTHER ASSETS LESS  LIABILITIES-(0.29)%				(2,378,079	)
NET ASSETS-100.00%			$	824,862,299

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.

^(b) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value August 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency   Portfolio, Institutional Class		$1,660		$23,008,307		$(22,897,518)		$-		$-		$112,449		$749

^(c)  The rate shown is the 7-day SEC standardized yield as of August 31, 2022.

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

106

Invesco Variable Rate Preferred ETF (VRP)

August 31, 2022

Schedule of Investments^(a)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-71.30%
Automobiles-0.79%
General Motors Financial Co., Inc.
Series A, 5.75%(b)(c)(d)	$	8,235,000	$	7,277,681
Series B, 6.50%(c)(d)		4,165,000		3,847,875
Series C, 5.70%(c)(d)		3,998,000		3,725,293
				14,850,849
Banks-32.83%
BAC Capital Trust XIV, Series G, 4.00% (3 mo. USD LIBOR + 0.40%)(d)(e)		4,100,000		3,113,175
Bank of America Corp.
Series AA, 6.10%(c)(d)		15,405,000		15,271,254
Series DD, 6.30%(b)(c)(d)		8,170,000		8,364,038
Series FF, 5.88%(c)(d)		19,091,000		17,325,082
Series JJ, 5.13%(c)(d)		8,225,000		7,879,641
Series MM, 4.30%(c)(d)		8,925,000		7,491,422
Series RR, 4.38%(c)(d)		14,200,000		12,205,894
Series TT, 6.13%(c)(d)		16,280,000		16,065,104
Series U, 5.20%(c)(d)		8,191,000		7,835,966
Series X, 6.25%(c)(d)		16,215,000		16,066,265
Bank of Montreal (Canada), 4.80%(b)(c)(d)		4,100,000		3,703,232
Bank of Nova Scotia (The) (Canada)
4.65%(c)(d)		10,150,000		9,033,500
4.90%(b)(c)(d)		10,150,000		9,643,367
Citigroup, Inc.
3.88%(c)(d)		18,730,000		16,248,275
5.90%(b)(c)(d)		6,100,000		6,054,250
Series A, 5.95%(c)(d)		12,210,000		12,118,425
Series D, 5.35%(b)(c)(d)		10,208,000		9,745,940
Series M, 6.30%(c)(d)		14,210,000		13,765,938
Series P, 5.95%(c)(d)		16,262,000		15,603,560
Series V, 4.70%(c)(d)		12,200,000		10,377,625
Series Y, 4.15%(c)(d)		8,120,000		6,900,376
Citizens Financial Group, Inc., Series F, 5.65%(c)(d)		3,330,000		3,342,910
CoBank, ACB, Series K, 6.45%(c)(d)		3,200,000		3,265,632
Comerica, Inc., 5.63%(c)(d)		3,357,000		3,373,214
Fifth Third Bancorp
Series H, 5.10%(c)(d)		4,975,000		4,567,121
Series L, 4.50%(c)(d)		2,890,000		2,751,212
Huntington Bancshares, Inc.
Series E, 5.70%(c)(d)		4,129,000		3,710,939
Series F, 5.63%(c)(d)		4,105,000		4,002,375
Series G, 4.45%(b)(c)(d)		4,135,000		3,854,051

	Principal Amount		Value
Banks-(continued)
JPMorgan Chase & Co.
Series CC, 4.63%(b)(c)(d)	$	10,225,000	$	9,419,270
Series FF, 5.00%(c)(d)		18,356,000		16,990,772
Series HH, 4.60%(c)(d)		24,450,000		21,552,675
Series II, 4.00%(b)(c)(d)		12,217,000		10,473,023
Series KK, 3.65%(b)(c)(d)		16,300,000		14,181,000
Series Q, 5.15%(c)(d)		12,220,000		11,618,257
Series R, 6.00%(c)(d)		12,215,000		11,977,418
Series S, 6.75%(c)(d)		16,330,000		16,439,425
Series U, 6.13%(c)(d)		8,103,000		7,976,991
Series V, 5.60% (3 mo. USD LIBOR + 3.32%)(d)(e)		20,387,000		20,208,614
Series W, 3.91% (3 mo. USD LIBOR + 1.00%), 05/15/2047(e)		3,794,000		2,987,775
Series X, 6.10%(c)(d)		13,034,000		12,839,468
KeyCorp, Series D, 5.00%(c)(d)		4,365,000		4,025,766
M&T Bank Corp.
3.50%(c)(d)		4,150,000		3,344,296
Series E, 6.45%(c)(d)		2,917,000		2,893,299
Series F, 5.13%(b)(c)(d)		4,216,000		3,922,553
Series G, 5.00%(b)(c)(d)		3,375,000		3,225,135
PNC Financial Services Group, Inc. (The) 6.20%(c)(d)		9,675,000		9,553,095
Series O, 6.46% (3 mo. USD LIBOR + 3.68%)(d)(e)		8,245,000		8,203,579
Series R, 4.85%(c)(d)		4,145,000		3,841,507
Series S, 5.00%(c)(d)		4,350,000		4,003,888
Series T, 3.40%(c)(d)		12,180,000		9,871,890
Series U, 6.00%(c)(d)		8,100,000		7,897,500
Regions Financial Corp., Series D, 5.75%(b)(c)(d)		2,931,000		2,963,534
SVB Financial Group
4.10%(c)(d)		6,250,000		4,722,360
Series C, 4.00%(c)(d)		8,250,000		6,683,264
Series D, 4.25%(c)(d)		8,250,000		6,593,509
Series E, 4.70%(c)(d)		5,000,000		3,898,638
Truist Financial Corp.
Series A, 3.58% (3 mo. USD LIBOR + 0.67%), 05/15/2027(e)		2,927,000		2,724,591
Series L, 4.93% (3 mo. USD LIBOR + 3.10%)(d)(e)		6,225,000		5,856,278
Series M, 5.13%(c)(d)		4,180,000		3,626,150
Series N, 4.80%(c)(d)		13,900,000		12,947,128
Series P, 4.95%(c)(d)		8,100,000		8,008,875
Series Q, 5.10%(c)(d)		8,116,000		7,730,490
U.S. Bancorp
3.70%(c)(d)		12,200,000		10,239,349
Series J, 5.30%(c)(d)		8,280,000		7,389,900
United Overseas Bank Ltd. (Singapore), 3.88%(c)(d)(f)		5,400,000		5,347,647
USB Capital IX, 3.53% (3 mo. USD LIBOR + 1.02%)(d)(e)		5,630,000		4,301,589

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

107

Invesco Variable Rate Preferred ETF (VRP)–(continued)

August 31, 2022

	Principal Amount		Value
Banks-(continued)
Wells Fargo & Co.
Series BB, 3.90%(c)(d)	$	28,585,000	$	25,208,397
Series S, 5.90%(c)(d)		16,323,000		15,396,692
Series U, 5.88%(c)(d)		16,246,000		16,204,925
				620,970,295
Capital Markets-6.94%
Bank of New York Mellon Corp. (The)
Series D, 4.50%(b)(c)(d)		4,145,000		3,723,723
Series F, 4.63%(c)(d)		8,286,000		7,643,338
Series H, 3.70%(c)(d)		4,745,000		4,361,993
Series I, 3.75%(c)(d)		10,600,000		8,956,152
Charles Schwab Corp. (The)
5.00%(c)(d)		6,100,000		5,686,180
7.60% (3 mo. USD LIBOR + 4.82%)(b)(d)(e)		3,255,000		3,256,169
Series E, 6.40% (3 mo. USD LIBOR + 3.32%)(b)(d)(e)		4,910,000		4,860,232
Series F, 5.00%(c)(d)		4,090,000		3,450,592
Series G, 5.38%(c)(d)		20,325,000		20,299,594
Series I, 4.00%(c)(d)		18,350,000		15,803,938
Goldman Sachs Capital II, 4.00%(3 mo. USD LIBOR + 0.77%)(b)(d)(e)		6,184,000		4,869,900
Goldman Sachs Group, Inc. (The)
Series O, 5.30%(b)(c)(d)		5,305,000		5,132,059
Series Q, 5.50%(b)(c)(d)		4,084,000		4,049,490
Series R, 4.95%(c)(d)		4,800,000		4,525,313
Series S, 4.40%(b)(c)(d)		2,800,000		2,482,200
Series T, 3.80%(c)(d)		5,500,000		4,558,125
Series U, 3.65%(c)(d)		6,100,000		4,959,300
Series V, 4.13%(c)(d)		6,100,000		5,232,580
Mellon Capital IV, Series 1, 4.00% (3 mo. USD LIBOR + 0.57%)(b)(d)(e)		4,155,000		3,174,628
Morgan Stanley, Series M, 5.88%(b)(c)(d)		3,318,000		3,304,673
Northern Trust Corp., Series D, 4.60%(b)(c)(d)		4,145,000		3,840,683
State Street Corp.
2.83% (3 mo. USD LIBOR + 1.00%), 06/15/2047(e)		4,223,000		3,248,036
Series H, 5.63%(b)(c)(d)		4,140,000		3,860,550
				131,279,448
Consumer Finance-2.23%
Ally Financial, Inc.
Series B, 4.70%(c)(d)		11,140,000		9,224,801
Series C, 4.70%(c)(d)		8,120,000		6,328,175
American Express Co., 3.55%(c)(d)		13,081,000		11,266,011
Capital One Financial Corp., Series M, 3.95%(b)(c)(d)		8,292,000		7,062,802
Discover Financial Services
Series C, 5.50%(c)(d)		4,780,000		4,137,272
Series D, 6.13%(c)(d)		4,145,000		4,210,429
				42,229,490

	Principal Amount		Value
Diversified Financial Services-0.62%
National Rural Utilities Cooperative Finance Corp.
4.75%, 04/30/2043(c)	$	3,314,000	$	3,082,861
5.25%, 04/20/2046(c)		2,878,000		2,680,400
Voya Financial, Inc., 5.65%, 05/15/2053(c)		6,150,000		6,030,352
				11,793,613
Electric Utilities-4.23%
American Electric Power Co., Inc., 3.88%, 02/15/2062(c)		6,100,000		5,192,718
Duke Energy Corp.
3.25%, 01/15/2082(c)		4,200,000		3,357,365
4.88%(c)(d)		8,265,000		7,810,425
Edison International
Series A, 5.38%(c)(d)		10,275,000		9,221,812
Series B, 5.00%(c)(d)		6,200,000		5,334,011
Emera, Inc. (Canada), Series 16-A, 6.75%, 06/15/2076(c)		9,832,000		9,966,502
NextEra Energy Capital Holdings, Inc.
4.80%, 12/01/2077(c)		4,545,000		3,782,380
5.65%, 05/01/2079(c)		4,150,000		3,795,910
3.80%, 03/15/2082(c)		4,955,000		4,174,785
PPL Capital Funding, Inc., Series A, 4.92% (3 mo. USD LIBOR + 2.67%), 03/30/2067(e)		4,002,000		3,345,672
Southern California Edison Co., Series E, 6.98% (3 mo. USD LIBOR + 4.20%)(d)(e) .		2,900,000		2,755,000
Southern Co. (The)
Series 21-A, 3.75%, 09/15/2051(c)		8,250,000		7,156,875
Series B, 4.00%, 01/15/2051(c)		10,294,000		9,557,361
Series B, 5.46% (3 mo. USD LIBOR + 3.63%), 03/15/2057(e)		4,546,000		4,536,817
				79,987,633
Industrial Conglomerates-2.32%
General Electric Co., Series D, 5.16% (3 mo. USD LIBOR + 3.33%)(d)(e)		46,264,000		43,927,668
Insurance-6.58%
Aegon N.V. (Netherlands), 5.50%, 04/11/2048(c)		6,490,000		6,178,965
Allstate Corp. (The)
6.50%, 05/15/2057(c)		4,100,000		4,177,215
Series B, 5.75%, 08/15/2053(c)		6,619,000		6,081,206
American International Group, Inc., Series A-9, 5.75%, 04/01/2048(c)		6,154,000		5,845,887
Assurant, Inc., 7.00%, 03/27/2048(c)		3,300,000		3,337,377
Lincoln National Corp.
5.30% (3 mo. USD LIBOR + 2.36%), 05/17/2066(e)		4,640,000		3,675,808
4.75% (3 mo. USD LIBOR + 2.04%), 04/20/2067(e)		3,610,000		2,713,002
Markel Corp., 6.00%(c)(d)		5,000,000		4,982,634
MetLife, Inc., Series D, 5.88%(c)(d)		4,190,000		4,111,195
Nationwide Financial Services, Inc., 6.75%, 05/15/2037		3,308,000		3,265,567
PartnerRe Finance B LLC, 4.50%, 10/01/2050(c)		4,195,000		3,781,511

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

108

Invesco Variable Rate Preferred ETF (VRP)–(continued)

August 31, 2022

	Principal Amount		Value
Insurance-(continued)
Principal Financial Group, Inc., 5.95% (3 mo. USD LIBOR + 3.04%), 05/15/2055(e)	$	3,368,000	$	3,152,465
Progressive Corp. (The), Series B, 5.38%(c)(d)		4,190,000		3,896,700
Prudential Financial, Inc.
5.88%, 09/15/2042(c)		8,297,000		8,325,915
5.63%, 06/15/2043(c)		12,303,000		12,273,227
5.20%, 03/15/2044(c)		4,110,000		4,000,140
5.38%, 05/15/2045(c)		8,197,000		8,066,316
4.50%, 09/15/2047(b)(c)		6,225,000		5,859,672
5.70%, 09/15/2048(c)		8,187,000		8,041,803
3.70%, 10/01/2050(c)		6,648,000		5,774,087
5.13%, 03/01/2052(c)		8,100,000		7,537,906
6.00%, 09/01/2052(c)		9,400,000		9,321,526
				124,400,124
Machinery-0.30%
Stanley Black & Decker, Inc., 4.00%, 03/15/2060(c)		6,240,000		5,712,814
Media-0.66%
Paramount Global
6.25%, 02/28/2057(c)		5,376,000		4,972,800
6.38%, 03/30/2062(c)		8,100,000		7,465,343
				12,438,143
Multi-Utilities-2.63%
Algonquin Power & Utilities Corp. (Canada), 4.75%, 01/18/2082(c)		6,218,000		5,393,587
CMS Energy Corp.
4.75%, 06/01/2050(c)		4,175,000		3,841,000
3.75%, 12/01/2050(c)		3,350,000		2,680,000
Dominion Energy, Inc.
Series A, 5.75%, 10/01/2054(c)		5,651,000		5,434,339
Series B, 4.65%(c)(d)		6,615,000		6,118,875
Series C, 4.35%(c)(d)		6,245,000		5,687,891
NiSource, Inc., 5.65%(c)(d)		3,300,000		3,085,500
Sempra Energy
4.13%, 04/01/2052(c)		8,100,000		6,820,525
4.88%(c)(d)		7,400,000		7,166,661
WEC Energy Group, Inc., 5.02% (3 mo. USD LIBOR + 2.11%), 05/15/2067(e)		4,133,000		3,441,962
				49,670,340
Oil, Gas & Consumable Fuels-9.14%
BP Capital Markets PLC (United Kingdom)
4.38%(c)(d)		20,344,000		19,525,154
4.88%(c)(d)		20,325,000		18,655,809
DCP Midstream L.P., Series A, 7.38%(c)(d)		4,200,000		4,189,500
Enbridge, Inc. (Canada)
5.50%, 07/15/2077(c)		8,140,000		7,453,159
6.25%, 03/01/2078(c)		6,968,000		6,596,145
Series 16-A, 6.00%, 01/15/2077(c)		6,100,000		5,818,989
Series 20-A, Conv., 5.75%, 07/15/2080(c)		8,162,000		7,685,913

	Principal Amount		Value
Oil, Gas & Consumable Fuels-(continued)
Energy Transfer L.P.
5.80% (3 mo. USD LIBOR + 3.02%), 11/01/2066(e)	$	4,436,000	$	3,443,601
Series A, 6.25%(c)(d)		7,728,000		6,462,540
Series B, 6.63%(c)(d)		4,500,000		3,649,040
Series F, 6.75%(c)(d)		4,100,000		3,731,902
Series G, 7.13%(c)(d)		8,925,000		8,143,627
Series H, 6.50%(c)(d)		7,300,000		6,758,073
EnLink Midstream Partners L.P., Series C, 6.00%(c)(d)		3,300,000		2,520,688
Enterprise Products Operating LLC
5.38%, 02/15/2078(c)		5,801,000		4,775,754
Series D, 5.91% (3 mo. USD LIBOR + 2.99%), 08/16/2077(e)		2,891,000		2,578,859
Series E, 5.25%, 08/16/2077(c)		8,289,000		7,177,016
Plains All American Pipeline L.P., Series B, 6.13%(c)(d)		6,578,000		5,605,459
TransCanada PipeLines Ltd. (Canada), 5.12% (3 mo. USD LIBOR + 2.21%), 05/15/2067(b)(e)		8,258,000		6,595,830
Transcanada Trust (Canada)
5.63%, 05/20/2075(c)		6,171,000		5,977,848
5.30%, 03/15/2077(c)		12,205,000		11,320,260
5.50%, 09/15/2079(c)		9,075,000		8,381,511
5.60%, 03/07/2082(c)		6,650,000		6,169,633
Series 16-A, 5.88%, 08/15/2076(c)		9,877,000		9,716,500
				172,932,810
Trading Companies & Distributors-0.30%
AerCap Holdings N.V. (Ireland), 5.88%, 10/10/2079(b)(c)		6,240,000		5,661,061
Wireless Telecommunication Services-1.73%
Vodafone Group PLC (United Kingdom)
7.00%, 04/04/2079(c)		16,320,000		16,881,898
3.25%, 06/04/2081(c)		4,150,000		3,596,716
4.13%, 06/04/2081(c)		8,115,000		6,385,004
5.13%, 06/04/2081(c)		7,900,000		5,766,416
				32,630,034
Total U.S. Dollar Denominated Bonds & Notes (Cost $1,487,714,003)				1,348,484,322
	Shares
Preferred Stocks-27.68%
Banks-10.44%
Bank of America Corp.
Series 2, Pfd., 3.69% (3 mo. USD LIBOR + 0.65%)(b)(e)		98,587		1,829,775
Series 4, Pfd., 4.00% (3 mo. USD LIBOR + 0.75%)(e)		69,329		1,369,248
Series 5, Pfd., 4.00% (3 mo. USD LIBOR + 0.50%)(b)(e)		139,019		2,766,478
Series E, Pfd., 4.00% (3 mo. USD LIBOR + 0.35%)(b)(e)		104,597		2,050,101
Series K, Pfd., 6.45%(c)		346,152		8,954,952
Series Z, Pfd., 6.50%(c)		11,363,000		11,462,426

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

109

Invesco Variable Rate Preferred ETF (VRP)–(continued)

August 31, 2022

	Shares		Value
Banks-(continued)
Citigroup, Inc.
Series W, Pfd., 4.00%(c)		12,250,000	$	10,780,000
Series U, Pfd., 5.00%(c)		12,207,000		11,384,248
Series T, Pfd., 6.25%(c)		12,207,000		12,145,355
Series K, Pfd., 6.88%(c)		490,315		12,429,485
Series J, Pfd., 7.13%(c)		313,198		8,046,057
Citizens Financial Group, Inc., Series D, Pfd., 6.35%(c)		98,380		2,444,743
ConnectOne Bancorp, Inc., Series A, Pfd., 5.25%(b)(c)		38,794		841,054
F.N.B. Corp., Pfd., 7.25%(b)(c)		36,362		948,685
Fifth Third Bancorp, Series I, Pfd., 6.63%(c)		147,578		3,782,424
First Horizon Corp., Series D, Pfd., 6.10%(c)		33,515		827,485
JPMorgan Chase & Co., Series I, Pfd., 6.28% (3 mo. USD LIBOR + 3.47%)(e)		23,941,000		23,826,160
KeyCorp
Series E, Pfd., 6.13%(c)		164,831		4,198,246
Pfd., 6.20%(c)		190,000		4,754,408
M&T Bank Corp., Series H, Pfd., 5.63%(c)		81,981		2,167,578
PacWest Bancorp, Series A, Pfd., 7.75%(b)(c)		167,207		4,238,697
PNC Financial Services Group, Inc. (The), Series P, Pfd., 6.85% (3 mo. USD LIBOR + 4.07%)(e)		491,955		12,407,105
Regions Financial Corp.
Series C, Pfd., 5.70%(c)		164,831		3,819,134
Series B, Pfd., 6.38%(c)		164,831		4,122,423
Synovus Financial Corp.
Series E, Pfd., 5.88%(c)		114,780		2,751,277
Series D, Pfd., 6.30%(c)		66,592		1,591,549
Truist Financial Corp., Series I, Pfd., 4.00% (3 mo. USD LIBOR + 0.53%)(b)(e)		57,436		1,108,515
U.S. Bancorp
Series B, Pfd., 3.50% (3 mo. USD LIBOR + 0.60%)(b)(e)		329,665		6,481,214
Series A, Pfd., 3.53% (3 mo. USD LIBOR + 1.02%)(e)		4,730		3,522,005
Valley National Bancorp
Series B, Pfd., 5.50%(c)		34,218		809,598
Series A, Pfd., 6.25%(c)		38,850		953,379
Wells Fargo & Co.
Series Q, Pfd., 5.85%(c)		565,753		13,583,730
Series R, Pfd., 6.63%(c)		276,926		6,992,381
WesBanco, Inc., Series A, Pfd., 6.75%(b)(c)		50,194		1,314,581
Western Alliance Bancorporation, Series A, Pfd., 4.25%(c)		98,381		2,152,576
Wintrust Financial Corp.
Series D, Pfd., 6.50%(c)		40,994		1,042,067
Series E, Pfd., 6.88%(c)		94,281		2,437,164
Zions Bancorporation N.A., Series G, Pfd., 6.30%(c)		45,604		1,149,221
				197,485,524
Capital Markets-5.94%
Bank of New York Mellon Corp. (The), Series G, Pfd., 4.70%(c)		8,115,000		7,997,657
Charles Schwab Corp. (The), Series H, Pfd., 4.00%(c)		20,395,000		16,621,925

	Shares		Value
Capital Markets-(continued)
Goldman Sachs Group, Inc. (The)
Series A, Pfd., 3.75% (3 mo. USD LIBOR + 0.75%)(b)(e)		245,956	$	4,579,701
Series C, Pfd., 4.00% (3 mo. USD LIBOR + 0.75%)(b)(e)		67,701		1,303,921
Series D, Pfd., 4.00% (3 mo. USD LIBOR + 0.67%)(b)(e)		445,046		8,535,982
Series P, Pfd., 5.00%(b)(c)		12,135,000		11,393,832
Series J, Pfd., 5.50%(c)		329,665		8,070,199
Series K, Pfd., 6.38%(c)		229,576		5,794,498
Morgan Stanley
Series A, Pfd., 4.00% (3 mo. USD LIBOR + 0.70%)(b)(e)		360,769		6,937,588
Series K, Pfd., 5.85%(b)(c)		329,665		8,159,209
Series I, Pfd., 6.38%(c)		329,665		8,396,567
Series F, Pfd., 6.88%(c)		280,224		7,117,690
Series E, Pfd., 7.13%(c)		284,345		7,270,702
State Street Corp.
Series G, Pfd., 5.35%(c)		164,831		4,082,864
Series D, Pfd., 5.90%(c)		247,250		6,107,075
				112,369,410
Diversified Financial Services-1.40%
Citigroup Capital XIII, Pfd., 9.18% (3 mo. USD LIBOR + 6.37%)(e)		737,218		20,177,657
Equitable Holdings, Inc., Series B, Pfd., 4.95%(b)(c)		4,150,000		4,047,508
Voya Financial, Inc., Series B, Pfd., 5.35%(b)(c)		98,380		2,327,671
				26,552,836
Electric Utilities-0.33%
SCE Trust III, Series H, Pfd., 5.75%(c)		90,182		1,916,367
SCE Trust IV, Series J, Pfd., 5.38%(c)		106,581		2,136,949
SCE Trust V, Series K, Pfd., 5.45%(c)		98,381		2,164,382
				6,217,698
Food Products-0.41%
CHS, Inc.
Series 3, Pfd., 6.75%(b)(c)		162,358		4,177,471
Series 2, Pfd., 7.10%(b)(c)		137,737		3,563,256
				7,740,727
Insurance-2.58%
Allstate Corp. (The), Pfd., 5.10%(c)		163,976		3,950,182
American Equity Investment Life Holding Co.
Series A, Pfd., 5.95%(c)		131,179		3,059,094
Series B, Pfd., 6.63%(c)		98,381		2,419,189
Argo Group International Holdings Ltd., Pfd., 7.00%(c)		49,461		1,039,670
Aspen Insurance Holdings Ltd., Pfd., 5.95% (Bermuda)(c)		90,182		2,030,899
Athene Holding Ltd.
Series A, Pfd., 6.35%(c)		284,345		6,952,235
Series C, Pfd., 6.38%(c)		197,808		5,075,753
Enstar Group Ltd., Series D, Pfd., 7.00%(c)		131,178		3,162,702
Kemper Corp., Pfd., 5.88%(c)		50,698		1,201,543

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

110

Invesco Variable Rate Preferred ETF (VRP)–(continued)

August 31, 2022

	Shares		Value
Insurance-(continued)
MetLife, Inc.
Series G, Pfd., 3.85%(c)		8,120,000	$	7,562,985
Series A, Pfd., 4.17% (3 mo. USD LIBOR + 1.00%)(b)(e)		197,808		4,070,889
Reinsurance Group of America, Inc.
Pfd., 5.75%(c)		131,178		3,327,986
Pfd., 6.20%(c)		131,178		3,283,385
SiriusPoint Ltd., Series B, Pfd., 8.00% (Bermuda)(c)		67,324		1,585,480
				48,721,992
Mortgage REITs-3.01%
ACRES Commercial Realty Corp., Series C, Pfd., 8.63%(b)(c)		39,355		877,223
AGNC Investment Corp.
Series F, Pfd., 6.13%(b)(c)		189,564		4,068,043
Series E, Pfd., 6.50%(b)(c)		132,681		2,949,499
Series D, Pfd., 6.88%(b)(c)		77,489		1,677,637
Series C, Pfd., 7.00%(b)(c)		107,131		2,612,925
Annaly Capital Management, Inc.
Series G, Pfd., 6.50%(b)(c)		139,378		3,127,642
Series I, Pfd., 6.75%(b)(c)		145,117		3,384,128
Series F, Pfd., 6.95%(b)(c)		236,135		5,693,215
Arbor Realty Trust, Inc., Series F, Pfd., 6.25%(b)(c)		93,248		1,962,870
Chimera Investment Corp.
Series C, Pfd., 7.75%(b)(c)		87,387		1,787,938
Series B, Pfd., 8.00%(b)(c)		106,580		2,362,879
Series D, Pfd., 8.00%(b)(c)		66,592		1,430,396
Dynex Capital, Inc., Series C, Pfd., 6.90%(c)		36,556		830,918
Ellington Financial, Inc., Pfd., 6.75%(c)		37,714		814,622
Granite Point Mortgage Trust, Inc., Series A, Pfd., 7.00%(b)(c)		65,365		1,421,035
MFA Financial, Inc., Series C, Pfd., 6.50%(c)		92,361		1,800,116
New York Mortgage Trust, Inc.
Series F, Pfd., 6.88%(b)(c)		42,234		908,031
Series E, Pfd., 7.88%(b)(c)		61,825		1,364,478
Series D, Pfd., 8.00%(b)(c)		52,032		1,097,875
PennyMac Mortgage Investment Trust
Series B, Pfd., 8.00%(b)(c)		64,931		1,568,733
Series A, Pfd., 8.13%(b)(c)		37,714		896,839
Rithm Capital Corp.
Series C, Pfd., 6.38%(b)(c)		131,998		2,577,921
Series D, Pfd., 7.00%(b)(c)		152,499		3,321,428
Series B, Pfd., 7.13%(c)		93,896		2,024,398
Series A, Pfd., 7.50%(c)		50,915		1,108,929
Two Harbors Investment Corp.
Series C, Pfd., 7.25%(b)(c)		98,051		2,073,779
Series B, Pfd., 7.63%(b)(c)		95,559		2,051,652
Series A, Pfd., 8.13%(c)		47,389		1,085,208
				56,880,357
Multi-Utilities-0.82%
Algonquin Power & Utilities Corp.
Series 19-A, Pfd., 6.20% (Canada)(c)		115,370		2,798,876
Pfd., 6.88% (Canada)(c)		95,559		2,367,952

	Shares		Value
Multi-Utilities-(continued)
CenterPoint Energy, Inc., Series A, Pfd., 6.13%(c)		6,592,000	$	6,137,231
NiSource, Inc., Series B, Pfd., 6.50%(c)		163,976		4,148,593
				15,452,652
Oil, Gas & Consumable Fuels-1.85%
Altera Infrastructure L.P., Series E, Pfd., 0.00% (United Kingdom)(g)(h)		43,809		14,895
DCP Midstream L.P.
Series B, Pfd., 7.88%(c)		53,160		1,326,342
Series C, Pfd., 7.95%(c)		36,074		905,457
Enbridge, Inc., Series B, Pfd., 6.38% (Canada)(c)		197,808		4,858,165
Energy Transfer L.P.
Series C, Pfd., 7.38%(c)		147,579		3,217,222
Series E, Pfd., 7.60%(c)		263,737		6,184,633
Series D, Pfd., 7.63%(c)		145,937		3,179,967
GasLog Partners L.P., Series A, Pfd., 8.63% (Greece)(c)		47,904		1,225,092
NGL Energy Partners L.P., Series B, Pfd., 9.73% (3 mo. USD LIBOR + 7.21%)(e)		103,735		1,198,139
NuStar Energy L.P.
Series B, Pfd., 7.65% (3 mo. USD LIBOR + 5.64%)(e)		126,259		2,659,015
Series A, Pfd., 8.77% (3 mo. USD LIBOR + 6.77%)(e)		74,678		1,730,289
Series C, Pfd., 9.00%(c)		56,880		1,382,184
NuStar Logistics L.P., Pfd., 9.25% (3 mo. USD LIBOR + 6.73%)(e)		131,999		3,280,175
Seapeak LLC, Series B, Pfd., 8.50% (Bermuda)(c)		55,755		1,377,149
Tsakos Energy Navigation Ltd.
Series E, Pfd., 9.25% (Greece)(c)		40,807		983,857
Series F, Pfd., 9.50% (Greece)(c)		56,324		1,385,007
				34,907,588
Thrifts & Mortgage Finance-0.27%
Merchants Bancorp, Series B, Pfd., 6.00%(c)		40,993		994,900
New York Community Bancorp, Inc., Series A, Pfd., 6.38%(c)		169,777		4,157,839
				5,152,739
Trading Companies &  Distributors-0.57%
Air Lease Corp., Series A, Pfd., 6.15%(c)		81,982		1,947,892
Fortress Transportation and Infrastructure Investors LLC
Series B, Pfd., 8.00%(c)		41,358		974,808
Series A, Pfd., 8.25%(c)		34,274		795,499
Series C, Pfd., 8.25%(c)		35,607		840,681
Textainer Group Holdings Ltd., Pfd., 7.00% (China)(b)(c)		49,194		1,232,802
WESCO International, Inc., Series A, Pfd., 10.63%(c)		178,119		4,955,271
				10,746,953
Transportation Infrastructure-0.06%
Atlas Corp., Series I, Pfd., 8.00% (Canada)(c)		49,461		1,142,549
Total Preferred Stocks (Cost $580,192,026)				523,371,025

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

111

Invesco Variable Rate Preferred ETF (VRP)–(continued)

August 31, 2022

	Shares		Value
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(i)(j) (Cost $874,550)		874,550	$	874,550
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.02% (Cost $2,068,780,579)				1,872,729,897
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.65%
Invesco Private Government Fund, 2.29%(i)(j)(k)		24,555,096		24,555,096

Investment Abbreviations:

Conv.  -Convertible

LIBOR-London Interbank Offered Rate

Pfd.     -Preferred

REIT   -Real Estate Investment Trust

USD   -U.S. Dollar

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 2.37%(i)(j)(k)		63,387,852	$	63,394,192
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $87,946,248)				87,949,288
TOTAL INVESTMENTS IN SECURITIES-103.67% (Cost $2,156,726,827)				1,960,679,185
OTHER ASSETS LESS LIABILITIES-(3.67)%				(69,470,039	)
NET ASSETS-100.00%			$	1,891,209,146

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 August 31, 2022.

^(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 August 31, 2022.

^(f)  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 August 31, 2022 represented less than 1% of the Fund’s Net Assets.

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

^(h)  Restructured security not accruing interest income. The value of this security at August 31, 2022 represented less than 1% of the Fund’s Net Assets.

⁽ⁱ⁾  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value August 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$              -		$213,492,273		$(212,617,723	)		$      -		$            -			$    874,550		$    19,289
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		26,043,680		188,668,815		(190,157,399	)		-		-			24,555,096		163,790	*
Invesco Private Prime Fund		61,032,838		315,374,851		(312,982,002	)		3,039		(34,534	)		63,394,192		468,150	*
Total		$87,076,518		$717,535,939		$(715,757,124	)		$3,039		$(34,534	)		$88,823,838		$651,229

^*  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.

^(j)  The rate shown is the 7-day SEC standardized yield as of August 31, 2022.

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

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

112

Invesco VRDO Tax-Free ETF (PVI)

August 31, 2022

Schedule of Investments

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.76%
California-20.17%
Bay Area Toll Authority (San Francisco Bay Area), Series 2019 B, Ref. VRD RB, (LOC - Sumitomo Mitsui Banking Corp.)(a)(b)		1.20	%		04/01/2053	$	1,500	$	1,500,000
California (State of) Health Facilities Financing Authority (Dignity Health), Series 2011 B, VRD RB, (LOC - Bank of Montreal)(a)(b)		1.35	%		03/01/2047		2,400		2,400,000
Los Angeles (City of), CA Department of Water & Power, Subseries 2001 B-7, Ref. VRD RB(a)		1.20	%		07/01/2034		2,000		2,000,000
Modesto (City of), CA Public Financing Authority, Series 2008, Ref. VRD RB, (LOC - Bank of the West)(a)(b)		1.40	%		09/01/2033		1,000		1,000,000
Riverside (City of), CA, Series 2008 A, Ref. VRD RB, (LOC - Barclays Bank PLC)(a)(b)		1.20	%		10/01/2029		1,300		1,300,000
San Diego (County of), CA Regional Transportation Commission, Series 2008 B, VRD RB(a)		1.29	%		04/01/2038		1,300		1,300,000
San Diego (County of), CA Regional Transportation Commission, Series 2008 C, VRD RB(a)		1.25	%		04/01/2038		1,500		1,500,000
San Mateo (City of), CA Joint Powers Financing Authority (Public Safety), Series 2007 A, VRD RB, (LOC - Wells Fargo Bank, N.A.)(a)(b)		1.30	%		04/01/2039		1,800		1,800,000
									12,800,000
Connecticut-1.89%
Connecticut (State of) Housing Finance Authority, Series 2020 E-3, Ref. VRD RB(a)		1.44	%		11/15/2050		1,200		1,200,000
District of Columbia-3.78%
District of Columbia, Series 1998 A, VRD RB, (LOC - PNC Bank, N.A.)(a)(b)		1.47	%		08/15/2038		1,100		1,100,000
District of Columbia (Georgetown University), Series 2007 B-2, Ref. VRD RB, (LOC - Bank of America, N.A.)(a)(b)		1.49	%		04/01/2041		1,300		1,300,000
									2,400,000
Florida-4.73%
Florida Keys Aqueduct Authority, Series 2008, Ref. VRD RB, (LOC - TD Bank, N.A.)(a)(b)		1.47	%		09/01/2035		1,500		1,500,000
West Palm Beach (City of), FL, Series 2008 C, VRD RB, (INS - AGC)(a)(c)		1.50	%		10/01/2038		1,500		1,500,000
									3,000,000
Illinois-3.78%
Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 C, VRD RB, (LOC - Barclays Bank PLC)(a)(b)		1.47	%		08/15/2052		2,400		2,400,000
Indiana-3.78%
Indianapolis (City of), IN (Capital Place Apartments, Covington Square Apartments and the Woods at Oak Crossing), Series 2008, VRD RB, (CEP - FNMA)(a)(b)		1.62	%		05/15/2038		2,400		2,400,000
Louisiana-3.62%
Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC), Series 2013 B, Ref. VRD RB, (LOC - JPMorgan Chase Bank N.A.)(a)(b)		1.63	%		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)		1.43	%		07/01/2047		300		300,000
									2,300,000
Maryland-3.31%
Washington (State of) Suburban Sanitary Commission, Series 2015 A-2, VRD RB(a)		1.47	%		06/01/2023		2,100		2,100,000
Minnesota-2.36%
Rochester (City of), MN (Mayo Clinic), Series 2008 B, VRD RB(a)		1.50	%		11/15/2038		1,500		1,500,000
Missouri-4.10%
Kansas City (City of), MO (H Roe Bartle), Series 2008 F, Ref. VRD RB, (LOC - Sumitomo Mitsui Banking Corp.)(a)(b)		1.49	%		04/15/2025		300		300,000
Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2008 C, VRD RB(a)		1.46	%		05/15/2038		2,300		2,300,000
									2,600,000
Nevada-1.65%
Clark (County of), NV Department of Aviation, Series 2008 D-3, VRD RB, (LOC - Bank of America, N.A.)(a)(b)		1.50	%		07/01/2029		1,050		1,050,000

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

113

Invesco VRDO Tax-Free ETF (PVI)–(continued)

August 31, 2022

	Interest Rate			Maturity Date		Principal Amount (000)		Value
New York-19.70%
Battery Park (City of), NY Authority, Series 2019 D-1, Ref. VRD RB(a)		1.46	%		11/01/2038	$	1,800	$	1,800,000
Build NYC Resource Corp. (The Asia Society Project), Series 2015, Ref. VRD RB, (LOC - TD Bank, N.A.)(a)(b)		1.48	%		04/01/2045		2,300		2,300,000
Geneva (City of), NY Industrial Development Agency, Series 2008, VRD RB, (LOC - JPMorgan Chase Bank N.A.)(a)(b)		1.52	%		12/01/2037		2,400		2,400,000
Metropolitan Transportation Authority, Subseries 2013 G, Ref. VRD  RB, (LOC - TD Bank, N.A.)(a)(b)		1.48	%		11/01/2026		2,000		2,000,000
New York (City of), NY, Series 2009 CC, VRD RB(a)		1.48	%		06/15/2041		2,000		2,000,000
New York (City of), NY, Subseries 2016 A-5, VRD GO Bonds(a)		0.80	%		08/01/2044		1,000		1,000,000
New York (State of) Housing Finance Agency (Flatbush Avenue Housing), Series 2010 A, VRD RB, (LOC - Helaba)(a)(b)		1.52	%		11/01/2044		1,000		1,000,000
									12,500,000
North Carolina-3.94%
Charlotte (City of), NC, Series 2006 B, VRD RB(a)		1.48	%		07/01/2036		100		100,000
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2004 A, VRD RB(a)		1.55	%		11/01/2034		2,400		2,400,000
									2,500,000
Ohio-1.97%
Franklin (County of), OH (OhioHealth Corp.), Series 2009 A, Ref. VRD RB(a)		1.47	%		11/15/2041		1,250		1,250,000
Pennsylvania-3.78%
Emmaus (Borough of), PA General Authority, Series 1996, VRD RB, (INS - AGM)(a)(c)		1.66	%		12/01/2028		2,400		2,400,000
Tennessee-1.02%
Sevier (County of), TN Public Building Authority (The), Series 2010 D-1, VRD RB, (LOC - Bank of America, N.A.)(a)(b)		1.52	%		06/01/2026		645		645,000
Texas-11.71%
Austin (City of), TX, Series 2008, Ref. VRD RB, (LOC - Barclays Bank PLC)(a)(b)		1.54	%		05/15/2031		1,630		1,630,000
Board of Regents of the University of Texas System, Series 2008 B, VRD RB(a)		1.50	%		08/01/2025		300		300,000
Houston (City of), TX, Series 2012 A, Ref. VRD RB(a)		1.50	%		05/15/2034		2,000		2,000,000
Pasadena Independent School District, Series 2005 B, VRD GO Bonds, (INS - AGM)(a)(c)		1.50	%		02/01/2035		2,000		2,000,000
Texas (State of), Series 2015 B, VRD GO Bonds(a)		1.57	%		06/01/2046		1,505		1,505,000
									7,435,000
Washington-3.15%
Chelan County Public Utility District No. 1, Series 2008 B, Ref. VRD RB(a)		1.50	%		07/01/2032		2,000		2,000,000
Wisconsin-0.32%
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital), Series 2004, VRD RB, (LOC - JPMorgan Chase Bank N.A.)(a)(b)		1.50	%		08/15/2034		200		200,000
TOTAL INVESTMENTS IN SECURITIES(d) -98.76% (Cost $62,680,000)									62,680,000
OTHER ASSETS LESS LIABILITIES-1.24%									789,183
NET ASSETS-100.00%								$	63,469,183

Investment Abbreviations:

AGC    -Assured Guaranty Corp.

AGM   -Assured Guaranty Municipal Corp.

CEP    -Credit Enhancement Provider

FNMA -Federal National Mortgage Association

GO      -General Obligation

INS     -Insurer

LOC    -Letter of Credit

RB      -Revenue Bonds

Ref.     -Refunding

VRD    -Variable Rate Demand

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

114

Invesco VRDO Tax-Free ETF (PVI)–(continued)

August 31, 2022

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 August 31, 2022.

^(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
TD Bank, N.A.		9.25%
Barclays Bank PLC		8.50%
JPMorgan Chase Bank N.A.		7.34%
Assured Guaranty Municipal Corp.		7.02%

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

115

Statements of Assets and Liabilities

August 31, 2022

	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)		$	524,175,342			$	558,873,001			$	717,408,591			$	731,599,320			$	29,082,870
Affiliated investments in securities, at value			5,427,151				-				37,930,119				208,867,607				5,147,311
Cash			1,543				2,636,891				-				-				-
Deposits with brokers:
Cash segregated as collateral			311,797				-				-				-				-
Receivable for:
Dividends and interest			872,567				5,407,462				1,470,874				10,772,866				293,851
Securities lending			2,697				-				436,737				121,078				777
Investments sold			-				3,528,111				-				7,006,698				450,203
Fund shares sold			57,019				-				-				-				-
Foreign tax reclaims			-				-				-				-				-
Other assets			-				-				-				-				-
Total assets			530,848,116				570,445,465				757,246,321				958,367,569				34,975,012
Liabilities:
Due to custodian			-				-				1,315,292				151,577				45
Payable for:
Investments purchased			57,018				-				-				1,392,669				453,734
Collateral upon return of securities loaned			5,380,587				-				27,751,132				208,856,683				5,146,594
Collateral upon receipt of securities in-kind			311,797				-				-				-				-
Fund shares repurchased			-				3,648,003				-				5,150,737				-
Accrued unitary management fees			112,145				140,949				320,871				334,639				5,567
Accrued expenses			-				-				-				643				-
Accrued tax expenses			-				-				-				137				-
Total liabilities			5,861,547				3,788,952				29,387,295				215,887,085				5,605,940
Net Assets		$	524,986,569			$	566,656,513			$	727,859,026			$	742,480,484			$	29,369,072
Net assets consist of:
Shares of beneficial interest		$	596,263,544			$	609,816,071			$	844,699,005			$	868,129,005			$	32,210,361
Distributable earnings (loss)			(71,276,975	)			(43,159,558	)			(116,839,979	)			(125,648,521	)			(2,841,289	)
Net Assets		$	524,986,569			$	566,656,513			$	727,859,026			$	742,480,484			$	29,369,072
Shares outstanding (unlimited amount authorized, $0.01 par value)			17,070,000				23,300,000				37,060,000				43,300,000				1,250,000
Net asset value		$	30.75			$	24.32			$	19.64			$	17.15			$	23.50
Market price		$	30.65			$	24.23			$	19.63			$	17.07			$	23.43
Unaffiliated investments in securities, at cost		$	593,587,821			$	601,727,339			$	782,976,789			$	813,525,851			$	31,765,970
Affiliated investments in securities, at cost		$	5,427,066			$	-			$	37,962,238			$	208,856,683			$	5,147,016
(a) Includes securities on loan with an aggregate value of:		$	5,255,204			$	-			$	26,962,018			$	200,076,969			$	4,888,070

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

116

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 ETF (PVI)
	$	1,964,025,982			$	111,927,960			$	5,408,537,951			$	1,816,966,071			$	827,127,929			$	1,871,855,347			$	62,680,000
		-				-				182,592,620				29,365,372				112,449				88,823,838				-
		12,085,514				1,947,060				-				-				-				19,634				716,144
		-				-				6,639				-				-				97,906				-
		21,373,451				1,290,900				37,444,758				18,963,992				776,547				22,554,254				86,430
		-				-				745,701				-				-				142,723				-
		11,649,806				-				84,930,999				3,919,799				195,613,081				18,574,233				-
		-				-				1,236,878				-				-				93,257				-
		-				-				5,103				-				-				-				-
		-				-				375				-				-				-				84
		2,009,134,753				115,165,920				5,715,501,024				1,869,215,234				1,023,630,006				2,002,161,192				63,482,658
		-				-				15,134,826				-				-				-				-
		15,271,850				-				72,871,222				28,000,000				198,709,242				22,084,490				-
		-				-				182,582,554				-				-				87,946,248				-
		-				-				6,639				-				-				97,906				-
		9,447,740				-				14,860,258				4,110,756				-				-				-
		489,004				27,288				2,428,526				438,424				58,465				818,683				13,475
		-				-				-				-				-				4,139				-
		-				-				-				-				-				580				-
		25,208,594				27,288				287,884,025				32,549,180				198,767,707				110,952,046				13,475
	$	1,983,926,159			$	115,138,632			$	5,427,616,999			$	1,836,666,054			$	824,862,299			$	1,891,209,146			$	63,469,183
	$	2,195,616,008			$	125,848,923			$	6,699,715,920			$	2,057,953,542			$	825,915,945			$	2,136,721,273			$	63,436,377
		(211,689,849	)			(10,710,291	)			(1,272,098,921	)			(221,287,488	)			(1,053,646	)			(245,512,127	)			32,806
	$	1,983,926,159			$	115,138,632			$	5,427,616,999			$	1,836,666,054			$	824,862,299			$	1,891,209,146			$	63,469,183
		85,150,000				5,150,000				438,800,000				67,350,000				7,820,001				82,600,000				2,550,000
	$	23.30			$	22.36			$	12.37			$	27.27			$	105.48			$	22.90			$	24.89
	$	23.26			$	22.36			$	12.37			$	27.24			$	105.51			$	22.86			$	24.89
	$	2,166,548,201			$	122,535,614			$	6,430,571,937			$	2,031,144,564			$	828,338,090			$	2,067,906,029			$	62,680,000
	$	-			$	-			$	182,582,554			$	29,365,372			$	112,449			$	88,820,798			$	-
	$	-			$	-			$	175,469,521			$	-			$	-			$	84,784,999			$	-

117

Statements of Operations

For the year ended August 31, 2022

	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		$	8,021,001			$	14,811,340			$	-			$	31,753,027			$	988,453
Unaffiliated dividend income			-				-				43,085,512				-				-
Affiliated dividend income			1,653				-				822,880				20,293				310
Securities lending income, net			36,886				-				2,986,769				848,263				7,589
Foreign withholding tax			-				-				-				-				-
Total investment income			8,059,540				14,811,340				46,895,161				32,621,583				996,352
Expenses:
Unitary management fees			1,106,980				1,637,753				4,241,535				4,309,043				89,327
Tax expenses			71				69				-				647				132
Total expenses			1,107,051				1,637,822				4,241,535				4,309,690				89,459
Less: Waivers			(128	)			-				(160	)			(1,444	)			(32	)
Net expenses			1,106,923				1,637,822				4,241,375				4,308,246				89,427
Net investment income			6,952,617				13,173,518				42,653,786				28,313,337				906,925
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(2,660,974	)			11,305				1,929,564				(4,830,051	)			(119,067	)
Affiliated investment securities			(18,111	)			-				49,832				(79,751	)			(2,208	)
Unaffiliated in-kind redemptions			(1,327,698	)			(7,223,722	)			17,623,999				(1,124,893	)			(287,863	)
Affiliated in-kind redemptions			-				-				118,508				-				-
Distributions of underlying fund shares			-				-				2,254,498				-				-
Net realized gain (loss)			(4,006,783	)			(7,212,417	)			21,976,401				(6,034,695	)			(409,138	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(76,527,457	)			(77,560,004	)			(196,992,012	)			(110,404,737	)			(4,828,132	)
Affiliated investment securities			85				-				(1,748,535	)			10,922				295
Change in net unrealized appreciation (depreciation)			(76,527,372	)			(77,560,004	)			(198,740,547	)			(110,393,815	)			(4,827,837	)
Net realized and unrealized gain (loss)			(80,534,155	)			(84,772,421	)			(176,764,146	)			(116,428,510	)			(5,236,975	)
Net increase (decrease) in net assets resulting from operations		$	(73,581,538	)		$	(71,598,903	)		$	(134,110,360	)		$	(88,115,173	)		$	(4,330,050	)

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

118

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 ETF (PVI)
	$	62,239,281			$	2,997,112			$	-			$	65,417,625			$	3,930,860			$	66,262,330			$	252,524
		-				-				358,117,194				-				-				24,899,606				-
		-				-				96,818				84,061				749				19,289				-
		-				-				5,949,663				-				-				1,881,007				-
		-				-				(104,818	)			-				-				-				-
		62,239,281				2,997,112				364,058,857				65,501,686				3,931,609				93,062,232				252,524
		6,460,156				316,675				33,041,418				6,002,972				565,124				9,876,152				134,505
		108				-				75				-				-				714				85
		6,460,264				316,675				33,041,493				6,002,972				565,124				9,876,866				134,590
		-				-				(7,244	)			(5,640	)			(36	)			(1,704	)			-
		6,460,264				316,675				33,034,249				5,997,332				565,088				9,875,162				134,590
		55,779,017				2,680,437				331,024,608				59,504,354				3,366,521				83,187,070				117,934
		(183,780	)			(114,631	)			(28,909,053	)			(2,056,482	)			(538,374	)			(7,917,311	)			-
		-				-				(43,340	)			-				-				(34,534	)			-
		(5,384,744	)			383,644				(58,622,535	)			(35,979,749	)			(26,943	)			(5,904,120	)			-
		-				-				-				-				-				-				-
		-				-				-				-				-				-				-
		(5,568,524	)			269,013				(87,574,928	)			(38,036,231	)			(565,317	)			(13,855,965	)			-
		(348,902,790	)			(17,648,223	)			(1,250,676,704	)			(401,150,677	)			(1,220,760	)			(255,371,125	)			-
		-				-				10,065				-				-				3,039				-
		(348,902,790	)			(17,648,223	)			(1,250,666,639	)			(401,150,677	)			(1,220,760	)			(255,368,086	)			-
		(354,471,314	)			(17,379,210	)			(1,338,241,567	)			(439,186,908	)			(1,786,077	)			(269,224,051	)			-
	$	(298,692,297	)		$	(14,698,773	)		$	(1,007,216,959	)		$	(379,682,554	)		$	1,580,444			$	(186,036,981	)		$	117,934

119

Statements of Changes in Net Assets

For the years ended August 31, 2022 and 2021

	Invesco 1-30 Laddered Treasury ETF (PLW)						Invesco California AMT-Free Municipal Bond ETF (PWZ)
	2022			2021			2022			2021
Operations:
Net investment income	$	6,952,617		$	2,790,614		$	13,173,518		$	11,100,900
Net realized gain (loss)		(4,006,783	)		(1,694,506	)		(7,212,417	)		1,527,065
Change in net unrealized appreciation (depreciation)		(76,527,372	)		7,884,570			(77,560,004	)		5,397,337
Net increase (decrease) in net assets resulting from operations		(73,581,538	)		8,980,678			(71,598,903	)		18,025,302
Distributions to Shareholders from:
Distributable earnings		(6,811,810	)		(2,682,466	)		(13,116,870	)		(11,220,195	)
Shareholder Transactions:
Proceeds from shares sold		292,247,963			353,892,212			316,170,686			72,527,679
Value of shares repurchased		(101,702,826	)		(149,258,739	)		(184,993,863	)		(11,222,042	)
Transaction fees		-			-			167,164			-
Net increase (decrease) in net assets resulting from share transactions		190,545,137			204,633,473			131,343,987			61,305,637
Net increase (decrease) in net assets		110,151,789			210,931,685			46,628,214			68,110,744
Net assets:
Beginning of year		414,834,780			203,903,095			520,028,299			451,917,555
End of year	$	524,986,569		$	414,834,780		$	566,656,513		$	520,028,299
Changes in Shares Outstanding:
Shares sold		8,920,000			9,960,000			12,100,000			2,600,000
Shares repurchased		(3,050,000	)		(3,960,000	)		(7,350,000	)		(400,000	)
Shares outstanding, beginning of year		11,200,000			5,200,000			18,550,000			16,350,000
Shares outstanding, end of year		17,070,000			11,200,000			23,300,000			18,550,000

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

120

Invesco CEF Income Composite ETF (PCEF)								Invesco Fundamental High Yield® Corporate Bond (PHB)								Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)								Invesco National AMT-Free Municipal Bond ETF (PZA)
2022				2021				2022				2021				2022				2021				2022				2021
	$	42,653,786			$	35,658,328			$	28,313,337			$	28,236,350			$	906,925			$	1,205,417			$	55,779,017			$	54,382,367
		21,976,401				1,722,711				(6,034,695	)			23,039,225				(409,138	)			1,357,944				(5,568,524	)			13,679,171
		(198,740,547	)			154,563,311				(110,393,815	)			8,186,363				(4,827,837	)			(1,886,306	)			(348,902,790	)			17,827,087
		(134,110,360	)			191,944,350				(88,115,173	)			59,461,938				(4,330,050	)			677,055				(298,692,297	)			85,888,625
		(61,183,888	)			(59,175,022	)			(27,650,176	)			(28,762,385	)			(1,402,413	)			(1,429,402	)			(55,215,531	)			(55,254,764	)
		111,602,774				121,889,954				437,180,445				433,207,647				-				2,726,112				292,331,443				398,255,223
		(144,003,993	)			(55,211,235	)			(413,569,379	)			(387,083,174	)			(17,604,857	)			(12,297,046	)			(424,957,734	)			(635,680,642	)
		-				-				-				-				-				-				91,939				6,623
		(32,401,219	)			66,678,719				23,611,066				46,124,473				(17,604,857	)			(9,570,934	)			(132,534,352	)			(237,418,796	)
		(227,695,467	)			199,448,047				(92,154,283	)			76,824,026				(23,337,320	)			(10,323,281	)			(486,442,180	)			(206,784,935	)
		955,554,493				756,106,446				834,634,767				757,810,741				52,706,392				63,029,673				2,470,368,339				2,677,153,274
	$	727,859,026			$	955,554,493			$	742,480,484			$	834,634,767			$	29,369,072			$	52,706,392			$	1,983,926,159			$	2,470,368,339
		4,940,000				5,160,000				23,200,000				22,600,000				-				100,000				11,400,000				14,700,000
		(6,710,000	)			(2,480,000	)			(22,500,000	)			(20,100,000	)			(700,000	)			(450,000	)			(17,100,000	)			(23,950,000	)
		38,830,000				36,150,000				42,600,000				40,100,000				1,950,000				2,300,000				90,850,000				100,100,000
		37,060,000				38,830,000				43,300,000				42,600,000				1,250,000				1,950,000				85,150,000				90,850,000

121

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2022 and 2021

	Invesco New York AMT-Free Municipal Bond ETF (PZT)						Invesco Preferred ETF (PGX)
	2022			2021			2022			2021
Operations:
Net investment income (loss)	$	2,680,437		$	2,610,885		$	331,024,608		$	336,208,810
Net realized gain (loss)		269,013			1,060,070			(87,574,928	)		(34,724,575	)
Change in net unrealized appreciation (depreciation)		(17,648,223	)		1,685,253			(1,250,666,639	)		136,273,005
Net increase (decrease) in net assets resulting from operations		(14,698,773	)		5,356,208			(1,007,216,959	)		437,757,240
Distributions to Shareholders from:
Distributable earnings		(3,228,725	)		(2,676,754	)		(329,297,652	)		(339,184,665	)
Shareholder Transactions:
Proceeds from shares sold		19,745,147			19,506,459			563,220,718			1,574,794,822
Value of shares repurchased		(7,693,691	)		-			(1,258,333,969	)		(475,078,866	)
Transaction fees		-			-			-			-
Net increase (decrease) in net assets resulting from share transactions		12,051,456			19,506,459			(695,113,251	)		1,099,715,956
Net increase (decrease) in net assets		(5,876,042	)		22,185,913			(2,031,627,862	)		1,198,288,531
Net assets:
Beginning of year		121,014,674			98,828,761			7,459,244,861			6,260,956,330
End of year	$	115,138,632		$	121,014,674		$	5,427,616,999		$	7,459,244,861
Changes in Shares Outstanding:
Shares sold		850,000			750,000			39,950,000			104,500,000
Shares repurchased		(300,000	)		-			(94,850,000	)		(32,100,000	)
Shares outstanding, beginning of year		4,600,000			3,850,000			493,700,000			421,300,000
Shares outstanding, end of year		5,150,000			4,600,000			438,800,000			493,700,000

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

122

Invesco Taxable Municipal Bond ETF (BAB)						Invesco Treasury Collateral ETF (CLTL)						Invesco Variable Rate Preferred ETF (VRP)						Invesco VRDO Tax-Free ETF ETF (PVI)
2022			2021			2022			2021			2022			2021			2022			2021
$	59,504,354		$	58,649,008		$	3,366,521		$	704,212		$	83,187,070		$	66,080,195		$	117,934		$	(91,178	)
	(38,036,231	)		(640,194	)		(565,317	)		190,885			(13,855,965	)		882,622			-			1
	(401,150,677	)		11,250,834			(1,220,760	)		(639,820	)		(255,368,086	)		81,713,866			-			-
	(379,682,554	)		69,259,648			1,580,444			255,277			(186,036,981	)		148,676,683			117,934			(91,177	)
	(59,550,150	)		(59,063,700	)		(2,779,153	)		(1,087,282	)		(94,506,497	)		(68,866,675	)		(85,128	)		(215	)
	335,942,885			448,831,007			412,742,381			140,601,442			371,674,908			454,090,463			27,351,001			2,491,033
	(426,510,826	)		(99,412,075	)		(254,486,811	)		(410,133,506	)		(130,346,472	)		(76,283,727	)		(12,432,229	)		(3,737,464	)
	991,060			-			-			-			-			-			-			-
	(89,576,881	)		349,418,932			158,255,570			(269,532,064	)		241,328,436			377,806,736			14,918,772			(1,246,431	)
	(528,809,585	)		359,614,880			157,056,861			(270,364,069	)		(39,215,042	)		457,616,744			14,951,578			(1,337,823	)
	2,365,475,639			2,005,860,759			667,805,438			938,169,507			1,930,424,188			1,472,807,444			48,517,605			49,855,428
$	1,836,666,054		$	2,365,475,639		$	824,862,299		$	667,805,438		$	1,891,209,146		$	1,930,424,188		$	63,469,183		$	48,517,605
	10,900,000			13,500,000			3,910,000			1,330,000			14,800,000			17,400,000			1,100,000			100,000
	(14,050,000	)		(3,050,000	)		(2,410,000	)		(3,880,000	)		(5,600,000	)		(3,000,000	)		(500,000	)		(150,000	)
	70,500,000			60,050,000			6,320,001			8,870,001			73,400,000			59,000,000			1,950,000			2,000,000
	67,350,000			70,500,000			7,820,001			6,320,001			82,600,000			73,400,000			2,550,000			1,950,000

123

Financial Highlights

Invesco 1-30 Laddered Treasury ETF (PLW)

	Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period	$	37.04		$	39.21		$	36.19		$	31.68			$	32.59			$	33.81
Net investment income(a)		0.53			0.41			0.47			0.69				0.57				0.66
Net realized and unrealized gain (loss) on investments		(6.31	)		(2.21	)		3.04			4.51				(0.91	)			(1.22	)
Total from investment operations		(5.78	)		(1.80	)		3.51			5.20				(0.34	)			(0.56	)
Distributions to shareholders from:
Net investment income		(0.51	)		(0.37	)		(0.49	)		(0.69	)			(0.57	)			(0.66	)
Net asset value at end of period	$	30.75		$	37.04		$	39.21		$	36.19			$	31.68			$	32.59
Market price at end of period(b)	$	30.65		$	37.04		$	39.14		$	36.23			$	31.64			$	32.59
Net Asset Value Total Return(c)		(15.71	)%		(4.60	)%		9.82	%		16.71	%			(1.04	)%			(1.63	)%
Market Price Total Return(c)		(15.99	)%		(4.43	)%		9.50	%		16.98	%			(1.17	)%			(1.72	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	524,987		$	414,835		$	203,903		$	179,124			$	153,634			$	187,393
Ratio to average net assets of:
Expenses		0.25	%		0.25	%		0.25	%		0.26	%(d)			0.25	%(e)			0.25	%
Net investment income		1.57	%		1.12	%		1.25	%		2.13	%(d)			2.13	%(e)			2.02	%
Portfolio turnover rate(f)		5	%		3	%		9	%		5	%			5	%			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)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.

124

Financial Highlights–(continued)

Invesco California AMT-Free Municipal Bond ETF (PWZ)

	Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period	$	28.03		$	27.64		$	27.62		$	25.86			$	26.09			$	26.15
Net investment income(a)		0.59			0.64			0.67			0.67				0.54				0.65
Net realized and unrealized gain (loss) on investments		(3.72	)		0.40			0.02			1.76				(0.23	)			(0.07	)
Total from investment operations		(3.13	)		1.04			0.69			2.43				0.31				0.58
Distributions to shareholders from:
Net investment income		(0.59	)		(0.65	)		(0.67	)		(0.67	)			(0.53	)			(0.65	)
Return of capital		-			-			-			-				(0.01	)			(0.01	)
Total distributions		(0.59	)		(0.65	)		(0.67	)		(0.67	)			(0.54	)			(0.66	)
Transaction fees(a)		0.01			-			0.00	(b)		0.00	(b)			0.00	(b)			0.02
Net asset value at end of period	$	24.32		$	28.03		$	27.64		$	27.62			$	25.86			$	26.09
Market price at end of period(c)	$	24.23		$	28.05		$	27.58		$	27.62			$	25.83			$	26.08
Net Asset Value Total Return(d)		(11.28	)%		3.80	%		2.56	%		9.58	%			1.22	%			2.36	%
Market Price Total Return(d)		(11.66	)%		4.10	%		2.34	%		9.70	%			1.15	%			2.08	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	566,657		$	520,028		$	451,918		$	346,602			$	250,796			$	237,413
Ratio to average net assets of:
Expenses		0.28	%		0.28	%		0.28	%		0.28	%			0.28	%(e)			0.28	%
Net investment income		2.25	%		2.31	%		2.46	%		2.55	%			2.49	%(e)			2.52	%
Portfolio turnover rate(f)		3	%		7	%		12	%		13	%			6	%			24	%

^(a)  Based on average shares outstanding.

^(b)  Amount represents less than $0.005.

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

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

^(e)  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.

125

Financial Highlights–(continued)

Invesco CEF Income Composite ETF (PCEF)

	Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period	$	24.61		$	20.92		$	22.35		$	22.99			$	23.96			$	22.23
Net investment income(a)(b)		1.11			0.98			1.35			1.18				1.26				1.13
Net realized and unrealized gain (loss) on investments		(4.48	)		4.33			(1.05	)		(0.19	)			(0.84	)			2.28
Total from investment operations		(3.37	)		5.31			0.30			0.99				0.42				3.41
Distributions to shareholders from:
Net investment income		(1.60	)		(1.62	)		(1.73	)		(1.63	)			(1.39	)			(1.13	)
Return of capital		-			-			-			-				-				(0.55	)
Total distributions		(1.60	)		(1.62	)		(1.73	)		(1.63	)			(1.39	)			(1.68	)
Net asset value at end of period	$	19.64		$	24.61		$	20.92		$	22.35			$	22.99			$	23.96
Market price at end of period(c)	$	19.63		$	24.64		$	20.91		$	22.35			$	23.01			$	23.96
Net Asset Value Total Return(d)		(14.04	)%		26.36	%		1.84	%		4.72	%			1.85	%			15.86	%
Market Price Total Return(d)		(14.18	)%		26.58	%		1.80	%		4.62	%			1.94	%			15.86	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	727,859		$	955,554		$	756,106		$	760,959			$	723,177			$	703,177
Ratio to average net assets of:
Expenses(e)		0.50	%		0.50	%		0.50	%		0.50	%			0.50	%(f)			0.50	%
Net investment income(b)		5.03	%		4.30	%		6.36	%		5.35	%			6.53	%(f)			4.85	%
Portfolio turnover rate(g)		21	%		25	%		21	%		20	%			12	%			15	%

^(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.

126

Financial Highlights–(continued)

Invesco Fundamental High Yield^® Corporate Bond ETF (PHB)

	Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period	$	19.59		$	18.90		$	19.06		$	18.56			$	19.08			$	18.79
Net investment income(a)		0.61			0.68			0.76			0.77				0.64				0.80
Net realized and unrealized gain (loss) on investments		(2.45	)		0.71			(0.15	)		0.51				(0.52	)			0.29
Total from investment operations		(1.84	)		1.39			0.61			1.28				0.12				1.09
Distributions to shareholders from:
Net investment income		(0.60	)		(0.70	)		(0.77	)		(0.78	)			(0.64	)			(0.80	)
Net asset value at end of period	$	17.15		$	19.59		$	18.90		$	19.06			$	18.56			$	19.08
Market price at end of period(b)	$	17.07		$	19.61		$	18.89		$	19.07			$	18.55			$	19.07
Net Asset Value Total Return(c)		(9.55	)%		7.49	%		3.38	%		7.12	%			0.70	%			5.96	%
Market Price Total Return(c)		(10.06	)%		7.66	%		3.28	%		7.25	%			0.70	%			6.42	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	742,480		$	834,635		$	757,811		$	760,546			$	948,530			$	1,197,922
Ratio to average net assets of:
Expenses		0.50	%		0.50	%		0.50	%		0.50	%			0.50	%(d)			0.50	%
Net investment income		3.29	%		3.55	%		4.09	%		4.18	%			4.12	%(d)			4.23	%
Portfolio turnover rate(e)		44	%		32	%		35	%		17	%			12	%			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)  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.

127

Financial Highlights–(continued)

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)

	Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period	$	27.03		$	27.40		$	26.33		$	24.80			$	25.63			$	25.85
Net investment income(a)		0.57			0.60			0.71			0.76				0.57				0.65
Net realized and unrealized gain (loss) on investments		(3.25	)		(0.26	)		1.07			1.53				(0.83	)			(0.22	)
Total from investment operations		(2.68	)		0.34			1.78			2.29				(0.26	)			0.43
Distributions to shareholders from:
Net investment income		(0.56	)		(0.61	)		(0.71	)		(0.76	)			(0.57	)			(0.65	)
Net realized gains		(0.29	)		(0.10	)		-			-				-				-
Return of capital		-			-			-			-				(0.00	)(b)			-
Total distributions		(0.85	)		(0.71	)		(0.71	)		(0.76	)			(0.57	)			(0.65	)
Net asset value at end of period	$	23.50		$	27.03		$	27.40		$	26.33			$	24.80			$	25.63
Market price at end of period(c)	$	23.43		$	27.04		$	27.39		$	26.31			$	24.80			$	25.62
Net Asset Value Total Return(d)		(10.10	)%		1.25	%		6.91	%		9.45	%			(1.01	)%			1.73	%
Market Price Total Return(d)		(10.39	)%		1.34	%		6.95	%		9.36	%			(0.98	)%			1.61	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	29,369		$	52,706		$	63,030		$	92,171			$	106,620			$	49,970
Ratio to average net assets of:
Expenses		0.22	%		0.22	%		0.22	%		0.23	%(e)			0.22	%(f)			0.22	%
Net investment income		2.23	%		2.21	%		2.68	%		3.03	%(e)			2.77	%(f)			2.53	%
Portfolio turnover rate(g)		30	%		34	%		36	%		28	%			24	%			42	%

^(a)  Based on average shares outstanding.

^(b)  Amount represents less than $0.005.

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

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

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

^(f)  Annualized.

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

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

128

Financial Highlights–(continued)

Invesco National AMT-Free Municipal Bond ETF (PZA)

	Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period	$	27.19		$	26.74		$	26.76		$	25.11			$	25.58			$	25.69
Net investment income(a)		0.62			0.63			0.68			0.76				0.65				0.77
Net realized and unrealized gain (loss) on investments		(3.90	)		0.46			(0.02	)		1.65				(0.46	)			(0.11	)
Total from investment operations		(3.28	)		1.09			0.66			2.41				0.19				0.66
Distributions to shareholders from:
Net investment income		(0.61	)		(0.64	)		(0.69	)		(0.76	)			(0.66	)			(0.78	)
Transaction fees(a)		0.00	(b)		0.00	(b)		0.01			0.00	(b)			0.00	(b)			0.01
Net asset value at end of period	$	23.30		$	27.19		$	26.74		$	26.76			$	25.11			$	25.58
Market price at end of period(c)	$	23.26		$	27.21		$	26.73		$	26.80			$	25.12			$	25.55
Net Asset Value Total Return(d)		(12.21	)%		4.11	%		2.60	%		9.83	%			0.77	%			2.70	%
Market Price Total Return(d)		(12.42	)%		4.23	%		2.42	%		9.96	%			0.93	%			2.25	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	1,983,926		$	2,470,368		$	2,677,153		$	2,005,998			$	1,659,981			$	1,611,258
Ratio to average net assets of:
Expenses		0.28	%		0.28	%		0.28	%		0.28	%			0.28	%(e)			0.28	%
Net investment income		2.42	%		2.32	%		2.59	%		2.99	%			3.10	%(e)			3.06	%
Portfolio turnover rate(f)		4	%		10	%		15	%		11	%			8	%			23	%

^(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.

129

Financial Highlights–(continued)

Invesco New York AMT-Free Municipal Bond ETF (PZT)

	Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period	$	26.31		$	25.67		$	25.68		$	23.99			$	24.47			$	24.64
Net investment income(a)		0.58			0.61			0.67			0.69				0.58				0.73
Net realized and unrealized gain (loss) on investments		(3.83	)		0.66			(0.01	)		1.70				(0.47	)			(0.17	)
Total from investment operations		(3.25	)		1.27			0.66			2.39				0.11				0.56
Distributions to shareholders from:
Net investment income		(0.58	)		(0.63	)		(0.67	)		(0.70	)			(0.59	)			(0.73	)
Net realized gains		(0.12	)		-			-			-				-				-
Total distributions		(0.70	)		(0.63	)		(0.67	)		(0.70	)			(0.59	)			(0.73	)
Net asset value at end of period	$	22.36		$	26.31		$	25.67		$	25.68			$	23.99			$	24.47
Market price at end of period(b)	$	22.36		$	26.29		$	25.73		$	25.70			$	23.92			$	24.53
Net Asset Value Total Return(c)		(12.55	)%		5.00	%		2.66	%		10.17	%			0.46	%			2.37	%
Market Price Total Return(c)		(12.49	)%		4.66	%		2.83	%		10.58	%			(0.08	)%			2.49	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	115,139		$	121,015		$	98,829		$	79,601			$	63,577			$	66,061
Ratio to average net assets of:
Expenses		0.28	%		0.28	%		0.28	%		0.29	%(d)			0.28	%(e)			0.28	%
Net investment income		2.37	%		2.35	%		2.64	%		2.84	%(d)			2.89	%(e)			3.01	%
Portfolio turnover rate(f)		6	%		15	%		12	%		11	%			7	%			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)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.

130

Financial Highlights–(continued)

Invesco Preferred ETF (PGX)

	Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period	$	15.11		$	14.86		$	14.93		$	14.60			$	14.97			$	14.96
Net investment income(a)		0.69			0.73			0.75			0.78				0.71				0.84
Net realized and unrealized gain (loss) on investments		(2.74	)		0.26			(0.06	)		0.36				(0.40	)			0.02
Total from investment operations		(2.05	)		0.99			0.69			1.14				0.31				0.86
Distributions to shareholders from:
Net investment income		(0.69	)		(0.74	)		(0.76	)		(0.81	)			(0.68	)			(0.85	)
Net asset value at end of period	$	12.37		$	15.11		$	14.86		$	14.93			$	14.60			$	14.97
Market price at end of period(b)	$	12.37		$	15.12		$	14.91		$	14.97			$	14.62			$	14.96
Net Asset Value Total Return(c)		(13.85	)%		6.81	%		4.98	%		8.23	%			2.18	%			5.97	%
Market Price Total Return(c)		(13.91	)%		6.52	%		5.04	%		8.37	%			2.39	%			5.60	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	5,427,617		$	7,459,245		$	6,260,956		$	5,352,615			$	5,378,011			$	5,333,535
Ratio to average net assets of:
Expenses		0.50	%(d)		0.50	%(d)		0.50	%(d)		0.50	%(d)			0.50	%(d)(e)			0.50	%
Net investment income		5.01	%(d)		4.89	%(d)		5.20	%(d)		5.45	%(d)			5.83	%(d)(e)			5.66	%
Portfolio turnover rate(f)		11	%		25	%		18	%		15	%			16	%			10	%

^(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.

131

Financial Highlights–(continued)

Invesco Taxable Municipal Bond ETF (BAB)

	Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period	$	33.55		$	33.40		$	32.83		$	29.66			$	30.38			$	30.68
Net investment income(a)		0.85			0.85			1.07			1.23				1.01				1.21
Net realized and unrealized gain (loss) on investments		(6.28	)		0.16			0.58			3.14				(0.72	)			(0.32	)
Total from investment operations		(5.43	)		1.01			1.65			4.37				0.29				0.89
Distributions to shareholders from:
Net investment income		(0.86	)		(0.86	)		(1.10	)		(1.23	)			(1.02	)			(1.21	)
Transaction fees(a)		0.01			-			0.02			0.03				0.01				0.02
Net asset value at end of period	$	27.27		$	33.55		$	33.40		$	32.83			$	29.66			$	30.38
Market price at end of period(b)	$	27.24		$	33.46		$	33.41		$	32.97			$	29.51			$	30.45
Net Asset Value Total Return(c)		(16.38	)%		3.08	%		5.28	%		15.31	%			1.02	%			3.14	%
Market Price Total Return(c)		(16.23	)%		2.78	%		4.88	%		16.39	%			0.29	%			3.19	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	1,836,666		$	2,365,476		$	2,005,861		$	1,308,223			$	938,871			$	972,235
Ratio to average net assets of:
Expenses, after Waivers		0.28	%		0.28	%(d)		0.27	%		0.28	%			0.28	%(e)			0.28	%(d)
Expenses, prior to Waivers		0.28	%		0.28	%(d)		0.28	%		0.28	%			0.28	%(e)			0.28	%(d)
Net investment income		2.78	%		2.58	%(d)		3.32	%		4.06	%			4.06	%(e)			4.05	%(d)
Portfolio turnover rate(f)		3	%		5	%		18	%		7	%			4	%			6	%

^(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. 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.

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

132

Financial Highlights–(continued)

Invesco Treasury Collateral ETF (CLTL)

	Years Ended August 31,												Ten Months Ended August 31,				For the Period January 10, 2017(a) Through October 31,
	2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period	$	105.67		$	105.77		$	105.60		$	105.48			$	105.93			$	105.35
Net investment income(b)		0.50			0.09			1.27			2.39				1.28				0.66
Net realized and unrealized gain (loss) on investments		(0.33	)		(0.06	)		0.37			0.16				0.00	(c)			(0.08	)
Total from investment operations		0.17			0.03			1.64			2.55				1.28				0.58
Distributions to shareholders from:
Net investment income		(0.34	)		(0.09	)		(1.45	)		(2.43	)			(1.73	)			-
Net realized gains		(0.02	)		(0.04	)		(0.02	)		-				-				-
Total distributions		(0.36	)		(0.13	)		(1.47	)		(2.43	)			(1.73	)			-
Net asset value at end of period	$	105.48		$	105.67		$	105.77		$	105.60			$	105.48			$	105.93
Market price at end of period(d)	$	105.51		$	105.68		$	105.78		$	105.62			$	105.54			$	105.94
Net Asset Value Total Return(e)		0.15	%		0.03	%		1.56	%		2.44	%			1.22	%			0.55	%(f)
Market Price Total Return(e)		0.18	%		0.04	%		1.55	%		2.41	%			1.27	%			0.56	%(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	824,862		$	667,805		$	938,170		$	547,018			$	468,323			$	454,429
Ratio to average net assets of:
Expenses		0.08	%		0.08	%		0.08	%		0.08	%			0.08	%(g)			0.08	%(g)
Net investment income		0.48	%		0.09	%		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.

133

Financial Highlights–(continued)

Invesco Variable Rate Preferred ETF (VRP)

	Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period	$	26.30		$	24.96		$	25.28		$	25.14			$	25.87			$	25.33
Net investment income(a)		1.03			1.07			1.13			1.14				0.91				1.21
Net realized and unrealized gain (loss) on investments		(3.26	)		1.38			(0.31	)		0.33				(0.66	)			0.56
Total from investment operations		(2.23	)		2.45			0.82			1.47				0.25				1.77
Distributions to shareholders from:
Net investment income		(1.17	)		(1.11	)		(1.14	)		(1.33	)			(0.98	)			(1.23	)
Net asset value at end of period	$	22.90		$	26.30		$	24.96		$	25.28			$	25.14			$	25.87
Market price at end of period(b)	$	22.86		$	26.38		$	25.01		$	25.33			$	25.11			$	25.94
Net Asset Value Total Return(c)		(8.63	)%		10.00	%		3.48	%		6.17	%			1.01	%			7.18	%
Market Price Total Return(c)		(9.06	)%		10.11	%		3.51	%		6.52	%			0.62	%			7.08	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	1,891,209		$	1,930,424		$	1,472,807		$	1,529,601			$	2,192,114			$	1,890,954
Ratio to average net assets of:
Expenses		0.50	%		0.50	%		0.50	%		0.50	%			0.50	%(d)			0.50	%
Net investment income		4.21	%		4.14	%		4.61	%		4.63	%			4.31	%(d)			4.72	%
Portfolio turnover rate(e)		9	%		15	%		22	%		13	%			7	%			4	%

^(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.

134

Financial Highlights–(continued)

Invesco VRDO Tax-Free ETF (PVI)

	Years Ended August 31,												Ten Months Ended August 31,				Year Ended October 31,
	2022			2021			2020			2019			2018				2017
Per Share Operating Performance:
Net asset value at beginning of period	$	24.88		$	24.93		$	24.93		$	24.93			$	24.93			$	24.93
Net investment income (loss)(a)		0.05			(0.05	)		0.17			0.31				0.20				0.13
Net realized and unrealized gain (loss) on investments		(0.01	)(b)		0.00	(c)		(0.00	)(c)		-				-				(0.00	)(c)
Total from investment operations		0.04			(0.05	)		0.17			0.31				0.20				0.13
Distributions to shareholders from:
Net investment income		(0.03	)		(0.00	)(c)		(0.17	)		(0.31	)			(0.20	)			(0.13	)
Return of capital		-			-			-			-				-				(0.00	)(c)
Total distributions		(0.03	)		(0.00	)(c)		(0.17	)		(0.31	)			(0.20	)			(0.13	)
Net asset value at end of period	$	24.89		$	24.88		$	24.93		$	24.93			$	24.93			$	24.93
Market price at end of period(d)	$	24.89		$	24.88		$	24.93		$	24.96			$	24.93			$	24.93
Net Asset Value Total Return(e)		0.17	%		(0.20	)%		0.69	%		1.26	%			0.82	%			0.51	%
Market Price Total Return(e)		0.17	%		(0.20	)%		0.58	%		1.38	%			0.82	%			0.59	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	63,469		$	48,518		$	49,855		$	57,338			$	62,327			$	83,512
Ratio to average net assets of:
Expenses		0.25	%		0.25	%		0.25	%		0.26	%(f)			0.25	%(g)			0.25	%
Net investment income (loss)		0.22	%		(0.19	)%		0.70	%		1.25	%(f)			0.98	%(g)			0.51	%

^(a)  Based on average shares outstanding.

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

^(c)  Amount represents less than $0.005.

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

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

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

^(g)  Annualized.

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

135

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

August 31, 2022

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 ETF (PVI)	“VRDO Tax-Free 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 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.

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 BofA 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 BofA National Long-Term Core Plus Municipal Securities Index
New York AMT-Free Municipal Bond ETF	ICE BofA New York Long-Term Core Plus Municipal Securities Index
Preferred ETF	ICE BofA Core Plus Fixed Rate Preferred Securities Index
Taxable Municipal Bond ETF	ICE BofA US Taxable Municipal Securities Plus Index
Treasury Collateral ETF	ICE U.S. Treasury Short Bond Index
Variable Rate Preferred ETF	ICE Variable Rate Preferred & Hybrid Securities Index
VRDO Tax-Free ETF	ICE US Municipal AMT-Free VRDO Constrained Index

136

NOTE 2–Significant Accounting Policies

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter (“OTC”) market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

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

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

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

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

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The 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 and unreliable are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/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.

137

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

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

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

B. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest 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.

C. 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.

D. 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.

E. Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s

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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.

F. 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 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, 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).

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.

G. 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.

H. 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.

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

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received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through August 31, 2022, CEF Income Composite ETF, Preferred ETF and Variable Rate Preferred ETF had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by those Funds as listed below:

	Amount
CEF Income Composite ETF	$	196,768
Preferred ETF		325,462
Variable Rate Preferred ETF		69,602

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

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

K. Other Risks

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

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 or could experience extended market closures or trading halts, 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.

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Cash Transaction Risk. Most exchange-traded funds (“ETFs”) generally make in-kind redemptions to avoid being taxed at the fund level on gains on the distributed portfolio securities. 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.

Changing Global Fixed-Income Market Conditions Risk. The historically low interest rate environment observed over the past several years was created in part by the Federal Reserve Board (“FRB”) and certain foreign central banks keeping the federal funds and equivalent foreign rates at, near or below zero. In recent years, the FRB and certain 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, before implementing several rounds of rate increases in 2022. Because there is little precedent for this situation, it is difficult to predict the impact of these rate changes and any future rate changes on various markets. Any additional changes to the monetary policy by the FRB and foreign central banks 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 or foreign central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase a Fund’s portfolio turnover rate and 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 occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and 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, including recordkeeping standards, 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.

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 operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect

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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 Transition Risk. Certain Funds may have investments in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. LIBOR is intended to measure the rate generally at which banks can lend and borrow from one another in the relevant currency on an unsecured basis. The UK Financial Conduct Authority (“FCA”), the regulator that oversees LIBOR, announced that the majority of LIBOR rates would cease to be published or would no longer be representative on January 1, 2022. Although the publication of most LIBOR rates ceased at the end of 2021, a selection of widely used USD LIBOR rates continues to be published until June 2023 to allow for an orderly transition away from these rates.

There remains uncertainty and risks relating to the continuing LIBOR transition and its effects on the Funds and the instruments in which the Funds invest. There can be no assurance that the composition or characteristics of any alternative reference rates (“ARRs”) or financial instruments in which the Funds invest that utilize ARRs will be similar to or produce the same value or economic equivalence as LIBOR or that these instruments will have the same volume or liquidity. Additionally, there remains uncertainty and risks relating to certain “legacy” USD LIBOR instruments that were issued or entered into before December 31, 2021 and the process by which a replacement interest rate will be identified and implemented into these instruments when USD LIBOR is ultimately discontinued. The effects of such uncertainty and risks in “legacy” USD LIBOR instruments held by the Funds could result in losses to the Funds.

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 call (prepayment) risk, reinvestment risk and extension risk. In addition, these securities are susceptible to an unexpectedly high rate of defaults on the mortgages held by a mortgage pool, which may adversely affect their value. The risk of such defaults depends on the quality of the mortgages underlying such security, the credit quality of its issuer or guarantor, and the nature and structure of its credit support. For example, the risk of default generally is higher in the case of mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely mortgage payments.

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 the ability of an issuer of municipal securities 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-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. Because certain Funds issue and redeem Creation Units principally for cash, such Funds will incur higher costs in buying and selling securities than if they issued and redeemed Creation Units in-kind. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its

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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 California AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF and Variable Rate Preferred ETF are non-diversified and can invest a greater portion of their respective assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

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

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 Obligations Risk. Certain Funds may invest in U.S. government obligations issued or guaranteed by the U. S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U. S. Government securities include securities that are issued or guaranteed by the United States Treasury, by various agencies of the U.S. Government, or by various instrumentalities which have been established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the “full faith and credit” of the United States. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or 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. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of that entity will be adversely impacted.

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

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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 fluctuations 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.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into 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, 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 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 ETF	0.25%

Through at least August 31, 2024, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended August 31, 2022, the Adviser waived fees for each Fund in the following amounts:

1-30 Laddered Treasury ETF	$	128
California AMT-Free Municipal Bond ETF		-
CEF Income Composite ETF		160
Fundamental High Yield® Corporate Bond ETF		1,444
Fundamental Investment Grade Corporate Bond ETF		32
National AMT-Free Municipal Bond ETF		-
New York AMT-Free Municipal Bond ETF		-

144

Preferred ETF	$	7,244
Taxable Municipal Bond ETF		5,640
Treasury Collateral ETF		36
Variable Rate Preferred ETF		1,704
VRDO Tax-Free 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	ICE Data Indices, LLC
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	ICE Data Indices, LLC
New York AMT-Free Municipal Bond ETF	ICE Data Indices, LLC
Preferred ETF	ICE Data Indices, LLC
Taxable Municipal Bond ETF	ICE Data Indices, LLC
Treasury Collateral ETF	ICE Data Indices, LLC
Variable Rate Preferred ETF	ICE Data Indices, LLC
VRDO Tax-Free 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 BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

For the fiscal year ended August 31, 2022, 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 $ 10,820

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 from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund 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 is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s current price, as provided for in these procedures.

For the fiscal year ended August 31, 2022, the following Funds engaged in transactions with affiliates as listed below:

	Securities Purchases	Securities Sales	Net Realized Gains
Fundamental High Yield® Corporate Bond ETF	$   2,088,400	$-	$-
Preferred ETF	30,270,506	-	-

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

145

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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2022, for each Fund (except for California AMT-Free Municipal Bond ETF, Fundamental High Yield^® Corporate Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF and VRDO Tax-Free ETF). As of August 31, 2022, all of the securities in California AMT-Free Municipal Bond ETF, Fundamental High Yield^® Corporate Bond ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF and VRDO Tax-Free 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
1-30 Laddered Treasury ETF
Investments in Securities
U.S. Treasury Securities		$	-		$	524,175,342		$	-		$	524,175,342
Money Market Funds			46,479			5,380,672			-			5,427,151
Total Investments		$	46,479		$	529,556,014		$	-		$	529,602,493
CEF Income Composite ETF
Investments in Securities
Closed-End Funds		$	727,585,698		$	-		$	-		$	727,585,698
Money Market Funds			-			27,753,012			-			27,753,012
Total Investments		$	727,585,698		$	27,753,012		$	-		$	755,338,710
Fundamental Investment Grade Corporate Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	29,082,870		$	-		$	29,082,870
Money Market Funds			422			5,146,889			-			5,147,311
Total Investments		$	422		$	34,229,759		$	-		$	34,230,181
Preferred ETF
Investments in Securities
Preferred Stocks		$	5,397,615,848		$	10,922,103		$	-		$	5,408,537,951
Money Market Funds			-			182,592,620			-			182,592,620
Total Investments		$	5,397,615,848		$	193,514,723		$	-		$	5,591,130,571
Taxable Municipal Bond ETF
Investments in Securities
Municipal Obligations		$	-		$	1,782,621,776		$	-		$	1,782,621,776
U.S. Dollar Denominated Bonds & Notes			-			34,344,295			-			34,344,295
Money Market Funds			29,365,372			-			-			29,365,372
Total Investments		$	29,365,372		$	1,816,966,071		$	-		$	1,846,331,443
Treasury Collateral ETF
Investments in Securities
U.S. Treasury Securities		$	-		$	827,127,929		$	-		$	827,127,929
Money Market Funds			112,449			-			-			112,449
Total Investments		$	112,449		$	827,127,929		$	-		$	827,240,378

146

	Level 1			Level 2			Level 3			Total
Variable Rate Preferred ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	1,348,484,322		$	-		$	1,348,484,322
Preferred Stocks			399,996,803			123,359,327			14,895			523,371,025
Money Market Funds			874,550			87,949,288			-			88,823,838
Total Investments		$	400,871,353		$	1,559,792,937		$	14,895		$	1,960,679,185

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2022 and 2021:

	2022									2021
				Ordinary									Ordinary
	Ordinary			Income-Tax-			Long-Term			Ordinary			Income-Tax-			Long-Term
	Income*			Exempt			Capital Gains			Income*			Exempt			Capital Gains
1-30 Laddered Treasury ETF		$	6,811,810		$	-		$	-		$	2,682,466		$	-		$	-
California AMT-Free Municipal Bond ETF			3,650			13,113,220			-			119,295			11,100,900			-
CEF Income Composite ETF			61,183,888			-			-			59,175,022			-			-
Fundamental High Yield® Corporate Bond ETF			27,650,176			-			-			28,762,385			-			-
Fundamental Investment Grade Corporate Bond ETF			961,214			-			441,199			1,218,394			-			211,008
National AMT-Free Municipal Bond ETF			4,334			55,211,197			-			872,397			54,382,367			-
New York AMT-Free Municipal Bond ETF			668			2,667,776			560,281			-			2,610,885			65,869
Preferred ETF			329,297,652			-			-			339,184,665			-			-
Taxable Municipal Bond ETF			59,550,150			-			-			59,063,700			-			-
Treasury Collateral ETF			2,779,153			-			-			1,087,282			-			-
Variable Rate Preferred ETF			94,506,497			-			-			68,866,675			-			-
VRDO Tax-Free ETF			-			85,128			-			215			-			-

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

Tax Components of Net Assets at Fiscal Year-End:

	Undistributed Ordinary Income			Undistributed Tax-Exempt Income			Temporary Book/Tax Differences				Net Unrealized Appreciation (Depreciation)- Investments				Capital Loss Carryforwards				Post-October Capital Losses Deferrals				Shares of Beneficial Interest			Total Net Assets
1-30 Laddered Treasury ETF		$	248,955		$	-		$	-			$	(70,664,895	)		$	(861,035	)		$	-			$	596,263,544		$	524,986,569
California AMT-Free Municipal Bond ETF			-			56,648			-				(42,938,105	)			(278,101	)			-				609,816,071			566,656,513
CEF Income Composite ETF			-			-			-				(82,009,622	)			(34,830,357	)			-				844,699,005			727,859,026
Fundamental High Yield® Corporate Bond ETF			663,161			-			-				(82,987,269	)			(43,324,413	)			-				868,129,005			742,480,484
Fundamental Investment Grade Corporate Bond ETF			-			-			-				(2,684,864	)			-				(156,425	)			32,210,361			29,369,072
National AMT-Free Municipal Bond ETF			-			624,597			-				(202,583,331	)			(9,731,115	)			-				2,195,616,008			1,983,926,159
New York AMT-Free Municipal Bond ETF			-			11,993			-				(10,607,654	)			(114,630	)			-				125,848,923			115,138,632
Preferred ETF			9,627,459			-			(10,211,279	)			(1,031,497,654	)			(240,017,447	)			-				6,699,715,920			5,427,616,999
Taxable Municipal Bond ETF			-			-			-				(214,178,493	)			(7,108,995	)			-				2,057,953,542			1,836,666,054
Treasury Collateral ETF			692,499			-			-				(1,210,473	)			(535,672	)			-				825,915,945			824,862,299

147

	Undistributed Ordinary Income			Undistributed Tax-Exempt Income			Temporary Book/Tax Differences				Net Unrealized Appreciation (Depreciation)- Investments				Capital Loss Carryforwards				Post-October Capital Losses Deferrals			Shares of Beneficial Interest			Total Net Assets
Variable Rate Preferred ETF		$	7,989,158		$	-		$	(2,759,951	)		$	(213,599,664	)		$	(37,141,670	)		$	-		$	2,136,721,273		$	1,891,209,146
VRDO Tax-Free ETF			-			32,806			-				-				-				-			63,436,377			63,469,183

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

The Funds have capital loss carryforwards as of August 31, 2022, as follows:

	No expiration
	Short-Term		Long-Term		Total*
1-30 Laddered Treasury ETF	$	299,079	$	561,956	$	861,035
California AMT-Free Municipal Bond ETF		255,013		23,088		278,101
CEF Income Composite ETF		13,045,822		21,784,535		34,830,357
Fundamental High Yield® Corporate Bond ETF		20,119,834		23,204,579		43,324,413
Fundamental Investment Grade Corporate Bond ETF		-		-		-
National AMT-Free Municipal Bond ETF		9,483,052		248,063		9,731,115
New York AMT-Free Municipal Bond ETF		107,109		7,521		114,630
Preferred ETF		38,016,412		202,001,035		240,017,447
Taxable Municipal Bond ETF		3,786,445		3,322,550		7,108,995
Treasury Collateral ETF		535,672		-		535,672
Variable Rate Preferred ETF		8,222,544		28,919,126		37,141,670
VRDO Tax-Free ETF		-		-		-

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

NOTE 7–Investment Transactions

For the fiscal year ended August 31, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
1-30 Laddered Treasury ETF	$	-	$	-
California AMT-Free Municipal Bond ETF		295,026,461		15,591,306
CEF Income Composite ETF		185,058,152		176,849,530
Fundamental High Yield® Corporate Bond ETF		371,673,137		372,890,416
Fundamental Investment Grade Corporate Bond ETF		12,021,436		12,172,773
National AMT-Free Municipal Bond ETF		387,251,551		100,774,019
New York AMT-Free Municipal Bond ETF		23,080,725		6,743,521
Preferred ETF		755,434,432		763,894,280
Taxable Municipal Bond ETF		346,012,980		65,492,954
Treasury Collateral ETF		-		-
Variable Rate Preferred ETF		244,072,868		172,488,093
VRDO Tax-Free ETF		-		-

For the fiscal year ended August 31, 2022, the cost of securities purchased and proceeds from sales of U.S. Government obligations (other than short-term securities, money market funds and in-kind transactions) were as follows:

	Purchases		Sales
1-30 Laddered Treasury ETF	$	43,013,677	$	23,351,788
Treasury Collateral ETF		-		-

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For the fiscal year ended August 31, 2022, in-kind transactions associated with creations and redemptions were as follows:

	In-kind		In-kind
	Purchases		Sales
1-30 Laddered Treasury ETF	$	279,387,970	$	97,784,257
California AMT-Free Municipal Bond ETF		28,593,586		168,408,149
CEF Income Composite ETF		108,431,808		140,644,334
Fundamental High Yield® Corporate Bond ETF		416,948,365		374,767,819
Fundamental Investment Grade Corporate Bond ETF		-		17,398,683
National AMT-Free Municipal Bond ETF		48,285,419		405,700,186
New York AMT-Free Municipal Bond ETF		946,078		5,614,812
Preferred ETF		538,864,210		1,222,547,066
Taxable Municipal Bond ETF		43,551,827		400,097,266
Treasury Collateral ETF		-		-
Variable Rate Preferred ETF		255,819,134		88,583,927
VRDO Tax-Free ETF		-		-

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

As of August 31, 2022, 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
1-30 Laddered Treasury ETF	$              85		$	(70,664,980	)		$	(70,664,895	)		$	600,267,388
California AMT-Free Municipal Bond ETF	1,253,793			(44,191,898	)			(42,938,105	)			601,811,106
CEF Income Composite ETF	34,182,032			(116,191,654	)			(82,009,622	)			837,348,332
Fundamental High Yield® Corporate Bond ETF	86,009			(83,073,278	)			(82,987,269	)			1,023,454,196
Fundamental Investment Grade Corporate Bond ETF	3,129			(2,687,993	)			(2,684,864	)			36,915,045
National AMT-Free Municipal Bond ETF	5,933,932			(208,517,263	)			(202,583,331	)			2,166,609,313
New York AMT-Free Municipal Bond ETF	157,624			(10,765,278	)			(10,607,654	)			122,535,614
Preferred ETF	1,117,394			(1,032,615,048	)			(1,031,497,654	)			6,622,628,225
Taxable Municipal Bond ETF	18,942,250			(233,120,743	)			(214,178,493	)			2,060,509,936
Treasury Collateral ETF	1,592			(1,212,065	)			(1,210,473	)			828,450,851
Variable Rate Preferred ETF	786,953			(214,386,617	)			(213,599,664	)			2,174,278,849
VRDO Tax-Free ETF	-			-				-				62,680,000

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, registered investment company adjustments, taxable overdistributions, partnerships and hybrid securities, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2022, the reclassifications were as follows:

	Undistributed Net Investment Income (Loss)				Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
1-30 Laddered Treasury ETF		$	-			$	2,496,807			$	(2,496,807	)
California AMT-Free Municipal Bond ETF			-				7,223,722				(7,223,722	)
CEF Income Composite ETF			18,530,102				(13,265,630	)			(5,264,472	)
Fundamental High Yield® Corporate Bond ETF			-				1,563,972				(1,563,972	)
Fundamental Investment Grade Corporate Bond ETF			(8,512	)			296,870				(288,358	)
National AMT-Free Municipal Bond ETF			-				5,384,744				(5,384,744	)
New York AMT-Free Municipal Bond ETF			(1,724	)			(381,919	)			383,643
Preferred ETF			7,575,806				54,423,297				(61,999,103	)
Taxable Municipal Bond ETF			45,796				35,959,797				(36,005,593	)
Treasury Collateral ETF			(896	)			30,228				(29,332	)
Variable Rate Preferred ETF			333,876				7,208,176				(7,542,052	)
VRDO Tax-Free ETF			-				-				-

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NOTE 9–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of 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 10–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. 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 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.

150

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco CEF Income Composite ETF, Invesco Fundamental High Yield^® Corporate Bond ETF, Invesco Fundamental Investment Grade Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Preferred ETF, Invesco Taxable Municipal Bond ETF, Invesco Treasury Collateral ETF, Invesco Variable Rate Preferred ETF and Invesco VRDO Tax-Free ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco CEF Income Composite ETF, Invesco Fundamental High Yield^® Corporate Bond ETF, Invesco Fundamental Investment Grade Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF, Invesco Preferred ETF, Invesco Taxable Municipal Bond ETF, Invesco Treasury Collateral ETF, Invesco Variable Rate Preferred ETF and Invesco VRDO Tax-Free ETF (twelve of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 27, 2022

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

151

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 for the entire period March 1, 2022 through August 31, 2022.

In addition to the fees and expenses which the Invesco CEF Income Composite ETF and Invesco Preferred 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
	March 1, 2022			August 31, 2022			Six-Month Period			Six-Month Period(1)
Invesco 1-30 Laddered Treasury ETF (PLW)
Actual		$	1,000.00		$	880.00		0.25	%		$	1.18
Hypothetical (5% return before expenses)			1,000.00			1,023.95		0.25				1.28
Invesco California AMT-Free Municipal Bond ETF (PWZ)
Actual			1,000.00			916.40		0.28				1.35
Hypothetical (5% return before expenses)			1,000.00			1,023.79		0.28				1.43

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Calculating your ongoing Fund expenses–(continued)

							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	March 1, 2022			August 31, 2022			Six-Month Period			Six-Month Period(1)
Invesco CEF Income Composite ETF (PCEF)
Actual		$	1,000.00		$	932.50		0.50	%		$	2.44
Hypothetical (5% return before expenses)			1,000.00			1,022.68		0.50				2.55
Invesco Fundamental High Yield® Corporate Bond ETF (PHB)
Actual			1,000.00			936.20		0.50				2.44
Hypothetical (5% return before expenses)			1,000.00			1,022.68		0.50				2.55
Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)
Actual			1,000.00			938.30		0.22				1.07
Hypothetical (5% return before expenses)			1,000.00			1,024.10		0.22				1.12
Invesco National AMT-Free Municipal Bond ETF (PZA)
Actual			1,000.00			908.30		0.28				1.35
Hypothetical (5% return before expenses)			1,000.00			1,023.79		0.28				1.43
Invesco New York AMT-Free Municipal Bond ETF (PZT)
Actual			1,000.00			906.50		0.28				1.35
Hypothetical (5% return before expenses)			1,000.00			1,023.79		0.28				1.43
Invesco Preferred ETF (PGX)
Actual			1,000.00			930.10		0.50				2.43
Hypothetical (5% return before expenses)			1,000.00			1,022.68		0.50				2.55
Invesco Taxable Municipal Bond ETF (BAB)
Actual			1,000.00			873.90		0.28				1.32
Hypothetical (5% return before expenses)			1,000.00			1,023.79		0.28				1.43
Invesco Treasury Collateral ETF (CLTL)
Actual			1,000.00			1,002.50		0.08				0.40
Hypothetical (5% return before expenses)			1,000.00			1,024.80		0.08				0.41
Invesco Variable Rate Preferred ETF (VRP)
Actual			1,000.00			956.20		0.50				2.47
Hypothetical (5% return before expenses)			1,000.00			1,022.68		0.50				2.55
Invesco VRDO Tax-Free ETF (PVI)
Actual			1,000.00			1,002.50		0.25				1.26
Hypothetical (5% return before expenses)			1,000.00			1,023.95		0.25				1.28

⁽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 August 31, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

153

Tax Information

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

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

The Funds designate the following amounts or, if subsequently determined to be different, the maximum amount allowable for their fiscal year ended August 31, 2022:

	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*			Qualified Interest Income*			Tax-Exempt Income*			Long Term Capital Gains			Qualified Short Term Gains
Invesco 1-30 Laddered Treasury ETF		0	%		0	%		0	%		100	%		100	%		100	%		0	%		$	-		$	-
Invesco California AMT-Free Municipal Bond ETF		0	%		0	%		0	%		0	%		0	%		0	%		100	%			-		$	-
Invesco CEF Income Composite ETF		0	%		5	%		0	%		0	%		0	%		0	%		0	%			-		$	-
Invesco Fundamental High Yield® Corporate Bond ETF		0	%		0	%		0	%		0	%		98	%		95	%		0	%			-		$	-
Invesco Fundamental Investment Grade Corporate Bond ETF		0	%		0	%		0	%		0	%		99	%		97	%		0	%			441,199		$	54,289
Invesco National AMT-Free Municipal Bond ETF		0	%		0	%		0	%		0	%		100	%		0	%		100	%			-		$	-
Invesco New York AMT-Free Municipal Bond ETF		0	%		0	%		0	%		0	%		0	%		0	%		100	%			560,281		$	-
Invesco Preferred ETF		0	%		66	%		64	%		0	%		22	%		22	%		0	%			-		$	-
Invesco Taxable Municipal Bond ETF		0	%		0	%		0	%		0	%		100	%		100	%		0	%			-		$	-
Invesco Treasury Collateral ETF		0	%		0	%		0	%		100	%		100	%		100	%		0	%			-		$	105,131
Invesco Variable Rate Preferred ETF		0	%		68	%		63	%		0	%		19	%		14	%		0	%			-		$	-
Invesco VRDO Tax-Free ETF		0	%		0	%		0	%		0	%		0	%		0	%		100	%			-		$	-

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

154

Trustees and Officers

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

As of August 31, 2022

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2007	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	230	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).
Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	230	None.

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

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

155

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Edmund P. Giambastiani, Jr.–1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chair of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	230	Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

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

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

156

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Victoria J. Herget–1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	230	Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, Mather LifeWays (2001-2021); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

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

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

157

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Audit Committee and Trustee	Chair of the Audit Committee since 2008; Trustee since 2007	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	230	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.
Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Investment Oversight Committee and Trustee	Chair of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	230	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

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

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

158

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Joanne Pace–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.	230	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

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

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

159

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	230	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).
Donald H. Wilson–1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Board and Trustee	Chair since 2012; Trustee since 2007	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank—Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	230	Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

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

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

160

Trustees and Officers–(continued)

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

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road Suite 700 Downers Grove, IL 60515	Trustee, President and Principal Executive Officer	Trustee since 2022, President and Principal Executive Officer since 2020	President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).	230	None

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

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

161

Trustees and Officers–(continued)

	Position(s)	Length of	Principal
Name, Address and Year of Birth	Held	Time	Occupation(s) During
of Executive Officers	with Trust	Served*	the Past 5 Years
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2020	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

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

162

Trustees and Officers–(continued)

	Position(s)	Length of	Principal
Name, Address and Year of Birth	Held	Time	Occupation(s) During
of Executive Officers	with Trust	Served*	the Past 5 Years
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); and Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present); Director, Invesco Trust Company (2022-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange- Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).
Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

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

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Trustees and Officers–(continued)

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

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

Availability of Additional Information About the Trustees

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

164

Approval of Investment Advisory and Sub-Advisory Contracts

At a meeting held on April 6, 2022, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 74 series (each, a “Fund” and collectively, the “Funds”):

Invesco 1-30 Laddered Treasury ETF	Invesco Russell 1000 Low Beta Equal Weight ETF
Invesco California AMT-Free Municipal Bond ETF	Invesco S&P 500® Enhanced Value ETF
Invesco CEF Income Composite ETF	Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco China Technology ETF	Invesco S&P 500® High Beta ETF
Invesco DWA Developed Markets Momentum ETF	Invesco S&P 500® High Dividend Low Volatility ETF
Invesco DWA Emerging Markets Momentum ETF	Invesco S&P 500® Low Volatility ETF
Invesco DWA SmallCap Momentum ETF	Invesco S&P 500 Minimum Variance ETF
Invesco Emerging Markets Sovereign Debt ETF	Invesco S&P 500® Momentum ETF
Invesco FTSE International Low Beta Equal Weight ETF	Invesco S&P 500 Revenue ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF	Invesco S&P Emerging Markets Low Volatility ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	Invesco S&P Emerging Markets Momentum ETF
Invesco FTSE RAFI Emerging Markets ETF	Invesco S&P International Developed High Dividend Low
Invesco Fundamental High Yield® Corporate Bond ETF	Volatility ETF
Invesco Fundamental Investment Grade Corporate Bond ETF	Invesco S&P International Developed Low Volatility ETF
Invesco Global Clean Energy ETF	Invesco S&P International Developed Momentum ETF
Invesco Global Short Term High Yield Bond ETF	Invesco S&P International Developed Quality ETF
Invesco Global Water ETF	Invesco S&P MidCap 400 Revenue ETF
Invesco International BuyBack Achievers™ ETF	Invesco S&P MidCap Low Volatility ETF
Invesco International Corporate Bond ETF	Invesco S&P SmallCap 600 Revenue ETF
Invesco KBW Bank ETF	Invesco S&P SmallCap Consumer Discretionary ETF
Invesco KBW High Dividend Yield Financial ETF	Invesco S&P SmallCap Consumer Staples ETF
Invesco KBW Premium Yield Equity REIT ETF	Invesco S&P SmallCap Energy ETF
Invesco KBW Property & Casualty Insurance ETF	Invesco S&P SmallCap Financials ETF
Invesco KBW Regional Banking ETF	Invesco S&P SmallCap Health Care ETF
Invesco MSCI Green Building ETF	Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco NASDAQ 100 ETF	Invesco S&P SmallCap Industrials ETF
Invesco NASDAQ Next Gen 100 ETF	Invesco S&P SmallCap Information Technology ETF
Invesco National AMT-Free Municipal Bond ETF	Invesco S&P SmallCap Low Volatility ETF
Invesco New York AMT-Free Municipal Bond ETF	Invesco S&P SmallCap Materials ETF
Invesco Preferred ETF	Invesco S&P SmallCap Quality ETF
Invesco PureBetaSM 0-5 Yr US TIPS ETF	Invesco S&P SmallCap Utilities & Communication  Services
Invesco PureBetaSM FTSE Developed ex-North America ETF	ETF
Invesco PureBetaSM FTSE Emerging Markets ETF	Invesco S&P Ultra Dividend Revenue ETF
Invesco PureBetaSM MSCI USA ETF	Invesco Senior Loan ETF
Invesco PureBetaSM MSCI USA Small Cap ETF	Invesco Taxable Municipal Bond ETF
Invesco PureBetaSM US Aggregate Bond ETF	Invesco Treasury Collateral ETF
Invesco Russell 1000 Enhanced Equal Weight ETF	Invesco Variable Rate Preferred ETF
Invesco Russell 1000 Equal Weight ETF	Invesco VRDO Tax-Free ETF

Also at the April 6, 2022 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).

Investment Advisory Agreement

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other

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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2021, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year and since-inception periods for Invesco VRDO Tax-Free ETF and the one-year period for Invesco Treasury Collateral ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco VRDO Tax-Free ETF’s and Invesco Treasury Collateral ETF’s level of correlation to their respective underlying indexes. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement. The Trustees concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

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

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:

· 0.04% of the Fund’s average daily net assets for Invesco PureBeta^SM MSCI USA ETF;

· 0.05% of the Fund’s average daily net assets for Invesco PureBeta^SM US Aggregate Bond ETF;

· 0.06% of the Fund’s average daily net assets for Invesco PureBeta^SM MSCI USA Small Cap ETF;

· 0.07% of the Fund’s average daily net assets for Invesco PureBeta^SM 0-5 Yr US TIPS ETF and Invesco PureBeta^SM FTSE Developed ex-North America ETF;

· 0.08% of the Fund’s average daily net assets for Invesco Treasury Collateral ETF;

· 0.10% of the Fund’s average daily net assets for Invesco S&P 500 Minimum Variance ETF;

· 0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;

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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

· 0.14% of the Fund’s average daily net assets for Invesco PureBeta^SM FTSE Emerging Markets ETF;

· 0.15% of the Fund’s average daily net assets for Invesco NASDAQ 100 ETF and Invesco NASDAQ Next Gen 100 ETF;

· 0.20% of the Fund’s average daily net assets for Invesco Russell 1000 Equal Weight ETF;

· 0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;

· 0.25% of the Fund’s average daily net assets for Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500^® High Beta ETF, Invesco S&P 500^® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF and Invesco VRDO Tax-Free ETF;

· 0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF;

· 0.29% of the Fund’s average daily net assets for Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF;

· 0.30% of the Fund’s average daily net assets for Invesco S&P 500^® High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF and Invesco S&P International Developed High Dividend Low Volatility ETF;

· 0.35% of the Fund’s average daily net assets for Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco Russell 1000 Low Beta Equal Weight ETF;

· 0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF;

· 0.45% of the Fund’s daily net assets for Invesco FTSE International Low Beta Equal Weight ETF and Invesco FTSE RAFI Developed Markets ex-U.S. ETF;

· 0.49% of the Fund’s daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF;

· 0.50% of the Fund’s daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield^® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF;

· 0.55% of the Fund’s daily net assets for Invesco International BuyBack Achievers^TM ETF;

· 0.60% of the Fund’s daily net assets for Invesco DWA SmallCap Momentum ETF;

· 0.65% of the Fund’s daily net assets for Invesco Senior Loan ETF;

· 0.70% of the Fund’s daily net assets for Invesco China Technology ETF;

· 0.75% of the Fund’s daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF;

· 0.80% of the Fund’s daily net assets for Invesco DWA Developed Markets Momentum ETF; and

· 0.90% of the Fund’s daily net assets for Invesco DWA Emerging Markets Momentum ETF.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their

167

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

Invesco Fund	Equal to/Lower than ETF Peer Median		Equal to/Lower than Open-End Index Fund Peer Median*		Lower than Open-End Active Fund Peer Median
Invesco 1-30 Laddered Treasury ETF						X
Invesco California AMT-Free Municipal Bond ETF				N/A		X
Invesco CEF Income Composite ETF		X		N/A		X
Invesco China Technology ETF				N/A		X
Invesco DWA Developed Markets Momentum ETF						X
Invesco DWA Emerging Markets Momentum ETF						X
Invesco DWA SmallCap Momentum ETF						X
Invesco Emerging Markets Sovereign Debt ETF						X
Invesco FTSE International Low Beta Equal Weight ETF		X		X		X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF						X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF				X		X
Invesco FTSE RAFI Emerging Markets ETF		X				X
Invesco Fundamental High Yield® Corporate Bond ETF				X		X
Invesco Fundamental Investment Grade Corporate Bond ETF						X
Invesco Global Clean Energy ETF				X		X
Invesco Global Short Term High Yield Bond ETF		X		N/A		X
Invesco Global Water ETF				X		X
Invesco International BuyBack AchieversTM ETF						X
Invesco International Corporate Bond ETF						X
Invesco KBW Bank ETF		X				X
Invesco KBW High Dividend Yield Financial ETF		X				X
Invesco KBW Premium Yield Equity REIT ETF		X				X
Invesco KBW Property & Casualty Insurance ETF		X				X
Invesco KBW Regional Banking ETF		X				X
Invesco MSCI Green Building ETF				X		X
Invesco NASDAQ 100 ETF		X				X
Invesco NASDAQ Next Gen 100 ETF		X				X
Invesco National AMT-Free Municipal Bond ETF						X
Invesco New York AMT-Free Municipal Bond ETF				N/A		X
Invesco Preferred ETF				N/A		X
Invesco PureBetaSM 0-5 Yr US TIPS ETF		X				X
Invesco PureBetaSM FTSE Developed ex-North America ETF		X		X		X
Invesco PureBetaSM FTSE Emerging Markets ETF		X		X		X
Invesco PureBetaSM MSCI USA ETF		X		X		X
Invesco PureBetaSM MSCI USA Small Cap ETF		X		X		X
Invesco PureBetaSM US Aggregate Bond ETF		X		X		X
Invesco Russell 1000 Enhanced Equal Weight ETF						X
Invesco Russell 1000 Equal Weight ETF		X				X
Invesco Russell 1000 Low Beta Equal Weight ETF						X
Invesco S&P 500 Enhanced Value ETF		X		X		X
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF		X				X
Invesco S&P 500® High Beta ETF		X				X
Invesco S&P 500® High Dividend Low Volatility ETF		X		X		X

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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

	Equal	Equal to/Lower	Lower than
	to/Lower	than Open-End	Open-End
	than ETF	Index Fund	Active Fund
Invesco Fund	Peer Median	Peer Median*	Peer Median
Invesco S&P 500® Low Volatility ETF	X		X
Invesco S&P 500 Minimum Variance ETF	X	X	X
Invesco S&P 500 Momentum ETF	X	X	X
Invesco S&P 500 Revenue ETF			X
Invesco S&P Emerging Markets Low Volatility ETF	X		X
Invesco S&P Emerging Markets Momentum ETF	X		X
Invesco S&P International Developed High Dividend Low Volatility ETF	X	X	X
Invesco S&P International Developed Low Volatility ETF	X		X
Invesco S&P International Developed Momentum ETF	X	N/A	X
Invesco S&P International Developed Quality ETF	X	N/A	X
Invesco S&P MidCap 400 Revenue ETF			X
Invesco S&P MidCap Low Volatility ETF	X	X	X
Invesco S&P SmallCap 600 Revenue ETF		X	X
Invesco S&P SmallCap Consumer Discretionary ETF	X		X
Invesco S&P SmallCap Consumer Staples ETF	X		X
Invesco S&P SmallCap Energy ETF	X		X
Invesco S&P SmallCap Financials ETF	X		X
Invesco S&P SmallCap Health Care ETF	X		X
Invesco S&P SmallCap High Dividend Low Volatility ETF	X	X	X
Invesco S&P SmallCap Industrials ETF	X		X
Invesco S&P SmallCap Information Technology ETF	X		X
Invesco S&P SmallCap Low Volatility ETF	X	X	X
Invesco S&P SmallCap Materials ETF	X		X
Invesco S&P SmallCap Quality ETF	X	X	X
Invesco S&P SmallCap Utilities & Communication Services ETF	X	X	X
Invesco S&P Ultra Dividend Revenue ETF		X	X
Invesco Senior Loan ETF	X	N/A	X
Invesco Taxable Municipal Bond ETF		N/A	X
Invesco Treasury Collateral ETF	X		X
Invesco Variable Rate Preferred ETF		X	X
Invesco VRDO Tax-Free ETF		N/A	X

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

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Global Clean Energy ETF, Invesco International Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco VRDO Tax-Free ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

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

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

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees for money market cash management vehicles and fees as the Funds’ direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. 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 continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

Investment Sub-Advisory Agreement

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 6, 2022. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

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

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

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

170

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 15 and April 6, 2022 Board meetings, and Invesco Advisers, Inc., in connection with the April 6, 2022 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.

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

Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as the direct securities lending agent for the Invesco ETFs. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

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

171

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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.

©2022 Invesco Capital Management LLC         3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-TRST2-FINC-AR-1	invesco.com/ETFs

	Invesco Annual Report to Shareholders
	August 31, 2022
	RSPE	Invesco ESG S&P 500 Equal Weight ETF
	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
	QVML	Invesco S&P 500 QVM Multi-factor ETF
	QVMM	Invesco S&P MidCap 400 QVM Multi-factor ETF
	XMLV	Invesco S&P MidCap Low Volatility ETF
	QVMS	Invesco S&P SmallCap 600 QVM Multi-factor 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

The Market Environment	3
Management’s Discussion of Fund Performance	4
Liquidity Risk Management Program	44
Schedules of Investments
Invesco ESG S&P 500 Equal Weight ETF (RSPE)	45
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)	48
Invesco Russell 1000 Equal Weight ETF (EQAL)	55
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)	65
Invesco S&P 500®  Enhanced Value ETF (SPVU)	71
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)	73
Invesco S&P 500® High Beta ETF (SPHB)	75
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)	77
Invesco S&P 500® Low Volatility ETF (SPLV)	79
Invesco S&P 500 Minimum Variance ETF (SPMV)	81
Invesco S&P 500®  Momentum ETF (SPMO)	83
Invesco S&P 500 QVM Multi-factor ETF (QVML)	85
Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)	90
Invesco S&P MidCap Low Volatility ETF (XMLV)	95
Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)	97
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)	103
Invesco S&P SmallCap Low Volatility ETF (XSLV)	105
Invesco S&P SmallCap Quality ETF (XSHQ)	107
Statements of Assets and Liabilities	110
Statements of Operations	114
Statements of Changes in Net Assets	118
Financial Highlights	124
Notes to Financial Statements	141
Report of Independent Registered Public Accounting Firm	157
Fund Expenses	159
Tax Information	161
Trustees and Officers	162
Approval of Investment Advisory and Sub-Advisory Contracts	172

2

The Market Environment

Domestic Equity

The fiscal year began with increasing volatility and the US stock market saw a selloff through most of September due to increasing concerns of inflation resulting from a spike in oil prices and supply chain shortages causing rising costs. Despite the Consumer Price Index (CPI) increasing monthly from June through September 2021,¹ the US Federal Reserve (the Fed) declined to raise interest rates at its September 2021 Federal Open Market Committee meeting.

Equity markets saw continued volatility in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruption and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil rose to nearly $85 per barrel in October,² causing higher gas prices for consumers, and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.¹ To combat inflation, the Fed announced a faster pace of “tapering” at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at the 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.² The CPI rose by another 7.9% for the 12 months ended February 2022 reaching a 40 year high.¹ To combat inflation, the Fed raised the federal funds rate by a one-quarter percentage point in March.

As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix, reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued for much of the second quarter of 2022 amid record inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the CPI rose by yet another 8.6% for the 12 months ended May 2022 reaching a 40 year high.¹ Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.² To tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.³ US

equity markets rose in July and much of August until Fed chairman Jerome Powell’s hawkish comments at Jackson Hole, Wyoming, an economic policy symposium, sparked a sharp selloff at month end. Due to declining energy prices, the CPI rose by 8.5% for the 12 months ending July,¹ down slightly from June, but still at multi-decade highs and far above the Fed’s 2% annual inflation target. As a result, the Fed indicated that it would continue taking aggressive action to curb inflation, though such measures could “bring pain to households and businesses.” The remarks deflated investor optimism that the Fed would pause rate hikes in the second half of 2022 and increased the likelihood of a US recession. In this environment, US stocks had negative double-digit returns of (11.23)% for the fiscal year ended August 31, 2022, measured by the S&P 500 Index.⁴

¹  Source: US Bureau of Labor Statistics

²  Source: Bloomberg LP

³  Source: US Federal Reserve

⁴  Source: Lipper Inc.

3

RSPE	Management’s Discussion of Fund Performance
	Invesco ESG S&P 500 Equal Weight ETF (RSPE)

As an index fund, the Invesco ESG S&P 500 Equal Weight ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Equal Weight ESG Leaders Select Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the equal weighted performance of securities included in the S&P 500^® Equal Weight Index (the “Parent Index”) that also meet the Index Provider’s environmental, social and governance (“ESG”) criteria, while maintaining similar overall industry group weights as the Parent Index.

The Parent Index consists of all of the components of the S&P 500^® Index. However, unlike that index, which employs a market capitalization weighted methodology, the Parent Index assigns each component security the same weight. Like the Parent Index, constituents of the Index are equally weighted. Companies that are included in the Parent Index are evaluated for inclusion in the Index based on multiple considerations.

Each constituent is assigned an “S&P DJI ESG score,” which is designed to measure a company’s financially material ESG factors. The analysis of whether a factor is financially material focuses on industry-specific business value drivers that contribute to company performance, utilizing quantitative and qualitative research and industry experience. The analysis incorporates historical correlation data and current industry conditions to identify which long-term economic, social or environmental factors are likely to have the most significant impact on a company’s business value drivers of growth, cost or risk, and ultimately, future financial performance. S&P DJI ESG scores are based on the S&P Global Corporate Sustainability Assessment (“CSA”), which is a questionnaire-based survey conducted annually that seeks to identify how well-equipped a company is to recognize and respond to emerging sustainability opportunities and challenges in the global market. S&P Global, an affiliate of the Index Provider, issues a CSA request each March to subject companies. The CSA uses custom industries, derived from Global Industry Classification Standard (“GICS^®”), to analyze companies using industry-specific questionnaires. Companies provide up to 1,000 data points in response to the questionnaires which are used to score each company’s performance in relation to each specific ESG subject. If a company chooses not to actively participate in the assessment, it may be assessed based on publicly available information, including a company’s financial reports, press releases and other public statements, and other information available on the company’s website. Companies are ranked from highest to lowest according to their S&P DJI ESG scores, and the top 40% of constituents within each GICS^® industry group generally are included in the Index.

In addition, the Index employs negative screens to exclude securities of companies with business activities that do not meet the eligibility criteria for the Index, regardless of a company’s S&P DJI ESG score. Companies classified as part of the GICS^® Oil & Gas Storage & Transportation Sub-Industry Code are excluded from the eligible universe. Additional screens rely on information from Sustainalytics, a globally-recognized independent provider of ESG research, ratings, and data. The Index uses this information to screen for companies with certain business activities above the S&P DJI Level of Involvement Threshold or the S&P DJI Significant Ownership Threshold. These thresholds generally exclude from the Index companies that derive 0-25% or more of its revenues from, or that own 10% or more of another company that engages in, the following activities: Arctic oil & gas exploration; alcoholic beverages; assault weapons; cannabis production or distribution; controversial weapons; genetically modified plants and seeds; gambling; military contracting; nuclear power; oil and gas exploration, production, generation, refinement, transportation or storage; oil sands extraction; palm oil production and distribution; pesticides; riot control weapons; shale energy extraction; small arms; thermal coal; and tobacco.

The Index Provider also utilizes information from Arabesque S-Ray^TM to exclude poor performers in relation to the principles of the United Nations Global Compact (“UNGC”). The UNGC is an arrangement by which companies voluntarily and publicly commit to a set of principles drawn from key United Nations (“UN”) Conventions and Declarations. The principles of the UNGC represent a set of values that the UN believes responsible businesses should incorporate into their operations in order to meet fundamental responsibilities in the areas of human rights, labor, the environment, and anti-corruption. Arabesque S-Ray^TM is a global sustainability data provider that combines company-reported information and other data to analyze and score companies based on UNGC principles. Companies are ranked according to these Global Compact (“GC”) scores, and all companies with scores at or below the bottom 5% of the GC score universe are excluded from the Index.

During the fiscal period from the Fund’s inception (November 17, 2021, the first day of trading on the exchange) through August 31, 2022, on a market price basis, the Fund returned (13.57)%. On a net asset value (“NAV”) basis, the Fund returned (13.61)%. During the same time period, the Index returned (13.46)%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned (14.62)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on

4

Invesco ESG S&P 500 Equal Weight ETF (RSPE) (continued)

the average performance of approximately 500 equity securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. equity market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs ESG stock selection criteria and an equal weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the industrials sector and most underweight in the information technology sector during the fiscal period ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight allocation to and the security selection within the communication services sector and the Fund’s overweight allocation to and security selection within the materials sector.

For the fiscal period ended August 31, 2022, the consumer staples sector contributed most significantly to the Fund’s return, followed by the utilities sector. The consumer discretionary sector detracted most significantly from the Fund’s performance during this period, followed by the information technology and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2022, included CF Industries Holdings, Inc., a materials company (portfolio average weight of 0.63%), and Mosaic Co., a materials company (portfolio average weight of 0.59%). Positions that detracted most significantly from the Fund’s return during this period included PVH Corp., a consumer discretionary company (portfolio average weight of 0.51%) and Stanley, Black & Decker, Inc., an industrials company (portfolio average weight of 0.50%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Information Technology	16.50
Industrials	15.81
Financials	14.49
Health Care	14.16
Consumer Discretionary	12.25
Consumer Staples	6.87
Real Estate	6.26
Materials	5.59
Communication Services	5.16
Utilities	2.83
Money Market Funds Plus Other Assets Less Liabilities	0.08
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Etsy, Inc.	0.71
Arista Networks, Inc.	0.66
Nasdaq, Inc.	0.66
CF Industries Holdings, Inc.	0.65
Keysight Technologies, Inc.	0.64
Motorola Solutions, Inc.	0.64
Trane Technologies PLC	0.64
General Mills, Inc.	0.63
W.W. Grainger, Inc.	0.63
Rockwell Automation, Inc.	0.63
Total	6.49

* Excluding money market fund holdings.

5

Invesco ESG S&P 500 Equal Weight ETF (RSPE) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

	Fund Inception Cumulative
Index
S&P 500® Equal Weight ESG Leaders Select Index		(13.46	)%
S&P 500® Index		(14.62	)
Fund
NAV Return		(13.61	)
Market Price Return		(13.57	)

Fund Inception: November 17, 2021

Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See the current prospectus for more information.

According to the Fund’s current prospectus, the Fund’s expense ratio of 0.20% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

6

USEQ	Management’s Discussion of Fund Performance
	Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)

As an index fund, the Invesco Russell 1000 Enhanced Equal Weight ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Russell 1000^® Enhanced Value Equal Weight Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE Russell (“Russell” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of securities in the Russell 1000^® Index (the “Russell 1000” or “Benchmark Index”) that exhibit upward price momentum and good relative valuation. The Index is a subset of the Russell 1000, which is designed to measure the performance of the large-cap segment of the U.S. equity market and consists of the stocks of the largest 1,000 U.S. companies by market capitalization.

The Index Provider selects constituent securities for the Index by applying a three-step screening process (based on a security’s earnings, valuation and momentum) to all securities in the Russell 1000. First, the Index Provider excludes securities with zero or negative earnings over the past 12 months. Second, the Index Provider screens for value stocks. Those securities with value scores in the bottom 10% are excluded. Third, the Index Provider screens for securities with greater positive price “momentum.” Stocks are ranked from highest to lowest by momentum measure over the last twelve months, excluding the most recent month, within each of 11 industries (as defined using the Industry Classification Benchmark) and stocks with momentum measures ranking in the bottom 10% of each industry are excluded. The remaining securities are included in the Index. Constituent securities in the Index are equally weighted. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (9.44)%. On a net asset value (“NAV”) basis, the Fund returned (9.47)%. During the same time period, the Index returned (9.16)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period.

During this same time period, the Benchmark Index returned (12.96)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the large-cap segment of the overall U.S. stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based on market capitalization. Further, the Index is a subset of the Benchmark Index, consisting of securities within the Benchmark Index that exhibit low beta characteristics.

Relative to the Benchmark Index, the Fund was most overweight in the industrials sector and most underweight in the information technology sector during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the year can be primarily attributed to the underweight allocation to and security selection in the communication services and information technology sectors.

For the fiscal year ended August 31, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the utilities and consumer staples sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the industrials and health care sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022 included CF Industries Holdings, Inc., a materials company (portfolio average weight of 0.20%) and ConocoPhillips, an energy company (portfolio average weight of 0.18%). Positions that detracted most significantly from the Fund’s return included Wayfair, Inc., Class A, a consumer discretionary company (no longer held at fiscal year-end), and DISH Network Corp., Class A, a communication services company (portfolio average weight of 0.13%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Industrials	17.77
Financials	15.89
Consumer Discretionary	13.05
Information Technology	11.83
Health Care	9.88
Real Estate	6.91
Consumer Staples	6.65
Materials	6.60
Utilities	4.56
Energy	3.50
Communication Services	3.20
Money Market Funds Plus Other Assets Less Liabilities	0.16

7

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
EPAM Systems, Inc.	0.20
Dick’s Sporting Goods, Inc.	0.20
Erie Indemnity Co., Class A	0.20
BJ’s Wholesale Club Holdings, Inc.	0.20
Chipotle Mexican Grill, Inc.	0.19
H&R Block, Inc.	0.19
Clean Harbors, Inc.	0.19
Advanced Drainage Systems, Inc.	0.18
Acadia Healthcare Co., Inc.	0.18
Deckers Outdoor Corp.	0.18
Total	1.91

* Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
Russell 1000® Enhanced Value Equal Weight Index		(9.16	)%		9.14	%		30.01	%		8.34	%		49.27	%		8.14	%		49.43	%
Russell 1000® Index		(12.96	)		12.14			41.01			11.61			73.16			11.56			75.33
Fund
NAV Return		(9.47	)		8.88			29.08			8.07			47.41			7.87			47.52
Market Price Return		(9.44	)		8.92			29.22			8.07			47.40			7.87			47.52

8

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ) (continued)

Fund Inception: July 13, 2017

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

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

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

Notes Regarding Indexes and Fund Performance History:

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

9

EQAL	Management’s Discussion of Fund Performance
	Invesco Russell 1000 Equal Weight ETF (EQAL)

As an index fund, the Invesco Russell 1000 Equal Weight ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Russell 1000^® Equal Weight Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE Russell (“Russell” or the “Index Provider”) compiles, maintains and calculates the Index which is designed to measure the performance of approximately 1,000 equally-weighted securities. The Index is comprised of all of the securities in the Russell 1000^® Index (the “Russell 1000” or “Benchmark Index”), which is designed to measure the performance of the large-cap segment of the U.S. equity market and consists of the stocks of the largest 1,000 U.S. companies by market capitalization. The Index is constructed by applying a three-step process. First, the Index Provider assigns each component security of the Russell 1000 to an industry based on the Industry Classification Benchmark (the “ICB”) classification system. The ICB classification system is composed of 11 economic industries: basic materials, consumer discretionary, consumer staples, energy, financials, health care, industrials, real estate, technology, telecommunications and utilities. Second, once the component securities are assigned to an industry, the Index Provider allocates an equal weight to each industry and then assigns an equal weight to each constituent security within each industry. Third, the Index Provider then applies a “capacity screen” to the Index to eliminate securities of companies with limited “free float” (i.e., companies with a limited amount of shares publicly available in the market). The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (8.86)%. On a net asset value (“NAV”) basis, the Fund returned (8.96)%. During the same time period, the Index returned (8.89)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were partially offset by revenue generated from the securities lending program in which the Fund participates.

During this same time period, the Benchmark Index returned (12.96)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the large-cap segment of the overall U.S. stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an

equal weighted methodology, whereas the Benchmark Index weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the materials sector and most underweight in the information technology sector during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the year can be attributed to the Fund’s overweight allocation to the energy and materials sectors.

For the fiscal year ended August 31, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the utilities sector. The communication services sector detracted most significantly from the Fund’s return, followed by the information technology and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Occidental Petroleum Corp., an energy company (portfolio average weight of 0.28%) and CF Industries Holdings Inc., a materials company (portfolio average weight of 0.28%). Positions that detracted most significantly from the Fund’s return included Roku Inc., Class A, a communication services company (portfolio average weight of 0.39%), and Altice USA, Inc., Class A, a communication services company (portfolio average weight of 0.41%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Information Technology	14.34
Industrials	10.35
Health Care	9.92
Financials	9.22
Materials	8.91
Consumer Staples	8.62
Real Estate	8.61
Utilities	8.56
Energy	7.98
Communication Services	6.68
Consumer Discretionary	6.68
Money Market Funds Plus Other Assets Less Liabilities	0.13

10

Invesco Russell 1000 Equal Weight ETF (EQAL) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Arista Networks, Inc.	0.56
Viasat, Inc.	0.52
Motorola Solutions, Inc.	0.52
Ubiquiti, Inc.	0.52
Ciena Corp.	0.50
T-Mobile US, Inc.	0.50
Frontier Communications Parent, Inc.	0.48
Altice USA, Inc., Class A	0.47
Lumentum Holdings, Inc.	0.45
Cisco Systems, Inc.	0.44
Total	4.96

* Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
Russell 1000® Equal Weight Index		(8.89	)%		11.78	%		39.66	%		9.59	%		58.06	%		8.59	%		88.48	%
Russell 1000® Index		(12.96	)		12.14			41.01			11.61			73.16			10.59			116.76
Fund
NAV Return		(8.96	)		11.67			39.27			9.46			57.12			8.43			86.32
Market Price Return		(8.86	)		11.70			39.38			9.48			57.29			8.43			86.32

11

Invesco Russell 1000 Equal Weight ETF (EQAL) (continued)

Fund Inception: December 23, 2014

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.20% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

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

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

Notes Regarding Indexes and Fund Performance History:

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

12

USLB	Management’s Discussion of Fund Performance
	Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)

As an index fund, the Invesco Russell 1000 Low Beta Equal Weight ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Russell 1000^® Low Beta Equal Weight Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE Russell (“Russell” or the “Index Provider”) compiles, maintains and calculates the Index which is comprised of securities in the Russell 1000^® Index (the “Russell 1000” or “Benchmark Index”) that exhibit low beta characteristics. The Index is a subset of the Russell 1000, which is designed to measure the performance of the large-cap segment of the U.S. equity market and consists of the stocks of the largest 1,000 U.S. companies by market capitalization.

The Index Provider selects constituent securities for the Index by calculating the beta score for each security in the Russell 1000. Beta is a measure of a security’s price sensitivity (i.e., volatility); it reflects the rate of change in a security’s price that results from overall market movements. To calculate the beta score, the Index Provider analyzes the security’s monthly returns over the past eighteen months to see the extent to which they correlate to overall market movements. Stocks with less than 18 months of history are not eligible for inclusion. Securities with a beta score of less than that of the overall U.S. equity market average (that is, securities whose price changes exhibit less volatility than the average amount of volatility in the market) are eligible for inclusion in the Index. The Index Provider then applies an earnings screen, which eliminates securities that have failed to generate earnings over the trailing 12 months. Constituent securities in the Index are equally weighted. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (7.60)%. On a net asset value (“NAV”) basis, the Fund returned (7.73)%. During the same time period, the Index returned (7.49)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were partially offset by revenue generated from the securities lending program in which the Fund participates.

During this same time period, the Benchmark Index returned (12.96)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1,000 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the large-cap segment of the overall U.S. stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs an equal weighted methodology, whereas the Benchmark Index weights stocks based on market capitalization. Further, the Index is a subset of the Benchmark Index, consisting of securities within the Benchmark Index that exhibit low beta characteristics.

Relative to the Benchmark Index, the Fund was most overweight in the industrials and utilities sectors and most underweight in the information technology and communication services sectors during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight allocation to and security selection in the communication services and information technology sectors as well as its security selection in the financials sector.

For the fiscal year ended August 31, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the utilities and consumer staples sectors. The health care sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and information technology sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Coterra Energy Inc., an energy company (portfolio average weight of 0.26%), and Arista Networks, Inc., an information technology company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Zoom Video Communications, Inc., Class A, an information technology company (portfolio average weight of 0.16%), and Illumina, Inc., a health care company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Financials	16.72
Industrials	14.75
Consumer Discretionary	14.30
Information Technology	9.92
Health Care	9.85
Consumer Staples	8.52
Utilities	6.03
Real Estate	5.91
Materials	5.90
Energy	4.28
Communication Services	3.75
Money Market Funds Plus Other Assets Less Liabilities	0.07

13

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Dick’s Sporting Goods, Inc.	0.27
Erie Indemnity Co., Class A	0.26
H&R Block, Inc.	0.26
Trade Desk, Inc. (The), Class A	0.25
Insulet Corp.	0.25
Clean Harbors, Inc.	0.25
Ollie’s Bargain Outlet Holdings, Inc.	0.25
Pinterest, Inc., Class A	0.24
Acadia Healthcare Co., Inc.	0.24
First Citizens BancShares, Inc., Class A	0.24
Total	2.51

* Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
Russell 1000® Low Beta Equal Weight Index		(7.49	)%		6.32	%		20.17	%		7.27	%		42.05	%		8.11	%		70.18	%
Russell 1000® Index		(12.96	)		12.14			41.01			11.61			73.16			11.61			111.45
Fund
NAV Return		(7.73	)		6.07			19.32			6.97			40.03			7.77			66.63
Market Price Return		(7.60	)		6.10			19.46			6.99			40.19			7.77			66.62

14

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB) (continued)

Fund Inception: November 5, 2015

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

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

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

Notes Regarding Indexes and Fund Performance History:

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

15

SPVU	Management’s Discussion of Fund Performance
	Invesco S&P 500® Enhanced Value ETF (SPVU)

As an index fund, the Invesco S&P 500^® Enhanced Value ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Enhanced Value Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of the top 100 stocks in the S&P 500^® Index (the “Parent Index”) that have the highest “value score,” which the Index Provider calculates based on fundamental ratios of a company’s stock.

In selecting constituent securities for the Index, the Index Provider first calculates the value score of each stock in the Parent Index by evaluating each stock’s: (i) book value-to-price ratio, calculated using the company’s latest book value per share divided by its price; (ii) earnings-to-price ratio, calculated using the company’s trailing 12-month earnings per share divided by its price; and (iii) sales-to-price ratio, calculated using the company’s trailing 12-month sales per share divided by its price. The Index Provider then calculates the value score of each security based on a composite of those three factors and selects the top 100 stocks with the highest value score for inclusion in the Index. The Index uses a modified market capitalization-weighted strategy, weighting securities by multiplying their market capitalization and their value score. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (1.72)%. On a net asset value (“NAV”) basis, the Fund returned (1.85)%. During the same time period, the Index returned (1.75)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period. During the same time period, the Parent Index returned (11.23)%.

For the fiscal year ended August 31, 2022, the health care sector contributed most significantly to the Fund’s return, followed by the energy and utilities sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the communication services and information technology sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Marathon Petroleum Corp., an energy company (portfolio average weight of 2.17%), and Ford Motor Co., a consumer discretionary company (portfolio average weight of 2.28%). Positions that detracted most significantly from the Fund’s return included Citigroup, Inc., a financials company (portfolio average weight of 2.95%), and Bank

of America Corp., a financials company (portfolio average weight of 4.40%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Financials	40.57
Health Care	13.84
Consumer Discretionary	11.55
Information Technology	7.56
Communication Services	7.50
Consumer Staples	5.74
Materials	5.31
Energy	4.89
Sector Types Each Less Than 3%	2.86
Other Assets Less Liabilities	0.18
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of August 31, 2022
Security
Berkshire Hathaway, Inc., Class B	4.92
JPMorgan Chase & Co.	4.81
CVS Health Corp.	4.74
AT&T, Inc.	4.51
Bank of America Corp.	4.05
Intel Corp.	3.75
Wells Fargo & Co.	3.40
Ford Motor Co.	3.18
General Motors Co.	3.09
Cigna Corp.	2.99
Total	39.44

* Excluding money market fund holdings.

16

Invesco S&P 500^® Enhanced Value ETF (SPVU) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
S&P 500® Enhanced Value Index		(1.75	)%		9.85	%		32.56	%		8.24	%		48.56	%		9.73	%		89.60	%
S&P 500® Index		(11.23	)		12.39			41.98			11.82			74.86			12.37			123.38
Fund
NAV Return		(1.85	)		9.77			32.28			8.13			47.79			9.56			87.65
Market Price Return		(1.72	)		9.76			32.23			8.14			47.91			9.55			87.52

Fund Inception: October 9, 2015

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.13% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

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

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

Notes Regarding Indexes and Fund Performance History:

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

17

XRLV	Management’s Discussion of Fund Performance
	Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)

As an index fund, the Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Low Volatility Rate Response Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the volatility-driven weighted performance of the 100 constituents of the S&P 500^® Index (the “Parent Index”) that exhibit the lowest volatility and low sensitivity to changes in the 10-year U.S. Treasury rates (interest rate risk). The Index selects stocks from the Parent Index that exhibit low volatility characteristics, after removing stocks that historically have performed poorly in rising interest rate environments. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. The Index Provider determines a stock’s interest rate sensitivity by performing a regression of the stock’s returns over a five-year period (60 monthly stock returns) to changes in the 10-year U.S. Treasury rate over that same period. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (1.90)%. On a net asset value (“NAV”) basis, the Fund returned (2.04)%. During the same time period, the Index returned (1.79)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period. During the same time period, the Parent Index returned (11.23)%.

For the fiscal year ended August 31, 2022, the utilities sector contributed most significantly to the Fund’s return, followed by the consumer staples sector. The industrials sector detracted most significantly from the Fund’s return, followed by the health care and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Archer Daniels Midland Co., a consumer staples company (no longer held at fiscal year-end), and McKesson Corp., a health care company (portfolio average weight of 0.50%). Positions that detracted most significantly from the Fund’s return included 3M Co., an industrials company (portfolio average weight of 0.98%), and Xylem Inc., an industrials company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Utilities	21.16
Consumer Staples	19.71
Health Care	15.65
Financials	14.48
Industrials	12.19
Real Estate	7.19
Consumer Discretionary	3.10
Sector Types Each Less Than 3%	6.47
Money Market Funds Plus Other Assets Less Liabilities	0.05
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Johnson & Johnson	1.27
PepsiCo, Inc.	1.24
DTE Energy Co.	1.23
Duke Energy Corp.	1.22
Ameren Corp.	1.20
Gilead Sciences, Inc.	1.19
American Electric Power Co., Inc.	1.19
Dominion Energy, Inc.	1.19
McDonald’s Corp.	1.18
Southern Co. (The)	1.17
Total	12.08

* Excluding money market fund holdings.

18

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
S&P 500® Low Volatility Rate Response Index		(1.79	)%		9.12	%		29.93	%		10.94	%		68.04	%		11.11	%		117.93	%
S&P 500® Index		(11.23	)		12.39			41.98			11.82			74.86			11.08			117.50
Fund
NAV Return		(2.04	)		8.84			28.94			10.65			65.88			10.82			113.70
Market Price Return		(1.90	)		8.86			29.00			10.67			66.02			10.82			113.72

Fund Inception: April 9, 2015

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

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

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

Notes Regarding Indexes and Fund Performance History:

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

19

SPHB	Management’s Discussion of Fund Performance
	Invesco S&P 500® High Beta ETF (SPHB)

As an index fund, the Invesco S&P 500^® High Beta ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® High Beta Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of approximately 100 constituents of the S&P 500^® Index (the “Parent Index”) that have the highest sensitivity to market returns, or “beta,” over the past 12 months as determined by the Index Provider. Beta is a measure of relative risk and is the rate of change of a security’s price. The Index weights each constituent security in proportion to its beta, with the highest beta securities receiving the greatest weights in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (12.84)%. On a net asset value (“NAV”) basis, the Fund returned (12.92)%. During the same time period, the Index returned (12.69)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period. During the same time period, the Parent Index returned (11.23)%.

For the fiscal year ended August 31, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the materials and real estate sectors, respectively. The information technology sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Enphase Energy, Inc., an information technology company (portfolio average weight of 1.39%), and Devon Energy Corp., an energy company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included PENN Entertainment, Inc., a consumer discretionary company (portfolio average weight of 1.19%), and Align Technology Inc., a health care company (portfolio average weight of 0.97%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Information Technology	40.96
Consumer Discretionary	26.27
Financials	9.12
Communication Services	6.65
Industrials	6.58
Health Care	6.27
Sector Types Each Less Than 3%	4.16
Money Market Funds Plus Other Assets Less Liabilities	(0.01)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Norwegian Cruise Line Holdings Ltd.	1.44
ON Semiconductor Corp.	1.42
Etsy, Inc.	1.42
NVIDIA Corp.	1.37
Enphase Energy, Inc.	1.35
Tesla, Inc.	1.30
Carnival Corp.	1.29
Caesars Entertainment, Inc.	1.29
Advanced Micro Devices, Inc.	1.29
Royal Caribbean Cruises Ltd.	1.24
Total	13.41

* Excluding money market fund holdings.

20

Invesco S&P 500^® High Beta ETF (SPHB) (continued)

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P 500® High Beta Index		(12.69	)%		19.20	%		69.36	%		13.87	%		91.41	%		14.33	%		281.55	%		10.81	%		219.53	%
S&P 500® Index		(11.23	)		12.39			41.98			11.82			74.86			13.08			241.73			12.28			270.87
Fund
NAV Return		(12.92	)		18.91			68.14			13.59			89.08			14.03			271.55			10.51			210.01
Market Price Return		(12.84	)		18.94			68.24			13.64			89.49			14.01			271.05			10.53			210.49

Fund Inception: May 5, 2011

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

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

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

Notes Regarding Indexes and Fund Performance History:

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

21

SPHD	Management’s Discussion of Fund Performance
	Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)

As an index fund, the Invesco S&P 500^® High Dividend Low Volatility ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the S&P 500^® Low Volatility High Dividend Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of the 50 least volatile high yielding constituents of the S&P 500^® Index (the “Parent Index”) in the past year. The Index Provider identifies the 75 securities in the Parent Index with the highest dividend yields over the past 12 months, with no one sector within the Parent Index allowed to contribute more than 10 securities. From those 75 securities, the Index Provider selects for inclusion in the Index the 50 securities with the lowest realized volatility over the past 12 months. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. The Index weights each constituent security by its dividend yield, with higher dividend-yielding securities receiving proportionally greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned 3.15%. On a net asset value (“NAV”) basis, the Fund returned 3.02%. During the same time period, the Index returned 3.33%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period. During the same time period, the Parent Index returned (11.23)%.

For the fiscal year ended August 31, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the utilities and health care sectors, respectively. The materials sector detracted most significantly from the Fund’s return, followed by the real estate and communications services sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Chevron Co., an energy company (portfolio average weight of 2.78%), and Williams Companies, Inc., an energy company (portfolio average weight of 3.29%). Positions that detracted most significantly from the Fund’s return included 3M Co., an industrials company (portfolio average weight of 1.46%), and Walgreens Boots Alliance, Inc., a consumer staples company (portfolio average weight of 1.77%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Utilities	19.12
Real Estate	18.79
Consumer Staples	14.14
Financials	9.75
Materials	9.04
Energy	7.60
Communication Services	7.00
Health Care	5.85
Information Technology	5.18
Sector Types Each Less Than 3%	3.44
Money Market Funds Plus Other Assets Less Liabilities	0.09
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Altria Group, Inc.	3.15
Kinder Morgan, Inc.	3.09
AT&T, Inc.	2.87
Vornado Realty Trust	2.66
Iron Mountain, Inc.	2.59
Williams Cos., Inc. (The)	2.59
Dow, Inc.	2.50
Philip Morris International, Inc.	2.31
Pinnacle West Capital Corp.	2.28
Prudential Financial, Inc.	2.26
Total	26.30

* Excluding money market fund holdings.

22

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
S&P 500® Low Volatility High Dividend Index		3.33	%		7.57	%		24.49	%		6.50	%		37.00	%		10.22	%		161.33	%
S&P 500® Index		(11.23	)		12.39			41.98			11.82			74.86			12.82			228.93
Fund
NAV Return		3.02			7.25			23.37			6.17			34.91			9.88			153.29
Market Price Return		3.15			7.26			23.41			6.21			35.15			9.88			153.49

Fund Inception: October 18, 2012

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

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

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

23

SPLV	Management’s Discussion of Fund Performance
	Invesco S&P 500® Low Volatility ETF (SPLV)

As an index fund, the Invesco S&P 500^® Low Volatility ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Low Volatility Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of the 100 least volatile constituents of the S&P 500^® Index (the “Parent Index”) over the past 12 months as determined by the Index Provider. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. The Index weights the 100 constituent securities based upon the inverse of each security’s volatility, with the least volatile securities receiving the greatest weights in the Index. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned 0.73%. On a net asset value (“NAV”) basis, the Fund returned 0.60%. During the same time period, the Index returned 0.84%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period. During the same time period, the Parent Index returned (11.23)%.

For the fiscal year ended August 31, 2022, the utilities sector contributed most significantly to the Fund’s return, followed by the consumer staples sector. The industrials sector detracted most significantly from the Fund’s return, followed by the real estate and health care sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Consolidated Edison Inc., a utilities company (portfolio average weight of 1.08%), and General Mills Inc., a consumer staples company (portfolio average weight of 1.01%). Positions that detracted most significantly from the Fund’s return included 3M Co., an industrials company (portfolio average weight of 0.92%), and Verizon Communications, Inc., a communication services company (portfolio average weight of 1.27%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Utilities	27.30
Consumer Staples	19.43
Health Care	13.72
Financials	12.55
Industrials	9.48
Real Estate	7.96
Consumer Discretionary	3.06
Sector Types Each Less Than 3%	6.38
Money Market Funds Plus Other Assets Less Liabilities	0.12
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Johnson & Johnson	1.25
PepsiCo, Inc.	1.22
DTE Energy Co.	1.21
Duke Energy Corp.	1.20
Ameren Corp.	1.19
Evergy, Inc.	1.18
Gilead Sciences, Inc.	1.18
American Electric Power Co., Inc.	1.17
Dominion Energy, Inc.	1.17
McDonald’s Corp.	1.16
Total	11.93

* Excluding money market fund holdings.

24

Invesco S&P 500^® Low Volatility ETF (SPLV) (continued)

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index																						Average Annualized			Cumulative
S&P 500® Low Volatility Index		0.84	%		6.06	%		19.32	%		9.32	%		56.14	%		11.35	%		193.02	%		11.51	%		243.37	%
S&P 500® Index		(11.23	)		12.39			41.98			11.82			74.86			13.08			241.73			12.28			270.87
Fund
NAV Return		0.60			5.79			18.38			9.03			54.09			11.06			185.42			11.22			233.30
Market Price Return		0.73			5.81			18.45			9.06			54.30			11.05			185.31			11.23			233.61

Fund Inception: May 5, 2011

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.25% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

25

SPMV	Management’s Discussion of Fund Performance
	Invesco S&P 500 Minimum Variance ETF (SPMV)

As an index fund, the Invesco S&P 500 Minimum Variance ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Minimum Volatility Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of a subset of constituent securities of the S&P 500^® Index (the “Parent Index”) using a managed volatility equity strategy that seeks to achieve lower total volatility than the Parent Index, while maintaining other similar characteristics of the Parent Index. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. Unlike the Parent Index, which is a traditional market capitalization-weighted index (meaning that companies with larger market capitalizations receive proportionally greater weight in the index, without regard to the volatility of those stocks), the Index weights its constituents using an optimization-driven weighting scheme that is designed to minimize overall forecasted volatility (i.e., reduce the magnitude of price fluctuations), subject to stock level, sector level and factor exposure constraints. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (5.14)%. On a net asset value (“NAV”) basis, the Fund returned (5.08)%. During the same time period, the Index returned (4.97)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period. During the same time period, the Parent Index returned (11.23)%.

For the fiscal year ended August 31, 2022, the consumer staples sector contributed most significantly to the Fund’s return, followed by the utilities and financials sectors, respectively. The information technology sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and communications services sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Vertex Pharmaceuticals Inc., a health care company (portfolio average weight of 1.89%), and Progressive Corp., a financials company (portfolio average weight of 2.16%). Positions that detracted most significantly from the Fund’s return included Adobe Inc., an information technology company (portfolio average weight of 1.66%), and Medtronic PLC, a health care company (portfolio average weight of 1.72%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Information Technology	25.27
Health Care	17.83
Consumer Staples	12.17
Financials	11.59
Utilities	8.15
Consumer Discretionary	7.09
Real Estate	4.95
Industrials	4.52
Communication Services	4.46
Materials	3.40
Energy	0.36
Money Market Funds Plus Other Assets Less Liabilities	0.21
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Progressive Corp. (The)	2.51
Corteva, Inc.	2.41
UnitedHealth Group, Inc.	2.32
Vertex Pharmaceuticals, Inc.	2.30
NextEra Energy, Inc.	2.24
Marsh & McLennan Cos., Inc.	2.22
Apple, Inc.	2.19
Mondelez International, Inc., Class A	2.17
Procter & Gamble Co. (The)	2.08
Merck & Co., Inc.	2.07
Total	22.51

* Excluding money market fund holdings.

26

Invesco S&P 500 Minimum Variance ETF (SPMV) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
S&P 500® Minimum Volatility Index		(4.97	)%		9.09	%		29.82	%		10.61	%		65.54	%		10.61	%		67.77	%
S&P 500® Index		(11.23	)		12.39			41.98			11.82			74.86			11.78			77.08
Fund
NAV Return		(5.08	)		8.98			29.44			10.42			64.18			10.43			66.35
Market Price Return		(5.14	)		8.99			29.46			10.43			64.21			10.43			66.35

Fund Inception: July 13, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.10% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

27

SPMO	Management’s Discussion of Fund Performance
	Invesco S&P 500® Momentum ETF (SPMO)

As an index fund, the Invesco S&P 500^® Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Momentum Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of approximately 100 stocks in the S&P 500^® Index (the “Parent Index”) that have the highest “momentum score.” In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on price movements and volatility of the security as compared to other eligible securities within the Parent Index.

In selecting constituent securities for the Index, the Index Provider first calculates the momentum score of each stock in the Parent Index by evaluating the percentage change in the stock’s price over the last 12 months, excluding the most recent month, and applying an adjustment based on the security’s volatility over that period. (Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time.) The Index Provider then selects approximately 100 stocks with the highest momentum score for inclusion in the Index using a modified market capitalization-weighted strategy, as the Index Provider weights securities by multiplying their market capitalization and their momentum score, subject to security and sector restraints. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (13.43)%. On a net asset value (“NAV”) basis, the Fund returned (13.60)%. During the same time period, the Index returned (13.49)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period. During the same time period, the Parent Index returned (11.23)%.

For the fiscal year ended August 31, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the materials sector. The information technology sector detracted most significantly from the Fund’s return, followed by the health care and communication services sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Exxon Mobil

Corp., an energy company (portfolio average weight of 2.30%), and Freeport-McMoRan, Inc., a materials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included NVIDIA Corp., an information technology company (portfolio average weight of 2.29%) and Moderna, Inc., a health care company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Financials	19.46
Energy	17.49
Health Care	14.56
Consumer Staples	13.80
Communication Services	12.60
Information Technology	8.68
Real Estate	5.16
Industrials	3.50
Sector Types Each Less Than 3%	4.52
Money Market Funds Plus Other Assets Less Liabilities	0.23
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Alphabet, Inc., Class A	6.43
Alphabet, Inc., Class C	6.08
Berkshire Hathaway, Inc., Class B	6.01
Exxon Mobil Corp.	5.60
UnitedHealth Group, Inc.	5.55
Chevron Corp.	3.95
NVIDIA Corp.	3.55
Procter & Gamble Co. (The)	3.23
Bank of America Corp.	2.76
Coca-Cola Co. (The)	2.64
Total	45.80

* Excluding money market fund holdings.

28

Invesco S&P 500^® Momentum ETF (SPMO) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
S&P 500® Momentum Index		(13.49	)%		11.66	%		39.23	%		13.58	%		89.03	%		13.39	%		137.71	%
S&P 500® Index		(11.23	)		12.39			41.98			11.82			74.86			12.37			123.38
Fund
NAV Return		(13.60	)		11.53			38.72			13.42			87.68			13.18			134.77
Market Price Return		(13.43	)		11.57			38.90			13.49			88.30			13.20			134.99

Fund Inception: October 9, 2015

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.13% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

29

QVML	Management’s Discussion of Fund Performance
	Invesco S&P 500 QVM Multi-factor ETF (QVML)

As an index fund, the Invesco S&P 500 QVM Multi-factor ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Quality, Value & Momentum Top 90% Multi-factor Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of 90% of the stocks within the S&P 500^® Index (the “Parent Index”), after excluding those with the lowest quality, value and momentum multi-factor score. The Index is composed of securities with multi-factor scores representing the top 90% of the Parent Index, as determined by the Index Provider.

To construct the Index, each security in the Parent Index is assigned three separate “style scores” for each of the three factors (i.e., quality, value and momentum), based on the characteristics of the issuer. The Quality score of each stock is based on the following three fundamental measures: (i) return on equity, (ii) accruals ratio, and (iii) financial leverage ratio (the Quality score of companies in the Financials or Real Estate sectors according to the Global Industry Classification Standard (“GICS”) is based only on the return on equity and financial leverage ratio measures). The Value score of each stock is based on the following three fundamental measures: (i) book value-to-price ratio, (ii) earnings- to-price ratio, and (iii) sales-to-price ratio. The Momentum score of each stock is based on the risk-adjusted price performance during the specified prior measurement period. Next, a combined “multi-factor” score is generated for each stock in the Parent Index by calculating the average of the underlying quality, value and momentum scores. Securities whose multi-factor score ranks within the top 90% of securities in the Parent Index (i.e., the 450 securities with the highest multi-factor scores) are generally selected for inclusion in the Index. Securities in the Index are weighted based on their float-adjusted market capitalization. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (9.36)%. On a net asset value (“NAV”) basis, the Fund returned (9.47)%. During the same time period, the Index returned (9.35)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period. During the same time period, the Parent Index returned (11.23)%.

For the fiscal year ended August 31, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the utilities and consumer staples sectors, respectively. The communications services sector detracted most significantly from

the Fund’s return, followed by the information technology and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Tesla Inc., a consumer discretionary company (portfolio average weight of 1.67%), and Exxon Mobil Corp., an energy company (portfolio average weight of 0.96%). Positions that detracted most significantly from the Fund’s return included Meta Platforms Inc., Class A, a communication services company (portfolio average weight of 1.81%) and Alphabet Inc., Class C, a communication services company (portfolio average weight of 4.53%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Information Technology	28.96
Health Care	15.42
Financials	12.20
Industrials	8.12
Communication Services	7.78
Consumer Staples	7.39
Consumer Discretionary	6.50
Energy	4.84
Utilities	3.41
Sector Types Each Less Than 3%	5.28
Money Market Funds Plus Other Assets Less Liabilities	0.10
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Apple, Inc.	8.08
Microsoft Corp.	6.49
Alphabet, Inc., Class C	4.04
Tesla, Inc.	2.38
Berkshire Hathaway, Inc., Class B	1.73
UnitedHealth Group, Inc.	1.62
Johnson & Johnson	1.42
NVIDIA Corp.	1.25
Exxon Mobil Corp.	1.23
Meta Platforms, Inc., Class A	1.22
Total	29.46

* Excluding money market fund holdings.

30

Invesco S&P 500 QVM Multi-factor ETF (QVML) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

	1 Year			Fund Inception
Index				Average Annualized			Cumulative
S&P 500® Quality, Value & Momentum Top 90% Multi-factor Index		(9.35	)%		(3.70	)%		(4.30	)%
S&P 500® Index		(11.23	)		(5.47	)		(6.36	)
Fund
NAV Return		(9.47	)		(3.83	)		(4.45	)
Market Price Return		(9.36	)		(3.72	)		(4.32	)

Fund Inception: June 30, 2021

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.11% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

31

QVMM	Management’s Discussion of Fund Performance
	Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)

As an index fund, the Invesco S&P MidCap 400 QVM Multi-factor ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400^® Quality, Value & Momentum Top 90% Multi-factor Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of 90% of the stocks within the S&P MidCap 400^® Index (the “Parent Index”), after excluding those with the lowest quality, value and momentum multi-factor score. The Index is composed of securities with multi-factor scores representing the top 90% of the Parent Index, as determined by the Index Provider.

To construct the Index, each security in the Parent Index is assigned three separate “style scores” for each of the three factors (i.e., quality, value and momentum), based on the characteristics of the issuer. The Quality score of each stock is based on the following three fundamental measures: (i) return on equity, (ii) accruals ratio, and (iii) financial leverage ratio (the Quality score of companies in the Financials or Real Estate sectors according to the Global Industry Classification Standard (“GICS”) is based only on the return on equity and financial leverage ratio measures). The Value score of each stock is based on the following three fundamental measures: (i) book value-to-price ratio, (ii) earnings- to-price ratio, and (iii) sales-to-price ratio. The Momentum score of each stock is based on the risk-adjusted price performance during the specified prior measurement period. Next, a combined “multi-factor” score is generated for each stock in the Parent Index by calculating the average of the underlying quality, value and momentum scores. Securities whose multi-factor score ranks within the top 90% of securities in the Parent Index (i.e., the 360 securities with the highest multi-factor scores) are generally selected for inclusion in the Index. Securities in the Index are weighted based on their float-adjusted market capitalization. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (10.62)%. On a net asset value (“NAV”) basis, the Fund returned (10.69)%. During the same time period, the Index returned (10.63)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period, which were partially offset by revenue generated from the securities lending program in which the Fund participates. During the same time period, the Parent Index returned (10.37)%.

For the fiscal year ended August 31, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the

utilities and consumer staples sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the information technology and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included EQT Corp., an energy company (portfolio average weight of 0.42%), and Avis Budget Group, Inc., an industrials company (portfolio average weight of 0.44%). Positions that detracted most significantly from the Fund’s return included Cognex Corp., an information technology company (portfolio average weight of 0.58%) and Trex Co., Inc. an industrials company (portfolio average weight of 0.49%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Industrials	19.66
Financials	16.59
Consumer Discretionary	14.09
Information Technology	11.30
Real Estate	8.90
Materials	7.81
Health Care	7.55
Energy	4.65
Utilities	4.10
Consumer Staples	3.90
Communication Services	1.32
Money Market Funds Plus Other Assets Less Liabilities	0.13
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Steel Dynamics, Inc.	0.86
Carlisle Cos., Inc.	0.79
Targa Resources Corp.	0.78
EQT Corp.	0.75
First Solar, Inc.	0.67
RPM International, Inc.	0.66
First Horizon Corp.	0.65
Reliance Steel & Aluminum Co.	0.63
Darling Ingredients, Inc.	0.62
Alleghany Corp.	0.62
Total	7.03

* Excluding money market fund holdings.

32

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

	1 Year			Fund Inception
Index				Average Annualized			Cumulative
S&P MidCap 400® Quality, Value & Momentum Top 90% Multi-factor Index		(10.63	)%		(7.42	)%		(8.60	)%
S&P MidCap 400® Index		(10.37	)		(7.17	)		(8.31	)
Fund
NAV Return		(10.69	)		(7.50	)		(8.69	)
Market Price Return		(10.62	)		(7.52	)		(8.72	)

Fund Inception: June 30, 2021

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.15% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

33

XMLV	Management’s Discussion of Fund Performance
	Invesco S&P MidCap Low Volatility ETF (XMLV)

As an index fund, the Invesco S&P MidCap Low Volatility ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400^® Low Volatility Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of a subset of approximately 80 securities in the S&P MidCap 400^® Index (the “Parent Index”) that have the lowest realized volatility over the past 12 months. The Parent Index reflects the mid-capitalization segment of the U.S. equity market. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. The Index weights its component securities based upon the inverse of each security’s volatility, with the least volatile securities receiving the greatest weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (3.27)%. On a net asset value (“NAV”) basis, the Fund returned (3.38)%. During the same time period, the Index returned (3.12)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred. During the same time period, the Parent Index returned (10.37)%.

For the fiscal year ended August 31, 2022, the utilities sector contributed most significantly to the Fund’s return, followed by the consumer staples and materials sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the industrials and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Carlisle Cos. Inc., an industrials company (portfolio average weight of 1.30%), and National Fuel Gas Co., a utilities company (portfolio average weight of 1.35%). Positions that detracted most significantly from the Fund’s return included Mercury General Corp., a financials company (portfolio average weight of 1.26%), and Masimo Corp., a health care company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Financials	20.99
Industrials	19.38
Utilities	19.26
Real Estate	17.99
Materials	7.51
Consumer Staples	6.67
Information Technology	3.51
Sector Types Each Less Than 3%	4.63
Money Market Funds Plus Other Assets Less Liabilities	0.06
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
OGE Energy Corp.	1.68
IDACORP, Inc.	1.55
Lancaster Colony Corp.	1.52
Mercury General Corp.	1.49
Portland General Electric Co.	1.47
Physicians Realty Trust	1.42
Silgan Holdings, Inc.	1.41
Flowers Foods, Inc.	1.40
ALLETE, Inc.	1.38
MSC Industrial Direct Co., Inc., Class A	1.38
Total	14.70

* Excluding money market fund holdings.

34

Invesco S&P MidCap Low Volatility ETF (XMLV) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
S&P MidCap 400® Low Volatility Index		(3.12	)%		2.65	%		8.17	%		6.24	%		35.33	%		10.35	%		155.90	%
S&P MidCap 400® Index		(10.37	)		10.58			35.22			8.71			51.83			10.21			152.70
Fund
NAV Return		(3.38	)		2.42			7.45			5.98			33.72			10.06			149.56
Market Price Return		(3.27	)		2.44			7.50			6.00			33.84			10.07			149.72

Fund Inception: February 15, 2013

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.25% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

35

QVMS	Management’s Discussion of Fund Performance
	Invesco S&P SmallCap 600 QVM Multi-Factor ETF (QVMS)

As an index fund, the Invesco S&P SmallCap 600 QVM Multi-factor ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Quality, Value & Momentum Top 90% Multi- Factor Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of 90% of the stocks within the S&P SmallCap 600^® Index (the “Parent Index”), after excluding those with the lowest quality, value and momentum. The Index is composed of securities with multi-factor scores representing the top 90% of the Parent Index, as determined by the Index Provider.

In selecting constituent securities for the Index, each security in the Parent Index is assigned three separate “style scores” for each of the three factors (i.e., quality, value and momentum), based on the characteristics of the issuer. The Quality score of each stock is based on the following three fundamental measures: (i) return on equity, (ii) accruals ratio, and (iii) financial leverage ratio (the Quality score of companies in the Financials or Real Estate sectors according to the Global Industry Classification Standard (“GICS”) is based only on the return on equity and financial leverage ratio measures). The Value score of each stock is based on the following three fundamental measures: (i) book value-to-price ratio, (ii) earnings- to-price ratio, and (iii) sales-to-price ratio. The Momentum score of each stock is based on the risk-adjusted price performance during the specified prior measurement period. Next, a combined “multi-factor” score is generated for each stock in the Parent Index by calculating the average of the underlying quality, value and momentum scores. Securities whose multi-factor score ranks within the top 90% of securities in the Parent Index (i.e., the 540 securities with the highest multi-factor scores) are generally selected for inclusion in the Index. Securities in the Index are weighted based on their float-adjusted market capitalization. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (10.17)%. On a net asset value (“NAV”) basis, the Fund returned (10.33)%. During the same time period, the Index returned (10.20)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred. During the same time period, the Parent Index returned (12.12)%.

For the fiscal year ended August 31, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the utilities sector. The consumer discretionary sector detracted most

significantly from the Fund’s return during the period, followed by the health care and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Lantheus Holdings Inc., a health care company (portfolio average weight of 0.34%), and Matador Resources Co., an energy company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Innovative Industrial Properties Inc., a real estate company (portfolio average weight 0.24%) and 3D Systems Corp., an information technology company (portfolio average weight 0.25%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Financials	20.14
Industrials	16.37
Information Technology	13.50
Consumer Discretionary	11.62
Health Care	10.63
Real Estate	7.88
Materials	5.93
Consumer Staples	5.19
Energy	4.80
Sector Types Each Less Than 3%	3.67
Money Market Funds Plus Other Assets Less Liabilities	0.27
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Livent Corp.	0.71
ExlService Holdings, Inc.	0.66
Agree Realty Corp.	0.66
Lantheus Holdings, Inc.	0.63
Exponent, Inc.	0.61
SM Energy Co.	0.61
UFP Industries, Inc.	0.60
Rogers Corp.	0.60
Ensign Group, Inc. (The)	0.59
AMN Healthcare Services, Inc.	0.58
Total	6.25

* Excluding money market fund holdings.

36

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

	1 Year			Fund Inception
Index				Average Annualized			Cumulative
S&P SmallCap 600® Quality, Value & Momentum Top 90% Multi-factor Index		(10.20	)%		(8.65	)%		(10.02	)%
S&P SmallCap 600® Index		(12.12	)		(10.81	)		(12.49	)
Fund
NAV Return		(10.33	)		(8.80	)		(10.18	)
Market Price Return		(10.17	)		(8.81	)		(10.20	)

Fund Inception: June 30, 2021

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.15% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

37

XSHD	Management’s Discussion of Fund Performance
	Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)

As an index fund, the Invesco S&P SmallCap High Dividend Low Volatility ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Low Volatility High Dividend Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of approximately 60 securities in the S&P SmallCap 600^® Index (the “Parent Index”) that historically have provided high dividend yields while exhibiting lower volatility. The Index selects constituents from the Parent Index, which reflects the small-capitalization segment of the U.S. equity market.

The Index Provider selects from the Parent Index the 90 securities with the highest dividend yields over the past 12 months, with no one sector within the Parent Index allowed to contribute more than 10 securities. From those securities, the Index Provider selects for inclusion in the Index the 60 securities with the lowest realized volatility over the past 12 months. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time. The Index weights each constituent security by its dividend yield, with the highest dividend-yielding securities receiving the largest weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (13.19)%. On a net asset value (“NAV”) basis, the Fund returned (13.36)%. During the same time period, the Index returned (13.10)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period. During the same time period, the Parent Index returned (12.12)%.

For the fiscal year ended August 31, 2022, the utilities sector contributed most significantly to the Fund’s return, followed by the consumer staples sector. The financials sector detracted most significantly from the Fund’s return during the period, followed by the real estate and materials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included LTC Properties, Inc., a real estate company (portfolio average weight 2.77%), and South Jersey Industries, Inc., a utilities company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Industrial Logistics Properties Trust, a real estate company (portfolio average weight 2.11%) and Brandywine Realty Trust, a real estate company (portfolio average weight 2.44%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Financials	25.58
Real Estate	24.20
Industrials	11.09
Consumer Staples	8.17
Utilities	6.47
Communication Services	5.25
Materials	5.03
Information Technology	4.42
Consumer Discretionary	4.11
Sector Types Each Less Than 3%	5.51
Money Market Funds Plus Other Assets Less Liabilities	0.17
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Ready Capital Corp.	3.13
ARMOUR Residential REIT, Inc.	3.13
PennyMac Mortgage Investment Trust	3.11
Mativ Holdings, Inc., Class A	3.10
Apollo Commercial Real Estate Finance, Inc.	3.05
New York Mortgage Trust, Inc.	3.03
Two Harbors Investment Corp.	2.91
Global Net Lease, Inc.	2.89
B&G Foods, Inc.	2.85
Office Properties Income Trust	2.80
Total	30.00

* Excluding money market fund holdings.

38

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
S&P SmallCap 600® Low Volatility High Dividend Index		(13.10	)%		0.03	%		0.09	%		1.10	%		5.61	%		0.83	%		4.89	%
S&P SmallCap 600® Index		(12.12	)		10.40			34.56			8.65			51.40			8.39			58.93
Fund
NAV Return		(13.36	)		(0.23	)		(0.69	)		0.81			4.09			0.53			3.06
Market Price Return		(13.19	)		(0.09	)		(0.26	)		0.84			4.26			0.55			3.23

Fund Inception: December 1, 2016

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.30% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

39

XSLV	Management’s Discussion of Fund Performance
	Invesco S&P SmallCap Low Volatility ETF (XSLV)

As an index fund, the Invesco S&P SmallCap Low Volatility ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Low Volatility Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of approximately 120 securities in the S&P SmallCap 600^® Index (the “Parent Index”) that have exhibited the lowest volatility over the past 12 months. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations (increases or decreases in a stock’s price) over time.

The Index selects constituents from the Parent Index, which reflects the small-capitalization segment of the U.S. equity market. The Index weights its component securities based upon the inverse of each security’s volatility, with the least volatile securities receiving the largest weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (5.72)%. On a net asset value (“NAV”) basis, the Fund returned (5.81)%. During the same time period, the Index returned (5.53)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period. During the same time period, the Parent Index returned (12.12)%.

For the fiscal year ended August 31, 2022, the consumer staples sector contributed most significantly to the Fund’s return, followed by the consumer discretionary sector. The financials sector detracted most significantly from the Fund’s return during the period, followed by the real estate and health care sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Encore Wire Corp., an industrials company (no longer held at fiscal year-end) and Cal-Maine Foods, Inc., a consumer staples company (portfolio average weight of 0.99%). Positions that detracted most significantly from the Fund’s return included Industrial Logistics Properties Trust, a real estate company (no longer held at fiscal year-end), and SiriusPoint, Ltd., a financials company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Financials	43.38
Real Estate	17.75
Industrials	10.59
Consumer Staples	7.02
Information Technology	6.72
Utilities	5.35
Materials	4.09
Sector Types Each Less Than 3%	5.09
Money Market Funds Plus Other Assets Less Liabilities	0.01
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
John B. Sanfilippo & Son, Inc.	1.20
Easterly Government Properties, Inc.	1.13
Safety Insurance Group, Inc.	1.07
TrustCo Bank Corp.	1.05
Northwest Bancshares, Inc.	1.04
Agree Realty Corp.	1.04
Getty Realty Corp.	1.04
CSG Systems International, Inc.	1.03
CVB Financial Corp.	1.00
Capitol Federal Financial, Inc.	0.99
Total	10.59

* Excluding money market fund holdings.

40

Invesco S&P SmallCap Low Volatility ETF (XSLV) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
S&P SmallCap 600® Low Volatility Index		(5.53	)%		0.82	%		2.49	%		3.50	%		18.76	%		8.95	%		126.48	%
S&P SmallCap 600® Index		(12.12	)		10.40			34.56			8.65			51.40			10.61			161.69
Fund
NAV Return		(5.81	)		0.57			1.72			3.23			17.25			8.66			120.80
Market Price Return		(5.72	)		0.58			1.75			3.26			17.41			8.65			120.65

Fund Inception: February 15, 2013

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.25% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

41

XSHQ	Management’s Discussion of Fund Performance
	Invesco S&P SmallCap Quality ETF (XSHQ)

As an index fund, the Invesco S&P SmallCap Quality ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Quality Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of approximately 120 securities in the S&P SmallCap 600^® Index (the “Parent Index”) that are of the highest quality, as determined by the Index Provider. The Index Provider selects constituents from the Parent Index, which reflects the small-capitalization segment of the U.S. equity market.

Each security in the Parent Index receives a “quality score,” which is based on an average of the following three fundamental measures of a company: (1) return-on-equity (calculated as the company’s trailing 12-month earnings per share divided by the company’s latest book value per share); (2) accruals ratio (computed using the change of the company’s net operating assets over the last year divided by the company’s average net operating assets over the last two years); and (3) financial leverage ratio (calculated as the company’s latest total debt divided by the company’s book value). The Index Provider selects the 120 stocks with the highest quality scores for inclusion in the Index. The Index weights each component security by the total of its quality score multiplied by its market capitalization, subject to security and sector constraints and optimization procedure. Stocks with higher scores receive relatively greater weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (10.12)%. On a net asset value (“NAV”) basis, the Fund returned (10.13)%. During the same time period, the Index returned (9.88)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses that the Fund incurred during the period. During the same time period, the Parent Index returned (12.12)%.

For the fiscal year ended August 31, 2022, the health care sector contributed most significantly to the Fund’s return, followed by the materials and energy sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return during the period, followed by the industrials and consumer staples sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Rogers Corp., an information technology company (no longer held at fiscal year-end) and Corcept Therapeutics Inc., a health care company

(portfolio average weight of 0.53%). Positions that detracted most significantly from the Fund’s return included 3D Systems Corp., an information technology company (portfolio average weight of 0.72%), and Meritage Homes Corp., a consumer discretionary company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Financials	39.75
Industrials	16.72
Consumer Discretionary	15.78
Information Technology	10.01
Health Care	8.46
Sector Types Each Less Than 3%	9.10
Money Market Funds Plus Other Assets Less Liabilities	0.18
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Exponent, Inc.	3.04
United Community Banks, Inc.	2.42
AMN Healthcare Services, Inc.	2.33
Ameris Bancorp	2.14
Mueller Industries, Inc.	1.91
Community Bank System, Inc.	1.90
Matson, Inc.	1.89
Applied Industrial Technologies, Inc.	1.80
Signet Jewelers Ltd.	1.78
First Bancorp	1.77
Total	20.98

* Excluding money market fund holdings.

42

Invesco S&P SmallCap Quality ETF (XSHQ) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
S&P SmallCap 600® Quality Index		(9.88	)%		9.67	%		31.89	%		8.07	%		47.40	%		7.47	%		47.59	%
S&P SmallCap 600® Index		(12.12	)		10.40			34.56			8.65			51.40			8.38			54.46
Fund
NAV Return		(10.13	)		9.34			30.71			7.69			44.87			7.10			44.85
Market Price Return		(10.12	)		9.37			30.84			7.72			45.02			7.13			45.07

Fund Inception: April 6, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.29% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund

distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Fund.

43

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 15, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

• The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

• Each Fund’s investment strategy remained appropriate for an open-end fund;

• Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

• The Funds did not breach the 15% limit on Illiquid Investments; and

• The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

  44  

Invesco ESG S&P 500 Equal Weight ETF (RSPE)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Communication Services-5.16%
Alphabet, Inc., Class A(b)		243	$	26,298
Alphabet, Inc., Class C(b)		224		24,450
AT&T, Inc.		2,574		45,147
Comcast Corp., Class A		1,267		45,853
Electronic Arts, Inc.		389		49,352
Interpublic Group of Cos., Inc. (The)		1,763		48,729
Omnicom Group, Inc.		760		50,844
Take-Two Interactive Software, Inc.(b)		414		50,740
Twitter, Inc.(b)		1,341		51,964
Verizon Communications, Inc.		1,052		43,984
Walt Disney Co. (The)(b)		505		56,600
				493,961
Consumer Discretionary-12.25%
Aptiv PLC(b)		495		46,248
Best Buy Co., Inc.		706		49,907
Darden Restaurants, Inc.		439		54,309
Dollar Tree, Inc.(b)		337		45,724
eBay, Inc.		1,136		50,132
Etsy, Inc.(b)		639		67,485
General Motors Co.		1,439		54,984
Hasbro, Inc.		613		48,317
Hilton Worldwide Holdings, Inc.		386		49,161
Home Depot, Inc. (The)		183		52,781
Lowe’s Cos., Inc.		283		54,942
Marriott International, Inc., Class A		314		48,274
McDonald’s Corp.		223		56,258
Newell Brands, Inc.		2,635		47,035
NIKE, Inc., Class B		445		47,370
PVH Corp.		767		43,144
Royal Caribbean Cruises Ltd.(b)		1,007		41,136
Starbucks Corp.		692		58,176
Target Corp.		349		55,959
TJX Cos., Inc. (The)		883		55,055
VF Corp.		1,089		45,139
Whirlpool Corp.(c)		319		49,955
Yum! Brands, Inc.		450		50,058
				1,171,549
Consumer Staples-6.87%
Archer-Daniels-Midland Co.		612		53,789
Campbell Soup Co.		1,150		57,937
Colgate-Palmolive Co.		698		54,591
Estee Lauder Cos., Inc. (The), Class A		205		52,148
General Mills, Inc.		790		60,672
Hershey Co. (The)		259		58,189
Kellogg Co.		788		57,319
Kraft Heinz Co. (The)		1,449		54,193
McCormick & Co., Inc.		608		51,114
Mondelez International, Inc., Class A		868		53,694
Walgreens Boots Alliance, Inc.		1,271		44,561
Walmart, Inc.		445		58,985
				657,192
Financials-14.49%
Aflac, Inc.		925		54,963
Allstate Corp. (The)		414		49,887
American Express Co.		328		49,856

	Shares		Value
Financials-(continued)
American International Group, Inc.		938	$	48,541
Bank of America Corp.		1,511		50,785
Bank of New York Mellon Corp. (The)		1,196		49,670
Capital One Financial Corp.		433		45,820
Citigroup, Inc.		1,054		51,446
Comerica, Inc.		667		53,560
Fifth Third Bancorp		1,395		47,639
Hartford Financial Services Group, Inc. (The)		756		48,618
Invesco Ltd.(d)		2,926		48,191
JPMorgan Chase & Co.		424		48,222
KeyCorp		2,806		49,638
Lincoln National Corp.		961		44,264
MetLife, Inc.		808		51,979
Moody’s Corp.		192		54,628
Morgan Stanley		653		55,649
Nasdaq, Inc.		1,060		63,102
Northern Trust Corp.		496		47,165
Principal Financial Group, Inc.		757		56,593
Prudential Financial, Inc.		517		49,503
Regions Financial Corp.		2,485		53,850
S&P Global, Inc.		161		56,701
State Street Corp.		785		53,655
U.S. Bancorp		1,045		47,662
Willis Towers Watson PLC		263		54,396
				1,385,983
Health Care-14.16%
Abbott Laboratories		475		48,759
AbbVie, Inc.		364		48,943
Agilent Technologies, Inc.		430		55,147
Amgen, Inc.		223		53,587
Baxter International, Inc.		745		42,808
Becton, Dickinson and Co.		215		54,270
Biogen, Inc.(b)		262		51,190
Boston Scientific Corp.(b)		1,386		55,870
Cigna Corp.		208		58,958
CVS Health Corp.		579		56,829
DaVita, Inc.(b)		583		49,724
Edwards Lifesciences Corp.(b)		565		50,907
Elevance Health, Inc.		109		52,877
Gilead Sciences, Inc.		871		55,282
Hologic, Inc.(b)		718		48,508
Humana, Inc.		121		58,295
Illumina, Inc.(b)		233		46,982
Medtronic PLC		566		49,763
Merck & Co., Inc.		608		51,899
Mettler-Toledo International, Inc.(b)		43		52,136
Moderna, Inc.(b)		367		48,543
Quest Diagnostics, Inc.		403		50,500
Regeneron Pharmaceuticals, Inc.(b)		90		52,295
UnitedHealth Group, Inc.		110		57,126
Vertex Pharmaceuticals, Inc.(b)		198		55,788
Waters Corp.(b)		161		48,075
				1,355,061
Industrials-15.81%
American Airlines Group, Inc.(b)		3,356		43,594
Caterpillar, Inc.		237		43,776
CSX Corp.		1,703		53,900

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  45  

Invesco ESG S&P 500 Equal Weight ETF (RSPE)–(continued)

August 31, 2022

	Shares		Value
Industrials-(continued)
Cummins, Inc.		254	$	54,704
Deere & Co.		153		55,883
Dover Corp.		404		50,484
Emerson Electric Co.		595		48,635
Fortive Corp.		863		54,654
IDEX Corp.		279		56,138
Illinois Tool Works, Inc.		264		51,435
Ingersoll Rand, Inc.		1,079		51,112
J.B. Hunt Transport Services, Inc.		323		56,209
Johnson Controls International PLC		989		53,544
Nielsen Holdings PLC		2,132		59,355
Norfolk Southern Corp.		224		54,461
PACCAR, Inc.		608		53,206
Pentair PLC		1,088		48,416
Republic Services, Inc.		412		58,801
Rockwell Automation, Inc.		253		59,946
Stanley Black & Decker, Inc.		456		40,174
Trane Technologies PLC		395		60,858
Union Pacific Corp.		246		55,229
United Parcel Service, Inc., Class B		304		59,131
United Rentals, Inc.(b)		179		52,275
Verisk Analytics, Inc.		319		59,704
W.W. Grainger, Inc.		109		60,489
Waste Management, Inc.		346		58,484
Xylem, Inc.		642		58,486
				1,513,083
Information Technology-16.50%
Accenture PLC, Class A		180		51,923
Adobe, Inc.(b)		127		47,427
Advanced Micro Devices, Inc.(b)		532		45,151
Akamai Technologies, Inc.(b)		539		48,661
ANSYS, Inc.(b)		210		52,143
Applied Materials, Inc.		484		45,530
Arista Networks, Inc.(b)		529		63,417
Autodesk, Inc.(b)		268		54,066
Cisco Systems, Inc.		1,207		53,977
Hewlett Packard Enterprise Co.		3,619		49,219
HP, Inc.		1,429		41,027
Intel Corp.		1,314		41,943
Intuit, Inc.		133		57,427
Juniper Networks, Inc.		1,791		50,900
Keysight Technologies, Inc.(b)		376		61,623
Lam Research Corp.		107		46,856
Mastercard, Inc., Class A		151		48,980
Micron Technology, Inc.		791		44,715
Microsoft Corp.		201		52,555
Motorola Solutions, Inc.		251		61,096
NortonLifeLock, Inc.		2,212		49,969
NVIDIA Corp.		292		44,074
Oracle Corp.		762		56,502
QUALCOMM, Inc.		391		51,718
Roper Technologies, Inc.		130		52,335
salesforce.com, inc.(b)		288		44,963
ServiceNow, Inc.(b)		108		46,939
TE Connectivity Ltd. (Switzerland)		415		52,377
Texas Instruments, Inc.		331		54,684
Tyler Technologies, Inc.(b)		151		56,098
Visa, Inc., Class A(c)		255		50,671
				1,578,966

	Shares		Value
Materials-5.59%
Air Products and Chemicals, Inc.		216	$	54,529
Albemarle Corp.		215		57,611
CF Industries Holdings, Inc.		604		62,490
Dow, Inc.		808		41,208
Ecolab, Inc.		331		54,228
Freeport-McMoRan, Inc.		1,286		38,066
Linde PLC (United Kingdom)		165		46,672
LyondellBasell Industries N.V., Class A		494		41,002
Mosaic Co. (The)		954		51,392
Newmont Corp.		808		33,419
PPG Industries, Inc.		430		54,601
				535,218
Real Estate-6.26%
Boston Properties, Inc.		528		41,939
CBRE Group, Inc., Class A(b)		693		54,719
Digital Realty Trust, Inc.		409		50,565
Healthpeak Properties, Inc.		1,973		51,791
Host Hotels & Resorts, Inc.		2,590		46,025
Iron Mountain, Inc.		1,018		53,557
Kimco Realty Corp.		2,440		51,435
Prologis, Inc.		436		54,287
Regency Centers Corp.		836		50,862
Ventas, Inc.		991		47,429
Welltower, Inc.		631		48,366
Weyerhaeuser Co.		1,413		48,268
				599,243
Utilities-2.83%
American Water Works Co., Inc.		354		52,551
Consolidated Edison, Inc.		559		54,636
Edison International		784		53,132
Eversource Energy		601		53,904
Sempra Energy		341		56,255
				270,478
Total Common Stocks & Other Equity Interests (Cost $10,472,413)				9,560,734
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(d)(e) (Cost $5,917)		5,917		5,917
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $10,478,330)				9,566,651
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.66%
Invesco Private Government Fund, 2.29%(d)(e)(f)		17,739		17,739

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  46  

Invesco ESG S&P 500 Equal Weight ETF (RSPE)–(continued)

August 31, 2022

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 2.37%(d)(e)(f)		45,609	$	45,613
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $63,352)				63,352
TOTAL INVESTMENTS IN SECURITIES-100.64% (Cost $10,541,682)				9,630,003
OTHER ASSETS LESS LIABILITIES-(0.64)%				(61,462	)
NET ASSETS-100.00%			$	9,568,541

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 August 31, 2022.

^(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 August 31, 2022.

	Value August 31,  2021		Purchases at Cost			Proceeds from  Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Invesco Ltd.		$-		$	73,698		$	(10,902	)		$	(10,751	)		$	(3,854	)		$	48,191		$	966
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		-			81,454			(75,537	)			-				-				5,917			14
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-			430,527			(412,788	)			-				-				17,739			126	*
Invesco Private Prime Fund		-			827,532			(781,925	)			-				6				45,613			331	*
Total		$-		$	1,413,211		$	(1,281,152	)		$	(10,751	)		$	(3,848	)		$	117,460		$	1,437

* 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 August 31, 2022.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  47  

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.84%
Communication Services-3.20%
Activision Blizzard, Inc.		49	$	3,846
Alphabet, Inc., Class A(b)		20		2,164
Alphabet, Inc., Class C(b)		20		2,183
Altice USA, Inc., Class A(b)		336		3,360
AT&T, Inc.		177		3,105
Cable One, Inc.(c)		3		3,405
Charter Communications, Inc., Class A(b)		8		3,301
Comcast Corp., Class A(c)		86		3,112
DISH Network Corp., Class A(b)(c)		170		2,950
Electronic Arts, Inc.		27		3,425
Fox Corp., Class A		75		2,564
Fox Corp., Class B		35		1,107
Frontier Communications Parent, Inc.(b)		141		3,632
Interpublic Group of Cos., Inc. (The)		119		3,289
Liberty Media Corp.-Liberty SiriusXM, Class A(b)(c)		30		1,246
Liberty Media Corp.-Liberty SiriusXM, Class C(b)		62		2,564
Lumen Technologies, Inc.		314		3,127
New York Times Co. (The), Class A		110		3,354
News Corp., Class A		166		2,809
News Corp., Class B		52		896
Nexstar Media Group, Inc., Class A		21		4,018
Omnicom Group, Inc.		52		3,479
Paramount Global, Class A		2		53
Paramount Global, Class B(c)		114		2,666
Sirius XM Holdings, Inc.(c)		596		3,630
T-Mobile US, Inc.(b)		28		4,031
Verizon Communications, Inc.		73		3,052
World Wrestling Entertainment, Inc., Class A		56		3,809
				80,177
Consumer Discretionary-13.05%
Advance Auto Parts, Inc.(c)		20		3,373
Amazon.com, Inc.(b)		31		3,930
Aptiv PLC(b)		35		3,270
Aramark		110		3,928
AutoNation, Inc.(b)		31		3,863
AutoZone, Inc.(b)		2		4,238
Bath & Body Works, Inc.		95		3,546
Best Buy Co., Inc.(c)		47		3,322
BorgWarner, Inc.		94		3,544
Boyd Gaming Corp.		65		3,538
Brunswick Corp.		51		3,810
Capri Holdings Ltd.(b)		76		3,586
CarMax, Inc.(b)(c)		38		3,361
Carter’s, Inc.		49		3,619
Chipotle Mexican Grill, Inc.(b)		3		4,790
Choice Hotels International, Inc.		30		3,441
Churchill Downs, Inc.		18		3,548
Columbia Sportswear Co.(c)		49		3,491
D.R. Horton, Inc.		50		3,558
Darden Restaurants, Inc.		30		3,711
Deckers Outdoor Corp.(b)(c)		14		4,502
Dick’s Sporting Goods, Inc.		47		4,999
Dollar General Corp.		17		4,036
Dollar Tree, Inc.(b)		23		3,121
Domino’s Pizza, Inc.		10		3,719
eBay, Inc.		80		3,530

	Shares		Value
Consumer Discretionary-(continued)
Expedia Group, Inc.(b)		30	$	3,080
Five Below, Inc.(b)(c)		30		3,836
Floor & Decor Holdings, Inc., Class A(b)(c)		50		4,068
Ford Motor Co.		277		4,222
Garmin Ltd.		36		3,186
General Motors Co.		98		3,745
Gentex Corp.		123		3,357
Genuine Parts Co.		28		4,368
Grand Canyon Education, Inc.(b)		43		3,499
H&R Block, Inc.		106		4,770
Hanesbrands, Inc.		317		2,761
Harley-Davidson, Inc.(c)		111		4,281
Hasbro, Inc.		42		3,310
Home Depot, Inc. (The)		13		3,749
Kohl’s Corp.		94		2,672
Lear Corp.		27		3,743
Leggett & Platt, Inc.(c)		97		3,707
Lennar Corp., Class A		45		3,485
Lennar Corp., Class B		3		185
Leslie’s, Inc.(b)(c)		194		2,751
Lithia Motors, Inc., Class A(c)		13		3,451
LKQ Corp.		74		3,938
Lowe’s Cos., Inc.		20		3,883
lululemon athletica, inc.(b)		13		3,900
Macy’s, Inc.		161		2,789
Marriott Vacations Worldwide Corp.		26		3,703
Mattel, Inc.(b)		154		3,407
McDonald’s Corp.		15		3,784
MGM Resorts International		110		3,590
Mohawk Industries, Inc.(b)(c)		27		2,980
Newell Brands, Inc.		175		3,124
NIKE, Inc., Class B		32		3,406
Nordstrom, Inc.(c)		147		2,515
NVR, Inc.(b)		1		4,140
O’Reilly Automotive, Inc.(b)		6		4,183
Penske Automotive Group, Inc.(c)		32		3,773
Petco Health & Wellness Co., Inc.(b)		241		3,596
Polaris, Inc.		36		4,078
Pool Corp.		10		3,392
PulteGroup, Inc.		84		3,415
PVH Corp.		53		2,981
Ralph Lauren Corp.(c)		37		3,379
Ross Stores, Inc.		45		3,882
Service Corp. International		54		3,332
Six Flags Entertainment Corp.(b)(c)		129		2,857
Skechers U.S.A., Inc., Class A(b)		96		3,629
Starbucks Corp.		49		4,119
Tapestry, Inc.		110		3,820
Target Corp.		24		3,848
Tempur Sealy International, Inc.(c)		153		3,827
Terminix Global Holdings, Inc.(b)		88		3,753
Thor Industries, Inc.(c)		50		4,051
TJX Cos., Inc. (The)		60		3,741
Toll Brothers, Inc.		75		3,284
TopBuild Corp.(b)		20		3,675
Tractor Supply Co.		20		3,703
Travel + Leisure Co.		75		3,180
Ulta Beauty, Inc.(b)		9		3,779

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  48  

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

August 31, 2022

	Shares		Value
Consumer Discretionary-(continued)
Vail Resorts, Inc.		15	$	3,370
VF Corp.		75		3,109
Wendy’s Co. (The)		203		3,894
Whirlpool Corp.(c)		21		3,289
Williams-Sonoma, Inc.(c)		30		4,463
Wyndham Hotels & Resorts, Inc.		48		3,136
Yum! Brands, Inc.		31		3,448
				326,745
Consumer Staples-6.65%
Albertsons Cos., Inc., Class A		123		3,384
Altria Group, Inc.		70		3,158
Archer-Daniels-Midland Co.		43		3,779
BJ’s Wholesale Club Holdings, Inc.(b)		66		4,916
Brown-Forman Corp., Class A		12		847
Brown-Forman Corp., Class B		46		3,344
Bunge Ltd.		33		3,273
Campbell Soup Co.		80		4,030
Casey’s General Stores, Inc.		18		3,848
Church & Dwight Co., Inc.		43		3,599
Coca-Cola Co. (The)		60		3,703
Colgate-Palmolive Co.		48		3,754
Conagra Brands, Inc.		116		3,988
Costco Wholesale Corp.		8		4,177
Coty, Inc., Class A(b)		534		4,010
Darling Ingredients, Inc.(b)		46		3,499
Estee Lauder Cos., Inc. (The), Class A		15		3,816
Flowers Foods, Inc.		142		3,877
General Mills, Inc.		54		4,147
Grocery Outlet Holding Corp.(b)		99		3,972
Hershey Co. (The)		18		4,044
Hormel Foods Corp.		78		3,922
Ingredion, Inc.		39		3,396
JM Smucker Co. (The)		30		4,200
Kellogg Co.		54		3,928
Keurig Dr Pepper, Inc.		109		4,155
Kimberly-Clark Corp.		29		3,698
Kraft Heinz Co. (The)		101		3,777
Kroger Co. (The)		73		3,500
McCormick & Co., Inc.		41		3,447
Molson Coors Beverage Co., Class B		69		3,565
Mondelez International, Inc., Class A		60		3,712
Monster Beverage Corp.(b)		43		3,820
PepsiCo, Inc.		23		3,962
Performance Food Group Co.(b)		89		4,448
Philip Morris International, Inc.		36		3,438
Pilgrim’s Pride Corp.(b)		114		3,246
Post Holdings, Inc.(b)		46		4,083
Procter & Gamble Co. (The)		26		3,586
Reynolds Consumer Products, Inc.(c)		139		3,882
Seaboard Corp.		1		3,862
Spectrum Brands Holdings, Inc.(c)		44		2,772
Sysco Corp.		45		3,700
Tyson Foods, Inc., Class A		43		3,241
Walmart, Inc.		30		3,976
				166,481
Energy-3.50%
APA Corp.		79		3,090
Baker Hughes Co., Class A		101		2,551
Chevron Corp.		21		3,319

	Shares		Value
Energy-(continued)
ConocoPhillips		32	$	3,502
Continental Resources, Inc.		55		3,841
Coterra Energy, Inc.		107		3,307
Devon Energy Corp.		49		3,460
Diamondback Energy, Inc.		25		3,332
DT Midstream, Inc.		64		3,534
EOG Resources, Inc.		27		3,275
Exxon Mobil Corp.		38		3,633
Halliburton Co.		91		2,742
Hess Corp.(c)		30		3,623
HF Sinclair Corp.		74		3,895
Kinder Morgan, Inc.		188		3,444
Marathon Oil Corp.		120		3,071
Marathon Petroleum Corp.		36		3,627
Occidental Petroleum Corp.		53		3,763
ONEOK, Inc.		56		3,429
Ovintiv, Inc.		65		3,454
PDC Energy, Inc.		46		3,124
Phillips 66		36		3,221
Pioneer Natural Resources Co.		14		3,545
Schlumberger N.V.		81		3,090
Valero Energy Corp.		28		3,279
Williams Cos., Inc. (The)		100		3,403
				87,554
Financials-15.89%
Affiliated Managers Group, Inc.(c)		29		3,693
Aflac, Inc.		63		3,743
Alleghany Corp.(b)		5		4,206
Allstate Corp. (The)		28		3,374
American Express Co.		23		3,496
American Financial Group, Inc.		27		3,447
American International Group, Inc.		65		3,364
Ameriprise Financial, Inc.		14		3,752
Aon PLC, Class A		14		3,910
Arch Capital Group Ltd.(b)		80		3,658
Arthur J. Gallagher & Co.		23		4,176
Assurant, Inc.		21		3,328
Assured Guaranty Ltd.		65		3,320
AXIS Capital Holdings Ltd.		64		3,402
Bank of America Corp.		103		3,462
Bank of Hawaii Corp.		48		3,745
Bank of New York Mellon Corp. (The)		82		3,405
Bank OZK		92		3,729
Berkshire Hathaway, Inc., Class B(b)		12		3,370
Blackstone, Inc., Class A(c)		32		3,006
Brighthouse Financial, Inc.(b)		77		3,661
Brown & Brown, Inc.		65		4,098
Capital One Financial Corp.		30		3,175
Carlyle Group, Inc. (The)		98		3,188
Cboe Global Markets, Inc.		33		3,893
Charles Schwab Corp. (The)		54		3,831
Chubb Ltd.		18		3,403
Cincinnati Financial Corp.		30		2,909
Citizens Financial Group, Inc.		94		3,448
CME Group, Inc., Class A		19		3,717
CNA Financial Corp.		83		3,192
Comerica, Inc.		47		3,774
Commerce Bancshares, Inc.		55		3,782
Credit Acceptance Corp.(b)		7		3,725

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  49  

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

August 31, 2022

	Shares		Value
Financials-(continued)
Cullen/Frost Bankers, Inc.		30	$	3,899
Discover Financial Services		34		3,417
East West Bancorp, Inc.		53		3,825
Erie Indemnity Co., Class A		23		4,943
Evercore, Inc., Class A		34		3,185
Everest Re Group Ltd.		14		3,767
F.N.B. Corp.		314		3,743
FactSet Research Systems, Inc.		10		4,333
Fidelity National Financial, Inc.		89		3,480
Fifth Third Bancorp		97		3,313
First American Financial Corp.		63		3,371
First Hawaiian, Inc.		148		3,805
First Horizon Corp.		166		3,755
First Republic Bank		24		3,644
Franklin Resources, Inc.(c)		142		3,702
Globe Life, Inc.		39		3,790
Goldman Sachs Group, Inc. (The)		12		3,992
Hanover Insurance Group, Inc. (The)		26		3,364
Hartford Financial Services Group, Inc. (The)		53		3,408
Huntington Bancshares, Inc.		277		3,712
Interactive Brokers Group, Inc., Class A		63		3,880
Intercontinental Exchange, Inc.		37		3,731
Jefferies Financial Group, Inc.		118		3,787
JPMorgan Chase & Co.		29		3,298
KeyCorp		193		3,414
KKR & Co., Inc., Class A(c)		69		3,489
Lazard Ltd., Class A		107		3,889
Lincoln National Corp.		66		3,040
Loews Corp.		58		3,208
LPL Financial Holdings, Inc.		20		4,427
M&T Bank Corp.		21		3,817
Markel Corp.(b)		3		3,582
Marsh & McLennan Cos., Inc.		24		3,873
MetLife, Inc.		56		3,602
MGIC Investment Corp.		273		3,901
Moody’s Corp.		13		3,699
Morgan Stanley		44		3,750
Morningstar, Inc.		15		3,420
Nasdaq, Inc.		75		4,465
New York Community Bancorp, Inc.(c)		380		3,720
Northern Trust Corp.		35		3,328
Old Republic International Corp.		159		3,473
OneMain Holdings, Inc.		87		3,039
Pinnacle Financial Partners, Inc.		47		3,793
PNC Financial Services Group, Inc. (The)		22		3,476
Popular, Inc.		46		3,552
Primerica, Inc.		30		3,802
Principal Financial Group, Inc.		53		3,962
Progressive Corp. (The)		32		3,925
Prosperity Bancshares, Inc.		52		3,686
Prudential Financial, Inc.		36		3,447
Raymond James Financial, Inc.		38		3,966
Regions Financial Corp.		174		3,771
Reinsurance Group of America, Inc.		30		3,761
Rithm Capital Corp.(c)		332		3,131
S&P Global, Inc.		11		3,874
SEI Investments Co.		65		3,555
Signature Bank		18		3,138
SLM Corp.		197		3,010
Stifel Financial Corp.		59		3,499

	Shares		Value
Financials-(continued)
SVB Financial Group(b)		8	$	3,252
Synchrony Financial		105		3,439
Synovus Financial Corp.		90		3,614
Travelers Cos., Inc. (The)		21		3,394
Truist Financial Corp.		77		3,607
U.S. Bancorp		73		3,330
Umpqua Holdings Corp.		215		3,814
Unum Group		103		3,899
Virtu Financial, Inc., Class A		144		3,306
Voya Financial, Inc.		56		3,446
W.R. Berkley Corp.		53		3,434
Webster Financial Corp.		78		3,670
Wells Fargo & Co.		83		3,628
Willis Towers Watson PLC		18		3,723
Wintrust Financial Corp.		43		3,627
Zions Bancorporation N.A.		67		3,687
				397,880
Health Care-9.88%
Abbott Laboratories		33		3,387
AbbVie, Inc.		26		3,496
Acadia Healthcare Co., Inc.(b)		55		4,506
Agilent Technologies, Inc.		31		3,976
AmerisourceBergen Corp.		25		3,664
Amgen, Inc.		15		3,605
Avantor, Inc.(b)		118		2,939
Baxter International, Inc.		50		2,873
Becton, Dickinson and Co.		15		3,786
Boston Scientific Corp.(b)		94		3,789
Bristol-Myers Squibb Co.		50		3,371
Bruker Corp.		61		3,416
Catalent, Inc.(b)		36		3,168
Centene Corp.(b)		46		4,128
Chemed Corp.		8		3,810
Cigna Corp.		14		3,968
Cooper Cos., Inc. (The)		11		3,162
CVS Health Corp.		39		3,828
Danaher Corp.		14		3,779
DaVita, Inc.(b)		39		3,326
Edwards Lifesciences Corp.(b)		39		3,514
Elevance Health, Inc.		8		3,881
Encompass Health Corp.		58		2,817
Enhabit, Inc.(b)		29		481
Enovis Corp.(b)(c)		56		2,836
Envista Holdings Corp.(b)		90		3,338
Exelixis, Inc.(b)		204		3,619
Gilead Sciences, Inc.		58		3,681
Globus Medical, Inc., Class A(b)(c)		58		3,433
HCA Healthcare, Inc.		18		3,562
Henry Schein, Inc.(b)		45		3,303
Hologic, Inc.(b)		50		3,378
Horizon Therapeutics PLC(b)		42		2,487
Humana, Inc.		8		3,854
ICU Medical, Inc.(b)(c)		21		3,339
Incyte Corp.(b)(c)		50		3,522
Integra LifeSciences Holdings Corp.(b)		62		2,958
IQVIA Holdings, Inc.(b)(c)		18		3,828
Johnson & Johnson		21		3,388
Laboratory Corp. of America Holdings		15		3,379
Maravai LifeSciences Holdings, Inc., Class A(b)		119		2,484

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  50  

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

August 31, 2022

	Shares		Value
Health Care-(continued)
McKesson Corp.		12	$	4,404
Medtronic PLC		38		3,341
Merck & Co., Inc.		41		3,500
Mettler-Toledo International, Inc.(b)		3		3,637
Moderna, Inc.(b)		26		3,439
Molina Healthcare, Inc.(b)		13		4,386
Organon & Co.		100		2,853
PerkinElmer, Inc.		26		3,512
Pfizer, Inc.		72		3,257
Premier, Inc., Class A		102		3,594
QIAGEN N.V.(b)		83		3,771
Quest Diagnostics, Inc.		27		3,383
QuidelOrtho Corp.(b)		41		3,250
Regeneron Pharmaceuticals, Inc.(b)		6		3,486
Royalty Pharma PLC, Class A		92		3,847
Sotera Health Co.(b)(c)		178		3,010
STERIS PLC		17		3,423
Stryker Corp.		16		3,283
Syneos Health, Inc.(b)		52		3,126
Teleflex, Inc.		13		2,941
Tenet Healthcare Corp.(b)		60		3,390
Thermo Fisher Scientific, Inc.		7		3,817
United Therapeutics Corp.(b)		16		3,626
UnitedHealth Group, Inc.		8		4,155
Universal Health Services, Inc., Class B		31		3,033
Vertex Pharmaceuticals, Inc.(b)		14		3,945
Viatris, Inc.		312		2,980
Waters Corp.(b)		12		3,583
West Pharmaceutical Services, Inc.		12		3,560
Zimmer Biomet Holdings, Inc.		32		3,402
Zoetis, Inc.		23		3,600
				247,593
Industrials-17.77%
3M Co.(c)		26		3,233
A.O. Smith Corp.		62		3,500
Acuity Brands, Inc.		22		3,606
Advanced Drainage Systems, Inc.		34		4,614
AECOM		54		3,950
AGCO Corp.		30		3,261
Alaska Air Group, Inc.(b)		81		3,528
Allegion PLC		34		3,233
Allison Transmission Holdings, Inc.		93		3,372
AMERCO(c)		8		4,205
AMETEK, Inc.		31		3,725
Armstrong World Industries, Inc.		45		3,780
Avis Budget Group, Inc.(b)(c)		20		3,348
Booz Allen Hamilton Holding Corp.		44		4,211
Builders FirstSource, Inc.(b)		59		3,458
BWX Technologies, Inc.		75		3,910
C.H. Robinson Worldwide, Inc.		35		3,995
CACI International, Inc., Class A(b)		13		3,651
Carlisle Cos., Inc.		15		4,435
Carrier Global Corp.		97		3,795
Caterpillar, Inc.		17		3,140
Cintas Corp.		10		4,068
Clean Harbors, Inc.(b)		40		4,697
Copa Holdings S.A., Class A (Panama)(c)		55		3,916
Copart, Inc.(b)		33		3,948
Crane Holdings Co.		40		3,774

	Shares		Value
Industrials-(continued)
CSX Corp.		117	$	3,703
Cummins, Inc.		18		3,877
Curtiss-Wright Corp.		26		3,827
Deere & Co.		11		4,018
Delta Air Lines, Inc.(b)		95		2,952
Donaldson Co., Inc.		74		3,800
Dover Corp.		28		3,499
Driven Brands Holdings, Inc.(b)(c)		130		4,086
Eaton Corp. PLC		27		3,689
Emerson Electric Co.		42		3,433
Equifax, Inc.		19		3,586
Expeditors International of Washington, Inc.		35		3,601
Fastenal Co.		70		3,523
Flowserve Corp.		119		3,626
Fortive Corp.		61		3,863
FTI Consulting, Inc.(b)		22		3,533
Gates Industrial Corp. PLC(b)(c)		300		3,216
General Dynamics Corp.		17		3,892
Graco, Inc.		60		3,830
HEICO Corp., Class A		32		3,923
Hexcel Corp.		66		3,872
Honeywell International, Inc.		20		3,787
Howmet Aerospace, Inc.		105		3,720
Hubbell, Inc.		20		4,126
Huntington Ingalls Industries, Inc.		18		4,145
IAA, Inc.(b)		99		3,689
IDEX Corp.		20		4,024
Illinois Tool Works, Inc.		18		3,507
Ingersoll Rand, Inc.(c)		80		3,790
ITT, Inc.		52		3,772
J.B. Hunt Transport Services, Inc.		22		3,828
Jacobs Solutions, Inc.		27		3,364
Johnson Controls International PLC		70		3,790
Knight-Swift Transportation Holdings, Inc.		79		3,990
L3Harris Technologies, Inc.		16		3,651
Landstar System, Inc.(c)		25		3,666
Leidos Holdings, Inc.		36		3,422
Lincoln Electric Holdings, Inc.		28		3,827
Lockheed Martin Corp.		9		3,781
ManpowerGroup, Inc.		44		3,226
Masco Corp.		68		3,459
MasTec, Inc.(b)(c)		45		3,622
MDU Resources Group, Inc.		139		4,191
Mercury Systems, Inc.(b)(c)		61		2,936
Middleby Corp. (The)(b)(c)		25		3,595
MSA Safety, Inc.		30		3,566
MSC Industrial Direct Co., Inc., Class A		44		3,485
Nielsen Holdings PLC		148		4,120
Nordson Corp.		17		3,862
Norfolk Southern Corp.		16		3,890
Northrop Grumman Corp.		8		3,824
nVent Electric PLC		107		3,527
Old Dominion Freight Line, Inc.		15		4,071
Oshkosh Corp.		41		3,270
Otis Worldwide Corp.		51		3,683
Owens Corning		40		3,269
PACCAR, Inc.		42		3,675
Parker-Hannifin Corp.		14		3,710
Pentair PLC		76		3,382
Quanta Services, Inc.		31		4,380

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  51  

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

August 31, 2022

	Shares		Value
Industrials-(continued)
Raytheon Technologies Corp.		40	$	3,590
Regal Rexnord Corp.		31		4,265
Republic Services, Inc.		28		3,996
Robert Half International, Inc.		43		3,310
Rockwell Automation, Inc.		17		4,028
Rollins, Inc.		107		3,612
Ryder System, Inc.		47		3,593
Schneider National, Inc., Class B		156		3,566
Science Applications International Corp.(c)		44		4,007
Sensata Technologies Holding PLC		79		3,182
SiteOne Landscape Supply, Inc.(b)(c)		29		3,630
Snap-on, Inc.		17		3,704
Southwest Airlines Co.(b)		85		3,120
Tetra Tech, Inc.		28		3,803
Textron, Inc.		58		3,618
Toro Co. (The)		46		3,815
Trane Technologies PLC		28		4,314
TransDigm Group, Inc.		6		3,602
TransUnion		45		3,324
Union Pacific Corp.		17		3,817
United Parcel Service, Inc., Class B		21		4,085
United Rentals, Inc.(b)		13		3,797
Univar Solutions, Inc.(b)		123		3,102
Valmont Industries, Inc.		15		4,152
Verisk Analytics, Inc.		22		4,118
W.W. Grainger, Inc.		8		4,440
Wabtec Corp.		40		3,506
Waste Management, Inc.		24		4,057
Watsco, Inc.(c)		15		4,080
WESCO International, Inc.(b)		28		3,687
WillScot Mobile Mini Holdings Corp.(b)		104		4,175
Woodward, Inc.(c)		37		3,444
Xylem, Inc.		45		4,099
				444,962
Information Technology-11.83%
Accenture PLC, Class A		13		3,750
Adobe, Inc.(b)		9		3,361
Akamai Technologies, Inc.(b)		37		3,340
Allegro MicroSystems, Inc. (Japan)(b)		148		3,451
Amdocs Ltd.		43		3,675
Amphenol Corp., Class A		54		3,971
Apple, Inc.		25		3,931
Applied Materials, Inc.		33		3,104
Arista Networks, Inc.(b)		37		4,436
Arrow Electronics, Inc.(b)		31		3,249
Automatic Data Processing, Inc.		17		4,155
Avnet, Inc.		79		3,467
Black Knight, Inc.(b)		56		3,705
Broadcom, Inc.		7		3,494
Broadridge Financial Solutions, Inc.		26		4,450
CDW Corp.		22		3,755
Ciena Corp.(b)		73		3,704
Cirrus Logic, Inc.(b)		46		3,528
Cisco Systems, Inc.		83		3,712
Citrix Systems, Inc.		37		3,803
Cognizant Technology Solutions Corp., Class A		51		3,222
Concentrix Corp.		24		3,019
Corning, Inc.		106		3,638
Dell Technologies, Inc., Class C		74		2,833

	Shares		Value
Information Technology-(continued)
Dolby Laboratories, Inc., Class A		49	$	3,589
Dropbox, Inc., Class A(b)		178		3,807
DXC Technology Co.(b)		109		2,701
Entegris, Inc.		34		3,226
EPAM Systems, Inc.(b)		12		5,118
Euronet Worldwide, Inc.(b)		32		2,837
F5, Inc.(b)		23		3,612
Fair Isaac Corp.(b)		9		4,045
Fiserv, Inc.(b)		38		3,845
FleetCor Technologies, Inc.(b)		15		3,188
Gartner, Inc.(b)		14		3,994
Genpact Ltd.		86		4,040
GoDaddy, Inc., Class A(b)		52		3,943
Hewlett Packard Enterprise Co.		238		3,237
HP, Inc.		93		2,670
II-VI Incorporated(b)(c)		61		2,881
Intel Corp.		85		2,713
International Business Machines Corp.		27		3,468
Jabil, Inc.		62		3,739
Jack Henry & Associates, Inc.		20		3,844
Juniper Networks, Inc.		122		3,467
Keysight Technologies, Inc.(b)		26		4,261
KLA Corp.(c)		11		3,785
Lam Research Corp.		8		3,503
Littelfuse, Inc.		14		3,321
Lumentum Holdings, Inc.(b)(c)		43		3,593
Mandiant, Inc.(b)		171		3,909
Microchip Technology, Inc.		53		3,458
Micron Technology, Inc.		51		2,883
Microsoft Corp.		14		3,661
Motorola Solutions, Inc.		17		4,138
National Instruments Corp.		110		4,374
NCR Corp.(b)		111		3,447
NetApp, Inc.		52		3,751
NortonLifeLock, Inc.		154		3,479
ON Semiconductor Corp.(b)		63		4,333
Oracle Corp.		53		3,930
Paychex, Inc.		31		3,824
PTC, Inc.(b)		32		3,676
Qorvo, Inc.(b)		34		3,053
QUALCOMM, Inc.		27		3,571
Roper Technologies, Inc.		9		3,623
salesforce.com, inc.(b)		21		3,279
Skyworks Solutions, Inc.		35		3,449
SS&C Technologies Holdings, Inc.		58		3,234
Switch, Inc., Class A		112		3,802
TD SYNNEX Corp.		37		3,562
Teledyne Technologies, Inc.(b)		9		3,315
Teradata Corp.(b)(c)		99		3,257
Teradyne, Inc.		35		2,962
Texas Instruments, Inc.		22		3,635
Trimble, Inc.(b)		56		3,542
Ubiquiti, Inc.(c)		14		4,345
Universal Display Corp.		30		3,352
VeriSign, Inc.(b)		22		4,009
Visa, Inc., Class A		18		3,577
Vontier Corp.		139		3,047

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  52  

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

August 31, 2022

	Shares		Value
Information Technology-(continued)
Western Digital Corp.(b)		62	$	2,620
Western Union Co. (The)		210		3,112
				296,389
Materials-6.60%
Air Products and Chemicals, Inc.		15		3,787
Alcoa Corp.(c)		60		2,969
Amcor PLC		285		3,423
AptarGroup, Inc.		35		3,598
Ashland, Inc.		36		3,663
Avery Dennison Corp.		22		4,040
Axalta Coating Systems Ltd.(b)		139		3,579
Ball Corp.		53		2,958
Berry Global Group, Inc.(b)		65		3,531
Celanese Corp.		24		2,661
CF Industries Holdings, Inc.		39		4,035
Chemours Co. (The)		86		2,901
Cleveland-Cliffs, Inc.(b)(c)		160		2,763
Corteva, Inc.		60		3,686
Dow, Inc.		55		2,805
DuPont de Nemours, Inc.		56		3,116
Eagle Materials, Inc.		29		3,469
Eastman Chemical Co.		34		3,094
Element Solutions, Inc.		177		3,305
FMC Corp.		31		3,350
Freeport-McMoRan, Inc.		95		2,812
Graphic Packaging Holding Co.		168		3,741
Huntsman Corp.		105		2,942
International Flavors & Fragrances, Inc.		28		3,093
International Paper Co.		79		3,288
Linde PLC (United Kingdom)		12		3,394
Louisiana-Pacific Corp.		55		2,983
LyondellBasell Industries N.V., Class A		34		2,822
Martin Marietta Materials, Inc.		11		3,825
Mosaic Co. (The)		64		3,448
NewMarket Corp.		12		3,447
Newmont Corp.		56		2,316
Nucor Corp.		29		3,855
Olin Corp.		58		3,170
Packaging Corp. of America		24		3,286
PPG Industries, Inc.		30		3,809
Reliance Steel & Aluminum Co.		19		3,572
Royal Gold, Inc.		33		3,033
RPM International, Inc.		43		4,006
Sealed Air Corp.		60		3,229
Sherwin-Williams Co. (The)		14		3,249
Silgan Holdings, Inc.		85		3,872
Southern Copper Corp. (Peru)(c)		61		2,871
SSR Mining, Inc. (Canada)		189		2,550
Steel Dynamics, Inc.		45		3,632
United States Steel Corp.		150		3,430
Valvoline, Inc.		112		3,256
Vulcan Materials Co.		23		3,829
Westlake Corp.		28		2,762
WestRock Co.		78		3,166
				165,421
Real Estate-6.91%
Alexandria Real Estate Equities, Inc.		23		3,528
American Homes 4 Rent, Class A		100		3,556
American Tower Corp.		15		3,811

	Shares		Value
Real Estate-(continued)
Apartment Income REIT Corp.		84	$	3,431
AvalonBay Communities, Inc.		18		3,616
Boston Properties, Inc.		35		2,780
Brixmor Property Group, Inc.		157		3,372
Camden Property Trust		26		3,341
CBRE Group, Inc., Class A(b)		47		3,711
Cousins Properties, Inc.		111		2,980
CubeSmart		84		3,868
Digital Realty Trust, Inc.		27		3,338
Duke Realty Corp.		71		4,178
EastGroup Properties, Inc.		23		3,796
EPR Properties		73		3,175
Equity LifeStyle Properties, Inc.		50		3,505
Equity Residential		49		3,586
Essex Property Trust, Inc.		13		3,446
Extra Space Storage, Inc.		21		4,173
Federal Realty Investment Trust		33		3,342
First Industrial Realty Trust, Inc.		71		3,598
Gaming and Leisure Properties, Inc.		80		3,862
Healthcare Realty Trust, Inc.		124		3,016
Healthpeak Properties, Inc.		128		3,360
Highwoods Properties, Inc.		97		2,950
Invitation Homes, Inc.		99		3,592
Iron Mountain, Inc.		70		3,683
Jones Lang LaSalle, Inc.(b)		20		3,460
Kilroy Realty Corp.		63		3,073
Kimco Realty Corp.		164		3,457
Lamar Advertising Co., Class A		39		3,662
Life Storage, Inc.		32		4,072
Medical Properties Trust, Inc.		206		3,010
Mid-America Apartment Communities, Inc.		21		3,479
National Retail Properties, Inc.		86		3,861
National Storage Affiliates Trust		72		3,637
Omega Healthcare Investors, Inc.		127		4,148
Prologis, Inc.		30		3,735
Public Storage		11		3,639
Rayonier, Inc.		91		3,232
Regency Centers Corp.		56		3,407
Simon Property Group, Inc.		34		3,467
Spirit Realty Capital, Inc.		90		3,677
Sun Communities, Inc.		23		3,535
UDR, Inc.		78		3,500
Ventas, Inc.		67		3,207
VICI Properties, Inc.(c)		122		4,025
W.P. Carey, Inc.(c)		45		3,781
Weyerhaeuser Co.		97		3,314
				172,972
Utilities-4.56%
Alliant Energy Corp.		60		3,662
Ameren Corp.		40		3,705
American Electric Power Co., Inc.		37		3,707
Avangrid, Inc.		79		3,903
CenterPoint Energy, Inc.		117		3,689
CMS Energy Corp.		53		3,580
Consolidated Edison, Inc.		38		3,714
Dominion Energy, Inc.		45		3,681
DTE Energy Co.		28		3,650
Duke Energy Corp.		34		3,635
Edison International		54		3,660

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  53  

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)–(continued)

August 31, 2022

	Shares		Value
Utilities-(continued)
Entergy Corp.		31	$	3,574
Essential Utilities, Inc.		81		3,981
Evergy, Inc.		54		3,701
Eversource Energy		41		3,677
Exelon Corp.		76		3,337
FirstEnergy Corp.		88		3,480
Hawaiian Electric Industries, Inc.		88		3,443
IDACORP, Inc.		35		3,823
National Fuel Gas Co.		51		3,635
NextEra Energy, Inc.		49		4,168
NiSource, Inc.		120		3,541
NRG Energy, Inc.		83		3,426
OGE Energy Corp.		92		3,730
PG&E Corp.(b)(c)		307		3,785
Pinnacle West Capital Corp.		49		3,692
PPL Corp.		126		3,664
Sempra Energy		23		3,794
Southern Co. (The)		50		3,854
WEC Energy Group, Inc.		36		3,713
Xcel Energy, Inc.		50		3,713
				114,317
Total Common Stocks & Other Equity Interests (Cost $2,497,435)				2,500,491

	Shares		Value
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(d)(e) (Cost $773)		773	$	773
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.87% (Cost $2,498,208)				2,501,264
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-8.94%
Invesco Private Government Fund, 2.29%(d)(e)(f)		65,057		65,057
Invesco Private Prime Fund, 2.37%(d)(e)(f)		158,822		158,838
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $223,884)				223,895
TOTAL INVESTMENTS IN SECURITIES-108.81% (Cost $2,722,092)				2,725,159
OTHER ASSETS LESS LIABILITIES-(8.81)%				(220,559	)
NET ASSETS-100.00%			$	2,504,600

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 August 31, 2022.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from  Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Invesco Ltd.		$	3,874		$	2,058		$	(4,333	)		$	(1,146	)		$	(453	)		$	-		$	114
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			96,917			(96,144	)			-				-				773			6
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			8,951			491,901			(435,795	)			-				-				65,057			321	*
Invesco Private Prime Fund			19,979			1,000,592			(861,750	)			11				6				158,838			885	*
Total		$	32,804		$	1,591,468		$	(1,398,022	)		$	(1,135	)		$	(447	)		$	224,668		$	1,326

* 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 August 31, 2022.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  54  

Invesco Russell 1000 Equal Weight ETF (EQAL)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.87%
Communication Services-6.68%
Activision Blizzard, Inc.		4,265	$	334,760
Alphabet, Inc., Class A(b)		3,250		351,715
Altice USA, Inc., Class A(b)		292,205		2,922,050
AMC Entertainment Holdings, Inc., Class A(b)(c)		25,127		229,158
AT&T, Inc.		138,282		2,425,466
Cable One, Inc.(c)		2,165		2,457,275
Charter Communications, Inc., Class A(b)		5,996		2,474,129
Comcast Corp., Class A(c)		67,038		2,426,105
DISH Network Corp., Class A(b)(c)		147,810		2,564,504
Electronic Arts, Inc.		2,490		315,906
Fox Corp., Class A		9,791		334,656
Frontier Communications Parent, Inc.(b)(c)		114,026		2,937,310
IAC, Inc.(b)(c)		4,450		286,002
Interpublic Group of Cos., Inc. (The)		11,446		316,367
Liberty Broadband Corp., Class C(b)		23,821		2,422,596
Liberty Media Corp.-Liberty Formula One, Class C(b)		5,236		333,428
Liberty Media Corp.-Liberty SiriusXM, Class C(b)		8,739		361,445
Live Nation Entertainment, Inc.(b)		3,712		335,416
Lumen Technologies, Inc.(c)		256,016		2,549,919
Madison Square Garden Sports Corp., Class A(b)		2,100		336,567
Match Group, Inc.(b)		4,623		261,338
Meta Platforms, Inc., Class A(b)		2,131		347,204
Netflix, Inc.(b)		1,780		397,937
New York Times Co. (The), Class A		10,674		325,450
News Corp., Class A		20,623		348,941
Nexstar Media Group, Inc., Class A		1,935		370,204
Omnicom Group, Inc.		4,914		328,747
Paramount Global, Class B		12,505		292,492
Pinterest, Inc., Class A(b)		18,743		431,839
Playtika Holding Corp.(b)(c)		23,467		247,108
ROBLOX Corp., Class A(b)(c)		11,080		433,339
Roku, Inc., Class A(b)(c)		32,398		2,203,064
Sirius XM Holdings, Inc.(c)		53,351		324,908
Spotify Technology S.A.(b)		3,051		329,966
Take-Two Interactive Software, Inc.(b)		2,556		313,263
T-Mobile US, Inc.(b)		21,279		3,063,325
TripAdvisor, Inc.(b)(c)		16,034		381,609
Twitter, Inc.(b)		9,389		363,824
Verizon Communications, Inc.		54,791		2,290,812
Walt Disney Co. (The)(b)		3,377		378,494
Warner Bros Discovery, Inc.(b)		21,614		286,169
World Wrestling Entertainment, Inc., Class A		4,791		325,836
ZoomInfo Technologies, Inc., Class A(b)		10,593		481,134
				41,241,777
Consumer Discretionary-6.68%
ADT, Inc.(c)		47,041		342,929
Advance Auto Parts, Inc.(c)		1,868		315,020
Airbnb, Inc., Class A(b)		3,177		359,382
Amazon.com, Inc.(b)		2,979		377,648
Aptiv PLC(b)		3,351		313,084
Aramark		10,316		368,384
AutoNation, Inc.(b)		2,856		355,858

	Shares		Value
Consumer Discretionary-(continued)
AutoZone, Inc.(b)		160	$	339,074
Bath & Body Works, Inc.		9,426		351,873
Best Buy Co., Inc.(c)		4,514		319,095
Booking Holdings, Inc.(b)		163		305,757
BorgWarner, Inc.		8,968		338,094
Boyd Gaming Corp.		6,036		328,539
Bright Horizons Family Solutions, Inc.(b)		4,130		281,666
Brunswick Corp.(c)		4,565		341,051
Burlington Stores, Inc.(b)(c)		2,007		281,361
Caesars Entertainment, Inc.(b)		7,750		334,180
Capri Holdings Ltd.(b)		6,784		320,069
CarMax, Inc.(b)(c)		3,498		309,363
Carnival Corp.(b)(c)		32,584		308,245
Carter’s, Inc.		4,474		330,405
Carvana Co.(b)(c)		13,132		433,225
Chipotle Mexican Grill, Inc.(b)		254		405,587
Choice Hotels International, Inc.		2,617		300,196
Churchill Downs, Inc.		1,722		339,389
Columbia Sportswear Co.(c)		4,461		317,802
D.R. Horton, Inc.		4,914		349,631
Darden Restaurants, Inc.		2,745		339,584
Deckers Outdoor Corp.(b)(c)		1,248		401,319
Dick’s Sporting Goods, Inc.		4,304		457,816
Dollar General Corp.		1,398		331,913
Dollar Tree, Inc.(b)		2,095		284,250
Domino’s Pizza, Inc.		853		317,197
DoorDash, Inc., Class A(b)(c)		5,635		337,537
DraftKings, Inc., Class A(b)(c)		26,229		421,238
eBay, Inc.		7,392		326,209
Etsy, Inc.(b)(c)		4,222		445,885
Expedia Group, Inc.(b)		3,080		316,162
Five Below, Inc.(b)(c)		2,622		335,301
Floor & Decor Holdings, Inc., Class A(b)(c)		4,785		389,308
Ford Motor Co.		26,136		398,313
GameStop Corp., Class A(b)(c)		9,954		285,083
Gap, Inc. (The)(c)		34,965		319,580
Garmin Ltd.		3,346		296,088
General Motors Co.		9,372		358,104
Gentex Corp.		11,314		308,759
Genuine Parts Co.		2,426		378,480
Grand Canyon Education, Inc.(b)		3,702		301,269
H&R Block, Inc.		9,420		423,900
Hanesbrands, Inc.		31,337		272,945
Harley-Davidson, Inc.(c)		9,947		383,656
Hasbro, Inc.		3,963		312,364
Hilton Worldwide Holdings, Inc.		2,653		337,886
Home Depot, Inc. (The)		1,143		329,664
Hyatt Hotels Corp., Class A		3,931		352,296
Kohl’s Corp.		7,475		212,440
Las Vegas Sands Corp.(b)		9,807		369,037
Lear Corp.		2,435		337,588
Leggett & Platt, Inc.(c)		9,154		349,866
Lennar Corp., Class A		4,641		359,445
Leslie’s, Inc.(b)(c)		20,418		289,527
Lithia Motors, Inc., Class A(c)		1,133		300,744
LKQ Corp.		6,582		350,294
Lowe’s Cos., Inc.		1,792		347,899
Lucid Group, Inc.(b)(c)		18,295		280,645

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  55  

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

August 31, 2022

	Shares		Value
Consumer Discretionary-(continued)
lululemon athletica, inc.(b)		1,130	$	338,955
Macy’s, Inc.		14,611		253,063
Marriott International, Inc., Class A		2,091		321,470
Marriott Vacations Worldwide Corp.(c)		2,511		357,617
Mattel, Inc.(b)		14,469		320,054
McDonald’s Corp.		1,356		342,092
MGM Resorts International		10,666		348,138
Mister Car Wash, Inc.(b)(c)		28,850		285,904
Mohawk Industries, Inc.(b)		2,431		268,285
Newell Brands, Inc.		17,123		305,646
NIKE, Inc., Class B		2,827		300,934
Nordstrom, Inc.(c)		12,032		205,868
Norwegian Cruise Line Holdings Ltd.(b)(c)		27,341		357,620
NVR, Inc.(b)		83		343,625
Ollie’s Bargain Outlet Holdings, Inc.(b)(c)		5,636		311,727
O’Reilly Automotive, Inc.(b)		542		377,839
Peloton Interactive, Inc., Class A(b)(c)		31,673		322,748
PENN Entertainment, Inc.(b)(c)		10,594		330,851
Penske Automotive Group, Inc.(c)		2,840		334,864
Petco Health & Wellness Co., Inc.(b)(c)		19,733		294,416
Planet Fitness, Inc., Class A(b)(c)		4,998		338,614
Polaris, Inc.		3,164		358,386
Pool Corp.		913		309,680
PulteGroup, Inc.		8,117		330,037
PVH Corp.		5,039		283,444
QuantumScape Corp.(b)(c)		34,806		383,910
Ralph Lauren Corp.(c)		3,359		306,777
RH(b)(c)		1,289		329,868
Rivian Automotive, Inc., Class A(b)		11,008		360,072
Ross Stores, Inc.		4,225		364,491
Royal Caribbean Cruises Ltd.(b)		8,059		329,210
Service Corp. International		4,843		298,862
Six Flags Entertainment Corp.(b)(c)		13,922		308,372
Skechers U.S.A., Inc., Class A(b)		8,469		320,128
Starbucks Corp.		4,337		364,612
Tapestry, Inc.		9,828		341,326
Target Corp.		2,169		347,777
Tempur Sealy International, Inc.		14,157		354,067
Terminix Global Holdings, Inc.(b)		8,122		346,403
Tesla, Inc.(b)		1,390		383,098
Thor Industries, Inc.(c)		4,340		351,583
TJX Cos., Inc. (The)		5,584		348,162
Toll Brothers, Inc.		7,235		316,821
TopBuild Corp.(b)		1,695		311,473
Tractor Supply Co.		1,648		305,127
Travel + Leisure Co.		7,346		311,470
Ulta Beauty, Inc.(b)		808		339,255
Under Armour, Inc., Class A(b)(c)		33,570		282,659
Vail Resorts, Inc.		1,400		314,552
VF Corp.		6,844		283,684
Victoria’s Secret & Co.(b)(c)		9,740		325,706
Wayfair, Inc., Class A(b)(c)		6,603		348,044
Wendy’s Co. (The)		17,805		341,500
Whirlpool Corp.(c)		2,082		326,041
Williams-Sonoma, Inc.(c)		2,668		396,865
Wyndham Hotels & Resorts, Inc.		4,495		293,703
Wynn Resorts Ltd.(b)(c)		5,409		327,731

	Shares		Value
Consumer Discretionary-(continued)
YETI Holdings, Inc.(b)(c)		7,519	$	277,376
Yum! Brands, Inc.		2,857		317,813
				41,226,913
Consumer Staples-8.62%
Albertsons Cos., Inc., Class A		36,729		1,010,415
Altria Group, Inc.		23,110		1,042,723
Archer-Daniels-Midland Co.		12,788		1,123,937
BJ’s Wholesale Club Holdings, Inc.(b)		5,413		403,214
Boston Beer Co., Inc. (The), Class A(b)(c)		3,490		1,176,409
Brown-Forman Corp., Class B		15,696		1,141,099
Bunge Ltd.		10,133		1,004,890
Campbell Soup Co.(c)		23,304		1,174,056
Casey’s General Stores, Inc.		5,653		1,208,442
Church & Dwight Co., Inc.		12,925		1,081,952
Clorox Co. (The)		8,581		1,238,582
Coca-Cola Co. (The)		17,636		1,088,318
Colgate-Palmolive Co.		14,223		1,112,381
Conagra Brands, Inc.		32,971		1,133,543
Constellation Brands, Inc., Class A		4,569		1,124,202
Costco Wholesale Corp.		708		369,647
Coty, Inc., Class A(b)(c)		43,950		330,065
Darling Ingredients, Inc.(b)		14,544		1,106,217
Estee Lauder Cos., Inc. (The), Class A		1,330		338,325
Flowers Foods, Inc.		42,641		1,164,099
Freshpet, Inc.(b)(c)		18,958		825,242
General Mills, Inc.		15,923		1,222,886
Grocery Outlet Holding Corp.(b)(c)		27,119		1,088,014
Hershey Co. (The)		5,123		1,150,984
Hormel Foods Corp.		23,508		1,181,982
Ingredion, Inc.		12,051		1,049,281
JM Smucker Co. (The)		8,417		1,178,296
Kellogg Co.		15,547		1,130,889
Keurig Dr Pepper, Inc.		30,273		1,154,007
Kimberly-Clark Corp.		8,602		1,096,927
Kraft Heinz Co. (The)		29,123		1,089,200
Kroger Co. (The)		20,773		995,858
Lamb Weston Holdings, Inc.		16,218		1,289,818
McCormick & Co., Inc.		12,569		1,056,676
Molson Coors Beverage Co., Class B		20,398		1,053,965
Mondelez International, Inc., Class A		17,878		1,105,933
Monster Beverage Corp.(b)		12,039		1,069,424
Olaplex Holdings, Inc.(b)(c)		69,494		925,660
PepsiCo, Inc.		6,689		1,152,314
Performance Food Group Co.(b)		26,474		1,323,171
Philip Morris International, Inc.		10,729		1,024,512
Pilgrim’s Pride Corp.(b)		34,994		996,279
Post Holdings, Inc.(b)		13,803		1,225,154
Procter & Gamble Co. (The)		7,942		1,095,519
Reynolds Consumer Products, Inc.(c)		42,182		1,178,143
Seaboard Corp.		254		981,034
Spectrum Brands Holdings, Inc.		13,219		832,665
Sysco Corp.		13,036		1,071,820
Tyson Foods, Inc., Class A		12,524		944,059
US Foods Holding Corp.(b)		36,754		1,125,407
Walgreens Boots Alliance, Inc.		25,899		908,019
Walmart, Inc.		2,702		358,150
				53,253,804
Energy-7.98%
Antero Midstream Corp.(c)		129,697		1,306,049

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  56  

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

August 31, 2022

	Shares		Value
Energy-(continued)
Antero Resources Corp.(b)		32,882	$	1,317,911
APA Corp.		28,038		1,096,566
Baker Hughes Co., Class A		40,358		1,019,443
Cheniere Energy, Inc.		9,804		1,570,405
Chesapeake Energy Corp.(c)		14,504		1,457,507
Chevron Corp.		7,790		1,231,287
ConocoPhillips		11,694		1,279,908
Continental Resources, Inc.		17,895		1,249,608
Coterra Energy, Inc.		41,743		1,290,276
Devon Energy Corp.		18,737		1,323,207
Diamondback Energy, Inc.		8,709		1,160,736
DT Midstream, Inc.		24,882		1,373,735
Enviva, Inc.(c)		20,021		1,391,860
EOG Resources, Inc.		10,027		1,216,275
EQT Corp.		31,103		1,486,723
Exxon Mobil Corp.		13,469		1,287,502
Halliburton Co.		36,038		1,085,825
Hess Corp.		10,928		1,319,884
HF Sinclair Corp.		24,829		1,306,750
Kinder Morgan, Inc.		72,779		1,333,311
Marathon Oil Corp.		45,720		1,169,975
Marathon Petroleum Corp.		12,926		1,302,294
New Fortress Energy, Inc.		30,637		1,757,032
NOV, Inc.		71,960		1,271,533
Occidental Petroleum Corp.		21,275		1,510,525
ONEOK, Inc.		21,422		1,311,669
Ovintiv, Inc.		23,680		1,258,355
PDC Energy, Inc.		16,149		1,096,679
Phillips 66		12,525		1,120,487
Pioneer Natural Resources Co.		4,955		1,254,705
Range Resources Corp.(b)		41,770		1,372,562
Schlumberger N.V.		30,881		1,178,110
Southwestern Energy Co.(b)		165,312		1,238,187
Targa Resources Corp.		19,227		1,311,858
Texas Pacific Land Corp.		790		1,453,963
Valero Energy Corp.		10,006		1,171,903
Williams Cos., Inc. (The)		40,357		1,373,349
				49,257,954
Financials-9.22%
Affiliated Managers Group, Inc.		3,200		407,552
Aflac, Inc.		7,048		418,792
AGNC Investment Corp.		35,871		428,658
Alleghany Corp.(b)		468		393,672
Allstate Corp. (The)		3,159		380,660
Ally Financial, Inc.(c)		11,008		365,466
American Express Co.		2,101		319,352
American Financial Group, Inc.		2,857		364,782
American International Group, Inc.		7,369		381,346
Ameriprise Financial, Inc.		1,552		415,952
Annaly Capital Management, Inc.		65,957		425,423
Aon PLC, Class A		1,518		423,917
Apollo Global Management, Inc.(c)		7,554		419,851
Arch Capital Group Ltd.(b)		8,677		396,712
Ares Management Corp., Class A(c)		6,520		483,393
Arthur J. Gallagher & Co.		2,516		456,830
Assurant, Inc.		2,215		351,055
Assured Guaranty Ltd.		6,804		347,480
AXIS Capital Holdings Ltd.		6,875		365,406
Bank of America Corp.		11,941		401,337

	Shares		Value
Financials-(continued)
Bank of Hawaii Corp.		5,200	$	405,704
Bank of New York Mellon Corp. (The)		9,156		380,249
Bank OZK(c)		10,400		421,512
Berkshire Hathaway, Inc., Class B(b)		1,388		389,750
BlackRock, Inc.		641		427,156
Blackstone, Inc., Class A		3,943		370,405
Blue Owl Capital, Inc.		36,113		400,854
BOK Financial Corp.(c)		4,933		438,396
Brighthouse Financial, Inc.(b)		9,069		431,231
Brown & Brown, Inc.		7,024		442,793
Capital One Financial Corp.		2,799		296,190
Carlyle Group, Inc. (The)		11,102		361,148
Cboe Global Markets, Inc.		3,480		410,536
Charles Schwab Corp. (The)		6,244		443,012
Chubb Ltd.		1,932		365,245
Cincinnati Financial Corp.		3,274		317,447
Citigroup, Inc.		8,022		391,554
Citizens Financial Group, Inc.		10,528		386,167
CME Group, Inc., Class A		1,915		374,593
CNA Financial Corp.		8,844		340,140
Coinbase Global, Inc., Class A(b)(c)		6,987		466,732
Comerica, Inc.		5,034		404,230
Commerce Bancshares, Inc.		5,920		407,118
Credit Acceptance Corp.(b)(c)		760		404,381
Cullen/Frost Bankers, Inc.		3,227		419,381
Discover Financial Services		4,078		409,798
East West Bancorp, Inc.		5,874		423,927
Equitable Holdings, Inc.		14,351		426,942
Erie Indemnity Co., Class A		2,200		472,846
Evercore, Inc., Class A		3,978		372,699
Everest Re Group Ltd.		1,407		378,553
F.N.B. Corp.		34,770		414,458
FactSet Research Systems, Inc.		1,074		465,407
Fidelity National Financial, Inc.		10,394		406,405
Fifth Third Bancorp		10,997		375,548
First American Financial Corp.		7,285		389,748
First Citizens BancShares, Inc., Class A		610		495,296
First Hawaiian, Inc.		16,624		427,403
First Horizon Corp.		18,120		409,874
First Republic Bank		2,753		417,988
Franklin Resources, Inc.(c)		16,091		419,492
Globe Life, Inc.		4,097		398,187
Goldman Sachs Group, Inc. (The)		1,330		442,451
Hanover Insurance Group, Inc. (The)		2,727		352,847
Hartford Financial Services Group, Inc. (The)		5,761		370,490
Huntington Bancshares, Inc.		30,524		409,022
Interactive Brokers Group, Inc., Class A		6,785		417,888
Intercontinental Exchange, Inc.		4,011		404,509
Invesco Ltd.(d)		23,309		383,899
Janus Henderson Group PLC(c)		15,553		363,940
Jefferies Financial Group, Inc.		13,758		441,494
JPMorgan Chase & Co.		3,318		377,356
Kemper Corp.(c)		8,136		374,256
KeyCorp		21,579		381,733
KKR & Co., Inc., Class A		7,868		397,806
Lazard Ltd., Class A		11,726		426,240
Lincoln National Corp.		7,799		359,222
Loews Corp.		6,490		358,962
LPL Financial Holdings, Inc.		2,049		453,505
M&T Bank Corp.		2,306		419,185

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  57  

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

August 31, 2022

	Shares		Value
Financials-(continued)
Markel Corp.(b)		298	$	355,845
MarketAxess Holdings, Inc.		1,437		357,224
Marsh & McLennan Cos., Inc.		2,596		418,917
MetLife, Inc.		6,157		396,080
MGIC Investment Corp.		31,260		446,705
Moody’s Corp.		1,482		421,659
Morgan Stanley		5,029		428,571
Morningstar, Inc.		1,647		375,500
MSCI, Inc.		963		432,618
Nasdaq, Inc.		7,700		458,381
New York Community Bancorp, Inc.(c)		42,076		411,924
Northern Trust Corp.		4,098		389,679
Old Republic International Corp.		18,227		398,078
OneMain Holdings, Inc.		10,145		354,365
PacWest Bancorp		13,998		368,567
Pinnacle Financial Partners, Inc.		5,219		421,225
PNC Financial Services Group, Inc. (The)		2,450		387,100
Popular, Inc.		4,888		377,451
Primerica, Inc.		3,282		415,994
Principal Financial Group, Inc.		5,884		439,888
Progressive Corp. (The)		3,418		419,218
Prosperity Bancshares, Inc.(c)		5,670		401,890
Prudential Financial, Inc.		4,022		385,107
Raymond James Financial, Inc.		4,365		455,575
Regions Financial Corp.		19,745		427,874
Reinsurance Group of America, Inc.		3,338		418,452
RenaissanceRe Holdings Ltd. (Bermuda)		2,567		347,212
Rithm Capital Corp.(c)		41,860		394,740
Robinhood Markets, Inc., Class A(b)(c)		54,279		518,364
Rocket Cos., Inc., Class A(c)		54,819		433,070
Ryan Specialty Holdings, Inc., Class A(b)(c)		10,786		456,895
S&P Global, Inc.		1,191		419,446
SEI Investments Co.		7,242		396,137
Signature Bank		2,117		369,120
SLM Corp.		22,328		341,172
SoFi Technologies, Inc.(b)(c)		64,423		381,384
Starwood Property Trust, Inc.		18,380		421,453
State Street Corp.		5,987		409,211
Stifel Financial Corp.		6,620		392,632
SVB Financial Group(b)		914		371,559
Synchrony Financial		9,977		326,747
Synovus Financial Corp.		10,422		418,548
T. Rowe Price Group, Inc.(c)		3,468		416,160
TFS Financial Corp.(c)		28,012		400,572
Tradeweb Markets, Inc., Class A		5,788		402,787
Travelers Cos., Inc. (The)		2,305		372,580
Truist Financial Corp.		8,204		384,275
U.S. Bancorp		8,264		376,921
Umpqua Holdings Corp.		23,064		409,155
Unum Group		11,423		432,361
Upstart Holdings, Inc.(b)(c)		10,954		283,709
UWM Holdings Corp.(c)		112,842		408,488
Virtu Financial, Inc., Class A		16,585		380,792
Voya Financial, Inc.		6,371		392,008
W.R. Berkley Corp.		5,736		371,693
Webster Financial Corp.		8,486		399,266
Wells Fargo & Co.		10,015		437,756
Western Alliance Bancorporation		5,242		402,166
White Mountains Insurance Group Ltd.(c)		311		426,070
Willis Towers Watson PLC		1,980		409,523

	Shares		Value
Financials-(continued)
Wintrust Financial Corp.		4,800	$	404,832
Zions Bancorporation N.A.		7,208		396,656
				56,952,283
Health Care-9.92%
10X Genomics, Inc., Class A(b)(c)		12,198		402,412
Abbott Laboratories		4,641		476,399
AbbVie, Inc.		3,499		470,476
ABIOMED, Inc.(b)		2,096		543,451
Acadia Healthcare Co., Inc.(b)		7,332		600,711
Agilent Technologies, Inc.		4,141		531,083
agilon health, inc.(b)(c)		25,352		526,815
Align Technology, Inc.(b)		1,996		486,425
Alnylam Pharmaceuticals, Inc.(b)		3,588		741,532
Amedisys, Inc.(b)(c)		4,155		492,160
AmerisourceBergen Corp.		7,401		1,084,691
Amgen, Inc.		2,071		497,661
Avantor, Inc.(b)		15,784		393,179
Azenta, Inc.(c)		5,057		266,554
Baxter International, Inc.		7,112		408,656
Becton, Dickinson and Co.		2,049		517,209
Biogen, Inc.(b)		2,452		479,072
BioMarin Pharmaceutical, Inc.(b)		6,558		584,974
Bio-Rad Laboratories, Inc., Class A(b)		1,004		486,980
Bio-Techne Corp.		1,483		492,074
Boston Scientific Corp.(b)		13,493		543,903
Bristol-Myers Squibb Co.		6,614		445,850
Bruker Corp.		7,898		442,288
Cardinal Health, Inc.		9,500		671,840
Catalent, Inc.(b)		4,638		408,144
Centene Corp.(b)		6,248		560,695
Certara, Inc.(b)(c)		25,556		400,463
Change Healthcare, Inc.(b)		15,414		378,722
Charles River Laboratories International, Inc.(b)		2,277		467,354
Chemed Corp.		1,071		509,999
Cigna Corp.		1,967		557,546
Cooper Cos., Inc. (The)		1,533		440,645
CVS Health Corp.		11,516		1,130,295
Danaher Corp.		1,996		538,740
DaVita, Inc.(b)		5,352		456,472
Definitive Healthcare Corp.(b)(c)		18,612		373,729
DENTSPLY SIRONA, Inc.		13,643		447,081
DexCom, Inc.(b)		6,766		556,233
Doximity, Inc., Class A(b)(c)		13,904		461,474
Edwards Lifesciences Corp.(b)		5,442		490,324
Elanco Animal Health, Inc.(b)		23,054		348,807
Elevance Health, Inc.		1,045		506,940
Eli Lilly and Co.		1,659		499,741
Encompass Health Corp.		8,625		418,916
Enhabit, Inc.(b)		4,270		70,882
Enovis Corp.(b)(c)		7,898		400,034
Envista Holdings Corp.(b)(c)		13,197		489,477
Exact Sciences Corp.(b)(c)		12,470		443,308
Exelixis, Inc.(b)		26,909		477,366
Gilead Sciences, Inc.		8,259		524,199
Globus Medical, Inc., Class A(b)(c)		8,750		517,912
Guardant Health, Inc.(b)(c)		12,565		629,004
HCA Healthcare, Inc.		2,677		529,698
Henry Schein, Inc.(b)		6,427		471,806

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  58  

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

August 31, 2022

	Shares		Value
Health Care-(continued)
Hologic, Inc.(b)		7,056	$	476,703
Horizon Therapeutics PLC(b)		5,843		345,964
Humana, Inc.		1,118		538,630
ICU Medical, Inc.(b)(c)		2,915		463,485
IDEXX Laboratories, Inc.(b)		1,467		509,959
Illumina, Inc.(b)		2,502		504,503
Incyte Corp.(b)		7,032		495,264
Insulet Corp.(b)		2,380		608,019
Integra LifeSciences Holdings Corp.(b)		8,571		408,922
Intuitive Surgical, Inc.(b)		2,467		507,561
Ionis Pharmaceuticals, Inc.(b)(c)		13,939		592,686
IQVIA Holdings, Inc.(b)(c)		2,403		511,022
Jazz Pharmaceuticals PLC(b)		3,316		514,709
Johnson & Johnson		2,846		459,174
Laboratory Corp. of America Holdings		2,207		497,171
Maravai LifeSciences Holdings, Inc., Class A(b)		18,012		375,910
Masimo Corp.(b)		3,835		563,323
McKesson Corp.		3,424		1,256,608
Medtronic PLC		5,405		475,208
Merck & Co., Inc.		5,727		488,857
Mettler-Toledo International, Inc.(b)		262		317,665
Mirati Therapeutics, Inc.(b)		8,946		724,894
Moderna, Inc.(b)		3,770		498,658
Molina Healthcare, Inc.(b)		1,859		627,171
Natera, Inc.(b)(c)		14,239		701,413
Neurocrine Biosciences, Inc.(b)		5,212		545,332
Novavax, Inc.(b)(c)		11,687		386,138
Novocure Ltd.(b)(c)		7,949		652,851
Oak Street Health, Inc.(b)(c)		31,429		823,440
Organon & Co.		14,492		413,457
Penumbra, Inc.(b)(c)		3,967		651,262
PerkinElmer, Inc.		3,455		466,632
Perrigo Co. PLC		12,914		483,242
Pfizer, Inc.		9,933		449,270
Premier, Inc., Class A		13,625		480,145
QIAGEN N.V.(b)		10,979		498,776
Quest Diagnostics, Inc.		3,762		471,416
QuidelOrtho Corp.(b)(c)		4,814		381,558
Regeneron Pharmaceuticals, Inc.(b)		868		504,360
Repligen Corp.(b)(c)		3,279		719,314
ResMed, Inc.		2,373		521,870
Royalty Pharma PLC, Class A		12,527		523,754
Sarepta Therapeutics, Inc.(b)(c)		7,532		823,850
Seagen, Inc.(b)		3,294		508,231
Signify Health, Inc., Class A(b)(c)		38,385		1,070,941
Sotera Health Co.(b)(c)		23,358		394,984
STERIS PLC		2,386		480,493
Stryker Corp.		2,383		488,992
Syneos Health, Inc.(b)		7,437		447,038
Tandem Diabetes Care, Inc.(b)(c)		8,450		386,503
Teladoc Health, Inc.(b)(c)		15,596		484,412
Teleflex, Inc.		1,884		426,274
Tenet Healthcare Corp.(b)		8,890		502,285
Thermo Fisher Scientific, Inc.		939		512,055
Ultragenyx Pharmaceutical, Inc.(b)(c)		9,515		453,770
United Therapeutics Corp.(b)		2,192		496,751
UnitedHealth Group, Inc.		1,044		542,180
Universal Health Services, Inc., Class B		4,626		452,608
Veeva Systems, Inc., Class A(b)		2,657		529,593

	Shares		Value
Health Care-(continued)
Vertex Pharmaceuticals, Inc.(b)		1,914	$	539,289
Viatris, Inc.		45,327		432,873
Waters Corp.(b)		948		283,073
West Pharmaceutical Services, Inc.		1,666		494,286
Zimmer Biomet Holdings, Inc.		4,542		482,905
Zoetis, Inc.		3,060		478,982
				61,241,065
Industrials-10.35%
3M Co.(c)		2,256		280,534
A.O. Smith Corp.		5,437		306,919
Acuity Brands, Inc.		1,799		294,910
Advanced Drainage Systems, Inc.		3,290		446,453
AECOM		4,718		345,122
AGCO Corp.		2,693		292,756
Air Lease Corp.		9,438		343,166
Alaska Air Group, Inc.(b)		7,793		339,463
Allegion PLC		3,027		287,868
Allison Transmission Holdings, Inc.		7,637		276,918
AMERCO(c)		688		361,661
American Airlines Group, Inc.(b)		24,117		313,280
AMETEK, Inc.		2,706		325,153
Armstrong World Industries, Inc.		3,856		323,865
Avis Budget Group, Inc.(b)(c)		1,859		311,159
Axon Enterprise, Inc.(b)		3,383		394,728
AZEK Co., Inc. (The)(b)(c)		16,588		302,731
Boeing Co. (The)(b)		2,298		368,254
Booz Allen Hamilton Holding Corp.		3,666		350,836
Builders FirstSource, Inc.(b)		5,499		322,296
BWX Technologies, Inc.		5,940		309,652
C.H. Robinson Worldwide, Inc.		2,949		336,628
CACI International, Inc., Class A(b)		1,339		376,085
Carlisle Cos., Inc.		1,227		362,775
Carrier Global Corp.		8,272		323,601
Caterpillar, Inc.		1,496		276,326
ChargePoint Holdings, Inc., (Acquired 6/25/2021 - 4/1/2022; Cost $2,470,555)(b)(c)(e)		95,375		1,551,751
Cintas Corp.		861		350,289
Clarivate PLC(b)(c)		26,096		304,540
Clean Harbors, Inc.(b)		14,114		1,657,266
Copa Holdings S.A., Class A (Panama)(c)		5,309		378,001
Copart, Inc.(b)		3,016		360,864
Core & Main, Inc., Class A(b)(c)		13,551		319,397
CoStar Group, Inc.(b)		13,641		949,959
Crane Holdings Co.		3,402		321,013
CSX Corp.		10,365		328,052
Cummins, Inc.		1,536		330,808
Curtiss-Wright Corp.		2,302		338,831
Deere & Co.		927		338,587
Delta Air Lines, Inc.(b)		10,029		311,601
Donaldson Co., Inc.		6,282		322,581
Dover Corp.		2,460		307,402
Driven Brands Holdings, Inc.(b)(c)		11,684		367,228
Dun & Bradstreet Holdings, Inc.		24,319		346,546
Eaton Corp. PLC		2,318		316,731
Emerson Electric Co.		3,560		290,994
Equifax, Inc.		1,700		320,875
Esab Corp.		6,748		277,275
Expeditors International of Washington, Inc.		3,119		320,914

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  59   

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

August 31, 2022

	Shares		Value
Industrials-(continued)
Fastenal Co.		27,811	$	1,399,728
FedEx Corp.		1,318		277,848
Flowserve Corp.(c)		10,315		314,298
Fortive Corp.		5,375		340,399
Fortune Brands Home & Security, Inc.		4,911		301,683
FTI Consulting, Inc.(b)(c)		1,876		301,286
Gates Industrial Corp. PLC(b)(c)		26,537		284,477
Generac Holdings, Inc.(b)(c)		1,227		270,443
General Dynamics Corp.		1,433		328,057
General Electric Co.		4,425		324,972
Graco, Inc.		5,170		330,053
GXO Logistics, Inc.(b)		6,362		282,346
Hayward Holdings, Inc.(b)(c)		20,616		216,674
HEICO Corp.(c)		2,265		344,959
Hertz Global Holdings, Inc.(b)(c)		17,698		326,705
Hexcel Corp.		26,509		1,555,283
Honeywell International, Inc.		1,648		312,049
Howmet Aerospace, Inc.		9,285		328,968
Hubbell, Inc.		1,679		346,378
Huntington Ingalls Industries, Inc.		1,499		345,160
IAA, Inc.(b)		9,185		342,233
IDEX Corp.		1,715		345,075
Illinois Tool Works, Inc.		1,648		321,080
Ingersoll Rand, Inc.		6,808		322,495
ITT, Inc.		4,458		323,339
J.B. Hunt Transport Services, Inc.		1,893		329,420
Jacobs Solutions, Inc.		2,446		304,723
JetBlue Airways Corp.(b)(c)		37,188		289,695
Johnson Controls International PLC		6,117		331,174
KBR, Inc.		7,607		367,418
Kirby Corp.(b)		4,748		318,401
Knight-Swift Transportation Holdings, Inc.		6,610		333,871
L3Harris Technologies, Inc.		1,356		309,426
Landstar System, Inc.(c)		2,094		307,043
Leidos Holdings, Inc.		3,618		343,891
Lennox International, Inc.		1,549		371,946
Lincoln Electric Holdings, Inc.(c)		2,384		325,869
Lockheed Martin Corp.		747		313,822
Lyft, Inc., Class A(b)(c)		21,134		311,304
ManpowerGroup, Inc.		3,850		282,282
Masco Corp.		5,975		303,948
MasTec, Inc.(b)(c)		4,022		323,771
MDU Resources Group, Inc.		11,659		351,519
Mercury Systems, Inc.(b)(c)		5,132		247,003
Middleby Corp. (The)(b)(c)		2,265		325,752
MSA Safety, Inc.		2,585		307,253
MSC Industrial Direct Co., Inc., Class A		3,876		307,018
Nielsen Holdings PLC		14,150		393,936
Nordson Corp.		1,516		344,390
Norfolk Southern Corp.		1,370		333,088
Northrop Grumman Corp.		670		320,253
nVent Electric PLC		9,214		303,693
Old Dominion Freight Line, Inc.		1,262		342,519
Oshkosh Corp.		3,466		276,448
Otis Worldwide Corp.		4,380		316,324
Owens Corning		3,670		299,949
PACCAR, Inc.		3,543		310,048
Parker-Hannifin Corp.		1,193		316,145
Pentair PLC		6,618		294,501
Plug Power, Inc.(b)(c)		84,157		2,359,762

	Shares		Value
Industrials-(continued)
Quanta Services, Inc.		2,458	$	347,315
Raytheon Technologies Corp.		3,329		298,778
Regal Rexnord Corp.		2,572		353,881
Republic Services, Inc.		9,900		1,412,928
Robert Half International, Inc.		3,707		285,328
Rockwell Automation, Inc.		1,499		355,173
Rollins, Inc.		9,811		331,219
Ryder System, Inc.		3,977		304,002
Schneider National, Inc., Class B		13,232		302,484
Science Applications International Corp.		4,007		364,917
Sensata Technologies Holding PLC		6,858		276,240
SiteOne Landscape Supply, Inc.(b)(c)		2,738		342,688
Snap-on, Inc.		1,494		325,483
Southwest Airlines Co.(b)		8,634		316,868
Spirit AeroSystems Holdings, Inc., Class A		10,407		313,251
Stanley Black & Decker, Inc.		2,846		250,733
Stericycle, Inc.(b)(c)		28,744		1,439,787
Sunrun, Inc.(b)(c)		52,394		1,730,574
Tetra Tech, Inc.		2,410		327,302
Textron, Inc.		4,979		310,590
Timken Co. (The)		23,979		1,510,437
Toro Co. (The)		3,844		318,783
Trane Technologies PLC		2,381		366,841
TransDigm Group, Inc.		560		336,218
TransUnion		3,848		284,252
Trex Co., Inc.(b)(c)		5,549		259,638
Uber Technologies, Inc.(b)		14,578		419,263
Union Pacific Corp.		1,473		330,703
United Airlines Holdings, Inc.(b)		8,477		296,780
United Parcel Service, Inc., Class B		1,726		335,724
United Rentals, Inc.(b)		1,140		332,926
Univar Solutions, Inc.(b)		46,246		1,166,324
Valmont Industries, Inc.		1,304		360,973
Verisk Analytics, Inc.		1,910		357,476
Vertiv Holdings Co.(c)		36,848		424,857
W.W. Grainger, Inc.		647		359,046
Wabtec Corp.		3,449		302,305
Waste Management, Inc.		8,396		1,419,176
Watsco, Inc.(c)		1,247		339,221
WESCO International, Inc.(b)		2,534		333,677
WillScot Mobile Mini Holdings Corp.(b)		8,962		359,735
Woodward, Inc.		3,293		306,479
XPO Logistics, Inc.(b)		6,248		327,520
Xylem, Inc.		4,009		365,220
				63,891,352
Information Technology-14.34%
Accenture PLC, Class A		1,089		314,133
Adobe, Inc.(b)		946		353,274
Advanced Micro Devices, Inc.(b)		4,039		342,790
Affirm Holdings, Inc.(b)(c)		16,382		383,830
Akamai Technologies, Inc.(b)		3,939		355,613
Allegro MicroSystems, Inc. (Japan)(b)		16,222		378,297
Alteryx, Inc., Class A(b)(c)		7,485		466,465
Amdocs Ltd.		4,572		390,769
Amphenol Corp., Class A		5,409		397,724
Analog Devices, Inc.		2,379		360,490
ANSYS, Inc.(b)		1,501		372,698
Apple, Inc.		2,659		418,048
Applied Materials, Inc.		3,674		345,613

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  60   

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

August 31, 2022

	Shares		Value
Information Technology-(continued)
AppLovin Corp., Class A(b)(c)		10,461	$	257,654
Arista Networks, Inc.(b)		28,946		3,470,047
Arrow Electronics, Inc.(b)		3,076		322,396
Aspen Technology, Inc.(b)(c)		1,940		408,564
Atlassian Corp. PLC, Class A(b)		2,005		496,558
Autodesk, Inc.(b)		2,024		408,322
Automatic Data Processing, Inc.		1,488		363,682
Avalara, Inc.(b)		4,943		452,729
Avnet, Inc.		7,974		349,979
Bentley Systems, Inc., Class B		11,022		405,279
Bill.com Holdings, Inc.(b)(c)		2,692		435,781
Black Knight, Inc.(b)		5,548		367,056
Block, Inc., Class A(b)(c)		4,844		333,800
Broadcom, Inc.		693		345,883
Broadridge Financial Solutions, Inc.		2,785		476,708
Cadence Design Systems, Inc.(b)		2,421		420,697
CCC Intelligent Solutions Holdings, Inc.(b)(c)		40,389		386,119
CDW Corp.		2,179		371,955
Ceridian HCM Holding, Inc.(b)		7,629		454,994
Ciena Corp.(b)		60,460		3,067,740
Cirrus Logic, Inc.(b)		4,810		368,879
Cisco Systems, Inc.		61,400		2,745,808
Citrix Systems, Inc.		3,870		397,720
Cloudflare, Inc., Class A(b)(c)		8,262		516,953
Cognex Corp.		6,945		292,454
Cognizant Technology Solutions Corp., Class A		5,201		328,547
Concentrix Corp.		2,432		305,897
Confluent, Inc., Class A(b)(c)		18,300		500,688
Corning, Inc.		10,924		374,912
Coupa Software, Inc.(b)(c)		6,505		379,892
Crowdstrike Holdings, Inc., Class A(b)(c)		2,199		401,559
Datadog, Inc., Class A(b)		4,013		421,164
Dell Technologies, Inc., Class C		7,435		284,686
DocuSign, Inc.(b)		5,901		343,556
Dolby Laboratories, Inc., Class A		4,956		362,977
DoubleVerify Holdings, Inc.(b)(c)		16,372		423,216
Dropbox, Inc., Class A(b)		16,982		363,245
DXC Technology Co.(b)		11,019		273,051
Dynatrace, Inc.(b)		8,881		339,077
Elastic N.V.(b)		5,430		455,631
Enphase Energy, Inc.(b)		6,795		1,946,360
Entegris, Inc.		3,504		332,460
EPAM Systems, Inc.(b)		1,236		527,154
Euronet Worldwide, Inc.(b)		2,862		253,745
F5, Inc.(b)		2,325		365,165
Fair Isaac Corp.(b)		784		352,330
Fidelity National Information Services, Inc.		3,206		292,932
First Solar, Inc.(b)		19,989		2,549,597
Fiserv, Inc.(b)		3,319		335,850
Five9, Inc.(b)(c)		4,135		405,685
FleetCor Technologies, Inc.(b)		1,338		284,365
Fortinet, Inc.(b)		6,424		312,785
Gartner, Inc.(b)		1,530		436,540
Genpact Ltd.		7,133		335,108
Global Payments, Inc.		2,694		334,676
GLOBALFOUNDRIES, Inc.(b)(c)		7,227		432,319
Globant S.A.(b)		1,961		413,320
GoDaddy, Inc., Class A(b)		5,210		395,022
Guidewire Software, Inc.(b)(c)		4,848		347,650

	Shares		Value
Information Technology-(continued)
Hewlett Packard Enterprise Co.		25,361	$	344,910
HP, Inc.		10,400		298,584
HubSpot, Inc.(b)(c)		1,159		390,629
II-VI Incorporated(b)(c)		7,426		350,730
Informatica, Inc., Class A(b)(c)		18,580		410,061
Intel Corp.		9,220		294,302
International Business Machines Corp.		2,625		337,181
Intuit, Inc.		948		409,327
IPG Photonics Corp.(b)		3,887		352,123
Jabil, Inc.		6,083		366,805
Jack Henry & Associates, Inc.		1,715		329,623
Jamf Holding Corp.(b)(c)		13,983		334,893
Juniper Networks, Inc.		94,036		2,672,503
Keysight Technologies, Inc.(b)		2,218		363,508
KLA Corp.(c)		1,100		378,543
Kyndryl Holdings, Inc.(b)		34,682		361,386
Lam Research Corp.		804		352,080
Lattice Semiconductor Corp.(b)		7,361		396,758
Littelfuse, Inc.		1,191		282,529
Lumentum Holdings, Inc.(b)(c)		33,473		2,796,669
Mandiant, Inc.(b)		16,521		377,670
Manhattan Associates, Inc.(b)		3,158		446,099
Marvell Technology, Inc.		7,268		340,288
Mastercard, Inc., Class A		944		306,205
Microchip Technology, Inc.		5,789		377,732
Micron Technology, Inc.		6,048		341,893
Microsoft Corp.		1,438		375,994
MKS Instruments, Inc.		2,795		278,410
MongoDB, Inc.(b)(c)		1,423		459,430
Monolithic Power Systems, Inc.		860		389,735
Motorola Solutions, Inc.		13,233		3,221,045
National Instruments Corp.		10,982		436,644
nCino, Inc.(b)(c)		11,150		351,671
NCR Corp.(b)		11,007		341,767
NetApp, Inc.		5,467		394,335
New Relic, Inc.(b)		7,949		482,584
NortonLifeLock, Inc.		16,246		366,997
Nutanix, Inc., Class A(b)(c)		24,931		431,306
NVIDIA Corp.		2,177		328,596
Okta, Inc.(b)		4,156		379,858
ON Semiconductor Corp.(b)		6,170		424,311
Oracle Corp.		5,138		380,983
Palantir Technologies, Inc., Class A(b)(c)		43,971		339,456
Palo Alto Networks, Inc.(b)		740		412,039
Paychex, Inc.		2,598		320,437
Paycom Software, Inc.(b)		1,314		461,477
Paycor HCM, Inc.(b)		16,087		476,658
Paylocity Holding Corp.(b)		1,858		447,778
PayPal Holdings, Inc.(b)		4,000		373,760
Pegasystems, Inc.(c)		7,683		281,275
Procore Technologies, Inc.(b)(c)		7,817		426,808
PTC, Inc.(b)		3,443		395,566
Pure Storage, Inc., Class A(b)(c)		13,924		403,378
Qorvo, Inc.(b)		3,629		325,812
QUALCOMM, Inc.		2,738		362,155
RingCentral, Inc., Class A(b)		6,605		284,279
Roper Technologies, Inc.		928		373,594
salesforce.com, inc.(b)		2,116		330,350
SentinelOne, Inc.(b)		16,166		441,493
ServiceNow, Inc.(b)		781		339,438

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  61  

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

August 31, 2022

	Shares		Value
Information Technology-(continued)
Shift4 Payments, Inc., Class A(b)(c)		9,209	$	417,076
Skyworks Solutions, Inc.		3,792		373,702
Smartsheet, Inc., Class A(b)(c)		11,852		394,316
Snowflake, Inc., Class A(b)		2,909		526,384
Splunk, Inc.(b)		3,942		354,898
SS&C Technologies Holdings, Inc.		6,222		346,939
Switch, Inc., Class A		10,690		362,926
Synopsys, Inc.(b)		1,176		406,920
TD SYNNEX Corp.		3,655		351,903
Teledyne Technologies, Inc.(b)		836		307,949
Teradata Corp.(b)(c)		9,831		323,440
Teradyne, Inc.		3,882		328,572
Texas Instruments, Inc.		2,311		381,800
Thoughtworks Holding, Inc.(b)		23,980		315,577
Toast, Inc., Class A(b)		25,993		492,048
Trade Desk, Inc. (The), Class A(b)		6,673		418,397
Trimble, Inc.(b)		5,141		325,168
Twilio, Inc., Class A(b)(c)		4,196		291,958
Tyler Technologies, Inc.(b)		1,127		418,692
Ubiquiti, Inc.(c)		10,351		3,212,847
UiPath, Inc., Class A(b)(c)		18,675		307,204
Unity Software, Inc.(b)(c)		9,851		420,835
Universal Display Corp.		3,161		353,179
VeriSign, Inc.(b)		2,184		397,969
Viasat, Inc.(b)(c)		85,278		3,238,858
Visa, Inc., Class A(c)		1,562		310,385
VMware, Inc., Class A		2,953		342,637
Vontier Corp.		12,938		283,601
Western Digital Corp.(b)		7,150		302,159
Western Union Co. (The)		18,891		279,965
WEX, Inc.(b)		1,898		292,767
Wix.com Ltd. (Israel)(b)		5,770		365,183
Wolfspeed, Inc.(b)(c)		5,520		626,354
Workday, Inc., Class A(b)		2,511		413,210
Zebra Technologies Corp., Class A(b)		988		298,020
Zendesk, Inc.(b)		5,931		455,323
Zoom Video Communications, Inc., Class A(b)(c)		3,178		255,511
Zscaler, Inc.(b)(c)		2,411		383,928
				88,539,712
Materials-8.91%
Air Products and Chemicals, Inc.		5,764		1,455,122
Albemarle Corp.		6,405		1,716,284
Alcoa Corp.		26,993		1,335,614
Amcor PLC		25,166		302,244
AptarGroup, Inc.		3,037		312,234
Ardagh Group S.A.(f)		13,287		282,083
Ardagh Metal Packaging S.A.(c)		49,794		306,233
Ashland, Inc.		13,987		1,423,317
Avery Dennison Corp.		8,574		1,574,358
Axalta Coating Systems Ltd.(b)		12,606		324,604
Ball Corp.		4,578		255,498
Berry Global Group, Inc.(b)		5,596		304,031
Celanese Corp.		10,289		1,140,638
CF Industries Holdings, Inc.		14,964		1,548,175
Chemours Co. (The)		38,716		1,305,891
Cleveland-Cliffs, Inc.(b)(c)		76,466		1,320,568
Corteva, Inc.		19,013		1,167,969
Crown Holdings, Inc.		3,193		289,254

	Shares		Value
Materials-(continued)
Dow, Inc.		24,037	$	1,225,887
DuPont de Nemours, Inc.		5,061		281,594
Eagle Materials, Inc.		2,545		304,433
Eastman Chemical Co.		14,525		1,321,775
Ecolab, Inc.		9,179		1,503,796
Element Solutions, Inc.		70,856		1,322,881
FMC Corp.		12,852		1,389,044
Freeport-McMoRan, Inc.		37,410		1,107,336
Ginkgo Bioworks Holdings, Inc.(b)(c)		186,319		501,198
Graphic Packaging Holding Co.		14,835		330,375
Huntsman Corp.		45,963		1,287,883
International Flavors & Fragrances, Inc.		11,843		1,308,415
International Paper Co.		31,316		1,303,372
Linde PLC (United Kingdom)		4,605		1,302,570
Louisiana-Pacific Corp.		5,091		276,085
LyondellBasell Industries N.V., Class A		14,339		1,190,137
Martin Marietta Materials, Inc.		966		335,888
Mosaic Co. (The)		25,745		1,386,883
MP Materials Corp.(b)(c)		38,725		1,354,988
NewMarket Corp.		4,651		1,335,814
Newmont Corp.		22,019		910,706
Nucor Corp.		11,830		1,572,680
Olin Corp.		26,787		1,464,177
Packaging Corp. of America		2,086		285,615
PPG Industries, Inc.		2,680		340,306
Reliance Steel & Aluminum Co.		7,664		1,440,679
Royal Gold, Inc.		12,896		1,185,142
RPM International, Inc.		3,925		365,653
Scotts Miracle-Gro Co. (The)		15,906		1,064,907
Sealed Air Corp.		5,175		278,467
Sherwin-Williams Co. (The)		1,341		311,246
Silgan Holdings, Inc.		7,343		334,474
Sonoco Products Co.		5,591		352,345
Southern Copper Corp. (Peru)		23,946		1,127,138
SSR Mining, Inc. (Canada)		74,767		1,008,607
Steel Dynamics, Inc.		19,116		1,543,043
United States Steel Corp.		66,949		1,531,124
Valvoline, Inc.		44,918		1,305,766
Vulcan Materials Co.		2,029		337,808
Westlake Corp.		12,870		1,269,368
WestRock Co.		7,001		284,171
				55,047,893
Real Estate-8.61%
Alexandria Real Estate Equities, Inc.		5,656		867,630
American Homes 4 Rent, Class A		23,003		817,987
American Tower Corp.		3,187		809,657
Americold Realty Trust, Inc.		26,545		780,954
Apartment Income REIT Corp.		19,167		782,972
AvalonBay Communities, Inc.		4,098		823,329
Boston Properties, Inc.		8,344		662,764
Brixmor Property Group, Inc.		38,018		816,627
Camden Property Trust		5,997		770,674
CBRE Group, Inc., Class A(b)		10,746		848,504
Cousins Properties, Inc.		25,563		686,367
Crown Castle, Inc.		4,801		820,155
CubeSmart		19,042		876,884
Digital Realty Trust, Inc.		5,953		735,969
Douglas Emmett, Inc.		32,774		639,749
Duke Realty Corp.		14,355		844,792

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  62  

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

August 31, 2022

	Shares		Value
Real Estate-(continued)
EastGroup Properties, Inc.		4,948	$	816,568
EPR Properties		16,875		733,894
Equinix, Inc.		1,201		789,501
Equity LifeStyle Properties, Inc.		10,902		764,230
Equity Residential		11,083		811,054
Essex Property Trust, Inc.		2,988		791,999
Extra Space Storage, Inc.		4,748		943,570
Federal Realty Investment Trust		7,998		809,957
First Industrial Realty Trust, Inc.		16,075		814,681
Gaming and Leisure Properties, Inc.		17,154		828,024
Healthcare Realty Trust, Inc.		27,603		671,305
Healthpeak Properties, Inc.		31,504		826,980
Highwoods Properties, Inc.		22,440		682,400
Host Hotels & Resorts, Inc.		43,727		777,029
Howard Hughes Corp. (The)(b)(c)		11,600		738,108
Hudson Pacific Properties, Inc.		45,428		600,104
Invitation Homes, Inc.		22,430		813,760
Iron Mountain, Inc.(c)		15,980		840,708
JBG SMITH Properties(c)		32,389		711,586
Jones Lang LaSalle, Inc.(b)		4,625		800,125
Kilroy Realty Corp.		14,940		728,624
Kimco Realty Corp.		39,670		836,244
Lamar Advertising Co., Class A(c)		8,695		816,374
Life Storage, Inc.		7,167		912,001
Medical Properties Trust, Inc.(c)		51,253		748,806
Mid-America Apartment Communities, Inc.		4,717		781,465
National Retail Properties, Inc.		18,692		839,271
National Storage Affiliates Trust		16,230		819,940
Omega Healthcare Investors, Inc.		27,202		888,417
Opendoor Technologies, Inc.(b)(c)		149,616		647,837
Park Hotels & Resorts, Inc.(c)		49,005		686,070
Prologis, Inc.		6,658		828,988
Public Storage		2,527		836,007
Rayonier, Inc.		20,573		730,753
Realty Income Corp.		11,824		807,343
Regency Centers Corp.		13,154		800,289
Rexford Industrial Realty, Inc.		12,809		796,848
SBA Communications Corp., Class A		2,553		830,363
Simon Property Group, Inc.		7,858		801,359
SL Green Realty Corp.		15,108		667,320
Spirit Realty Capital, Inc.		20,579		840,652
STORE Capital Corp.		29,926		807,404
Sun Communities, Inc.		4,994		767,628
UDR, Inc.		17,839		800,436
Ventas, Inc.		15,322		733,311
VICI Properties, Inc.(c)		26,314		868,099
Vornado Realty Trust		26,209		687,200
W.P. Carey, Inc.(c)		9,297		781,227
Welltower, Inc.		9,774		749,177
WeWork, Inc.(b)(c)		140,680		576,788
Weyerhaeuser Co.		22,327		762,690
Zillow Group, Inc., Class C(b)(c)		24,362		815,153
				53,144,681
Utilities-8.56%
AES Corp. (The)		62,567		1,592,330
Alliant Energy Corp.		21,959		1,340,377
Ameren Corp.		14,677		1,359,384
American Electric Power Co., Inc.		13,496		1,352,299
American Water Works Co., Inc.		9,040		1,341,988

	Shares		Value
Utilities-(continued)
Atmos Energy Corp.		11,519	$	1,306,024
Avangrid, Inc.		28,036		1,384,978
Brookfield Renewable Corp., Class A		34,384		1,320,002
CenterPoint Energy, Inc.		43,432		1,369,411
CMS Energy Corp.		19,491		1,316,422
Consolidated Edison, Inc.		13,858		1,354,481
Constellation Energy Corp.		20,976		1,711,432
Dominion Energy, Inc.		16,358		1,338,084
DTE Energy Co.		10,267		1,338,201
Duke Energy Corp.		12,202		1,304,516
Edison International		19,968		1,353,231
Entergy Corp.		11,339		1,307,387
Essential Utilities, Inc.		28,810		1,416,012
Evergy, Inc.		19,985		1,369,572
Eversource Energy		15,189		1,362,301
Exelon Corp.		28,902		1,269,087
FirstEnergy Corp.		32,853		1,299,336
Hawaiian Electric Industries, Inc.		31,162		1,219,057
IDACORP, Inc.		12,326		1,346,492
National Fuel Gas Co.		17,787		1,267,680
NextEra Energy, Inc.		16,463		1,400,343
NiSource, Inc.		44,108		1,301,627
NRG Energy, Inc.		31,244		1,289,752
OGE Energy Corp.		33,756		1,368,468
PG&E Corp.(b)(c)		118,908		1,466,136
Pinnacle West Capital Corp.		17,890		1,348,012
PPL Corp.		46,484		1,351,755
Public Service Enterprise Group, Inc.		20,191		1,299,493
Sempra Energy		8,436		1,391,687
Southern Co. (The)		18,373		1,416,007
UGI Corp.		30,936		1,221,972
Vistra Corp.		51,992		1,286,802
WEC Energy Group, Inc.		13,307		1,372,484
Xcel Energy, Inc.		18,545		1,376,966
				52,831,588
Total Common Stocks & Other Equity Interests (Cost $648,538,233)				616,629,022
Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(d)(g) (Cost $19,186)		19,186		19,186
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.87% (Cost $648,557,419)				616,648,208
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-15.62%
Invesco Private Government Fund, 2.29%(d)(g)(h)		26,409,828		26,409,828

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  63  

Invesco Russell 1000 Equal Weight ETF (EQAL)–(continued)

August 31, 2022

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 2.37%(d)(g)(h)		70,041,235	$	70,048,241
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $96,452,523)				96,458,069
TOTAL INVESTMENTS IN SECURITIES-115.49% (Cost $745,009,942)				713,106,277
OTHER ASSETS LESS LIABILITIES-(15.49)%				(95,638,315	)
NET ASSETS-100.00%			$	617,467,962

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 August 31, 2022.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Invesco Ltd.		$     389,852		$	330,140		$	(137,450	)		$	(241,016	)		$	42,373			$	383,899		$	15,202
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		-			21,655,713			(21,636,527	)			-				-				19,186			1,642
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		16,042,144			171,181,243			(160,813,559	)			-				-				26,409,828			171,470	*
Invesco Private Prime Fund		37,431,669			340,805,954			(308,178,230	)			5,545				(16,697	)			70,048,241			486,182	*
Total		$53,863,665		$	533,973,050		$	(490,765,766	)		$	(235,471	)		$	25,676			$	96,861,154		$	674,496

* 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 August 31, 2022 represented less than 1% of the Fund’s Net Assets.

^(f) Security valued using significant unobservable inputs (Level 3). See Note 5.

^(g)  The rate shown is the 7-day SEC standardized yield as of August 31, 2022.

^(h)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  64  

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-3.75%
Activision Blizzard, Inc.		216	$	16,954
AT&T, Inc.		788		13,822
Comcast Corp., Class A(b)		380		13,752
Electronic Arts, Inc.		120		15,224
Fox Corp., Class A		335		11,450
Fox Corp., Class B		157		4,964
Interpublic Group of Cos., Inc. (The)		527		14,566
Liberty Media Corp.-Liberty SiriusXM, Class A(c)		132		5,483
Liberty Media Corp.-Liberty SiriusXM, Class C(c)		274		11,333
Lumen Technologies, Inc.		1,398		13,924
Madison Square Garden Sports Corp., Class A(c)		104		16,668
News Corp., Class A		735		12,436
News Corp., Class B		230		3,965
Nexstar Media Group, Inc., Class A		98		18,749
Omnicom Group, Inc.		230		15,387
Paramount Global, Class A		9		238
Paramount Global, Class B(b)		509		11,906
Pinterest, Inc., Class A(c)		883		20,344
Sirius XM Holdings, Inc.(b)		2,650		16,139
T-Mobile US, Inc.(c)		127		18,283
Twitter, Inc.(c)		425		16,469
Verizon Communications, Inc.		325		13,588
Warner Bros Discovery, Inc.(c)		947		12,538
World Wrestling Entertainment, Inc., Class A		249		16,935
				315,117
Consumer Discretionary-14.30%
Aramark		491		17,534
AutoNation, Inc.(c)		139		17,319
AutoZone, Inc.(c)		8		16,954
Bath & Body Works, Inc.		422		15,753
Best Buy Co., Inc.(b)		209		14,774
Booking Holdings, Inc.(c)		8		15,006
BorgWarner, Inc.		416		15,683
Boyd Gaming Corp.		290		15,785
Brunswick Corp.		228		17,034
Burlington Stores, Inc.(b)(c)		102		14,299
Capri Holdings Ltd.(c)		339		15,994
CarMax, Inc.(b)(c)		170		15,035
Carter’s, Inc.		219		16,173
Chipotle Mexican Grill, Inc.(c)		12		19,162
Choice Hotels International, Inc.		135		15,486
Churchill Downs, Inc.		82		16,161
Columbia Sportswear Co.(b)		216		15,388
Darden Restaurants, Inc.		135		16,701
Dick’s Sporting Goods, Inc.		210		22,338
Dollar General Corp.		77		18,281
Dollar Tree, Inc.(c)		106		14,382
Expedia Group, Inc.(c)		136		13,960
Ford Motor Co.		1,234		18,806
General Motors Co.		437		16,698
Gentex Corp.		549		14,982
Genuine Parts Co.		123		19,189
Grand Canyon Education, Inc.(c)		190		15,462
H&R Block, Inc.		481		21,645
Hanesbrands, Inc.		1,410		12,281
Harley-Davidson, Inc.(b)		505		19,478
Consumer Discretionary-(continued)

	Shares		Value
Hasbro, Inc.		187	$	14,739
Hilton Worldwide Holdings, Inc.		121		15,411
Home Depot, Inc. (The)		58		16,728
Hyatt Hotels Corp., Class A		188		16,849
Kohl’s Corp.		415		11,794
Las Vegas Sands Corp.(c)		488		18,363
Leggett & Platt, Inc.(b)		444		16,970
Leslie’s, Inc.(b)(c)		885		12,549
Lithia Motors, Inc., Class A(b)		56		14,865
LKQ Corp.		338		17,988
Lowe’s Cos., Inc.		88		17,084
lululemon athletica, inc.(c)		58		17,398
Marriott International, Inc., Class A		98		15,067
Marriott Vacations Worldwide Corp.		118		16,806
Mattel, Inc.(c)		702		15,528
McDonald’s Corp.		68		17,155
Mohawk Industries, Inc.(b)(c)		120		13,243
Newell Brands, Inc.		778		13,887
NVR, Inc.(c)		4		16,560
Ollie’s Bargain Outlet Holdings, Inc.(b)(c)		373		20,631
PENN Entertainment, Inc.(b)(c)		525		16,396
Penske Automotive Group, Inc.(b)		144		16,979
Planet Fitness, Inc., Class A(b)(c)		239		16,192
Polaris, Inc.		165		18,690
PulteGroup, Inc.		372		15,126
PVH Corp.		235		13,219
RH(c)		58		14,843
Ross Stores, Inc.		203		17,513
Service Corp. International		239		14,749
Six Flags Entertainment Corp.(b)(c)		570		12,626
Target Corp.		107		17,156
Tempur Sealy International, Inc.(b)		696		17,407
Terminix Global Holdings, Inc.(c)		390		16,633
Thor Industries, Inc.(b)		223		18,065
TJX Cos., Inc. (The)		274		17,084
Toll Brothers, Inc.		335		14,670
Travel + Leisure Co.		331		14,034
Ulta Beauty, Inc.(c)		41		17,215
Vail Resorts, Inc.		67		15,054
Wendy’s Co. (The)		902		17,300
Whirlpool Corp.(b)		93		14,564
Williams-Sonoma, Inc.(b)		134		19,932
Wyndham Hotels & Resorts, Inc.		212		13,852
Yum! Brands, Inc.		140		15,574
				1,202,231
Consumer Staples-8.52%
Albertsons Cos., Inc., Class A		548		15,076
Altria Group, Inc.		309		13,942
Archer-Daniels-Midland Co.		193		16,963
Brown-Forman Corp., Class A		51		3,599
Brown-Forman Corp., Class B		206		14,976
Bunge Ltd.		147		14,578
Campbell Soup Co.(b)		356		17,935
Casey’s General Stores, Inc.		81		17,315
Church & Dwight Co., Inc.		189		15,821
Clorox Co. (The)		119		17,177
Coca-Cola Co. (The)		265		16,353

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  65  

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

August 31, 2022

	Shares		Value
Consumer Staples-(continued)
Colgate-Palmolive Co.		214	$	16,737
Conagra Brands, Inc.		527		18,118
Costco Wholesale Corp.		37		19,318
Flowers Foods, Inc.		633		17,281
General Mills, Inc.		242		18,586
Grocery Outlet Holding Corp.(c)		448		17,974
Hershey Co. (The)		80		17,974
Hormel Foods Corp.		347		17,447
Ingredion, Inc.		175		15,237
JM Smucker Co. (The)		138		19,319
Kellogg Co.		242		17,603
Keurig Dr Pepper, Inc.		495		18,869
Kimberly-Clark Corp.		130		16,578
Kraft Heinz Co. (The)		448		16,755
Kroger Co. (The)		325		15,581
Lamb Weston Holdings, Inc.		251		19,962
McCormick & Co., Inc.		185		15,553
Molson Coors Beverage Co., Class B		305		15,759
Mondelez International, Inc., Class A		266		16,455
Monster Beverage Corp.(c)		190		16,878
PepsiCo, Inc.		101		17,399
Philip Morris International, Inc.		158		15,087
Pilgrim’s Pride Corp.(c)		506		14,406
Post Holdings, Inc.(c)		206		18,285
Procter & Gamble Co. (The)		115		15,863
Reynolds Consumer Products, Inc.(b)		618		17,261
Seaboard Corp.		4		15,449
Spectrum Brands Holdings, Inc.(b)		194		12,220
Sysco Corp.		201		16,526
Tyson Foods, Inc., Class A		190		14,322
US Foods Holding Corp.(c)		513		15,708
Walgreens Boots Alliance, Inc.		386		13,533
Walmart, Inc.		137		18,159
				715,937
Energy-4.28%
Antero Midstream Corp.(b)		1,498		15,085
APA Corp.		351		13,728
Baker Hughes Co., Class A		446		11,266
Chevron Corp.		95		15,016
ConocoPhillips		144		15,761
Continental Resources, Inc.		242		16,899
Coterra Energy, Inc.		474		14,651
Devon Energy Corp.		219		15,466
Diamondback Energy, Inc.		113		15,061
EOG Resources, Inc.		120		14,556
Exxon Mobil Corp.		171		16,346
Halliburton Co.		403		12,142
Hess Corp.(b)		131		15,822
HF Sinclair Corp.		331		17,421
Kinder Morgan, Inc.		835		15,297
Marathon Oil Corp.		532		13,614
Marathon Petroleum Corp.		161		16,221
Occidental Petroleum Corp.		238		16,898
ONEOK, Inc.		250		15,307
Phillips 66		162		14,492
Pioneer Natural Resources Co.		60		15,193
Schlumberger N.V.		358		13,658

	Shares		Value
Energy-(continued)
Valero Energy Corp.		126	$	14,757
Williams Cos., Inc. (The)		446		15,177
				359,834
Financials-16.72%
Aflac, Inc.		280		16,638
Alleghany Corp.(c)		21		17,665
Allstate Corp. (The)		124		14,942
Ally Financial, Inc.(b)		394		13,081
American Express Co.		103		15,656
American Financial Group, Inc.		121		15,449
American International Group, Inc.		289		14,956
Annaly Capital Management, Inc.		2,533		16,338
Arch Capital Group Ltd.(c)		357		16,322
Assurant, Inc.		94		14,898
Bank of America Corp.		455		15,293
Bank of Hawaii Corp.		214		16,696
Bank OZK		407		16,496
Berkshire Hathaway, Inc., Class B(c)		55		15,444
BOK Financial Corp.(b)		198		17,596
Brighthouse Financial, Inc.(c)		344		16,357
Capital One Financial Corp.		134		14,180
Cboe Global Markets, Inc.		149		17,578
Chubb Ltd.		80		15,124
Citigroup, Inc.		319		15,570
Citizens Financial Group, Inc.		417		15,296
CME Group, Inc., Class A		84		16,431
CNA Financial Corp.		366		14,076
Comerica, Inc.		207		16,622
Commerce Bancshares, Inc.		246		16,917
Cullen/Frost Bankers, Inc.		138		17,934
Discover Financial Services		150		15,073
East West Bancorp, Inc.		234		16,888
Equitable Holdings, Inc.		572		17,017
Erie Indemnity Co., Class A		103		22,138
Everest Re Group Ltd.		60		16,143
F.N.B. Corp.		1,397		16,652
Fifth Third Bancorp		431		14,719
First Citizens BancShares, Inc., Class A		25		20,299
First Hawaiian, Inc.		661		16,994
First Horizon Corp.		756		17,101
Globe Life, Inc.		172		16,717
Hanover Insurance Group, Inc. (The)		115		14,880
Hartford Financial Services Group, Inc. (The)		235		15,113
Huntington Bancshares, Inc.		1,230		16,482
JPMorgan Chase & Co.		129		14,671
KeyCorp		857		15,160
Lazard Ltd., Class A		488		17,739
Lincoln National Corp.		303		13,956
Loews Corp.		258		14,270
LPL Financial Holdings, Inc.		87		19,256
M&T Bank Corp.		96		17,451
MetLife, Inc.		251		16,147
MGIC Investment Corp.		1,212		17,319
Morgan Stanley		197		16,788
New York Community Bancorp, Inc.(b)		1,688		16,525
OneMain Holdings, Inc.		388		13,553
PacWest Bancorp		531		13,981
Pinnacle Financial Partners, Inc.		209		16,868
PNC Financial Services Group, Inc. (The)		97		15,326

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  66  

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

August 31, 2022

	Shares		Value
Financials-(continued)
Popular, Inc.		207	$	15,985
Primerica, Inc.		138		17,491
Principal Financial Group, Inc.		239		17,868
Progressive Corp. (The)		141		17,294
Prosperity Bancshares, Inc.		233		16,515
Prudential Financial, Inc.		163		15,607
Raymond James Financial, Inc.		171		17,847
Regions Financial Corp.		794		17,206
Reinsurance Group of America, Inc.		134		16,798
Rithm Capital Corp.(b)		1,477		13,928
Rocket Cos., Inc., Class A(b)		1,943		15,350
SEI Investments Co.		290		15,863
Starwood Property Trust, Inc.		703		16,120
Stifel Financial Corp.		265		15,717
SVB Financial Group(c)		36		14,635
Synchrony Financial		465		15,229
Synovus Financial Corp.		399		16,024
TFS Financial Corp.		1,122		16,045
Travelers Cos., Inc. (The)		97		15,679
Truist Financial Corp.		342		16,019
U.S. Bancorp		332		15,142
Umpqua Holdings Corp.		958		16,995
Unum Group		471		17,827
Virtu Financial, Inc., Class A		660		15,154
Voya Financial, Inc.		247		15,198
W.R. Berkley Corp.		237		15,358
Webster Financial Corp.		346		16,279
Wells Fargo & Co.		370		16,173
Western Alliance Bancorporation		210		16,111
Willis Towers Watson PLC		82		16,960
Wintrust Financial Corp.		193		16,278
Zions Bancorporation N.A.		299		16,454
				1,405,930
Health Care-9.85%
Abbott Laboratories		145		14,884
AbbVie, Inc.		115		15,463
Acadia Healthcare Co., Inc.(c)		248		20,319
AmerisourceBergen Corp.		112		16,415
Amgen, Inc.		68		16,340
Avantor, Inc.(c)		524		13,053
Azenta, Inc.		223		11,754
Baxter International, Inc.		224		12,871
Becton, Dickinson and Co.		67		16,912
Biogen, Inc.(c)		84		16,412
BioMarin Pharmaceutical, Inc.(c)		225		20,070
Boston Scientific Corp.(c)		419		16,890
Bristol-Myers Squibb Co.		223		15,032
Centene Corp.(c)		206		18,486
Chemed Corp.		35		16,667
Cigna Corp.		64		18,141
CVS Health Corp.		173		16,980
DaVita, Inc.(c)		176		15,011
Elevance Health, Inc.		34		16,494
Eli Lilly and Co.		54		16,266
Encompass Health Corp.		258		12,531
Enhabit, Inc.(c)		129		2,141
Envista Holdings Corp.(c)		398		14,762
Exelixis, Inc.(c)		905		16,055
Gilead Sciences, Inc.		258		16,375

	Shares		Value
Health Care-(continued)
Henry Schein, Inc.(c)		198	$	14,535
Hologic, Inc.(c)		224		15,133
Humana, Inc.		38		18,308
ICU Medical, Inc.(b)(c)		93		14,787
Incyte Corp.(b)(c)		223		15,706
Insulet Corp.(c)		81		20,693
Integra LifeSciences Holdings Corp.(c)		275		13,120
Johnson & Johnson		95		15,327
Laboratory Corp. of America Holdings		68		15,318
Maravai LifeSciences Holdings, Inc., Class A(c)		529		11,040
McKesson Corp.		52		19,084
Medtronic PLC		171		15,034
Merck & Co., Inc.		184		15,706
Molina Healthcare, Inc.(c)		59		19,905
Neurocrine Biosciences, Inc.(c)		185		19,357
Pfizer, Inc.		320		14,474
Premier, Inc., Class A		454		15,999
QIAGEN N.V.(c)		371		16,855
Quest Diagnostics, Inc.		121		15,162
QuidelOrtho Corp.(c)		180		14,267
Regeneron Pharmaceuticals, Inc.(c)		26		15,108
Royalty Pharma PLC, Class A		421		17,602
Sotera Health Co.(b)(c)		790		13,359
Thermo Fisher Scientific, Inc.		31		16,905
Universal Health Services, Inc., Class B		139		13,600
Vertex Pharmaceuticals, Inc.(c)		62		17,469
Viatris, Inc.		1,385		13,227
Zimmer Biomet Holdings, Inc.		140		14,885
				828,289
Industrials-14.75%
3M Co.(b)		114		14,176
Alaska Air Group, Inc.(c)		359		15,638
Allegion PLC		154		14,645
Allison Transmission Holdings, Inc.		413		14,975
AMETEK, Inc.		139		16,702
Axon Enterprise, Inc.(c)		172		20,069
Booz Allen Hamilton Holding Corp.		196		18,757
BWX Technologies, Inc.		332		17,307
C.H. Robinson Worldwide, Inc.		157		17,922
CACI International, Inc., Class A(c)		60		16,852
Carlisle Cos., Inc.		67		19,809
Caterpillar, Inc.		78		14,407
Clean Harbors, Inc.(c)		176		20,666
Copa Holdings S.A., Class A (Panama)(b)		244		17,373
CoStar Group, Inc.(c)		273		19,012
Cummins, Inc.		82		17,660
Curtiss-Wright Corp.		118		17,368
Deere & Co.		48		17,532
Delta Air Lines, Inc.(c)		422		13,112
Donaldson Co., Inc.		336		17,254
Emerson Electric Co.		189		15,449
Flowserve Corp.(b)		530		16,149
Fortive Corp.		273		17,289
FTI Consulting, Inc.(c)		100		16,060
Gates Industrial Corp. PLC(b)(c)		1,332		14,279
General Dynamics Corp.		74		16,941
HEICO Corp.		48		7,310
HEICO Corp., Class A		85		10,419
Hexcel Corp.		292		17,132

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  67  

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

August 31, 2022

	Shares		Value
Industrials-(continued)
Honeywell International, Inc.		87	$	16,474
Howmet Aerospace, Inc.		468		16,581
Hubbell, Inc.		90		18,567
Huntington Ingalls Industries, Inc.		81		18,651
IDEX Corp.		88		17,707
Illinois Tool Works, Inc.		83		16,171
Jacobs Solutions, Inc.		121		15,074
Knight-Swift Transportation Holdings, Inc.		351		17,729
L3Harris Technologies, Inc.		71		16,202
Landstar System, Inc.		112		16,423
Leidos Holdings, Inc.		164		15,588
Lincoln Electric Holdings, Inc.		123		16,813
Lockheed Martin Corp.		39		16,384
ManpowerGroup, Inc.		201		14,737
Masco Corp.		301		15,312
Middleby Corp. (The)(b)(c)		116		16,683
MSA Safety, Inc.		136		16,165
MSC Industrial Direct Co., Inc., Class A		196		15,525
Nordson Corp.		79		17,946
Northrop Grumman Corp.		36		17,208
Oshkosh Corp.		182		14,516
Otis Worldwide Corp.		226		16,322
Owens Corning		182		14,875
PACCAR, Inc.		189		16,539
Parker-Hannifin Corp.		63		16,695
Pentair PLC		338		15,041
Raytheon Technologies Corp.		176		15,796
Regal Rexnord Corp.		136		18,712
Republic Services, Inc.		125		17,840
Robert Half International, Inc.		193		14,855
Rollins, Inc.		477		16,104
Ryder System, Inc.		210		16,052
Schneider National, Inc., Class B		707		16,162
Science Applications International Corp.(b)		194		17,668
Sensata Technologies Holding PLC		352		14,179
Snap-on, Inc.		77		16,775
Southwest Airlines Co.(c)		378		13,873
Stanley Black & Decker, Inc.		146		12,863
Timken Co. (The)		279		17,574
Toro Co. (The)		212		17,581
TransDigm Group, Inc.		28		16,811
United Rentals, Inc.(c)		59		17,230
Univar Solutions, Inc.(c)		546		13,770
Valmont Industries, Inc.		67		18,547
Wabtec Corp.		179		15,689
Waste Management, Inc.		108		18,255
Woodward, Inc.(b)		165		15,357
				1,239,885
Information Technology-9.92%
Akamai Technologies, Inc.(c)		166		14,986
Amdocs Ltd.		193		16,496
Amphenol Corp., Class A		247		18,162
Analog Devices, Inc.		102		15,456
Arrow Electronics, Inc.(c)		140		14,673
Aspen Technology, Inc.(c)		84		17,690
Avnet, Inc.		350		15,361
Black Knight, Inc.(c)		248		16,408
Cirrus Logic, Inc.(c)		206		15,798
Citrix Systems, Inc.		166		17,060

	Shares		Value
Information Technology-(continued)
Cognizant Technology Solutions Corp., Class A		225	$	14,213
Concentrix Corp.		111		13,962
Corning, Inc.		471		16,165
Dell Technologies, Inc., Class C		339		12,980
Dropbox, Inc., Class A(c)		809		17,304
DXC Technology Co.(c)		482		11,944
Entegris, Inc.		152		14,422
Euronet Worldwide, Inc.(c)		145		12,856
Fidelity National Information Services, Inc.		162		14,802
Fiserv, Inc.(c)		173		17,506
FleetCor Technologies, Inc.(c)		69		14,665
Global Payments, Inc.(b)		131		16,274
GoDaddy, Inc., Class A(c)		230		17,439
Hewlett Packard Enterprise Co.		1,059		14,402
HP, Inc.		414		11,886
Intel Corp.		379		12,098
International Business Machines Corp.		121		15,542
IPG Photonics Corp.(c)		164		14,857
Jack Henry & Associates, Inc.		90		17,298
Lam Research Corp.		33		14,451
Littelfuse, Inc.		62		14,708
Lumentum Holdings, Inc.(b)(c)		193		16,125
Mandiant, Inc.(c)		776		17,739
Mastercard, Inc., Class A		47		15,245
Microchip Technology, Inc.		235		15,334
Micron Technology, Inc.		228		12,889
NortonLifeLock, Inc.		701		15,836
ON Semiconductor Corp.(c)		282		19,393
PTC, Inc.(c)		144		16,544
Qorvo, Inc.(c)		157		14,095
QUALCOMM, Inc.		120		15,872
Roper Technologies, Inc.		39		15,701
salesforce.com, inc.(c)		97		15,144
Switch, Inc., Class A		496		16,839
Texas Instruments, Inc.		98		16,191
Trade Desk, Inc. (The), Class A(c)		331		20,754
Ubiquiti, Inc.(b)		64		19,865
Visa, Inc., Class A		81		16,096
VMware, Inc., Class A		130		15,084
Vontier Corp.		616		13,503
Western Digital Corp.(c)		286		12,086
Western Union Co. (The)		935		13,857
WEX, Inc.(c)		101		15,579
Zoom Video Communications, Inc., Class A(c)		156		12,542
				834,177
Materials-5.90%
Amcor PLC		1,267		15,217
AptarGroup, Inc.		156		16,038
Ashland, Inc.		163		16,587
Avery Dennison Corp.		99		18,178
Axalta Coating Systems Ltd.(c)		637		16,403
Ball Corp.		235		13,115
Celanese Corp.		108		11,973
CF Industries Holdings, Inc.		175		18,106
Chemours Co. (The)		383		12,919
Corteva, Inc.		268		16,463
Dow, Inc.		246		12,546
DuPont de Nemours, Inc.		248		13,799
Eastman Chemical Co		157		14,287

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  68  

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

August 31, 2022

	Shares		Value
Materials-(continued)
FMC Corp.		138	$	14,915
Graphic Packaging Holding Co.		746		16,613
Huntsman Corp.		467		13,085
International Paper Co.		352		14,650
Louisiana-Pacific Corp.		243		13,178
LyondellBasell Industries N.V., Class A		153		12,699
Mosaic Co. (The)		293		15,784
NewMarket Corp.		52		14,935
Newmont Corp.		248		10,257
Packaging Corp. of America		106		14,514
Reliance Steel & Aluminum Co.		86		16,166
Royal Gold, Inc.		146		13,417
RPM International, Inc.		193		17,980
Scotts Miracle-Gro Co. (The)		182		12,185
Sealed Air Corp.		268		14,421
Sherwin-Williams Co. (The)		63		14,622
Silgan Holdings, Inc.		376		17,127
Southern Copper Corp. (Peru)		269		12,662
Valvoline, Inc.		498		14,477
Westlake Corp.		128		12,625
WestRock Co.		347		14,085
				496,028
Real Estate-5.91%
Apartment Income REIT Corp.		385		15,727
AvalonBay Communities, Inc.		82		16,475
Boston Properties, Inc.		155		12,312
Brixmor Property Group, Inc.		700		15,036
Cousins Properties, Inc.		491		13,183
Douglas Emmett, Inc.		608		11,868
EPR Properties		326		14,178
Equinix, Inc.		25		16,434
Equity Residential		217		15,880
Essex Property Trust, Inc.		61		16,169
Federal Realty Investment Trust		147		14,887
Gaming and Leisure Properties, Inc.		366		17,667
Healthcare Realty Trust, Inc.		549		13,352
Highwoods Properties, Inc.		430		13,076
Host Hotels & Resorts, Inc.		843		14,980
Howard Hughes Corp. (The)(b)(c)		204		12,980
Kilroy Realty Corp.		279		13,607
Kimco Realty Corp.		729		15,367
Lamar Advertising Co., Class A		173		16,243
National Retail Properties, Inc.		381		17,107
Omega Healthcare Investors, Inc.		566		18,486
Rayonier, Inc.		404		14,350
Realty Income Corp.		246		16,797
Regency Centers Corp.		248		15,088
SL Green Realty Corp.		277		12,235
STORE Capital Corp.		608		16,404
UDR, Inc.		358		16,063
Ventas, Inc.		296		14,167
VICI Properties, Inc.(b)		543		17,914
Vornado Realty Trust		493		12,926
W.P. Carey, Inc.(b)		199		16,722
Welltower, Inc.		190		14,563
Weyerhaeuser Co.		431		14,723
				496,966

	Shares		Value
Utilities-6.03%
Alliant Energy Corp.		265	$	16,176
Ameren Corp.		177		16,394
American Electric Power Co., Inc.		164		16,433
Atmos Energy Corp.		144		16,327
Avangrid, Inc.		350		17,290
CenterPoint Energy, Inc.		536		16,900
CMS Energy Corp.		236		15,939
Consolidated Edison, Inc.		174		17,007
Dominion Energy, Inc.		200		16,360
DTE Energy Co.		126		16,423
Duke Energy Corp.		154		16,464
Edison International		246		16,671
Entergy Corp.		140		16,142
Evergy, Inc.		239		16,379
Eversource Energy		182		16,324
Exelon Corp.		339		14,885
Hawaiian Electric Industries, Inc.		391		15,296
IDACORP, Inc.		154		16,823
National Fuel Gas Co.		229		16,321
NiSource, Inc.		534		15,758
NRG Energy, Inc.		367		15,150
OGE Energy Corp.		407		16,500
PG&E Corp.(b)(c)		1,364		16,818
Pinnacle West Capital Corp.		216		16,276
PPL Corp.		559		16,256
Sempra Energy		103		16,992
Southern Co. (The)		221		17,032
UGI Corp.		387		15,286
Vistra Corp.		663		16,409
WEC Energy Group, Inc.		164		16,915
Xcel Energy, Inc.		229		17,003
				506,949
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $8,753,621)				8,401,343
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-9.02%
Invesco Private Government Fund, 2.29%(d)(e)(f)		203,066		203,066
Invesco Private Prime Fund, 2.37%(d)(e)(f)		555,289		555,344
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $758,369)				758,410
TOTAL INVESTMENTS IN SECURITIES-108.95% (Cost $9,511,990)				9,159,753
OTHER ASSETS LESS LIABILITIES-(8.95)%				(752,583	)
NET ASSETS-100.00%			$	8,407,170

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  69  

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)–(continued)

August 31, 2022

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at August 31, 2022.

^(c)  Non-income producing security.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31,  2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31,  2022			Dividend   Income
Invesco Ltd.		$	-		$	21,604		$	(17,351	)		$	-		$	(4,253	)		$	-		$	301
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			25,035			351,301			(376,336	)			-			-				-			38
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			65,535			1,546,054			(1,408,523	)			-			-				203,066			1,026	*
Invesco Private Prime Fund			152,915			3,242,968			(2,840,501	)			41			(79	)			555,344			2,887	*
Total		$	243,485		$	5,161,927		$	(4,642,711	)		$	41		$	(4,332	)		$	758,410		$	4,252

^*  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 August 31, 2022.

^(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  70  

Invesco S&P 500^® Enhanced Value ETF (SPVU)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.82%
Communication Services-7.50%
AT&T, Inc.		371,885	$	6,522,863
DISH Network Corp., Class A(b)		18,224		316,187
Fox Corp., Class A		9,454		323,138
Lumen Technologies, Inc.		66,018		657,539
News Corp., Class A		14,950		252,954
Paramount Global, Class B		45,457		1,063,239
Warner Bros Discovery, Inc.(b)		128,871		1,706,252
				10,842,172
Consumer Discretionary-11.55%
Best Buy Co., Inc.		11,677		825,447
BorgWarner, Inc.		11,233		423,484
CarMax, Inc.(b)		6,742		596,263
D.R. Horton, Inc.		18,513		1,317,200
eBay, Inc.		22,786		1,005,546
Ford Motor Co.		301,893		4,600,849
General Motors Co.		116,864		4,465,373
Lennar Corp., Class A		15,862		1,228,512
Mohawk Industries, Inc.(b)		2,947		325,231
Newell Brands, Inc.		14,080		251,328
PENN Entertainment, Inc.(b)		6,544		204,369
PulteGroup, Inc.		14,892		605,509
PVH Corp.		5,214		293,288
Whirlpool Corp.		3,617		566,422
				16,708,821
Consumer Staples-5.74%
Archer-Daniels-Midland Co.		23,409		2,057,417
Conagra Brands, Inc.		14,681		504,733
Kraft Heinz Co. (The)		24,010		897,974
Kroger Co. (The)		27,300		1,308,762
Molson Coors Beverage Co., Class B		9,384		484,871
Tyson Foods, Inc., Class A		15,682		1,182,109
Walgreens Boots Alliance, Inc.		53,053		1,860,038
				8,295,904
Energy-4.89%
Marathon Petroleum Corp.		33,608		3,386,006
Phillips 66		20,264		1,812,818
Valero Energy Corp.		16,027		1,877,082
				7,075,906
Financials-40.57%
Aflac, Inc.		15,822		940,143
Allstate Corp. (The)		8,052		970,266
American International Group, Inc.		36,175		1,872,056
Assurant, Inc.		1,622		257,071
Bank of America Corp.		174,521		5,865,651
Bank of New York Mellon Corp. (The)		20,379		846,340
Berkshire Hathaway, Inc., Class B(b)		25,347		7,117,438
Capital One Financial Corp.		16,116		1,705,395
Chubb Ltd.		9,329		1,763,647
Cincinnati Financial Corp.		3,301		320,065
Citigroup, Inc.		78,231		3,818,455
Citizens Financial Group, Inc.		15,411		565,275
Comerica, Inc.		2,651		212,875
Discover Financial Services		6,915		694,888
Everest Re Group Ltd.		1,350		363,218

	Shares		Value
Financials-(continued)
Fifth Third Bancorp		14,394	$	491,555
Franklin Resources, Inc.		9,487		247,326
Globe Life, Inc.		2,026		196,907
Goldman Sachs Group, Inc. (The)		12,375		4,116,791
Hartford Financial Services Group, Inc. (The)		9,139		587,729
Huntington Bancshares, Inc.		29,389		393,813
Invesco Ltd.(c)		13,271		218,573
JPMorgan Chase & Co.		61,162		6,955,954
KeyCorp.		25,395		449,238
Lincoln National Corp.		7,396		340,660
Loews Corp.		6,627		366,539
M&T Bank Corp.		3,478		632,231
MetLife, Inc.		26,256		1,689,049
Morgan Stanley		31,261		2,664,062
Principal Financial Group, Inc.		5,759		430,543
Prudential Financial, Inc.		15,948		1,527,021
Regions Financial Corp.		23,457		508,313
State Street Corp.		10,677		729,773
Synchrony Financial		17,481		572,503
Travelers Cos., Inc. (The)		5,854		946,241
Truist Financial Corp.		33,868		1,586,377
Wells Fargo & Co.		112,590		4,921,309
Willis Towers Watson PLC		2,878		595,257
Zions Bancorporation N.A.		3,604		198,328
				58,678,875
Health Care-13.84%
AmerisourceBergen Corp.		5,716		837,737
Centene Corp.(b)		26,481		2,376,405
Cigna Corp.		15,253		4,323,463
CVS Health Corp.		69,811		6,851,949
Humana, Inc.		4,029		1,941,091
Laboratory Corp. of America Holdings		3,044		685,722
Moderna, Inc.(b)		12,884		1,704,167
Quest Diagnostics, Inc.		3,943		494,097
Universal Health Services, Inc., Class B		3,364		329,134
Viatris, Inc.		49,165		469,526
				20,013,291
Industrials-2.21%
Alaska Air Group, Inc.(b)		4,917		214,185
C.H. Robinson Worldwide, Inc.		4,595		524,519
FedEx Corp.		10,370		2,186,100
Huntington Ingalls Industries, Inc.		1,178		271,246
				3,196,050
Information Technology-7.56%
DXC Technology Co.(b)		8,027		198,909
Hewlett Packard Enterprise Co.		91,397		1,242,999
HP, Inc.		41,691		1,196,949
Intel Corp.		169,951		5,424,836
Micron Technology, Inc.		40,559		2,292,800
Western Digital Corp.(b)		13,514		571,102
				10,927,595
Materials-5.31%
Celanese Corp.		3,194		354,087
Dow, Inc.		32,359		1,650,309
DuPont de Nemours, Inc.		14,798		823,361

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  71  

Invesco S&P 500^® Enhanced Value ETF (SPVU)–(continued)

August 31, 2022

	Shares		Value
Materials-(continued)
International Paper Co.		15,110	$	628,878
LyondellBasell Industries N.V., Class A		12,975		1,076,925
Mosaic Co. (The)		14,518		782,085
Nucor Corp.		13,793		1,833,641
WestRock Co.		13,119		532,500
				7,681,786
Utilities-0.65%
NRG Energy, Inc.		16,463		679,593
Pinnacle West Capital Corp.		3,556		267,944
				947,537
TOTALINVESTMENTS IN SECURITIES-99.82% (Cost $156,437,236)				144,367,937
OTHERASSETS LESS LIABILITIES-0.18%				266,824
NET ASSETS-100.00%			$	144,634,761

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 fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Invesco Ltd.		$	249,301		$	198,725		$	(121,545	)		$	(101,952	)		$	(5,956	)		$	218,573		$	8,505
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			4,335,778			(4,335,778	)			-				-				-			488
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			22,602			1,343,208			(1,365,810	)			-				-				-			26	*
Invesco Private Prime Fund			49,691			2,815,614			(2,865,025	)			-				(280	)			-			214	*
Total		$	321,594		$	8,693,325		$	(8,688,158	)		$	(101,952	)		$	(6,236	)		$	218,573		$	9,233

* 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.

  72  

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Communication Services-1.09%
Verizon Communications, Inc.		14,054	$	587,598
Consumer Discretionary-3.10%
Genuine Parts Co.		3,306		515,769
McDonald’s Corp.		2,528		637,764
Yum! Brands, Inc.		4,709		523,829
				1,677,362
Consumer Staples-19.71%
Brown-Forman Corp., Class B		6,807		494,869
Campbell Soup Co.(b)		10,665		537,303
Coca-Cola Co. (The)		10,214		630,306
Colgate-Palmolive Co.		7,834		612,697
Conagra Brands, Inc.		14,685		504,870
Constellation Brands, Inc., Class A		2,438		599,870
General Mills, Inc.		7,162		550,042
Hershey Co. (The)		2,725		612,226
Hormel Foods Corp.		11,530		579,728
JM Smucker Co. (The)		3,684		515,723
Kellogg Co.		7,907		575,155
Keurig Dr Pepper, Inc.		15,052		573,782
Kimberly-Clark Corp.		4,232		539,665
McCormick & Co., Inc.(b)		5,870		493,491
Mondelez International, Inc., Class A		9,763		603,939
PepsiCo, Inc.		3,892		670,475
Philip Morris International, Inc.		5,149		491,678
Procter & Gamble Co. (The)		4,079		562,657
Walmart, Inc.		3,893		516,017
				10,664,493
Financials-14.48%
Aflac, Inc.		8,866		526,818
Allstate Corp. (The)		3,964		477,662
Arthur J. Gallagher & Co.		2,738		497,139
Assurant, Inc.		3,570		565,809
Berkshire Hathaway, Inc., Class B(c)		2,219		623,095
Cboe Global Markets, Inc.		4,291		506,209
Chubb Ltd.		2,857		540,116
CME Group, Inc., Class A		2,553		499,392
Hartford Financial Services Group, Inc. (The)		7,397		475,701
Loews Corp.		9,929		549,173
Marsh & McLennan Cos., Inc.		3,164		510,575
Progressive Corp. (The)		4,222		517,828
Travelers Cos., Inc. (The)		3,297		532,927
W.R. Berkley Corp.		8,212		532,138
Willis Towers Watson PLC		2,303		476,329
				7,830,911
Health Care-15.65%
Abbott Laboratories		4,649		477,220
AbbVie, Inc.		3,938		529,503
AmerisourceBergen Corp.		3,776		553,411
Amgen, Inc.		2,367		568,790
Becton, Dickinson and Co.		2,150		542,703
Bristol-Myers Squibb Co.		8,775		591,523
CVS Health Corp.		4,887		479,659
Gilead Sciences, Inc.		10,173		645,680
Henry Schein, Inc.(c)		6,474		475,256
Hologic, Inc.(c)		6,888		465,353

	Shares		Value
Health Care-(continued)
Johnson & Johnson		4,257	$	686,824
McKesson Corp.		1,512		554,904
Medtronic PLC.		5,492		482,857
Merck & Co., Inc.		5,549		473,663
Quest Diagnostics, Inc.		3,547		444,475
UnitedHealth Group, Inc.		954		495,441
				8,467,262
Industrials-12.19%
3M Co.(b)		3,727		463,452
AMETEK, Inc.		4,415		530,506
Dover Corp.		3,634		454,105
General Dynamics Corp.		2,515		575,759
Honeywell International, Inc.		2,770		524,499
IDEX Corp.		2,336		470,027
Illinois Tool Works, Inc.		2,514		489,803
Nordson Corp.		2,057		467,289
Raytheon Technologies Corp.		5,267		472,713
Republic Services, Inc.		3,931		561,032
Union Pacific Corp.		2,288		513,679
Verisk Analytics, Inc.		2,572		481,375
Waste Management, Inc.		3,485		589,070
				6,593,309
Information Technology-2.71%
International Business Machines Corp.		3,915		502,882
Jack Henry & Associates, Inc.		2,511		482,614
Roper Technologies, Inc.		1,192		479,875
				1,465,371
Materials-2.67%
Air Products and Chemicals, Inc.		1,892		477,636
Amcor PLC		40,031		480,772
International Paper Co.		11,665		485,497
				1,443,905
Real Estate-7.19%
AvalonBay Communities, Inc.		2,502		502,677
Camden Property Trust		3,686		473,688
Equity Residential		6,651		486,720
Essex Property Trust, Inc.		1,773		469,951
Healthpeak Properties, Inc.		18,447		484,234
Realty Income Corp.		7,970		544,191
UDR, Inc.		10,433		468,129
Welltower, Inc.		5,984		458,674
				3,888,264
Utilities-21.16%
Alliant Energy Corp.		9,606		586,350
Ameren Corp.		7,017		649,915
American Electric Power Co., Inc.		6,420		643,284
Atmos Energy Corp.		5,272		597,739
CenterPoint Energy, Inc.		18,029		568,454
Consolidated Edison, Inc.		6,275		613,318
Dominion Energy, Inc.		7,846		641,803
DTE Energy Co.		5,106		665,516
Duke Energy Corp.		6,143		656,748
Edison International		7,966		539,856
Entergy Corp.		4,615		532,110
Exelon Corp.		12,754		560,028

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  73  

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)–(continued)

August 31, 2022

	Shares		Value
Utilities-(continued)
FirstEnergy Corp.		15,525	$	614,014
NiSource, Inc.		20,529		605,811
Pinnacle West Capital Corp.		6,727		506,879
PPL Corp.		21,463		624,144
Public Service Enterprise Group, Inc.		9,608		618,371
Sempra Energy		3,544		584,654
Southern Co. (The)		8,238		634,903
				11,443,897
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $52,277,432)				54,062,372

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.44%
Invesco Private Government Fund, 2.29%(d)(e)(f)		370,431	$	370,431
Invesco Private Prime Fund, 2.37%(d)(e)(f)		952,441		952,536
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,322,967)				1,322,967
TOTAL INVESTMENTS IN SECURITIES-102.39% (Cost $53,600,399)				55,385,339
OTHER ASSETS LESS LIABILITIES-(2.39)%				(1,295,418	)
NET ASSETS-100.00%			$	54,089,921

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 August 31, 2022.

^(c) Non-income producing security.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	699,214		$	(699,214	)		$	-		$	-			$	-		$	101
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			112,764			3,992,866			(3,735,199	)			-			-				370,431			1,318	*
Invesco Private Prime Fund			262,366			9,121,925			(8,431,747	)			-			(8	)			952,536			3,637	*
Total		$	375,130		$	13,814,005		$	(12,866,160	)		$	-		$	(8	)		$	1,322,967		$	5,056

* 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 August 31, 2022.

^(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  74  

Invesco S&P 500^® High Beta ETF (SPHB)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Communication Services-6.65%
Alphabet, Inc., Class C(b)		40,670	$	4,439,131
DISH Network Corp., Class A(b)(c)		248,784		4,316,402
Live Nation Entertainment, Inc.(b)(c)		49,604		4,482,218
Match Group, Inc.(b)(c)		98,927		5,592,343
Meta Platforms, Inc., Class A(b)		36,869		6,007,066
Netflix, Inc.(b)		24,488		5,474,537
Warner Bros Discovery, Inc.(b)		362,790		4,803,340
				35,115,037
Consumer Discretionary-26.27%
Amazon.com, Inc.(b)		42,571		5,396,726
Aptiv PLC(b)(c)		56,312		5,261,230
Bath & Body Works, Inc.		143,717		5,364,956
Caesars Entertainment, Inc.(b)(c)		157,440		6,788,813
CarMax, Inc.(b)(c)		47,607		4,210,363
Carnival Corp.(b)(c)		718,302		6,795,137
Chipotle Mexican Grill, Inc.(b)(c)		2,963		4,731,318
D.R. Horton, Inc.		60,263		4,287,712
Etsy, Inc.(b)(c)		70,868		7,484,369
Expedia Group, Inc.(b)		45,798		4,701,165
Ford Motor Co.		359,486		5,478,567
General Motors Co.		138,195		5,280,431
Las Vegas Sands Corp.(b)(c)		151,752		5,710,428
Lennar Corp., Class A(c)		55,529		4,300,721
MGM Resorts International		166,773		5,443,471
Norwegian Cruise Line Holdings Ltd.(b)(c)		579,232		7,576,354
PENN Entertainment, Inc.(b)(c)		181,070		5,654,816
PulteGroup, Inc.(c)		107,563		4,373,512
PVH Corp.		88,022		4,951,237
Ralph Lauren Corp.(c)		53,614		4,896,567
Royal Caribbean Cruises Ltd.(b)(c)		160,717		6,565,289
Tapestry, Inc.		155,428		5,398,014
Tesla, Inc.(b)		24,954		6,877,572
Ulta Beauty, Inc.(b)		12,870		5,403,727
Wynn Resorts Ltd.(b)(c)		93,783		5,682,312
				138,614,807
Consumer Staples-0.91%
Estee Lauder Cos., Inc. (The), Class A		18,959		4,822,790
Energy-1.19%
APA Corp.		160,153		6,263,584
Financials-9.12%
Ameriprise Financial, Inc.		17,582		4,712,152
Franklin Resources, Inc.(c)		164,304		4,283,405
Invesco Ltd.(d)		277,158		4,564,792
Lincoln National Corp.		107,308		4,942,607
MSCI, Inc.		10,149		4,559,337
Raymond James Financial, Inc.		43,990		4,591,236
Signature Bank		31,886		5,559,643
State Street Corp.		64,947		4,439,128
SVB Financial Group(b)		14,345		5,831,529
T. Rowe Price Group, Inc.(c)		38,698		4,643,760
				48,127,589
Health Care-6.27%
ABIOMED, Inc.(b)		19,711		5,110,668
Align Technology, Inc.(b)		20,089		4,895,689

	Shares		Value
Health Care-(continued)
Charles River Laboratories International, Inc.(b)		21,716	$	4,457,209
DexCom, Inc.(b)		63,504		5,220,664
Illumina, Inc.(b)		23,311		4,700,430
Intuitive Surgical, Inc.(b)		22,827		4,696,427
Moderna, Inc.(b)		30,313		4,009,501
				33,090,588
Industrials-6.58%
American Airlines Group, Inc.(b)(c)		410,384		5,330,888
Boeing Co. (The)(b)		29,285		4,692,921
Copart, Inc.(b)		36,892		4,414,128
Delta Air Lines, Inc.(b)		152,788		4,747,123
Generac Holdings, Inc.(b)(c)		25,372		5,592,242
United Airlines Holdings, Inc.(b)		156,989		5,496,185
United Rentals, Inc.(b)		15,218		4,444,265
				34,717,752
Information Technology-40.96%
Adobe, Inc.(b)		12,667		4,730,364
Advanced Micro Devices, Inc.(b)		79,939		6,784,423
ANSYS, Inc.(b)		19,902		4,941,667
Apple, Inc.		27,807		4,371,817
Applied Materials, Inc.		61,341		5,770,348
Arista Networks, Inc.(b)		44,057		5,281,553
Autodesk, Inc.(b)		27,052		5,457,471
Broadcom, Inc.		8,598		4,291,348
Cadence Design Systems, Inc.(b)		30,850		5,360,805
Ceridian HCM Holding, Inc.(b)		96,158		5,734,863
DXC Technology Co.(b)		181,167		4,489,318
Enphase Energy, Inc.(b)		24,948		7,146,105
EPAM Systems, Inc.(b)		15,046		6,417,119
Fortinet, Inc.(b)		121,464		5,914,082
Gartner, Inc.(b)		16,412		4,682,672
Intuit, Inc.		13,308		5,746,128
Keysight Technologies, Inc.(b)		28,117		4,608,095
KLA Corp.		17,155		5,903,550
Lam Research Corp.		13,066		5,721,732
Microchip Technology, Inc.		82,430		5,378,558
Micron Technology, Inc.		92,237		5,214,158
Monolithic Power Systems, Inc.		14,081		6,381,228
NVIDIA Corp.		47,927		7,234,101
NXP Semiconductors N.V. (China)		30,665		5,046,846
ON Semiconductor Corp.(b)		109,233		7,511,953
Paycom Software, Inc.(b)		17,674		6,207,109
PayPal Holdings, Inc.(b)		65,067		6,079,861
PTC, Inc.(b)		40,262		4,625,701
Qorvo, Inc.(b)		49,670		4,459,373
QUALCOMM, Inc.		38,272		5,062,237
salesforce.com, inc.(b)		31,016		4,842,218
ServiceNow, Inc.(b)		13,073		5,681,787
Skyworks Solutions, Inc.		45,986		4,531,920
SolarEdge Technologies, Inc.(b)(c)		19,420		5,359,337
Synopsys, Inc.(b)		15,239		5,272,999
Teradyne, Inc.		62,997		5,332,066
Trimble, Inc.(b)		76,368		4,830,276
Tyler Technologies, Inc.(b)		12,695		4,716,319

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  75  

Invesco S&P 500^® High Beta ETF (SPHB)–(continued)

August 31, 2022

	Shares		Value
Information Technology-(continued)
Western Digital Corp.(b)		98,035	$	4,142,959
Zebra Technologies Corp., Class A(b)		16,219		4,892,299
				216,156,765
Materials-2.06%
Albemarle Corp.(c)		22,287		5,972,024
Freeport-McMoRan, Inc		164,600		4,872,160
				10,844,184
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $666,108,814)				527,753,096
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-16.33%
Invesco Private Government Fund, 2.29%(d)(e)(f)		24,124,051		24,124,051

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 2.37%(d)(e)(f)		62,027,071	$	62,033,275
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $86,155,497)				86,157,326
TOTAL INVESTMENTS IN SECURITIES-116.34% (Cost $752,264,311)				613,910,422
OTHER ASSETS LESS LIABILITIES-(16.34)%				(86,226,209	)
NET ASSETS-100.00%			$	527,684,213

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 August 31, 2022.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2022			Dividend   Income
Invesco Ltd.		$	15,462,443		$	17,012,605		$	(23,236,952	)		$	(2,694,620	)		$	(1,978,684	)		$	4,564,792		$	293,360
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			7,986,181			(7,986,181	)			-				-				-			798
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			21,945,466			279,316,533			(277,137,948	)			-				-				24,124,051			91,768	*
Invesco Private Prime Fund			51,206,086			565,321,343			(554,482,650	)			1,828				(13,332	)			62,033,275			259,373	*
Total		$	88,613,995		$	869,636,662		$	(862,843,731	)		$	(2,692,792	)		$	(1,992,016	)		$	90,722,118		$	645,299

* 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 August 31, 2022.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  76  

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-7.00%
AT&T, Inc.		6,224,233	$	109,173,047
Omnicom Group, Inc.(b)		1,116,195		74,673,445
Verizon Communications, Inc.		1,974,760		82,564,716
				266,411,208
Consumer Discretionary-1.49%
Hasbro, Inc.(b)		721,290		56,852,078
Consumer Staples-14.14%
Altria Group, Inc.		2,657,879		119,923,500
Clorox Co. (The)(b)		389,263		56,186,221
Conagra Brands, Inc.(b)		1,898,278		65,262,798
Kimberly-Clark Corp.		449,527		57,323,683
Kraft Heinz Co. (The)(b)		1,914,354		71,596,840
Philip Morris International, Inc.		923,099		88,146,724
Walgreens Boots Alliance, Inc.(b)		2,279,516		79,919,831
				538,359,597
Energy-7.60%
Chevron Corp.(b)		462,410		73,088,525
Kinder Morgan, Inc.(b)		6,428,712		117,774,004
Williams Cos., Inc. (The)		2,893,285		98,458,488
				289,321,017
Financials-9.75%
Citigroup, Inc.(b)		1,494,286		72,936,100
KeyCorp(b)		4,331,871		76,630,798
Prudential Financial, Inc.(b)		899,354		86,113,145
Truist Financial Corp.(b)		1,470,411		68,874,051
U.S. Bancorp		1,465,459		66,839,585
				371,393,679
Health Care-5.85%
AbbVie, Inc.		416,804		56,043,466
Cardinal Health, Inc.		1,155,350		81,706,352
Gilead Sciences, Inc.		1,340,062		85,053,735
				222,803,553
Industrials-1.95%
3M Co.(b)		598,463		74,418,874
Information Technology-5.18%
Cisco Systems, Inc.(b)		1,374,427		61,464,375
Intel Corp.		1,699,230		54,239,422
International Business Machines Corp.(b)		634,488		81,499,984
				197,203,781
Materials-9.04%
Amcor PLC		5,331,393		64,030,030
Dow, Inc.		1,865,724		95,151,924
Eastman Chemical Co.		621,603		56,565,873
International Paper Co.(b)		1,839,059		76,541,635
Newmont Corp.		1,254,563		51,888,726
				344,178,188

	Shares		Value
Real Estate-18.79%
Boston Properties, Inc.		870,017	$	69,105,450
Federal Realty Investment Trust(b)		761,472		77,114,269
Healthpeak Properties, Inc.		3,022,008		79,327,710
Iron Mountain, Inc.(b)		1,875,742		98,682,787
Kimco Realty Corp.		3,010,247		63,456,007
Realty Income Corp.		1,047,326		71,511,419
Regency Centers Corp.		1,159,245		70,528,466
VICI Properties, Inc.(b)		2,556,815		84,349,327
Vornado Realty Trust(b)		3,865,183		101,345,098
				715,420,533
Utilities-19.12%
Duke Energy Corp.		612,135		65,443,353
Edison International		1,228,588		83,261,409
Entergy Corp.(b)		564,952		65,138,965
Evergy, Inc.		938,697		64,328,905
FirstEnergy Corp.		1,854,345		73,339,345
NRG Energy, Inc.(b)		1,735,844		71,655,640
Pinnacle West Capital Corp.(b)		1,150,802		86,712,931
PPL Corp.		2,959,848		86,072,380
Public Service Enterprise Group, Inc.		965,608		62,146,531
Southern Co. (The)		906,690		69,878,598
				727,978,057
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $3,923,614,850)				3,804,340,565
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.00%
Invesco Private Government Fund, 2.29%(c)(d)(e)		61,432,179		61,432,179
Invesco Private Prime Fund, 2.37%(c)(d)(e)		167,160,699		167,177,419
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $228,607,662)				228,609,598
TOTAL INVESTMENTS IN SECURITIES-105.91% (Cost $4,152,222,512)				4,032,950,163
OTHER ASSETS LESS LIABILITIES-(5.91)%				(224,966,323	)
NET ASSETS-100.00%			$	3,807,983,840

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  77  

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)–(continued)

August 31, 2022

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 August 31, 2022.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	39,862,723		$	(39,862,723	)		$	-		$	-			$	-		$	2,342
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			19,226,639			231,551,661			(189,346,121	)			-			-				61,432,179			117,659	*
Invesco Private Prime Fund			44,862,158			470,979,031			(348,649,385	)			1,935			(16,320	)			167,177,419			337,094	*
Total		$	64,088,797		$	742,393,415		$	(577,858,229	)		$	1,935		$	(16,320	)		$	228,609,598		$	457,095

^*  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 August 31, 2022.

^(e)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  78

Invesco S&P 500^® Low Volatility ETF (SPLV)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.88%
Communication Services-1.07%
Verizon Communications, Inc.(b)		2,813,399	$	117,628,212
Consumer Discretionary-3.06%
Genuine Parts Co.		662,224		103,313,566
McDonald’s Corp.		506,572		127,797,984
Yum! Brands, Inc.		943,507		104,955,719
				336,067,269
Consumer Staples-19.43%
Brown-Forman Corp., Class B		1,363,492		99,125,868
Campbell Soup Co.(b)		2,134,682		107,545,279
Church & Dwight Co., Inc.		1,185,384		99,228,495
Coca-Cola Co. (The)		2,044,929		126,192,569
Colgate-Palmolive Co.		1,568,707		122,688,575
Conagra Brands, Inc.		2,939,814		101,070,805
Constellation Brands, Inc., Class A(b)		488,169		120,113,983
General Mills, Inc.(b)		1,435,672		110,259,610
Hershey Co. (The)(b)		546,784		122,845,961
Hormel Foods Corp.(b)		2,308,044		116,048,452
Kellogg Co.		1,582,946		115,143,492
Keurig Dr Pepper, Inc.(b)		3,012,761		114,846,449
Kimberly-Clark Corp.		848,408		108,188,988
McCormick & Co., Inc.(b)		1,174,915		98,775,104
Mondelez International, Inc., Class A		1,954,852		120,927,145
PepsiCo, Inc.		779,878		134,349,583
Philip Morris International, Inc.(b)		1,032,711		98,613,573
Procter & Gamble Co. (The)(b)		816,821		112,672,289
Walmart, Inc.		780,298		103,428,500
				2,132,064,720
Financials-12.55%
Aflac, Inc.(b)		1,774,951		105,467,589
Arthur J. Gallagher & Co.		548,717		99,630,546
Assurant, Inc.(b)		714,766		113,283,263
Berkshire Hathaway, Inc., Class B(c)		444,041		124,686,713
Cboe Global Markets, Inc.		859,210		101,361,004
Chubb Ltd.		572,747		108,277,820
CME Group, Inc., Class A		511,448		100,044,343
Loews Corp.(b)		1,987,925		109,952,132
Marsh & McLennan Cos., Inc.(b)		634,420		102,376,355
Nasdaq, Inc.		1,598,549		95,161,622
Progressive Corp. (The)(b)		846,020		103,764,353
Travelers Cos., Inc. (The)(b)		659,951		106,674,480
W.R. Berkley Corp.(b)		1,643,788		106,517,462
				1,377,197,682
Health Care-13.72%
Abbott Laboratories(b)		931,852		95,654,608
AbbVie, Inc.		788,416		106,010,415
AmerisourceBergen Corp.(b)		755,574		110,736,926
Amgen, Inc.(b)		473,918		113,882,495
Becton, Dickinson and Co.		430,873		108,760,963
Bristol-Myers Squibb Co.		1,756,698		118,419,012
CVS Health Corp.(b)		978,328		96,022,893
Embecta Corp.		1		32
Gilead Sciences, Inc.		2,036,580		129,261,733
Hologic, Inc.(c)		1,380,942		93,296,442
Johnson & Johnson		852,215		137,496,368
McKesson Corp.		303,470		111,373,490

	Shares		Value
Health Care-(continued)
Medtronic PLC		1,101,384	$	96,833,681
Quest Diagnostics, Inc.(b)		711,088		89,106,437
UnitedHealth Group, Inc.		189,919		98,630,634
				1,505,486,129
Industrials-9.48%
3M Co.(b)		745,885		92,750,800
AMETEK, Inc.		883,957		106,216,273
General Dynamics Corp.		501,600		114,831,288
Honeywell International, Inc.		554,469		104,988,705
IDEX Corp.		466,411		93,846,557
Illinois Tool Works, Inc.(b)		503,233		98,044,885
Republic Services, Inc.		788,173		112,488,051
Union Pacific Corp.		458,906		103,028,986
Verisk Analytics, Inc.		512,449		95,909,955
Waste Management, Inc.(b)		697,102		117,831,151
				1,039,936,651
Information Technology-2.67%
International Business Machines Corp.(b)		783,920		100,694,524
Jack Henry & Associates, Inc.		500,329		96,163,234
Roper Technologies, Inc.(b)		238,813		96,141,337
				292,999,095
Materials-2.64%
Air Products and Chemicals, Inc.		379,440		95,789,628
Amcor PLC		8,014,476		96,253,857
International Paper Co.(b)		2,335,338		97,196,767
				289,240,252
Real Estate-7.96%
AvalonBay Communities, Inc.(b)		502,229		100,902,829
Camden Property Trust		738,024		94,843,464
Equity Residential		1,333,403		97,578,432
Essex Property Trust, Inc.(b)		355,086		94,119,095
Healthpeak Properties, Inc.(b)		3,692,380		96,924,975
Mid-America Apartment Communities, Inc.		569,460		94,342,438
Realty Income Corp.		1,596,301		108,995,432
UDR, Inc.		2,092,454		93,888,411
Welltower, Inc.(b)		1,199,826		91,966,663
				873,561,739
Utilities-27.30%
Alliant Energy Corp.		1,923,274		117,396,645
Ameren Corp.		1,404,510		130,085,716
American Electric Power Co., Inc.		1,285,255		128,782,551
American Water Works Co., Inc.(b)		653,500		97,012,075
Atmos Energy Corp.(b)		1,055,305		119,650,481
CenterPoint Energy, Inc.(b)		3,609,725		113,814,629
CMS Energy Corp.(b)		1,794,744		121,217,010
Consolidated Edison, Inc.(b)		1,257,188		122,877,555
Dominion Energy, Inc.		1,570,753		128,487,596
DTE Energy Co.(b)		1,022,073		133,216,995
Duke Energy Corp.(b)		1,229,607		131,457,284
Edison International		1,594,580		108,064,687
Entergy Corp.(b)		923,997		106,536,854
Evergy, Inc.		1,887,340		129,339,410
Eversource Energy		1,300,174		116,612,606
Exelon Corp.(b)		2,553,088		112,106,094

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  79  

Invesco S&P 500^® Low Volatility ETF (SPLV)–(continued)

August 31, 2022

	Shares		Value
Utilities-(continued)
FirstEnergy Corp.(b)		3,107,783	$	122,912,818
NiSource, Inc.		4,110,543		121,302,124
Pinnacle West Capital Corp.(b)		1,346,392		101,450,637
PPL Corp.		4,297,698		124,977,058
Public Service Enterprise Group, Inc.		1,923,334		123,785,776
Sempra Energy		709,376		117,025,759
Southern Co. (The)(b)		1,649,329		127,113,786
WEC Energy Group, Inc.		1,156,014		119,231,284
Xcel Energy, Inc.(b)		1,634,260		121,343,805
				2,995,801,235
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.88% (Cost $11,123,530,340)				10,959,982,984

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan Money Market Funds-4.56%
Invesco Private Government Fund, 2.29%(d)(e)(f)		140,080,011	$	140,080,011
Invesco Private Prime Fund, 2.37%(d)(e)(f)		360,183,515		360,219,541
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $500,299,544)				500,299,552
TOTAL INVESTMENTS IN SECURITIES-104.44% (Cost $11,623,829,884)				11,460,282,536
OTHER ASSETS LESS LIABILITIES-(4.44)%				(487,297,798	)
NET ASSETS-100.00%			$	10,972,984,738

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 August 31, 2022.

^(c)  Non-income producing security.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	92,704,419		$	(92,704,419	)		$	-		$	-			$	-		$	6,859
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			20,232,687			402,210,909			(282,363,585	)			-			-				140,080,011			153,600	*
Invesco Private Prime Fund			47,209,603			827,399,467			(514,375,758	)			7			(13,778	)			360,219,541			429,651	*
Total		$	67,442,290		$	1,322,314,795		$	(889,443,762	)		$	7		$	(13,778	)		$	500,299,552		$	590,110

* 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 August 31, 2022.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  80  

Invesco S&P 500 Minimum Variance ETF (SPMV)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.79%
Communication Services-4.46%
Alphabet, Inc., Class C(b)		2,050	$	223,758
AT&T, Inc.		7,595		133,216
T-Mobile US, Inc.(b)		1,798		258,840
Verizon Communications, Inc.		8,273		345,894
				961,708
Consumer Discretionary-7.09%
Amazon.com, Inc.(b)		2,809		356,097
Home Depot, Inc. (The)		935		269,673
McDonald’s Corp.		1,692		426,858
NIKE, Inc., Class B		732		77,921
TJX Cos., Inc. (The)		6,397		398,853
				1,529,402
Consumer Staples-12.17%
Colgate-Palmolive Co.		4,915		384,402
Conagra Brands, Inc.		6,686		229,865
General Mills, Inc.		5,581		428,621
Hershey Co. (The)		253		56,841
Hormel Foods Corp.		3,173		159,538
JM Smucker Co. (The)		352		49,276
Kellogg Co.		559		40,662
Kimberly-Clark Corp.		1,565		199,569
McCormick & Co., Inc.		1,915		160,994
Mondelez International, Inc., Class A		7,567		468,095
Procter & Gamble Co. (The)		3,252		448,581
				2,626,444
Energy-0.36%
Exxon Mobil Corp.		821		78,479
Financials-11.59%
Aon PLC, Class A		1,465		409,116
Bank of America Corp.		4,422		148,623
Berkshire Hathaway, Inc., Class B(b)		1,426		400,421
Chubb Ltd.		2,307		436,138
JPMorgan Chase & Co.		237		26,954
Marsh & McLennan Cos., Inc.		2,975		480,076
Progressive Corp. (The)		4,412		541,132
Travelers Cos., Inc. (The)		358		57,867
				2,500,327
Health Care-17.83%
Abbott Laboratories		3,256		334,229
Becton, Dickinson and Co.		113		28,524
Biogen, Inc.(b)		305		59,591
Bristol-Myers Squibb Co.		275		18,538
CVS Health Corp.		447		43,873
Edwards Lifesciences Corp.(b)		509		45,861
Eli Lilly and Co.		1,162		350,029
Illumina, Inc.(b)		953		192,163
Incyte Corp.(b)		766		53,949
Intuitive Surgical, Inc.(b)		259		53,287
Johnson & Johnson		2,751		443,846
Medtronic PLC		4,488		394,585
Merck & Co., Inc.		5,232		446,604
Moderna, Inc.(b)		75		9,920
Organon & Co.		534		15,235
Regeneron Pharmaceuticals, Inc.(b)		222		128,995

	Shares		Value
Health Care-(continued)
Stryker Corp.		717	$	147,128
UnitedHealth Group, Inc.		964		500,634
Vertex Pharmaceuticals, Inc.(b)		1,764		497,025
Viatris, Inc.		5,460		52,143
Zimmer Biomet Holdings, Inc.		295		31,364
				3,847,523
Industrials-4.52%
Republic Services, Inc.		2,176		310,559
Rollins, Inc.		2,614		88,248
Verisk Analytics, Inc.		1,193		223,282
Waste Management, Inc.		2,091		353,442
				975,531
Information Technology-25.27%
Accenture PLC, Class A		1,361		392,594
Adobe, Inc.(b)		777		290,163
Advanced Micro Devices, Inc.(b)		491		41,671
Analog Devices, Inc.		439		66,522
Apple, Inc.		3,011		473,389
Automatic Data Processing, Inc.		762		186,240
Cisco Systems, Inc.		2,024		90,513
Cognizant Technology Solutions Corp., Class A		1,786		112,822
Fidelity National Information Services, Inc.		4,864		444,424
Global Payments, Inc.		955		118,640
Intel Corp.		5,754		183,668
Intuit, Inc.		875		377,808
Micron Technology, Inc.		249		14,076
Microsoft Corp.		1,656		432,994
NVIDIA Corp.		779		117,582
Oracle Corp.		5,826		431,998
QUALCOMM, Inc.		3,058		404,482
salesforce.com, inc.(b)		901		140,664
Texas Instruments, Inc.		2,407		397,660
Trimble, Inc.(b)		2,514		159,011
Tyler Technologies, Inc.(b)		518		192,442
VeriSign, Inc.(b)		1,182		215,384
Visa, Inc., Class A		845		167,910
				5,452,657
Materials-3.40%
Corteva, Inc.		8,462		519,821
Newmont Corp.		5,157		213,293
				733,114
Real Estate-4.95%
American Tower Corp.		1,508		383,107
Crown Castle, Inc.		2,344		400,426
Digital Realty Trust, Inc.		1,184		146,378
Prologis, Inc.		1,118		139,202
				1,069,113
Utilities-8.15%
Ameren Corp.		751		69,557
American Electric Power Co., Inc.		365		36,573
Dominion Energy, Inc.		3,027		247,608
Duke Energy Corp.		581		62,115
Eversource Energy		988		88,614
NextEra Energy, Inc.		5,695		484,417
Public Service Enterprise Group, Inc.		4,638		298,502

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  81  

Invesco S&P 500 Minimum Variance ETF (SPMV)–(continued)

August 31, 2022

	Shares		Value
Utilities-(continued)
Sempra Energy		165	$	27,220
Southern Co. (The)		4,221		325,312
WEC Energy Group, Inc.		283		29,189
Xcel Energy, Inc.		1,204		89,397
				1,758,504
Total Common Stocks & Other Equity Interests (Cost $21,218,529)				21,532,802
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(c)(d) (Cost $15,358)		15,358		15,358
TOTAL INVESTMENTS IN SECURITIES-99.86% (Cost $21,233,887)				21,548,160
OTHER ASSETS LESS LIABILITIES-0.14%				30,061
NET ASSETS-100.00%			$	21,578,221

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 fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	14,106		$	397,490		$	(396,238	)		$	-		$	-			$	15,358		$	75
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			145,158			268,312			(413,470	)			-			-				-			21	*
Invesco Private Prime Fund			337,735			580,099			(917,763	)			-			(71	)			-			91	*
Total		$	496,999		$	1,245,901		$	(1,727,471	)		$	-		$	(71	)		$	15,358		$	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.

^(d)  The rate shown is the 7-day SEC standardized yield as of August 31, 2022.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  82  

Invesco S&P 500^® Momentum ETF (SPMO)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.77%
Communication Services-12.60%
Alphabet, Inc., Class A(b)		67,680	$	7,324,329
Alphabet, Inc., Class C(b)		63,480		6,928,842
Interpublic Group of Cos., Inc. (The)		3,823		105,668
				14,358,839
Consumer Discretionary-2.85%
Advance Auto Parts, Inc.		834		140,646
AutoZone, Inc.(b)		405		858,280
Bath & Body Works, Inc.		2,494		93,101
Ford Motor Co.		48,510		739,292
Genuine Parts Co.		1,662		259,289
LKQ Corp.		3,519		187,281
O’Reilly Automotive, Inc.(b)		1,031		718,731
Tractor Supply Co.		1,387		256,803
				3,253,423
Consumer Staples-13.80%
Archer-Daniels-Midland Co.		8,255		725,532
Coca-Cola Co. (The)		48,703		3,005,462
Costco Wholesale Corp.		5,536		2,890,346
Hershey Co. (The)		2,172		487,983
PepsiCo, Inc.		17,089		2,943,922
Philip Morris International, Inc.		18,017		1,720,443
Procter & Gamble Co. (The)		26,691		3,681,757
Tyson Foods, Inc., Class A		3,577		269,634
				15,725,079
Energy-17.49%
APA Corp.		4,856		189,918
Chevron Corp.		28,517		4,507,397
ConocoPhillips		27,244		2,981,856
Devon Energy Corp.		13,405		946,661
Diamondback Energy, Inc.		2,338		311,609
EOG Resources, Inc.		10,258		1,244,295
Exxon Mobil Corp.		66,723		6,378,052
Marathon Oil Corp.		14,081		360,333
Marathon Petroleum Corp.		7,740		779,805
ONEOK, Inc.		5,307		324,948
Pioneer Natural Resources Co.		3,161		800,428
Schlumberger N.V.		15,305		583,886
Williams Cos., Inc. (The)		15,351		522,394
				19,931,582
Financials-19.46%
Aflac, Inc.		7,187		427,052
American Express Co.		6,773		1,029,496
American International Group, Inc.		9,419		487,433
Ameriprise Financial, Inc.		1,406		376,822
Arthur J. Gallagher & Co.		2,346		425,963
Bank of America Corp.		93,561		3,144,585
Bank of New York Mellon Corp. (The)		8,794		365,215
Berkshire Hathaway, Inc., Class B(b)		24,375		6,844,500
Brown & Brown, Inc.		3,570		225,053
Charles Schwab Corp. (The)		20,981		1,488,602
Comerica, Inc.		1,501		120,530
FactSet Research Systems, Inc.		403		174,636
Fifth Third Bancorp		7,521		256,842
Marsh & McLennan Cos., Inc.		6,846		1,104,739

	Shares		Value
Financials-(continued)
Morgan Stanley		17,053	$	1,453,257
PNC Financial Services Group, Inc. (The)		4,233		668,814
Principal Financial Group, Inc.		2,695		201,478
Prudential Financial, Inc.		4,183		400,522
Raymond James Financial, Inc.		2,545		265,622
Signature Bank		774		134,955
W.R. Berkley Corp.		2,165		140,292
Wells Fargo & Co.		55,904		2,443,564
				22,179,972
Health Care-14.56%
AbbVie, Inc.		20,718		2,785,742
CVS Health Corp.		18,272		1,793,397
Elevance Health, Inc.		2,900		1,406,819
HCA Healthcare, Inc.		2,406		476,075
IQVIA Holdings, Inc.(b)		1,852		393,847
McKesson Corp.		1,889		693,263
Pfizer, Inc.		60,027		2,715,021
UnitedHealth Group, Inc.		12,181		6,325,959
				16,590,123
Industrials-3.50%
Dover Corp.		1,911		238,799
Eaton Corp. PLC		3,995		545,877
General Dynamics Corp.		3,680		842,462
Johnson Controls International PLC		8,987		486,556
Old Dominion Freight Line, Inc.		1,225		332,477
Republic Services, Inc.		2,937		419,169
Robert Half International, Inc.		1,882		144,857
Textron, Inc.		2,147		133,930
Waste Management, Inc.		4,991		843,629
				3,987,756
Information Technology-8.68%
Accenture PLC, Class A		8,073		2,328,738
Fortinet, Inc.(b)		10,672		519,620
Gartner, Inc.(b)		1,348		384,611
HP, Inc.		10,462		300,364
Intuit, Inc.		2,832		1,222,801
Juniper Networks, Inc.		3,349		95,179
Motorola Solutions, Inc.		1,850		450,308
NVIDIA Corp.		26,819		4,048,060
Paychex, Inc.		3,380		416,889
Seagate Technology Holdings PLC		1,944		130,170
				9,896,740
Materials-0.57%
Nucor Corp.		3,983		529,500
Sealed Air Corp.		2,158		116,122
				645,622
Real Estate-5.16%
AvalonBay Communities, Inc.		2,301		462,294
CBRE Group, Inc., Class A(b)		4,560		360,058
Duke Realty Corp.		5,877		345,861
Equity Residential		4,821		352,801
Essex Property Trust, Inc.		727		192,699
Extra Space Storage, Inc.		2,817		559,822
Federal Realty Investment Trust		780		78,991
Mid-America Apartment Communities, Inc.		2,005		332,168

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  83  

Invesco S&P 500^® Momentum ETF (SPMO)–(continued)

August 31, 2022

	Shares		Value
Real Estate-(continued)
Prologis, Inc.		12,114	$	1,508,314
Public Storage		2,910		962,715
Regency Centers Corp.		2,082		126,669
Simon Property Group, Inc.		3,996		407,512
UDR, Inc.		4,383		196,665
				5,886,569
Utilities-1.10%
CenterPoint Energy, Inc.		6,660		209,990
Exelon Corp.		14,105		619,350
FirstEnergy Corp.		7,345		290,494
NiSource, Inc.		4,681		138,136
				1,257,970
Total Common Stocks & Other Equity Interests (Cost $122,492,951)				113,713,675

	Shares		Value
Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(c)(d) (Cost $87,717)		87,717	$	87,717
TOTAL INVESTMENTS IN SECURITIES-99.85% (Cost $122,580,668)				113,801,392
OTHER ASSETS LESS LIABILITIES-0.15%				171,868
NET ASSETS-100.00%			$	113,973,260

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 fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Invesco Ltd.		$	-		$	213,255		$	(180,263	)		$	-		$	(32,992	)		$	-		$	2,318
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			24,856			1,886,187			(1,823,326	)			-			-				87,717			313
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			736,607			(736,607	)			-			-				-			2	*
Invesco Private Prime Fund			-			1,716,084			(1,716,084	)			-			-				-			28	*
Total		$	24,856		$	4,552,133		$	(4,456,280	)		$	-		$	(32,992	)		$	87,717		$	2,661

* 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 August 31, 2022.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  84  

Invesco S&P 500 QVM Multi-factor ETF (QVML)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-7.78%
Activision Blizzard, Inc.		19,041	$	1,494,528
Alphabet, Inc., Class C(b)		267,980		29,250,017
AT&T, Inc.		171,825		3,013,811
Comcast Corp., Class A(c)		111,240		4,025,776
DISH Network Corp., Class A(b)		6,072		105,349
Electronic Arts, Inc.		6,663		845,335
Fox Corp., Class A		10,958		374,544
Interpublic Group of Cos., Inc. (The)		10,093		278,971
Lumen Technologies, Inc.(c)		22,993		229,010
Meta Platforms, Inc., Class A(b)		54,376		8,859,482
News Corp., Class A		12,815		216,830
Omnicom Group, Inc.		5,187		347,010
Paramount Global, Class B(c)		16,119		377,023
T-Mobile US, Inc.(b)		13,769		1,982,185
Verizon Communications, Inc.		100,374		4,196,637
Warner Bros Discovery, Inc.(b)(c)		58,038		768,423
				56,364,931
Consumer Discretionary-6.50%
Advance Auto Parts, Inc.		1,477		249,081
Aptiv PLC(b)		6,228		581,882
AutoZone, Inc.(b)		482		1,021,459
Bath & Body Works, Inc.		6,961		259,854
Best Buy Co., Inc.		5,481		387,452
BorgWarner, Inc.		5,794		218,434
Caesars Entertainment, Inc.(b)		4,893		210,986
CarMax, Inc.(b)(c)		3,735		330,323
Chipotle Mexican Grill, Inc.(b)		683		1,090,614
D.R. Horton, Inc.		7,927		564,006
Darden Restaurants, Inc.		3,054		377,810
Dollar General Corp.		5,196		1,233,634
Dollar Tree, Inc.(b)		5,322		722,089
eBay, Inc.		15,161		669,055
Expedia Group, Inc.(b)		3,571		366,563
Ford Motor Co.		94,614		1,441,917
Garmin Ltd.		4,022		355,907
General Motors Co.		35,476		1,355,538
Genuine Parts Co.		3,367		525,286
Hasbro, Inc.		3,291		259,397
Las Vegas Sands Corp.(b)		7,758		291,934
Lennar Corp., Class A		6,305		488,322
LKQ Corp.		6,300		335,286
Lowe’s Cos., Inc.		16,265		3,157,687
Marriott International, Inc., Class A		6,449		991,469
MGM Resorts International		8,851		288,897
Mohawk Industries, Inc.(b)		1,327		146,448
Newell Brands, Inc.		9,375		167,344
NIKE, Inc., Class B		29,483		3,138,465
NVR, Inc.(b)		78		322,925
O’Reilly Automotive, Inc.(b)		1,635		1,139,791
PENN Entertainment, Inc.(b)(c)		3,685		115,083
Pool Corp.		951		322,570
PulteGroup, Inc.		6,207		252,377
PVH Corp.		1,671		93,994
Ralph Lauren Corp.(c)		1,066		97,358
Ross Stores, Inc.		8,817		760,643
Tapestry, Inc.		6,224		216,159

	Shares		Value
Consumer Discretionary-(continued)
Target Corp.		11,775	$	1,888,003
Tesla, Inc.(b)		62,625		17,260,076
TJX Cos., Inc. (The)		29,368		1,831,095
Tractor Supply Co.		2,557		473,429
Ulta Beauty, Inc.(b)		1,283		538,693
VF Corp.		7,780		322,481
Whirlpool Corp.(c)		1,462		228,949
				47,090,765
Consumer Staples-7.39%
Altria Group, Inc.		47,405		2,138,914
Archer-Daniels-Midland Co.		13,644		1,199,171
Brown-Forman Corp., Class B		4,366		317,408
Campbell Soup Co.(c)		5,024		253,109
Church & Dwight Co., Inc.		6,210		519,839
Coca-Cola Co. (The)		93,911		5,795,248
Colgate-Palmolive Co.		20,208		1,580,468
Conagra Brands, Inc.		11,493		395,129
Constellation Brands, Inc., Class A		3,880		954,674
Costco Wholesale Corp.		10,593		5,530,605
Estee Lauder Cos., Inc. (The), Class A		5,258		1,337,530
General Mills, Inc.		14,549		1,117,363
Hershey Co. (The)		3,479		781,627
Hormel Foods Corp.		7,163		360,156
JM Smucker Co. (The)(c)		2,536		355,015
Kellogg Co.		6,190		450,261
Kimberly-Clark Corp.		8,147		1,038,905
Kraft Heinz Co. (The)		17,165		641,971
Kroger Co. (The)		16,462		789,188
McCormick & Co., Inc.(c)		6,158		517,703
Molson Coors Beverage Co., Class B		5,118		264,447
Mondelez International, Inc., Class A		33,526		2,073,918
Monster Beverage Corp.(b)		8,826		784,014
PepsiCo, Inc.		33,568		5,782,759
Philip Morris International, Inc.		37,837		3,613,055
Procter & Gamble Co. (The)		58,459		8,063,835
Sysco Corp.		11,933		981,131
Tyson Foods, Inc., Class A		7,097		534,972
Walgreens Boots Alliance, Inc.		17,539		614,917
Walmart, Inc.		35,398		4,692,005
				53,479,337
Energy-4.84%
APA Corp.		7,878		308,109
Baker Hughes Co., Class A		20,679		522,351
Chevron Corp.		44,534		7,039,044
ConocoPhillips		28,567		3,126,658
Coterra Energy, Inc.		18,571		574,030
Devon Energy Corp.		14,395		1,016,575
Diamondback Energy, Inc.		3,842		512,062
EOG Resources, Inc.		13,080		1,586,604
Exxon Mobil Corp.		92,981		8,888,054
Halliburton Co.		20,275		610,886
Hess Corp.		6,205		749,440
Kinder Morgan, Inc.		45,995		842,628
Marathon Oil Corp.		18,232		466,557
Marathon Petroleum Corp.		12,422		1,251,516
Occidental Petroleum Corp.		21,195		1,504,845
ONEOK, Inc.		10,291		630,118

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  85  

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

August 31, 2022

	Shares		Value
Energy-(continued)
Phillips 66		10,178	$	910,524
Pioneer Natural Resources Co.		5,289		1,339,281
Schlumberger N.V.		30,955		1,180,933
Valero Energy Corp.		8,767		1,026,791
Williams Cos., Inc. (The)		28,575		972,407
				35,059,413
Financials-12.20%
Aflac, Inc.		15,195		902,887
Allstate Corp. (The)		6,962		838,921
American Express Co.		14,885		2,262,520
American International Group, Inc.		20,075		1,038,881
Ameriprise Financial, Inc.(c)		2,677		717,463
Aon PLC, Class A		5,281		1,474,772
Arthur J. Gallagher & Co.		4,949		898,590
Assurant, Inc.		1,347		213,486
Bank of America Corp.		176,680		5,938,215
Bank of New York Mellon Corp. (The)		18,217		756,552
Berkshire Hathaway, Inc., Class B(b)		44,734		12,561,307
BlackRock, Inc.		3,427		2,283,718
Brown & Brown, Inc.(c)		5,874		370,297
Capital One Financial Corp.		10,058		1,064,338
Cboe Global Markets, Inc.		2,557		301,649
Charles Schwab Corp. (The)		38,320		2,718,804
Chubb Ltd.		10,338		1,954,399
Cincinnati Financial Corp.		3,570		346,147
Citigroup, Inc.		49,047		2,393,984
Citizens Financial Group, Inc.		12,065		442,544
CME Group, Inc., Class A		8,519		1,666,402
Comerica, Inc.		3,338		268,041
Discover Financial Services		7,044		707,852
Everest Re Group Ltd.		940		252,907
FactSet Research Systems, Inc.		911		394,773
Fifth Third Bancorp		16,497		563,373
First Republic Bank		4,434		673,214
Franklin Resources, Inc.(c)		6,888		179,570
Globe Life, Inc.		2,267		220,330
Goldman Sachs Group, Inc. (The)		8,389		2,790,769
Hartford Financial Services Group, Inc. (The)		8,196		527,085
Huntington Bancshares, Inc.		35,915		481,261
Intercontinental Exchange, Inc.		13,500		1,361,475
Invesco Ltd.(d)		8,502		140,028
JPMorgan Chase & Co.		73,048		8,307,749
KeyCorp		23,556		416,706
Lincoln National Corp.(c)		4,328		199,348
Loews Corp.		4,743		262,335
M&T Bank Corp.		4,313		784,017
Marsh & McLennan Cos., Inc.		12,289		1,983,076
MetLife, Inc.		16,730		1,076,241
Moody’s Corp.		4,088		1,163,118
Morgan Stanley		34,917		2,975,627
Nasdaq, Inc.		8,397		499,873
Northern Trust Corp.		5,150		489,713
PNC Financial Services Group, Inc. (The)		10,316		1,629,928
Principal Financial Group, Inc.		5,886		440,037
Progressive Corp. (The)		13,875		1,701,769
Prudential Financial, Inc.		9,092		870,559
Raymond James Financial, Inc.		4,536		473,422
Regions Financial Corp.		22,709		492,104
S&P Global, Inc.		8,694		3,061,853

	Shares		Value
Financials-(continued)
Signature Bank		1,443	$	251,601
State Street Corp.		9,142		624,856
SVB Financial Group(b)		1,405		571,161
Synchrony Financial		13,138		430,269
T. Rowe Price Group, Inc.(c)		5,865		703,800
Travelers Cos., Inc. (The)		5,802		937,835
Truist Financial Corp.		32,204		1,508,435
U.S. Bancorp		32,944		1,502,576
W.R. Berkley Corp.		4,853		314,474
Wells Fargo & Co.		94,805		4,143,927
Willis Towers Watson PLC		2,970		614,285
Zions Bancorporation N.A.		3,640		200,309
				88,337,557
Health Care-15.42%
Abbott Laboratories		43,084		4,422,573
AbbVie, Inc.		41,545		5,586,141
Agilent Technologies, Inc.		7,187		921,733
Align Technology, Inc.(b)		1,774		432,324
AmerisourceBergen Corp.		3,787		555,023
Amgen, Inc.		14,015		3,367,804
Becton, Dickinson and Co.		6,800		1,716,456
Biogen, Inc.(b)		3,382		660,775
Bio-Rad Laboratories, Inc., Class A(b)		515		249,796
Bio-Techne Corp.		931		308,915
Boston Scientific Corp.(b)		36,310		1,463,656
Bristol-Myers Squibb Co.		51,360		3,462,178
Cardinal Health, Inc.		7,423		524,955
Catalent, Inc.(b)		3,961		348,568
Centene Corp.(b)		13,693		1,228,810
Charles River Laboratories International, Inc.(b)		1,186		243,426
Cigna Corp.		7,905		2,240,672
Cooper Cos., Inc. (The)		1,227		352,689
CVS Health Corp.		32,179		3,158,369
Danaher Corp.		15,037		4,058,637
DaVita, Inc.(b)		1,542		131,517
DENTSPLY SIRONA, Inc.		5,430		177,941
DexCom, Inc.(b)		8,984		738,575
Edwards Lifesciences Corp.(b)		15,588		1,404,479
Elevance Health, Inc.		5,906		2,865,060
Eli Lilly and Co.		19,035		5,733,913
Gilead Sciences, Inc.		31,025		1,969,157
HCA Healthcare, Inc.		5,826		1,152,791
Henry Schein, Inc.(b)		3,292		241,666
Hologic, Inc.(b)		5,969		403,266
Humana, Inc.		3,155		1,520,016
IDEXX Laboratories, Inc.(b)		2,123		737,997
Incyte Corp.(b)(c)		4,529		318,977
Intuitive Surgical, Inc.(b)		8,862		1,823,268
IQVIA Holdings, Inc.(b)(c)		4,432		942,509
Johnson & Johnson		63,722		10,280,907
Laboratory Corp. of America Holdings		2,302		518,572
McKesson Corp.		3,718		1,364,506
Medtronic PLC		33,356		2,932,659
Merck & Co., Inc.		62,311		5,318,867
Moderna, Inc.(b)		8,210		1,085,937
Molina Healthcare, Inc.(b)		1,422		479,740
Organon & Co.		6,110		174,318
PerkinElmer, Inc.		3,091		417,470

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  86  

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

August 31, 2022

	Shares		Value
Health Care-(continued)
Pfizer, Inc.		133,502	$	6,038,295
Quest Diagnostics, Inc.		2,946		369,163
Regeneron Pharmaceuticals, Inc.(b)		2,778		1,614,185
ResMed, Inc.		3,334		733,213
STERIS PLC		2,386		480,493
Stryker Corp.		8,262		1,695,362
Teleflex, Inc.		1,140		257,936
Thermo Fisher Scientific, Inc.		9,714		5,297,238
UnitedHealth Group, Inc.		22,632		11,753,477
Universal Health Services, Inc., Class B		1,800		176,112
Vertex Pharmaceuticals, Inc.(b)		5,927		1,669,991
Viatris, Inc.		30,488		291,160
Waters Corp.(b)		1,415		422,519
West Pharmaceutical Services, Inc.		1,753		520,098
Zimmer Biomet Holdings, Inc.		5,040		535,853
Zoetis, Inc.		11,232		1,758,145
				111,650,848
Industrials-8.12%
3M Co.(c)		13,949		1,734,558
A.O. Smith Corp.(c)		3,175		179,229
Alaska Air Group, Inc.(b)		3,005		130,898
Allegion PLC		2,108		200,471
American Airlines Group, Inc.(b)(c)		17,051		221,492
AMETEK, Inc.		5,416		650,787
C.H. Robinson Worldwide, Inc.		3,234		369,161
Carrier Global Corp.		20,526		802,977
Caterpillar, Inc.		12,089		2,232,959
Cintas Corp.		2,073		843,379
Copart, Inc.(b)		5,070		606,625
CSX Corp.		52,734		1,669,031
Cummins, Inc.		3,314		713,736
Deere & Co.		6,724		2,455,941
Delta Air Lines, Inc.(b)		16,609		516,042
Dover Corp.		3,408		425,864
Eaton Corp. PLC		9,097		1,243,014
Emerson Electric Co.		13,854		1,132,426
Equifax, Inc.		2,997		565,684
Expeditors International of Washington, Inc.		4,255		437,797
Fastenal Co.		13,629		685,948
FedEx Corp.		5,998		1,264,438
Fortive Corp.		8,369		530,009
Fortune Brands Home & Security, Inc.		3,265		200,569
General Dynamics Corp.		5,331		1,220,426
General Electric Co.		26,536		1,948,804
Honeywell International, Inc.		16,240		3,075,044
Howmet Aerospace, Inc.		8,855		313,733
Huntington Ingalls Industries, Inc.		929		213,912
IDEX Corp.		1,790		360,166
Illinois Tool Works, Inc.		6,852		1,334,975
Ingersoll Rand, Inc.		9,093		430,735
J.B. Hunt Transport Services, Inc.		2,011		349,954
Jacobs Solutions, Inc.		3,229		402,269
Johnson Controls International PLC		16,612		899,374
L3Harris Technologies, Inc.		4,558		1,040,090
Leidos Holdings, Inc.		3,267		310,528
Lockheed Martin Corp.		5,723		2,404,290
Nielsen Holdings PLC		9,748		271,384
Nordson Corp.		1,294		293,958
Norfolk Southern Corp.		5,630		1,368,822

	Shares		Value
Industrials-(continued)
Northrop Grumman Corp.		3,450	$	1,649,065
Old Dominion Freight Line, Inc.		2,246		609,587
PACCAR, Inc.		8,027		702,443
Parker-Hannifin Corp.		2,940		779,100
Pentair PLC		4,065		180,893
Quanta Services, Inc.		3,078		434,921
Raytheon Technologies Corp.		34,032		3,054,372
Republic Services, Inc.		5,031		718,024
Robert Half International, Inc.		2,577		198,352
Rockwell Automation, Inc.		2,881		682,624
Rollins, Inc.		5,315		179,434
Snap-on, Inc.		1,279		278,643
Southwest Airlines Co.(b)		15,004		550,647
Stanley Black & Decker, Inc.		3,853		339,449
Textron, Inc.		5,046		314,769
Trane Technologies PLC		5,564		857,245
Union Pacific Corp.		15,021		3,372,365
United Airlines Holdings, Inc.(b)		8,226		287,992
United Parcel Service, Inc., Class B		17,619		3,427,072
United Rentals, Inc.(b)		1,737		507,273
Verisk Analytics, Inc.(c)		3,936		736,662
W.W. Grainger, Inc.		1,000		554,940
Wabtec Corp.		4,392		384,959
Waste Management, Inc.		9,240		1,561,837
Xylem, Inc.		4,410		401,751
				58,815,918
Information Technology-28.96%
Accenture PLC, Class A		14,828		4,277,285
Adobe, Inc.(b)		10,899		4,070,123
Advanced Micro Devices, Inc.(b)		38,877		3,299,491
Akamai Technologies, Inc.(b)		3,791		342,251
Amphenol Corp., Class A		14,280		1,050,008
Analog Devices, Inc.		12,755		1,932,765
ANSYS, Inc.(b)		2,087		518,202
Apple, Inc.		372,117		58,504,235
Applied Materials, Inc.		22,033		2,072,644
Arista Networks, Inc.(b)		5,374		644,235
Automatic Data Processing, Inc.		10,126		2,474,896
Broadcom, Inc.		10,160		5,070,958
Broadridge Financial Solutions, Inc.		2,989		511,627
Cadence Design Systems, Inc.(b)		6,337		1,101,180
CDW Corp.		3,220		549,654
Cisco Systems, Inc.		100,629		4,500,129
Cognizant Technology Solutions Corp., Class A		12,768		806,555
Corning, Inc.		17,772		609,935
DXC Technology Co.(b)		5,812		144,021
EPAM Systems, Inc.(b)		1,396		595,394
F5, Inc.(b)		1,426		223,968
Fidelity National Information Services, Inc.		14,591		1,333,180
Fiserv, Inc.(b)		14,188		1,435,684
FleetCor Technologies, Inc.(b)		1,943		412,946
Fortinet, Inc.(b)		15,802		769,399
Gartner, Inc.(b)		2,083		594,322
Global Payments, Inc.		6,949		863,274
Hewlett Packard Enterprise Co.		32,066		436,098
HP, Inc.		26,363		756,882
Intel Corp.		104,370		3,331,490
International Business Machines Corp.		21,033		2,701,689

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  87  

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

August 31, 2022

	Shares		Value
Information Technology-(continued)
Intuit, Inc.		6,737	$	2,908,902
Jack Henry & Associates, Inc.		1,741		334,620
Juniper Networks, Inc.		7,680		218,266
Keysight Technologies, Inc.(b)		4,376		717,183
KLA Corp.		3,619		1,245,406
Lam Research Corp.		3,369		1,475,319
Mastercard, Inc., Class A		20,422		6,624,284
Microchip Technology, Inc.		13,946		909,976
Micron Technology, Inc.		28,675		1,620,998
Microsoft Corp.		179,856		47,026,948
Monolithic Power Systems, Inc.		1,015		459,978
Motorola Solutions, Inc.		4,054		986,784
NetApp, Inc.		5,430		391,666
NortonLifeLock, Inc.		13,724		310,025
NVIDIA Corp.		59,829		9,030,589
NXP Semiconductors N.V. (China)		6,780		1,115,852
Paychex, Inc.		7,530		928,750
PayPal Holdings, Inc.(b)		26,988		2,521,759
PTC, Inc.(b)		2,526		290,212
Qorvo, Inc.(b)		2,740		245,997
QUALCOMM, Inc.		27,634		3,655,149
Roper Technologies, Inc.		2,655		1,068,850
salesforce.com, inc.(b)		19,847		3,098,514
Seagate Technology Holdings PLC		4,847		324,555
Skyworks Solutions, Inc.		4,006		394,791
Synopsys, Inc.(b)		3,643		1,260,551
TE Connectivity Ltd. (Switzerland)		7,661		966,895
Teledyne Technologies, Inc.(b)		1,118		411,826
Teradyne, Inc.		4,051		342,877
Texas Instruments, Inc.		23,484		3,879,792
Trimble, Inc.(b)		6,086		384,940
Visa, Inc., Class A(c)		39,444		7,837,917
Western Digital Corp.(b)		7,823		330,600
Zebra Technologies Corp., Class A(b)		1,302		392,735
				209,648,026
Materials-2.68%
Air Products and Chemicals, Inc.		5,144		1,298,603
Albemarle Corp.		2,884		772,797
Amcor PLC		35,339		424,421
Avery Dennison Corp.		1,901		349,062
Ball Corp.		7,515		419,412
Celanese Corp.		2,573		285,243
CF Industries Holdings, Inc.		5,609		580,307
Corteva, Inc.		17,321		1,064,029
Dow, Inc.		17,697		902,547
DuPont de Nemours, Inc.		12,240		681,034
Eastman Chemical Co.		3,094		281,554
FMC Corp.		3,137		339,047
Freeport-McMoRan, Inc.		32,344		957,382
International Flavors & Fragrances, Inc.		6,022		665,311
International Paper Co.		9,406		391,478
Linde PLC (United Kingdom)		12,049		3,408,180
LyondellBasell Industries N.V., Class A		6,498		539,334
Martin Marietta Materials, Inc.		1,489		517,740
Mosaic Co. (The)		9,720		523,616
Newmont Corp.		19,163		792,582
Nucor Corp.(c)		6,601		877,537
Packaging Corp. of America		2,231		305,469
PPG Industries, Inc.		5,624		714,135

	Shares		Value
Materials-(continued)
Sealed Air Corp.		3,635	$	195,599
Sherwin-Williams Co. (The)		5,737		1,331,558
Vulcan Materials Co.		3,205		533,600
WestRock Co.		6,246		253,525
				19,405,102
Real Estate-2.60%
Alexandria Real Estate Equities, Inc.		3,682		564,819
AvalonBay Communities, Inc.		3,450		693,139
Boston Properties, Inc.		3,646		289,602
Camden Property Trust		2,503		321,661
CBRE Group, Inc., Class A(b)		8,419		664,764
Crown Castle, Inc.		10,572		1,806,015
Digital Realty Trust, Inc.		7,095		877,155
Duke Realty Corp.		9,211		542,067
Equinix, Inc.		2,202		1,447,529
Equity Residential		8,424		616,468
Essex Property Trust, Inc.		1,589		421,180
Extra Space Storage, Inc.		3,297		655,213
Federal Realty Investment Trust		1,772		179,450
Healthpeak Properties, Inc.		13,873		364,166
Host Hotels & Resorts, Inc.		16,994		301,983
Iron Mountain, Inc.(c)		6,976		367,007
Kimco Realty Corp.		15,628		329,438
Mid-America Apartment Communities, Inc.		2,859		473,651
Prologis, Inc.		17,987		2,239,561
Public Storage		3,791		1,254,177
Realty Income Corp.		14,068		960,563
Regency Centers Corp.		3,852		234,356
Simon Property Group, Inc.		8,310		847,454
UDR, Inc.		7,337		329,211
Ventas, Inc.		9,849		471,373
Vornado Realty Trust		4,039		105,903
Welltower, Inc.		10,729		822,378
Weyerhaeuser Co.		18,312		625,538
				18,805,821
Utilities-3.41%
Alliant Energy Corp.		6,219		379,608
Ameren Corp.		6,317		585,080
American Electric Power Co., Inc.		12,161		1,218,532
American Water Works Co., Inc.(c)		4,199		623,342
Atmos Energy Corp.		3,252		368,712
CenterPoint Energy, Inc.		15,315		482,882
CMS Energy Corp.		6,969		470,686
Consolidated Edison, Inc.		8,608		841,346
Constellation Energy Corp.		7,445		607,438
Dominion Energy, Inc.		19,990		1,635,182
DTE Energy Co.		4,656		606,863
Duke Energy Corp.		18,636		1,992,375
Edison International		9,140		619,418
Entergy Corp.		4,863		560,704
Evergy, Inc.		5,938		406,931
Eversource Energy		8,334		747,476
Exelon Corp.		23,777		1,044,048
FirstEnergy Corp.		14,083		556,983
NextEra Energy, Inc.		45,014		3,828,891
NiSource, Inc.		10,334		304,956
NRG Energy, Inc.		5,751		237,401
Pinnacle West Capital Corp.		2,796		210,679
PPL Corp.		18,915		550,048

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

88  

Invesco S&P 500 QVM Multi-factor ETF (QVML)–(continued)

August 31, 2022

	Shares		Value
Utilities-(continued)
Public Service Enterprise Group, Inc.		12,283	$	790,534
Sempra Energy		7,808		1,288,086
Southern Co. (The)		25,562		1,970,063
WEC Energy Group, Inc.		7,658		789,846
Xcel Energy, Inc.		13,194		979,654
				24,697,764
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $755,884,588)				723,355,482
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.95%
Invesco Private Government Fund, 2.29%(d)(e)(f)		3,953,022		3,953,022

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 2.37%(d)(e)(f)		10,163,897	$	10,164,913
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $14,117,935)				14,117,935
TOTAL INVESTMENTS IN SECURITIES-101.85% (Cost $770,002,523)				737,473,417
OTHER ASSETS LESS LIABILITIES-(1.85)%				(13,418,860	)
NET ASSETS-100.00%			$	724,054,557

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 August 31, 2022.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Invesco Ltd.		$	211,675		$	36,308		$	(31,961	)		$	(70,159	)		$	(5,835	)		$	140,028		$	6,030
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			15,145,743			(15,145,743	)			-				-				-			1,938
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			38,647,954			(34,694,932	)			-				-				3,953,022			19,580	*
Invesco Private Prime Fund			-			60,908,648			(50,742,585	)			-				(1,150	)			10,164,913			49,793	*
Total		$	211,675		$	114,738,653		$	(100,615,221	)		$	(70,159	)		$	(6,985	)		$	14,257,963		$	77,341

* 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 August 31, 2022.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  89  

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.87%
Communication Services-1.32%
Iridium Communications, Inc.(b)(c)		17,465	$	775,271
John Wiley & Sons, Inc., Class A		5,752		264,764
New York Times Co. (The), Class A		22,063		672,701
TEGNA, Inc.		30,029		642,621
World Wrestling Entertainment, Inc., Class A(c)		5,795		394,118
Ziff Davis, Inc.(b)(c)		6,218		480,527
				3,230,002
Consumer Discretionary-14.09%
Adient PLC(b)		11,575		384,290
American Eagle Outfitters, Inc.(c)		18,926		213,107
AutoNation, Inc.(b)		5,175		644,805
Boyd Gaming Corp.		10,571		575,379
Brunswick Corp.		10,491		783,783
Callaway Golf Co.(b)(c)		14,873		329,139
Capri Holdings Ltd.(b)		18,254		861,224
Carter’s, Inc.		5,568		411,197
Choice Hotels International, Inc.		4,256		488,206
Churchill Downs, Inc.		4,347		856,750
Columbia Sportswear Co.		4,469		318,371
Cracker Barrel Old Country Store, Inc.(c)		3,302		356,418
Crocs, Inc.(b)		7,337		540,737
Dana, Inc.		17,732		274,314
Deckers Outdoor Corp.(b)		3,475		1,117,456
Dick’s Sporting Goods, Inc.		8,331		886,168
Five Below, Inc.(b)(c)		7,086		906,158
Foot Locker, Inc.		11,765		433,423
Fox Factory Holding Corp.(b)		5,218		486,370
Gap, Inc. (The)(c)		29,026		265,298
Gentex Corp.		31,137		849,729
Goodyear Tire & Rubber Co. (The)(b)		35,486		497,868
Graham Holdings Co., Class B		534		301,940
Grand Canyon Education, Inc.(b)(c)		5,097		414,794
H&R Block, Inc.		21,360		961,200
Hanesbrands, Inc.		47,531		413,995
Harley-Davidson, Inc.(c)		20,174		778,111
Helen of Troy Ltd.(b)		3,317		410,081
KB Home		11,772		337,268
Kohl’s Corp.		16,085		457,136
Lear Corp.		7,709		1,068,776
Leggett & Platt, Inc.(c)		17,659		674,927
Light & Wonder, Inc.(b)		12,231		602,132
Lithia Motors, Inc., Class A(c)		3,975		1,055,124
Macy’s, Inc.		38,303		663,408
Marriott Vacations Worldwide Corp.		5,481		780,604
Mattel, Inc.(b)		47,510		1,050,921
Murphy USA, Inc.		3,075		892,273
Nordstrom, Inc.(c)		14,158		242,243
Ollie’s Bargain Outlet Holdings, Inc.(b)(c)		6,776		374,780
Polaris, Inc.		7,490		848,392
RH(b)(c)		2,202		563,514
Service Corp. International		21,338		1,316,768
Skechers U.S.A., Inc., Class A(b)		16,668		630,050
Taylor Morrison Home Corp., Class A(b)		16,921		424,886
Texas Roadhouse, Inc.		8,883		788,455
Thor Industries, Inc.(c)		7,201		583,353

	Shares		Value
Consumer Discretionary-(continued)
Toll Brothers, Inc.		15,103	$	661,360
TopBuild Corp.(b)		4,284		787,228
Victoria’s Secret & Co.(b)(c)		10,070		336,741
Visteon Corp.(b)		3,606		432,107
Wendy’s Co. (The)		22,909		439,395
Williams-Sonoma, Inc.(c)		9,708		1,444,065
Wyndham Hotels & Resorts, Inc.		12,286		802,767
YETI Holdings, Inc.(b)(c)		11,237		414,533
				34,433,517
Consumer Staples-3.90%
BJ’s Wholesale Club Holdings, Inc.(b)		17,123		1,275,492
Casey’s General Stores, Inc.		5,154		1,101,771
Coty, Inc., Class A(b)(c)		44,424		333,624
Darling Ingredients, Inc.(b)		19,872		1,511,465
Flowers Foods, Inc.		28,181		769,341
Grocery Outlet Holding Corp.(b)		11,691		469,043
Hain Celestial Group, Inc. (The)(b)		11,976		242,634
Ingredion, Inc.		8,886		773,704
Lancaster Colony Corp.		2,653		447,163
Nu Skin Enterprises, Inc., Class A		6,554		268,321
Performance Food Group Co.(b)		20,648		1,031,987
Pilgrim’s Pride Corp.(b)		6,724		191,432
Post Holdings, Inc.(b)		7,583		673,067
Sprouts Farmers Market, Inc.(b)(c)		15,457		446,707
				9,535,751
Energy-4.65%
Antero Midstream Corp.(c)		41,376		416,656
ChampionX Corp.		24,314		530,288
CNX Resources Corp.(b)(c)		24,520		433,268
DT Midstream, Inc.		12,764		704,701
EQT Corp.		38,438		1,837,336
Equitrans Midstream Corp.		50,508		468,209
HF Sinclair Corp.		16,790		883,658
Matador Resources Co.		13,312		793,395
Murphy Oil Corp.		18,108		705,669
NOV, Inc.		48,458		856,253
PDC Energy, Inc.		12,100		821,711
Range Resources Corp.(b)		30,902		1,015,440
Targa Resources Corp.		27,820		1,898,159
				11,364,743
Financials-16.59%
Affiliated Managers Group, Inc.		5,260		669,914
Alleghany Corp.(b)		1,796		1,510,759
American Financial Group, Inc.		8,680		1,108,262
Associated Banc-Corp		19,721		395,209
Bank of Hawaii Corp.		5,363		418,421
Bank OZK(c)		16,276		659,666
Bread Financial Holdings, Inc.		6,632		254,868
Brighthouse Financial, Inc.(b)		10,242		487,007
Cadence Bank(c)		24,725		629,993
Cathay General Bancorp		9,676		405,811
CNO Financial Group, Inc.		16,100		296,401
Commerce Bancshares, Inc.		14,570		1,001,979
Cullen/Frost Bankers, Inc.		7,451		968,332
East West Bancorp, Inc.		18,797		1,356,580
Essent Group Ltd.		14,440		577,456

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  90

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)–(continued)

August 31, 2022

	Shares		Value
Financials-(continued)
Evercore, Inc., Class A		5,325	$	498,899
F.N.B. Corp.		45,471		542,014
Federated Hermes, Inc., Class B		12,745		434,095
First American Financial Corp.		14,739		788,537
First Financial Bankshares, Inc.(c)		16,926		719,524
First Horizon Corp.		70,174		1,587,336
FirstCash Holdings, Inc.		5,470		426,441
Fulton Financial Corp.		21,743		352,889
Glacier Bancorp, Inc.(c)		14,304		724,927
Hancock Whitney Corp.		11,595		559,227
Hanover Insurance Group, Inc. (The)		4,691		606,968
Home BancShares, Inc.		20,103		473,024
Interactive Brokers Group, Inc., Class A		11,978		737,725
International Bancshares Corp.		6,944		289,773
Janus Henderson Group PLC		22,742		532,163
Jefferies Financial Group, Inc.		26,564		852,439
Kemper Corp.		7,949		365,654
Kinsale Capital Group, Inc.		2,674		678,073
Mercury General Corp.		3,511		112,001
MGIC Investment Corp.		41,909		598,880
Navient Corp.		21,293		327,699
New York Community Bancorp, Inc.(c)		63,329		619,991
Old National Bancorp		38,998		650,877
Old Republic International Corp.		38,076		831,580
PacWest Bancorp		15,511		408,405
Pinnacle Financial Partners, Inc.		10,215		824,453
Primerica, Inc.		5,207		659,987
Prosperity Bancshares, Inc.		12,146		860,908
Reinsurance Group of America, Inc.		8,850		1,109,436
RenaissanceRe Holdings Ltd. (Bermuda)		5,761		779,233
RLI Corp.		5,428		595,777
SEI Investments Co.		14,039		767,933
Selective Insurance Group, Inc.		8,048		639,172
SLM Corp.		36,533		558,224
Stifel Financial Corp.		13,732		814,445
Synovus Financial Corp.		19,662		789,626
Texas Capital Bancshares, Inc.(b)		6,912		408,015
UMB Financial Corp.		5,713		511,142
Umpqua Holdings Corp.		28,417		504,118
United Bankshares, Inc.		18,282		678,262
Unum Group		26,733		1,011,844
Valley National Bancorp(c)		58,552		680,374
Voya Financial, Inc.		14,570		896,492
Washington Federal, Inc.		8,538		273,301
Webster Financial Corp.		23,256		1,094,195
Wintrust Financial Corp.		7,454		628,670
				40,545,406
Health Care-7.55%
Acadia Healthcare Co., Inc.(b)		12,012		984,143
Amedisys, Inc.(b)		4,288		507,914
Azenta, Inc.		9,719		512,289
Bruker Corp.		12,946		724,976
Chemed Corp.		2,066		983,809
Encompass Health Corp.		14,278		693,482
Enovis Corp.(b)		5,974		302,583
Envista Holdings Corp.(b)(c)		21,560		799,660
Exelixis, Inc.(b)		39,584		702,220
Globus Medical, Inc., Class A(b)(c)		11,212		663,638
Halozyme Therapeutics, Inc.(b)		18,381		748,658

	Shares		Value
Health Care-(continued)
HealthEquity, Inc.(b)(c)		10,749	$	710,294
ICU Medical, Inc.(b)(c)		2,707		430,413
Integra LifeSciences Holdings Corp.(b)		9,811		468,083
LHC Group, Inc.(b)		4,153		670,585
LivaNova PLC(b)(c)		6,785		381,656
Masimo Corp.(b)		6,690		982,694
Medpace Holdings, Inc.(b)		3,649		538,629
Neurocrine Biosciences, Inc.(b)		11,889		1,243,946
Option Care Health, Inc.(b)		19,100		591,336
Patterson Cos., Inc.		11,665		325,337
Perrigo Co. PLC		17,301		647,403
QuidelOrtho Corp.(b)		6,395		506,868
Syneos Health, Inc.(b)		13,660		821,103
Tandem Diabetes Care, Inc.(b)		8,606		393,638
Tenet Healthcare Corp.(b)		13,599		768,344
United Therapeutics Corp.(b)		5,950		1,348,389
				18,452,090
Industrials-19.66%
Acuity Brands, Inc.		4,486		735,390
AECOM		18,270		1,336,451
AGCO Corp.		7,977		867,180
ASGN, Inc.(b)		6,745		652,242
Avis Budget Group, Inc.(b)(c)		5,424		907,869
Axon Enterprise, Inc.(b)(c)		8,849		1,032,501
Brink’s Co. (The)		6,337		350,309
Builders FirstSource, Inc.(b)		24,957		1,462,730
CACI International, Inc., Class A(b)		3,035		852,440
Carlisle Cos., Inc.		6,542		1,934,208
Chart Industries, Inc.(b)(c)		4,405		853,953
Clean Harbors, Inc.(b)		6,338		744,208
Crane Holdings Co.		6,498		613,151
Curtiss-Wright Corp.		5,054		743,898
Donaldson Co., Inc.		16,071		825,246
Dycom Industries, Inc.(b)		3,875		434,465
EMCOR Group, Inc.		6,879		818,051
EnerSys		5,343		333,243
Esab Corp.(c)		6,016		247,197
Flowserve Corp.(c)		17,182		523,536
Fluor Corp.(b)(c)		17,996		475,814
FTI Consulting, Inc.(b)		4,457		715,794
GATX Corp.		4,660		450,203
Graco, Inc.		22,303		1,423,824
GXO Logistics, Inc.(b)		13,809		612,843
Hexcel Corp.		10,841		636,042
Hubbell, Inc.		6,795		1,401,809
Insperity, Inc.		4,832		526,785
ITT, Inc.		11,076		803,342
JetBlue Airways Corp.(b)(c)		43,800		341,202
KBR, Inc.		18,098		874,133
Kennametal, Inc.(c)		10,730		251,511
Kirby Corp.(b)		7,423		497,786
Knight-Swift Transportation Holdings, Inc.		22,189		1,120,766
Landstar System, Inc.		5,084		745,467
Lincoln Electric Holdings, Inc.(c)		7,597		1,038,434
ManpowerGroup, Inc.		7,170		525,704
MasTec, Inc.(b)(c)		7,520		605,360
MDU Resources Group, Inc.		26,813		808,412
Mercury Systems, Inc.(b)(c)		7,154		344,322
Middleby Corp. (The)(b)(c)		7,548		1,085,553

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  91  

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)–(continued)

August 31, 2022

	Shares		Value
Industrials-(continued)
MillerKnoll, Inc.		9,566	$	264,787
MSC Industrial Direct Co., Inc., Class A		6,211		491,973
nVent Electric PLC		21,340		703,366
Oshkosh Corp.		8,422		671,739
Owens Corning		13,319		1,088,562
Regal Rexnord Corp.		8,688		1,195,382
Ryder System, Inc.		6,957		531,793
Saia, Inc.(b)(c)		3,286		679,643
Science Applications International Corp.		6,998		637,308
Simpson Manufacturing Co., Inc.		5,602		518,969
SunPower Corp.(b)		10,109		242,616
Sunrun, Inc.(b)(c)		25,671		847,913
Terex Corp.		8,730		290,011
Tetra Tech, Inc.		7,190		976,474
Timken Co. (The)		8,701		548,076
Toro Co. (The)		13,691		1,135,395
Trex Co., Inc.(b)(c)		14,876		696,048
Univar Solutions, Inc.(b)		21,679		546,744
Valmont Industries, Inc.		2,776		768,452
Vicor Corp.(b)		2,789		198,410
Watsco, Inc.(c)		4,343		1,181,426
Watts Water Technologies, Inc., Class A		3,563		493,547
Werner Enterprises, Inc.(c)		8,024		319,275
Woodward, Inc.(c)		8,327		774,994
XPO Logistics, Inc.(b)		12,968		679,783
				48,036,060
Information Technology-11.30%
ACI Worldwide, Inc.(b)		14,827		351,400
Amkor Technology, Inc.		13,401		269,762
Arrow Electronics, Inc.(b)		8,833		925,787
Aspen Technology, Inc.(b)		3,440		724,464
Avnet, Inc.		12,996		570,394
Belden, Inc.		5,806		380,177
Calix, Inc.(b)		6,928		407,713
Ciena Corp.(b)		21,303		1,080,914
Cirrus Logic, Inc.(b)		7,511		576,019
Cognex Corp.		23,445		987,269
CommVault Systems, Inc.(b)		5,543		300,929
Concentrix Corp.		5,460		686,759
Envestnet, Inc.(b)(c)		7,641		400,159
Euronet Worldwide, Inc.(b)		7,198		638,175
First Solar, Inc.(b)		12,776		1,629,579
Genpact Ltd.		22,225		1,044,131
II-VI Incorporated(b)		13,790		651,302
Jabil, Inc.		18,768		1,131,710
Kyndryl Holdings, Inc.(b)		27,001		281,350
Lattice Semiconductor Corp.(b)		18,144		977,962
Littelfuse, Inc.		3,211		761,713
Lumentum Holdings, Inc.(b)(c)		9,341		780,441
Manhattan Associates, Inc.(b)		7,897		1,115,530
Maximus, Inc.		8,409		509,501
MKS Instruments, Inc.		7,544		751,458
National Instruments Corp.		17,404		691,983
NCR Corp.(b)		17,915		556,261
Paylocity Holding Corp.(b)		4,935		1,189,335
Power Integrations, Inc.		8,010		572,955
Qualys, Inc.(b)		4,327		657,271
Semtech Corp.(b)		8,932		412,569
Silicon Laboratories, Inc.(b)		5,083		637,052

	Shares		Value
Information Technology-(continued)
SiTime Corp.(b)(c)		1,928	$	205,158
Synaptics, Inc.(b)		5,288		611,346
TD SYNNEX Corp.		5,398		519,719
Teradata Corp.(b)(c)		14,108		464,153
Viasat, Inc.(b)(c)		10,346		392,941
Vishay Intertechnology, Inc.		17,651		347,195
Vontier Corp.		22,454		492,192
Western Union Co. (The)		53,063		786,394
WEX, Inc.(b)		5,643		870,433
Xerox Holdings Corp.		15,906		264,358
				27,605,913
Materials-7.81%
Alcoa Corp.		23,933		1,184,205
AptarGroup, Inc.		8,586		882,727
Ashland, Inc.		6,837		695,733
Avient Corp.		11,654		510,795
Cabot Corp.		7,398		532,434
Chemours Co. (The)		20,794		701,382
Cleveland-Cliffs, Inc.(b)(c)		64,623		1,116,039
Commercial Metals Co.		15,492		627,581
Eagle Materials, Inc.		5,137		614,488
Greif, Inc., Class A		3,401		228,037
Ingevity Corp.(b)(c)		4,929		345,720
Louisiana-Pacific Corp.		11,312		613,450
Minerals Technologies, Inc.		4,329		252,207
NewMarket Corp.		912		261,935
Olin Corp.		18,769		1,025,913
Reliance Steel & Aluminum Co.		8,218		1,544,820
Royal Gold, Inc.		8,453		776,831
RPM International, Inc.		17,340		1,615,394
Sensient Technologies Corp.		5,674		452,048
Silgan Holdings, Inc.		10,716		488,114
Sonoco Products Co.		12,774		805,017
Steel Dynamics, Inc.		25,957		2,095,249
United States Steel Corp.		35,280		806,854
Valvoline, Inc.		23,375		679,511
Worthington Industries, Inc.(c)		4,323		220,430
				19,076,914
Real Estate-8.90%
Apartment Income REIT Corp.		21,698		886,363
Brixmor Property Group, Inc.		40,587		871,809
Corporate Office Properties Trust(c)		14,900		385,016
Cousins Properties, Inc.		20,093		539,497
Douglas Emmett, Inc.		24,492		478,084
EastGroup Properties, Inc.		5,288		872,679
EPR Properties		10,016		435,596
First Industrial Realty Trust, Inc.		17,687		896,377
Highwoods Properties, Inc.		14,130		429,693
Hudson Pacific Properties, Inc.		20,753		274,147
Independence Realty Trust, Inc.		29,463		573,055
JBG SMITH Properties		14,849		326,233
Jones Lang LaSalle, Inc.(b)		7,059		1,221,207
Kilroy Realty Corp.		14,489		706,628
Kite Realty Group Trust(c)		29,621		573,463
Lamar Advertising Co., Class A		11,665		1,095,227
Life Storage, Inc.		11,188		1,423,673
Macerich Co. (The)		28,957		277,118
Medical Properties Trust, Inc.		86,176		1,259,031
National Retail Properties, Inc.		23,660		1,062,334

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  92  

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)–(continued)

August 31, 2022

	Shares		Value
Real Estate-(continued)
National Storage Affiliates Trust		11,388	$	575,322
Omega Healthcare Investors, Inc.		31,573		1,031,174
Park Hotels & Resorts, Inc.		29,104		407,456
Pebblebrook Hotel Trust		16,226		285,902
Physicians Realty Trust(c)		29,535		492,053
PotlatchDeltic Corp.(c)		9,256		429,663
Rayonier, Inc.		19,457		691,113
Rexford Industrial Realty, Inc.		20,808		1,294,466
SL Green Realty Corp.		9,092		401,594
Spirit Realty Capital, Inc.		16,868		689,058
STORE Capital Corp.		32,193		868,567
				21,753,598
Utilities-4.10%
ALLETE, Inc.		7,389		437,281
Black Hills Corp.		8,464		638,863
Essential Utilities, Inc.		29,842		1,466,734
Hawaiian Electric Industries, Inc.		14,330		560,590
IDACORP, Inc.		6,724		734,530
National Fuel Gas Co.		11,784		839,846
New Jersey Resources Corp.		12,460		549,984
NorthWestern Corp.		7,175		380,132
OGE Energy Corp.		26,798		1,086,391
ONE Gas, Inc.		7,070		553,369
PNM Resources, Inc.		11,436		542,409
Southwest Gas Holdings, Inc.		8,729		679,553
Spire, Inc.		6,841		478,117
UGI Corp.		27,004		1,066,658
				10,014,457
Total Common Stocks & Other Equity Interests (Cost $255,672,128)				244,048,451

	Shares		Value
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(d)(e) (Cost $64,731)		64,731		$64,731
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $255,736,859)				244,113,182
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-13.12%
Invesco Private Government Fund, 2.29%(d)(e)(f)		8,622,571		8,622,571
Invesco Private Prime Fund, 2.37%(d)(e)(f)		23,435,187		23,437,531
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $32,058,252)				32,060,102
TOTAL INVESTMENTS IN SECURITIES-113.02% (Cost $287,795,111)				276,173,284
OTHER ASSETS LESS LIABILITIES-(13.02)%				(31,811,366	)
NET ASSETS-100.00%			$	244,361,918

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 August 31, 2022.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)			Value August 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	8,149,819		$	(8,085,088	)		$	-		$	-		$	64,731		$	950

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  93  

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)–(continued)

August 31, 2022

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	190,193		$	48,466,483		$	(40,034,105	)		$	-		$	-			$	8,622,571		$	45,865	*
Invesco Private Prime Fund			443,783			98,289,452			(75,295,630	)			1,850			(1,924	)			23,437,531			128,004	*
Total		$	633,976		$	154,905,754		$	(123,414,823	)		$	1,850		$	(1,924	)		$	32,124,833		$	174,819

* 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 August 31, 2022.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  94

Invesco S&P MidCap Low Volatility ETF (XMLV)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-1.04%
John Wiley & Sons, Inc., Class A(b)		261,846	$	12,052,771
Consumer Discretionary-2.37%
Graham Holdings Co., Class B		25,146		14,218,303
Service Corp. International		215,814		13,317,882
				27,536,185
Consumer Staples-6.67%
Casey’s General Stores, Inc.		67,882		14,511,135
Flowers Foods, Inc.		598,128		16,328,894
Ingredion, Inc.(b)		165,669		14,424,800
Lancaster Colony Corp.		104,769		17,658,815
Post Holdings, Inc.(b)(c)		164,714		14,620,015
				77,543,659
Financials-20.99%
American Financial Group, Inc.		109,290		13,954,147
Bank of Hawaii Corp.		184,807		14,418,642
Commerce Bancshares, Inc.(b)		223,802		15,390,864
First American Financial Corp.		252,570		13,512,495
First Financial Bankshares, Inc.		308,958		13,133,805
Fulton Financial Corp.		801,201		13,003,492
Hanover Insurance Group, Inc. (The)(b)		120,878		15,640,404
Mercury General Corp.(b)		544,427		17,367,221
New York Community Bancorp, Inc.(b)		1,254,636		12,282,887
Old National Bancorp		815,200		13,605,688
Old Republic International Corp.		616,010		13,453,658
Prosperity Bancshares, Inc.(b)		207,402		14,700,654
RenaissanceRe Holdings Ltd. (Bermuda)		115,496		15,621,989
RLI Corp.		138,816		15,236,444
SEI Investments Co.(b)		270,393		14,790,497
Selective Insurance Group, Inc.(b)		178,438		14,171,546
Washington Federal, Inc.		433,675		13,881,937
				244,166,370
Health Care-1.22%
Chemed Corp.		29,797		14,189,033
Industrials-19.38%
CACI International, Inc., Class A(c)		52,088		14,629,957
Carlisle Cos., Inc.		43,519		12,866,828
Curtiss-Wright Corp.(b)		95,781		14,098,005
Donaldson Co., Inc.(b)		263,680		13,539,968
FTI Consulting, Inc.(b)(c)		97,595		15,673,757
GATX Corp.(b)		133,485		12,895,986
Graco, Inc.(b)		227,099		14,498,000
Hubbell, Inc.		65,779		13,570,208
Lincoln Electric Holdings, Inc.(b)		113,637		15,533,041
MDU Resources Group, Inc.		522,755		15,761,063
MSA Safety, Inc.		113,053		13,437,480
MSC Industrial Direct Co., Inc., Class A		202,655		16,052,303
Science Applications International Corp.(b)		153,882		14,014,034
Stericycle, Inc.(b)(c)		256,249		12,835,512
Watsco, Inc.(b)		47,076		12,806,084
Werner Enterprises, Inc.(b)		330,750		13,160,542
				225,372,768
Information Technology-3.51%
Arrow Electronics, Inc.(c)		120,446		12,623,945

	Shares		Value
Information Technology-(continued)
Genpact Ltd.		308,812	$	14,507,988
Maximus, Inc.(b)		226,267		13,709,518
				40,841,451
Materials-7.51%
AptarGroup, Inc.		129,700		13,334,457
Ashland, Inc.		131,057		13,336,361
RPM International, Inc.(b)		163,588		15,239,858
Sensient Technologies Corp.		172,706		13,759,487
Silgan Holdings, Inc.		361,015		16,444,233
Sonoco Products Co.		242,495		15,282,035
				87,396,431
Real Estate-17.99%
Apartment Income REIT Corp.		343,655		14,038,307
Corporate Office Properties Trust(b)		537,965		13,901,016
Cousins Properties, Inc.(b)		519,773		13,955,905
EastGroup Properties, Inc.(b)		79,860		13,179,296
First Industrial Realty Trust, Inc.		302,518		15,331,612
Highwoods Properties, Inc.		432,361		13,148,098
JBG SMITH Properties(b)		600,837		13,200,389
Life Storage, Inc.		104,769		13,331,855
Medical Properties Trust, Inc.(b)		840,740		12,283,211
National Retail Properties, Inc.		344,021		15,446,543
Physicians Realty Trust(b)		991,285		16,514,808
Rayonier, Inc.(b)		379,997		13,497,494
Rexford Industrial Realty, Inc.(b)		214,029		13,314,744
Spirit Realty Capital, Inc.		332,607		13,586,996
STORE Capital Corp.		536,281		14,468,861
				209,199,135
Utilities-19.26%
ALLETE, Inc.(b)		272,162		16,106,547
Black Hills Corp.		211,502		15,964,171
Essential Utilities, Inc.(b)		315,772		15,520,194
Hawaiian Electric Industries, Inc.(b)		402,538		15,747,287
IDACORP, Inc.(b)		165,187		18,045,028
National Fuel Gas Co.(b)		215,006		15,323,478
New Jersey Resources Corp.(b)		355,549		15,693,933
NorthWestern Corp.(b)		302,010		16,000,490
OGE Energy Corp.(b)		482,420		19,557,307
ONE Gas, Inc.(b)		189,972		14,869,108
Portland General Electric Co.(b)		330,958		17,100,600
Southwest Gas Holdings, Inc.		181,163		14,103,539
Spire, Inc.		223,395		15,613,076
UGI Corp.		363,097		14,342,331
				223,987,089
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $1,161,582,970)				1,162,284,892
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-12.45%
Invesco Private Government Fund, 2.29%(d)(e)(f)		39,630,321		39,630,321

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  95  

Invesco S&P MidCap Low Volatility ETF (XMLV)–(continued)

August 31, 2022

	Shares	Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 2.37%(d)(e)(f)	105,200,087	$	105,210,609
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $144,838,011)			144,840,930
TOTAL INVESTMENTS IN SECURITIES-112.39% (Cost $1,306,420,981)			1,307,125,822
OTHER ASSETS LESS LIABILITIES-(12.39)%			(144,076,229	)
NET ASSETS-100.00%		$	1,163,049,593

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b) All or a portion of this security was out on loan at August 31, 2022.

^(c)  Non-income producing security.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	21,851,293		$	(21,851,293	)		$	-		$	-			$	-		$	2,554
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			17,197,102			190,076,175			(167,642,956	)			-			-				39,630,321			105,224	*
Invesco Private Prime Fund			40,126,570			324,856,455			(259,758,051	)			2,918			(17,283	)			105,210,609			306,907	*
Total		$	57,323,672		$	536,783,923		$	(449,252,300	)		$	2,918		$	(17,283	)		$	144,840,930		$	414,685

* 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.

^(e)  The rate shown is the 7-day SEC standardized yield as of August 31, 2022.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  96  

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.73%
Communication Services-1.30%
AMC Networks, Inc., Class A(b)(c)		3,922	$	105,070
ATN International, Inc.		1,332		62,404
Cars.com, Inc.(b)(c)		7,895		100,661
E.W. Scripps Co. (The), Class A(b)(c)		7,270		108,687
Gannett Co., Inc.(b)(c)		18,356		42,586
Marcus Corp. (The)(c)		2,721		43,781
QuinStreet, Inc.(b)(c)		6,105		73,321
Scholastic Corp.		3,824		175,560
Shenandoah Telecommunications Co.(c)		6,157		137,240
Shutterstock, Inc.		2,877		159,415
Telephone & Data Systems, Inc.		13,379		217,676
Thryv Holdings, Inc.(b)		2,061		52,720
				1,279,121
Consumer Discretionary-11.62%
Aaron’s Co., Inc. (The)		3,929		46,755
Abercrombie & Fitch Co., Class A(b)(c)		7,093		102,068
Academy Sports & Outdoors, Inc.(c)		9,462		407,623
Adtalem Global Education, Inc.(b)(c)		5,834		219,883
American Axle & Manufacturing Holdings, Inc.(b)(c)		12,227		126,549
American Public Education, Inc.(b)(c)		2,182		22,540
America’s Car-Mart, Inc.(b)(c)		796		64,166
Asbury Automotive Group, Inc.(b)(c)		2,765		482,437
Bed Bath & Beyond, Inc.(b)(c)		12,447		118,620
Big Lots, Inc.		3,641		74,895
BJ’s Restaurants, Inc.(b)(c)		2,910		72,983
Bloomin’ Brands, Inc.(c)		10,061		203,433
Boot Barn Holdings, Inc.(b)(c)		3,337		222,311
Buckle, Inc. (The)		3,673		118,564
Caleres, Inc.		4,649		118,642
Cato Corp. (The), Class A		2,562		27,695
Cavco Industries, Inc.(b)		1,077		252,029
Century Communities, Inc.		3,772		176,115
Cheesecake Factory, Inc. (The)		6,011		184,057
Chico’s FAS, Inc.(b)(c)		14,072		79,929
Children’s Place, Inc. (The)(b)(c)		1,706		71,959
Chuy’s Holdings, Inc.(b)		2,378		53,101
Conn’s, Inc.(b)(c)		3,019		29,013
Dave & Buster’s Entertainment, Inc.(b)		4,359		180,201
Designer Brands, Inc., Class A		7,506		128,052
Dorman Products, Inc.(b)		3,377		306,125
El Pollo Loco Holdings, Inc.(b)		2,371		21,458
Ethan Allen Interiors, Inc.		2,783		66,152
Fossil Group, Inc.(b)(c)		6,010		25,422
Genesco, Inc.(b)		1,617		91,490
Gentherm, Inc.(b)(c)		3,861		231,274
G-III Apparel Group Ltd.(b)(c)		5,150		108,511
Golden Entertainment, Inc.(b)		2,384		91,212
Group 1 Automotive, Inc.		2,076		370,753
Guess?, Inc.		5,039		88,031
Haverty Furniture Cos., Inc., (Acquired 6/30/2021 - 7/27/2022; Cost $58,125)(c)(d)		1,844		49,456
Hibbett, Inc.		1,610		94,346
Installed Building Products, Inc.		2,804		253,930
iRobot Corp.(b)(c)		3,481		204,961

	Shares		Value
Consumer Discretionary-(continued)
Kontoor Brands, Inc.		5,999	$	223,343
La-Z-Boy, Inc.		5,357		141,371
LCI Industries		3,182		368,698
LGI Homes, Inc.(b)(c)		2,658		252,271
Liquidity Services, Inc.(b)(c)		3,119		54,551
LL Flooring Holdings, Inc.(b)		3,593		29,247
M.D.C. Holdings, Inc.		7,119		221,259
M/I Homes, Inc.(b)		3,698		159,902
MarineMax, Inc.(b)(c)		2,664		96,810
Meritage Homes Corp.(b)		4,655		364,719
Monarch Casino & Resort, Inc.(b)		1,600		96,624
Monro, Inc.(c)		4,362		202,004
Motorcar Parts of America, Inc.(b)(c)		2,164		32,157
Movado Group, Inc.		2,009		64,067
ODP Corp. (The)(b)		5,465		195,374
Oxford Industries, Inc.(c)		1,920		204,922
Patrick Industries, Inc.		2,783		147,416
Perdoceo Education Corp.(b)		8,784		101,719
PetMed Express, Inc.(c)		2,599		53,461
Rent-A-Center, Inc.(c)		7,533		194,653
Ruth’s Hospitality Group, Inc.(c)		3,766		68,617
Sally Beauty Holdings, Inc.(b)(c)		14,071		209,376
Shoe Carnival, Inc.(c)		2,142		50,958
Signet Jewelers Ltd.(c)		6,185		404,313
Sonic Automotive, Inc., Class A(c)		2,604		138,507
Sonos, Inc.(b)(c)		15,474		232,729
Standard Motor Products, Inc.		2,237		82,098
Steven Madden Ltd.		9,080		264,319
Strategic Education, Inc.		2,772		179,348
Sturm Ruger & Co., Inc.		2,216		115,786
Tri Pointe Homes, Inc.(b)		13,936		241,511
Tupperware Brands Corp.(b)(c)		6,652		74,768
Unifi, Inc.(b)		1,807		20,528
Universal Electronics, Inc.(b)		1,567		34,834
Vista Outdoor, Inc.(b)		7,486		210,506
Winnebago Industries, Inc.		4,058		233,660
Zumiez, Inc.(b)(c)		2,612		67,808
				11,420,975
Consumer Staples-5.19%
Andersons, Inc. (The)		3,607		133,567
B&G Foods, Inc.(c)		8,134		176,183
Cal-Maine Foods, Inc.		4,713		252,664
Central Garden & Pet Co., Class A(b)		6,237		235,509
Chefs’ Warehouse, Inc. (The)(b)(c)		3,939		131,326
Edgewell Personal Care Co.		6,680		260,253
elf Beauty, Inc.(b)		5,906		225,196
Fresh Del Monte Produce, Inc.		4,208		115,047
Hostess Brands, Inc.(b)		17,680		409,822
Inter Parfums, Inc.		2,202		172,901
J&J Snack Foods Corp.(c)		1,845		274,960
John B. Sanfilippo & Son, Inc.		1,176		94,939
Medifast, Inc.		1,248		156,599
MGP Ingredients, Inc.		1,566		171,414
National Beverage Corp.(c)		2,894		160,501
PriceSmart, Inc.		3,029		191,645
Seneca Foods Corp., Class A(b)		722		38,143
Simply Good Foods Co. (The)(b)		10,770		329,024

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  97  

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

August 31, 2022

	Shares		Value
Consumer Staples-(continued)
SpartanNash Co.		4,434	$	134,927
Tootsie Roll Industries, Inc.(c)		2,241		80,295
TreeHouse Foods, Inc.(b)(c)		7,185		334,821
United Natural Foods, Inc.(b)		6,777		298,730
Universal Corp.		3,109		158,683
USANA Health Sciences, Inc.(b)		1,378		88,909
Vector Group Ltd.		16,524		161,935
WD-40 Co.(c)		1,644		310,979
				5,098,972
Energy-4.80%
Archrock, Inc.		16,221		119,873
Bristow Group, Inc.(b)		3,162		91,730
Callon Petroleum Co.(b)		5,395		229,611
Civitas Resources, Inc.(c)		8,062		541,686
CONSOL Energy, Inc.		3,575		256,613
Core Laboratories N.V.(c)		5,241		84,642
Dorian LPG Ltd.		3,422		49,790
Dril-Quip, Inc.(b)(c)		4,359		96,465
Green Plains, Inc.(b)(c)		5,661		207,362
Helix Energy Solutions Group, Inc.(b)(c)		17,757		76,710
Helmerich & Payne, Inc.		12,093		516,976
Laredo Petroleum, Inc.(b)(c)		1,277		99,108
Nabors Industries Ltd.(b)		853		113,031
Oceaneering International, Inc.(b)		11,927		105,554
Oil States International, Inc.(b)(c)		6,795		33,295
Par Pacific Holdings, Inc.(b)		4,490		84,412
Patterson-UTI Energy, Inc.		25,373		378,058
PBF Energy, Inc., Class A(b)		9,237		315,536
ProPetro Holding Corp.(b)		9,505		87,066
Ranger Oil Corp., Class A(c)		2,178		84,920
REX American Resources Corp.(b)		1,773		53,722
RPC, Inc.		8,788		69,865
SM Energy Co.		13,644		601,291
Talos Energy, Inc.(b)		4,368		90,549
US Silica Holdings, Inc.(b)		10,340		145,070
World Fuel Services Corp.		7,233		186,611
				4,719,546
Financials-20.14%
Allegiance Bancshares, Inc.		2,351		99,588
Ambac Financial Group, Inc.(b)		5,428		81,909
American Equity Investment Life Holding Co.		10,042		381,596
Ameris Bancorp		8,209		383,196
AMERISAFE, Inc.		2,378		113,716
Apollo Commercial Real Estate Finance, Inc.		16,703		194,590
Assured Guaranty Ltd.		8,336		425,720
Axos Financial, Inc.(b)(c)		6,431		268,687
B. Riley Financial, Inc.		2,036		101,332
Banc of California, Inc.		6,856		115,729
BancFirst Corp.(c)		2,241		241,714
Bancorp, Inc. (The)(b)		7,070		167,700
BankUnited, Inc.		10,698		396,361
Banner Corp.		4,232		257,136
Berkshire Hills Bancorp, Inc.		5,957		168,047
Blucora, Inc.(b)		5,986		120,199
Brightsphere Investment Group, Inc.		4,204		71,846
Brookline Bancorp, Inc.		9,646		120,286
Capitol Federal Financial, Inc.		16,219		146,944
Central Pacific Financial Corp.		3,482		75,873
City Holding Co.		1,866		158,629

	Shares		Value
Financials-(continued)
Columbia Banking System, Inc.(c)		9,520	$	285,124
Community Bank System, Inc.(c)		6,569		429,481
Customers Bancorp, Inc.(b)		3,726		129,255
CVB Financial Corp.		16,517		433,406
Dime Community Bancshares, Inc.(c)		4,095		128,010
Donnelley Financial Solutions, Inc.(b)(c)		3,589		152,353
Eagle Bancorp, Inc.		3,990		193,635
eHealth, Inc.(b)(c)		2,806		17,958
Ellington Financial, Inc.		6,730		98,796
Employers Holdings, Inc.		3,463		135,611
Encore Capital Group, Inc.(b)(c)		3,053		166,938
Enova International, Inc.(b)		4,130		144,302
EZCORP, Inc., Class A(b)(c)		6,374		55,773
FB Financial Corp.		4,335		171,753
First Bancorp		24,551		351,079
First Bancorp/Southern Pines NC		4,219		153,614
First Commonwealth Financial Corp.		11,657		157,136
First Financial Bancorp		11,683		252,119
First Hawaiian, Inc.		15,599		401,050
Flagstar Bancorp, Inc.		6,733		259,422
Genworth Financial, Inc., Class A(b)		61,936		261,370
Granite Point Mortgage Trust, Inc.		6,735		63,444
Green Dot Corp., Class A(b)		6,620		134,320
Hanmi Financial Corp.		3,687		91,143
HCI Group, Inc.		1,011		48,316
Heritage Financial Corp.		4,411		114,642
Hilltop Holdings, Inc.		7,538		199,003
HomeStreet, Inc.		2,583		89,914
Hope Bancorp, Inc.		14,716		212,941
Horace Mann Educators Corp.		5,460		195,304
Independent Bank Corp.		5,874		459,523
Independent Bank Group, Inc.		4,606		310,260
James River Group Holdings Ltd.		4,651		110,508
KKR Real Estate Finance Trust, Inc.(c)		5,908		113,788
Lakeland Financial Corp.		3,240		244,102
LendingTree, Inc.(b)(c)		1,428		43,540
Mr. Cooper Group, Inc.(b)(c)		8,962		379,093
National Bank Holdings Corp., Class A		3,670		147,277
NBT Bancorp, Inc.		5,267		204,254
New York Mortgage Trust, Inc.(c)		45,770		128,156
NMI Holdings, Inc., Class A(b)		10,264		210,720
Northfield Bancorp, Inc.		5,477		80,731
Northwest Bancshares, Inc.		16,020		225,401
OFG Bancorp		6,128		166,682
Pacific Premier Bancorp, Inc.		11,779		385,880
Palomar Holdings, Inc.(b)		2,762		218,999
Park National Corp.		1,784		235,185
Pathward Financial, Inc.		3,664		120,765
PennyMac Mortgage Investment Trust		11,718		174,012
Piper Sandler Cos.		1,853		212,298
PRA Group, Inc.(b)(c)		5,296		195,634
Preferred Bank		1,665		112,954
ProAssurance Corp.		6,559		140,297
PROG Holdings, Inc.(b)		7,331		135,917
Provident Financial Services, Inc.		9,601		223,031
Ready Capital Corp.		8,693		113,878
Redwood Trust, Inc.		15,374		119,149
Renasant Corp.		6,886		229,579
S&T Bancorp, Inc.		4,968		147,252
Safety Insurance Group, Inc.		1,745		157,137

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  98  

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

August 31, 2022

	Shares		Value
Financials-(continued)
Seacoast Banking Corp. of Florida		7,225	$	233,512
ServisFirst Bancshares, Inc.		6,298		531,299
Simmons First National Corp., Class A(c)		16,173		381,521
Southside Bancshares, Inc.		4,020		151,474
Stewart Information Services Corp.		3,332		168,732
StoneX Group, Inc.(b)		1,963		182,245
Tompkins Financial Corp.		1,497		107,245
Triumph Bancorp, Inc.(b)(c)		2,846		176,196
TrustCo Bank Corp.		2,495		83,183
Trustmark Corp.		7,430		234,342
Two Harbors Investment Corp.(c)		42,193		204,636
United Community Banks, Inc.(c)		12,925		433,375
United Fire Group, Inc.		2,622		77,165
Universal Insurance Holdings, Inc.		3,506		41,862
Veritex Holdings, Inc.		6,118		184,213
Virtus Investment Partners, Inc.		881		168,491
Walker & Dunlop, Inc.		3,612		362,862
Westamerica Bancorporation		3,365		188,272
WisdomTree Investments, Inc.		13,251		66,388
World Acceptance Corp.(b)(c)		578		67,187
WSFS Financial Corp.		8,055		389,459
				19,797,671
Health Care-10.63%
Addus HomeCare Corp.(b)		1,989		177,459
Allscripts Healthcare Solutions, Inc.(b)		15,050		255,850
AMN Healthcare Services, Inc.(b)		5,576		572,321
Amphastar Pharmaceuticals, Inc.(b)		4,358		128,997
AngioDynamics, Inc.(b)(c)		4,803		106,338
ANI Pharmaceuticals, Inc.(b)(c)		1,717		63,340
Anika Therapeutics, Inc.(b)		1,783		40,296
Apollo Medical Holdings, Inc.(b)(c)		4,867		209,914
Arcus Biosciences, Inc.(b)(c)		4,458		107,349
Artivion, Inc.(b)(c)		5,237		116,052
Avanos Medical, Inc.(b)		6,101		150,268
Collegium Pharmaceutical, Inc.(b)		4,150		72,957
Community Health Systems, Inc.(b)		15,477		41,169
Computer Programs & Systems, Inc.(b)		1,751		53,423
CONMED Corp.		3,844		340,463
Corcept Therapeutics, Inc.(b)		11,287		291,430
CorVel Corp.(b)		1,213		188,476
Covetrus, Inc.(b)		12,656		264,131
Cross Country Healthcare, Inc.(b)		4,218		107,053
Cutera, Inc.(b)(c)		1,972		94,163
Dynavax Technologies Corp.(b)(c)		12,885		147,791
Eagle Pharmaceuticals, Inc.(b)		1,417		46,435
Embecta Corp.		6,145		196,148
Emergent BioSolutions, Inc.(b)		6,021		144,624
Enanta Pharmaceuticals, Inc.(b)		2,046		124,560
Ensign Group, Inc. (The)		6,807		580,637
Fulgent Genetics, Inc.(b)(c)		2,452		106,588
Hanger, Inc.(b)		4,665		86,909
Harmony Biosciences Holdings, Inc.(b)(c)		2,611		114,649
HealthStream, Inc.(b)		3,040		67,275
Innoviva, Inc.(b)(c)		7,549		99,345
Inogen, Inc.(b)		2,427		69,485
Integer Holdings Corp.(b)(c)		4,243		267,606
iTeos Therapeutics, Inc.(b)(c)		2,177		48,286
Lantheus Holdings, Inc.(b)		7,887		621,496
LeMaitre Vascular, Inc.		2,323		114,710

	Shares		Value
Health Care-(continued)
Ligand Pharmaceuticals, Inc.(b)		2,149	$	198,546
Meridian Bioscience, Inc.(b)		5,077		165,459
Merit Medical Systems, Inc.(b)		6,418		380,138
Mesa Laboratories, Inc.		641		109,521
Myriad Genetics, Inc.(b)(c)		10,212		228,136
NextGen Healthcare, Inc.(b)		7,010		120,151
OptimizeRx Corp.(b)(c)		2,005		31,819
OraSure Technologies, Inc.(b)(c)		12,644		51,714
Organogenesis Holdings, Inc.(b)(c)		8,056		28,921
Orthofix Medical, Inc.(b)		2,512		49,989
Owens & Minor, Inc.(c)		9,758		287,959
Pacira BioSciences, Inc.(b)		5,791		303,912
Pediatrix Medical Group, Inc.(b)(c)		10,038		178,877
Phibro Animal Health Corp., Class A		2,582		38,239
Prestige Consumer Healthcare, Inc.(b)		6,080		307,526
RadNet, Inc.(b)(c)		5,884		118,210
REGENXBIO, Inc.(b)(c)		4,259		125,641
Select Medical Holdings Corp.		13,101		335,910
Simulations Plus, Inc.		1,839		110,432
Supernus Pharmaceuticals, Inc.(b)		6,408		219,346
uniQure N.V. (Netherlands)(b)		3,959		77,359
US Physical Therapy, Inc.		1,617		133,580
Vanda Pharmaceuticals, Inc.(b)		6,657		70,431
Varex Imaging Corp.(b)(c)		5,012		105,703
Vir Biotechnology, Inc.(b)		9,232		219,260
Xencor, Inc.(b)(c)		7,165		189,084
Zimvie, Inc.(b)(c)		2,871		43,697
				10,447,553
Industrials-16.37%
AAR Corp.(b)		3,853		165,217
ABM Industries, Inc.		8,101		375,886
Aerojet Rocketdyne Holdings, Inc.(b)		8,875		382,246
Alamo Group, Inc.		1,205		157,566
Albany International Corp., Class A		3,892		343,235
Allegiant Travel Co.(b)		1,903		183,640
American Woodmark Corp.(b)		1,986		102,934
Apogee Enterprises, Inc.(c)		2,952		120,560
Applied Industrial Technologies, Inc.		4,627		490,555
ArcBest Corp.		2,897		233,295
Arcosa, Inc.		5,836		341,114
Astec Industries, Inc.		2,750		104,995
Atlas Air Worldwide Holdings, Inc.(b)		3,310		330,735
AZZ, Inc.		2,994		127,574
Barnes Group, Inc.		5,647		175,339
Boise Cascade Co.		4,574		285,097
Brady Corp., Class A		5,905		274,819
CIRCOR International, Inc.(b)(c)		2,428		39,576
Comfort Systems USA, Inc.		4,300		431,462
CoreCivic, Inc.(b)		14,731		140,386
Deluxe Corp.		5,517		106,147
DXP Enterprises, Inc.(b)		2,021		53,718
Encore Wire Corp.(c)		2,171		282,447
Enerpac Tool Group Corp.		6,886		133,588
EnPro Industries, Inc.		2,499		226,309
Exponent, Inc.		6,425		603,051
Federal Signal Corp.		7,239		288,619
Forrester Research, Inc.(b)		1,434		59,640
Forward Air Corp.		3,283		318,582
Franklin Electric Co., Inc.		4,695		407,761

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  99  

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

August 31, 2022

	Shares		Value
Industrials-(continued)
GEO Group, Inc. (The)(b)(c)		16,211	$	132,606
Gibraltar Industries, Inc.(b)		3,683		154,134
GMS, Inc.(b)		5,088		245,242
Granite Construction, Inc.		5,710		171,186
Greenbrier Cos., Inc. (The)		3,897		111,103
Griffon Corp.		5,735		179,792
Harsco Corp.(b)		9,474		53,718
Healthcare Services Group, Inc.		9,141		128,614
Heartland Express, Inc.		5,789		87,703
Heidrick & Struggles International, Inc.		2,412		68,646
Hillenbrand, Inc.(c)		8,726		363,612
HNI Corp.		5,250		168,000
Hub Group, Inc., Class A(b)		4,038		322,273
Insteel Industries, Inc.		2,235		64,592
Interface, Inc.		7,203		80,458
John Bean Technologies Corp.		3,861		398,687
Kaman Corp.		3,241		102,805
KAR Auction Services, Inc.(b)(c)		13,664		199,494
Kelly Services, Inc., Class A		4,435		71,448
Korn Ferry		6,665		406,032
Lindsay Corp.		1,311		210,232
ManTech International Corp., Class A		3,396		325,710
Marten Transport Ltd.		7,259		143,801
Matson, Inc.		5,568		410,139
Matthews International Corp., Class A		3,960		99,040
Moog, Inc., Class A		3,414		255,982
Mueller Industries, Inc.		6,535		412,816
MYR Group, Inc.(b)		2,077		193,036
National Presto Industries, Inc.		611		41,682
NOW, Inc.(b)		12,894		156,275
NV5 Global, Inc.(b)		1,432		201,568
Park Aerospace Corp.		2,446		28,153
PGT Innovations, Inc.(b)		7,402		154,850
Pitney Bowes, Inc.		20,095		58,075
Powell Industries, Inc.		1,023		25,227
Quanex Building Products Corp.		3,458		77,113
Resideo Technologies, Inc.(b)		17,702		368,556
Resources Connection, Inc.		3,579		69,934
SkyWest, Inc.(b)		6,418		136,639
SPX Technologies, Inc.(b)(c)		5,212		297,397
Standex International Corp.		1,461		132,089
Tennant Co.		2,277		137,417
Titan International, Inc.(b)		6,008		84,292
TrueBlue, Inc.(b)(c)		4,338		89,103
UFP Industries, Inc.		7,440		590,662
UniFirst Corp.		1,784		321,584
Veritiv Corp.(b)		1,596		190,227
Wabash National Corp.		5,547		91,248
				16,099,085
Information Technology-13.50%
3D Systems Corp.(b)(c)		15,605		158,079
A10 Networks, Inc.		7,113		98,871
ADTRAN Holdings, Inc.		5,776		134,234
Advanced Energy Industries, Inc.		4,694		421,474
Agilysys, Inc.(b)		2,259		116,948
Alarm.com Holdings, Inc.(b)(c)		5,662		377,089
Alpha & Omega Semiconductor Ltd.(b)(c)		2,752		106,392
Arlo Technologies, Inc.(b)		9,972		60,729
Axcelis Technologies, Inc.(b)		4,016		268,831

	Shares		Value
Information Technology-(continued)
Badger Meter, Inc.		3,516	$	332,930
Benchmark Electronics, Inc.		4,397		120,698
Cerence, Inc.(b)(c)		5,044		100,930
CEVA, Inc.(b)		2,774		81,195
Cohu, Inc.(b)		6,279		168,466
Comtech Telecommunications Corp.		3,191		36,026
Consensus Cloud Solutions, Inc.(b)		2,173		109,411
Corsair Gaming, Inc.(b)(c)		3,918		60,298
CSG Systems International, Inc.		4,170		241,235
CTS Corp.		4,026		170,380
Digi International, Inc.(b)		3,946		130,652
Diodes, Inc.(b)		5,685		404,601
Ebix, Inc.(c)		2,842		73,949
ePlus, Inc.(b)		3,176		149,653
EVERTEC, Inc.		7,330		246,288
ExlService Holdings, Inc.(b)		3,872		649,373
Extreme Networks, Inc.(b)		15,629		223,964
Fabrinet (Thailand)(b)		4,494		462,163
FormFactor, Inc.(b)		10,003		292,888
Harmonic, Inc.(b)(c)		12,419		139,838
Ichor Holdings Ltd.(b)		3,548		108,995
Insight Enterprises, Inc.(b)		4,189		381,702
InterDigital, Inc.(c)		3,717		186,445
Itron, Inc.(b)		5,571		265,068
Knowles Corp.(b)		11,197		169,635
Kulicke & Soffa Industries, Inc. (Singapore)		7,960		334,638
MaxLinear, Inc.(b)		8,587		308,531
Methode Electronics, Inc.		4,490		181,665
NETGEAR, Inc.(b)		3,474		81,952
NetScout Systems, Inc.(b)		8,818		279,883
OneSpan, Inc.(b)		4,139		47,640
Onto Innovation, Inc.(b)		6,014		426,934
OSI Systems, Inc.(b)		1,953		162,724
PC Connection, Inc.		1,369		68,012
PDF Solutions, Inc.(b)		3,692		97,395
Perficient, Inc.(b)		3,853		300,919
Photronics, Inc.(b)		7,533		126,554
Plexus Corp.(b)		3,448		323,181
Progress Software Corp.		5,221		251,287
Rambus, Inc.(b)		13,590		350,486
Rogers Corp.(b)		2,345		587,469
Sanmina Corp.(b)		7,688		373,022
ScanSource, Inc.(b)		3,165		91,690
SMART Global Holdings, Inc.(b)(c)		5,818		106,760
SPS Commerce, Inc.(b)		4,360		532,443
TTEC Holdings, Inc.		2,248		117,683
TTM Technologies, Inc.(b)		12,445		195,760
Ultra Clean Holdings, Inc.(b)		5,530		161,863
Veeco Instruments, Inc.(b)(c)		6,068		128,278
Viavi Solutions, Inc.(b)(c)		27,454		386,552
Xperi Holding Corp.		12,839		204,269
				13,277,020
Materials-5.93%
AdvanSix, Inc.		3,466		125,677
American Vanguard Corp.(c)		3,301		65,789
Arconic Corp.(b)		12,319		310,562
ATI, Inc.(b)(c)		15,925		476,635
Balchem Corp.		3,950		520,689
Carpenter Technology Corp.		6,069		206,164

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  100  

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

August 31, 2022

	Shares		Value
Materials-(continued)
Century Aluminum Co.(b)(c)		6,032	$	46,567
Clearwater Paper Corp.(b)		2,012		85,591
FutureFuel Corp.		3,005		21,906
GCP Applied Technologies, Inc.(b)		6,567		206,335
Glatfelter Corp.(c)		5,590		27,223
H.B. Fuller Co.(c)		6,365		412,834
Hawkins, Inc.		2,357		90,320
Haynes International, Inc.		1,538		61,043
Innospec, Inc.(c)		3,023		282,530
Kaiser Aluminum Corp.		2,000		143,520
Koppers Holdings, Inc.		2,577		58,833
Livent Corp.(b)(c)		21,594		694,895
Materion Corp.		2,451		211,546
Mativ Holdings, Inc., Class A		3,679		86,898
Mercer International, Inc. (Germany)		4,597		74,563
Myers Industries, Inc.		4,322		83,501
O-I Glass, Inc.(b)		17,695		230,212
Olympic Steel, Inc.		1,089		28,662
Quaker Chemical Corp.(c)		1,648		287,279
Rayonier Advanced Materials, Inc.(b)(c)		7,884		35,636
Stepan Co.		2,671		278,398
SunCoke Energy, Inc.		10,435		68,767
Sylvamo Corp.		4,490		199,536
TimkenSteel Corp.(b)		4,795		73,555
Tredegar Corp.		3,047		31,110
Trinseo PLC		4,652		123,418
Warrior Met Coal, Inc.		5,572		181,369
				5,831,563
Real Estate-7.88%
Acadia Realty Trust		11,142		177,492
Agree Realty Corp.		8,586		646,698
Alexander & Baldwin, Inc.(c)		8,925		167,165
American Assets Trust, Inc.		6,962		193,265
Anywhere Real Estate, Inc.(b)(c)		14,549		142,144
Armada Hoffler Properties, Inc.		8,333		109,412
Brandywine Realty Trust		21,614		173,560
CareTrust REIT, Inc.		11,988		258,222
Centerspace		1,837		138,473
Chatham Lodging Trust(b)		5,774		70,212
Community Healthcare Trust, Inc.		2,937		108,346
DiamondRock Hospitality Co.(b)		24,296		212,104
Diversified Healthcare Trust		31,464		45,937
Douglas Elliman, Inc.		8,390		38,678
Easterly Government Properties, Inc.(c)		10,786		193,609
Essential Properties Realty Trust, Inc.		15,039		340,483
Four Corners Property Trust, Inc.		9,622		258,736
Franklin Street Properties Corp.		11,867		33,346
Getty Realty Corp.		4,871		146,520
Global Net Lease, Inc.		12,750		175,567
Hersha Hospitality Trust(b)		3,700		35,890
Industrial Logistics Properties Trust		8,269		61,935
Innovative Industrial Properties, Inc.(c)		3,301		302,768
iStar, Inc.		9,119		125,569
LTC Properties, Inc.		4,784		214,754
LXP Industrial Trust		35,209		354,203
Marcus & Millichap, Inc.		3,245		121,298
NexPoint Residential Trust, Inc.		2,880		152,122
Office Properties Income Trust		5,999		105,402

	Shares		Value
Real Estate-(continued)
Orion Office REIT, Inc.		7,327	$	72,317
Retail Opportunity Investments Corp.		15,241		255,287
RPT Realty		10,783		103,840
Saul Centers, Inc.		1,719		76,134
Service Properties Trust		17,776		121,588
SITE Centers Corp.		23,571		305,480
St. Joe Co. (The)		4,130		157,766
Summit Hotel Properties, Inc.(c)		12,174		95,688
Tanger Factory Outlet Centers, Inc.(c)		13,051		201,246
Uniti Group, Inc.		29,477		276,789
Universal Health Realty Income Trust		1,594		81,119
Urban Edge Properties		14,280		224,624
Urstadt Biddle Properties, Inc., Class A		3,924		65,609
Veris Residential, Inc.(b)		9,733		130,812
Washington REIT		10,198		199,983
Whitestone REIT		5,911		58,164
Xenia Hotels & Resorts, Inc.(b)		13,599		215,680
				7,746,036
Utilities-2.37%
American States Water Co.		4,548		377,348
Avista Corp.		8,857		359,860
California Water Service Group(c)		6,386		373,773
Chesapeake Utilities Corp.		2,198		277,607
Middlesex Water Co.		2,133		189,346
Northwest Natural Holding Co.		3,725		177,347
South Jersey Industries, Inc.		13,884		469,973
Unitil Corp.		1,963		102,253
				2,327,507
Total Common Stocks & Other Equity Interests (Cost $100,224,439)				98,045,049
Money Market Funds-0.20%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(e)(f) (Cost $196,134)		196,134		196,134
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $100,420,573)				98,241,183
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-18.34%
Invesco Private Government Fund, 2.29%(e)(f)(g)		5,047,410		5,047,410
Invesco Private Prime Fund, 2.37%(e)(f)(g)		12,977,756		12,979,055
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $18,025,203)				18,026,465
TOTAL INVESTMENTS IN SECURITIES-118.27% (Cost $118,445,776)				116,267,648
OTHER ASSETS LESS LIABILITIES-(18.27)%				(17,956,820	)
NET ASSETS-100.00%			$	98,310,828

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  101  

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)–(continued)

August 31, 2022

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 August 31, 2022.

^(d)  Restricted security. The value of this security at August 31, 2022 represented less than 1% of the Fund’s Net Assets.

^(e)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain (Loss)			Value August 31, 2022			Dividend Income
Invesco Mortgage Capital, Inc.		$	40,772		$	14,698		$	(21,286)		$	8,970		$	(43,154)		$	-		$	4,267
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			41,917			3,468,995			(3,314,778)			-			-			196,134			385
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			27,926			17,047,527			(12,028,043)			-			-			5,047,410			22,436	*
Invesco Private Prime Fund			65,162			39,580,540			(26,667,295)			1,262			(614)			12,979,055			61,967	*
Total		$	175,777		$	60,111,760		$	(42,031,402)		$	10,232		$	(43,768)		$	18,222,599		$	89,055

* 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 August 31, 2022.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  102  

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.83%
Communication Services-5.25%
ATN International, Inc.		3,319	$	155,495
Cogent Communications Holdings, Inc.		8,910		474,458
Scholastic Corp.		3,966		182,079
Telephone & Data Systems, Inc.		30,316		493,241
				1,305,273
Consumer Discretionary-4.11%
Ethan Allen Interiors, Inc.		24,929		592,562
Sturm Ruger & Co., Inc.		8,251		431,115
				1,023,677
Consumer Staples-8.17%
B&G Foods, Inc.(b)		32,673		707,697
Fresh Del Monte Produce, Inc.		6,890		188,373
Inter Parfums, Inc.		2,516		197,556
J&J Snack Foods Corp.(b)		1,327		197,763
SpartanNash Co.		8,766		266,749
Universal Corp.		9,272		473,243
				2,031,381
Energy-2.64%
Archrock, Inc.		88,995		657,673
Financials-25.58%
Apollo Commercial Real Estate Finance, Inc.		65,143		758,916
ARMOUR Residential REIT, Inc.		109,642		778,458
Ellington Financial, Inc.		43,494		638,492
Granite Point Mortgage Trust, Inc.		58,369		549,836
New York Mortgage Trust, Inc.		269,194		753,743
PennyMac Mortgage Investment Trust(b)		52,050		772,943
Ready Capital Corp.		59,492		779,345
Redwood Trust, Inc.		78,495		608,336
Two Harbors Investment Corp.(b)		149,133		723,295
				6,363,364
Health Care-2.87%
CONMED Corp.		1,266		112,130
LeMaitre Vascular, Inc.		2,681		132,388
Phibro Animal Health Corp., Class A		12,541		185,732
Select Medical Holdings Corp.		7,421		190,274
US Physical Therapy, Inc.		1,142		94,341
				714,865
Industrials-11.09%
Deluxe Corp.(b)		23,969		461,163
Greenbrier Cos., Inc. (The)		9,463		269,790
Healthcare Services Group, Inc.		34,568		486,372
HNI Corp.		9,969		319,008
Matthews International Corp., Class A		11,083		277,186
Park Aerospace Corp.		26,458		304,532
Resources Connection, Inc.		13,803		269,711
Trinity Industries, Inc.		15,192		370,381
				2,758,143
Information Technology-4.42%
Benchmark Electronics, Inc.		12,330		338,459
Investment Abbreviations:
REIT -Real Estate Investment Trust

	Shares		Value
Information Technology-(continued)
CSG Systems International, Inc.		2,698	$	156,079
InterDigital, Inc.(b)		3,628		181,981
Methode Electronics, Inc.		3,904		157,956
Progress Software Corp.		3,331		160,321
TTEC Holdings, Inc.		2,027		106,113
				1,100,909
Materials-5.03%
Mativ Holdings, Inc., Class A(b)		32,643		771,028
Tredegar Corp.		46,964		479,502
				1,250,530
Real Estate-24.20%
Brandywine Realty Trust		74,620		599,199
CareTrust REIT, Inc.		26,104		562,280
Franklin Street Properties Corp.		211,452		594,180
Getty Realty Corp.(b)		19,809		595,855
Global Net Lease, Inc.(b)		52,160		718,243
Industrial Logistics Properties Trust		80,065		599,687
Innovative Industrial Properties, Inc.(b)		5,534		507,579
LTC Properties, Inc.(b)		13,417		602,289
Office Properties Income Trust		39,690		697,353
Uniti Group, Inc.		57,870		543,399
				6,020,064
Utilities-6.47%
American States Water Co.		2,158		179,049
Avista Corp.		9,658		392,405
California Water Service Group(b)		2,967		173,658
Chesapeake Utilities Corp.		1,180		149,034
Middlesex Water Co.		1,434		127,296
Northwest Natural Holding Co.		6,920		329,461
Unitil Corp.		4,962		258,471
				1,609,374
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.83% (Cost $28,212,715)				24,835,253
Investments Purchased with Cash Collateral from Securitieson Loan
Money Market Funds-14.27%
Invesco Private Government Fund, 2.29%(c)(d)(e)		993,717		993,717
Invesco Private Prime Fund, 2.37%(c)(d)(e)		2,555,430		2,555,685
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,549,325)				3,549,402
TOTAL INVESTMENTS IN SECURITIES-114.10% (Cost $31,762,040)				28,384,655
OTHER ASSETS LESS LIABILITIES-(14.10)%				(3,508,076	)
NET ASSETS-100.00%			$	24,876,579

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  103  

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)–(continued)

August 31, 2022

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 August 31, 2022.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change  in Unrealized Appreciation			Realized Gain (Loss)				Value August 31,  2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	24,196		$	693,853		$	(718,049	)		$	-		$	-			$               -	$	53
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			379,013			8,328,668			(7,713,964	)			-			-			993,717		3,194	*
Invesco Private Prime Fund			884,363			18,122,458			(16,451,008	)			77			(205	)		2,555,685		9,147	*
Total		$	1,287,572		$	27,144,979		$	(24,883,021	)		$	77		$	(205	)		$3,549,402		$12,394

* 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 August 31, 2022.

^(e)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  104  

Invesco S&P SmallCap Low Volatility ETF (XSLV)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Communication Services-0.71%
Cogent Communications Holdings, Inc.		96,326	$	5,129,360
Consumer Discretionary-2.19%
Perdoceo Education Corp.(b)(c)		452,389		5,238,664
Standard Motor Products, Inc.(c)		154,450		5,668,315
Sturm Ruger & Co., Inc.(c)		96,255		5,029,324
				15,936,303
Consumer Staples-7.02%
Cal-Maine Foods, Inc.(c)		108,568		5,820,330
Central Garden & Pet Co., Class A(b)		135,937		5,132,981
Hostess Brands, Inc.(b)(c)		281,284		6,520,163
J&J Snack Foods Corp.(c)		45,793		6,824,531
John B. Sanfilippo & Son, Inc.		108,404		8,751,455
Tootsie Roll Industries, Inc.(c)		173,934		6,232,055
Universal Corp.		128,067		6,536,540
USANA Health Sciences, Inc.(b)		79,821		5,150,051
				50,968,106
Financials-43.38%
AMERISAFE, Inc.		114,285		5,465,109
ARMOUR Residential REIT, Inc.(c)		733,227		5,205,912
BancFirst Corp.(c)		56,672		6,112,642
Banner Corp.(c)		90,597		5,504,674
Berkshire Hills Bancorp, Inc.		189,288		5,339,814
Brookline Bancorp, Inc.		488,543		6,092,131
Capitol Federal Financial, Inc.(c)		796,019		7,211,932
Central Pacific Financial Corp.		256,989		5,599,790
City Holding Co.(c)		83,990		7,139,990
Community Bank System, Inc.(c)		104,498		6,832,079
CVB Financial Corp.(c)		276,908		7,266,066
Dime Community Bancshares, Inc.(c)		171,648		5,365,716
Eagle Bancorp, Inc.		126,154		6,122,254
Ellington Financial, Inc.		397,694		5,838,148
Employers Holdings, Inc.		180,249		7,058,551
Encore Capital Group, Inc.(b)(c)		105,628		5,775,739
FB Financial Corp.(c)		134,876		5,343,787
First Bancorp/Southern Pines NC		150,206		5,469,000
First Commonwealth Financial Corp.		423,950		5,714,846
First Financial Bancorp		255,975		5,523,940
First Hawaiian, Inc.		206,367		5,305,696
Granite Point Mortgage Trust, Inc.		566,914		5,340,330
Heritage Financial Corp.		234,386		6,091,692
Hope Bancorp, Inc.		372,934		5,396,355
Horace Mann Educators Corp.		171,820		6,146,001
Independent Bank Corp.		69,350		5,425,250
Independent Bank Group, Inc.(c)		79,502		5,355,255
KKR Real Estate Finance Trust, Inc.(c)		364,499		7,020,251
Lakeland Financial Corp.(c)		83,762		6,310,629
National Bank Holdings Corp., Class A		141,393		5,674,101
NBT Bancorp, Inc.		172,663		6,695,871
Northfield Bancorp, Inc.		470,648		6,937,351
Northwest Bancshares, Inc.		538,026		7,570,026
Park National Corp.(c)		45,815		6,039,791
PennyMac Mortgage Investment Trust(c)		357,206		5,304,509
PRA Group, Inc.(b)(c)		173,764		6,418,842
Preferred Bank		84,751		5,749,508
Provident Financial Services, Inc.		307,322		7,139,090

	Shares		Value
Financials-(continued)
Ready Capital Corp.		402,527	$	5,273,104
Renasant Corp.		171,153		5,706,241
S&T Bancorp, Inc.		204,974		6,075,429
Safety Insurance Group, Inc.		86,533		7,792,297
ServisFirst Bancshares, Inc.(c)		68,285		5,760,523
Simmons First National Corp., Class A		240,586		5,675,424
Southside Bancshares, Inc.		171,842		6,475,007
Stewart Information Services Corp.(c)		101,359		5,132,820
Tompkins Financial Corp.		84,333		6,041,616
TrustCo Bank Corp.		229,026		7,635,727
Trustmark Corp.		181,564		5,726,529
Two Harbors Investment Corp.		1,123,643		5,449,669
United Community Banks, Inc.		161,057		5,400,241
Westamerica Bancorporation		126,369		7,070,346
				315,117,641
Health Care-2.19%
Computer Programs & Systems, Inc.(b)		185,035		5,645,418
Ironwood Pharmaceuticals, Inc.(b)(c)		465,141		5,004,917
Prestige Consumer Healthcare, Inc.(b)		103,876		5,254,048
				15,904,383
Industrials-10.59%
Alamo Group, Inc.		45,002		5,884,462
AZZ, Inc.		147,894		6,301,763
Brady Corp., Class A		136,612		6,357,923
ESCO Technologies, Inc.(c)		67,713		5,513,870
Federal Signal Corp.		141,346		5,635,465
Forrester Research, Inc.(b)		129,872		5,401,377
Heartland Express, Inc.(c)		442,060		6,697,209
Moog, Inc., Class A		66,391		4,977,997
National Presto Industries, Inc.		90,093		6,146,144
Park Aerospace Corp.		565,538		6,509,342
Standex International Corp.		66,810		6,040,292
Tennant Co.		91,664		5,531,922
UniFirst Corp.		32,765		5,906,219
				76,903,985
Information Technology-6.72%
Benchmark Electronics, Inc.(c)		203,291		5,580,338
CSG Systems International, Inc.		128,633		7,441,419
EVERTEC, Inc.		169,269		5,687,438
Insight Enterprises, Inc.(b)(c)		75,224		6,854,411
InterDigital, Inc.(c)		98,428		4,937,148
Knowles Corp.(b)(c)		437,401		6,626,625
OSI Systems, Inc.(b)		77,611		6,466,549
Viavi Solutions, Inc.(b)(c)		370,274		5,213,458
				48,807,386
Materials-4.09%
Balchem Corp.		53,321		7,028,774
H.B. Fuller Co.(c)		88,192		5,720,133
Innospec, Inc.(c)		61,324		5,731,341
Myers Industries, Inc.		258,662		4,997,350
Stepan Co.		60,128		6,267,142
				29,744,740
Real Estate-17.75%
Agree Realty Corp.		100,503		7,569,886
Alexander & Baldwin, Inc.(c)		290,987		5,450,187

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  105  

Invesco S&P SmallCap Low Volatility ETF (XSLV)–(continued)

August 31, 2022

	Shares		Value
Real Estate-(continued)
American Assets Trust, Inc.		206,558	$	5,734,050
Armada Hoffler Properties, Inc.		461,582		6,060,572
Brandywine Realty Trust		647,770		5,201,593
Centerspace(c)		65,797		4,959,778
Community Healthcare Trust, Inc.		165,802		6,116,436
Easterly Government Properties, Inc.(c)		457,740		8,216,433
Essential Properties Realty Trust, Inc.		254,821		5,769,147
Four Corners Property Trust, Inc.(c)		248,376		6,678,831
Getty Realty Corp.(c)		251,603		7,568,218
Global Net Lease, Inc.(c)		430,357		5,926,016
LTC Properties, Inc.(c)		148,783		6,678,869
LXP Industrial Trust(c)		554,318		5,576,439
Office Properties Income Trust(c)		289,671		5,089,519
Retail Opportunity Investments Corp.		370,123		6,199,560
Saul Centers, Inc.		117,810		5,217,805
Universal Health Realty Income Trust		126,959		6,460,943
Urstadt Biddle Properties, Inc., Class A		365,739		6,115,156
Veris Residential, Inc.(b)(c)		393,847		5,293,304
Washington REIT(c)		358,657		7,033,264
				128,916,006
Utilities-5.35%
American States Water Co.(c)		80,393		6,670,207
Avista Corp.		173,754		7,059,625
California Water Service Group		112,826		6,603,706
Chesapeake Utilities Corp.		51,932		6,559,012

	Shares		Value
Utilities-(continued)
Middlesex Water Co.		63,281	$	5,617,454
Northwest Natural Holding Co.		132,812		6,323,179
				38,833,183
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $776,885,331)				726,261,093
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-12.84%
Invesco Private Government Fund, 2.29%(d)(e)(f)		26,145,358		26,145,358
Invesco Private Prime Fund, 2.37%(d)(e)(f)		67,148,813		67,155,529
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $93,295,866)				93,300,887
TOTAL INVESTMENTS IN SECURITIES-112.83% (Cost $870,181,197)				819,561,980
OTHER ASSETS LESS LIABILITIES-(12.83)%				(93,197,716	)
NET ASSETS-100.00%			$	726,364,264

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 August 31, 2022.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain (Loss)			Value August 31,  2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	24,343,823		$	(24,343,823)		$	-		$	-		$	-		$	2,888
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			20,074,424			242,123,813			(236,052,879)			-			-			26,145,358			136,391	*
Invesco Private Prime Fund			46,840,322			507,896,869			(487,541,746)			5,020			(44,936)			67,155,529			402,156	*
Total		$	66,914,746		$	774,364,505		$	(747,938,448)		$	5,020		$	(44,936)		$	93,300,887		$	541,435

* 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 August 31, 2022.

^(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  106  

Invesco S&P SmallCap Quality ETF (XSHQ)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.82%
Communication Services-0.97%
Shenandoah Telecommunications Co.(b)		12,451	$	277,533
Consumer Discretionary-15.78%
Abercrombie & Fitch Co., Class A(c)		7,632		109,825
Academy Sports & Outdoors, Inc.(b)		11,366		489,647
Boot Barn Holdings, Inc.(b)(c)		3,315		220,845
Buckle, Inc. (The)(b)		5,568		179,735
Cavco Industries, Inc.(c)		1,259		294,619
Children’s Place, Inc. (The)(b)(c)		2,198		92,712
Ethan Allen Interiors, Inc.(b)		3,398		80,771
Genesco, Inc.(b)(c)		1,736		98,223
Gentherm, Inc.(b)(c)		3,990		239,001
Haverty Furniture Cos., Inc., (Acquired 11/3/2021 - 8/25/2022; Cost $63,039)(d)		2,021		54,203
Hibbett, Inc.		1,944		113,918
La-Z-Boy, Inc.		5,970		157,548
Liquidity Services, Inc.(b)(c)		4,554		79,650
MarineMax, Inc.(b)(c)		2,886		104,877
Monarch Casino & Resort, Inc.(c)		1,755		105,984
Movado Group, Inc.		2,410		76,855
Oxford Industries, Inc.(b)		2,017		215,274
Perdoceo Education Corp.(c)		11,293		130,773
PetMed Express, Inc.(b)		3,146		64,713
Shoe Carnival, Inc.(b)		2,189		52,076
Signet Jewelers Ltd.(b)		7,824		511,455
Steven Madden Ltd.		11,016		320,676
Sturm Ruger & Co., Inc.		2,558		133,656
Vista Outdoor, Inc.(b)(c)		9,103		255,976
Winnebago Industries, Inc.		4,460		256,807
Zumiez, Inc.(b)(c)		3,297		85,590
				4,525,409
Consumer Staples-2.87%
John B. Sanfilippo & Son, Inc.		1,390		112,214
National Beverage Corp.(b)		4,339		240,641
USANA Health Sciences, Inc.(c)		1,573		101,490
WD-40 Co.(b)		1,949		368,673
				823,018
Energy-0.21%
REX American Resources Corp.(c)		1,995		60,448
Financials-39.75%
Ameris Bancorp		13,118		612,348
AMERISAFE, Inc.		2,862		136,861
Bancorp, Inc. (The)(b)(c)		10,895		258,429
Banner Corp.		6,759		410,677
Berkshire Hills Bancorp, Inc.		9,558		269,631
Brookline Bancorp, Inc.		11,512		143,555
Central Pacific Financial Corp.		4,795		104,483
City Holding Co.(b)		2,261		192,208
Columbia Banking System, Inc.(b)		9,314		278,954
Community Bank System, Inc.(b)		8,354		546,185
Customers Bancorp, Inc.(c)		6,250		216,812
Dime Community Bancshares, Inc.(b)		5,795		181,152
Donnelley Financial Solutions, Inc.(c)		4,228		179,479
Eagle Bancorp, Inc.		4,368		211,979
FB Financial Corp.		6,943		275,082
First Bancorp		35,562		508,537

	Shares		Value
Financials-(continued)
First Commonwealth Financial Corp.		11,886	$	160,223
First Financial Bancorp		11,864		256,025
First Hawaiian, Inc.		19,553		502,708
Green Dot Corp., Class A(c)		9,492		192,593
Hanmi Financial Corp.		4,178		103,280
HomeStreet, Inc.		2,980		103,734
Independent Bank Group, Inc.(b)		7,174		483,241
Lakeland Financial Corp.		5,433		409,322
Mr. Cooper Group, Inc.(b)(c)		10,811		457,305
National Bank Holdings Corp., Class A		5,893		236,486
NBT Bancorp, Inc.		8,404		325,907
Northwest Bancshares, Inc.		21,240		298,847
OFG Bancorp		6,884		187,245
Piper Sandler Cos.		2,671		306,016
Provident Financial Services, Inc.		11,634		270,258
Renasant Corp.		10,364		345,536
S&T Bancorp, Inc.		7,849		232,644
Seacoast Banking Corp. of Florida(b)		7,922		256,039
Southside Bancshares, Inc.(b)		5,308		200,005
Trustmark Corp.		11,397		359,461
United Community Banks, Inc.		20,659		692,696
Virtus Investment Partners, Inc.		993		189,911
Westamerica Bancorporation		5,452		305,039
				11,400,893
Health Care-8.46%
AMN Healthcare Services, Inc.(c)		6,513		668,494
Amphastar Pharmaceuticals, Inc.(c)		4,666		138,114
Apollo Medical Holdings, Inc.(c)		5,155		222,335
Corcept Therapeutics, Inc.(c)		16,895		436,229
CorVel Corp.(c)		1,849		287,298
Dynavax Technologies Corp.(b)(c)		22,830		261,860
Eagle Pharmaceuticals, Inc.(c)		1,625		53,251
Innoviva, Inc.(b)(c)		8,981		118,190
Myriad Genetics, Inc.(c)		10,800		241,272
				2,427,043
Industrials-16.72%
Applied Industrial Technologies, Inc.		4,866		515,893
Boise Cascade Co.		6,447		401,842
Encore Wire Corp.(b)		2,687		349,579
Exponent, Inc.		9,279		870,927
Forrester Research, Inc.(c)		1,542		64,132
Heartland Express, Inc.		6,197		93,885
Insteel Industries, Inc.		2,843		82,163
Korn Ferry		7,398		450,686
Marten Transport Ltd.		7,462		147,822
Matson, Inc.		7,367		542,653
Mueller Industries, Inc.		8,664		547,305
MYR Group, Inc.(c)		2,179		202,516
National Presto Industries, Inc.		647		44,138
Resources Connection, Inc.		4,032		78,785
SPX Technologies, Inc.(b)(c)		7,062		402,958
				4,795,284
Information Technology-10.01%
3D Systems Corp.(b)(c)		15,629		158,322
Alpha & Omega Semiconductor Ltd.(b)(c)		4,207		162,643
Axcelis Technologies, Inc.(c)		4,883		326,868

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  107  

Invesco S&P SmallCap Quality ETF (XSHQ)–(continued)

August 31, 2022

	Shares		Value
Information Technology-(continued)
Badger Meter, Inc.		3,576	$	338,611
Cohu, Inc.(c)		6,640		178,151
Diodes, Inc.(c)		6,041		429,938
EVERTEC, Inc.		8,322		279,619
Extreme Networks, Inc.(c)		18,647		267,212
InterDigital, Inc.(b)		4,411		221,256
Kulicke & Soffa Industries, Inc. (Singapore)		9,809		412,370
ScanSource, Inc.(c)		3,308		95,833
				2,870,823
Materials-2.59%
AdvanSix, Inc.		3,804		137,933
FutureFuel Corp.		3,206		23,372
Sylvamo Corp.		4,924		218,823
TimkenSteel Corp.(c)		6,074		93,175
Tredegar Corp.		3,571		36,460
Warrior Met Coal, Inc.		7,201		234,392
				744,155
Real Estate-2.46%
Douglas Elliman, Inc.		11,035		50,871
Franklin Street Properties Corp.		13,718		38,548
iStar, Inc.		11,995		165,171
Marcus & Millichap, Inc.		3,775		141,110
Universal Health Realty Income Trust		1,762		89,668
Washington REIT(b)		11,295		221,495
				706,863
Total Common Stocks & Other Equity Interests (Cost $29,925,816)				28,631,469

	Shares		Value
Money Market Funds-0.11%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(e)(f) (Cost $30,502)		30,502	$	30,502
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $29,956,318)				28,661,971
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-22.61%
Invesco Private Government Fund, 2.29%(e)(f)(g)		1,816,125		1,816,125
Invesco Private Prime Fund, 2.37%(e)(f)(g)		4,669,569		4,670,036
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,485,997)				6,486,161
TOTAL INVESTMENTS IN SECURITIES-122.54% (Cost $36,442,315)				35,148,132
OTHER ASSETS LESS LIABILITIES-(22.54)%				(6,465,400	)
NET ASSETS-100.00%			$	28,682,732

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  All or a portion of this security was out on loan at August 31, 2022.

^(c)  Non-income producing security.

^(d)  Restricted security. The value of this security at August 31, 2022 represented less than 1% of the Fund’s Net Assets.

^(e)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	37,806		$	2,182,278		$	(2,189,582	)		$	-		$	-			$	30,502		$	174
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			268,595			12,466,800			(10,919,270	)			-			-				1,816,125			7,063	*
Invesco Private Prime Fund			626,722			28,005,560			(23,961,612	)			164			(798	)			4,670,036			19,828	*
Total		$	933,123		$	42,654,638		$	(37,070,464	)		$	164		$	(798	)		$	6,516,663		$	27,065

* 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.

  108  

Invesco S&P SmallCap Quality ETF (XSHQ)–(continued)

August 31, 2022

^(f)  The rate shown is the 7-day SEC standardized yield as of August 31, 2022.

^(g)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  109  

Statements of Assets and Liabilities

August 31, 2022

	Invesco ESG S&P 500 Equal Weight ETF (RSPE)				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)
Assets:
Unaffiliated investments in securities, at value(a)		$	9,512,543			$	2,500,491			$	616,245,123			$	8,401,343			$	144,149,364
Affiliated investments in securities, at value			117,460				224,668				96,861,154				758,410				218,573
Cash			-				-				-				-				-
Receivable for:
Dividends			16,293				3,924				914,766				14,575				462,166
Securities lending			9				47				41,601				305				-
Investments sold			-				-				1,024,073				-				-
Fund shares sold			1,487				-				-				-				-
Total assets			9,647,792				2,729,130				715,086,717				9,174,633				144,830,103
Liabilities:
Due to custodian			-				-				1,281				6,486				179,751
Payable for:
Investments purchased			14,473				-				-				-				-
Investments purchased - affiliated broker			-				-				17,195				-				-
Collateral upon return of securities loaned			63,352				223,884				96,452,523				758,369				-
Fund shares repurchased			-				-				1,037,752				-				-
Accrued unitary management fees			1,426				646				110,004				2,608				15,591
Total liabilities			79,251				224,530				97,618,755				767,463				195,342
Net Assets		$	9,568,541			$	2,504,600			$	617,467,962			$	8,407,170			$	144,634,761
Net assets consist of:
Shares of beneficial interest		$	10,747,597			$	8,128,843			$	747,007,444			$	38,180,996			$	169,747,889
Distributable earnings (loss)			(1,179,056	)			(5,624,243	)			(129,539,482	)			(29,773,826	)			(25,113,128	)
Net Assets		$	9,568,541			$	2,504,600			$	617,467,962			$	8,407,170			$	144,634,761
Shares outstanding (unlimited amount authorized, $0.01par value)			450,001				75,001				14,875,001				225,001				3,560,001
Net asset value		$	21.26			$	33.39			$	41.51			$	37.37			$	40.63
Market price		$	21.28			$	33.40			$	41.54			$	37.40			$	40.65
Unaffiliated investments in securities, at cost		$	10,413,471			$	2,497,435			$	648,026,755			$	8,753,621			$	156,125,981
Affiliated investments in securities, at cost		$	128,211			$	224,657			$	96,983,187			$	758,369			$	311,255
(a) Includes securities on loan with an aggregate value of:		$	61,535			$	216,468			$	93,741,520			$	731,648			$	-

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  110  

Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)			Invesco S&P 500® High Beta ETF (SPHB)			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 500 QVM Multi-factor ETF (QVML)				Invesco S&P MidCap 400 QVM Multi- factor ETF (QVMM)
$	54,062,372		$	523,188,304		$	3,804,340,565			$	10,959,982,984			$	21,532,802		$	113,713,675			$	723,215,454			$	244,048,451
	1,322,967			90,722,118			228,609,598				500,299,552				15,358			87,717				14,257,963				32,124,833
	-			-			-				-				-			-				-				331
	127,144			306,248			15,212,504				24,836,538				28,375			188,648				1,233,423				276,369
	58			5,443			5,635				8,949				-			-				1,025				2,768
	-			34,417,652			-				126,852,658				-			1,624,446				-				-
	474,472			-			26,346,738				13,349,081				3,516			-				-				-
	5815,987,013			648,639,765			4,074,515,040				11,625,329,762				21,580,051			115,614,486				738,707,865				276,452,752
	88,724			322,422			10,585,008				9,231,018				-			-				464,092				-
	473,408			-			26,326,168				13,335,094				-			-				-				-
	-			-			-				-				-			-				-				-
	1,322,967			86,155,497			228,607,662				500,299,544				-			-				14,117,935				32,058,252
	-			34,355,778			-				127,012,377				-			1,628,189				-				-
	11,993			121,855			1,012,362				2,466,991				1,830			13,037				71,281				32,582
	1,897,092			120,955,552			266,531,200				652,345,024				1,830			1,641,226				14,653,308				32,090,834
$	54,089,921		$	527,684,213		$	3,807,983,840			$	10,972,984,738			$	21,578,221		$	113,973,260			$	724,054,557			$	244,361,918
$	78,100,778		$	821,692,084		$	4,631,579,196			$	13,320,184,638			$	21,500,853		$	131,575,030			$	775,957,276			$	265,081,684
	(24,010,857	)		(294,007,871	)		(823,595,356	)			(2,347,199,900	)			77,368			(17,601,770	)			(51,902,719	)			(20,719,766	)
$	54,089,921		$	527,684,213		$	3,807,983,840			$	10,972,984,738			$	21,578,221		$	113,973,260			$	724,054,557			$	244,361,918
	1,140,001			8,180,000			86,720,000				173,650,000				590,001			2,100,001				30,700,001				10,870,001
$	47.45		$	64.51		$	43.91			$	63.19			$	36.57		$	54.27			$	23.58			$	22.48
$	47.49		$	64.58		$	43.96			$	63.25			$	36.60		$	54.36			$	23.62			$	22.50
$	52,277,432		$	659,551,774		$	3,923,614,850			$	11,123,530,340			$	21,218,529		$	122,492,951			$	755,662,613			$	255,672,128
$	1,322,967		$	92,712,537		$	228,607,662			$	500,299,544			$	15,358		$	87,717			$	14,339,910			$	32,122,983
$	1,288,562		$	83,413,792		$	222,458,748			$	487,065,428			$	-		$	-			$	13,352,109			$	30,956,797

  111  

Statements of Assets and Liabilities–(continued)

August 31, 2022

	Invesco S&P MidCap Low Volatility ETF (XMLV)				Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)				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)
Assets:
Unaffiliated investments in securities, at value(a)		$	1,162,284,892			$	98,045,049			$	24,835,253			$	726,261,093			$	28,631,469
Affiliated investments in securities, at value			144,840,930				18,222,599				3,549,402				93,300,887				6,516,663
Receivable for:
Dividends			2,563,281				79,220				49,792				731,013				30,190
Securities lending			4,933				2,712				1,239				8,397				306
Investments sold			2,623,912				-				378,991				-				986,491
Total assets			1,312,317,948				116,349,580				28,814,677				820,301,390				36,165,119
Liabilities:
Due to custodian			1,544,675				-				2,112				479,467				-
Payable for:
Collateral upon return of securities loaned			144,838,011				18,025,203				3,549,325				93,295,866				6,485,997
Fund shares repurchased			2,626,573				-				379,794				-				989,053
Accrued unitary management fees			259,096				13,236				6,867				161,793				7,337
Accrued tax expenses			-				313				-				-				-
Total liabilities			149,268,355				18,038,752				3,938,098				93,937,126				7,482,387
Net Assets		$	1,163,049,593			$	98,310,828			$	24,876,579			$	726,364,264			$	28,682,732
Net assets consist of:
Shares of beneficial interest		$	1,793,807,178			$	102,781,756			$	35,966,257			$	1,410,480,885			$	35,718,405
Distributable earnings (loss)			(630,757,585	)			(4,470,928	)			(11,089,678	)			(684,116,621	)			(7,035,673	)
Net Assets		$	1,163,049,593			$	98,310,828			$	24,876,579			$	726,364,264			$	28,682,732
Shares outstanding (unlimited amount authorized, $0.01 par value)			22,140,000				4,440,001				1,310,001				16,120,000				870,001
Net asset value		$	52.53			$	22.14			$	18.99			$	45.06			$	32.97
Market price		$	52.56			$	22.18			$	19.02			$	45.09			$	32.99
Unaffiliated investments in securities, at cost		$	1,161,582,970			$	100,224,439			$	28,212,715			$	776,885,331			$	29,925,816
Affiliated investments in securities, at cost		$	144,838,011			$	18,221,337			$	3,549,325			$	93,295,866			$	6,516,499
(a) Includes securities on loan with an aggregate value of:		$	140,231,432			$	17,335,912			$	3,423,932			$	90,534,902			$	6,267,976

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  112  

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  113  

Statements of Operations

For the year ended August 31, 2022

	Invesco ESG S&P 500 Equal Weight ETF (RSPE)(a)				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)
Investment income:
Unaffiliated dividend income		$	89,266			$	55,767			$	12,152,223			$	174,029			$	3,905,301
Affiliated dividend income			980				120				16,844				339				8,993
Securities lending income, net			49				322				368,390				1,528				278
Foreign withholding tax			-				(24	)			(21,019	)			(48	)			-
Total investment income			90,295				56,185				12,516,438				175,848				3,914,572
Expenses:
Unitary management fees			8,805				8,716				1,363,460				33,563				204,307
Tax expenses			-				9				-				-				-
Total expenses			8,805				8,725				1,363,460				33,563				204,307
Less: Waivers			-				-				(140	)			(3	)			(43	)
Net expenses			8,805				8,725				1,363,320				33,560				204,264
Net investment income			81,490				47,460				11,153,118				142,288				3,710,308
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(285,722	)			(26,217	)			(26,769,770	)			(586,388	)			(6,878,376	)
Affiliated investment securities			(3,848	)			(523	)			(16,697	)			(4,224	)			(1,397	)
Unaffiliated in-kind redemptions			84,333				159,709				92,743,407				44,304				9,780,169
Affiliated in-kind redemptions			-				76				42,373				(108	)			(4,839	)
Net realized gain (loss)			(205,237	)			133,045				65,999,313				(546,416	)			2,895,557
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(900,928	)			(480,222	)			(152,668,748	)			(247,394	)			(14,761,889	)
Affiliated investment securities			(10,751	)			(1,135	)			(235,471	)			41				(101,952	)
Change in net unrealized appreciation (depreciation)			(911,679	)			(481,357	)			(152,904,219	)			(247,353	)			(14,863,841	)
Net realized and unrealized gain (loss)			(1,116,916	)			(348,312	)			(86,904,906	)			(793,769	)			(11,968,284	)
Net increase (decrease) in net assets resulting from operations		$	(1,035,426	)		$	(300,852	)		$	(75,751,788	)		$	(651,481	)		$	(8,257,976	)

^(a) For the period November 15, 2021 (commencement of investment operations) through August 31, 2022.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  114  

Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)		Invesco S&P 500® High Beta ETF (SPHB)				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 500 QVM Multi-factor ETF (QVML)				Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)
	$1,175,285		$	9,270,073			$	131,177,340			$	217,830,936			$	414,448			$	1,280,856			$	12,297,194			$	3,145,071
	101			294,158				2,342				6,859				75				2,631				7,968				950
	531			70,332				60,630				64,275				97				34				7,695				37,458
	-			(25,451	)			-				-				-				-				(2,685	)			-
	1,175,917			9,609,112				131,240,312				217,902,070				414,620				1,283,521				12,310,172				3,183,479
	134,359			2,567,048				10,203,339				23,229,285				24,080				120,477				856,331				312,003
				-				-				-				74				-				-				-
	134,359			2,567,048				10,203,339				23,229,285				24,154				120,477				856,331				312,003
	(9)			(55	)			(168	)			(551	)			(5	)			(23	)			(176	)			(74	)
	134,350			2,566,993				10,203,171				23,228,734				24,149				120,454				856,155				311,929
	1,041,567			7,042,119				121,037,141				194,673,336				390,471				1,163,067				11,454,017				2,871,550
	(1,455,152)			(95,928,653	)			(27,682,497	)			(458,438,037	)			(246,318	)			(4,016,353	)			(21,406,958	)			(9,490,764	)
	(8)			(865,887	)			(16,320	)			(13,778	)			(71	)			(28,290	)			(6,985	)			(1,924	)
	4,330,876			162,741,799				280,338,737				783,011,128				1,584,297				10,224,654				7,466,567				3,568,729
	-			(1,126,129	)			-				-				-				(4,702	)			-				-
	2,875,716			64,821,130				252,639,920				324,559,313				1,337,908				6,175,309				(13,947,376	)			(5,923,959	)
	(5,390,862)			(212,097,184	)			(308,893,746	)			(639,723,222	)			(2,791,894	)			(21,800,268	)			(72,465,346	)			(15,759,918	)
	-			(2,692,792	)			1,935				7				-				-				(70,159	)			1,850
	(5,390,862)			(214,789,976	)			(308,891,811	)			(639,723,215	)			(2,791,894	)			(21,800,268	)			(72,535,505	)			(15,758,068	)
	(2,515,146)			(149,968,846	)			(56,251,891	)			(315,163,902	)			(1,453,986	)			(15,624,959	)			(86,482,881	)			(21,682,027	)
	$(1,473,579)		$	(142,926,727	)		$	64,785,250			$	(120,490,566	)		$	(1,063,515	)		$	(14,461,892	)		$	(75,028,864	)		$	(18,810,477	)

  115  

Statements of Operations–(continued)

For the year ended August 31, 2022

	Invesco S&P MidCap Low Volatility ETF (XMLV)			Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)				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)
Investment income:
Unaffiliated dividend income	$	25,786,376			$	817,275			$	979,802			$	23,015,503			$	646,349
Affiliated dividend income		2,554				4,652				53				2,888				174
Securities lending income, net		61,479				12,082				6,019				118,397				8,688
Foreign withholding tax		-				(978	)			-				-				(504	)
Total investment income		25,850,409				833,031				985,874				23,136,788				654,707
Expenses:
Unitary management fees		3,183,063				87,628				64,266				2,471,210				94,797
Tax expenses		-				744				-				-				2,092
Total expenses		3,183,063				88,372				64,266				2,471,210				96,889
Less: Waivers		(235	)			(24	)			(5	)			(232	)			(15	)
Net expenses		3,182,828				88,348				64,261				2,470,978				96,874
Net investment income		22,667,581				744,683				921,613				20,665,810				557,833
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(7,310,046	)			(2,285,408	)			(408,355	)			(25,004,737	)			(3,853,936	)
Affiliated investment securities		(17,283	)			(43,775	)			(205	)			(44,936	)			(798	)
Unaffiliated in-kind redemptions		104,188,797				906,503				1,023,608				107,154,996				4,395,696
Affiliated in-kind redemptions		-				7				-				-				-
Net realized gain (loss)		96,861,468				(1,422,673	)			615,048				82,105,323				540,962
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(163,637,748	)			(2,291,777	)			(4,912,173	)			(152,446,796	)			(4,570,449	)
Affiliated investment securities		2,918				10,232				77				5,020				164
Change in net unrealized appreciation (depreciation)		(163,634,830	)			(2,281,545	)			(4,912,096	)			(152,441,776	)			(4,570,285	)
Net realized and unrealized gain (loss)		(66,773,362	)			(3,704,218	)			(4,297,048	)			(70,336,453	)			(4,029,323	)
Net increase (decrease) in net assets resulting from operations	$	(44,105,781	)		$	(2,959,535	)		$	(3,375,435	)		$	(49,670,643	)		$	(3,471,490	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  116  

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  117  

Statements of Changes in Net Assets

For the years ended August 31, 2022 and 2021

	Invesco ESG S&P 500 Equal Weight ETF (RSPE)				Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)
	2022(a)				2022				2021
Operations:
Net investment income		$	81,490			$	47,460			$	33,948
Net realized gain (loss)			(205,237	)			133,045				379,534
Change in net unrealized appreciation (depreciation)			(911,679	)			(481,357	)			419,969
Net increase (decrease) in net assets resulting from operations			(1,035,426	)			(300,852	)			833,451
Distributions to Shareholders from:
Distributable earnings			(59,420	)			(40,838	)			(62,177	)
Shareholder Transactions:
Proceeds from shares sold			13,000,263				923,047				891,854
Value of shares repurchased			(2,336,876	)			(882,437	)			(1,595,374	)
Net increase (decrease) in net assets resulting from share transactions			10,663,387				40,610				(703,520	)
Net increase (decrease) in net assets			9,568,541				(301,080	)			67,754
Net assets:
Beginning of period			-				2,805,680				2,737,926
End of period		$	9,568,541			$	2,504,600			$	2,805,680
Changes in Shares Outstanding:
Shares sold			550,001				25,000				25,000
Shares repurchased			(100,000	)			(25,000	)			(50,000	)
Shares outstanding, beginning of period			-				75,001				100,001
Shares outstanding, end of period			450,001				75,001				75,001

^(a) For the period November 15, 2021 (commencement of investment operations) through August 31, 2022.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  118  

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)
2022			2021			2022			2021			2022			2021			2022			2021
	$   11,153,118			$     8,728,295			$   142,288			$     111,294			$     3,710,308			$     2,970,469			$   1,041,567			$     701,540
	65,999,313			78,689,946			(546,416	)		3,260,872			2,895,557			22,802,858			2,875,716			11,465,116
	(152,904,219	)		102,940,640			(247,353	)		(934,476	)		(14,863,841	)		16,336,911			(5,390,862	)		(322,266	)
	(75,751,788	)		190,358,881			(651,481	)		2,437,690			(8,257,976	)		42,110,238			(1,473,579	)		11,844,390
	(9,835,744	)		(9,830,643	)		(106,206	)		(183,366	)		(3,841,875	)		(2,498,604	)		(942,341	)		(693,963	)
	348,997,842			268,809,895			885,482			26,107,168			124,174,209			210,946,971			30,026,387			34,246,456
	(319,583,356	)		(251,036,335	)		(1,959,150	)		(28,018,770	)		(112,682,821	)		(174,356,931	)		(25,776,836	)		(62,142,975	)
	29,414,486			17,773,560			(1,073,668	)		(1,911,602	)		11,491,388			36,590,040			4,249,551			(27,896,519	)
	(56,173,046	)		198,301,798			(1,831,355	)		342,722			(608,463	)		76,201,674			1,833,631			(16,746,092	)
	673,641,008			475,339,210			10,238,525			9,895,803			145,243,224			69,041,550			52,256,290			69,002,382
	$617,467,962			$673,641,008			$8,407,170			$10,238,525			$144,634,761			$145,243,224			$54,089,921			$52,256,290
	7,675,000			6,200,000			25,000			650,000			2,850,000			5,260,000			610,000			760,000
	(7,350,000	)		(5,850,000	)		(50,000	)		(700,000	)		(2,710,000	)		(4,240,000	)		(530,000	)		(1,450,000	)
	14,550,001			14,200,001			250,001			300,001			3,420,001			2,400,001			1,060,001			1,750,001
	14,875,001			14,550,001			225,001			250,001			3,560,001			3,420,001			1,140,001			1,060,001

  119  

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2022 and 2021

	Invesco S&P 500® High Beta						Invesco S&P 500® High Dividend
	ETF (SPHB)						Low Volatility ETF (SPHD)
	2022			2021			2022			2021
Operations:
Net investment income	$	7,042,119		$	14,949,744		$	121,037,141		$	108,100,501
Net realized gain (loss)		64,821,130			327,517,863			252,639,920			215,453,002
Change in net unrealized appreciation (depreciation)		(214,789,976	)		83,850,423			(308,891,811	)		456,663,845
Net increase (decrease) in net assets resulting from operations		(142,926,727	)		426,318,030			64,785,250			780,217,348
Distributions to Shareholders from:
Distributable earnings		(9,212,158	)		(12,725,571	)		(125,648,308	)		(112,794,689	)
Shareholder Transactions:
Proceeds from shares sold		1,458,860,906			3,346,191,795			2,955,523,073			1,371,320,962
Value of shares repurchased		(2,458,379,161	)		(2,211,617,973	)		(2,121,152,437	)		(1,451,006,246	)
Net increase (decrease) in net assets resulting from share transactions		(999,518,255	)		1,134,573,822			834,370,636			(79,685,284	)
Net increase (decrease) in net assets		(1,151,657,140	)		1,548,166,281			773,507,578			587,737,375
Net assets:
Beginning of period		1,679,341,353			131,175,072			3,034,476,262			2,446,738,887
End of period	$	527,684,213		$	1,679,341,353		$	3,807,983,840		$	3,034,476,262
Changes in Shares Outstanding:
Shares sold		19,510,000			53,150,000			65,160,000			33,000,000
Shares repurchased		(33,800,000	)		(33,680,000	)		(47,030,000	)		(36,160,000	)
Shares outstanding, beginning of period		22,470,000			3,000,000			68,590,000			71,750,000
Shares outstanding, end of period		8,180,000			22,470,000			86,720,000			68,590,000

^(a) For the period June 28, 2021 (commencement of investment operations) through August 31, 2021.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  120  

Invesco S&P 500® Low Volatility						Invesco S&P 500 Minimum						Invesco S&P 500 Momentum						Invesco S&P 500 QVM
ETF (SPLV)						Variance ETF (SPMV)						ETF (SPMO)						Multi-factor ETF (QVML)
2022			2021			2022			2021			2022			2021			2022			2021 (a)
$	194,673,336		$	129,630,140		$	390,471		$	237,738		$	1,163,067		$	534,801		$	11,454,017		$	1,729,257
	324,559,313			1,621,826,884			1,337,908			1,001,342			6,175,309			17,883,277			(13,947,376	)		(45,123	)
	(639,723,215	)		(365,561,446	)		(2,791,894	)		2,752,250			(21,800,268	)		(2,464,717	)		(72,535,505	)		40,006,399
	(120,490,566	)		1,385,895,578			(1,063,515	)		3,991,330			(14,461,892	)		15,953,361			(75,028,864	)		41,690,533
	(184,314,118	)		(134,891,402	)		(388,980	)		(186,067	)		(829,817	)		(623,950	)		(11,101,222	)		-
	11,438,901,638			9,009,311,788			7,405,986			23,062,609			158,290,370			125,975,874			68,913,195			751,164,307
	(8,378,589,464	)		(11,276,805,649	)		(8,652,212	)		(7,438,064	)		(117,191,064	)		(127,011,676	)		(51,583,392	)		-
	3,060,312,174			(2,267,493,861	)		(1,246,226	)		15,624,545			41,099,306			(1,035,802	)		17,329,803			751,164,307
	2,755,507,490			(1,016,489,685	)		(2,698,721	)		19,429,808			25,807,597			14,293,609			(68,800,283	)		792,854,840
	8,217,477,248			9,233,966,933			24,276,942			4,847,134			88,165,663			73,872,054			792,854,840			-
$	10,972,984,738		$	8,217,477,248		$	21,578,221		$	24,276,942		$	113,973,260		$	88,165,663		$	724,054,557		$	792,854,840
	175,850,000			152,410,000			190,000			680,000			2,620,000			2,430,000			2,650,000			30,000,001
	(130,450,000	)		(193,010,000	)		(220,000	)		(210,000	)		(1,910,000	)		(2,490,000	)		(1,950,000	)		-
	128,250,000			168,850,000			620,001			150,001			1,390,001			1,450,001			30,000,001			-
	173,650,000			128,250,000			590,001			620,001			2,100,001			1,390,001			30,700,001			30,000,001

  121  

Statements of Changes in Net Assets–(continued)

For the years ended August 31, 2022 and 2021

	Invesco S&P MidCap 400						Invesco S&P MidCap Low Volatility
	QVM Multi-factor ETF (QVMM)						ETF (XMLV)
	2022			2021 (a)			2022			2021
Operations:
Net investment income	$	2,871,550		$	328,704		$	22,667,581		$	21,177,246
Net realized gain (loss)		(5,923,959	)		31,858			96,861,468			324,176,601
Change in net unrealized appreciation (depreciation)		(15,758,068	)		4,136,241			(163,634,830	)		70,060,832
Net increase (decrease) in net assets resulting from operations		(18,810,477	)		4,496,803			(44,105,781	)		415,414,679
Distributions to Shareholders from:
Distributable earnings		(2,703,549	)		-			(20,814,914	)		(20,787,187	)
Shareholder Transactions:
Proceeds from shares sold		80,341,091			204,346,633			446,920,753			727,702,057
Value of shares repurchased		(21,014,578	)		(2,294,005	)		(672,492,539	)		(1,711,489,682	)
Net increase (decrease) in net assets resulting from share transactions		59,326,513			202,052,628			(225,571,786	)		(983,787,625	)
Net increase (decrease) in net assets		37,812,487			206,549,431			(290,492,481	)		(589,160,133	)
Net assets:
Beginning of period		206,549,431			-			1,453,542,074			2,042,702,207
End of period	$	244,361,918		$	206,549,431		$	1,163,049,593		$	1,453,542,074
Changes in Shares Outstanding:
Shares sold		3,620,000			8,180,001			8,100,000			14,120,000
Shares repurchased		(840,000	)		(90,000	)		(12,250,000	)		(34,630,000	)
Shares outstanding, beginning of period		8,090,001			-			26,290,000			46,800,000
Shares outstanding, end of period		10,870,001			8,090,001			22,140,000			26,290,000

^(a) For the period June 28, 2021 (commencement of investment operations) through August 31, 2021.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  122  

Invesco S&P SmallCap 600						Invesco S&P SmallCap High Dividend						Invesco S&P SmallCap Low Volatility						Invesco S&P SmallCap Quality
QVM Multi-factor ETF (QVMS)						Low Volatility ETF (XSHD)						ETF (XSLV)						ETF (XSHQ)
2022			2021 (a)			2022			2021			2022			2021			2022			2021
$	744,683		$	125,928		$	921,613		$	923,364		$	20,665,810		$	21,417,913		$	557,833		$	311,105
	(1,422,673	)		(152,686	)		615,048			5,097,525			82,105,323			390,048,168			540,962			3,740,061
	(2,281,545	)		103,417			(4,912,096	)		2,148,436			(152,441,776	)		79,784,995			(4,570,285	)		3,185,084
	(2,959,535	)		76,659			(3,375,435	)		8,169,325			(49,670,643	)		491,251,076			(3,471,490	)		7,236,250
	(693,438	)		-			(1,098,492	)		(856,557	)		(16,976,552	)		(24,160,014	)		(579,588	)		(225,371	)
	55,719,315			52,260,561			14,720,369			13,912,970			407,638,705			609,822,649			38,651,925			53,924,296
	(4,861,690	)		(1,231,044	)		(7,059,610	)		(20,362,966	)		(769,813,289	)		(1,535,832,801	)		(45,948,411	)		(24,947,928	)
	50,857,625			51,029,517			7,660,759			(6,449,996	)		(362,174,584	)		(926,010,152	)		(7,296,486	)		28,976,368
	47,204,652			51,106,176			3,186,832			862,772			(428,821,779	)		(458,919,090	)		(11,347,564	)		35,987,247
	51,106,176			-			21,689,747			20,826,975			1,155,186,043			1,614,105,133			40,030,296			4,043,049
$	98,310,828		$	51,106,176		$	24,876,579		$	21,689,747		$	726,364,264		$	1,155,186,043		$	28,682,732		$	40,030,296
	2,600,000			2,090,001			690,000			640,000			8,350,000			14,000,000			1,040,000			1,630,000
	(200,000	)		(50,000	)		(320,000	)		(950,000	)		(15,930,000	)		(36,100,000	)		(1,240,000	)		(710,000	)
	2,040,001			-			940,001			1,250,001			23,700,000			45,800,000			1,070,001			150,001
	4,440,001			2,040,001			1,310,001			940,001			16,120,000			23,700,000			870,001			1,070,001

  123  

Financial Highlights

Invesco ESG S&P 500 Equal Weight ETF (RSPE)

	For the Period November 15, 2021 (a) Through August 31, 2022
Per Share Operating Performance:
Net asset value at beginning of period		$	25.00
Net investment income(b)			0.34
Net realized and unrealized gain (loss) on investments			(3.81	)
Total from investment operations			(3.47	)
Distributions to shareholders from:
Net investment income			(0.27	)
Net asset value at end of period		$	21.26
Market price at end of period(c)		$	21.28
Net Asset Value Total Return(d)			(13.93	)%(e)
Market Price Total Return(d)			(13.85	)%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	9,569
Ratio to average net assets of:
Expenses			0.20	%(f)
Net investment income			1.85	%(f)
Portfolio turnover rate(g)			45	%

^(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 17, 2021, the first day of trading on the exchange) to August 31, 2022 was (13.61)%. The market price total return from Fund Inception to August 31, 2022 was (13.57)%.

^(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.

  124  

Financial Highlights–(continued)

Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)

	Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	37.41			$	27.38			$	27.73			$	28.81			$	26.39			$	24.98
Net investment income(b)			0.57				0.46				0.53				0.45				0.39				0.11
Net realized and unrealized gain (loss) on investments			(4.09	)			10.36				(0.15	)			(0.91	)			2.34				1.35
Total from investment operations			(3.52	)			10.82				0.38				(0.46	)			2.73				1.46
Distributions to shareholders from:
Net investment income			(0.50	)			(0.79	)			(0.73	)			(0.62	)			(0.31	)			(0.05	)
Net asset value at end of period		$	33.39			$	37.41			$	27.38			$	27.73			$	28.81			$	26.39
Market price at end of period(c)		$	33.40			$	37.41			$	27.40			$	27.71			$	28.83			$	26.43
Net Asset Value Total Return(d)			(9.47	)%			40.16	%			1.72	%			(1.34	)%			10.38	%			5.84	%(e)
Market Price Total Return(d)			(9.44	)%			40.06	%			1.88	%			(1.49	)%			10.29	%			6.00	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,505			$	2,806			$	2,738			$	18,023			$	145,500			$	67,301
Ratio to average net assets of:
Expenses			0.29	%			0.29	%			0.29	%			0.30	%(f)			0.29	%(g)			0.29	%(g)
Net investment income			1.58	%			1.43	%			1.85	%			1.63	%(f)			1.69	%(g)			1.35	%(g)
Portfolio turnover rate(h)			37	%			54	%			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)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(g) Annualized.

^(h)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  125  

Financial Highlights–(continued)

Invesco Russell 1000 Equal Weight ETF (EQAL)

	Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	46.30			$	33.47			$	31.51			$	33.30			$	29.90			$	25.38
Net investment income(a)			0.73				0.61				0.61				0.53				0.41				0.42
Net realized and unrealized gain (loss) on investments			(4.86	)			12.90				2.01				(1.84	)			3.31				4.50
Total from investment operations			(4.13	)			13.51				2.62				(1.31	)			3.72				4.92
Distributions to shareholders from:
Net investment income			(0.66	)			(0.68	)			(0.66	)			(0.48	)			(0.32	)			(0.40	)
Net asset value at end of period		$	41.51			$	46.30			$	33.47			$	31.51			$	33.30			$	29.90
Market price at end of period(b)		$	41.54			$	46.28			$	33.52			$	31.51			$	33.31			$	29.91
Net Asset Value Total Return(c)			(8.96	)%			40.74	%			8.71	%			(3.88	)%			12.50	%			19.48	%
Market Price Total Return(c)			(8.86	)%			40.46	%			8.87	%			(3.91	)%			12.49	%			19.38	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	617,468			$	673,641			$	475,339			$	560,932			$	474,554			$	315,495
Ratio to average net assets of:
Expenses			0.20	%			0.20	%			0.20	%			0.20	%			0.20	%(d)			0.20	%
Net investment income			1.64	%			1.49	%			1.95	%			1.67	%			1.57	%(d)			1.48	%
Portfolio turnover rate(e)			27	%			40	%			29	%			27	%			19	%			29	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)

	Years Ended August 31,																Ten Months Ended August 31,				For the Period July 11, 2017(a) Through October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	40.95			$	32.99			$	33.19			$	33.29			$	29.81			$	25.93
Net investment income(a)			0.59				0.41				0.59				0.58				0.42				0.45
Net realized and unrealized gain (loss) on investments			(3.71	)			8.22				0.01				(0.07	)			3.44				3.83
Total from investment operations			(3.12	)			8.63				0.60				0.51				3.86				4.28
Distributions to shareholders from:
Net investment income			(0.46	)			(0.67	)			(0.80	)			(0.61	)			(0.38	)			(0.40	)
Net asset value at end of period		$	37.37			$	40.95			$	32.99			$	33.19			$	33.29			$	29.81
Market price at end of period(b)		$	37.40			$	40.96			$	33.06			$	33.19			$	33.29			$	29.81
Net Asset Value Total Return(c)			(7.66	)%			26.61	%			2.08	%			1.69	%			13.04	%			16.60	%
Market Price Total Return(c)			(7.60	)%			26.38	%			2.30	%			1.69	%			13.04	%			16.51	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	8,407			$	10,239			$	9,896			$	111,185			$	164,778			$	153,515
Ratio to average net assets of:
Expenses			0.35	%			0.35	%			0.35	%			0.36	%(d)			0.35	%(e)			0.35	%
Net investment income			1.48	%			1.12	%			1.76	%			1.82	%(d)			1.63	%(e)			1.60	%
Portfolio turnover rate(f)			85	%			42	%			33	%			53	%			91	%			40	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.

  126  

Financial Highlights–(continued)

Invesco S&P 500^® Enhanced Value ETF (SPVU)

	Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	42.47			$	28.77			$	33.42			$	35.99			$	33.08			$	26.44
Net investment income(a)			1.02				0.96				0.99				0.93				0.68				0.57
Net realized and unrealized gain (loss) on investments			(1.78	)			13.63				(4.69	)			(2.67	)			3.12				6.44
Total from investment operations			(0.76	)			14.59				(3.70	)			(1.74	)			3.80				7.01
Distributions to shareholders from:
Net investment income			(1.08	)			(0.89	)			(0.95	)			(0.83	)			(0.89	)			(0.37	)
Net asset value at end of period		$	40.63			$	42.47			$	28.77			$	33.42			$	35.99			$	33.08
Market price at end of period(b)		$	40.65			$	42.44			$	28.82			$	33.45			$	36.01			$	33.10
Net Asset Value Total Return(c)			(1.85	)%			51.49	%			(11.04	)%			(4.79	)%			11.61	%			26.58	%
Market Price Total Return(c)			(1.72	)%			51.13	%			(10.97	)%			(4.76	)%			11.60	%			26.61	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	144,635			$	145,243			$	69,042			$	60,160			$	26,996			$	51,275
Ratio to average net assets of:
Expenses			0.13	%			0.13	%			0.13	%			0.15	%(d)			0.16	%(e)			0.25	%
Net investment income			2.36	%			2.53	%			3.14	%			2.72	%(d)			2.35	%(e)			1.81	%
Portfolio turnover rate(f)			32	%			36	%			39	%			54	%			34	%			36	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Ratios include non-recurring costs associated with a proxy statement of 0.02%.

^(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.

  127  

Financial Highlights–(continued)

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF (XRLV)

	Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	49.30			$	39.43			$	38.76			$	36.10			$	32.38			$	26.74
Net investment income(a)			0.94				0.57				0.72				0.63				0.43				0.51
Net realized and unrealized gain (loss) on investments			(1.94	)			9.88				0.71				2.68				3.73				5.62
Total from investment operations			(1.00	)			10.45				1.43				3.31				4.16				6.13
Distributions to shareholders from:
Net investment income			(0.85	)			(0.58	)			(0.76	)			(0.65	)			(0.44	)			(0.49	)
Net asset value at end of period		$	47.45			$	49.30			$	39.43			$	38.76			$	36.10			$	32.38
Market price at end of period(b)		$	47.49			$	49.27			$	39.49			$	38.77			$	36.11			$	32.38
Net Asset Value Total Return(c)			(2.04	)%			26.73	%			3.86	%			9.35	%			12.92	%			23.11	%
Market Price Total Return(c)			(1.90	)%			26.46	%			3.99	%			9.35	%			12.96	%			23.06	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	54,090			$	52,256			$	69,002			$	166,657			$	146,189			$	131,153
Ratio to average net assets of:
Expenses			0.25	%			0.25	%			0.25	%			0.26	%(d)			0.25	%(e)			0.25	%
Net investment income			1.94	%			1.33	%			1.87	%			1.74	%(d)			1.52	%(e)			1.75	%
Portfolio turnover rate(f)			77	%			64	%			84	%			62	%			68	%			61	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.

  128  

Financial Highlights–(continued)

Invesco S&P 500^® High Beta ETF (SPHB)

	Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	74.74			$	43.73			$	40.44			$	45.25			$	40.12			$	32.29
Net investment income(a)			0.51				0.89				0.99	(b)			0.44				0.51				0.44
Net realized and unrealized gain (loss) on investments			(10.12	)			30.93				3.25				(4.67	)			5.15				8.01
Total from investment operations			(9.61	)			31.82				4.24				(4.23	)			5.66				8.45
Distributions to shareholders from:
Net investment income			(0.62	)			(0.81	)			(0.95	)			(0.58	)			(0.53	)			(0.62	)
Net asset value at end of period		$	64.51			$	74.74			$	43.73			$	40.44			$	45.25			$	40.12
Market price at end of period(c)		$	64.58			$	74.75			$	43.83			$	40.46			$	45.28			$	40.12
Net Asset Value Total Return(d)			(12.92	)%			73.38	%			11.38	%			(9.32	)%			14.14	%			26.32	%
Market Price Total Return(d)			(12.84	)%			73.01	%			11.59	%			(9.33	)%			14.22	%			26.20	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	527,684			$	1,679,341			$	131,175			$	90,993			$	171,934			$	359,072
Ratio to average net assets of:
Expenses			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%(e)			0.25	%
Net investment income			0.69	%			1.30	%			2.39	%(b)			1.07	%			1.42	%(e)			1.18	%
Portfolio turnover rate(f)			76	%			103	%			113	%			69	%			76	%			80	%

^(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.

  129  

Financial Highlights–(continued)

Invesco S&P 500^® High Dividend Low Volatility ETF (SPHD)

	Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	44.24			$	34.10			$	40.52			$	41.68			$	41.24			$	37.69
Net investment income(a)			1.60				1.57				1.53				1.64				1.35				1.33
Net realized and unrealized gain (loss) on investments			(0.27	)			10.21				(6.10	)			(1.06	)			0.45				3.68
Total from investment operations			1.33				11.78				(4.57	)			0.58				1.80				5.01
Distributions to shareholders from:
Net investment income			(1.66	)			(1.64	)			(1.85	)			(1.74	)			(1.36	)			(1.46	)
Net asset value at end of period		$	43.91			$	44.24			$	34.10			$	40.52			$	41.68			$	41.24
Market price at end of period(b)		$	43.96			$	44.23			$	34.16			$	40.55			$	41.68			$	41.25
Net Asset Value Total Return(c)			3.02	%			35.25	%			(11.46	)%			1.42	%			4.48	%			13.48	%
Market Price Total Return(c)			3.15	%			34.98	%			(11.37	)%			1.49	%			4.45	%			13.42	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	3,807,984			$	3,034,476			$	2,446,739			$	3,304,185			$	2,656,868			$	2,973,601
Ratio to average net assets of:
Expenses			0.30	%			0.30	%			0.30	%			0.30	%			0.30	%(d)			0.30	%
Net investment income			3.56	%			3.90	%			4.02	%			3.97	%			3.95	%(d)			3.31	%
Portfolio turnover rate(e)			60	%			45	%			76	%			43	%			46	%			56	%

^(a)  Based on average shares outstanding.

^(b) The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  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.

  130  

Financial Highlights–(continued)

Invesco S&P 500^® Low Volatility ETF (SPLV)

	Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	64.07			$	54.69			$	56.75			$	49.77			$	46.56			$	40.47
Net investment income(a)			1.35				0.91				1.27				1.16				0.81				0.95
Net realized and unrealized gain (loss) on investments			(0.96	)			9.42				(2.01	)			6.96				3.23				6.09
Total from investment operations			0.39				10.33				(0.74	)			8.12				4.04				7.04
Distributions to shareholders from:
Net investment income			(1.27	)			(0.95	)			(1.32	)			(1.14	)			(0.83	)			(0.95	)
Net asset value at end of period		$	63.19			$	64.07			$	54.69			$	56.75			$	49.77			$	46.56
Market price at end of period(b)		$	63.25			$	64.05			$	54.77			$	56.77			$	49.78			$	46.57
Net Asset Value Total Return(c)			0.60	%			19.09	%			(1.19	)%			16.57	%			8.77	%			17.57	%
Market Price Total Return(c)			0.73	%			18.87	%			(1.08	)%			16.59	%			8.76	%			17.51	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	10,972,985			$	8,217,477			$	9,233,967			$	12,348,879			$	7,381,362			$	7,140,364
Ratio to average net assets of:
Expenses			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%(d)			0.25	%
Net investment income			2.10	%			1.58	%			2.33	%			2.24	%			2.06	%(d)			2.18	%
Portfolio turnover rate(e)			70	%			64	%			86	%			51	%			68	%			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)  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.

  131  

Financial Highlights–(continued)

Invesco S&P 500 Minimum Variance ETF (SPMV)

	Years Ended August 31,																Ten Months Ended August 31,				For the Period July 11, 2017(a) Through October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	39.16			$	32.31			$	30.22			$	29.19			$	26.29			$	24.92
Net investment income(b)			0.63				0.60				0.63				0.46				0.47				0.15
Net realized and unrealized gain (loss) on investments			(2.60	)			6.70				2.57				1.65				3.04				1.30
Total from investment operations			(1.97	)			7.30				3.20				2.11				3.51				1.45
Distributions to shareholders from:
Net investment income			(0.62	)			(0.45	)			(0.58	)			(0.55	)			(0.61	)			(0.08	)
Net realized gains			-				-				(0.53	)			(0.53	)			-				-
Total distributions			(0.62	)			(0.45	)			(1.11	)			(1.08	)			(0.61	)			(0.08	)
Net asset value at end of period		$	36.57			$	39.16			$	32.31			$	30.22			$	29.19			$	26.29
Market price at end of period(c)		$	36.60			$	39.22			$	32.39			$	30.24			$	29.19			$	26.30
Net Asset Value Total Return(d)			(5.08	)%			22.82	%			11.02	%			7.86	%			13.50	%			5.81	%(e)
Market Price Total Return(d)			(5.14	)%			22.71	%			11.22	%			7.94	%			13.45	%			5.85	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	21,578			$	24,277			$	4,847			$	1,511			$	1,460			$	2,629
Ratio to average net assets of:
Expenses			0.10	%			0.10	%			0.10	%			0.58	%(f)			0.13	%(g)			0.13	%(g)
Net investment income			1.62	%			1.67	%			2.11	%			1.62	%(f)			2.08	%(g)			1.97	%(g)
Portfolio turnover rate(h)			20	%			22	%			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) Ratios include non-recurring costs associated with a proxy statement of 0.48%.

^(g) Annualized.

^(h)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  132  

Financial Highlights–(continued)

Invesco S&P 500^® Momentum ETF (SPMO)

	Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	63.43			$	50.95			$	40.57			$	40.07			$	33.26			$	26.56
Net investment income(a)			0.75				0.38				0.62				0.51				0.34				0.46
Net realized and unrealized gain (loss) on investments			(9.34	)			12.58				10.42				0.46				6.67				6.72
Total from investment operations			(8.59	)			12.96				11.04				0.97				7.01				7.18
Distributions to shareholders from:
Net investment income			(0.57	)			(0.48	)			(0.66	)			(0.47	)			(0.20	)			(0.48	)
Net asset value at end of period		$	54.27			$	63.43			$	50.95			$	40.57			$	40.07			$	33.26
Market price at end of period(b)		$	54.36			$	63.41			$	51.10			$	40.59			$	40.08			$	33.23
Net Asset Value Total Return(c)			(13.60	)%			25.65	%			27.77	%			2.52	%			21.12	%			27.35	%
Market Price Total Return(c)			(13.43	)%			25.24	%			28.08	%			2.55	%			21.26	%			27.14	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	113,973			$	88,166			$	73,872			$	75,053			$	50,082			$	1,663
Ratio to average net assets of:
Expenses			0.13	%			0.13	%			0.13	%			0.14	%(d)			0.13	%(e)			0.25	%
Net investment income			1.25	%			0.70	%			1.48	%			1.32	%(d)			1.10	%(e)			1.61	%
Portfolio turnover rate(f)			124	%			70	%			90	%			83	%			41	%			140	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Ratios include non-recurring costs associated with a proxy statement of 0.01%.

^(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.

  133  

Financial Highlights–(continued)

Invesco S&P 500 QVM Multi-factor ETF (QVML)

	Year Ended August  31, 2022				For the Period June  28, 2021 (a) Through August  31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	26.43			$	25.00
Net investment income(b)			0.38				0.06
Net realized and unrealized gain (loss) on investments			(2.86	)			1.37
Total from investment operations			(2.48	)			1.43
Distributions to shareholders from:
Net investment income			(0.37	)			-
Net asset value at end of period		$	23.58			$	26.43
Market price at end of period(c)		$	23.62			$	26.44
Net Asset Value Total Return(d)			(9.47	)%			5.72	%(e)
Market Price Total Return(d)			(9.36	)%			5.76	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	724,055			$	792,855
Ratio to average net assets of:
Expenses			0.11	%			0.11	%(f)
Net investment income			1.47	%			1.34	%(f)
Portfolio turnover rate(g)			18	%			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 (June 30, 2021, the first day of trading on the exchange) to August 31, 2021 was 5.55%. The market price total return from Fund Inception to August 31, 2021 was 5.55%.

^(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.

  134  

Financial Highlights–(continued)

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)

	Year Ended August  31, 2022				For the Period June 28, 2021(a) Through August 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	25.53			$	25.00
Net investment income(b)			0.33				0.04
Net realized and unrealized gain (loss) on investments			(3.05	)			0.49
Total from investment operations			(2.72	)			0.53
Distributions to shareholders from:
Net investment income			(0.33	)			-
Net asset value at end of period		$	22.48			$	25.53
Market price at end of period(c)		$	22.50			$	25.53
Net Asset Value Total Return(d)			(10.69	)%			2.12	%(e)
Market Price Total Return(d)			(10.62	)%			2.12	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	244,362			$	206,549
Ratio to average net assets of:
Expenses			0.15	%			0.15	%(f)
Net investment income			1.38	%			0.98	%(f)
Portfolio turnover rate(g)			27	%			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 (June 30, 2021, the first day of trading on the exchange) to August 31, 2021 was 2.24%. The market price total return from Fund Inception to August 31, 2021 was 2.12%.

^(f)  Annualized.

^(g)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  135  

Financial Highlights–(continued)

Invesco S&P MidCap Low Volatility ETF (XMLV)

	Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	55.29			$	43.65			$	51.87			$	49.02			$	45.02			$	38.21
Net investment income(a)			0.97				0.62				1.02				1.09				0.96				0.69
Net realized and unrealized gain (loss) on investments			(2.84	)			11.59				(7.93	)			2.72				3.92				6.80
Total from investment operations			(1.87	)			12.21				(6.91	)			3.81				4.88				7.49
Distributions to shareholders from:
Net investment income			(0.89	)			(0.57	)			(1.31	)			(0.96	)			(0.88	)			(0.68	)
Net asset value at end of period		$	52.53			$	55.29			$	43.65			$	51.87			$	49.02			$	45.02
Market price at end of period(b)		$	52.56			$	55.26			$	43.70			$	51.88			$	49.04			$	45.02
Net Asset Value Total Return(c)			(3.38	)%			28.21	%			(13.26	)%			7.99	%			11.00	%			19.76	%
Market Price Total Return(c)			(3.27	)%			27.99	%			(13.17	)%			7.97	%			11.04	%			19.69	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,163,050			$	1,453,542			$	2,042,702			$	3,231,736			$	1,443,641			$	1,195,218
Ratio to average net assets of:
Expenses			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%(d)			0.25	%
Net investment income			1.78	%			1.26	%			2.13	%			2.21	%			2.52	%(d)			1.64	%
Portfolio turnover rate(e)			61	%			57	%			84	%			61	%			50	%			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.

  136  

Financial Highlights–(continued)

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)

	Year Ended August 31, 2022				For the Period June 28, 2021 (a) Through August 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	25.05			$	25.00
Net investment income(b)			0.30				0.06
Net realized and unrealized gain (loss) on investments			(2.87	)			(0.01	)
Total from investment operations			(2.57	)			0.05
Distributions to shareholders from:
Net investment income			(0.34	)			-
Net asset value at end of period		$	22.14			$	25.05
Market price at end of period(c)		$	22.18			$	25.05
Net Asset Value Total Return(d)			(10.33	)%			0.20	%(e)
Market Price Total Return(d)			(10.17	)%			0.20	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	98,311			$	51,106
Ratio to average net assets of:
Expenses			0.15	%			0.15	%(f)
Net investment income			1.27	%			1.51	%(f)
Portfolio turnover rate(g)			28	%			4	%

^(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 (June 30, 2021, the first day of trading on the exchange) to August 31, 2021 was 0.16%. The market price total return from Fund Inception to August 31, 2021 was (0.04)%.

^(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.

  137  

Financial Highlights–(continued)

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)

	Years Ended August 31,																Ten Months Ended August 31,				For the Period November 29, 2016(a) Through October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	23.07			$	16.66			$	22.42			$	26.86			$	25.13			$	25.02
Net investment income(b)			0.92				0.86				0.82				1.02				0.78				0.81
Net realized and unrealized gain (loss) on investments			(3.92	)			6.36				(5.31	)			(4.28	)			1.98				0.24
Total from investment operations			(3.00	)			7.22				(4.49	)			(3.26	)			2.76				1.05
Distributions to shareholders from:
Net investment income			(1.08	)			(0.81	)			(1.27	)			(1.18	)			(1.03	)			(0.94	)
Net asset value at end of period		$	18.99			$	23.07			$	16.66			$	22.42			$	26.86			$	25.13
Market price at end of period(c)		$	19.02			$	23.06			$	16.69			$	22.35			$	26.85			$	25.15
Net Asset Value Total Return(d)			(13.36	)%			43.97	%			(20.41	)%			(12.29	)%			11.39	%			4.31	%(e)
Market Price Total Return(d)			(13.19	)%			43.65	%			(20.01	)%			(12.52	)%			11.26	%			4.39	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	24,877			$	21,690			$	20,827			$	23,536			$	12,086			$	7,538
Ratio to average net assets of:
Expenses			0.30	%			0.30	%			0.30	%			0.34	%(f)			0.30	%(g)			0.30	%(g)
Net investment income			4.30	%			4.13	%			4.15	%			4.29	%(f)			3.74	%(g)			3.58	%(g)
Portfolio turnover rate(h)			67	%			72	%			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)  Ratios include non-recurring costs associated with a proxy statement of 0.04%.

^(g)  Annualized.

^(h)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  138  

Financial Highlights–(continued)

Invesco S&P SmallCap Low Volatility ETF (XSLV)

	Years Ended August 31,																Ten Months Ended August 31,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	48.74			$	35.24			$	47.57			$	51.10			$	46.43			$	37.90
Net investment income(a)			1.01				0.65				1.08				1.24				0.87				0.97
Net realized and unrealized gain (loss) on investments			(3.83	)			13.52				(12.05	)			(3.46	)			4.55				8.46
Total from investment operations			(2.82	)			14.17				(10.97	)			(2.22	)			5.42				9.43
Distributions to shareholders from:
Net investment income			(0.86	)			(0.67	)			(1.36	)			(1.31	)			(0.75	)			(0.90	)
Net asset value at end of period		$	45.06			$	48.74			$	35.24			$	47.57			$	51.10			$	46.43
Market price at end of period(b)		$	45.09			$	48.73			$	35.30			$	47.59			$	51.10			$	46.47
Net Asset Value Total Return(c)			(5.81	)%			40.64	%			(23.22	)%			(4.17	)%			11.81	%			25.05	%
Market Price Total Return(c)			(5.72	)%			40.38	%			(23.12	)%			(4.14	)%			11.71	%			25.06	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	726,364			$	1,155,186			$	1,614,105			$	2,045,602			$	1,433,356			$	1,079,472
Ratio to average net assets of:
Expenses			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%(d)			0.25	%
Net investment income			2.09	%			1.55	%			2.55	%			2.62	%			2.24	%(d)			2.25	%
Portfolio turnover rate(e)			66	%			68	%			103	%			56	%			66	%			59	%

^(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.

  139  

Financial Highlights–(continued)

Invesco S&P SmallCap Quality ETF (XSHQ)

	Years Ended August 31,																Ten Months Ended August 31,				For the Period April 3, 2017 (a) Through October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	37.41			$	26.95			$	26.40			$	31.80			$	26.11			$	24.54
Net investment income(b)			0.62				0.38				0.36				0.35				0.26				0.16
Net realized and unrealized gain (loss) on investments			(4.37	)			10.42				0.54				(5.41	)			5.65				1.51
Total from investment operations			(3.75	)			10.80				0.90				(5.06	)			5.91				1.67
Distributions to shareholders from:
Net investment income			(0.69	)			(0.34	)			(0.35	)			(0.34	)			(0.22	)			(0.10	)
Net realized gains			-				-				-				(0.00	)(c)			-				-
Total distributions			(0.69	)			(0.34	)			(0.35	)			(0.34	)			(0.22	)			(0.10	)
Net asset value at end of period		$	32.97			$	37.41			$	26.95			$	26.40			$	31.80			$	26.11
Market price at end of period(d)		$	32.99			$	37.43			$	26.99			$	26.39			$	31.81			$	26.14
Net Asset Value Total Return(e)			(10.13	)%			40.38	%			3.61	%			(15.88	)%			22.75	%			6.81	%(f)
Market Price Total Return(e)			(10.12	)%			40.25	%			3.80	%			(15.94	)%			22.65	%			6.93	%(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	28,683			$	40,030			$	4,043			$	3,960			$	42,924			$	1,305
Ratio to average net assets of:
Expenses			0.30	%			0.29	%			0.29	%			0.34	%(g)			0.29	%(h)			0.29	%(h)
Net investment income			1.71	%			1.07	%			1.37	%			1.23	%(g)			1.06	%(h)			1.11	%(h)
Portfolio turnover rate(i)			60	%			90	%			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)  Ratios include non-recurring costs associated with a proxy statement of 0.05%.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  140  

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

August 31, 2022

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 ESG S&P 500 Equal Weight ETF (RSPE)	“ESG S&P 500 Equal Weight ETF”
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 500 QVM Multi-factor ETF (QVML)	“S&P 500 QVM Multi-factor ETF”
Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)	“S&P MidCap 400 QVM Multi-factor ETF”
Invesco S&P MidCap Low Volatility ETF (XMLV)	“S&P MidCap Low Volatility ETF”
Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)	“S&P SmallCap 600 QVM Multi-factor 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.

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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
ESG S&P 500 Equal Weight ETF	S&P 500 Equal Weight ESG Leaders Select 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 500 QVM Multi-factor ETF	S&P 500® Quality, Value & Momentum Top 90% Multi-Factor Index
S&P MidCap 400 QVM Multi-factor ETF	S&P MidCap 400® Quality, Value & Momentum Top 90% Multi-Factor Index
S&P MidCap Low Volatility ETF	S&P MidCap 400® Low Volatility Index
S&P SmallCap 600 QVM Multi-factor ETF	S&P SmallCap 600® Quality,  Value & Momentum Top 90% Multi-Factor 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

NOTE 2–Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services–Investment Companies.

A. Security Valuation - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter (“OTC”) market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may

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become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The 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 and unreliable are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/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, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest 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

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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.

C. 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.

D. 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 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 the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund’s financial statements as a tax return of capital at fiscal year-end.

E. Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

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.

F. 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, 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).

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.

G. 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.

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H.  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.

I. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through August 31, 2022, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:

	Amount
ESG S&P 500® Equal Weight ETF*		$5
Russell 1000 Enhanced Equal Weight ETF		17
Russell 1000 Equal Weight ETF		19,709
Russell 1000 Low Beta Equal Weight ETF		43
S&P 500 Enhanced Value ETF		27
S&P 500® ex-Rate Sensitive Low Volatility ETF		36
S&P 500® High Beta ETF		2,845
S&P 500® High Dividend Low Volatility ETF		2,496
S&P 500® Low Volatility ETF		2,354
S&P 500 Minimum Variance ETF		9
S&P 500 Momentum ETF		2
S&P 500 QVM Multi-factor ETF		782
S&P MidCap 400 QVM Multi-factor ETF		1,785
S&P MidCap Low Volatility ETF		2,760
S&P SmallCap 600 QVM Multi-factor ETF		677
S&P SmallCap High Dividend Low Volatility ETF		152

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	Amount
S&P SmallCap Low Volatility ETF		4,845
S&P SmallCap Quality ETF		219

* For the period November 15, 2021 (commencement of investment operations) through August 31, 2022.

J. Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

K. 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 or could experience extended market closures or trading halts, 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.

ESG Risk. Because ESG S&P 500 Equal Weight ETF evaluates ESG factors to assess and exclude certain investments for non-financial reasons, the Fund may forego some market opportunities available to funds that do not use these factors. The securities of companies that score favorably under a Fund’s ESG scoring methodology may underperform similar companies that do not score as well or may underperform the stock market as a whole. As a result, ESG S&P 500 Equal Weight ETF may underperform funds that do not screen or score companies based on ESG factors or funds that use a different ESG methodology. Information used by a Fund to evaluate such factors may not be readily available, complete or accurate, which could negatively impact the Fund’s ability to apply its methodology, which in turn could negatively impact the Fund’s performance. In addition, a Fund’s assessment of a company, based on the company’s level of involvement in a particular industry or the company’s ESG score, may differ from that of other funds or an investor. As a result, the companies deemed eligible for inclusion in a Fund’s portfolio may not reflect the beliefs or values of any particular investor and may not be deemed to exhibit positive or favorable ESG characteristics if different metrics were used to evaluate them.

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.

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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. In addition, the value of dividend-paying stocks can decline when interest rates rise, as fixed-income investments become more attractive to investors.

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 operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

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 ESG S&P 500 Equal Weight ETF, S&P 500^® Momentum ETF, S&P 500 QVM Multi-factor ETF, S&P Midcap 400 QVM Multi-factor ETF and S&P SmallCap 600 QVM Multi-factor ETF are non-diversified, and to the extent S&P 500^® Enhanced Value ETF, S&P 500^® ex-Rate Sensitivity Low Volatility ETF, S&P 500^® High Beta ETF, S&P 500^® High Dividend Low Volatility ETF, S&P 500^® Low Volatility ETF, S&P 500 Minimum Variance ETF, S&P MidCap Low Volatility ETF, S&P SmallCap High Dividend Low Volatility ETF, S&P SmallCap Low Volatility ETF and S&P SmallCap Quality ETF become non-diversified, and can invest a greater portion of their respective assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

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NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds’ investments, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services.

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, 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 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)
ESG S&P 500 Equal Weight ETF	0.20%
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 500 QVM Multi-factor ETF	0.11%
S&P MidCap 400 QVM Multi-factor ETF	0.15%
S&P MidCap Low Volatility ETF	0.25%
S&P SmallCap 600 QVM Multi-factor ETF	0.15%
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%

Through at least August 31, 2024, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended August 31, 2022, the Adviser waived fees for each Fund in the following amounts:

ESG S&P 500 Equal Weight ETF	$	-
Russell 1000 Enhanced Equal Weight ETF		-
Russell 1000 Equal Weight ETF		140
Russell 1000 Low Beta Equal Weight ETF		3
S&P 500® Enhanced Value ETF		43
S&P 500® ex-Rate Sensitive Low Volatility ETF		9
S&P 500® High Beta ETF		55
S&P 500® High Dividend Low Volatility ETF		168
S&P 500® Low Volatility ETF		551
S&P 500 Minimum Variance ETF		5
S&P 500® Momentum ETF		23
S&P 500 QVM Multi-factor ETF		176
S&P MidCap 400 QVM Multi-factor ETF		74
S&P MidCap Low Volatility ETF		235
S&P SmallCap 600 QVM Multi-factor ETF		24
S&P SmallCap High Dividend Low Volatility ETF		5

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S&P SmallCap Low Volatility ETF	$	232
S&P SmallCap Quality ETF		15

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
ESG S&P 500 Equal Weight ETF	S&P Dow Jones Indices LLC
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 500 QVM Multi-factor ETF	S&P Dow Jones Indices LLC
S&P MidCap 400 QVM Multi-factor ETF	S&P Dow Jones Indices LLC
S&P MidCap Low Volatility ETF	S&P Dow Jones Indices LLC
S&P SmallCap 600 QVM Multi-factor 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 BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

For the fiscal year ended August 31, 2022, 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:

ESG S&P 500 Equal Weight ETF*	$	27
Russell 1000 Enhanced Equal Weight ETF		4
Russell 1000 Equal Weight ETF		45,388
Russell 1000 Low Beta Equal Weight ETF		8
S&P 500® Enhanced Value ETF		10,116
S&P 500® ex-Rate Sensitive Low Volatility ETF		4,933
S&P 500® High Beta ETF		93,743
S&P 500® High Dividend Low Volatility ETF		149,178
S&P 500® Low Volatility ETF		253,550
S&P 500 Minimum Variance ETF		6
S&P 500® Momentum ETF		10,477
S&P 500 QVM Multi-factor ETF		6,389
S&P MidCap 400 QVM Multi-factor ETF		11,467
S&P MidCap Low Volatility ETF		53,922
S&P SmallCap 600 QVM Multi-factor ETF		4,377
S&P SmallCap High Dividend Low Volatility ETF		6,550
S&P SmallCap Low Volatility ETF		33,421
S&P SmallCap Quality ETF		7,185

* For the period November 15, 2021 (commencement of investment operations) through August 31, 2022.

  149  

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 from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund 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 is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s current price, as provided for in these procedures.

For the fiscal year ended August 31, 2022, the following Funds engaged in transactions with affiliates as listed below:

	Securities Purchases	Securities Sales	Net Realized Gains (Losses)*
S&P MidCap 400 QVM Multi-factor ETF	$           -	$  1,611,916	$   (81,116)
S&P MidCap Low Volatility ETF	6,378,136	15,316,483	1,092,563
S&P SmallCap 600 QVM Multi-factor ETF	-	130,605	23,427
S&P SmallCap Low Volatility ETF	-	1,235,606	185,594

* 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 the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2022, for each Fund (except for S&P 500^® Enhanced Value ETF, S&P 500 Minimum Variance ETF and S&P 500^® Momentum ETF). As of August 31, 2022, all of the securities in S&P 500^® Enhanced Value 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 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
ESG S&P 500 Equal Weight ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	9,560,734	$	-	$	-	$	9,560,734
Money Market Funds		5,917		63,352		-		69,269
Total Investments	$	9,566,651	$	63,352	$	-	$	9,630,003
Russell 1000 Enhanced Equal Weight ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	2,500,491	$	-	$	-	$	2,500,491
Money Market Funds		773		223,895		-		224,668
Total Investments	$	2,501,264	$	223,895	$	-	$	2,725,159

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	Level 1		Level 2		Level 3		Total
Russell 1000 Equal Weight ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	616,346,939	$	-	$	282,083	$	616,629,022
Money Market Funds		19,186		96,458,069		-		96,477,255
Total Investments	$	616,366,125	$	96,458,069	$	282,083	$	713,106,277
Russell 1000 Low Beta Equal Weight ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	8,401,343	$	-	$	-	$	8,401,343
Money Market Funds		-		758,410		-		758,410
Total Investments	$	8,401,343	$	758,410	$	-	$	9,159,753
S&P 500® ex-Rate Sensitive Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	54,062,372	$	-	$	-	$	54,062,372
Money Market Funds		-		1,322,967		-		1,322,967
Total Investments	$	54,062,372	$	1,322,967	$	-	$	55,385,339
S&P 500® High Beta ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	527,753,096	$	-	$	-	$	527,753,096
Money Market Funds		-		86,157,326		-		86,157,326
Total Investments	$	527,753,096	$	86,157,326	$	-	$	613,910,422
S&P 500® High Dividend Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	3,804,340,565	$	-	$	-	$	3,804,340,565
Money Market Funds		-		228,609,598		-		228,609,598
Total Investments	$	3,804,340,565	$	228,609,598	$	-	$	4,032,950,163
S&P 500® Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	10,959,982,984	$	-	$	-	$	10,959,982,984
Money Market Funds		-		500,299,552		-		500,299,552
Total Investments	$	10,959,982,984	$	500,299,552	$	-	$	11,460,282,536
S&P 500 QVM Multi-factor ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	723,355,482	$	-	$	-	$	723,355,482
Money Market Funds		-		14,117,935		-		14,117,935
Total Investments	$	723,355,482	$	14,117,935	$	-	$	737,473,417
S&P MidCap 400 QVM Multi-factor ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	244,048,451	$	-	$	-	$	244,048,451
Money Market Funds		64,731		32,060,102		-		32,124,833
Total Investments	$	244,113,182	$	32,060,102	$	-	$	276,173,284
S&P MidCap Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	1,162,284,892	$	-	$	-	$	1,162,284,892
Money Market Funds		-		144,840,930		-		144,840,930
Total Investments	$	1,162,284,892	$	144,840,930	$	-	$	1,307,125,822
S&P SmallCap 600 QVM Multi-factor ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	98,045,049	$	-	$	-	$	98,045,049
Money Market Funds		196,134		18,026,465		-		18,222,599
Total Investments	$	98,241,183	$	18,026,465	$	-	$	116,267,648

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	Level 1		Level 2		Level 3		Total
S&P SmallCap High Dividend Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	24,835,253	$	-	$	-	$	24,835,253
Money Market Funds		-		3,549,402		-		3,549,402
Total Investments	$	24,835,253	$	3,549,402	$	-	$	28,384,655
S&P SmallCap Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	726,261,093	$	-	$	-	$	726,261,093
Money Market Funds		-		93,300,887		-		93,300,887
Total Investments	$	726,261,093	$	93,300,887	$	-	$	819,561,980
S&P SmallCap Quality ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	28,631,469	$	-	$	-	$	28,631,469
Money Market Funds		30,502		6,486,161		-		6,516,663
Total Investments	$	28,661,971	$	6,486,161	$	-	$	35,148,132

NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2022 and 2021:

	2022		2021
	Ordinary		Ordinary
	Income*		Income*
ESG S&P 500 Equal Weight ETF	$	59,420	$	-
Russell 1000 Enhanced Equal Weight ETF		40,838		62,177
Russell 1000 Equal Weight ETF		9,835,744		9,830,643
Russell 1000 Low Beta Equal Weight ETF		106,206		183,366
S&P 500® Enhanced Value ETF		3,841,875		2,498,604
S&P 500® ex-Rate Sensitive Low Volatility ETF		942,341		693,963
S&P 500® High Beta ETF		9,212,158		12,725,571
S&P 500® High Dividend Low Volatility ETF		125,648,308		112,794,689
S&P 500® Low Volatility ETF		184,314,118		134,891,402
S&P 500 Minimum Variance ETF		388,980		186,067
S&P 500® Momentum ETF		829,817		623,950
S&P 500 QVM Multi-factor ETF		11,101,222		-
S&P MidCap 400 QVM Multi-factor ETF		2,703,549		-
S&P MidCap Low Volatility ETF		20,814,914		20,787,187
S&P SmallCap 600 QVM Multi-factor ETF		693,438		-
S&P SmallCap High Dividend Low Volatility ETF		1,098,492		856,557
S&P SmallCap Low Volatility ETF		16,976,552		24,160,014
S&P SmallCap Quality ETF		579,588		225,371

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:

	Undistributed Ordinary Income		Net Unrealized Appreciation (Depreciation)- Investments			Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets
ESG S&P 500 Equal Weight ETF	$	22,070	$	(918,004	)	$	(283,122	)	$	10,747,597	$	9,568,541
Russell 1000 Enhanced Equal Weight ETF		8,102		(2,052	)		(5,630,293	)		8,128,843		2,504,600
Russell 1000 Equal Weight ETF		1,626,950		(41,495,085	)		(89,671,347	)		747,007,444		617,467,962
Russell 1000 Low Beta Equal Weight ETF		38,655		(363,526	)		(29,448,955	)		38,180,996		8,407,170
S&P 500® Enhanced Value ETF		795,574		(14,086,208	)		(11,822,494	)		169,747,889		144,634,761

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	Undistributed Ordinary Income		Net Unrealized Appreciation (Depreciation)- Investments			Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets
S&P 500® ex-Rate Sensitive Low Volatility ETF	$	106,803	$	1,395,339		$	(25,512,999	)	$	78,100,778	$	54,089,921
S&P 500® High Beta ETF		610,615		(145,879,608	)		(148,738,878	)		821,692,084		527,684,213
S&P 500® High Dividend Low Volatility ETF		-		(195,996,535	)		(627,598,821	)		4,631,579,196		3,807,983,840
S&P 500® Low Volatility ETF		10,359,218		(236,443,188	)		(2,121,115,930	)		13,320,184,638		10,972,984,738
S&P 500 Minimum Variance ETF		53,603		214,637			(190,872	)		21,500,853		21,578,221
S&P 500® Momentum ETF		405,633		(9,176,516	)		(8,830,887	)		131,575,030		113,973,260
S&P 500 QVM Multi-factor ETF		2,082,052		(33,439,649	)		(20,545,122	)		775,957,276		724,054,557
S&P MidCap 400 QVM Multi-factor ETF		496,706		(12,445,976	)		(8,770,496	)		265,081,684		244,361,918
S&P MidCap Low Volatility ETF		2,744,314		(11,425,911	)		(622,075,988	)		1,793,807,178		1,163,049,593
S&P SmallCap 600 QVM Multi-factor ETF		177,917		(2,519,213	)		(2,129,632	)		102,781,756		98,310,828
S&P SmallCap High Dividend Low Volatility ETF		-		(3,762,760	)		(7,326,918	)		35,966,257		24,876,579
S&P SmallCap Low Volatility ETF		3,650,421		(57,510,497	)		(630,256,545	)		1,410,480,885		726,364,264
S&P SmallCap Quality ETF		79,223		(1,668,262	)		(5,446,634	)		35,718,405		28,682,732

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds have capital loss carryforwards as of August 31, 2022, as follows:

	No expiration
	Short-Term		Long-Term		Total
ESG S&P 500 Equal Weight ETF	$	283,122	$	-	$	283,122
Russell 1000 Enhanced Equal Weight ETF		3,338,667		2,291,626		5,630,293
Russell 1000 Equal Weight ETF		21,641,498		68,029,849		89,671,347
Russell 1000 Low Beta Equal Weight ETF		18,505,503		10,943,452		29,448,955
S&P 500® Enhanced Value ETF		8,303,170		3,519,324		11,822,494
S&P 500® ex-Rate Sensitive Low Volatility ETF		19,763,733		5,749,266		25,512,999
S&P 500® High Beta ETF		123,376,508		25,362,370		148,738,878
S&P 500® High Dividend Low Volatility ETF		313,676,438		313,922,383		627,598,821
S&P 500® Low Volatility ETF		1,735,629,652		385,486,278		2,121,115,930
S&P 500 Minimum Variance ETF		66,238		124,634		190,872
S&P 500® Momentum ETF		8,336,604		494,283		8,830,887
S&P 500 QVM Multi-factor ETF		20,545,122		-		20,545,122
S&P MidCap 400 QVM Multi-factor ETF		8,770,496		-		8,770,496
S&P MidCap Low Volatility ETF		397,529,926		224,546,062		622,075,988
S&P SmallCap 600 QVM Multi-factor ETF		2,129,632		-		2,129,632
S&P SmallCap High Dividend Low Volatility ETF		3,550,548		3,776,370		7,326,918
S&P SmallCap Low Volatility ETF		346,882,715		283,373,830		630,256,545
S&P SmallCap Quality ETF		4,895,373		551,261		5,446,634

NOTE 7–Investment Transactions

For the fiscal year ended August 31, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
ESG S&P 500 Equal Weight ETF*	$	6,257,530	$	2,585,893
Russell 1000 Enhanced Equal Weight ETF		1,092,530		1,086,068
Russell 1000 Equal Weight ETF		183,707,983		181,878,041
Russell 1000 Low Beta Equal Weight ETF		8,165,193		8,104,279
S&P 500® Enhanced Value ETF		49,516,216		49,682,404
S&P 500® ex-Rate Sensitive Low Volatility ETF		41,054,785		40,907,263

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	Purchases		Sales
S&P 500® High Beta ETF	$	783,657,456	$	779,284,926
S&P 500® High Dividend Low Volatility ETF		2,091,233,161		2,104,423,180
S&P 500® Low Volatility ETF		6,451,751,695		6,448,548,056
S&P 500 Minimum Variance ETF		4,876,654		4,778,988
S&P 500® Momentum ETF		115,850,191		115,907,347
S&P 500 QVM Multi-factor ETF		142,488,729		141,437,722
S&P MidCap 400 QVM Multi-factor ETF		57,169,882		56,665,334
S&P MidCap Low Volatility ETF		775,355,625		768,845,645
S&P SmallCap 600 QVM Multi-factor ETF		18,192,542		17,261,165
S&P SmallCap High Dividend Low Volatility ETF		14,446,123		14,376,360
S&P SmallCap Low Volatility ETF		661,071,626		650,669,564
S&P SmallCap Quality ETF		19,740,420		20,482,488

* For the period November 15, 2021 (commencement of investment operations) through August 31, 2022.

For the fiscal year ended August 31, 2022, in-kind transactions associated with creations and redemptions were as follows:

	In-kind		In-kind
	Purchases		Sales
ESG S&P 500 Equal Weight ETF*	$	7,978,958	$	971,157
Russell 1000 Enhanced Equal Weight ETF		905,883		862,289
Russell 1000 Equal Weight ETF		342,944,204		313,303,450
Russell 1000 Low Beta Equal Weight ETF		876,834		1,930,238
S&P 500® Enhanced Value ETF		123,952,180		112,532,408
S&P 500® ex-Rate Sensitive Low Volatility ETF		29,979,044		25,766,765
S&P 500® High Beta ETF		1,456,879,885		2,461,775,001
S&P 500® High Dividend Low Volatility ETF		2,956,004,583		2,098,048,570
S&P 500® Low Volatility ETF		11,423,478,645		8,351,639,538
S&P 500 Minimum Variance ETF		7,399,751		8,740,813
S&P 500® Momentum ETF		157,913,899		116,609,105
S&P 500 QVM Multi-factor ETF		68,578,264		51,834,224
S&P MidCap 400 QVM Multi-factor ETF		80,165,234		20,947,146
S&P MidCap Low Volatility ETF		446,358,780		672,327,713
S&P SmallCap 600 QVM Multi-factor ETF		53,900,746		4,033,944
S&P SmallCap High Dividend Low Volatility ETF		14,721,684		6,933,463
S&P SmallCap Low Volatility ETF		406,169,577		770,210,464
S&P SmallCap Quality ETF		38,505,281		45,058,411

* For the period November 15, 2021 (commencement of investment operations) through August 31, 2022.

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of August 31, 2022, 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
ESG S&P 500 Equal Weight ETF	$	93,584	$	(1,011,588	)	$	(918,004)		$	10,548,007
Russell 1000 Enhanced Equal Weight ETF		200,401		(202,453	)		(2,052	)		2,727,211
Russell 1000 Equal Weight ETF		52,240,226		(93,735,311	)		(41,495,085	)		754,601,362
Russell 1000 Low Beta Equal Weight ETF		408,653		(772,179	)		(363,526	)		9,523,279
S&P 500® Enhanced Value ETF		4,701,095		(18,787,303	)		(14,086,208	)		158,454,145
S&P 500® ex-Rate Sensitive Low Volatility ETF		3,510,270		(2,114,931	)		1,395,339			53,990,000
S&P 500® High Beta ETF		9,740,225		(155,619,833	)		(145,879,608	)		759,790,030
S&P 500® High Dividend Low Volatility ETF		150,166,062		(346,162,597	)		(195,996,535	)		4,228,946,698
S&P 500® Low Volatility ETF		286,908,837		(523,352,025	)		(236,443,188	)		11,696,725,724
S&P 500 Minimum Variance ETF		1,840,153		(1,625,516	)		214,637			21,333,523

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						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost
S&P 500® Momentum ETF	$	2,267,547	$	(11,444,063	)	$	(9,176,516	)	$	122,977,908
S&P 500 QVM Multi-factor ETF		49,464,593		(82,904,242	)		(33,439,649	)		770,913,066
S&P MidCap 400 QVM Multi-factor ETF		14,301,470		(26,747,446	)		(12,445,976	)		288,619,260
S&P MidCap Low Volatility ETF		71,408,735		(82,834,646	)		(11,425,911	)		1,318,551,733
S&P SmallCap 600 QVM Multi-factor ETF		5,624,399		(8,143,612	)		(2,519,213	)		118,786,861
S&P SmallCap High Dividend Low Volatility ETF		545,332		(4,308,092	)		(3,762,760	)		32,147,415
S&P SmallCap Low Volatility ETF		20,339,249		(77,849,746	)		(57,510,497	)		877,072,477
S&P SmallCap Quality ETF		960,139		(2,628,401	)		(1,668,262	)		36,816,394

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions and taxable overdistributions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2022, the reclassifications were as follows:

	Undistributed Net Investment Income (Loss)				Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
ESG S&P 500 Equal Weight ETF		$	-		$	(84,210	)	$	84,210
Russell 1000 Enhanced Equal Weight ETF			(31	)		(157,497	)		157,528
Russell 1000 Equal Weight ETF			(3,973	)		(86,412,930	)		86,416,903
Russell 1000 Low Beta Equal Weight ETF			1,244			(27,088	)		25,844
S&P 500® Enhanced Value ETF			-			(7,090,978	)		7,090,978
S&P 500® ex-Rate Sensitive Low Volatility ETF			-			(4,202,140	)		4,202,140
S&P 500® High Beta ETF			-			(103,338,852	)		103,338,852
S&P 500® High Dividend Low Volatility ETF			2,273,978			(265,957,161	)		263,683,183
S&P 500® Low Volatility ETF			-			(732,775,864	)		732,775,864
S&P 500 Minimum Variance ETF			74			(1,492,368	)		1,492,294
S&P 500® Momentum ETF			-			(9,980,358	)		9,980,358
S&P 500 QVM Multi-factor ETF			-			(7,463,166	)		7,463,166
S&P MidCap 400 QVM Multi-factor ETF			-			(3,535,612	)		3,535,612
S&P MidCap Low Volatility ETF			-			(98,348,956	)		98,348,956
S&P SmallCap 600 QVM Multi-factor ETF			744			(870,126	)		869,382
S&P SmallCap High Dividend Low Volatility ETF			93,171			(841,416	)		748,245
S&P SmallCap Low Volatility ETF			(38,837	)		(98,005,196	)		98,044,033
S&P SmallCap Quality ETF			-			(3,795,459	)		3,795,459

NOTE 9–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of 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 10–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the

  155  

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.

  156  

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of each of the eighteen funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (eighteen of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations and the changes in each of their net assets for each of the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Fund Name

Invesco ESG S&P 500 Equal Weight ETF ⁽¹⁾

Invesco Russell 1000 Enhanced Equal Weight ETF ⁽²⁾

Invesco Russell 1000 Equal Weight ETF ⁽²⁾

Invesco Russell 1000 Low Beta Equal Weight ETF ⁽²⁾

Invesco S&P 500^® Enhanced Value ETF ⁽²⁾

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF ⁽²⁾

Invesco S&P 500^® High Beta ETF ⁽²⁾

Invesco S&P 500^® High Dividend Low Volatility ETF ⁽²⁾

Invesco S&P 500^® Low Volatility ETF ⁽²⁾

Invesco S&P 500 Minimum Variance ETF ⁽²⁾

Invesco S&P 500^® Momentum ETF ⁽²⁾

Invesco S&P 500 QVM Multi-factor ETF ⁽³⁾

Invesco S&P MidCap 400 QVM Multi-factor ETF ⁽³⁾

Invesco S&P MidCap Low Volatility ETF ⁽²⁾

Invesco S&P SmallCap 600 QVM Multi-factor ETF ⁽³⁾

Invesco S&P SmallCap High Dividend Low Volatility ETF ⁽²⁾

Invesco S&P SmallCap Low Volatility ETF ⁽²⁾

Invesco S&P SmallCap Quality ETF ⁽²⁾

⁽¹⁾ Statements of operations and of changes in net assets for the period November 15, 2021 (commencement of investment operations) through August 31, 2022

⁽²⁾ Statement of operations for the year ended August 31, 2022 and statement of changes in net assets for each of the two years in the period ended August 31, 2022

⁽³⁾ Statement of operations for the year ended August 31, 2022 and statement of changes in net assets for the year ended August 31, 2022 and for the period June 28, 2021 (commencement of investment operations) through August 31, 2021

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

  157  

Report of Independent Registered Public Accounting Firm–(continued)

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 27, 2022

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

  158  

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 for the entire period March 1, 2022 through August 31, 2022.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value March 1, 2022			Ending Account Value August 31, 2022			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco ESG S&P 500 Equal Weight ETF (RSPE)
Actual		$	1,000.00		$	907.20		0.20	%		$0.96
Hypothetical (5% return before expenses)			1,000.00			1,024.20		0.20			1.02
Invesco Russell 1000 Enhanced Equal Weight ETF (USEQ)
Actual			1,000.00			918.00		0.29			1.40
Hypothetical (5% return before expenses)			1,000.00			1,023.74		0.29			1.48
Invesco Russell 1000 Equal Weight ETF (EQAL)
Actual			1,000.00			929.90		0.20			0.97
Hypothetical (5% return before expenses)			1,000.00			1,024.20		0.20			1.02
Invesco Russell 1000 Low Beta Equal Weight ETF (USLB)
Actual			1,000.00			933.40		0.35			1.71
Hypothetical (5% return before expenses)			1,000.00			1,023.44		0.35			1.79
Invesco S&P 500® Enhanced Value ETF (SPVU)
Actual			1,000.00			922.70		0.13			0.63
Hypothetical (5% return before expenses)			1,000.00			1,024.55		0.13			0.66

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Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value March 1, 2022			Ending Account Value August 31, 2022			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)
Actual		$	1,000.00		$	989.90		0.25	%		$1.25
Hypothetical (5% return before expenses)			1,000.00			1,023.95		0.25			1.28
Invesco S&P 500® High Beta ETF (SPHB)
Actual			1,000.00			856.80		0.25			1.17
Hypothetical (5% return before expenses)			1,000.00			1,023.95		0.25			1.28
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)
Actual			1,000.00			994.30		0.30			1.51
Hypothetical (5% return before expenses)			1,000.00			1,023.69		0.30			1.53
Invesco S&P 500® Low Volatility ETF (SPLV)
Actual			1,000.00			1,002.10		0.25			1.26
Hypothetical (5% return before expenses)			1,000.00			1,023.95		0.25			1.28
Invesco S&P 500 Minimum Variance ETF (SPMV)
Actual			1,000.00			961.60		0.10			0.49
Hypothetical (5% return before expenses)			1,000.00			1,024.70		0.10			0.51
Invesco S&P 500® Momentum ETF (SPMO)
Actual			1,000.00			922.30		0.13			0.63
Hypothetical (5% return before expenses)			1,000.00			1,024.55		0.13			0.66
Invesco S&P 500 QVM Multi-factor ETF (QVML)
Actual			1,000.00			920.50		0.11			0.53
Hypothetical (5% return before expenses)			1,000.00			1,024.65		0.11			0.56
Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)
Actual			1,000.00			917.90		0.15			0.73
Hypothetical (5% return before expenses)			1,000.00			1,024.45		0.15			0.77
Invesco S&P MidCap Low Volatility ETF (XMLV)
Actual			1,000.00			983.20		0.25			1.25
Hypothetical (5% return before expenses)			1,000.00			1,023.95		0.25			1.28
Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)
Actual			1,000.00			915.00		0.15			0.72
Hypothetical (5% return before expenses)			1,000.00			1,024.45		0.15			0.77
Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)
Actual			1,000.00			910.60		0.30			1.44
Hypothetical (5% return before expenses)			1,000.00			1,023.69		0.30			1.53
Invesco S&P SmallCap Low Volatility ETF (XSLV)
Actual			1,000.00			945.20		0.25			1.23
Hypothetical (5% return before expenses)			1,000.00			1,023.95		0.25			1.28
Invesco S&P SmallCap Quality ETF (XSHQ)
Actual			1,000.00			901.70		0.30			1.44
Hypothetical (5% return before expenses)			1,000.00			1,023.69		0.30			1.53

⁽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 August 31, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

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Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2022:

	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*
Invesco ESG S&P 500 Equal Weight ETF		0	%		90	%		82	%		0	%		0	%
Invesco Russell 1000 Enhanced Equal Weight ETF		0	%		100	%		97	%		0	%		0	%
Invesco Russell 1000 Equal Weight ETF		7	%		93	%		90	%		0	%		0	%
Invesco Russell 1000 Low Beta Equal Weight ETF		0	%		100	%		100	%		0	%		0	%
Invesco S&P 500® Enhanced Value ETF		0	%		99	%		98	%		0	%		0	%
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF		0	%		100	%		100	%		0	%		0	%
Invesco S&P 500® High Beta ETF		1	%		99	%		99	%		0	%		0	%
Invesco S&P 500® High Dividend Low Volatility ETF		5	%		91	%		91	%		0	%		0	%
Invesco S&P 500® Low Volatility ETF		3	%		97	%		96	%		0	%		0	%
Invesco S&P 500 Minimum Variance ETF		0	%		98	%		91	%		0	%		0	%
Invesco S&P 500® Momentum ETF		0	%		96	%		92	%		0	%		0	%
Invesco S&P 500 QVM Multi-factor ETF		0	%		100	%		99	%		0	%		0	%
Invesco S&P MidCap 400 QVM Multi-factor ETF		10	%		90	%		89	%		0	%		0	%
Invesco S&P MidCap Low Volatility ETF		17	%		83	%		83	%		0	%		0	%
Invesco S&P SmallCap 600 QVM Multi-factor ETF		11	%		89	%		89	%		0	%		0	%
Invesco S&P SmallCap High Dividend Low Volatility ETF		47	%		46	%		43	%		0	%		0	%
Invesco S&P SmallCap Low Volatility ETF		38	%		62	%		62	%		0	%		0	%
Invesco S&P SmallCap Quality ETF		0	%		100	%		100	%		0	%		0	%

^* The above percentages are based on ordinary income dividends paid to shareholders during the Trust’s fiscal year.

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Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below:

As of August 31, 2022

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2007	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	230	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).
Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	230	None.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

  162  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Edmund P. Giambastiani, Jr.–1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chair of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	230	Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

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Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Victoria J. Herget–1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	230	Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, Mather LifeWays (2001-2021); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

164

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Audit Committee and Trustee	Chair of the Audit Committee since 2008; Trustee since 2007	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	230	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.
Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Investment Oversight Committee and Trustee	Chair of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	230	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

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Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Joanne Pace–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.	230	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

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Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	230	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).
Donald H. Wilson–1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Board and Trustee	Chair since 2012; Trustee since 2007	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank–Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	230	Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

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Trustees and Officers–(continued)

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below:

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road Suite 700 Downers Grove, IL 60515	Trustee, President and Principal Executive Officer	Trustee since 2022, President and Principal Executive Officer since 2020	President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).	230	None

* This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

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Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2020	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

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Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); and Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present); Director, Invesco Trust Company (2022-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange- Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).
Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

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Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Melanie Zimdars–1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

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Approval of Investment Advisory and Sub-Advisory Contracts

At a meeting held on April 6, 2022, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 74 series (each, a “Fund” and collectively, the “Funds”):

Invesco 1-30 Laddered Treasury ETF	Invesco Russell 1000 Low Beta Equal Weight ETF
Invesco California AMT-Free Municipal Bond ETF	Invesco S&P 500® Enhanced Value ETF
Invesco CEF Income Composite ETF	Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco China Technology ETF	Invesco S&P 500® High Beta ETF
Invesco DWA Developed Markets Momentum ETF	Invesco S&P 500® High Dividend Low Volatility ETF
Invesco DWA Emerging Markets Momentum ETF	Invesco S&P 500® Low Volatility ETF
Invesco DWA SmallCap Momentum ETF	Invesco S&P 500 Minimum Variance ETF
Invesco Emerging Markets Sovereign Debt ETF	Invesco S&P 500® Momentum ETF
Invesco FTSE International Low Beta Equal Weight ETF	Invesco S&P 500 Revenue ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF	Invesco S&P Emerging Markets Low Volatility ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	Invesco S&P Emerging Markets Momentum ETF
Invesco FTSE RAFI Emerging Markets ETF	Invesco S&P International Developed High Dividend Low Volatility ETF
Invesco Fundamental High Yield® Corporate Bond ETF
Invesco Fundamental Investment Grade Corporate Bond ETF	Invesco S&P International Developed Low Volatility ETF
Invesco Global Clean Energy ETF	Invesco S&P International Developed Momentum ETF
Invesco Global Short Term High Yield Bond ETF	Invesco S&P International Developed Quality ETF
Invesco Global Water ETF	Invesco S&P MidCap 400 Revenue ETF
Invesco International BuyBack Achievers™ ETF	Invesco S&P MidCap Low Volatility ETF
Invesco International Corporate Bond ETF	Invesco S&P SmallCap 600 Revenue ETF
Invesco KBW Bank ETF	Invesco S&P SmallCap Consumer Discretionary ETF
Invesco KBW High Dividend Yield Financial ETF	Invesco S&P SmallCap Consumer Staples ETF
Invesco KBW Premium Yield Equity REIT ETF	Invesco S&P SmallCap Energy ETF
Invesco KBW Property & Casualty Insurance ETF	Invesco S&P SmallCap Financials ETF
Invesco KBW Regional Banking ETF	Invesco S&P SmallCap Health Care ETF
Invesco MSCI Green Building ETF	Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco NASDAQ 100 ETF	Invesco S&P SmallCap Industrials ETF
Invesco NASDAQ Next Gen 100 ETF	Invesco S&P SmallCap Information Technology ETF
Invesco National AMT-Free Municipal Bond ETF	Invesco S&P SmallCap Low Volatility ETF
Invesco New York AMT-Free Municipal Bond ETF	Invesco S&P SmallCap Materials ETF
Invesco Preferred ETF	Invesco S&P SmallCap Quality ETF
Invesco PureBetaSM 0-5 Yr US TIPS ETF	Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco PureBetaSM FTSE Developed ex-North America ETF	Invesco S&P Ultra Dividend Revenue ETF
Invesco PureBetaSM FTSE Emerging Markets ETF	Invesco Senior Loan ETF
Invesco PureBetaSM MSCI USA ETF	Invesco Taxable Municipal Bond ETF
Invesco PureBetaSM MSCI USA Small Cap ETF	Invesco Treasury Collateral ETF
Invesco PureBetaSM US Aggregate Bond ETF	Invesco Variable Rate Preferred ETF
Invesco Russell 1000 Enhanced Equal Weight ETF	Invesco VRDO Tax-Free ETF
Invesco Russell 1000 Equal Weight ETF

Also at the April 6, 2022 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).

Investment Advisory Agreement

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other

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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2021, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year and since-inception periods for Invesco VRDO Tax-Free ETF and the one-year period for Invesco Treasury Collateral ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco VRDO Tax-Free ETF’s and Invesco Treasury Collateral ETF’s level of correlation to their respective underlying indexes. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement. The Trustees concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:

● 0.04% of the Fund’s average daily net assets for Invesco PureBeta^SM MSCI USA ETF;

● 0.05% of the Fund’s average daily net assets for Invesco PureBeta^SM US Aggregate Bond ETF;

● 0.06% of the Fund’s average daily net assets for Invesco PureBeta^SM MSCI USA Small Cap ETF;

● 0.07% of the Fund’s average daily net assets for Invesco PureBeta^SM 0-5 Yr US TIPS ETF and Invesco PureBetaSM FTSE Developed ex-North America ETF;

● 0.08% of the Fund’s average daily net assets for Invesco Treasury Collateral ETF;

● 0.10% of the Fund’s average daily net assets for Invesco S&P 500 Minimum Variance ETF;

● 0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;

  173  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

● 0.14% of the Fund’s average daily net assets for Invesco PureBetaSM FTSE Emerging Markets ETF;

● 0.15% of the Fund’s average daily net assets for Invesco NASDAQ 100 ETF and Invesco NASDAQ Next Gen 100 ETF;

● 0.20% of the Fund’s average daily net assets for Invesco Russell 1000 Equal Weight ETF;

● 0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;

● 0.25% of the Fund’s average daily net assets for Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500^® High Beta ETF, Invesco S&P 500^® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF and Invesco VRDO Tax-Free ETF;

● 0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF;

● 0.29% of the Fund’s average daily net assets for Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF;

● 0.30% of the Fund’s average daily net assets for Invesco S&P 500^® High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF and Invesco S&P International Developed High Dividend Low Volatility ETF;

● 0.35% of the Fund’s average daily net assets for Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco Russell 1000 Low Beta Equal Weight ETF;

● 0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF;

● 0.45% of the Fund’s daily net assets for Invesco FTSE International Low Beta Equal Weight ETF and Invesco FTSE RAFI Developed Markets ex-U.S. ETF;

● 0.49% of the Fund’s daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF;

● 0.50% of the Fund’s daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield^® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF;

● 0.55% of the Fund’s daily net assets for Invesco International BuyBack AchieversTM ETF;

● 0.60% of the Fund’s daily net assets for Invesco DWA SmallCap Momentum ETF;

● 0.65% of the Fund’s daily net assets for Invesco Senior Loan ETF;

● 0.70% of the Fund’s daily net assets for Invesco China Technology ETF;

● 0.75% of the Fund’s daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF;

● 0.80% of the Fund’s daily net assets for Invesco DWA Developed Markets Momentum ETF; and

● 0.90% of the Fund’s daily net assets for Invesco DWA Emerging Markets Momentum ETF.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their

  174  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

Invesco Fund	Equal to/Lower than ETF Peer Median		Equal to/Lower than Open-End Index Fund Peer Median*		Lower than Open-End Active Fund Peer Median
Invesco 1-30 Laddered Treasury ETF					X
Invesco California AMT-Free Municipal Bond ETF				N/A	X
Invesco CEF Income Composite ETF		X		N/A	X
Invesco China Technology ETF				N/A	X
Invesco DWA Developed Markets Momentum ETF					X
Invesco DWA Emerging Markets Momentum ETF					X
Invesco DWA SmallCap Momentum ETF					X
Invesco Emerging Markets Sovereign Debt ETF					X
Invesco FTSE International Low Beta Equal Weight ETF		X		X	X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF					X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF				X	X
Invesco FTSE RAFI Emerging Markets ETF		X			X
Invesco Fundamental High Yield® Corporate Bond ETF				X	X
Invesco Fundamental Investment Grade Corporate Bond ETF					X
Invesco Global Clean Energy ETF				X	X
Invesco Global Short Term High Yield Bond ETF		X		N/A	X
Invesco Global Water ETF				X	X
Invesco International BuyBack AchieversTM ETF					X
Invesco International Corporate Bond ETF					X
Invesco KBW Bank ETF		X			X
Invesco KBW High Dividend Yield Financial ETF		X			X
Invesco KBW Premium Yield Equity REIT ETF		X			X
Invesco KBW Property & Casualty Insurance ETF		X			X
Invesco KBW Regional Banking ETF		X			X
Invesco MSCI Green Building ETF				X	X
Invesco NASDAQ 100 ETF		X			X
Invesco NASDAQ Next Gen 100 ETF		X			X
Invesco National AMT-Free Municipal Bond ETF					X
Invesco New York AMT-Free Municipal Bond ETF				N/A	X
Invesco Preferred ETF				N/A	X
Invesco PureBetaSM 0-5 Yr US TIPS ETF		X			X
Invesco PureBetaSM FTSE Developed ex-North America ETF		X		X	X
Invesco PureBetaSM FTSE Emerging Markets ETF		X		X	X
Invesco PureBetaSM MSCI USA ETF		X		X	X
Invesco PureBetaSM MSCI USA Small Cap ETF		X		X	X
Invesco PureBetaSM US Aggregate Bond ETF		X		X	X
Invesco Russell 1000 Enhanced Equal Weight ETF					X
Invesco Russell 1000 Equal Weight ETF		X			X
Invesco Russell 1000 Low Beta Equal Weight ETF					X
Invesco S&P 500 Enhanced Value ETF		X		X	X
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF		X			X
Invesco S&P 500® High Beta ETF		X			X
Invesco S&P 500® High Dividend Low Volatility ETF		X		X	X

  175  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*		Lower than Open-End Active Fund Peer Median
Invesco S&P 500® Low Volatility ETF	X			X
Invesco S&P 500 Minimum Variance ETF	X		X	X
Invesco S&P 500 Momentum ETF	X		X	X
Invesco S&P 500 Revenue ETF				X
Invesco S&P Emerging Markets Low Volatility ETF	X			X
Invesco S&P Emerging Markets Momentum ETF	X			X
Invesco S&P International Developed High Dividend Low Volatility ETF	X		X	X
Invesco S&P International Developed Low Volatility ETF	X			X
Invesco S&P International Developed Momentum ETF	X		N/A	X
Invesco S&P International Developed Quality ETF	X		N/A	X
Invesco S&P MidCap 400 Revenue ETF				X
Invesco S&P MidCap Low Volatility ETF	X		X	X
Invesco S&P SmallCap 600 Revenue ETF			X	X
Invesco S&P SmallCap Consumer Discretionary ETF	X			X
Invesco S&P SmallCap Consumer Staples ETF	X			X
Invesco S&P SmallCap Energy ETF	X			X
Invesco S&P SmallCap Financials ETF	X			X
Invesco S&P SmallCap Health Care ETF	X			X
Invesco S&P SmallCap High Dividend Low Volatility ETF	X		X	X
Invesco S&P SmallCap Industrials ETF	X			X
Invesco S&P SmallCap Information Technology ETF	X			X
Invesco S&P SmallCap Low Volatility ETF	X		X	X
Invesco S&P SmallCap Materials ETF	X			X
Invesco S&P SmallCap Quality ETF	X		X	X
Invesco S&P SmallCap Utilities & Communication Services ETF	X		X	X
Invesco S&P Ultra Dividend Revenue ETF			X	X
Invesco Senior Loan ETF	X		N/A	X
Invesco Taxable Municipal Bond ETF			N/A	X
Invesco Treasury Collateral ETF	X			X
Invesco Variable Rate Preferred ETF			X	X
Invesco VRDO Tax-Free ETF			N/A	X

* The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Global Clean Energy ETF, Invesco International Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco VRDO Tax-Free ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

  176  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees for money market cash management vehicles and fees as the Funds’ direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. 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 continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

Investment Sub-Advisory Agreement

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 6, 2022. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement. The Board reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rates under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and noted that the Adviser compensates the Sub-Advisers from its fee.

  177  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 15 and April 6, 2022 Board meetings, and Invesco Advisers, Inc., in connection with the April 6, 2022 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rates for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF were reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rates were reasonable and appropriate.

Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as the direct securities lending agent for the Invesco ETFs. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.

  178  

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.

©2022 Invesco Capital Management LLC 3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-TRST2-HBLV-AR-1	invesco.com/ETFs

	Invesco Annual Report to Shareholders
	August 31, 2022
	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

The Market Environment	3
Management’s Discussion of Fund Performance	4
Liquidity Risk Management Program	13
Schedules of Investments
Invesco S&P 500 Revenue ETF (RWL)	14
Invesco S&P MidCap 400 Revenue ETF (RWK)	20
Invesco S&P SmallCap 600 Revenue ETF (RWJ)	25
Invesco S&P Ultra Dividend Revenue ETF (RDIV)	32
Statements of Assets and Liabilities	34
Statements of Operations	35
Statements of Changes in Net Assets	37
Financial Highlights	39
Notes to Financial Statements	43
Report of Independent Registered Public Accounting Firm	52
Fund Expenses	53
Tax Information	54
Trustees and Officers	55
Approval of Investment Advisory and Sub-Advisory Contracts	65

2

The Market Environment

Domestic Equity

The fiscal year began with increasing volatility and the US stock market saw a selloff through most of September due to increasing concerns of inflation resulting from a spike in oil prices and supply chain shortages causing rising costs. Despite the Consumer Price Index (CPI) increasing monthly from June through September 2021,¹ the US Federal Reserve (the Fed) declined to raise interest rates at its September 2021 Federal Open Market Committee meeting.

Equity markets saw continued volatility in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruption and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil rose to nearly $85 per barrel in October,² causing higher gas prices for consumers, and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.¹ To combat inflation, the Fed announced a faster pace of “tapering” at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at the 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.² The CPI rose by another 7.9% for the 12 months ended February 2022 reaching a 40 year high.¹ To combat inflation, the Fed raised the federal funds rate by a one-quarter percentage point in March.

As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix, reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued for much of the second quarter of 2022 amid record inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the CPI rose by yet another 8.6% for the 12 months ended May 2022 reaching a 40 year high.¹ Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.² To tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.³ US equity markets rose in July and much of August until Fed

chairman Jerome Powell’s hawkish comments at Jackson Hole, Wyoming, an economic policy symposium, sparked a sharp selloff at month end. Due to declining energy prices, the CPI rose by 8.5% for the 12 months ending July,¹ down slightly from June, but still at multi-decade highs and far above the Fed’s 2% annual inflation target. As a result, the Fed indicated that it would continue taking aggressive action to curb inflation, though such measures could “bring pain to households and businesses.” The remarks deflated investor optimism that the Fed would pause rate hikes in the second half of 2022 and increased the likelihood of a US recession. In this environment, US stocks had negative double-digit returns of (11.23)% for the fiscal year ended August 31, 2022, measured by the S&P 500 Index.⁴

¹  Source: US Bureau of Labor Statistics

²  Source: Bloomberg LP

³  Source: US Federal Reserve

⁴  Source: Lipper Inc.

3

RWL	Management’s Discussion of Fund Performance
	Invesco S&P 500 Revenue ETF (RWL)

As an index fund, the Invesco S&P 500 Revenue ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® Revenue-Weighted Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains, and calculates the Index, which is designed to measure the performance of positive revenue-producing constituent securities of the S&P 500^® Index (the “Parent Index”). The Parent Index is comprised of common stocks of approximately 500 large-cap companies that generally represent the large-cap universe of the U.S. equity market. Unlike the Parent Index, which weights component securities by market capitalization, thereby giving higher percentage allocations to companies with larger market capitalizations, the Index uses a “revenue-weighted” methodology, whereby it weights each constituent security based on the sum of the company’s revenues for the trailing four quarters, subject to a maximum 5% per company weighting. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (0.89)%. On a net asset value (“NAV”) basis, the Fund returned (0.97)%. During the same time period, the Index returned (0.61)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

For the fiscal year ended August 31, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the health care and utilities sectors, respectively. The communication services sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and information technology sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included McKesson Corp., a health care company (portfolio average weight of 1.98%) and Exxon Mobil Corp., an energy company (portfolio average weight of 1.94%). Positions that detracted most significantly from the Fund’s return during the period included Amazon.com, Inc., a consumer discretionary company (portfolio average weight of 3.21%) and Meta Platforms, Inc. Class A, a communication services company (portfolio average weight of 0.75%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Health Care	19.85
Consumer Discretionary	13.71
Consumer Staples	12.34
Financials	11.79
Information Technology	11.36
Industrials	9.62
Communication Services	7.62
Energy	7.10
Sector Types Each Less Than 3%	6.44
Money Market Funds Plus Other Assets Less Liabilities	0.17
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Walmart, Inc.	4.21
Amazon.com, Inc.	3.70
Apple, Inc.	2.97
UnitedHealth Group, Inc.	2.14
CVS Health Corp.	2.12
McKesson Corp.	2.07
Exxon Mobil Corp.	2.00
Berkshire Hathaway, Inc., Class B	1.82
Costco Wholesale Corp.	1.64
Cardinal Health, Inc.	1.57
Total	24.24

* Excluding money market fund holdings.

4

Invesco S&P 500 Revenue ETF (RWL) (continued)

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year																					Average Annualized			Cumulative
S&P 500® Revenue-Weighted Index		(0.61	)%		14.48	%		50.02	%		12.11	%		77.07	%		13.50	%		254.83	%		10.09	%		304.01	%
S&P 500® Index		(11.23	)		12.39			41.98			11.82			74.86			13.08			241.73			9.90			294.25
Fund
NAV Return		(0.97	)		14.07			48.41			11.70			73.86			13.04			240.52			9.59			278.36
Market Price Return		(0.89	)		14.10			48.53			11.71			73.93			13.05			241.11			9.60			278.74

Oppenheimer S&P 500 Revenue ETF (the “Predecessor Fund”) Predecessor Fund Inception: February 19, 2008

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.39% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Predecessor Fund.

- Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

5

* Excluding money market fund holdings.

RWK	Management’s Discussion of Fund Performance
	Invesco S&P MidCap 400 Revenue ETF (RWK)

As an index fund, the Invesco S&P MidCap 400 Revenue ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400^® Revenue-Weighted Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains, and calculates the Index, which is designed to measure the performance of positive revenue-producing constituent securities of the S&P MidCap 400^® Index (the “Parent Index”). The Parent Index is comprised of common stocks of approximately 400 mid-capitalization companies that generally represent the mid-cap universe of the U.S. equity market. Unlike the Parent Index, which weights component securities by market capitalization, thereby giving higher percentage allocations to companies with larger market capitalizations, the Index uses a “revenue-weighted” methodology, whereby it weights each constituent security based on the sum of the company’s revenues for the trailing four quarters, subject to a maximum 5% per company weighting. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (6.66)%. On a net asset value (“NAV”) basis, the Fund returned (6.75)%. During the same time period, the Index returned (6.46)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

For the fiscal year ended August 31, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the consumer staples and utilities sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the information technology and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Murphy USA, Inc., a consumer discretionary company (portfolio average weight of 1.10%) and Fluor Corp., an industrials company (portfolio average weight of 0.81%). Positions that detracted most significantly from the Fund’s return during the period included Kohl’s Corp., a consumer discretionary company (portfolio average weight of 1.08%) and Kyndryl Holdings, Inc., an information technology company (portfolio average weight of 0.75%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Consumer Discretionary	23.64
Industrials	19.96
Information Technology	13.35
Financials	10.75
Materials	9.94
Consumer Staples	8.56
Health Care	4.78
Energy	3.72
Sector Types Each Less Than 3%	5.24
Money Market Funds Plus Other Assets Less Liabilities	0.06
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Performance Food Group Co.	3.07
TD SYNNEX Corp.	2.23
Jabil, Inc.	1.72
Arrow Electronics, Inc.	1.70
AutoNation, Inc.	1.53
Murphy USA, Inc.	1.27
Lithia Motors, Inc., Class A	1.25
United States Steel Corp.	1.25
Steel Dynamics, Inc.	1.23
Avnet, Inc.	1.21
Total	16.46

* Excluding money market fund holdings.

6

Invesco S&P MidCap 400 Revenue ETF (RWK) (continued)

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year																					Average Annualized			Cumulative
S&P MidCap 400® Revenue-Weighted Index		(6.46	)%		15.95	%		55.89	%		10.21	%		62.60	%		12.70	%		230.48	%		10.50	%		326.37	%
S&P MidCap 400® Index		(10.37	)		10.58			35.22			8.71			51.83			11.32			192.22			9.57			277.31
Fund
NAV Return		(6.75	)		15.58			54.41			9.86			60.02			12.19			215.85			9.90			294.10
Market Price Return		(6.66	)		15.63			54.59			9.88			60.15			12.20			216.20			9.91			294.41

Oppenheimer S&P MidCap 400 ETF (the “Predecessor Fund”) Predecessor Fund Inception: February 20, 2008

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.39% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Predecessor Fund.

- Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

7

RWJ	Management’s Discussion of Fund Performance
	Invesco S&P SmallCap 600 Revenue ETF (RWJ)

As an index fund, the Invesco S&P SmallCap 600 Revenue ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Revenue-Weighted Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains, and calculates the Index, which is designed to measure the performance of positive revenue-producing constituent securities of the S&P SmallCap 600^® Index (the “Parent Index”). The Parent Index is comprised of common stocks of approximately 600 small-capitalization companies that generally represent the small-cap universe of the U.S. equity market. Unlike the Parent Index, which weights component securities by market capitalization, thereby giving higher percentage allocations to companies with larger market capitalizations, the Index uses a “revenue-weighted” methodology, whereby it weights each constituent security based on the sum of the company’s revenues for the trailing four quarters, subject to a maximum 5% per company weighting. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (6.46)%. On a net asset value (“NAV”) basis, the Fund returned (6.63)%. During the same time period, the Index returned (6.33)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

For the fiscal year ended August 31, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the consumer staples and utilities sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the health care and information technology sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included PBF Energy, Inc., Class A, an energy company (portfolio average weight of 2.93%) and United Natural Foods, Inc., a consumer staples company (portfolio average weight of 3.08%). Positions that detracted most significantly from the Fund’s return during the period included Community Health Systems, Inc., a health care company (portfolio average weight of 1.14%) and Bed Bath & Beyond, Inc., a consumer discretionary company (portfolio average weight of 0.80%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Consumer Discretionary	23.92
Industrials	18.48
Energy	9.75
Consumer Staples	9.55
Information Technology	9.11
Financials	8.92
Health Care	8.08
Materials	6.43
Sector Types Each Less Than 3%	5.72
Money Market Funds Plus Other Assets Less Liabilities	0.04
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
World Fuel Services Corp.	3.75
United Natural Foods, Inc.	2.96
PBF Energy, Inc., Class A	2.70
Sonic Automotive, Inc., Class A	1.67
Group 1 Automotive, Inc.	1.46
Andersons, Inc. (The)	1.41
Asbury Automotive Group, Inc.	1.12
Bed Bath & Beyond, Inc.	1.07
UFP Industries, Inc.	1.00
Insight Enterprises, Inc.	0.95
Total	18.09

* Excluding money market fund holdings.

8

Invesco S&P SmallCap 600 Revenue ETF (RWJ) (continued)

Growth of a $10,000 Investment

Fund Performance History as of August 31, 2022

				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			10 Years Average Annualized			10 Years Cumulative			Fund Inception
Index	1 Year																					Average Annualized			Cumulative
S&P SmallCap 600® Revenue-Weighted Index		(6.33	)%		24.70	%		93.89	%		13.20	%		85.90	%		13.61	%		258.18	%		12.24	%		435.62	%
S&P SmallCap 600® Index		(12.12	)		10.40			34.56			8.65			51.40			11.50			196.93			9.79			288.37
Fund
NAV Return		(6.63	)		24.53			93.12			13.04			84.57			13.21			245.67			11.65			396.14
Market Price Return		(6.46	)		24.57			93.31			13.06			84.75			13.22			246.18			11.66			396.53

Oppenheimer S&P SmallCap 600 Revenue ETF (the ‘‘Predecessor Fund’’) Predecessor Fund Inception: February 19, 2008

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.39% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Predecessor Fund.

- Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

9

RDIV	Management’s Discussion of Fund Performance
	Invesco S&P Ultra Dividend Revenue ETF (RDIV)

As an index fund, the Invesco S&P Ultra Dividend Revenue ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 900^® Dividend Revenue-Weighted Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains, and calculates the Index, which is designed to measure the performance of positive revenue-producing constituent securities of the S&P 900^® Index (the “Parent Index” or “Benchmark Index”). The Parent Index is comprised of common stocks of approximately 900 mid- and large-cap companies, and is created by combining the S&P 500^® Index and S&P MidCap^® 400 Index to form an investable benchmark for the large- and mid-cap universe of the U.S. equity market. From a universe of components of the Parent Index, the Index (1) excludes securities that do not currently pay a dividend and (2) excludes securities whose revenues over the last 12 months are unavailable, zero or not positive. Of the remaining eligible securities, the Index excludes the top 5% of securities by the average 12-month trailing dividend yield and the top 5% of securities within each sector by the last 12-month dividend payout ratio, which is calculated as its dividend per share divided by the basic earnings per share. The top 60 remaining securities with the highest dividend yield are included in the Index. Unlike the Parent Index, which weights component securities by market capitalization, thereby giving higher percentage allocations to companies with larger market capitalizations, the Index uses a “revenue-weighted” methodology, whereby it weights each constituent security based on the sum of the company’s revenues for the trailing four quarters, subject to a maximum 5% per company weighting. Any excess weight is proportionally redistributed to all uncapped constituents. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned 5.18%. On a net asset value (“NAV”) basis, the Fund returned 5.06%. During the same time period, the Index returned 5.40%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the Benchmark Index returned (11.18)%. The Benchmark Index was selected for its recognition in the marketplace, and because its performance comparison is a useful measure for investors as a broad representation of the U.S. large- and mid-cap stock market.

The performance of the Fund differed from the Benchmark Index in part because the Fund seeks to track an Index that employs a dividend yield screen and a revenue weighted methodology, whereas the Benchmark Index weights stocks based primarily on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the utilities and financials sectors and most underweight in the information technology and consumer discretionary sectors during the fiscal year ended August 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund being overweight and security selection in the utilities sector, as well as stock selection in the health care sector.

For the fiscal year ended August 31, 2022, the utilities sector contributed most significantly to the Fund’s return, followed by the health care and energy sectors, respectively. The materials sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and consumer staples sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Cardinal Health, Inc., a health care company (portfolio average weight of 3.05%) and Marathon Petroleum Corp., an energy company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during the period included Walgreens Boots Alliance, Inc., a consumer staples company (portfolio average weight of 4.77%) and International Paper Co., a materials company (portfolio average weight of 2.10%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Financials	22.22
Utilities	17.48
Health Care	15.36
Energy	10.87
Consumer Staples	9.37
Consumer Discretionary	7.77
Materials	5.81
Industrials	5.14
Sector Types Each Less Than 3%	5.35
Money Market Funds Plus Other Assets Less Liabilities	0.63

10

Invesco S&P Ultra Dividend Revenue ETF (RDIV) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Cardinal Health, Inc.	6.07
Valero Energy Corp.	5.51
Chevron Corp.	5.36
Prudential Financial, Inc.	4.90
Gilead Sciences, Inc.	4.86
Citigroup, Inc.	4.60
3M Co.	4.54
Duke Energy Corp.	4.50
Walgreens Boots Alliance, Inc.	4.44
AbbVie, Inc.	4.43
Total	49.21

* Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year															Average Annualized			Cumulative
S&P 900® Dividend Revenue-Weighted Index		5.40	%		10.51	%		34.95	%		9.56	%		57.89	%		10.86	%		150.67	%
S&P 900® Index		(11.18	)		12.28			41.56			11.62			73.28			12.01			174.93
Fund
NAV Return		5.06			10.26			34.05			9.24			55.60			10.30			139.75
Market Price Return		5.18			10.27			34.08			9.28			55.82			10.31			139.93

11

Invesco S&P Ultra Dividend Revenue ETF (RDIV) (continued)

Oppenheimer S&P Ultra Dividend Revenue ETF (the “Predecessor Fund’’) Predecessor Fund Inception: September 30, 2013

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.39% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund and the indexes are based on the inception date of the Predecessor Fund.

- Effective after the close of business on May 24, 2019, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

12

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 15, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

● The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

● Each Fund’s investment strategy remained appropriate for an open-end fund;

● Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

● The Funds did not breach the 15% limit on Illiquid Investments; and

● The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

  13  

Invesco S&P 500 Revenue ETF (RWL)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.83%
Communication Services-7.62%
Activision Blizzard, Inc.		10,552	$	828,227
Alphabet, Inc., Class A(b)		118,387		12,811,841
Alphabet, Inc., Class C(b)		118,083		12,888,760
AT&T, Inc.		770,534		13,515,166
Charter Communications, Inc., Class A(b)		10,758		4,439,074
Comcast Corp., Class A		281,617		10,191,719
DISH Network Corp., Class A(b)(c)		85,860		1,489,671
Electronic Arts, Inc.		5,140		652,112
Fox Corp., Class A		20,769		709,884
Fox Corp., Class B		22,400		708,288
Interpublic Group of Cos., Inc. (The)		35,474		980,501
Live Nation Entertainment, Inc.(b)(c)		8,190		740,048
Lumen Technologies, Inc.(c)		166,969		1,663,011
Match Group, Inc.(b)		3,952		223,407
Meta Platforms, Inc., Class A(b)		66,469		10,829,794
Netflix, Inc.(b)		16,190		3,619,436
News Corp., Class A		29,963		506,974
News Corp., Class B		29,522		508,959
Omnicom Group, Inc.		20,433		1,366,968
Paramount Global, Class B(c)		98,743		2,309,599
Take-Two Interactive Software, Inc.(b)		2,653		325,152
T-Mobile US, Inc.(b)		60,182		8,663,801
Twitter, Inc.(b)(c)		13,102		507,703
Verizon Communications, Inc.		257,737		10,775,984
Walt Disney Co. (The)(b)		76,188		8,539,151
Warner Bros Discovery, Inc.(b)		82,218		1,088,566
				110,883,796
Consumer Discretionary-13.71%
Advance Auto Parts, Inc.		6,002		1,012,177
Amazon.com, Inc.(b)		424,996		53,876,743
Aptiv PLC(b)		15,143		1,414,810
AutoZone, Inc.(b)		735		1,557,619
Bath & Body Works, Inc.		27,237		1,016,757
Best Buy Co., Inc.		68,051		4,810,525
Booking Holdings, Inc.(b)		568		1,065,460
BorgWarner, Inc.		38,144		1,438,029
Caesars Entertainment, Inc.(b)(c)		21,529		928,330
CarMax, Inc.(b)(c)		32,329		2,859,177
Carnival Corp.(b)(c)		30,873		292,059
Chipotle Mexican Grill, Inc.(b)		574		916,563
D.R. Horton, Inc.		42,084		2,994,277
Darden Restaurants, Inc.(c)		7,565		935,866
Dollar General Corp.		14,408		3,420,747
Dollar Tree, Inc.(b)(c)		16,679		2,263,007
Domino’s Pizza, Inc.		1,108		412,021
eBay, Inc.		22,639		999,059
Etsy, Inc.(b)(c)		3,031		320,104
Expedia Group, Inc.(b)		8,104		831,876
Ford Motor Co.		1,032,126		15,729,600
Garmin Ltd.		4,941		437,229
General Motors Co.		363,570		13,892,010
Genuine Parts Co.		14,109		2,201,145
Hasbro, Inc.		7,399		583,189
Hilton Worldwide Holdings, Inc.		5,069		645,588
Home Depot, Inc. (The)		51,552		14,868,628
Las Vegas Sands Corp.(b)(c)		11,576		435,605

	Shares		Value
Consumer Discretionary-(continued)
Lennar Corp., Class A		37,151	$	2,877,345
LKQ Corp.		26,054		1,386,594
Lowe’s Cos., Inc.		49,982		9,703,505
Marriott International, Inc., Class A		9,577		1,472,368
McDonald’s Corp.		9,731		2,454,937
MGM Resorts International		33,332		1,087,956
Mohawk Industries, Inc.(b)		8,526		940,929
Newell Brands, Inc.		54,353		970,201
NIKE, Inc., Class B		39,766		4,233,091
Norwegian Cruise Line Holdings Ltd.(b)(c)		8,631		112,893
NVR, Inc.(b)		210		869,413
O’Reilly Automotive, Inc.(b)		2,170		1,512,750
PENN Entertainment, Inc.(b)(c)		18,741		585,281
Pool Corp.(c)		1,434		486,398
PulteGroup, Inc.		33,325		1,354,995
PVH Corp.		13,632		766,800
Ralph Lauren Corp.(c)		6,075		554,830
Ross Stores, Inc.		23,618		2,037,525
Royal Caribbean Cruises Ltd.(b)(c)		5,427		221,693
Starbucks Corp.		40,283		3,386,592
Tapestry, Inc.		19,860		689,738
Target Corp.		69,721		11,179,065
Tesla, Inc.(b)		26,142		7,204,997
TJX Cos., Inc. (The)		82,293		5,130,969
Tractor Supply Co.		6,453		1,194,773
Ulta Beauty, Inc.(b)		2,171		911,538
VF Corp.		24,422		1,012,292
Whirlpool Corp.		12,748		1,996,337
Wynn Resorts Ltd.(b)(c)		6,239		378,021
Yum! Brands, Inc.		5,647		628,172
				199,500,198
Consumer Staples-12.34%
Altria Group, Inc.		41,857		1,888,588
Archer-Daniels-Midland Co.		103,808		9,123,685
Brown-Forman Corp., Class B		5,329		387,418
Campbell Soup Co.(c)		17,222		867,644
Church & Dwight Co., Inc.		5,961		498,995
Clorox Co. (The)(c)		5,287		763,126
Coca-Cola Co. (The)		63,685		3,930,001
Colgate-Palmolive Co.		22,190		1,735,480
Conagra Brands, Inc.		33,958		1,167,476
Constellation Brands, Inc., Class A		3,606		887,256
Costco Wholesale Corp.		45,849		23,937,763
Estee Lauder Cos., Inc. (The), Class A		7,074		1,799,484
General Mills, Inc.		26,521		2,036,813
Hershey Co. (The)		4,248		954,398
Hormel Foods Corp.(c)		26,467		1,330,761
JM Smucker Co. (The)		5,990		838,540
Kellogg Co.		19,949		1,451,090
Keurig Dr Pepper, Inc.		35,272		1,344,569
Kimberly-Clark Corp.		15,073		1,922,109
Kraft Heinz Co. (The)		66,779		2,497,535
Kroger Co. (The)		263,284		12,621,835
Lamb Weston Holdings, Inc.		5,768		458,729
McCormick & Co., Inc.(c)		7,041		591,937
Molson Coors Beverage Co., Class B		19,703		1,018,054
Mondelez International, Inc., Class A		46,803		2,895,234

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  14  

Invesco S&P 500 Revenue ETF (RWL)–(continued)

August 31, 2022

	Shares		Value
Consumer Staples-(continued)
Monster Beverage Corp.(b)		6,502	$	577,573
PepsiCo, Inc.		48,552		8,364,053
Philip Morris International, Inc.		29,949		2,859,830
Procter & Gamble Co. (The)		54,747		7,551,801
Sysco Corp.		78,436		6,449,008
Tyson Foods, Inc., Class A		59,374		4,475,612
Walgreens Boots Alliance, Inc.		319,241		11,192,589
Walmart, Inc.		461,644		61,190,912
				179,609,898
Energy-7.10%
APA Corp.		17,507		684,699
Baker Hughes Co., Class A		56,874		1,436,637
Chevron Corp.		99,255		15,688,245
ConocoPhillips		45,090		4,935,101
Coterra Energy, Inc.(c)		14,072		434,966
Devon Energy Corp.		21,058		1,487,116
Diamondback Energy, Inc.		5,012		667,999
EOG Resources, Inc.		15,189		1,842,426
Exxon Mobil Corp.		303,843		29,044,352
Halliburton Co.		38,760		1,167,839
Hess Corp.		6,236		753,184
Kinder Morgan, Inc.		84,930		1,555,918
Marathon Oil Corp.		19,869		508,448
Marathon Petroleum Corp.		121,725		12,263,794
Occidental Petroleum Corp.		44,174		3,136,354
ONEOK, Inc.		29,457		1,803,652
Phillips 66		116,355		10,409,118
Pioneer Natural Resources Co.		7,543		1,910,038
Schlumberger N.V.		48,824		1,862,636
Valero Energy Corp.		91,550		10,722,336
Williams Cos., Inc. (The)		29,246		995,241
				103,310,099
Financials-11.79%
Aflac, Inc.		37,638		2,236,450
Allstate Corp. (The)		39,427		4,750,954
American Express Co.		29,176		4,434,752
American International Group, Inc.		97,276		5,034,033
Ameriprise Financial, Inc.		6,068		1,626,285
Aon PLC, Class A		4,734		1,322,017
Arthur J. Gallagher & Co.		5,308		963,774
Assurant, Inc.		5,721		906,721
Bank of America Corp.		284,791		9,571,826
Bank of New York Mellon Corp. (The)		36,527		1,516,966
Berkshire Hathaway, Inc., Class B(b)		94,475		26,528,580
BlackRock, Inc.		3,190		2,125,784
Brown & Brown, Inc.		5,484		345,711
Capital One Financial Corp.		28,615		3,028,039
Cboe Global Markets, Inc.		3,071		362,286
Charles Schwab Corp. (The)		29,707		2,107,712
Chubb Ltd.		19,607		3,706,703
Cincinnati Financial Corp.		6,999		678,623
Citigroup, Inc.		163,386		7,974,871
Citizens Financial Group, Inc.		18,244		669,190
CME Group, Inc., Class A		2,330		455,771
Comerica, Inc.		4,057		325,777
Discover Financial Services		12,912		1,297,527
Everest Re Group Ltd.		4,195		1,128,665
FactSet Research Systems, Inc.		430		186,336
Fifth Third Bancorp		22,871		781,045

	Shares		Value
Financials-(continued)
First Republic Bank		3,809	$	578,320
Franklin Resources, Inc.		34,260		893,158
Globe Life, Inc.		5,467		531,338
Goldman Sachs Group, Inc. (The)		20,906		6,954,799
Hartford Financial Services Group, Inc. (The)		32,059		2,061,714
Huntington Bancshares, Inc.		50,611		678,187
Intercontinental Exchange, Inc.		10,205		1,029,174
Invesco Ltd.(d)		39,249		646,431
JPMorgan Chase & Co.		102,401		11,646,066
KeyCorp		40,653		719,152
Lincoln National Corp.		36,804		1,695,192
Loews Corp.		23,324		1,290,050
M&T Bank Corp.		3,722		676,585
MarketAxess Holdings, Inc.		235		58,419
Marsh & McLennan Cos., Inc.		13,193		2,128,954
MetLife, Inc.		109,596		7,050,311
Moody’s Corp.		2,194		624,237
Morgan Stanley		75,932		6,470,925
MSCI, Inc.		485		217,881
Nasdaq, Inc.		11,242		669,236
Northern Trust Corp.		6,417		610,193
PNC Financial Services Group, Inc. (The)		12,060		1,905,480
Principal Financial Group, Inc.		20,772		1,552,915
Progressive Corp. (The)		41,200		5,053,180
Prudential Financial, Inc.		66,658		6,382,504
Raymond James Financial, Inc.		11,684		1,219,459
Regions Financial Corp.		31,838		689,929
S&P Global, Inc.		2,529		890,663
Signature Bank		1,208		210,627
State Street Corp.		16,849		1,151,629
SVB Financial Group(b)		1,347		547,582
Synchrony Financial		35,121		1,150,213
T. Rowe Price Group, Inc.(c)		6,522		782,640
Travelers Cos., Inc. (The)		20,307		3,282,424
Truist Financial Corp.		48,353		2,264,855
U.S. Bancorp		46,384		2,115,574
W.R. Berkley Corp.		14,553		943,034
Wells Fargo & Co.		201,452		8,805,467
Willis Towers Watson PLC		4,476		925,771
Zions Bancorporation N.A.		5,412		297,822
				171,468,488
Health Care-19.85%
Abbott Laboratories		39,513		4,056,010
AbbVie, Inc.		38,555		5,184,105
ABIOMED, Inc.(b)		386		100,082
Agilent Technologies, Inc.		5,279		677,032
Align Technology, Inc.(b)		1,528		372,374
AmerisourceBergen Corp.(c)		155,312		22,762,527
Amgen, Inc.		10,679		2,566,164
Baxter International, Inc.		18,033		1,036,176
Becton, Dickinson and Co.		7,822		1,974,429
Biogen, Inc.(b)		5,028		982,371
Bio-Rad Laboratories, Inc., Class A(b)		535		259,496
Bio-Techne Corp.		300		99,543
Boston Scientific Corp.(b)		31,784		1,281,213
Bristol-Myers Squibb Co.		60,859		4,102,505
Cardinal Health, Inc.		323,375		22,869,080
Catalent, Inc.(b)		4,276		376,288

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  15  

Invesco S&P 500 Revenue ETF (RWL)–(continued)

August 31, 2022

	Shares		Value
Health Care-(continued)
Centene Corp.(b)		163,767	$	14,696,451
Charles River Laboratories International, Inc.(b)(c)		1,608		330,042
Cigna Corp.		68,318		19,364,737
Cooper Cos., Inc. (The)		914		262,720
CVS Health Corp		313,948		30,813,996
Danaher Corp.		11,724		3,164,425
DaVita, Inc.(b)		12,122		1,033,885
DENTSPLY SIRONA, Inc.		10,682		350,049
DexCom, Inc.(b)		3,397		279,267
Edwards Lifesciences Corp.(b)		5,602		504,740
Elevance Health, Inc.		29,238		14,183,646
Eli Lilly and Co.		9,603		2,892,712
Gilead Sciences, Inc.		44,054		2,796,107
HCA Healthcare, Inc.		29,633		5,863,482
Henry Schein, Inc.(b)		15,119		1,109,886
Hologic, Inc.(b)		7,306		493,593
Humana, Inc.		19,189		9,244,876
IDEXX Laboratories, Inc.(b)		916		318,420
Illumina, Inc.(b)		2,225		448,649
Incyte Corp.(b)		4,255		299,680
Intuitive Surgical, Inc.(b)		2,815		579,158
IQVIA Holdings, Inc.(b)(c)		6,573		1,397,814
Johnson & Johnson		53,676		8,660,086
Laboratory Corp. of America Holdings		6,882		1,550,308
McKesson Corp.		82,229		30,178,043
Medtronic PLC		33,246		2,922,988
Merck & Co., Inc.		60,691		5,180,584
Mettler-Toledo International, Inc.(b)		311		377,075
Moderna, Inc.(b)		17,243		2,280,732
Molina Healthcare, Inc.(b)		10,219		3,447,584
Organon & Co.		17,855		509,403
PerkinElmer, Inc.(c)		3,430		463,256
Pfizer, Inc.		180,801		8,177,629
Quest Diagnostics, Inc.		7,917		992,079
Regeneron Pharmaceuticals, Inc.(b)		2,824		1,640,913
ResMed, Inc.		1,649		362,648
STERIS PLC		2,035		409,808
Stryker Corp.		7,841		1,608,973
Teleflex, Inc.		1,014		229,428
Thermo Fisher Scientific, Inc.		7,608		4,148,795
UnitedHealth Group, Inc.		59,912		31,114,099
Universal Health Services, Inc., Class B		10,963		1,072,620
Vertex Pharmaceuticals, Inc.(b)		3,048		858,805
Viatris, Inc.		153,010		1,461,246
Waters Corp.(b)		864		257,990
West Pharmaceutical Services, Inc.		948		281,262
Zimmer Biomet Holdings, Inc.		6,557		697,140
Zoetis, Inc.		4,754		744,144
				288,755,368
Industrials-9.62%
3M Co.(c)		24,992		3,107,755
A.O. Smith Corp.		6,283		354,675
Alaska Air Group, Inc.(b)		15,622		680,494
Allegion PLC.		2,621		249,257
American Airlines Group, Inc.(b)(c)		230,069		2,988,596
AMETEK, Inc.		4,874		585,660
Boeing Co. (The)(b)		46,934		7,521,173
C.H. Robinson Worldwide, Inc.		24,012		2,740,970

	Shares		Value
Industrials-(continued)
Carrier Global Corp.		53,608	$	2,097,145
Caterpillar, Inc.		23,816		4,399,053
Cintas Corp.		1,994		811,239
Copart, Inc.(b)		3,030		362,540
CSX Corp.		42,134		1,333,541
Cummins, Inc.		11,528		2,482,785
Deere & Co.		13,284		4,851,981
Delta Air Lines, Inc.(b)		97,251		3,021,589
Dover Corp.		6,140		767,254
Eaton Corp. PLC		14,054		1,920,339
Emerson Electric Co.		21,141		1,728,065
Equifax, Inc.		2,680		505,850
Expeditors International of Washington, Inc.		17,796		1,831,030
Fastenal Co.		11,793		593,542
FedEx Corp.		43,205		9,108,046
Fortive Corp.		8,828		559,077
Fortune Brands Home & Security, Inc.		11,656		716,028
Generac Holdings, Inc.(b)(c)		1,516		334,142
General Dynamics Corp.		16,664		3,814,890
General Electric Co.		101,745		7,472,153
Honeywell International, Inc.		17,933		3,395,614
Howmet Aerospace, Inc.		14,559		515,825
Huntington Ingalls Industries, Inc.		4,518		1,040,315
IDEX Corp.		1,507		303,223
Illinois Tool Works, Inc.		7,334		1,428,883
Ingersoll Rand, Inc.(c)		11,224		531,681
J.B. Hunt Transport Services, Inc.		7,756		1,349,699
Jacobs Solutions, Inc.		10,835		1,349,824
Johnson Controls International PLC		46,296		2,506,465
L3Harris Technologies, Inc.		7,026		1,603,263
Leidos Holdings, Inc.		13,445		1,277,947
Lockheed Martin Corp.		14,879		6,250,817
Masco Corp.		15,295		778,057
Nielsen Holdings PLC		14,023		390,400
Nordson Corp.		1,152		261,700
Norfolk Southern Corp.		4,840		1,176,749
Northrop Grumman Corp.		7,399		3,536,648
Old Dominion Freight Line, Inc.		2,222		603,073
Otis Worldwide Corp.		18,991		1,371,530
PACCAR, Inc.		27,633		2,418,164
Parker-Hannifin Corp.		5,761		1,526,665
Pentair PLC		7,924		352,618
Quanta Services, Inc.		10,952		1,547,518
Raytheon Technologies Corp.		66,089		5,931,488
Republic Services, Inc.		8,964		1,279,342
Robert Half International, Inc.		7,911		608,910
Rockwell Automation, Inc.		3,402		806,070
Rollins, Inc.		7,229		244,051
Snap-on, Inc.		2,192		477,549
Southwest Airlines Co.(b)		44,700		1,640,490
Stanley Black & Decker, Inc.		15,112		1,331,367
Textron, Inc.		19,257		1,201,252
Trane Technologies PLC		10,828		1,668,270
TransDigm Group, Inc.		840		504,328
Union Pacific Corp.		10,439		2,343,660
United Airlines Holdings, Inc.(b)		68,523		2,398,990
United Parcel Service, Inc., Class B		55,623		10,819,230
United Rentals, Inc.(b)		3,523		1,028,857
Verisk Analytics, Inc.(c)		1,798		336,514

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  16  

Invesco S&P 500 Revenue ETF (RWL)–(continued)

August 31, 2022

	Shares		Value
Industrials-(continued)
W.W. Grainger, Inc.		2,691	$	1,493,344
Wabtec Corp.		8,545		748,969
Waste Management, Inc.		11,876		2,007,400
Xylem, Inc.		6,337		577,301
				139,902,929
Information Technology-11.36%
Accenture PLC, Class A		19,348		5,581,124
Adobe, Inc.(b)		3,985		1,488,158
Advanced Micro Devices, Inc.(b)		19,388		1,645,460
Akamai Technologies, Inc.(b)(c)		3,503		316,251
Amphenol Corp., Class A		16,501		1,213,319
Analog Devices, Inc.		6,061		918,423
ANSYS, Inc.(b)		792		196,654
Apple, Inc.		274,528		43,161,292
Applied Materials, Inc.		23,688		2,228,330
Arista Networks, Inc.(b)		3,233		387,572
Autodesk, Inc.(b)		2,376		479,334
Automatic Data Processing, Inc.		7,395		1,807,412
Broadcom, Inc.		5,398		2,694,196
Broadridge Financial Solutions, Inc.		3,852		659,347
Cadence Design Systems, Inc.(b)		2,071		359,878
CDW Corp.		12,750		2,176,425
Ceridian HCM Holding, Inc.(b)		2,028		120,950
Cisco Systems, Inc.		115,417		5,161,448
Citrix Systems, Inc.		3,242		333,180
Cognizant Technology Solutions Corp., Class A		26,343		1,664,087
Corning, Inc.		42,270		1,450,706
DXC Technology Co.(b)		48,340		1,197,865
Enphase Energy, Inc.(b)		748		214,257
EPAM Systems, Inc.(b)		1,341		571,937
F5, Inc.(b)(c)		1,646		258,521
Fidelity National Information Services, Inc.		14,082		1,286,672
Fiserv, Inc.(b)		17,143		1,734,700
FleetCor Technologies, Inc.(b)		1,251		265,875
Fortinet, Inc.(b)		6,072		295,646
Gartner, Inc.(b)		1,908		544,391
Global Payments, Inc.		7,183		892,344
Hewlett Packard Enterprise Co.		190,029		2,584,394
HP, Inc.		180,175		5,172,824
Intel Corp.		193,579		6,179,042
International Business Machines Corp.		48,061		6,173,436
Intuit, Inc.		3,281		1,416,670
Jack Henry & Associates, Inc.		1,020		196,044
Juniper Networks, Inc.		16,324		463,928
Keysight Technologies, Inc.(b)		3,576		586,071
KLA Corp.		2,515		865,487
Lam Research Corp.		3,416		1,495,901
Mastercard, Inc., Class A		5,771		1,871,939
Microchip Technology, Inc.		10,344		674,946
Micron Technology, Inc.		48,429		2,737,691
Microsoft Corp.		74,370		19,445,524
Monolithic Power Systems, Inc.		293		132,782
Motorola Solutions, Inc.		3,859		939,319
NetApp, Inc.		9,010		649,891
NortonLifeLock, Inc.		11,855		267,804
NVIDIA Corp.		16,924		2,554,509
NXP Semiconductors N.V. (China)		6,338		1,043,108
ON Semiconductor Corp.(b)(c)		11,664		802,133

	Shares		Value
Information Technology-(continued)
Oracle Corp.		60,635	$	4,496,085
Paychex, Inc.		3,641		449,081
Paycom Software, Inc.(b)		351		123,271
PayPal Holdings, Inc.(b)		31,784		2,969,897
PTC, Inc.(b)		1,672		192,096
Qorvo, Inc.(b)		4,477		401,945
QUALCOMM, Inc.		28,678		3,793,239
Roper Technologies, Inc.		1,526		614,337
salesforce.com, inc.(b)		15,227		2,377,239
Seagate Technology Holdings PLC(c)		14,531		972,996
ServiceNow, Inc.(b)		1,306		567,614
Skyworks Solutions, Inc.		5,105		503,098
SolarEdge Technologies, Inc.(b)		728		200,906
Synopsys, Inc.(b)		1,523		526,989
TE Connectivity Ltd. (Switzerland)		12,234		1,544,053
Teledyne Technologies, Inc.(b)		1,322		486,972
Teradyne, Inc.		3,701		313,253
Texas Instruments, Inc.		11,682		1,929,983
Trimble, Inc.(b)		5,848		369,886
Tyler Technologies, Inc.(b)(c)		486		180,554
VeriSign, Inc.(b)		747		136,118
Visa, Inc., Class A(c)		13,151		2,613,235
Western Digital Corp.(b)		34,563		1,460,632
Zebra Technologies Corp., Class A(b)		1,817		548,080
				165,330,756
Materials-2.94%
Air Products and Chemicals, Inc.		4,475		1,129,714
Albemarle Corp.(c)		1,494		400,332
Amcor PLC		107,451		1,290,487
Avery Dennison Corp.		5,005		919,018
Ball Corp.		20,654		1,152,700
Celanese Corp.		6,201		687,443
CF Industries Holdings, Inc.		9,281		960,212
Corteva, Inc.		26,980		1,657,381
Dow, Inc.		91,773		4,680,423
DuPont de Nemours, Inc.		24,436		1,359,619
Eastman Chemical Co.		10,264		934,024
Ecolab, Inc.		8,034		1,316,210
FMC Corp.		4,501		486,468
Freeport-McMoRan, Inc.		58,278		1,725,029
International Flavors & Fragrances, Inc.		9,666		1,067,900
International Paper Co.		46,818		1,948,565
Linde PLC (United Kingdom)		9,955		2,815,871
LyondellBasell Industries N.V., Class A		47,615		3,952,045
Martin Marietta Materials, Inc.		1,707		593,541
Mosaic Co. (The)		25,493		1,373,308
Newmont Corp.		17,842		737,945
Nucor Corp.		32,361		4,302,071
Packaging Corp. of America		5,192		710,889
PPG Industries, Inc.		14,456		1,835,623
Sealed Air Corp.		9,203		495,213
Sherwin-Williams Co. (The)		7,976		1,851,230
Vulcan Materials Co.		3,758		625,669
WestRock Co.		43,649		1,771,713
				42,780,643
Real Estate-0.89%
Alexandria Real Estate Equities, Inc.(c)		1,500		230,100
American Tower Corp.		3,827		972,249
AvalonBay Communities, Inc.		1,214		243,905

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  17  

Invesco S&P 500 Revenue ETF (RWL)–(continued)

August 31, 2022

	Shares		Value
Real Estate-(continued)
Boston Properties, Inc.		2,951	$	234,398
Camden Property Trust		873		112,189
CBRE Group, Inc., Class A(b)		38,662		3,052,752
Crown Castle, Inc.		3,728		636,854
Digital Realty Trust, Inc.		3,578		442,348
Duke Realty Corp.		2,150		126,528
Equinix, Inc.		1,007		661,972
Equity Residential		3,348		245,007
Essex Property Trust, Inc.		507		134,385
Extra Space Storage, Inc.		970		192,768
Federal Realty Investment Trust		938		94,991
Healthpeak Properties, Inc.		7,353		193,016
Host Hotels & Resorts, Inc.		18,626		330,984
Iron Mountain, Inc.(c)		8,872		466,756
Kimco Realty Corp.		7,114		149,963
Mid-America Apartment Communities, Inc.		1,047		173,456
Prologis, Inc.		4,007		498,912
Public Storage		1,132		374,500
Realty Income Corp.		3,615		246,832
Regency Centers Corp.		1,785		108,599
SBA Communications Corp., Class A		684		222,471
Simon Property Group, Inc.		4,962		506,025
UDR, Inc.		2,937		131,783
Ventas, Inc.		7,269		347,894
VICI Properties, Inc.(c)		5,031		165,973
Vornado Realty Trust(c)		5,154		135,138
Welltower, Inc.		6,034		462,506
Weyerhaeuser Co.		29,347		1,002,494
				12,897,748
Utilities-2.61%
AES Corp. (The)		53,443		1,360,124
Alliant Energy Corp.		6,294		384,186
Ameren Corp.		7,305		676,589
American Electric Power Co., Inc.		16,620		1,665,324
American Water Works Co., Inc.		2,542		377,360
Atmos Energy Corp.		3,287		372,680
CenterPoint Energy, Inc.		27,681		872,782
CMS Energy Corp.		11,052		746,452
Consolidated Edison, Inc.		14,388		1,406,283
Constellation Energy Corp.		32,050		2,614,960
Dominion Energy, Inc.		17,625		1,441,725

	Shares		Value
Utilities-(continued)
DTE Energy Co.		12,562	$	1,637,331
Duke Energy Corp.		23,555		2,518,265
Edison International		23,111		1,566,232
Entergy Corp.		9,901		1,141,585
Evergy, Inc.		7,592		520,280
Eversource Energy		11,627		1,042,826
Exelon Corp.		67,224		2,951,806
FirstEnergy Corp.		27,327		1,080,783
NextEra Energy, Inc.		30,446		2,589,737
NiSource, Inc.		16,916		499,191
NRG Energy, Inc.		59,140		2,441,299
Pinnacle West Capital Corp.(c)		5,152		388,203
PPL Corp.		20,830		605,736
Public Service Enterprise Group, Inc.		13,595		874,974
Sempra Energy		8,589		1,416,927
Southern Co. (The)		32,310		2,490,132
WEC Energy Group, Inc.		8,375		863,798
Xcel Energy, Inc.		18,692		1,387,881
				37,935,451

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.83%
(Cost $1,320,010,500) 1,452,375,374

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.13%
Invesco Private Government Fund, 2.29%(d)(e)(f)	8,652,647		8,652,647
Invesco Private Prime Fund, 2.37%(d)(e)(f)	22,281,825		22,284,054
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $30,934,459)			30,936,701
TOTAL INVESTMENTS IN SECURITIES-101.96% (Cost $1,350,944,959)			1,483,312,075
OTHER ASSETS LESS LIABILITIES-(1.96)%			(28,459,449	)
NET ASSETS-100.00%		$	1,454,852,626

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 August 31, 2022.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021	Purchases at Cost	Proceeds from Sales	Change in Unrealized Appreciation (Depreciation)	Realized Gain (Loss)	Value August 31, 2022	Dividend Income
Invesco Ltd.	$  449,253	$    480,685	$        (24,226)	$(270,389)	$11,108	$    646,431	$  21,720

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  18  

Invesco S&P 500 Revenue ETF (RWL)–(continued)

August 31, 2022

	Value August 31, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value August 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$               -		$23,562,682		$(23,562,682)		$              -		$          -		$                 -		$    2,640
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		1,278,231		158,578,725		(151,204,309)		-		-		8,652,647		73,651	*
Invesco Private Prime Fund		2,982,538		356,456,335		(337,156,727)		2,242		(334)		22,284,054		206,387	*
Total		$4,710,022		$539,078,427		$(511,947,944)		$(268,147)		$10,774		$31,583,132		$304,398

* 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 August 31, 2022.

^(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  19  

Invesco S&P MidCap 400 Revenue ETF (RWK)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-0.72%
Cable One, Inc.(b)		263	$	298,505
Iridium Communications, Inc.(b)(c)		3,455		153,368
John Wiley & Sons, Inc., Class A(b)		8,021		369,207
New York Times Co. (The), Class A(b)		12,986		395,943
TEGNA, Inc.		27,146		580,924
TripAdvisor, Inc.(b)(c)		9,274		220,721
World Wrestling Entertainment, Inc., Class A(b)		3,725		253,337
Ziff Davis, Inc.(b)(c)		4,350		336,168
				2,608,173
Consumer Discretionary-23.64%
Adient PLC(b)(c)		75,096		2,493,187
American Eagle Outfitters, Inc.(b)		83,693		942,383
AutoNation, Inc.(c)		44,164		5,502,834
Boyd Gaming Corp.		12,417		675,857
Brunswick Corp.		17,772		1,327,746
Callaway Golf Co.(b)(c)		32,024		708,691
Capri Holdings Ltd.(c)		23,259		1,097,360
Carter’s, Inc.		9,538		704,381
Choice Hotels International, Inc.		1,903		218,293
Churchill Downs, Inc.		1,693		333,673
Columbia Sportswear Co.(b)		8,656		616,653
Cracker Barrel Old Country Store, Inc.(b)		6,704		723,630
Crocs, Inc.(c)		9,299		685,336
Dana, Inc.(b)		110,649		1,711,740
Deckers Outdoor Corp.(b)(c)		2,321		746,364
Dick’s Sporting Goods, Inc.		30,958		3,293,002
Five Below, Inc.(b)(c)		4,460		570,345
Foot Locker, Inc.(b)		59,888		2,206,274
Fox Factory Holding Corp.(c)		3,310		308,525
GameStop Corp., Class A(b)(c)		37,627		1,077,637
Gap, Inc. (The)(b)		338,871		3,097,281
Gentex Corp.		11,519		314,354
Goodyear Tire & Rubber Co. (The)(c)		306,940		4,306,368
Graham Holdings Co., Class B		1,158		654,768
Grand Canyon Education, Inc.(b)(c)		2,010		163,574
H&R Block, Inc.		24,596		1,106,820
Hanesbrands, Inc.		125,666		1,094,551
Harley-Davidson, Inc.(b)		32,962		1,271,344
Helen of Troy Ltd.(b)(c)		2,642		326,630
KB Home(b)		38,075		1,090,849
Kohl’s Corp.		83,692		2,378,527
Lear Corp.		28,421		3,940,287
Leggett & Platt, Inc.(b)		27,925		1,067,294
Light & Wonder, Inc.(c)		10,247		504,460
Lithia Motors, Inc., Class A(b)		17,034		4,521,505
Macy’s, Inc.		223,972		3,879,195
Marriott Vacations Worldwide Corp.(b)		6,045		860,929
Mattel, Inc.(c)		47,600		1,052,912
Murphy USA, Inc.		15,817		4,589,619
Nordstrom, Inc.(b)		113,964		1,949,924
Ollie’s Bargain Outlet Holdings, Inc.(b)(c)		6,498		359,404
Papa John’s International, Inc.		5,012		405,120
Polaris, Inc.		16,281		1,844,149
RH(b)(c)		2,755		705,032
Service Corp. International		12,065		744,531

	Shares		Value
Consumer Discretionary-(continued)
Skechers U.S.A., Inc., Class A(c)		33,630	$	1,271,214
Taylor Morrison Home Corp., Class A(c)		58,659		1,472,928
Tempur Sealy International, Inc.(b)		45,989		1,150,185
Texas Roadhouse, Inc.		9,329		828,042
Thor Industries, Inc.(b)		41,128		3,331,779
Toll Brothers, Inc.		39,305		1,721,166
TopBuild Corp.(c)		4,074		748,638
Travel + Leisure Co.		14,137		599,409
Under Armour, Inc., Class A(b)(c)		56,740		477,751
Under Armour, Inc., Class C(c)		61,465		466,519
Victoria’s Secret & Co.(b)(c)		37,518		1,254,602
Visteon Corp.(c)		5,313		636,657
Wendy’s Co. (The)		21,060		403,931
Williams-Sonoma, Inc.(b)		13,741		2,043,974
Wingstop, Inc.(b)		732		83,346
Wyndham Hotels & Resorts, Inc.		4,396		287,235
YETI Holdings, Inc.(b)(c)		6,493		239,527
				85,190,241
Consumer Staples-8.56%
BellRing Brands, Inc.(c)		10,118		239,695
BJ’s Wholesale Club Holdings, Inc.(c)		56,010		4,172,185
Boston Beer Co., Inc. (The), Class A(b)(c)		1,230		414,608
Casey’s General Stores, Inc.		11,726		2,506,667
Coty, Inc., Class A(b)(c)		146,310		1,098,788
Darling Ingredients, Inc.(b)(c)		13,201		1,004,068
Energizer Holdings, Inc.		20,581		578,326
Flowers Foods, Inc.		35,329		964,482
Grocery Outlet Holding Corp.(b)(c)		16,229		651,107
Hain Celestial Group, Inc. (The)(c)		15,188		307,709
Ingredion, Inc.		15,853		1,380,321
Lancaster Colony Corp.		2,652		446,995
Nu Skin Enterprises, Inc., Class A		11,581		474,126
Performance Food Group Co.(c)		221,514		11,071,270
Pilgrim’s Pride Corp.(c)		103,022		2,933,036
Post Holdings, Inc.(c)		13,464		1,195,065
Sprouts Farmers Market, Inc.(b)(c)		48,789		1,410,002
				30,848,450
Energy-3.72%
Antero Midstream Corp.(b)		17,639		177,625
ChampionX Corp.(b)		26,687		582,043
CNX Resources Corp.(b)(c)		21,477		379,499
DT Midstream, Inc.		3,012		166,292
EQT Corp.		33,996		1,625,009
Equitrans Midstream Corp.		32,131		297,854
HF Sinclair Corp.		64,871		3,414,161
Matador Resources Co.		6,683		398,307
Murphy Oil Corp.		13,858		540,046
NOV, Inc.		57,909		1,023,252
PDC Energy, Inc.		7,031		477,475
Range Resources Corp.(c)		23,146		760,578
Targa Resources Corp.		51,988		3,547,141
				13,389,282
Financials-10.75%
Affiliated Managers Group, Inc.(b)		3,885		494,794
Alleghany Corp.(c)		2,879		2,421,757
American Financial Group, Inc.		9,167		1,170,443

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  20  

Invesco S&P MidCap 400 Revenue ETF (RWK)–(continued)

August 31, 2022

	Shares		Value
Financials-(continued)
Associated Banc-Corp.		11,587	$	232,203
Bank of Hawaii Corp.		1,784		139,188
Bank OZK(b)		6,232		252,583
Bread Financial Holdings, Inc.		17,098		657,076
Brighthouse Financial, Inc.(c)		40,411		1,921,543
Cadence Bank(b)		11,403		290,548
Cathay General Bancorp.		3,689		154,717
CNO Financial Group, Inc.		41,476		763,573
Commerce Bancshares, Inc.		4,295		295,367
Cullen/Frost Bankers, Inc.		2,381		309,435
East West Bancorp, Inc.		5,694		410,936
Essent Group Ltd.		5,049		201,910
Evercore, Inc., Class A		6,760		633,344
F.N.B. Corp.		23,574		281,002
Federated Hermes, Inc., Class B		7,959		271,084
First American Financial Corp.		33,011		1,766,088
First Financial Bankshares, Inc.(b)		2,668		113,417
First Horizon Corp.		28,205		637,997
FirstCash Holdings, Inc.(b)		5,448		424,726
Fulton Financial Corp.		12,818		208,036
Glacier Bancorp, Inc.(b)		3,573		181,080
Hancock Whitney Corp.		5,776		278,576
Hanover Insurance Group, Inc. (The)		7,407		958,392
Home BancShares, Inc.		6,848		161,133
Interactive Brokers Group, Inc., Class A		9,530		586,953
International Bancshares Corp.		3,186		132,952
Janus Henderson Group PLC(b)		21,342		499,403
Jefferies Financial Group, Inc.		60,131		1,929,604
Kemper Corp.(b)		23,591		1,085,186
Kinsale Capital Group, Inc.		605		153,416
Mercury General Corp.(b)		16,025		511,197
MGIC Investment Corp.		18,192		259,964
Navient Corp.		47,598		732,533
New York Community Bancorp, Inc.(b)		37,710		369,181
Old National Bancorp		12,305		205,370
Old Republic International Corp.		80,806		1,764,803
PacWest Bancorp		9,377		246,896
Pinnacle Financial Partners, Inc.		3,530		284,906
Primerica, Inc.		4,723		598,640
Prosperity Bancshares, Inc.		3,365		238,511
Reinsurance Group of America, Inc.		26,973		3,381,335
RenaissanceRe Holdings Ltd. (Bermuda)		6,888		931,671
RLI Corp.		2,020		221,715
SEI Investments Co.		7,391		404,288
Selective Insurance Group, Inc.		8,997		714,542
SLM Corp.		21,699		331,561
Stifel Financial Corp.		15,746		933,895
Synovus Financial Corp.		11,089		445,334
Texas Capital Bancshares, Inc.(c)		3,800		224,314
UMB Financial Corp.		3,141		281,025
Umpqua Holdings Corp.		15,528		275,467
United Bankshares, Inc.(b)		5,323		197,483
Unum Group		67,416		2,551,696
Valley National Bancorp		27,122		315,158
Voya Financial, Inc.(b)		24,468		1,505,516
Washington Federal, Inc.		4,190		134,122
Webster Financial Corp.		6,239		293,545
Wintrust Financial Corp.		4,608		388,639
				38,761,769

	Shares		Value
Health Care-4.78%
Acadia Healthcare Co., Inc.(c)		6,937	$	568,348
Amedisys, Inc.(b)(c)		3,713		439,805
Arrowhead Pharmaceuticals, Inc.(c)		1,699		67,467
Azenta, Inc.		2,007		105,789
Bruker Corp.		7,889		441,784
Chemed Corp.		922		439,047
Encompass Health Corp.(b)		17,958		872,220
Enovis Corp.(b)(c)		12,632		639,811
Envista Holdings Corp.(b)(c)		13,113		486,361
Exelixis, Inc.(c)		16,654		295,442
Globus Medical, Inc., Class A(b)(c)		3,208		189,882
Haemonetics Corp.(b)(c)		3,028		227,191
Halozyme Therapeutics, Inc.(c)		2,129		86,714
HealthEquity, Inc.(b)(c)		2,317		153,107
ICU Medical, Inc.(b)(c)		1,786		283,974
Inari Medical, Inc.(b)(c)		941		65,258
Integra LifeSciences Holdings Corp.(c)		5,220		249,046
Jazz Pharmaceuticals PLC(c)		4,452		691,039
LHC Group, Inc.(c)		2,730		440,813
LivaNova PLC(b)(c)		3,050		171,562
Masimo Corp.(c)		1,793		263,374
Medpace Holdings, Inc.(b)(c)		1,739		256,694
Neogen Corp.(b)(c)		4,219		88,177
Neurocrine Biosciences, Inc.(c)		2,522		263,877
NuVasive, Inc.(c)		4,336		184,323
Option Care Health, Inc.(c)		26,099		808,025
Patterson Cos., Inc.		42,813		1,194,055
Penumbra, Inc.(c)		1,176		193,064
Perrigo Co. PLC		21,597		808,160
Progyny, Inc.(b)(c)		3,827		153,884
QuidelOrtho Corp.(b)(c)		4,779		378,784
R1 RCM, Inc.(b)(c)		14,563		318,202
Repligen Corp.(b)(c)		981		215,202
Shockwave Medical, Inc.(c)		315		93,511
Sotera Health Co.(b)(c)		8,398		142,010
STAAR Surgical Co.(b)(c)		721		68,199
Syneos Health, Inc.(c)		15,615		938,618
Tandem Diabetes Care, Inc.(b)(c)		2,458		112,429
Tenet Healthcare Corp.(c)		61,246		3,460,399
United Therapeutics Corp.(c)		1,595		361,459
				17,217,106
Industrials-19.96%
Acuity Brands, Inc.(b)		4,285		702,440
AECOM		38,919		2,846,925
AGCO Corp.		19,278		2,095,711
ASGN, Inc.(c)		9,322		901,437
Avis Budget Group, Inc.(b)(c)		12,261		2,052,246
Axon Enterprise, Inc.(c)		1,916		223,559
Brink’s Co. (The)		14,531		803,274
Builders FirstSource, Inc.(c)		70,653		4,140,972
CACI International, Inc., Class A(c)		4,440		1,247,063
Carlisle Cos., Inc.		4,158		1,229,354
Chart Industries, Inc.(b)(c)		1,541		298,738
Clean Harbors, Inc.(c)		9,105		1,069,109
Crane Holdings Co.		6,892		650,329
Curtiss-Wright Corp.		3,547		522,083
Donaldson Co., Inc.		12,584		646,188
Dycom Industries, Inc.(b)(c)		6,923		776,207
EMCOR Group, Inc.		19,344		2,300,388

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  21  

Invesco S&P MidCap 400 Revenue ETF (RWK)–(continued)

August 31, 2022

	Shares		Value
Industrials-(continued)
EnerSys(b)		10,150	$	633,056
Esab Corp.(b)		10,256		421,419
Flowserve Corp.(b)		22,663		690,542
Fluor Corp.(b)(c)		89,737		2,372,646
FTI Consulting, Inc.(c)		3,402		546,361
GATX Corp.(b)		2,512		242,684
Graco, Inc.		6,677		426,260
GXO Logistics, Inc.(c)		32,095		1,424,376
Hexcel Corp.(b)		5,070		297,457
Hubbell, Inc.		4,732		976,212
IAA, Inc.(c)		10,463		389,851
Insperity, Inc.		11,016		1,200,964
ITT, Inc.		7,878		571,391
JetBlue Airways Corp.(b)(c)		146,436		1,140,736
KBR, Inc.		30,522		1,474,213
Kennametal, Inc.(b)		15,211		356,546
Kirby Corp.(c)		6,914		463,653
Knight-Swift Transportation Holdings, Inc.		28,457		1,437,363
Landstar System, Inc.(b)		9,877		1,448,265
Lennox International, Inc.		4,222		1,013,787
Lincoln Electric Holdings, Inc.(b)		5,033		687,961
ManpowerGroup, Inc.		50,219		3,682,057
MasTec, Inc.(b)(c)		19,579		1,576,110
MDU Resources Group, Inc.		43,057		1,298,169
Mercury Systems, Inc.(b)(c)		3,036		146,123
Middleby Corp. (The)(b)(c)		4,860		698,965
MillerKnoll, Inc.		23,324		645,608
MSA Safety, Inc.		2,286		271,714
MSC Industrial Direct Co., Inc., Class A		8,330		659,819
nVent Electric PLC		14,993		494,169
Oshkosh Corp.		18,129		1,445,969
Owens Corning		19,853		1,622,586
Regal Rexnord Corp.		6,927		953,086
Ryder System, Inc.		26,445		2,021,456
Saia, Inc.(b)(c)		2,560		529,485
Science Applications International Corp.(b)		16,336		1,487,720
Simpson Manufacturing Co., Inc.(b)		3,303		305,990
Stericycle, Inc.(b)(c)		11,352		568,622
SunPower Corp.(b)(c)		15,024		360,576
Sunrun, Inc.(b)(c)		13,664		451,322
Terex Corp.(b)		23,497		780,570
Tetra Tech, Inc.		5,232		710,558
Timken Co. (The)		14,047		884,821
Toro Co. (The)		9,851		816,943
Trex Co., Inc.(b)(c)		4,269		199,747
Univar Solutions, Inc.(c)		66,900		1,687,218
Valmont Industries, Inc.		2,995		829,076
Vicor Corp.(c)		1,132		80,530
Watsco, Inc.(b)		5,213		1,418,092
Watts Water Technologies, Inc., Class A		2,887		399,907
Werner Enterprises, Inc.(b)		14,582		580,218
Woodward, Inc.(b)		4,675		435,102
XPO Logistics, Inc.(c)		60,785		3,186,350
				71,950,444
Information Technology-13.35%
ACI Worldwide, Inc.(c)		10,371		245,793
Amkor Technology, Inc.		67,552		1,359,822
Arrow Electronics, Inc.(c)		58,603		6,142,180
Aspen Technology, Inc.(b)(c)		609		128,255

	Shares		Value
Information Technology-(continued)
Avnet, Inc.(b)		99,275	$	4,357,180
Belden, Inc.		8,903		582,968
Blackbaud, Inc.(b)(c)		3,158		165,163
Calix, Inc.(c)		3,872		227,867
Ciena Corp.(c)		16,772		851,011
Cirrus Logic, Inc.(c)		4,578		351,087
Cognex Corp.		4,706		198,170
CommVault Systems, Inc.(c)		2,455		133,282
Concentrix Corp.(b)		7,565		951,526
Envestnet, Inc.(b)(c)		4,083		213,827
Euronet Worldwide, Inc.(c)		5,557		492,684
Fair Isaac Corp.(c)		682		306,491
First Solar, Inc.(c)		7,310		932,390
Genpact Ltd.		19,051		895,016
II-VI Incorporated(b)(c)		10,965		517,877
IPG Photonics Corp.(c)		3,029		274,397
Jabil, Inc.		102,943		6,207,463
Kyndryl Holdings, Inc.(c)		370,235		3,857,849
Lattice Semiconductor Corp.(c)		2,221		119,712
Littelfuse, Inc.		1,717		407,307
Lumentum Holdings, Inc.(b)(c)		4,034		337,041
Manhattan Associates, Inc.(c)		1,147		162,025
Maximus, Inc.(b)		15,476		937,691
MKS Instruments, Inc.		5,294		527,335
National Instruments Corp.(b)		8,838		351,399
NCR Corp.(b)(c)		46,582		1,446,371
Paylocity Holding Corp.(c)		910		219,310
Power Integrations, Inc.		1,786		127,753
Qualys, Inc.(c)		686		104,203
Sabre Corp.(b)(c)		56,248		404,423
Semtech Corp.(c)		2,584		119,355
Silicon Laboratories, Inc.(c)		1,130		141,623
SiTime Corp.(b)(c)		240		25,538
Synaptics, Inc.(b)(c)		2,351		271,799
TD SYNNEX Corp.		83,565		8,045,638
Teradata Corp.(b)(c)		10,294		338,673
Universal Display Corp.		949		106,032
Viasat, Inc.(b)(c)		15,714		596,818
Vishay Intertechnology, Inc.		34,162		671,967
Vontier Corp.		24,170		529,806
Western Union Co. (The)		58,522		867,296
WEX, Inc.(b)(c)		2,268		349,839
Wolfspeed, Inc.(b)(c)		1,837		208,444
Xerox Holdings Corp.(b)		77,997		1,296,310
				48,106,006
Materials-9.94%
Alcoa Corp.(b)		48,501		2,399,829
AptarGroup, Inc.		6,205		637,936
Ashland, Inc.		4,560		464,026
Avient Corp.		20,869		914,688
Cabot Corp.		10,601		762,954
Chemours Co. (The)		32,538		1,097,507
Cleveland-Cliffs, Inc.(b)(c)		226,091		3,904,592
Commercial Metals Co.(b)		40,261		1,630,973
Eagle Materials, Inc.		2,943		352,042
Greif, Inc., Class A(b)		18,278		1,225,540
Ingevity Corp.(c)		4,101		287,644
Louisiana-Pacific Corp.		14,939		810,142
Minerals Technologies, Inc.		5,910		344,317

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  22  

Invesco S&P MidCap 400 Revenue ETF (RWK)–(continued)

August 31, 2022

	Shares		Value
Materials-(continued)
NewMarket Corp.		1,594	$	457,813
Olin Corp.		30,799		1,683,473
Reliance Steel & Aluminum Co.		16,740		3,146,785
Royal Gold, Inc.		1,161		106,696
RPM International, Inc.(b)		15,882		1,479,567
Scotts Miracle-Gro Co. (The)		10,149		679,475
Sensient Technologies Corp.		3,357		267,452
Silgan Holdings, Inc.		26,733		1,217,688
Sonoco Products Co.		20,937		1,319,450
Steel Dynamics, Inc.		54,761		4,420,308
United States Steel Corp.		197,595		4,518,998
Valvoline, Inc.		20,961		609,336
Worthington Industries, Inc.(b)		21,366		1,089,452
				35,828,683
Real Estate-2.49%
Apartment Income REIT Corp.		3,558		145,344
Brixmor Property Group, Inc.		10,583		227,323
Corporate Office Properties Trust(b)		5,241		135,427
Cousins Properties, Inc.		4,603		123,591
Douglas Emmett, Inc.		7,345		143,374
EastGroup Properties, Inc.		527		86,971
EPR Properties		2,315		100,679
First Industrial Realty Trust, Inc.		1,915		97,052
Highwoods Properties, Inc.		4,246		129,121
Hudson Pacific Properties, Inc.		10,059		132,879
Independence Realty Trust, Inc.(b)		3,064		59,595
JBG SMITH Properties(b)		5,005		109,960
Jones Lang LaSalle, Inc.(c)		23,332		4,036,436
Kilroy Realty Corp.(b)		3,557		173,475
Kite Realty Group Trust(b)		5,220		101,059
Lamar Advertising Co., Class A		4,160		390,582
Life Storage, Inc.		1,557		198,128
Macerich Co. (The)		17,182		164,432
Medical Properties Trust, Inc.(b)		19,794		289,190
National Retail Properties, Inc.		3,427		153,872
National Storage Affiliates Trust		2,623		132,514
Omega Healthcare Investors, Inc.		6,827		222,970
Park Hotels & Resorts, Inc.(b)		19,820		277,480
Pebblebrook Hotel Trust		8,435		148,625
Physicians Realty Trust(b)		5,202		86,665
PotlatchDeltic Corp.(b)		5,740		266,451
Rayonier, Inc.		5,763		204,702
Rexford Industrial Realty, Inc.		1,648		102,522
Sabra Health Care REIT, Inc.		8,201		122,769
SL Green Realty Corp.		2,969		131,141
Spirit Realty Capital, Inc.		3,169		129,454
STORE Capital Corp.		6,072		163,823
				8,987,606

	Shares		Value
Utilities-2.03%
ALLETE, Inc.		4,749	$	281,046
Black Hills Corp.		5,777		436,048
Essential Utilities, Inc.		8,660		425,639
Hawaiian Electric Industries, Inc.		14,060		550,027
IDACORP, Inc.		2,792		304,998
National Fuel Gas Co.		6,481		461,901
New Jersey Resources Corp.		10,797		476,579
NorthWestern Corp.		4,562		241,695
OGE Energy Corp.		13,263		537,682
ONE Gas, Inc.		5,040		394,481
PNM Resources, Inc.		8,074		382,950
Southwest Gas Holdings, Inc.		8,754		681,499
Spire, Inc.		5,321		371,885
UGI Corp.		45,150		1,783,425
				7,329,855
Total Common Stocks & Other Equity Interests (Cost $365,125,860)				360,217,615
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(d)(e) (Cost $227,907)		227,907		227,907
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $365,353,767)				360,445,522
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-22.20%
Invesco Private Government Fund, 2.29%(d)(e)(f)		22,446,908		22,446,908
Invesco Private Prime Fund, 2.37%(d)(e)(f)		57,548,865		57,554,621
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $79,997,599)				80,001,529
TOTAL INVESTMENTS IN SECURITIES-122.20% (Cost $445,351,366)				440,447,051
OTHER ASSETS LESS LIABILITIES-(22.20)%				(80,013,046	)
NET ASSETS-100.00%			$	360,434,005

Investment Abbreviations:

REIT -Real Estate Investment Trust

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  23  

Invesco S&P MidCap 400 Revenue ETF (RWK)–(continued)

August 31, 2022

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 August 31, 2022.

^(c) Non-income producing security.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31,  2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	106,364		$	9,734,615		$	(9,613,072)			$	-		$	-			$	227,907		$	929
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			7,318,420			157,752,984			(142,624,496	)			-			-				22,446,908			117,355	*
Invesco Private Prime Fund			17,259,450			326,099,014			(285,794,365	)			3,930			(13,408	)			57,554,621			331,750	*
Total		$	24,684,234		$	493,586,613		$	(438,031,933	)		$	3,930		$	(13,408	)		$	80,229,436		$	450,034

* 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 August 31, 2022.

^(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  24  

Invesco S&P SmallCap 600 Revenue ETF (RWJ)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-2.47%
AMC Networks, Inc., Class A(b)(c)		78,530	$	2,103,819
ATN International, Inc.		12,301		576,302
Cars.com, Inc.(b)(c)		55,846		712,036
Cinemark Holdings, Inc.(b)(c)		101,010		1,422,221
Cogent Communications Holdings, Inc.		8,188		436,011
Consolidated Communications Holdings, Inc.(b)(c)		135,672		778,757
E.W. Scripps Co. (The), Class A(b)(c)		136,327		2,038,089
Gannett Co., Inc.(b)(c)		773,525		1,794,578
Gogo, Inc.(b)(c)		15,335		227,878
Marcus Corp. (The)(c)		30,052		483,537
QuinStreet, Inc.(b)(c)		46,577		559,390
Scholastic Corp.		36,601		1,680,352
Shenandoah Telecommunications Co.(c)		9,126		203,419
Shutterstock, Inc.		11,579		641,592
TechTarget, Inc.(b)(c)		3,488		226,371
Telephone & Data Systems, Inc.(c)		281,687		4,583,047
Thryv Holdings, Inc.(b)(c)		39,972		1,022,484
Yelp, Inc.(b)(c)		31,203		1,066,206
				20,556,089
Consumer Discretionary-23.92%
Aaron’s Co., Inc. (The)		86,218		1,025,994
Abercrombie & Fitch Co., Class A(b)(c)		167,316		2,407,677
Academy Sports & Outdoors, Inc.(c)		156,302		6,733,490
Adtalem Global Education, Inc.(b)		36,353		1,370,145
American Axle & Manufacturing Holdings, Inc.(b)(c)		492,559		5,097,986
American Public Education, Inc.(b)(c)		29,097		300,572
America’s Car-Mart, Inc.(b)(c)		10,298		830,122
Asbury Automotive Group, Inc.(b)(c)		53,305		9,300,656
Bed Bath & Beyond, Inc.(b)(c)		930,553		8,868,170
Big Lots, Inc.		209,639		4,312,274
BJ’s Restaurants, Inc.(b)(c)		40,386		1,012,881
Bloomin’ Brands, Inc.(c)		188,953		3,820,630
Boot Barn Holdings, Inc.(b)(c)		15,686		1,045,001
Brinker International, Inc.(b)(c)		115,436		2,829,336
Buckle, Inc. (The)(c)		36,484		1,177,704
Caleres, Inc.(c)		87,374		2,229,784
Cato Corp. (The), Class A		55,737		602,517
Cavco Industries, Inc.(b)		6,758		1,581,440
Century Communities, Inc.		70,812		3,306,212
Cheesecake Factory, Inc. (The)(c)		85,065		2,604,690
Chico’s FAS, Inc.(b)(c)		283,310		1,609,201
Children’s Place, Inc. (The)(b)(c)		35,361		1,491,527
Chuy’s Holdings, Inc.(b)		15,772		352,189
Conn’s, Inc.(b)(c)		142,864		1,372,923
Dave & Buster’s Entertainment, Inc.(b)		29,581		1,222,879
Designer Brands, Inc., Class A(c)		180,730		3,083,254
Dine Brands Global, Inc.(c)		10,637		708,424
Dorman Products, Inc.(b)(c)		11,946		1,082,905
El Pollo Loco Holdings, Inc.(b)		37,129		336,017
Ethan Allen Interiors, Inc.(c)		28,635		680,654
Fossil Group, Inc.(b)(c)		246,371		1,042,149
Genesco, Inc.(b)(c)		36,690		2,075,920
Gentherm, Inc.(b)(c)		12,062		722,514
G-III Apparel Group Ltd.(b)		93,607		1,972,299

	Shares		Value
Consumer Discretionary-(continued)
Golden Entertainment, Inc.(b)(c)		21,407	$	819,032
Group 1 Automotive, Inc.		67,902		12,126,618
Guess?, Inc.		116,449		2,034,364
Haverty Furniture Cos., Inc., (Acquired 11/17/2014 - 8/31/2022; Cost $942,883)(c)(d)		32,553		873,071
Hibbett, Inc.		28,158		1,650,059
Installed Building Products, Inc.		19,526		1,768,275
iRobot Corp.(b)(c)		32,496		1,913,364
Jack in the Box, Inc.(c)		15,054		1,202,212
Kontoor Brands, Inc.		59,325		2,208,670
La-Z-Boy, Inc.(c)		75,719		1,998,224
LCI Industries		37,872		4,388,229
LGI Homes, Inc.(b)(c)		26,364		2,502,207
Liquidity Services, Inc.(b)(c)		16,646		291,139
LL Flooring Holdings, Inc.(b)(c)		85,874		699,014
M.D.C. Holdings, Inc.(c)		128,858		4,004,907
M/I Homes, Inc.(b)		73,636		3,184,021
MarineMax, Inc.(b)(c)		46,870		1,703,256
Meritage Homes Corp.(b)		56,215		4,404,445
Monarch Casino & Resort, Inc.(b)(c)		5,567		336,191
Monro, Inc.(c)		26,814		1,241,756
Motorcar Parts of America, Inc.(b)(c)		34,260		509,104
Movado Group, Inc.		19,049		607,473
ODP Corp. (The)(b)		192,206		6,871,364
Oxford Industries, Inc.(c)		10,442		1,114,475
Patrick Industries, Inc.(c)		67,526		3,576,852
Perdoceo Education Corp.(b)		55,360		641,069
PetMed Express, Inc.(c)		10,815		222,465
Rent-A-Center, Inc.(c)		155,952		4,029,800
Ruth’s Hospitality Group, Inc.(c)		20,776		378,539
Sally Beauty Holdings, Inc.(b)(c)		241,634		3,595,514
Shake Shack, Inc., Class A(b)(c)		15,175		723,240
Shoe Carnival, Inc.(c)		42,429		1,009,386
Signet Jewelers Ltd.(c)		107,340		7,016,816
Sleep Number Corp.(b)(c)		48,715		2,018,262
Sonic Automotive, Inc., Class A(c)		261,761		13,923,068
Sonos, Inc.(b)(c)		72,404		1,088,956
Standard Motor Products, Inc.		27,026		991,854
Steven Madden Ltd.		48,672		1,416,842
Strategic Education, Inc.		14,885		963,059
Sturm Ruger & Co., Inc.(c)		8,906		465,339
Tri Pointe Homes, Inc.(b)(c)		172,164		2,983,602
Tupperware Brands Corp.(b)(c)		217,246		2,441,845
Unifi, Inc.(b)		44,125		501,260
Universal Electronics, Inc.(b)		18,229		405,231
Urban Outfitters, Inc.(b)(c)		185,549		3,735,101
Vista Outdoor, Inc.(b)(c)		72,598		2,041,456
Winnebago Industries, Inc.		77,588		4,467,517
Wolverine World Wide, Inc.(c)		95,931		1,874,492
WW International, Inc.(b)		139,161		726,420
XPEL, Inc.(b)(c)(e)		4,681		320,789
Zumiez, Inc.(b)(c)		33,584		871,841
				199,092,221
Consumer Staples-9.55%
Andersons, Inc. (The)		317,394		11,753,100
B&G Foods, Inc.(c)		78,333		1,696,693

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  25  

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

August 31, 2022

	Shares		Value
Consumer Staples-(continued)
Calavo Growers, Inc.		24,618	$	1,034,941
Cal-Maine Foods, Inc.		29,259		1,568,575
Central Garden & Pet Co.(b)(c)		32,954		1,315,524
Central Garden & Pet Co., Class A(b)		35,160		1,327,642
Chefs’ Warehouse, Inc. (The)(b)		47,655		1,588,818
Edgewell Personal Care Co.		51,139		1,992,375
elf Beauty, Inc.(b)		12,184		464,576
Fresh Del Monte Produce, Inc.		148,654		4,064,200
Hostess Brands, Inc.(b)		51,071		1,183,826
Inter Parfums, Inc.(c)		11,382		893,715
J&J Snack Foods Corp.(c)		8,501		1,266,904
John B. Sanfilippo & Son, Inc.		11,212		905,145
Medifast, Inc.		7,186		901,699
MGP Ingredients, Inc.		6,786		742,795
National Beverage Corp.(c)		20,376		1,130,053
PriceSmart, Inc.		44,765		2,832,281
Seneca Foods Corp., Class A(b)		20,015		1,057,392
Simply Good Foods Co. (The)(b)		24,065		735,186
SpartanNash Co.		233,287		7,098,923
Tootsie Roll Industries, Inc.(c)		15,382		551,137
TreeHouse Foods, Inc.(b)(c)		95,345		4,443,077
United Natural Foods, Inc.(b)		559,240		24,651,299
Universal Corp.		29,601		1,510,835
USANA Health Sciences, Inc.(b)		13,763		887,989
Vector Group Ltd.		146,815		1,438,787
WD-40 Co.(c)		2,288		432,798
				79,470,285
Energy-9.75%
Archrock, Inc.(c)		67,139		496,157
Bristow Group, Inc.(b)(c)		37,920		1,100,059
Callon Petroleum Co.(b)(c)		34,893		1,485,046
Civitas Resources, Inc.		17,794		1,195,579
CONSOL Energy, Inc.		22,818		1,637,876
Core Laboratories N.V.		15,130		244,349
DMC Global, Inc.(b)(c)		11,110		247,975
Dorian LPG Ltd.		13,463		195,887
Dril-Quip, Inc.(b)(c)		9,158		202,667
Green Plains, Inc.(b)(c)		78,318		2,868,788
Helix Energy Solutions Group, Inc.(b)(c)		127,194		549,478
Helmerich & Payne, Inc.		26,743		1,143,263
Laredo Petroleum, Inc.(b)(c)		12,784		992,166
Nabors Industries Ltd.(b)		10,437		1,383,007
Nabors Industries Ltd., Wts., expiring 06/11/2026(b)		5,690		194,882
Oceaneering International, Inc.(b)		133,106		1,177,988
Oil States International, Inc.(b)(c)		64,937		318,191
Par Pacific Holdings, Inc.(b)(c)		225,815		4,245,322
Patterson-UTI Energy, Inc.		76,170		1,134,933
PBF Energy, Inc., Class A(b)		658,141		22,482,097
ProPetro Holding Corp.(b)		61,040		559,126
Ranger Oil Corp., Class A(c)		12,414		484,022
REX American Resources Corp.(b)		21,907		663,782
RPC, Inc.		90,608		720,334
SM Energy Co.		50,958		2,245,719
Talos Energy, Inc.(b)		50,687		1,050,742
US Silica Holdings, Inc.(b)		67,054		940,768
World Fuel Services Corp.		1,210,897		31,241,143
				81,201,346

	Shares		Value
Financials-8.92%
Allegiance Bancshares, Inc.		5,565	$	235,733
Ambac Financial Group, Inc.(b)(c)		19,987		301,604
American Equity Investment Life Holding Co.		94,815		3,602,970
Ameris Bancorp		22,349		1,043,251
AMERISAFE, Inc.		5,068		242,352
Apollo Commercial Real Estate Finance, Inc.(c)		29,952		348,941
Assured Guaranty Ltd.(c)		13,373		682,959
Axos Financial, Inc.(b)(c)		16,393		684,900
B. Riley Financial, Inc.		23,189		1,154,117
Banc of California, Inc.		15,310		258,433
BancFirst Corp.(c)		4,488		484,076
Bancorp, Inc. (The)(b)(c)		14,381		341,117
BankUnited, Inc.(c)		24,619		912,134
Banner Corp.		9,178		557,655
Berkshire Hills Bancorp, Inc.		13,379		377,422
Blucora, Inc.(b)		46,930		942,354
Brightsphere Investment Group, Inc.		22,463		383,893
Brookline Bancorp, Inc.		20,441		254,899
Capitol Federal Financial, Inc.		24,334		220,466
Central Pacific Financial Corp.		9,682		210,971
City Holding Co.(c)		2,699		229,442
Columbia Banking System, Inc.(c)		19,023		569,739
Community Bank System, Inc.(c)		8,357		546,381
Customers Bancorp, Inc.(b)		19,914		690,817
CVB Financial Corp.		16,265		426,794
Dime Community Bancshares, Inc.(c)		12,493		390,531
Donnelley Financial Solutions, Inc.(b)(c)		27,571		1,170,389
Eagle Bancorp, Inc.		6,984		338,934
eHealth, Inc.(b)(c)		40,211		257,350
Ellington Financial, Inc.		12,731		186,891
Employers Holdings, Inc.		14,175		555,093
Encore Capital Group, Inc.(b)(c)		24,438		1,336,270
Enova International, Inc.(b)		38,000		1,327,720
EZCORP, Inc., Class A(b)(c)		86,594		757,698
FB Financial Corp.		12,874		510,068
First Bancorp		60,788		869,268
First Bancorp/Southern Pines NC		8,180		297,834
First Commonwealth Financial Corp.		24,565		331,136
First Financial Bancorp		27,198		586,933
First Hawaiian, Inc.		25,471		654,859
Flagstar Bancorp, Inc.		41,627		1,603,888
Franklin BSP Realty Trust, Inc.(c)		11,400		147,060
Genworth Financial, Inc., Class A(b)		1,660,934		7,009,141
Granite Point Mortgage Trust, Inc.		14,885		140,217
Green Dot Corp., Class A(b)		45,631		925,853
Hanmi Financial Corp.		9,767		241,440
HCI Group, Inc.		5,638		269,440
Heritage Financial Corp.		8,097		210,441
Hilltop Holdings, Inc.(c)		51,712		1,365,197
HomeStreet, Inc.		7,866		273,815
Hope Bancorp, Inc.(c)		36,783		532,250
Horace Mann Educators Corp.		32,006		1,144,855
Independent Bank Corp.		5,851		457,724
Independent Bank Group, Inc.(c)		7,793		524,936
James River Group Holdings Ltd.		26,155		621,443
KKR Real Estate Finance Trust, Inc.		13,555		261,069
Lakeland Financial Corp.(c)		2,960		223,006
LendingTree, Inc.(b)(c)		16,002		487,901

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  26  

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

August 31, 2022

	Shares		Value
Financials-(continued)
Mr. Cooper Group, Inc.(b)(c)		57,983	$	2,452,681
National Bank Holdings Corp., Class A		6,579		264,015
NBT Bancorp, Inc.		11,590		449,460
New York Mortgage Trust, Inc.(c)		76,184		213,315
NMI Holdings, Inc., Class A(b)(c)		23,084		473,915
Northfield Bancorp, Inc.		11,938		175,966
Northwest Bancshares, Inc.		34,300		482,601
OFG Bancorp		18,537		504,206
Pacific Premier Bancorp, Inc.(c)		21,932		718,492
Palomar Holdings, Inc.(b)(c)		3,665		290,598
Park National Corp.(c)		3,258		429,502
Pathward Financial, Inc.		12,004		395,652
PennyMac Mortgage Investment Trust(c)		49,424		733,946
Piper Sandler Cos		14,225		1,629,758
PRA Group, Inc.(b)(c)		24,799		916,075
Preferred Bank		2,789		189,206
ProAssurance Corp.		46,721		999,362
PROG Holdings, Inc.(b)		86,085		1,596,016
Provident Financial Services, Inc.		18,436		428,268
Ready Capital Corp.		43,598		571,134
Redwood Trust, Inc.		68,295		529,286
Renasant Corp.		18,470		615,790
S&T Bancorp, Inc.		10,499		311,190
Safety Insurance Group, Inc.(c)		7,749		697,797
Seacoast Banking Corp. of Florida(c)		9,361		302,548
Selectquote, Inc.(b)(c)		234,102		259,853
ServisFirst Bancshares, Inc.(c)		5,030		424,331
Simmons First National Corp., Class A(c)		30,884		728,554
SiriusPoint Ltd. (Bermuda)(b)		332,587		1,486,664
Southside Bancshares, Inc.		5,806		218,770
Stewart Information Services Corp.		56,410		2,856,602
StoneX Group, Inc.(b)		17,870		1,659,051
Tompkins Financial Corp.		3,740		267,934
Triumph Bancorp, Inc.(b)(c)		5,563		344,405
Trupanion, Inc.(b)(c)		11,286		796,566
TrustCo Bank Corp.		5,050		168,367
Trustmark Corp.		20,290		639,947
Two Harbors Investment Corp.		10,299		49,950
United Community Banks, Inc.		21,366		716,402
United Fire Group, Inc.		26,624		783,544
Universal Insurance Holdings, Inc.		80,818		964,967
Veritex Holdings, Inc.(c)		9,744		293,392
Virtus Investment Partners, Inc.(c)		4,734		905,378
Walker & Dunlop, Inc.		10,667		1,071,607
Westamerica Bancorporation		3,159		176,746
WisdomTree Investments, Inc.(c)		45,516		228,035
World Acceptance Corp.(b)(c)		3,825		444,618
WSFS Financial Corp.(c)		13,743		664,474
				74,235,006
Health Care-8.08%
Addus HomeCare Corp.(b)		9,004		803,337
Allscripts Healthcare Solutions, Inc.(b)(c)		65,514		1,113,738
AMN Healthcare Services, Inc.(b)		39,144		4,017,740
Amphastar Pharmaceuticals, Inc.(b)		12,563		371,865
AngioDynamics, Inc.(b)(c)		13,377		296,167
ANI Pharmaceuticals, Inc.(b)(c)		6,804		251,000
Anika Therapeutics, Inc.(b)		5,920		133,792
Apollo Medical Holdings, Inc.(b)(c)		20,923		902,409
Arcus Biosciences, Inc.(b)(c)		14,373		346,102

	Shares		Value
Health Care-(continued)
Artivion, Inc.(b)(c)		14,431	$	319,791
Avanos Medical, Inc.(b)		23,328		574,569
Avid Bioservices, Inc.(b)(c)		7,569		130,338
BioLife Solutions, Inc.(b)(c)		8,145		192,303
Cara Therapeutics, Inc.(b)(c)		2,807		28,968
Cardiovascular Systems, Inc.(b)		13,669		180,567
Coherus Biosciences, Inc.(b)(c)		37,341		417,472
Collegium Pharmaceutical, Inc.(b)(c)		13,913		244,591
Community Health Systems, Inc.(b)(c)		2,205,774		5,867,359
Computer Programs & Systems, Inc.(b)		7,445		227,147
CONMED Corp.(c)		8,235		729,374
Corcept Therapeutics, Inc.(b)		14,661		378,547
CorVel Corp.(b)		3,804		591,066
Covetrus, Inc.(b)		189,316		3,951,025
Cross Country Healthcare, Inc.(b)(c)		96,854		2,458,155
Cutera, Inc.(b)(c)		4,623		220,748
Cytokinetics, Inc.(b)(c)		1,373		72,714
Dynavax Technologies Corp.(b)(c)		33,712		386,677
Eagle Pharmaceuticals, Inc.(b)(c)		4,604		150,873
Embecta Corp.		35,719		1,140,150
Emergent BioSolutions, Inc.(b)		49,931		1,199,343
Enanta Pharmaceuticals, Inc.(b)		1,826		111,167
Ensign Group, Inc. (The)		29,596		2,524,539
Fulgent Genetics, Inc.(b)(c)		16,419		713,734
Glaukos Corp.(b)		5,523		268,142
Hanger, Inc.(b)(c)		67,618		1,259,723
Harmony Biosciences Holdings, Inc.(b)(c)		6,007		263,767
HealthStream, Inc.(b)		10,626		235,153
Heska Corp.(b)(c)		2,328		212,011
Innoviva, Inc.(b)(c)		22,861		300,851
Inogen, Inc.(b)		11,180		320,083
Integer Holdings Corp.(b)(c)		14,248		898,621
Ironwood Pharmaceuticals, Inc.(b)(c)		29,712		319,701
iTeos Therapeutics, Inc.(b)(c)		23,191		514,376
Joint Corp. (The)(b)(c)		4,831		88,117
Lantheus Holdings, Inc.(b)		6,998		551,442
LeMaitre Vascular, Inc.		2,877		142,066
Ligand Pharmaceuticals, Inc.(b)(c)		2,810		259,616
Meridian Bioscience, Inc.(b)		10,211		332,776
Merit Medical Systems, Inc.(b)		16,418		972,438
Mesa Laboratories, Inc.		617		105,421
ModivCare, Inc.(b)(c)		18,175		1,968,716
Myriad Genetics, Inc.(b)(c)		34,358		767,558
Nektar Therapeutics(b)(c)		17,250		67,965
NeoGenomics, Inc.(b)		52,129		523,896
NextGen Healthcare, Inc.(b)		28,662		491,267
OptimizeRx Corp.(b)(c)		2,024		32,121
OraSure Technologies, Inc.(b)(c)		73,533		300,750
Organogenesis Holdings, Inc.(b)(c)		75,898		272,474
Orthofix Medical, Inc.(b)		14,590		290,341
Owens & Minor, Inc.(c)		255,499		7,539,776
Pacira BioSciences, Inc.(b)(c)		8,585		450,541
Pediatrix Medical Group, Inc.(b)(c)		85,125		1,516,928
Pennant Group, Inc. (The)(b)(c)		22,839		357,887
Phibro Animal Health Corp., Class A		40,178		595,036
Prestige Consumer Healthcare, Inc.(b)		17,018		860,770
RadNet, Inc.(b)(c)		59,700		1,199,373
REGENXBIO, Inc.(b)(c)		18,897		557,462
Select Medical Holdings Corp.(c)		216,976		5,563,265
Simulations Plus, Inc.(c)		853		51,223

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  27  

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

August 31, 2022

	Shares		Value
Health Care-(continued)
Supernus Pharmaceuticals, Inc.(b)		18,303	$	626,512
SurModics, Inc.(b)(c)		2,149		72,400
uniQure N.V. (Netherlands)(b)		30,488		595,736
US Physical Therapy, Inc.(c)		3,739		308,879
Vanda Pharmaceuticals, Inc.(b)		22,545		238,526
Varex Imaging Corp.(b)(c)		32,356		682,388
Vericel Corp.(b)(c)		5,271		131,511
Vir Biotechnology, Inc.(b)		84,339		2,003,051
Xencor, Inc.(b)(c)		13,134		346,606
Zimvie, Inc.(b)(c)		40,011		608,967
Zynex, Inc.(c)		13,981		124,990
				67,238,586
Industrials-18.48%
AAON, Inc.(c)		9,587		551,061
AAR Corp.(b)		33,145		1,421,258
ABM Industries, Inc.(c)		133,702		6,203,773
Aerojet Rocketdyne Holdings, Inc.(b)		46,249		1,991,944
AeroVironment, Inc.(b)(c)		4,077		361,426
Alamo Group, Inc.		10,393		1,358,989
Albany International Corp., Class A		9,651		851,122
Allegiant Travel Co.(b)		12,257		1,182,800
American Woodmark Corp.(b)		31,277		1,621,087
Apogee Enterprises, Inc.(c)		26,899		1,098,555
Applied Industrial Technologies, Inc.		30,374		3,220,251
ArcBest Corp.(c)		50,964		4,104,131
Arcosa, Inc.		34,385		2,009,803
Astec Industries, Inc.		19,896		759,629
Atlas Air Worldwide Holdings, Inc.(b)(c)		54,407		5,436,347
AZZ, Inc.		17,043		726,202
Barnes Group, Inc.		31,152		967,270
Boise Cascade Co.		91,847		5,724,824
Brady Corp., Class A		23,331		1,085,825
CIRCOR International, Inc.(b)(c)		33,483		545,773
Comfort Systems USA, Inc.		31,341		3,144,756
CoreCivic, Inc.(b)		129,282		1,232,057
Deluxe Corp.		83,047		1,597,824
DXP Enterprises, Inc.(b)		33,656		894,576
Encore Wire Corp.(c)		18,366		2,389,417
Enerpac Tool Group Corp.(c)		22,979		445,793
EnPro Industries, Inc.		11,063		1,001,865
ESCO Technologies, Inc.(c)		9,562		778,634
Exponent, Inc.		4,575		429,409
Federal Signal Corp.		30,306		1,208,300
Forrester Research, Inc.(b)		8,809		366,366
Forward Air Corp.(c)		16,217		1,573,698
Franklin Electric Co., Inc.		20,775		1,804,309
GEO Group, Inc. (The)(b)(c)		279,068		2,282,776
Gibraltar Industries, Inc.(b)		26,423		1,105,803
GMS, Inc.(b)		74,917		3,610,999
Granite Construction, Inc.(c)		87,065		2,610,209
Greenbrier Cos., Inc. (The)(c)		48,997		1,396,904
Griffon Corp.		69,428		2,176,568
Harsco Corp.(b)(c)		219,971		1,247,236
Hawaiian Holdings, Inc.(b)(c)		106,019		1,589,225
Healthcare Services Group, Inc.		84,203		1,184,736
Heartland Express, Inc.		35,551		538,598
Heidrick & Struggles International, Inc.		29,597		842,331
Hillenbrand, Inc.(c)		58,153		2,423,236
HNI Corp.(c)		51,047		1,633,504

	Shares		Value
Industrials-(continued)
Hub Group, Inc., Class A(b)		53,621	$	4,279,492
Insteel Industries, Inc.		14,681		424,281
Interface, Inc.		75,022		837,996
John Bean Technologies Corp.		13,984		1,443,988
Kaman Corp.		15,870		503,396
KAR Auction Services, Inc.(b)(c)		106,694		1,557,732
Kelly Services, Inc., Class A		221,796		3,573,134
Korn Ferry		36,933		2,249,958
Lindsay Corp.		4,554		730,279
ManTech International Corp., Class A		23,421		2,246,308
Marten Transport Ltd.		51,078		1,011,855
Matson, Inc.		46,194		3,402,650
Matthews International Corp., Class A		49,191		1,230,267
Moog, Inc., Class A		30,263		2,269,120
Mueller Industries, Inc.		60,758		3,838,083
MYR Group, Inc.(b)		23,488		2,182,975
National Presto Industries, Inc.		4,120		281,066
NOW, Inc.(b)		134,710		1,632,685
NV5 Global, Inc.(b)(c)		5,053		711,260
Park Aerospace Corp.		3,530		40,630
PGT Innovations, Inc.(b)		57,178		1,196,164
Pitney Bowes, Inc.		701,291		2,026,731
Powell Industries, Inc.		14,622		360,579
Proto Labs, Inc.(b)(c)		8,692		333,773
Quanex Building Products Corp.		40,439		901,790
Resideo Technologies, Inc.(b)(c)		227,399		4,734,447
Resources Connection, Inc.		34,041		665,161
SkyWest, Inc.(b)		103,778		2,209,434
SPX Technologies, Inc.(b)(c)		20,748		1,183,881
Standex International Corp.		6,542		591,462
Tennant Co.		15,631		943,331
Titan International, Inc.(b)		92,461		1,297,228
Trinity Industries, Inc.(c)		63,086		1,538,037
Triumph Group, Inc.(b)		85,558		1,111,398
TrueBlue, Inc.(b)(c)		96,069		1,973,257
UFP Industries, Inc.		105,280		8,358,179
UniFirst Corp.		9,658		1,740,951
Veritiv Corp.(b)		42,025		5,008,960
Viad Corp.(b)(c)		18,222		695,716
Wabash National Corp.		106,487		1,751,711
				153,800,544
Information Technology-9.11%
3D Systems Corp.(b)(c)		51,157		518,220
8x8, Inc.(b)(c)		85,145		443,605
A10 Networks, Inc.		15,294		212,587
ADTRAN Holdings, Inc.		26,566		617,394
Advanced Energy Industries, Inc.		16,548		1,485,845
Agilysys, Inc.(b)(c)		3,321		171,928
Alarm.com Holdings, Inc.(b)		10,548		702,497
Alpha & Omega Semiconductor Ltd.(b)(c)		16,630		642,916
Arlo Technologies, Inc.(b)		57,677		351,253
Axcelis Technologies, Inc.(b)		10,492		702,334
Badger Meter, Inc.		5,501		520,890
Benchmark Electronics, Inc.		79,615		2,185,432
CalAmp Corp.(b)(c)		36,862		227,807
Cerence, Inc.(b)(c)		11,113		222,371
CEVA, Inc.(b)(c)		3,102		90,796
Cohu, Inc.(b)(c)		25,351		680,167
Comtech Telecommunications Corp.(c)		44,580		503,308

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  28  

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

August 31, 2022

	Shares		Value
Information Technology-(continued)
Consensus Cloud Solutions, Inc.(b)		9,240	$	465,234
Corsair Gaming, Inc.(b)(c)		98,722		1,519,332
CSG Systems International, Inc.		15,716		909,171
CTS Corp.		11,441		484,183
Diebold Nixdorf, Inc.(b)(c)		1,201,022		4,179,557
Digi International, Inc.(b)		11,860		392,685
Diodes, Inc.(b)		22,198		1,579,832
Ebix, Inc.		33,503		871,748
ePlus, Inc.(b)		26,842		1,264,795
EVERTEC, Inc.		13,613		457,397
ExlService Holdings, Inc.(b)		6,990		1,172,293
Extreme Networks, Inc.(b)		103,125		1,477,781
Fabrinet (Thailand)(b)		22,301		2,293,435
FARO Technologies, Inc.(b)(c)		9,208		308,928
FormFactor, Inc.(b)		17,132		501,625
Harmonic, Inc.(b)(c)		48,632		547,596
Ichor Holdings Ltd.(b)(c)		33,752		1,036,861
Insight Enterprises, Inc.(b)(c)		86,495		7,881,424
InterDigital, Inc.(c)		5,651		283,454
Itron, Inc.(b)(c)		33,729		1,604,826
Knowles Corp.(b)(c)		38,745		586,987
Kulicke & Soffa Industries, Inc. (Singapore)		30,637		1,287,979
LivePerson, Inc.(b)(c)		29,559		342,884
LiveRamp Holdings, Inc.(b)		16,653		330,562
MaxLinear, Inc.(b)		20,047		720,289
Methode Electronics, Inc.(c)		22,827		923,580
NETGEAR, Inc.(b)		48,478		1,143,596
NetScout Systems, Inc.(b)		20,247		642,640
OneSpan, Inc.(b)		14,412		165,882
Onto Innovation, Inc.(b)(c)		9,543		677,458
OSI Systems, Inc.(b)		11,703		975,094
PC Connection, Inc.		58,571		2,909,807
PDF Solutions, Inc.(b)		4,455		117,523
Perficient, Inc.(b)		7,055		550,996
Photronics, Inc.(b)(c)		29,018		487,502
Plexus Corp.(b)(c)		34,063		3,192,725
Progress Software Corp.		9,434		454,058
Rambus, Inc.(b)		12,327		317,913
Rogers Corp.(b)		3,028		758,575
Sanmina Corp.(b)		135,641		6,581,301
ScanSource, Inc.(b)		78,197		2,265,367
SMART Global Holdings, Inc.(b)(c)		68,626		1,259,287
SPS Commerce, Inc.(b)(c)		3,158		385,655
TTEC Holdings, Inc.(c)		30,019		1,571,495
TTM Technologies, Inc.(b)		141,295		2,222,570
Ultra Clean Holdings, Inc.(b)		60,765		1,778,592
Unisys Corp.(b)(c)		141,250		1,315,038
Veeco Instruments, Inc.(b)(c)		24,252		512,687
Viavi Solutions, Inc.(b)(c)		76,745		1,080,570
Xperi Holding Corp.		48,367		769,519
				75,839,638
Materials-6.43%
AdvanSix, Inc.		36,714		1,331,250
American Vanguard Corp.(c)		21,097		420,463
Arconic Corp.(b)(c)		235,297		5,931,837
ATI, Inc.(b)(c)		97,867		2,929,159
Balchem Corp.		5,870		773,783
Carpenter Technology Corp.		44,756		1,520,361

	Shares		Value
Materials-(continued)
Century Aluminum Co.(b)(c)		190,694	$	1,472,158
Clearwater Paper Corp.(b)		46,778		1,989,936
Compass Minerals International, Inc.		24,636		997,512
FutureFuel Corp.		33,725		245,855
GCP Applied Technologies, Inc.(b)(c)		27,393		860,688
Glatfelter Corp.(c)		128,722		626,876
H.B. Fuller Co.(c)		41,416		2,686,242
Hawkins, Inc.		17,648		676,271
Haynes International, Inc.		8,971		356,059
Innospec, Inc.(c)		13,966		1,305,262
Kaiser Aluminum Corp.		29,889		2,144,835
Koppers Holdings, Inc.		55,589		1,269,097
Livent Corp.(b)(c)		14,441		464,711
Materion Corp.		17,108		1,476,592
Mativ Holdings, Inc., Class A(c)		47,895		1,131,280
Mercer International, Inc. (Germany)		114,851		1,862,883
Myers Industries, Inc.		28,157		543,993
O-I Glass, Inc.(b)		324,747		4,224,958
Olympic Steel, Inc.		68,958		1,814,975
Quaker Chemical Corp.(c)		10,383		1,809,965
Rayonier Advanced Materials, Inc.(b)(c)		330,051		1,491,831
Stepan Co.		19,791		2,062,816
SunCoke Energy, Inc.		173,551		1,143,701
Sylvamo Corp.		66,495		2,955,038
TimkenSteel Corp.(b)(c)		50,230		770,528
Tredegar Corp.		60,705		619,798
Trinseo PLC(c)		100,105		2,655,786
Warrior Met Coal, Inc.		29,215		950,948
				53,517,447
Real Estate-2.55%
Acadia Realty Trust(c)		14,289		227,624
Agree Realty Corp.		4,254		320,411
Alexander & Baldwin, Inc.(c)		17,010		318,597
American Assets Trust, Inc.		10,540		292,590
Anywhere Real Estate, Inc.(b)(c)		622,739		6,084,160
Armada Hoffler Properties, Inc.		17,302		227,175
Brandywine Realty Trust		39,427		316,599
CareTrust REIT, Inc.		8,589		185,007
Centerspace(c)		2,197		165,610
Chatham Lodging Trust(b)		15,281		185,817
Community Healthcare Trust, Inc.		2,125		78,391
DiamondRock Hospitality Co.(b)(c)		59,257		517,314
Diversified Healthcare Trust		557,808		814,400
Douglas Elliman, Inc.		230,791		1,063,947
Easterly Government Properties, Inc.(c)		12,108		217,339
Essential Properties Realty Trust, Inc.		9,577		216,823
Four Corners Property Trust, Inc.		6,392		171,881
Franklin Street Properties Corp.		36,711		103,158
Getty Realty Corp.		4,788		144,023
Global Net Lease, Inc.		23,419		322,480
Hersha Hospitality Trust(b)		23,379		226,776
Industrial Logistics Properties Trust(c)		13,578		101,699
Innovative Industrial Properties, Inc.(c)		1,452		133,177
iStar, Inc.		20,344		280,137
LTC Properties, Inc.		3,333		149,618
LXP Industrial Trust(c)		25,279		254,307
Marcus & Millichap, Inc.		32,349		1,209,206
NexPoint Residential Trust, Inc.		2,882		152,227
Office Properties Income Trust		23,188		407,413

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  29  

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

August 31, 2022

	Shares		Value
Real Estate-(continued)
Orion Office REIT, Inc.(c)		8,218	$	81,112
RE/MAX Holdings, Inc., Class A		11,981		272,688
Retail Opportunity Investments Corp.		14,571		244,064
RPT Realty		16,865		162,410
Safehold, Inc.(c)		4,338		164,974
Saul Centers, Inc.		4,437		196,515
Service Properties Trust(c)		218,160		1,492,214
SITE Centers Corp.		32,014		414,901
St. Joe Co. (The)(c)		5,207		198,907
Summit Hotel Properties, Inc.		43,223		339,733
Tanger Factory Outlet Centers, Inc.(c)		22,911		353,288
Uniti Group, Inc.		90,969		854,199
Universal Health Realty Income Trust(c)		1,347		68,549
Urban Edge Properties(c)		21,314		335,269
Urstadt Biddle Properties, Inc., Class A		6,952		116,237
Veris Residential, Inc.(b)(c)		18,964		254,876
Washington REIT(c)		6,067		118,974
Whitestone REIT		9,583		94,297
Xenia Hotels & Resorts, Inc.(b)		35,728		566,646
				21,217,759
Utilities-0.70%
American States Water Co.		5,143		426,715
Avista Corp.		29,571		1,201,470
California Water Service Group(c)		13,210		773,181
Chesapeake Utilities Corp.		3,851		486,381
Middlesex Water Co.		1,451		128,805
Northwest Natural Holding Co.		13,674		651,019
South Jersey Industries, Inc.		53,302		1,804,273
Unitil Corp.(c)		7,732		402,760
				5,874,604
Total Common Stocks & Other Equity Interests (Cost $873,614,449)				832,043,525

	Shares		Value
Money Market Funds-0.16%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(f)(g) (Cost $1,315,172)		1,315,172	$	1,315,172
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.12% (Cost $874,929,621)				833,358,697
Investments Purchased with Cash Collateral from Securitieson Loan
Money Market Funds-26.12%
Invesco Private Government Fund, 2.29%(f)(g)(h)		60,858,717		60,858,717
Invesco Private Prime Fund, 2.37%(f)(g)(h)		156,522,308		156,537,964
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $217,381,999)				217,396,681
TOTAL INVESTMENTS IN SECURITIES-126.24% (Cost $1,092,311,620)				1,050,755,378
OTHER ASSETS LESS LIABILITIES-(26.24)%				(218,410,592	)
NET ASSETS-100.00%			$	832,344,786

Investment Abbreviations:

REIT-Real Estate Investment Trust

Wts. -Warrants

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 August 31, 2022.

^(d)  Restricted security. The value of this security at August 31, 2022 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 value of this security at August 31, 2022 represented less than 1% of the Fund’s Net Assets.

^(f) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value August 31, 2022		Dividend Income
Invesco Mortgage Capital, Inc.	$	-	$	140,888	$	(83,562	)	$	-	$	(57,326	)	$	-	$	7,877

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  30  

Invesco S&P SmallCap 600 Revenue ETF (RWJ)–(continued)

August 31, 2022

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	27,675,160		$	(26,359,988	)		$	-		$	-			$	1,315,172		$	2,483
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			19,362,671			261,144,782			(219,648,736	)			-			-				60,858,717			314,445	*
Invesco Private Prime Fund			46,059,431			555,576,427			(445,083,083	)			14,682			(29,493	)			156,537,964			889,468	*
Total		$	65,422,102		$	844,537,257		$	(691,175,369	)		$	14,682		$	(86,819	)		$	218,711,853		$	1,214,273

* 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 August 31, 2022.

^(h)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  31  

Invesco S&P Ultra Dividend Revenue ETF (RDIV)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.37%
Communication Services-2.36%
Omnicom Group, Inc.(b)		282,283	$	18,884,733
Consumer Discretionary-7.77%
American Eagle Outfitters, Inc.(b)		561,078		6,317,738
Gap, Inc. (The)(b)		2,332,208		21,316,381
H&R Block, Inc.(b)		170,394		7,667,730
Hanesbrands, Inc.(b)		825,454		7,189,705
Leggett & Platt, Inc.(b)		183,306		7,005,955
Newell Brands, Inc.		722,062		12,888,807
				62,386,316
Consumer Staples-9.37%
Conagra Brands, Inc.		460,927		15,846,670
Energizer Holdings, Inc.(b)		140,220		3,940,182
Kellogg Co.		272,837		19,846,163
Walgreens Boots Alliance, Inc.(b)		1,015,260		35,595,016
				75,228,031
Energy-10.87%
Chevron Corp.		272,219		43,026,935
Valero Energy Corp.		377,362		44,196,638
				87,223,573
Financials-22.22%
Associated Banc-Corp.		76,642		1,535,906
Citigroup, Inc.		756,072		36,903,874
Citizens Financial Group, Inc.		251,750		9,234,190
F.N.B. Corp.		159,659		1,903,135
Franklin Resources, Inc.(b)		468,655		12,217,836
Fulton Financial Corp.(b)		82,160		1,333,457
Janus Henderson Group PLC(b)		149,823		3,505,858
KeyCorp.		560,976		9,923,665
Navient Corp.		291,350		4,483,877
Old Republic International Corp.		558,979		12,208,101
Principal Financial Group, Inc.(b)		301,275		22,523,319
Prudential Financial, Inc.		410,971		39,350,473
Umpqua Holdings Corp.		102,283		1,814,500
Unum Group(b)		507,117		19,194,379
Valley National Bancorp(b)		189,077		2,197,075
				178,329,645
Health Care-15.36%
AbbVie, Inc.		264,334		35,542,350
Cardinal Health, Inc.		688,745		48,708,046
Gilead Sciences, Inc.		615,308		39,053,599
				123,303,995
Industrials-5.14%
3M Co.(b)		292,819		36,412,042
MSC Industrial Direct Co., Inc., Class A		61,209		4,848,365
				41,260,407
Materials-5.81%
Amcor PLC		1,519,897		18,253,963
International Paper Co.(b)		681,811		28,376,974
				46,630,937

	Shares		Value
Real Estate-2.99%
Boston Properties, Inc.		45,128	$	3,584,517
Brixmor Property Group, Inc.		72,559		1,558,567
Corporate Office Properties Trust(b)		37,143		959,775
Douglas Emmett, Inc.(b)		57,087		1,114,338
EPR Properties		15,109		657,091
Federal Realty Investment Trust(b)		13,149		1,331,599
Healthcare Realty Trust, Inc.		43,167		1,049,822
Healthpeak Properties, Inc.		98,697		2,590,796
Hudson Pacific Properties, Inc.		86,844		1,147,209
Kite Realty Group Trust(b)		36,498		706,601
Lamar Advertising Co., Class A		26,497		2,487,803
Macerich Co. (The)(b)		116,760		1,117,393
National Retail Properties, Inc.		21,860		981,514
Realty Income Corp.		46,652		3,185,399
Regency Centers Corp.		25,251		1,536,271
				24,008,695
Utilities-17.48%
ALLETE, Inc.		34,165		2,021,885
Consolidated Edison, Inc.		206,991		20,231,300
Duke Energy Corp.		338,051		36,141,032
Entergy Corp.		146,850		16,931,805
FirstEnergy Corp.		405,570		16,040,294
NorthWestern Corp.(b)		34,183		1,811,015
OGE Energy Corp.		92,405		3,746,099
Pinnacle West Capital Corp.		75,556		5,693,145
Southern Co. (The)		452,944		34,908,394
Spire, Inc.		39,973		2,793,713
				140,318,682
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.37% (Cost $795,999,345)				797,575,014
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-13.05%
Invesco Private Government Fund, 2.29%(c)(d)(e)		29,112,363		29,112,363
Invesco Private Prime Fund, 2.37%(c)(d)(e)		75,617,800		75,625,363
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $104,735,584)				104,737,726
TOTAL INVESTMENTS IN SECURITIES-112.42% (Cost $900,734,929)				902,312,740
OTHER ASSETS LESS LIABILITIES-(12.42)%				(99,695,227	)
NET ASSETS-100.00%			$	802,617,513

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  32  

Invesco S&P Ultra Dividend Revenue ETF (RDIV)–(continued)

August 31, 2022

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 August 31, 2022.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31, 2021			Purchases at Cost			Proceeds from Sales				Change  in Unrealized Appreciation			Realized Gain (Loss)				Value August 31, 2022			Dividend Income
Invesco Ltd.		$	10,878,839		$	2,365,390		$	(13,314,408	)		$	554,413		$	(484,234	)		$	-		$	-
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			25,215,034			(25,215,034	)			-			-				-			2,864
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,271,511			184,411,189			(156,570,337	)			-			-				29,112,363			76,616	*
Invesco Private Prime Fund			2,966,859			377,677,169			(305,019,107	)			2,142			(1,700	)			75,625,363			217,647	*
Total		$	15,117,209		$	589,668,782		$	(500,118,886	)		$	556,555		$	(485,934	)		$	104,737,726		$	297,127

* 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 August 31, 2022.

^(e)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  33  

Statements of Assets and Liabilities

August 31, 2022

	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)		$	1,451,728,943		$	360,217,615			$	832,043,525			$	797,575,014
Affiliated investments in securities, at value			31,583,132			80,229,436				218,711,853				104,737,726
Cash			-			90,893				7,903				-
Receivable for:
Dividends			3,379,586			428,461				541,388				5,652,485
Securities lending			3,454			24,801				101,006				4,196
Fund shares sold			3,692,252			-				6,667,233				-
Total assets			1,490,387,367			440,991,206				1,058,072,908				907,969,421
Liabilities:
Due to custodian			438,742			-				-				337,628
Payable for:
Investments purchased			3,666,607			435,020				6,652,019				-
Investments purchased - affiliated broker			-			6,565				1,409,760				-
Collateral upon return of securities loaned			30,934,459			79,997,599				217,381,999				104,735,584
Accrued unitary management fees			494,933			118,017				284,344				278,696
Total liabilities			35,534,741			80,557,201				225,728,122				105,351,908
Net Assets		$	1,454,852,626		$	360,434,005			$	832,344,786			$	802,617,513
Net assets consist of:
Shares of beneficial interest		$	1,423,631,815		$	423,046,270			$	1,022,442,418			$	1,285,231,507
Distributable earnings (loss)			31,220,811			(62,612,265	)			(190,097,632	)			(482,613,994	)
Net Assets		$	1,454,852,626		$	360,434,005			$	832,344,786			$	802,617,513
Shares outstanding (unlimited amount authorized, $0.01 par value)			19,701,400			4,291,400				7,591,400				19,200,000
Net asset value		$	73.85		$	83.99			$	109.64			$	41.80
Market price		$	73.92		$	84.06			$	109.71			$	41.83
Unaffiliated investments in securities, at cost		$	1,319,250,209		$	365,125,860			$	873,614,449			$	795,999,345
Affiliated investments in securities, at cost		$	31,694,750		$	80,225,506			$	218,697,171			$	104,735,584
(a) Includes securities on loan with an aggregate value of:		$	28,527,710		$	77,015,146			$	205,852,943			$	100,352,180

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  34  

Statements of Operations

For the year ended August 31, 2022

	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		$	24,486,607			$	5,748,201			$	9,015,519			$	30,335,789
Affiliated dividend income			24,360				929				10,360				2,864
Securities lending income, net			31,816				160,599				295,848				29,084
Foreign withholding tax			-				-				(6,271	)			-
Total investment income			24,542,783				5,909,729				9,315,456				30,367,737
Expenses:
Unitary management fees			4,820,718				1,486,888				2,930,452				2,985,163
Tax expenses			-				-				2,352				-
Total expenses			4,820,718				1,486,888				2,932,804				2,985,163
Less: Waivers			(215	)			(69	)			(217	)			(235	)
Net expenses			4,820,503				1,486,819				2,932,587				2,984,928
Net investment income			19,722,280				4,422,910				6,382,869				27,382,809
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(17,742,040	)			(9,008,609	)			(13,937,512	)			(30,973,845	)
Affiliated investment securities			(334	)			(13,408	)			(86,850	)			(498,682	)
Unaffiliated in-kind redemptions			107,378,604				55,760,537				55,626,428				97,645,141
Affiliated in-kind redemptions			11,108				-				31				12,748
Net realized gain			89,647,338				46,738,520				41,602,097				66,185,362
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(135,854,251	)			(77,144,115	)			(108,980,311	)			(60,670,728	)
Affiliated investment securities			(268,147	)			3,930				14,682				556,555
Change in net unrealized appreciation (depreciation)			(136,122,398	)			(77,140,185	)			(108,965,629	)			(60,114,173	)
Net realized and unrealized gain (loss)			(46,475,060	)			(30,401,665	)			(67,363,532	)			6,071,189
Net increase (decrease) in net assets resulting from operations		$	(26,752,780	)		$	(25,978,755	)		$	(60,980,663	)		$	33,453,998

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  35  

(This Page Intentionally Left Blank)

  36  

Statements of Changes in Net Assets

For the years ended August 31, 2022 and 2021

	Invesco S&P 500 Revenue ETF (RWL)						Invesco S&P MidCap 400 Revenue ETF (RWK)
	2022			2021			2022			2021
Operations:
Net investment income	$	19,722,280		$	14,717,952		$	4,422,910		$	2,841,300
Net realized gain		89,647,338			46,375,044			46,738,520			47,755,587
Change in net unrealized appreciation (depreciation)		(136,122,398	)		219,833,850			(77,140,185	)		83,864,676
Net increase (decrease) in net assets resulting from operations		(26,752,780	)		280,926,846			(25,978,755	)		134,461,563
Distributions to Shareholders from:
Distributable earnings		(18,180,842	)		(14,732,391	)		(4,226,591	)		(2,621,053	)
Shareholder Transactions:
Proceeds from shares sold		680,918,677			230,894,296			154,344,725			193,528,029
Value of shares repurchased		(230,230,786	)		(230,073,228	)		(157,521,995	)		(140,916,965	)
Net increase (decrease) in net assets resulting from share transactions		450,687,891			821,068			(3,177,270	)		52,611,064
Net increase (decrease) in net assets		405,754,269			267,015,523			(33,382,616	)		184,451,574
Net assets:
Beginning of period		1,049,098,357			782,082,834			393,816,621			209,365,047
End of period	$	1,454,852,626		$	1,049,098,357		$	360,434,005		$	393,816,621
Changes in Shares Outstanding:
Shares sold		8,850,000			3,450,000			1,760,000			2,340,000
Shares repurchased		(3,000,000	)		(3,550,000	)		(1,790,000	)		(1,720,000	)
Shares outstanding, beginning of period		13,851,400			13,951,400			4,321,400			3,701,400
Shares outstanding, end of period		19,701,400			13,851,400			4,291,400			4,321,400

See accompanying Notes to Financial Statements which are an integral part of the financial statements

  37  

Invesco S&P						Invesco S&P
SmallCap 600						Ultra Dividend
Revenue ETF (RWJ)						Revenue ETF (RDIV)
2022			2021			2022			2021
$	6,382,869		$	2,878,621		$	27,382,809		$	22,957,582
	41,602,097			114,021,534			66,185,362			131,727,423
	(108,965,629	)		81,051,685			(60,114,173	)		107,119,261
	(60,980,663	)		197,951,840			33,453,998			261,804,266
	(5,736,429	)		(2,423,825	)		(25,079,699	)		(36,059,664	)
	380,036,425			456,506,540			816,006,405			614,858,749
	(124,084,209	)		(236,349,496	)		(761,834,632	)		(705,034,060	)
	255,952,216			220,157,044			54,171,773			(90,175,311	)
	189,235,124			415,685,059			62,546,072			135,569,291
	643,109,662			227,424,603			740,071,441			604,502,150
$	832,344,786		$	643,109,662		$	802,617,513		$	740,071,441
	3,200,000			3,980,000			19,460,000			16,350,000
	(1,040,000	)		(2,150,000	)		(18,230,000	)		(19,530,000	)
	5,431,400			3,601,400			17,970,000			21,150,000
	7,591,400			5,431,400			19,200,000			17,970,000

  38  

Financial Highlights

Invesco S&P 500 Revenue ETF (RWL)

	Years Ended August 31,												Two Months Ended August 31,				Years Ended June 30,
	2022				2021				2020				2019				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	75.74			$	56.06			$	52.61			$	53.43			$	50.69			$	46.43
Net investment income(a)			1.22				1.06				1.08				0.20				1.03				0.90
Net realized and unrealized gain (loss) on investments			(1.96	)			19.68				3.53				(1.02	)			2.72				4.41
Total from investment operations			(0.74	)			20.74				4.61				(0.82	)			3.75				5.31
Distributions to shareholders from:
Net investment income			(1.15	)			(1.06	)			(1.16	)			-				(1.01	)			(1.05	)
Net asset value at end of period		$	73.85			$	75.74			$	56.06			$	52.61			$	53.43			$	50.69
Market price at end of period		$	73.92	(b)		$	75.74	(b)		$	56.16	(b)		$	52.62	(b)		$	53.41	(b)
Net Asset Value Total Return(c)			(0.97	)%			37.38	%			9.09	%			(1.54	)%			7.51	%			11.49	%
Market Price Total Return(c)			(0.89	)%			37.13	%			9.26	%			(1.47	)%			7.41	%			11.46	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,454,853			$	1,049,098			$	782,083			$	918,178			$	956,549			$	917,494
Ratio to average net assets of:
Expenses, after Waivers			0.39	%			0.39	%			0.39	%			0.39	%(d)			0.39	%			0.39	%
Expenses, prior to Waivers			0.39	%			0.39	%			0.39	%			0.39	%(d)			0.39	%			0.41	%
Net investment income			1.60	%			1.60	%			2.01	%			2.26	%(d)			1.99	%			1.81	%
Portfolio turnover rate(e)			17	%			17	%			14	%			0	%(f)			19	%			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)  Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(e)  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.

^(f)  Amount represents less than 0.5%.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  39  

Financial Highlights–(continued)

Invesco S&P MidCap 400 Revenue ETF (RWK)

	Years Ended August 31,												Two Months Ended August 31,				Years Ended June 30,
	2022				2021				2020				2019				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	91.13			$	56.56			$	56.44			$	61.01			$	61.05			$	56.31
Net investment income(a)			1.03				0.69				0.74				0.10				0.65				0.63
Net realized and unrealized gain (loss) on investments			(7.18	)			34.51				0.21				(4.67	)			(0.06	)			4.70
Total from investment operations			(6.15	)			35.20				0.95				(4.57	)			0.59				5.33
Distributions to shareholders from:
Net investment income			(0.99	)			(0.63	)			(0.83	)			-				(0.63	)			(0.59	)
Net asset value at end of period		$	83.99			$	91.13			$	56.56			$	56.44			$	61.01			$	61.05
Market price at end of period		$	84.06	(b)		$	91.10	(b)		$	56.62	(b)		$	56.42	(b)		$	60.91	(b)
Net Asset Value Total Return(c)			(6.75	)%			62.54	%			1.89	%			(7.49	)%			1.05	%			9.48	%
Market Price Total Return(c)			(6.66	)%			62.32	%			2.03	%			(7.37	)%			0.90	%			9.40	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	360,434			$	393,817			$	209,365			$	327,418			$	356,996			$	378,611
Ratio to average net assets of:
Expenses, after Waivers			0.39	%			0.39	%			0.39	%			0.39	%(d)			0.39	%			0.39	%
Expenses, prior to Waivers			0.39	%			0.39	%			0.39	%			0.39	%(d)			0.39	%			0.42	%
Net investment income			1.16	%			0.88	%			1.30	%			1.06	%(d)			1.09	%			1.08	%
Portfolio turnover rate(e)			31	%			34	%			33	%			0	%(f)			33	%			34	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(e)  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.

^(f)  Amount represents less than 0.5%.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  40  

Financial Highlights–(continued)

Invesco S&P SmallCap 600 Revenue ETF (RWJ)

	Years Ended August 31,												Two Months Ended August 31,				Years Ended June 30,
	2022				2021				2020				2019				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	118.41			$	63.15			$	58.71			$	63.30			$	73.21			$	66.03
Net investment income(a)			0.99				0.66				0.89				0.11				0.79				0.69
Net realized and unrealized gain (loss) on investments			(8.85	)			55.17				4.58				(4.70	)			(9.90	)			7.24
Total from investment operations			(7.86	)			55.83				5.47				(4.59	)			(9.11	)			7.93
Distributions to shareholders from:
Net investment income			(0.91	)			(0.57	)			(1.03	)			-				(0.80	)			(0.75	)
Net asset value at end of period		$	109.64			$	118.41			$	63.15			$	58.71			$	63.30			$	73.21
Market price at end of period		$	109.71	(b)		$	118.25	(b)		$	63.17	(b)		$	58.69	(b)		$	63.23	(b)
Net Asset Value Total Return(c)			(6.63	)%			88.75	%			9.63	%			(7.25	)%			(12.45	)%			12.07	%(d)
Market Price Total Return(c)			(6.46	)%			88.42	%			9.70	%			(7.18	)%			(12.57	)%			12.10	%(d)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	832,345			$	643,110			$	227,425			$	349,395			$	405,199			$	508,897
Ratio to average net assets of:
Expenses, after Waivers			0.39	%			0.39	%			0.39	%			0.39	%(e)			0.39	%			0.39	%
Expenses, prior to Waivers			0.39	%			0.39	%			0.39	%			0.39	%(e)			0.39	%			0.42	%
Net investment income			0.85	%			0.65	%			1.50	%			1.10	%(e)			1.15	%			1.01	%
Portfolio turnover rate(f)			41	%			40	%			49	%			1	%			39	%			38	%

^(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)  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.

  41  

Financial Highlights–(continued)

Invesco S&P Ultra Dividend Revenue ETF (RDIV)

	Years Ended August 31,												Two Months Ended August 31,				Years Ended June 30,
	2022				2021				2020				2019				2019				2018
Per Share Operating Performance:
Net asset value at beginning of period		$	41.18			$	28.58			$	35.65			$	37.65			$	38.19			$	33.82
Net investment income(a)			1.50				1.23				1.62				0.21				1.46				1.73
Net realized and unrealized gain (loss) on investments			0.51				13.29				(7.33	)			(2.21	)			(0.66	)			4.56
Total from investment operations			2.01				14.52				(5.71	)			(2.00	)			0.80				6.29
Distributions to shareholders from:
Net investment income			(1.39	)			(1.92	)			(1.36	)			-				(1.34	)			(1.92	)
Net asset value at end of period		$	41.80			$	41.18			$	28.58			$	35.65			$	37.65			$	38.19
Market price at end of period		$	41.83	(b)		$	41.16	(b)		$	28.63	(b)		$	35.67	(b)		$	37.67	(b)
Net Asset Value Total Return(c)			5.06	%			52.38	%			(16.26	)%			(5.31	)%			2.26	%			19.13	%
Market Price Total Return(c)			5.18	%			52.06	%			(16.17	)%			(5.31	)%			2.26	%			19.12	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	802,618			$	740,071			$	604,502			$	1,572,300			$	1,782,599			$	610,987
Ratio to average net assets of:
Expenses, after Waivers			0.39	%			0.39	%			0.39	%			0.39	%(d)			0.39	%			0.39	%
Expenses, prior to Waivers			0.39	%			0.39	%			0.39	%			0.39	%(d)			0.39	%			0.41	%
Net investment income			3.58	%			3.37	%			4.77	%			3.36	%(d)			3.93	%			4.90	%
Portfolio turnover rate(e)			110	%			97	%			98	%			12	%			122	%			74	%

^(a)  Based on average shares outstanding.

^(b)  The mean between the last bid and ask prices.

^(c)  Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized.

^(d)  Ratios are annualized except for non-recurring costs associated with a proxy statement of less than 0.005%.

^(e)  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

August 31, 2022

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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter (“OTC”) market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value. Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller,

  43  

odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The 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 and unreliable are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/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, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest 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

  44  

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.

C. 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.

D. 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.

E. Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

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.

F. 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, 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).

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.

G. 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

  45  

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.

H. 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.

I. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through August 31, 2022, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:

	Amount
S&P 500 Revenue ETF	$1,536
S&P MidCap 400 Revenue ETF	5,755
S&P SmallCap 600 Revenue ETF	11,480
S&P Ultra Dividend Revenue ETF	1,284

J. 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

  46  

trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, 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 operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

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 Ultra Dividend Revenue ETF is non-diversified, and to the extent certain Funds become non-diversified, and can invest a greater portion of their respective assets in securities of individual issuers than a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

Portfolio Turnover Risk. S&P Ultra Dividend Revenue ETF 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 the Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for the Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to the Fund’s shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the 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.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions,

  47  

disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into 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, 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 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%

Through at least August 31, 2024, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended August 31, 2022, the Adviser waived fees for each Fund in the following amounts:

S&P 500 Revenue ETF	$215
S&P MidCap 400 Revenue ETF	69
S&P SmallCap 600 Revenue ETF	217
S&P Ultra Dividend Revenue ETF	235

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”).

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 BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

For the fiscal year ended August 31, 2022, 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	$	19,917
S&P MidCap 400 Revenue ETF		20,749
S&P SmallCap 600 Revenue ETF		121,677
S&P Ultra Dividend Revenue ETF		75,904

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.

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NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund 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 is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s current price, as provided for in these procedures.

For the fiscal year ended August 31, 2022, 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		$-		$	1,772,717		$	(317,388	)
S&P SmallCap 600 Revenue ETF		-			283,819			1,814

* 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 the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2022.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
S&P 500 Revenue ETF
Investments in Securities
Common Stocks & Other Equity Interests		$1,452,375,374		$                    -		$-		$1,452,375,374
Money Market Funds		-		30,936,701		-		30,936,701
Total Investments		$1,452,375,374		$   30,936,701		$-		$1,483,312,075
S&P MidCap 400 Revenue ETF
Investments in Securities
Common Stocks & Other Equity Interests		$   360,217,615		$                    -		$-		$   360,217,615
Money Market Funds		227,907		80,001,529		-		80,229,436
Total Investments		$   360,445,522		$   80,001,529		$-		$   440,447,051
S&P SmallCap 600 Revenue ETF
Investments in Securities
Common Stocks & Other Equity Interests		$   832,043,525		$                    -		$-		$   832,043,525
Money Market Funds		1,315,172		217,396,681		-		218,711,853
Total Investments		$   833,358,697		$ 217,396,681		$-		$1,050,755,378
S&P Ultra Dividend Revenue ETF
Investments in Securities
Common Stocks & Other Equity Interests		$   797,575,014		$                    -		$-		$   797,575,014
Money Market Funds		-		104,737,726		-		104,737,726
Total Investments		$   797,575,014		$ 104,737,726		$-		$   902,312,740

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NOTE 6–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2022 and 2021:

	2022			2021
	Ordinary Income*			Ordinary Income*
S&P 500 Revenue ETF		$	18,180,842		$	14,732,391
S&P MidCap 400 Revenue ETF			4,226,591			2,621,053
S&P SmallCap 600 Revenue ETF			5,736,429			2,423,825
S&P Ultra Dividend Revenue ETF			25,079,699			36,059,664

* Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:

	Undistributed Ordinary Income			Net Unrealized Appreciation (Depreciation)- Investments				Capital Loss Carryforwards				Shares of Beneficial Interest			Total Net Assets
S&P 500 Revenue ETF		$	4,415,045		$	127,915,434			$	(101,109,668)			$	1,423,631,815		$	1,454,852,626
S&P MidCap 400 Revenue ETF			750,551			(6,224,125)				(57,138,691	)			423,046,270			360,434,005
S&P SmallCap 600 Revenue ETF			1,279,591			(47,755,653	)			(143,621,570	)			1,022,442,418			832,344,786
S&P Ultra Dividend Revenue ETF			5,795,400			1,376,869				(489,786,263	)			1,285,231,507			802,617,513

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds have capital loss carryforwards as of August 31, 2022, as follows:

	No expiration
	Short-Term			Long-Term			Total*
S&P 500 Revenue ETF		$	19,705,503		$	81,404,165		$	101,109,668
S&P MidCap 400 Revenue ETF			27,027,869			30,110,822			57,138,691
S&P SmallCap 600 Revenue ETF			41,632,629			101,988,941			143,621,570
S&P Ultra Dividend Revenue ETF			368,222,162			121,564,101			489,786,263

* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 7–Investment Transactions

For the fiscal year ended August 31, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
S&P 500 Revenue ETF	$	204,018,404	$	202,787,787
S&P MidCap 400 Revenue ETF		120,024,978		119,496,236
S&P SmallCap 600 Revenue ETF		305,047,310		304,130,854
S&P Ultra Dividend Revenue ETF		887,572,914		897,929,958

For the fiscal year ended August 31, 2022, in-kind transactions associated with creations and redemptions were as follows:

	In-kind		In-kind
	Purchases		Sales
S&P 500 Revenue ETF	$	677,716,971	$	227,961,355
S&P MidCap 400 Revenue ETF		153,975,255		157,312,492
S&P SmallCap 600 Revenue ETF		379,291,177		123,547,407
S&P Ultra Dividend Revenue ETF		815,622,834		750,813,911

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

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As of August 31, 2022, 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
S&P 500 Revenue ETF	$	189,736,448	$	(61,821,014	)	$	127,915,434		$	1,355,396,641
S&P MidCap 400 Revenue ETF		29,618,610		(35,842,735	)		(6,224,125	)		446,671,176
S&P SmallCap 600 Revenue ETF		71,039,114		(118,794,767	)		(47,755,653	)		1,098,511,031
S&P Ultra Dividend Revenue ETF		47,176,218		(45,799,349	)		1,376,869			900,935,871

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2022, the reclassifications were as follows:

	Undistributed Net Investment Income			Undistributed Net Realized  Gain (Loss)				Shares of Beneficial Interest
S&P 500 Revenue ETF		$	-		$	(106,400,185	)		$	106,400,185
S&P MidCap 400 Revenue ETF			3,506			(54,940,923	)			54,937,417
S&P SmallCap 600 Revenue ETF			2,352			(54,833,773	)			54,831,421
S&P Ultra Dividend Revenue ETF			-			(97,327,438	)			97,327,438

NOTE 9–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of 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 10–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights for each of the three years in the period ended August 31, 2022, for the period July 1, 2019 through August 31, 2019 and for the year ended June 30, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2022 and each of the financial highlights for each of the three years in the period ended August 31, 2022, for the period July 1, 2019 through August 31, 2019 and for the year ended June 30, 2019 in conformity with accounting principles generally accepted in the United States of America.

Fund Name	Predecessor Fund
Invesco S&P 500 Revenue ETF	Oppenheimer S&P 500 Revenue ETF
Invesco S&P MidCap 400 Revenue ETF	Oppenheimer S&P MidCap 400 Revenue ETF
Invesco S&P SmallCap 600 Revenue ETF	Oppenheimer S&P SmallCap 600 Revenue ETF
Invesco S&P Ultra Dividend Revenue ETF	Oppenheimer S&P Ultra Dividend Revenue ETF

The financial statements and financial highlights of the Predecessor Funds as of and for the year ended June 30, 2018 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated August 28, 2018 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 27, 2022

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

  52  

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 for the entire period March 1, 2022 through August 31, 2022.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as sales charges and brokerage commissions. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value March 1, 2022		Ending Account Value August 31, 2022		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		$   955.80		0.39%		$1.92
Hypothetical (5% return before expenses)		1,000.00		1,023.24		0.39		1.99
Invesco S&P MidCap 400 Revenue ETF (RWK)
Actual		1,000.00		929.80		0.39		1.90
Hypothetical (5% return before expenses)		1,000.00		1,023.24		0.39		1.99
Invesco S&P SmallCap 600 Revenue ETF (RWJ)
Actual		1,000.00		921.40		0.39		1.89
Hypothetical (5% return before expenses)		1,000.00		1,023.24		0.39		1.99
Invesco S&P Ultra Dividend Revenue ETF (RDIV)
Actual		1,000.00		1,011.40		0.39		1.98
Hypothetical (5% return before expenses)		1,000.00		1,023.24		0.39		1.99

⁽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 August 31, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

  53  

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2022:

			Corporate
	Qualified	Qualified	Dividends	U.S.	Business
	Business	Dividend	Received	Treasury	Interest
	Income*	Income*	Deduction*	Obligations*	Income*
Invesco S&P 500 Revenue ETF	0%	100%	100%	0%	0%
Invesco S&P MidCap 400 Revenue ETF	0%	100%	100%	0%	0%
Invesco S&P SmallCap 600 Revenue ETF	0%	100%	100%	0%	0%
Invesco S&P Ultra Dividend Revenue ETF	0%	95%	94%	0%	0%

* The above percentages are based on ordinary income dividends paid to shareholders during the Trust’s fiscal year.

  54  

Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below:

As of August 31, 2022

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2007	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	230	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).
Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	230	None.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

  55  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Edmund P. Giambastiani, Jr.–1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chair of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	230	Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

  56  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Victoria J. Herget–1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	230	Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, Mather LifeWays (2001-2021); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

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Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Audit Committee and Trustee	Chair of the Audit Committee since 2008; Trustee since 2007	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	230	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.
Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Investment Oversight Committee and Trustee	Chair of the Investment Oversight Committee since 2014;Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	230	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

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Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Joanne Pace–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.	230	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

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Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005-2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	230	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).
Donald H. Wilson–1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Board and Trustee	Chair since 2012; Trustee since 2007	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank-Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	230	Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

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Trustees and Officers–(continued)

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below:

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road Suite 700 Downers Grove, IL 60515	Trustee, President and Principal Executive Officer	Trustee since 2022, President and Principal Executive Officer since 2020	President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).	230	None

* This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

  61  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2020	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange- Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

  62  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); and Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present); Director, Invesco Trust Company (2022-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange- Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).
Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

  63  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Melanie Zimdars–1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

  64  

Approval of Investment Advisory and Sub-Advisory Contracts

At a meeting held on April 6, 2022, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 74 series (each, a “Fund” and collectively, the “Funds”):

Invesco 1-30 Laddered Treasury ETF	Invesco Russell 1000 Low Beta Equal Weight ETF
Invesco California AMT-Free Municipal Bond ETF	Invesco S&P 500® Enhanced Value ETF
Invesco CEF Income Composite ETF	Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF
Invesco China Technology ETF	Invesco S&P 500® High Beta ETF
Invesco DWA Developed Markets Momentum ETF	Invesco S&P 500® High Dividend Low Volatility ETF
Invesco DWA Emerging Markets Momentum ETF	Invesco S&P 500® Low Volatility ETF
Invesco DWA SmallCap Momentum ETF	Invesco S&P 500 Minimum Variance ETF
Invesco Emerging Markets Sovereign Debt ETF	Invesco S&P 500® Momentum ETF
Invesco FTSE International Low Beta Equal Weight ETF	Invesco S&P 500 Revenue ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF	Invesco S&P Emerging Markets Low Volatility ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	Invesco S&P Emerging Markets Momentum ETF
Invesco FTSE RAFI Emerging Markets ETF	Invesco S&P International Developed High Dividend Low
Invesco Fundamental High Yield® Corporate Bond ETF	Volatility ETF
Invesco Fundamental Investment Grade Corporate Bond ETF	Invesco S&P International Developed Low Volatility ETF
Invesco Global Clean Energy ETF	Invesco S&P International Developed Momentum ETF
Invesco Global Short Term High Yield Bond ETF	Invesco S&P International Developed Quality ETF
Invesco Global Water ETF	Invesco S&P MidCap 400 Revenue ETF
Invesco International BuyBack Achievers™ ETF	Invesco S&P MidCap Low Volatility ETF
Invesco International Corporate Bond ETF	Invesco S&P SmallCap 600 Revenue ETF
Invesco KBW Bank ETF	Invesco S&P SmallCap Consumer Discretionary ETF
Invesco KBW High Dividend Yield Financial ETF	Invesco S&P SmallCap Consumer Staples ETF
Invesco KBW Premium Yield Equity REIT ETF	Invesco S&P SmallCap Energy ETF
Invesco KBW Property & Casualty Insurance ETF	Invesco S&P SmallCap Financials ETF
Invesco KBW Regional Banking ETF	Invesco S&P SmallCap Health Care ETF
Invesco MSCI Green Building ETF	Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco NASDAQ 100 ETF	Invesco S&P SmallCap Industrials ETF
Invesco NASDAQ Next Gen 100 ETF	Invesco S&P SmallCap Information Technology ETF
Invesco National AMT-Free Municipal Bond ETF	Invesco S&P SmallCap Low Volatility ETF
Invesco New York AMT-Free Municipal Bond ETF	Invesco S&P SmallCap Materials ETF
Invesco Preferred ETF	Invesco S&P SmallCap Quality ETF
Invesco PureBetaSM 0-5 Yr US TIPS ETF	Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco PureBetaSM FTSE Developed ex-North America ETF	Invesco S&P Ultra Dividend Revenue ETF
Invesco PureBetaSM FTSE Emerging Markets ETF	Invesco Senior Loan ETF
Invesco PureBetaSM MSCI USA ETF	Invesco Taxable Municipal Bond ETF
Invesco PureBetaSM MSCI USA Small Cap ETF	Invesco Treasury Collateral ETF
Invesco PureBetaSM US Aggregate Bond ETF	Invesco Variable Rate Preferred ETF
Invesco Russell 1000 Enhanced Equal Weight ETF	Invesco VRDO Tax-Free ETF
Invesco Russell 1000 Equal Weight ETF

Also at the April 6, 2022 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).

Investment Advisory Agreement

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other

  65  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2021, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year and since-inception periods for Invesco VRDO Tax-Free ETF and the one-year period for Invesco Treasury Collateral ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco VRDO Tax-Free ETF’s and Invesco Treasury Collateral ETF’s level of correlation to their respective underlying indexes. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement. The Trustees concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:

● 0.04% of the Fund’s average daily net assets for Invesco PureBeta^SM MSCI USA ETF;

● 0.05% of the Fund’s average daily net assets for Invesco PureBeta^SM US Aggregate Bond ETF;

● 0.06% of the Fund’s average daily net assets for Invesco PureBeta^SM MSCI USA Small Cap ETF;

● 0.07% of the Fund’s average daily net assets for Invesco PureBeta^SM 0-5 Yr US TIPS ETF and Invesco PureBeta^SM FTSE Developed ex-North America ETF;

● 0.08% of the Fund’s average daily net assets for Invesco Treasury Collateral ETF;

● 0.10% of the Fund’s average daily net assets for Invesco S&P 500 Minimum Variance ETF;

● 0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;

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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

● 0.14% of the Fund’s average daily net assets for Invesco PureBeta^SM FTSE Emerging Markets ETF;

● 0.15% of the Fund’s average daily net assets for Invesco NASDAQ 100 ETF and Invesco NASDAQ Next Gen 100 ETF;

● 0.20% of the Fund’s average daily net assets for Invesco Russell 1000 Equal Weight ETF;

● 0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;

● 0.25% of the Fund’s average daily net assets for Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500^® High Beta ETF, Invesco S&P 500^® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF and Invesco VRDO Tax-Free ETF;

● 0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF;

● 0.29% of the Fund’s average daily net assets for Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF;

● 0.30% of the Fund’s average daily net assets for Invesco S&P 500^® High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF and Invesco S&P International Developed High Dividend Low Volatility ETF;

● 0.35% of the Fund’s average daily net assets for Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco Russell 1000 Low Beta Equal Weight ETF;

● 0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF;

● 0.45% of the Fund’s daily net assets for Invesco FTSE International Low Beta Equal Weight ETF and Invesco FTSE RAFI Developed Markets ex-U.S. ETF;

● 0.49% of the Fund’s daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF;

● 0.50% of the Fund’s daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield^® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF;

● 0.55% of the Fund’s daily net assets for Invesco International BuyBack Achievers^TM ETF;

● 0.60% of the Fund’s daily net assets for Invesco DWA SmallCap Momentum ETF;

● 0.65% of the Fund’s daily net assets for Invesco Senior Loan ETF;

● 0.70% of the Fund’s daily net assets for Invesco China Technology ETF;

● 0.75% of the Fund’s daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF;

● 0.80% of the Fund’s daily net assets for Invesco DWA Developed Markets Momentum ETF; and

● 0.90% of the Fund’s daily net assets for Invesco DWA Emerging Markets Momentum ETF.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their

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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median
Invesco 1-30 Laddered Treasury ETF			X
Invesco California AMT-Free Municipal Bond ETF		N/A	X
Invesco CEF Income Composite ETF	X	N/A	X
Invesco China Technology ETF		N/A	X
Invesco DWA Developed Markets Momentum ETF			X
Invesco DWA Emerging Markets Momentum ETF			X
Invesco DWA SmallCap Momentum ETF			X
Invesco Emerging Markets Sovereign Debt ETF			X
Invesco FTSE International Low Beta Equal Weight ETF	X	X	X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF			X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		X	X
Invesco FTSE RAFI Emerging Markets ETF	X		X
Invesco Fundamental High Yield® Corporate Bond ETF		X	X
Invesco Fundamental Investment Grade Corporate Bond ETF			X
Invesco Global Clean Energy ETF		X	X
Invesco Global Short Term High Yield Bond ETF	X	N/A	X
Invesco Global Water ETF		X	X
Invesco International BuyBack AchieversTM ETF			X
Invesco International Corporate Bond ETF			X
Invesco KBW Bank ETF	X		X
Invesco KBW High Dividend Yield Financial ETF	X		X
Invesco KBW Premium Yield Equity REIT ETF	X		X
Invesco KBW Property & Casualty Insurance ETF	X		X
Invesco KBW Regional Banking ETF	X		X
Invesco MSCI Green Building ETF		X	X
Invesco NASDAQ 100 ETF	X		X
Invesco NASDAQ Next Gen 100 ETF	X		X
Invesco National AMT-Free Municipal Bond ETF			X
Invesco New York AMT-Free Municipal Bond ETF		N/A	X
Invesco Preferred ETF		N/A	X
Invesco PureBetaSM 0-5 Yr US TIPS ETF	X		X
Invesco PureBetaSM FTSE Developed ex-North America ETF	X	X	X
Invesco PureBetaSM FTSE Emerging Markets ETF	X	X	X
Invesco PureBetaSM MSCI USA ETF	X	X	X
Invesco PureBetaSM MSCI USA Small Cap ETF	X	X	X
Invesco PureBetaSM US Aggregate Bond ETF	X	X	X
Invesco Russell 1000 Enhanced Equal Weight ETF			X
Invesco Russell 1000 Equal Weight ETF	X		X
Invesco Russell 1000 Low Beta Equal Weight ETF			X
Invesco S&P 500 Enhanced Value ETF	X	X	X
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF	X		X
Invesco S&P 500® High Beta ETF	X		X
Invesco S&P 500® High Dividend Low Volatility ETF	X	X	X

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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

Invesco Fund	Equal to/Lower than ETF Peer Median	Equal to/Lower than Open-End Index Fund Peer Median*	Lower than Open-End Active Fund Peer Median
Invesco S&P 500® Low Volatility ETF	X		X
Invesco S&P 500 Minimum Variance ETF	X	X	X
Invesco S&P 500 Momentum ETF	X	X	X
Invesco S&P 500 Revenue ETF			X
Invesco S&P Emerging Markets Low Volatility ETF	X		X
Invesco S&P Emerging Markets Momentum ETF	X		X
Invesco S&P International Developed High Dividend Low Volatility ETF	X	X	X
Invesco S&P International Developed Low Volatility ETF	X		X
Invesco S&P International Developed Momentum ETF	X	N/A	X
Invesco S&P International Developed Quality ETF	X	N/A	X
Invesco S&P MidCap 400 Revenue ETF			X
Invesco S&P MidCap Low Volatility ETF	X	X	X
Invesco S&P SmallCap 600 Revenue ETF		X	X
Invesco S&P SmallCap Consumer Discretionary ETF	X		X
Invesco S&P SmallCap Consumer Staples ETF	X		X
Invesco S&P SmallCap Energy ETF	X		X
Invesco S&P SmallCap Financials ETF	X		X
Invesco S&P SmallCap Health Care ETF	X		X
Invesco S&P SmallCap High Dividend Low Volatility ETF	X	X	X
Invesco S&P SmallCap Industrials ETF	X		X
Invesco S&P SmallCap Information Technology ETF	X		X
Invesco S&P SmallCap Low Volatility ETF	X	X	X
Invesco S&P SmallCap Materials ETF	X		X
Invesco S&P SmallCap Quality ETF	X	X	X
Invesco S&P SmallCap Utilities & Communication Services ETF	X	X	X
Invesco S&P Ultra Dividend Revenue ETF		X	X
Invesco Senior Loan ETF	X	N/A	X
Invesco Taxable Municipal Bond ETF		N/A	X
Invesco Treasury Collateral ETF	X		X
Invesco Variable Rate Preferred ETF		X	X
Invesco VRDO Tax-Free ETF		N/A	X

* The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Global Clean Energy ETF, Invesco International Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco VRDO Tax-Free ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

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Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees for money market cash management vehicles and fees as the Funds’ direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. 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 continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

Investment Sub-Advisory Agreement

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 6, 2022. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement. The Board reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rates under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and noted that the Adviser compensates the Sub-Advisers from its fee.

  70  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 15 and April 6, 2022 Board meetings, and Invesco Advisers, Inc., in connection with the April 6, 2022 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rates for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF were reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rates were reasonable and appropriate.

Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as the direct securities lending agent for the Invesco ETFs. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.

  71  

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.

©2022 Invesco Capital Management LLC 3500 Lacey Road, Suite 700
Downers Grove, IL 60515	O-REV-AR-2	invesco.com/ETFs

	Invesco Annual Report to Shareholders August 31, 2022 QQMG  Invesco ESG NASDAQ 100 ETF QQJG   Invesco ESG NASDAQ Next Gen 100 ETF QQQM  Invesco NASDAQ 100 ETF QQQJ   Invesco NASDAQ Next Gen 100 ETF

Table of Contents

The Market Environment	3
Management’s Discussion of Fund Performance	4
Liquidity Risk Management Program	15
Schedules of Investments
Invesco ESG NASDAQ 100 ETF (QQMG)	16
Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)	18
Invesco NASDAQ 100 ETF (QQQM)	20
Invesco NASDAQ Next Gen 100 ETF (QQQJ)	22
Statements of Assets and Liabilities	24
Statements of Operations	25
Statements of Changes in Net Assets	26
Financial Highlights	27
Notes to Financial Statements	31
Report of Independent Registered Public Accounting Firm	41
Fund Expenses	42
Tax Information	43
Trustees and Officers	44
Approval of Investment Advisory and Sub-Advisory Contracts	54

2

The Market Environment

Domestic Equity

The fiscal year began with increasing volatility and the US stock market saw a selloff through most of September due to increasing concerns of inflation resulting from a spike in oil prices and supply chain shortages causing rising costs. Despite the Consumer Price Index (CPI) increasing monthly from June through September 2021,¹ the US Federal Reserve (the Fed) declined to raise interest rates at its September 2021 Federal Open Market Committee meeting.

Equity markets saw continued volatility in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruption and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil rose to nearly $85 per barrel in October,² causing higher gas prices for consumers, and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.¹ To combat inflation, the Fed announced a faster pace of “tapering” at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at the 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.² The CPI rose by another 7.9% for the 12 months ended February 2022 reaching a 40 year high.¹ To combat inflation, the Fed raised the federal funds rate by a one-quarter percentage point in March.

As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix, reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued for much of the second quarter of 2022 amid record inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the CPI rose by yet another 8.6% for the 12 months ended May 2022 reaching a 40 year high.¹ Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.² To tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.³ US equity markets rose in July and much of August until Fed

chairman Jerome Powell’s hawkish comments at Jackson Hole, Wyoming, an economic policy symposium, sparked a sharp selloff at month end. Due to declining energy prices, the CPI rose by 8.5% for the 12 months ending July,¹ down slightly from June, but still at multi-decade highs and far above the Fed’s 2% annual inflation target. As a result, the Fed indicated that it would continue taking aggressive action to curb inflation, though such measures could “bring pain to households and businesses.” The remarks deflated investor optimism that the Fed would pause rate hikes in the second half of 2022 and increased the likelihood of a US recession. In this environment, US stocks had negative double-digit returns of (11.23)% for the fiscal year ended August 31, 2022, measured by the S&P 500 Index.⁴

¹  Source: US Bureau of Labor Statistics

²  Source: Bloomberg LP

³  Source: US Federal Reserve

⁴  Source: Lipper Inc.

3

QQMG	Management’s Discussion of Fund Performance
	Invesco ESG NASDAQ 100 ETF (QQMG)

As an index fund, the Invesco ESG NASDAQ 100 ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Nasdaq-100^® ESG Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (“Nasdaq” or the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of companies included in the Nasdaq-100^® Index (the “Parent Index”) that also meet the Index Provider’s environmental, social and governance (“ESG”) criteria. The Parent Index includes securities of 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market LLC based on market capitalization. Security types generally eligible for inclusion in the Parent Index are common stocks and tracking stocks of companies located in the United States, as well as American depositary receipts (“ADRs”) that represent securities of non-U.S. issuers.

The Parent Index reflects companies from all major sectors, except for companies that are classified as “financials” according to the Industry Classification Benchmark. Companies organized as real estate investment trusts (“REITs”) are not eligible for inclusion in the Parent Index.

Companies that are included in the Parent Index are evaluated for inclusion in the Index on the basis of the Index Provider’s ESG criteria, which considers a company’s (i) business activities, (ii) business controversy levels and ESG risk ratings, and (iii) adherence to the principles of the United Nations Global Compact.

The Index employs negative screens to exclude securities of companies with business activities that do not meet the eligibility criteria for the Index. Such screens rely on information from Sustainalytics, a globally-recognized independent provider of ESG research, ratings, and data. Companies’ business activities are distinguished between categories with absolute prohibitions (which do not allow any involvement by a company in a certain business activity) and categories that permit a de minimis amount of a certain business activity (generally, permitting a company to derive less than 5% of its revenues from, or to own less than 10% of another company that engages in, such activity). The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

During the fiscal period from the Fund’s inception (October 27, 2021, the first day of trading on the exchange) through August 31, 2022, on a market price basis, the Fund returned (20.54)%. On a net asset value (“NAV”) basis, the Fund returned (20.63)%. During the same time period, the Index returned (20.50)%. During the fiscal period, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the Nasdaq Composite^® Total Return Index (the “Benchmark Index”) returned (21.92)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 3,400 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparisons are a useful measure for investors as broad representations of the overall U.S. stock market.

Relative to the Benchmark Index, the majority of the Fund’s outperformance during the period can be attributed to the Fund’s underweight allocation to and security selection within the consumer discretionary sector.

For the fiscal period ended August 31, 2022, no sector contributed to the Fund’s return. The information technology sector detracted most significantly from the Fund’s return during the period, followed by the communication services and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2022, included Apple, Inc., an information technology company (portfolio average weight of 13.90%) and T-Mobile US, Inc., a communication services company (portfolio average weight of 1.11%). Positions that detracted most significantly from the Fund’s return during the period included Microsoft Corp., an information technology company (portfolio average weight of 13.76%) and NVIDIA Corp., an information technology company (portfolio average weight of 5.23%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Information Technology	61.18
Communication Services	13.37
Consumer Discretionary	11.29
Consumer Staples	6.23
Health Care	5.63
Industrials	2.24
Money Market Funds Plus Other Assets Less Liabilities	0.06

4

Invesco ESG NASDAQ 100 ETF (QQMG) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Apple, Inc.	15.31
Microsoft Corp.	13.94
NVIDIA Corp.	4.14
Amazon.com, Inc.	3.61
Alphabet, Inc., Class C	3.07
Alphabet, Inc., Class A	2.92
Tesla, Inc.	2.81
PepsiCo, Inc.	2.71
Cisco Systems, Inc.	2.48
Adobe, Inc.	2.30
Total	53.29

* Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

	Fund Inception
Index	Cumulative
Nasdaq-100® ESG Index		(20.50	)%
Nasdaq Composite® Total Return Index		(21.92	)
Fund
NAV Return		(20.63	)
Market Price Return		(20.54	)

5

Invesco ESG NASDAQ 100 ETF (QQMG) (continued)

Fund Inception: October 27, 2021

Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.20% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Cumulative Inception returns for the Fund, Index and Benchmark Indexes are based on the inception date of the Fund.

6

QQJG	Management’s Discussion of Fund Performance
	Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)

As an index fund, the Invesco ESG NASDAQ Next Gen 100 ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the Nasdaq Next Generation 100 ESG Index^® (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (“Nasdaq” or the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of companies included in the Nasdaq Next Generation 100 Index^® (the “Parent Index”) that also meet the Index Provider’s environmental, social and governance (“ESG”) criteria. The Parent Index is comprised of securities of the next generation of Nasdaq-listed non-financial companies; that is, the largest 100 Nasdaq-listed companies outside of the Nasdaq-100 Index^® (the “Nasdaq-100”) based on market capitalization.

To be eligible for inclusion in the Parent Index, a security must meet the existing eligibility criteria of the Nasdaq-100, an index that measures the performance of 100 of the largest domestic and international nonfinancial companies by market capitalization on The Nasdaq Stock Market LLC. Securities meeting the Nasdaq-100 eligibility criteria are ranked by market capitalization, with the largest 100 securities not currently in the Nasdaq-100 selected for inclusion in the Parent Index. Security types generally eligible for inclusion in the Parent Index are common stocks and tracking stocks of companies located in the United States, as well as American depositary receipts (“ADRs”) that represent securities of non-U.S. issuers. The Parent Index reflects companies from all major sectors, except for companies that are classified as “financials” according to the Industry Classification Benchmark. Companies organized as real estate investment trusts (“REITs”) are not eligible for inclusion in the Parent Index.

Companies that are included in the Parent Index are evaluated for inclusion in the Index on the basis of the Index Provider’s ESG criteria, which considers a company’s (i) business activities, (ii) business controversy levels and ESG risk ratings, and (iii) adherence to the principles of the United Nations Global Compact.

The Index employs negative screens to exclude securities of companies with business activities that do not meet the eligibility criteria for the Index. Such screens rely on information from Sustainalytics, a globally-recognized independent provider of ESG research, ratings, and data. Companies’ business activities are distinguished between categories with absolute prohibitions (which do not allow any involvement by a company in a certain business activity) and categories that permit a de minimis amount of a certain business activity (generally, permitting a company to derive less than 5% of its revenues from, or to own less than 10% of another company that engages in, such activity). The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

During the fiscal period from the Fund’s inception (October 27, 2021, the first day of trading on the exchange) through August 31, 2022, on a market price basis, the Fund returned (23.05)%. On a net asset value (“NAV”) basis, the Fund returned (23.10)%. During the same time period, the Index returned (22.96)%. During the fiscal period, the Fund fully replicated the components of the Index; the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the Nasdaq Composite^® Total Return Index (the “Benchmark Index”) returned (21.92)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 3,400 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparisons are a useful measure for investors as broad representations of the overall U.S. stock market.

Relative to the Benchmark Index, the majority of the Fund’s underperformance during the period can be attributed to security selection within the information technology and communication services sectors, respectively.

For the fiscal period ended August 31, 2022, no sector contributed to the Fund’s return. The information technology sector detracted most significantly from the Fund’s return during the period, followed by the communication services and health care sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal period ended August 31, 2022, included Enphase Energy, Inc., an information technology company (portfolio average weight of 1.19%) and ON Semiconductor Corp., an information technology company (portfolio average weight of 1.47%). Positions that detracted most significantly from the Fund’s return during the period included Zebra Technologies Corp., Class A, an information technology company (portfolio average weight of 2.46%) and Roku, Inc., Class A, a communication services company (portfolio average weight of 0.77%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Information Technology	43.68
Health Care	16.28
Consumer Discretionary	13.83
Communication Services	13.16
Industrials	8.96
Sector Types Each Less Than 3%	4.02
Money Market Funds Plus Other Assets Less Liabilities	0.07

7

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
CDW Corp.	3.29
Coca-Cola Europacific Partners PLC	2.67
Tractor Supply Co.	2.51
Ulta Beauty, Inc.	2.41
Take-Two Interactive Software, Inc.	2.39
ICON PLC	2.29
J.B. Hunt Transport Services, Inc.	2.17
Zebra Technologies Corp., Class A	1.99
Trimble, Inc.	1.99
Enphase Energy, Inc.	1.97
Total	23.68

* Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

	Fund Inception
Index	Cumulative
Nasdaq Next Generation 100 ESG Index®		(22.96	)%
Nasdaq Composite® Total Return Index		(21.92	)
Fund
NAV Return		(23.10	)
Market Price Return		(23.05	)

8

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG) (continued)

Fund Inception: October 27, 2021

Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.20% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Cumulative Inception returns for the Fund, Index and Benchmark Indexes are based on the inception date of the Fund.

9

QQQM	Management’s Discussion of Fund Performance
	Invesco NASDAQ 100 ETF (QQQM)

As an index fund, the Invesco NASDAQ 100 ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the NASDAQ-100 Index^® (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (“Nasdaq” or the “Index Provider”) compiles, maintains and calculates the Index, which includes securities of 100 of the largest domestic and international nonfinancial companies listed on The Nasdaq Stock Market LLC based on market capitalization. Security types generally eligible for inclusion in the Index are common stocks, ordinary shares and tracking stocks, as well as American depositary receipts (“ADRs”) that represent securities of non-U.S. issuers. Companies organized as real estate investment trusts (“REITs”) are not eligible for inclusion in the Index.

The Index reflects companies from all major sectors, except for companies that are classified as “financials” according to the Industry Classification Benchmark. The Index weights its component securities using a “modified market capitalization-weighted” methodology, which is a hybrid between equal weighting and conventional capitalization weighting. Under this methodology, no component security may exceed 24% of the weight of the Index. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (20.61)%. On a net asset value (“NAV”) basis, the Fund returned (20.72)%. During the same time period, the Index returned (20.63)%. During the fiscal period, the Fund fully replicated the components of the Index; the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period, which were partially offset by income generated by the securities lending program in which the Fund participates.

During this same time period, the Nasdaq Composite^® Total Return Index returned (21.99)% and the Russell 3000^® Index returned (13.28)% (each, a “Benchmark Index” and, collectively the “Benchmark Indices”). The Benchmark Indices are unmanaged indices weighted by market capitalization and based on the average performance of approximately 3,400 securities and 3,000 securities, respectively. These Benchmark Indices were selected for their recognition in the marketplace, and their performance comparisons are a useful measure for investors as broad representations of the overall U.S. stock market.

Relative to the Nasdaq Composite^® Total Return Index, the majority of the Fund’s outperformance during the period can be attributed to the Fund’s underweight allocation to and security selection within the health care sector.

Relative to the Russell 3000^® Index, the majority of the Fund’s underperformance during the period can be attributed to the Fund’s overweight allocation to and security selection within the communication services sector.

For the fiscal year ended August 31, 2022, the consumer staples sector contributed most significantly to the Fund’s return, followed by the utilities sector. The information technology sector detracted most significantly from the Fund’s return during the period, followed by the communication services and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Tesla, Inc., a consumer discretionary company (portfolio average weight of 4.52%) and PepsiCo, Inc., a consumer staples company (portfolio average weight of 1.77%). Positions that detracted most significantly from the Fund’s return during the period included Meta Platforms, Inc., Class A, a communication services company (portfolio average weight of 3.58%) and Amazon.com, Inc., a consumer discretionary company (portfolio average weight of 7.03%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Information Technology	49.92
Consumer Discretionary	16.41
Communication Services	16.22
Consumer Staples	6.47
Health Care	5.96
Industrials	3.42
Utilities	1.43
Money Market Funds Plus Other Assets Less Liabilities	0.17
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Apple, Inc.	13.54
Microsoft Corp.	10.41
Amazon.com, Inc.	6.86
Tesla, Inc.	4.56
Alphabet, Inc., Class C	3.65
Alphabet, Inc., Class A	3.47
Meta Platforms, Inc., Class A	2.98
NVIDIA Corp.	2.83
PepsiCo, Inc.	2.10
Costco Wholesale Corp.	2.04
Total	52.44

* Excluding money market fund holdings.

10

Invesco NASDAQ 100 ETF (QQQM) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

	1 Year			Fund Inception
Index				Average Annualized			Cumulative
NASDAQ-100® Index		(20.63	)%		1.59	%		3.02	%
Nasdaq Composite® Total Return Index		(21.99	)		0.50			0.95
Russell 3000® Index		(13.28	)		7.20			13.97
Fund
NAV Return		(20.72	)		1.46			2.76
Market Price Return		(20.61	)		1.47			2.79

Fund Inception: October 13, 2020

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.15% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Indexes are based on the inception date of the Fund.

11

QQQJ	Management’s Discussion of Fund Performance
	Invesco NASDAQ Next Gen 100 ETF (QQQJ)

As an index fund, the Invesco NASDAQ Next Gen 100 ETF (the “Fund”) seeks to track the investment results (before fees and expenses) of the NASDAQ Next Generation 100 Index^® (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (“Nasdaq” or the “Index Provider”) compiles, maintains and calculates the Index, which is comprised of securities of the next generation of Nasdaq-listed non-financial companies; that is, the largest 100 Nasdaq-listed companies outside of the NASDAQ-100 Index^® (the “NASDAQ-100”) based on market capitalization.

To be eligible for inclusion in the Index, a security must meet the existing eligibility criteria of the NASDAQ-100, an index that measures the performance of 100 of the largest domestic and international nonfinancial companies by market capitalization on The Nasdaq Stock Market LLC. Securities meeting the NASDAQ-100 eligibility criteria are ranked by market capitalization, with approximately the largest 100 securities not currently in the NASDAQ-100 selected for inclusion in the Index.

Security types generally eligible for inclusion in the Index are common stocks, ordinary shares and tracking stocks, as well as American depositary receipts (“ADRs”) that represent securities of non-U.S. issuers. The Index may include companies from all major sectors, except for companies that are classified as “financials” according to the Industry Classification Benchmark. The Index may include Nasdaq-listed securities of both U.S. and foreign companies, including foreign companies located in emerging market countries. Companies organized as real estate investment trusts (“REITs”) are not eligible for inclusion in the Index.

The Index weights its component securities using a “modified market capitalization-weighted” methodology, which is a hybrid between equal weighting and conventional capitalization weighting. Under this methodology, no issuer may exceed 4% of the weight of the Index. The Fund generally will invest in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (27.93)%. On a net asset value (“NAV”) basis, the Fund returned (28.06)%. During the same time period, the Index returned (27.96)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and expenses that the Fund incurred during the period.

During this same time period, the Nasdaq Composite^® Total Return Index returned (21.99)% and the Russell 3000^® Index returned (13.28)% (each, a “Benchmark Index” and, collectively the “Benchmark Indices”). The Benchmark Indices are unmanaged

indices weighted by market capitalization and based on the average performance of approximately 3,400 securities and 3,000 securities, respectively. These Benchmark Indices were selected for their recognition in the marketplace, and their performance comparisons are a useful measure for investors as broad representations of the overall U.S. stock market.

Relative to the Nasdaq Composite^® Total Return Index, the majority of the Fund’s underperformance during the period can be attributed to security selection within the information technology and communication services sectors, respectively.

Relative to the Russell 3000^® Index, the majority of the Fund’s underperformance during the period can be attributed to security selection within the health care and communication services sectors, respectively.

For the fiscal year ended August 31, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the materials and utilities sectors, respectively. The information technology sector detracted most significantly from the Fund’s return during the period, followed by the communication services and health care sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Enphase Energy, Inc., an information technology company (portfolio average weight of 1.79%) and ON Semiconductor Corp., an information technology company (portfolio average weight of 1.72%). Positions that detracted most significantly from the Fund’s return during the period included Roku, Inc., Class A, a communication services company (portfolio average weight of 1.29%) and Yandex N.V., Class A, a communication services company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Information Technology	38.74
Health Care	19.91
Consumer Discretionary	12.80
Communication Services	11.80
Industrials	9.58
Sector Types Each Less Than 3%	7.12
Money Market Funds Plus Other Assets Less Liabilities	0.05

12

Invesco NASDAQ Next Gen 100 ETF (QQQJ) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Enphase Energy, Inc.	3.15
ON Semiconductor Corp.	2.44
Trade Desk, Inc. (The), Class A	2.26
CoStar Group, Inc.	2.25
Alnylam Pharmaceuticals, Inc.	2.04
Diamondback Energy, Inc.	1.93
CDW Corp.	1.88
Coca-Cola Europacific Partners PLC	1.83
MongoDB, Inc.	1.79
Ulta Beauty, Inc.	1.78
Total	21.35

* Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

Fund Performance History as of August 31, 2022

	1 Year			Fund Inception
Index				Average Annualized			Cumulative
NASDAQ Next Generation 100 Index®		(27.96	)%		(3.19	)%		(5.92	)%
Nasdaq Composite® Total Return Index		(21.99	)		0.50			0.95
Russell 3000® Index		(13.28	)		7.20			13.97
Fund
NAV Return		(28.06	)		(3.34	)		(6.20	)
Market Price Return		(27.93	)		(3.44	)		(6.37	)

13

Invesco NASDAQ Next Gen 100 ETF (QQQJ) (continued)

Fund Inception: October 13, 2020

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.15% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Indexes and Fund Performance History:

- Average Annualized and Cumulative Inception returns for the Fund, Index and Benchmark Indexes are based on the inception date of the Fund.

14

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (the “Program”). The Program is reasonably designed to assess and manage the Funds’ liquidity risk, which is the risk that the Funds could not meet redemption requests without significant dilution of remaining investors’ interests in the Funds. The Board of Trustees of the Funds (the “Board”) has appointed Invesco Capital Management LLC (“Invesco”), the Funds’ investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco and its affiliates.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Funds’ liquidity risk that takes into account, as relevant to the Funds’ liquidity risk: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements; (4) the relationship between the Funds’ portfolio liquidity and the way in which, and the prices and spreads at which, Fund shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants; and (5) the effect of the composition of baskets on the overall liquidity of each Fund’s portfolio. The Liquidity Rule also requires the classification of each Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. Each Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid,” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, a Fund may not acquire an investment if, immediately after the acquisition, over 15% of such Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of such Fund’s assets.

At a meeting held on March 15, 2022, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

The Report stated, in relevant part, that during the Program Reporting Period:

● The Program, as adopted and implemented, remained reasonably designed to assess and manage the Funds’ liquidity risk and was operated effectively to achieve that goal;

● Each Fund’s investment strategy remained appropriate for an open-end fund;

● Each Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

● The Funds did not breach the 15% limit on Illiquid Investments; and

● The Funds primarily held Highly Liquid Investments and therefore have not adopted an HLIM.

  15  

Invesco ESG NASDAQ 100 ETF (QQMG)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-13.37%
Activision Blizzard, Inc.		769	$	60,359
Alphabet, Inc., Class A(b)		2,688		290,895
Alphabet, Inc., Class C(b)		2,800		305,620
Baidu, Inc., ADR (China)(b)		197		28,362
Charter Communications, Inc., Class A(b)		108		44,564
Comcast Corp., Class A		3,236		117,111
Electronic Arts, Inc.		391		49,606
Match Group, Inc.(b)		274		15,489
Meta Platforms, Inc., Class A(b)		738		120,242
NetEase, Inc., ADR (China)		214		18,941
Netflix, Inc.(b)		508		113,569
Sirius XM Holdings, Inc.(c)		4,284		26,090
T-Mobile US, Inc.(b)		974		140,217
				1,331,065
Consumer Discretionary-11.29%
Airbnb, Inc., Class A(b)		265		29,977
Amazon.com, Inc.(b)		2,833		359,139
Booking Holdings, Inc.(b)		34		63,778
Dollar Tree, Inc.(b)		264		35,820
eBay, Inc.		605		26,699
JD.com, Inc., ADR (China)(c)		293		18,603
Lucid Group, Inc.(b)(c)		718		11,014
lululemon athletica, inc.(b)		138		41,394
Marriott International, Inc., Class A		280		43,047
MercadoLibre, Inc. (Brazil)(b)		43		36,780
O’Reilly Automotive, Inc.(b)		84		58,558
Pinduoduo, Inc., ADR (China)(b)		226		16,114
Ross Stores, Inc.		396		34,163
Starbucks Corp.		821		69,021
Tesla, Inc.(b)		1,014		279,469
				1,123,576
Consumer Staples-6.23%
Costco Wholesale Corp.		328		171,249
Keurig Dr Pepper, Inc.		1,224		46,659
Kraft Heinz Co. (The)		265		9,911
Mondelez International, Inc., Class A		1,063		65,757
Monster Beverage Corp.(b)		293		26,027
PepsiCo, Inc.		1,569		270,292
Walgreens Boots Alliance, Inc.		881		30,888
				620,783
Health Care-5.63%
Align Technology, Inc.(b)		77		18,765
Amgen, Inc.		479		115,104
AstraZeneca PLC, ADR (United Kingdom)		471		29,381
Biogen, Inc.(b)		131		25,595
DexCom, Inc.(b)		281		23,101
Gilead Sciences, Inc.		1,060		67,278
IDEXX Laboratories, Inc.(b)		77		26,767
Illumina, Inc.(b)		215		43,352
Intuitive Surgical, Inc.(b)		275		56,578
Moderna, Inc.(b)		182		24,073
Regeneron Pharmaceuticals, Inc.(b)		99		57,525
Seagen, Inc.(b)		109		16,818
Vertex Pharmaceuticals, Inc.(b)		201		56,634
				560,971

	Shares		Value
Industrials-2.24%
Cintas Corp.		90	$	36,615
Copart, Inc.(b)		245		29,314
CSX Corp.		2,026		64,123
Fastenal Co.		369		18,572
Old Dominion Freight Line, Inc.		110		29,855
PACCAR, Inc.		192		16,802
Verisk Analytics, Inc.		149		27,887
				223,168
Information Technology-61.18%
Adobe, Inc.(b)		614		229,292
Advanced Micro Devices, Inc.(b)		1,532		130,021
ANSYS, Inc.(b)		110		27,313
Apple, Inc.		9,693		1,523,933
Applied Materials, Inc.		1,167		109,780
ASML Holding N.V., New York Shares (Netherlands)		114		55,853
Atlassian Corp. PLC, Class A(b)		143		35,415
Autodesk, Inc.(b)		246		49,628
Automatic Data Processing, Inc.		513		125,382
Broadcom, Inc.		339		169,198
Cadence Design Systems, Inc.(b)		350		60,820
Cisco Systems, Inc.		5,519		246,810
Cognizant Technology Solutions Corp., Class A		560		35,375
Crowdstrike Holdings, Inc., Class A(b)		224		40,905
Datadog, Inc., Class A(b)		248		26,028
DocuSign, Inc.(b)		202		11,760
Fiserv, Inc.(b)		661		66,887
Fortinet, Inc.(b)		790		38,465
Intel Corp.		4,501		143,672
Intuit, Inc.		317		136,874
KLA Corp.		163		56,093
Lam Research Corp.		172		75,321
Marvell Technology, Inc.		797		37,316
Microchip Technology, Inc.		236		15,399
Micron Technology, Inc.		1,188		67,158
Microsoft Corp.		5,307		1,387,621
NVIDIA Corp.		2,730		412,066
NXP Semiconductors N.V. (China)		228		37,524
Okta, Inc.(b)		165		15,081
Palo Alto Networks, Inc.(b)		121		67,374
Paychex, Inc.		382		47,116
PayPal Holdings, Inc.(b)		1,289		120,444
QUALCOMM, Inc.		1,237		163,618
Skyworks Solutions, Inc.		54		5,322
Splunk, Inc.(b)		168		15,125
Synopsys, Inc.(b)		192		66,436
Texas Instruments, Inc.		858		141,750
VeriSign, Inc.(b)		96		17,493
Workday, Inc., Class A(b)		253		41,634
Zoom Video Communications, Inc., Class A(b)		248		19,939
Zscaler, Inc.(b)(c)		110		17,516
				6,090,757
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $12,336,255)				9,950,320

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  16  

Invesco ESG NASDAQ 100 ETF (QQMG)–(continued)

August 31, 2022

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.74%
Invesco Private Government Fund, 2.29%(d)(e)(f)		20,569	$	20,569
Invesco Private Prime Fund, 2.37%(d)(e)(f)		52,886		52,891
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $73,460)				73,460
TOTAL INVESTMENTS IN SECURITIES-100.68% (Cost $12,409,715)				10,023,780
OTHER ASSETS LESS LIABILITIES-(0.68)%				(67,829	)
NET ASSETS-100.00%			$	9,955,951

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 August 31, 2022.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31,  2021			Purchases at Cost			Proceeds from  Sales				Change  in Unrealized Appreciation			Realized Gain (Loss)				Value August 31,  2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	94,726		$	(94,726	)		$	-		$	-			$	-		$	28
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			350,152			(329,583	)			-			-				20,569			123	*
Invesco Private Prime Fund			-			781,546			(728,641	)			-			(14	)			52,891			337	*
Total		$	-		$	1,226,424		$	(1,152,950	)		$	-		$	(14	)		$	73,460		$	488

* 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 August 31, 2022.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  17  

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-13.16%
Bilibili, Inc., ADR (China)(b)(c)		187	$	4,668
DISH Network Corp., Class A(b)(c)		697		12,093
Fox Corp., Class A		1,055		36,060
Fox Corp., Class B		829		26,213
IAC, Inc.(b)		185		11,890
Liberty Broadband Corp., Class C(b)		318		32,341
Liberty Global PLC, Class A (United Kingdom)(b)		372		7,514
Liberty Global PLC, Class C (United Kingdom)(b)		673		14,342
Liberty Media Corp.-Liberty Formula One, Class C(b)		611		38,908
News Corp., Class A		1,457		24,652
News Corp., Class B		739		12,740
Paramount Global, Class B		1,944		45,470
Roku, Inc., Class A(b)		158		10,744
Take-Two Interactive Software, Inc.(b)		550		67,408
ZoomInfo Technologies, Inc., Class A(b)		569		25,844
				370,887
Consumer Discretionary-13.83%
Etsy, Inc.(b)		293		30,944
Expedia Group, Inc.(b)		288		29,563
Hasbro, Inc.		539		42,484
Li Auto, Inc., ADR (China)(b)		728		20,945
LKQ Corp.		1,001		53,273
Pool Corp.		141		47,826
Tractor Supply Co.		383		70,912
Trip.com Group Ltd., ADR (China)(b)		1,013		26,054
Ulta Beauty, Inc.(b)		162		68,019
				390,020
Consumer Staples-2.67%
Coca-Cola Europacific Partners PLC (United Kingdom)		1,530		75,230
Health Care-16.28%
10X Genomics, Inc., Class A(b)(c)		212		6,994
Alnylam Pharmaceuticals, Inc.(b)		164		33,894
BeiGene Ltd., ADR (China)(b)(c)		84		14,419
BioMarin Pharmaceutical, Inc.(b)		337		30,060
Bio-Techne Corp.		113		37,495
Bruker Corp.		373		20,888
DENTSPLY SIRONA, Inc.		677		22,185
Guardant Health, Inc.(b)		185		9,261
Hologic, Inc.(b)		372		25,132
Horizon Therapeutics PLC(b)		145		8,586
ICON PLC(b)		308		64,628
Incyte Corp.(b)		468		32,961
Insulet Corp.(b)		131		33,467
Masimo Corp.(b)		53		7,785
Novavax, Inc.(b)(c)		60		1,982
Repligen Corp.(b)		191		41,900
Royalty Pharma PLC, Class A		601		25,128
Sanofi, ADR (France)		668		27,408
Viatris, Inc.		1,553		14,831
				459,004
Industrials-8.96%
American Airlines Group, Inc.(b)		912		11,847
C.H. Robinson Worldwide, Inc.		335		38,240

	Shares		Value
Industrials-(continued)
CoStar Group, Inc.(b)		689	$	47,982
Expeditors International of Washington, Inc.		520		53,503
J.B. Hunt Transport Services, Inc.		351		61,081
Lyft, Inc., Class A(b)(c)		698		10,281
Sunrun, Inc.(b)(c)		457		15,095
United Airlines Holdings, Inc.(b)		419		14,669
				252,698
Information Technology-43.68%
Affirm Holdings, Inc.(b)(c)		475		11,129
Akamai Technologies, Inc.(b)		426		38,459
Bentley Systems, Inc., Class B		853		31,365
CDW Corp.		544		92,861
Check Point Software Technologies Ltd. (Israel)(b)		283		34,028
Cognex Corp.		570		24,003
Coupa Software, Inc.(b)(c)		204		11,914
Enphase Energy, Inc.(b)		194		55,569
Entegris, Inc.		306		29,033
F5, Inc.(b)		164		25,758
First Solar, Inc.(b)		299		38,137
Jack Henry & Associates, Inc.		234		44,975
Logitech International S.A., Class R (Switzerland)		588		29,559
Manhattan Associates, Inc.(b)		167		23,590
Monday.com Ltd.(b)		124		14,099
MongoDB, Inc.(b)		166		53,595
Monolithic Power Systems, Inc.		116		52,569
NetApp, Inc.		710		51,212
NortonLifeLock, Inc.		1,873		42,311
ON Semiconductor Corp.(b)		785		53,985
Open Text Corp. (Canada)		803		25,278
Paylocity Holding Corp.(b)		133		32,053
PTC, Inc.(b)		316		36,305
Qorvo, Inc.(b)		151		13,557
Seagate Technology Holdings PLC		761		50,957
SolarEdge Technologies, Inc.(b)(c)		114		31,461
SS&C Technologies Holdings, Inc.		590		32,898
Teradyne, Inc.		444		37,580
Trade Desk, Inc. (The), Class A(b)		839		52,605
Trimble, Inc.(b)		887		56,103
Western Digital Corp.(b)		1,142		48,261
Zebra Technologies Corp., Class A(b)		186		56,105
				1,231,314
Materials-0.40%
Steel Dynamics, Inc.		140		11,301
Real Estate-0.95%
Opendoor Technologies, Inc.(b)		2,407		10,423
Zillow Group, Inc., Class A(b)(c)		122		4,075
Zillow Group, Inc., Class C(b)(c)		368		12,313
				26,811
Total Common Stocks & Other Equity Interests (Cost $3,435,290)				2,817,265

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  18  

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)–(continued)

August 31, 2022

	Shares		Value
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(d)(e) (Cost $279)		279	$	279
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $3,435,569)				2,817,544
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.86%
Invesco Private Government Fund, 2.29%(d)(e)(f)		38,307		38,307

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 2.37%(d)(e)(f)		98,494	$	98,504
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $136,808)				136,811
TOTAL INVESTMENTS IN SECURITIES-104.80% (Cost $3,572,377)				2,954,355
OTHER ASSETS LESS LIABILITIES-(4.80)%				(135,196	)
NET ASSETS-100.00%			$	2,819,159

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 August 31, 2022.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31,  2021			Purchases at Cost			Proceeds from  Sales				Change  in Unrealized Appreciation			Realized Gain			Value August 31,  2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	40,685		$	(40,406	)		$	-		$	-		$	279		$	5
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			434,534			(396,227	)			-			-			38,307			177	*
Invesco Private Prime Fund			-			856,535			(758,058	)			3			24			98,504			482	*
Total		$	-		$	1,331,754		$	(1,194,691	)		$	3		$	24		$	137,090		$	664

* 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 August 31, 2022.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  19  

Invesco NASDAQ 100 ETF (QQQM)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.83%
Communication Services-16.22%
Activision Blizzard, Inc.		339,242	$	26,627,105
Alphabet, Inc., Class A(b)		1,574,760		170,420,527
Alphabet, Inc., Class C(b)		1,641,268		179,144,402
Baidu, Inc., ADR (China)(b)		93,478		13,458,028
Charter Communications, Inc., Class A(b)		72,674		29,987,473
Comcast Corp., Class A		1,939,703		70,197,851
Electronic Arts, Inc.		121,170		15,372,838
Match Group, Inc.(b)		123,883		7,003,106
Meta Platforms, Inc., Class A(b)		898,113		146,329,551
NetEase, Inc., ADR (China)		78,975		6,990,077
Netflix, Inc.(b)		192,573		43,051,620
Sirius XM Holdings, Inc.(c)		1,707,879		10,400,983
T-Mobile US, Inc.(b)		543,748		78,277,962
				797,261,523
Consumer Discretionary-16.41%
Airbnb, Inc., Class A(b)		166,132		18,792,852
Amazon.com, Inc.(b)		2,661,021		337,337,632
Booking Holdings, Inc.(b)		17,363		32,569,689
Dollar Tree, Inc.(b)(c)		97,171		13,184,161
eBay, Inc.		242,991		10,723,193
JD.com, Inc., ADR (China)(c)		219,818		13,956,245
Lucid Group, Inc.(b)(c)		723,463		11,097,922
lululemon athletica, inc.(b)		53,066		15,917,677
Marriott International, Inc., Class A		142,272		21,872,897
MercadoLibre, Inc. (Brazil)(b)		21,558		18,439,851
O’Reilly Automotive, Inc.(b)		28,425		19,815,636
Pinduoduo, Inc., ADR (China)(b)(c)		192,187		13,702,933
Ross Stores, Inc.		152,335		13,141,941
Starbucks Corp.		497,816		41,851,391
Tesla, Inc.(b)		813,027		224,078,372
				806,482,392
Consumer Staples-6.47%
Costco Wholesale Corp.		192,190		100,342,399
Keurig Dr Pepper, Inc.		615,343		23,456,875
Kraft Heinz Co. (The)		531,044		19,861,046
Mondelez International, Inc., Class A		600,192		37,127,877
Monster Beverage Corp.(b)		230,077		20,437,740
PepsiCo, Inc.		599,739		103,317,038
Walgreens Boots Alliance, Inc.		374,834		13,141,680
				317,684,655
Health Care-5.96%
Align Technology, Inc.(b)		34,465		8,399,121
Amgen, Inc.		231,731		55,684,959
AstraZeneca PLC, ADR (United Kingdom)(c)		250,842		15,647,524
Biogen, Inc.(b)		63,592		12,424,605
DexCom, Inc.(b)		170,507		14,017,381
Gilead Sciences, Inc.		544,014		34,528,569
IDEXX Laboratories, Inc.(b)		36,365		12,641,201
Illumina, Inc.(b)		68,113		13,734,305
Intuitive Surgical, Inc.(b)		155,729		32,039,684
Moderna, Inc.(b)		172,427		22,806,919
Regeneron Pharmaceuticals, Inc.(b)		47,032		27,328,414
Seagen, Inc.(b)		79,859		12,321,445
Vertex Pharmaceuticals, Inc.(b)		111,091		31,301,000
				292,875,127

	Shares		Value
Industrials-3.42%
Cintas Corp.		44,319	$	18,030,742
Copart, Inc.(b)		103,223		12,350,632
CSX Corp.		943,153		29,850,792
Fastenal Co.(c)		250,011		12,583,054
Honeywell International, Inc.		295,353		55,925,090
Old Dominion Freight Line, Inc.		48,978		13,293,119
PACCAR, Inc.		150,980		13,212,260
Verisk Analytics, Inc.(c)		68,406		12,802,867
				168,048,556
Information Technology-49.92%
Adobe, Inc.(b)		204,777		76,471,923
Advanced Micro Devices, Inc.(b)		702,998		59,663,440
Analog Devices, Inc.		225,842		34,221,838
ANSYS, Inc.(b)		37,455		9,300,077
Apple, Inc.		4,233,041		665,518,706
Applied Materials, Inc.		377,720		35,532,120
ASML Holding N.V., New York Shares (Netherlands)(c)		36,970		18,113,082
Atlassian Corp. PLC, Class A(b)(c)		62,327		15,435,905
Autodesk, Inc.(b)		94,602		19,085,008
Automatic Data Processing, Inc.		180,991		44,236,010
Broadcom, Inc.		176,902		88,293,557
Cadence Design Systems, Inc.(b)		119,660		20,793,318
Cisco Systems, Inc.		1,796,588		80,343,415
Cognizant Technology Solutions Corp., Class A		226,342		14,298,024
Crowdstrike Holdings, Inc., Class A(b)(c)		92,448		16,881,929
Datadog, Inc., Class A(b)		122,975		12,906,226
DocuSign, Inc.(b)		86,903		5,059,493
Fiserv, Inc.(b)		280,286		28,362,140
Fortinet, Inc.(b)		347,981		16,943,195
Intel Corp.		1,774,431		56,639,838
Intuit, Inc.		122,598		52,935,365
KLA Corp.		64,609		22,233,895
Lam Research Corp.		60,135		26,333,718
Marvell Technology, Inc.		368,525		17,254,341
Microchip Technology, Inc.		240,409		15,686,687
Micron Technology, Inc.		484,269		27,375,727
Microsoft Corp.		1,955,887		511,405,774
NVIDIA Corp.		920,395		138,924,421
NXP Semiconductors N.V. (China)		114,209		18,796,517
Okta, Inc.(b)(c)		65,162		5,955,807
Palo Alto Networks, Inc.(b)(c)		43,336		24,129,918
Paychex, Inc.		156,482		19,300,490
PayPal Holdings, Inc.(b)		502,517		46,955,189
QUALCOMM, Inc.		486,097		64,296,050
Skyworks Solutions, Inc.		69,531		6,852,280
Splunk, Inc.(b)(c)		69,521		6,258,976
Synopsys, Inc.(b)		66,604		23,046,316
Texas Instruments, Inc.		399,939		66,073,922
VeriSign, Inc.(b)		47,587		8,671,303
Workday, Inc., Class A(b)		86,573		14,246,453
Zoom Video Communications, Inc., Class A(b)(c)		108,980		8,761,992
Zscaler, Inc.(b)(c)		61,001		9,713,799
				2,453,308,184

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  20  

Invesco NASDAQ 100 ETF (QQQM)–(continued)

August 31, 2022

	Shares		Value
Utilities-1.43%
American Electric Power Co., Inc.		222,924	$	22,336,985
Constellation Energy Corp.		141,363		11,533,807
Exelon Corp.		425,569		18,686,735
Xcel Energy, Inc.		236,181		17,536,439
				70,093,966
Total Common Stocks & Other Equity Interests (Cost $5,925,975,224)				4,905,754,403
Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 2.22%(d)(e) (Cost $3,899,314)		3,899,314		3,899,314
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $5,929,874,538)				4,909,653,717

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.52%
Invesco Private Government Fund, 2.29%(d)(e)(f)		20,827,857	$	20,827,857
Invesco Private Prime Fund, 2.37%(d)(e)(f)		53,551,992		53,557,349
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $74,382,068)				74,385,206
TOTAL INVESTMENTS IN SECURITIES-101.43% (Cost $6,004,256,606)				4,984,038,923
OTHER ASSETS LESS LIABILITIES-(1.43)%				(70,025,694	)
NET ASSETS-100.00%			$	4,914,013,229

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 August 31, 2022.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31,  2021			Purchases at Cost		Proceeds from  Sales			Change  in Unrealized Appreciation			Realized Gain (Loss)			Value August 31,  2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-	$	30,973,889	$	(27,074,575	)		$	-	$	-			$	3,899,314	$	11,052
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,570,028		602,273,000		(585,015,171	)			-		-				20,827,857		187,252	*
Invesco Private Prime Fund			8,330,066		1,348,879,281		(1,303,603,514	)			3,138		(51,622	)			53,557,349		534,101	*
Total		$	11,900,094	$	1,982,126,170	$	(1,915,693,260	)		$	3,138	$	(51,622	)		$	78,284,520	$	732,405

* 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 August 31, 2022.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  21  

Invesco NASDAQ Next Gen 100 ETF (QQQJ)

August 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Communication Services-11.80%
Bilibili, Inc., ADR (China)(b)(c)		101,450	$	2,532,192
DISH Network Corp., Class A(b)(c)		190,407		3,303,561
Fox Corp., Class A		203,551		6,957,373
Fox Corp., Class B		160,056		5,060,971
IAC, Inc.(b)(c)		54,913		3,529,259
Liberty Broadband Corp., Class C(b)		89,905		9,143,338
Liberty Global PLC, Class A (United Kingdom)(b)		114,388		2,310,638
Liberty Global PLC, Class C (United Kingdom)(b)(c)		206,815		4,407,228
Liberty Media Corp.-Liberty Formula One, Class C(b)(c)		134,419		8,559,802
News Corp., Class A		253,708		4,292,739
News Corp., Class B(c)		128,830		2,221,029
Paramount Global, Class B(c)		397,323		9,293,385
Playtika Holding Corp.(b)		269,331		2,836,055
Roku, Inc., Class A(b)(c)		78,274		5,322,632
Take-Two Interactive Software, Inc.(b)		105,780		12,964,397
ZoomInfo Technologies, Inc., Class A(b)		264,242		12,001,872
				94,736,471
Consumer Discretionary-12.80%
Caesars Entertainment, Inc.(b)(c)		140,003		6,036,929
DraftKings, Inc., Class A(b)(c)		272,938		4,383,384
Etsy, Inc.(b)(c)		83,011		8,766,792
Expedia Group, Inc.(b)		98,981		10,160,400
Hasbro, Inc.		91,069		7,178,058
Li Auto, Inc., ADR (China)(b)(c)		276,039		7,941,642
LKQ Corp.		184,713		9,830,426
PENN Entertainment, Inc.(b)(c)		108,928		3,401,821
Pool Corp.		26,288		8,916,627
Tractor Supply Co.		73,058		13,526,689
Trip.com Group Ltd., ADR (China)(b)		326,521		8,398,120
Ulta Beauty, Inc.(b)		34,003		14,276,840
				102,817,728
Consumer Staples-1.83%
Coca-Cola Europacific Partners PLC (United Kingdom)(c)		299,256		14,714,417
Energy-1.93%
Diamondback Energy, Inc.		116,261		15,495,266
Health Care-19.91%
10X Genomics, Inc., Class A(b)(c)		61,339		2,023,574
Alnylam Pharmaceuticals, Inc.(b)		79,164		16,360,824
BeiGene Ltd., ADR (China)(b)(c)		32,121		5,513,891
BioMarin Pharmaceutical, Inc.(b)		121,302		10,820,138
BioNTech SE, ADR (Germany)		57,545		8,323,309
Bio-Techne Corp.		25,621		8,501,304
Bruker Corp.		97,478		5,458,768
DENTSPLY SIRONA, Inc.		140,716		4,611,263
Guardant Health, Inc.(b)(c)		66,555		3,331,743
Hologic, Inc.(b)		163,499		11,045,992
Horizon Therapeutics PLC(b)		150,140		8,889,789
ICON PLC(b)(c)		53,314		11,186,877
Incyte Corp.(b)		144,653		10,187,911
Insulet Corp.(b)		45,284		11,568,704
Masimo Corp.(b)		36,253		5,325,203

	Shares		Value
Health Care-(continued)
Novavax, Inc.(b)(c)		51,023	$	1,685,800
Repligen Corp.(b)(c)		36,206		7,942,510
Royalty Pharma PLC, Class A		285,309		11,928,769
Sanofi, ADR (France)		185,933		7,628,831
Viatris, Inc.		791,754		7,561,251
				159,896,451
Industrials-9.58%
American Airlines Group, Inc.(b)(c)		424,183		5,510,137
Axon Enterprise, Inc.(b)(c)		46,383		5,411,968
C.H. Robinson Worldwide, Inc.		83,108		9,486,778
CoStar Group, Inc.(b)		259,459		18,068,725
Expeditors International of Washington, Inc.		109,553		11,271,908
J.B. Hunt Transport Services, Inc.		68,672		11,950,302
Lyft, Inc., Class A(b)(c)		221,651		3,264,919
Sunrun, Inc.(b)(c)		137,228		4,532,641
United Airlines Holdings, Inc.(b)		213,379		7,470,399
				76,967,777
Information Technology-38.74%
Affirm Holdings, Inc.(b)(c)		147,765		3,462,134
Akamai Technologies, Inc.(b)		105,166		9,494,387
AppLovin Corp., Class A(b)(c)		195,529		4,815,879
Bentley Systems, Inc., Class B(c)		180,198		6,625,880
CDW Corp.		88,522		15,110,705
Check Point Software Technologies Ltd. (Israel)(b)		83,665		10,059,880
Cognex Corp.		113,465		4,778,011
Coupa Software, Inc.(b)(c)		49,324		2,880,522
Enphase Energy, Inc.(b)		88,412		25,324,733
Entegris, Inc.		88,751		8,420,695
F5, Inc.(b)		39,497		6,203,399
First Solar, Inc.(b)		69,862		8,910,898
Jack Henry & Associates, Inc.		47,578		9,144,492
Logitech International S.A., Class R (Switzerland)(c)		107,556		5,406,840
Manhattan Associates, Inc.(b)		41,212		5,821,607
Monday.com Ltd.(b)		29,340		3,335,958
MongoDB, Inc.(b)(c)		44,443		14,348,867
Monolithic Power Systems, Inc.		30,596		13,865,495
NetApp, Inc.		145,331		10,482,725
NortonLifeLock, Inc.		378,827		8,557,702
ON Semiconductor Corp.(b)		284,469		19,562,933
Open Text Corp. (Canada)		176,658		5,561,194
Paylocity Holding Corp.(b)		36,003		8,676,723
PTC, Inc.(b)		76,386		8,775,988
Qorvo, Inc.(b)		69,252		6,217,445
Seagate Technology Holdings PLC(c)		143,520		9,610,099
SolarEdge Technologies, Inc.(b)(c)		36,318		10,022,678
SS&C Technologies Holdings, Inc.		166,400		9,278,464
Teradyne, Inc.		105,077		8,893,717
Trade Desk, Inc. (The), Class A(b)(c)		289,539		18,154,095
Trimble, Inc.(b)		163,905		10,366,991
Western Digital Corp.(b)		204,526		8,643,269
Zebra Technologies Corp., Class A(b)		34,287		10,342,331
				311,156,736
Materials-1.24%
Steel Dynamics, Inc.		123,230		9,947,126

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  22  

Invesco NASDAQ Next Gen 100 ETF (QQQJ)–(continued)

August 31, 2022

	Shares		Value
Real Estate-0.87%
Opendoor Technologies, Inc.(b)(c)		408,011	$	1,766,688
Zillow Group, Inc., Class A(b)(c)		39,265		1,311,451
Zillow Group, Inc., Class C(b)(c)		117,542		3,932,955
				7,011,094
Utilities-1.25%
Alliant Energy Corp.		163,792		9,997,864
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $1,029,803,925)				802,740,930
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-14.36%
Invesco Private Government Fund, 2.29%(d)(e)(f)		29,805,913		29,805,913

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 2.37%(d)(e)(f)		85,551,489	$	85,560,046
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $115,357,775)				115,365,959
TOTAL INVESTMENTS IN SECURITIES-114.31% (Cost $1,145,161,700)				918,106,889
OTHER ASSETS LESS LIABILITIES-(14.31)%				(114,936,666	)
NET ASSETS-100.00%			$	803,170,223

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 August 31, 2022.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended August 31, 2022.

	Value August 31,  2021			Purchases at Cost		Proceeds from  Sales			Change  in Unrealized Appreciation			Realized Gain (Loss)			Value August 31,  2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	595,896	$	31,234,607	$	(31,830,503	)		$	-	$	-			$	-	$	2,510
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			14,361,365		330,812,254		(315,367,706	)			-		-				29,805,913		219,365	*
Invesco Private Prime Fund			33,532,835		695,563,485		(643,520,056	)			8,184		(24,402	)			85,560,046		624,469	*
Total		$	48,490,096	$	1,057,610,346	$	(990,718,265	)		$	8,184	$	(24,402	)		$	115,365,959	$	846,344

* 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 August 31, 2022.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 2I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  23  

Statements of Assets and Liabilities

August 31, 2022

	Invesco ESG NASDAQ  100 ETF (QQMG)				Invesco ESG NASDAQ Next  Gen 100 ETF (QQJG)				Invesco NASDAQ 100 ETF (QQQM)				Invesco NASDAQ Next Gen 100 ETF (QQQJ)
Assets:
Unaffiliated investments in securities, at value(a)		$	9,950,320			$	2,817,265			$	4,905,754,403			$	802,740,930
Affiliated investments in securities, at value			73,460				137,090				78,284,520				115,365,959
Cash			-				-				6,486				-
Receivable for:
Dividends			8,898				2,021				4,753,380				515,414
Securities lending			338				13				200,316				15,505
Investments sold			-				-				1,227,688				16,420,344
Fund shares sold			-				-				28,451,726				-
Foreign tax reclaims			-				-				-				54,253
Total assets			10,033,016				2,956,389				5,018,678,519				935,112,405
Liabilities:
Due to custodian			1,786				-				-				20,319
Payable for:
Investments purchased			-				-				28,371,226				-
Collateral upon return of securities loaned			73,460				136,808				74,382,068				115,357,775
Fund shares repurchased			-				-				1,231,273				16,451,967
Accrued unitary management fees			1,819				422				680,723				112,121
Total liabilities			77,065				137,230				104,665,290				131,942,182
Net Assets		$	9,955,951			$	2,819,159			$	4,914,013,229			$	803,170,223
Net assets consist of:
Shares of beneficial interest		$	12,522,169			$	3,543,055			$	5,970,846,156			$	1,140,455,749
Distributable earnings (loss)			(2,566,218	)			(723,896	)			(1,056,832,927	)			(337,285,526	)
Net Assets		$	9,955,951			$	2,819,159			$	4,914,013,229			$	803,170,223
Shares outstanding (unlimited amount authorized, $0.01 par value)			500,001				150,001				39,910,001				32,420,001
Net asset value		$	19.91			$	18.79			$	123.13			$	24.77
Market price		$	19.94			$	18.81			$	123.29			$	24.80
Unaffiliated investments in securities, at cost		$	12,336,255			$	3,435,290			$	5,925,975,224			$	1,029,803,925
Affiliated investments in securities, at cost		$	73,460			$	137,087			$	78,281,382			$	115,357,775
(a) Includes securities on loan with an aggregate value of:		$	72,329			$	134,637			$	72,316,669			$	112,254,390

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  24  

Statements of Operations

For the year ended August 31, 2022

	Invesco ESG NASDAQ  100 ETF (QQMG)(a)				Invesco ESG NASDAQ Next  Gen 100 ETF (QQJG)(a)				Invesco NASDAQ 100 ETF (QQQM)				Invesco NASDAQ Next Gen 100 ETF (QQQJ)
Investment income:
Unaffiliated dividend income		$	69,247			$	13,468			$	30,252,465			$	6,548,774
Affiliated dividend income			28				5				11,052				2,510
Securities lending income, net			1,270				88				1,180,453				162,771
Foreign withholding tax			(176	)			(278	)			(52,098	)			(111,738	)
Total investment income			70,369				13,283				31,391,872				6,602,317
Expenses:
Unitary management fees			15,830				3,702				5,495,446				1,531,558
Tax expenses			8				-				1,361				-
Total expenses			15,838				3,702				5,496,807				1,531,558
Less: Waivers			(2	)			-				(827	)			(175	)
Net expenses			15,836				3,702				5,495,980				1,531,383
Net investment income			54,533				9,581				25,895,892				5,070,934
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(195,339	)			(108,332	)			(44,389,332	)			(113,681,481	)
Affiliated investment securities			(14	)			24				(51,622	)			(24,402	)
In-kind redemptions			-				-				217,260,762				85,022,318
Net realized gain (loss)			(195,353	)			(108,308	)			172,819,808				(28,683,565	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(2,385,935	)			(618,025	)			(1,216,192,306	)			(322,092,629	)
Affiliated investment securities			-				3				3,138				8,184
Change in net unrealized appreciation (depreciation)			(2,385,935	)			(618,022	)			(1,216,189,168	)			(322,084,445	)
Net realized and unrealized gain (loss)			(2,581,288	)			(726,330	)			(1,043,369,360	)			(350,768,010	)
Net increase (decrease) in net assets resulting from operations		$	(2,526,755	)		$	(716,749	)		$	(1,017,473,468	)		$	(345,697,076	)

^(a)  For the period October 25, 2021 (commencement of investment operations) through August 31, 2022.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

  25  

Statements of Changes in Net Assets

For the years ended August 31, 2022 and 2021

	Invesco ESG NASDAQ  100 ETF (QQMG)			Invesco ESG NASDAQ Next  Gen 100 ETF (QQJG)				Invesco NASDAQ 100 ETF (QQQM)						Invesco NASDAQ Next Gen 100 ETF (QQQJ)
	2022(a)			2022(a)				2022			2021(b)			2022			2021(b)
Operations:
Net investment income	$	54,533			$	9,581		$	25,895,892		$	3,973,590		$	5,070,934		$	2,711,840
Net realized gain (loss)		(195,353	)			(108,308	)		172,819,808			25,379,518			(28,683,565	)		48,684,121
Change in net unrealized appreciation (depreciation)		(2,385,935	)			(618,022	)		(1,216,189,168	)		195,971,485			(322,084,445	)		95,029,634
Net increase (decrease) in net assets resulting from operations		(2,526,755	)			(716,749	)		(1,017,473,468	)		225,324,593			(345,697,076	)		146,425,595
Distributions to Shareholders from:
Distributable earnings		(39,471	)			(7,146	)		(17,757,319	)		(2,671,477	)		(11,397,622	)		(2,373,270	)
Shareholder Transactions:
Proceeds from shares sold		12,522,177				3,543,054			5,971,651,618			1,850,201,568			450,411,017			1,352,687,957
Value of shares repurchased		-				-			(1,831,569,039	)		(263,693,247	)		(499,347,837	)		(287,538,541	)
Net increase (decrease) in net assets resulting from share transactions		12,522,177				3,543,054			4,140,082,579			1,586,508,321			(48,936,820	)		1,065,149,416
Net increase (decrease) in net assets		9,955,951				2,819,159			3,104,851,792			1,809,161,437			(406,031,518	)		1,209,201,741
Net assets:
Beginning of period		-				-			1,809,161,437			-			1,209,201,741			-
End of period	$	9,955,951			$	2,819,159		$	4,914,013,229		$	1,809,161,437		$	803,170,223		$	1,209,201,741
Changes in Shares Outstanding:
Shares sold		500,001				150,001			41,870,000			13,620,001			14,550,000			43,840,001
Shares repurchased		-				-			(13,550,000	)		(2,030,000	)		(16,890,000	)		(9,080,000	)
Shares outstanding, beginning of period		-				-			11,590,001			-			34,760,001			-
Shares outstanding, end of period		500,001				150,001			39,910,001			11,590,001			32,420,001			34,760,001

^(a)  For the period October 25, 2021 (commencement of investment operations) through August 31, 2022.

^(b)  For the period October 12, 2020 (commencement of investment operations) through August 31, 2021.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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Financial Highlights

Invesco ESG NASDAQ 100 ETF (QQMG)

	For the Period October  25, 2021(a) Through August 31, 2022
Per Share Operating Performance:
Net asset value at beginning of period		$	25.00
Net investment income(b)			0.13
Net realized and unrealized gain (loss) on investments			(5.13	)
Total from investment operations			(5.00	)
Distributions to shareholders from:
Net investment income			(0.09	)
Net asset value at end of period		$	19.91
Market price at end of period(c)		$	19.94
Net Asset Value Total Return(d)			(20.03	)%(e)
Market Price Total Return(d)			(19.91	)%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	9,956
Ratio to average net assets of:
Expenses			0.20	%(f)
Net investment income			0.69	%(f)
Portfolio turnover rate(g)			10	%

^(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 27, 2021, the first day of trading on the exchange) to August 31, 2022 was (20.63)%. The market price total return from Fund Inception to August 31, 2022 was (20.54)%.

^(f)  Annualized.

^(g)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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Financial Highlights–(continued)

Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)

	For the Period October  25, 2021(a) Through August 31, 2022
Per Share Operating Performance:
Net asset value at beginning of period		$	25.00
Net investment income(b)			0.09
Net realized and unrealized gain (loss) on investments			(6.23	)
Total from investment operations			(6.14	)
Distributions to shareholders from:
Net investment income			(0.07	)
Net asset value at end of period		$	18.79
Market price at end of period(c)		$	18.81
Net Asset Value Total Return(d)			(24.57	)%(e)
Market Price Total Return(d)			(24.49	)%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,819
Ratio to average net assets of:
Expenses			0.20	%(f)
Net investment income			0.52	%(f)
Portfolio turnover rate(g)			46	%

^(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 27, 2021, the first day of trading on the exchange) to August 31, 2022 was (23.10)%. The market price total return from Fund Inception to August 31, 2022 was (23.05)%.

^(f)  Annualized.

^(g)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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Financial Highlights–(continued)

Invesco NASDAQ 100 ETF (QQQM)

	Year Ended August  31, 2022				For the Period October  12, 2020(a) Through August 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	156.10			$	120.98
Net investment income(b)			0.98				0.74
Net realized and unrealized gain (loss) on investments			(33.24	)			34.93
Total from investment operations			(32.26	)			35.67
Distributions to shareholders from:
Net investment income			(0.71	)			(0.55	)
Net asset value at end of period		$	123.13			$	156.10
Market price at end of period(c)		$	123.29			$	156.11
Net Asset Value Total Return(d)			(20.72	)%			29.56	%(e)
Market Price Total Return(d)			(20.61	)%			29.57	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	4,914,013			$	1,809,161
Ratio to average net assets of:
Expenses			0.15	%			0.15	%(f)
Net investment income			0.71	%			0.61	%(f)
Portfolio turnover rate(g)			6	%			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 August 31, 2021 was 29.61%. The market price total return from Fund Inception to August 31, 2021 was 29.48%.

^(f)  Annualized.

^(g)  Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

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Financial Highlights–(continued)

Invesco NASDAQ Next Gen 100 ETF (QQQJ)

	Year Ended August  31, 2022				For the Period October  12, 2020(a) Through August 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	34.79			$	26.71
Net investment income(b)			0.15				0.10
Net realized and unrealized gain (loss) on investments			(9.85	)			8.06
Total from investment operations			(9.70	)			8.16
Distributions to shareholders from:
Net investment income			(0.11	)			(0.08	)
Net realized gains			(0.21	)			-
Total distributions			(0.32	)			(0.08	)
Net asset value at end of period		$	24.77			$	34.79
Market price at end of period(c)		$	24.80			$	34.77
Net Asset Value Total Return(d)			(28.06	)%			30.58	%(e)
Market Price Total Return(d)			(27.93	)%			30.51	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	803,170			$	1,209,202
Ratio to average net assets of:
Expenses			0.15	%			0.15	%(f)
Net investment income			0.50	%			0.35	%(f)
Portfolio turnover rate(g)			45	%			29	%

^(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 August 31, 2021 was 30.39%. The market price total return from Fund Inception to August 31, 2021 was 29.93%.

^(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.

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

August 31, 2022

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 ESG NASDAQ 100 ETF (QQMG)	“ESG NASDAQ 100 ETF”
Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)	“ESG NASDAQ Next Gen 100 ETF”
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
ESG NASDAQ 100 ETF	Nasdaq-100® ESG Index
ESG NASDAQ Next Gen 100 ETF	Nasdaq Next Generation 100 ESG 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter (“OTC”) market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value. Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller,

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odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts’) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the “Adviser”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange (“NYSE”), closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The 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 and unreliable are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/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, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price a Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

B. Investment Transactions and Investment Income - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest 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

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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.

C. 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.

D. 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.

E. Federal Income Taxes - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute substantially all of the Fund’s taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

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.

F. 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, 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).

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.

G. 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

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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.

H. 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.

I. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund’s total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Securities lending income on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through August 31, 2022, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:

	Amount
ESG NASDAQ 100 ETF*	$	50
ESG NASDAQ Next Gen 100 ETF*		6
NASDAQ 100 ETF		89,231
NASDAQ Next Gen 100 ETF		9,268

* For the period October 25, 2021 (commencement of investment operations) through August 31, 2022.

J. Foreign Currency Translations - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from

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investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

K. Other Risks

ADR Risk. The Funds may invest in American depositary receipts (“ADRs”). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. ADRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

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 or could experience extended market closures or trading halts, 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.

ESG Risk. Because ESG NASDAQ 100 ETF and ESG NASDAQ Next Gen 100 ETF evaluate ESG factors to assess and exclude certain investments for non-financial reasons, such Funds may forego some market opportunities available to funds that do not use these factors. The securities of companies that score favorably under a Fund’s ESG scoring methodology may underperform similar companies that do not score as well or may underperform the stock market as a whole. As a result, ESG NASDAQ 100 ETF and ESG NASDAQ Next Gen 100 ETF may underperform funds that do not screen or score companies based on ESG factors or funds that use a different ESG methodology. Information used by a Fund to evaluate such factors may not be readily available, complete or accurate, which could negatively impact the Fund’s ability to apply its methodology, which in turn could negatively impact the Fund’s performance. In addition, a Fund’s assessment of a company, based on the company’s level of involvement in a particular industry or the company’s ESG score, may differ from that of other funds or an investor. As a result, the companies deemed eligible for inclusion in a Fund’s portfolio may not reflect the beliefs or values of any particular investor and may not be deemed to exhibit positive or favorable ESG characteristics if different metrics were used to evaluate them.

Foreign Investment Risk. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory

  35  

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 operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

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 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.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 3–Investment Advisory Agreement and Other Agreements

The Trust has entered into 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, 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

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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)
ESG NASDAQ 100 ETF	0.20%
ESG NASDAQ Next Gen 100 ETF	0.20%
NASDAQ 100 ETF	0.15%
NASDAQ Next Gen 100 ETF	0.15%

Through at least August 31, 2024, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended August 31, 2022, the Adviser waived fees for each Fund in the following amounts:

ESG NASDAQ 100 ETF*	$	2
ESG NASDAQ Next Gen 100 ETF*		-
NASDAQ 100 ETF		827
NASDAQ Next Gen 100 ETF		175

* For the period October 25, 2021 (commencement of investment operations) through August 31, 2022.

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 BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

For the fiscal year ended August 31, 2022, 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:

ESG NASDAQ 100 ETF*	$	20
ESG NASDAQ Next Gen 100 ETF*		156
NASDAQ 100 ETF		123
NASDAQ Next Gen 100 ETF		33,415

* For the period October 25, 2021 (commencement of investment operations) through August 31, 2022.

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.

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Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2022. 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
ESG NASDAQ 100 ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	9,950,320		$	-		$	-		$	9,950,320
Money Market Funds			-			73,460			-			73,460
Total Investments		$	9,950,320		$	73,460		$	-		$	10,023,780
ESG NASDAQ Next Gen 100 ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	2,817,265		$	-		$	-		$	2,817,265
Money Market Funds			279			136,811			-			137,090
Total Investments		$	2,817,544		$	136,811		$	-		$	2,954,355
NASDAQ 100 ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	4,905,754,403		$	-		$	-		$	4,905,754,403
Money Market Funds			3,899,314			74,385,206			-			78,284,520
Total Investments		$	4,909,653,717		$	74,385,206		$	-		$	4,984,038,923
NASDAQ Next Gen 100 ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	802,740,930		$	-		$	-		$	802,740,930
Money Market Funds			-			115,365,959			-			115,365,959
Total Investments		$	802,740,930		$	115,365,959		$	-		$	918,106,889

NOTE 5–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2022 and 2021:

	2022		2021
	Ordinary		Ordinary
	Income*		Income*
ESG NASDAQ 100 ETF**	$	39,471	$	-
ESG NASDAQ Next Gen 100 ETF**		7,146		-
NASDAQ 100 ETF		17,757,319		2,671,477
NASDAQ Next Gen 100 ETF		11,397,622		2,373,270

* Includes short-term capital gain distributions, if any.

** For the period October 25, 2021 (commencement of investment operations) through August 31, 2022.

Tax Components of Net Assets at Fiscal Year-End:

	Undistributed Ordinary Income		Net Unrealized Appreciation (Depreciation)- Investments			Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets
ESG NASDAQ 100 ETF	$	15,070	$	(2,386,365	)	$	(194,923	)	$	12,522,169	$	9,955,951
ESG NASDAQ Next Gen 100 ETF		3,431		(631,823	)		(95,504	)		3,543,055		2,819,159
NASDAQ 100 ETF		9,442,047		(1,024,388,141	)		(41,886,833	)		5,970,846,156		4,914,013,229
NASDAQ Next Gen 100 ETF		1,724,167		(231,482,187	)		(107,527,506	)		1,140,455,749		803,170,223

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Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds have capital loss carryforwards as of August 31, 2022, as follows:

	No expiration
	Short-Term		Long-Term		Total
ESG NASDAQ 100 ETF	$	194,923	$	-	$	194,923
ESG NASDAQ Next Gen 100 ETF		95,504		-		95,504
NASDAQ 100 ETF		38,924,872		2,961,961		41,886,833
NASDAQ Next Gen 100 ETF		85,555,206		21,972,300		107,527,506

NOTE 6–Investment Transactions

For the fiscal year ended August 31, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
ESG NASDAQ 100 ETF*	$	5,964,899	$	939,079
ESG NASDAQ Next Gen 100 ETF*		3,533,387		1,030,109
NASDAQ 100 ETF		223,081,512		215,876,628
NASDAQ Next Gen 100 ETF		454,260,842		455,562,608

* For the period October 25, 2021 (commencement of investment operations) through August 31, 2022.

For the fiscal year ended August 31, 2022, in-kind transactions associated with creations and redemptions were as follows:

	In-kind Purchases		In-kind Sales
ESG NASDAQ 100 ETF*	$	7,505,749	$	-
ESG NASDAQ Next Gen 100 ETF*		1,040,334		-
NASDAQ 100 ETF		5,964,953,448		1,831,296,492
NASDAQ Next Gen 100 ETF		449,859,535		503,395,154

* For the period October 25, 2021 (commencement of investment operations) through August 31, 2022.

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of August 31, 2022, 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
ESG NASDAQ 100 ETF	$	94,122	$	(2,480,487	)	$	(2,386,365	)	$	12,410,145
ESG NASDAQ Next Gen 100 ETF		48,866		(680,689	)		(631,823	)		3,586,178
NASDAQ 100 ETF		27,452,410		(1,051,840,551	)		(1,024,388,141	)		6,008,427,064
NASDAQ Next Gen 100 ETF		43,078,027		(274,560,214	)		(231,482,187	)		1,149,589,076

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions and excise taxes, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended August 31, 2022, the reclassifications were as follows:

	Undistributed Net	Undistributed Net	Shares of
	Investment Income (Loss)	Realized Gain (Loss)	Beneficial Interest
ESG NASDAQ 100 ETF	$       8	$                     -	$                  (8)
ESG NASDAQ Next Gen 100 ETF	-	(1)	1
NASDAQ 100 ETF	1,361	(216,783,588)	216,782,227
NASDAQ Next Gen 100 ETF	(887)	(82,986,327)	82,987,214

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NOTE 8–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of each Fund’s unitary management fee, pays for such compensation for the Funds. The Trustee who is an “interested person” of the Trust does not receive any Trustees’ fees.

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 9–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an Authorized Participant, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the Authorized Participant’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund’s Shares are disclosed in detail in the Statements of Changes in Net Assets.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco NASDAQ 100 ETF and Invesco NASDAQ Next Gen 100 ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter referred to as the “Funds”) as of August 31, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations and the changes in each of their net assets for each of the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Fund Name

Invesco ESG NASDAQ 100 ETF ⁽¹⁾

Invesco ESG NASDAQ Next Gen 100 ETF ⁽¹⁾

Invesco NASDAQ 100 ETF ⁽²⁾

Invesco NASDAQ Next Gen 100 ETF ⁽²⁾

⁽¹⁾ Statement of operations and statement of changes in net assets for the period October 25, 2021 (commencement of investment operations) through August 31, 2022

⁽²⁾ Statement of operations for the year ended August 31, 2022 and statement of changes in net assets for the year ended August 31, 2022 and for the period October 12, 2020 (commencement of investment operations) through August 31, 2021

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022, by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

October 27, 2022

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

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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, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2022 through August 31, 2022.

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 March 1, 2022		Ending Account Value August 31, 2022		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period(1)
Invesco ESG NASDAQ 100 ETF (QQMG)
Actual		$1,000.00		$   858.10		0.20%		$0.94
Hypothetical (5% return before expenses)		1,000.00		1,024.20		0.20		1.02
Invesco ESG NASDAQ Next Gen 100 ETF (QQJG)
Actual		1,000.00		862.30		0.20		0.94
Hypothetical (5% return before expenses)		1,000.00		1,024.20		0.20		1.02
Invesco NASDAQ 100 ETF (QQQM)
Actual		1,000.00		865.20		0.15		0.71
Hypothetical (5% return before expenses)		1,000.00		1,024.45		0.15		0.77
Invesco NASDAQ Next Gen 100 ETF (QQQJ)
Actual		1,000.00		852.80		0.15		0.70
Hypothetical (5% return before expenses)		1,000.00		1,024.45		0.15		0.77

⁽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 August 31, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 184/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

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Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended August 31, 2022:

	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*			Qualified Short Term Gains
Invesco ESG NASDAQ 100 ETF		0	%		100	%		100	%		0	%		0	%		$	-
Invesco ESG NASDAQ Next Gen 100 ETF		0	%		100	%		92	%		0	%		0	%			-
Invesco NASDAQ 100 ETF		0	%		100	%		100	%		0	%		0	%			-
Invesco NASDAQ Next Gen 100 ETF		0	%		52	%		44	%		0	%		0	%			7,578,994

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

  43  

Trustees and Officers

The Independent Trustees of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex (as defined below) overseen by each Independent Trustee and the other directorships, if any, held by each Independent Trustee are shown below:

As of August 31, 2022

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair of the Nominating and Governance Committee and Trustee since 2007	Founder and Principal, YQA Capital Management LLC (1998-Present); formerly, Owner/CEO of Electronic Dynamic Balancing Co., Inc. (high-speed rotating equipment service provider).	230	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, Mission Aviation Fellowship (2017-Present).
Todd J. Barre–1957 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2010	Assistant Professor of Business, Trinity Christian College (2010-2016); formerly, Vice President and Senior Investment Strategist (2001-2008), Director of Open Architecture and Trading (2007-2008), Head of Fundamental Research (2004-2007) and Vice President and Senior Fixed Income Strategist (1994-2001), BMO Financial Group/Harris Private Bank.	230	None.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

  44  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Edmund P. Giambastiani, Jr.–1948 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	President, Giambastiani Group LLC (national security and energy consulting) (2007-Present); Director, First Eagle Alternative Credit LLC (2020-Present); Advisory Board Member, Massachusetts Institute of Technology Lincoln Laboratory (federally-funded research development) (2010-Present); Defense Advisory Board Member, Lawrence Livermore National Laboratory (2013-Present); formerly, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chair of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	230	Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

  45  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Victoria J. Herget–1951 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Managing Director (1993-2001), Principal (1985-1993), Vice President (1978-1985) and Assistant Vice President (1973-1978), Zurich Scudder Investments (investment adviser) (and its predecessor firms).	230	Trustee (2000-Present) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, Mather LifeWays (2001-2021); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Board Chair (2008-2015) and Director (2004-2018), United Educators Insurance Company; Independent Director, First American Funds (2003-2011); Trustee (1992-2007), Chair of the Board of Trustees (1999-2007), Investment Committee Chair (1994-1999) and Investment Committee member (2007-2010), Wellesley College; Trustee, BoardSource (2006-2009); Trustee, Chicago City Day School (1994-2005).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

  46  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Audit Committee and Trustee	Chair of the Audit Committee since 2008; Trustee since 2007	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); Chief Financial Officer, Hope Network (social services) (2008-2012); Assistant Vice President and Controller, Priority Health (health insurance) (2005-2008); Regional Chief Financial Officer, United Healthcare (2005); Chief Accounting Officer, Senior Vice President of Finance, Oxford Health Plans (2000-2004); Audit Partner, Arthur Andersen LLP (1996-2000).	230	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; Board and Finance Committee Member (2009-2017) and Treasurer (2010-2015, 2017), NorthPointe Christian Schools.
Yung Bong Lim–1964 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Investment Oversight Committee and Trustee	Chair of the Investment Oversight Committee since 2014; Trustee since 2013	Managing Partner, RDG Funds LLC (real estate) (2008-Present); formerly, Managing Director, Citadel LLC (1999-2007).	230	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

  47  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Joanne Pace–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2019	Formerly, Senior Advisor, SECOR Asset Management, LP (2010-2011); Managing Director and Chief Operating Officer, Morgan Stanley Investment Management (2006-2010); Partner and Chief Operating Officer, FrontPoint Partners, LLC (alternative investments) (2005-2006); Managing Director (2003-2005), Global Head of Human Resources and member of Executive Board and Operating Committee (2004-2005), Global Head of Operations and Product Control (2003-2004), Credit Suisse (investment banking); Managing Director (1997-2003), Controller and Principal Accounting Officer (1999-2003), Chief Financial Officer (temporary assignment) for the Oversight Committee, Long Term Capital Management (1998-1999), Morgan Stanley.	230	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); Trustee, certain funds in the Oppenheimer Funds complex (2012-2019); Lead Independent Director and Chair of the Audit and Nominating Committee of The Global Chartist Fund, LLC, Oppenheimer Asset Management (2011-2012); Board Director, Managed Funds Association (2008-2010); Board Director (2007-2010) and Investment Committee Chair (2008-2010), Morgan Stanley Foundation.

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

  48  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
Gary R. Wicker–1961 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Trustee	Since 2013	Senior Vice President of Global Finance and Chief Financial Officer, RBC Ministries (publishing company) (2013-Present); formerly, Executive Vice President and Chief Financial Officer, Zondervan Publishing (a division of Harper Collins/NewsCorp) (2007-2012); Senior Vice President and Group Controller (2005- 2006), Senior Vice President and Chief Financial Officer (2003-2004), Chief Financial Officer (2001-2003), Vice President, Finance and Controller (1999-2001) and Assistant Controller (1997-1999), divisions of The Thomson Corporation (information services provider); Senior Audit Manager (1994-1997), PricewaterhouseCoopers LLP.	230	Board Member and Treasurer, Our Daily Bread Ministries Canada (2015- Present); Board and Finance Committee Member, West Michigan Youth For Christ (2010- Present).
Donald H. Wilson–1959 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Board and Trustee	Chair since 2012; Trustee since 2007	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair and Chief Executive Officer, Stone Pillar Advisors, Ltd. (2010-2017); President and Chief Executive Officer, Stone Pillar Investments, Ltd. (advisory services to the financial sector) (2016-2018); Chair, President and Chief Executive Officer, Community Financial Shares, Inc. and Community Bank–Wheaton/Glen Ellyn (subsidiary) (2013-2015); Chief Operating Officer, AMCORE Financial, Inc. (bank holding company) (2007-2009); Executive Vice President and Chief Financial Officer, AMCORE Financial, Inc. (2006-2007); Senior Vice President and Treasurer, Marshall & Ilsley Corp. (bank holding company) (1995-2006).	230	Director, Penfield Children’s Center (2004-Present); Board Chair, Gracebridge Alliance, Inc. (2015-Present).

* This is the date the Independent Trustee began serving the Trust. Each Independent Trustee serves an indefinite term, until his or her successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

  49  

Trustees and Officers–(continued)

The Interested Trustee and the executive officers of the Trust, their term of office and length of time served, their principal business occupations during at least the past five years, the number of portfolios in the Fund Complex overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below:

Name, Address and Year of Birth of Interested Trustee	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road Suite 700 Downers Grove, IL 60515	Trustee, President and Principal Executive Officer	Trustee since 2022, President and Principal Executive Officer since 2020	President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015-2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).	230	None

* This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until his successor is elected.

** Fund Complex includes all open- and closed-end funds (including all of their portfolios) advised by the Adviser and any affiliated person of the Adviser.

  50  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2020	Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President and Treasurer	Since 2018	Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial and Accounting Officer- Pooled Investments, Invesco Specialized Products, LLC (2018-Present); Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2018-Present); Principal Financial and Accounting Officer-Pooled Investments, Invesco Capital Management LLC (2018-Present); Vice President and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; Assistant Treasurer, Invesco Specialized Products, LLC (2018); Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust (2012-2018), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2018) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-2018); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

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Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Peter Hubbard–1981 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2009	Vice President, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2009-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Vice President and Director of Portfolio Management, Invesco Capital Management LLC (2010-Present); and Vice President, Invesco Advisers, Inc. (2020-Present); formerly, Vice President of Portfolio Management, Invesco Capital Management LLC (2008-2010); Portfolio Manager, Invesco Capital Management LLC (2007-2008); Research Analyst, Invesco Capital Management LLC (2005-2007); Research Analyst and Trader, Ritchie Capital, a hedge fund operator (2003-2005).
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2012	Head of Global Fund Services, Invesco Ltd. (2019-Present); Vice President, OppenheimerFunds, Inc. (2019-Present); President and Principal Executive Officer, The Invesco Funds (2016-Present); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-Present); Director, Invesco Trust Company (2022-Present) and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2012-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); formerly, Treasurer (2008-2020), Vice President and Principal Financial Officer, The Invesco Funds (2008-2016); Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange- Traded Fund Trust (2011-2013); Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Treasurer, Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Vice President, Invesco Advisers, Inc. (2009-2020).
Rudolf E. Reitmann–1971 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice President	Since 2013	Head of Global Exchange Traded Funds Services, Invesco Specialized Products, LLC (2018-Present); Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust (2013-Present), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-Present) and Invesco Exchange-Traded Self-Indexed Fund Trust (2016-Present); Head of Global Exchange Traded Funds Services, Invesco Capital Management LLC (2013-Present); Vice President, Invesco Capital Markets, Inc. (2018-Present).

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

  52  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Melanie Zimdars–1976 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chief Compliance Officer	Since 2017	Chief Compliance Officer, Invesco Specialized Products, LLC (2018-Present); Chief Compliance Officer, Invesco Capital Management LLC (2017-Present); Chief Compliance Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2017-Present); formerly, Vice President and Deputy Chief Compliance Officer, ALPS Holding, Inc. (2009-2017); Mutual Fund Treasurer/ Chief Financial Officer, Wasatch Advisors, Inc. (2005-2008); Compliance Officer, U.S. Bancorp Fund Services, LLC (2001-2005).

* This is the date each Officer began serving the Trust in their current position. Each Officer serves an indefinite term, until his or her successor is elected.

Availability of Additional Information About the Trustees

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request at (800) 983-0903.

  53  

Approval of Investment Advisory and Sub-Advisory Contracts

At a meeting held on April 6, 2022, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following 74 series (each, a “Fund” and collectively, the “Funds”):

Invesco 1-30 Laddered Treasury ETF

Invesco California AMT-Free Municipal Bond ETF

Invesco CEF Income Composite ETF

Invesco China Technology ETF

Invesco DWA Developed Markets Momentum ETF

Invesco DWA Emerging Markets Momentum ETF

Invesco DWA SmallCap Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco FTSE International Low Beta Equal Weight ETF

Invesco FTSE RAFI Developed Markets ex-U.S. ETF

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF

Invesco FTSE RAFI Emerging Markets ETF

Invesco Fundamental High Yield^® Corporate Bond ETF

Invesco Fundamental Investment Grade Corporate Bond ETF

Invesco Global Clean Energy ETF

Invesco Global Short Term High Yield Bond ETF

Invesco Global Water ETF

Invesco International BuyBack Achievers™ ETF

Invesco International Corporate Bond ETF

Invesco KBW Bank ETF

Invesco KBW High Dividend Yield Financial ETF

Invesco KBW Premium Yield Equity REIT ETF

Invesco KBW Property & Casualty Insurance ETF

Invesco KBW Regional Banking ETF

Invesco MSCI Green Building ETF

Invesco NASDAQ 100 ETF

Invesco NASDAQ Next Gen 100 ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

Invesco Preferred ETF

Invesco PureBeta^SM 0-5 Yr US TIPS ETF

Invesco PureBeta^SM FTSE Developed ex-North America ETF

Invesco PureBeta^SM FTSE Emerging Markets ETF

Invesco PureBeta^SM MSCI USA ETF

Invesco PureBeta^SM MSCI USA Small Cap ETF

Invesco PureBeta^SM US Aggregate Bond ETF

Invesco Russell 1000 Enhanced Equal Weight ETF

Invesco Russell 1000 Equal Weight ETF

Invesco Russell 1000 Low Beta Equal Weight ETF

Invesco S&P 500^® Enhanced Value ETF

Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF

Invesco S&P 500^® High Beta ETF

Invesco S&P 500^® High Dividend Low Volatility ETF

Invesco S&P 500^® Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500^® Momentum ETF

Invesco S&P 500 Revenue ETF

Invesco S&P Emerging Markets Low Volatility ETF

Invesco S&P Emerging Markets Momentum ETF

Invesco S&P International Developed High Dividend Low Volatility ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

Invesco S&P International Developed Quality ETF

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap Low Volatility ETF

Invesco S&P SmallCap 600 Revenue ETF

Invesco S&P SmallCap Consumer Discretionary ETF

Invesco S&P SmallCap Consumer Staples ETF

Invesco S&P SmallCap Energy ETF

Invesco S&P SmallCap Financials ETF

Invesco S&P SmallCap Health Care ETF

Invesco S&P SmallCap High Dividend Low Volatility ETF

Invesco S&P SmallCap Industrials ETF

Invesco S&P SmallCap Information Technology ETF

Invesco S&P SmallCap Low Volatility ETF

Invesco S&P SmallCap Materials ETF

Invesco S&P SmallCap Quality ETF

Invesco S&P SmallCap Utilities & Communication Services ETF

Invesco S&P Ultra Dividend Revenue ETF

Invesco Senior Loan ETF

Invesco Taxable Municipal Bond ETF

Invesco Treasury Collateral ETF

Invesco Variable Rate Preferred ETF

Invesco VRDO Tax-Free ETF

Also at the April 6, 2022 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland, GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).

Investment Advisory Agreement

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other

  54  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser’s relationship with the Funds.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds. The Trustees also reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2021, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on April 6, 2018 or May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year and since-inception periods for Invesco VRDO Tax-Free ETF and the one-year period for Invesco Treasury Collateral ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco VRDO Tax-Free ETF’s and Invesco Treasury Collateral ETF’s level of correlation to their respective underlying indexes. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement. The Trustees concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds’ administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, including the fees payable to the Sub-Advisers for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:

● 0.04% of the Fund’s average daily net assets for Invesco PureBetaSM MSCI USA ETF;

● 0.05% of the Fund’s average daily net assets for Invesco PureBetaSM US Aggregate Bond ETF;

● 0.06% of the Fund’s average daily net assets for Invesco PureBetaSM MSCI USA Small Cap ETF;

● 0.07% of the Fund’s average daily net assets for Invesco PureBetaSM 0-5 Yr US TIPS ETF and Invesco PureBetaSM FTSE Developed ex-North America ETF;

● 0.08% of the Fund’s average daily net assets for Invesco Treasury Collateral ETF;

● 0.10% of the Fund’s average daily net assets for Invesco S&P 500 Minimum Variance ETF;

● 0.13% of the Fund’s average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;

  55  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

● 0.14% of the Fund’s average daily net assets for Invesco PureBetaSM FTSE Emerging Markets ETF;

● 0.15% of the Fund’s average daily net assets for Invesco NASDAQ 100 ETF and Invesco NASDAQ Next Gen 100 ETF;

● 0.20% of the Fund’s average daily net assets for Invesco Russell 1000 Equal Weight ETF;

● 0.22% of the Fund’s average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;

● 0.25% of the Fund’s average daily net assets for Invesco 1-30 Laddered Treasury ETF, Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500^® High Beta ETF, Invesco S&P 500^® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF, Invesco S&P SmallCap Low Volatility ETF and Invesco VRDO Tax-Free ETF;

● 0.28% of the Fund’s average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF;

● 0.29% of the Fund’s average daily net assets for Invesco Russell 1000 Enhanced Equal Weight ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF;

● 0.30% of the Fund’s average daily net assets for Invesco S&P 500^® High Dividend Low Volatility ETF, Invesco S&P SmallCap High Dividend Low Volatility ETF and Invesco S&P International Developed High Dividend Low Volatility ETF;

● 0.35% of the Fund’s average daily net assets for Invesco Global Short Term High Yield Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco Russell 1000 Low Beta Equal Weight ETF;

● 0.39% of the Fund’s average daily net assets for Invesco MSCI Green Building ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF;

● 0.45% of the Fund’s daily net assets for Invesco FTSE International Low Beta Equal Weight ETF and Invesco FTSE RAFI Developed Markets ex-U.S. ETF;

● 0.49% of the Fund’s daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco FTSE RAFI Emerging Markets ETF;

● 0.50% of the Fund’s daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield^® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF;

● 0.55% of the Fund’s daily net assets for Invesco International BuyBack AchieversTM ETF;

● 0.60% of the Fund’s daily net assets for Invesco DWA SmallCap Momentum ETF;

● 0.65% of the Fund’s daily net assets for Invesco Senior Loan ETF;

● 0.70% of the Fund’s daily net assets for Invesco China Technology ETF;

● 0.75% of the Fund’s daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF;

● 0.80% of the Fund’s daily net assets for Invesco DWA Developed Markets Momentum ETF; and

● 0.90% of the Fund’s daily net assets for Invesco DWA Emerging Markets Momentum ETF.

The Trustees compared each Fund’s net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their

  56  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

open-end actively-managed peer funds. The Trustees noted that a portion of each Fund’s operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

	Equal	Equal to/Lower		Lower than
	to/Lower	than Open-End		Open-End
	than ETF	Index Fund		Active Fund
Invesco Fund	Peer Median	Peer Median*		Peer Median
Invesco 1-30 Laddered Treasury ETF				X
Invesco California AMT-Free Municipal Bond ETF			N/A	X
Invesco CEF Income Composite ETF	X		N/A	X
Invesco China Technology ETF			N/A	X
Invesco DWA Developed Markets Momentum ETF				X
Invesco DWA Emerging Markets Momentum ETF				X
Invesco DWA SmallCap Momentum ETF				X
Invesco Emerging Markets Sovereign Debt ETF				X
Invesco FTSE International Low Beta Equal Weight ETF	X		X	X
Invesco FTSE RAFI Developed Markets ex-U.S. ETF				X
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF			X	X
Invesco FTSE RAFI Emerging Markets ETF	X			X
Invesco Fundamental High Yield® Corporate Bond ETF			X	X
Invesco Fundamental Investment Grade Corporate Bond ETF				X
Invesco Global Clean Energy ETF			X	X
Invesco Global Short Term High Yield Bond ETF	X		N/A	X
Invesco Global Water ETF			X	X
Invesco International BuyBack AchieversTM ETF				X
Invesco International Corporate Bond ETF				X
Invesco KBW Bank ETF	X			X
Invesco KBW High Dividend Yield Financial ETF	X			X
Invesco KBW Premium Yield Equity REIT ETF	X			X
Invesco KBW Property & Casualty Insurance ETF	X			X
Invesco KBW Regional Banking ETF	X			X
Invesco MSCI Green Building ETF			X	X
Invesco NASDAQ 100 ETF	X			X
Invesco NASDAQ Next Gen 100 ETF	X			X
Invesco National AMT-Free Municipal Bond ETF				X
Invesco New York AMT-Free Municipal Bond ETF			N/A	X
Invesco Preferred ETF			N/A	X
Invesco PureBetaSM 0-5 Yr US TIPS ETF	X			X
Invesco PureBetaSM FTSE Developed ex-North America ETF	X		X	X
Invesco PureBetaSM FTSE Emerging Markets ETF	X		X	X
Invesco PureBetaSM MSCI USA ETF	X		X	X
Invesco PureBetaSM MSCI USA Small Cap ETF	X		X	X
Invesco PureBetaSM US Aggregate Bond ETF	X		X	X
Invesco Russell 1000 Enhanced Equal Weight ETF				X
Invesco Russell 1000 Equal Weight ETF	X			X
Invesco Russell 1000 Low Beta Equal Weight ETF				X
Invesco S&P 500 Enhanced Value ETF	X		X	X
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF	X			X
Invesco S&P 500® High Beta ETF	X			X
Invesco S&P 500® High Dividend Low Volatility ETF	X		X	X

  57  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

	Equal	Equal to/Lower	Lower than
	to/Lower	than Open-End	Open-End
	than ETF	Index Fund	Active Fund
Invesco Fund	Peer Median	Peer Median*	Peer Median
Invesco S&P 500® Low Volatility ETF	X		X
Invesco S&P 500 Minimum Variance ETF	X	X	X
Invesco S&P 500 Momentum ETF	X	X	X
Invesco S&P 500 Revenue ETF			X
Invesco S&P Emerging Markets Low Volatility ETF	X		X
Invesco S&P Emerging Markets Momentum ETF	X		X
Invesco S&P International Developed High Dividend Low Volatility ETF	X	X	X
Invesco S&P International Developed Low Volatility ETF	X		X
Invesco S&P International Developed Momentum ETF	X	N/A	X
Invesco S&P International Developed Quality ETF	X	N/A	X
Invesco S&P MidCap 400 Revenue ETF			X
Invesco S&P MidCap Low Volatility ETF	X	X	X
Invesco S&P SmallCap 600 Revenue ETF		X	X
Invesco S&P SmallCap Consumer Discretionary ETF	X		X
Invesco S&P SmallCap Consumer Staples ETF	X		X
Invesco S&P SmallCap Energy ETF	X		X
Invesco S&P SmallCap Financials ETF	X		X
Invesco S&P SmallCap Health Care ETF	X		X
Invesco S&P SmallCap High Dividend Low Volatility ETF	X	X	X
Invesco S&P SmallCap Industrials ETF	X		X
Invesco S&P SmallCap Information Technology ETF	X		X
Invesco S&P SmallCap Low Volatility ETF	X	X	X
Invesco S&P SmallCap Materials ETF	X		X
Invesco S&P SmallCap Quality ETF	X	X	X
Invesco S&P SmallCap Utilities & Communication Services ETF	X	X	X
Invesco S&P Ultra Dividend Revenue ETF		X	X
Invesco Senior Loan ETF	X	N/A	X
Invesco Taxable Municipal Bond ETF		N/A	X
Invesco Treasury Collateral ETF	X		X
Invesco Variable Rate Preferred ETF		X	X
Invesco VRDO Tax-Free ETF		N/A	X

* The information provided by the Adviser indicated that certain Funds did not have any comparable open-end index fund peers. Those Funds have been designated in this column with an “N/A” for not available.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco 1-30 Laddered Treasury ETF, Invesco California AMT-Free Municipal Bond ETF, Invesco DWA Developed Markets Momentum ETF, Invesco Global Clean Energy ETF, Invesco International Corporate Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco VRDO Tax-Free ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

  58  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

Based on all of the information provided, the Board concluded that each Fund’s unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the indexes, the distinguishing factors of the Funds, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser on its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee was reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser does not have any soft-dollar arrangements. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees for money market cash management vehicles and fees as the Funds’ direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. 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 continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board’s analysis.

Investment Sub-Advisory Agreement

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF at a meeting held on April 6, 2022. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement. The Board reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Treasury Collateral ETF’s assets, the experience and skills of the investment personnel responsible for the day-to-day management of the Funds, and the resources made available to such personnel.

Based on their review, the Trustees concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF under the Sub-Advisory Agreement were appropriate and reasonable.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rates under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fees charged by the Sub-Advisers under the Sub-Advisory Agreement are consistent with the compensation structure used throughout Invesco when Invesco’s affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Board considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Treasury Collateral ETF and noted that the Adviser compensates the Sub-Advisers from its fee.

  59  

Approval of Investment Advisory and Sub-Advisory Contracts–(continued)

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 15 and April 6, 2022 Board meetings, and Invesco Advisers, Inc., in connection with the April 6, 2022 meeting, and noted the net income generated by each firm. The Trustees noted that the Adviser compensates the Sub-Advisers from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Treasury Collateral ETF.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, the Trustees considered the extent to which economies of scale may be realized as the Funds grow and whether fee levels reflect economies of scale for the benefit of shareholders. The Trustees considered whether the sub-advisory fee rates for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF were reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rates were reasonable and appropriate.

Fall-out Benefits. The Trustees noted that Invesco Advisers, Inc. receives management fees from money market funds into which the Funds’ and other Invesco ETFs’ excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund’s excess cash invested in the money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as the direct securities lending agent for the Invesco ETFs. The Trustees noted that the Sub-Advisers had not identified any further benefits that they derived from their relationships with Invesco Senior Loan ETF and Invesco Treasury Collateral ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Treasury Collateral ETF. No single factor was determinative in the Board’s analysis.

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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.

©2022 Invesco Capital Management LLC         3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-TRST2-AR-1	invesco.com/ETFs

Item 2. Code of Ethics.

The Registrant has adopted a Code of Ethics that applies to the Registrant’s principal executive officer and principal financial officer. This Code is filed as an exhibit to this report on Form N-CSR under Item 13(a)(1). No substantive amendments to this Code were made during the reporting period. There were no waivers for the fiscal year ended August 31, 2022.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees (the “Board”) has determined that the Registrant has four “audit committee financial experts” serving on its audit committee: Mr. Marc M. Kole, Ms. Joanne Pace, Mr. Gary R. Wicker and Mr. Donald H. Wilson. Each of these audit committee members is “independent,” meaning that he/she is not an “interested person” of the Registrant (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended) and he/she does not accept any consulting, advisory, or other compensatory fee from the Registrant (except in his/her capacity as a Board or committee member).

An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that a person has any greater duties, obligations, or liability than those imposed on a person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the audit committee or Board.

Item 4. Principal Accountant Fees and Services.

(a) to (d)

Fees Billed by PwC to the Registrant

PricewaterhouseCoopers LLP (“PwC”), the Registrant’s independent registered public accounting firm, billed the Registrant aggregate fees for pre-approved services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.

	Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year End 2022		Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year End 2021
Audit Fees	$	926,400	$	798,730
Audit-Related Fees	$	0	$	0
Tax Fees(1)	$	835,506	$	767,163
All Other Fees	$	0	$	0
Total Fees	$	1,761,906	$	1,565,893

⁽¹⁾ Tax Fees for the fiscal years ended August 31, 2022 and 2021 include fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise and year-to-date estimates for various book-to-tax differences.

Fees Billed by PwC Related to Invesco and Invesco Affiliates

PwC billed Invesco Capital Management LLC (“Invesco” or “Adviser”), the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Affiliates”), aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved.

	Fees Billed for Non- Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2022 That Were Required to be Pre-Approved by the Registrant’s Audit Committee		Fees Billed for Non- Audit Services Rendered to Invesco and Affiliates for Fiscal Year End 2021 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees(1)	$	760,000	$	821,000
Tax Fees	$	0	$	0
All Other Fees	$	0	$	0
Total Fees	$	760,000	$	821,000

⁽¹⁾ Audit-Related Fees for the fiscal years ended 2022 and 2021 include fees billed related to reviewing controls at a service organization.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

Pre-Approval of Audit and Non-Audit Services Policies and Procedures

As Adopted by the Audit Committee of the Invesco ETFs

Applicable to	Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (collectively the “Funds”)
Risk Addressed by Policy	Approval of Audit and Non-Audit Services

Relevant Law and Other Sources	Sarbanes-Oxley Act of 2002; Regulation S-X.
Last Reviewed by Compliance for Accuracy	June 15, 2018
Effective Date	June 26, 2009
Amended Dates	March 12, 2015 and June 15, 2018

Statement of Principles

Under the Sarbanes-Oxley Act of 2002 and rules adopted by the Securities and Exchange Commission (“SEC”) (“Rules”), the Audit Committee of the Funds’ (the “Audit Committee”) Board of Trustees (the “Board”) is responsible for the appointment, compensation and oversight of the work of independent accountants (an “Auditor”). As part of this responsibility and to assure that the Auditor’s independence is not impaired, the Audit Committee pre-approves the audit and non-audit services provided to the Funds by each Auditor, as well as all non-audit services provided by the Auditor to the Funds’ investment adviser and to affiliates of the adviser that provide ongoing services to the Funds (“Service Affiliates”) if the services directly impact the Funds’ operations or financial reporting. The SEC Rules also specify the types of services that an Auditor may not provide to its audit client. The following policies and procedures comply with the requirements for pre-approval and provide a mechanism by which management of the Funds may request and secure pre-approval of audit and non-audit services in an orderly manner with minimal disruption to normal business operations.

Proposed services either may be pre-approved without consideration of specific case-by-case services by the Audit Committee (“general pre-approval”) or require the specific pre-approval of the Audit Committee (“specific pre-approval”). As set forth in these policies and procedures, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee. Additionally, any fees exceeding 110% of estimated pre-approved fee levels provided at the time the service was pre-approved will also require specific approval by the Audit Committee before payment is made. The Audit Committee will also consider the impact of additional fees on the Auditor’s independence when determining whether to approve any additional fees for previously pre-approved services.

The Audit Committee will annually review and generally pre-approve the services that may be provided by each Auditor without obtaining specific pre-approval from the Audit Committee. The term of any general pre-approval runs from the date of such pre-approval through June 30th of the following year, unless the Audit Committee considers a different period and states otherwise. The Audit Committee will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.

The purpose of these policies and procedures is to set forth the guidelines to assist the Audit Committee in fulfilling its responsibilities.

Delegation

The Chairman of the Audit Committee (or, in his or her absence, any member of the Audit Committee) may grant specific pre-approval for non-prohibited services. All such delegated pre-approvals shall be presented to the Audit Committee no later than the next Audit Committee meeting.

Audit Services

The annual Audit services engagement terms will be subject to specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures such as tax provision work that is required to be performed by the independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will obtain, review and consider sufficient information concerning the proposed Auditor to make a reasonable evaluation of the Auditor’s qualifications and independence.

In addition to the annual Audit services engagement, the Audit Committee may grant either general or specific pre-approval of other Audit services, which are those services that only the independent auditor reasonably can provide. Other Audit services may include services such as issuing consents for the inclusion of audited financial statements with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.

Non-Audit Services

The Audit Committee may provide either general or specific pre-approval of any non-audit services to the Funds and its Service Affiliates if the Audit Committee believes that the provision of the service will not impair the independence of the Auditor, is consistent with the SEC’s Rules on auditor independence, and otherwise conforms to the Audit Committee’s general principles and policies as set forth herein.

Audit-Related Services

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Funds’ financial statements or that are traditionally performed by the independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; and assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities.

Tax Services

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will scrutinize carefully the retention of the Auditor in connection with a transaction initially recommended by the Auditor, the major business purpose of which may be tax avoidance or the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisors as necessary to ensure the consistency of Tax services rendered by the Auditor with the foregoing policy.

No Auditor shall represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Under rules adopted by the Public Company Accounting Oversight Board and approved by the SEC, in connection with seeking Audit Committee pre-approval of permissible Tax services, the Auditor shall:

1. Describe in writing to the Audit Committee, which writing may be in the form of the proposed engagement letter:

a. The scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the Fund, relating to the service; and

b. Any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor and any person (other than the Fund) with respect to the promoting, marketing, or recommending of a transaction covered by the service;

2. Discuss with the Audit Committee the potential effects of the services on the independence of the Auditor; and

3. Document the substance of its discussion with the Audit Committee.

All Other Auditor Services

The Audit Committee may pre-approve non-audit services classified as “All other services” that are not categorically prohibited by the SEC, as listed in Exhibit 1 to this policy.

Pre-Approval Fee Levels or Established Amounts

Pre-approval of estimated fees or established amounts for services to be provided by the Auditor under general or specific pre-approval policies will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum estimated pre-approved fees or established amounts for pre-approved audit and non-audit services will be reported to the Audit Committee at the quarterly Audit Committee meeting and will require specific approval by the Audit Committee before payment is made. The Audit Committee will always factor in the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services and in determining whether to approve any additional fees exceeding 110% of the maximum pre-approved fees or established amounts for previously pre-approved services.

Procedures

On an annual basis, the Auditor will submit to the Audit Committee for general pre-approval, a list of non-audit services that the Funds or Service Affiliates of the Funds may request from the Auditor. The list will describe the non-audit services in reasonable detail and will include an estimated range of fees and such other information as the Audit Committee may request.

Each request for services to be provided by the Auditor under the general pre-approval of the Audit Committee will be submitted to the Funds’ Treasurer (or his or her designee) and must include a detailed description of the services to be rendered. The Treasurer or his or her designee will ensure that such services are included within the list of services that have received the general pre-approval of the Audit Committee.

Each request to provide services that require specific approval by the Audit Committee shall be submitted to the Audit Committee jointly by the Funds’ Treasurer or his or her designee and the Auditor, and must include a joint statement that, in their view, such request is consistent with the pre-approval policies and procedures and the SEC Rules.

Each request to provide Tax services under either the general or specific pre-approval of the Audit Committee will describe in writing: (i) the scope of the service, the fee structure for the engagement, and any side letter or amendment to the engagement letter, or any other agreement between the Auditor and the audit client, relating to the service; and (ii) any compensation arrangement or other agreement between the Auditor and any person (other than the audit client) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will discuss with the Audit Committee the potential effects of the services on the Auditor’s independence and will document the substance of the discussion.

Non-audit services pursuant to the de minimis exception provided by the SEC Rules will be promptly brought to the attention of the Audit Committee for approval, including documentation that each of the conditions for this exception, as set forth in the SEC Rules, has been satisfied.

On at least an annual basis, the Auditor will prepare a summary of all the services provided to any entity in the investment company complex as defined in section 2-01(f)(14) of Regulation S-X in sufficient detail as to the nature of the engagement and the fees associated with those services.

The Audit Committee has designated the Funds’ Treasurer to monitor the performance of all services provided by the Auditor and to ensure such services are in compliance with these policies and procedures. The Funds’ Treasurer will report to the Audit Committee on a periodic basis as to the results of such monitoring. Both the Funds’ Treasurer and management will immediately report to the Chairman of the Audit Committee any breach of these policies and procedures that comes to the attention of the Funds’ Treasurer or senior management.

Exhibit 1 to Pre-Approval of Audit and Non-Audit Services Policies and Procedures Conditionally Prohibited Non-Audit Services (not prohibited if the Fund can reasonably conclude that the results of the service would not be subject to audit procedures in connection with the audit of the Fund’s financial statements)

• Bookkeeping or other services related to the accounting records or financial statements of the audit client

• Financial information systems design and implementation

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

• Actuarial services

• Internal audit outsourcing services

Categorically Prohibited Non-Audit Services

• Management functions

• Human resources

• Broker-dealer, investment adviser, or investment banking services

• Legal services

• Expert services unrelated to the audit

• Any service or product provided for a contingent fee or a commission

• Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance

• Tax services for persons in financial reporting oversight roles at the Fund

• Any other service that the Public Company Oversight Board determines by regulation is impermissible.

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X.

    (f) Not applicable.

    (g) In addition to the amounts shown in the tables above, PwC billed Invesco and Affiliates aggregate fees of $6,812,000 for the fiscal year ended August 31, 2022 and $5,966,000 for the fiscal year ended August 31, 2021 for non-audit services not required to be pre-approved by the Registrant’s Audit Committee. In total, PwC billed the Registrant, Invesco and Affiliates aggregate non-audit fees of $8,407,506 for the fiscal year ended August 31, 2022 and $7,554,163 for the fiscal year ended August 31, 2021.

    (h) With respect to the non-audit services above billed to Invesco and Affiliates that were not required to be pre-approved by the Registrant’s Audit Committee, the Audit Committee received information from PwC about such services, including by way of comparison, that PwC provided audit services to entities within the Investment Company Complex, as defined by Rule 2-01(f)(14) of Regulation S-X, of approximately $31 million and non-audit services of approximately $20 million for the fiscal year ended 2022. The Audit Committee considered this information in evaluating PwC’s independence.

Pursuant to PCAOB Rule 3526, Communication with Audit Committees Concerning Independence, PwC advised the Registrant’s Audit Committee of the following matters identified since the previous annual Form N-CSR filing that may be reasonably thought to bear on PwC’s independence. PwC advised the Audit Committee that one PwC Partner held financial interests directly in investment companies within the complex that includes the Funds as well as all registered investment companies advised by the Adviser and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively, the “Invesco Fund Complex”) that were inconsistent with the requirements of Rule 2-01(c)(1) of SEC Regulation S-X. In reporting the matter to the Audit Committee, PwC noted, among other things, that the impermissible holding was disposed of by the individual, the individual was not in the chain of command of the audit or the audit partners of the Funds, the financial interest was not material to the net worth of the individual or his or her respective immediate family members and the Funds’ audit engagement team was unaware of the impermissible holding until after the matter was confirmed to be an independence exception. In addition, PwC considered that the PwC Partner provided non-audit services that were not relied upon by the audit engagement team in the audits of the financial statements of the Funds. Based on the mitigating factors noted above, PwC advised the Audit Committee that it concluded that its objectivity and impartiality with respect to all issues encompassed within the audit engagement has not been impaired and it believes that a reasonable investor with knowledge of all relevant facts and circumstances for the violation would conclude that PwC is capable of exercising objective and impartial judgment on all issues encompassed within the audits of the financial statements of the Funds in the Registrant for the impacted periods.

Item 5. Audit Committee of Listed Registrants.

(a) The Registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended, which consists solely of

independent trustees. The Audit Committee members are Marc M. Kole, Joanne Pace, Gary R. Wicker, and Donald H. Wilson.

(b) Not applicable.

Item 6. Schedule of Investments.

(a) The Schedules of Investments are included as a part of the report to shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that would require disclosure herein.

Item 11. Controls and Procedures.

(a) Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the Registrant’s President (principal executive officer) and Treasurer (principal financial officer) have concluded that such disclosure controls and procedures are effective.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	Code of Ethics is attached as Exhibit 99.CODEETH.
(a)(2)	Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section  302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.
(a)(3)	Not applicable.
(a)(4)	Not applicable.
(b)	Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section  906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Invesco Exchange-Traded Fund Trust II

By:	/s/ Anna Paglia
Name:	Anna Paglia
Title:	President
Date:	November 4, 2022

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:	November 4, 2022
By:	/s/ Kelli Gallegos
Name:	Kelli Gallegos
Title:	Treasurer
Date:	November 4, 2022