UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21977

Invesco Exchange-Traded Fund Trust II

(Exact name of registrant as specified in charter)

3500 Lacey Road

Downers Grove, IL 60515

(Address of principal executive offices) (Zip code)

Anna Paglia

President

3500 Lacey Road

Downers Grove, IL 60515

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: October 31, 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
	October 31, 2022
	PBTP	Invesco PureBetaSM 0-5 Yr US TIPS ETF
	PBDM	Invesco PureBetaSM FTSE Developed ex-North America ETF
	PBEE	Invesco PureBetaSM FTSE Emerging Markets ETF

Table of Contents

The Market Environment	3
Management’s Discussion of Fund Performance	5
Schedules of Investments
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)	11
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)	13
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)	28
Statements of Assets and Liabilities	39
Statements of Operations	40
Statements of Changes in Net Assets	41
Financial Highlights	42
Notes to Financial Statements	45
Report of Independent Registered Public Accounting Firm	56
Fund Expenses	57
Tax Information	59
Trustees and Officers	60

2

The Market Environment

Domestic Equity

The fiscal year ended October 31, 2022 began with continued volatility in equity markets in the fourth quarter of 2021 amid substantial 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,¹ causing higher gas prices for consumers, and the Consumer Price Index (CPI) reported for November 2021 increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.² To combat inflation, the US Federal Reserve (the Fed) announced the potential for three or more 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 inflation 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 2008.¹ Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and the Fed indicated it would “taper” its asset purchase program quickly.³

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 into 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 40-year high to 8.6% for the 12 months ended May 2022.² 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.¹ 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 an economic policy symposium held in Jackson Hole, Wyoming sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.³

After experiencing a sharp drop in September 2022, US equity markets rebounded in October with strong gains, despite mixed data on the economy and corporate earnings. Inflation data

reported in October came in higher than expected; however, the labor market remained strong, with payroll employment gains and a decline in the unemployment rate to a near record low of 3.5% in September.² The initial estimate of third quarter real gross domestic product showed an increase of 2.6% (annualized) after falling in the prior two quarters, but the headline number masked a drop in demand and investment. Corporate earnings were generally in line with expectations, but many companies’ forward earnings guidance was weaker than expected.

In this environment, US stocks had negative double-digit returns for the fiscal year ended October 31, 2022 of -14.61%, as measured by the S&P 500 Index.⁴

¹  Source: Bloomberg LP

²  Source: US Bureau of Labor Statistics

³  Source: US Federal Reserve

⁴  Source: Lipper Inc.

Global Equity

At the beginning of the fiscal year ended October 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 half of 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.

Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People’s Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

During October 2022, developed market equities rebounded and were in positive territory. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with no signs of the country’s zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, 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

The Market Environment (continued)

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 during 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 and 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 slightly 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% and fixed income markets experienced significant negative performance as all bond sectors felt the impact of rising interest rates with 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 fiscal year, including a 0.50% hike in May, and three 0.75% hikes in June, July and November, the largest hikes since 1994, to a target Fed funds rate of 3.75-4.00%, the highest since 2008.⁴ At their November 2022 meeting, the Fed signaled that its hawkish policies would continue, though a slowing of the pace of rate increases was likely. While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 2.92% to 4.51% during the fiscal year, while

10-year Treasury rates increased from 2.98% to 4.10%.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  Source: Federal Reserve of Economic Data

4

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

As an index fund, the Invesco PureBeta^SM 0-5 Yr US TIPS ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA 0-5 Year US Inflation-Linked Treasury Index^SM (the “Index”). The Fund generally will invest at least 80% of its total assets in the components 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 measure the performance of the shorter maturity subset of the U.S. Treasury Inflation-Protected Securities (“TIPS”) market, represented by TIPS with a remaining maturity of at least one month and less than five years. TIPS are U.S. dollar-denominated, U.S. government debt securities that are publicly offered for sale in the United States. TIPS are “inflation-linked”, meaning that their principal and interest payments are tied to inflation (as measured by the Consumer Price Index). TIPS are issued by the U.S. Treasury, and their payments are supported by the full faith and credit of the United States.

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

During the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (2.78)%. On a net asset value (“NAV”) basis, the Fund returned (2.79)%. During the same time period, the Index returned (2.67)%. 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 as well as trading costs incurred by the Fund during the period.

For the fiscal year ended October 31, 2022, bonds with maturities of less than 1 year contributed most significantly to the Fund’s return, followed by bonds with maturities of 1 year. Bonds with maturities of 3 & 4 years detracted from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022, included Treasury CPI Note, 0.63% coupon, due 04/15/2023 (portfolio average weight of 6.00%) and Treasury CPI Note, 0.13% coupon, due 01/15/2023 (portfolio average weight of 5.60%). Positions that detracted from the Fund’s return included Treasury CPI Note, 0.38% coupon, due 01/15/2027 (portfolio average weight of

4.80%) and Treasury CPI Note, 0.13% coupon, due 10/15/2026 (portfolio average weight of 4.20%).

Duration Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Maturing in 0-5 Years	99.86
Money Market Funds Plus Other Assets Less Liabilities	0.14
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
U.S. Treasury Inflation—Indexed Notes, 0.63%, 04/15/2023	5.97
U.S. Treasury Inflation—Indexed Notes, 0.13%, 01/15/2023	5.59
U.S. Treasury Inflation—Indexed Notes, 0.38%, 07/15/2023	5.55
U.S. Treasury Inflation—Indexed Notes, 0.63%, 01/15/2024	5.45
U.S. Treasury Inflation—Indexed Notes, 0.63%, 01/15/2026	5.43
U.S. Treasury Inflation—Indexed Notes, 0.13%, 07/15/2024	5.35
U.S. Treasury Inflation—Indexed Notes, 0.25%, 01/15/2025	5.28
U.S. Treasury Inflation—Indexed Notes, 0.38%, 07/15/2025	5.28
U.S. Treasury Inflation—Indexed Notes, 0.38%, 01/15/2027	4.79
U.S. Treasury Inflation—Indexed Notes, 2.38%, 01/15/2025	4.77
Total	53.46

* Excluding money market fund holdings.

5

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

Growth of a $10,000 Investment Since Inception

Fund Performance History as of October 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
ICE BofA 0-5 Year US Inflation-Linked Treasury IndexSM		(2.67	)%		2.69	%		8.27	%		2.53	%		13.29	%		2.49	%		13.39	%
Fund
NAV Return		(2.79	)		2.58			7.93			2.41			12.66			2.38			12.78
Market Price Return		(2.78	)		2.59			7.97			2.43			12.73			2.40			12.88

Fund Inception: September 22, 2017

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

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

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

Notes Regarding Index and Fund Performance History:

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

6

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

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

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

During the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (23.80)%. On a net asset value (“NAV”) basis, the Fund returned (23.71)%. During the same time period, the Index returned (23.81)%. 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 advantageous dividend tax treatment utilized by the Fund, which was partially offset by fees and operating expenses incurred during the period.

For the fiscal year ended October 31, 2022, the energy sector contributed most significantly to the Fund’s return. The industrials 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 October 31, 2022, included Shell PLC, an energy company (portfolio average weight of 1.06%), and BP PLC, an energy company (portfolio average weight of 0.57%). Positions that detracted most significantly from the Fund’s return included ASML Holding N.V., an information technology company (portfolio average weight of 1.37%), and Samsung Electronics Co. Ltd., an information technology company (portfolio average weight of 1.46%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Financials	16.88
Industrials	15.59
Health Care	12.76
Consumer Discretionary	10.84
Consumer Staples	10.11
Information Technology	9.69
Materials	7.99
Energy	4.78
Communication Services	4.57
Utilities	3.27
Real Estate	3.06
Money Market Funds Plus Other Assets Less Liabilities	0.46
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Nestle S.A.	2.02
Roche Holding AG	1.59
Shell PLC	1.39
Samsung Electronics Co. Ltd.	1.36
ASML Holding N.V.	1.31
AstraZeneca PLC	1.20
Novo Nordisk A/S, Class B	1.17
Toyota Motor Corp.	1.16
Novartis AG	1.14
LVMH Moet Hennessy Louis Vuitton SE	1.08
Total	13.42

* Excluding money market fund holdings.

7

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

Growth of a $10,000 Investment Since Inception

Fund Performance History as of October 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
FTSE Developed ex North America Index (Net)		(23.81	)%		(1.24	)%		(3.66	)%		(0.31	)%		(1.52	)%		0.06	%		0.31	%
Fund
NAV Return		(23.71	)		(1.14	)		(3.37	)		(0.31	)		(1.52	)		0.05			0.26
Market Price Return		(23.80	)		(1.11	)		(3.30	)		(0.40	)		(1.97	)		0.02			0.11

Fund Inception: September 22, 2017

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

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

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

Notes Regarding Index and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

8

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

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

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

During the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (28.09)%. On a net asset value (“NAV”) basis, the Fund returned (28.46)%. During the same time period, the Index returned (28.39)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the impact of the fees and expenses that the Fund incurred during the period.

For the fiscal year ended October 31, 2022, no sector contributed positively to the Fund’s return. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the information technology and communication services sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022, included Petroleo Brasileiro S.A., Preference Shares, an energy company (portfolio average weight of 0.47%), and Petroleo Brasileiro S.A., an energy company (portfolio average weight of 0.43%). Positions that detracted most significantly from the Fund’s return included Taiwan Semiconductor Manufacturing Co. Ltd., an information technology company (portfolio average weight of 7.01%) and Tencent Holdings Ltd., a communication services company (portfolio average weight of 4.53%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Financials	22.14
Information Technology	13.61
Consumer Discretionary	11.48
Exchange-Traded Funds	9.42
Communication Services	8.25
Materials	8.12
Industrials	6.62
Consumer Staples	6.19
Energy	5.24
Health Care	3.82
Sector Types Each Less Than 3%	4.97
Money Market Funds Plus Other Assets Less Liabilities	0.14
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Taiwan Semiconductor Manufacturing Co. Ltd.	5.48
Invesco India ETF	4.99
iShares MSCI India ETF	4.44
Tencent Holdings Ltd.	3.06
Alibaba Group Holding Ltd.	2.25
Reliance Industries Ltd., GDR	1.55
Meituan, B Shares	1.26
Axis Bank Ltd., GDR	1.16
Larsen & Toubro Ltd., GDR	1.07
Infosys Ltd., ADR	1.06
Total	26.32

* Excluding money market fund holdings.

9

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

Growth of a $10,000 Investment Since Inception

Fund Performance History as of October 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
FTSE Emerging Index (Net)		(28.39	)%		(3.40	)%		(9.87	)%		(1.82	)%		(8.78	)%		(1.67	)%		(8.26	)%
Fund
NAV Return		(28.46	)		(3.56	)		(10.32	)		(2.11	)		(10.11	)		(1.87	)		(9.17	)
Market Price Return		(28.09	)		(3.43	)		(9.95	)		(2.16	)		(10.35	)		(2.19	)		(10.70	)

Fund Inception: September 22, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. The adviser has contractually agreed to waive a portion of its management fee through August 31, 2024. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.20% (0.16% after fee waiver) includes the unitary management fee of 0.14% and acquired fund fees and expenses of 0.06%. 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 index 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 index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Index and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

10

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

October 31, 2022

Schedule of Investments

	Principal   Amount		Value
U.S. Treasury Securities-99.86%
U.S. Treasury Inflation — Indexed Notes-99.86%(a)
0.13%, 01/15/2023	$	6,823,066	$	6,803,215
0.63%, 04/15/2023		7,304,397		7,258,215
0.38%, 07/15/2023		6,806,568		6,750,406
0.63%, 01/15/2024		6,747,197		6,636,170
0.50%, 04/15/2024		4,898,517		4,794,920
0.13%, 07/15/2024		6,682,143		6,509,663
0.13%, 10/15/2024		5,280,666		5,123,443
0.25% - 2.38%, 01/15/2025		12,386,032		12,221,264
0.13%, 04/15/2025		5,323,366		5,104,029
0.38%, 07/15/2025		6,644,451		6,419,709
0.13%, 10/15/2025		5,098,058		4,873,855
0.63% - 2.00%, 01/15/2026		10,715,004		10,489,562
0.13%, 04/15/2026		5,881,716		5,547,422
0.13%, 07/15/2026		5,946,352		5,619,447
0.13%, 10/15/2026		5,418,816		5,099,281
0.38% - 2.38%, 01/15/2027		9,288,331		9,026,676
0.13%, 04/15/2027(b)		5,395,850		5,032,371
0.38%, 07/15/2027		5,789,564		5,465,639
1.63%, 10/15/2027		2,694,488		2,698,504
Total U.S. Treasury Securities (Cost $129,779,238)				121,473,791
	Shares
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(c)(d) (Cost $59,418)		59,418		59,418
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $129,838,656)				121,533,209

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.03%
Invesco Private Government Fund, 3.18%(c)(d)(e)		1,031,059	$	1,031,059
Invesco Private Prime Fund, 3.28%(c)(d)(e)		2,651,295		2,651,295
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,682,354)				3,682,354
TOTAL INVESTMENTS IN SECURITIES-102.94% (Cost $133,521,010)				125,215,563
OTHER ASSETS LESS LIABILITIES-(2.94)%				(3,580,140	)
NET ASSETS-100.00%			$	121,635,423

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at October 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 October 31, 2022.

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	60,551		$	6,229,923		$	(6,231,056	)		$	-		$	-			$	59,418		$	1,730
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,543,304			32,965,139			(33,477,384	)			-			-				1,031,059			5,592	*
Invesco Private Prime Fund			3,601,042			59,309,355			(60,256,966	)			-			(2,136	)			2,651,295			15,802	*
Total		$	5,204,897		$	98,504,417		$	(99,965,406	)		$	-		$	(2,136	)		$	3,741,772		$	23,124

* 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.

11

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

October 31, 2022

^(d)  The rate shown is the 7-day SEC standardized yield as of October 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 2J.

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

12

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

October 31, 2022

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.54%
Australia-8.73%
Adbri Ltd.		2,452	$	2,469
AGL Energy Ltd.		3,528		15,363
Allkem Ltd.(a)		3,098		28,606
ALS Ltd.		2,575		18,837
Altium Ltd.		584		13,223
Alumina Ltd.		13,530		11,680
AMP Ltd.(a)		17,524		14,119
Ampol Ltd.		1,278		22,253
Ansell Ltd.		690		12,456
APA Group		6,333		42,562
Aristocrat Leisure Ltd.		3,590		85,099
ASX Ltd.		1,039		44,979
Atlas Arteria Ltd.		5,145		21,681
Aurizon Holdings Ltd.		9,472		21,926
Australia & New Zealand Banking Group Ltd.		16,545		270,417
Bank of Queensland Ltd.(b)		3,432		16,152
Beach Energy Ltd.		9,465		9,623
Bendigo & Adelaide Bank Ltd.(b)		2,960		17,054
BHP Group Ltd.		27,015		645,384
BlueScope Steel Ltd.		2,527		25,418
Boral Ltd.(b)		2,158		3,974
Brambles Ltd.		7,451		55,650
carsales.com Ltd.		1,796		23,337
Challenger Ltd.		3,596		16,142
Charter Hall Group		2,529		20,926
Cleanaway Waste Management Ltd.		11,080		19,130
Cochlear Ltd.		343		43,803
Coles Group Ltd.		6,805		71,059
Commonwealth Bank of Australia		9,169		613,751
CSL Ltd.		2,583		463,269
CSR Ltd.		2,603		7,707
Deterra Royalties Ltd.		2,269		5,934
Dexus		5,773		28,646
Domain Holdings Australia Ltd.		1,241		2,650
Domino’s Pizza Enterprises Ltd.		324		13,208
Downer EDI Ltd.		3,696		10,612
EBOS Group Ltd.		847		18,452
Endeavour Group Ltd.		6,805		31,113
Evolution Mining Ltd.		8,988		11,955
Flight Centre Travel Group Ltd.(a)(b)		769		8,187
Fortescue Metals Group Ltd.		8,531		80,191
Glencore PLC		70,271		404,128
Goodman Group		9,836		106,924
GPT Group (The)		10,281		28,335
Harvey Norman Holdings Ltd.		3,178		8,454
IDP Education Ltd.(b)		972		18,391
IGO Ltd.		3,333		32,587
Iluka Resources Ltd.(b)		2,249		12,440
Incitec Pivot Ltd.		10,407		24,955
Insignia Financial Ltd.		3,412		6,873
Insurance Australia Group Ltd.		13,039		40,855
James Hardie Industries PLC, CDI		2,382		51,788
JB Hi-Fi Ltd.(b)		606		16,628
Lendlease Corp. Ltd.(b)		3,689		20,499
Lottery Corp. Ltd. (The)(a)		11,920		32,699
Lynas Rare Earths Ltd.(a)		4,821		25,680
Macquarie Group Ltd.		1,868		202,467

	Shares		Value
Australia-(continued)
Magellan Financial Group Ltd.(b)		748	$	4,750
Medibank Pvt. Ltd.		14,782		26,561
Metcash Ltd.(b)		5,181		13,583
Mineral Resources Ltd.		897		41,946
Mirvac Group		21,111		27,944
National Australia Bank Ltd.		17,054		353,546
Newcrest Mining Ltd.		4,788		53,120
NEXTDC Ltd.(a)		2,430		12,928
Northern Star Resources Ltd.		6,101		34,097
Nufarm Ltd.		2,038		7,259
Orica Ltd.		2,411		21,399
Origin Energy Ltd.		9,424		33,566
Orora Ltd.		4,652		9,013
OZ Minerals Ltd.		1,742		26,923
Perpetual Ltd.(b)		301		4,793
Pilbara Minerals Ltd.(a)		14,101		45,896
Platinum Asset Management Ltd.		2,813		3,220
Pro Medicus Ltd.(b)		217		7,746
Qantas Airways Ltd.(a)		4,460		16,655
QBE Insurance Group Ltd.		7,906		61,879
Qube Holdings Ltd.		8,928		15,528
Ramsay Health Care Ltd.		937		35,093
REA Group Ltd.		270		20,993
Reece Ltd.		1,146		11,381
Rio Tinto Ltd.		1,992		112,348
Rio Tinto PLC		5,854		305,794
Santos Ltd.		16,478		81,134
Scentre Group		27,832		51,612
SEEK Ltd.		1,870		25,817
Seven Group Holdings Ltd.(b)		720		8,444
Shopping Centres Australasia Property Group		5,951		10,351
Sierra Rutile Holdings Ltd.(a)(b)		2,249		302
Sonic Healthcare Ltd.		2,563		53,707
South32 Ltd.		25,031		57,622
Star Entertainment Group Ltd. (The)(a)		4,599		8,646
Stockland		12,801		29,468
Suncorp Group Ltd.		6,773		49,417
Tabcorp Holdings Ltd.(b)		11,157		6,885
Telstra Group Ltd.(a)		22,070		55,322
TPG Telecom Ltd.(b)		1,968		6,166
Transurban Group		16,522		140,092
Treasury Wine Estates Ltd.		3,874		32,080
Vicinity Ltd.		20,218		25,146
Washington H Soul Pattinson & Co. Ltd.		1,428		25,513
Wesfarmers Ltd.		6,080		176,742
Westpac Banking Corp.		18,746		289,010
Whitehaven Coal Ltd.		4,294		24,795
WiseTech Global Ltd.		845		31,426
Woodside Energy Group Ltd.		10,150		233,525
Woolworths Group Ltd.		6,535		137,984
Worley Ltd.		2,003		18,277
				6,810,144
Austria-0.25%
ANDRITZ AG		361		16,791
Erste Group Bank AG		1,761		43,442
Mondi PLC		2,599		43,763
OMV AG		761		35,080

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

13

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

October 31, 2022

	Shares		Value
Austria-(continued)
Raiffeisen Bank International AG		693	$	9,637
Telekom Austria AG		733		4,260
Verbund AG		354		27,728
voestalpine AG		616		13,382
				194,083
Belgium-0.78%
Ackermans & van Haaren N.V.		120		16,735
Ageas S.A./N.V.		985		34,103
Anheuser-Busch InBev S.A./N.V.(b)		4,651		232,599
D’Ieteren Group		123		20,460
Elia Group S.A./N.V.		202		25,535
Etablissements Franz Colruyt N.V.		267		6,436
Groupe Bruxelles Lambert S.A.		545		40,183
KBC Group N.V.		1,473		73,811
Proximus SADP		750		7,865
Sofina S.A.(b)		82		16,006
Solvay S.A., Class A		361		32,554
UCB S.A.		648		48,879
Umicore S.A.(b)		1,098		36,192
Warehouses De Pauw C.V.A.		755		19,386
				610,744
Brazil-0.05%
Yara International ASA		872		38,916
Burkina Faso-0.02%
Endeavour Mining PLC		985		17,193
Cambodia-0.01%
NagaCorp Ltd.(a)		8,755		3,993
Chile-0.03%
Antofagasta PLC(b)		1,857		25,133
China-0.59%
AAC Technologies Holdings, Inc.(a)		3,807		6,974
BOC Hong Kong Holdings Ltd.		19,114		59,413
Budweiser Brewing Co. APAC Ltd.(c)		8,998		18,936
China Travel International Investment Hong Kong Ltd.(a)		13,198		2,051
Chow Tai Fook Jewellery Group Ltd.		9,309		15,938
ESR Group Ltd.(c)		10,802		18,439
HUTCHMED China Ltd.(a)		2,500		4,204
Kerry Logistics Network Ltd.		1,263		2,005
Lenovo Group Ltd.		39,428		31,543
MMG Ltd.(a)		13,057		2,578
Nexteer Automotive Group Ltd.(b)		4,389		2,376
Prosus N.V.		4,574		199,092
Shangri-La Asia Ltd.(a)		6,527		3,609
SITC International Holdings Co. Ltd.		6,545		10,722
Want Want China Holdings Ltd.		23,387		15,373
Wharf Holdings Ltd. (The)		6,614		18,916
Wilmar International Ltd.		11,302		30,989
Xinyi Glass Holdings Ltd.		10,912		14,040
				457,198
Denmark-2.41%
AP Moller - Maersk A/S, Class A		15		30,030
AP Moller - Maersk A/S, Class B		28		58,583
Carlsberg A/S, Class B		498		58,708
Chr. Hansen Holding A/S		551		30,606
Coloplast A/S, Class B(b)		714		79,622
Danske Bank A/S(b)		3,534		57,050

	Shares		Value
Denmark-(continued)
Demant A/S(a)		544	$	14,870
DSV A/S		1,005		136,089
Genmab A/S(a)		352		135,705
GN Store Nord A/S		686		14,590
H Lundbeck A/S		1,280		4,787
H Lundbeck A/S, Class A(a)		320		1,087
Novo Nordisk A/S, Class B		8,396		912,993
Novozymes A/S, Class B		1,064		55,894
Orsted A/S(c)		1,010		83,320
Pandora A/S		476		25,094
ROCKWOOL A/S, Class B(b)		34		6,771
Royal Unibrew A/S		253		14,453
SimCorp A/S		213		12,725
Tryg A/S		1,933		41,842
Vestas Wind Systems A/S		5,411		106,603
				1,881,422
Finland-1.25%
Elisa OYJ		769		37,174
Fortum OYJ		2,314		32,579
Huhtamaki OYJ		498		17,891
Kesko OYJ, Class B		1,445		28,135
Kojamo OYJ(b)		1,045		13,602
Kone OYJ, Class B		2,106		86,277
Metso Outotec OYJ(b)		3,248		24,661
Neste OYJ		2,231		97,770
Nokia OYJ(b)		30,208		134,561
Nordea Bank Abp		19,273		184,313
Orion OYJ, Class B		556		25,580
Sampo OYJ, Class A		2,636		120,573
Stora Enso OYJ, Class R		3,079		40,139
UPM-Kymmene OYJ		2,858		95,786
Valmet OYJ(b)		940		21,396
Wartsila OYJ Abp		2,613		17,820
				978,257
France-9.89%
Accor S.A.(a)		980		23,479
Adevinta ASA, Class B(a)		1,488		10,190
Aeroports de Paris(a)(b)		152		20,589
Air Liquide S.A.		2,749		359,456
Airbus SE		3,000		324,911
ALD S.A.(c)		432		4,611
Alstom S.A.(b)		1,582		32,616
Amundi S.A.(c)		305		14,403
Arkema S.A.		348		27,557
AXA S.A.		9,946		245,754
BioMerieux		231		20,443
BNP Paribas S.A.		5,753		270,056
Bollore SE		5,298		26,522
Bouygues S.A.		1,141		32,568
Bureau Veritas S.A.		1,521		37,687
Capgemini SE		861		141,474
Carrefour S.A.(b)		3,172		51,054
Cie de L’Odet SE		2		2,392
Cie de Saint-Gobain		2,462		100,739
Cie Generale des Etablissements Michelin S.C.A.		3,752		95,711
Covivio		268		14,356
Credit Agricole S.A.		6,494		58,959
Danone S.A.		3,273		162,844
Dassault Aviation S.A.		124		18,432

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

14

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

October 31, 2022

	Shares		Value
France-(continued)
Dassault Systemes SE		3,569	$	119,756
Edenred		1,337		68,661
Eiffage S.A.		397		35,918
Electricite de France S.A.		3,366		39,755
ENGIE S.A.		8,894		115,629
EssilorLuxottica S.A.		1,598		253,254
Eurazeo SE		260		14,853
Euroapi S.A.(a)		257		4,497
Faurecia SE(a)		833		12,448
Gecina S.A.		276		24,619
Getlink SE		2,441		38,673
Hermes International		166		215,009
ICADE		174		6,477
Ipsen S.A.		180		18,502
JCDecaux S.A.(a)		389		4,910
Kering S.A.		392		179,653
Klepierre S.A.		972		19,550
La Francaise des Jeux SAEM(c)		467		15,232
Legrand S.A.		1,433		109,254
L’Oreal S.A.		1,322		415,629
LVMH Moet Hennessy Louis Vuitton SE		1,337		844,391
Neoen S.A.(c)		234		8,169
Orange S.A.		10,282		97,872
Pernod Ricard S.A.(b)		1,099		193,017
Publicis Groupe S.A.		1,226		68,753
Remy Cointreau S.A.		131		20,081
Renault S.A.(a)		1,030		31,731
Rexel S.A.		1,288		23,048
Safran S.A.		1,874		208,777
Sanofi		5,847		504,670
Sartorius Stedim Biotech		128		40,635
Schneider Electric SE		2,859		362,424
SCOR SE		839		12,625
SEB S.A.(b)		161		10,486
Societe Generale S.A.		4,086		93,792
Sodexo S.A.		467		41,420
SOITEC(a)		133		17,082
Somfy S.A.		42		4,475
Teleperformance		311		83,391
Thales S.A.		538		68,407
TotalEnergies SE(b)		12,698		691,509
Ubisoft Entertainment S.A.(a)		504		13,833
Unibail-Rodamco-Westfield(a)(b)		550		26,027
Valeo		1,288		21,246
Veolia Environnement S.A.		3,352		74,840
Vinci S.A.		2,672		246,077
Vivendi SE		3,762		30,801
Wendel SE		144		11,286
Worldline S.A.(a)(c)		1,303		57,076
				7,717,023
Germany-7.08%
1&1 AG		247		3,257
adidas AG		901		88,142
Allianz SE		2,191		394,550
Aroundtown S.A.(b)		6,113		12,132
BASF SE		4,925		221,161
Bayer AG		5,291		278,307
Bayerische Motoren Werke AG		1,722		135,338

	Shares		Value
Germany-(continued)
Bayerische Motoren Werke AG, Preference Shares		309	$	22,813
Bechtle AG		432		14,944
Beiersdorf AG		535		51,386
Brenntag SE		830		50,401
Carl Zeiss Meditec AG, BR		196		23,740
Commerzbank AG(a)		5,579		44,641
Continental AG		580		30,084
Covestro AG(c)		966		32,882
CTS Eventim AG& Co. KGaA(a)		315		15,050
Daimler Truck Holding AG(a)		2,250		60,042
Deutsche Bank AG		10,959		104,631
Deutsche Boerse AG		989		160,942
Deutsche Lufthansa AG(a)		3,207		22,007
Deutsche Post AG		5,206		184,770
Deutsche Telekom AG		18,212		344,949
Deutsche Wohnen SE		244		4,924
DWS Group GmbH & Co. KGaA(c)		180		4,875
E.ON SE		11,939		100,016
Evonik Industries AG		1,024		18,880
Evotec SE(a)		826		15,768
Fielmann AG		130		4,145
Fraport AG Frankfurt Airport Services Worldwide(a)		180		6,945
Fresenius Medical Care AG& Co. KGaA		1,089		30,115
Fresenius SE & Co. KGaA		2,188		50,387
Fuchs Petrolub SE		180		4,341
Fuchs Petrolub SE, Preference Shares		373		10,691
GEA Group AG		888		31,069
Hannover Rueck SE		322		52,447
HeidelbergCement AG		776		35,779
Hella GmbH & Co. KGaA		123		9,610
HelloFresh SE(a)		877		17,561
Henkel AG& Co. KGaA(b)		540		31,729
Henkel AG& Co. KGaA, Preference Shares		907		57,175
HOCHTIEF AG		103		5,477
Infineon Technologies AG		6,994		170,325
KION Group AG		420		9,327
Knorr-Bremse AG		355		15,985
LANXESS AG		457		15,470
LEG Immobilien SE		391		25,552
Mercedes-Benz Group AG		4,524		262,018
Merck KGaA		693		113,013
METRO AG(a)		702		5,363
MTU Aero Engines AG		286		51,234
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		754		199,271
Nemetschek SE		288		13,765
Puma SE		534		23,650
Rational AG		26		14,673
Rheinmetall AG		231		37,557
RWE AG		3,379		130,212
SAP SE		5,955		574,849
Sartorius AG		13		3,835
Sartorius AG, Preference Shares		132		46,588
Scout24 SE(c)		403		20,664
Siemens AG		4,053		443,200
Siemens Energy AG(b)		2,299		26,846
Siemens Healthineers AG(c)		1,487		68,458
Sixt SE		70		6,573

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

15

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

October 31, 2022

	Shares		Value
Germany-(continued)
Sixt SE, Preference Shares		88	$	5,132
SUSE S.A.(a)		193		3,414
Symrise AG		701		71,604
Talanx AG		285		10,709
Telefonica Deutschland Holding AG		4,822		10,513
thyssenkrupp AG(a)		2,600		13,702
Traton SE		268		3,345
TUI AG(a)(b)		6,517		9,889
Uniper SE(b)		469		1,405
United Internet AG		576		10,774
Vantage Towers AG		496		13,962
Varta AG(b)		72		1,933
Volkswagen AG		154		26,332
Volkswagen AG, Preference Shares		1,081		138,188
Vonovia SE		4,277		94,689
Wacker Chemie AG		81		9,439
Zalando SE(a)(c)		1,169		26,955
				5,518,516
Hong Kong-2.22%
AIA Group Ltd.		64,186		486,106
ASMPT Ltd.		1,741		9,581
Bank of East Asia Ltd. (The)		5,166		4,949
Cafe de Coral Holdings Ltd.		2,159		2,519
Cathay Pacific Airways Ltd.(a)		5,377		4,877
Champion REIT		10,931		3,272
CK Asset Holdings Ltd.		10,388		57,433
CK Hutchison Holdings Ltd.		14,205		70,574
CK Infrastructure Holdings Ltd.		3,296		15,662
CLP Holdings Ltd.		8,739		58,669
Dah Sing Banking Group Ltd.		2,174		1,296
Dah Sing Financial Holdings Ltd.		869		1,720
DFI Retail Group Holdings Ltd.		1,640		3,674
Guotai Junan International Holdings Ltd.		14,111		1,007
Haitong International Securities Group Ltd.(a)		15,475		1,124
Hang Lung Group Ltd.		4,416		5,727
Hang Lung Properties Ltd.		9,912		12,463
Hang Seng Bank Ltd.		3,926		55,265
Henderson Land Development Co. Ltd.		6,584		16,121
Hong Kong & China Gas Co. Ltd. (The)		57,892		44,692
Hong Kong Exchanges & Clearing Ltd.		6,826		181,740
Hongkong Land Holdings Ltd.		5,954		22,923
Huabao International Holdings Ltd.		5,425		2,502
Hutchison Port Holdings Trust, Class U		27,069		4,412
Hutchison Telecommunications Hong Kong Holdings Ltd.		6,614		876
Hysan Development Co. Ltd.		3,296		7,188
Jardine Matheson Holdings Ltd.		1,015		46,710
Johnson Electric Holdings Ltd., Class H		1,662		1,713
Kerry Properties Ltd.		3,284		5,196
Link REIT		11,336		67,006
Man Wah Holdings Ltd.		8,101		4,520
Melco International Development Ltd.(a)		4,380		2,288
MTR Corp. Ltd.		7,647		33,657
New World Development Co. Ltd.		7,656		15,663
NWS Holdings Ltd.		7,665		5,439
Orient Overseas International Ltd.		700		10,228
PCCW Ltd.		21,985		8,402
Power Assets Holdings Ltd.		7,123		34,073
Prudential PLC		14,790		138,067

	Shares		Value
Hong Kong-(continued)
Sino Land Co. Ltd.		19,416	$	20,752
Sun Hung Kai Properties Ltd.		7,598		81,741
Swire Pacific Ltd., Class A		2,740		18,133
Swire Pacific Ltd., Class B		5,440		5,606
Swire Properties Ltd.		5,703		10,956
Techtronic Industries Co. Ltd.		7,062		66,888
United Energy Group Ltd.		39,446		3,819
Vitasoy International Holdings Ltd.(a)(b)		4,362		7,446
VTech Holdings Ltd.		875		4,654
WH Group Ltd.		41,789		21,135
Wharf Real Estate Investment Co. Ltd.		8,738		34,452
Yue Yuen Industrial Holdings Ltd.		3,844		3,908
				1,728,824
Indonesia-0.01%
First Pacific Co. Ltd.		13,111		3,474
Golden Agri-Resources Ltd.		34,090		6,986
				10,460
Ireland-0.63%
AIB Group PLC		4,878		14,126
Bank of Ireland Group PLC		4,896		35,305
CRH PLC		4,115		148,246
Flutter Entertainment PLC(a)(b)		939		125,194
Glanbia PLC(b)		1,008		11,646
Kerry Group PLC, Class A		826		71,841
Kingspan Group PLC		810		40,909
Smurfit Kappa Group PLC		1,391		46,028
				493,295
Israel-0.82%
AFI Properties Ltd.		89		2,681
Airport City Ltd.(a)		396		6,588
Alony Hetz Properties & Investments Ltd.		576		6,792
Amot Investments Ltd.		756		4,597
Ashtrom Group Ltd.		215		4,701
Azrieli Group Ltd.		216		16,086
Bank Hapoalim BM		7,168		69,450
Bank Leumi Le-Israel BM		8,295		79,544
Bezeq The Israeli Telecommunication Corp. Ltd.		11,482		20,416
Big Shopping Centers Ltd.		72		8,113
Delek Group Ltd.(a)		42		6,451
Elbit Systems Ltd.		143		29,059
Elco Ltd.		51		2,956
Electra Ltd.		10		5,846
Energix-Renewable Energies Ltd.		1,008		3,540
Enlight Renewable Energy Ltd.(a)		4,951		10,079
Fattal Holdings 1998 Ltd.(a)		44		4,494
First International Bank of Israel Ltd. (The)		288		12,495
Fox Wizel Ltd.		37		4,531
Gav-Yam Lands Corp. Ltd.		539		4,594
Harel Insurance Investments & Financial Services Ltd.		612		5,919
ICL Group Ltd.		3,895		35,326
Israel Corp. Ltd. (The)		20		8,700
Israel Discount Bank Ltd., Class A		6,567		37,542
Maytronics Ltd.		251		2,720
Melisron Ltd.		108		8,052
Mivne Real Estate KD Ltd.		3,787		11,836
Mizrahi Tefahot Bank Ltd.		720		27,352
Nice Ltd.(a)		362		68,893

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

16

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

October 31, 2022

	Shares		Value
Israel-(continued)
Nova Ltd.(a)		145	$	10,691
OPC Energy Ltd.(a)		396		4,894
Paz Oil Co. Ltd.(a)		84		10,079
Phoenix Holdings Ltd. (The)		684		7,445
Sapiens International Corp. N.V.		144		2,843
Shapir Engineering and Industry Ltd.		612		5,064
Shikun & Binui Ltd.(a)(b)		1,149		4,582
Shufersal Ltd.		612		4,196
Strauss Group Ltd.		216		5,430
Teva Pharmaceutical Industries Ltd.(a)(b)		5,417		48,668
Tower Semiconductor Ltd.(a)		576		24,745
				637,990
Italy-1.99%
A2A S.p.A.		8,114		8,998
Amplifon S.p.A.(b)		684		16,995
Assicurazioni Generali S.p.A.(b)		7,402		111,126
Atlantia S.p.A.		2,878		64,228
Banca Mediolanum S.p.A.		1,289		9,657
Buzzi Unicem S.p.A.		499		8,283
Coca-Cola HBC AG(a)		1,046		22,912
Davide Campari-Milano N.V.		2,650		23,818
De’ Longhi S.p.A.(b)		378		6,527
DiaSorin S.p.A.(b)		121		15,822
Enel S.p.A.		41,815		186,761
Eni S.p.A.(b)		13,085		171,408
Ferrari N.V.		648		127,770
FinecoBank Banca Fineco S.p.A.		3,272		44,110
Hera S.p.A.		4,215		10,048
Infrastrutture Wireless Italiane S.p.A.(c)		1,888		16,667
Interpump Group S.p.A.		431		16,690
Intesa Sanpaolo S.p.A.(b)		89,339		170,327
Italgas S.p.A.		2,626		13,535
Leonardo S.p.A.		2,145		17,240
Mediobanca Banca di Credito Finanziario S.p.A.(b)		3,480		31,547
Moncler S.p.A.		1,093		47,197
Nexi S.p.A.(a)(c)		3,981		34,507
Pirelli & C. S.p.A.(c)		2,624		9,902
Poste Italiane S.p.A.(c)		2,447		21,331
PRADA S.p.A.		2,743		12,492
Prysmian S.p.A.		1,413		46,072
Recordati Industria Chimica e Farmaceutica S.p.A.		519		19,508
Reply S.p.A.		121		13,167
Snam S.p.A.		11,949		53,168
Telecom Italia S.p.A.(a)(b)		57,554		11,269
Telecom Italia S.p.A., RSP(a)(b)		32,353		6,187
Terna Rete Elettrica Nazionale S.p.A.		7,559		50,115
UniCredit S.p.A.		10,530		130,591
UnipolSai Assicurazioni S.p.A.		2,282		5,147
				1,555,122
Japan-22.87%
ABC-Mart, Inc.		144		6,423
Acom Co. Ltd.		2,010		4,395
Activia Properties, Inc.		4		11,855
Advance Residence Investment Corp.		7		16,295
Advantest Corp.		1,052		55,631
Aeon Co. Ltd.		3,761		70,255
AEON Financial Service Co. Ltd.		648		6,348

	Shares		Value
Japan-(continued)
Aeon Mall Co. Ltd.		684	$	7,441
AEON REIT Investment Corp.		9		9,688
AGC, Inc.		1,008		31,637
Aica Kogyo Co. Ltd.		288		6,200
Ain Holdings, Inc.		144		6,055
Air Water, Inc.		964		10,786
Aisin Corp.		936		24,024
Ajinomoto Co., Inc.		2,576		70,988
Alfresa Holdings Corp.		910		10,475
Alps Alpine Co. Ltd.		1,079		9,292
Amada Co. Ltd.		1,702		11,989
Amano Corp.		360		6,169
ANA Holdings, Inc.(a)		842		16,377
Anritsu Corp.(b)		756		7,624
Aozora Bank Ltd.		648		11,148
Ariake Japan Co. Ltd.		108		3,742
As One Corp.		144		6,162
Asahi Group Holdings Ltd.		2,575		72,138
Asahi Intecc Co. Ltd.		1,044		17,799
Asahi Kasei Corp.		6,588		42,307
Asics Corp.		935		14,368
ASKUL Corp.		216		2,260
Astellas Pharma, Inc.		9,858		135,731
Azbil Corp.		720		19,594
AZ-COM MARUWA Holdings, Inc.		251		2,390
Bandai Namco Holdings, Inc.		1,078		71,381
Bank of Kyoto Ltd. (The)		396		14,280
BayCurrent Consulting, Inc.		720		20,297
Benefit One, Inc.		324		4,499
Benesse Holdings, Inc.		396		5,845
Bic Camera, Inc.		766		5,963
BIPROGY, Inc.		360		7,787
Bridgestone Corp.		3,118		112,482
Brother Industries Ltd.		1,293		22,018
Calbee, Inc.		432		8,676
Canon Marketing Japan, Inc.		252		5,324
Canon, Inc.(b)		5,257		111,552
Capcom Co. Ltd.		1,008		28,110
Casio Computer Co. Ltd.		1,151		10,020
Central Japan Railway Co.		1,006		116,854
Chiba Bank Ltd. (The)		3,224		17,635
Chubu Electric Power Co., Inc.		3,726		30,357
Chugai Pharmaceutical Co. Ltd.		3,473		80,613
Chugin Financial Group, Inc.		874		5,269
Chugoku Electric Power Co., Inc. (The)		1,604		7,532
Coca-Cola Bottlers Japan Holdings, Inc.		730		6,601
COMSYS Holdings Corp.		611		10,030
Concordia Financial Group Ltd.		5,988		18,250
Cosmo Energy Holdings Co. Ltd.		400		10,294
Cosmos Pharmaceutical Corp.		113		10,948
Credit Saison Co. Ltd.		802		8,579
CyberAgent, Inc.		2,099		17,285
Dai Nippon Printing Co. Ltd.(b)		1,389		27,876
Daicel Corp.		1,416		8,079
Daido Steel Co. Ltd.		216		5,609
Daifuku Co. Ltd.		538		24,686
Dai-ichi Life Holdings, Inc.		5,217		82,747
Daiichi Sankyo Co. Ltd.		10,104		324,054
Daiichikosho Co. Ltd.		216		6,205
Daikin Industries Ltd.		1,451		218,526

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

17

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

October 31, 2022

	Shares		Value
Japan-(continued)
Daio Paper Corp.		431	$	3,184
Daito Trust Construction Co. Ltd.		359		35,529
Daiwa House Industry Co. Ltd.		3,403		68,960
Daiwa House REIT Investment Corp.		11		22,202
Daiwa Office Investment Corp.		1		4,723
Daiwa Securities Group, Inc.		7,810		30,476
Daiwa Securities Living Investments Corp.		11		8,540
DeNA Co. Ltd.		469		6,125
Denka Co. Ltd.		468		10,847
Denso Corp.		2,394		119,028
Dentsu Group, Inc.		1,085		33,834
Descente Ltd.		195		4,697
DIC Corp.		468		7,865
Disco Corp.		144		34,587
DMG Mori Co. Ltd.		576		6,685
Dowa Holdings Co. Ltd.		252		8,028
East Japan Railway Co		1,983		107,265
Ebara Corp.		504		16,429
Eisai Co. Ltd.		1,451		87,606
Electric Power Development Co. Ltd.		838		11,659
ENEOS Holdings, Inc.		15,606		51,427
EXEO Group, Inc.		504		7,389
Ezaki Glico Co. Ltd.		288		6,481
Fancl Corp.		360		6,833
FANUC Corp.		1,043		137,747
Fast Retailing Co. Ltd.		276		154,104
Food & Life Cos. Ltd.		576		9,723
FP Corp.		251		5,986
Frontier Real Estate Investment Corp.		3		10,596
Fuji Electric Co. Ltd.		648		25,112
Fuji Kyuko Co. Ltd.		98		3,033
Fuji Media Holdings, Inc.		252		1,755
Fuji Oil Holdings, Inc.		252		3,969
FUJIFILM Holdings Corp.		1,944		89,186
Fujitsu General Ltd.		324		7,411
Fujitsu Ltd.		992		114,293
Fukuoka Financial Group, Inc.		828		14,060
Furukawa Electric Co. Ltd.		360		5,561
Fuyo General Lease Co. Ltd.		108		6,002
GLP J-Reit		23		23,846
GMO Internet Group, Inc.		324		5,604
GMO Payment Gateway, Inc.		216		15,593
GOLDWIN, Inc.		181		9,474
GS Yuasa Corp.		432		6,589
GungHo Online Entertainment, Inc.		180		2,668
H.U. Group Holdings, Inc.		288		5,367
Hachijuni Bank Ltd. (The)		2,385		7,606
Hakuhodo DY Holdings, Inc.		1,294		10,935
Hamamatsu Photonics K.K.		684		31,017
Hankyu Hanshin Holdings, Inc.		1,186		35,229
Haseko Corp.		1,415		14,585
Heiwa Corp.		288		4,650
Hikari Tsushin, Inc.		108		13,057
Hino Motors Ltd.		1,460		6,070
Hirogin Holdings, Inc.		1,604		6,615
Hirose Electric Co. Ltd.		180		23,385
Hisamitsu Pharmaceutical Co., Inc.		396		9,778
Hitachi Construction Machinery Co. Ltd.		612		11,998
Hitachi Ltd.		4,959		225,538
Hitachi Metals Ltd.(a)		1,041		15,212

	Shares		Value
Japan-(continued)
Hitachi Transport System Ltd.		179	$	10,706
Honda Motor Co. Ltd.		9,080		206,054
Horiba Ltd.		216		8,894
Hoshizaki Corp.		576		16,528
House Foods Group, Inc.		396		7,415
Hoya Corp.		1,905		177,831
Hulic Co. Ltd.		2,261		16,429
Ibiden Co. Ltd.		576		19,493
Idemitsu Kosan Co. Ltd.		1,272		27,813
IHI Corp.		684		15,278
Iida Group Holdings Co. Ltd.		792		11,009
Industrial & Infrastructure Fund Investment Corp.		10		10,563
Information Services International-Dentsu Ltd.		109		3,340
INFRONEER Holdings, Inc.		1,339		9,297
Inpex Corp.		5,298		54,108
Internet Initiative Japan, Inc.		576		9,060
Isetan Mitsukoshi Holdings Ltd.		1,821		16,172
Isuzu Motors Ltd.		2,791		32,748
Ito En Ltd.		289		10,208
ITOCHU Corp.(b)		7,140		184,895
Itochu Techno-Solutions Corp.		538		12,488
Itoham Yonekyu Holdings, Inc.		756		3,382
Iwatani Corp.		253		9,328
Iyogin Holdings, Inc.		1,496		7,015
Izumi Co. Ltd.		216		4,358
J. Front Retailing Co. Ltd.		1,319		10,667
Japan Airlines Co. Ltd.(a)		794		14,824
Japan Airport Terminal Co. Ltd.(a)		252		10,817
Japan Aviation Electronics Industry Ltd.		252		3,932
Japan Exchange Group, Inc.		2,792		36,695
Japan Hotel REIT Investment Corp.		25		13,170
Japan Logistics Fund, Inc.		5		10,714
Japan Metropolitan Fund Investment Corp.		36		26,521
Japan Post Bank Co. Ltd.		2,143		14,274
Japan Post Holdings Co. Ltd.		11,604		78,039
Japan Post Insurance Co. Ltd.(b)		1,079		15,949
Japan Prime Realty Investment Corp.		5		13,574
Japan Real Estate Investment Corp.		7		29,340
Japan Steel Works Ltd. (The)		292		6,041
Japan Tobacco, Inc.		6,390		105,930
JCR Pharmaceuticals Co. Ltd.		288		4,292
Jeol Ltd.		217		7,971
JFE Holdings, Inc.		2,719		24,934
JGC Holdings Corp.		1,139		13,732
JMDC, Inc.		100		3,559
JSR Corp.		972		18,533
JTEKT Corp.		1,211		8,555
JustSystems Corp.		180		3,803
Kadokawa Corp.		531		9,546
Kagome Co. Ltd.		432		8,644
Kajima Corp.		2,323		21,896
Kakaku.com, Inc.		718		12,178
Kaken Pharmaceutical Co. Ltd.		180		4,608
Kamigumi Co. Ltd.		476		9,057
Kandenko Co. Ltd.		576		3,240
Kaneka Corp.		324		8,044
Kansai Electric Power Co., Inc. (The)		3,883		29,442
Kansai Paint Co. Ltd.		944		12,321
Kao Corp.		2,429		91,352

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

18

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

October 31, 2022

	Shares		Value
Japan-(continued)
Katitas Co. Ltd.		292	$	6,552
Kawasaki Heavy Industries Ltd.		828		14,072
Kawasaki Kisen Kaisha Ltd.(b)		1,299		19,760
KDDI Corp.		8,810		260,504
Keihan Holdings Co. Ltd.		540		13,896
Keikyu Corp.		1,319		13,551
Keio Corp.		646		22,687
Keisei Electric Railway Co. Ltd.(b)		755		20,064
Kenedix Office Investment Corp.		4		9,110
Kewpie Corp.		575		9,087
Keyence Corp.		1,072		406,197
Kikkoman Corp.		1,006		54,688
Kinden Corp.		682		6,947
Kintetsu Group Holdings Co. Ltd.		1,008		34,112
Kirin Holdings Co. Ltd.		3,998		58,893
Kobayashi Pharmaceutical Co. Ltd.(b)		324		17,221
Kobe Bussan Co. Ltd.(b)		737		16,041
Kobe Steel Ltd.		1,737		7,129
Koei Tecmo Holdings Co. Ltd.		862		13,037
Koito Manufacturing Co. Ltd.		1,224		17,409
Kokuyo Co. Ltd.		468		5,812
Komatsu Ltd.		4,925		94,368
Konami Group Corp.		504		22,142
Konica Minolta, Inc.		2,442		7,443
Kose Corp.		144		14,406
Kotobuki Spirits Co. Ltd.		108		5,544
K’s Holdings Corp.		838		6,574
Kubota Corp.		5,760		80,470
Kuraray Co. Ltd.		1,883		12,960
Kurita Water Industries Ltd.		610		22,408
Kusuri no Aoki Holdings Co. Ltd.		72		3,478
Kyocera Corp.		1,601		80,150
Kyowa Kirin Co. Ltd.		1,365		32,188
Kyudenko Corp.		216		4,592
Kyushu Electric Power Co., Inc.		2,478		12,287
Kyushu Financial Group, Inc.		1,949		4,930
Kyushu Railway Co.		802		16,781
LaSalle Logiport REIT		10		10,677
Lasertec Corp.		431		61,735
Lawson, Inc.		252		8,053
Lintec Corp.		288		4,325
Lion Corp.		1,279		12,942
Lixil Corp.		1,350		20,445
M3, Inc.		2,275		68,050
Mabuchi Motor Co. Ltd.		288		7,828
Makita Corp.		1,343		24,577
Mani, Inc.		324		4,730
Marubeni Corp.		8,398		73,621
Marui Group Co. Ltd.		1,016		16,774
Maruichi Steel Tube Ltd.		360		6,808
Matsui Securities Co. Ltd.		576		3,069
MatsukiyoCocokara & Co.		626		22,827
Mazda Motor Corp.		3,042		20,528
Mebuki Financial Group, Inc.		5,007		9,735
Medipal Holdings Corp.		791		9,819
MEIJI Holdings Co. Ltd.		720		29,646
Menicon Co. Ltd.		253		4,335
MINEBEA MITSUMI, Inc.		2,143		31,777
MISUMI Group, Inc.		1,523		32,584
Mitsubishi Chemical Group Corp.		6,782		30,667

	Shares		Value
Japan-(continued)
Mitsubishi Corp.		6,321	$	171,426
Mitsubishi Electric Corp.		10,445		92,057
Mitsubishi Estate Co. Ltd.		6,046		76,188
Mitsubishi Gas Chemical Co., Inc.		972		12,373
Mitsubishi HC Capital, Inc.		3,376		14,491
Mitsubishi Heavy Industries Ltd.		1,496		51,532
Mitsubishi Logistics Corp.		325		7,139
Mitsubishi Materials Corp.		622		8,144
Mitsubishi Motors Corp.(a)		3,351		11,273
Mitsubishi UFJ Financial Group, Inc.(b)		64,460		303,359
Mitsui & Co. Ltd.		8,343		184,839
Mitsui Chemicals, Inc.		970		17,979
Mitsui Fudosan Co. Ltd.		4,860		93,172
Mitsui Fudosan Logistics Park, Inc.		3		9,951
Mitsui High-Tec, Inc.		163		8,444
Mitsui Mining & Smelting Co. Ltd.		324		6,561
Mitsui OSK Lines Ltd.(b)		1,835		36,432
Miura Co. Ltd.		539		11,006
Mizuho Financial Group, Inc.		13,596		146,905
Money Forward, Inc.(a)		224		6,390
MonotaRO Co. Ltd.		1,211		18,478
Mori Hills REIT Investment Corp.		8		8,757
Morinaga & Co. Ltd.		216		5,406
Morinaga Milk Industry Co. Ltd.		216		6,133
MS&AD Insurance Group Holdings, Inc.		2,458		65,173
Murata Manufacturing Co. Ltd.		3,089		151,712
Nabtesco Corp.		612		13,032
Nagase & Co. Ltd.		512		6,986
Nagoya Railroad Co. Ltd.		1,044		16,000
Nankai Electric Railway Co. Ltd.		612		12,394
NEC Corp.		1,450		48,046
NEC Networks & System Integration Corp.		396		4,247
NET One Systems Co. Ltd.		468		9,635
Nexon Co. Ltd.		2,143		36,001
NGK Insulators Ltd.		1,401		16,373
NGK Spark Plug Co. Ltd.		1,079		19,673
NH Foods Ltd.		539		12,855
NHK Spring Co. Ltd.		838		4,646
Nichirei Corp.		514		8,002
Nidec Corp.		2,429		134,626
Nifco, Inc.		433		10,065
Nihon Kohden Corp.		396		8,885
Nihon M&A Center Holdings, Inc.		1,416		16,033
Nikon Corp.		1,674		16,207
Nintendo Co. Ltd.		5,760		235,229
Nippon Accommodations Fund, Inc.		2		8,518
Nippon Building Fund, Inc.		8		35,577
Nippon Electric Glass Co. Ltd.		371		6,435
Nippon Express Holdings, Inc.		361		18,143
Nippon Kayaku Co. Ltd.		874		6,950
Nippon Paint Holdings Co. Ltd.(b)		5,446		34,808
Nippon Prologis REIT, Inc.		12		25,149
Nippon Sanso Holdings Corp.		790		12,607
Nippon Shinyaku Co. Ltd.		288		15,966
Nippon Shokubai Co. Ltd.		180		6,467
Nippon Steel Corp.		4,385		60,257
Nippon Telegraph & Telephone Corp.		6,344		174,739
Nippon Television Holdings, Inc.		144		1,075
Nippon Yusen K.K.(b)		2,592		47,067
Nipro Corp.		586		4,424

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

19

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

October 31, 2022

	Shares		Value
Japan-(continued)
Nishi-Nippon Railroad Co. Ltd.		432	$	8,484
Nissan Chemical Corp.		720		32,455
Nissan Motor Co. Ltd.		10,388		33,155
Nisshin Seifun Group, Inc.		1,401		15,157
Nissin Foods Holdings Co. Ltd.		361		23,389
Nitori Holdings Co. Ltd.		396		36,061
Nitto Denko Corp.		792		41,722
Noevir Holdings Co. Ltd.		72		2,664
NOF Corp.		360		12,401
NOK Corp.		648		5,301
Nomura Holdings, Inc.		16,038		51,987
Nomura Real Estate Holdings, Inc.		611		13,833
Nomura Real Estate Master Fund, Inc.		24		27,369
Nomura Research Institute Ltd.		2,115		47,028
NS Solutions Corp.		180		4,148
NSK Ltd.		2,323		12,284
NTT Data Corp.		3,365		48,833
Obayashi Corp.(b)		3,582		23,015
OBIC Business Consultants Co. Ltd.		169		4,866
Obic Co. Ltd.		360		54,181
Odakyu Electric Railway Co. Ltd.		1,604		19,090
Oji Holdings Corp.		4,744		16,469
OKUMA Corp.		145		4,868
Olympus Corp.		6,690		141,330
Omron Corp.		1,008		47,174
Ono Pharmaceutical Co. Ltd.		2,252		52,969
Open House Group Co. Ltd.		360		12,837
Orient Corp.		302		2,448
Oriental Land Co. Ltd.		1,008		135,295
ORIX Corp.		6,382		93,818
ORIX JREIT, Inc.		14		18,791
Osaka Gas Co. Ltd.		2,071		30,681
OSG Corp.		396		5,043
Otsuka Corp.		574		18,131
Otsuka Holdings Co. Ltd.		2,215		71,024
Paltac Corp.		180		5,123
Pan Pacific International Holdings Corp.		2,120		34,816
Panasonic Holdings Corp.		11,405		81,681
Park24 Co. Ltd.(a)		712		9,509
Penta-Ocean Construction Co. Ltd.		1,532		7,627
PeptiDream, Inc.(a)		468		5,142
Persol Holdings Co. Ltd.		900		18,081
Pigeon Corp.		612		8,021
Pola Orbis Holdings, Inc.		432		4,781
Rakus Co. Ltd.		538		6,019
Rakuten Group, Inc.		4,349		19,487
Recruit Holdings Co. Ltd.		7,375		227,747
Relo Group, Inc.		576		8,146
Renesas Electronics Corp.(a)		6,473		54,285
Rengo Co. Ltd.		1,090		6,050
RENOVA, Inc.(a)		251		5,522
Resona Holdings, Inc.		11,622		43,764
Resorttrust, Inc.		360		5,546
Ricoh Co. Ltd.		3,243		23,782
Rinnai Corp.		181		12,348
Rohm Co. Ltd.		433		30,501
Rohto Pharmaceutical Co. Ltd.		540		16,803
Ryohin Keikaku Co. Ltd.		1,308		12,329
Sankyo Co. Ltd.		251		8,300
Sankyu, Inc.		288		8,613

	Shares		Value
Japan-(continued)
Sanrio Co. Ltd.		300	$	8,003
Santen Pharmaceutical Co. Ltd.		1,954		13,383
Sanwa Holdings Corp.		1,018		8,780
Sapporo Holdings Ltd.		360		7,944
Sawai Group Holdings Co. Ltd.		216		6,227
SBI Holdings, Inc.		1,308		23,655
SCREEN Holdings Co. Ltd.		216		11,902
SCSK Corp.		684		10,110
Secom Co. Ltd.		1,044		59,640
Sega Sammy Holdings, Inc.		818		10,484
Seibu Holdings, Inc.		1,115		9,992
Seiko Epson Corp.		1,487		20,269
Seino Holdings Co. Ltd.		730		5,619
Sekisui Chemical Co. Ltd.		1,785		22,337
Sekisui House Ltd.		3,042		50,654
Sekisui House REIT, Inc.		23		12,395
Seven & i Holdings Co. Ltd.		4,133		154,437
Seven Bank Ltd.		3,434		6,192
SG Holdings Co. Ltd.		2,314		30,701
Sharp Corp.(b)		1,045		6,264
SHIFT, Inc.(a)		71		11,135
Shikoku Electric Power Co., Inc.		864		4,162
Shimadzu Corp.		1,411		37,260
Shimamura Co. Ltd.		108		8,741
Shimano, Inc.		431		66,911
Shimizu Corp.		2,863		14,312
Shin-Etsu Chemical Co. Ltd.		2,071		216,526
Shinko Electric Industries Co. Ltd.		360		8,683
Shinsei Bank Ltd.		352		5,234
Shionogi & Co. Ltd.		1,487		68,930
Ship Healthcare Holdings, Inc.		432		8,286
Shiseido Co. Ltd.		2,043		70,856
Shizuoka Financial Group, Inc.		2,647		16,705
SHO-BOND Holdings Co. Ltd.		252		10,919
Shochiku Co. Ltd.(a)		37		2,940
Showa Denko K.K.		1,004		14,671
Skylark Holdings Co. Ltd.(a)		1,179		12,588
SMC Corp.		310		125,389
SMS Co. Ltd.		252		5,798
SoftBank Corp.		14,730		145,234
SoftBank Group Corp.		5,602		241,214
Sohgo Security Services Co. Ltd.		360		8,986
Sojitz Corp.		1,287		18,997
Sompo Holdings, Inc.		1,713		71,374
Sony Group Corp.		6,596		443,239
Sotetsu Holdings, Inc.		432		6,548
Square Enix Holdings Co. Ltd.		432		19,299
Stanley Electric Co. Ltd.		791		13,453
Subaru Corp.		3,224		50,225
Sugi Holdings Co. Ltd.		180		7,230
SUMCO Corp.		1,828		23,232
Sumitomo Bakelite Co. Ltd.		180		4,880
Sumitomo Chemical Co. Ltd.		8,075		27,218
Sumitomo Corp.		6,039		77,014
Sumitomo Electric Industries Ltd.		4,026		42,092
Sumitomo Forestry Co. Ltd.		756		11,851
Sumitomo Heavy Industries Ltd.		648		12,307
Sumitomo Metal Mining Co. Ltd.		1,293		36,380
Sumitomo Mitsui Financial Group, Inc.		6,937		194,760
Sumitomo Mitsui Trust Holdings, Inc.		1,891		54,414

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

20

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

October 31, 2022

	Shares		Value
Japan-(continued)
Sumitomo Pharma Co. Ltd.		936	$	6,530
Sumitomo Realty & Development Co. Ltd.		2,072		47,606
Sumitomo Rubber Industries Ltd.		1,008		8,653
Sundrug Co. Ltd.		360		8,380
Suntory Beverage & Food Ltd.		683		22,884
Suzuken Co. Ltd.		432		9,620
Suzuki Motor Corp.		2,421		81,767
Sysmex Corp.		1,042		56,280
T&D Holdings, Inc.		2,726		26,905
Taiheiyo Cement Corp.		646		8,784
Taisei Corp.		928		25,317
Taisho Pharmaceutical Holdings Co. Ltd.		252		9,088
Taiyo Yuden Co. Ltd.		648		17,678
Takara Bio, Inc.		252		2,955
Takara Holdings, Inc.		910		6,343
Takashimaya Co. Ltd.		730		9,027
Takeda Pharmaceutical Co. Ltd.		8,115		213,910
TBS Holdings, Inc.		216		2,239
TDK Corp.		1,892		59,254
TechnoPro Holdings, Inc.		576		13,738
Teijin Ltd.		1,008		9,155
Terumo Corp.		3,510		106,834
THK Co. Ltd.		650		11,361
TIS, Inc.		1,208		32,631
Tobu Railway Co. Ltd.		1,114		25,782
Toda Corp.		1,247		6,234
Toho Co. Ltd.		611		21,787
Toho Gas Co. Ltd.		504		9,410
Tohoku Electric Power Co., Inc.		2,502		10,521
Tokai Carbon Co. Ltd.		1,018		6,650
Tokio Marine Holdings, Inc.		10,014		181,301
Tokyo Century Corp.		325		11,086
Tokyo Electric Power Co. Holdings, Inc.(a)		8,328		27,174
Tokyo Electron Ltd.		804		213,610
Tokyo Gas Co. Ltd.		2,214		39,577
Tokyo Ohka Kogyo Co. Ltd.		215		9,287
Tokyo Tatemono Co. Ltd.		1,079		14,874
Tokyu Corp.		2,573		29,705
Tokyu Fudosan Holdings Corp.		3,269		16,605
Toppan, Inc.		1,508		22,513
Toray Industries, Inc.		8,111		39,536
Toshiba Corp.		2,287		79,718
Toshiba TEC Corp.		144		3,735
Tosoh Corp.		1,523		16,589
TOTO Ltd.		791		22,617
Toyo Seikan Group Holdings Ltd.		792		9,064
Toyo Suisan Kaisha Ltd.		504		18,921
Toyo Tire Corp.		576		6,755
Toyoda Gosei Co. Ltd.		432		6,906
Toyota Boshoku Corp.		360		4,587
Toyota Industries Corp.		864		44,527
Toyota Motor Corp.		65,191		903,292
Toyota Tsusho Corp.		1,221		41,074
Trend Micro, Inc.		646		32,640
TS Tech Co. Ltd.		576		6,026
Tsumura & Co.		360		7,520
Tsuruha Holdings, Inc.		181		10,534
UBE Corp.		539		6,952
Ulvac, Inc.		253		10,009
Unicharm Corp.		2,034		62,018

	Shares		Value
Japan-(continued)
United Urban Investment Corp.		16	$	16,922
Ushio, Inc.		611		6,355
USS Co. Ltd.		1,150		17,385
Welcia Holdings Co. Ltd.		540		11,299
West Japan Railway Co.		1,258		49,944
Yakult Honsha Co. Ltd.		684		37,919
Yamada Holdings Co. Ltd.		3,976		12,813
Yamaguchi Financial Group, Inc.		1,211		6,371
Yamaha Corp.		862		32,593
Yamaha Motor Co. Ltd.		1,629		33,646
Yamato Holdings Co. Ltd.		1,748		25,920
Yamato Kogyo Co. Ltd.		180		5,232
Yamazaki Baking Co. Ltd.		622		6,340
Yaoko Co. Ltd.		108		4,701
Yaskawa Electric Corp.		1,415		39,317
Yokogawa Electric Corp.		1,283		21,502
Yokohama Rubber Co. Ltd. (The)		714		11,183
Z Holdings Corp.		13,941		36,073
Zenkoku Hosho Co. Ltd.		288		9,514
Zensho Holdings Co. Ltd.		540		13,479
Zeon Corp.		730		6,159
ZOZO, Inc.		610		12,989
				17,838,723
Jordan-0.02%
Hikma Pharmaceuticals PLC		905		13,014
Luxembourg-0.15%
ArcelorMittal S.A.(b)		2,802		62,740
Eurofins Scientific SE(b)		651		41,680
L’Occitane International S.A.		2,466		6,063
RTL Group S.A.(b)		207		7,026
				117,509
Macau-0.11%
Galaxy Entertainment Group Ltd.		11,968		54,657
MGM China Holdings Ltd.(a)		3,956		1,593
Sands China Ltd.(a)		12,681		22,132
SJM Holdings Ltd.(a)		12,365		3,859
Wynn Macau Ltd.(a)(b)		7,495		2,988
				85,229
Mexico-0.01%
Fresnillo PLC(b)		989		8,301
Netherlands-4.99%
Aalberts N.V.		515		17,907
ABN AMRO Bank N.V., CVA(c)		2,220		21,845
Adyen N.V.(a)(c)		158		226,837
Aegon N.V.		9,496		43,971
Akzo Nobel N.V.		959		59,182
Argenx SE(a)		296		115,500
ASM International N.V.		247		54,879
ASML Holding N.V.(b)		2,163		1,021,870
ASR Nederland N.V.		701		30,893
BE Semiconductor Industries N.V.		424		21,674
CTP N.V.(c)		333		3,456
Euronext N.V.(c)		433		27,518
EXOR N.V.(a)		554		37,233
Heineken Holding N.V.		567		38,723
Heineken N.V.(b)		1,277		106,776
IMCD N.V.		305		39,580

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

21

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

October 31, 2022

	Shares		Value
Netherlands-(continued)
ING Groep N.V.		20,349	$	200,194
JDE Peet’s N.V.		447		12,803
Koninklijke Ahold Delhaize N.V.		5,446		152,057
Koninklijke DSM N.V.		934		110,128
Koninklijke KPN N.V.		17,441		48,800
Koninklijke Philips N.V.(b)		4,758		60,278
Koninklijke Vopak N.V.		349		7,140
NN Group N.V.		1,603		67,888
OCI N.V.		518		19,823
Randstad N.V.(b)		592		29,513
Shell PLC		39,303		1,087,846
Universal Music Group N.V.		4,004		78,561
Wolters Kluwer N.V.		1,393		148,072
				3,890,947
New Zealand-0.34%
a2 Milk Co. Ltd. (The)(a)		3,950		13,309
Air New Zealand Ltd.(a)		8,734		3,958
Auckland International Airport Ltd.(a)		6,344		28,379
Contact Energy Ltd.		4,039		17,716
Fisher & Paykel Healthcare Corp. Ltd.		3,050		34,694
Fletcher Building Ltd.		4,330		12,930
Infratil Ltd.		3,884		19,721
Kiwi Property Group Ltd., (Acquired 12/07/2020 - 11/02/2021; Cost $6,935)(d)		8,420		4,427
Mainfreight Ltd.		432		19,084
Mercury NZ Ltd.		3,619		12,236
Meridian Energy Ltd.		6,600		18,711
Ryman Healthcare Ltd.		2,201		10,715
SKYCITY Entertainment Group Ltd.(a)		3,751		6,319
Spark New Zealand Ltd.		10,002		29,751
Xero Ltd.(a)		671		33,497
				265,447
Nigeria-0.01%
Airtel Africa PLC(c)		5,355		6,973
Norway-0.75%
Aker ASA, Class A(b)		128		9,018
Aker BP ASA		1,642		52,339
AutoStore Holdings Ltd.(a)(c)		3,128		5,906
DNB Bank ASA		5,492		97,196
Equinor ASA		5,025		183,831
Gjensidige Forsikring ASA		891		16,274
Kongsberg Gruppen ASA		403		14,443
Leroy Seafood Group ASA		1,374		6,317
Mowi ASA		2,371		35,359
Nordic Semiconductor ASA(a)		838		11,840
Norsk Hydro ASA		7,172		45,515
Orkla ASA		4,079		27,526
Salmar ASA(b)		288		9,756
Schibsted ASA, Class A		414		6,375
Schibsted ASA, Class B		516		7,658
Telenor ASA		3,398		30,885
TOMRA Systems ASA		1,255		20,282
Var Energi ASA		2,171		7,402
				587,922
Poland-0.20%
Allegro.eu S.A.(a)(b)(c)		2,071		10,070
Bank Polska Kasa Opieki S.A.		839		13,793
Dino Polska S.A.(a)(c)		252		16,489

	Shares		Value
Poland-(continued)
InPost S.A.(a)		1,006	$	6,425
KGHM Polska Miedz S.A.		732		14,676
LPP S.A.(b)		6		10,425
Polski Koncern Naftowy ORLEN S.A.		3,118		35,889
Powszechna Kasa Oszczednosci Bank Polski S.A.		4,569		24,964
Powszechny Zaklad Ubezpieczen S.A.		3,003		16,868
Santander Bank Polska S.A.		145		7,725
				157,324
Portugal-0.16%
EDP - Energias de Portugal S.A.		15,160		66,302
Galp Energia SGPS S.A.(b)		2,759		28,018
Jeronimo Martins SGPS S.A.		1,475		30,585
				124,905
Russia-0.00%
Evraz PLC(e)		3,267		0
Singapore-1.47%
BOC Aviation Ltd.(c)		1,199		8,027
CapitaLand Ascendas REIT		18,287		33,858
CapitaLand Ascott Trust		10,007		6,753
CapitaLand Integrated Commercial Trust		27,412		36,418
CapitaLand Investment Ltd.		13,650		29,034
City Developments Ltd.		2,514		13,555
ComfortDelGro Corp. Ltd.		11,039		9,907
DBS Group Holdings Ltd.		9,761		235,903
Frasers Logistics & Commercial Trust(c)		14,659		11,395
Genting Singapore Ltd.		31,070		17,675
Jardine Cycle & Carriage Ltd.		576		12,105
Kenon Holdings Ltd.		73		2,810
Keppel Corp. Ltd.		7,479		36,837
Keppel DC REIT		6,640		8,258
Keppel REIT		10,998		6,956
Mapletree Industrial Trust		9,827		15,278
Mapletree Logistics Trust		17,228		18,505
Mapletree Pan Asia Commercial Trust		12,928		14,526
NetLink NBN Trust(c)		14,659		8,857
Olam Group Ltd.		3,499		3,313
Oversea-Chinese Banking Corp. Ltd.		18,775		160,936
SATS Ltd.(a)		3,387		6,534
Sembcorp Industries Ltd.		4,886		10,048
Sembcorp Marine Ltd.(a)		82,394		7,395
SIA Engineering Co. Ltd.(a)(b)		1,247		1,903
Singapore Airlines Ltd.(a)(b)		6,820		25,350
Singapore Exchange Ltd.		4,420		26,300
Singapore Post Ltd.		8,127		3,101
Singapore Technologies Engineering Ltd.		8,182		19,080
Singapore Telecommunications Ltd.		40,366		71,313
StarHub Ltd.		3,063		2,316
STMicroelectronics N.V.		3,393		105,970
Suntec REIT		10,979		10,008
United Overseas Bank Ltd.		6,886		135,083
UOL Group Ltd.		2,647		11,579
Venture Corp. Ltd.		1,455		16,379
				1,143,265
South Africa-0.25%
Anglo American PLC		6,494		195,034

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

22

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

October 31, 2022

	Shares		Value
South Korea-4.78%
Alteogen, Inc.(a)		174	$	4,483
Amorepacific Corp.		167		10,868
Amorepacific Corp., Preference Shares		56		1,447
Amorepacific Group		144		2,497
BGF retail Co. Ltd.		34		4,452
BNK Financial Group, Inc.		1,550		6,975
Celltrion Healthcare Co. Ltd.		511		24,932
Celltrion Pharm, Inc.(a)		103		4,902
Celltrion, Inc.		577		77,773
Cheil Worldwide, Inc.		370		6,351
CJ CheilJedang Corp.		42		12,207
CJ CheilJedang Corp., Preference Shares		1		116
CJ Corp.		69		3,478
CJ ENM Co. Ltd.		54		2,783
CJ Logistics Corp.(a)		36		2,221
Coway Co. Ltd.		289		11,220
Daewoo Engineering & Construction Co. Ltd.(a)		946		2,793
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)		252		3,237
DB Insurance Co. Ltd.		238		9,407
Delivery Hero SE(a)(c)		1,009		33,258
DGB Financial Group, Inc.		820		3,909
DL E&C Co. Ltd.		144		3,483
DL Holdings Co. Ltd.		65		2,806
Dongsuh Cos., Inc.		164		2,349
Doosan Bobcat, Inc.		129		3,034
Doosan Enerbility Co. Ltd.(a)		2,241		20,845
Ecopro BM Co. Ltd.		211		17,049
E-MART, Inc.		107		6,355
F&F Co. Ltd.		83		8,478
Fila Holdings Corp.		274		6,290
Green Cross Corp.		30		2,685
GS Engineering & Construction Corp.		324		4,936
GS Holdings Corp.		272		8,784
GS Retail Co. Ltd.		208		3,709
Hana Financial Group, Inc.		1,539		44,567
Hanjin Kal Corp.(a)		109		3,046
Hankook Tire & Technology Co. Ltd.		393		10,084
Hanmi Pharm Co. Ltd.		36		6,394
Hanmi Science Co. Ltd.		73		1,642
Hanon Systems		860		4,709
Hanssem Co. Ltd.		36		946
Hanwha Aerospace Co. Ltd.		180		8,378
Hanwha Corp.		216		3,852
Hanwha Corp., 3rd Preference Shares		108		1,061
Hanwha Life Insurance Co. Ltd.(a)		1,469		2,253
Hanwha Solutions Corp.(a)		614		20,345
HD Hyundai Co. Ltd.		269		11,501
Hite Jinro Co. Ltd.		162		2,917
HL Mando Co. Ltd.		176		6,110
HLB, Inc.(a)		475		13,505
HLB, Inc., Rts., expiring 12/02/2022(a)		42		289
HMM Co. Ltd.		1,559		20,904
Hotel Shilla Co. Ltd.		165		7,529
HYBE Co. Ltd.(a)		97		8,240
Hyundai Department Store Co. Ltd.		72		2,735
Hyundai Doosan Infracore Co. Ltd.(a)		719		2,801
Hyundai Engineering & Construction Co. Ltd.		388		9,506
Hyundai Glovis Co. Ltd.		98		11,971
Hyundai Heavy Industries Co. Ltd.(a)		77		5,892

	Shares		Value
South Korea-(continued)
Hyundai Marine & Fire Insurance Co. Ltd.		317	$	7,411
Hyundai Mipo Dockyard Co. Ltd.(a)		108		6,960
Hyundai Mobis Co. Ltd.		329		50,582
Hyundai Motor Co		743		85,804
Hyundai Motor Co., First Pfd		108		5,944
Hyundai Motor Co., Second Pfd		180		10,084
Hyundai Steel Co.		396		7,812
Hyundai Wia Corp.		72		3,088
Iljin Materials Co. Ltd.		90		3,829
Industrial Bank of Korea		1,347		9,882
Kakao Corp.		1,621		57,696
Kakao Games Corp.(a)		145		4,026
KakaoBank Corp.(a)		906		10,876
Kakaopay Corp.(a)		113		2,804
Kangwon Land, Inc.(a)		568		9,171
KB Financial Group, Inc.		2,073		69,927
KCC Corp.		24		4,111
KEPCO Plant Service & Engineering Co. Ltd.		108		2,419
Kia Corp.		1,375		63,998
Korea Aerospace Industries Ltd.		376		12,499
Korea Electric Power Corp.(a)		1,362		16,016
Korea Gas Corp.		138		3,371
Korea Investment Holdings Co. Ltd.		203		7,061
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		217		11,075
Korea Zinc Co. Ltd.		53		23,813
Korean Air Lines Co. Ltd.(a)		934		15,146
Krafton, Inc.(a)		157		19,564
KT&G Corp.		581		39,034
Kumho Petrochemical Co. Ltd.		93		8,553
L&F Co. Ltd.(a)		115		18,165
LG Chem Ltd.		248		108,988
LG Chem Ltd., Preference Shares		41		8,318
LG Corp.		467		25,965
LG Display Co. Ltd.		1,192		10,669
LG Electronics, Inc.		576		32,996
LG Electronics, Inc., Preference Shares		92		2,561
LG Energy Solution Ltd.(a)		185		68,574
LG H&H Co. Ltd.		47		16,828
LG H&H Co. Ltd., Preference Shares		12		2,363
LG Innotek Co. Ltd.		72		14,987
LG Uplus Corp.		1,044		8,392
LOTTE Chemical Corp.		73		7,585
LOTTE Chilsung Beverage Co. Ltd.		19		1,874
LOTTE Corp.		140		3,204
LOTTE Fine Chemical Co. Ltd.		93		3,663
LOTTE Shopping Co. Ltd.		60		3,681
LS Corp.		92		4,295
Meritz Financial Group, Inc.		145		2,209
Mirae Asset Securities Co. Ltd.		1,414		6,303
Mirae Asset Securities Co. Ltd., Second Pfd		752		1,911
NAVER Corp.		775		92,220
NCSoft Corp.		85		23,272
Netmarble Corp.(c)		91		2,849
NH Investment & Securities Co. Ltd.		720		4,534
NHN Corp.(a)		72		1,160
NongShim Co. Ltd.		18		3,816
OCI Co. Ltd.		96		6,874
Orion Corp.		108		7,696
Ottogi Corp.		7		2,170

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

23

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

October 31, 2022

	Shares		Value
South Korea-(continued)
Pan Ocean Co. Ltd.		1,004	$	3,031
Paradise Co. Ltd.(a)		243		2,422
Pearl Abyss Corp.(a)		165		4,819
POSCO Chemical Co. Ltd.		144		20,168
POSCO Holdings, Inc.		401		70,097
Posco International Corp.		263		3,813
S-1 Corp.		101		4,424
Samsung Biologics Co. Ltd.(a)(c)		98		60,336
Samsung C&T Corp.		447		37,186
Samsung Card Co. Ltd.		160		3,471
Samsung Electro-Mechanics Co. Ltd.		288		24,464
Samsung Electronics Co. Ltd.		25,412		1,059,688
Samsung Electronics Co. Ltd., Preference Shares		4,431		165,799
Samsung Engineering Co. Ltd.(a)		841		14,081
Samsung Fire & Marine Insurance Co. Ltd.		175		24,571
Samsung Fire & Marine Insurance Co. Ltd., Preference Shares		15		1,685
Samsung Heavy Industries Co. Ltd.(a)		3,300		11,931
Samsung Life Insurance Co. Ltd.		397		18,785
Samsung SDI Co. Ltd.		281		145,387
Samsung SDI Co. Ltd., Preference Shares		8		1,915
Samsung SDS Co. Ltd.		195		17,112
Samsung Securities Co. Ltd.		337		7,511
SD Biosensor, Inc.		182		3,776
Seegene, Inc.		153		3,083
Shin Poong Pharmaceutical Co. Ltd.(a)		178		2,705
Shinhan Financial Group Co. Ltd.		2,660		67,786
Shinsegae, Inc.		36		5,370
SillaJen, Inc.(a)		8		58
SK Biopharmaceuticals Co. Ltd.(a)		130		5,302
SK Bioscience Co. Ltd.(a)		106		5,626
SK Chemicals Co. Ltd.		72		4,468
SK Hynix, Inc.		2,897		168,193
SK IE Technology Co. Ltd.(a)(c)		136		4,965
SK Innovation Co. Ltd.(a)		277		33,642
SK Networks Co. Ltd.		714		2,020
SK Square Co. Ltd.(a)		527		13,670
SK Telecom Co. Ltd.		184		6,472
SK, Inc.		193		28,995
SKC Co. Ltd.		101		7,339
S-Oil Corp.		216		13,101
Solus Advanced Materials Co. Ltd.		61		1,439
SSANGYONG C&E Co. Ltd.		550		2,193
Wemade Co. Ltd.		89		2,771
Woori Financial Group, Inc.		3,382		27,897
Yuhan Corp.		265		11,125
				3,726,659
Spain-2.25%
Acciona S.A.		123		22,137
ACS Actividades de Construccion y Servicios S.A.		1,162		29,803
Aena SME S.A.(a)(c)		377		44,396
Amadeus IT Group S.A.(a)		2,282		118,951
Banco Bilbao Vizcaya Argentaria S.A.(b)		32,798		168,855
Banco Santander S.A.(b)		89,151		231,031
Bankinter S.A.(b)		3,669		22,178
CaixaBank S.A.		23,096		76,539
Cellnex Telecom S.A.(c)		3,226		105,537

	Shares		Value
Spain-(continued)
Corp ACCIONA Energias Renovables S.A.		306	$	12,025
EDP Renovaveis S.A.		1,291		27,191
Enagas S.A.		1,333		21,640
Endesa S.A.		1,699		28,353
Ferrovial S.A.		2,541		62,057
Fluidra S.A.(b)		574		7,789
Grifols S.A.(a)(b)		1,774		15,089
Grifols S.A., Class B, Preference Shares(a)		1,387		8,650
Iberdrola S.A.		32,002		324,990
Industria de Diseno Textil S.A.(b)		5,637		127,806
Inmobiliaria Colonial SOCIMI S.A.		1,841		9,707
Mapfre S.A.(b)		5,293		9,076
Merlin Properties SOCIMI S.A.		1,779		15,068
Naturgy Energy Group S.A.		775		19,885
Red Electrica Corp. S.A.		2,311		37,345
Repsol S.A.		6,725		91,358
Siemens Gamesa Renewable Energy S.A., Class R(a)		1,202		21,337
Telefonica S.A.		27,334		94,149
				1,752,942
Sweden-2.95%
Alfa Laval AB		1,681		41,392
Alleima AB(a)		1,154		3,929
Assa Abloy AB, Class B		4,917		99,226
Atlas Copco AB, Class A		13,545		144,687
Atlas Copco AB, Class B		8,103		78,416
Axfood AB		579		14,325
Beijer Ref AB(b)		1,309		20,292
Boliden AB		1,468		42,723
Castellum AB(b)		1,451		16,584
Electrolux AB, Class B(b)		1,234		15,216
Epiroc AB, Class A		3,343		51,141
Epiroc AB, Class B		2,024		27,172
EQT AB		1,513		29,793
Essity AB, Class B		3,267		69,003
Evolution AB(c)		866		80,954
Fastighets AB Balder, Class B(a)		3,238		12,159
Getinge AB, Class B		1,197		24,296
H & M Hennes & Mauritz AB, Class B(b)		4,699		47,286
Hexagon AB, Class B		10,057		99,383
Holmen AB, Class B		515		18,670
Husqvarna AB, Class A		133		793
Husqvarna AB, Class B		2,184		12,965
Industrivarden AB, Class A		1,206		27,306
Industrivarden AB, Class C(b)		918		20,611
Indutrade AB(b)		1,503		26,298
Investment AB Latour, Class B		768		12,979
Investor AB, Class A(b)		2,847		48,410
Investor AB, Class B(b)		9,783		159,673
Kinnevik AB, Class B(a)		1,284		15,860
L E Lundbergforetagen AB, Class B		396		15,631
Lifco AB, Class B		1,217		17,571
Nibe Industrier AB, Class B		7,804		62,218
Saab AB, Class B		492		17,373
Sagax AB, Class B		921		16,969
Sagax AB, Class D		540		1,300
Sandvik AB		5,774		90,186
Securitas AB, Class B		2,602		21,272
Skandinaviska Enskilda Banken AB, Class A		7,694		81,114

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

24

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

October 31, 2022

	Shares		Value
Sweden-(continued)
Skandinaviska Enskilda Banken AB, Class C		108	$	1,231
Skanska AB, Class B(b)		1,921		29,866
SKF AB, Class B(b)		2,059		29,775
Svenska Cellulosa AB S.C.A., Class A		108		1,302
Svenska Cellulosa AB S.C.A., Class B		3,184		37,544
Svenska Handelsbanken AB, Class A		7,962		73,961
Svenska Handelsbanken AB, Class B(b)		180		1,968
Sweco AB, Class B		1,072		8,052
Swedbank AB, Class A		5,384		80,221
Swedish Match AB		7,933		81,552
Swedish Orphan Biovitrum AB, Class B(a)		945		17,386
Tele2 AB, Class B		2,963		24,271
Telefonaktiebolaget LM Ericsson, Class A		195		1,158
Telefonaktiebolaget LM Ericsson, Class B		16,131		89,629
Telia Co. AB(b)		13,765		36,435
Trelleborg AB, Class B		1,302		28,666
Vitrolife AB		353		5,705
Volvo AB, Class A		1,100		18,774
Volvo AB, Class B		8,095		132,445
Volvo Car AB, Class B(a)(b)		2,883		12,233
				2,297,350
Switzerland-5.40%
ABB Ltd.		8,165		227,143
Accelleron Industries AG(a)		408		6,923
Adecco Group AG(b)		852		26,682
Alcon, Inc.		2,477		150,835
Bachem Holding AG		165		11,846
Baloise Holding AG		241		32,944
Banque Cantonale Vaudoise		151		13,444
Barry Callebaut AG		19		35,959
Belimo Holding AG		50		20,385
BKW AG		96		11,204
Chocoladefabriken Lindt & Spruengli AG, PC		12		115,114
Cie Financiere Richemont S.A		2,744		268,546
Clariant AG(a)		1,212		19,511
Credit Suisse Group AG(b)		14,022		57,867
DKSH Holding AG		180		12,977
Emmi AG		10		7,984
EMS-Chemie Holding AG		38		23,903
Flughafen Zurich AG(a)		101		15,684
Geberit AG		188		83,654
Georg Fischer AG		447		24,768
Givaudan S.A		50		149,388
Helvetia Holding AG		180		17,879
Holcim AG		2,942		133,702
Julius Baer Group Ltd.		1,145		54,885
Kuehne + Nagel International AG, Class R		268		57,148
Logitech International S.A., Class R(b)		784		39,053
Lonza Group AG		398		204,975
Novartis AG		11,008		889,880
Partners Group Holding AG		121		108,746
PSP Swiss Property AG		231		24,698
Schindler Holding AG		102		16,063
Schindler Holding AG, PC		219		35,725
SGS S.A.		32		70,635
SIG Group AG(b)		2,042		39,259
Sika AG		821		185,243
Sonova Holding AG, Class A		276		65,280
Straumann Holding AG		572		54,516

	Shares		Value
Switzerland-(continued)
Swatch Group AG (The)		237	$	9,909
Swatch Group AG (The), BR(b)		155		34,911
Swiss Life Holding AG		163		78,979
Swiss Prime Site AG		396		31,973
Swisscom AG		136		67,174
Tecan Group AG, Class R(b)		67		24,597
Temenos AG		324		19,328
UBS Group AG		16,360		259,766
VAT Group AG(b)(c)		138		31,551
Zurich Insurance Group AG		798		340,730
				4,213,366
Taiwan-0.00%
FIT Hon Teng Ltd.(a)(c)		5,482		643
United Kingdom-11.07%
3i Group PLC		5,108		68,250
abrdn PLC(b)		11,522		21,093
Admiral Group PLC		1,530		35,531
Allfunds Group PLC		1,307		8,248
Ashtead Group PLC		2,370		124,156
Associated British Foods PLC		1,864		28,962
AstraZeneca PLC		7,934		936,684
Auto Trader Group PLC(c)		4,991		29,973
AVEVA Group PLC(b)		612		21,984
Aviva PLC		15,008		72,245
B&M European Value Retail S.A.		4,807		17,854
BAE Systems PLC		16,975		159,168
Barclays PLC		86,686		147,473
Barratt Developments PLC		5,428		23,511
Bellway PLC		662		14,139
Berkeley Group Holdings PLC		559		22,340
BP PLC		99,659		550,534
British American Tobacco PLC		12,032		475,644
British Land Co. PLC (The)		4,959		20,891
BT Group PLC(b)		37,237		55,649
Bunzl PLC		1,806		59,074
Burberry Group PLC		2,125		44,406
Centrica PLC		31,527		27,812
CNH Industrial N.V.		5,277		68,349
Compass Group PLC		9,590		202,776
ConvaTec Group PLC(c)		8,580		21,535
Croda International PLC(b)		723		56,272
DCC PLC		529		29,479
Dechra Pharmaceuticals PLC		592		17,858
Derwent London PLC		541		13,479
Diageo PLC		12,115		501,871
Direct Line Insurance Group PLC		7,146		16,603
Dr. Martens PLC		3,012		8,628
DS Smith PLC		6,843		22,864
easyJet PLC(a)		1,994		7,999
Entain PLC		3,124		45,428
Experian PLC		4,948		158,031
Haleon PLC(a)		26,874		82,923
Halma PLC		2,032		49,481
Hargreaves Lansdown PLC(b)		2,025		17,794
Hiscox Ltd.		1,798		18,615
HomeServe PLC		1,480		20,209
Howden Joinery Group PLC		2,859		16,919
HSBC Holdings PLC		108,112		556,776
IMI PLC		1,384		19,568

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

25

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

October 31, 2022

	Shares		Value
United Kingdom-(continued)
Imperial Brands PLC		5,053	$	123,569
Informa PLC		7,730		49,448
InterContinental Hotels Group PLC		982		53,094
Intermediate Capital Group PLC		1,491		18,231
International Consolidated Airlines Group S.A.(a)(b)		6,003		8,402
International Distributions Services PLC		4,819		11,224
Intertek Group PLC		866		36,433
ITV PLC		19,979		15,412
J Sainsbury PLC		9,060		20,278
JD Sports Fashion PLC		13,212		14,822
Johnson Matthey PLC(b)		1,000		22,273
Just Eat Takeaway.com N.V.(a)(b)(c)		969		16,626
Kingfisher PLC		10,634		26,801
Land Securities Group PLC		3,821		25,094
Legal & General Group PLC		31,783		85,226
Lloyds Banking Group PLC		367,090		177,597
London Stock Exchange Group PLC		1,970		171,609
M&G PLC		13,940		28,119
Melrose Industries PLC		21,559		29,017
National Grid PLC		19,653		214,599
NatWest Group PLC		27,348		73,932
Next PLC		664		37,682
Ocado Group PLC(a)(b)		3,109		16,910
Pearson PLC(b)		3,942		43,589
Pennon Group PLC		1,434		13,827
Pepco Group N.V.(a)(c)		585		4,117
Persimmon PLC		1,703		25,588
Phoenix Group Holdings PLC(b)		3,934		24,568
Reckitt Benckiser Group PLC		3,841		255,611
RELX PLC		9,977		268,911
Renishaw PLC		181		7,298
Rentokil Initial PLC		13,556		84,968
Rightmove PLC(b)		4,525		25,622
Rolls-Royce Holdings PLC(a)(b)		44,904		40,404
RS GROUP PLC		2,521		27,821
Sage Group PLC (The)		5,502		46,041
Schroders PLC		3,522		15,884
Segro PLC		6,420		58,025
Severn Trent PLC		1,345		38,761
Smith & Nephew PLC		4,715		55,915
Smiths Group PLC		1,944		34,927
Spirax-Sarco Engineering PLC		394		48,765
SSE PLC		5,717		102,420
St James’s Place PLC		2,849		34,934
Standard Chartered PLC		13,142		78,712
Tate & Lyle PLC		2,151		17,361
Taylor Wimpey PLC		19,406		20,953
Tesco PLC		39,722		98,374
Unilever PLC		13,630		623,714
UNITE Group PLC (The)		1,713		17,573
United Utilities Group PLC		3,659		39,575
Vodafone Group PLC		134,779		157,723

	Shares		Value
United Kingdom-(continued)
Weir Group PLC (The)		1,389	$	24,348
Whitbread PLC(b)		1,082		32,041
Wise PLC, Class A(a)		2,436		18,651
WPP PLC		5,730		50,535
				8,633,032
United States-5.00%
Amcor PLC, CDI		8,093		93,617
Computershare Ltd.		2,883		46,586
Ferguson PLC		1,133		124,056
GSK PLC		21,499		353,669
JS Global Lifestyle Co. Ltd.(c)		6,774		5,454
Nestle S.A.		14,481		1,577,825
Oracle Corp.		180		9,616
QIAGEN N.V.(a)		1,185		51,181
Roche Holding AG		3,729		1,239,150
Roche Holding AG, BR(b)		143		58,043
Samsonite International S.A.(a)(c)		6,911		14,861
Signify N.V.		674		18,692
Sims Ltd.		872		6,814
Stellantis N.V.		10,899		147,146
Swiss Re AG		1,548		115,085
Tenaris S.A.		2,506		38,898
				3,900,693
Total Common Stocks & Other Equity Interests (Cost $104,124,184)				77,637,591
Money Market Funds-0.14%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(f)(g) (Cost $111,203)		111,203		111,203
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.68% (Cost $104,235,387)				77,748,794
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-7.90%
Invesco Private Government Fund, 3.18%(f)(g)(h)		1,724,672		1,724,672
Invesco Private Prime Fund, 3.28%(f)(g)(h)		4,432,079		4,432,079
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,156,882)				6,156,751
TOTAL INVESTMENTS IN SECURITIES-107.58% (Cost $110,392,269)				83,905,545
OTHER ASSETS LESS LIABILITIES-(7.58)%				(5,911,830	)
NET ASSETS-100.00%			$	77,993,715

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

26

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

October 31, 2022

Investment Abbreviations:

BR-Bearer Shares

CDI-CREST Depository Interest

CVA-Dutch Certificates

PC-Participation Certificate

Pfd.-Preferred

REIT-Real Estate Investment Trust

RSP-Registered Savings Plan Shares

Rts.-Rights

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  All or a portion of this security was out on loan at October 31, 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 October 31, 2022 was $1,260,855, which represented 1.62% of the Fund’s Net Assets.

^(d)  Restricted security. The value of this security at October 31, 2022 represented less than 1% of the Fund’s Net Assets.

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

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

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	160,782		$	6,855,780		$	(6,905,359	)		$	-			$	-			$	111,203		$	905
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			335,481			11,797,840			(10,408,649	)			-				-				1,724,672			15,151	*
Invesco Private Prime Fund			783,705			23,502,498			(19,853,781	)			(131	)			(212	)			4,432,079			41,554	*
Total		$	1,279,968		$	42,156,118		$	(37,167,789	)		$	(131	)		$	(212	)		$	6,267,954		$	57,610

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

^(g)  The rate shown is the 7-day SEC standardized yield as of October 31, 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 2J.

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

27

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE)

October 31, 2022

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-90.43%
Bahrain-0.12%
Ahli United Bank BSC(a)		16,458	$	16,206
Brazil-7.63%
Alpargatas S.A., Preference Shares		684		2,863
Ambev S.A.		12,329		37,594
Americanas S.A.		2,071		6,133
Atacadao S.A.		1,323		4,906
Auren Energia S.A.		1,103		3,136
B3 S.A. - Brasil, Bolsa, Balcao		18,148		52,017
Banco Bradesco S.A.		3,025		9,593
Banco Bradesco S.A., Preference Shares		13,907		52,636
Banco BTG Pactual S.A.		2,671		14,731
Banco do Brasil S.A.		1,672		11,796
Banco Santander Brasil S.A.		671		3,808
BB Seguridade Participacoes S.A.		1,931		10,926
BR Malls Participacoes S.A.		2,753		5,325
Bradespar S.A., Preference Shares		747		3,418
Braskem S.A., Class A, Preference Shares		692		4,446
BRF S.A.(b)		2,125		5,086
CCR S.A.		3,449		8,519
Centrais Eletricas Brasileiras S.A.		2,328		22,103
Centrais Eletricas Brasileiras S.A., Class B, Preference Shares		696		7,072
Cia de Saneamento Basico do Estado de Sao Paulo		1,140		13,057
Cia de Transmissao de Energia Eletrica Paulista, Preference Shares		687		3,208
Cia Energetica de Minas Gerais		489		1,611
Cia Energetica de Minas Gerais, Preference Shares		4,158		9,010
Cia Paranaense de Energia		1,100		1,470
Cia Paranaense de Energia, Class B, Preference Shares		2,860		4,033
Cia Siderurgica Nacional S.A.		1,473		3,447
Cosan S.A.		1,868		6,002
CPFL Energia S.A.		687		4,637
Dexco S.A.		763		1,409
EDP - Energias do Brasil S.A.		731		3,214
Embraer S.A.(b)		2,078		5,445
Energisa S.A.		676		6,247
Eneva S.A.(b)		3,403		9,196
ENGIE Brasil Energia S.A.		669		5,128
Equatorial Energia S.A.		2,752		15,750
Gerdau S.A., Preference Shares		2,717		13,333
GPS Participacoes e Empreendimentos S.A.(c)		900		2,370
GRUPO DE MODA SOMA S.A.		1,200		3,330
Grupo Mateus S.A.(b)		2,700		3,756
Hapvida Participacoes e Investimentos S.A.(c)		10,432		15,507
Hypera S.A.		1,362		13,188
Itau Unibanco Holding S.A.		1,113		5,392
Itau Unibanco Holding S.A., Preference Shares		13,082		75,791
Itausa S.A., Preference Shares		9,676		19,805
Klabin S.A.		1,834		7,557
Localiza Rent a Car S.A.		1,867		25,099
Lojas Renner S.A.		2,975		17,519
Magazine Luiza S.A.		8,128		6,924
Marfrig Global Foods S.A.		1,979		4,035

	Shares		Value
Brazil-(continued)
Multiplan Empreendimentos Imobiliarios S.A.		707	$	3,552
Natura & Co. Holding S.A.		2,744		7,818
Neoenergia S.A.		1,300		4,110
Odontoprev S.A.		2,305		3,637
Petro Rio S.A.(b)		1,682		11,344
Petroleo Brasileiro S.A.		11,082		70,244
Petroleo Brasileiro S.A., Preference Shares		13,351		75,848
Porto Seguro S.A.		400		1,772
Raia Drogasil S.A.		3,467		17,384
Rede D’Or Sao Luiz S.A.(c)		989		6,063
Rumo S.A.		3,708		15,645
Sao Martinho S.A.		676		3,475
Sendas Distribuidora S.A.		2,325		8,782
Sul America S.A.		1,399		6,356
Suzano S.A.		2,145		21,747
Telefonica Brasil S.A.		1,370		10,786
TIM S.A.		2,843		7,152
TOTVS S.A.		1,392		8,797
Transmissora Alianca de Energia Eletrica S.A.		200		1,532
Ultrapar Participacoes S.A.		2,746		7,018
Usinas Siderurgicas de Minas Gerais S.A. Usiminas, Class A, Preference Shares		1,420		1,957
Vale S.A.		10,309		131,887
Vamos Locacao de Caminhoes Maquinas e Equipamentos S.A.		400		1,229
Vibra Energia S.A.		3,467		12,058
WEG S.A.		4,281		32,863
				1,045,634
Chile-0.70%
Banco de Chile		150,083		13,722
Banco de Credito e Inversiones S.A.		165		4,596
Banco Santander Chile		187,261		6,706
Cencosud S.A.		3,178		4,276
Cencosud Shopping S.A.		2,096		2,292
Cia Cervecerias Unidas S.A.		299		1,640
Colbun S.A.		26,328		2,586
Embotelladora Andina S.A., Class B, Preference Shares		720		1,259
Empresas CMPC S.A.		3,749		5,946
Empresas COPEC S.A.		1,164		8,019
Enel Americas S.A.		52,806		5,230
Enel Chile S.A.		88,771		3,123
Falabella S.A.		2,262		4,421
Sociedad Quimica y Minera de Chile S.A., Class A		18		1,468
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares		324		30,827
				96,111
China-29.10%
360 DigiTech, Inc., ADR		291		2,957
AECC Aero-Engine Control Co. Ltd., A Shares		2,275		9,351
AECC Aviation Power Co. Ltd., A Shares		700		4,665
Agricultural Bank of China Ltd., A Shares		15,858		5,997
Agricultural Bank of China Ltd., H Shares		67,298		19,204
Aier Eye Hospital Group Co. Ltd., A Shares		1,900		6,430
Airtac International Group		447		10,266
Akeso, Inc., B Shares(b)(c)		1,809		7,259

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

28

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

October 31, 2022

	Shares		Value
China-(continued)
Alibaba Group Holding Ltd.(b)		39,357	$	308,093
Alibaba Health Information Technology Ltd.(b)		13,827		5,848
A-Living Smart City Services Co. Ltd., U Shares(c)		2,398		1,359
Aluminum Corp. of China Ltd., A Shares		12,761		6,749
Angelalign Technology, Inc.(c)(d)		166		1,465
Anhui Conch Cement Co. Ltd., A Shares		1,286		4,278
Anhui Conch Cement Co. Ltd., H Shares		3,489		8,978
Anhui Expressway Co. Ltd., H Shares		11,876		7,595
Anhui Gujing Distillery Co. Ltd., B Shares		989		11,658
ANTA Sports Products Ltd.		3,414		30,009
Autohome, Inc., ADR		195		5,093
AviChina Industry & Technology Co. Ltd., H Shares		12,947		5,674
Baidu, Inc., A Shares(b)		5,544		53,040
Bank of China Ltd., A Shares		9,541		3,935
Bank of China Ltd., H Shares		181,639		58,542
Bank of Communications Co. Ltd., A Shares		4,798		2,925
Bank of Communications Co. Ltd., H Shares		19,268		9,401
Bank of Ningbo Co. Ltd., A Shares		1,682		5,476
Bank of Shanghai Co. Ltd., A Shares		2,961		2,264
BeiGene Ltd., (Acquired 06/17/2022 - 10/07/2022; Cost $18,023)(b)(e)		1,684		21,238
Beijing Enterprises Water Group Ltd.		14,423		3,032
Beijing Orient National Communication Science & Technology Co. Ltd., A Shares(b)		1,900		2,273
Bengang Steel Plates Co. Ltd., A Shares		9,783		3,793
Bilibili, Inc., Z Shares(b)		603		5,216
BOE Technology Group Co. Ltd., A Shares		9,856		4,510
Bosideng International Holdings Ltd.(d)		8,000		3,455
BYD Co. Ltd., A Shares		594		20,075
BYD Co. Ltd., H Shares		2,024		45,302
BYD Electronic International Co. Ltd.(d)		3,126		9,080
Central China Securities Co. Ltd., A Shares		12,167		6,001
CGN Power Co. Ltd., H Shares(c)		34,605		7,009
China Cinda Asset Management Co. Ltd., H Shares		27,607		2,567
China CITIC Bank Corp. Ltd., H Shares		27,328		10,305
China Coal Energy Co. Ltd., H Shares		4,300		3,166
China Conch Environment Protection Holdings Ltd.(b)		3,500		1,030
China Conch Venture Holdings Ltd.		3,463		5,109
China Construction Bank Corp., H Shares		236,160		125,453
China Everbright Bank Co. Ltd., H Shares		16,203		4,190
China Everbright Environment Group Ltd.		13,462		4,476
China Feihe Ltd.(c)		9,738		5,607
China Galaxy Securities Co. Ltd., H Shares		6,645		2,489
China Greatwall Technology Group Co. Ltd., A Shares		2,700		4,125
China Green Electricity Investment of Tianjin Co. Ltd., A Shares		1,600		2,889
China Hongqiao Group Ltd.(d)		6,575		4,665
China International Capital Corp. Ltd., H Shares(c)		5,235		7,282
China Jinmao Holdings Group Ltd.		26,318		3,487
China Lesso Group Holdings Ltd.		2,485		2,017
China Life Insurance Co. Ltd., H Shares		14,598		15,900
China Literature Ltd.(b)(c)		1,366		3,680
China Longyuan Power Group Corp. Ltd., H Shares		9,784		11,180

	Shares		Value
China-(continued)
China Medical System Holdings Ltd.		6,265	$	6,840
China Meidong Auto Holdings Ltd.(d)		1,402		1,843
China Mengniu Dairy Co. Ltd.		8,411		26,948
China Merchants Bank Co. Ltd., A Shares		4,848		17,815
China Merchants Bank Co. Ltd., H Shares		10,023		32,942
China Merchants Port Holdings Co. Ltd.		4,667		5,470
China Merchants Securities Co. Ltd., H Shares(c)		6,932		6,429
China Minsheng Banking Corp. Ltd., A Shares		5,343		2,416
China Minsheng Banking Corp. Ltd., H Shares(d)		21,113		6,132
China National Building Material Co. Ltd., H Shares		13,576		7,886
China Northern Rare Earth Group High-Tech Co. Ltd., A Shares		600		1,989
China Oilfield Services Ltd., H Shares		5,817		6,551
China Overseas Land & Investment Ltd.		10,694		20,408
China Pacific Insurance (Group) Co. Ltd., A Shares		1,583		4,127
China Pacific Insurance (Group) Co. Ltd., H Shares		8,328		13,431
China Petroleum & Chemical Corp., A Shares		15,284		8,523
China Petroleum & Chemical Corp., H Shares		53,605		21,169
China Power International Development Ltd.		16,814		4,862
China Resources Beer Holdings Co. Ltd.		4,996		23,548
China Resources Cement Holdings Ltd.		12,175		4,405
China Resources Double Crane Pharmaceutical Co. Ltd., A Shares		800		1,968
China Resources Land Ltd.		8,127		25,469
China Resources Mixc Lifestyle Services Ltd.(c)		1,978		5,796
China Resources Power Holdings Co. Ltd.		5,094		7,411
China Shenhua Energy Co. Ltd., H Shares		10,403		27,366
China Taiping Insurance Holdings Co. Ltd.		5,587		3,872
China Three Gorges Renewables Group Co. Ltd., A Shares		3,200		2,442
China Tourism Group Duty Free Corp. Ltd., A Shares		450		9,887
China Tower Corp. Ltd., H Shares(c)		155,152		14,033
China Traditional Chinese Medicine Holdings Co. Ltd.		12,950		5,593
China Vanke Co. Ltd., A Shares		1,979		3,666
China Vanke Co. Ltd., H Shares		6,236		8,008
China Yangtze Power Co. Ltd., A Shares		6,235		17,308
Chongqing Changan Automobile Co. Ltd., A Shares		2,736		4,232
Chongqing Zhifei Biological Products Co. Ltd., A Shares		400		4,680
CIFI Holdings Group Co. Ltd.(d)		13,819		861
CITIC Ltd.		14,037		12,571
CITIC Securities Co. Ltd., A Shares		2,968		6,999
CITIC Securities Co. Ltd., H Shares		6,487		9,702
CMOC Group Ltd., H Shares		18,050		5,818
Contemporary Amperex Technology Co. Ltd., A Shares		497		25,391
COSCO SHIPPING Energy Transportation Co. Ltd., A Shares(b)		1,800		4,170
COSCO SHIPPING Holdings Co. Ltd., A Shares		5,510		8,478
COSCO SHIPPING Holdings Co. Ltd., H Shares		3,908		4,217
Country Garden Holdings Co. Ltd.(d)		21,052		2,709
Country Garden Services Holdings Co. Ltd.		5,245		4,584

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

29

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

October 31, 2022

	Shares		Value
China-(continued)
CSC Financial Co. Ltd., H Shares(c)		2,390	$	1,732
CSG Holding Co. Ltd., B Shares		34,721		13,314
CSPC Pharmaceutical Group Ltd.		26,052		26,783
Dali Foods Group Co. Ltd.(c)		7,416		3,051
Daqo New Energy Corp., ADR(b)		100		4,399
Datang International Power Generation Co. Ltd., A Shares(b)		29,509		11,442
Dongfang Electric Corp. Ltd., A Shares		1,900		6,042
East Group Co. Ltd., A Shares		3,500		3,333
East Money Information Co. Ltd., A Shares		2,623		5,610
ENN Energy Holdings Ltd.		1,602		15,928
Eternal Asia Supply Chain Management Ltd., A Shares		7,222		5,165
Eve Energy Co. Ltd., A Shares		594		6,758
Far East Horizon Ltd.		7,852		6,062
Flat Glass Group Co. Ltd., H Shares		1,486		3,479
Foshan Haitian Flavouring & Food Co. Ltd., A Shares		736		6,018
Fosun International Ltd.		6,926		4,235
Full Truck Alliance Co. Ltd., ADR(b)(d)		1,540		7,330
Fuyao Glass Industry Group Co. Ltd., H Shares(c)		2,509		8,997
Ganfeng Lithium Group Co. Ltd., A Shares		791		8,564
GD Power Development Co. Ltd., A Shares(b)		5,700		3,413
GDS Holdings Ltd., A Shares(b)		2,047		2,477
Geely Automobile Holdings Ltd.		14,401		15,484
Genscript Biotech Corp.(b)		2,778		7,021
GF Securities Co. Ltd., H Shares		6,421		6,536
Ginlong Technologies Co. Ltd., A Shares(b)		100		2,559
Great Wall Motor Co. Ltd., H Shares		10,095		11,021
GRG Banking Equipment Co. Ltd., A Shares		5,442		7,024
Guangdong Haid Group Co. Ltd., A Shares		890		7,042
Guangdong Investment Ltd.		12,364		7,797
Guanghui Energy Co. Ltd., A Shares		1,400		1,972
Guangshen Railway Co. Ltd., H Shares(b)		27,862		3,620
Guangzhou Automobile Group Co. Ltd., H Shares		9,289		5,656
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., A Shares		6,052		4,619
H World Group Ltd., ADR		597		16,167
Haidilao International Holding Ltd.(b)(c)		2,656		3,945
Haier Smart Home Co. Ltd., A Shares		2,671		7,612
Haier Smart Home Co. Ltd., H Shares		5,640		14,111
Haitian International Holdings Ltd.		942		1,886
Haitong Securities Co. Ltd., A Shares		5,442		6,293
Haitong Securities Co. Ltd., H Shares		7,442		3,640
Hangzhou Binjiang Real Estate Group Co. Ltd., A Shares		1,600		1,951
Hangzhou Tigermed Consulting Co. Ltd., A Shares		594		6,783
Hansoh Pharmaceutical Group Co. Ltd.(c)		1,903		2,938
Henan Shuanghui Investment & Development Co. Ltd., A Shares		1,583		4,941
Hengan International Group Co. Ltd.		3,074		11,924
Hengdian Group DMEGC Magnetics Co. Ltd., A Shares		1,200		2,913
Hua Hong Semiconductor Ltd.(b)(c)		1,488		3,484
Huadian Power International Corp. Ltd., A Shares		4,200		3,125

	Shares		Value
China-(continued)
Huaneng Power International, Inc., H Shares(b)(d)		15,713	$	5,625
Huatai Securities Co. Ltd., H Shares(c)		6,497		6,365
Hubei Biocause Pharmaceutical Co. Ltd., A Shares		24,480		9,626
Hygeia Healthcare Holdings Co. Ltd.(b)(c)(d)		848		3,673
Industrial & Commercial Bank of China Ltd., A Shares		11,871		6,750
Industrial & Commercial Bank of China Ltd., H Shares		201,780		87,654
Industrial Bank Co. Ltd., A Shares		4,848		9,983
Inner Mongolia Yili Industrial Group Co. Ltd., A Shares		1,979		6,844
Inner Mongolia Yitai Coal Co. Ltd., B Shares		1,300		1,838
Innovent Biologics, Inc.(b)(c)		3,786		13,408
Inspur Electronic Information Industry Co. Ltd., A Shares		1,682		5,305
iQIYI, Inc., ADR(b)(d)		1,044		2,109
JA Solar Technology Co. Ltd., A Shares		280		2,398
JD Health International, Inc.(b)(c)		2,028		11,122
JD.com, Inc., A Shares		6,086		112,496
Jiangsu Expressway Co. Ltd., H Shares		5,338		3,760
Jiangsu Hengrui Medicine Co. Ltd., A Shares		1,806		9,947
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., A Shares		594		10,633
Jiangsu Zhongtian Technology Co. Ltd., A Shares		1,300		3,913
Jiangxi Copper Co. Ltd., H Shares		4,851		5,302
Jiangxi Special Electric Motor Co. Ltd., A Shares(b)		600		1,569
Jinxin Fertility Group Ltd.(c)		4,760		2,347
Jiumaojiu International Holdings Ltd.(c)(d)		2,473		3,881
Joinn Laboratories China Co. Ltd., H Shares(c)		682		2,211
Joyoung Co. Ltd., A Shares		1,300		2,590
JOYY, Inc., ADR		168		4,239
Juewei Food Co. Ltd., A Shares		693		4,498
Kaishan Group Co. Ltd., A Shares(b)		3,452		7,899
Kanzhun Ltd., ADR(b)		464		5,072
KE Holdings, Inc., ADR(b)(d)		1,542		15,698
Kingboard Holdings Ltd.		3,036		7,488
KingClean Electric Co. Ltd., A Shares		1,345		6,022
Kingdee International Software Group Co. Ltd.(b)		7,208		11,790
Kingsoft Corp. Ltd.		2,824		8,544
Kuaishou Technology(b)(c)		5,022		20,664
Kweichow Moutai Co. Ltd., A Shares		248		45,872
KWG Group Holdings Ltd.(b)		12,500		1,210
Legend Holdings Corp., H Shares(c)		1,681		1,411
Lens Technology Co. Ltd., A Shares		2,000		2,729
Leyard Optoelectronic Co. Ltd., A Shares		4,848		3,740
Li Auto, Inc., ADR(b)(d)		1,238		16,862
Li Ning Co. Ltd.		6,435		33,282
LianChuang Electronic Technology Co. Ltd., A Shares		3,460		6,357
Longfor Group Holdings Ltd.(c)		6,636		8,454
LONGi Green Energy Technology Co. Ltd., A Shares		1,903		12,510
Longshine Technology Group Co. Ltd., A Shares		800		2,824
Lufax Holding Ltd., ADR		1,623		2,581

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

30

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

October 31, 2022

	Shares		Value
China-(continued)
Luxshare Precision Industry Co. Ltd., A Shares		2,146	$	8,380
Luzhou Laojiao Co. Ltd., A Shares		397		8,505
Mango Excellent Media Co. Ltd., A Shares		890		2,674
Maxscend Microelectronics Co. Ltd., A Shares .		416		5,264
Meituan, B Shares(b)(c)		10,841		172,354
Ming Yuan Cloud Group Holdings Ltd.		2,098		965
MINISO Group Holding Ltd., ADR(d)		336		1,714
Muyuan Foods Co. Ltd., A Shares		1,601		10,262
NARI Technology Co. Ltd., A Shares		940		3,143
NAURA Technology Group Co. Ltd., A Shares		198		7,208
NetEase, Inc.		4,314		47,043
New China Life Insurance Co. Ltd., A Shares		1,286		4,118
New China Life Insurance Co. Ltd., H Shares		2,759		4,379
New Hope Liuhe Co. Ltd., A Shares(b)		4,056		7,163
New Oriental Education & Technology Group, Inc.(b)		3,500		8,570
Ninestar Corp., A Shares		1,880		14,711
Ningbo Orient Wires & Cables Co. Ltd., A Shares		400		4,220
NIO, Inc., ADR(b)(d)		3,315		32,056
Nongfu Spring Co. Ltd., H Shares(c)		1,764		8,865
People’s Insurance Co. Group of China Ltd. (The), H Shares		20,463		5,657
PetroChina Co. Ltd., H Shares		65,777		25,138
Pharmaron Beijing Co. Ltd., A Shares		841		5,992
PICC Property & Casualty Co. Ltd., H Shares		19,834		18,293
Pinduoduo, Inc., ADR(b)		979		53,679
Ping An Bank Co. Ltd., A Shares		5,442		7,710
Ping An Healthcare and Technology Co. Ltd.(b)(c)(d)		1,360		2,509
Ping An Insurance (Group) Co. of China Ltd., A Shares		1,483		7,345
Ping An Insurance (Group) Co. of China Ltd., H Shares		17,526		70,105
Pingdingshan Tianan Coal Mining Co. Ltd., A Shares		800		1,208
Poly Developments and Holdings Group Co. Ltd., A Shares		4,750		8,981
Poly Property Services Co. Ltd., H Shares(c)		1,187		4,393
Pop Mart International Group Ltd.(c)(d)		1,956		2,532
Postal Savings Bank of China Co. Ltd., H Shares(c)		28,476		13,204
Power Construction Corp. of China Ltd., A Shares		2,200		2,122
Qingdao Hanhe Cable Co. Ltd., A Shares		14,738		9,995
RLX Technology, Inc., ADR(b)(d)		1,357		1,696
Sany Heavy Industry Co. Ltd., A Shares		2,770		5,124
Seazen Group Ltd.(b)		11,911		1,912
SF Holding Co. Ltd., A Shares		890		5,885
Shaanxi Coal Industry Co. Ltd., A Shares		700		1,905
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares		8,131		11,208
Shanghai Electric Power Co. Ltd., A Shares(b)		2,000		2,513
Shanghai Flyco Electrical Appliance Co. Ltd., A Shares		989		10,747
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares(d)		2,272		5,737
Shanghai Fudan Microelectronics Group Co. Ltd., A Shares		233		2,995

	Shares		Value
China-(continued)
Shanghai International Airport Co. Ltd., A Shares(b)		890	$	6,509
Shanghai Junshi Biosciences Co. Ltd., A Shares(b)		344		3,349
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares		3,718		5,040
Shanghai Pudong Development Bank Co. Ltd., A Shares		5,536		5,036
Shanghai Zhenhua Heavy Industries Co. Ltd., B Shares		49,558		11,844
Shanxi Taigang Stainless Steel Co. Ltd., A Shares		4,600		2,502
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., A Shares		435		13,850
Shenzhen Agricultural Products Group Co. Ltd., A Shares		10,388		7,287
Shenzhen Huaqiang Industry Co. Ltd., A Shares		3,660		5,446
Shenzhen Inovance Technology Co. Ltd., A Shares		940		8,590
Shenzhen International Holdings Ltd.		5,843		3,930
Shenzhen Kaifa Technology Co. Ltd., A Shares		4,056		6,357
Shenzhen Kangtai Biological Products Co. Ltd., A Shares		580		2,473
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares		252		11,237
Shenzhen MTC Co. Ltd., A Shares(b)		7,800		3,687
Shenzhen Neptunus Bioengineering Co. Ltd., A Shares(b)		20,774		9,364
Shenzhou International Group Holdings Ltd.		2,138		14,816
Shijiazhuang Yiling Pharmaceutical Co. Ltd., A Shares		700		2,923
Sieyuan Electric Co. Ltd., A Shares		1,979		9,070
Silergy Corp.		708		8,218
Sino Biopharmaceutical Ltd.		27,960		13,571
Sinopec Oilfield Service Corp., A Shares(b)		21,664		5,462
Sinopharm Group Co. Ltd., H Shares		2,926		5,576
Sinotruk Hong Kong Ltd.		3,465		3,090
Skyworth Digital Co. Ltd., A Shares		1,100		2,246
Smoore International Holdings Ltd.(c)(d)		4,911		5,224
Sun Art Retail Group Ltd.		8,000		1,274
Sungrow Power Supply Co. Ltd., A Shares		400		7,175
Sunny Optical Technology Group Co. Ltd.		2,062		17,875
SuZhou TA&A Ultra Clean Technology Co. Ltd., A Shares		200		1,695
TAL Education Group, ADR(b)		1,239		5,836
Tencent Holdings Ltd.		16,030		419,851
Tencent Music Entertainment Group, ADR(b)		1,686		6,086
Tianqi Lithium Corp., A Shares(b)		200		2,618
Titan Wind Energy Suzhou Co. Ltd., A Shares		1,200		1,930
Tongcheng Travel Holdings Ltd.(b)(c)		3,922		6,115
Tongwei Co. Ltd., A Shares		1,385		8,255
Topsec Technologies Group, Inc., A Shares		3,660		5,641
Topsports International Holdings Ltd.(c)		6,926		3,494
TravelSky Technology Ltd., H Shares		2,963		4,303
Trina Solar Co. Ltd., A Shares		214		1,948
Trip.com Group Ltd., ADR(b)(d)		1,437		32,519
Tsingtao Brewery Co. Ltd., H Shares		1,399		9,802
Vipshop Holdings Ltd., ADR(b)		1,233		8,594
Wanhua Chemical Group Co. Ltd., A Shares		890		9,799

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

31

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

October 31, 2022

	Shares		Value
China-(continued)
Weibo Corp., ADR(b)		183	$	2,072
Weichai Power Co. Ltd., H Shares		7,267		6,962
Will Semiconductor Co. Ltd., A Shares		270		2,714
Wingtech Technology Co. Ltd., A Shares		594		3,897
Wuliangye Yibin Co. Ltd., A Shares		693		12,676
WuXi AppTec Co. Ltd., A Shares		400		4,187
WuXi AppTec Co. Ltd., H Shares(c)		1,097		8,790
Wuxi Biologics Cayman, Inc.(b)(c)		9,545		43,166
Xiaomi Corp., B Shares(b)(c)		29,171		32,739
Xinhua Winshare Publishing and Media Co. Ltd., H Shares		9,889		5,971
Xinjiang Goldwind Science & Technology Co. Ltd., A Shares		4,750		6,801
Xinyi Solar Holdings Ltd.		13,323		13,221
Xpeng, Inc.(b)		1,629		5,271
Xtep International Holdings Ltd.		2,500		2,293
Yadea Group Holdings Ltd.(c)		1,604		2,448
Yangzijiang Shipbuilding Holdings Ltd.		7,042		5,972
Yankuang Energy Group Co. Ltd., H Shares		7,038		19,814
Yanlord Land Group Ltd.		5,479		3,349
Yantai Eddie Precision Machinery Co. Ltd., A Shares		1,420		2,767
Yihai International Holding Ltd.		961		1,582
Yonyou Network Technology Co. Ltd., A Shares		1,613		5,401
Youngy Co. Ltd., A Shares(b)		100		1,510
Yum China Holdings, Inc.		900		36,368
Yunnan Baiyao Group Co. Ltd., A Shares		791		5,913
Yunnan Energy New Material Co. Ltd., A Shares		198		4,016
Zai Lab Ltd., ADR, (Acquired 09/18/2020 - 10/07/2022; Cost $19,144)(b)(d)(e)		214		4,768
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., A Shares		198		6,185
Zhefu Holding Group Co. Ltd., A Shares		12,761		6,836
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., A Shares		889		8,680
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., A Shares		600		2,920
Zhengqi Holdings Co. Ltd., Rts., TBA(a)(b)		15		0
ZhongAn Online P&C Insurance Co. Ltd., H Shares(b)(c)(d)		1,350		2,514
Zhongsheng Group Holdings Ltd.		2,343		8,895
Zhuzhou CRRC Times Electric Co. Ltd., H Shares		2,003		8,688
Zijin Mining Group Co. Ltd., H Shares		19,114		18,262
Zoomlion Heavy Industry Science and Technology Co. Ltd., H Shares		7,186		2,316
ZTE Corp., H Shares		2,906		5,183
ZTO Express (Cayman), Inc.		800		13,442
				3,987,643
Colombia-0.18%
Bancolombia S.A.		544		3,955
Bancolombia S.A., Preference Shares		830		5,311
Cementos Argos S.A.		3,805		2,595
Grupo de Inversiones Suramericana S.A.		837		6,824
Interconexion Electrica S.A. ESP		1,688		6,661
				25,346

	Shares		Value
Cyprus-0.00%
Galaxy Cosmos Mezz PLC(b)		196	$	32
Sunrisemezz PLC(b)		147		12
				44
Czech Republic-0.23%
CEZ A.S		785		25,670
Komercni banka A.S.		223		6,396
				32,066
Egypt-0.13%
Commercial International Bank Egypt S.A.E.		6,238		8,369
Eastern Co. S.A.E.		3,018		1,486
Egypt Kuwait Holding Co. S.A.E.		7,067		8,169
				18,024
Greece-0.39%
Alpha Services and Holdings S.A.(b)		5,301		4,914
Eurobank Ergasias Services and Holdings S.A.(b)		4,337		4,287
Hellenic Telecommunications Organization S.A.		715		11,236
Helleniq Energy Holdings S.A.		243		1,660
JUMBO S.A.		354		5,035
Motor Oil Hellas Corinth Refineries S.A.		211		3,624
Mytilineos S.A.		347		5,823
OPAP S.A.		587		7,194
Piraeus Financial Holdings S.A.(b)		1,030		1,271
Public Power Corp. S.A.(b)		492		3,107
Terna Energy S.A.		286		5,320
				53,471
Hong Kong-0.07%
Alibaba Pictures Group Ltd.(b)		75,019		2,772
Kingboard Laminates Holdings Ltd.(d)		3,460		2,764
Nine Dragons Paper Holdings Ltd.		6,630		3,927
				9,463
Hungary-0.25%
Gedeon Richter PLC		527		10,390
Magyar Telekom Telecommunications PLC		4,528		3,241
MOL Hungarian Oil & Gas PLC		1,246		7,460
OTP Bank Nyrt		579		12,601
				33,692
India-9.31%
Axis Bank Ltd., GDR(c)		2,943		158,922
Dr. Reddy’s Laboratories Ltd., ADR(d)		1,602		87,005
ICICI Bank Ltd., ADR(d)		3,392		74,760
Infosys Ltd., ADR		7,786		145,832
Larsen & Toubro Ltd., GDR(c)		6,093		146,841
Mahindra & Mahindra Ltd., GDR(c)		6,505		106,032
Reliance Industries Ltd., GDR(c)		3,470		211,843
State Bank of India, GDR(c)(d)		1,824		125,491
Tata Motors Ltd., ADR(b)(d)		2,918		72,979
Tata Steel Ltd., GDR(c)		4,874		62,387
Wipro Ltd., ADR(d)		17,960		84,412
				1,276,504
Indonesia-2.51%
PT Adaro Energy Indonesia Tbk		29,426		7,509
PT Astra International Tbk		50,443		21,506
PT Bank Central Asia Tbk		102,955		58,087
PT Bank Mandiri (Persero) Tbk		54,134		36,616

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

32

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

October 31, 2022

	Shares		Value
Indonesia-(continued)
PT Bank Negara Indonesia (Persero) Tbk		23,537	$	14,185
PT Bank Rakyat Indonesia (Persero) Tbk		172,572		51,448
PT Bank Syariah Indonesia Tbk		7,822		702
PT Barito Pacific Tbk		87,771		4,643
PT Bukit Asam Tbk		13,904		3,485
PT Bumi Serpong Damai Tbk(b)		18,038		1,076
PT Charoen Pokphand Indonesia Tbk		22,603		8,079
PT Elang Mahkota Teknologi Tbk		78,456		7,771
PT Gudang Garam Tbk		1,596		2,466
PT Hanjaya Mandala Sampoerna Tbk		34,894		2,248
PT Indah Kiat Pulp & Paper Corp. Tbk		8,018		4,935
PT Indocement Tunggal Prakarsa Tbk		4,702		2,796
PT Indofood CBP Sukses Makmur Tbk		8,194		5,109
PT Indofood Sukses Makmur Tbk		14,620		6,046
PT Jasa Marga (Persero) Tbk(b)		9,281		2,029
PT Kalbe Farma Tbk		65,188		8,568
PT Media Nusantara Citra Tbk(b)		22,288		1,172
PT MNC Digital Entertainment Tbk(b)		1,984		639
PT Perusahaan Gas Negara Tbk		53,455		6,769
PT Sarana Menara Nusantara Tbk		67,771		5,018
PT Semen Indonesia (Persero) Tbk		9,639		4,913
PT Smartfren Telecom Tbk(b)		468,029		2,341
PT Sumber Alfaria Trijaya Tbk		41,887		7,573
PT Surya Citra Media Tbk		117,741		1,766
PT Telkom Indonesia (Persero) Tbk		138,712		39,041
PT Tower Bersama Infrastructure Tbk		38,310		6,042
PT Unilever Indonesia Tbk		18,499		5,503
PT United Tractors Tbk		5,015		10,385
PT XL Axiata Tbk		18,038		2,914
				343,380
Kuwait-1.02%
Agility Public Warehousing Co. KSC		5,310		13,440
Boubyan Bank KSCP		3,051		8,116
Boubyan Petrochemicals Co. KSCP		2,043		5,257
Gulf Bank KSCP		5,623		6,226
Humansoft Holding Co. KSC		270		2,930
Kuwait Finance House KSCP		8,115		21,221
Mabanee Co. K.P.S.C.		2,744		7,725
Mobile Telecommunications Co. KSCP		2,407		4,655
National Bank of Kuwait SAKP		20,134		70,071
				139,641
Luxembourg-0.04%
Reinet Investments S.C.A.		351		5,637
Malaysia-2.05%
Alliance Bank Malaysia Bhd		3,488		2,730
AMMB Holdings Bhd		8,299		7,179
Axiata Group Bhd		14,263		8,598
British American Tobacco Malaysia Bhd		674		1,500
CIMB Group Holdings Bhd		16,571		19,347
Dialog Group Bhd		14,438		6,291
DiGi.Com Bhd		14,429		11,566
FGV Holdings Bhd		8,277		2,311
Fraser & Neave Holdings Bhd		652		2,832
Genting Bhd		7,600		7,137
Genting Malaysia Bhd		8,881		5,147
Hartalega Holdings Bhd		5,389		2,462
Hong Leong Bank Bhd		2,039		9,125
Hong Leong Financial Group Bhd		720		2,906

	Shares		Value
Malaysia-(continued)
IHH Healthcare Bhd		8,589	$	10,809
IOI Corp. Bhd		10,246		8,842
Kuala Lumpur Kepong Bhd		706		3,237
Malayan Banking Bhd		12,370		22,474
Malaysia Airports Holdings Bhd.(b)		2,860		3,617
Maxis Bhd		8,242		6,711
MISC Bhd		2,970		4,542
Nestle Malaysia Bhd		137		3,854
Petronas Chemicals Group Bhd		6,829		12,595
Petronas Dagangan Bhd		720		3,301
PPB Group Bhd		2,061		7,280
Press Metal Aluminium Holdings Bhd		10,482		9,644
Public Bank Bhd		39,361		37,213
QL Resources Bhd		4,105		4,445
RHB Bank Bhd		5,415		6,551
Sime Darby Bhd		12,049		5,734
Sime Darby Plantation Bhd		10,334		9,617
Telekom Malaysia Bhd		2,817		3,313
Tenaga Nasional Bhd		11,450		20,391
Top Glove Corp. Bhd		16,368		2,752
Westports Holdings Bhd		4,255		3,024
YTL Corp. Bhd.(b)		20,793		2,485
				281,562
Mexico-3.39%
Alfa S.A.B. de C.V., Class A		7,320		4,850
Alpek S.A.B. de C.V.		817		1,143
America Movil S.A.B. de C.V., Series L		82,583		78,011
Arca Continental S.A.B. de C.V.		1,265		10,343
Banco del Bajio S.A.(c)		2,103		5,921
Becle S.A.B. de C.V.		2,022		4,269
Cemex S.A.B. de C.V., Series CPO(b)(d)(f)		39,534		15,336
Coca-Cola FEMSA S.A.B. de C.V., Series L		1,537		9,665
Concentradora Fibra Danhos S.A. de C.V.		817		1,008
Controladora Vuela Cia de Aviacion S.A.B. de C.V., Class A(b)		2,278		1,933
El Puerto de Liverpool S.A.B. de C.V., Series C-1		728		3,725
Fibra Uno Administracion S.A. de C.V.		7,299		8,502
Fomento Economico Mexicano S.A.B. de C.V., Series CPO(g)		5,157		36,953
Gruma S.A.B. de C.V., Class B		698		8,082
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.(d)		117		930
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		707		10,931
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B		352		8,223
Grupo Bimbo S.A.B. de C.V., Series A		7,770		30,029
Grupo Carso S.A.B. de C.V., Series A1		1,535		6,174
Grupo Comercial Chedraui S.A. de C.V.(d)		2,996		12,054
Grupo Elektra S.A.B. de C.V.(d)		42		2,104
Grupo Financiero Banorte S.A.B. de C.V., Class O		8,160		66,208
Grupo Financiero Inbursa S.A.B. de C.V., Class O(b)(d)		5,336		9,831
Grupo Mexico S.A.B. de C.V., Class B		9,226		33,387
Grupo Televisa S.A.B., Series CPO(h)		7,162		7,585
Industrias Penoles S.A.B. de C.V.		400		4,529

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

33

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

October 31, 2022

	Shares		Value
Mexico-(continued)
Kimberly-Clark de Mexico S.A.B. de C.V., Class A(d)		4,357	$	6,862
Megacable Holdings S.A.B. de C.V., Series CPO(i)		728		1,526
Operadora de Sites Mexicanos S.A.B. de C.V., Class A-1		7,624		8,281
Orbia Advance Corp. S.A.B. de C.V.		3,349		5,644
Prologis Property Mexico S.A. de C.V.		1,750		4,486
Promotora y Operadora de Infraestructura S.A.B de C.V.		320		2,403
Regional S.A.B. de C.V.		117		816
Sitios Latinoamerica S.A.B. de C.V.(d)		4,128		1,202
Wal-Mart de Mexico S.A.B. de C.V., Series V		13,329		51,391
				464,337
Pakistan-0.01%
Fauji Fertilizer Co. Ltd.		1,947		911
Philippines-0.94%
Aboitiz Power Corp.		6,427		3,510
ACEN Corp.		17,173		1,852
Alliance Global Group, Inc.		15,114		2,342
Ayala Corp.		698		8,034
Ayala Land, Inc.		21,624		9,515
Bank of the Philippine Islands		5,867		9,719
BDO Unibank, Inc.		6,295		13,828
Bloomberry Resorts Corp.(b)		6,305		762
Converge Information and Communications Technology Solutions, Inc.(b)		6,417		1,364
DMCI Holdings, Inc.		7,997		1,310
Globe Telecom, Inc.		70		2,805
GT Capital Holdings, Inc.		364		2,593
International Container Terminal Services, Inc.		3,192		9,529
JG Summit Holdings, Inc.		8,858		6,596
Jollibee Foods Corp.		1,111		4,448
LT Group, Inc.		8,228		1,146
Manila Electric Co.		768		3,994
Megaworld Corp.		45,123		1,620
Metro Pacific Investments Corp.		55,768		3,522
Metropolitan Bank & Trust Co.		6,304		5,624
Monde Nissin Corp.(c)		7,584		1,529
PLDT, Inc.		362		10,207
San Miguel Corp.		970		1,610
Semirara Mining & Power Corp		2,453		1,479
SM Prime Holdings, Inc.		28,128		15,290
Universal Robina Corp.		2,300		4,842
				129,070
Qatar-1.46%
Barwa Real Estate Co.		5,881		5,491
Commercial Bank P.S.Q.C. (The)		6,117		10,572
Doha Bank Q.P.S.C.		4,689		2,840
Industries Qatar Q.S.C.		4,681		20,270
Masraf Al Rayan Q.S.C.		11,339		11,947
Mesaieed Petrochemical Holding Co. Q.P.S.C.		13,375		8,337
Ooredoo Q.P.S.C.		1,580		4,239
Qatar Aluminum Manufacturing Co.		8,439		3,761
Qatar Electricity & Water Co. Q.S.C.		1,552		7,884
Qatar Fuel Q.S.C.		971		5,087
Qatar Gas Transport Co. Ltd.		8,377		9,431
Qatar Insurance Co. (S.A.Q.)		4,938		2,929

	Shares		Value
Qatar-(continued)
Qatar International Islamic Bank Q.S.C.		2,292	$	7,282
Qatar Islamic Bank (S.A.Q.)		3,603		24,130
Qatar National Bank Q.P.S.C.		12,930		70,797
United Development Co. Q.S.C.		5,356		2,108
Vodafone Qatar Q.S.C.		5,084		2,337
				199,442
Russia-0.00%
Alrosa PJSC(a)		5,728		0
Gazprom PJSC(a)		23,800		0
Inter RAO UES PJSC(a)		91,895		0
Lukoil PJSC(a)		959		0
Magnit PJSC(a)		196		0
Magnitogorsk Iron & Steel Works PJSC(a)		6,370		0
MMC Norilsk Nickel PJSC(a)		119		0
Mobile TeleSystems PJSC(a)		2,469		0
Moscow Exchange MICEX-RTS PJSC(a)(b)		3,806		0
Novatek PJSC(a)		2,626		0
Novolipetsk Steel PJSC(a)		2,494		0
PhosAgro PJSC(a)		127		0
Polyus PJSC(a)(b)		72		0
Raspadskaya OJSC(a)		586		0
Rosneft Oil Co. PJSC(a)		2,287		0
Rostelecom PJSC(a)		2,632		0
RusHydro PJSC(a)		250,330		0
Sberbank of Russia PJSC(a)(b)		21,738		0
Severstal PAO(a)		487		0
Sistema PJSFC(a)(b)		17,276		0
Surgutneftegas PJSC(a)		18,011		0
Surgutneftegas PJSC, Preference Shares(a)		16,402		0
Tatneft PJSC(a)		4,111		0
Transneft PJSC, Preference Shares(a)		1		0
United Co. RUSAL International PJSC(a)		7,760		0
VTB Bank PJSC(a)(b)		13,924,072		0
				0
Saudi Arabia-6.17%
Abdullah Al Othaim Markets Co.		188		5,684
ACWA Power Co.		435		20,143
Advanced Petrochemical Co.		1,094		12,898
Al Rajhi Bank(b)		4,837		109,676
Alinma Bank		1,812		18,084
Almarai Co. JSC		271		4,060
Arab National Bank		1,372		11,775
Arabian Centres Co. Ltd.		1,281		6,648
Arabian Internet & Communications Services Co.		22		1,452
Bank AlBilad(b)		2,471		33,341
Bank Al-Jazira		266		1,655
Banque Saudi Fransi		1,698		19,522
Bupa Arabia for Cooperative Insurance Co.		358		18,388
Company for Cooperative Insurance (The)		441		9,941
Dallah Healthcare Co.		266		11,355
Dr Sulaiman Al Habib Medical Services Group Co.		181		10,915
Elm Co.		35		3,083
Emaar Economic City(b)		1,826		4,660
Etihad Etisalat Co.		532		5,182
Jarir Marketing Co.		233		10,169
Mobile Telecommunications Co.(b)		1,749		6,042
Mouwasat Medical Services Co.		167		9,733

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

34

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

October 31, 2022

	Shares		Value
Saudi Arabia-(continued)
National Industrialization Co.(b)		1,708	$	6,082
Qassim Cement Co. (The)		369		7,404
Rabigh Refining & Petrochemical Co.(b)		454		1,648
Riyad Bank		3,170		30,329
SABIC Agri-Nutrients Co.		831		35,164
Sahara International Petrochemical Co.		1,741		18,788
Saudi Airlines Catering Co.(b)		581		11,983
Saudi Arabian Mining Co.(b)		2,329		51,879
Saudi Arabian Oil Co.(c)		5,454		50,657
Saudi Basic Industries Corp.		1,979		46,558
Saudi British Bank (The)		2,560		29,636
Saudi Cement Co.		421		5,972
Saudi Electricity Co.		1,197		8,601
Saudi Ground Services Co.(b)		823		5,695
Saudi Industrial Investment Group		2,759		16,506
Saudi Kayan Petrochemical Co.(b)		2,992		10,479
Saudi National Bank (The)		5,368		84,858
Saudi Research & Media Group(b)		183		9,809
Saudi Tadawul Group Holding Co.		27		1,561
Saudi Telecom Co.		3,857		41,469
Saudia Dairy & Foodstuff Co.		250		15,635
Savola Group (The)		449		3,501
Southern Province Cement Co.		610		8,896
United Electronics Co.		49		998
Yamama Cement Co.(b)		174		1,361
Yanbu National Petrochemical Co., Class A		491		5,841
				845,716
Singapore-0.01%
Yangzijiang Financial Holding Ltd.(b)		7,130		1,562
South Africa-3.90%
Absa Group Ltd.		1,828		19,868
African Rainbow Minerals Ltd.		347		4,884
Anglo American Platinum Ltd.		158		12,562
Aspen Pharmacare Holdings Ltd.		1,106		9,103
AVI Ltd.		645		2,579
Bid Corp. Ltd.		764		12,287
Bidvest Group Ltd. (The)		1,043		12,059
Capitec Bank Holdings Ltd.		184		19,029
Clicks Group Ltd.		784		13,278
Dis-Chem Pharmacies Ltd.(c)		2,211		4,047
Discovery Ltd.(b)		1,271		8,314
Exxaro Resources Ltd.		435		4,841
FirstRand Ltd.		13,416		46,977
Foschini Group Ltd. (The)		726		4,539
Gold Fields Ltd.		2,511		20,289
Growthpoint Properties Ltd.		8,055		5,676
Harmony Gold Mining Co. Ltd.(d)		1,530		4,237
Impala Platinum Holdings Ltd.		2,246		22,989
Investec Ltd.		732		3,599
Kumba Iron Ore Ltd.(d)		184		3,464
Life Healthcare Group Holdings Ltd.		3,702		3,978
Momentum Metropolitan Holdings		3,315		3,099
Mr Price Group Ltd.		615		5,918
MTN Group Ltd.		4,695		33,171
MultiChoice Group		1,349		8,811
Naspers Ltd., Class N		562		58,107
Nedbank Group Ltd.		445		5,268
Netcare Ltd.		4,935		4,184
Northam Platinum Holdings Ltd.(b)		687		6,444

	Shares		Value
South Africa-(continued)
Pepkor Holdings Ltd.(c)		4,008	$	4,944
Pick n Pay Stores Ltd.		984		3,161
Rand Merchant Investment Holdings Ltd.		2,591		4,021
Redefine Properties Ltd.		14,358		3,188
Remgro Ltd.		1,666		12,393
Resilient REIT Ltd.		475		1,324
Royal Bafokeng Platinum Ltd.		481		3,865
Sanlam Ltd.		3,442		10,009
Santam Ltd.		226		3,128
Sappi Ltd.(b)		1,889		5,824
Sasol Ltd.		1,234		20,751
Shoprite Holdings Ltd.		1,531		19,486
Sibanye Stillwater Ltd.		7,754		18,198
SPAR Group Ltd. (The)		574		4,865
Standard Bank Group Ltd.		2,931		27,376
Tiger Brands Ltd.(d)		553		5,598
Transaction Capital Ltd.(d)		383		856
Truworths International Ltd.		1,510		4,294
Vodacom Group Ltd.		1,254		8,551
Woolworths Holdings Ltd.		2,470		8,479
				533,912
Taiwan-14.71%
Accton Technology Corp.		1,679		12,662
Acer, Inc.		9,044		6,203
Advanced Energy Solution Holding Co. Ltd.		45		788
Advantech Co. Ltd.		1,269		11,539
ASE Technology Holding Co. Ltd.		8,720		21,758
Asia Cement Corp.		6,898		7,985
ASMedia Technology, Inc.		107		1,933
ASPEED Technology, Inc.		46		2,398
Asustek Computer, Inc.		1,550		11,352
AUO Corp.		22,137		11,610
Capital Securities Corp.		7,241		2,247
Catcher Technology Co. Ltd.		665		3,498
Cathay Financial Holding Co. Ltd.		22,079		25,901
Chailease Holding Co. Ltd.		3,377		15,616
Chang Hwa Commercial Bank Ltd.		14,107		7,267
Cheng Shin Rubber Industry Co. Ltd.		5,508		5,521
Chicony Electronics Co. Ltd.		4,045		10,055
China Airlines Ltd.		6,693		3,521
China Development Financial Holding Corp.		34,866		12,714
China Steel Corp.		35,324		29,434
Chunghwa Telecom Co. Ltd.		10,361		35,692
Compal Electronics, Inc.		13,543		8,868
CTBC Financial Holding Co. Ltd.		44,440		28,135
Delta Electronics, Inc.		6,343		50,689
E Ink Holdings, Inc.		2,375		15,147
E.Sun Financial Holding Co. Ltd.		22,553		16,238
Eclat Textile Co. Ltd.		409		5,388
eMemory Technology, Inc.		76		2,536
ENNOSTAR, Inc.		2,343		2,989
Eva Airways Corp.		7,049		5,119
Evergreen Marine Corp. Taiwan Ltd.		2,831		12,080
Far Eastern International Bank		8,112		2,669
Far Eastern New Century Corp.		13,642		13,611
Far EasTone Telecommunications Co. Ltd.		6,199		13,601
Feng TAY Enterprise Co. Ltd.		1,194		5,947
First Financial Holding Co. Ltd.		28,639		21,998
Formosa Chemicals & Fibre Corp.		9,565		20,631

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

35

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

October 31, 2022

	Shares		Value
Taiwan-(continued)
Formosa Petrochemical Corp.		2,119	$	5,458
Formosa Plastics Corp.		11,195		28,871
Formosa Taffeta Co. Ltd.		5,158		4,106
Foxconn Technology Co. Ltd.		2,954		4,144
Fubon Financial Holding Co. Ltd.		20,446		32,361
Giant Manufacturing Co. Ltd.		530		3,380
Globalwafers Co. Ltd.		540		6,008
Hiwin Technologies Corp.		414		2,133
Hon Hai Precision Industry Co. Ltd.		32,072		102,021
Hotai Motor Co. Ltd.		719		13,031
HTC Corp.(b)		4,904		7,686
Hua Nan Financial Holdings Co. Ltd.		26,304		17,184
Innolux Corp.		23,769		8,741
Inventec Corp.		9,361		7,088
Largan Precision Co. Ltd.		308		17,683
Lite-On Technology Corp.		4,798		9,530
MediaTek, Inc.		4,017		73,552
Mega Financial Holding Co. Ltd.		28,958		26,871
Micro-Star International Co. Ltd.		2,256		7,666
momo.com, Inc.		148		2,216
Nan Ya Plastics Corp.		14,001		29,677
Nan Ya Printed Circuit Board Corp.		558		3,663
Nien Made Enterprise Co. Ltd.		135		1,043
Novatek Microelectronics Corp.		1,604		11,997
Oneness Biotech Co. Ltd.(b)		526		3,722
Pegatron Corp.		4,862		8,902
Pou Chen Corp.		7,117		6,019
President Chain Store Corp.		1,810		15,054
Quanta Computer, Inc.		7,635		16,207
Realtek Semiconductor Corp.		1,390		11,000
Ruentex Development Co. Ltd.		1,500		1,843
Shanghai Commercial & Savings Bank Ltd. (The)		9,474		13,642
Shanghai Commercial & Savings Bank Ltd. (The), Rts., expiring 12/08/2022(b)		694		202
Shin Kong Financial Holding Co. Ltd.		34,734		8,624
Sino-American Silicon Products, Inc.		936		3,602
SinoPac Financial Holdings Co. Ltd.		34,812		17,394
Synnex Technology International Corp.		6,604		10,780
Taishin Financial Holding Co. Ltd.		25,044		10,298
Taiwan Business Bank		7,964		2,954
Taiwan Cement Corp.		14,721		13,820
Taiwan Cooperative Financial Holding Co. Ltd.		29,408		22,816
Taiwan Fertilizer Co. Ltd.		4,508		7,317
Taiwan Glass Industry Corp.		4,939		3,127
Taiwan Mobile Co. Ltd.		3,118		9,202
Taiwan Semiconductor Manufacturing Co. Ltd.		61,990		750,286
Teco Electric and Machinery Co. Ltd.		7,581		6,705
Transcend Information, Inc.		2,963		5,922
U-Ming Marine Transport Corp.		2,000		2,185
Unimicron Technology Corp.		4,048		15,640
Uni-President Enterprises Corp.		13,470		27,381
United Microelectronics Corp.		32,237		39,118
Vanguard International Semiconductor Corp.		2,680		5,523
Voltronic Power Technology Corp.		126		5,123
Walsin Lihwa Corp.		9,044		10,034
Walsin Technology Corp.		1,267		3,106
Wan Hai Lines Ltd.		2,173		4,566
Win Semiconductors Corp.		1,094		4,142
Winbond Electronics Corp.		6,926		4,191

	Shares		Value
Taiwan-(continued)
Wistron Corp.		7,111	$	5,749
Wiwynn Corp.		258		5,797
Yageo Corp.		951		10,831
Yang Ming Marine Transport Corp.		4,461		8,334
Yuanta Financial Holding Co. Ltd.		35,467		21,684
Zhen Ding Technology Holding Ltd.		609		2,003
				2,016,295
Thailand-2.84%
Advanced Info Service PCL, NVDR		3,444		17,283
Airports of Thailand PCL, NVDR(b)		13,052		25,377
Asset World Corp. PCL, NVDR		23,334		3,740
B. Grimm Power PCL, NVDR		2,372		2,103
Bangkok Dusit Medical Services PCL, NVDR		26,813		20,782
Bangkok Expressway & Metro PCL, NVDR		26,195		6,470
Banpu PCL, NVDR		14,536		4,774
Berli Jucker PCL, NVDR		3,370		3,033
BTS Group Holdings PCL, NVDR		24,387		5,318
Bumrungrad Hospital PCL, NVDR		1,065		6,352
Central Pattana PCL, NVDR		7,722		13,949
Central Retail Corp. PCL, NVDR		2,450		2,704
Charoen Pokphand Foods PCL, NVDR		10,891		7,225
CP ALL PCL, NVDR		15,006		23,656
Delta Electronics Thailand PCL, NVDR		789		12,024
Electricity Generating PCL, NVDR		882		3,951
Energy Absolute PCL, NVDR		6,357		16,118
Global Power Synergy PCL, NVDR		1,364		2,222
Gulf Energy Development PCL, NVDR		13,285		17,627
Home Product Center PCL, NVDR		18,909		7,254
Indorama Ventures PCL, NVDR		6,527		7,203
Intouch Holdings PCL, NVDR		7,499		14,186
IRPC PCL, NVDR		7,485		617
Kasikornbank PCL, NVDR		1,267		4,860
Krung Thai Bank PCL, NVDR		16,222		7,459
Krungthai Card PCL, NVDR		4,732		7,087
Land & Houses PCL, NVDR		22,042		5,328
Minor International PCL, NVDR(b)		11,934		8,858
Muangthai Capital PCL, NVDR		2,468		2,351
Osotspa PCL, NVDR		4,028		2,805
PTT Exploration & Production PCL, NVDR		3,705		17,668
PTT Global Chemical PCL, NVDR		3,695		4,223
PTT PCL, NVDR		34,257		32,403
Ratch Group PCL, NVDR		2,575		2,774
SCB X PCL, NVDR		5,850		16,293
SCG Packaging PCL, NVDR		583		796
Siam Cement PCL (The), NVDR		2,566		21,844
Siam Makro PCL, NVDR		4,987		4,717
Srisawad Corp. PCL, NVDR		2,259		2,433
Thai Oil PCL, NVDR		3,625		5,191
Thai Union Group PCL, NVDR		9,671		4,574
Thai Union Group PCL, Rts., expiring 11/24/2022(a)(b)		274		0
TMBThanachart Bank PCL, NVDR		50,173		1,793
TMBThanachart Bank PCL, Wts., expiring 10/25/2025(b)		1,044		14
Total Access Communication PCL, NVDR		4,622		5,465
True Corp. PCL, NVDR		46,501		6,060
				388,964
Turkey-0.94%
Akbank T.A.S.		7,231		5,683

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

36

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

October 31, 2022

	Shares		Value
Turkey-(continued)
Aksa Enerji Uretim A.S		1,692	$	3,765
Arcelik A.S		698		2,951
Aselsan Elektronik Sanayi Ve Ticaret A.S		2,132		3,693
BIM Birlesik Magazalar A.S		1,461		10,524
Can2 Termik A.S.(b)		883		6,788
Coca-Cola Icecek A.S		313		2,894
EIS Eczacibasi Ilac, Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A.S		1,896		2,031
Enka Insaat ve Sanayi A.S		3,469		3,495
Eregli Demir ve Celik Fabrikalari TAS		3,560		5,684
Ford Otomotiv Sanayi A.S		198		3,864
Gubre Fabrikalari TAS(b)		546		4,270
Haci Omer Sabanci Holding A.S		3,524		6,354
Hektas Ticaret T.A.S.(b)		750		1,154
Is Gayrimenkul Yatirim Ortakligi A.S.(b)		2,825		1,157
Kizilbuk Gayrimenkul Yatirim Ortakligi A.S.(b)		1,100		1,274
KOC Holding A.S		2,579		7,708
Oyak Cimento Fabrikalari A.S.(b)		2,325		2,100
Pegasus Hava Tasimaciligi A.S.(b)		84		1,446
Penta Teknoloji Urunleri Dagitim Ticaret A.S.(b)		963		3,468
Petkim Petrokimya Holding A.S.(b)		4,461		3,223
Sasa Polyester Sanayi A.S.(b)		1,091		7,049
Turk Hava Yollari AO(b)		3,375		18,378
Turkcell Iletisim Hizmetleri A.S		3,128		4,311
Turkiye Garanti Bankasi A.S		785		992
Turkiye Is Bankasi A.S., Class C		9,887		4,953
Turkiye Petrol Rafinerileri A.S.(b)		250		5,093
Turkiye Sise ve Cam Fabrikalari A.S		2,493		4,452
				128,754
United Arab Emirates-2.04%
Abu Dhabi Commercial Bank PJSC		8,117		20,883
Abu Dhabi Islamic Bank PJSC		3,649		9,438
Abu Dhabi National Oil Co. for Distribution PJSC		1,188		1,459
Abu Dhabi Ports Co. PJSC(b)		3,783		5,850
ADNOC Drilling Co. PJSC		3,114		2,840
Air Arabia PJSC		18,556		10,306
AL Seer Marine Supplies & Equipment Co. LLC(b)		385		949
Aldar Properties PJSC		11,465		13,484
Alpha Dhabi Holding PJSC(b)		3,437		22,926
Apex Investment Co. PSC(b)		1,266		1,324
Dana Gas PJSC		34,626		8,861
Dubai Financial Market PJSC		6,323		2,427
Dubai Investments PJSC		22,340		13,259
Dubai Islamic Bank PJSC		5,385		8,533

	Shares		Value
United Arab Emirates-(continued)
Emaar Development PJSC(b)		5,974	$	6,961
Emaar Properties PJSC		8,524		14,063
Emirates Telecommunications Group Co. PJSC		9,471		66,526
Fertiglobe PLC		3,350		4,642
First Abu Dhabi Bank PJSC		12,132		59,123
Q Holding PJSC(b)		4,718		5,087
				278,941
United Republic of Tanzania-0.11%
AngloGold Ashanti Ltd.		1,199		15,741
United States-0.18%
GCC S.A.B. de C.V.		865		5,361
JBS S.A.		3,285		15,626
Parade Technologies Ltd.		176		3,326
				24,313
Total Common Stocks & Other Equity Interests (Cost $16,753,467)				12,392,382
Exchange-Traded Funds-9.43%
India-9.43%
Invesco India ETF(j)		27,958		683,293
iShares MSCI India ETF(d)		14,410		608,102
Total Exchange-Traded Funds (Cost $1,275,916)				1,291,395
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.86% (Cost $18,029,383)				13,683,777
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.58%
Invesco Private Government Fund, 3.18%(j)(k)(l)		175,821		175,821
Invesco Private Prime Fund, 3.28%(j)(k)(l)		451,899		451,899
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $627,681)				627,720
TOTAL INVESTMENTS IN SECURITIES-104.44% (Cost $18,657,064)				14,311,497
OTHER ASSETS LESS LIABILITIES-(4.44)%				(608,028	)
NET ASSETS-100.00%			$	13,703,469

Investment Abbreviations:

ADR-American Depositary Receipt

CPO-Certificates of Ordinary Participation

ETF-Exchange-Traded Fund

GDR-Global Depositary Receipt

NVDR-Non-Voting Depositary Receipt

REIT-Real Estate Investment Trust

Rts.-Rights

TBA-To Be Announced

Wts.-Warrants

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

37

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

October 31, 2022

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $1,368,503, which represented 9.99% of the Fund’s Net Assets.

^(d)  All or a portion of this security was out on loan at October 31, 2022.

^(e)  Restricted security. The aggregate value of these securities at October 31, 2022 was $26,006, which represented less than 1% of the Fund’s Net Assets.

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

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

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

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

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

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change  in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2022			Dividend Income
Invesco India ETF		$	518,180		$	366,426		$	(124,682	)		$	(66,837	)		$	16,577			$	683,293		$	1,979
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			76,781			731,107			(807,888	)			-				-				-			118
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			120,790			6,034,836			(5,979,805	)			-				-				175,821			3,070	*
Invesco Private Prime Fund			281,842			12,198,619			(12,028,387	)			39				(214	)			451,899			8,297	*
Total		$	997,593		$	19,330,988		$	(18,940,762	)		$	(66,798	)		$	16,363	**		$	1,311,013		$	13,464

* 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 India ETF	$26,371

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

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

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

38

Statement of Assets and Liabilities

October 31, 2022

	Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)				Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)				Invesco PureBetaSM  FTSE Emerging Markets ETF (PBEE)
Assets:
Unaffiliated investments in securities, at value(a)		$	121,473,791			$	77,637,591			$	13,000,484
Affiliated investments in securities, at value			3,741,772				6,267,954				1,311,013
Foreign currencies, at value			-				-				13,392
Deposits with brokers:
Cash segregated as collateral			1,810,339				-				38,131
Receivable for:
Dividends and interest			158,034				210,017				7,349
Securities lending			1,886				1,361				910
Investments sold			2,654,110				10,034				3
Fund shares sold			2,215,602				-				36,122
Foreign tax reclaims			-				50,837				-
Total assets			132,055,534				84,177,794				14,407,404
Liabilities:
Due to custodian			-				-				788
Due to foreign custodian			-				12,804				-
Payable for:
Investments purchased			4,920,149				9,893				36,124
Collateral upon return of securities loaned			3,682,354				6,156,882				627,681
Collateral upon receipt of securities in-kind			1,810,339				-				38,131
Accrued unitary management fees			7,269				4,500				1,180
Other payables			-				-				31
Total liabilities			10,420,111				6,184,079				703,935
Net Assets		$	121,635,423			$	77,993,715			$	13,703,469
Net assets consist of:
Shares of beneficial interest		$	129,725,593			$	106,264,397			$	18,833,101
Distributable earnings (loss)			(8,090,170	)			(28,270,682	)			(5,129,632	)
Net Assets		$	121,635,423			$	77,993,715			$	13,703,469
Shares outstanding (unlimited amount authorized, $0.01 par value)			4,950,001				3,600,001				700,001
Net asset value		$	24.57			$	21.66			$	19.58
Market price		$	24.59			$	21.72			$	19.64
Unaffiliated investments in securities, at cost		$	129,779,238			$	104,124,184			$	17,355,789
Affiliated investments in securities, at cost		$	3,741,772			$	6,268,085			$	1,301,275
Foreign currencies (due to foreign custodian), at cost		$	-			$	(12,912	)		$	13,455
(a)Includes securities on loan with an aggregate value of:		$	3,602,832			$	5,826,147			$	603,944

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

39

Statements of Operations

For the year ended October 31, 2022

	Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)				Invesco PureBetaSM  FTSE Developed ex-North America ETF (PBDM)				Invesco PureBetaSM  FTSE Emerging Markets ETF (PBEE)
Investment income:
Unaffiliated interest income		$	5,969,993			$	-			$	7
Unaffiliated dividend income			-				2,992,641				511,305
Affiliated dividend income			1,730				905				2,097
Non-cash dividend income			-				41,228				13,970
Securities lending income, net			4,070				21,087				6,149
Foreign withholding tax			-				(280,350	)			(43,582	)
Total investment income			5,975,793				2,775,511				489,946
Expenses:
Unitary management fees			67,411				65,545				19,682
Tax expenses			-				-				936
Total expenses			67,411				65,545				20,618
Less: Waivers			(105	)			(59	)			(4,970	)
Net expenses			67,306				65,486				15,648
Net investment income			5,908,487				2,710,025				474,298
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(796,525	)			(1,429,722	)			(605,081	)
Affiliated investment securities			(2,136	)			(212	)			16,363
In-kind redemptions			(124,130	)			228,778				-
Foreign currencies			-				(35,136	)			(5,281	)
Distributions of underlying fund shares			-				-				26,371
Net realized gain (loss)			(922,791	)			(1,236,292	)			(567,628	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(8,750,936	)			(27,145,708	)			(4,554,916	)
Affiliated investment securities			-				(131	)			(66,798	)
Foreign currencies			-				(7,565	)			(125	)
Change in net unrealized appreciation (depreciation)			(8,750,936	)			(27,153,404	)			(4,621,839	)
Net realized and unrealized gain (loss)			(9,673,727	)			(28,389,696	)			(5,189,467	)
Net increase (decrease) in net assets resulting from operations		$	(3,765,240	)		$	(25,679,671	)		$	(4,715,169	)

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

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Statements of Changes in Net Assets

For the years ended October 31, 2022 and 2021

	Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)								Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)								Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)
	2022				2021				2022				2021				2022				2021
Operations:
Net investment income		$	5,908,487			$	1,143,858			$	2,710,025			$	240,660			$	474,298			$	192,890
Net realized gain (loss)			(922,791	)			151,996				(1,236,292	)			(49,942	)			(567,628	)			(96,527	)
Change in net unrealized appreciation (depreciation)			(8,750,936	)			221,002				(27,153,404	)			877,821				(4,621,839	)			174,620
Net increase (decrease) in net assets resulting from operations			(3,765,240	)			1,516,856				(25,679,671	)			1,068,539				(4,715,169	)			270,983
Distributions to Shareholders from:
Distributable earnings			(5,579,040	)			(872,608	)			(3,114,627	)			(176,508	)			(500,783	)			(157,773	)
Shareholder Transactions:
Proceeds from shares sold			112,102,622				42,247,747				38,575,699				67,426,085				7,537,315				8,781,479
Value of shares repurchased			(33,948,435	)			(2,936,202	)			(2,348,895	)			-				-				-
Transaction fees			-				-				-				-				15,230				-
Net increase in net assets resulting from share transactions			78,154,187				39,311,545				36,226,804				67,426,085				7,552,545				8,781,479
Net increase in net assets			68,809,907				39,955,793				7,432,506				68,318,116				2,336,593				8,894,689
Net assets:
Beginning of year			52,825,516				12,869,723				70,561,209				2,243,093				11,366,876				2,472,187
End of year		$	121,635,423			$	52,825,516			$	77,993,715			$	70,561,209			$	13,703,469			$	11,366,876
Changes in Shares Outstanding:
Shares sold			4,290,000				1,590,000				1,300,000				2,300,000				300,000				300,000
Shares repurchased			(1,320,000	)			(110,000	)			(100,000	)			-				-				-
Shares outstanding, beginning of year			1,980,001				500,001				2,400,001				100,001				400,001				100,001
Shares outstanding, end of year			4,950,001				1,980,001				3,600,001				2,400,001				700,001				400,001

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

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Financial Highlights

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

	Years Ended October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	26.68		$	25.74		$	24.89		$	24.40		$	24.99
Net investment income(a)		1.58			1.12			0.35			0.59			0.63
Net realized and unrealized gain (loss) on investments		(2.29	)		0.53			0.71			0.39			(0.55	)
Total from investment operations		(0.71	)		1.65			1.06			0.98			0.08
Distributions to shareholders from:
Net investment income		(1.39	)		(0.69	)		(0.21	)		(0.49	)		(0.67	)
Net realized gains		(0.01	)		(0.02	)		-			-			-
Total distributions		(1.40	)		(0.71	)		(0.21	)		(0.49	)		(0.67	)
Net asset value at end of year	$	24.57		$	26.68		$	25.74		$	24.89		$	24.40
Market price at end of year(b)	$	24.59		$	26.70		$	25.75		$	24.90		$	24.40
Net Asset Value Total Return(c)		(2.79	)%		6.46	%		4.28	%		4.04	%		0.33	%
Market Price Total Return(c)		(2.78	)%		6.50	%		4.28	%		4.07	%		0.33	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	121,635		$	52,826		$	12,870		$	7,467		$	2,440
Ratio to average net assets of:
Expenses		0.07	%		0.07	%		0.07	%		0.20	%(d)		0.07	%
Net investment income		6.14	%		4.26	%		1.40	%		2.39	%(d)		2.53	%
Portfolio turnover rate(e)		27	%		28	%		29	%		30	%		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 0.13%.

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

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

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Financial Highlights–(continued)

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

	Years Ended October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	29.40		$	22.43		$	24.31		$	22.80		$	25.37
Net investment income(a)		0.74			0.78			0.53			0.69			0.73
Net realized and unrealized gain (loss) on investments		(7.62	)		6.78			(1.88	)		1.61			(2.60	)
Total from investment operations		(6.88	)		7.56			(1.35	)		2.30			(1.87	)
Distributions to shareholders from:
Net investment income		(0.86	)		(0.59	)		(0.53	)		(0.77	)		(0.70	)
Net realized gains		-			-			-			(0.02	)		-
Total distributions		(0.86	)		(0.59	)		(0.53	)		(0.79	)		(0.70	)
Net asset value at end of year	$	21.66		$	29.40		$	22.43		$	24.31		$	22.80
Market price at end of year(b)	$	21.72		$	29.51		$	22.63		$	24.35		$	23.03
Net Asset Value Total Return(c)		(23.71	)%		33.78	%		(5.33	)%		10.31	%		(7.60	)%
Market Price Total Return(c)		(23.80	)%		33.09	%		(4.66	)%		9.37	%		(7.30	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	77,994		$	70,561		$	2,243		$	2,431		$	2,280
Ratio to average net assets of:
Expenses		0.07	%		0.07	%		0.07	%		0.37	%(d)		0.07	%
Net investment income		2.89	%		2.77	%		2.30	%		2.99	%(d)		2.89	%
Portfolio turnover rate(e)		6	%		7	%		3	%		4	%		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 0.30%.

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

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

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Financial Highlights–(continued)

Invesco PureBeta^SM FTSE Emerging Markets ETF (PBEE)

	Years Ended October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	28.42		$	24.72		$	23.86		$	21.66		$	25.07
Net investment income(a)		0.83			0.76			0.55			0.74	(b)		0.66
Net realized and unrealized gain (loss) on investments		(8.81	)		3.45			1.06			2.06			(3.42	)
Total from investment operations		(7.98	)		4.21			1.61			2.80			(2.76	)
Distributions to shareholders from:
Net investment income		(0.89	)		(0.51	)		(0.75	)		(0.60	)		(0.65	)
Transaction fees		0.03			-			-			-			-
Net asset value at end of year	$	19.58		$	28.42		$	24.72		$	23.86		$	21.66
Market price at end of year(c)	$	19.64		$	28.36		$	24.97		$	23.82		$	21.75
Net Asset Value Total Return(d)		(28.46	)%		17.02	%		7.08	%		13.02	%		(11.28	)%
Market Price Total Return(d)		(28.09	)%		15.61	%		8.33	%		12.34	%		(11.38	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	13,703		$	11,367		$	2,472		$	2,386		$	2,166
Ratio to average net assets of:
Expenses, after Waivers		0.11	%(e)		0.10	%(e)		0.11	%(e)		0.39	%(e)(f)		0.11	%
Expenses, prior to Waivers		0.15	%(e)		0.14	%(e)		0.14	%(e)		0.43	%(e)(f)		0.14	%
Net investment income		3.37	%		2.63	%		2.35	%		3.16	%(b)(f)		2.64	%
Portfolio turnover rate(g)		13	%		32	%		18	%		13	%		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 non-cash taxable distribution received during the year. Net investment income per share and the ratio of net investment income to average net assets excluding the non-cash taxable distribution are $0.56 and 2.39%, respectively.

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

^(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

October 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 0-5 Yr US TIPS ETF (PBTP)	“PureBetaSM 0-5 Yr US TIPS ETF”
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)	“PureBetaSM FTSE Developed ex-North America ETF”
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)	“PureBetaSM FTSE Emerging Markets ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on Cboe BZX Exchange, Inc.

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

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

Fund	Underlying Index
PureBetaSM 0-5 Yr US TIPS ETF	ICE BofA 0-5 Year US Inflation-Linked Treasury IndexSM
PureBetaSM FTSE Developed ex-North America ETF	FTSE Developed ex North America Index
PureBetaSM FTSE Emerging Markets ETF	FTSE Emerging Index

NOTE 2–Significant Accounting Policies

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

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

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

A security listed or traded on an exchange 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 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.

45

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 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

46

withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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.

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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. Treasury Inflation-Protected Securities - PureBetaSM 0-5 Yr US TIPS ETF may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be included as Treasury Inflation-Protected Securities inflation adjustment in the Statements of Operations, even though investors do not receive their principal until maturity.

J. 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.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended October 31, 2022, PureBetaSM FTSE Emerging Markets 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 that Fund as listed below:

	Amount
PureBetaSM FTSE Emerging Markets ETF		$344

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

48

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

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

L. Other Risks

AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

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.

China Investment Risk. Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts, either internal or with other countries; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China’s dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs or other trade barriers (or the threat thereof), including as a result of trade tensions between China and the United States, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by a Fund. Further, health events, such as the recent coronavirus outbreak, may cause uncertainty and volatility in the Chinese economy, especially in the consumer discretionary (leisure, retail, gaming, tourism), industrials, and commodities sectors. Additionally, the inability of the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China.

Currency Risk. Because each Fund’s NAV is determined in U.S. dollars, a Fund’s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund’s overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global

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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, 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.

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 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.

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

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

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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.

Inflation-Linked Security Risk. For certain Funds, the value of inflation-linked securities generally will fluctuate in response to changes in real interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation -indexed securities will generally vary up or down along with the rate of inflation.

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

Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index.

Additionally, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or other events could result in increased premiums or discounts to each Fund’s NAV.

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

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

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 securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets,

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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 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.

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 0-5 Yr US TIPS ETF	0.07%
PureBetaSM FTSE Developed ex-North America ETF	0.07%
PureBetaSM FTSE Emerging Markets ETF	0.14%

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

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

PureBetaSM 0-5 Yr US TIPS ETF	$	105
PureBetaSM FTSE Developed ex-North America ETF		59
PureBetaSM FTSE Emerging Markets ETF		4,970

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

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

Fund	Licensor
PureBetaSM 0-5 Yr US TIPS ETF	ICE Data Indices, LLC
PureBetaSM FTSE Developed ex-North America ETF	FTSE International Ltd.
PureBetaSM FTSE Emerging Markets ETF	FTSE International Ltd.

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

The Trust has entered into service agreements whereby 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 October 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:

 PureBeta^SM FTSE Emerging Markets ETF $143 

NOTE 4–Additional Valuation Information

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

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

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

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

The following is a summary of the tiered valuation input levels, as of October 31, 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 0-5 Yr US TIPS ETF
Investments in Securities
U.S. Treasury Securities	$	-	$	121,473,791	$	-	$	121,473,791
Money Market Funds		59,418		3,682,354		-		3,741,772
Total Investments	$	59,418	$	125,156,145	$	-	$	125,215,563
PureBetaSM FTSE Developed ex-North America ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	77,637,302	$	289	$	0	$	77,637,591
Money Market Funds		111,203		6,156,751		-		6,267,954
Total Investments	$	77,748,505	$	6,157,040	$	0	$	83,905,545
PureBetaSM FTSE Emerging Markets ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	12,375,113	$	1,063	$	16,206	$	12,392,382
Exchange-Traded Funds		1,291,395		-		-		1,291,395
Money Market Funds		-		627,720		-		627,720
Total Investments	$	13,666,508	$	628,783	$	16,206	$	14,311,497

53

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

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

	2022						2021
	Ordinary Income*			Long-Term Capital Gains			Ordinary Income*
PureBetaSM 0-5 Yr US TIPS ETF		$	5,578,034		$	1,006		$	872,608
PureBetaSM FTSE Developed ex-North America ETF			3,114,627			-			176,508
PureBetaSM FTSE Emerging Markets ETF			500,783			-			157,773

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

Tax Components of Net Assets at Fiscal Year-End:

	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains			Temporary Book/Tax Differences				Net Unrealized Appreciation (Depreciation)- Investments				Net Unrealized (Depreciation)- Foreign Currencies				Capital Loss Carryforwards				Shares of Beneficial Interest			Total Net Assets
PureBetaSM 0-5 Yr US TIPS ETF		$	719,398		$	5,364		$	-			$	(8,814,932	)		$	-			$	-			$	129,725,593		$	121,635,423
PureBetaSM FTSE Developed ex-North America ETF			-			-			(973	)			(26,868,584	)			(7,951	)			(1,393,174	)			106,264,397			77,993,715
PureBetaSM FTSE Emerging Markets ETF			8,295			-			-				(4,625,058	)			(148	)			(512,721	)			18,833,101			13,703,469

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 October 31, 2022, as follows:

	No expiration
	Short-Term	Long-Term	Total*
PureBetaSM 0-5 Yr US TIPS ETF	$            -	$            -	$              -
PureBetaSM FTSE Developed ex-North America ETF	965,521	427,653	1,393,174
PureBetaSM FTSE Emerging Markets ETF	194,310	318,411	512,721

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

NOTE 6–Investment Transactions

For the fiscal year ended October 31, 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 FTSE Developed ex-North America ETF	$	8,206,176	$	5,457,873
PureBetaSM FTSE Emerging Markets ETF		7,171,808		1,861,855

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

	In-kind Purchases		In-kind Sales
PureBetaSM 0-5 Yr US TIPS ETF	$	93,981,761	$	27,403,026
PureBetaSM FTSE Developed ex-North America ETF		35,274,449		2,148,440
PureBetaSM FTSE Emerging Markets ETF		2,217,610		-

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

54

As of October 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 0-5 Yr US TIPS ETF		$	-		$	(8,814,932	)		$	(8,814,932	)		$	134,030,495
PureBetaSM FTSE Developed ex-North America ETF			983,279			(27,851,863	)			(26,868,584	)			110,774,129
PureBetaSM FTSE Emerging Markets ETF			649,961			(5,275,019	)			(4,625,058	)			18,936,555

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions, in-kind transactions, passive foreign investment companies, foreign currency transactions, taxable spinoff 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 October 31, 2022, the reclassifications were as follows:

	Undistributed Net Investment Income (Loss)				Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
PureBetaSM 0-5 Yr US TIPS ETF		$	-			$	451,552			$	(451,552	)
PureBetaSM FTSE Developed ex-North America ETF			324,888				(436,371	)			111,483
PureBetaSM FTSE Emerging Markets ETF			(461	)			1,396				(935	)

NOTE 8–Trustees’ and Officer’s Fees

The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. The 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 APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

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

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

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

55

Report of Independent Registered Public Accounting Firm

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco PureBeta^SM 0-5 Yr US TIPS ETF, Invesco PureBeta^SM FTSE Developed ex-North America ETF and Invesco PureBeta^SM FTSE Emerging Markets ETF (three of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 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 October 31, 2022 and each of the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

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

December 23, 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.

56

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 May 1, 2022 through October 31, 2022.

In addition to the fees and expenses which the Invesco PureBetaSM FTSE Emerging Markets ETF (the “Portfolio”) bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Portfolio invests. The amount of fees and expenses incurred indirectly by the Portfolio will vary because the investment companies have varied expenses and fee levels and the Portfolio may own different proportions of the investment companies at different times.

Estimated investment companies’ expenses are not expenses that are incurred directly by the Portfolio. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Portfolio invests in. The effect of the estimated investment companies’ expenses that the Portfolio bears indirectly is included in the Portfolio’s total return.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value May 1, 2022			Ending Account Value October 31, 2022			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco PureBetaSM 0-5 Yr US TIPS ETF (PBTP)
Actual		$	1,000.00		$	970.30		0.07	%		$	0.35
Hypothetical (5% return before expenses)			1,000.00			1,024.85		0.07				0.36
Invesco PureBetaSM FTSE Developed ex-North America ETF (PBDM)
Actual			1,000.00			874.20		0.07				0.33
Hypothetical (5% return before expenses)			1,000.00			1,024.85		0.07				0.36

57

Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value May 1, 2022			Ending Account Value October 31, 2022			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco PureBetaSM FTSE Emerging Markets ETF (PBEE)
Actual		$	1,000.00		$	827.50		0.10	%		$	0.46
Hypothetical (5% return before expenses)			1,000.00			1,024.70		0.10				0.51

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 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.

58

Tax Information

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

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

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended October 31, 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 0-5 Yr US TIPS ETF		0	%		0	%		0	%		100	%		99	%		100	%		$	1,006		$	16,992
Invesco PureBetaSM FTSE Developed ex-North America ETF		0	%		77	%		0	%		0	%		0	%		0	%			-			-
Invesco PureBetaSM FTSE Emerging Markets ETF		0	%		38	%		0	%		0	%		0	%		0	%			-			-

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

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

	Foreign Taxes Per Share			Foreign Source Income Per Share
Invesco PureBetaSM FTSE Developed ex-North America ETF		$	0.0565		$	0.8967
Invesco PureBetaSM FTSE Emerging Markets ETF			0.0584			0.7217

59

Trustees and Officers

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

As of October 31, 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).	234	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.	234	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.

60

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent         Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
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).	234	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.

61

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent         Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
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).	234	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.

62

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent         Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
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).	234	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).	234	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.

63

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.	234	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.

64

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.	234	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).	234	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.

65

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).	234	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.

66

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
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.

67

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.

68

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.

69

(This Page Intentionally Left Blank)

Proxy Voting Policies and Procedures

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

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

Quarterly Portfolios

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

Frequency Distribution of Discounts and Premiums

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

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

	Invesco Annual Report to Shareholders
	October 31, 2022
	IDLB	Invesco FTSE International Low Beta Equal Weight ETF
	EELV	Invesco S&P Emerging Markets Low Volatility ETF
	EEMO	Invesco S&P Emerging Markets Momentum ETF
	IDHD	Invesco S&P International Developed High Dividend Low Volatility ETF
	IDLV	Invesco S&P International Developed Low Volatility ETF
	IDMO	Invesco S&P International Developed Momentum ETF

Table of Contents

The Market Environment	3
Management’s Discussion of Fund Performance	4
Schedules of Investments
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)	19
Invesco S&P Emerging Markets Low Volatility ETF (EELV)	28
Invesco S&P Emerging Markets Momentum ETF (EEMO)	32
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)	36
Invesco S&P International Developed Low Volatility ETF (IDLV)	38
Invesco S&P International Developed Momentum ETF (IDMO)	42
Statements of Assets and Liabilities	46
Statements of Operations	48
Statements of Changes in Net Assets	50
Financial Highlights	52
Notes to Financial Statements	57
Report of Independent Registered Public Accounting Firm	68
Fund Expenses	69
Tax Information	71
Trustees and Officers	72

2

The Market Environment

Domestic Equity

The fiscal year ended October 31, 2022 began with continued volatility in equity markets in the fourth quarter of 2021 amid substantial 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,¹ causing higher gas prices for consumers, and the Consumer Price Index (CPI) reported for November 2021 increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.² To combat inflation, the US Federal Reserve (the Fed) announced the potential for three or more 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 inflation 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 2008.¹ Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and the Fed indicated it would “taper” its asset purchase program quickly.³

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 into 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 40-year high to 8.6% for the 12 months ended May 2022.² 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.¹ 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 an economic policy symposium held in Jackson Hole, Wyoming sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.³

After experiencing a sharp drop in September 2022, US equity markets rebounded in October with strong gains, despite mixed data on the economy and corporate earnings. Inflation data

reported in October came in higher than expected; however, the labor market remained strong, with payroll employment gains and a decline in the unemployment rate to a near record low of 3.5% in September.² The initial estimate of third quarter real gross domestic product showed an increase of 2.6% (annualized) after falling in the prior two quarters, but the headline number masked a drop in demand and investment. Corporate earnings were generally in line with expectations, but many companies’ forward earnings guidance was weaker than expected.

In this environment, US stocks had negative double-digit returns for the fiscal year ended October 31, 2022 of (14.61)%, as measured by the S&P 500 Index.⁴

¹  Source: Bloomberg LP

²  Source: US Bureau of Labor Statistics

³  Source: US Federal Reserve

⁴  Source: Lipper Inc.

Global Equity

At the beginning of the fiscal year ended October 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 half of 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.

Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People’s Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

During October 2022, developed market equities rebounded and were in positive territory. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with no signs of the country’s zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, 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

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

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

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

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (26.68)%. On a net asset value (“NAV”) basis, the Fund returned (26.15)%. During the same time period, the Index returned (26.03)%. 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 as well as residual cash holdings due to the Fund’s small size.

During this same time period, the MSCI World ex USA Index (Net) (the “Benchmark Index”) returned (22.04)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 935 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the overall international equity market.

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

Relative to the Benchmark Index, the Fund was most overweight in the real estate sector and most underweight in the financials sector during the fiscal year ended October 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to its underweight allocation to and stock selection within the health care and energy sectors.

For the fiscal year ended October 31, 2022, no sector contributed positively to the Fund’s return. The industrials sector detracted

most significantly from the Fund’s return, followed by the consumer staples and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022 included Kenon Holdings, Ltd., a utilities company (portfolio average weight of 0.14%), and Hitachi Transport System Ltd., an industrials company (portfolio average weight of 0.15%). Positions that detracted most significantly from the Fund’s return included Varta AG, an industrials company (portfolio average weight of 0.10%), and Koninklijke Philips N.V., a health care company (portfolio average weight of 0.10%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Industrials	18.03
Financials	15.12
Consumer Staples	12.42
Consumer Discretionary	10.13
Materials	8.26
Real Estate	7.58
Communication Services	7.48
Health Care	6.76
Information Technology	5.40
Utilities	4.20
Energy	3.26
Money Market Funds Plus Other Assets Less Liabilities	1.36
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Polski Koncern Naftowy ORLEN S.A.	0.23
Eisai Co. Ltd.	0.18
AIB Group PLC	0.16
FinecoBank Banca Fineco S.p.A.	0.16
Danske Bank A/S	0.15
Commerzbank AG	0.15
Bankinter S.A.	0.15
Santander Bank Polska S.A.	0.15
Bank of Ireland Group PLC	0.15
Sodexo S.A.	0.15
Total	1.63

* Excluding money market fund holdings.

4

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

Growth of a $10,000 Investment Since Inception

Fund Performance History as of October 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
FTSE Developed ex-U.S. Low Beta Equal Weight Index (Net)		(26.03	)%		(5.50	)%		(15.61	)%		(2.80	)%		(13.25	)%		1.12	%		8.13	%
MSCI World ex USA Index (Net)		(22.04	)		(0.49	)		(1.46	)		0.41			2.05			3.04			23.26
Fund
NAV Return		(26.15	)		(5.87	)		(16.60	)		(3.25	)		(15.21	)		0.63			4.49
Market Price Return		(26.68	)		(5.84	)		(16.51	)		(3.34	)		(15.63	)		0.48			3.40

Fund Inception: November 5, 2015

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

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

Notes Regarding Indexes and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

5

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

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

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

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (10.40)%. On a net asset value (“NAV”) basis, the Fund returned (10.68)%. During the same time period, the Index returned (9.91)%. 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, as well as trading costs around quarterly rebalances during the period that were higher than average given the relatively less liquid nature of many emerging markets securities.

During this same time period, the MSCI Emerging Markets Index^SM (Net) (the “Benchmark Index”) returned (31.03)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 1400 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of emerging equity markets overall.

The performance of the Fund differed from the Benchmark Index in part because the Fund employs a beta driven stock selection and an inverse volatility 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 financials sector and most underweight in the information technology sector during the fiscal year ended October 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to its overweight allocation to and stock selection within the financials sector as well as its underweight allocation to and stock selection within the communication services and consumer discretionary sectors, respectively.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022 included Ooredoo Q.P.S.C., a communication services company (portfolio average weight of 0.57%), and Alinma Bank, a financials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Mobile TeleSystems PJSC, a communication services company (portfolio average weight of 0.14%), and X5 Retail Group N.V., a consumer staples company (portfolio average weight of 0.11%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Financials	31.75
Consumer Staples	10.90
Communication Services	9.59
Information Technology	9.34
Consumer Discretionary	7.82
Materials	7.17
Industrials	7.10
Utilities	5.14
Real Estate	3.96
Energy	3.60
Health Care	3.48
Money Market Funds Plus Other Assets Less Liabilities	0.15
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
KT&G Corp.	1.09
National Bank of Kuwait SAKP	0.91
Malayan Banking Bhd.	0.90
Taiwan Mobile Co. Ltd.	0.83
Tisco Financial Group PCL, NVDR	0.80
Taiwan High Speed Rail Corp.	0.76
Hong Leong Bank Bhd.	0.75
Mobile Telecommunications Co. KSCP	0.75
Chunghwa Telecom Co. Ltd.	0.74
Abu Dhabi National Oil Co. for Distribution PJSC	0.72
Total	8.25

* Excluding money market fund holdings.

6

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

Growth of a $10,000 Investment

Fund Performance History as of October 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 BMI Emerging Markets Low Volatility Index™ (Net)		(9.91	)%		1.69	%		5.14	%		1.91	%		9.90	%		1.49	%		15.96	%		2.55	%		31.21	%
MSCI Emerging Markets IndexSM (Net)		(31.03	)		(4.42	)		(12.67	)		(3.09	)		(14.54	)		0.79			8.20			1.36			15.76
Fund
NAV Return		(10.68	)		0.93			2.80			1.19			6.08			0.81			8.37			1.74			20.50
Market Price Return		(10.40	)		1.24			3.77			1.26			6.45			0.90			9.39			1.72			20.16

Fund Inception: January 13, 2012

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

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

Notes Regarding Indexes and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

7

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

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

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is composed of constituents of the S&P Emerging Plus LargeMidCap (the “Emerging LargeMidCap Index”) that have the highest “momentum score.” In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a “momentum style” of investing emphasizes investing in securities that have had better recent performance compared to other securities. The momentum score for each security included in the Index is based on upward price movements of the security as compared to other eligible securities within the Emerging LargeMidCap Index, which is designed to measure publicly listed equity securities of companies with float-adjusted market values of at least $100 million in emerging market countries.

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

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (18.28)%. On a net asset value (“NAV”) basis, the Fund returned (18.82)%. During the same time period, the Index returned (18.18)%. During the fiscal year, 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 as well as trading costs around quarterly rebalances during the period.

During this same time period, the MSCI Emerging Markets Index^SM (Net) (the “Benchmark Index”) returned (31.03)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately

1400 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of emerging equity markets overall.

The performance of the Fund differed from the Benchmark Index in part because the Fund employs a beta driven stock selection and a momentum 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 financials sector and most underweight in the information technology sector during the fiscal year ended October 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to its overweight allocation to and security selection within the financials and materials sectors, respectively.

For the fiscal year ended October 31, 2022, the utilities sector contributed most significantly to the Fund’s return, followed by the industrials and materials sectors, respectively. The financials sector detracted most significantly from the Fund’s return, followed by the consumer discretionary sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022 included Vale S.A., a materials company (no longer held at fiscal year-end), and Saudi Arabian Mining Co., a materials company (portfolio average weight of 1.17%). Positions that detracted most significantly from the Fund’s return included Gazprom PJSC, an energy company (portfolio average weight of 1.03%), and NIO Inc., Class A, a consumer discretionary company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Financials	46.26
Energy	11.73
Utilities	10.10
Industrials	7.41
Materials	6.27
Consumer Discretionary	5.37
Communication Services	4.20
Consumer Staples	3.24
Sector Types Each Less Than 3%	5.47
Money Market Funds Plus Other Assets Less Liabilities	(0.05)

8

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

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
ICICI Bank Ltd.	3.28
Petroleo Brasileiro S.A., Preference Shares	2.92
Al Rajhi Bank	2.90
Petroleo Brasileiro S.A.	2.73
Saudi National Bank (The)	2.64
National Bank of Kuwait SAKP	2.52
PT Bank Central Asia Tbk	2.20
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares	1.98
Adani Total Gas Ltd.	1.75
Saudi Arabian Oil Co.	1.70
Total	24.62

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of October 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—S&P Momentum Emerging Plus LargeMidCap Index (Net)		(18.18	)%		(3.00	)%		(8.73	)%		(1.80	)%		(8.67	)%		0.52	%		5.28	%		(0.71	)%		(7.32	)%
MSCI Emerging Markets IndexSM (Net)		(31.03	)		(4.42	)		(12.67	)		(3.09	)		(14.54	)		0.79			8.20			0.29			3.19
Fund
NAV Return		(18.82	)		(3.74	)		(10.80	)		(2.64	)		(12.50	)		(0.77	)		(7.43	)		(1.95	)		(18.97	)
Market Price Return		(18.28	)		(3.76	)		(10.86	)		(2.80	)		(13.23	)		(0.82	)		(7.86	)		(2.05	)		(19.87	)

9

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

Fund Inception: February 24, 2012

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

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

Notes Regarding Indexes and Fund Performance History:

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

- The Blended-S&P Momentum Emerging Plus LargeMidCap Index is comprised of the performance of the S&P BMI Emerging Markets High Beta Index^TM, the Fund’s underlying index from Fund inception through the conversion date, March 21, 2016, followed by the performance of the Index for the period March 21, 2016 through October 31, 2022.

- Net returns reflect reinvested dividends net of withholding taxes.

10

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

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

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

The Index Provider begins by identifying the 300 securities with the highest dividend yields over the trailing 12 months, with no one country except the U.S. and no one sector allowed to contribute more than 20 securities and 25 securities, respectively. For the U.S., the maximum number of stocks allowed is 40. From those 300 securities, the 100 securities with the lowest volatility over the trailing 12 months are included in the Index.

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

During the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (18.34)%. On a net asset value (“NAV”) basis, the Fund returned (17.57)%. During the same time period, the Index returned (17.52)%. 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 incurred by the Fund, which were partially offset by benefits to the Fund related to dividend tax treatment relative to the Index.

During this same time period, the MSCI EAFE^® Index (Net) (the “Benchmark Index”) returned (23.00)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 850 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the markets of economically developed countries outside the U.S.

The performance of the Fund differed from the Benchmark Index in part because the Fund employs a dividend driven stock selection and an inverse volatility 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 sector and most underweight in the real estate sector during the fiscal year ended October 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to its overweight allocation to and security selection within the financials sector and its underweight allocation and selection within the information technology sector.

For the fiscal year ended October 31, 2022, the health care sector was the only sector that contributed positively to the Fund’s return. The real estate sector detracted most significantly from the Fund’s return, followed by the utilities and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022 included BOC Hong Kong Holdings Ltd., a financials company (no longer held at fiscal year-end), and Imperial Brands PLC, a consumer staples company (portfolio average weight of 0.41%). Positions that detracted most significantly from the Fund’s return included New World Development Co. Ltd., a real estate company (portfolio average weight of 0.35%), and Telenor ASA, a communication services company (portfolio average weight of 1.26%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Financials	27.47
Real Estate	20.46
Utilities	13.91
Communication Services	12.35
Industrials	10.16
Consumer Staples	9.11
Sector Types Each Less Than 3%	6.17
Money Market Funds Plus Other Assets Less Liabilities	0.37

11

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

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Assicurazioni Generali S.p.A.	2.04
Imperial Brands PLC	1.81
First International Bank of Israel Ltd. (The)	1.73
UnipolSai Assicurazioni S.p.A.	1.68
Oesterreichische Post AG	1.55
Fletcher Building Ltd.	1.54
Phoenix Group Holdings PLC	1.42
Australia & New Zealand Banking Group Ltd.	1.42
Stockland	1.40
Proximus SADP	1.40
Total	15.99

* Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

Fund Performance History as of October 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 EPAC Ex-Korea Low Volatility High Dividend Index (Net)		(17.52	)%		(4.92	)%		(14.04	)%		(0.94	)%		(4.59	)%		1.94	%		12.05	%
MSCI EAFE® Index (Net)		(23.00	)		(1.27	)		(3.77	)		(0.09	)		(0.47	)		3.88			25.25
Fund
NAV Return		(17.57	)		(4.91	)		(14.01	)		(0.97	)		(4.78	)		1.88			11.62
Market Price Return		(18.34	)		(5.08	)		(14.49	)		(1.24	)		(6.04	)		1.78			11.03

12

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

Fund Inception: December 1, 2016

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.30% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

13

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

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

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

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (17.50)%. On a net asset value (“NAV”) basis, the Fund returned (17.33)%. During the same time period, the Index returned (17.32)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the fees and operating expenses incurred by the Fund, which were partially offset by benefits to the Fund related to dividend tax treatment relative to the Index.

During this same time period, the MSCI EAFE^® Index (Net) (the “Benchmark Index”) returned (23.00)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 850 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the markets of economically developed countries outside the U.S.

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

Relative to the Benchmark Index, the Fund was most overweight in the real estate sector and most underweight in the health care sector during the fiscal year ended October 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to its underweight

allocation to and security selection within the consumer discretionary and industrials sectors, respectively.

For the fiscal year ended October 31, 2022, the consumer discretionary sector was the only sector that contributed positively to the Fund’s return. The real estate sector detracted most significantly from the Fund’s return, followed by the financials and utilities sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022 included Thales S.A., an industrials company (no longer held at fiscal year-end), and BAE Systems PLC, an industrials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included HK Electric Investments & HK Electric Investments Ltd., a utilities company (portfolio average weight of 0.74%), and Hong Kong & China Gas Co. Ltd., a utilities company (portfolio average weight of 0.48%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Financials	19.62
Real Estate	16.32
Consumer Staples	14.02
Utilities	12.98
Industrials	12.22
Communication Services	10.90
Consumer Discretionary	4.72
Health Care	3.52
Sector Types Each Less Than 3%	5.15
Money Market Funds Plus Other Assets Less Liabilities	0.55
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
McDonald’s Holdings Co. Japan Ltd.	0.92
HK Electric Investments & HK Electric Investments Ltd.	0.80
HKT Trust & HKT Ltd.	0.76
Hydro One Ltd.	0.75
BCE, Inc.	0.72
MTR Corp. Ltd.	0.70
Canadian Utilities Ltd., Class A	0.69
CapitaLand Ascendas REIT	0.68
Fortis, Inc.	0.67
Orange S.A.	0.66
Total	7.35

* Excluding money market fund holdings.

14

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

Growth of a $10,000 Investment

Fund Performance History as of October 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 BMI International Developed Low Volatility™ Index (Net)		(17.32	)%		(6.48	)%		(18.21	)%		(1.75	)%		(8.43	)%		2.62	%		29.46	%		3.69	%		47.92	%
MSCI EAFE® Index (Net)		(23.00	)		(1.27	)		(3.77	)		(0.09	)		(0.47	)		4.13			49.85			4.80			65.98
Fund
NAV Return		(17.33	)		(6.52	)		(18.30	)		(1.74	)		(8.41	)		2.54			28.49			3.62			46.75
Market Price Return		(17.50	)		(6.51	)		(18.29	)		(1.75	)		(8.44	)		2.55			28.65			3.57			46.03

Fund Inception: January 13, 2012

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

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

Notes Regarding Indexes and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

15

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

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

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

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

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (18.21)%. On a net asset value (“NAV”) basis, the Fund returned (18.73)%. During the same time period, the Index returned (18.50)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

During this same time period, the MSCI EAFE^® Index (Net) (the “Benchmark Index”) returned (23.00)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 850 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the markets of economically developed countries outside the U.S.

The performance of the Fund differed from the Benchmark Index in part because the Fund employs a momentum driven 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 financials sector and most underweight in the health care sector during the fiscal year ended October 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 stock selection within the financials sector and the Fund’s overweight allocation to the energy sector.

For the fiscal year ended October 31, 2022, the energy sector was the only sector to contribute positively to the Fund’s return. The financials sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022 included Shell PLC, an energy company (portfolio average weight of 2.26%), and TotalEnergies SE, an energy company (portfolio average weight of 1.59%). Positions that detracted most significantly from the Fund’s return included ASML Holdings N.V., an information technology company (no longer held at fiscal year-end), and Toyota Motor Corp., a consumer discretionary company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Energy	28.76
Financials	16.43
Health Care	14.97
Industrials	11.54
Consumer Staples	7.48
Communication Services	5.68
Utilities	5.00
Materials	4.39
Consumer Discretionary	3.13
Sector Types Each Less Than 3%	2.46
Money Market Funds Plus Other Assets Less Liabilities	0.16

16

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

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Shell PLC	6.54
Novo Nordisk A/S, Class B	5.25
AstraZeneca PLC	4.75
TotalEnergies SE	3.69
BP PLC	2.89
HSBC Holdings PLC	2.51
Canadian Natural Resources Ltd.	2.51
Enbridge, Inc.	2.36
British American Tobacco PLC	2.34
Daiichi Sankyo Co. Ltd.	1.96
Total	34.80

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of October 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—S&P Momentum Developed ex-US and South Korea LargeMidCap Index (Net)		(18.50	)%		5.40	%		17.08	%		3.64	%		19.58	%		5.43	%		69.75	%		4.15	%		54.40	%
MSCI EAFE® Index (Net)		(23.00	)		(1.27	)		(3.77	)		(0.09	)		(0.47	)		4.13			49.85			3.80			48.93
Fund
NAV Return		(18.73	)		5.30			16.75			3.42			18.32			5.11			64.55			3.81			49.02
Market Price Return		(18.21	)		5.65			17.93			3.71			19.96			5.13			64.84			3.81			49.04

17

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

Fund Inception: February 24, 2012

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently, or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.25% 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.

- The Blended-S&P Momentum Developed ex-U.S. & South Korea LargeMidCap Index is comprised of the performance of the S&P BMI International Developed High Beta Index^TM, the Fund’s underlying index from Fund inception through the conversion date, March 21, 2016, followed by the performance of the Index for the period March 21, 2016 through October 31, 2022.

- Net returns reflect reinvested dividends net of withholding taxes.

18

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)

October 31, 2022

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-98.64%
Australia-5.11%
Adbri Ltd.		3,583	$	3,609
AGL Energy Ltd.		1,031		4,490
Alumina Ltd.(a)		5,227		4,512
Ampol Ltd.		229		3,987
APA Group		714		4,799
Aristocrat Leisure Ltd.		222		5,262
ASX Ltd.		101		4,372
Atlas Arteria Ltd.		1,050		4,425
Aurizon Holdings Ltd.		2,123		4,914
Australia & New Zealand Banking Group Ltd.		347		5,671
Beach Energy Ltd.		4,631		4,708
BHP Group Ltd.		195		4,659
Brambles Ltd.		640		4,780
Challenger Ltd.		1,237		5,553
Coles Group Ltd.		451		4,709
CSL Ltd.		27		4,843
Deterra Royalties Ltd.		1,890		4,943
EBOS Group Ltd.		229		4,989
Incitec Pivot Ltd.		2,020		4,844
Insurance Australia Group Ltd.		1,703		5,336
Lynas Rare Earths Ltd.(b)		892		4,751
Magellan Financial Group Ltd.(a)		608		3,861
Medibank Pvt. Ltd.		2,134		3,834
Metcash Ltd.(a)		1,922		5,039
Orora Ltd.		2,385		4,621
Platinum Asset Management Ltd.		4,436		5,077
QBE Insurance Group Ltd.		656		5,134
Qube Holdings Ltd.		2,740		4,766
Ramsay Health Care Ltd.		110		4,120
REA Group Ltd.		62		4,821
Rio Tinto Ltd.		84		4,738
Santos Ltd.		1,004		4,943
Scentre Group		2,693		4,994
Seven Group Holdings Ltd.(a)		426		4,996
Shopping Centres Australasia Property Group		2,901		5,046
Stockland		2,188		5,037
Suncorp Group Ltd.		727		5,304
Tabcorp Holdings Ltd.(a)		8,249		5,090
Telstra Group Ltd.(b)		1,995		5,001
TPG Telecom Ltd.(a)		1,480		4,637
Transurban Group		567		4,808
Treasury Wine Estates Ltd.		600		4,969
Vicinity Ltd.		4,092		5,089
Woodside Energy Group Ltd.		231		5,315
Woolworths Group Ltd.		219		4,624
Worley Ltd.		545		4,973
				220,993
Austria-0.62%
ANDRITZ AG		117		5,442
OMV AG		134		6,177
Telekom Austria AG		868		5,044
Verbund AG		57		4,465
voestalpine AG		268		5,822
				26,950
Belgium-0.95%
Ackermans & van Haaren N.V.		37		5,160

	Shares		Value
Belgium-(continued)
Ageas S.A./N.V.		133	$	4,605
Elia Group S.A./N.V.		37		4,677
Etablissements Franz Colruyt N.V.(a)		195		4,701
KBC Group N.V.		114		5,712
Proximus SADP(a)		426		4,467
Solvay S.A., Class A		67		6,042
Umicore S.A.(a)		170		5,603
				40,967
Brazil-0.13%
Yara International ASA		128		5,713
Canada-4.21%
Barrick Gold Corp.		380		5,708
BCE, Inc.		117		5,271
Canadian National Railway Co.		48		5,680
Canadian Tire Corp. Ltd., Class A(a)		48		5,373
Canadian Utilities Ltd., Class A		186		4,943
Cenovus Energy, Inc.		302		6,097
CGI, Inc., Class A(b)		72		5,793
Constellation Software, Inc.		4		5,777
Dollarama, Inc.		93		5,519
Enbridge, Inc.		137		5,331
Fairfax Financial Holdings Ltd.		11		5,396
Fortis, Inc.		128		4,988
George Weston Ltd.		50		5,496
Great-West Lifeco, Inc.		241		5,572
Hydro One Ltd.(c)		209		5,234
Imperial Oil Ltd.		115		6,248
Intact Financial Corp.		39		5,919
Loblaw Cos. Ltd.		64		5,237
Manulife Financial Corp.		327		5,413
Metro, Inc.		107		5,598
Pembina Pipeline Corp.		160		5,276
Power Corp. of Canada		220		5,456
Restaurant Brands International, Inc.		97		5,756
Royal Bank of Canada		61		5,637
Saputo, Inc.		223		5,421
Shaw Communications, Inc., Class B		220		5,643
Sun Life Financial, Inc.		129		5,472
Suncor Energy, Inc.		174		5,978
TC Energy Corp.		117		5,133
TELUS Corp.		251		5,235
Thomson Reuters Corp.		51		5,417
Toronto-Dominion Bank (The)		88		5,625
Tourmaline Oil Corp.		97		5,459
				182,101
China-0.91%
AAC Technologies Holdings, Inc.(b)		2,914		5,338
ESR Group Ltd.(c)		1,932		3,298
Kerry Logistics Network Ltd.		2,466		3,914
Lenovo Group Ltd.		6,555		5,244
Nexteer Automotive Group Ltd.(a)		7,271		3,937
Prosus N.V		88		3,830
SITC International Holdings Co. Ltd.		2,130		3,489
Want Want China Holdings Ltd.		7,691		5,056
Wilmar International Ltd.		1,875		5,141
				39,247

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

 19 

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

October 31, 2022

	Shares		Value
Denmark-0.80%
Chr. Hansen Holding A/S(a)		93	$	5,166
Coloplast A/S, Class B(a)		47		5,241
Danske Bank A/S		405		6,538
GN Store Nord A/S(a)		191		4,062
Royal Unibrew A/S		72		4,113
SimCorp A/S		74		4,421
Tryg A/S(a)		240		5,195
				34,736
Finland-1.08%
Elisa OYJ		101		4,882
Huhtamaki OYJ		155		5,569
Kojamo OYJ(a)		323		4,204
Kone OYJ, Class B		135		5,531
Nordea Bank Abp		583		5,575
Orion OYJ, Class B		120		5,521
Sampo OYJ, Class A		120		5,489
Stora Enso OYJ, Class R		363		4,732
UPM-Kymmene OYJ		159		5,329
				46,832
France-4.54%
Accor S.A.(b)		226		5,414
Adevinta ASA, Class B(b)		664		4,547
Aeroports de Paris(b)		39		5,283
Air Liquide S.A.		43		5,623
ALD S.A.(c)		497		5,305
Amundi S.A.(c)		106		5,006
AXA S.A.		229		5,658
BioMerieux		59		5,221
BNP Paribas S.A.		116		5,445
Bollore SE		1,130		5,657
Bouygues S.A.		184		5,252
Carrefour S.A.(a)		324		5,215
Credit Agricole S.A.		587		5,329
Danone S.A.		103		5,125
Dassault Aviation S.A.		39		5,797
Edenred		107		5,495
Eiffage S.A.		61		5,519
ENGIE S.A.		455		5,915
EssilorLuxottica S.A.		36		5,705
Ipsen S.A.		57		5,859
JCDecaux S.A.(b)		390		4,922
La Francaise des Jeux SAEM(c)		167		5,447
Neoen S.A.(c)		131		4,573
Orange S.A.		535		5,093
Pernod Ricard S.A.		29		5,093
Publicis Groupe S.A.		111		6,225
Remy Cointreau S.A.		29		4,445
Sanofi		66		5,697
SEB S.A.(a)		73		4,755
Sodexo S.A.		71		6,297
Somfy S.A.		49		5,221
Thales S.A.		45		5,722
TotalEnergies SE		107		5,827
Ubisoft Entertainment S.A.(b)		117		3,211
Unibail-Rodamco-Westfield(a)(b)		105		4,969
Vinci S.A.		59		5,434
Vivendi SE		596		4,880
				196,181

	Shares		Value
Germany-4.69%
1&1 AG		337	$	4,443
adidas AG		36		3,522
Allianz SE		32		5,763
Bayer AG		103		5,418
Bechtle AG		141		4,878
Beiersdorf AG		54		5,187
Commerzbank AG(b)		814		6,513
Continental AG		94		4,876
Covestro AG(c)		179		6,093
CTS Eventim AG& Co. KGaA(b)		101		4,826
Deutsche Bank AG		649		6,196
Deutsche Boerse AG		32		5,208
Deutsche Telekom AG		287		5,436
Deutsche Wohnen SE		238		4,803
Fielmann AG		146		4,655
Fraport AG Frankfurt Airport Services
Worldwide(b)		125		4,823
Fresenius Medical Care AG& Co. KGaA		158		4,369
Fresenius SE & Co. KGaA		219		5,043
Fuchs Petrolub SE		68		1,640
Fuchs Petrolub SE, Preference Shares		141		4,041
Hannover Rueck SE		37		6,027
Hella GmbH & Co. KGaA		77		6,016
HelloFresh SE(b)		226		4,525
Henkel AG& Co. KGaA		32		1,880
Henkel AG& Co. KGaA, Preference Shares		53		3,341
Mercedes-Benz Group AG		96		5,560
MTU Aero Engines AG		31		5,553
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		23		6,079
Nemetschek SE		92		4,397
Puma SE		88		3,897
Rheinmetall AG		34		5,528
RWE AG		142		5,472
Sartorius AG		14		4,130
Scout24 SE(c)		94		4,820
Siemens Healthineers AG(c)		111		5,110
Symrise AG		52		5,312
Talanx AG		153		5,749
Telefonica Deutschland Holding AG		2,089		4,555
United Internet AG		239		4,470
Vantage Towers AG		209		5,883
Varta AG(a)		77		2,068
Wacker Chemie AG		38		4,428
				202,533
Hong Kong-2.77%
AIA Group Ltd.		561		4,249
ASMPT Ltd.		698		3,841
Bank of East Asia Ltd. (The)		4,304		4,123
Cafe de Coral Holdings Ltd.		3,784		4,416
Champion REIT		12,606		3,774
CK Hutchison Holdings Ltd.		840		4,173
CK Infrastructure Holdings Ltd.		891		4,234
Dah Sing Banking Group Ltd.		6,974		4,158
DFI Retail Group Holdings Ltd.		1,996		4,471
Guotai Junan International Holdings Ltd.		56,065		4,000
Hang Lung Group Ltd.		3,204		4,155
Hang Lung Properties Ltd.		3,258		4,096
Hong Kong & China Gas Co. Ltd. (The)		5,498		4,244

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

 20 

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

October 31, 2022

	Shares		Value
Hong Kong-(continued)
Hongkong Land Holdings Ltd.		1,122	$	4,320
Hutchison Port Holdings Trust, Class U		25,250		4,116
Hysan Development Co. Ltd.		1,924		4,196
Jardine Matheson Holdings Ltd.		102		4,694
Johnson Electric Holdings Ltd., Class H		4,587		4,727
Link REIT		700		4,138
MTR Corp. Ltd.		1,059		4,661
NWS Holdings Ltd.		5,636		3,999
PCCW Ltd.		10,842		4,143
Power Assets Holdings Ltd.		907		4,339
Sun Hung Kai Properties Ltd.		462		4,970
Swire Pacific Ltd., Class B		4,672		4,815
Swire Properties Ltd.		2,349		4,513
Techtronic Industries Co. Ltd.		457		4,328
Yue Yuen Industrial Holdings Ltd.		3,636		3,696
				119,589
Indonesia-0.09%
First Pacific Co. Ltd.		14,063		3,726
Ireland-0.53%
AIB Group PLC		2,383		6,901
Bank of Ireland Group PLC		876		6,317
Glanbia PLC(a)		426		4,922
Kerry Group PLC, Class A(a)		52		4,522
				22,662
Israel-1.58%
Bezeq The Israeli Telecommunication Corp. Ltd.		3,216		5,718
Big Shopping Centers Ltd.		38		4,282
Delek Group Ltd.(b)		31		4,762
Elbit Systems Ltd.		25		5,080
Elco Ltd.		77		4,463
Electra Ltd.		9		5,261
Maytronics Ltd.		377		4,085
Nice Ltd.(b)		25		4,758
Paz Oil Co. Ltd.(b)		41		4,920
Sapiens International Corp. N.V		240		4,738
Shapir Engineering and Industry Ltd.		568		4,700
Shufersal Ltd.		793		5,437
Strauss Group Ltd.		207		5,204
Tower Semiconductor Ltd.(b)		116		4,983
				68,391
Italy-2.62%
Amplifon S.p.A.(a)		207		5,143
Assicurazioni Generali S.p.A.(a)		369		5,540
Atlantia S.p.A.		236		5,267
Davide Campari-Milano N.V.(a)		550		4,943
DiaSorin S.p.A.(a)		41		5,361
Enel S.p.A.		1,150		5,136
Ferrari N.V.		28		5,521
FinecoBank Banca Fineco S.p.A.		499		6,727
Infrastrutture Wireless Italiane S.p.A.(c)		583		5,147
Italgas S.p.A.		1,051		5,417
Leonardo S.p.A.		661		5,313
Mediobanca Banca di Credito Finanziario S.p.A.		683		6,192
Moncler S.p.A.(a)		121		5,225
Nexi S.p.A.(a)(b)(c)		658		5,703
Poste Italiane S.p.A.(c)		676		5,893
PRADA S.p.A.		1,000		4,554
Prysmian S.p.A.		176		5,739

	Shares		Value
Italy-(continued)
Recordati Industria Chimica e Farmaceutica S.p.A.		133	$	4,999
Snam S.p.A.		1,140		5,072
Terna Rete Elettrica Nazionale S.p.A.(a)		760		5,039
UnipolSai Assicurazioni S.p.A.		2,436		5,494
				113,425
Japan-37.72%
ABC-Mart, Inc.		134		5,977
Acom Co. Ltd.		2,267		4,957
Activia Properties, Inc.		2		5,927
Advance Residence Investment Corp.		2		4,656
Aeon Co. Ltd.		276		5,156
Aeon Mall Co. Ltd.		452		4,917
AEON REIT Investment Corp.		5		5,382
AGC, Inc.		158		4,959
Aica Kogyo Co. Ltd.		244		5,253
Ain Holdings, Inc.		94		3,953
Alfresa Holdings Corp.		451		5,192
Alps Alpine Co. Ltd.		601		5,176
Ariake Japan Co. Ltd.		159		5,509
Asahi Group Holdings Ltd.		161		4,510
Asahi Intecc Co. Ltd.		300		5,115
Asahi Kasei Corp.		736		4,726
ASKUL Corp.		407		4,258
Astellas Pharma, Inc.		379		5,218
AZ-COM MARUWA Holdings, Inc.		448		4,265
Bank of Kyoto Ltd. (The)		138		4,976
Benesse Holdings, Inc.		343		5,063
Bic Camera, Inc.		660		5,138
BIPROGY, Inc.		243		5,256
Calbee, Inc.		273		5,483
Canon Marketing Japan, Inc.		238		5,028
Capcom Co. Ltd.		198		5,522
Casio Computer Co. Ltd.		569		4,954
Central Japan Railway Co.		46		5,343
Chiba Bank Ltd. (The)		1,001		5,475
Chugai Pharmaceutical Co. Ltd.		209		4,851
Chugin Financial Group, Inc.		806		4,859
COMSYS Holdings Corp.		290		4,761
Concordia Financial Group Ltd.		1,703		5,190
Cosmo Energy Holdings Co. Ltd.		182		4,684
Cosmos Pharmaceutical Corp.		51		4,941
Daicel Corp.		857		4,889
Daido Steel Co. Ltd.		192		4,986
Dai-ichi Life Holdings, Inc.		313		4,964
Daiichikosho Co. Ltd.		185		5,315
Daio Paper Corp.		576		4,255
Daiwa House Industry Co. Ltd.		240		4,863
Daiwa House REIT Investment Corp.		2		4,037
Daiwa Office Investment Corp.		1		4,723
Daiwa Securities Group, Inc.		1,237		4,827
Daiwa Securities Living Investments Corp.		6		4,658
DeNA Co. Ltd.		394		5,145
Denka Co. Ltd.		225		5,215
Descente Ltd.		219		5,275
DIC Corp.		300		5,042
Disco Corp.		22		5,284
East Japan Railway Co.		104		5,626
Eisai Co. Ltd.		132		7,970
Electric Power Development Co. Ltd.		351		4,884

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

 21 

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

October 31, 2022

	Shares		Value
Japan-(continued)
ENEOS Holdings, Inc.		1,437	$	4,735
EXEO Group, Inc.		351		5,146
Ezaki Glico Co. Ltd.		208		4,681
Fancl Corp.		266		5,049
Fast Retailing Co. Ltd.		9		5,025
FP Corp.		229		5,462
Frontier Real Estate Investment Corp.		1		3,532
Fuji Electric Co. Ltd.		124		4,805
Fuji Kyuko Co. Ltd.		183		5,664
Fuji Media Holdings, Inc.		681		4,742
Fuji Oil Holdings, Inc.		317		4,993
Fujitsu General Ltd.		254		5,810
Fukuoka Financial Group, Inc.		303		5,145
Furukawa Electric Co. Ltd.		307		4,742
Fuyo General Lease Co. Ltd.		91		5,057
GLP J-Reit		4		4,147
GMO Internet Group, Inc.		290		5,016
GOLDWIN, Inc.		90		4,711
GS Yuasa Corp.		296		4,515
GungHo Online Entertainment, Inc.		325		4,817
H.U. Group Holdings, Inc.		265		4,939
Hachijuni Bank Ltd. (The)(a)		1,574		5,020
Hankyu Hanshin Holdings, Inc.		180		5,347
Haseko Corp.		470		4,844
Heiwa Corp.		355		5,732
Hirogin Holdings, Inc.		1,228		5,065
Hirose Electric Co. Ltd.		38		4,937
Hisamitsu Pharmaceutical Co., Inc.		222		5,481
Hitachi Ltd.		108		4,912
Hitachi Metals Ltd.(b)		82		1,198
Hitachi Transport System Ltd.		86		5,144
Honda Motor Co. Ltd.		202		4,584
Hoshizaki Corp.		181		5,194
House Foods Group, Inc.		254		4,756
Hulic Co. Ltd.		710		5,159
Industrial & Infrastructure Fund Investment Corp.		4		4,225
Information Services International-Dentsu Ltd.		165		5,057
Inpex Corp.		469		4,790
Isetan Mitsukoshi Holdings Ltd.		683		6,066
Isuzu Motors Ltd.		435		5,104
Ito En Ltd.(a)		123		4,345
ITOCHU Corp.(a)		196		5,076
Itoham Yonekyu Holdings, Inc.		1,117		4,998
Iyogin Holdings, Inc.		1,161		5,444
Izumi Co. Ltd.		250		5,044
Japan Hotel REIT Investment Corp.		11		5,795
Japan Logistics Fund, Inc.		2		4,286
Japan Metropolitan Fund Investment Corp.		7		5,157
Japan Post Bank Co. Ltd.		742		4,942
Japan Post Holdings Co. Ltd.		783		5,266
Japan Post Insurance Co. Ltd.(a)		353		5,218
Japan Prime Realty Investment Corp.		2		5,429
Japan Real Estate Investment Corp.		1		4,191
Japan Steel Works Ltd. (The)		251		5,193
Japan Tobacco, Inc.		319		5,288
JCR Pharmaceuticals Co. Ltd.		346		5,156
Jeol Ltd.		133		4,886
JGC Holdings Corp.		399		4,811
JSR Corp.(a)		240		4,576
JTEKT Corp.		764		5,397

	Shares		Value
Japan-(continued)
JustSystems Corp.		213	$	4,500
Kagome Co. Ltd.		245		4,902
Kajima Corp.		512		4,826
Kaken Pharmaceutical Co. Ltd.		194		4,966
Kamigumi Co. Ltd.		276		5,251
Kandenko Co. Ltd.		897		5,045
Kansai Electric Power Co., Inc. (The)		559		4,239
Kansai Paint Co. Ltd.		350		4,568
Kao Corp.		124		4,664
KDDI Corp.		176		5,204
Keihan Holdings Co. Ltd.		213		5,481
Keikyu Corp.		525		5,394
Keio Corp.		141		4,952
Keisei Electric Railway Co. Ltd.		193		5,129
Kenedix Office Investment Corp.		2		4,555
Kewpie Corp.		328		5,184
Kinden Corp.		511		5,205
Kintetsu Group Holdings Co. Ltd.		159		5,381
Kirin Holdings Co. Ltd.		328		4,832
Kobayashi Pharmaceutical Co. Ltd.		95		5,049
Kobe Bussan Co. Ltd.		211		4,592
Kobe Steel Ltd.		1,183		4,855
Koito Manufacturing Co. Ltd.		314		4,466
Kokuyo Co. Ltd.		418		5,191
Komatsu Ltd.		257		4,924
Konami Group Corp.		106		4,657
Kose Corp.		57		5,702
K’s Holdings Corp.		586		4,597
Kuraray Co. Ltd.		709		4,880
Kurita Water Industries Ltd.		138		5,069
Kusuri no Aoki Holdings Co. Ltd.		122		5,893
Kyocera Corp.		97		4,856
Kyushu Financial Group, Inc.		1,975		4,996
Kyushu Railway Co.		256		5,356
LaSalle Logiport REIT(b)		4		4,271
Lawson, Inc.		163		5,209
Lintec Corp.		323		4,850
Lion Corp.		462		4,675
Lixil Corp.		309		4,680
Mabuchi Motor Co. Ltd.		190		5,164
Makita Corp.		228		4,172
Mani, Inc.		429		6,263
Marui Group Co. Ltd.		300		4,953
Maruichi Steel Tube Ltd.		253		4,785
Matsui Securities Co. Ltd.(a)		948		5,051
MatsukiyoCocokara & Co.		136		4,959
Mazda Motor Corp.		611		4,123
Mebuki Financial Group, Inc.		2,819		5,481
Medipal Holdings Corp.		395		4,903
MEIJI Holdings Co. Ltd.		114		4,694
Menicon Co. Ltd.		223		3,821
Mitsubishi Chemical Group Corp.		1,027		4,644
Mitsubishi Electric Corp.		531		4,680
Mitsubishi Estate Co. Ltd.		400		5,041
Mitsubishi HC Capital, Inc.		1,113		4,777
Mitsubishi Heavy Industries Ltd.		140		4,823
Mitsubishi Materials Corp.		362		4,739
Mitsubishi Motors Corp.(b)		1,346		4,528
Mitsubishi UFJ Financial Group, Inc.		1,044		4,913
Mitsui & Co. Ltd.		230		5,096

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

 22 

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

October 31, 2022

	Shares		Value
Japan-(continued)
Mitsui Fudosan Co. Ltd.		267	$	5,119
Mitsui Fudosan Logistics Park, Inc.		1		3,317
Mitsui Mining & Smelting Co. Ltd.		228		4,617
Mizuho Financial Group, Inc.		472		5,100
Mori Hills REIT Investment Corp.		5		5,473
Morinaga & Co. Ltd.		189		4,730
Morinaga Milk Industry Co. Ltd.		176		4,997
MS&AD Insurance Group Holdings, Inc.		181		4,799
Nagase & Co. Ltd.		375		5,117
Nagoya Railroad Co. Ltd.		349		5,349
Nankai Electric Railway Co. Ltd.		271		5,488
NEC Networks & System Integration Corp.		432		4,633
NET One Systems Co. Ltd.		243		5,003
Nexon Co. Ltd.		270		4,536
NGK Spark Plug Co. Ltd.		263		4,795
NH Foods Ltd.		189		4,508
NHK Spring Co. Ltd.		796		4,413
Nichirei Corp.		302		4,702
Nihon Kohden Corp.		236		5,295
Nintendo Co. Ltd.		130		5,309
Nippon Accommodations Fund, Inc.		1		4,259
Nippon Building Fund, Inc.		1		4,447
Nippon Electric Glass Co. Ltd.		286		4,961
Nippon Kayaku Co. Ltd.		619		4,923
Nippon Paint Holdings Co. Ltd.		693		4,429
Nippon Prologis REIT, Inc.		2		4,191
Nippon Shokubai Co. Ltd.		136		4,886
Nippon Telegraph & Telephone Corp.		200		5,509
Nippon Television Holdings, Inc.		635		4,742
Nipro Corp.		662		4,997
Nishi-Nippon Railroad Co. Ltd.		260		5,106
Nissan Motor Co. Ltd.		1,369		4,369
Nisshin Seifun Group, Inc.		479		5,182
Nissin Foods Holdings Co. Ltd.		76		4,924
Nitori Holdings Co. Ltd.		56		5,099
Nitto Denko Corp.		87		4,583
Noevir Holdings Co. Ltd.		130		4,810
NOK Corp.		605		4,950
Nomura Holdings, Inc.		1,494		4,843
Nomura Real Estate Holdings, Inc.		220		4,981
Nomura Real Estate Master Fund, Inc.		4		4,562
NSK Ltd.		993		5,251
Obayashi Corp.		779		5,005
OBIC Business Consultants Co. Ltd.		149		4,291
Odakyu Electric Railway Co. Ltd.		394		4,689
Oji Holdings Corp.		1,351		4,690
Olympus Corp.		250		5,281
Ono Pharmaceutical Co. Ltd.		226		5,316
ORIX JREIT, Inc.		4		5,369
Osaka Gas Co. Ltd.		321		4,756
OSG Corp.		390		4,967
Pan Pacific International Holdings Corp.		300		4,927
Panasonic Holdings Corp.		664		4,755
Penta-Ocean Construction Co. Ltd.		1,021		5,083
Pigeon Corp.		361		4,731
Pola Orbis Holdings, Inc.		486		5,379
Relo Group, Inc.		334		4,723
Renesas Electronics Corp.(b)		568		4,763
Rengo Co. Ltd.		916		5,084
RENOVA, Inc.(a)(b)		247		5,434

	Shares		Value
Japan-(continued)
Resona Holdings, Inc.		1,469		$        5,532
Resorttrust, Inc.		336		5,177
Rohm Co. Ltd.		72		5,072
Rohto Pharmaceutical Co. Ltd.		179		5,570
Sankyo Co. Ltd.		184		6,084
Sanrio Co. Ltd.		205		5,469
Santen Pharmaceutical Co. Ltd.		748		5,123
Sanwa Holdings Corp.		543		4,683
SBI Holdings, Inc.		274		4,955
Secom Co. Ltd.		84		4,799
Sega Sammy Holdings, Inc.		363		4,652
Seibu Holdings, Inc.		532		4,768
Seino Holdings Co. Ltd.		678		5,218
Sekisui Chemical Co. Ltd.		395		4,943
Sekisui House REIT, Inc.(a)		9		4,850
Seven & i Holdings Co. Ltd.		136		5,082
Seven Bank Ltd.(a)		2,851		5,141
Sharp Corp.(a)		750		4,496
SHIFT, Inc.(b)		37		5,803
Shimamura Co. Ltd.		60		4,856
Shimizu Corp.		982		4,909
Shinsei Bank Ltd.(a)		384		5,710
Ship Healthcare Holdings, Inc.		287		5,505
Shiseido Co. Ltd.		142		4,925
Shizuoka Financial Group, Inc.		934		5,894
SHO-BOND Holdings Co. Ltd.		125		5,416
Shochiku Co. Ltd.(b)		61		4,847
Skylark Holdings Co. Ltd.(b)		491		5,242
SoftBank Corp.(a)		492		4,851
Sohgo Security Services Co. Ltd.		208		5,192
Sompo Holdings, Inc.		126		5,250
Sotetsu Holdings, Inc.		313		4,744
Square Enix Holdings Co. Ltd.		124		5,539
Stanley Electric Co. Ltd.		291		4,949
Subaru Corp.		297		4,627
Sugi Holdings Co. Ltd.		127		5,101
SUMCO Corp.		394		5,007
Sumitomo Chemical Co. Ltd.		1,368		4,611
Sumitomo Corp.		383		4,884
Sumitomo Electric Industries Ltd.		470		4,914
Sumitomo Forestry Co. Ltd.		317		4,969
Sumitomo Heavy Industries Ltd.		256		4,862
Sumitomo Metal Mining Co. Ltd.		171		4,811
Sumitomo Mitsui Financial Group, Inc.		179		5,026
Sumitomo Mitsui Trust Holdings, Inc.		174		5,007
Sumitomo Realty & Development Co. Ltd.		220		5,055
Sumitomo Rubber Industries Ltd.		627		5,383
Sundrug Co. Ltd.		221		5,145
Suntory Beverage & Food Ltd.		148		4,959
Suzuken Co. Ltd.		226		5,033
Suzuki Motor Corp.		154		5,201
Taiheiyo Cement Corp.		360		4,895
Taisei Corp.		178		4,856
Taisho Pharmaceutical Holdings Co. Ltd.		145		5,229
Takeda Pharmaceutical Co. Ltd.		195		5,140
TBS Holdings, Inc.		465		4,821
TDK Corp.		153		4,792
Teijin Ltd.		510		4,632
THK Co. Ltd.		264		4,614
TIS, Inc.		189		5,105

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

 23 

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

October 31, 2022

	Shares		Value
Japan-(continued)
Tobu Railway Co. Ltd.		228	$	5,277
Toda Corp.(a)		1,094		5,469
Toho Co. Ltd.		142		5,063
Toho Gas Co. Ltd.		241		4,499
Tokio Marine Holdings, Inc.		291		5,268
Tokyo Century Corp.		151		5,151
Tokyo Gas Co. Ltd.		288		5,148
Tokyo Ohka Kogyo Co. Ltd.		109		4,708
Tokyo Tatemono Co. Ltd.		359		4,949
Tokyu Corp.		454		5,241
Toppan, Inc.		343		5,121
Toray Industries, Inc.		942		4,592
Toshiba Corp.		146		5,089
Toshiba TEC Corp.		181		4,694
Toyo Seikan Group Holdings Ltd.		454		5,196
Toyo Suisan Kaisha Ltd.		132		4,956
Toyoda Gosei Co. Ltd.		310		4,956
Toyota Boshoku Corp.		370		4,715
Toyota Industries Corp.		96		4,947
Toyota Motor Corp.		358		4,960
TS Tech Co. Ltd.		481		5,032
Tsumura & Co.		236		4,930
Tsuruha Holdings, Inc.		97		5,645
UBE Corp.		366		4,720
United Urban Investment Corp.		5		5,288
Ushio, Inc.		442		4,597
Yakult Honsha Co. Ltd.		91		5,045
Yamada Holdings Co. Ltd.		1,561		5,031
Yamato Holdings Co. Ltd.		345		5,116
Yamato Kogyo Co. Ltd.		152		4,418
Yamazaki Baking Co. Ltd.		459		4,678
Yaoko Co. Ltd.		116		5,049
Z Holdings Corp.		1,813		4,691
Zenkoku Hosho Co. Ltd.(a)		163		5,385
Zensho Holdings Co. Ltd.		206		5,142
				1,630,328
Luxembourg-0.33%
Eurofins Scientific SE(a)		78		4,994
L’Occitane International S.A.		1,722		4,234
RTL Group S.A.(a)		146		4,955
				14,183
Mexico-0.13%
Fresnillo PLC(a)		678		5,691
Netherlands-2.32%
Aalberts N.V.		148		5,146
ABN AMRO Bank N.V., CVA(a)(c)		564		5,550
Aegon N.V.		1,208		5,594
Akzo Nobel N.V.		86		5,307
ASR Nederland N.V.		133		5,861
CTP N.V.(c)		398		4,130
Euronext N.V.(c)		73		4,639
Heineken Holding N.V.		76		5,191
Heineken N.V.		60		5,017
ING Groep N.V.		616		6,060
JDE Peet’s N.V.		176		5,041
Koninklijke Ahold Delhaize N.V.		197		5,501
Koninklijke KPN N.V.		1,703		4,765
Koninklijke Philips N.V.(a)		324		4,105

	Shares		Value
Netherlands-(continued)
NN Group N.V.		132	$	5,590
OCI N.V.		144		5,511
Randstad N.V.(a)		116		5,783
Shell PLC		204		5,646
Wolters Kluwer N.V.		55		5,846
				100,283
New Zealand-1.15%
a2 Milk Co. Ltd. (The)(b)		1,421		4,788
Auckland International Airport Ltd.(b)		1,171		5,238
Contact Energy Ltd.		1,124		4,930
Fletcher Building Ltd.		1,581		4,721
Infratil Ltd.		978		4,966
Kiwi Property Group Ltd., (Acquired 03/18/2022; Cost $6,560)(d)		8,681		4,564
Mainfreight Ltd.		119		5,257
Mercury NZ Ltd.		1,527		5,163
Meridian Energy Ltd.		1,769		5,015
Spark New Zealand Ltd.		1,634		4,861
				49,503
Norway-0.92%
DNB Bank ASA		284		5,026
Gjensidige Forsikring ASA		267		4,877
Kongsberg Gruppen ASA		158		5,662
Leroy Seafood Group ASA		809		3,720
Mowi ASA		264		3,937
Nordic Semiconductor ASA(b)		352		4,974
Orkla ASA		646		4,359
Salmar ASA		82		2,778
Telenor ASA		494		4,490
				39,823
Poland-0.85%
Allegro.eu S.A.(a)(b)(c)		1,027		4,994
Dino Polska S.A.(b)(c)		74		4,842
KGHM Polska Miedz S.A.		288		5,774
Polski Koncern Naftowy ORLEN S.A.		852		9,807
Powszechny Zaklad Ubezpieczen S.A.		905		5,083
Santander Bank Polska S.A.(a)		119		6,340
				36,840
Portugal-0.35%
EDP-Energias de Portugal S.A.		1,134		4,959
Galp Energia SGPS S.A.(a)		500		5,078
Jeronimo Martins SGPS S.A.		244		5,060
				15,097
Singapore-2.89%
CapitaLand Ascendas REIT		2,686		4,973
CapitaLand Ascott Trust		6,948		4,689
CapitaLand Integrated Commercial Trust		3,659		4,861
CapitaLand Investment Ltd.		2,052		4,365
City Developments Ltd.		932		5,025
ComfortDelGro Corp. Ltd.		5,371		4,820
Frasers Logistics & Commercial Trust(c)		5,569		4,329
Genting Singapore Ltd.		9,773		5,560
Jardine Cycle & Carriage Ltd.		230		4,834
Kenon Holdings Ltd.		133		5,120
Keppel Corp. Ltd.		1,042		5,132
Keppel DC REIT		3,904		4,856
Keppel REIT		7,013		4,435

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

 24 

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

October 31, 2022

	Shares		Value
Singapore-(continued)
Mapletree Industrial Trust		2,994	$	4,655
Mapletree Logistics Trust(a)		4,535		4,871
Mapletree Pan Asia Commercial Trust		4,116		4,625
NetLink NBN Trust(c)		8,100		4,894
SIA Engineering Co. Ltd.(a)(b)		3,054		4,662
Singapore Exchange Ltd.		798		4,748
Singapore Post Ltd.		13,058		4,983
Singapore Technologies Engineering Ltd.		2,030		4,734
Singapore Telecommunications Ltd.		2,891		5,107
StarHub Ltd.		6,157		4,656
Suntec REIT		4,793		4,369
UOL Group Ltd.		1,094		4,785
Venture Corp. Ltd.		414		4,660
				124,748
South Korea-9.08%
Amorepacific Group		208		3,607
BGF retail Co. Ltd.		45		5,892
BNK Financial Group, Inc.		1,082		4,869
Celltrion Healthcare Co. Ltd.		101		4,928
Celltrion, Inc.		38		5,122
Cheil Worldwide, Inc.		332		5,699
CJ CheilJedang Corp.		17		4,941
CJ CheilJedang Corp., Preference Shares		3		348
CJ Corp.		93		4,688
CJ Logistics Corp.(b)		61		3,764
Coway Co. Ltd.		114		4,426
Daewoo Engineering & Construction Co. Ltd.(b)		1,396		4,121
DB Insurance Co. Ltd.		122		4,822
DGB Financial Group, Inc.		975		4,648
DL Holdings Co. Ltd.		109		4,706
Dongsuh Cos., Inc.		297		4,253
Ecopro BM Co. Ltd.		65		5,252
E-MART, Inc.		74		4,395
GS Holdings Corp.		158		5,102
GS Retail Co. Ltd.		286		5,100
Hana Financial Group, Inc.		185		5,357
Hanjin Kal Corp.(b)		138		3,856
Hankook Tire & Technology Co. Ltd.		191		4,901
Hanmi Pharm Co. Ltd.		24		4,263
Hanssem Co. Ltd.		135		3,549
Hanwha Corp.		179		3,192
Hanwha Corp., 3rd Preference Shares		98		963
Hanwha Life Insurance Co. Ltd.		3,143		4,821
HD Hyundai Co. Ltd.		115		4,917
Hite Jinro Co. Ltd.		238		4,286
Hotel Shilla Co. Ltd.		98		4,472
Hyundai Department Store Co. Ltd.		117		4,444
Hyundai Engineering & Construction Co. Ltd.		151		3,700
Hyundai Marine & Fire Insurance Co. Ltd.		231		5,400
Hyundai Motor Co.		31		3,580
Hyundai Motor Co., First Pfd.		5		275
Hyundai Motor Co., Second Pfd.		8		448
Industrial Bank of Korea		759		5,568
Kakao Games Corp.(b)		138		3,832
Kangwon Land, Inc.(b)		273		4,408
KB Financial Group, Inc.		147		4,959
KEPCO Plant Service & Engineering Co. Ltd.		176		3,941
Kia Corp.		90		4,189
Korea Aerospace Industries Ltd.		119		3,956

	Shares		Value
South Korea-(continued)
Korea Gas Corp.		167	$	4,080
Korea Zinc Co. Ltd.		11		4,942
Korean Air Lines Co. Ltd.(b)		270		4,378
KT&G Corp.		87		5,845
Kumho Petrochemical Co. Ltd.		56		5,150
L&F Co. Ltd.(b)		32		5,054
LG Chem Ltd.		11		4,834
LG Chem Ltd., Preference Shares		2		406
LG Corp.		89		4,948
LG Innotek Co. Ltd.		21		4,371
LG Uplus Corp.		631		5,072
LOTTE Chemical Corp.		41		4,260
LOTTE Chilsung Beverage Co. Ltd.		47		4,636
LOTTE Corp.		175		4,005
LOTTE Fine Chemical Co. Ltd.		103		4,056
LS Corp.		108		5,042
Mirae Asset Securities Co. Ltd.		847		3,776
Mirae Asset Securities Co. Ltd., Second Pfd.		442		1,123
NCSoft Corp.		19		5,202
NHN Corp.(b)		286		4,608
NongShim Co. Ltd.		24		5,088
OCI Co. Ltd.		62		4,440
Orion Corp.		74		5,273
Ottogi Corp.		15		4,649
S-1 Corp.		125		5,476
Samsung Biologics Co. Ltd.(b)(c)		9		5,541
Samsung C&T Corp.		60		4,991
Samsung Card Co. Ltd.		232		5,033
Samsung Electronics Co. Ltd.		122		5,087
Samsung Fire & Marine Insurance Co. Ltd.		35		4,914
Samsung Fire & Marine Insurance Co. Ltd., Preference Shares		3		337
Samsung Life Insurance Co. Ltd.		117		5,536
Samsung SDI Co. Ltd.		12		6,209
Samsung SDI Co. Ltd., Preference Shares		1		239
Samsung SDS Co. Ltd.		57		5,002
Seegene, Inc.		230		4,634
Shinhan Financial Group Co. Ltd.		198		5,046
SK Networks Co. Ltd.		1,599		4,524
SK Telecom Co. Ltd.		139		4,889
SK, Inc.		31		4,657
SKC Co. Ltd.		60		4,360
S-Oil Corp.		72		4,367
Solus Advanced Materials Co. Ltd.		174		4,104
SSANGYONG C&E Co. Ltd.		1,063		4,239
Wemade Co. Ltd.		117		3,643
Woori Financial Group, Inc.		595		4,908
Yuhan Corp.		128		5,373
				392,307
Spain-1.95%
Acciona S.A.		28		5,040
ACS Actividades de Construccion y Servicios S.A.(a)		243		6,232
Aena SME S.A.(b)(c)		44		5,182
Amadeus IT Group S.A.(b)		103		5,369
Bankinter S.A.		1,058		6,395
CaixaBank S.A.		1,797		5,955
Enagas S.A.		297		4,821
Endesa S.A.		316		5,274

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

 25 

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

October 31, 2022

	Shares		Value
Spain-(continued)
Ferrovial S.A.		216	$	5,275
Grifols S.A., Class B, Preference Shares(b)		688		4,291
Mapfre S.A.(a)		3,266		5,601
Merlin Properties SOCIMI S.A.		592		5,014
Naturgy Energy Group S.A.		196		5,029
Red Electrica Corp. S.A.		296		4,783
Repsol S.A.		416		5,651
Telefonica S.A.		1,312		4,519
				84,431
Sweden-2.73%
Assa Abloy AB, Class B		266		5,368
Atlas Copco AB, Class A		531		5,672
Axfood AB		180		4,453
Boliden AB		168		4,889
Electrolux AB, Class B(a)		427		5,265
Essity AB, Class B		243		5,132
H & M Hennes & Mauritz AB, Class B(a)		520		5,233
Holmen AB, Class B		126		4,568
Saab AB, Class B		162		5,720
Securitas AB, Class B(a)		753		6,156
Skandinaviska Enskilda Banken AB, Class A		533		5,619
Skandinaviska Enskilda Banken AB, Class C		8		91
Skanska AB, Class B		365		5,675
SKF AB, Class B(a)		360		5,206
Svenska Cellulosa AB S.C.A., Class A		13		157
Svenska Cellulosa AB S.C.A., Class B		347		4,092
Svenska Handelsbanken AB, Class A		642		5,964
Svenska Handelsbanken AB, Class B		15		164
Sweco AB, Class B		573		4,304
Swedbank AB, Class A		417		6,213
Swedish Match AB		539		5,541
Swedish Orphan Biovitrum AB, Class B(b)		245		4,507
Tele2 AB, Class B		508		4,161
Telefonaktiebolaget LM Ericsson, Class A		9		53
Telefonaktiebolaget LM Ericsson, Class B		713		3,962
Telia Co. AB(a)		1,536		4,066
Volvo AB, Class A		41		700
Volvo AB, Class B		298		4,876
				117,807
Switzerland-2.85%
Adecco Group AG(a)		179		5,606
Alcon, Inc.		86		5,237
Baloise Holding AG		39		5,331
Banque Cantonale Vaudoise		59		5,253
Barry Callebaut AG		3		5,678
BKW AG		47		5,485
Cie Financiere Richemont S.A.		50		4,893
Clariant AG(b)		315		5,071
DKSH Holding AG		76		5,479
Emmi AG		6		4,790
Flughafen Zurich AG(b)		33		5,124
Helvetia Holding AG		51		5,066
Holcim AG		128		5,817
Julius Baer Group Ltd.		117		5,608
Logitech International S.A., Class R(a)		114		5,679
Novartis AG		70		5,659
PSP Swiss Property AG		50		5,346
Swatch Group AG (The)		32		1,338
Swatch Group AG (The), BR(a)		18		4,054

	Shares		Value
Switzerland-(continued)
Swiss Life Holding AG		11	$	5,330
Swiss Prime Site AG		66		5,329
Swisscom AG		11		5,433
UBS Group AG		355		5,637
Zurich Insurance Group AG		12		5,124
				123,367
Taiwan-0.10%
FIT Hon Teng Ltd.(b)(c)		36,419		4,268
United Kingdom-3.08%
Admiral Group PLC		226		5,248
Associated British Foods PLC		306		4,755
Auto Trader Group PLC(c)		716		4,300
BAE Systems PLC		601		5,635
British American Tobacco PLC		135		5,337
BT Group PLC		3,096		4,627
Bunzl PLC		163		5,332
ConvaTec Group PLC(c)		2,144		5,381
Diageo PLC		124		5,137
Direct Line Insurance Group PLC		2,266		5,265
Dr. Martens PLC		1,972		5,649
HomeServe PLC		393		5,366
HSBC Holdings PLC		882		4,542
Imperial Brands PLC		246		6,016
London Stock Exchange Group PLC		58		5,053
Melrose Industries PLC		3,418		4,600
Pearson PLC		541		5,982
Pennon Group PLC		500		4,821
Reckitt Benckiser Group PLC		70		4,658
RELX PLC		206		5,552
Rentokil Initial PLC		895		5,610
Rightmove PLC		768		4,349
Tate & Lyle PLC		611		4,931
Tesco PLC		1,876		4,646
Unilever PLC		119		5,446
Vodafone Group PLC		4,033		4,720
				132,958
United States-1.56%
Amcor PLC, CDI		444		5,136
Computershare Ltd.		321		5,187
GSK PLC		338		5,560
JS Global Lifestyle Co. Ltd.(c)		4,567		3,677
Nestle S.A		48		5,230
Oracle Corp.		90		4,808
QIAGEN N.V.(b)		119		5,140
Roche Holding AG		18		5,982
Samsonite International S.A.(b)(c)		2,215		4,763
Signify N.V.		190		5,269
Swiss Re AG		73		5,427
Tenaris S.A.		393		6,100
Waste Connections, Inc.		40		5,273
				67,552
Total Common Stocks & Other Equity Interests (Cost $5,163,489)				4,263,232

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

 26 

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

October 31, 2022

	Shares		Value
Money Market Funds-0.11%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(e)(f) (Cost $4,856)		4,856	$	4,856
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.75% (Cost $5,168,345)				4,268,088
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-7.04%
Invesco Private Government Fund, 3.18%(e)(f)(g)		85,186		85,186

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 3.28%(e)(f)(g)		218,993	$	218,993
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $304,183)				304,179
TOTAL INVESTMENTS IN SECURITIES-105.79% (Cost $5,472,528)				4,572,267
OTHER ASSETS LESS LIABILITIES-(5.79)%				(250,047	)
NET ASSETS-100.00%			$	4,322,220

Investment Abbreviations:

BR-Bearer Shares

CDI-CREST Depository Interest

CVA-Dutch Certificates

Pfd.-Preferred

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a) All or a portion of this security was out on loan at October 31, 2022.

^(b) Non-income producing security.

^(c) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $128,119, which represented 2.96% of the Fund’s Net Assets.

^(d) Restricted security. The value of this security at October 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 October 31, 2022.

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	479,985		$	(475,129	)		$	-			$	-			$	4,856		$	85
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			112,402			935,723			(962,939	)			-				-				85,186			1,223	*
Invesco Private Prime Fund			262,272			2,020,847			(2,063,949	)			(4	)			(173	)			218,993			3,349	*
Total		$	374,674		$	3,436,555		$	(3,502,017	)		$	(4	)		$	(173	)		$	309,035		$	4,657

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

^(f) The rate shown is the 7-day SEC standardized yield as of October 31, 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 2J.

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

 27 

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

October 31, 2022

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.85%
Brazil-4.54%
BB Seguridade Participacoes S.A.		710,400	$	4,019,587
Energisa S.A.		456,200		4,215,758
ENGIE Brasil Energia S.A.		757,900		5,809,279
Equatorial Energia S.A.		892,600		5,108,348
Itau Unibanco Holding S.A., Preference Shares		750,400		4,347,451
Itausa S.A., Preference Shares		2,455,900		5,026,703
Neoenergia S.A.		1,206,100		3,813,273
Telefonica Brasil S.A.		565,500		4,452,009
TIM S.A.		1,686,500		4,242,565
				41,034,973
Chile-0.36%
Enel Americas S.A.		33,194,129		3,287,707
China-5.43%
Agricultural Bank of China Ltd., H Shares		17,602,897		5,023,088
Bank of China Ltd., H Shares		17,801,184		5,737,306
Bank of Communications Co. Ltd., H Shares		8,130,608		3,966,984
China CITIC Bank Corp. Ltd., H Shares		11,543,246		4,352,696
China Construction Bank Corp., H Shares		8,787,027		4,667,847
China Life Insurance Co. Ltd., H Shares		2,739,813		2,984,185
China Petroleum & Chemical Corp., H Shares		8,437,735		3,332,163
China Tower Corp. Ltd., H Shares(a)		32,256,471		2,917,520
Haitong Securities Co. Ltd., H Shares		6,326,145		3,094,632
Hengan International Group Co. Ltd.		897,795		3,482,596
Industrial & Commercial Bank of China Ltd., H  Shares		11,612,092		5,044,330
People’s Insurance Co. Group of China Ltd. (The), H Shares		16,467,538		4,552,260
				49,155,607
Greece-0.40%
OPAP S.A		296,864		3,638,231
India-0.45%
Dr. Reddy’s Laboratories Ltd., ADR(b)		73,563		4,062,116
Indonesia-2.75%
PT Bank Central Asia Tbk		7,694,601		4,341,240
PT Bank Rakyat Indonesia (Persero) Tbk		13,089,091		3,902,181
PT Indofood CBP Sukses Makmur Tbk		6,797,845		4,238,438
PT Indofood Sukses Makmur Tbk		10,441,384		4,317,803
PT Kalbe Farma Tbk		34,094,290		4,481,058
PT Telkom Indonesia (Persero) Tbk		12,661,901		3,563,760
				24,844,480
Kuwait-3.69%
Agility Public Warehousing Co. KSC		1,541,729		3,902,229
Boubyan Bank KSCP		1,902,062		5,059,884
Gulf Bank KSCP		3,982,757		4,410,285
Kuwait Finance House KSCP		1,908,785		4,991,496
Mobile Telecommunications Co. KSCP		3,514,090		6,795,609
National Bank of Kuwait SAKP		2,356,995		8,202,875
				33,362,378
Malaysia-8.34%
AMMB Holdings Bhd.		4,524,400		3,913,874
CIMB Group Holdings Bhd.		3,988,000		4,656,041

	Shares		Value
Malaysia-(continued)
Genting Bhd.		4,188,800	$	3,933,645
Genting Malaysia Bhd.		7,104,600		4,117,302
Hong Leong Bank Bhd.		1,520,400		6,804,497
IHH Healthcare Bhd.		3,900,247		4,908,306
Malayan Banking Bhd.		4,482,692		8,144,316
MISC Bhd.		3,151,800		4,819,694
MR DIY Group M Bhd.(a)		9,234,800		3,945,494
Petronas Chemicals Group Bhd.		2,487,200		4,587,222
Public Bank Bhd.		6,687,200		6,322,289
RHB Bank Bhd.		4,357,300		5,271,522
Sime Darby Bhd.		9,414,900		4,480,441
Telekom Malaysia Bhd.		3,068,700		3,608,708
Tenaga Nasional Bhd.		3,300,772		5,878,278
				75,391,629
Mexico-3.43%
America Movil S.A.B. de C.V., Series L		4,724,573		4,537,968
Arca Continental S.A.B. de C.V.		621,257		5,164,933
Fomento Economico Mexicano S.A.B. de C.V., Series CPO(c)		642,443		4,680,835
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class  B		181,742		4,317,042
Grupo Elektra S.A.B. de C.V.(b)		91,214		4,644,896
Orbia Advance Corp. S.A.B. de C.V.		2,051,928		3,457,957
Sitios Latinoamerica S.A.B. de C.V.(b)(d)		20		6
Wal-Mart de Mexico S.A.B. de C.V., Series V		1,104,046		4,256,771
				31,060,408
Qatar-4.50%
Barwa Real Estate Co.		5,145,380		4,803,815
Commercial Bank P.S.Q.C. (The)		2,079,927		3,594,717
Industries Qatar Q.S.C.		773,130		3,347,912
Masraf Al Rayan Q.S.C.		3,235,673		3,409,151
Ooredoo Q.P.S.C.		2,136,061		5,730,574
Qatar Fuel Q.S.C.		1,128,636		5,913,194
Qatar Gas Transport Co. Ltd.		4,789,498		5,392,172
Qatar Islamic Bank (S.A.Q)		653,070		4,373,825
Qatar National Bank Q.P.S.C.		752,061		4,117,827
				40,683,187
Romania-0.51%
NEPI Rockcastle N.V.		913,622		4,598,560
Russia-0.00%
Mobile TeleSystems PJSC, ADR(d)(e)		206,291		0
X5 Retail Group N.V., GDR(a)(e)		51,546		0
				—
Saudi Arabia-4.68%
Advanced Petrochemical Co.		323,812		3,817,613
Almarai Co. JSC		329,075		4,930,586
Dr Sulaiman Al Habib Medical Services Group Co.		76,083		4,588,204
Jarir Marketing Co.		101,938		4,449,131
Saudi Arabian Oil Co.(a)		474,008		4,402,570
Saudi Basic Industries Corp.		163,285		3,841,438
Saudi National Bank (The)		228,374		3,610,176
Saudi Telecom Co.		487,142		5,237,598

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

 28 

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

October 31, 2022

	Shares		Value
Saudi Arabia-(continued)
Savola Group (The)		498,716	$	3,888,805
Yanbu National Petrochemical Co., Class A		301,865		3,591,001
				42,357,122
South Africa-3.42%
Bidvest Group Ltd. (The)		300,174		3,528,874
Capitec Bank Holdings Ltd.		34,205		3,537,423
Clicks Group Ltd.		229,722		3,956,123
Growthpoint Properties Ltd.(b)		5,334,869		3,759,301
MultiChoice Group		644,056		4,206,559
Remgro Ltd.		511,696		3,806,500
Shoprite Holdings Ltd.		305,629		3,889,899
Vodacom Group Ltd.		619,508		4,224,217
				30,908,896
South Korea-8.89%
BNK Financial Group, Inc.		921,877		4,148,430
Cheil Worldwide, Inc.		236,409		4,057,847
GS Holdings Corp.		117,621		3,798,354
GS Retail Co. Ltd.(b)		212,963		3,797,438
Hyundai Motor Co.		27,348		3,158,234
Industrial Bank of Korea		717,143		5,261,079
Kangwon Land, Inc.(d)		211,169		3,409,658
KT&G Corp.		146,862		9,866,751
LG Uplus Corp.		581,654		4,675,445
LOTTE Corp.		137,766		3,152,916
Mirae Asset Securities Co. Ltd.		854,260		3,808,172
NH Investment & Securities Co. Ltd.		712,926		4,489,414
Samsung Electronics Co. Ltd.		119,718		4,992,277
Samsung Life Insurance Co. Ltd.		91,213		4,315,881
Samsung Securities Co. Ltd.		178,040		3,968,388
Shinhan Financial Group Co. Ltd.		179,659		4,578,344
SSANGYONG C&E Co. Ltd.(b)		1,035,932		4,130,783
Yuhan Corp.		114,026		4,786,939
				80,396,350
Taiwan-26.95%
Asia Cement Corp.		4,134,000		4,785,420
Asustek Computer, Inc.		524,000		3,837,815
Catcher Technology Co. Ltd.		787,000		4,139,856
Cathay Financial Holding Co. Ltd.		3,065,000		3,595,531
Chang Hwa Commercial Bank Ltd.		11,928,009		6,144,928
Cheng Shin Rubber Industry Co. Ltd.		4,495,000		4,505,811
Chicony Electronics Co. Ltd.		2,007,000		4,989,082
China Steel Corp.		4,203,000		3,502,228
Chunghwa Telecom Co. Ltd.		1,938,222		6,676,783
Compal Electronics, Inc.		7,369,000		4,825,383
CTBC Financial Holding Co. Ltd.		5,939,053		3,760,003
E.Sun Financial Holding Co. Ltd.		5,781,937		4,162,959
Far Eastern New Century Corp.		5,950,000		5,936,613
Far EasTone Telecommunications Co. Ltd.		2,587,993		5,678,365
First Financial Holding Co. Ltd.		6,991,737		5,370,331
Formosa Chemicals & Fibre Corp.		2,788,095		6,013,581
Formosa Petrochemical Corp.		1,942,000		5,002,281
Formosa Plastics Corp.		1,469,000		3,788,468
Foxconn Technology Co. Ltd.		2,792,000		3,916,468
Fubon Financial Holding Co. Ltd.		2,397,950		3,795,343
Highwealth Construction Corp.		3,827,545		4,923,632
Hon Hai Precision Industry Co. Ltd.		1,463,000		4,653,813
Hotai Motor Co. Ltd.		217,000		3,932,904
Hua Nan Financial Holdings Co. Ltd.		7,647,167		4,995,667

	Shares		Value
Taiwan-(continued)
Inventec Corp.		7,979,000	$	6,041,977
King Yuan Electronics Co. Ltd.		3,386,000		3,436,177
Lite-On Technology Corp.		1,974,000		3,920,739
Mega Financial Holding Co. Ltd.		4,969,271		4,611,101
Nan Ya Plastics Corp.		1,875,930		3,976,290
Pegatron Corp.		2,223,000		4,070,355
Pou Chen Corp.		5,050,000		4,270,696
Powertech Technology, Inc.		1,759,000		4,072,353
President Chain Store Corp.		631,000		5,248,134
Qisda Corp.		4,454,000		3,393,458
Quanta Computer, Inc.		1,802,000		3,825,178
Radiant Opto-Electronics Corp.		1,548,000		4,727,231
Shanghai Commercial & Savings Bank Ltd. (The)		3,009,000		4,332,923
Shanghai Commercial & Savings Bank Ltd. (The), Rts., expiring 12/08/2022(d)		218,233		63,663
Shin Kong Financial Holding Co. Ltd.		14,223,000		3,531,197
SinoPac Financial Holdings Co. Ltd.		8,777,475		4,385,673
Synnex Technology International Corp.		2,213,264		3,612,932
Taishin Financial Holding Co. Ltd.		9,871,806		4,059,320
Taiwan Business Bank		10,794,746		4,003,327
Taiwan Cement Corp.		5,229,974		4,909,821
Taiwan Cooperative Financial Holding Co. Ltd.		6,478,080		5,026,053
Taiwan High Speed Rail Corp.		7,892,000		6,882,309
Taiwan Mobile Co. Ltd.		2,535,162		7,482,160
Taiwan Semiconductor Manufacturing Co. Ltd.		263,397		3,187,984
Teco Electric and Machinery Co. Ltd.		5,161,000		4,564,776
Tripod Technology Corp.		1,380,000		3,820,188
Uni-President Enterprises Corp.		2,952,181		6,001,020
Wistron Corp.		5,627,000		4,549,099
WPG Holdings Ltd.		3,287,937		4,484,594
Yuanta Financial Holding Co. Ltd.		7,028,930		4,297,305
				243,721,298
Thailand-19.82%
Advanced Info Service PCL, NVDR		843,371		4,232,366
Airports of Thailand PCL, NVDR(d)		2,701,688		5,252,888
Asset World Corp. PCL, NVDR		26,174,083		4,195,005
Bangkok Bank PCL, NVDR		1,326,324		5,070,419
Bangkok Commercial Asset Management PCL, NVDR		7,969,266		3,203,620
Bangkok Dusit Medical Services PCL, NVDR		5,784,260		4,483,333
Bangkok Expressway & Metro PCL, NVDR		21,588,102		5,331,796
Berli Jucker PCL, NVDR		4,433,017		3,989,249
BTS Group Holdings PCL, NVDR		22,399,625		4,884,837
Bumrungrad Hospital PCL, NVDR		691,796		4,126,056
Carabao Group PCL, NVDR		1,479,326		3,507,861
Central Pattana PCL, NVDR		2,179,142		3,936,311
Central Retail Corp. PCL, NVDR		3,704,988		4,088,531
Charoen Pokphand Foods PCL, NVDR		7,248,141		4,808,606
CP ALL PCL, NVDR		3,215,938		5,069,792
Electricity Generating PCL, NVDR		1,296,704		5,808,934
Global Power Synergy PCL, NVDR		2,346,960		3,823,214
Gulf Energy Development PCL, NVDR		2,775,965		3,683,296
Home Product Center PCL, NVDR		12,544,063		4,811,963
Intouch Holdings PCL, NVDR		2,326,874		4,401,864
IRPC PCL, NVDR		46,660,957		3,849,590
Kasikornbank PCL, NVDR		1,019,157		3,909,536

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

 29 

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

October 31, 2022

	Shares		Value
Thailand-(continued)
Krung Thai Bank PCL, NVDR		9,263,125	$	4,259,188
Krungthai Card PCL, NVDR		2,766,311		4,142,925
Land & Houses PCL, NVDR		23,356,877		5,645,908
Minor International PCL, NVDR(d)		4,646,775		3,449,065
Ngern Tid Lor PCL, NVDR		4,937,465		3,372,940
Osotspa PCL, NVDR		5,843,020		4,068,314
PTT Global Chemical PCL, NVDR		3,719,669		4,251,330
PTT Oil & Retail Business PCL, NVDR		6,512,231		4,123,615
PTT PCL, NVDR		4,989,641		4,719,576
Ratch Group PCL, NVDR		4,716,235		5,080,547
SCG Packaging PCL, NVDR		2,915,416		3,983,227
Siam Cement PCL (The), NVDR		732,966		6,239,648
Siam Global House PCL, NVDR		7,955,451		4,201,381
Thai Beverage PCL		12,382,341		5,031,338
Thai Union Group PCL, NVDR		9,206,687		4,354,187
Thai Union Group PCL, Rts., expiring 11/24/2022(d)(e)		258,289		0
Tisco Financial Group PCL, NVDR		2,882,863		7,271,541
TMBThanachart Bank PCL, NVDR		115,827,799		4,138,881
WHA Corp. PCL, NVDR		43,197,377		4,471,825
				179,274,503
United Arab Emirates-1.69%
Abu Dhabi National Oil Co. for Distribution PJSC		5,294,343		6,500,725

	Shares		Value
United Arab Emirates-(continued)
Aldar Properties PJSC		3,103,765	$	3,650,444
Dubai Islamic Bank PJSC		3,225,512		5,110,870
				15,262,039
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.85% (Cost $983,740,517)				903,039,484
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.30%
Invesco Private Government Fund, 3.18%(f)(g)(h)		3,288,267		3,288,267
Invesco Private Prime Fund, 3.28%(f)(g)(h)		8,453,393		8,453,393
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,741,671)				11,741,660
TOTAL INVESTMENTS IN SECURITIES-101.15% (Cost $995,482,188)				914,781,144
OTHER ASSETS LESS LIABILITIES-(1.15)%				(10,384,205	)
NET ASSETS-100.00%.			$	904,396,939

Investment Abbreviations:

ADR-American Depositary Receipt

CPO-Certificates of Ordinary Participation

GDR-Global Depositary Receipt

NVDR-Non-Voting Depositary Receipt

Rts.-Rights

Notes to Schedule of Investments:

^(a) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $11,265,584, which represented 1.25% of the Fund’s Net Assets.

^(b) All or a portion of this security was out on loan at October 31, 2022.

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

^(d) Non-income producing security.

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

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

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	9,266,939		$	270,393,250		$	(279,660,189	)		$	–		$	–		$	–		$	12,750

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

 30 

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

October 31, 2022

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	1,823,421		$	28,602,113		$	(27,137,267	)		$	–			$	–			$	3,288,267		$	25,628	*
Invesco Private Prime Fund			4,254,649			57,459,266			(53,259,460	)			(12	)			(1,050	)			8,453,393			67,942	*
Total		$	15,345,009		$	356,454,629		$	(360,056,916	)		$	(12	)		$	(1,050	)		$	11,741,660		$	106,320

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

^(g)  The rate shown is the 7-day SEC standardized yield as of October 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 2J.

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

 31

Invesco S&P Emerging Markets Momentum ETF (EEMO)

October 31, 2022

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-100.06%
Brazil-6.78%
BB Seguridade Participacoes S.A.		3,100	$	17,541
Cia de Saneamento Basico do Estado de Sao Paulo		1,100		12,599
Cia Energetica de Minas Gerais, Preference Shares		5,600		12,134
CPFL Energia S.A.		900		6,075
ENGIE Brasil Energia S.A.		1,000		7,665
Petroleo Brasileiro S.A.		21,300		135,011
Petroleo Brasileiro S.A., Preference Shares		25,400		144,299
				335,324
Chile-2.51%
Banco de Chile		147,343		13,471
Cia Sud Americana de Vapores S.A.		103,399		7,176
Quinenco S.A.		2,015		5,357
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares		1,030		98,000
				124,004
China-3.94%
Bank of China Ltd., H Shares		238,948		77,013
China Overseas Land & Investment Ltd.		12,000		22,900
China Railway Group Ltd., H Shares		15,132		6,573
China Shenhua Energy Co. Ltd., H Shares		15,200		39,986
PICC Property & Casualty Co. Ltd., H Shares		26,000		23,980
Shanghai Baosight Software Co. Ltd., B Shares		1,554		4,682
Yankuang Energy Group Co. Ltd., H Shares		6,883		19,378
				194,512
Czech Republic-0.73%
CEZ A.S.		1,100		35,970
Greece-0.30%
Motor Oil Hellas Corinth Refineries S.A.		223		3,831
OPAP S.A.		577		7,071
Star Bulk Carriers Corp.		242		4,216
				15,118
Hungary-0.22%
MOL Hungarian Oil & Gas PLC		1,833		10,974
India-21.81%
ABB India Ltd.		238		8,769
Adani Enterprises Ltd.		1,431		57,868
Adani Green Energy Ltd.(a)		2,213		56,220
Adani Total Gas Ltd.		1,983		86,309
Adani Transmission Ltd.(a)		2,011		81,353
Bajaj Holdings & Investment Ltd.		88		7,081
Bank of Baroda		3,762		6,713
Bharat Electronics Ltd.		15,307		19,758
Canara Bank		1,286		4,512
Cholamandalam Investment and Finance Co. Ltd.		1,366		11,706
Coal India Ltd.		9,575		28,449
Cummins India Ltd.		584		9,509
Hindustan Aeronautics Ltd.(b)		490		14,977
ICICI Bank Ltd.		14,766		162,096
Indian Railway Catering & Tourism Corp. Ltd.		743		6,653
ITC Ltd.		15,844		66,743
Mahindra & Mahindra Ltd.		4,747		77,337
NHPC Ltd.		9,224		4,747
NTPC Ltd.		18,269		38,203

	Shares		Value
India-(continued)
Page Industries Ltd.		27	$	16,233
Polycab India Ltd.		122		4,093
Power Grid Corp. of India Ltd.		12,999		35,828
Siemens Ltd.		341		12,052
SRF Ltd.		494		15,269
State Bank of India		5,466		37,889
Sun Pharmaceutical Industries Ltd.		3,481		42,763
Tata Elxsi Ltd.		200		16,903
Tata Motors Ltd.(a)		6,306		31,443
Tata Motors Ltd., Class A(a)		1,590		4,518
Tata Power Co. Ltd. (The)		7,458		20,362
Titan Co. Ltd.		1,494		49,841
Trent Ltd.		613		11,315
TVS Motor Co. Ltd.		1,089		15,077
Varun Beverages Ltd.		1,202		15,233
				1,077,822
Indonesia-8.39%
PT Adaro Energy Indonesia Tbk		101,076		25,791
PT Astra International Tbk		72,400		30,868
PT Bank Central Asia Tbk		192,700		108,720
PT Bank Mandiri (Persero) Tbk		108,200		73,185
PT Bank Negara Indonesia (Persero) Tbk		39,000		23,504
PT Bank Rakyat Indonesia (Persero) Tbk		228,600		68,151
PT Kalbe Farma Tbk		69,300		9,108
PT Perusahaan Gas Negara Tbk		56,600		7,167
PT Telkom Indonesia (Persero) Tbk		189,500		53,336
PT United Tractors Tbk		7,100		14,703
				414,533
Kuwait-4.16%
Boubyan Bank KSCP		3,639		9,681
Gulf Bank KSCP		12,458		13,795
Kuwait Finance House KSCP		22,022		57,588
National Bank of Kuwait SAKP		35,738		124,376
				205,440
Malaysia-3.97%
AMMB Holdings Bhd.		9,400		8,132
CIMB Group Holdings Bhd.		24,000		28,020
Hong Leong Bank Bhd.		3,100		13,874
Malayan Banking Bhd.		30,400		55,232
Petronas Chemicals Group Bhd.		8,812		16,252
Public Bank Bhd.		59,800		56,537
RHB Bank Bhd.		14,900		18,026
				196,073
Mexico-2.58%
America Movil S.A.B. de C.V., Series L		54,221		51,219
Arca Continental S.A.B. de C.V.		1,535		12,551
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class  B		1,146		17,719
Grupo Bimbo S.A.B. de C.V., Series A		5,658		21,866
Grupo Financiero Inbursa S.A.B. de C.V., Class O(a)(c)		13,096		24,128
				127,483

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

 32 

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

October 31, 2022

	Shares		Value
Philippines-0.33%
International Container Terminal Services, Inc.		2,313	$	6,905
PLDT, Inc.		330		9,305
				16,210
Qatar-2.98%
Commercial Bank P.S.Q.C. (The)		12,788		22,101
Industries Qatar Q.S.C.		7,703		33,357
Mesaieed Petrochemical Holding Co. Q.P.S.C.		18,709		11,662
Qatar Gas Transport Co. Ltd.		14,042		15,809
Qatar Islamic Bank (S.A.Q)		9,601		64,301
				147,230
Russia-0.00%
Alrosa PJSC(d)		11,439		0
Gazprom PJSC(d)		43,562		0
Severstal PAO(d)		1,045		0
				-
Saudi Arabia-14.53%
ACWA Power Co.		892		41,306
Al Rajhi Bank(a)		6,316		143,211
Alinma Bank		6,043		60,308
Arab National Bank		552		4,738
Bank AlBilad(a)		2,786		37,591
Bank Al-Jazira		1,422		8,848
Banque Saudi Fransi		2,121		24,385
Dr Sulaiman Al Habib Medical Services Group Co.		256		15,438
Mouwasat Medical Services Co.		159		9,267
Riyad Bank		5,503		52,649
Sahara International Petrochemical Co.		1,302		14,051
Saudi Arabian Mining Co.(a)		3,354		74,711
Saudi Arabian Oil Co.(b)		9,064		84,186
Saudi British Bank (The)		1,467		16,983
Saudi National Bank (The)		8,256		130,512
				718,184
South Africa-6.10%
Absa Group Ltd.		2,655		28,857
Capitec Bank Holdings Ltd.		321		33,197
FirstRand Ltd.		17,488		61,236
Investec Ltd.		1,698		8,348
MTN Group Ltd.		2,656		18,765
Nedbank Group Ltd.		1,748		20,694
Rand Merchant Investment Holdings Ltd.		4,820		7,480
Remgro Ltd.		1,654		12,304
Sasol Ltd.		2,066		34,742
Shoprite Holdings Ltd.		2,186		27,822
Standard Bank Group Ltd.		5,147		48,074
				301,519
South Korea-1.26%
Ecopro BM Co. Ltd.		187		15,110
Hyundai Marine & Fire Insurance Co. Ltd.		189		4,419
Korea Aerospace Industries Ltd.		354		11,767
L&F Co. Ltd.(a)		109		17,217
LG Innotek Co. Ltd.		53		11,032
Meritz Fire & Marine Insurance Co. Ltd.		118		2,605
				62,150
Taiwan-7.03%
China Airlines Ltd.		8,000		4,208
Chunghwa Telecom Co. Ltd.		14,000		48,227

	Shares		Value
Taiwan-(continued)
Compal Electronics, Inc.		13,000	$	8,513
E Ink Holdings, Inc.		5,388		34,362
E.Sun Financial Holding Co. Ltd.		51,267		36,912
Eva Airways Corp.		11,000		7,988
Far EasTone Telecommunications Co. Ltd.		8,000		17,553
First Financial Holding Co. Ltd.		47,020		36,116
Hua Nan Financial Holdings Co. Ltd.		40,586		26,514
Mega Financial Holding Co. Ltd.		30,075		27,907
Shanghai Commercial & Savings Bank Ltd. (The)		16,000		23,040
Shanghai Commercial & Savings Bank Ltd. (The), Rts., expiring 12/08/2022(a)		1,172		342
SinoPac Financial Holdings Co. Ltd.		44,126		22,048
Taiwan Business Bank		27,000		10,013
Taiwan Cooperative Financial Holding Co. Ltd.		48,876		37,921
Yulon Finance Corp.		1,318		5,583
				347,247
Thailand-4.25%
Airports of Thailand PCL, NVDR(a)		15,500		30,137
Asset World Corp. PCL, NVDR		32,500		5,209
Bangkok Bank PCL, NVDR		2,300		8,793
Bangkok Dusit Medical Services PCL, NVDR		13,300		10,309
Bumrungrad Hospital PCL, NVDR		2,300		13,718
Central Pattana PCL, NVDR		5,400		9,754
Energy Absolute PCL, NVDR		6,400		16,227
Gulf Energy Development PCL, NVDR		24,010		31,858
Kasikornbank PCL, NVDR		5,100		19,564
Krung Thai Bank PCL, NVDR		20,300		9,334
Land & Houses PCL, NVDR		10,895		2,633
PTT Exploration & Production PCL, NVDR		8,100		38,627
TMBThanachart Bank PCL, NVDR		159,000		5,681
True Corp. PCL, NVDR		61,900		8,067
				209,911
Turkey-4.68%
Akbank T.A.S.		14,299		11,238
Aksa Enerji Uretim A.S.		1,849		4,115
Anadolu Efes Biracilik ve Malt Sanayii A.S.		969		2,498
Arcelik A.S.		1,149		4,858
Aselsan Elektronik Sanayi Ve Ticaret A.S.		1,940		3,360
BIM Birlesik Magazalar A.S.		1,889		13,607
Emlak Konut Gayrimenkul Yatirim Ortakligi A.S.		9,333		2,212
Enerjisa Enerji A.S.(b)		1,055		1,163
Enka Insaat ve Sanayi A.S.		11,670		11,756
Eregli Demir ve Celik Fabrikalari TAS		5,154		8,229
Ford Otomotiv Sanayi A.S.		326		6,361
Gubre Fabrikalari TAS(a)		232		1,815
Haci Omer Sabanci Holding A.S.		8,868		15,989
Iskenderun Demir ve Celik A.S.		915		1,252
KOC Holding A.S.		5,468		16,343
Koza Altin Isletmeleri A.S.		200		2,089
Oyak Cimento Fabrikalari A.S.(a)		1,712		1,546
Petkim Petrokimya Holding A.S.(a)		4,917		3,552
Sasa Polyester Sanayi A.S.(a)		3,057		19,752
TAV Havalimanlari Holding A.S.(a)		1,242		5,234
Tofas Turk Otomobil Fabrikasi A.S.		842		4,454
Turk Hava Yollari AO(a)		5,055		27,526
Turk Telekomunikasyon A.S.		1,814		1,208
Turk Traktor ve Ziraat Makineleri A.S.		51		1,044
Turkiye Garanti Bankasi A.S.		3,146		3,974
Turkiye Is Bankasi A.S., Class C		24,803		12,426

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

 33 

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

October 31, 2022

	Shares		Value
Turkey-(continued)
Turkiye Petrol Rafinerileri A.S.(a)		906	$	18,458
Turkiye Sise ve Cam Fabrikalari A.S.		9,460		16,893
Vestel Beyaz Esya Sanayi ve Ticaret A.S.		1,235		623
Yapi ve Kredi Bankasi A.S.		15,588		7,717
				231,292
United Arab Emirates-3.51%
Abu Dhabi Commercial Bank PJSC		10,261		26,399
Abu Dhabi Islamic Bank PJSC		7,854		20,314
Aldar Properties PJSC		11,552		13,587
Dubai Islamic Bank PJSC		10,715		16,978
Emaar Properties PJSC		15,511		25,591
Fertiglobe PLC		5,180		7,178
First Abu Dhabi Bank PJSC		13,049		63,592
				173,639
Total Common Stocks & Other Equity Interests (Cost $5,089,323)				4,944,635
Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(e)(f) (Cost $4,220)		4,220		4,220
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.14% (Cost $5,093,543)				4,948,855

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.50%
Invesco Private Government Fund, 3.18%(e)(f)(g)		6,971	$	6,971
Invesco Private Prime Fund, 3.28%(e)(f)(g)		17,921		17,921
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $24,892)				24,892
TOTAL INVESTMENTS IN SECURITIES-100.64% (Cost $5,118,435)				4,973,747
OTHER ASSETS LESS LIABILITIES-(0.64)%				(31,865	)
NET ASSETS-100.00%			$	4,941,882

Investment Abbreviations:

NVDR-Non-Voting Depositary Receipt

Rts.-Rights

Notes to Schedule of Investments:

^(a)Non-income producing security.

^(b)Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $100,326, which represented 2.03% of the Fund’s Net Assets.

^(c)All or a portion of this security was out on loan at October 31, 2022.

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

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

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	11,208		$	956,847			$(963,835)			$	-		$	-			$	4,220		$	69
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			4,674			665,718			(663,421	)			-			-				6,971			47	*
Invesco Private Prime Fund			10,905			1,130,508			(1,123,454	)			-			(38	)			17,921			136	*
Total		$	26,787		$	2,753,073		$	(2,750,710	)		$	-		$	(38	)		$	29,112		$	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.

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

 34 

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

October 31, 2022

^(f)  The rate shown is the 7-day SEC standardized yield as of October 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 2J.

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

 35 

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

October 31, 2022

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.63%
Australia-13.71%
APA Group		21,770	$	146,308
Aurizon Holdings Ltd.		93,528		216,499
Australia & New Zealand Banking Group Ltd.		15,475		252,929
Bank of Queensland Ltd.(a)		46,227		217,561
Commonwealth Bank of Australia		2,183		146,125
Dexus		35,524		176,275
GPT Group (The)		68,449		188,647
Medibank Pvt. Ltd.		58,913		105,858
National Australia Bank Ltd.		8,709		180,546
Stockland		108,964		250,837
Suncorp Group Ltd.		25,628		186,985
Wesfarmers Ltd.		4,867		141,481
Westpac Banking Corp.		15,371		236,977
				2,447,028
Austria-1.55%
Oesterreichische Post AG(a)		9,732		277,498
Belgium-1.40%
Proximus SADP		23,796		249,534
China-0.79%
Wilmar International Ltd.		51,228		140,460
Finland-0.74%
Elisa OYJ		2,749		132,887
France-2.52%
Bouygues S.A.		8,158		232,859
Orange S.A.		22,857		217,571
				450,430
Germany-1.30%
E.ON SE		27,745		232,427
Hong Kong-11.04%
CK Asset Holdings Ltd.		21,640		119,642
CK Hutchison Holdings Ltd.		28,820		143,185
CK Infrastructure Holdings Ltd.		32,482		154,344
CLP Holdings Ltd.		21,984		147,590
HK Electric Investments & HK Electric Investments Ltd.		192,592		122,427
HKT Trust & HKT Ltd.		192,177		217,152
Hong Kong & China Gas Co. Ltd. (The)		152,616		117,818
Link REIT		22,606		133,623
New World Development Co. Ltd.		84,488		172,854
Power Assets Holdings Ltd.		34,235		163,764
Sino Land Co. Ltd.		124,941		133,538
Sun Hung Kai Properties Ltd.		17,769		191,162
Swire Properties Ltd.		79,884		153,462
				1,970,561
Israel-3.95%
Amot Investments Ltd.		38,716		235,409
First International Bank of Israel Ltd. (The)		7,114		308,654
Plus500 Ltd.		7,774		161,558
				705,621
Italy-5.53%
Assicurazioni Generali S.p.A.(a)		24,219		363,708
Snam S.p.A.		41,687		185,489

	Shares		Value
Italy-(continued)
Terna Rete Elettrica Nazionale S.p.A.(a)		20,810	$	137,967
UnipolSai Assicurazioni S.p.A.(a)		132,681		299,251
				986,415
Japan-18.01%
Activia Properties, Inc.		61		180,782
Aozora Bank Ltd.(a)		10,288		176,987
Chugoku Electric Power Co., Inc. (The)(a)		27,624		129,724
Daiwa Office Investment Corp.		31		146,412
EXEO Group, Inc.		10,949		160,513
Japan Post Holdings Co. Ltd.		25,492		171,439
Japan Prime Realty Investment Corp.		52		141,164
Japan Tobacco, Inc.		14,411		238,899
Kenedix Office Investment Corp.(a)		64		145,753
Kyushu Electric Power Co., Inc.		27,531		136,511
Mitsubishi HC Capital, Inc.		34,141		146,547
Mizuho Financial Group, Inc.		15,805		170,773
ORIX JREIT, Inc.		111		148,986
Sekisui House Ltd.		8,502		141,571
Sekisui House REIT, Inc.(a)		293		157,899
Seven Bank Ltd.		78,374		141,314
SoftBank Corp.(a)		19,854		195,755
Sumitomo Mitsui Financial Group, Inc.		6,089		170,952
Takeda Pharmaceutical Co. Ltd.		6,247		164,670
Tohoku Electric Power Co., Inc.		35,067		147,454
				3,214,105
Netherlands-1.58%
Koninklijke Ahold Delhaize N.V.		5,554		155,073
Koninklijke KPN N.V.		45,061		126,081
				281,154
New Zealand-3.92%
Contact Energy Ltd.		45,090		197,773
Fletcher Building Ltd.		92,373		275,833
Spark New Zealand Ltd.		76,226		226,732
				700,338
Norway-2.47%
Gjensidige Forsikring ASA		6,715		122,651
Orkla ASA		17,943		121,083
Telenor ASA		21,628		196,583
				440,317
Portugal-0.79%
Jeronimo Martins SGPS S.A.		6,823		141,479
Singapore-12.03%
CapitaLand Integrated Commercial Trust		123,699		164,338
DBS Group Holdings Ltd.		7,314		176,764
Jardine Cycle & Carriage Ltd.		7,485		157,306
Keppel Corp. Ltd.		41,917		206,460
Keppel REIT		225,709		142,753
Mapletree Industrial Trust.		92,486		143,784
Mapletree Logistics Trust		173,582		186,449
Mapletree Pan Asia Commercial Trust		145,270		163,225
Oversea-Chinese Banking Corp. Ltd.		19,552		167,596
Singapore Technologies Engineering Ltd.		61,420		143,231
Suntec REIT		191,432		174,509

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

 36 

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

October 31, 2022

	Shares		Value
Singapore-(continued)
United Overseas Bank Ltd.		8,106	$	159,015
Venture Corp. Ltd.		14,344		161,473
				2,146,903
Spain-0.98%
Telefonica S.A.		50,597		174,276
Sweden-2.01%
Svenska Handelsbanken AB, Class A		23,166		215,194
Telia Co. AB(a)		54,429		144,071
				359,265
Switzerland-4.94%
Holcim AG		4,861		220,913
Novartis AG		1,753		141,711
Swiss Life Holding AG		378		183,155
Swisscom AG		301		148,673
Zurich Insurance Group AG		439		187,444
				881,896
United Kingdom-9.65%
British American Tobacco PLC		5,769		228,058
Imperial Brands PLC		13,198		322,646
National Grid PLC		14,222		155,296
Phoenix Group Holdings PLC(a)		40,705		254,199
SSE PLC		9,311		166,807
Tesco PLC		53,070		131,431
Unilever PLC		3,231		147,852
United Utilities Group PLC		13,064		141,297
Vodafone Group PLC		150,009		175,545
				1,723,131

	Shares		Value
United States-0.72%
GSK PLC		7,820	$	128,643
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.63% (Cost $21,139,258)				17,784,368
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-12.55%
Invesco Private Government Fund, 3.18%(b)(c)(d)		627,209		627,209
Invesco Private Prime Fund, 3.28%(b)(c)(d)		1,612,389		1,612,389
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,239,582)				2,239,598
TOTAL INVESTMENTS IN SECURITIES-112.18% (Cost $23,378,840)				20,023,966
OTHER ASSETS LESS LIABILITIES-(12.18)%				(2,173,744	)
NET ASSETS-100.00%			$	17,850,222

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a) All or a portion of this security was out on loan at October 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 October 31, 2022.

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	2,034,679		$	(2,034,679	)		$	-		$	-			$	-		$	176
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			419,898			4,141,395			(3,934,084	)			-			-				627,209			4,286	*
Invesco Private Prime Fund			979,762			9,857,281			(9,224,336	)			16			(334	)			1,612,389			11,629	*
Total		$	1,399,660		$	16,033,355		$	(15,193,099	)		$	16		$	(334	)		$	2,239,598		$	16,091

* 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 October 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 2J.

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

 37 

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

October 31, 2022

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.45%
Australia-7.02%
APA Group		279,886	$	1,881,008
ASX Ltd.		43,053		1,863,798
Aurizon Holdings Ltd.		852,661		1,973,748
Australia & New Zealand Banking Group Ltd.		149,195		2,438,495
Coles Group Ltd.		203,238		2,122,256
Commonwealth Bank of Australia(a)		31,152		2,085,241
Dexus		352,606		1,749,678
Lendlease Corp. Ltd.		289,557		1,609,017
Medibank Pvt. Ltd.		915,996		1,645,912
National Australia Bank Ltd.		109,778		2,275,805
Telstra Group Ltd.(b)		1,002,198		2,512,154
Transurban Group.		266,907		2,263,134
Wesfarmers Ltd.		61,976		1,801,605
Westpac Banking Corp.(a)		144,112		2,221,795
Woolworths Group Ltd.		86,894		1,834,736
				30,278,382
Belgium-0.95%
Ackermans & van Haaren N.V		14,034		1,957,130
Groupe Bruxelles Lambert S.A.		28,989		2,137,387
				4,094,517
Canada-20.66%
Algonquin Power & Utilities Corp.		213,701		2,362,531
AltaGas Ltd.		104,246		1,877,735
Bank of Montreal(a)		26,174		2,407,958
Bank of Nova Scotia (The)(a)		47,325		2,284,631
BCE, Inc.		68,763		3,097,750
Canadian Apartment Properties REIT		62,258		1,925,637
Canadian Imperial Bank of Commerce		51,004		2,313,418
Canadian National Railway Co.		15,867		1,877,449
Canadian Utilities Ltd., Class A		111,501		2,963,169
CCL Industries, Inc., Class B(a)		40,006		1,877,046
CGI,Inc.,ClassA(b)		26,687		2,147,012
Choice Properties REIT(a)		248,866		2,388,223
Dollarama, Inc.		32,297		1,916,676
Emera, Inc.(a)		72,846		2,696,378
Empire Co. Ltd., Class A		74,795		1,919,156
Enbridge, Inc.		65,749		2,558,526
Fortis, Inc.		74,281		2,894,348
George Weston Ltd.		18,985		2,087,021
Great-West Lifeco, Inc.		116,730		2,699,068
Hydro One Ltd.(c)		128,636		3,221,440
IGM Financial, Inc.		73,364		1,961,501
Intact Financial Corp.		18,521		2,810,771
Loblaw Cos. Ltd.		23,842		1,950,987
Metro, Inc.		47,682		2,494,824
National Bank of Canada		36,022		2,449,617
Northland Power, Inc.(a)		65,402		1,900,616
Pembina Pipeline Corp.		61,738		2,035,831
Power Corp. of Canada		105,973		2,628,252
Restaurant Brands International, Inc.		32,529		1,930,444
Rogers Communications, Inc., Class B		52,436		2,180,012
Royal Bank of Canada		29,778		2,751,744
Sun Life Financial, Inc.		59,985		2,544,432
TC Energy Corp.		46,337		2,032,775
TELUS Corp.		134,582		2,806,978
Thomson Reuters Corp.		22,079		2,345,241

	Shares		Value
Canada-(continued)
TMX Group Ltd.		25,635	$	2,461,546
Toromont Industries Ltd.		24,437		1,875,704
Toronto-Dominion Bank (The)		37,378		2,389,200
				89,065,647
China-0.48%
Wilmar International Ltd.		760,844		2,086,124
Denmark-0.47%
Tryg A/S(a)		94,532		2,046,245
Finland-0.57%
Elisa OYJ		50,978		2,464,289
France-2.53%
Air Liquide S.A.		16,520		2,160,136
Bureau Veritas S.A.		79,706		1,974,952
Danone S.A.		38,286		1,904,865
Orange S.A.		298,218		2,838,679
Sanofi		23,426		2,021,961
				10,900,593
Germany-1.33%
Beiersdorf AG		18,648		1,791,102
Deutsche Boerse AG		12,175		1,981,262
Deutsche Telekom AG		103,077		1,952,356
				5,724,720
Hong Kong-6.77%
CK Asset Holdings Ltd.		278,070		1,537,385
CK Hutchison Holdings Ltd.		369,597		1,836,249
CK Infrastructure Holdings Ltd.		402,478		1,912,448
CLP Holdings Ltd.		407,539		2,736,015
Hang Seng Bank Ltd.		129,874		1,828,198
HK Electric Investments & HK Electric Investments Ltd.		5,405,875		3,436,412
HKT Trust & HKT Ltd.		2,902,331		3,279,512
Hong Kong & China Gas Co. Ltd. (The)		2,192,355		1,692,475
Link REIT		327,284		1,934,556
MTR Corp. Ltd.		684,922		3,014,587
Power Assets Holdings Ltd.		539,702		2,581,681
Sino Land Co. Ltd.		1,389,858		1,485,494
Sun Hung Kai Properties Ltd.		178,051		1,915,502
				29,190,514
Ireland-0.38%
Kerry Group PLC, Class A		18,682		1,624,865
Israel-0.46%
First International Bank of Israel Ltd. (The)		45,601		1,978,483
Italy-1.87%
Infrastrutture Wireless Italiane S.p.A.(a)(c)		206,881		1,826,335
Snam S.p.A		493,697		2,196,732
Terna Rete Elettrica Nazionale S.p.A.(a)		267,841		1,775,747
UnipolSai Assicurazioni S.p.A.(a)		999,269		2,253,768
				8,052,582
Japan-29.77%
Activia Properties, Inc.		719		2,130,854
Advance Residence Investment Corp.		868		2,020,574
Aeon Mall Co. Ltd.		194,195		2,112,647
Canon, Inc.		85,337		1,810,831

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

 38 

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

October 31, 2022

	Shares		Value
Japan-(continued)
Central Japan Railway Co.		17,045	$	1,979,897
Chubu Electric Power Co., Inc.		193,889		1,579,706
Chugoku Electric Power Co., Inc. (The)(a)		337,378		1,584,350
COMSYS Holdings Corp.		120,304		1,974,917
Dai Nippon Printing Co. Ltd.		91,690		1,840,154
Daiwa House Industry Co. Ltd.		91,375		1,851,660
Daiwa House REIT Investment Corp.		956		1,929,559
Daiwa Office Investment Corp.		432		2,040,327
Daiwa Securities Group, Inc.		468,911		1,829,773
GLP J-Reit		1,806		1,872,403
Hankyu Hanshin Holdings, Inc.		66,735		1,982,272
Haseko Corp.		184,821		1,904,974
Industrial & Infrastructure Fund Investment Corp.		1,632		1,723,847
Japan Metropolitan Fund Investment Corp.		2,719		2,003,098
Japan Post Bank Co. Ltd.(a)		270,471		1,801,502
Japan Post Holdings Co. Ltd.		324,141		2,179,913
Japan Prime Realty Investment Corp.		838		2,274,922
Japan Real Estate Investment Corp.		554		2,322,078
Japan Tobacco, Inc.		149,455		2,477,594
Kansai Electric Power Co., Inc. (The)		216,530		1,641,802
Kao Corp.		48,016		1,805,829
KDDI Corp.		73,617		2,176,787
Kewpie Corp.		145,056		2,292,438
Kirin Holdings Co. Ltd.		136,791		2,015,029
Kuraray Co. Ltd.		261,428		1,799,313
Kyocera Corp.		37,421		1,873,379
Kyushu Electric Power Co., Inc.		383,487		1,901,503
Kyushu Railway Co.		95,120		1,990,266
McDonald’s Holdings Co. Japan Ltd.		113,710		3,947,547
MEIJI Holdings Co. Ltd.		51,213		2,108,679
Mitsubishi Estate Co. Ltd.		151,829		1,913,249
Mitsubishi HC Capital, Inc.		455,467		1,955,044
Mizuho Financial Group, Inc.		204,717		2,211,966
NH Foods Ltd.		73,490		1,752,764
Nichirei Corp.		134,409		2,092,525
Nippon Building Fund, Inc.		499		2,219,121
Nippon Prologis REIT, Inc.		844		1,768,803
Nippon Telegraph & Telephone Corp.		92,103		2,536,883
Nisshin Seifun Group, Inc.		200,685		2,171,100
Nissin Foods Holdings Co. Ltd.		29,504		1,911,552
Nomura Real Estate Master Fund, Inc.		1,889		2,154,173
Oji Holdings Corp.		496,251		1,722,781
Ono Pharmaceutical Co. Ltd.		81,669		1,920,912
ORIX JREIT, Inc.		1,574		2,112,645
Osaka Gas Co. Ltd.		118,459		1,754,948
Otsuka Holdings Co. Ltd.		65,402		2,097,123
Secom Co. Ltd.		35,381		2,021,193
Sekisui House Ltd.		131,505		2,189,759
Sekisui House REIT, Inc.(a)		4,019		2,165,855
Skylark Holdings Co. Ltd.(a)(b)		196,261		2,095,511
SoftBank Corp.(a)		249,564		2,460,632
Sohgo Security Services Co. Ltd.		75,778		1,891,455
Sumitomo Mitsui Financial Group, Inc.		68,918		1,934,906
Sumitomo Mitsui Trust Holdings, Inc.		63,922		1,839,368
Suntory Beverage & Food Ltd.		57,062		1,911,856
Takeda Pharmaceutical Co. Ltd.		88,916		2,343,815
Tobu Railway Co. Ltd.		89,920		2,081,103

	Shares		Value
Japan-(continued)
United Urban Investment Corp.		1,904	$	2,013,717
Zensho Holdings Co. Ltd.		94,296		2,353,673
				128,378,856
Netherlands-1.48%
Koninklijke Ahold Delhaize N.V.		70,945		1,980,849
Koninklijke KPN N.V.		827,590		2,315,614
Wolters Kluwer N.V.		19,560		2,079,172
				6,375,635
New Zealand-1.39%
Contact Energy Ltd.		421,760		1,849,912
Infratil Ltd.		377,636		1,917,448
Spark New Zealand Ltd.		746,394		2,220,122
				5,987,482
Norway-1.40%
Gjensidige Forsikring ASA		103,219		1,885,310
Orkla ASA		315,962		2,132,174
Telenor ASA		221,507		2,013,342
				6,030,826
Singapore-10.15%
CapitaLand Ascendas REIT		1,588,394		2,940,847
CapitaLand Integrated Commercial Trust		1,706,219		2,266,760
City Developments Ltd.		371,206		2,001,485
DBS Group Holdings Ltd.		104,075		2,515,275
Genting Singapore Ltd.		3,870,948		2,202,044
Keppel Corp. Ltd.		493,118		2,428,827
Mapletree Industrial Trust		1,760,192		2,736,501
Mapletree Logistics Trust(a)		2,037,072		2,188,078
Mapletree Pan Asia Commercial Trust		1,876,677		2,108,626
Oversea-Chinese Banking Corp. Ltd.		318,144		2,727,077
Singapore Airlines Ltd.(a)(b)		578,861		2,151,656
Singapore Exchange Ltd.		455,279		2,708,960
Singapore Technologies Engineering Ltd.		1,161,807		2,709,323
Singapore Telecommunications Ltd.		1,369,975		2,420,279
Suntec REIT		2,485,713		2,265,967
United Overseas Bank Ltd.		127,094		2,493,201
UOL Group Ltd.		614,790		2,689,245
Venture Corp. Ltd.		196,099		2,207,517
				43,761,668
Spain-0.79%
Red Electrica Corp. S.A.		112,764		1,822,214
Telefonica S.A.		464,342		1,599,381
				3,421,595
Sweden-0.89%
AAK AB(a)		130,874		1,906,774
Telia Co. AB(a)		735,455		1,946,714
				3,853,488
Switzerland-2.64%
Novartis AG		32,110		2,595,752
SGS S.A.		963		2,125,673
Swiss Life Holding AG		3,697		1,791,332
Swisscom AG		5,317		2,626,223
Zurich Insurance Group AG(a)		5,278		2,253,599
				11,392,579
United Kingdom-5.43%
British American Tobacco PLC		51,067		2,018,761

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

 39 

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

October 31, 2022

	Shares		Value
United Kingdom-(continued)
Bunzl PLC		59,894	$	1,959,124
Diageo PLC		45,688		1,892,652
Imperial Brands PLC		89,328		2,184,487
J Sainsbury PLC		798,299		1,786,773
National Grid PLC		179,267		1,957,489
Reckitt Benckiser Group PLC		26,738		1,779,361
RELX PLC		84,287		2,271,797
Severn Trent PLC(a)		67,210		1,936,878
Tesco PLC		800,015		1,981,280
United Utilities Group PLC		176,473		1,908,694
Vodafone Group PLC		1,471,351		1,721,822
				23,399,118
United States-2.02%
GSK PLC		124,886		2,054,436
Nestle S.A.		22,205		2,419,419
Roche Holding AG		6,457		2,145,666
Waste Connections, Inc.		15,782		2,080,394
				8,699,915
Total Common Stocks & Other Equity Interests (Cost $493,392,800)				428,808,123
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(d)(e) (Cost $49,451)		49,451		49,451
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.46% (Cost $493,442,251)				428,857,574

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-7.38%
Invesco Private Government Fund, 3.18%(d)(e)(f)		8,908,375	$	8,908,375
Invesco Private Prime Fund, 3.28%(d)(e)(f)		22,901,210		22,901,210
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $31,809,512)				31,809,585
TOTAL INVESTMENTS IN SECURITIES-106.84% (Cost $525,251,763)				460,667,159
OTHER ASSETS LESS LIABILITIES-(6.84)%				(29,507,717	)
NET ASSETS-100.00%.			$	431,159,442

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a) All or a portion of this security was out on loan at October 31, 2022.

^(b) Non-income producing security.

^(c) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $5,047,775, which represented 1.17% of the Fund’s Net Assets.

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

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)			Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	–		$	85,144,131		$	(85,094,680	)		$	–		$	–		$	49,451		$	6,447

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

 40 

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

October 31, 2022

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	16,037,629		$	144,742,322		$	(151,871,576	)		$	-		$	-			$	8,908,375		$	119,547	*
Invesco Private Prime Fund			37,421,121			284,712,356			(299,223,038	)			73			(9,302	)			22,901,210			330,078	*
Total		$	53,458,750		$	514,598,809		$	(536,189,294	)		$	73		$	(9,302	)		$	31,859,036		$	456,072

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

^(e)  The rate shown is the 7-day SEC standardized yield as of October 31, 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 2J.

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

 41 

Invesco S&P International Developed Momentum ETF (IDMO)

October 31, 2022

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.84%
Australia-7.12%
Ampol Ltd.		419	$	7,296
APA Group		2,610		17,541
ASX Ltd.		350		15,152
Endeavour Group Ltd.		2,286		10,452
Glencore PLC		27,028		155,438
Incitec Pivot Ltd.		4,604		11,040
Macquarie Group Ltd.		579		62,756
National Australia Bank Ltd.		6,739		139,706
Orica Ltd.		1,014		9,000
Origin Energy Ltd.		4,325		15,404
Pilbara Minerals Ltd.(a)		4,079		13,276
South32 Ltd.		8,366		19,259
Vicinity Ltd.		8,639		10,744
WiseTech Global Ltd.		357		13,277
Woodside Energy Group Ltd.		4,889		112,483
Worley Ltd.		729		6,652
				619,476
Austria-0.05%
Verbund AG		58		4,543
Belgium-0.16%
Elia Group S.A./N.V		107		13,526
Canada-17.47%
AltaGas Ltd.		415		7,475
BCE, Inc.		498		22,435
Cameco Corp.		695		16,462
Canadian National Railway Co.		1,071		126,725
Canadian Natural Resources Ltd.		3,640		218,045
Canadian Utilities Ltd., Class A(b)		303		8,052
Cenovus Energy, Inc.		4,800		96,911
Dollarama, Inc.		691		41,008
Emera, Inc.(b)		426		15,768
Enbridge, Inc.		5,264		204,841
Fairfax Financial Holdings Ltd.		54		26,488
Fortis, Inc.		829		32,302
George Weston Ltd.		132		14,511
Hydro One Ltd.(c)		825		20,661
Imperial Oil Ltd.		676		36,728
Intact Financial Corp.		319		48,412
Loblaw Cos. Ltd.		451		36,905
Metro, Inc.		366		19,150
Nutrien Ltd.		1,270		107,173
Pembina Pipeline Corp.		1,219		40,197
Ritchie Bros. Auctioneers, Inc.		184		12,005
Suncor Energy, Inc.		4,377		150,366
TC Energy Corp.		1,921		84,273
Teck Resources Ltd., Class B		736		22,376
TELUS Corp.		769		16,039
Thomson Reuters Corp.		227		24,112
Tourmaline Oil Corp.		1,090		61,338
West Fraser Timber Co. Ltd.		112		8,399
				1,519,157
China-0.21%
BOC Hong Kong Holdings Ltd.		5,831		18,125
Denmark-5.56%
AP Moller - Maersk A/S, Class A		5		10,010

	Shares		Value
Denmark-(continued)
AP Moller-Maersk A/S, Class B		8	$	16,738
Novo Nordisk A/S, Class B		4,198		456,496
				483,244
Finland-0.49%
Orion OYJ, Class B		202		9,294
Sampo OYJ, Class A		728		33,299
				42,593
France-6.45%
Aeroports de Paris(a)		51		6,908
Orange S.A.		3,618		34,439
Sanofi		1,929		166,497
Thales S.A.		255		32,424
TotalEnergies SE		5,886		320,541
				560,809
Germany-1.38%
Deutsche Boerse AG		388		63,140
Hapag-Lloyd AG(b)(c)		18		3,254
RWE AG		1,396		53,796
				120,190
Hong Kong-0.20%
HKT Trust & HKT Ltd.		7,452		8,420
Power Assets Holdings Ltd.		1,928		9,223
				17,643
Israel-1.82%
Airport City Ltd.(a)		96		1,597
Bank Hapoalim BM		2,359		22,856
Bank Leumi Le-Israel BM		3,841		36,833
Bezeq The Israeli Telecommunication Corp. Ltd.		7,054		12,543
Elbit Systems Ltd.		86		17,476
Fattal Holdings 1998 Ltd.(a)		11		1,124
First International Bank of Israel Ltd. (The)		179		7,766
ICL Group Ltd.		1,357		12,307
Israel Corp. Ltd. (The)		10		4,350
Israel Discount Bank Ltd., Class A		2,368		13,537
Mivne Real Estate KD Ltd.(b)		987		3,085
Mizrahi Tefahot Bank Ltd.		337		12,802
Phoenix Holdings Ltd. (The)		281		3,059
Plus500 Ltd.		213		4,427
ZIM Integrated Shipping Services Ltd.(b)		182		4,275
				158,037
Italy-0.68%
Eni S.p.A.(b)		4,483		58,726
Japan-24.74%
Ajinomoto Co., Inc.		1,033		28,467
Astellas Pharma, Inc.		3,237		44,569
Bandai Namco Holdings, Inc.		591		39,134
Canon Marketing Japan, Inc.		119		2,514
Canon, Inc.		2,376		50,418
Chiba Bank Ltd. (The)		1,218		6,662
Dai Nippon Printing Co. Ltd.		425		8,529
Dai-ichi Life Holdings, Inc.		1,505		23,871
Daiichi Sankyo Co. Ltd.		5,323		170,718
Dentsu Group, Inc.		399		12,442
Electric Power Development Co. Ltd.		392		5,454

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

 42 

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

October 31, 2022

	Shares		Value
Japan-(continued)
Fuji Electric Co. Ltd.		242	$	9,378
Fukuoka Financial Group, Inc.		400		6,792
GOLDWIN, Inc.		61		3,193
Hankyu Hanshin Holdings, Inc.		434		12,891
Hitachi Transport System Ltd.		145		8,673
Idemitsu Kosan Co. Ltd.		472		10,321
IHI Corp.		307		6,857
Inpex Corp.		3,482		35,561
Isetan Mitsukoshi Holdings Ltd.		919		8,161
ITOCHU Corp.		2,748		71,161
Japan Post Bank Co. Ltd.(b)		724		4,822
Japan Tobacco, Inc.		2,154		35,708
JFE Holdings, Inc.		810		7,428
Kansai Electric Power Co., Inc. (The)		2,170		16,454
Kawasaki Kisen Kaisha Ltd.(b)		816		12,413
KDDI Corp.		4,167		123,214
Kintetsu Group Holdings Co. Ltd.		316		10,694
Konami Group Corp.		177		7,776
Marubeni Corp.		3,864		33,874
Marui Group Co. Ltd.		403		6,654
Mitsubishi Corp.		3,121		84,642
Mitsubishi Estate Co. Ltd.		2,240		28,227
Mitsubishi Heavy Industries Ltd.		1,004		34,585
Mitsubishi Motors Corp.(a)		1,400		4,710
Mitsubishi UFJ Financial Group, Inc.		29,567		139,147
Mitsui & Co. Ltd.		2,543		56,340
Mitsui OSK Lines Ltd.(b)		1,185		23,527
MS&AD Insurance Group Holdings, Inc.		1,065		28,238
Nexon Co. Ltd.		810		13,608
NGK Spark Plug Co. Ltd.		573		10,447
Nikon Corp.		840		8,132
Nippon Telegraph & Telephone Corp.		3,863		106,402
Nippon Yusen K.K.(b)		1,485		26,966
Nissan Chemical Corp.		261		11,765
Nissin Foods Holdings Co. Ltd.		172		11,144
Nomura Real Estate Holdings, Inc.		200		4,528
NTT Data Corp.		945		13,714
Ono Pharmaceutical Co. Ltd.		1,644		38,668
Oriental Land Co. Ltd.		475		63,755
ORIX Corp.		2,262		33,252
Osaka Gas Co. Ltd.		718		10,637
Resona Holdings, Inc.		5,065		19,073
Rohto Pharmaceutical Co. Ltd.		276		8,588
Sega Sammy Holdings, Inc.		558		7,152
Seven & i Holdings Co. Ltd.		1,133		42,336
Shimamura Co. Ltd.		41		3,318
Shinsei Bank Ltd.(b)		112		1,665
SoftBank Corp.(b)		4,851		47,830
Sojitz Corp.		387		5,713
Sompo Holdings, Inc.		810		33,749
Sumitomo Corp.		2,853		36,384
Sumitomo Mitsui Financial Group, Inc.		2,287		64,209
Sumitomo Mitsui Trust Holdings, Inc.		771		22,186
Suntory Beverage & Food Ltd.		321		10,755
Suzuken Co. Ltd.		127		2,828
Taisei Corp.		328		8,948
TIS, Inc.		447		12,075
Tokio Marine Holdings, Inc.		6,444		116,667
Tokyo Electric Power Co. Holdings, Inc.(a)(b)		2,033		6,634
Tokyo Gas Co. Ltd.		835		14,926

	Shares		Value
Japan-(continued)
Tokyo Tatemono Co. Ltd.		385	$	5,307
Toppan, Inc.		634		9,465
Toshiba Corp.		731		25,481
Toyo Suisan Kaisha Ltd.		239		8,972
Trend Micro, Inc.		372		18,796
USS Co. Ltd.		609		9,207
Yakult Honsha Co. Ltd.		319		17,685
Yokogawa Electric Corp.		534		8,949
Zensho Holdings Co. Ltd.		213		5,317
				2,151,452
Netherlands-7.23%
Koninklijke KPN N.V.		7,254		20,297
Shell PLC		20,559		569,041
Wolters Kluwer N.V.		373		39,649
				628,987
New Zealand-0.11%
Spark New Zealand Ltd.		3,219		9,575
Norway-2.10%
Aker BP ASA		595		18,965
DNB Bank ASA		1,347		23,839
Equinor ASA		3,618		132,358
Kongsberg Gruppen ASA		204		7,311
				182,473
Portugal-0.25%
Galp Energia SGPS S.A.(b)		804		8,165
Jeronimo Martins SGPS S.A.		664		13,768
				21,933
Singapore-0.71%
City Developments Ltd.		904		4,874
Jardine Cycle & Carriage Ltd.		265		5,569
Kenon Holdings Ltd.		71		2,733
Keppel Corp. Ltd.		3,829		18,860
Singapore Telecommunications Ltd.		14,456		25,539
Suntec REIT		4,153		3,786
				61,361
Spain-1.29%
Corp.ACCIONA Energias Renovables S.A		135		5,305
EDP Renovaveis S.A.		346		7,287
Naturgy Energy Group S.A.		417		10,699
Red Electrica Corp. S.A.		807		13,041
Repsol S.A.		3,129		42,507
Telefonica S.A.		9,650		33,239
				112,078
Sweden-0.09%
Axfood AB		299		7,398
Switzerland-1.38%
Zurich Insurance Group AG		282		120,408
United Kingdom-19.78%
AstraZeneca PLC		3,496		412,736
BAE Systems PLC		8,348		78,276
BP PLC		45,533		251,532
British American Tobacco PLC		5,153		203,706
Bunzl PLC		579		18,939
Compass Group PLC		3,189		67,430
HSBC Holdings PLC		42,462		218,679

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

 43 

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

October 31, 2022

	Shares		Value
United Kingdom-(continued)
Imperial Brands PLC		2,011	$	49,178
National Grid PLC		9,603		104,859
NatWest Group PLC		9,194		24,855
Reckitt Benckiser Group PLC		1,476		98,225
RELX PLC		3,494		94,174
SSE PLC		2,150		38,517
Standard Chartered PLC		4,224		25,299
Tesco PLC		13,624		33,741
				1,720,146
United States-0.57%
Computershare Ltd.		1,976		31,930
Tenaris S.A.		1,140		17,695
				49,625
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.84% (Cost $8,961,298)				8,681,505

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.73%
Invesco Private Government Fund, 3.18%(d)(e)(f)		66,406	$	66,406
Invesco Private Prime Fund, 3.28%(d)(e)(f)		170,719		170,719
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $237,129)				237,125
TOTAL INVESTMENTS IN SECURITIES-102.57% (Cost $9,198,427)				8,918,630
OTHER ASSETS LESS LIABILITIES-(2.57)%				(223,772	)
NET ASSETS-100.00%			$	8,694,858

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)Non-income producing security.

^(b)All or a portion of this security was out on loan at October 31, 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 October 31, 2022 was $23,915, 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 October 31, 2022.

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	2,656,647		$	(2,656,647	)		$	-			$	-			$	-		$	202
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			325,717			2,539,776			(2,799,087	)			-				-				66,406			1,598	*
Invesco Private Prime Fund			760,007			4,365,481			(4,954,697	)			(4	)			(68	)			170,719			4,323	*
Total		$	1,085,724		$	9,561,904		$	(10,410,431	)		$	(4	)		$	(68	)		$	237,125		$	6,123

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

^(e)  The rate shown is the 7-day SEC standardized yield as of October 31, 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 2J.

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

 44 

(This Page Intentionally Left Blank)

 45 

Statements of Assets and Liabilities

October 31, 2022

	Invesco FTSE International Low Beta Equal Weight ETF (IDLB)				Invesco S&P Emerging Markets Low Volatility ETF (EELV)				Invesco S&P Emerging Markets Momentum ETF (EEMO)				Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)
Assets:
Unaffiliated investments in securities, at value(a)		$	4,263,232			$	903,039,484			$	4,944,635			$	17,784,368
Affiliated investments in securities, at value			309,035				11,741,660				29,112				2,239,598
Foreign currencies, at value			-				1,593,880				5,420				204
Deposits with brokers:
Cash segregated as collateral			-				488,571				-				-
Receivable for:
Dividends			15,397				824,776				2,866				63,007
Securities lending			142				9,685				4				1,116
Investments sold			9,735				6,138				-				-
Fund shares sold			-				9,786,382				-				-
Foreign tax reclaims			39,583				9,310				-				18,062
Total assets			4,637,124				927,499,886				4,982,037				20,106,355
Liabilities:
Due to custodian			1,385				692,013				3,177				12,082
Due to foreign custodian			2,653				-				-				-
Payable for:
Investments purchased			5,057				9,946,396				2				2
Collateral upon return of securities loaned.			304,183				11,741,671				24,892				2,239,582
Collateral upon receipt of securities in-kind			-				488,570				-				-
Accrued unitary management fees			1,626				234,297				1,407				4,467
Accrued tax expenses			-				-				10,677				-
Total liabilities			314,904				23,102,947				40,155				2,256,133
Net Assets		$	4,322,220			$	904,396,939			$	4,941,882			$	17,850,222
Net assets consist of:
Shares of beneficial interest		$	21,575,348			$	1,161,261,111			$	7,365,158			$	25,484,405
Distributable earnings (loss)			(17,253,128	)			(256,864,172	)			(2,423,276	)			(7,634,183	)
Net Assets		$	4,322,220			$	904,396,939			$	4,941,882			$	17,850,222
Shares outstanding (unlimited amount authorized, $0.01 par value)			200,001				42,450,000				350,000				850,001
Net asset value		$	21.61			$	21.30			$	14.12			$	21.00
Market price		$	21.48			$	21.40			$	14.07			$	20.90
Unaffiliated investments in securities, at cost		$	5,163,489			$	983,740,517			$	5,089,323			$	21,139,258
Affiliated investments in securities, at cost		$	309,039			$	11,741,671			$	29,112			$	2,239,582
Foreign currencies (due to foreign custodian), at cost		$	(2,651	)		$	1,592,649			$	5,424			$	221
(a) Includes securities on loan with an aggregate value of:		$	287,976			$	11,070,165			$	23,887			$	2,038,909

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

 46 

Invesco S&P International Developed Low Volatility ETF (IDLV)				Invesco S&P International Developed Momentum ETF (IDMO)
	$	428,808,123			$	8,681,505
		31,859,036				237,125
		-				781
		-				-
		1,451,738				35,431
		12,396				196
		53				2,017
		6,231,491				-
		940,877				6,147
		469,303,714				8,963,202
		568				29,326
		420				-
		6,230,235				-
		31,809,512				237,129
		-				-
		103,537				1,889
		-				-
		38,144,272				268,344
	$	431,159,442			$	8,694,858
	$	716,335,371			$	12,896,484
		(285,175,929	)			(4,201,626	)
	$	431,159,442			$	8,694,858
		17,300,000				300,000
	$	24.92			$	28.98
	$	24.92			$	29.21
	$	493,392,800			$	8,961,298
	$	31,858,963			$	237,129
	$	(515	)		$	782
	$	29,030,973			$	217,092

 47 

Statements of Operations

For the year ended October 31, 2022

	Invesco FTSE International Low Beta Equal Weight ETF (IDLB)				Invesco S&P Emerging Markets Low Volatility ETF (EELV)				Invesco S&P Emerging Markets Momentum ETF (EEMO)				Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)
Investment income:
Unaffiliated interest income		$	-			$	-			$	12			$	-
Unaffiliated dividend income			195,821				39,546,190				181,095				957,374
Affiliated dividend income			85				12,750				69				176
Non-cash dividend income			1,664				591,759				926				3,287
Securities lending income, net			2,281				65,346				158				11,184
Foreign withholding tax			(23,967	)			(5,141,395	)			(23,190	)			(95,609	)
Total investment income			175,884				35,074,650				159,070				876,412
Expenses:
Unitary management fees			27,868				2,160,076				15,752				57,513
Less: Waivers			(4	)			(860	)			(5	)			(13	)
Net expenses			27,864				2,159,216				15,747				57,500
Net investment income			148,020				32,915,434				143,323				818,912
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(537,475	)			(70,302,933	)			(777,392	)(a)			(1,276,393	)
Affiliated investment securities			(173	)			(1,050	)			(38	)			(334	)
In-kind redemptions			(144,401	)			(1,661,311	)			(8,386	)			738,793
Foreign currencies			(6,191	)			(2,875,451	)			(9,627	)			(13,681	)
Net realized gain (loss)			(688,240	)			(74,840,745	)			(795,443	)			(551,615	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(1,328,820	)			(114,822,450	)			(507,032	)(b)			(3,794,520	)
Affiliated investment securities			(4	)			(12	)			-				16
Foreign currencies			(12,151	)			(1,220	)			(7	)			(1,832	)
Change in net unrealized appreciation (depreciation)			(1,340,975	)			(114,823,682	)			(507,039	)			(3,796,336	)
Net realized and unrealized gain (loss)			(2,029,215	)			(189,664,427	)			(1,302,482	)			(4,347,951	)
Net increase (decrease) in net assets resulting from operations		$	(1,881,195	)		$	(156,748,993	)		$	(1,159,159	)		$	(3,529,039	)

^(a)  Net of foreign taxes of $230.

^(b)  Net of change of deferred foreign taxes of $5,256.

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

 48 

Invesco S&P International Developed Low Volatility ETF (IDLV)				Invesco S&P International Developed Momentum ETF (IDMO)
	$	-			$	-
		22,958,553				303,873
		6,447				202
		95,141				-
		249,438				2,862
		(2,465,370	)			(39,318	)
		20,844,209				267,619
		1,471,387				21,045
		(402	)			(9	)
		1,470,985				21,036
		19,373,224				246,583
		(25,013,657	)			(1,380,407	)
		(9,302	)			(68	)
		12,173,059				713,508
		101,686				(7,857	)
		(12,748,214	)			(674,824	)
		(100,956,399	)			(1,305,968	)
		73				(4	)
		(146,267	)			(1,301	)
		(101,102,593	)			(1,307,273	)
		(113,850,807	)			(1,982,097	)
	$	(94,477,583	)		$	(1,735,514	)

 49 

Statements of Changes in Net Assets

For the years ended October 31, 2022 and 2021

	Invesco FTSE International Low Beta Equal Weight ETF (IDLB)						Invesco S&P Emerging Markets Low Volatility ETF (EELV)
	2022			2021			2022			2021
Operations:
Net investment income	$	148,020		$	194,278		$	32,915,434		$	9,747,834
Net realized gain (loss)		(688,240	)		961,992			(74,840,745	)		29,466,019
Change in net unrealized appreciation (depreciation)		(1,340,975	)		550,351			(114,823,682	)		36,093,653
Net increase (decrease) in net assets resulting from operations		(1,881,195	)		1,706,621			(156,748,993	)		75,307,506
Distributions to Shareholders from:
Distributable earnings		(269,340	)		(179,259	)		(35,911,398	)		(8,893,471	)
Shareholder Transactions:
Proceeds from shares sold		-			-			1,130,799,843			91,924,916
Value of shares repurchased		(1,156,772	)		(3,036,730	)		(396,266,066	)		(67,022,264	)
Transaction fees		437			797			1,825,266			174,854
Net increase (decrease) in net assets resulting from share transactions		(1,156,335	)		(3,035,933	)		736,359,043			25,077,506
Net increase (decrease) in net assets		(3,306,870	)		(1,508,571	)		543,698,652			91,491,541
Net assets:
Beginning of year		7,629,090			9,137,661			360,698,287			269,206,746
End of year	$	4,322,220		$	7,629,090		$	904,396,939		$	360,698,287
Changes in Shares Outstanding:
Shares sold		-			-			45,650,000			3,800,000
Shares repurchased		(50,000	)		(100,000	)		(17,600,000	)		(2,900,000	)
Shares outstanding, beginning of year		250,001			350,001			14,400,000			13,500,000
Shares outstanding, end of year		200,001			250,001			42,450,000			14,400,000

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

 50 

Invesco S&P Emerging Markets Momentum ETF (EEMO)								Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)								Invesco S&P International Developed Low Volatility ETF (IDLV)								Invesco S&P International Developed Momentum ETF (IDMO)
2022				2021				2022				2021				2022				2021				2022				2021
	$	143,323			$	124,900			$	818,912			$	861,750			$	19,373,224			$	20,562,798			$	246,583			$	168,830
		(795,443	)			1,652,108				(551,615	)			1,474,075				(12,748,214	)			53,277,588				(674,824	)			(1,550,235	)
		(507,039	)			(810,634	)			(3,796,336	)			1,545,952				(101,102,593	)			55,625,445				(1,307,273	)			11,574,198
		(1,159,159	)			966,374				(3,529,039	)			3,881,777				(94,477,583	)			129,465,831				(1,735,514	)			10,192,793
		(147,705	)			(88,036	)			(1,043,050	)			(759,011	)			(26,853,850	)			(17,849,945	)			(320,959	)			(142,128	)
		773,925				11,284,355				9,960,609				13,362,729				99,707,399				217,888,889				3,128,960				14,379,315
		(791,495	)			(11,675,073	)			(6,391,731	)			(13,272,460	)			(247,910,310	)			(403,375,226	)			(9,078,999	)			(305,965,211	)
		2,831				5,550				-				-				-				-				-				-
		(14,739	)			(385,168	)			3,568,878				90,269				(148,202,911	)			(185,486,337	)			(5,950,039	)			(291,585,896	)
		(1,321,603	)			493,170				(1,003,211	)			3,213,035				(269,534,344	)			(73,870,451	)			(8,006,512	)			(281,535,231	)
		6,263,485				5,770,315				18,853,433				15,640,398				700,693,786				774,564,237				16,701,370				298,236,601
	$	4,941,882			$	6,263,485			$	17,850,222			$	18,853,433			$	431,159,442			$	700,693,786			$	8,694,858			$	16,701,370
		50,000				600,000				400,000				500,000				3,450,000				6,950,000				100,000				400,000
		(50,000	)			(600,000	)			(250,000	)			(500,000	)			(8,300,000	)			(13,100,000	)			(250,000	)			(10,250,000	)
		350,000				350,000				700,001				700,001				22,150,000				28,300,000				450,000				10,300,000
		350,000				350,000				850,001				700,001				17,300,000				22,150,000				300,000				450,000

 51 

Financial Highlights

Invesco FTSE International Low Beta Equal Weight ETF (IDLB)

	Years Ended October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	30.52		$	26.11		$	28.22		$	26.98		$	29.47
Net investment income(a)		0.63			0.72			0.47			0.68			0.67
Net realized and unrealized gain (loss) on investments		(8.42	)		4.35			(2.05	)		1.43			(2.30	)
Total from investment operations		(7.79	)		5.07			(1.58	)		2.11			(1.63	)
Distributions to shareholders from:
Net investment income		(1.12	)		(0.66	)		(0.55	)		(0.87	)		(0.86	)
Transaction fees(a)		0.00	(b)		0.00	(b)		0.02			-			-
Net asset value at end of year	$	21.61		$	30.52		$	26.11		$	28.22		$	26.98
Market price at end of year(c)	$	21.48		$	30.55		$	26.04		$	28.02		$	26.86
Net Asset Value Total Return(d)		(26.15	)%		19.43	%		(5.44	)%		7.94	%		(5.81	)%
Market Price Total Return(d)		(26.68	)%		19.87	%		(5.02	)%		7.65	%		(6.12	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	4,322		$	7,629		$	9,138		$	53,615		$	109,258
Ratio to average net assets of:
Expenses		0.45	%		0.45	%		0.45	%		0.46	%(e)		0.45	%
Net investment income		2.39	%		2.36	%		1.75	%		2.48	%(e)		2.23	%
Portfolio turnover rate(f)		66	%		43	%		38	%		53	%		50	%

^(a)  Based on average shares outstanding.

^(b)  Amount represents less than $0.005.

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

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

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

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

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

 52 

Financial Highlights–(continued)

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

	Years Ended October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	25.05		$	19.94		$	23.23		$	23.02		$	24.59
Net investment income(a)		1.05			0.74			0.72			0.74			1.04
Net realized and unrealized gain (loss) on investments		(3.69	)		5.03			(3.33	)		0.58			(1.68	)
Total from investment operations		(2.64	)		5.77			(2.61	)		1.32			(0.64	)
Distributions to shareholders from:
Net investment income		(1.17	)		(0.67	)		(0.72	)		(1.12	)		(1.01	)
Transaction fees(a)		0.06			0.01			0.04			0.01			0.08
Net asset value at end of year	$	21.30		$	25.05		$	19.94		$	23.23		$	23.02
Market price at end of year(b)	$	21.40		$	25.08		$	19.82		$	23.12		$	23.03
Net Asset Value Total Return(c)		(10.68	)%		29.21	%		(10.92	)%		5.87	%		(2.54	)%
Market Price Total Return(c)		(10.40	)%		30.16	%		(11.03	)%		5.32	%		(2.60	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	904,397		$	360,698		$	269,207		$	335,632		$	246,270
Ratio to average net assets of:
Expenses, after Waivers		0.29	%		0.29	%		0.29	%		0.29	%		0.29	%
Expenses, prior to Waivers		0.29	%		0.29	%		0.38	%		0.45	%		0.45	%
Net investment income		4.42	%		3.13	%		3.42	%		3.14	%		4.12	%
Portfolio turnover rate(d)		136	%		92	%		114	%		67	%		125	%

^(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.

 53 

Financial Highlights–(continued)

Invesco S&P Emerging Markets Momentum ETF (EEMO)

	Years Ended October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	17.90		$	16.49		$	16.97		$	17.23		$	20.85
Net investment income(a)		0.43	(b)		0.27	(c)		0.32			0.40			0.27	(d)
Net realized and unrealized gain (loss) on investments		(3.78	)		1.32			(0.46	)		1.61			(3.03	)
Total from investment operations		(3.35	)		1.59			(0.14	)		2.01			(2.76	)
Distributions to shareholders from:
Net investment income		(0.44	)		(0.19	)		(0.34	)		(0.43	)		(0.14	)
Net realized gains		-			-			-			(1.85	)		(0.76	)
Total distributions		(0.44	)		(0.19	)		(0.34	)		(2.28	)		(0.90	)
Transaction fees(a)		0.01			0.01			0.00	(e)		0.01			0.04
Net asset value at end of year	$	14.12		$	17.90		$	16.49		$	16.97		$	17.23
Market price at end of year(f)	$	14.07		$	17.72		$	16.51		$	16.92		$	17.18
Net Asset Value Total Return(g)		(18.82	)%		9.66	%		0.20	%		13.60	%		(13.66	)%
Market Price Total Return(g)		(18.28	)%		8.44	%		0.59	%		13.66	%		(14.35	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	4,942		$	6,263		$	5,770		$	5,941		$	12,924
Ratio to average net assets of:
Expenses, after Waivers		0.29	%		0.29	%		0.29	%		0.36	%(h)(i)		0.27	%(h)
Expenses, prior to Waivers		0.29	%		0.29	%		0.37	%		0.53	%(h)(i)		0.45	%(h)
Net investment income		2.64	%(b)		1.43	%(c)		2.10	%		2.42	%(i)		1.26	%(d)
Portfolio turnover rate(j)		114	%		166	%		172	%		114	%		140	%

^(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 $0.32 and 1.98%, respectively.

^(c) Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.22 and 1.14%, respectively.

^(d)  Net Investment income per share and the ratio of net investment income to average net assets include a non-cash taxable distribution received during the year. Net investment income per share and the ratio of net investment income to average net assets excluding the non-cash taxable distribution are $0.17 and 0.83%, respectively.

^(e)  Amount represents less than $0.005.

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

^(g)  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.

^(h)  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.

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

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

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

 54 

Financial Highlights–(continued)

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

	Years Ended October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	26.93		$	22.34		$	28.60		$	26.19		$	28.39
Net investment income(a)		1.06			1.23			1.07			1.25			1.27
Net realized and unrealized gain (loss) on investments		(5.62	)		4.44			(5.83	)		2.41			(2.09	)
Total from investment operations		(4.56	)		5.67			(4.76	)		3.66			(0.82	)
Distributions to shareholders from:
Net investment income		(1.37	)		(1.08	)		(1.50	)		(1.25	)		(1.38	)
Net asset value at end of year	$	21.00		$	26.93		$	22.34		$	28.60		$	26.19
Market price at end of year(b)	$	20.90		$	27.05		$	22.49		$	28.61		$	26.41
Net Asset Value Total Return(c)		(17.57	)%		25.55	%		(16.91	)%		14.30	%		(3.11	)%
Market Price Total Return(c)		(18.34	)%		25.23	%		(16.38	)%		13.34	%		(3.06	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	17,850		$	18,853		$	15,640		$	14,300		$	5,238
Ratio to average net assets of:
Expenses		0.30	%		0.30	%		0.30	%		0.37	%(d)		0.30	%
Net investment income		4.27	%		4.61	%		4.39	%		4.60	%(d)		4.51	%
Portfolio turnover rate(e)		86	%		71	%		88	%		58	%		65	%

^(a)  Based on average shares outstanding.

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

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

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

^(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 International Developed Low Volatility ETF (IDLV)

	Years Ended October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	31.63		$	27.37		$	34.58		$	30.83		$	33.28
Net investment income(a)		0.98			0.83			0.83			1.15			1.08
Net realized and unrealized gain (loss) on investments		(6.32	)		4.17			(6.40	)		3.79			(2.22	)
Total from investment operations		(5.34	)		5.00			(5.57	)		4.94			(1.14	)
Distributions to shareholders from:
Net investment income		(1.37	)		(0.74	)		(1.64	)		(1.19	)		(1.31	)
Net asset value at end of year	$	24.92		$	31.63		$	27.37		$	34.58		$	30.83
Market price at end of year(b)	$	24.92		$	31.69		$	27.43		$	34.57		$	30.76
Net Asset Value Total Return(c)		(17.33	)%		18.34	%		(16.49	)%		16.33	%		(3.62	)%
Market Price Total Return(c)		(17.50	)%		18.31	%		(16.28	)%		16.56	%		(3.87	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	431,159		$	700,694		$	774,564		$	989,052		$	537,929
Ratio to average net assets of:
Expenses, after Waivers		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Expenses, prior to Waivers		0.25	%		0.25	%		0.30	%		0.35	%		0.35	%
Net investment income		3.29	%		2.69	%		2.77	%		3.51	%		3.26	%
Portfolio turnover rate(d)		78	%		81	%		99	%		59	%		65	%

^(a)  Based on average shares outstanding.

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

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

^(d)  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 International Developed Momentum ETF (IDMO)

	Years Ended October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	37.11		$	28.96		$	26.85		$	24.86		$	27.96
Net investment income(a)		0.97			0.50			0.04			0.61			0.61
Net realized and unrealized gain (loss) on investments		(7.84	)		8.25			2.58			2.12			(3.04	)
Total from investment operations		(6.87	)		8.75			2.62			2.73			(2.43	)
Distributions to shareholders from:
Net investment income		(1.26	)		(0.60	)		(0.51	)		(0.74	)		(0.67	)
Net asset value at end of year	$	28.98		$	37.11		$	28.96		$	26.85		$	24.86
Market price at end of year(b)	$	29.21		$	37.16		$	28.92		$	26.79		$	24.78
Net Asset Value Total Return(c)		(18.73	)%		30.43	%		10.14	%		11.30	%		(8.95	)%
Market Price Total Return(c)		(18.21	)%		30.80	%		10.24	%		11.42	%		(8.70	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	8,695		$	16,701		$	298,237		$	2,685		$	2,486
Ratio to average net assets of:
Expenses, after Waivers		0.25	%		0.25	%		0.25	%		0.53	%(d)		0.25	%
Expenses, prior to Waivers		0.25	%		0.25	%		0.26	%		0.63	%(d)		0.35	%
Net investment income		2.93	%		1.42	%		0.13	%		2.39	%(d)		2.21	%
Portfolio turnover rate(e)		106	%		29	%		15	%		104	%		123	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

October 31, 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 FTSE International Low Beta Equal Weight ETF (IDLB)	“FTSE International Low Beta Equal Weight ETF”
Invesco S&P Emerging Markets Low Volatility ETF (EELV)	“S&P Emerging Markets Low Volatility ETF”
Invesco S&P Emerging Markets Momentum ETF (EEMO)	“S&P Emerging Markets Momentum ETF”
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)	“S&P International Developed High Dividend Low Volatility ETF”
Invesco S&P International Developed Low Volatility ETF (IDLV)	“S&P International Developed Low Volatility ETF”
Invesco S&P International Developed Momentum ETF (IDMO)	“S&P International Developed Momentum ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on NYSE Arca, Inc., except for Shares of FTSE International Low Beta Equal Weight ETF which are listed and traded on The Nasdaq Stock Market and Shares of S&P International Developed High Dividend Low Volatility ETF, which are listed and traded on Cboe BZX Exchange, Inc.

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

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

Fund	Underlying Index
FTSE International Low Beta Equal Weight ETF	FTSE Developed ex-U.S. Low Beta Equal Weight Index
S&P Emerging Markets Low Volatility ETF	S&P BMI Emerging Markets Low Volatility IndexTM
S&P Emerging Markets Momentum ETF	S&P Momentum Emerging Plus LargeMidCap Index
S&P International Developed High Dividend Low Volatility ETF	S&P EPAC Ex-Korea Low Volatility High Dividend Index
S&P International Developed Low Volatility ETF	S&P BMI International Developed Low VolatilityTM Index
S&P International Developed Momentum ETF	S&P Momentum Developed ex-U.S. & South Korea LargeMidCap Index

NOTE 2–Significant Accounting Policies

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

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

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

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

A security listed or traded on an exchange 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.

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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 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

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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. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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. Foreign Withholding Taxes - Each Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Each Fund may file withholding tax refunds in certain jurisdictions to recover a portion of amounts previously withheld. Each Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Foreign tax reclaims on the Statements of Assets and Liabilities.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received. These tax refund payments are reflected as Foreign withholding

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tax claims in the Statements of Operations, and any related interest is included in Unaffiliated interest income. Each Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as Professional fees, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the fiscal year ended October 31, 2022, the Funds did not enter into any closing agreements.

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

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

I. Indemnifications - Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an “interested person” (as defined in the 1940 Act) of the Trust (each, an “Independent Trustee”) is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

J. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of 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.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance

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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 fiscal year ended October 31, 2022, each Fund (except for FTSE International Low Beta Equal Weight ETF, S&P International Developed High Dividend Low Volatility ETF and S&P International Developed Low Volatility 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
S&P Emerging Markets Low Volatility ETF		$190
S&P Emerging Markets Momentum ETF		2
S&P International Developed Momentum ETF		1

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

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

L. Other Risks

AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

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, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and

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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.

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

High Dividend Paying Securities Risk. Certain Funds invest in securities that pay high dividends. As a group, these securities can fall out of favor with the market, causing such companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in which a Fund invests and the capital resources available for such companies’ dividend payments may adversely affect a Fund. 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 each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, 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.

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

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

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

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their 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.

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.

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)
FTSE International Low Beta Equal Weight ETF		0.45	%
S&P Emerging Markets Low Volatility ETF		0.29	%
S&P Emerging Markets Momentum ETF		0.29	%
S&P International Developed High Dividend Low Volatility ETF		0.30	%
S&P International Developed Low Volatility ETF		0.25	%
S&P International Developed Momentum ETF		0.25	%

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

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

FTSE International Low Beta Equal Weight ETF	$	4
S&P Emerging Markets Low Volatility ETF		860
S&P Emerging Markets Momentum ETF		5
S&P International Developed High Dividend Low Volatility ETF		13
S&P International Developed Low Volatility ETF		402
S&P International Developed Momentum ETF		9

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

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

Fund	Licensor
FTSE International Low Beta Equal Weight ETF	FTSE International Ltd.
S&P Emerging Markets Low Volatility ETF	S&P Dow Jones Indices LLC
S&P Emerging Markets Momentum ETF	S&P Dow Jones Indices LLC
S&P International Developed High Dividend Low Volatility ETF	S&P Dow Jones Indices LLC
S&P International Developed Low Volatility ETF	S&P Dow Jones Indices LLC
S&P International Developed Momentum ETF	S&P Dow Jones Indices LLC

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

The Trust has entered into service agreements whereby 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 October 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 Emerging Markets Low Volatility ETF	$	1,158
S&P Emerging Markets Momentum ETF		38
S&P International Developed High Dividend Low Volatility ETF		2

NOTE 4–Additional Valuation Information

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

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

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The following is a summary of the tiered valuation input levels, as of October 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
FTSE International Low Beta Equal Weight ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	4,263,232		$	-		$	-		$	4,263,232
Money Market Funds			4,856			304,179			-			309,035
Total Investments		$	4,268,088		$	304,179		$	-		$	4,572,267
S&P Emerging Markets Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	903,039,484		$	-		$	0		$	903,039,484
Money Market Funds			-			11,741,660			-			11,741,660
Total Investments		$	903,039,484		$	11,741,660		$	0		$	914,781,144
S&P Emerging Markets Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	4,944,293		$	342		$	0		$	4,944,635
Money Market Funds			4,220			24,892			-			29,112
Total Investments		$	4,948,513		$	25,234		$	0		$	4,973,747
S&P International Developed High Dividend Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	17,784,368		$	-		$	-		$	17,784,368
Money Market Funds			-			2,239,598			-			2,239,598
Total Investments		$	17,784,368		$	2,239,598		$	-		$	20,023,966
S&P International Developed Low Volatility ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	428,808,123		$	-		$	-		$	428,808,123
Money Market Funds			49,451			31,809,585			-			31,859,036
Total Investments		$	428,857,574		$	31,809,585		$	-		$	460,667,159
S&P International Developed Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	8,681,505		$	-		$	-		$	8,681,505
Money Market Funds			-			237,125			-			237,125
Total Investments		$	8,681,505		$	237,125		$	-		$	8,918,630

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

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

	2022		2021
	Ordinary Income*		Ordinary Income*
FTSE International Low Beta Equal Weight ETF	$	269,340	$	179,259
S&P Emerging Markets Low Volatility ETF		35,911,398		8,893,471
S&P Emerging Markets Momentum ETF		147,705		88,036
S&P International Developed High Dividend Low Volatility ETF		1,043,050		759,011
S&P International Developed Low Volatility ETF		26,853,850		17,849,945
S&P International Developed Momentum ETF		320,959		142,128

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

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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
FTSE International Low Beta Equal Weight ETF		$	-		$	(44	)		$	(964,886)			$	(6,175)			$	(16,282,023	)		$	21,575,348		$	4,322,220
S&P Emerging Markets Low Volatility ETF			-			-				(106,329,818	)			(8,359	)			(150,525,995	)			1,161,261,111			904,396,939
S&P Emerging Markets Momentum ETF			31,742			-				(153,464)				(10,849	)			(2,290,705	)			7,365,158			4,941,882
S&P International Developed High Dividend Low Volatility ETF			-			-				(3,641,804	)			(2,661	)			(3,989,718	)			25,484,405			17,850,222
S&P International Developed Low Volatility ETF			789,646			-				(67,421,629)				(116,414	)			(218,427,532	)			716,335,371			431,159,442
S&P International Developed Momentum ETF			4,012			-				(293,293	)			(1,436	)			(3,910,909	)			12,896,484			8,694,858

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 October 31, 2022, as follows:

	No expiration
	Short-Term		Long-Term		Total*
FTSE International Low Beta Equal Weight ETF	$	7,323,789	$	8,958,234	$	16,282,023
S&P Emerging Markets Low Volatility ETF		108,432,456		42,093,539		150,525,995
S&P Emerging Markets Momentum ETF		2,290,705		-		2,290,705
S&P International Developed High Dividend Low Volatility ETF		2,352,352		1,637,366		3,989,718
S&P International Developed Low Volatility ETF		131,913,982		86,513,550		218,427,532
S&P International Developed Momentum ETF		3,433,068		477,841		3,910,909

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

NOTE 6–Investment Transactions

For the fiscal year ended October 31, 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
FTSE International Low Beta Equal Weight ETF	$	3,980,123	$	4,188,721
S&P Emerging Markets Low Volatility ETF		1,492,376,556		993,134,472
S&P Emerging Markets Momentum ETF		6,218,338		6,184,131
S&P International Developed High Dividend Low Volatility ETF		16,873,936		16,342,313
S&P International Developed Low Volatility ETF		457,328,681		471,221,104
S&P International Developed Momentum ETF		9,221,986		9,317,055

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

	In-kind Purchases		In-kind Sales
FTSE International Low Beta Equal Weight ETF	$	-	$	969,068
S&P Emerging Markets Low Volatility ETF		320,453,313		90,900,022
S&P Emerging Markets Momentum ETF		98,326		138,527
S&P International Developed High Dividend Low Volatility ETF		9,299,886		6,539,166
S&P International Developed Low Volatility ETF		96,111,602		236,125,937
S&P International Developed Momentum ETF		3,119,309		9,030,673

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

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As of October 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
FTSE International Low Beta Equal Weight ETF	$	133,388	$	(1,098,274)	$	(964,886)	$	5,537,153
S&P Emerging Markets Low Volatility ETF		20,757,914		(127,087,732)		(106,329,818)		1,021,110,962
S&P Emerging Markets Momentum ETF		367,371		(520,835)		(153,464)		5,127,211
S&P International Developed High Dividend Low Volatility ETF		169,363		(3,811,167)		(3,641,804)		23,665,770
S&P International Developed Low Volatility ETF		6,851,527		(74,273,156)		(67,421,629)		528,088,788
S&P International Developed Momentum ETF		199,398		(492,691)		(293,293)		9,211,923

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, passive foreign investment companies, distributions, wash sales, foreign currency transactions, foreign capital gains taxes, taxable spinoff and inverse floaters, amounts were reclassified between undistributed net investment income, undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended October 31, 2022, the reclassifications were as follows:

	Undistributed Net Investment Income (Loss)				Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
FTSE International Low Beta Equal Weight ETF		$	52,717			$	123,310			$	(176,027	)
S&P Emerging Markets Low Volatility ETF			(30,689	)			2,657,640				(2,626,951	)
S&P Emerging Markets Momentum ETF			19,877				(11,491	)			(8,386	)
S&P International Developed High Dividend Low Volatility ETF			43,239				(697,929	)			654,690
S&P International Developed Low Volatility ETF			5,835,405				(15,306,696	)			9,471,291
S&P International Developed Momentum ETF			50,239				(741,081	)			690,842

NOTE 8–Trustees’ and Officer’s Fees

The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. The 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 APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

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

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

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

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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 FTSE International Low Beta Equal Weight ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco FTSE International Low Beta Equal Weight ETF, Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed High Dividend Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF and Invesco S&P International Developed Momentum ETF (six of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 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 October 31, 2022 and each of the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

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

December 23, 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 May 1, 2022 through October 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 May 1, 2022		Ending Account Value October 31, 2022			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco FTSE International Low Beta Equal Weight ETF (IDLB)
Actual		$1,000.00		$	852.30		0.45	%		$2.10
Hypothetical (5% return before expenses)		1,000.00			1,022.94		0.45			2.29
Invesco S&P Emerging Markets Low Volatility ETF (EELV)
Actual		1,000.00			863.80		0.29			1.36
Hypothetical (5% return before expenses)		1,000.00			1,023.74		0.29			1.48
Invesco S&P Emerging Markets Momentum ETF (EEMO)
Actual		1,000.00			869.50		0.29			1.37
Hypothetical (5% return before expenses)		1,000.00			1,023.74		0.29			1.48
Invesco S&P International Developed High Dividend Low Volatility ETF (IDHD)
Actual		1,000.00			849.30		0.30			1.40
Hypothetical (5% return before expenses)		1,000.00			1,023.69		0.30			1.53
Invesco S&P International Developed Low Volatility ETF (IDLV)
Actual		1,000.00			853.40		0.25			1.17
Hypothetical (5% return before expenses)		1,000.00			1,023.95		0.25			1.28

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Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value May 1, 2022			Ending Account Value October 31, 2022			Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period(1)
Invesco S&P International Developed Momentum ETF (IDMO)
Actual		$	1,000.00		$	911.30		0.25%		$	1.20
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 October 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.

 70 

Tax Information

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

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

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

	Qualified Business Income*	Qualified Dividend Income*	Corporate Dividends Received Deduction*	U.S. Treasury Obligations*	Business Interest Income*	Qualified Short Term Gains
Invesco FTSE International Low Beta Equal Weight ETF	0%	69%	0%	0%	0%	$	-
Invesco S&P Emerging Markets Low Volatility ETF	0%	35%	0%	0%	0%		295,551
Invesco S&P Emerging Markets Momentum ETF	0%	41%	0%	0%	0%		-
Invesco S&P International Developed High Dividend Low Volatility ETF	0%	54%	0%	0%	0%		-
Invesco S&P International Developed Low Volatility ETF	0%	57%	0%	0%	0%		-
Invesco S&P International Developed Momentum ETF	0%	66%	0%	0%	0%		-

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

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

	Foreign Taxes Per Share	Foreign Source Income Per Share
Invesco FTSE International Low Beta Equal Weight ETF	$0.0875	$1.0441
Invesco S&P Emerging Markets Low Volatility ETF	0.1182	0.9443
Invesco S&P Emerging Markets Momentum ETF	0.0659	0.5553
Invesco S&P International Developed High Dividend Low Volatility ETF	0.0575	1.1299
Invesco S&P International Developed Low Volatility ETF	0.0826	1.4457
Invesco S&P International Developed Momentum ETF	0.0823	1.1127

 71 

Trustees and Officers

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

As of October 31, 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).	234	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.	234	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.

 72 

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
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).	234	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.

 73 

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).	234	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.

 74 

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 Interested 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).	234	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).	234	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.

 75 

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 Interested 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.	234	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.

 76 

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.	234	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).	234	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.

 77 

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).	234	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.

 78 

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.

 79 

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.

 80 

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.

 81 

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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-HBLV-AR-2	invesco.com/ETFs

	Invesco Annual Report to Shareholders October 31, 2022
	PCY	Invesco Emerging Markets Sovereign Debt ETF
	PGHY	Invesco Global Short Term High Yield Bond ETF
	PICB	Invesco International Corporate Bond ETF

Table of Contents

The Market Environment	3
Management’s Discussion of Fund Performance	5
Schedules of Investments
Invesco Emerging Markets Sovereign Debt ETF (PCY)	12
Invesco Global Short Term High Yield Bond ETF (PGHY)	15
Invesco International Corporate Bond ETF (PICB)	24
Statements of Assets and Liabilities	32
Statements of Operations	33
Statements of Changes in Net Assets	34
Financial Highlights	36
Notes to Financial Statements	38
Report of Independent Registered Public Accounting Firm	48
Fund Expenses	49
Tax Information	50
Trustees and Officers	51

2

The Market Environment

Domestic Equity

The fiscal year ended October 31, 2022 began with continued volatility in equity markets in the fourth quarter of 2021 amid substantial 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,¹ causing higher gas prices for consumers, and the Consumer Price Index (CPI) reported for November 2021 increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.² To combat inflation, the US Federal Reserve (the Fed) announced the potential for three or more 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 inflation 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 2008.¹ Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and the Fed indicated it would “taper” its asset purchase program quickly.³

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 into 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 40-year high to 8.6% for the 12 months ended May 2022.² 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.¹ 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 an economic policy symposium held in Jackson Hole, Wyoming sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.³

After experiencing a sharp drop in September 2022, US equity markets rebounded in October with strong gains, despite mixed data on the economy and corporate earnings. Inflation data

reported in October came in higher than expected; however, the

labor market remained strong, with payroll employment gains and a decline in the unemployment rate to a near record low of 3.5% in September.² The initial estimate of third quarter real gross domestic product showed an increase of 2.6% (annualized) after falling in the prior two quarters, but the headline number masked a drop in demand and investment. Corporate earnings were generally in line with expectations, but many companies’ forward earnings guidance was weaker than expected.

In this environment, US stocks had negative double-digit returns for the fiscal year ended October 31, 2022 of -14.61%, as measured by the S&P 500 Index.⁴

¹  Source: Bloomberg LP

²  Source: US Bureau of Labor Statistics

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 during 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 and 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 slightly 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% and fixed income markets experienced significant negative performance as all bond sectors felt the impact of rising interest rates with 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

3

The Market Environment (continued)

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 fiscal year, including a 0.50% hike in May, and three 0.75% hikes in June, July and November, the largest hikes since 1994, to a target Fed funds rate of 3.75-4.00%, the highest since 2008.⁴ At their November 2022 meeting, the Fed signaled that its hawkish policies would continue, though a slowing of the pace of rate increases was likely. While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 2.92% to 4.51% during the fiscal year, while 10-year Treasury rates increased from 2.98% to 4.10%.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  Source: Federal Reserve of Economic Data

4

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

As an index fund, the Invesco Emerging Markets Sovereign Debt ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the DBIQ Emerging Market USD Liquid Balanced Index (the “Index”). The Fund generally will invest at least 80% of its total assets in components that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Deutsche Bank Securities Inc. (“DB” or the “Index Provider”) compiles and maintains the Index, which measures potential returns of a theoretical portfolio of liquid U.S. dollar- denominated government bonds from emerging market countries. The Index is composed of one to three securities from each of the eligible emerging market countries set forth in the prospectus that (i) are denominated in U.S. dollars, (ii) are sovereign or quasi-sovereign bonds, (iii) generally have at least three years to maturity at the time of rebalancing, (iv) have an outstanding amount of at least $500 million or greater, and (v) have a fixed coupon. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (32.83)%. On a net asset value (“NAV”) basis, the Fund returned (31.97)%. During the same time period, the Index returned (34.28)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due the positive effects of the Fund’s sampling methodology, which offset the fees and operating expenses that the Fund incurred during the period.

During this same time period, the JP Morgan Emerging Market Bond Global Index (the “Benchmark Index”) returned (22.21)%. The Benchmark Index is an unmanaged index weighted by country, which limits weights of countries with higher debt outstanding, reallocating this excess to countries with lower debt outstanding, based on the average performance of approximately 800 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. dollar-denominated bond market in emerging market countries.

Relative to the Benchmark Index, the Fund was most overweight in Jordan bonds and most underweight in China bonds during the fiscal year ended October 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s higher allocation to Pakistan bonds, followed by Romania bonds.

For the fiscal year ended October 31, 2022, United States bonds contributed most significantly to the Fund’s return. Ukraine bonds detracted most significantly from the Fund’s return, followed by Russia bonds and Belarus bonds, respectively.

The position that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022, was Turkey Government International Bond, 5.95% coupon, due 01/15/2031 (portfolio average weight of 1.20%). Positions that detracted most significantly from the Fund’s return during this period included Pakistan Government International Bond, 6.88% coupon, due 12/05/2027 (portfolio average weight of 0.50%) and Republic of Kenya Government International Bond, 8.25% coupon, due 02/28/2048 (portfolio average weight of 1.50%).

5

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

Country Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Jordan	3.38
Costa Rica	3.35
Turkey	3.35
Oman	3.35
Guatemala	3.29
Paraguay	3.22
Bahrain	3.21
Brazil	3.16
Panama	3.15
Angola	3.15
Kazakhstan	3.08
Dominican Republic	3.06
Morocco	3.03
Philippines	3.01
Kenya	3.00
South Africa	2.99
Mexico	2.99
Indonesia	2.95
Egypt	2.91
Chile	2.89
Mongolia	2.87
Qatar	2.86
Colombia	2.85
Saudi Arabia	2.82
El Salvador	2.81
United Arab Emirates	2.80
Peru	2.78
China	2.71
Nigeria	2.70
Romania	2.70
Hungary	2.69
Poland	1.76
Kuwait	1.73
Pakistan	1.32
Money Market Funds Plus Other Assets Less Liabilities	2.08

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Republic of Poland Government International Bond, 3.25%, 04/06/2026	1.76
Kuwait International Government Bond, 3.50%, 03/20/2027	1.73
Republic of Kenya Government International Bond, 7.25%, 02/28/2028	1.55
Kazakhstan Government International Bond, 6.50%, 07/21/2045	1.54
Kazakhstan Government International Bond, 4.88%, 10/14/2044	1.54
Republic of Kenya Government International Bond, 8.25%, 02/28/2048	1.44
Jordan Government International Bond, 5.75%, 01/31/2027	1.19
Guatemala Government Bond, 4.88%, 02/13/2028	1.19
Paraguay Government International Bond, 4.70%, 03/27/2027	1.17
Turkey Government International Bond, 8.00%, 02/14/2034	1.15
Total	14.26

* Excluding money market fund holdings.    

6

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

Growth of a $10,000 Investment

Fund Performance History as of October 31, 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
DBIQ Emerging Market USD Liquid Balanced Index		(34.28	)%		(12.31	)%		(32.56	)%		(5.89	)%		(26.16	)%		(0.71	)%		(6.86	)%		3.31	%		63.36	%
JP Morgan Emerging Market Bond Global Index		(22.21	)		(6.20	)		(17.46	)		(2.33	)		(11.11	)		0.88			9.14			3.91			78.03
Fund
NAV Return		(31.97	)		(11.77	)		(31.31	)		(5.76	)		(25.66	)		(0.98	)		(9.40	)		2.68			48.82
Market Price Return		(32.83	)		(12.18	)		(32.27	)		(6.01	)		(26.64	)		(1.15	)		(10.90	)		2.54			45.84

Fund Inception: October 11, 2007

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

Performance results for the indexes are based upon a hypothetical investment in their respective constituent securities. The returns for 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.

7

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

As an index fund, the Invesco Global Short Term High Yield Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the DB Global Short Maturity High Yield Bond Index (the “Index”). The Fund generally will invest at least 80% of its total assets in components that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Deutsche Bank Securities Inc. (“DB” or the “Index Provider”) compiles and maintains the Index, which is composed of U.S. dollar denominated, publicly issued, institutionally traded short-term bonds that are rated below investment grade. The Index is composed of bonds issued by corporations, as well as sovereign or quasi-government entities, that (i) are denominated in U.S. dollars; (ii) are rated below “investment grade” (i.e., have a “composite rating” from DB of between “C” and “BB+” (both inclusive)); (iii) have not been marked as defaulted by any rating agency; (iv) have generally three years or less to maturity; (v) have a minimum amount outstanding of at least $250 million; and (vi) have a fixed coupon.

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

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (7.87)%. On a net asset value (“NAV”) basis, the Fund returned (7.45)%. During the same time period, the Index returned (9.74)%. 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 sampling methodology, which offset the fees and operating expenses that the Fund incurred during the period.

During this same time period, ICE BofA 0-5 Year U.S. High Yield Constrained Index (the “Benchmark Index”) returned (5.94)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 950 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the U.S. dollar-denominated short-term high yield corporate bond market.

Relative to the Benchmark Index, the Fund was most overweight in the financial sector and most underweight in the communication services sector during the fiscal year ended October 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 materials sector.

For the fiscal year ended October 31, 2022, the utilities sector contributed most significantly to the Fund’s return. The financial sector detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022, included Codere Finance 2 (Luxembourg) S.A., 13.63% coupon, due 11/30/2027, (portfolio average weight of 0.10%) and Mountain Province Diamonds, Inc., 8.00% coupon, due 12/15/2022, (portfolio average weight of 0.40%). Positions that detracted most significantly from the Fund’s return included Global Ports Finance PLC, 6.50% coupon, due 09/22/2023, (no longer held at fiscal year-end) and Celtic Resources Holdings DAC, 4.13% coupon, due 10/09/2024, (portfolio average weight of 0.00%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Financials	20.01
Consumer Discretionary	12.52
Energy	11.93
Sovereign Debt	10.32
Industrials	9.92
Materials	8.81
Communication Services	7.20
Utilities	4.86
Real Estate	3.88
Sector Types Each Less Than 3%	5.84
Money Market Funds Plus Other Assets Less Liabilities	4.71
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
SoftBank Group Corp., 4.75%, 09/19/2024	0.45
Rakuten Group, Inc., 3.55%, 11/27/2024	0.44
Roenesans Gayrimenkul Yatirim A.S., 7.25%, 04/26/2023	0.39
Mountain Province Diamonds, Inc., 8.00%, 12/15/2022	0.38
Costa Rica Government International Bond, 4.25%, 01/26/2023	0.37
Avient Corp., 5.25%, 03/15/2023	0.37
KOC Holding A.S., 5.25%, 03/15/2023	0.37
Oman Government International Bond, 4.13%, 01/17/2023	0.37
Hazine Mustesarligi Varlik Kiralama A.S., 5.00%, 04/06/2023	0.37
Arcelik A.S., 5.00%, 04/03/2023	0.37
Total	3.88

* Excluding money market fund holdings.

8

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

Growth of a $10,000 Investment Since Inception

Fund Performance History as of October 31, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
DB Global Short Maturity High Yield Bond Index		(9.74	)%		(1.67	)%		(4.92	)%		0.15	%		0.76	%		3.16	%		33.78	%
ICE BofA 0-5 Year U.S. High Yield Constrained Index		(5.94	)		1.63			4.97			2.56			13.45			3.84			42.34
Fund
NAV Return		(7.45	)		(0.84	)		(2.50	)		0.47			2.36			2.45			25.45
Market Price Return		(7.87	)		(0.92	)		(2.74	)		0.37			1.87			2.45			25.39

Fund Inception: June 20, 2013

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

Performance results for the indexes are based upon a hypothetical investment in their respective constituent securities. The returns for 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.

9

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

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

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

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (29.09)%. On a net asset value (“NAV”) basis, the Fund returned (29.02)%. During the same time period, the Index returned (28.88)%. 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 effects of the Fund’s sampling methodology.

During this same time period, the Bloomberg Pan-European Aggregate Index (the “Benchmark Index”) returned (29.59)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 8,300 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-based representation of the non-U.S. dollar corporate bond market.

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the information technology sector during the fiscal year ended October 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed the Fund’s security selection in the information technology sector.

For the fiscal year ended October 31, 2022, no sector contributed to the Fund’s return. The financials sector detracted most significantly from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022, included Orsted A/S, 5.38% coupon, due 09/13/2042, (portfolio average weight of 0.40 %), and BG Energy Capital PLC, 5.13% coupon, due 12/01/2025, (portfolio average weight of 0.30%). Positions that detracted most significantly from the Fund’s return included Enel Finance International N.V., 5.75% coupon, due 09/14/2040,

(portfolio average weight of 0.50%), and ENGIE S.A., 5.00% coupon, due 10/01/2060, (portfolio average weight of 0.30%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Financials	51.68
Utilities	13.79
Communication Services	8.78
Industrials	5.11
Energy	4.97
Consumer Discretionary	4.71
Sector Types Each Less Than 3%	9.48
Money Market Funds Plus Other Assets Less Liabilities	1.48
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Toronto-Dominion Bank (The), 2.67%, 09/09/2025	0.77
Royal Bank of Canada, 3.37%, 09/29/2025	0.72
NTT Finance Corp., Series 16, 0.18%, 12/19/2025	0.69
NTT Finance Corp., Series 18, 0.38%, 09/20/2030	0.68
Toronto-Dominion Bank (The), 4.21%, 06/01/2027	0.65
Electricite de France S.A., 6.13%, 06/02/2034	0.59
Bank of Montreal, 4.31%, 06/01/2027	0.58
Bank of Nova Scotia (The), 1.95%, 01/10/2025	0.49
Enel Finance International N.V., 5.75%, 09/14/2040	0.48
Bank of Nova Scotia (The), 2.95%, 03/08/2027	0.48
Total	6.13

* Excluding money market fund holdings.

10

Invesco International Corporate Bond ETF (PICB) (continued)

Growth of a $10,000 Investment

Fund Performance History as of October 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 International Corporate Bond Index® (Net)		(28.88	)%		(8.52	)%		(23.43	)%		(4.63	)%		(21.12	)%		(1.99	)%		(18.21	)%		0.30	%		3.80	%
Bloomberg Pan-European Aggregate Index		(29.59	)		(9.86	)		(26.76	)		(5.38	)		(24.15	)		(1.98	)		(18.15	)		0.00			(0.06	)
Fund
NAV Return		(29.02	)		(8.65	)		(23.77	)		(4.64	)		(21.14	)		(1.94	)		(17.80	)		0.34			4.36
Market Price Return		(29.09	)		(8.50	)		(23.40	)		(4.63	)		(21.12	)		(1.98	)		(18.14	)		0.29			3.68

Fund Inception: June 3, 2010

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

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

Notes Regarding Indexes and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

11

Invesco Emerging Markets Sovereign Debt ETF (PCY)

October 31, 2022

Schedule of Investments

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-97.92%
Angola-3.15%
Angolan Government International Bond
8.25%, 05/09/2028(a)	$	18,311,000	$	15,486,528
9.38%, 05/08/2048(a)		19,286,000		14,731,611
9.13%, 11/26/2049(a)		19,515,000		14,790,419
				45,008,558
Bahrain-3.21%
Bahrain Government International Bond
6.00%, 09/19/2044(a)		21,408,000		15,099,812
7.50%, 09/20/2047(a)		19,132,000		15,366,746
6.25%, 01/25/2051(a)		21,680,000		15,347,315
				45,813,873
Brazil-3.16%
Brazilian Government International Bond
5.63%, 01/07/2041		18,931,000		15,272,627
5.63%, 02/21/2047(b)		19,673,000		15,004,536
4.75%, 01/14/2050		22,068,000		14,835,788
				45,112,951
Chile-2.89%
Chile Government International Bond
4.34%, 03/07/2042		18,508,000		14,320,325
3.86%, 06/21/2047		18,864,000		13,582,365
4.00%, 01/31/2052		18,878,000		13,404,134
				41,306,824
China-2.71%
China Government International Bond
4.00%, 10/19/2048(a)(b)		15,200,000		13,454,722
2.25%, 10/21/2050(a)		20,840,000		12,557,670
2.50%, 10/26/2051(a)		19,980,000		12,684,561
				38,696,953
Colombia-2.85%
Colombia Government International Bond
7.38%, 09/18/2037		16,227,000		13,729,804
6.13%, 01/18/2041		18,994,000		13,595,627
5.63%, 02/26/2044		20,609,000		13,455,829
				40,781,260
Costa Rica-3.35%
Costa Rica Government International Bond
5.63%, 04/30/2043(a)		21,536,000		15,814,235
7.00%, 04/04/2044(a)(b)		18,773,000		16,021,198
7.16%, 03/12/2045(a)(b)		18,531,000		16,081,562
				47,916,995
Dominican Republic-3.06%
Dominican Republic International Bond
7.45%, 04/30/2044(a)		17,295,000		14,570,506
6.85%, 01/27/2045(a)		18,806,000		14,634,575
6.50%, 02/15/2048(a)		19,712,000		14,520,729
				43,725,810
Egypt-2.91%
Egypt Government International Bond
8.50%, 01/31/2047(a)		23,652,000		14,028,096

	Principal Amount		Value
Egypt-(continued)
7.90%, 02/21/2048(a)	$	25,045,000	$	14,199,513
8.70%, 03/01/2049(a)		22,452,000		13,431,729
				41,659,338
El Salvador-2.81%
El Salvador Government International Bond
6.38%, 01/18/2027(a)		33,182,000		13,229,652
8.63%, 02/28/2029(a)		33,856,000		13,882,811
9.50%, 07/15/2052(a)		33,840,000		12,995,870
				40,108,333
Guatemala-3.29%
Guatemala Government Bond
4.88%, 02/13/2028(a)		18,370,000		16,973,240
3.70%, 10/07/2033(a)(b)		20,152,000		15,339,897
4.65%, 10/07/2041(a)		19,890,000		14,719,239
				47,032,376
Hungary-2.69%
Hungary Government International Bond
5.50%, 06/16/2034(a)		15,897,000		13,734,786
7.63%, 03/29/2041		12,445,000		12,502,645
3.13%, 09/21/2051(a)		22,150,000		12,243,922
				38,481,353
Indonesia-2.95%
Indonesia Government International Bond
7.75%, 01/17/2038(a)		13,293,000		14,788,462
6.75%, 01/15/2044(a)		13,744,000		14,220,211
4.45%, 04/15/2070		17,554,000		13,207,249
				42,215,922
Jordan-3.38%
Jordan Government International Bond
5.75%, 01/31/2027(a)		18,455,000		16,990,503
5.85%, 07/07/2030(a)		19,563,000		16,262,135
7.38%, 10/10/2047(a)		19,901,000		14,992,100
				48,244,738
Kazakhstan-3.08%
Kazakhstan Government International Bond
4.88%, 10/14/2044(a)		28,574,000		21,966,005
6.50%, 07/21/2045(a)		24,758,000		22,029,867
				43,995,872
Kenya-3.00%
Republic of Kenya Government International Bond
7.25%, 02/28/2028(a)		29,163,000		22,175,079
8.25%, 02/28/2048(a)		32,081,000		20,631,291
				42,806,370
Kuwait-1.73%
Kuwait International Government Bond,
3.50%, 03/20/2027(a)		25,937,000		24,784,826
Mexico-2.99%
Mexico Government International Bond
4.60%, 01/23/2046		19,206,750		14,146,130

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

  12  

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

October 31, 2022

	Principal Amount		Value
Mexico-(continued)
5.75%, 10/12/2110	$	17,760,000	$	13,699,562
Series A, 6.05%, 01/11/2040		16,127,000		14,918,199
				42,763,891
Mongolia-2.87%
Mongolia Government International Bond
5.13%, 04/07/2026(a)		18,265,000		14,156,446
3.50%, 07/07/2027(a)		20,054,000		13,838,320
4.45%, 07/07/2031(a)(b)		20,293,000		13,079,867
				41,074,633
Morocco-3.03%
Morocco Government International Bond
3.00%, 12/15/2032(a)		21,274,000		15,417,055
5.50%, 12/11/2042(a)		18,483,000		13,973,333
4.00%, 12/15/2050(a)		23,330,000		13,880,930
				43,271,318
Nigeria-2.70%
Nigeria Government International Bond
7.70%, 02/23/2038(a)		21,956,000		12,954,040
7.63%, 11/28/2047(a)		22,359,000		12,775,485
9.25%, 01/21/2049(a)(b)		19,720,000		12,855,567
				38,585,092
Oman-3.35%
Oman Government International Bond
6.50%, 03/08/2047(a)		19,075,000		15,776,398
6.75%, 01/17/2048(a)		19,157,000		16,150,328
7.00%, 01/25/2051(a)		18,624,000		15,960,098
				47,886,824
Pakistan-1.32%
Pakistan Government International Bond
8.25%, 09/30/2025(a)		17,830,000		6,418,800
6.00%, 04/08/2026(a)		18,530,000		6,161,225
6.88%, 12/05/2027(a)		19,608,000		6,286,325
				18,866,350
Panama-3.15%
Panama Government International Bond
3.16%, 01/23/2030		18,770,000		15,453,573
2.25%, 09/29/2032		20,806,000		14,635,118
3.30%, 01/19/2033(b)		19,370,000		14,960,317
				45,049,008
Paraguay-3.22%
Paraguay Government International Bond
4.70%, 03/27/2027(a)		17,510,000		16,778,957
6.10%, 08/11/2044(a)		17,252,000		15,010,130
5.60%, 03/13/2048(a)		18,108,000		14,260,050
				46,049,137
Peru-2.78%
Peruvian Government International Bond
5.63%, 11/18/2050		14,658,000		13,546,953
3.55%, 03/10/2051(b)		20,045,000		13,282,745
3.60%, 01/15/2072(b)		21,892,000		12,922,957
				39,752,655

	Principal Amount		Value
Philippines-3.01%
Philippine Government International Bond
3.70%, 03/01/2041	$	19,192,000	$	14,489,960
3.20%, 07/06/2046		21,543,000		14,296,353
4.20%, 03/29/2047		18,234,000		14,208,433
				42,994,746
Poland-1.76%
Republic of Poland Government International Bond, 3.25%, 04/06/2026		26,731,000		25,154,940
Qatar-2.86%
Qatar Government International Bond
4.63%, 06/02/2046(a)		15,740,000		13,920,299
5.10%, 04/23/2048(a)		14,579,000		13,606,216
4.82%, 03/14/2049(a)		15,009,000		13,407,149
				40,933,664
Romania-2.70%
Romanian Government International Bond
6.13%, 01/22/2044(a)		16,170,000		13,006,194
5.13%, 06/15/2048(a)		18,082,000		12,682,245
4.00%, 02/14/2051(a)		21,798,000		12,849,354
				38,537,793
Saudi Arabia-2.82%
Saudi Government International Bond
4.50%, 10/26/2046(a)		16,904,000		13,502,306
4.63%, 10/04/2047(a)		16,587,000		13,385,228
5.00%, 04/17/2049(a)		15,750,000		13,439,932
				40,327,466
South Africa-2.99%
Republic of South Africa Government International Bond
6.30%, 06/22/2048		19,719,000		14,378,602
5.75%, 09/30/2049		20,987,000		14,017,805
7.30%, 04/20/2052		18,280,000		14,386,360
				42,782,767
Turkey-3.35%
Turkey Government International Bond
5.95%, 01/15/2031		20,900,000		16,064,367
8.00%, 02/14/2034		18,547,000		16,405,823
6.88%, 03/17/2036		20,439,000		15,440,683
				47,910,873
United Arab Emirates-2.80%
Emirate of Dubai Government International Bond, 5.25%, 01/30/2043(a)		17,311,000		14,568,245
Finance Department Government of Sharjah
4.00%, 07/28/2050(a)		22,411,000		13,017,430
4.38%, 03/10/2051(a)		20,678,000		12,370,696
				39,956,371
Total U.S. Dollar Denominated Bonds & Notes (Cost $2,007,579,585)				1,399,589,880

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

  13  

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

October 31, 2022

	Shares		Value
Money Market Funds-0.55%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(c)(d) (Cost $7,905,005)		7,905,005	$	7,905,005
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.47% (Cost $2,015,484,590)				1,407,494,885
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.84%
Invesco Private Government Fund, 3.18%(c)(d)(e)		15,375,146		15,375,146

	Shares	Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 3.28%(c)(d)(e)	39,527,745	$	39,527,745
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $54,904,626)			54,902,891
TOTAL INVESTMENTS IN SECURITIES-102.31% (Cost $2,070,389,216)			1,462,397,776
OTHER ASSETS LESS LIABILITIES-(2.31)%			(33,017,905	)
NET ASSETS-100.00%		$	1,429,379,871

Notes to Schedule of Investments:

^(a)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $960,270,071, which represented 67.18% of the Fund’s Net Assets.

^(b)  All or a portion of this security was out on loan at October 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 October 31, 2022.

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	1,814,291		$	257,091,527		$	(251,000,813	)		$	-			$	-			$	7,905,005		$	46,096
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			18,930,470			246,671,541			(250,226,865	)			-				-				15,375,146			240,581	*
Invesco Private Prime Fund			44,171,098			422,644,909			(427,279,476	)			(1,736	)			(7,050	)			39,527,745			650,630	*
Total		$	64,915,859		$	926,407,977		$	(928,507,154	)		$	(1,736	)		$	(7,050	)		$	62,807,896		$	937,307

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

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

  14  

Invesco Global Short Term High Yield Bond ETF (PGHY)

October 31, 2022

Schedule of Investments

	Principal       Amount		Value
U.S. Dollar Denominated Bonds & Notes-94.92%
Argentina-1.71%
AES Argentina Generacion S.A., 7.75%, 02/02/2024(a)		$    850,000	$	661,912
Agua y Saneamientos Argentinos S.A., 6.63%, 02/01/2023(a)		850,000		498,351
Arcor S.A.I.C., 6.00%, 07/06/2023(a)		543,000		532,794
Capex S.A., 6.88%, 05/15/2024(a)		500,000		485,220
MSU Energy S.A./UGEN S.A./UENSA S.A., 6.88%, 02/01/2025(a)		600,000		382,317
Provincia de Cordoba, 6.88%, 12/10/2025(a)(b)		221		169
Tecpetrol S.A., 4.88%, 12/12/2022(a)		553,000		553,000
YPF S.A., 8.50%, 07/28/2025(a)		100,000		72,223
				3,185,986
Armenia-0.32%
Republic of Armenia International Bond, 7.15%, 03/26/2025(a)		600,000		589,714
Australia-0.88%
FMG Resources August 2006 Pty. Ltd., 5.13%, 05/15/2024(a)		600,000		586,518
Infrabuild Australia Pty. Ltd., 12.00%, 10/01/2024(a)		400,000		372,084
North Queensland Export Terminal Pty. Ltd., 4.45%, 12/15/2022(a)		700,000		688,423
				1,647,025
Azerbaijan-0.81%
International Bank of Azerbaijan OJSC, 3.50%, 09/01/2024(a)		600,000		576,000
Republic of Azerbaijan International Bond, 4.75%, 03/18/2024(a)		400,000		392,130
State Oil Co. of the Azerbaijan Republic, 4.75%, 03/13/2023(a)		550,000		545,477
				1,513,607
Bahrain-0.72%
Bahrain Government International Bond, 6.13%, 08/01/2023(a)		400,000		401,399
BBK BSC, 5.50%, 07/09/2024(a)		450,000		438,500
Oil and Gas Holding Co. BSCC (The), 7.63%, 11/07/2024(a)		500,000		496,955
				1,336,854
Belgium-0.32%
Barry Callebaut Services N.V., 5.50%, 06/15/2023(a)		600,000		594,837
Bolivia-0.20%
Bolivian Government International Bond, 5.95%, 08/22/2023(a)		400,000		383,000
Brazil-5.99%
Azul Investments L.L.P., 5.88%, 10/26/2024(a)(c)		500,000		378,711
Banco Daycoval S.A., 4.25%, 12/13/2024(a)		500,000		480,042

	Principal       Amount		Value
Brazil-(continued)
Banco Nacional de Desenvolvimento Economico e Social
5.75%, 09/26/2023(a)		$    595,000	$	597,100
4.75%, 05/09/2024(a)		580,000		574,212
Banco Safra S.A., 4.13%, 02/08/2023(a)		600,000		593,575
Banco Votorantim S.A., 4.50%, 09/24/2024(a)		500,000		485,196
Brazilian Government International Bond
2.63%, 01/05/2023		500,000		498,480
8.88%, 04/15/2024		500,000		529,500
4.25%, 01/07/2025		600,000		585,147
8.75%, 02/04/2025		500,000		535,052
2.88%, 06/06/2025		200,000		187,594
BRF S.A., 4.75%, 05/22/2024(a)		400,000		388,054
Caixa Economica Federal, 3.50%, 11/07/2022(a)		610,000		609,695
Cemig Geracao e Transmissao S.A., 9.25%, 12/05/2024(a)		500,000		514,037
Centrais Eletricas Brasileiras S.A., 3.63%, 02/04/2025(a)		500,000		471,377
Cielo USA, Inc., 3.75%, 11/16/2022(a)		512,000		511,514
Embraer Netherlands Finance B.V., 5.05%, 06/15/2025		100,000		94,349
Gol Finance S.A., 7.00%, 01/31/2025(a)		500,000		216,098
InterCement Financial Operations B.V., 5.75%, 07/17/2024(a)		400,000		278,440
Itau Unibanco Holding S.A.
2.90%, 01/24/2023(a)		620,000		617,749
5.13%, 05/13/2023(a)		600,000		596,676
3.25%, 01/24/2025(a)		500,000		481,515
Petrobras Global Finance B.V.
6.25%, 03/17/2024		468,000		470,204
5.30%, 01/27/2025		497,000		491,429
				11,185,746
Canada-2.68%
Bombardier, Inc.
7.50%, 12/01/2024(a)		500,000		498,172
7.50%, 03/15/2025(a)		100,000		99,401
Ensign Drilling, Inc., 9.25%, 04/15/2024(a)		400,000		362,482
goeasy Ltd., 5.38%, 12/01/2024(a)		500,000		467,318
Methanex Corp., 4.25%, 12/01/2024(c)		600,000		580,878
Mountain Province Diamonds, Inc., 8.00%, 12/15/2022(a)(c)		725,000		708,764
NOVA Chemicals Corp., 4.88%, 06/01/2024(a)		603,000		587,777
Quebecor Media, Inc., 5.75%, 01/15/2023(c)		500,000		500,835
TransAlta Corp., 4.50%, 11/15/2022		600,000		599,430
Videotron Ltd., 5.38%, 06/15/2024(a)		600,000		597,435
				5,002,492
Cayman Islands-0.22%
Industrial Senior Trust, 5.50%, 11/01/2022(a)		415,000		415,000

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

  15  

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

October 31, 2022

	Principal       Amount		Value
Chile-0.24%
Kenbourne Invest S.A., 6.88%, 11/26/2024(a)		$    500,000	$	445,857
China-1.45%
Greenland Global Investment Ltd., 5.88%, 07/03/2024(a)		200,000		45,000
Huachen Energy Co. Ltd., 2.35% PIK Rate, 2.30% Cash Rate, 12/29/2026(a)(d)		405,180		184,357
Lanzhou City Development Investment Co. Ltd., 4.15%, 11/15/2022(a)		400,000		380,000
Yanlord Land HK Co. Ltd.
6.75%, 04/23/2023(a)(c)		500,000		456,250
6.80%, 02/27/2024(a)		300,000		178,500
Yinchuan Tonglian Capital Investment Operation Co. Ltd., 4.45%, 06/10/2023(a)		200,000		175,993
Zhangzhou Transportation Development Group Co. Ltd., 4.98%, 06/01/2025(a)		200,000		193,868
Zhongyuan Asset Management Co. Ltd., 4.20%, 11/29/2022(a)		500,000		493,730
Zoomlion HK SPV Co. Ltd., 6.13%, 12/20/2022(a)		607,000		607,704
				2,715,402
Colombia-1.33%
Banco de Bogota S.A., 5.38%, 02/19/2023(a)		407,000		406,380
Bancolombia S.A., 3.00%, 01/29/2025		500,000		449,390
Credivalores-Crediservicios S.A.S., 8.88%, 02/07/2025(a)		500,000		196,243
Ecopetrol S.A.
5.88%, 09/18/2023		575,000		566,461
4.13%, 01/16/2025(c)		500,000		461,559
Gilex Holding S.a.r.l., 8.50%, 05/02/2023(a)		410,000		404,625
				2,484,658
Costa Rica-0.37%
Costa Rica Government International Bond, 4.25%, 01/26/2023(a)		700,000		700,327
Denmark-0.31%
DKT Finance ApS, 9.38%, 06/17/2023(a)		600,000		579,750
Dominican Republic-0.58%
Banco de Reservas de la Republica Dominicana, 7.00%, 02/01/2023(a)		550,000		551,438
Dominican Republic International Bond, 5.50%, 01/27/2025(a)		550,000		539,772
				1,091,210
Egypt-1.39%
Egypt Government International Bond
5.58%, 02/21/2023(a)		600,000		597,600
4.55%, 11/20/2023(a)		684,000		664,607
6.20%, 03/01/2024(a)		550,000		528,599
5.75%, 05/29/2024(a)		600,000		568,227
6.75%, 11/10/2024(a)		250,000		229,563
				2,588,596

	Principal       Amount		Value
El Salvador-0.24%
El Salvador Government International Bond, 5.88%, 01/30/2025(a)		$    800,000	$	452,000
Ethiopia-0.06%
Ethiopia International Bond, 6.63%, 12/11/2024(a)		200,000		104,142
Georgia-0.25%
Georgia Capital JSC, 6.13%, 03/09/2024(a)		500,000		469,181
Germany-0.67%
Commerzbank AG, 8.13%, 09/19/2023(a)		509,000		507,311
Deutsche Bank AG, 4.50%, 04/01/2025(c)		200,000		186,074
Norddeutsche Landesbank-Girozentrale, 6.25%, 04/10/2024(a)		400,000		371,968
ZF North America Capital, Inc., 4.75%, 04/29/2025(a)		200,000		187,417
				1,252,770
Ghana-0.16%
Ghana Government International Bond, 7.88%, 08/07/2023(a)		230,000		173,096
Tullow Oil PLC, 7.00%, 03/01/2025(a)		200,000		130,446
				303,542
India-4.28%
ABJA Investment Co. Pte. Ltd., 5.95%, 07/31/2024(a)		500,000		491,092
Adani Green Energy UP Ltd./Prayatna Developers Pvt. Ltd./Parampujya Solar Energy Pvt. Ltd., 6.25%, 12/10/2024(a)		300,000		272,895
Azure Power Solar Energy Pvt. Ltd., 5.65%, 12/24/2024(a)		500,000		406,125
GMR Hyderabad International Airport Ltd., 5.38%, 04/10/2024(a)		500,000		481,275
Greenko Investment Co., 4.88%, 08/16/2023(a)		600,000		575,040
Greenko Solar Mauritius Ltd., 5.55%, 01/29/2025(a)		500,000		438,125
Greenko Wind Projects Mauritius Ltd., 5.50%, 04/06/2025(a)		350,000		299,721
IIFL Finance Ltd., 5.88%, 04/20/2023(a)		612,000		599,791
India Green Energy Holdings, 5.38%, 04/29/2024(a)		500,000		466,973
India Toll Roads, 5.50%, 08/19/2024(a)		500,000		465,476
JSW Steel Ltd.
5.95%, 04/18/2024(a)		500,000		468,250
5.38%, 04/04/2025(a)		200,000		173,750
Manappuram Finance Ltd., 5.90%, 01/13/2023(a)		500,000		496,425
Muthoot Finance Ltd., 4.40%, 09/02/2023(a)		400,000		388,600
Shriram Transport Finance Co. Ltd.
5.10%, 07/16/2023(a)		400,000		390,906
4.40%, 03/13/2024(a)		478,000		446,113
4.15%, 07/18/2025(a)		200,000		173,102

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

  16  

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

October 31, 2022

	Principal       Amount		Value
India-(continued)
Tata Motors Ltd., 5.75%, 10/30/2024(a)		$    500,000	$	482,623
TML Holdings Pte. Ltd., 5.50%, 06/03/2024(a)		500,000		473,775
				7,990,057
Indonesia-1.70%
APL Realty Holdings Pte. Ltd., 5.95%, 06/02/2024(a)		600,000		252,000
Indika Energy Capital III Pte. Ltd., 5.88%, 11/09/2024(a)		600,000		581,333
Jababeka International B.V., 6.50%, 10/05/2023(a)		700,000		388,500
LMIRT Capital Pte. Ltd., 7.25%, 06/19/2024(a)		400,000		250,000
Medco Platinum Road Pte. Ltd., 6.75%, 01/30/2025(a)		500,000		479,825
Nickel Industries Ltd., 6.50%, 04/01/2024(a)		500,000		455,000
PT Saka Energi Indonesia, 4.45%, 05/05/2024(a)		450,000		419,786
Theta Capital Pte. Ltd., 8.13%, 01/22/2025(a)		500,000		343,000
				3,169,444
Israel-1.75%
Energean Israel Finance Ltd., 4.50%, 03/30/2024(a)(c)		450,000		431,025
Leviathan Bond Ltd.
5.75%, 06/30/2023(a)		507,202		504,365
6.13%, 06/30/2025(a)		200,000		190,873
Teva Pharmaceutical Finance Co. B.V., 2.95%, 12/18/2022		550,000		545,749
Teva Pharmaceutical Finance Netherlands III B.V.
2.80%, 07/21/2023		574,000		558,855
6.00%, 04/15/2024		450,000		446,137
7.13%, 01/31/2025		600,000		595,386
				3,272,390
Jamaica-0.23%
Digicel International Finance Ltd./Digicel international Holdings Ltd., 8.75%, 05/25/2024(a)		500,000		427,822
Japan-1.24%
Rakuten Group, Inc., 3.55%, 11/27/2024(a)		900,000		823,707
SoftBank Group Corp.
4.75%, 09/19/2024(a)		900,000		848,250
3.13%, 01/06/2025(a)		500,000		451,875
6.00%, 07/30/2025(a)		200,000		188,128
				2,311,960
Kenya-0.23%
Republic of Kenya Government International Bond, 6.88%, 06/24/2024(a)		500,000		438,265
Kuwait-0.36%
Kuwait Projects Co. SPC Ltd., 5.00%, 03/15/2023(a)		700,000		676,843

	Principal       Amount		Value
Mexico-1.63%
Axtel S.A.B. de C.V., 6.38%, 11/14/2024(a)		$    426,000	$	285,795
Credito Real S.A.B. de C.V., SOFOM, E.R., 7.25%, 07/20/2023, (Acquired 09/28/2020; Cost $297,011)(a)(c)(e)		300,000		6,375
Operadora de Servicios Mega S.A. de C.V. SOFOM, E.R., 8.25%, 02/11/2025(a)		500,000		210,103
Petroleos Mexicanos
3.50%, 01/30/2023		584,000		579,827
4.63%, 09/21/2023		585,000		572,569
4.88%, 01/18/2024(c)		611,000		595,484
4.25%, 01/15/2025(c)		600,000		559,626
SixSigma Networks Mexico S.A. de C.V., 7.50%, 05/02/2025(a)		200,000		166,031
Unifin Financiera S.A.B. de C.V., 7.25%, 09/27/2023(a)		700,000		71,750
				3,047,560
Mongolia-0.85%
Development Bank of Mongolia LLC, 7.25%, 10/23/2023(a)		400,000		352,600
Mongolia Government International Bond
5.63%, 05/01/2023(a)		600,000		571,500
8.75%, 03/09/2024(a)		200,000		187,998
Mongolian Mortgage Corp. Hfc LLC, 8.85%, 02/08/2024(a)		750,000		472,500
				1,584,598
Morocco-0.64%
Morocco Government International Bond, 4.25%, 12/11/2022(a)		600,000		599,011
OCP S.A., 5.63%, 04/25/2024(a)		600,000		595,814
				1,194,825
Netherlands-0.13%
InterGen N.V., 7.00%, 06/30/2023(a)		250,000		245,010
Nigeria-0.31%
Nigeria Government International Bond, 6.38%, 07/12/2023(a)		600,000		583,770
Oman-1.29%
Bank Muscat SAOG, 4.88%, 03/14/2023(a)		600,000		597,214
Lamar Funding Ltd., 3.96%, 05/07/2025(a)		200,000		184,857
Oman Government International Bond
4.13%, 01/17/2023(a)		700,000		697,486
4.88%, 02/01/2025(a)		530,000		516,379
Oztel Holdings SPC Ltd., 5.63%, 10/24/2023(a)		408,000		406,002
				2,401,938
Pakistan-0.43%
Pakistan Government International Bond, 8.25%, 04/15/2024(a)		400,000		171,360
Third Pakistan International Sukuk Co. Ltd. (The), 5.63%, 12/05/2022(a)		700,000		639,072
				810,432
Panama-0.33%
Multibank, Inc., 4.38%, 11/09/2022(a)		625,000		624,403

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

  17  

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

October 31, 2022

	Principal       Amount		Value
Puerto Rico-0.22%
Popular, Inc., 6.13%, 09/14/2023		$    400,000	$	402,220
Russia-0.15%
Chelyabinsk Pipe Plant Via Chelpipe Finance DAC, 4.50%, 09/19/2024(a)(f)		300,000		82,500
O1 Properties Finance PLC, 0.50%, 12/31/2049(a)		500,000		32,435
Petropavlovsk 2016 Ltd., 8.13%, 11/14/2022(a)		300,000		162,000
				276,935
Singapore-0.25%
Puma International Financing S.A., 5.13%, 10/06/2024(a)		500,000		469,720
South Africa-1.58%
Eskom Holdings SOC Ltd.
6.75%, 08/06/2023(a)		420,000		412,224
7.13%, 02/11/2025(a)		613,000		575,178
MTN (Mauritius) Investments Ltd., 4.76%, 11/11/2024(a)		300,000		288,698
Republic of South Africa Government International Bond, 4.67%, 01/17/2024		600,000		591,420
Sasol Financing International Ltd., 4.50%, 11/14/2022		637,000		636,087
Sasol Financing USA LLC, 5.88%, 03/27/2024		450,000		440,446
				2,944,053
South Korea-0.21%
SK Innovation Co. Ltd., 4.13%, 07/13/2023(a)		400,000		393,266
Spain-0.09%
Codere Finance 2 (Luxembourg) S.A., 11.63% PIK Rate, 2.00% Cash Rate, 11/30/2027, (Acquired 03/01/2019 - 04/30/2022; Cost $186,746)(a)(d)(e)		198,128		165,833
Sweden-0.79%
Stena AB, 7.00%, 02/01/2024(a)		600,000		568,944
Stena International S.A.
5.75%, 03/01/2024(a)		575,000		540,825
6.13%, 02/01/2025(a)		400,000		375,794
				1,485,563
Trinidad and Tobago-0.32%
Trinidad & Tobago Government International Bond, 4.38%, 01/16/2024(a)		600,000		591,464
Turkey-10.00%
Arcelik A.S., 5.00%, 04/03/2023(a)		700,000		696,319
Fibabanka A. S., 6.00%, 01/25/2023(a)		600,000		596,569
Hazine Mustesarligi Varlik Kiralama A.S.
5.00%, 04/06/2023(a)		700,000		697,235
4.49%, 11/25/2024(a)		500,000		463,974
KOC Holding A.S.
5.25%, 03/15/2023(a)		700,000		699,783
6.50%, 03/11/2025(a)		200,000		190,162
Mersin Uluslararasi Liman Isletmeciligi A.S., 5.38%, 11/15/2024(a)		500,000		462,467

	Principal       Amount		Value
Turkey-(continued)
Petkim Petrokimya Holding A.S., 5.88%, 01/26/2023(a)		$    620,000	$	620,028
QNB Finansbank A.S., 6.88%, 09/07/2024(a)		500,000		501,545
Roenesans Gayrimenkul Yatirim A.S., 7.25%, 04/26/2023(a)		750,000		736,745
T.C. Ziraat Bankasi A.S., 5.13%, 09/29/2023(a)		420,000		413,635
Turk Telekomunikasyon A.S.
4.88%, 06/19/2024(a)		600,000		530,220
6.88%, 02/28/2025(a)		613,000		536,363
Turkey Government International Bond
3.25%, 03/23/2023		600,000		598,362
7.25%, 12/23/2023		600,000		607,446
5.75%, 03/22/2024		600,000		592,350
6.35%, 08/10/2024		500,000		490,515
5.60%, 11/14/2024		500,000		479,365
7.38%, 02/05/2025		500,000		492,858
4.25%, 03/13/2025		200,000		181,727
Turkiye Garanti Bankasi A.S., 5.88%, 03/16/2023(a)		500,000		501,372
Turkiye Ihracat Kredi Bankasi A.S.
5.38%, 10/24/2023(a)		420,000		410,869
8.25%, 01/24/2024(a)		600,000		591,884
6.13%, 05/03/2024(a)		400,000		375,937
Turkiye Is Bankasi A.S.
7.85%, 12/10/2023(a)		600,000		603,211
6.13%, 04/25/2024(a)		500,000		486,400
Turkiye Petrol Rafinerileri A.S., 4.50%, 10/18/2024(a)		550,000		510,141
Turkiye Sinai Kalkinma Bankasi A.S.
5.50%, 01/16/2023(a)		500,000		500,193
6.00%, 01/23/2025(a)		500,000		452,207
Turkiye Vakiflar Bankasi T.A.O.
6.00%, 11/01/2022(a)		400,000		400,000
5.75%, 01/30/2023(a)		420,000		420,109
8.13%, 03/28/2024(a)		400,000		394,540
5.25%, 02/05/2025(a)		500,000		445,000
Yapi ve Kredi Bankasi A.S.
5.50%, 12/06/2022(a)		420,000		420,009
6.10%, 03/16/2023(a)		600,000		600,943
5.85%, 06/21/2024(a)		516,000		493,496
8.25%, 10/15/2024(a)		500,000		492,825
				18,686,804
Ukraine-0.11%
MHP SE, 7.75%, 05/10/2024(a)		350,000		168,595
Ukraine Railways Via Rail Capital Markets PLC, 8.25%, 07/09/2024(a)(f)		200,000		38,000
				206,595
United Arab Emirates-0.24%
Alpha Star Holding V Ltd., 6.63%, 04/18/2023(a)		454,000		451,812
United Kingdom-0.52%
Celtic Resources Holdings DAC, 4.13%, 10/09/2024(a)(g)		300,000		0
Clear Channel International B.V., 6.63%, 08/01/2025(a)		200,000		190,721

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

  18  

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

October 31, 2022

	Principal       Amount		Value
United Kingdom-(continued)
eG Global Finance PLC, 6.75%, 02/07/2025(a)		$    50,000	$	45,114
Jaguar Land Rover Automotive PLC, 5.63%, 02/01/2023(a)		550,000		539,807
Neptune Energy Bondco PLC, 6.63%, 05/15/2025(a)		200,000		194,681
				970,323
United States-43.05%
ADT Security Corp. (The), 4.13%, 06/15/2023		510,000		506,135
Ahern Rentals, Inc., 7.38%, 05/15/2023(a)		500,000		352,240
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.50%, 02/15/2023(a)		500,000		497,402
Alliance Resource Operating Partners L.P./Alliance Resource Finance Corp., 7.50%, 05/01/2025(a)		200,000		196,481
Ally Financial, Inc., 5.13%, 09/30/2024(c)		500,000		492,676
AMC Networks, Inc.
5.00%, 04/01/2024		500,000		486,092
4.75%, 08/01/2025(c)		100,000		91,633
American Airlines, Inc., 11.75%, 07/15/2025(a)		200,000		219,002
AmeriGas Partners L.P./AmeriGas Finance Corp.
5.63%, 05/20/2024		500,000		489,700
5.50%, 05/20/2025		200,000		192,007
Aramark Services, Inc.
5.00%, 04/01/2025(a)		200,000		193,084
6.38%, 05/01/2025(a)		200,000		198,378
Arconic Corp., 6.00%, 05/15/2025(a)		100,000		99,269
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025(a)		50,000		47,261
Arrow Bidco LLC, 9.50%, 03/15/2024(a)		500,000		503,080
Avient Corp.
5.25%, 03/15/2023		700,000		700,319
5.75%, 05/15/2025(a)		100,000		97,797
B&G Foods, Inc., 5.25%, 04/01/2025		200,000		182,261
Ball Corp.
4.00%, 11/15/2023		600,000		589,425
5.25%, 07/01/2025		200,000		197,852
Brand Industrial Services, Inc., 8.50%, 07/15/2025(a)		100,000		72,120
Brinker International, Inc.
3.88%, 05/15/2023		600,000		593,476
5.00%, 10/01/2024(a)		500,000		485,704
Caesars Entertainment, Inc., 6.25%, 07/01/2025(a)		200,000		194,431
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/2025(a)		200,000		195,625
CCO Holdings LLC/CCO Holdings Capital Corp., 4.00%, 03/01/2023(a)		500,000		496,855
CDW LLC/CDW Finance Corp., 5.50%, 12/01/2024		500,000		496,267

	Principal       Amount		Value
United States-(continued)
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.50%, 05/01/2025(a)		$    100,000	$	99,375
Cengage Learning, Inc., 9.50%, 06/15/2024(a)		500,000		473,905
Cheniere Corpus Christi Holdings LLC
7.00%, 06/30/2024		500,000		506,163
5.88%, 03/31/2025		100,000		100,088
Citgo Holding, Inc., 9.25%, 08/01/2024(a)		500,000		501,100
CITGO Petroleum Corp., 7.00%, 06/15/2025(a)		100,000		98,867
Clearwater Paper Corp., 5.38%, 02/01/2025(a)		500,000		486,011
CNG Holdings, Inc., 12.50%, 06/15/2024(a)		500,000		426,920
Commercial Metals Co., 4.88%, 05/15/2023(c)		574,000		573,320
CommScope Technologies LLC, 6.00%, 06/15/2025(a)		200,000		186,972
Compass Minerals International, Inc., 4.88%, 07/15/2024(a)		500,000		474,382
Continental Resources, Inc.
4.50%, 04/15/2023		500,000		498,457
3.80%, 06/01/2024(c)		500,000		482,780
Cooper-Standard Automotive, Inc., 13.00%, 06/01/2024(a)		500,000		512,761
Cornerstone Chemical Co., 6.75%, 08/15/2024(a)		500,000		376,698
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 5.75%, 04/01/2025		200,000		195,120
CSC Holdings LLC, 5.25%, 06/01/2024(c)		500,000		485,528
CVR Energy, Inc., 5.25%, 02/15/2025(a)		500,000		482,138
Dana Financing Luxembourg S.a.r.l., 5.75%, 04/15/2025(a)		200,000		194,714
Delta Air Lines, Inc.
3.80%, 04/19/2023		600,000		594,447
2.90%, 10/28/2024		500,000		473,335
Diebold Nixdorf, Inc.
8.50%, 04/15/2024		430,000		216,373
9.38%, 07/15/2025(a)		100,000		74,596
DISH DBS Corp.
5.00%, 03/15/2023		601,000		594,368
5.88%, 11/15/2024		500,000		462,500
Diversified Healthcare Trust, 4.75%, 05/01/2024		659,000		565,570
DPL, Inc., 4.13%, 07/01/2025		200,000		189,152
Enact Holdings, Inc., 6.50%, 08/15/2025(a)		100,000		98,741
EnerSys, 5.00%, 04/30/2023(a)		600,000		594,534
EnLink Midstream Partners L.P., 4.40%, 04/01/2024		600,000		577,305
Enova International, Inc., 8.50%, 09/01/2024(a)		500,000		469,861
EQM Midstream Partners L.P., 4.00%, 08/01/2024		600,000		573,786
FirstEnergy Corp., 2.05%, 03/01/2025		200,000		184,194
Ford Motor Credit Co. LLC 3.35%, 11/01/2022		500,000		500,000

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

  19  

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

October 31, 2022

	Principal       Amount		Value
United States-(continued)
3.09%, 01/09/2023		$    450,000	$	448,395
4.14%, 02/15/2023		450,000		448,965
3.37%, 11/17/2023		528,000		510,878
5.58%, 03/18/2024		600,000		593,469
4.06%, 11/01/2024(c)		500,000		479,217
2.30%, 02/10/2025(c)		500,000		456,500
4.69%, 06/09/2025		200,000		190,506
5.13%, 06/16/2025		200,000		193,838
Freedom Mortgage Corp.
8.13%, 11/15/2024(a)		500,000		440,565
8.25%, 04/15/2025(a)		200,000		171,467
Freeport-McMoRan, Inc.
3.88%, 03/15/2023		530,000		526,905
4.55%, 11/14/2024		500,000		490,718
FS Energy and Power Fund, 7.50%, 08/15/2023(a)		409,000		410,718
FXI Holdings, Inc., 7.88%, 11/01/2024(a)		500,000		429,638
Genesis Energy L.P./Genesis Energy Finance Corp., 5.63%, 06/15/2024		600,000		587,226
Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/2025		200,000		208,223
Graphic Packaging International LLC
4.88%, 11/15/2022		624,000		622,590
4.13%, 08/15/2024		500,000		487,862
Hanesbrands, Inc., 4.63%, 05/15/2024(a)		500,000		487,475
HAT Holdings I LLC/HAT Holdings II LLC, 6.00%, 04/15/2025(a)		200,000		190,940
HCA, Inc.
5.38%, 02/01/2025		500,000		493,804
5.25%, 04/15/2025		200,000		196,613
7.69%, 06/15/2025		200,000		206,342
Hillenbrand, Inc., 5.75%, 06/15/2025		200,000		198,758
Hilton Domestic Operating Co., Inc., 5.38%, 05/01/2025(a)		200,000		197,500
Howmet Aerospace, Inc.
5.13%, 10/01/2024(c)		500,000		495,387
6.88%, 05/01/2025(c)		200,000		203,910
Hyatt Hotels Corp.
1.30%, 10/01/2023(c)		500,000		480,398
1.80%, 10/01/2024(c)		500,000		466,453
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.75%, 09/15/2024		500,000		487,255
International Game Technology PLC, 6.50%, 02/15/2025(a)		400,000		400,432
iStar, Inc., 4.75%, 10/01/2024		500,000		494,722
KB Home, 7.63%, 05/15/2023		500,000		500,952
Koppers, Inc., 6.00%, 02/15/2025(a)		500,000		448,150
Laredo Petroleum, Inc., 9.50%, 01/15/2025		600,000		601,125
Las Vegas Sands Corp.
3.20%, 08/08/2024		600,000		569,464
2.90%, 06/25/2025		200,000		181,317
Legacy LifePoint Health LLC, 6.75%, 04/15/2025(a)		200,000		177,400
Live Nation Entertainment, Inc., 4.88%, 11/01/2024(a)		500,000		486,695
Mallinckrodt International Finance S.A./Mallinckrodt CB LLC, 10.00%, 04/15/2025(a)		200,000		136,000

	Principal       Amount		Value
United States-(continued)
Mattel, Inc., 3.15%, 03/15/2023		$    485,000	$	479,772
Mauser Packaging Solutions Holding Co.
5.50%, 04/15/2024(a)		500,000		490,922
7.25%, 04/15/2025(a)		200,000		180,316
Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/2024(a)		596,000		574,464
MGM Resorts International
6.00%, 03/15/2023		536,000		536,329
6.75%, 05/01/2025(c)		200,000		198,233
5.75%, 06/15/2025(c)		200,000		195,079
Mohegan Gaming & Entertainment, 7.88%, 10/15/2024(a)		500,000		504,420
Murphy Oil Corp., 5.75%, 08/15/2025		200,000		197,493
Navient Corp.
5.50%, 01/25/2023		410,000		409,853
7.25%, 09/25/2023		538,000		540,012
6.13%, 03/25/2024		400,000		393,362
5.88%, 10/25/2024(c)		500,000		486,915
6.75%, 06/25/2025		200,000		191,709
Netflix, Inc.
5.75%, 03/01/2024(c)		431,000		431,534
5.88%, 02/15/2025		500,000		503,605
Newmark Group, Inc., 6.13%, 11/15/2023		596,000		593,857
NextEra Energy Operating Partners L.P., 4.25%, 07/15/2024(a)		500,000		485,873
NGL Energy Partners L.P./NGL Energy Finance Corp.
7.50%, 11/01/2023		526,000		513,623
6.13%, 03/01/2025		200,000		156,309
Nordstrom, Inc., 2.30%, 04/08/2024		500,000		469,885
Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, 12/31/2049(a)(f)		500,000		30
NortonLifeLock, Inc., 5.00%, 04/15/2025(a)		200,000		194,536
Occidental Petroleum Corp.
6.95%, 07/01/2024		525,000		537,041
2.90%, 08/15/2024		600,000		578,658
8.00%, 07/15/2025(c)		200,000		211,378
Oceaneering International, Inc., 4.65%, 11/15/2024		500,000		477,204
OneMain Finance Corp.
5.63%, 03/15/2023		500,000		500,607
8.25%, 10/01/2023		575,000		584,812
6.13%, 03/15/2024(c)		550,000		538,164
6.88%, 03/15/2025(c)		200,000		194,623
Owens-Brockway Glass Container, Inc.
5.88%, 08/15/2023(a)		532,000		529,968
5.38%, 01/15/2025(a)		500,000		473,120
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/2025(c)		200,000		198,363
PBF Logistics L.P./PBF Logistics Finance Corp., 6.88%, 05/15/2023		600,000		601,011
Performance Food Group, Inc., 6.88%, 05/01/2025(a)		200,000		199,806
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024		500,000		479,143

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

  20  

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

October 31, 2022

	Principal Amount		Value
United States-(continued)
Prime Security Services Borrower LLC/ Prime Finance, Inc., 5.25%, 04/15/2024(a)	$	500,000	$	498,505
PTC, Inc., 3.63%, 02/15/2025(a)		500,000		474,736
Pyxus Holdings, Inc., 10.00%, 08/24/2024		510,625		401,693
QVC, Inc.
4.85%, 04/01/2024		500,000		483,214
4.45%, 02/15/2025		500,000		438,080
Radian Group, Inc.
4.50%, 10/01/2024		500,000		473,254
6.63%, 03/15/2025		200,000		197,102
Range Resources Corp.
5.00%, 03/15/2023		600,000		598,407
4.88%, 05/15/2025		200,000		193,364
Rayonier AM Products, Inc., 5.50%, 06/01/2024(a)		500,000		492,500
Realogy Group LLC/Realogy Co-Issuer Corp., 4.88%, 06/01/2023(a)		500,000		499,625
Sabre GLBL, Inc., 9.25%, 04/15/2025(a)		100,000		97,014
Scientific Games International, Inc., 8.63%, 07/01/2025(a)		200,000		205,847
Sealed Air Corp., 5.13%, 12/01/2024(a)		500,000		493,155
Sensata Technologies B.V., 5.63%, 11/01/2024(a)		600,000		596,118
Service Properties Trust
4.50%, 06/15/2023		635,000		627,180
4.65%, 03/15/2024		550,000		518,705
4.35%, 10/01/2024		500,000		459,410
4.50%, 03/15/2025		200,000		177,259
Six Flags Entertainment Corp., 4.88%, 07/31/2024(a)		500,000		485,273
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025(a)		200,000		202,240
SM Energy Co., 5.63%, 06/01/2025		200,000		193,762
Southeast Supply Header LLC, 4.25%, 06/15/2024(a)		500,000		452,385
Spectrum Brands, Inc., 5.75%, 07/15/2025		200,000		197,640
Spirit AeroSystems, Inc.
3.95%, 06/15/2023		421,000		410,147
5.50%, 01/15/2025(a)		500,000		483,188
7.50%, 04/15/2025(a)		200,000		194,779
Sprint Communications LLC, 6.00%, 11/15/2022		500,000		500,700
Sprint Corp.
7.88%, 09/15/2023		460,000		468,284
7.13%, 06/15/2024		500,000		505,833
7.63%, 02/15/2025		500,000		514,425
Starwood Property Trust, Inc.
5.50%, 11/01/2023(a)		500,000		494,317
3.75%, 12/31/2024(a)		500,000		468,083
4.75%, 03/15/2025		200,000		188,137
Stellantis N.V., 5.25%, 04/15/2023		615,000		613,549
Stericycle, Inc., 5.38%, 07/15/2024(a)		500,000		493,607
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.75%, 04/15/2025		200,000		167,759

	Principal Amount		Value
United States-(continued)
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.63%, 03/01/2024(a)	$	500,000	$	490,661
Team Health Holdings, Inc., 6.38%, 02/01/2025(a)		500,000		378,595
Tenet Healthcare Corp.
4.63%, 07/15/2024		500,000		485,443
4.63%, 09/01/2024(a)		500,000		483,833
TMX Finance LLC/TitleMax Finance Corp., 11.13%, 04/01/2023(a)		500,000		482,245
Toll Brothers Finance Corp., 4.38%, 04/15/2023		499,000		495,673
TPro Acquisition Corp., 11.00%, 10/15/2024(a)		500,000		492,112
Travel + Leisure Co., 3.90%, 03/01/2023		620,000		614,527
Tri Pointe Group, Inc./Tri Pointe Homes, Inc., 5.88%, 06/15/2024		561,000		551,647
Trinity Industries, Inc., 4.55%, 10/01/2024		500,000		473,180
Triumph Group, Inc.
8.88%, 06/01/2024(a)		484,000		489,813
6.25%, 09/15/2024(a)		500,000		462,995
7.75%, 08/15/2025		200,000		151,773
Uber Technologies, Inc., 7.50%, 05/15/2025(a)		100,000		100,179
United Airlines Holdings, Inc.
5.00%, 02/01/2024(c)		526,000		513,531
4.88%, 01/15/2025(c)		500,000		478,033
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 02/15/2025(a)		500,000		496,772
Univision Communications, Inc., 5.13%, 02/15/2025(a)		500,000		483,955
US Foods, Inc., 6.25%, 04/15/2025(a)		100,000		99,657
USI, Inc., 6.88%, 05/01/2025(a)		200,000		194,417
Vail Resorts, Inc., 6.25%, 05/15/2025(a)		200,000		199,470
Venator Finance S.a.r.l./Venator Materials LLC, 5.75%, 07/15/2025(a)		200,000		66,478
VeriSign, Inc., 5.25%, 04/01/2025		200,000		198,138
W&T Offshore, Inc., 9.75%, 11/01/2023(a)		500,000		496,383
Werner FinCo L.P./Werner FinCo, Inc., 8.75%, 07/15/2025(a)		200,000		169,792
Wesco Aircraft Holdings, Inc., 8.50%, 11/15/2024(a)		300,000		157,500
WeWork Cos. LLC/WW Co-Obligor, Inc., 5.00%, 07/10/2025(a)		200,000		100,259
WeWork Cos., Inc., 7.88%, 05/01/2025(a)		100,000		54,750
WR Grace Holdings LLC, 5.63%, 10/01/2024(a)		500,000		490,835
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/2023(a)		570,000		562,125
5.50%, 03/01/2025(a)		200,000		189,603
Xerox Corp., 3.80%, 05/15/2024		600,000		572,559
Xerox Holdings Corp., 5.00%, 08/15/2025(a)		200,000		181,033

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

  21  

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

October 31, 2022

	Principal Amount		Value
United States-(continued)
XPO Logistics, Inc., 6.25%, 05/01/2025(a)		$    200,000	$	202,302
Yum! Brands, Inc., 3.88%, 11/01/2023		581,000		571,605
				80,412,583
Uzbekistan-0.54%
Republic of Uzbekistan International Bond, 4.75%, 02/20/2024(a)		600,000		572,925
Uzbek Industrial and Construction Bank ATB, 5.75%, 12/02/2024(a)		500,000		444,757
				1,017,682
Vietnam-0.26%
Vietnam Government International Bond, 4.80%, 11/19/2024(a)		500,000		483,750
Zambia-0.29%
First Quantum Minerals Ltd., 6.50%, 03/01/2024(a)		546,000		535,169
Total U.S. Dollar Denominated Bonds & Notes (Cost $189,343,488)				177,314,785
	Shares
Preferred Stocks-0.14%
Guitar Center Holdings, Inc., Series A, Pfd., 0.00%(g)(h)		2,000		262,000
Guitar Center Holdings, Inc., Series B, Pfd., 0.00%(g)(h)		24		1,560
Total Preferred Stocks (Cost $623,350)				263,560
Common Stocks & Other Equity Interests-0.07%
Spain-0.00%
Codere New Topco S.A.(g)(i)		8,480		0
United States-0.07%
Hornbeck Offshore Services, Inc.(i)(j)		323		9,044
Hornbeck Offshore Services, Inc., Wts.(i)(j)		3,246		90,888
Hornbeck Offshore Services, Inc., Wts.(g)(i)(j)		2,673		9,355
PetroQuest Energy, Inc.(g)(i)		28,971		12,313
Premier Brands Group Holdings Co.(k)		3,222		3,169

Investment Abbreviations:

EUR-Euro

Pfd.-Preferred

PIK-Pay-in-Kind

Wts.-Warrants

	Shares		Value
United States-(continued)
Premier Brands Group Holdings Co., Wts., expiring 03/21/2024(k)		10,096	$	2,044
TRU Taj LLC/TRU Taj Finance, Inc.(i)		2,156		11,454
				138,267
Total Common Stocks & Other Equity Interests (Cost $180,910)				138,267
	Principal Amount
Non-U.S. Dollar Denominated Bonds & Notes-0.07%(l)
Spain-0.07%
Codere New Holdco S.A., 7.50% PIK Rate, 0.00% Cash Rate, 11/30/2027(a)(d) (Cost $403,687)		EUR  235,182		124,788
	Shares
Money Market Funds-2.47%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(m)(n) (Cost $4,619,354)		4,619,354		4,619,354
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-97.67% (Cost $195,170,789)				182,460,754
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.09%
Invesco Private Government Fund, 3.18%(m)(n)(o)		2,658,893		2,658,893
Invesco Private Prime Fund, 3.28%(m)(n)(o)		6,845,033		6,845,033
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $9,503,979)				9,503,926
TOTAL INVESTMENTS IN SECURITIES-102.76% (Cost $204,674,768)				191,964,680
OTHER ASSETS LESS LIABILITIES-(2.76)%				(5,160,141	)
NET ASSETS-100.00%.			$	186,804,539

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

  22  

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

October 31, 2022

Notes to Schedule of Investments:

^(a)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $111,492,054, which represented 59.68% of the Fund’s Net Assets.

^(b)  Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(c)  All or a portion of this security was out on loan at October 31, 2022.

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

^(e)  Restricted security. The aggregate value of these securities at October 31, 2022 was $172,208, which represented less than 1% of the Fund’s Net Assets.

^(f)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at October 31, 2022 was $120,530, which represented less than 1% of the Fund’s Net Assets.

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

^(h)  Acquired as part of the Guitar Center, Inc. reorganization.

⁽ⁱ⁾  Non-income producing security.

^(j)  Acquired as part of the Hornbeck Offshore Services, Inc. reorganization.

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

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

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

	Value October 31, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$10,387,579		$  84,251,444		$  (90,019,669	)		$    -			$        -			$  4,619,354		$  28,650
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		5,594,655		25,382,426		(28,318,188	)		-			-			2,658,893		36,293	*
Invesco Private Prime Fund		13,054,957		48,779,527		(54,984,765	)		(53	)		(4,633	)		6,845,033		101,232	*
Total		$29,037,191		$158,413,397		$(173,322,622	)		$(53	)		$(4,633	)		$14,123,280		$166,175

* 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.

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

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

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

  23  

Invesco International Corporate Bond ETF (PICB)

October 31, 2022

Schedule of Investments

	Principal
	Amount			Value
Non-U.S. Dollar Denominated Bonds & Notes-98.52%(a)
Australia-2.11%
APA Infrastructure Ltd., 3.50%, 03/22/2030(b)		GBP	200,000	$	189,657
Australia & New Zealand Banking Group Ltd.
4.05%, 05/12/2025		AUD	200,000		125,750
0.75%, 09/29/2026(b)		EUR	100,000		89,427
BHP Billiton Finance Ltd., Series 12, 4.30%, 09/25/2042		GBP	350,000		343,127
Commonwealth Bank of Australia, 4.20%, 08/18/2025		AUD	350,000		220,493
Glencore Finance (Europe) Ltd., 3.13%, 03/26/2026(b)		GBP	146,000		150,811
National Australia Bank Ltd.
3.90%, 05/30/2025		AUD	300,000		188,241
2.90%, 02/25/2027		AUD	400,000		234,486
2.13%, 05/24/2028(b)		EUR	100,000		91,448
1.38%, 08/30/2028(b)		EUR	200,000		174,098
NBN Co. Ltd., 1.00%, 12/03/2025(b)		AUD	350,000		199,414
Telstra Corp. Ltd., 2.50%, 09/15/2023		EUR	50,000		49,314
					2,056,266
Belgium-0.10%
KBC Group N.V., 1.13%, 01/25/2024(b)		EUR	100,000		95,932
Canada-20.86%
Bank of Montreal
1.50%, 12/18/2024(b)		GBP	200,000		213,461
2.37%, 02/03/2025		CAD	400,000		275,956
1.55%, 05/28/2026		CAD	350,000		226,776
3.65%, 04/01/2027		CAD	570,000		392,590
4.31%, 06/01/2027		CAD	800,000		566,111
Bank of Nova Scotia (The)
2.49%, 09/23/2024		CAD	550,000		384,159
1.95%, 01/10/2025		CAD	700,000		479,290
2.16%, 02/03/2025		CAD	500,000		343,267
1.85%, 11/02/2026		CAD	550,000		355,034
2.95%, 03/08/2027		CAD	700,000		468,561
1.40%, 11/01/2027		CAD	450,000		275,719
Bell Canada
2.70%, 02/27/2024		CAD	300,000		213,010
3.35%, 03/12/2025		CAD	550,000		387,077
3.80%, 08/21/2028		CAD	250,000		170,757
2.50%, 05/14/2030		CAD	250,000		151,806
3.00%, 03/17/2031		CAD	300,000		185,354
3.50%, 09/30/2050		CAD	350,000		176,068
Canadian Imperial Bank of Commerce
3.29%, 01/15/2024		CAD	450,000		322,460
2.35%, 08/28/2024		CAD	500,000		348,907
2.75%, 03/07/2025		CAD	500,000		346,914
2.00%, 04/17/2025		CAD	650,000		441,664
1.10%, 01/19/2026		CAD	300,000		193,289
1.70%, 07/15/2026		CAD	300,000		194,212
4.95%, 06/29/2027		CAD	600,000		435,115
Cenovus Energy, Inc., 3.50%, 02/07/2028		CAD	350,000		238,529
CPPIB Capital, Inc., 4.45%, 09/01/2027(b)		AUD	350,000		220,123

	Principal
	Amount			Value
Canada-(continued)
Federation des caisses Desjardins du Quebec
2.42%, 10/04/2024		CAD	300,000	$	208,980
1.09%, 01/21/2026		CAD	400,000		257,401
4.41%, 05/19/2027		CAD	150,000		106,103
HSBC Bank Canada
3.40%, 03/24/2025		CAD	400,000		281,362
1.78%, 05/20/2026		CAD	350,000		228,482
National Bank of Canada
2.98%, 03/04/2024		CAD	300,000		213,748
2.55%, 07/12/2024		CAD	350,000		245,774
2.58%, 02/03/2025		CAD	600,000		415,421
2.24%, 11/04/2026		CAD	225,000		147,399
Ontario Teachers’ Finance Trust, 1.85%, 05/03/2032(b)		EUR	200,000		172,264
Rogers Communications, Inc.
3.10%, 04/15/2025		CAD	500,000		347,541
3.65%, 03/31/2027		CAD	350,000		239,432
3.25%, 05/01/2029		CAD	400,000		258,448
4.25%, 04/15/2032		CAD	200,000		132,609
Royal Bank of Canada
2.61%, 11/01/2024		CAD	600,000		418,859
1.94%, 05/01/2025		CAD	500,000		339,264
3.37%, 09/29/2025		CAD	1,000,000		697,959
2.33%, 01/28/2027		CAD	700,000		457,975
3.63%, 06/14/2027(b)		GBP	100,000		105,310
4.61%, 07/26/2027		CAD	650,000		465,607
1.83%, 07/31/2028		CAD	300,000		184,017
2.13%, 04/26/2029(b)		EUR	100,000		87,285
Shaw Communications, Inc., 6.75%, 11/09/2039		CAD	450,000		343,229
TELUS Corp.
5.25%, 11/15/2032		CAD	400,000		287,330
Series CY, 3.30%, 05/02/2029		CAD	300,000		196,364
Thomson Reuters Corp., 2.24%, 05/14/2025		CAD	450,000		308,014
Toronto-Dominion Bank (The)
2.50%, 12/02/2024		CAD	550,000		382,353
1.94%, 03/13/2025		CAD	450,000		306,541
2.67%, 09/09/2025		CAD	1,100,000		753,440
1.13%, 12/09/2025		CAD	500,000		324,496
2.26%, 01/07/2027		CAD	450,000		293,914
0.50%, 01/18/2027(b)		EUR	200,000		170,295
2.88%, 04/05/2027(b)		GBP	200,000		204,298
4.21%, 06/01/2027		CAD	900,000		634,357
2.55%, 08/03/2027(b)		EUR	200,000		184,013
5.38%, 10/21/2027		CAD	500,000		368,830
1.89%, 03/08/2028		CAD	400,000		248,933
1.90%, 09/11/2028		CAD	500,000		306,558
1.95%, 04/08/2030(b)		EUR	100,000		84,314
3.13%, 08/03/2032(b)		EUR	100,000		89,297
TransCanada PipeLines Ltd.
3.80%, 04/05/2027		CAD	550,000		379,947
4.18%, 07/03/2048(b)		CAD	300,000		166,077
4.34%, 10/15/2049		CAD	550,000		310,310
					20,360,359

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

  24  

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

October 31, 2022

	Principal
	Amount			Value
China-0.07%
Prosus N.V., 1.29%, 07/13/2029(b)		EUR	100,000	$	68,697
Denmark-0.85%
Danske Bank A/S, 0.63%, 05/26/2025(b)		EUR	100,000		91,858
Orsted A/S
4.88%, 01/12/2032(b)		GBP	200,000		223,187
5.75%, 04/09/2040(b)		GBP	150,000		176,877
5.38%, 09/13/2042(b)		GBP	300,000		343,172
					835,094
Finland-1.11%
Nordea Bank Abp
1.13%, 02/16/2027(b)		EUR	130,000		114,882
0.50%, 05/14/2027(b)		EUR	200,000		173,343
1.13%, 09/27/2027(b)		EUR	100,000		88,869
0.50%, 11/02/2028(b)		EUR	200,000		160,248
2.50%, 05/23/2029(b)		EUR	200,000		179,465
OP Corporate Bank PLC
0.50%, 08/12/2025(b)		EUR	100,000		90,993
2.88%, 12/15/2025(b)		EUR	200,000		192,960
0.10%, 11/16/2027(b)		EUR	100,000		82,091
					1,082,851
France-21.45%
Aeroports de Paris
2.13%, 10/02/2026(b)		EUR	100,000		94,178
2.75%, 04/02/2030(b)		EUR	200,000		181,477
Airbus SE
1.63%, 06/09/2030(b)		EUR	200,000		172,099
2.38%, 04/07/2032(b)		EUR	100,000		88,569
2.38%, 06/09/2040(b)		EUR	100,000		75,013
Autoroutes du Sud de la France S.A.
1.38%, 01/22/2030(b)		EUR	100,000		86,932
1.38%, 02/21/2031(b)		EUR	100,000		85,377
Banque Federative du Credit Mutuel S.A.
3.00%, 05/21/2024(b)		EUR	100,000		97,887
1.75%, 12/19/2024(b)		GBP	100,000		107,457
1.25%, 01/14/2025(b)		EUR	100,000		93,961
0.01%, 03/07/2025(b)		EUR	200,000		182,070
1.00%, 05/23/2025(b)		EUR	300,000		277,998
0.75%, 07/17/2025(b)		EUR	200,000		183,627
3.00%, 09/11/2025(b)		EUR	100,000		96,323
1.25%, 12/05/2025(b)		GBP	200,000		205,537
1.63%, 01/19/2026(b)		EUR	200,000		185,302
2.38%, 03/24/2026(b)		EUR	100,000		93,201
0.01%, 05/11/2026(b)		EUR	200,000		173,621
0.75%, 06/08/2026(b)		EUR	200,000		178,162
1.00%, 07/16/2026(b)		GBP	200,000		197,822
1.25%, 05/26/2027(b)		EUR	200,000		177,166
3.13%, 09/14/2027(b)		EUR	300,000		287,850
0.25%, 07/19/2028(b)		EUR	100,000		78,277
0.63%, 11/03/2028(b)		EUR	200,000		158,183
1.75%, 03/15/2029(b)		EUR	100,000		84,162
1.88%, 06/18/2029(b)		EUR	100,000		81,824
0.75%, 01/17/2030(b)		EUR	100,000		76,244
1.25%, 06/03/2030(b)		EUR	100,000		78,582
0.63%, 02/21/2031(b)		EUR	200,000		145,522
BNP Paribas S.A.
2.38%, 02/17/2025(b)		EUR	200,000		191,139
1.50%, 11/17/2025(b)		EUR	200,000		184,375

	Principal
	Amount			Value
France-(continued)
3.38%, 01/23/2026(b)		GBP	300,000	$	320,019
1.13%, 06/11/2026(b)		EUR	200,000		178,184
0.13%, 09/04/2026(b)		EUR	100,000		84,968
2.25%, 01/11/2027(b)		EUR	100,000		90,656
1.88%, 12/14/2027(b)		GBP	300,000		282,091
1.50%, 05/23/2028(b)		EUR	100,000		84,242
1.50%, 05/25/2028(b)		EUR	100,000		89,247
1.38%, 05/28/2029(b)		EUR	200,000		161,622
3.63%, 09/01/2029(b)		EUR	100,000		92,812
1.63%, 07/02/2031(b)		EUR	100,000		74,886
1.25%, 07/13/2031(b)		GBP	300,000		237,988
2.10%, 04/07/2032(b)		EUR	200,000		158,112
0.63%, 12/03/2032(b)		EUR	300,000		201,031
2.00%, 09/13/2036(b)		GBP	100,000		72,883
Bouygues S.A.
1.13%, 07/24/2028(b)		EUR	100,000		86,704
2.25%, 06/29/2029(b)		EUR	200,000		178,160
3.25%, 06/30/2037(b)		EUR	100,000		82,813
BPCE S.A.
0.63%, 09/26/2024(b)		EUR	200,000		186,296
1.00%, 04/01/2025(b)		EUR	100,000		92,414
0.63%, 04/28/2025(b)		EUR	200,000		184,191
0.25%, 01/15/2026(b)		EUR	200,000		178,480
0.38%, 02/02/2026(b)		EUR	100,000		89,188
0.50%, 02/24/2027(b)		EUR	100,000		84,718
1.75%, 04/26/2027(b)		EUR	100,000		90,730
1.00%, 10/05/2028(b)		EUR	100,000		84,621
5.25%, 04/16/2029(b)		GBP	200,000		208,095
0.25%, 01/14/2031(b)		EUR	200,000		145,182
0.75%, 03/03/2031(b)		EUR	100,000		73,102
1.00%, 01/14/2032(b)		EUR	100,000		72,564
Capgemini SE, 2.38%, 04/15/2032(b)		EUR	200,000		173,189
Carrefour S.A., 2.63%, 12/15/2027(b)		EUR	100,000		92,697
Cie de Saint-Gobain, 1.88%, 03/15/2031(b)		EUR	100,000		83,827
Cie Generale des Etablissements Michelin S.C.A., 1.75%, 09/03/2030(b)		EUR	100,000		89,231
Coentreprise de Transport d’Electricite S.A.
1.50%, 07/29/2028(b)		EUR	200,000		172,324
2.13%, 07/29/2032(b)		EUR	100,000		80,961
Credit Agricole Assurances S.A.
2.00%, 07/17/2030(b)		EUR	200,000		152,631
1.50%, 10/06/2031(b)		EUR	100,000		70,261
Credit Agricole S.A.
1.38%, 03/13/2025(b)		EUR	200,000		188,017
1.00%, 09/18/2025(b)		EUR	300,000		277,759
0.38%, 10/21/2025(b)		EUR	200,000		180,925
3.13%, 02/05/2026(b)		EUR	200,000		193,522
1.25%, 04/14/2026(b)		EUR	200,000		183,412
1.88%, 12/20/2026(b)		EUR	200,000		181,136
1.38%, 05/03/2027(b)		EUR	200,000		179,432
0.13%, 12/09/2027		EUR	200,000		161,277
0.38%, 04/20/2028(b)		EUR	200,000		159,983
1.75%, 03/05/2029(b)		EUR	200,000		169,746
1.00%, 07/03/2029(b)		EUR	200,000		166,088
2.50%, 08/29/2029(b)		EUR	100,000		91,090
0.88%, 01/14/2032(b)		EUR	200,000		144,733
1.13%, 07/12/2032(b)		EUR	200,000		146,984

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

  25  

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

October 31, 2022

	Principal
	Amount			Value
France-(continued)
Credit Mutuel Arkea S.A., 3.38%, 09/19/2027(b)		EUR	200,000	$	192,668
Danone S.A., 1.21%, 11/03/2028(b)		EUR	200,000		174,698
Dassault Systemes SE, 0.38%, 09/16/2029(b)		EUR	100,000		80,985
Electricite de France S.A.
1.00%, 10/13/2026(b)		EUR	200,000		177,765
4.13%, 03/25/2027(b)		EUR	100,000		99,210
6.25%, 05/30/2028(b)		GBP	200,000		231,945
4.38%, 10/12/2029(b)		EUR	100,000		96,799
4.63%, 04/26/2030(b)		EUR	200,000		198,764
2.00%, 10/02/2030(b)		EUR	200,000		163,525
5.88%, 07/18/2031		GBP	200,000		226,822
1.00%, 11/29/2033(b)		EUR	200,000		134,122
6.13%, 06/02/2034(b)		GBP	500,000		572,895
4.75%, 10/12/2034(b)		EUR	200,000		192,853
5.50%, 03/27/2037(b)		GBP	100,000		106,823
5.50%, 10/17/2041(b)		GBP	400,000		422,661
5.13%, 09/22/2050(b)		GBP	300,000		303,412
6.00%, 01/23/2114(b)(c)		GBP	400,000		428,028
ELO SACA, 2.88%, 01/29/2026(b)		EUR	100,000		92,196
ENGIE S.A.
2.38%, 05/19/2026(b)		EUR	200,000		189,478
7.00%, 10/30/2028		GBP	200,000		243,428
5.00%, 10/01/2060(b)		GBP	300,000		316,067
EssilorLuxottica S.A.
0.50%, 06/05/2028(b)		EUR	100,000		85,272
0.75%, 11/27/2031(b)		EUR	100,000		78,633
Holding d’Infrastructures de Transport S.A.S.U., 1.48%, 01/18/2031(b)		EUR	100,000		74,792
HSBC Continental Europe S.A., 0.10%, 09/03/2027(b)		EUR	100,000		83,801
Orange S.A.
1.38%, 03/20/2028(b)		EUR	100,000		89,649
8.13%, 11/20/2028(b)		GBP	150,000		197,678
2.00%, 01/15/2029(b)		EUR	200,000		183,819
1.38%, 01/16/2030(b)		EUR	100,000		86,255
1.88%, 09/12/2030(b)		EUR	100,000		88,211
0.50%, 09/04/2032(b)		EUR	100,000		73,411
8.13%, 01/28/2033		EUR	150,000		197,165
0.63%, 12/16/2033(b)		EUR	200,000		142,633
5.38%, 11/22/2050(b)		GBP	200,000		242,722
Pernod Ricard S.A., 1.75%, 04/08/2030(b)		EUR	200,000		175,271
Sanofi
Series 12FX, 1.38%, 03/21/2030(b)		EUR	200,000		173,991
Series 20FX, 1.88%, 03/21/2038(b)		EUR	100,000		79,815
Societe Generale S.A.
1.25%, 02/15/2024(b)		EUR	200,000		191,569
1.13%, 01/23/2025(b)		EUR	200,000		186,498
2.63%, 02/27/2025(b)		EUR	100,000		95,440
0.13%, 02/24/2026(b)		EUR	100,000		88,200
0.75%, 01/25/2027(b)		EUR	200,000		168,883
0.25%, 07/08/2027(b)		EUR	100,000		84,261
0.13%, 02/18/2028(b)		EUR	100,000		81,620
2.13%, 09/27/2028(b)		EUR	200,000		171,339
1.75%, 03/22/2029(b)		EUR	100,000		82,690
2.63%, 05/30/2029(b)		EUR	200,000		183,727
1.25%, 06/12/2030(b)		EUR	100,000		76,367

	Principal
	Amount			Value
France-(continued)
Suez S.A.C.A., 2.88%, 05/24/2034(b)		EUR	200,000	$	162,038
TotalEnergies Capital Canada Ltd., 2.13%, 09/18/2029(b)		EUR	300,000		271,626
TotalEnergies Capital International S.A.
0.75%, 07/12/2028(b)		EUR	200,000		170,771
1.38%, 10/04/2029(b)		EUR	100,000		85,979
1.99%, 04/08/2032(b)		EUR	100,000		85,942
1.62%, 05/18/2040(b)		EUR	100,000		67,722
Unibail-Rodamco-Westfield SE
0.63%, 05/04/2027(b)		EUR	100,000		80,914
1.38%, 12/04/2031(b)		EUR	100,000		68,448
Westfield America Management Ltd., 2.63%, 03/30/2029(b)		GBP	150,000		127,769
					20,935,226
Germany-11.48%
Amprion GmbH, 3.97%, 09/22/2032(b)		EUR	200,000		194,733
Aroundtown S.A.
0.38%, 04/15/2027(b)		EUR	100,000		71,719
3.00%, 10/16/2029(b)		GBP	100,000		81,912
BASF SE
0.75%, 03/17/2026(b)		EUR	100,000		90,974
0.25%, 06/05/2027(b)		EUR	100,000		86,087
0.88%, 11/15/2027(b)		EUR	100,000		87,304
1.50%, 03/17/2031(b)		EUR	200,000		163,277
Bayer AG
0.05%, 01/12/2025(b)		EUR	100,000		91,763
0.75%, 01/06/2027(b)		EUR	200,000		173,341
0.38%, 01/12/2029(b)		EUR	100,000		77,605
1.13%, 01/06/2030(b)		EUR	100,000		78,849
0.63%, 07/12/2031(b)		EUR	100,000		71,769
1.38%, 07/06/2032(b)		EUR	200,000		149,524
Bayer Capital Corp. B.V.
1.50%, 06/26/2026(b)		EUR	200,000		181,925
2.13%, 12/15/2029(b)		EUR	300,000		255,670
BMW Finance N.V., 1.50%, 02/06/2029(b)		EUR	200,000		178,961
Commerzbank AG
0.63%, 08/28/2024(b)		EUR	100,000		93,782
1.00%, 03/04/2026(b)		EUR	200,000		180,884
0.50%, 12/04/2026(b)		EUR	100,000		86,965
Deutsche Bahn Finance GmbH
0.63%, 04/15/2036(b)		EUR	200,000		134,186
0.63%, 12/08/2050(b)		EUR	100,000		49,019
1.13%, 05/29/2051(b)		EUR	180,000		100,103
Deutsche Bank AG
3.88%, 02/12/2024(b)		GBP	100,000		111,752
2.63%, 12/16/2024(b)		GBP	300,000		316,742
1.63%, 01/20/2027(b)		EUR	200,000		167,387
Deutsche Telekom AG, 1.75%, 03/25/2031(b)		EUR	100,000		87,379
Deutsche Telekom International Finance B.V.
1.50%, 04/03/2028(b)		EUR	157,000		141,876
2.00%, 12/01/2029(b)		EUR	200,000		181,916
E.ON International Finance B.V.
1.50%, 07/31/2029(b)		EUR	100,000		83,978
6.25%, 06/03/2030(b)		GBP	200,000		234,094
6.38%, 06/07/2032		GBP	250,000		298,902

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

  26  

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

October 31, 2022

	Principal
	Amount			Value
Germany-(continued)
4.75%, 01/31/2034(b)		GBP	300,000	$	310,731
5.88%, 10/30/2037(b)		GBP	250,000		279,584
6.75%, 01/27/2039(b)		GBP	250,000		304,053
6.13%, 07/06/2039(b)		GBP	250,000		285,478
E.ON SE, 0.38%, 09/29/2027(b)		EUR	100,000		85,595
Grand City Properties S.A., 0.13%, 01/11/2028(b)		EUR	100,000		68,582
HeidelbergCement Finance (Luxembourg) S.A., 1.63%, 04/07/2026(b)		EUR	100,000		92,057
Landesbank Baden-Wuerttemberg
1.50%, 02/03/2025(b)		GBP	200,000		209,950
0.38%, 02/18/2027(b)		EUR	100,000		84,460
Mercedes-Benz Group AG
1.00%, 11/15/2027(b)		EUR	100,000		89,146
1.38%, 05/11/2028(b)		EUR	100,000		89,816
1.50%, 07/03/2029(b)		EUR	200,000		176,129
0.75%, 09/10/2030(b)		EUR	100,000		81,139
1.13%, 11/06/2031(b)		EUR	100,000		80,204
0.75%, 03/11/2033(b)		EUR	250,000		184,992
2.13%, 07/03/2037(b)(c)		EUR	150,000		122,747
Mercedes-Benz International Finance B.V., 0.63%, 05/06/2027(b)		EUR	175,000		155,049
RWE AG
2.50%, 08/24/2025(b)		EUR	200,000		191,862
2.13%, 05/24/2026(b)		EUR	100,000		93,504
2.75%, 05/24/2030(b)		EUR	100,000		89,000
SAP SE, 1.63%, 03/10/2031(b)		EUR	200,000		173,537
Siemens Financieringsmaatschappij N.V.
0.25%, 02/20/2029(b)		EUR	100,000		82,053
0.13%, 09/05/2029(b)		EUR	100,000		80,797
1.38%, 09/06/2030(b)		EUR	100,000		86,114
3.00%, 09/08/2033(b)		EUR	200,000		188,002
0.50%, 09/05/2034(b)		EUR	100,000		70,184
Traton Finance Luxembourg S.A.
0.13%, 03/24/2025(b)		EUR	100,000		89,970
0.75%, 03/24/2029(b)		EUR	300,000		235,839
Volkswagen Financial Services AG
1.50%, 10/01/2024(b)		EUR	100,000		95,112
0.25%, 01/31/2025(b)		EUR	100,000		91,498
0.13%, 02/12/2027(b)		EUR	100,000		83,781
0.88%, 01/31/2028(b)		EUR	130,000		108,668
Volkswagen Financial Services N.V.,
2.13%, 01/18/2028(b)		GBP	200,000		187,344
Volkswagen International Finance N.V.
0.88%, 09/22/2028(b)		EUR	100,000		82,293
1.63%, 01/16/2030(b)		EUR	175,000		147,806
3.25%, 11/18/2030(b)		EUR	200,000		183,840
4.13%, 11/16/2038(b)		EUR	100,000		92,776
Series 10Y, 1.88%, 03/30/2027(b)		EUR	300,000		270,472
Volkswagen Leasing GmbH
2.63%, 01/15/2024(b)		EUR	200,000		195,916
1.13%, 04/04/2024(b)		EUR	100,000		95,487
1.38%, 01/20/2025(b)		EUR	100,000		94,225
0.38%, 07/20/2026(b)		EUR	100,000		86,887
Vonovia Finance B.V.
2.25%, 12/15/2023(b)		EUR	100,000		96,783
1.25%, 12/06/2024(b)		EUR	100,000		92,556
Vonovia SE
0.38%, 06/16/2027(b)		EUR	100,000		79,370

	Principal
	Amount			Value
Germany-(continued)
0.25%, 09/01/2028(b)		EUR	200,000	$	148,133
0.63%, 12/14/2029(b)		EUR	100,000		70,807
0.75%, 09/01/2032(b)		EUR	200,000		126,791
1.00%, 06/16/2033(b)		EUR	100,000		62,176
Wintershall Dea Finance B.V.
0.84%, 09/25/2025(b)		EUR	100,000		89,261
1.33%, 09/25/2028(b)		EUR	200,000		162,666
1.82%, 09/25/2031(b)		EUR	100,000		73,861
					11,203,461
Ireland-0.27%
Ryanair DAC, 0.88%, 05/25/2026(b)		EUR	200,000		174,435
Smurfit Kappa Acquisitions ULC, 2.88%, 01/15/2026(b)		EUR	100,000		95,094
					269,529
Italy-5.15%
Assicurazioni Generali S.p.A., 4.13%, 05/04/2026(b)		EUR	100,000		99,631
ASTM S.p.A.
1.50%, 01/25/2030(b)		EUR	125,000		94,057
2.38%, 11/25/2033(b)		EUR	100,000		69,691
Enel Finance International N.V.
5.63%, 08/14/2024(b)		GBP	200,000		229,439
1.50%, 07/21/2025(b)		EUR	100,000		93,324
0.25%, 11/17/2025(b)		EUR	100,000		88,279
1.38%, 06/01/2026(b)		EUR	50,000		45,086
1.13%, 09/16/2026(b)		EUR	150,000		133,292
0.38%, 06/17/2027(b)		EUR	100,000		82,927
1.00%, 10/20/2027(b)		GBP	125,000		112,048
3.88%, 03/09/2029(b)		EUR	200,000		188,362
2.88%, 04/11/2029(b)		GBP	200,000		185,974
0.38%, 05/28/2029(b)		EUR	100,000		74,714
0.50%, 06/17/2030(b)		EUR	120,000		86,088
0.88%, 09/28/2034(b)		EUR	220,000		135,547
0.88%, 06/17/2036(b)		EUR	100,000		58,046
5.75%, 09/14/2040(b)		GBP	450,000		469,628
Enel S.p.A., 5.75%, 06/22/2037(b)		GBP	180,000		190,506
Eni S.p.A.
3.75%, 09/12/2025(b)		EUR	100,000		99,138
1.50%, 02/02/2026(b)		EUR	150,000		139,459
1.25%, 05/18/2026(b)		EUR	200,000		183,091
0.38%, 06/14/2028(b)		EUR	100,000		81,673
3.63%, 01/29/2029(b)		EUR	100,000		95,490
0.63%, 01/23/2030(b)		EUR	100,000		76,919
2.00%, 05/18/2031(b)		EUR	150,000		124,437
Intesa Sanpaolo S.p.A.
1.38%, 01/18/2024(b)		EUR	100,000		96,343
1.00%, 07/04/2024(b)		EUR	150,000		141,788
2.13%, 05/26/2025(b)		EUR	125,000		117,943
0.63%, 02/24/2026(b)		EUR	250,000		216,205
1.00%, 11/19/2026(b)		EUR	100,000		86,761
4.75%, 09/06/2027(b)		EUR	150,000		146,930
0.75%, 03/16/2028(b)		EUR	100,000		80,865
1.75%, 03/20/2028(b)		EUR	150,000		127,790
1.75%, 07/04/2029(b)		EUR	100,000		81,942
Snam S.p.A., 0.88%, 10/25/2026(b)		EUR	200,000		175,139
Terna Rete Elettrica Nazionale S.p.A., 1.38%, 07/26/2027(b)		EUR	100,000		88,639

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

  27  

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

October 31, 2022

	Principal
	Amount			Value
Italy-(continued)
UniCredit S.p.A.
0.50%, 04/09/2025(b)		EUR	100,000	$	90,430
0.33%, 01/19/2026(b)		EUR	150,000		130,470
2.13%, 10/24/2026(b)		EUR	159,000		145,304
0.85%, 01/19/2031(b)		EUR	100,000		69,502
					5,032,897
Japan-2.35%
Mizuho Financial Group, Inc., 0.69%, 10/07/2030(b)		EUR	100,000		73,992
NTT Finance Corp.
0.34%, 03/03/2030(b)		EUR	100,000		78,612
Series 16, 0.18%, 12/19/2025		JPY100,000,000			671,965
Series 18, 0.38%, 09/20/2030		JPY100,000,000			664,250
Sumitomo Mitsui Financial Group, Inc.
1.55%, 06/15/2026(b)		EUR	200,000		181,059
0.63%, 10/23/2029(b)		EUR	125,000		95,482
Takeda Pharmaceutical Co. Ltd.
2.25%, 11/21/2026(b)		EUR	200,000		189,087
3.00%, 11/21/2030(b)		EUR	200,000		186,416
1.38%, 07/09/2032		EUR	100,000		78,486
2.00%, 07/09/2040		EUR	100,000		70,835
					2,290,184
Luxembourg-0.08%
Logicor Financing S.a.r.l., 1.63%, 07/15/2027(b)		EUR	100,000		77,257
Netherlands-3.92%
ABN AMRO Bank N.V.
1.38%, 01/16/2025(b)		GBP	200,000		213,440
1.25%, 05/28/2025(b)		EUR	200,000		186,348
0.60%, 01/15/2027(b)		EUR	100,000		86,257
0.50%, 09/23/2029(b)		EUR	100,000		77,053
1.00%, 06/02/2033(b)		EUR	100,000		71,197
1.25%, 01/20/2034(b)		EUR	100,000		70,047
Cooperatieve Rabobank U.A.
1.25%, 01/14/2025(b)		GBP	200,000		210,429
5.25%, 09/14/2027(b)		GBP	150,000		161,755
4.63%, 05/23/2029(b)		GBP	200,000		202,281
1.13%, 05/07/2031(b)		EUR	100,000		77,044
ING Groep N.V.
1.13%, 02/14/2025(b)		EUR	100,000		93,950
2.13%, 01/10/2026(b)		EUR	100,000		93,503
3.00%, 02/18/2026(b)		GBP	300,000		315,941
1.38%, 01/11/2028(b)		EUR	100,000		85,644
2.00%, 09/20/2028(b)		EUR	200,000		173,171
2.50%, 11/15/2030(b)		EUR	300,000		261,997
Koninklijke KPN N.V., 5.75%, 09/17/2029(b)		GBP	300,000		339,254
LeasePlan Corp. N.V.
0.25%, 02/23/2026(b)		EUR	100,000		84,847
0.25%, 09/07/2026(b)		EUR	200,000		164,927
Shell International Finance B.V.
1.50%, 04/07/2028(b)		EUR	100,000		90,427
1.25%, 05/12/2028(b)		EUR	200,000		177,282
0.75%, 08/15/2028(b)		EUR	150,000		128,437
0.50%, 11/08/2031(b)		EUR	100,000		76,272
1.88%, 04/07/2032(b)		EUR	100,000		85,804

	Principal
	Amount			Value
Netherlands-(continued)
1.25%, 11/11/2032(b)		EUR	100,000	$	79,808
0.88%, 11/08/2039(b)		EUR	100,000		60,478
TenneT Holding B.V.
2.13%, 11/17/2029(b)		EUR	100,000		89,085
0.88%, 06/16/2035(b)		EUR	100,000		67,632
					3,824,310
Norway-0.43%
Equinor ASA
1.38%, 05/22/2032(b)		EUR	100,000		82,242
1.63%, 02/17/2035(b)		EUR	100,000		79,063
Telenor ASA
0.75%, 05/31/2026(b)		EUR	100,000		90,104
1.13%, 05/31/2029(b)		EUR	200,000		169,691
					421,100
Portugal-0.18%
EDP Finance B.V., 1.88%, 09/21/2029(b)		EUR	200,000		173,375
Spain-6.30%
Abertis Infraestructuras S.A.
2.38%, 09/27/2027(b)		EUR	200,000		180,642
3.00%, 03/27/2031(b)		EUR	100,000		86,004
Banco Bilbao Vizcaya Argentaria S.A.
0.38%, 10/02/2024(b)		EUR	100,000		93,391
1.38%, 05/14/2025(b)		EUR	100,000		93,622
0.75%, 06/04/2025(b)		EUR	100,000		92,778
1.75%, 11/26/2025(b)		EUR	200,000		186,922
1.00%, 06/21/2026(b)		EUR	100,000		89,329
0.38%, 11/15/2026(b)		EUR	100,000		86,277
0.50%, 01/14/2027(b)		EUR	200,000		169,824
3.50%, 02/10/2027(b)		EUR	100,000		95,079
3.38%, 09/20/2027(b)		EUR	200,000		192,204
Banco de Sabadell S.A., 0.88%, 07/22/2025(b)		EUR	100,000		89,968
Banco Santander S.A.
1.38%, 07/31/2024(b)		GBP	200,000		216,101
1.13%, 01/17/2025(b)		EUR	100,000		93,458
2.50%, 03/18/2025(b)		EUR	200,000		190,175
1.38%, 01/05/2026(b)		EUR	300,000		271,658
3.25%, 04/04/2026(b)		EUR	300,000		284,600
1.50%, 04/14/2026(b)		GBP	200,000		196,580
0.30%, 10/04/2026(b)		EUR	100,000		86,992
3.13%, 01/19/2027(b)		EUR	100,000		93,041
0.50%, 02/04/2027(b)		EUR	100,000		84,205
1.75%, 02/17/2027(b)		GBP	200,000		189,606
1.13%, 06/23/2027(b)		EUR	100,000		86,295
2.13%, 02/08/2028(b)		EUR	100,000		86,552
0.20%, 02/11/2028(b)		EUR	200,000		163,413
1.63%, 10/22/2030(b)		EUR	100,000		75,146
CaixaBank S.A.
2.38%, 02/01/2024(b)		EUR	200,000		194,764
1.13%, 05/17/2024(b)		EUR	100,000		95,488
0.38%, 02/03/2025(b)		EUR	100,000		92,048
1.13%, 03/27/2026(b)		EUR	100,000		89,884
1.38%, 06/19/2026(b)		EUR	200,000		176,225
3.75%, 09/07/2029(b)		EUR	200,000		192,191
Iberdrola Finanzas S.A., 1.38%, 03/11/2032(b)		EUR	200,000		164,417

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

  28  

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

October 31, 2022

	Principal
	Amount			Value
Spain-(continued)
Naturgy Finance B.V., 1.38%, 01/19/2027(b)		EUR	200,000	$	177,045
Santander Consumer Finance S.A.
1.00%, 02/27/2024(b)		EUR	200,000		191,585
0.38%, 06/27/2024(b)		EUR	100,000		94,041
0.38%, 01/17/2025(b)		EUR	100,000		92,278
Telefonica Emisiones S.A.
5.38%, 02/02/2026(b)		GBP	200,000		226,059
1.46%, 04/13/2026(b)		EUR	100,000		92,647
1.45%, 01/22/2027(b)		EUR	100,000		90,937
1.20%, 08/21/2027(b)		EUR	200,000		176,996
1.72%, 01/12/2028(b)		EUR	200,000		179,773
1.79%, 03/12/2029(b)		EUR	100,000		88,124
0.66%, 02/03/2030(b)		EUR	200,000		158,906
					6,147,270
Sweden-1.72%
Heimstaden Bostad Treasury B.V., 0.25%, 10/13/2024(b)		EUR	125,000		108,553
Skandinaviska Enskilda Banken AB
1.75%, 11/11/2026(b)		EUR	200,000		185,074
0.38%, 06/21/2028(b)		EUR	200,000		161,204
0.63%, 11/12/2029(b)		EUR	200,000		155,285
Svenska Handelsbanken AB
0.13%, 11/03/2026(b)		EUR	100,000		86,570
0.05%, 09/06/2028(b)		EUR	100,000		80,437
1.38%, 02/23/2029(b)		EUR	130,000		108,515
0.50%, 02/18/2030(b)		EUR	100,000		75,758
Swedbank AB
0.25%, 11/02/2026(b)		EUR	100,000		86,566
2.10%, 05/25/2027(b)		EUR	200,000		184,802
Telia Co. AB, 3.63%, 11/08/2023(b)		SEK	2,000,000		180,666
Vattenfall AB, 6.88%, 04/15/2039(b)		GBP	200,000		262,424
					1,675,854
Switzerland-2.41%
Credit Suisse AG
2.13%, 05/31/2024(b)		EUR	100,000		93,733
1.13%, 12/15/2025(b)		GBP	200,000		198,328
0.25%, 01/05/2026(b)		EUR	225,000		193,819
1.50%, 04/10/2026(b)		EUR	150,000		133,031
0.25%, 09/01/2028(b)		EUR	120,000		91,720
Credit Suisse Group AG
2.75%, 08/08/2025(b)		GBP	150,000		152,541
0.65%, 09/10/2029(b)		EUR	100,000		69,865
0.63%, 01/18/2033(b)		EUR	248,000		147,544
Holcim Finance (Luxembourg) S.A.
2.25%, 05/26/2028(b)		EUR	200,000		176,914
0.50%, 09/03/2030(b)		EUR	100,000		71,469
Richemont International Holding S.A.
1.50%, 03/26/2030(b)		EUR	100,000		86,289
2.00%, 03/26/2038(b)		EUR	200,000		153,315
UBS AG
0.01%, 03/31/2026(b)		EUR	200,000		174,433
0.50%, 03/31/2031(b)		EUR	200,000		149,779
UBS Group AG
1.25%, 09/01/2026(b)		EUR	200,000		176,973

	Principal
	Amount			Value
Switzerland-(continued)
0.88%, 11/03/2031(b)		EUR	200,000	$	145,827
0.63%, 02/24/2033(b)		EUR	200,000		137,210
					2,352,790
United Kingdom-15.74%
ABP Finance PLC, 6.25%, 12/14/2026(b)		GBP	200,000		233,747
Annington Funding PLC
3.18%, 07/12/2029(b)		GBP	150,000		139,560
3.69%, 07/12/2034(b)		GBP	200,000		177,397
3.94%, 07/12/2047(b)		GBP	200,000		163,761
B.A.T. International Finance PLC
7.25%, 03/12/2024		GBP	200,000		233,350
4.00%, 09/04/2026(b)		GBP	150,000		157,516
2.25%, 06/26/2028(b)		GBP	140,000		125,002
2.25%, 01/16/2030(b)		EUR	200,000		153,572
6.00%, 11/24/2034(b)		GBP	150,000		149,394
2.25%, 09/09/2052(b)		GBP	200,000		101,874
Barclays PLC
3.13%, 01/17/2024(b)		GBP	400,000		448,597
3.00%, 05/08/2026(b)		GBP	300,000		308,511
3.25%, 02/12/2027(b)		GBP	350,000		353,890
BG Energy Capital PLC
5.13%, 12/01/2025(b)		GBP	250,000		285,969
5.00%, 11/04/2036(b)		GBP	250,000		264,810
Blend Funding PLC, 3.46%, 09/21/2047(b)		GBP	200,000		172,138
BP Capital Markets PLC
2.97%, 02/27/2026(b)		EUR	100,000		96,822
1.57%, 02/16/2027(b)		EUR	100,000		90,868
2.52%, 04/07/2028(b)		EUR	100,000		92,781
1.23%, 05/08/2031(b)		EUR	100,000		79,504
2.82%, 04/07/2032(b)		EUR	200,000		179,184
British Telecommunications PLC
1.00%, 11/21/2024(b)		EUR	100,000		93,745
1.75%, 03/10/2026(b)		EUR	200,000		185,385
1.50%, 06/23/2027(b)		EUR	100,000		88,360
5.75%, 12/07/2028(b)		GBP	150,000		171,282
3.13%, 11/21/2031(b)		GBP	100,000		93,054
6.38%, 06/23/2037(b)		GBP	200,000		226,821
Cadent Finance PLC
2.13%, 09/22/2028(b)		GBP	250,000		234,271
2.63%, 09/22/2038(b)		GBP	200,000		150,913
2.75%, 09/22/2046(b)		GBP	200,000		138,539
CCEP Finance Ireland DAC, 0.88%, 05/06/2033(b)		EUR	100,000		72,049
Centrica PLC
4.38%, 03/13/2029(b)		GBP	150,000		155,384
7.00%, 09/19/2033(b)		GBP	272,000		328,107
4.25%, 09/12/2044(b)		GBP	150,000		130,053
CK Hutchison Finance (16) (II) Ltd., 0.88%, 10/03/2024(b)		EUR	100,000		93,865
Clarion Funding PLC, 3.13%, 04/19/2048(b)		GBP	130,000		101,510
Diageo Finance PLC, 2.50%, 03/27/2032(b)		EUR	100,000		90,451
easyJet FinCo B.V., 1.88%, 03/03/2028(b)		EUR	200,000		157,701

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

  29  

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

October 31, 2022

	Principal
	Amount			Value
United Kingdom-(continued)
GlaxoSmithKline Capital PLC, 3.38%, 12/20/2027(b)		GBP	150,000	$	159,278
Heathrow Funding Ltd.
7.13%, 02/14/2024(b)		GBP	200,000		229,745
6.75%, 12/03/2026(b)		GBP	200,000		232,543
6.45%, 12/10/2031(b)		GBP	250,000		289,986
5.88%, 05/13/2041(b)		GBP	200,000		217,295
4.63%, 10/31/2046(b)		GBP	200,000		184,878
High Speed Rail Finance 1 PLC, 4.38%, 11/01/2038(b)		GBP	150,000		156,023
Housing & Care 21, 3.29%, 11/08/2049(b)		GBP	200,000		163,570
HSBC Bank PLC
5.38%, 08/22/2033(b)		GBP	156,000		163,978
4.75%, 03/24/2046		GBP	100,000		94,040
HSBC Holdings PLC
6.50%, 05/20/2024(b)		GBP	200,000		233,806
0.88%, 09/06/2024(b)		EUR	200,000		188,226
2.50%, 03/15/2027(b)		EUR	200,000		182,347
2.63%, 08/16/2028(b)		GBP	300,000		284,619
0.64%, (3 mo. EURIBOR + 0.78%), 09/24/2029(b)(d)		EUR	200,000		155,373
Imperial Brands Finance Netherlands B.V., 1.75%, 03/18/2033(b)		EUR	100,000		64,817
Imperial Brands Finance PLC
8.13%, 03/15/2024(b)		GBP	200,000		236,244
5.50%, 09/28/2026(b)		GBP	150,000		164,933
4.88%, 06/07/2032(b)		GBP	100,000		94,012
Lloyds Bank Corporate Markets PLC
1.75%, 07/11/2024(b)		GBP	100,000		108,965
2.38%, 04/09/2026(b)		EUR	200,000		187,790
Lloyds Bank PLC, 7.50%, 04/15/2024(b)		GBP	200,000		238,393
Lloyds Banking Group PLC
2.25%, 10/16/2024(b)		GBP	300,000		324,844
1.50%, 09/12/2027(b)		EUR	100,000		87,366
National Grid Electricity Distribution (West Midlands) PLC, 5.75%, 04/16/2032(b)		GBP	225,000		258,424
Nationwide Building Society
0.25%, 07/22/2025(b)		EUR	200,000		180,571
3.25%, 01/20/2028(b)		GBP	200,000		204,957
NatWest Markets PLC
1.00%, 05/28/2024(b)		EUR	200,000		189,339
2.75%, 04/02/2025(b)		EUR	100,000		95,986
0.13%, 11/12/2025(b)		EUR	100,000		87,728
0.13%, 06/18/2026(b)		EUR	200,000		170,134
1.38%, 03/02/2027(b)		EUR	100,000		87,318
Sanctuary Capital PLC, 2.38%, 04/14/2050(b)		GBP	200,000		132,858
Santander UK Group Holdings PLC, 3.63%, 01/14/2026(b)		GBP	150,000		158,832
Scottish Widows Ltd., 7.00%, 06/16/2043(b)		GBP	250,000		284,656
Severn Trent Utilities Finance PLC, 3.63%, 01/16/2026(b)		GBP	200,000		218,898
Sky Ltd., 2.50%, 09/15/2026(b)		EUR	100,000		95,255
Society of Lloyd’s, 4.75%, 10/30/2024(b)		GBP	100,000		110,927
SSE PLC, 8.38%, 11/20/2028(b)		GBP	183,000		236,886

	Principal
	Amount				Value
United Kingdom-(continued)
Standard Chartered PLC
5.13%, 06/06/2034(b)		GBP		100,000	$	101,209
4.38%, 01/18/2038(b)		GBP		200,000		205,162
T.H.F.C. (Funding No.3) PLC, 5.20%, 10/11/2043(b)		GBP		300,000		328,778
Thames Water Utilities Finance PLC
4.00%, 06/19/2025(b)		GBP		100,000		111,071
5.13%, 09/28/2037(b)		GBP		250,000		258,847
5.50%, 02/11/2041(b)		GBP		100,000		106,966
Vodafone Group PLC
2.20%, 08/25/2026(b)		EUR		200,000		189,785
1.63%, 11/24/2030(b)		EUR		100,000		84,718
1.60%, 07/29/2031(b)		EUR		151,000		125,134
3.38%, 08/08/2049(b)		GBP		200,000		161,715
3.00%, 08/12/2056(b)		GBP		300,000		217,694
						15,366,656
United States-1.94%
Medtronic Global Holdings S.C.A.
0.38%, 10/15/2028		EUR		100,000		82,628
3.00%, 10/15/2028		EUR		200,000		192,184
1.63%, 03/07/2031		EUR		150,000		127,859
0.75%, 10/15/2032		EUR		100,000		74,805
1.38%, 10/15/2040		EUR		100,000		63,886
1.63%, 10/15/2050		EUR		100,000		59,828
Nestle Finance International Ltd., 0.38%, 05/12/2032(b)		EUR		200,000		151,707
Stellantis N.V.
3.75%, 03/29/2024(b)		EUR		125,000		123,903
3.88%, 01/05/2026(b)		EUR		100,000		98,152
2.75%, 05/15/2026(b)		EUR		100,000		94,124
0.63%, 03/30/2027(b)		EUR		200,000		169,090
4.50%, 07/07/2028(b)		EUR		100,000		97,646
0.75%, 01/18/2029(b)		EUR		200,000		155,584
2.75%, 04/01/2032(b)		EUR		200,000		163,488
1.25%, 06/20/2033(b)		EUR		100,000		68,456
Toyota Motor Credit Corp.
0.25%, 07/16/2026(b)		EUR		100,000		88,293
0.13%, 11/05/2027(b)		EUR		100,000		83,160
						1,894,793
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $123,908,183)						96,163,901
			Shares
Money Market Funds-0.30%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(e)(f) (Cost $296,525)				296,525		296,525
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.82% (Cost $124,204,708)						96,460,426
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.69%
Invesco Private Government Fund, 3.18%(e)(f)(g)				187,446		187,446

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

  30  

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

October 31, 2022

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 3.28%(e)(f)(g)		484,184	$	484,184
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $671,627)				671,630
TOTAL INVESTMENTS IN SECURITIES-99.51% (Cost $124,876,335)				97,132,056
OTHER ASSETS LESS LIABILITIES-0.49%				477,042
NET ASSETS-100.00%			$	97,609,098

Investment Abbreviations:

AUD-Australian Dollar

CAD-Canadian Dollar

EUR-Euro

EURIBOR-Euro Interbank Offered Rate

GBP-British Pound Sterling

JPY-Japanese Yen

SEK-Swedish Krona

Notes to Schedule of Investments:

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

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $72,797,158, which represented 74.58% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at October 31, 2022.

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

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

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	516,859		$	9,493,774		$	(9,714,108	)		$	-		$	-			$	296,525		$	439
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,739,564			9,859,885			(11,412,003	)			-			-				187,446			14,921	*
Invesco Private Prime Fund			4,058,983			21,281,834			(24,853,742	)			3			(2,894	)			484,184			41,231	*
Total		$	6,315,406		$	40,635,493		$	(45,979,853	)		$	3		$	(2,894	)		$	968,155		$	56,591

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

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

  31  

Statements of Assets and Liabilities

October 31, 2022

	Invesco Emerging Markets Sovereign Debt ETF (PCY)				Invesco Global Short Term High Yield Bond ETF (PGHY)				Invesco International Corporate Bond ETF (PICB)
Assets:
Unaffiliated investments in securities, at value(a)		$	1,399,589,880			$	177,841,400			$	96,163,901
Affiliated investments in securities, at value			62,807,896				14,123,280				968,155
Cash			134,576				1,132,148				-
Foreign currencies, at value			21,341				4,055				420,859
Deposits with brokers:
Cash segregated as collateral			-				1,942,302				-
Receivable for:
Dividends and interest			23,963,666				2,918,581				1,092,371
Securities lending			59,993				11,071				235
Investments sold			1,277,708				1,579,189				286,198
Fund shares sold			310,490				1,764,900				-
Foreign tax reclaims			-				-				50,853
Investments matured, at value			-				1,417,744				-
Total assets			1,488,165,550				202,734,670				98,982,572
Liabilities:
Payable for:
Investments purchased			310,490				4,428,918				661,364
Collateral upon return of securities loaned			54,904,626				9,503,979				671,627
Collateral upon receipt of securities in-kind			-				1,942,302				-
Fund shares repurchased			2,948,537				-				-
Accrued unitary management fees			622,026				54,932				40,483
Total liabilities			58,785,679				15,930,131				1,373,474
Net Assets		$	1,429,379,871			$	186,804,539			$	97,609,098
Net assets consist of:
Shares of beneficial interest		$	2,903,630,793			$	236,591,142			$	131,335,757
Distributable earnings (loss)			(1,474,250,922	)			(49,786,603	)			(33,726,659	)
Net Assets		$	1,429,379,871			$	186,804,539			$	97,609,098
Shares outstanding (unlimited amount authorized, $0.01 par value)			83,500,000				9,800,000				4,950,000
Net asset value		$	17.12			$	19.06			$	19.72
Market price		$	16.88			$	18.96			$	19.73
Unaffiliated investments in securities, at cost		$	2,007,579,585			$	190,551,435			$	123,908,183
Affiliated investments in securities, at cost		$	62,809,631			$	14,123,333			$	968,152
Foreign currencies, at cost		$	22,001			$	4,185			$	415,745
Investments matured, at cost		$	-			$	9,394,020			$	-
(a) Includes securities on loan with an aggregate value of:		$	51,965,167			$	9,125,105			$	335,124

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

  32  

Statements of Operations

For the year ended October 31, 2022

	Invesco Emerging Markets Sovereign Debt ETF (PCY)				Invesco Global Short Term High Yield Bond ETF (PGHY)				Invesco International Corporate Bond ETF (PICB)
Investment income:
Unaffiliated interest income		$	127,750,448			$	9,294,914			$	1,975,856
Unaffiliated dividend income			-				7,619				-
Affiliated dividend income			46,096				28,650				439
Securities lending income, net			444,543				124,484				10,249
Foreign withholding tax			-				-				(1,158	)
Total investment income			128,241,087				9,455,667				1,985,386
Expenses:
Unitary management fees			10,295,190				713,749				628,648
Less: Waivers			(3,068	)			(1,452	)			(22	)
Net expenses			10,292,122				712,297				628,626
Net investment income			117,948,965				8,743,370				1,356,760
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(359,714,218	)			(15,924,728	)			(12,248,782	)
Affiliated investment securities			(7,050	)			(4,633	)			(2,894	)
In-kind redemptions			(48,269,923	)			(2,137,332	)			(1,561,276	)
Foreign currencies			(71	)			(683	)			(266,956	)
Net realized gain (loss)			(407,991,262	)			(18,067,376	)			(14,079,908	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities.			(509,446,225	)			(6,998,054	)			(30,443,124	)
Affiliated investment securities			(1,736	)			(53	)			3
Foreign currencies			(660	)			(123	)			(28,668	)
Change in net unrealized appreciation (depreciation)			(509,448,621	)			(6,998,230	)			(30,471,789	)
Net realized and unrealized gain (loss)			(917,439,883	)			(25,065,606	)			(44,551,697	)
Net increase (decrease) in net assets resulting from operations		$	(799,490,918	)		$	(16,322,236	)		$	(43,194,937	)

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

  33  

Statements of Changes in Net Assets

For the years ended October 31, 2022 and 2021

	Invesco Emerging
	Markets Sovereign								Invesco Global Short Term High
	Debt ETF (PCY)								Yield Bond ETF (PGHY)
	2022				2021				2022				2021
Operations:
Net investment income		$	117,948,965			$	125,519,125			$	8,743,370			$	9,908,902
Net realized gain (loss)			(407,991,262	)			56,620,363				(18,067,376	)			(820,726	)
Change in net unrealized appreciation (depreciation)			(509,448,621	)			(70,951,580	)			(6,998,230	)			1,773,806
Net increase (decrease) in net assets resulting from operations			(799,490,918	)			111,187,908				(16,322,236	)			10,861,982
Distributions to Shareholders from:
Distributable earnings			(121,305,087	)			(128,603,511	)			(8,881,528	)			(9,921,771	)
Return of capital			-				-				(1,187,837	)			(1,754,213	)
Total distributions to shareholders			(121,305,087	)			(128,603,511	)			(10,069,365	)			(11,675,984	)
Shareholder Transactions:
Proceeds from shares sold			470,231,665				1,140,175,565				11,704,032				40,821,537
Value of shares repurchased			(843,971,292	)			(1,074,290,505	)			(34,870,522	)			-
Transaction fees			-				-				-				-
Net increase (decrease) in net assets resulting from share transactions			(373,739,627	)			65,885,060				(23,166,490	)			40,821,537
Net increase (decrease) in net assets			(1,294,535,632	)			48,469,457				(49,558,091	)			40,007,535
Net assets:
Beginning of year			2,723,915,503				2,675,446,046				236,362,630				196,355,095
End of year		$	1,429,379,871			$	2,723,915,503			$	186,804,539			$	236,362,630
Changes in Shares Outstanding:
Shares sold			20,900,000				41,300,000				600,000				1,850,000
Shares repurchased			(39,200,000	)			(39,000,000	)			(1,750,000	)			-
Shares outstanding, beginning of year			101,800,000				99,500,000				10,950,000				9,100,000
Shares outstanding, end of year			83,500,000				101,800,000				9,800,000				10,950,000

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

  34  

Invesco International Corporate
Bond ETF (PICB)
2022			2021
$	1,356,760		$	1,139,209
	(14,079,908	)		4,831,221
	(30,471,789	)		(4,047,648	)
	(43,194,937	)		1,922,782
	(1,125,779	)		(1,301,115	)
	(984,729	)		-
	(2,110,508	)		(1,301,115	)
	44,894,274			42,457,100
	(24,976,244	)		(38,131,756	)
	17,214			7,455
	19,935,244			4,332,799
	(25,370,201	)		4,954,466
	122,979,299			118,024,833
$	97,609,098		$	122,979,299
	1,650,000			1,450,000
	(1,050,000	)		(1,300,000	)
	4,350,000			4,200,000
	4,950,000			4,350,000

  35  

Financial Highlights

Invesco Emerging Markets Sovereign Debt ETF (PCY)

	Years Ended October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	26.76		$	26.89		$	29.12		$	26.20		$	29.62
Net investment income(a)		1.25			1.23			1.28			1.41			1.26
Net realized and unrealized gain (loss) on investments		(9.61	)		(0.10	)		(2.20	)		2.93			(3.42	)
Total from investment operations.		(8.36	)		1.13			(0.92	)		4.34			(2.16	)
Distributions to shareholders from:
Net investment income		(1.28	)		(1.26	)		(1.31	)		(1.42	)		(1.26	)
Net asset value at end of year	$	17.12		$	26.76		$	26.89		$	29.12		$	26.20
Market price at end of year(b)	$	16.88		$	26.73		$	26.81		$	29.13		$	26.13
Net Asset Value Total Return(c)		(31.97	)%		4.17	%		(3.07	)%		16.91	%		(7.42	)%
Market Price Total Return(c)		(32.83	)%		4.38	%		(3.38	)%		17.28	%		(7.66	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,429,380		$	2,723,916		$	2,675,446		$	3,535,387		$	3,704,365
Ratio to average net assets of:
Expenses		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		5.73	%		4.47	%		4.63	%		5.03	%		4.51	%
Portfolio turnover rate(d)		40	%		41	%		28	%		28	%		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.

Invesco Global Short Term High Yield Bond ETF (PGHY)

	Years Ended October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	21.59		$	21.58		$	22.82		$	23.14		$	24.14
Net investment income(a)		0.86			0.96			1.18			1.20			1.24
Net realized and unrealized gain (loss) on investments		(2.40	)		0.18			(1.20	)		(0.32	)		(1.00	)
Total from investment operations		(1.54	)		1.14			(0.02	)		0.88			0.24
Distributions to shareholders from:
Net investment income		(0.87	)		(0.96	)		(1.19	)		(1.20	)		(1.24	)
Return of capital		(0.12	)		(0.17	)		(0.03	)		-			-
Total distributions		(0.99	)		(1.13	)		(1.22	)		(1.20	)		(1.24	)
Net asset value at end of year	$	19.06		$	21.59		$	21.58		$	22.82		$	23.14
Market price at end of year(b)	$	18.96		$	21.62		$	21.59		$	22.81		$	23.03
Net Asset Value Total Return(c)		(7.26	)%		5.33	%		0.02	%		3.90	%		1.05	%
Market Price Total Return(c)		(7.87	)%		5.42	%		0.15	%		4.36	%		0.36	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	186,805		$	236,363		$	196,355		$	230,477		$	216,400
Ratio to average net assets of:
Expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		4.29	%		4.36	%		5.39	%		5.21	%		5.25	%
Portfolio turnover rate(d)		58	%		59	%		54	%		57	%		42	%

^(a)  Based on average shares outstanding.

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

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

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

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

  36  

Financial Highlights–(continued)

Invesco International Corporate Bond ETF (PICB)

	Years Ended October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	28.27		$	28.10		$	26.96		$	25.31		$	26.88
Net investment income(a)		0.26			0.29			0.34			0.39			0.43
Net realized and unrealized gain (loss) on investments		(8.39	)		0.20			1.13			1.65			(1.57	)
Total from investment operations		(8.13	)		0.49			1.47			2.04			(1.14	)
Distributions to shareholders from:
Net investment income		(0.14	)		(0.29	)		(0.34	)		(0.23	)		(0.43	)
Net realized gains		(0.09	)		(0.03	)		-			-			-
Return of capital		(0.19	)		-			-			(0.16	)		-
Total distributions		(0.42	)		(0.32	)		(0.34	)		(0.39	)		(0.43	)
Transaction fees(a)		0.00	(b)		0.00	(b)		0.01			0.00	(b)		-
Net asset value at end of year	$	19.72		$	28.27		$	28.10		$	26.96		$	25.31
Market price at end of year(c)	$	19.73		$	28.31		$	28.15		$	26.84		$	25.28
Net Asset Value Total Return(d)		(29.02	)%		1.73	%		5.57	%		8.12	%		(4.31	)%
Market Price Total Return(d)		(29.09	)%		1.69	%		6.24	%		7.77	%		(4.46	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	97,609		$	122,979		$	118,025		$	111,878		$	118,969
Ratio to average net assets of:
Expenses		0.50	%		0.50	%		0.50	%		0.51	%(e)		0.50	%
Net investment income		1.08	%		0.99	%		1.27	%		1.49	%(e)		1.58	%
Portfolio turnover rate(f)		28	%		22	%		22	%		23	%		12	%

^(a)  Based on average shares outstanding.

^(b)  Amount represents less than $0.005.

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

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

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

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

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

  37  

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

October 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 Emerging Markets Sovereign Debt ETF (PCY)	“Emerging Markets Sovereign Debt ETF”
Invesco Global Short Term High Yield Bond ETF (PGHY)	“Global Short Term High Yield Bond ETF”
Invesco International Corporate Bond ETF (PICB)	“International Corporate Bond ETF”

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

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

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

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

NOTE 2–Significant Accounting Policies

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

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

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

A security listed or traded on an exchange 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 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 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

  39  

withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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 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.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended October 31, 2022, there were no affiliated transactions with Invesco.

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.

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K. Other Risks

AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

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

Changing Global Fixed-Income Market Conditions Risk. The 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. 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.

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.

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

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

Industry Concentration Risk. In following its methodology, each Fund’s Underlying Index from time to time may be concentrated to a significant degree in securities of issuers 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.

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

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

Non-Investment Grade Securities Risk. Non-investment grade securities (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, a Fund may incur additional expenses to seek recovery.

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

Valuation Risk. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater 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

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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)
Emerging Markets Sovereign Debt ETF	0.50%
Global Short Term High Yield Bond ETF	0.35%
International Corporate Bond ETF	0.50%

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

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

Emerging Markets Sovereign Debt ETF	$	3,068
Global Short Term High Yield Bond ETF		1,452
International Corporate Bond ETF		22

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

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

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

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

The Trust has entered into service agreements whereby 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.

NOTE 4–Additional Valuation Information

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

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

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Level 2 –

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

Level 3 –

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

    The following is a summary of the tiered valuation input levels, as of October 31, 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
Emerging Markets Sovereign Debt ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	1,399,589,880		$	-		$	1,399,589,880
Money Market Funds			7,905,005			54,902,891			-			62,807,896
Total Investments		$	7,905,005		$	1,454,492,771		$	-		$	1,462,397,776
Global Short Term High Yield Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes		$	-		$	177,314,785		$	0		$	177,314,785
Preferred Stocks			-			-			263,560			263,560
Common Stocks & Other Equity Interests			-			116,599			21,668			138,267
Non-U.S. Dollar Denominated Bonds & Notes			-			124,788			-			124,788
Money Market Funds			4,619,354			9,503,926			-			14,123,280
Total Investments in Securities			4,619,354			187,060,098			285,228			191,964,680
Other Investments - Assets
Investments Matured			-			1,197,518			220,226			1,417,744
Total Investments		$	4,619,354		$	188,257,616		$	505,454		$	193,382,424
International Corporate Bond ETF
Investments in Securities
Non-U.S. Dollar Denominated Bonds & Notes		$	-		$	96,163,901		$	-		$	96,163,901
Money Market Funds			296,525			671,630			-			968,155
Total Investments		$	296,525		$	96,835,531		$	-		$	97,132,056

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

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

	2022						2021
	Ordinary		Long-Term		Return of		Ordinary		Long-Term		Return of
	Income*		Capital Gains		Capital		Income*		Capital Gains		Capital
Emerging Markets Sovereign Debt ETF	$	121,305,087	$	-	$	-	$	128,603,511	$	-	$	-
Global Short Term High Yield Bond ETF		8,881,528		-		1,187,837		9,921,771		-		1,754,213
International Corporate Bond ETF		748,498		377,281		984,729		1,151,105		150,010		-

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

  45  

Tax Components of Net Assets at Fiscal Year-End:

	Net			Net
	Unrealized			Unrealized
	Appreciation			(Depreciation)-						Shares of
	(Depreciation)-			Foreign			Capital Loss			Beneficial		Total
	Investments			Currencies			Carryforwards			Interest		Net Assets
Emerging Markets Sovereign Debt ETF	$	(615,602,888	)	$	(660	)	$	(858,647,374	)	$	2,903,630,793	$	1,429,379,871
Global Short Term High Yield Bond ETF		(20,785,371	)		(132	)		(29,001,100	)		236,591,142		186,804,539
International Corporate Bond ETF		(27,966,519	)		(35,413	)		(5,724,727	)		131,335,757		97,609,098

    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 October 31, 2022, as follows:

	No expiration
	Short-Term		Long-Term		Total*
Emerging Markets Sovereign Debt ETF	$	306,562,180	$	552,085,194	$	858,647,374
Global Short Term High Yield Bond ETF		7,746,895		21,254,205		29,001,100
International Corporate Bond ETF		2,905,165		2,819,562		5,724,727

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

NOTE 6–Investment Transactions

For the fiscal year ended October 31, 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
Emerging Markets Sovereign Debt ETF	$	809,304,117	$	823,925,898
Global Short Term High Yield Bond ETF		110,448,907		114,080,745
International Corporate Bond ETF		41,790,064		34,581,378

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

	In-kind		In-kind
	Purchases		Sales
Emerging Markets Sovereign Debt ETF	$	402,693,069	$	758,040,182
Global Short Term High Yield Bond ETF		8,908,270		27,461,806
International Corporate Bond ETF		37,376,164		24,687,225

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of October 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
Emerging Markets Sovereign Debt ETF		$161,478	$	(615,764,366	)	$	(615,602,888	)	$	2,078,000,664
Global Short Term High Yield Bond ETF		189,312		(20,974,683	)		(20,785,371	)		214,167,795
International Corporate Bond ETF		338,349		(28,304,868	)		(27,966,519	)		125,098,575

  46  

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, net operating losses and 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 October 31, 2022, the reclassifications were as follows:

	Undistributed Net Investment Income (Loss)				Undistributed Net Realized Gain			Shares of Beneficial Interest
Emerging Markets Sovereign Debt ETF		$	3,356,122			$	69,435,582		$	(72,791,704	)
Global Short Term High Yield Bond ETF			68,719				2,068,613			(2,137,332	)
International Corporate Bond ETF			(1,449,058	)			8,240,796			(6,791,738	)

NOTE 8–Trustees’ and Officer’s Fees

The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. The 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 APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for 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 AP or as a result of other market circumstances.

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

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

  47  

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Short Term High Yield Bond ETF and Invesco International Corporate Bond ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Emerging Markets Sovereign Debt ETF, Invesco Global Short Term High Yield Bond ETF and Invesco International Corporate Bond ETF (three of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 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 October 31, 2022 and each of the financial highlights for each of the five years in the period ended October 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

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

December 23, 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.

  48  

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 May 1, 2022 through October 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.

					Annualized
	Beginning		Ending		Expense Ratio		Expenses Paid
	Account Value		Account Value		Based on the		During the
	May 1, 2022		October 31, 2022		Six-Month Period		Six-Month Period(1)
Invesco Emerging Markets Sovereign Debt ETF (PCY)
Actual		$1,000.00		$   858.90		0.50%		$2.34
Hypothetical (5% return before expenses)		1,000.00		1,022.68		0.50		2.55
Invesco Global Short Term High Yield Bond ETF (PGHY)
Actual		1,000.00		982.10		0.35		1.75
Hypothetical (5% return before expenses)		1,000.00		1,023.44		0.35		1.79
Invesco International Corporate Bond ETF (PICB)
Actual		1,000.00		848.50		0.50		2.33
Hypothetical (5% return before expenses)		1,000.00		1,022.68		0.50		2.55

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 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.

  49  

Tax Information

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

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

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

							Corporate															Qualified
	Qualified			Qualified			Dividends			U.S.			Business			Qualified						Short
	Business			Dividend			Received			Treasury			Interest			Interest			Long Term			Term
	Income*			Income*			Deduction*			Obligations*			Income*			Income*			Capital Gains			Gains
Invesco Emerging Markets Sovereign Debt ETF		0	%		0	%		0	%		0	%		99	%		0	%		$	-		$	-
Invesco Global Short Term High Yield Bond ETF		0	%		0	%		0	%		0	%		100	%		34	%			-			-
Invesco International Corporate Bond ETF		0	%		0	%		0	%		0	%		69	%		0	%			377,281			34,198

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

  50  

Trustees and Officers

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

As of October 31, 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).	234	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.	234	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.

  51  

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).	234	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.

  52  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
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).	234	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.

  53  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
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).	234	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).	234	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.

  54  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Independent Trustees	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Independent Trustees	Other Directorships Held by Independent Trustees During the Past 5 Years
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.	234	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.

  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
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.	234	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).	234	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.

  56  

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).	234	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.

  57  

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.

  58  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
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.

  59  

Trustees and Officers–(continued)

Name, Address and Year of Birth of Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
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.

  60  

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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-2	invesco.com/ETFs

	Invesco Annual Report to Shareholders October 31, 2022
	CQQQ	Invesco China Technology ETF
	PIZ	Invesco DWA Developed Markets Momentum ETF
	PIE	Invesco DWA Emerging Markets Momentum ETF
	PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF
	PDN	Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
	PXH	Invesco FTSE RAFI Emerging Markets ETF
	PBD	Invesco Global Clean Energy ETF
	PIO	Invesco Global Water ETF
	IPKW	Invesco International BuyBack AchieversTM ETF
	CUT	Invesco MSCI Global Timber ETF
	GBLD	Invesco MSCI Green Building ETF
	CGW	Invesco S&P Global Water Index ETF
	IDHQ	Invesco S&P International Developed Quality ETF

Table of Contents

The Market Environment	3
Management’s Discussion of Fund Performance	4
Schedules of Investments
Invesco China Technology ETF (CQQQ)	37
Invesco DWA Developed Markets Momentum ETF (PIZ)	41
Invesco DWA Emerging Markets Momentum ETF (PIE)	44
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)	47
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)	58
Invesco FTSE RAFI Emerging Markets ETF (PXH)	73
Invesco Global Clean Energy ETF (PBD)	79
Invesco Global Water ETF (PIO)	82
Invesco International BuyBack AchieversTM ETF (IPKW)	84
Invesco MSCI Global Timber ETF (CUT)	86
Invesco MSCI Green Building ETF (GBLD)	89
Invesco S&P Global Water Index ETF (CGW)	92
Invesco S&P International Developed Quality ETF (IDHQ)	94
Statements of Assets and Liabilities	98
Statements of Operations	100
Statements of Changes in Net Assets	102
Financial Highlights	107
Notes to Financial Statements	120
Report of Independent Registered Public Accounting Firm	137
Fund Expenses	139
Tax Information	141
Trustees and Officers	142

2

The Market Environment

Domestic Equity

The fiscal year ended October 31, 2022 began with continued volatility in equity markets in the fourth quarter of 2021 amid substantial 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,¹ causing higher gas prices for consumers, and the Consumer Price Index (CPI) reported for November 2021 increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.² To combat inflation, the US Federal Reserve (the Fed) announced the potential for three or more 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 inflation 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 2008.¹ Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and the Fed indicated it would “taper” its asset purchase program quickly.³

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 into 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 40-year high to 8.6% for the 12 months ended May 2022.² 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.¹ 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 an economic policy symposium held in Jackson Hole, Wyoming, sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.³

After experiencing a sharp drop in September 2022, US equity markets rebounded in October with strong gains, despite mixed data on the economy and corporate earnings. Inflation data

reported in October came in higher than expected; however, the labor market remained strong, with payroll employment gains and a decline in the unemployment rate to a near record low of 3.5% in September.² The initial estimate of third quarter real gross domestic product showed an increase of 2.6% (annualized) after falling in the prior two quarters, but the headline number masked a drop in demand and investment. Corporate earnings were generally in line with expectations, but many companies’ forward earnings guidance was weaker than expected.

In this environment, US stocks had negative double-digit returns for the fiscal year ended October 31, 2022 of -14.61%, as measured by the S&P 500 Index.⁴

¹  Source: Bloomberg LP

²  Source: US Bureau of Labor Statistics

³  Source: US Federal Reserve

⁴  Source: Lipper Inc.

Global Equity

At the beginning of the fiscal year ended October 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 half of 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.

Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People’s Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

During October 2022, developed market equities rebounded and were in positive territory. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with no signs of the country’s zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, 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

CQQQ	Management’s Discussion of Fund Performance
	Invesco China Technology ETF (CQQQ)

As an index fund, Invesco China Technology ETF’s (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE China Incl A 25% Technology Capped Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (the “Index Provider”) compiles, maintains, and calculates the Index. The Index is composed of securities of companies that the Index Provider, pursuant to the Index methodology, has classified as being in the technology industry and that are constituents of the FTSE China Index or FTSE China A Stock Connect CNH Index. The Index may include China A-shares (shares of Chinese incorporated companies that may trade on the Shanghai or Shenzhen stock exchanges via a Stock Connect program), B-shares, H-shares, N-shares, Red Chip shares, P-chip shares and S-chip shares. Index constituents are modified market capitalization weighted. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (53.17)%. On a net asset value (“NAV”) basis, the Fund returned (53.32)%. During the same time period, the Index returned (53.05)%. 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 MSCI China Index (Net) (the “Benchmark Index”) returned (47.90)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 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 Chinese stocks.

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

Relative to the Benchmark Index, the Fund was most overweight in the semiconductors & semiconductor equipment industry and most underweight the internet & direct marketing retail industry during the fiscal year ended October 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s underweight allocation to the banks industry as well as the Fund’s overweight allocation to the interactive media & services industry.

For the fiscal year ended October 31, 2022, the trading companies & distributors industry contributed most significantly to the Fund’s return, followed by the communications equipment industry. The interactive media & services industry detracted most significantly from the Fund’s return, followed by the electronic equipment instruments & components and entertainment industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022 included China National Software & Service Co. Ltd., A Shares, a software company (portfolio average weight of 0.06%), and Beijing Kingsoft Office Software. Inc., A Shares, a software company (portfolio average weight of 0.82%). Positions that detracted most significantly from the Fund’s return included Tencent Holdings Ltd., an interactive media & services company (portfolio average weight of 10.61%), and Kuaishou Technology, an interactive media & services company (portfolio average weight of 6.92%).

Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Interactive Media & Services	22.63
Semiconductors & Semiconductor Equipment	19.54
Internet & Direct Marketing Retail	15.89
Software	13.00
Electronic Equipment, Instruments & Components	12.36
Entertainment	5.06
IT Services	3.84
Industry Types Each Less Than 3%	7.70
Money Market Funds Plus Other Assets Less Liabilities	(0.02)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Tencent Holdings Ltd.	8.93
Meituan, B Shares	8.32
Pinduoduo, Inc., ADR	7.34
Baidu, Inc., A Shares	5.83
Kingdee International Software Group Co. Ltd.	4.39
Kuaishou Technology	4.01
LONGi Green Energy Technology Co. Ltd., A Shares	3.65
Sunny Optical Technology Group Co. Ltd.	3.56
Tencent Music Entertainment Group, ADR	2.32
Bilibili, Inc., Z Shares	2.28
Total	50.63

* Excluding money market fund holdings.

4

Invesco China Technology ETF (CQQQ) (continued)

Growth of a $10,000 Investment

Fund Performance History as of October 31, 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—FTSE China Incl A 25% Technology Capped Index (Net)		(53.05	)%		(11.65	)%		(31.04	)%		(10.49	)%		(42.54	)%		5.40	%		69.16	%		3.22	%		50.44	%
MSCI China Index (Net)		(47.90	)		(13.85	)		(36.05	)		(9.68	)		(39.88	)		(0.06	)		(0.56	)		(0.32	)		(4.04	)
Fund
NAV Return		(53.32	)		(12.28	)		(32.50	)		(11.05	)		(44.33	)		5.14			65.09			2.96			45.62
Market Price Return		(53.17	)		(12.33	)		(32.62	)		(11.17	)		(44.69	)		5.10			64.49			2.91			44.70

Guggenheim China Technology ETF (the “Predecessor Fund”) Fund Inception: December 08, 2009

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.70% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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 the indexes are based on the inception date of the Fund.

- Net returns reflect reinvested dividends net of withholding taxes.

- The Blended-FTSE China Incl A 25% Technology Capped Index (Net) is comprised of the performance of the AlphaShares China Technology Index, the Fund’s previous underlying index from Fund inception to the conversion date, June 21, 2019, followed by the performance of the Index, starting from the conversion date through October 31, 2022.

5

PIZ	Management’s Discussion of Fund Performance
	Invesco DWA Developed Markets Momentum ETF (PIZ)

As an index fund, the Invesco DWA Developed Markets Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Developed Markets Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) selects securities pursuant to its proprietary selection methodology for inclusion in the Index, which is designed to identify securities that demonstrate powerful relative strength characteristics. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index. The Index is comprised of equity securities of large capitalization companies based in countries classified as developed markets, excluding the United States. Dorsey Wright selects securities for inclusion in the Index from an eligible universe of the largest 1,000 constituents by market capitalization within the Nasdaq Developed Markets Ex United States Index (except for U.S.-listed American depositary receipts of foreign listings). The Index Provider assigns a relative strength score to each eligible security and selects approximately 100 securities with the greatest scores for inclusion in the Index. Component security weights are based on relative scores, with securities with higher scores receiving larger weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (33.49)%. On a net asset value (“NAV”) basis, the Fund returned (33.25)%. During the same time period, the Index returned (32.68)%. 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 MSCI EAFE^® Index (Net) (the “Benchmark Index”) returned (23.00)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 800 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the markets of economically developed countries outside of the U.S.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas

the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the industrials sector and most underweight in the consumer discretionary sector during the fiscal period ended October 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the information technology and industrials sectors, and security selection in the industrials sector.

For the fiscal year ended October 31, 2022, the industrials sector detracted most significantly from the Fund’s return, followed by the information technology and materials sectors, respectively. No sector contributed positively to the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022 included Lasertec Corp., an information technology company (portfolio average weight of 1.30%), and Enerplus Corp., an Energy company (portfolio average weight of 0.12%). Positions that detracted most significantly from the Fund’s return included NIBE Industrier AB, Class B, an industrials company (portfolio average weight of 1.30%), and ASM International N.V., an information technology company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Information Technology	16.78
Financials	16.77
Industrials	16.51
Energy	9.71
Health Care	9.53
Materials	7.81
Consumer Discretionary	7.26
Consumer Staples	6.83
Utilities	4.83
Communication Services	3.45
Real Estate	0.49
Money Market Funds Plus Other Assets Less Liabilities	0.03

6

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

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Lasertec Corp.	3.49
Constellation Software, Inc.	3.04
Descartes Systems Group, Inc. (The)	2.74
CSL Ltd.	2.65
ASML Holding N.V.	2.57
Sampo OYJ, Class A	2.50
Metro, Inc.	2.36
Toromont Industries Ltd.	2.21
Canadian National Railway Co.	2.07
Flughafen Zurich AG	2.04
Total	25.67

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of October 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® Developed Markets Technical Leaders Index (Net)		(32.68	)%		0.60	%		1.81	%		1.09	%		5.56	%		5.46	%		70.21	%		2.77	%		49.98	%
MSCI EAFE® Index (Net)		(23.00	)		(1.27	)		(3.77	)		(0.09	)		(0.47	)		4.13			49.85			1.09			17.45
Fund
NAV Return		(33.25	)		(0.12	)		(0.36	)		0.34			1.73			4.63			57.17			1.88			31.75
Market Price Return		(33.49	)		(0.06	)		(0.18	)		0.28			1.42			4.55			56.08			1.83			30.80

7

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

Fund Inception: December 28, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.80% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not

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

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

Notes Regarding Indexes and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

8

PIE	Management’s Discussion of Fund Performance
	Invesco DWA Emerging Markets Momentum ETF (PIE)

As an index fund, the Invesco DWA Emerging Markets Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Dorsey Wright^® Emerging Markets Technical Leaders Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, Dorsey Wright & Associates, LLC (“Dorsey Wright” or the “Index Provider”) selects securities pursuant to its proprietary selection methodology for inclusion in the Index, which is designed to identify securities that demonstrate powerful relative strength characteristics. “Relative strength” is an investing technique that seeks to determine the strongest performing securities by measuring certain factors, such as a security’s relative performance against the overall market or a security’s relative strength value, which is derived by comparing the rate of increase of the security’s price over a set period as compared to that of a benchmark index. The Index is comprised of equity securities of large capitalization companies based in countries classified as emerging markets. Dorsey Wright selects securities for inclusion in the Index from an eligible universe of the largest 1,000 constituents by market capitalization within the Nasdaq Emerging Markets Index (except for U.S.-listed American Depositary Receipts or foreign listings). The Index Provider assigns a relative strength score to each eligible security and selects approximately 100 securities with the greatest scores for inclusion in the Index. Component security weights are based on relative scores, with securities with higher scores receiving larger weights. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (33.79)%. On a net asset value (“NAV”) basis, the Fund returned (34.05)%. During the same time period, the Index returned (33.03)%. 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, as well as trading costs and slippage associated with quarterly rebalances.

During this same time period, the MSCI Emerging Markets Index (Net) (the “Benchmark Index”) returned (31.03)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,400 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of emerging market equities.

The performance of the Fund differed from the Benchmark Index 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 components sub-industry and most underweight in the diversified banks sub-industry during the fiscal year ended October 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund being underweight in the diversified banks sub-industry and security selection in the semiconductors and apparel accessories & luxury goods sub-industries.

For the fiscal year ended October 31, 2022, the coal & consumable fuels sub-industry contributed most significantly to the Fund’s return, followed by the oil & gas exploration & production and drug retail sub-industries, respectively. The semiconductors sub-industry detracted most significantly from the Fund’s return, followed by the technology hardware storage & peripherals and apparel accessories & luxury goods sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022 included Turk Hava Yollari AO, an airlines company (portfolio average weight of 0.27%), and PT Indo Tambangraya Megah Tbk, a coal & consumable fuels company (portfolio average weight of 0.70%). Positions that detracted most significantly from the Fund’s return included Li Ning Co. Ltd., an apparel accessories & luxury goods company (portfolio average weight of 1.30%), and Frontken Corp. Bhd., a diversified support services company (portfolio average weight of 1.88%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Information Technology	17.22
Energy	16.08
Financials	15.83
Industrials	14.11
Consumer Staples	11.47
Consumer Discretionary	8.87
Materials	6.85
Utilities	4.69
Sector Types Each Less Than 3%	4.57
Money Market Funds Plus Other Assets Less Liabilities	0.31

9

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

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Sinbon Electronics Co. Ltd.	3.00
Frontken Corp. Bhd.	2.73
Thungela Resources Ltd.	2.64
Petro Rio S.A.	2.58
Clicks Group Ltd.	2.49
Topco Scientific Co. Ltd.	2.44
Com7 PCL, NVDR	2.38
Micro-Star International Co. Ltd.	2.29
Impala Platinum Holdings Ltd.	2.29
Voltronic Power Technology Corp.	2.20
Total	25.04

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of October 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® Emerging Markets Technical Leaders Index (Net)		(33.03	)%		(1.28	)%		(3.79	)%		(0.13	)%		(0.66	)%		2.12	%		23.33	%		0.82	%		12.94	%
MSCI Emerging Markets Index (Net)		(31.03	)		(4.42	)		(12.67	)		(3.09	)		(14.54	)		0.79			8.20			(0.19	)		(2.82	)
Fund
NAV Return		(34.05	)		(2.97	)		(8.66	)		(1.72	)		(8.33	)		0.73			7.60			(1.74	)		(22.92	)
Market Price Return		(33.79	)		(2.93	)		(8.55	)		(1.84	)		(8.87	)		0.68			7.05			(1.80	)		(23.67	)

10

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

Fund Inception: December 28, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.90% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

11

PXF	Management’s Discussion of Fund Performance
	Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)

As an index fund, the Invesco FTSE RAFI Developed Markets ex-U.S. ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE RAFI^TM Developed ex U.S. 1000 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (“FTSE”) in conjunction with Research Affiliates (“RA”, and together with FTSE, the “Index Provider”), compiles, maintains and calculates the Index, which is comprised of companies located in countries that are classified as “developed” within the country classification definition of FTSE, excluding the United States. The Index is designed to track the performance of non-U.S.-listed companies domiciled in developed markets countries with the largest cumulative scores (“Fundamental Value”), selected from the constituents of the FTSE Developed ex US Total Cap Index as determined by the Index Provider. The Index selects and weights companies based on their Fundamental Values, which are derived from the following four fundamental measures of firm size: book value, cash flow, sales and dividends. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (17.81)%. On a net asset value (“NAV”) basis, the Fund returned (17.95)%. During the same time period, the Index returned (17.79)%. 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, which were significantly offset by benefits to the Fund related to dividend tax treatment relative to the Index.

During this same time period, the MSCI EAFE^® Index (Net) (the “Benchmark Index”) returned (23.00)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 800 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the markets of economically developed countries outside of the U.S.

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

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the health care sector during the fiscal year ended October 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 exposure to the energy sector, as well as the Fund’s underweight exposure to, and security selection in, the information technology and industrials sectors.

For the fiscal year ended October 31, 2022, the energy sector contributed most significantly to the Fund’s return. The financials sector detracted most significantly from the Fund’s return followed by the consumer discretionary and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022, included Shell PLC, an energy company (portfolio average weight of 2.28%), and BP PLC, an energy company (portfolio average weight of 1.50%). Positions that detracted most significantly from the Fund’s return included Samsung Electronics Co. Ltd., an information technology company (portfolio average weight of 1.28%), and Saipem S.p.A., an energy company (portfolio average weight of 0.21%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Financials	23.87
Industrials	12.77
Energy	11.88
Consumer Discretionary	9.49
Materials	8.90
Consumer Staples	8.32
Health Care	7.17
Communication Services	5.47
Information Technology	5.23
Utilities	4.52
Real Estate	2.04
Money Market Funds Plus Other Assets Less Liabilities	0.34

12

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

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Shell PLC	3.13
BP PLC	1.93
Total Energies SE	1.76
Nestle S.A.	1.20
Samsung Electronics Co. Ltd.	1.19
Toyota Motor Corp.	1.08
HSBC Holdings PLC	0.96
Roche Holding AG	0.95
British American Tobacco PLC	0.94
Novartis AG	0.84
Total	13.98

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of October 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
FTSE RAFI™ Developed ex U.S. 1000 Index (Net)		(17.79	)%		0.70	%		2.11	%		0.21	%		1.04	%		4.52	%		55.54	%		1.50	%		25.74	%
MSCI EAFE® Index (Net)		(23.00	)		(1.27	)		(3.77	)		(0.09	)		(0.47	)		4.13			49.85			1.13			18.76
Fund
NAV Return		(17.95	)		0.55			1.65			0.05			0.25			4.31			52.53			1.14			18.93
Market Price Return		(17.81	)		0.72			2.19			0.02			0.12			4.30			52.29			1.14			19.01

13

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

Fund Inception: June 25, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information.

According to the Fund’s current prospectus, the Fund’s expense ratio of 0.45% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

14

PDN	Management’s Discussion of Fund Performance
	Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)

As an index fund, the Invesco FTSE RAFI Developed Markets ex- U.S. Small-Mid ETF (the “Fund) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE RAFI^TM Developed ex U.S. Mid-Small 1500 Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (“FTSE”) in conjunction with Research Affiliates LLC (“RA”, and together with FTSE, the “Index Provider”), compiles, maintains and calculates the Index, which is comprised of securities of small-and mid-capitalization companies that are classified as “developed” within the country classification definition of FTSE, excluding the United States. The Index is designed to track the performance of the small and mid- capitalization companies in developed markets based on their cumulative scores (“Fundamental Value”), selected from the constituents of the FTSE Developed ex US Total Cap Index, as determined by the Index Provider. The Index selects and weights companies based on their Fundamental Values, which are derived from the following four fundamental measures of firm size: book value, cash flow, sales and dividends. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (28.21)%. On a net asset value (“NAV”) basis, the Fund returned (27.72)%. During the same time period, the Index returned (27.55)%. 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 significantly offset by benefits to the Fund related to dividend tax treatment relative to the Index.

During this same time period, the MSCI EAFE^® Small Cap Index (Net) (the “Benchmark Index”) returned (30.28)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,300 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 small capitalization companies located in markets of economically developed countries outside of the U.S.

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

Relative to the Benchmark Index, the Fund was most overweight in the energy sector and most underweight in the information technology sector during the fiscal year ended October 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 energy sector, as well as it’s underweight allocation to, and security selection in the information technology sector.

For the fiscal year ended October 31, 2022, the energy sector contributed most significantly to the Fund’s return. The industrials sector detracted most significantly from the Fund’s return followed by the consumer discretionary and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022 included D/S Norden A/S, an industrials company (portfolio average weight of 0.10%), and Enerplus Corp., an energy company (portfolio average weight of 0.16%). Positions that detracted most significantly from the Fund’s return included Banca Monte dei Paschi di Sienna S.p.A., a financials company (no longer held at fiscal year-end), and ADLER Group SA, a real estate company (portfolio average weight of 0.06%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Industrials	22.35
Consumer Discretionary	12.95
Materials	10.84
Real Estate	10.24
Financials	9.77
Information Technology	7.50
Consumer Staples	7.04
Health Care	5.86
Communication Services	5.25
Energy	5.23
Utilities	2.60
Money Market Funds Plus Other Assets Less Liabilities	0.37

15

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

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Mineral Resources Ltd.	0.23
Saras S.p.A.	0.22
Vitesco Technologies Group AG	0.22
Ritchie Bros. Auctioneers, Inc.	0.22
Keppel Corp. Ltd.	0.22
Frontline Ltd.	0.21
ConvaTec Group PLC	0.21
AIB Group PLC	0.21
HomeServe PLC	0.21
Nexans S.A.	0.21
Total	2.16

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of October 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
FTSE RAFI Developed ex U.S. Mid-Small 1500 Index (Net)		(27.55	)%		(1.82	)%		(5.35	)%		(1.56	)%		(7.56	)%		4.68	%		58.05	%		3.17	%		60.05	%
MSCI EAFE® Small Cap Index (Net)		(30.28	)		(2.26	)		(6.63	)		(1.30	)		(6.34	)		5.62			72.81			2.71			49.71
Fund
NAV Return		(27.72	)		(2.10	)		(6.17	)		(1.85	)		(8.93	)		4.31			52.48			2.69			49.20
Market Price Return		(28.21	)		(1.81	)		(5.34	)		(1.91	)		(9.18	)		4.25			51.65			2.60			47.34

16

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

Fund Inception: September 27, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information.

According to the Fund’s current prospectus, the Fund’s expense ratio of 0.49% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

17

PXH	Management’s Discussion of Fund Performance
	Invesco FTSE RAFI Emerging Markets ETF (PXH)

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

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (“FTSE”) in conjunction with Research Affiliates LLC (“RA”, and together with FTSE, the “Index Provider”), compiles, maintains and calculates the Index, which is comprised of securities of companies located in countries that are classified as emerging markets within the country classification definition of FTSE. The Index includes securities of companies selected from the constituents of the FTSE Emerging Total Cap Index. The Index selects and weights its component securities based on their cumulative score (“Fundamental Value”), which is derived from the following four fundamental measures of firm size: book value, cash flows, sales and dividends. While the Fund generally seeks to invest in all of the securities comprising the Index in proportion to their weightings in the Index, at times the composition of the Index may make such “full replication” impracticable. In such circumstances, the Fund will utilize a “sampling” methodology to seek to achieve its investment objective.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (24.14)%. On a net asset value (“NAV”) basis, the Fund returned (24.47)%. During the same time period, the Index returned (24.20)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index during the period primarily due to Indian capital gains taxes incurred, as well as fees and expenses that the Fund incurred, which were significantly offset by benefits to the Fund related to dividend tax treatment and capital gains taxes in the Indian market relative to the Index.

During this same time period, the MSCI Emerging Markets Index (Net) (the “Benchmark Index”) returned (31.03)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 1,400 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of emerging market equities.

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

Relative to the Benchmark Index, the Fund was most overweight in the financials sector and most underweight in the information technology sector during the fiscal year ended October 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 exposure to and security selection in the consumer discretionary and communication services sectors, as well as the Fund’s overweight exposure to the financials sector.

For the fiscal year ended October 31, 2022, no sector contributed significantly to the Fund’s return. The financials 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 October 31, 2022 included Gazprom PJSC, an energy company (portfolio average weight of 2.40%), and Taiwan Semiconductor Manufacturing Co. Ltd., an information technology company (portfolio average weight of 4.69%). Positions that detracted most significantly from the Fund’s return included Sberbank Russia PJSC, a financials company (portfolio average weight of 0.69%), and Gazprom PJSC, an energy company (portfolio average weight of 0.96%),

As an emerging markets fund, the Fund had exposure to Russian securities with a weight of about 4.97% upon Russia’s invasion of the Ukraine (as of February 24, 2022). United States federal sanctions implemented as a response to the invasion have prohibited the buying and selling of all Russian securities. While Gazprom PJSC and LUKOIL PJSC, both Russian securities, are held within the portfolio, they have been marked down to a zero value as a result of the mentioned sanctions. In accordance with the federal law and sanctions, once the Fund is able to transact within the applicable market, the securities will be sold immediately at the prevailing market price.

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Financials	33.63
Energy	13.25
Information Technology	10.99
Materials	10.98
Consumer Discretionary	8.87
Communication Services	6.63
Consumer Staples	4.82
Utilities	4.40
Industrials	3.47
Sector Types Each Less Than 3%	2.74
Money Market Funds Plus Other Assets Less Liabilities	0.22

18

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

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Taiwan Semiconductor Manufacturing Co. Ltd.	3.41
Alibaba Group Holding Ltd.	2.42
Itau Unibanco Holding S.A., Preference Shares	2.23
Vale S.A.	2.11
China Construction Bank Corp., H Shares	2.04
Reliance Industries Ltd.	2.02
Petroleo Brasileiro S.A., Preference Shares	1.98
Industrial & Commercial Bank of China Ltd., H Shares	1.80
Banco Bradesco S.A., Preference Shares	1.65
Ping An Insurance (Group) Co. of China Ltd., H Shares	1.50
Total	21.16

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of October 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
FTSE RAFI™ Emerging Index (Net)		(24.20	)%		(4.22	)%		(12.14	)%		(1.76	)%		(8.51	)%		0.85	%		8.85	%		0.61	%		9.66	%
MSCI Emerging Markets Index (Net)		(31.03	)		(4.42	)		(12.67	)		(3.09	)		(14.54	)		0.79			8.20			0.07			0.99
Fund
NAV Return		(24.47	)		(4.85	)		(13.84	)		(2.27	)		(10.83	)		0.41			4.14			(0.37	)		(5.38	)
Market Price Return		(24.14	)		(4.80	)		(13.72	)		(2.22	)		(10.63	)		0.45			4.64			(0.51	)		(7.39	)

19

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

Fund Inception: September 27, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information.

According to the Fund’s current prospectus, the Fund’s expense ratio of 0.49% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

20

PBD	Management’s Discussion of Fund Performance
	Invesco Global Clean Energy ETF (PBD)

As an index fund, the Invesco Global Clean Energy ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the WilderHill New Energy Global Innovation Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, WilderHill New Energy Finance LLC (the “Index Provider”) compiles and maintains the Index, which is comprised of securities of companies that are located in developed and emerging markets throughout the world and that are engaged in the business of the advancement of cleaner energy and conservation. The Index is comprised primarily of companies whose technologies focus on the generation and use of cleaner energy, conservation and efficiency, and the advancement of renewable energy in general, as determined by the Index Provider. The Index includes companies in wind, solar, biofuels, hydro, wave, tidal, geothermal and other relevant renewable energy businesses and those involved in energy conversion, storage, conservation, efficiency, materials relating to those activities, carbon and greenhouse gas reduction, pollution control, emerging hydrogen and fuel cells. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (38.83)%. On a net asset value (“NAV”) basis, the Fund returned (38.52)%. During the same time period, the Index returned (38.75)%. 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 income 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.

During this same time period, the MSCI EAFE^® Index (Net) (the “Benchmark Index”) returned (23.00)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 800 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the markets of economically developed countries outside of the U.S.

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

Relative to the Benchmark Index, the Fund was most overweight in the electrical components & equipment sub-industry and most underweight in the pharmaceuticals sub-industry during the fiscal year ended October 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection in the electrical components & equipment and automobile manufacturers sub-industries. For the fiscal year ended October 31, 2022, the fertilizers & agricultural chemicals sub-industry contributed most significantly to the Fund’s return, followed by the motorcycle manufacturers sub-industry. The electrical components & equipment sub-industry detracted most significantly from the Fund’s return, followed by the automobile manufacturers sub-indsutry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022 included Sociedad Quimica y Minera de Chile S.A., Sponsored ADR, Pfd., Class B, a fertilizers & agricultural chemicals company (portfolio average weight of 0.90%), and Infrastructure & Energy Alternatives, Inc., a construction & engineering company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included XPeng, Inc., Sponsored ADR, Class A, an automobile manufacturers company (portfolio average weight of 0.75%), and ITM Power PLC, a heavy electrical equipment company (portfolio average weight of 0.70%).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Electrical Components & Equipment	18.08
Renewable Electricity	15.52
Heavy Electrical Equipment	9.83
Semiconductors	7.42
Automobile Manufacturers	5.64
Semiconductor Equipment	5.36
Electric Utilities	4.91
Construction & Engineering	4.88
Diversified Metals & Mining	3.27
Specialty Chemicals	3.02
Sub-Industry Types Each Less than 3%	22.08
Money Market Funds Plus Other Assets Less Liabilities	(0.01)

21

Invesco Global Clean Energy ETF (PBD) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
VERBIO Vereinigte BioEnergie AG	1.17
McPhy Energy S.A.	1.14
Samsung SDI Co. Ltd.	1.07
Arcosa, Inc.	1.03
PNE AG	1.02
First Solar, Inc.	1.00
Ecopro BM Co. Ltd.	0.99
Fugro N.V.	0.97
Proterra, Inc.	0.96
CropEnergies AG	0.95
Total	10.3

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of October 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
WilderHill New Energy Global Innovation Index		(38.75	)%		15.96	%		55.93	%		9.38	%		56.58	%		11.72	%		202.82	%		(0.08	)%		(1.18	)%
MSCI EAFE® Index (Net)		(23.00	)		(1.27	)		(3.77	)		(0.09	)		(0.47	)		4.13			49.85			1.24			20.91
Fund
NAV Return		(38.52	)		15.83			55.39			9.34			56.24			11.43			195.08			(0.68	)		(9.91	)
Market Price Return		(38.83	)		15.97			55.97			9.26			55.73			11.48			196.34			(0.75	)		(10.99	)

22

Invesco Global Clean Energy ETF (PBD) (continued)

Fund Inception: June 13, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.75% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

23

PIO	Management’s Discussion of Fund Performance
	Invesco Global Water ETF (PIO)

As an index fund, the Invesco Global Water ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Nasdaq OMX Global Water IndexSM (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that are based on the securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (“Nasdaq” or the “Index Provider”) compiles, maintains, and calculates the Index, which is comprised of securities of global exchange-listed companies located in the United States, as well as developed and emerging markets throughout the world, that create products designed to conserve and purify water for homes, businesses and industries. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (25.02)%. On a net asset value (“NAV”) basis, the Fund returned (25.14)%. During the same time period, the Index returned (24.89)%. 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 the effects of compounding during a period of weak returns as well as benefits to the Fund related to dividend tax treatment relative to the Index.

During this same time period, the MSCI EAFE^® Index (Net) (the “Benchmark Index”) returned (23.00)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 800 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the markets of economically developed countries outside of the U.S.

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

Relative to the Benchmark Index, the Fund was most overweight in the industrial machinery sub-industry and most underweight in the pharmaceuticals sub-industry during the fiscal year ended October 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 building materials and industrial machinery sub-industries, respectively.

For the fiscal year ended October 31, 2022, the environmental & facilities services sub-industry contributed most significantly to the

Fund’s return, followed by the diversified support services sub-industry. The industrial machinery sub-industry detracted most significantly from the Fund’s return, followed by the building materials sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022 included Companhia de Saneamento Basico do Estado de Sao Paulo, a water utilities company (portfolio average weight of 2.55%), and Tetra Tech, Inc., an environmental & facilities services company (portfolio average weight of 0.69%). Positions that detracted most significantly from the Fund’s return included Pentair PLC, an industrial machinery company (portfolio average weight of 7.35%) and Geberit AG, a building products company (portfolio average weight of 6.19%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Industrials	45.54
Utilities	26.45
Health Care	11.82
Information Technology	11.45
Materials	3.95
Consumer Discretionary	0.60
Money Market Funds Plus Other Assets Less Liabilities	0.19
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Roper Technologies, Inc.	8.49
Ferguson PLC	7.77
Danaher Corp.	7.69
Pentair PLC	6.98
Geberit AG	6.18
Waters Corp.	4.13
Veolia Environnement S.A.	4.11
American Water Works Co., Inc.	4.03
Ecolab, Inc.	3.95
Xylem, Inc.	3.63
Total	56.96

* Excluding money market fund holdings.

24

Invesco Global Water ETF (PIO) (continued)

Growth of a $10,000 Investment

Fund Performance History as of October 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
Blended—NASDAQ OMX Global Water IndexSM		(24.89	)%		3.49	%		10.85	%		5.65	%		31.61	%		7.84	%		112.68	%		3.14	%		60.89	%
MSCI EAFE® Index (Net)		(23.00	)		(1.27	)		(3.77	)		(0.09	)		(0.47	)		4.13			49.85			1.24			20.91
Fund
NAV Return		(25.14	)		3.24			10.05			(5.43	)		30.29			7.58			107.61			2.81			53.15
Market Price Return		(25.02	)		3.45			10.71			(5.51	)		30.73			7.66			109.13			2.69			50.49

Fund Inception: June 13, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.75% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

- The Blended-Nasdaq OMX Global Water Index^SM performance is comprised of the performance of the Palisades Global Water Index, the Fund’s previous underlying index prior to the conversion date, March 1, 2012, followed by the performance of the Index, starting from the conversion date through October 31, 2022.

- Net returns reflect reinvested dividends net of withholding taxes.

25

IPKW	Management’s Discussion of Fund Performance
	Invesco International Buyback AchieversTM ETF (IPKW)

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

Strictly in accordance with its guidelines and mandated procedures, Nasdaq, Inc. (“Nasdaq” or the “Index Provider”) compiles, maintains, and calculates the Index, which is comprised of the securities of foreign companies that are classified as “International BuyBack Achievers^TM” pursuant to the Index Provider’s proprietary selection methodology. To qualify as an “International BuyBack Achiever^TM,” a company must have effected a net reduction of 5% or more of its outstanding shares in its latest fiscal year. Additionally, to be eligible for inclusion in the Index, a security must: (i) be included in the NASDAQ Global Ex-US Index (a broad-based index designed to track the performance of the global equity market and whose component securities are issued by companies located throughout the world, excluding the United States); (ii) have a minimum market capitalization of $250 million; and (iii) have a minimum three-month average daily dollar trading volume of $1 million. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (23.65)%. On a net asset value (“NAV”) basis, the Fund returned (23.55)%. During the same time period, the Index returned (23.29)%. 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, which were significantly offset by benefits to the Fund related to dividend tax treatment relative to the Index.

During this same time period, the MSCI ACWI ex USA^® Index (Net) (the “Benchmark Index”) returned (24.73)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 2,300 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 developed and emerging equity markets outside of the U.S.

The performance of the Fund differed from the Benchmark Index in part because the Fund employs a modified market capitalization weighting methodology and selects stocks based on constituent companies engaging in stock buybacks, whereas the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the communication services sector and most underweight in the

information technology sector during the fiscal year ended October 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 consumer discretionary and industrials sectors. For the fiscal year ended October 31, 2022, the energy sector contributed most significantly to the Fund’s return. The financials sector detracted most significantly from Fund’s return followed by the real estate and communication services sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022 included Hitachi Transport System, Ltd., an industrials company (no longer held at fiscal year-end) and Element Fleet Management Corp., a financials company (portfolio average weight of 0.81). Positions that detracted most significantly from the Fund’s return included Aroundtown SA, a real estate company (no longer held at fiscal year-end) and Abrdn PLC, a financials company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Financials	27.52
Materials	13.46
Energy	12.45
Communication Services	11.72
Consumer Discretionary	7.93
Consumer Staples	7.73
Information Technology	6.69
Health Care	5.03
Industrials	3.47
Sector Types Each Less Than 3%	3.51
Money Market Funds Plus Other Assets Less Liabilities	0.49
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
SoftBank Group Corp.	5.99
Suncor Energy, Inc.	5.71
CGI, Inc., Class A	5.01
Dollarama, Inc.	4.84
Japan Post Holdings Co. Ltd.	4.79
Roche Holding AG	4.76
Dai-ichi Life Holdings, Inc.	4.72
Vale S.A.	4.52
Imperial Oil Ltd.	2.94
Carrefour S.A.	2.72
Total	46.00

* Excluding money market fund holdings.

26

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

Growth of a $10,000 Investment Since Inception

Fund Performance History as of October 31, 2022

				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year															Average Annualized			Cumulative
NASDAQ International BuyBack Achievers™ Index (Net)		(23.29	)%		3.19	%		9.88	%		1.26	%		6.49	%		5.90	%		64.32	%
MSCI ACWI ex USA® Index (Net)		(24.73	)		(1.68	)		(4.95	)		(0.60	)		(2.95	)		1.51			13.87
Fund
NAV Return		(23.55	)		2.65			8.15			0.74			3.77			5.25			55.81
Market Price Return		(23.65	)		2.79			8.61			0.64			3.23			5.17			54.80

Fund Inception: February 27, 2014

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.55% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

27

CUT	Management’s Discussion of Fund Performance
	Invesco MSCI Global Timber ETF (CUT)

As an index fund, the Invesco MSCI Global Timber ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the MSCI ACWI IMI Timber Select Capped Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, MSCI, Inc. (“MSCI” or the “Index Provider”) compiles, maintains, and calculates the Index, which is comprised of equity securities of companies in both developed and emerging markets throughout the world that are primarily engaged in the ownership and management of forests and timberlands and the production of finished products that use timber as a raw material. The securities in the Index are selected from a universe of securities that are included in the MSCI ACWI Investable Market Index and classified by the Global Industry Classification Standard to be in the sub-industries of forest products, paper products, paper packaging or specialized real estate investment trusts (“REITs”) classified as “timber” REITs. The constituents of the Index are weighted based on their free-float-adjusted market capitalization. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (16.82)%. On a net asset value (“NAV”) basis, the Fund returned (16.65)%. During the same time period, the Index returned (16.68)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the effect of compounding during a period of weak returns and the significant benefits to the Fund related to dividend tax treatment relative to the Index. These were offset by fees and operating expenses incurred by the Fund during the period.

During this same time period, the MSCI World Index (Net) (the “Benchmark Index”) returned (18.48)%. The Benchmark Index is an unmanaged index weighted by market capitalization and 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 equity markets in economically developed countries.

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

Relative to the Benchmark Index, the Fund was most overweight in the paper packaging sub-industry and most underweight in the

diversified banks sub-industry during the fiscal year ended October 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 the interactive media & services sub-industry, followed by the Fund’s security selection in the specialized REITs sub-industry. For the fiscal year ended October 31, 2022, no sub-industry contributed positively to the Fund’s return. The paper packaging sub-industry detracted most significantly from the Fund’s return during the period, followed by the paper products sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022 included Suzano S.A., a paper products company (portfolio average weight of 3.11%) and Graphic Packaging Holding Co., a paper packaging company (portfolio average weight of 2.64%). Positions that detracted most significantly from the Fund’s return included Smurfit Kappa Group PLC, a paper packaging company (portfolio average weight of 4.22%) and International Paper Co., a paper packaging company (portfolio average weight of 4.85%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Materials	90.08
Real Estate	8.93
Exchange-Traded Fund	0.63
Money Market Funds Plus Other Assets Less Liabilities	0.36
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
UPM-Kymmene OYJ	5.55
Amcor PLC	5.22
Avery Dennison Corp.	4.90
Weyerhaeuser Co.	4.77
Packaging Corp. of America	4.71
WestRock Co.	4.32
International Paper Co.	4.31
Mondi PLC	4.05
Smurfit Kappa Group PLC	4.04
Suzano S.A.	3.75
Total	45.62

* Excluding money market fund holdings.

28

Invesco MSCI Global Timber ETF (CUT) (continued)

Growth of a $10,000 Investment

Fund Performance History as of October 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—MSCI ACWI IMI Timber Select Capped Index (Net)		(16.68	)%		4.40	%		13.78	%		1.09	%		5.58	%		7.07	%		97.96	%		3.89	%		77.05	%
MSCI World Index (Net)		(18.48	)		6.11			19.47			6.37			36.20			8.94			135.34			5.21			114.09
Fund
NAV Return		(16.65	)		4.33			13.56			1.14			5.84			6.79			92.83			3.14			58.91
Market Price Return		(16.82	)		4.37			13.70			1.06			5.43			6.68			90.83			3.12			58.53

Guggenheim MSCI Global Timber ETF (the “Predecessor Fund”) Fund Inception: November 9, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio is indicated as 0.68% and the net annual operating expense ratio is indicated as 0.60%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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

Notes Regarding Indexes and Fund Performance History:

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

- The Blended-MSCI ACWI IMI Timber Select Capped Index performance is comprised of the performance of the Beacon Global Timber Index, the Fund’s previous underlying index prior to the conversion date, May 20, 2016, followed by the performance of the Index, starting from the conversion date through October 31, 2022.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

- Net returns reflect reinvested dividends net of withholding taxes.

29

GBLD	Management’s Discussion of Fund Performance
	Invesco MSCI Green Building ETF (GBLD)

As an index fund, the Invesco MSCI Green Building ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the MSCI Global Green Building 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 comprised of companies that the index methodology has determined provide exposure to the environment impact theme of “green building.” The index methodology defines “green building” to include the design, construction, redevelopment, retrofitting, or acquisition of green- certified properties to promote mechanisms for raising capacity for effective climate change mitigation and adaptation. The Index is composed of securities that are also components of the MSCI ACWI Investable Market Index (the “Parent Index”), an equity index composed of more than 9,200 securities of large-, mid- and small-capitalization companies located in both developed and emerging market countries around the world. Companies that derive 50% or more of their revenue from green building are eligible for inclusion in the Index. Such companies are evaluated for their level of involvement in, and strategic commitment to green building, based on the Index Provider’s internal environmental, social and governance (“ESG”) rating and score data. Once included in the Index, securities will remain constituents as long as they continue to meet the eligibility criteria and the revenue they derive from green building does not fall below 40%. The Index weights its constituents 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 October 31, 2022, on a market price basis, the Fund returned (28.22)%. On a net asset value (“NAV”) basis, the Fund returned (28.05)%. During the same time period, the Index returned (28.24)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to benefits to the Fund related to dividend tax treatment relative to the Index, which were partially offset by fees and operating expenses that the Fund incurred during the period.

During this same time period, the MSCI All Country World IMI Index (Net) (the “Benchmark Index”) returned (20.22)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 9,200 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the markets of economically developed countries outside of the U.S.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a proprietary stock selection and weighting methodology, whereas

the Benchmark Index selects and weights stocks based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the office REITs sub-industry and most underweight in the diversified banks sub-industry during the fiscal year ended October 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund being overweight in the office REITs and real estate operating companies sub-industries.

For the fiscal year ended October 31, 2022, the department stores sub-industry contributed most significantly to the Fund’s return. The office REITs sub-industry detracted most significantly from the Fund’s return, followed by the diversified REITs and retail REITs sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022 included Isetan Mitsukoshi Holdings Ltd., a department stores company (portfolio average weight of 0.98%), and Mapletree North Asia Commercial Trust, a diversified REITs company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Alexandria Real Estate Equities, Inc., an office REITs company (portfolio average weight of 9.51%), and Boston Properties, Inc., an office REITs company (portfolio average weight of 5.63%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Real Estate	93.92
Consumer Discretionary	5.82
Money Market Funds Plus Other Assets Less Liabilities	0.26
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Alexandria Real Estate Equities, Inc.	9.86
Sun Hung Kai Properties Ltd.	6.79
Boston Properties, Inc.	4.74
CapitaLand Integrated Commercial Trust	3.07
Nippon Building Fund, Inc.	2.98
Unibail-Rodamco-Westfield	2.43
Japan Real Estate Investment Corp.	2.30
Japan Metropolitan Fund Investment Corp.	2.24
Nomura Real Estate Master Fund, Inc.	2.11
Vicinity Ltd.	2.10
Total	38.62

* Excluding money market fund holdings.

30

Invesco MSCI Green Building ETF (GBLD) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of October 31, 2022

	1 Year			Fund Inception
Index				Average Annualized			Cumulative
MSCI Global Green Building Index		(28.24	)%		(21.02	)%		(30.18	)%
MSCI All Country World IMI Index (Net)		(20.22	)		(9.79	)		(14.52	)
Fund
NAV Return		(28.05	)		(20.90	)		(30.02	)
Market Price Return		(28.22	)		(20.79	)		(29.87	)

Fund Inception: April 22, 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 0.39% 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 Fund.

- Net returns reflect reinvested dividends net of withholding taxes.

31

CGW	Management’s Discussion of Fund Performance
	Invesco S&P Global Water Index ETF (CGW)

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

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices LLC (“S&P DJI” or the “Index Provider”) compiles, maintains, and calculates the Index, which is designed to measure the performance of approximately 50 of the largest global companies in water-related businesses. To be eligible for inclusion in the Index, securities must be classified as being in either the water equipment and materials or water utilities and infrastructure segments pursuant to the Index methodology. Index constituents must have a minimum float-adjusted capitalization of $100 million and total market capitalization of $250 million. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

Effective October 24, 2022, the Index methodology was revised by the Index Provider to (i) increase the target number of constituents to 100, (ii) update the eligibility criteria, and (iii) incorporate an analysis of environmental, social, and governance (“ESG”) factors as part of its constituent selection methodology.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (21.37)%. On a net asset value (“NAV”) basis, the Fund returned (21.21)%. During the same time period, the Index returned (20.97)%. 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 effects of compounding during a period of weak returns as well as benefits to the Fund related to dividend tax treatment relative to the Index.

During this same time period, the MSCI EAFE^® Index (Net) (the “Benchmark Index”) returned (23.00)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 800 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the markets of economically developed countries outside of the U.S.

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

Relative to the Benchmark Index, the Fund was most overweight in the water utilities sub-industry and most underweight in the pharmaceuticals sub-industry during the fiscal year ended

October 31, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s security selection in and overweight allocation to the water utilities sub-industry, followed by Fund’s selection in the commodity chemicals sub-industries.

For the fiscal year ended October 31, 2022, the energy sector was the only positive contributor to the Fund’s return. The industrials sector detracted most significantly from the Fund’s return during the period, followed by the utilities sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022 included Cia de Saneamento Basico do Estado de Sao Paulo, ADR, a utilities company (portfolio average weight of 1.43%), and Badger Meter, Inc., an information technology company (portfolio average weight of 1.19%). Positions that detracted most significantly from the Fund’s return included Geberit AG, an industrials company (portfolio average weight of 4.76%), and Halma plc, an information technology company (no longer held at fiscal year-end).

Industry Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Water Utilities	40.66
Machinery	28.31
Building Products	10.38
Multi-Utilities	4.28
Construction & Engineering	4.01
Chemicals	3.98
Commercial Services & Supplies	3.36
Industry Types Each Less Than 3%	5.02
Money Market Funds Plus Other Assets Less Liabilities	0.00
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Xylem, Inc.	8.36
American Water Works Co., Inc.	8.21
United Utilities Group PLC	6.67
Severn Trent PLC	6.34
Essential Utilities, Inc.	5.99
Advanced Drainage Systems, Inc.	4.54
Veolia Environnement S.A.	4.28
Ecolab, Inc.	3.98
Geberit AG	3.75
Evoqua Water Technologies Corp.	3.19
Total	55.31

* Excluding money market fund holdings.

32

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

Growth of a $10,000 Investment

Fund Performance History as of October 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 Global Water Index (Net)		(20.97	)%		6.86	%		22.03	%		7.50	%		43.55	%		10.09	%		161.43	%		6.58	%		167.80	%
MSCI EAFE® Index (Net)		(23.00	)		(1.27	)		(3.77	)		(0.09	)		(0.47	)		4.13			49.85			1.16			19.49
Fund
NAV Return		(21.21	)		6.51			20.82			7.16			41.31			9.77			153.94			6.15			151.46
Market Price Return		(21.37	)		6.52			20.87			7.18			41.46			9.74			153.24			6.15			151.47

Guggenheim S&P Global Water Index ETF (the “Predecessor Fund”)
Fund Inception: May 14, 2007

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the total annual operating expense ratio was indicated as 0.57%. The Financial Highlights section of the Shareholder Report presents the expense ratios based on expenses incurred during the period covered by this report. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

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.

- Effective after the close of business on April 6, 2018, the Predecessor Fund was reorganized into the Fund. Fund returns shown are blended returns of the Predecessor Fund and the Fund.

- Net returns reflect reinvested dividends net of withholding taxes.

33

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

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

Strictly in accordance with its guidelines and mandated procedures, S&P Dow Jones Indices (“S&P DJI” or the “Index Provider”) compiles, maintains and calculates the Index, which is constructed from constituents of the S&P Developed ex-U.S. LargeMidCap (the “Parent Index”) that the Index Provider identifies as being of the highest quality—that is, stocks of companies that seek to generate higher revenue and cash flow than their counterparts through prudent use of assets and finances. The Parent Index is designed to measure the top 85% of float-adjusted market cap in each developed country, excluding the United States. In selecting constituent securities for the Index, the Index Provider calculates the quality score of each security in the Parent Index and selects the top 20% of securities with the highest quality scores based on a composite of the following three equally- weighted factors: (i) return-on-equity, calculated as the company’s trailing 12-month earnings per share divided by the company’s latest book value per share; (ii) accruals ratio, computed using the change of the company’s net operating assets over the last year divided by the company’s average net operating assets over the last two years; and (iii) financial leverage, calculated as the company’s latest total debt divided by the company’s book value. The Index is modified market-capitalization weighted, weighting component securities by multiplying their market capitalization and their quality score; securities with higher scores receive relatively greater weights. The Fund generally invests all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (27.04)%. On a net asset value (“NAV”) basis, the Fund returned (26.69)%. During the same time period, the Index returned (26.58)%. 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 incurred by the Fund during the period, which were partially offset by income from securities lending.

During this same time period, the MSCI EAFE^® Index (Net) (the “Benchmark Index”) returned (23.00)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 800 securities. The Benchmark Index was selected for its recognition in the marketplace, and its performance comparison is a useful measure for investors as a broad representation of the markets of economically developed countries outside of the U.S.

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

Relative to the Benchmark Index, the Fund was most overweight in the health care sector and most underweight in the financials sector during the fiscal year ended October 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 exposure to and security selection in the financials and energy sectors.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022 included ABB Ltd., an industrials company (portfolio average weight of 0.68%) and Hermes International, a consumer discretionary company (portfolio average weight of 0.37%). Positions that detracted most significantly from the Fund’s return included ASML Holding NV, an information technology company (portfolio average weight of 4.76%), and Nestle S.A., a consumer staples company (portfolio average weight of 5.42%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Health Care	24.22
Industrials	15.17
Consumer Staples	12.55
Information Technology	10.50
Materials	9.83
Consumer Discretionary	8.51
Financials	7.64
Communication Services	4.85
Energy	4.66
Sector Types Each Less Than 3%	1.83
Money Market Funds Plus Other Assets Less Liabilities	0.24

34

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

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Roche Holding AG	6.10
Nestle S.A.	5.69
Novartis AG	5.52
ASML Holding N.V.	4.93
Novo Nordisk A/S, Class B	4.49
BHP Group Ltd.	3.26
Diageo PLC	2.48
AIA Group Ltd.	1.84
Airbus SE	1.78
CSL Ltd.	1.65
Total	37.74

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of October 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—S&P Quality Developed ex-U.S. LargeMidCap Index (Net)		(26.58	)%		(0.49	)%		(1.47	)%		1.57	%		8.09	%		5.53	%		71.32	%		2.10	%		37.67	%
MSCI EAFE® Index (Net)		(23.00	)		(1.27	)		(3.77	)		(0.09	)		(0.47	)		4.13			49.85			1.24			20.91
Fund
NAV Return		(26.69	)		(0.63	)		(1.87	)		1.42			7.30			5.26			67.04			1.42			24.18
Market Price Return		(27.04	)		(0.72	)		(2.15	)		1.23			6.29			5.16			65.32			1.31			22.25

35

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

Fund Inception: June 13, 2007

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

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The

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

Notes Regarding Indexes and Fund Performance History:

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

- The Blended-S&P Quality Developed ex-U.S. LargeMidCap Index is comprised of the performance of the QSG Developed International Opportunities Index, the Fund’s previous underlying index from Fund inception through March 1, 2012, followed by the performance of S&P International Developed High Quality Rankings Index, the Fund’s underlying index for the period March 1, 2012 through the conversion date, March 18, 2016, followed by the performance of the Index, starting from the conversion date through October 31, 2022.

- Net returns reflect reinvested dividends net of withholding taxes.

36

Invesco China Technology ETF (CQQQ)

October 31, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.02%
Capital Markets-0.46%
Hithink RoyalFlush Information Network Co. Ltd., A Shares (China)		276,600	$	3,223,577
Chemicals-0.22%
Jiangsu Cnano Technology Co. Ltd., A Shares (China)		119,469		1,561,088
Diversified Financial Services-0.00%
Zhengqi Holdings Co. Ltd., Rts., TBA (China)(b)(c)		122,862		0
Electrical Equipment-1.83%
East Group Co. Ltd., A Shares (China)		1,066,000		1,015,085
Hongfa Technology Co. Ltd., A Shares (China)		536,349		2,521,324
Qingdao TGOOD Electric Co. Ltd., A Shares (China)		535,318		1,103,113
Sieyuan Electric Co. Ltd., A Shares (China)		394,120		1,806,280
Suzhou Anjie Technology Co. Ltd., A Shares (China)		351,500		623,190
Suzhou Maxwell Technologies Co. Ltd., A Shares (China)		89,033		5,824,851
				12,893,843
Electronic Equipment, Instruments & Components-12.36%
Avary Holding Shenzhen Co. Ltd., A Shares (China)		426,356		1,737,880
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., A Shares (China)		106,786		1,679,934
BOE Technology Group Co. Ltd., A Shares (China)		19,295,474		8,830,034
BOE Technology Group Co. Ltd., B Shares (China)		6,879,279		2,970,854
Chaozhou Three-Circle Group Co. Ltd., A Shares (China)		985,790		3,835,864
China Zhenhua Group Science & Technology Co. Ltd., A Shares (China)		266,559		4,924,983
Guangzhou Shiyuan Electronic Technology Co. Ltd., A Shares (China)		127,460		1,136,183
Hengdian Group DMEGC Magnetics Co. Ltd., A Shares (China)		836,900		2,031,878
Lens Technology Co. Ltd., A Shares (China)		2,558,400		3,491,308
Leyard Optoelectronic Co. Ltd., A Shares (China)		1,308,000		1,008,966
Lingyi iTech Guangdong Co., A Shares (China)(b)		3,637,500		2,357,353
Maxscend Microelectronics Co. Ltd., A Shares (China)		245,146		3,102,195
OFILM Group Co. Ltd., A Shares (China)(b)		1,676,073		1,074,730
Raytron Technology Co. Ltd., A Shares (China)		229,442		1,494,803
Shanghai Friendess Electronic Technology Corp. Ltd., A Shares (China)		68,753		1,940,337
Shengyi Technology Co. Ltd., A Shares (China)		1,190,619		2,262,610
Shennan Circuits Co. Ltd., A Shares (China)		95,364		980,870
Shenzhen Everwin Precision Technology Co. Ltd., A Shares (China)(b)		617,880		998,110

	Shares		Value
Electronic Equipment, Instruments & Components-(continued)
Shenzhen Huaqiang Industry Co. Ltd., A Shares (China)		499,675	$	743,495
Shenzhen Kaifa Technology Co. Ltd., A Shares (China)		802,817		1,258,354
Shenzhen Kinwong Electronic Co. Ltd., A Shares (China)		184,220		511,372
Sunny Optical Technology Group Co. Ltd. (China)		2,889,349		25,047,638
Tianma Microelectronics Co. Ltd., A Shares (China)		1,187,352		1,438,110
Unisplendour Corp. Ltd., A Shares (China)		683,058		1,605,026
Universal Scientific Industrial Shanghai Co. Ltd., A Shares (China)		428,700		1,023,791
Wuhan Guide Infrared Co. Ltd., A Shares (China)		1,689,970		2,688,262
WUS Printed Circuit Kunshan Co. Ltd., A Shares (China)		975,710		1,455,825
Xiamen Faratronic Co. Ltd., A Shares (China)		115,600		2,805,184
Zhejiang Crystal-Optech Co. Ltd., A Shares (China)		715,370		1,183,037
Zhuzhou Hongda Electronics Corp. Ltd., A Shares (China)		205,100		1,246,292
				86,865,278
Entertainment-5.06%
Bilibili, Inc., Z Shares (China)(b)(d)		1,853,085		16,028,901
China Ruyi Holdings Ltd. (China)(b)(d)		17,258,365		2,704,229
Hangzhou Shunwang Technology Co. Ltd., A Shares (China)		357,200		491,856
Tencent Music Entertainment Group, ADR (China)(b)		4,522,032		16,324,536
				35,549,522
Health Care Technology-0.21%
Winning Health Technology Group Co. Ltd., A Shares (China)		1,104,829		1,465,315
Household Durables-0.55%
TCL Technology Group Corp., A Shares (China)		7,217,700		3,866,660
Interactive Media & Services-22.63%
Autohome, Inc., ADR (China)(d)		447,377		11,685,487
Baidu, Inc., A Shares (China)(b)		4,281,497		40,961,346
JOYY, Inc., ADR (China)(d)		333,642		8,417,788
Kuaishou Technology (China)(b)(e)		6,840,509		28,146,836
Tencent Holdings Ltd. (China)		2,395,229		62,734,840
Weibo Corp., ADR (China)(b)(d)		522,472		5,914,383
Zhihu, Inc., ADR (China)(b)(d)		1,151,273		1,138,609
				158,999,289
Internet & Direct Marketing Retail-15.89%
Dada Nexus Ltd., ADR (China)(b)(d)		518,904		1,603,413
Meituan, B Shares (China)(b)(e)		3,678,833		58,487,533
Pinduoduo, Inc., ADR (China)(b)(d)		940,111		51,546,286
				111,637,232
IT Services-3.84%
Beijing Sinnet Technology Co. Ltd., A Shares (China)		924,800		1,097,302

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

  37  

Invesco China Technology ETF (CQQQ)–(continued)

October 31, 2022

	Shares		Value
IT Services-(continued)
Beijing Ultrapower Software Co. Ltd., A Shares (China)		1,008,900	$	604,074
China TransInfo Technology Co. Ltd., A Shares (China)(b)		522,771		640,338
DHC Software Co. Ltd., A Shares (China)		1,648,900		1,393,927
Digital China Information Service Co. Ltd., A Shares (China)		306,000		483,824
GDS Holdings Ltd., A Shares (China)(b)(d)		6,742,249		8,159,565
Kingsoft Cloud Holdings Ltd., ADR (China)(b)(d)		735,002		1,859,555
Taiji Computer Corp. Ltd., A Shares (China)		298,073		1,103,490
TravelSky Technology Ltd., H Shares (China)		6,853,126		9,952,500
Wangsu Science & Technology Co. Ltd., A Shares (China)		1,258,645		929,507
Wonders Information Co. Ltd., A Shares (China)(b)		610,900		729,036
				26,953,118
Machinery-0.62%
Han’s Laser Technology Industry Group Co. Ltd., A Shares (China)		386,400		1,339,953
Wuxi Shangji Automation Co. Ltd., A Shares (China)		177,920		2,985,729
				4,325,682
Media-1.23%
China Literature Ltd. (China)(b)(d)(e)		2,942,790		7,928,815
People.cn Co. Ltd., A Shares (China)		568,800		741,920
				8,670,735
Semiconductors & Semiconductor Equipment-19.54%
3Peak, Inc., A Shares (China)		49,473		1,743,885
Advanced Micro-Fabrication Equipment, Inc., A Shares (China)(b)		317,016		4,820,870
All Winner Technology Co. Ltd., A Shares (China)		277,353		741,397
Amlogic Shanghai Co. Ltd., A Shares (China)(b)		211,486		1,662,077
China Resources Microelectronics Ltd., A Shares (China)		496,737		3,447,880
Gigadevice Semiconductor Beijing, Inc., A Shares (China)		343,264		3,869,280
Goke Microelectronics Co. Ltd., A Shares (China)		93,700		969,275
Hangzhou Chang Chuan Technology Co. Ltd., A Shares (China)		311,002		2,560,080
Hangzhou Lion Electronics Co. Ltd., A Shares (China)		348,112		2,042,331
Hangzhou Silan Microelectronics Co. Ltd., A Shares (China)		728,400		3,133,719
Hua Hong Semiconductor Ltd. (China)(b)(d)(e)		3,022,171		7,076,250
Ingenic Semiconductor Co. Ltd., A Shares (China)		199,900		1,861,344
JCET Group Co. Ltd., A Shares (China)		915,300		3,019,815
LONGi Green Energy Technology Co. Ltd., A Shares (China)		3,898,605		25,628,897
Montage Technology Co. Ltd., A Shares (China)		582,743		4,530,299
National Silicon Industry Group Co. Ltd., A Shares (China)(b)		962,418		2,678,145

	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
NAURA Technology Group Co. Ltd., A Shares (China)		271,357	$	9,878,546
Rockchip Electronics Co. Ltd., A Shares (China)		78,008		698,893
SG Micro Corp., A Shares (China)		182,362		3,739,388
Shanghai Fudan Microelectronics Group Co. Ltd., A Shares (China)		146,501		1,883,401
Shanghai Fudan Microelectronics Group Co. Ltd., H Shares (China)(d)		2,087,891		9,043,268
Shenzhen SC New Energy Technology Corp., A Shares (China)		159,918		2,974,169
StarPower Semiconductor Ltd., A Shares (China)		78,200		3,993,251
TCL Zhonghuan Renewable Energy Technology Co. Ltd., A Shares (China)		1,662,525		8,997,580
Tianshui Huatian Technology Co. Ltd., A Shares (China)		1,648,500		1,992,131
TongFu Microelectronics Co. Ltd., A Shares (China)(b)		683,700		1,763,910
Unigroup Guoxin Microelectronics Co. Ltd., A Shares (China)		437,059		9,827,330
Will Semiconductor Co. Ltd., A Shares (China)		425,649		4,278,885
Yangzhou Yangjie Electronic Technology Co. Ltd., A Shares (China)		263,645		1,855,983
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., A Shares (China)		672,700		6,567,917
				137,280,196
Software-13.00%
Beijing E-Hualu Information Technology Co. Ltd., A Shares (China)(b)		342,400		770,313
Beijing Kingsoft Office Software, Inc., A Shares (China)		237,140		9,446,481
Beijing Orient National Communication Science & Technology Co. Ltd., A Shares (China)(b)		592,900		709,179
Beijing Shiji Information Technology Co. Ltd., A Shares (China)		1,080,012		1,870,407
China National Software & Service Co. Ltd., A Shares (China)		339,400		3,375,585
Hundsun Technologies, Inc., A Shares (China)		977,425		5,581,766
Iflytek Co. Ltd., A Shares (China)		1,195,650		5,738,583
Kingdee International Software Group Co. Ltd. (China)(b)(d)		18,841,212		30,818,571
Longshine Technology Group Co. Ltd., A Shares (China)		538,167		1,899,430
Ming Yuan Cloud Group Holdings Ltd. (China)(d)		4,131,797		1,900,137
Newland Digital Technology Co. Ltd., A Shares (China)		531,000		1,000,363
NSFOCUS Technologies Group Co. Ltd., A Shares (China)		381,600		589,764
Sangfor Technologies, Inc., A Shares (China)		75,814		1,308,821
Shanghai 2345 Network Holding Group Co. Ltd., A Shares (China)		1,710,200		485,040
Shanghai Baosight Software Co. Ltd., A Shares (China)		465,053		2,696,550

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

  38  

Invesco China Technology ETF (CQQQ)–(continued)

October 31, 2022

	Shares		Value
Software-(continued)
Shanghai Baosight Software Co. Ltd., B Shares (China)		3,693,979	$	11,129,959
Shenzhen Infogem Technologies Co. Ltd., A Shares (China)(b)		363,500		484,096
Shenzhen Kingdom Sci-Tech Co. Ltd., A Shares (China)		484,100		790,627
Sinosoft Co. Ltd., A Shares (China)		109,020		462,154
Thunder Software Technology Co. Ltd., A Shares (China)		195,287		2,641,964
Topsec Technologies Group, Inc., A Shares (China)		609,900		940,095
Tuya, Inc., ADR (China)(b)(d)		887,471		793,044
Yonyou Network Technology Co. Ltd., A Shares (China)		1,767,004		5,916,967
				91,349,896
Technology Hardware, Storage & Peripherals-1.96%
China Greatwall Technology Group Co. Ltd., A Shares (China)		1,659,346		2,534,967
Inspur Electronic Information Industry Co. Ltd., A Shares (China)		747,958		2,359,082
Legend Holdings Corp., H Shares (China)(e)		3,791,517		3,183,003
Ninestar Corp., A Shares (China)		725,850		5,679,622
				13,756,674
Trading Companies & Distributors-0.62%
Beijing United Information Technology Co. Ltd., A Shares (China)		256,455		4,357,058
Total Common Stocks & Other Equity Interests (Cost $1,084,595,653)				702,755,163

	Shares		Value
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(f)(g) (Cost $276,917)		276,917	$	276,917
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.06% (Cost $1,084,872,570)				703,032,080
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-7.11%
Invesco Private Government Fund, 3.18%(f)(g)(h)		13,979,864		13,979,864
Invesco Private Prime Fund, 3.28%(f)(g)(h)		35,951,651		35,951,651
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $49,931,090)				49,931,515
TOTAL INVESTMENTS IN SECURITIES-107.17% (Cost $1,134,803,660)				752,963,595
OTHER ASSETS LESS LIABILITIES-(7.17)%				(50,353,944	)
NET ASSETS-100.00%			$	702,609,651

Investment Abbreviations:

ADR-American Depositary Receipt

Rts. -Rights

TBA -To Be Announced

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

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

^(d)  All or a portion of this security was out on loan at October 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 October 31, 2022 was $104,822,437, which represented 14.92% of the Fund’s Net Assets.

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

	Value October 31, 2021			Purchases      at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain   (Loss)			Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	200,427,991		$	(200,151,074	)		$	-		$	-		$	276,917		$	36,486

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

  39  

Invesco China Technology ETF (CQQQ)–(continued)

October 31, 2022

	Value October 31, 2021			Purchases    at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain   (Loss)				Value October 31, 2022		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	86,683,578		$	174,585,036		$	(247,288,750	)		$      -		$	-			$13,979,864		$	126,172	*
Invesco Private Prime Fund			202,261,685			340,282,276			(506,528,833	)		423			(63,900	)		35,951,651			372,319	*
Total		$	288,945,263		$	715,295,303		$	(953,968,657	)		$423		$	(63,900	)		$50,208,432		$	534,977

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

^(g)  The rate shown is the 7-day SEC standardized yield as of October 31, 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 2J.

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

China 100.02%

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

  40  

Invesco DWA Developed Markets Momentum ETF (PIZ)

October 31, 2022

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Australia-9.25%
CSL Ltd.		15,022	$	2,694,240
EBOS Group Ltd.		23,327		508,193
IGO Ltd.		67,769		662,591
Lynas Rare Earths Ltd.(a)		186,900		995,545
Macquarie Group Ltd.		8,441		914,893
Mineral Resources Ltd.		19,670		919,828
Steadfast Group Ltd.		166,853		539,873
Whitehaven Coal Ltd.		264,599		1,527,857
WiseTech Global Ltd.		16,962		630,824
				9,393,844
Belgium-1.24%
D’Ieteren Group		4,513		750,690
Elia Group S.A./N.V.		4,048		511,708
				1,262,398
Canada-35.10%
ARC Resources Ltd.(b)		59,145		831,642
Bank of Nova Scotia (The)		20,808		1,004,514
Cameco Corp.		20,577		487,404
Canadian National Railway Co.		17,754		2,100,726
Canadian Pacific Railway Ltd.		12,434		925,770
Capital Power Corp.		15,320		512,145
Cenovus Energy, Inc.		73,279		1,479,494
CGI, Inc., Class A(a)		15,916		1,280,468
Constellation Software, Inc.		2,140		3,090,477
Crescent Point Energy Corp.		78,348		611,712
Descartes Systems Group, Inc. (The)(a)		40,414		2,785,027
Dollarama, Inc.		30,542		1,812,525
Element Fleet Management Corp.		55,599		739,798
Emera, Inc.(b)		12,881		476,787
Enerplus Corp.		89,075		1,542,430
Fortis, Inc.		36,395		1,418,126
Imperial Oil Ltd.		14,808		804,531
Intact Financial Corp.		4,648		705,386
Ivanhoe Mines Ltd., Class A(a)		84,748		587,126
Metro, Inc.		45,795		2,396,092
Northland Power, Inc.		24,766		719,713
Nutrien Ltd.		5,977		504,389
Quebecor, Inc., Class B		27,664		520,810
Royal Bank of Canada		17,445		1,612,069
Teck Resources Ltd., Class B		19,358		588,524
TELUS Corp.		25,129		524,116
Thomson Reuters Corp.		5,154		547,460
TMX Group Ltd.		5,849		561,638
Toromont Industries Ltd.		29,184		2,240,068
Tourmaline Oil Corp.		26,117		1,469,697
WSP Global, Inc.		6,088		747,315
				35,627,979
Denmark-4.03%
Novo Nordisk A/S, Class B		18,679		2,031,181
Novozymes A/S, Class B		24,333		1,278,261
Ringkjoebing Landbobank A/S		7,195		783,254
				4,092,696
Finland-5.08%
Elisa OYJ		28,140		1,360,294

	Shares		Value
Finland-(continued)
Huhtamaki OYJ		19,201	$	689,826
Sampo OYJ, Class A		55,520		2,539,533
UPM-Kymmene OYJ		16,853		564,828
				5,154,481
France-4.04%
Hermes International		820		1,062,092
LVMH Moet Hennessy Louis Vuitton SE		2,667		1,684,360
Pernod Ricard S.A.		7,725		1,356,741
				4,103,193
Germany-2.33%
Carl Zeiss Meditec AG, BR		10,261		1,242,837
K+S AG		25,786		569,858
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		2,108		557,113
				2,369,808
Ireland-0.61%
Bank of Ireland Group PLC		86,596		624,444
Israel-5.30%
Bank Leumi Le-Israel BM		57,731		553,607
Bezeq The Israeli Telecommunication Corp. Ltd.		305,270		542,799
Israel Discount Bank Ltd., Class A		105,705		604,286
Mizrahi Tefahot Bank Ltd.		46,799		1,777,817
Nice Ltd.(a)		9,968		1,897,021
				5,375,530
Italy-2.38%
Recordati Industria Chimica e Farmaceutica S.p.A.		30,604		1,150,312
Snam S.p.A.		163,574		727,832
Terna Rete Elettrica Nazionale S.p.A.(b)		81,155		538,046
				2,416,190
Japan-7.25%
Bandai Namco Holdings, Inc.		12,680		839,618
ITOCHU Corp.(b)		24,618		637,499
Lasertec Corp.		24,731		3,542,389
Mitsui OSK Lines Ltd.(b)		27,969		555,297
Nippon Telegraph & Telephone Corp.		20,042		552,036
Nippon Yusen K.K.(b)		38,681		702,392
Nomura Research Institute Ltd.		23,669		526,296
				7,355,527
Netherlands-3.86%
ASML Holding N.V.(b)		5,520		2,607,823
OCI N.V.(b)		14,804		566,533
Wolters Kluwer N.V.		6,970		740,891
				3,915,247
Norway-1.08%
Aker BP ASA		16,630		530,082
Equinor ASA		15,580		569,966
				1,100,048

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

  41  

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

October 31, 2022

	Shares		Value
Singapore-1.45%
Oversea-Chinese Banking Corp. Ltd.		93,899	$	804,886
STMicroelectronics N.V.		21,393		668,144
				1,473,030
Spain-0.56%
Ferrovial S.A.		23,107		564,323
Sweden-2.49%
Axfood AB		25,101		621,026
Nibe Industrier AB, Class B		239,825		1,912,011
				2,533,037
Switzerland-6.72%
ABB Ltd.		21,689		603,369
Accelleron Industries AG(a)		1,084		18,393
Baloise Holding AG		4,285		585,749
Banque Cantonale Vaudoise		9,343		831,837
Chocoladefabriken Lindt & Spruengli AG		6		583,363
Flughafen Zurich AG(a)		13,305		2,066,047
Siegfried Holding AG(a)		1,426		849,259
Swiss Life Holding AG		1,426		690,949
VAT Group AG(b)(c)		2,572		588,033
				6,816,999
United Kingdom-4.72%
3i Group PLC		44,661		596,734
AstraZeneca PLC		5,432		641,299
Diageo PLC		24,462		1,013,352
InterContinental Hotels Group PLC		14,729		796,359
RELX PLC		20,854		562,080
RS GROUP PLC		61,348		677,018
UNITE Group PLC (The)		48,933		501,981
				4,788,823

	Shares		Value
United States-2.48%
Nestle S.A.		8,861	$	965,480
Roche Holding AG		1,686		560,259
Samsonite International S.A.(a)(c)		198,120		426,029
Waste Connections, Inc.		4,295		566,170
				2,517,938
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.97% (Cost $103,698,305)				101,485,535
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.69%
Invesco Private Government Fund, 3.18%(d)(e)(f)		1,900,398		1,900,398
Invesco Private Prime Fund, 3.28%(d)(e)(f)		4,885,456		4,885,456
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,785,724)				6,785,854
TOTAL INVESTMENTS IN SECURITIES-106.66% (Cost $110,484,029)				108,271,389
OTHER ASSETS LESS LIABILITIES-(6.66)%				(6,757,391	)
NET ASSETS-100.00%			$	101,513,998

Investment Abbreviations:

BR-Bearer Shares

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  All or a portion of this security was out on loan at October 31, 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 October 31, 2022 was $1,014,062, 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 October 31, 2022.

	Value October 31, 2021	Purchases      at Cost	Proceeds   from Sales	Change in Unrealized Appreciation	Realized Gain   (Loss)	Value October 31, 2022	Dividend   Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$               -	$  10,073,742	$  (10,073,742)	$     -	$         -	$               -	$     473

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

  42  

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

October 31, 2022

	Value October 31, 2021			Purchases      at Cost			Proceeds   from Sales				Change in Unrealized Appreciation			Realized Gain   (Loss)				Value October 31, 2022			Dividend   Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	2,574,626		$	42,051,504		$	(42,725,732	)		$	-		$	-			$	1,900,398		$	22,668	*
Invesco Private Prime Fund			6,007,460			71,785,701			(72,905,977	)			130			(1,858	)			4,885,456			63,990	*
Total		$	8,582,086		$	123,910,947		$	(125,705,451	)		$	130		$	(1,858	)		$	6,785,854		$	87,131

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

^(e)  The rate shown is the 7-day SEC standardized yield as of October 31, 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 2J.

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

  43  

Invesco DWA Emerging Markets Momentum ETF (PIE)

October 31, 2022

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.69%
Brazil-9.52%
Arezzo Industria e Comercio S.A.		39,300	$	782,667
Banco do Brasil S.A.		92,300		651,188
BB Seguridade Participacoes S.A.		125,100		707,841
Centrais Eletricas Brasileiras S.A.		85,500		811,780
Cia Energetica de Minas Gerais		318,200		1,048,488
Cia Energetica de Minas Gerais, Preference Shares		335,100		726,111
Gerdau S.A., Preference Shares		156,300		767,016
Minerva S.A.		276,400		720,597
Petro Rio S.A.(a)		480,200		3,238,702
Petroleo Brasileiro S.A.		137,000		868,382
Santos Brasil Participacoes S.A.		500,200		867,468
SLC Agricola S.A.		87,000		761,856
				11,952,096
China-11.51%
ANTA Sports Products Ltd.		125,612		1,104,126
C&D International Investment Group Ltd.(b)		852,679		1,325,208
China Coal Energy Co. Ltd., H Shares		1,618,235		1,191,538
China Overseas Property Holdings Ltd.		1,728,805		1,087,957
China Power International Development Ltd.		2,093,094		605,276
China Shenhua Energy Co. Ltd., H Shares		362,849		954,519
China State Construction International Holdings Ltd.		740,136		665,664
Greentown China Holdings Ltd.		408,534		388,765
Li Ning Co. Ltd.		441,981		2,285,958
PetroChina Co. Ltd., H Shares		1,667,090		637,117
Sany Heavy Equipment International Holdings Co. Ltd.		2,111,139		1,731,974
Tsingtao Brewery Co. Ltd., H Shares		77,540		543,284
Yankuang Energy Group Co. Ltd., H Shares		503,478		1,417,462
Yuexiu Property Co. Ltd.		610,621		521,177
				14,460,025
Indonesia-10.10%
PT Adaro Energy Indonesia Tbk		4,951,281		1,263,414
PT Bank Negara Indonesia (Persero) Tbk		1,301,506		784,366
PT BFI Finance Indonesia Tbk		16,431,806		1,164,106
PT Bukit Asam Tbk		3,482,632		873,030
PT Indah Kiat Pulp & Paper Corp. Tbk		1,246,050		766,923
PT Indo Tambangraya Megah Tbk		677,643		1,957,225
PT Merdeka Copper Gold Tbk(a)		9,948,022		2,404,491
PT Sarana Menara Nusantara Tbk		9,764,682		723,078
PT Tower Bersama Infrastructure Tbk		6,514,608		1,027,468
PT United Tractors Tbk		318,792		660,169
PT Vale Indonesia Tbk(a)		2,535,285		1,056,538
				12,680,808
Malaysia-4.55%
Frontken Corp. Bhd		6,627,900		3,434,508
QL Resources Bhd		1,499,000		1,623,283
Telekom Malaysia Bhd		564,500		663,837
				5,721,628
Mexico-8.36%
Alfa S.A.B. de C.V., Class A		1,149,671		761,659
Arca Continental S.A.B. de C.V.		103,952		849,936
Banco del Bajio S.A.(c)		504,993		1,421,684

	Shares		Value
Mexico-(continued)
Gentera S.A.B. de C.V.(b)		1,673,357	$	1,716,437
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		55,998		865,826
Grupo Bimbo S.A.B. de C.V., Series A		226,704		876,138
Grupo Comercial Chedraui S.A. de C.V.(b)		291,373		1,172,303
Grupo Financiero Banorte S.A.B. de C.V., Class O		111,617		905,633
Grupo Financiero Inbursa S.A.B. de C.V., Class O(a)(b)		446,016		821,744
Regional S.A.B. de C.V.		159,348		1,111,559
				10,502,919
Philippines-1.59%
DMCI Holdings, Inc.		4,918,559		805,473
Semirara Mining & Power Corp.		1,975,689		1,191,550
				1,997,023
South Africa-10.47%
Absa Group Ltd.		76,837		835,120
Clicks Group Ltd.		184,477		3,124,390
Exxaro Resources Ltd.		70,822		788,166
Impala Platinum Holdings Ltd.		280,533		2,871,351
Motus Holdings Ltd.		224,373		1,417,478
Nedbank Group Ltd.		67,372		797,576
Thungela Resources Ltd.		211,193		3,316,687
				13,150,768
Taiwan-33.63%
Asia Vital Components Co. Ltd.		433,000		1,370,657
Bizlink Holding, Inc.		75,000		573,745
Delta Electronics, Inc.		101,000		807,122
E.Sun Financial Holding Co. Ltd.		1,949,996		1,403,985
Eva Airways Corp.		975,000		708,046
Evergreen International Storage & Transport Corp.		793,000		639,863
First Financial Holding Co. Ltd.		1,028,100		789,680
Formosa Plastics Corp.		285,000		734,999
Global Unichip Corp.		53,000		801,847
Gold Circuit Electronics Ltd.		246,000		653,506
Great Wall Enterprise Co. Ltd.		782,636		976,398
HTC Corp.(a)		428,000		670,774
Hua Nan Financial Holdings Co. Ltd.		1,032,718		674,644
Kings Town Bank Co. Ltd.		1,242,000		1,183,316
Lien Hwa Industrial Holdings Corp.		1,387,295		2,004,146
Lite-On Technology Corp.		614,000		1,219,521
Lotes Co. Ltd.		98,000		2,360,090
Mega Financial Holding Co. Ltd.		981,100		910,385
Micro-Star International Co. Ltd.		845,000		2,871,518
Powertech Technology, Inc.		284,000		657,503
Sinbon Electronics Co. Ltd.		484,000		3,762,650
SinoPac Financial Holdings Co. Ltd.		1,706,060		852,434
Taichung Commercial Bank Co. Ltd.		1,787,700		696,272
Taiwan Cooperative Financial Holding Co. Ltd.		943,420		731,958
Tatung Co. Ltd.(a)		710,000		689,673
Topco Scientific Co. Ltd.		660,000		3,062,146
TXC Corp.		353,000		835,872
Union Bank of Taiwan		2,060,063		968,576
Uni-President Enterprises Corp.		862,000		1,752,223

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

  44  

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

October 31, 2022

	Shares		Value
Taiwan-(continued)
Voltronic Power Technology Corp.		68,000	$	2,764,528
Walsin Lihwa Corp.		1,392,304		1,544,724
Wistron Corp.		860,000		695,260
Wiwynn Corp.		83,000		1,864,908
				42,232,969
Thailand-8.63%
Banpu PCL, NVDR		2,690,140		883,519
Central Plaza Hotel PCL, NVDR(a)		585,290		780,438
Com7 PCL, NVDR		3,759,750		2,988,241
Energy Absolute PCL, NVDR		1,062,309		2,693,453
Kiatnakin Phatra Bank PCL, NVDR		396,001		759,540
PTT Exploration & Production PCL, NVDR		199,533		951,530
Singer Thailand PCL, NVDR		1,871,302		1,782,309
Singer Thailand PCL, Rts., expiring 12/30/2022(d)		1,306,227		0
				10,839,030
Turkey-1.33%
Sasa Polyester Sanayi A.S.(a)		1		5
Turk Hava Yollari AO(a)		306,257		1,667,688
				1,667,693
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.69% (Cost $131,309,627)				125,204,959

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.13%
Invesco Private Government Fund, 3.18%(e)(f)(g)		386,986	$	386,986
Invesco Private Prime Fund, 3.28%(e)(f)(g)		1,036,003		1,036,003
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,422,978)				1,422,989
TOTAL INVESTMENTS IN SECURITIES-100.82% (Cost $132,732,605)				126,627,948
OTHER ASSETS LESS LIABILITIES-(0.82)%				(1,034,911	)
NET ASSETS-100.00%			$	125,593,037

Investment Abbreviations:

NVDR-Non-Voting Depositary Receipt

Rts.-Rights

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  All or a portion of this security was out on loan at October 31, 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 value of this security at October 31, 2022 represented 1.13% of the Fund’s Net Assets.

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

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

	Value October 31, 2021			Purchases    at Cost			Proceeds   from Sales				Change in Unrealized Appreciation			Realized Gain   (Loss)				Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	121,401		$	20,699,615		$	(20,821,016	)		$	-		$	-			$	-		$	1,531
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,409,998			31,168,866			(34,191,878	)			-			-				386,986			10,930	*
Invesco Private Prime Fund			7,956,662			63,439,384			(70,356,003	)			11			(4,051	)			1,036,003			30,431	*
Total		$	11,488,061		$	115,307,865		$	(125,368,897	)		$	11		$	(4,051	)		$	1,422,989		$	42,892

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

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

  45  

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

October 31, 2022

^(f)  The rate shown is the 7-day SEC standardized yield as of October 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 2J.

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

  46  

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

October 31, 2022

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.66%
Australia-6.07%
AGL Energy Ltd.		133,052	$	579,396
AMP Ltd.(a)		364,029		293,301
Ampol Ltd.		17,271		300,727
APA Group		67,194		451,585
Aristocrat Leisure Ltd.		17,350		411,272
ASX Ltd.		6,018		260,524
Aurizon Holdings Ltd.		185,087		428,441
Australia & New Zealand Banking Group Ltd.		136,373		2,228,928
Bank of Queensland Ltd.(b)		59,344		279,294
Bendigo & Adelaide Bank Ltd.(b)		38,837		223,757
BHP Group Ltd.		377,478		9,017,896
BlueScope Steel Ltd.		50,802		510,995
Brambles Ltd.		120,832		902,467
Coles Group Ltd.		72,523		757,301
Commonwealth Bank of Australia		62,192		4,162,986
CSL Ltd.		9,089		1,630,139
Dexus		70,420		349,433
Endeavour Group Ltd.		76,677		350,573
Evolution Mining Ltd.(b)		92,529		123,069
Fortescue Metals Group Ltd.		119,477		1,123,074
Glencore PLC		1,450,636		8,342,599
Goodman Group		45,813		498,017
GPT Group (The)		132,274		364,551
GPT Group (The)(c)		231,466		709
Incitec Pivot Ltd.		182,801		438,346
Insurance Australia Group Ltd.		186,207		583,443
James Hardie Industries PLC, CDI		12,351		268,527
JB Hi-Fi Ltd.(b)		8,879		243,629
Lendlease Corp. Ltd.(b)		36,834		204,680
Lottery Corp. Ltd. (The)(a)		135,683		372,211
Macquarie Group Ltd.		17,265		1,871,298
Medibank Pvt. Ltd.		181,859		326,774
Metcash Ltd.(b)		94,272		247,157
Mirvac Group		296,625		392,631
National Australia Bank Ltd.		121,472		2,518,233
Newcrest Mining Ltd.		54,660		606,423
Orica Ltd.		26,647		236,507
Origin Energy Ltd.		150,910		537,502
Qantas Airways Ltd.(a)(b)		98,472		367,733
QBE Insurance Group Ltd.		88,675		694,048
Ramsay Health Care Ltd.		11,793		441,678
Rio Tinto Ltd.		36,570		2,062,530
Rio Tinto PLC		101,557		5,305,008
Santos Ltd.		131,761		648,760
Scentre Group		318,508		590,643
Sonic Healthcare Ltd.		26,585		557,083
South32 Ltd.		357,000		821,821
Stockland		186,179		428,588
Suncorp Group Ltd.		73,933		539,425
Tabcorp Holdings Ltd.(b)		135,683		83,726
Telstra Group Ltd.(a)		534,671		1,340,230
Transurban Group		127,631		1,082,197
Treasury Wine Estates Ltd.		36,481		302,095
Vicinity Ltd.		303,174		377,067
Wesfarmers Ltd.		54,628		1,588,003
Westpac Banking Corp.		200,592		3,092,556

	Shares		Value
Australia-(continued)
Whitehaven Coal Ltd.		127,438	$	735,857
Woodside Energy Group Ltd.		146,374		3,367,688
Woolworths Group Ltd.		68,325		1,442,658
Worley Ltd.		38,026		346,986
				68,654,775
Austria-0.37%
ams-OSRAM AG(a)(b)		16,642		94,389
ANDRITZ AG		6,640		308,838
BAWAG Group AG(d)		8,768		423,934
Erste Group Bank AG		35,901		885,650
Mondi PLC(b)		47,656		802,455
OMV AG		19,160		883,213
Raiffeisen Bank International AG		21,331		296,631
voestalpine AG(b)		11,664		253,388
Wienerberger AG		8,732		199,705
				4,148,203
Belgium-0.92%
Ageas S.A./N.V.		23,358		808,699
Anheuser-Busch InBev S.A./N.V.(b)		88,255		4,413,681
Cofinimmo S.A.(b)		1,948		161,629
Elia Group S.A./N.V.		1,931		244,098
Etablissements Franz Colruyt N.V.(b)		8,099		195,233
Euronav N.V.		25,757		448,806
Groupe Bruxelles Lambert S.A.		6,454		475,860
KBC Group N.V.		24,845		1,244,968
Proximus SADP		26,193		274,670
Sofina S.A.(b)		784		153,036
Solvay S.A., Class A		7,707		694,995
Telenet Group Holding N.V.		7,587		115,704
UCB S.A.		7,089		534,730
Umicore S.A.		20,037		660,450
				10,426,559
Brazil-0.11%
Wheaton Precious Metals Corp.		11,399		372,459
Yara International ASA		19,750		881,421
				1,253,880
Canada-10.18%
Agnico Eagle Mines Ltd.		18,661		819,877
Air Canada(a)		23,127		332,481
Algonquin Power & Utilities Corp.		41,794		462,046
Alimentation Couche-Tard, Inc.		55,288		2,472,467
Allied Properties REIT		10,131		196,002
AltaGas Ltd.		28,417		511,862
ARC Resources Ltd.(b)		29,549		415,491
Atco Ltd., Class I		10,845		336,310
B2Gold Corp.		61,413		187,294
Bank of Montreal(b)		48,039		4,419,496
Bank of Nova Scotia (The)		111,279		5,372,033
Barrick Gold Corp.		104,032		1,562,711
BCE, Inc.		28,525		1,285,042
Bombardier, Inc., Class B(a)		14,500		425,311
Brookfield Asset Management, Inc., Class A		89,856		3,553,925
CAE, Inc.(a)		12,300		234,449
Cameco Corp.		15,354		363,687

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

  47  

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

October 31, 2022

	Shares		Value
Canada-(continued)
Canadian Apartment Properties REIT		11,965	$	370,077
Canadian Imperial Bank of Commerce		70,525		3,198,843
Canadian National Railway Co.		19,957		2,361,394
Canadian Natural Resources Ltd.		68,926		4,128,839
Canadian Pacific Railway Ltd.		16,664		1,240,714
Canadian Tire Corp. Ltd., Class A(b)		5,379		602,118
Canadian Utilities Ltd., Class A		13,790		366,473
Capital Power Corp.		10,698		357,633
CCL Industries, Inc., Class B		7,318		343,354
Cenovus Energy, Inc.		52,532		1,060,615
CGI, Inc., Class A(a)		11,489		924,308
CI Financial Corp.		22,507		225,062
Constellation Software, Inc.		227		327,822
Crescent Point Energy Corp.		50,546		394,645
Dollarama, Inc.		5,309		315,064
Element Fleet Management Corp.		28,817		383,438
Emera, Inc.(b)		23,198		858,669
Empire Co. Ltd., Class A		16,427		421,499
Enbridge, Inc.		177,654		6,913,144
Fairfax Financial Holdings Ltd.		2,929		1,436,725
Finning International, Inc.		14,240		302,432
First Capital REIT		20,751		241,123
Fortis, Inc.		40,035		1,559,958
Franco-Nevada Corp.		3,308		408,222
George Weston Ltd.		6,783		745,655
Gibson Energy, Inc.		13,855		236,156
Gildan Activewear, Inc.		7,912		249,358
Great-West Lifeco, Inc.		33,537		775,453
H&R REIT		43,489		357,400
Hydro One Ltd.(d)		26,411		661,413
iA Financial Corp., Inc.		10,051		558,680
IAMGOLD Corp.(a)		86,894		127,406
IGM Financial, Inc.		7,647		204,454
Imperial Oil Ltd.		15,407		837,075
Intact Financial Corp.		5,568		845,007
Keyera Corp.		22,631		484,458
Kinross Gold Corp.		155,312		562,473
Linamar Corp.		6,310		269,738
Loblaw Cos. Ltd.		14,140		1,157,074
Magna International, Inc.		34,049		1,895,092
Manulife Financial Corp.		251,961		4,170,873
MEG Energy Corp.(a)		25,557		381,655
Methanex Corp.		5,864		204,416
Metro, Inc.		15,555		813,871
National Bank of Canada		22,023		1,497,638
Northland Power, Inc.(b)		12,044		350,005
Nutrien Ltd.		37,145		3,134,607
Onex Corp.		6,298		316,597
Open Text Corp.		12,988		375,724
Parkland Corp.		18,542		374,361
Pembina Pipeline Corp.		46,098		1,520,097
Power Corp. of Canada		64,621		1,602,675
Quebecor, Inc., Class B		13,860		260,932
Restaurant Brands International, Inc.		11,834		702,293
RioCan REIT		29,980		426,606
Rogers Communications, Inc., Class B		29,595		1,230,404
Royal Bank of Canada		96,288		8,897,843
Saputo, Inc.		21,517		523,077
Shaw Communications, Inc., Class B		32,068		822,594
Shopify, Inc., Class A(a)		4,942		169,232

	Shares		Value
Canada-(continued)
SmartCentres REIT		11,895	$	232,833
SNC-Lavalin Group, Inc.		16,502		285,387
SSR Mining, Inc.		14,360		197,495
Stantec, Inc.		4,891		239,019
Sun Life Financial, Inc.		55,001		2,333,021
Suncor Energy, Inc.		168,333		5,782,841
TC Energy Corp.		75,681		3,320,077
Teck Resources Ltd., Class B		38,072		1,157,469
TELUS Corp.		32,464		677,102
TFI International, Inc.		3,322		302,013
Thomson Reuters Corp.		6,506		691,070
TMX Group Ltd.		2,890		277,506
Toronto-Dominion Bank (The)		122,553		7,833,581
Tourmaline Oil Corp.		11,888		668,981
Vermilion Energy, Inc.		19,958		465,133
West Fraser Timber Co. Ltd.		3,940		295,460
WSP Global, Inc.		4,619		566,992
Yamana Gold, Inc.		73,542		322,408
				115,083,435
Chile-0.05%
Antofagasta PLC(b)		23,525		318,390
Lundin Mining Corp.		42,921		224,666
				543,056
China-0.26%
AAC Technologies Holdings, Inc.(a)		100,924		184,881
BOC Hong Kong Holdings Ltd.		324,682		1,009,222
Lenovo Group Ltd.		800,328		640,275
Prosus N.V.		11,655		507,307
Tingyi Cayman Islands Holding Corp.		104,626		163,673
Wilmar International Ltd.		101,907		279,414
Xinyi Glass Holdings Ltd.		112,491		144,736
				2,929,508
Denmark-1.10%
AP Moller - Maersk A/S, Class A		226		452,447
AP Moller - Maersk A/S, Class B		307		642,322
Carlsberg A/S, Class B		5,685		670,195
Chr. Hansen Holding A/S		3,643		202,353
Coloplast A/S, Class B		3,599		401,346
Danske Bank A/S		91,952		1,484,406
DSV A/S		4,727		640,094
Genmab A/S(a)		795		306,494
ISS A/S(a)(b)		23,703		435,195
Jyske Bank A/S(a)		6,316		341,099
Novo Nordisk A/S, Class B		39,083		4,249,940
Novozymes A/S, Class B		6,009		315,665
Orsted A/S(d)		9,192		758,297
Pandora A/S		5,790		305,236
Tryg A/S(b)		13,196		285,641
Vestas Wind Systems A/S(b)		50,820		1,001,213
				12,491,943
Finland-1.37%
Elisa OYJ		8,990		434,579
Fortum OYJ		51,647		727,141
Huhtamaki OYJ(b)		7,278		261,473
Kesko OYJ, Class B		21,952		427,417
Kone OYJ, Class B		22,825		935,075
Neste OYJ		24,415		1,069,950

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

  48  

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

October 31, 2022

	Shares		Value
Finland-(continued)
Nokia OYJ(b)		424,845	$	1,892,471
Nokian Renkaat OYJ		15,843		178,663
Nordea Bank Abp		461,097		4,409,601
Orion OYJ, Class B		5,516		253,778
Outokumpu OYJ(b)		59,279		238,045
Sampo OYJ, Class A		41,608		1,903,186
Stora Enso OYJ, Class R		50,912		663,706
UPM-Kymmene OYJ		44,454		1,489,875
Valmet OYJ(b)		9,112		207,405
Wartsila OYJ Abp(b)		49,973		340,797
				15,433,162
France-9.98%
Accor S.A.(a)		10,204		244,464
Aeroports de Paris(a)(b)		1,697		229,865
Air France-KLM(a)(b)		319,970		421,077
Air Liquide S.A.		27,113		3,545,264
Airbus SE		24,361		2,638,381
Alstom S.A.(b)		33,884		698,586
Amundi S.A.(d)		5,140		242,728
Arkema S.A.		6,406		507,270
Atos SE(b)		25,752		251,466
AXA S.A.		228,328		5,641,704
BNP Paribas S.A.		149,608		7,022,857
Bollore SE		50,111		250,855
Bouygues S.A.		41,534		1,185,529
Bureau Veritas S.A.		14,658		363,195
Capgemini SE		6,781		1,114,209
Carrefour S.A.(b)		127,476		2,051,764
CGG S.A.(a)(b)		300,271		254,928
Cie de Saint-Gobain		53,459		2,187,421
Cie Generale des Etablissements Michelin S.C.A.		75,121		1,916,287
Covivio		4,090		219,096
Credit Agricole S.A.		213,632		1,939,563
Danone S.A.		55,959		2,784,161
Dassault Systemes SE		9,000		301,991
Edenred		8,920		458,084
Eiffage S.A.		10,248		927,174
Electricite de France S.A.		189,850		2,242,279
Elis S.A.		17,590		201,841
ENGIE S.A.		232,920		3,028,138
EssilorLuxottica S.A.		11,364		1,800,990
Eurazeo SE		4,076		232,848
Euroapi S.A.(a)		4,105		71,832
Eutelsat Communications S.A.(b)		26,610		267,208
Faurecia SE(a)		31,480		470,433
Gecina S.A		4,695		418,788
Getlink SE		20,064		317,879
Hermes International		353		457,217
Kering S.A.		2,343		1,073,793
Klepierre S.A.		24,378		490,313
Legrand S.A.		12,091		921,835
L’Oreal S.A.		6,389		2,008,666
LVMH Moet Hennessy Louis Vuitton SE		6,054		3,823,441
Orange S.A.		339,853		3,234,995
Orpea S.A.(a)(b)		9,039		73,364
Pernod Ricard S.A.		7,929		1,392,570
Publicis Groupe S.A.		20,555		1,152,704
Renault S.A.(a)		63,772		1,964,617

	Shares		Value
France-(continued)
Rexel S.A.(b)		35,921	$	642,774
Rubis S.C.A.		11,781		267,806
Safran S.A.		18,490		2,059,914
Sanofi		94,537		8,159,741
Schneider Electric SE		26,357		3,341,168
SCOR SE		23,660		356,027
SEB S.A.(b)		2,315		150,781
Societe Generale S.A.		169,530		3,891,467
Sodexo S.A.		10,328		916,038
SPIE S.A.		12,691		297,022
Technip Energies N.V.		23,403		302,198
Teleperformance		1,665		446,452
Thales S.A.		8,258		1,050,016
TotalEnergies SE(b)		364,428		19,846,067
Ubisoft Entertainment S.A.(a)		6,290		172,638
Unibail-Rodamco-Westfield(a)(b)		17,976		850,664
Valeo		45,920		757,477
Veolia Environnement S.A.		62,244		1,389,712
Vinci S.A.		42,703		3,932,713
Vivendi SE		33,749		276,320
Worldline S.A.(a)(d)		14,936		654,252
				112,804,917
Germany-8.57%
Aareal Bank AG(a)(b)		9,331		304,520
adidas AG		8,339		815,779
Allianz SE		46,565		8,385,310
Aroundtown S.A.(b)		122,628		243,369
Aurubis AG		4,474		282,647
BASF SE		121,084		5,437,364
Bayer AG		112,212		5,902,354
Bayerische Motoren Werke AG		52,161		4,099,524
Bayerische Motoren Werke AG, Preference Shares		9,092		671,261
Beiersdorf AG		3,999		384,096
Brenntag SE		11,669		708,592
Commerzbank AG(a)		209,189		1,673,865
Continental AG		20,085		1,041,782
Covestro AG(d)		25,924		882,422
Daimler Truck Holding AG(a)		52,722		1,406,911
Deutsche Bank AG		337,041		3,217,888
Deutsche Boerse AG		7,276		1,184,038
Deutsche Lufthansa AG(a)		126,539		868,326
Deutsche Post AG		87,618		3,109,710
Deutsche Telekom AG		407,008		7,709,039
E.ON SE		231,348		1,938,063
Evonik Industries AG		24,354		449,031
Freenet AG		16,974		334,015
Fresenius Medical Care AG& Co. KGaA		24,217		669,698
Fresenius SE & Co. KGaA		58,590		1,349,244
GEA Group AG		10,648		372,548
Hannover Rueck SE		4,324		704,294
HeidelbergCement AG		24,201		1,115,825
Henkel AG& Co. KGaA(b)		9,427		553,906
Henkel AG& Co. KGaA, Preference Shares		16,203		1,021,389
HOCHTIEF AG		4,380		232,899
HUGO BOSS AG		4,166		192,039
Infineon Technologies AG		42,162		1,026,770
K+S AG		16,717		369,438
KION Group AG		6,119		135,892

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

  49  

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

October 31, 2022

	Shares		Value
Germany-(continued)
Knorr-Bremse AG		4,303	$	193,761
LANXESS AG		12,312		416,774
LEG Immobilien SE		5,132		335,375
Mercedes-Benz Group AG		123,064		7,127,542
Merck KGaA		4,454		726,349
MTU Aero Engines AG		2,360		422,767
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen, Class R		14,380		3,800,418
Porsche Automobil Holding SE, Preference Shares		9,695		542,345
ProSiebenSat.1 Media SE		30,682		208,633
Puma SE		2,745		121,571
Rheinmetall AG		5,256		854,540
RWE AG		56,737		2,186,406
Salzgitter AG(b)		8,448		189,035
SAP SE		49,027		4,732,685
Siemens AG		53,468		5,846,786
Siemens Energy AG(b)		80,486		939,864
Siemens Healthineers AG(d)		9,291		427,733
Symrise AG		4,175		426,460
TAG Immobilien AG		11,127		69,778
Telefonica Deutschland Holding AG		140,910		307,226
thyssenkrupp AG(a)		126,221		665,170
TUI AG(a)(b)		218,705		331,880
Uniper SE(b)		11,107		33,284
United Internet AG		9,990		186,858
Volkswagen AG		6,436		1,100,457
Volkswagen AG, Preference Shares		36,649		4,684,962
Vonovia SE		47,140		1,043,635
Zalando SE(a)(d)		6,573		151,562
				96,867,704
Hong Kong-1.07%
AIA Group Ltd.		471,346		3,569,689
CK Asset Holdings Ltd.		106,143		586,840
CK Hutchison Holdings Ltd.		102,152		507,516
CLP Holdings Ltd.		60,837		408,429
Hang Seng Bank Ltd.		30,667		431,690
Henderson Land Development Co. Ltd.		61,666		150,986
Hong Kong & China Gas Co. Ltd. (The)		323,491		249,732
Hong Kong Exchanges & Clearing Ltd.		17,305		460,741
Hongkong Land Holdings Ltd.		47,988		184,754
Jardine Matheson Holdings Ltd.		5,416		249,244
Link REIT		118,811		702,285
MTR Corp. Ltd.		62,342		274,389
New World Development Co. Ltd.		78,333		160,261
Power Assets Holdings Ltd.		42,943		205,419
Prudential PLC		237,548		2,217,546
Sun Hung Kai Properties Ltd.		87,186		937,962
Techtronic Industries Co. Ltd.		29,451		278,946
WH Group Ltd.		631,922		319,590
Wharf Real Estate Investment Co. Ltd.		63,705		251,173
				12,147,192
Ireland-0.49%
Bank of Ireland Group PLC		114,402		824,954
CRH PLC		69,750		2,512,796
Flutter Entertainment PLC(a)(b)		6,002		800,225
Kerry Group PLC, Class A(b)		5,788		503,410

	Shares		Value
Ireland-(continued)
Kingspan Group PLC		3,979	$	200,958
Smurfit Kappa Group PLC		19,974		660,936
				5,503,279
Israel-0.39%
Bank Hapoalim BM		79,495		770,217
Bank Leumi Le-Israel BM		89,561		858,839
Bezeq The Israeli Telecommunication Corp. Ltd.		173,437		308,387
ICL Group Ltd.		38,039		344,994
Israel Discount Bank Ltd., Class A		70,206		401,348
Mizrahi Tefahot Bank Ltd.		7,689		292,092
Teva Pharmaceutical Industries Ltd.(a)(b)		154,569		1,388,684
				4,364,561
Italy-2.99%
A2A S.p.A.		248,487		275,554
Assicurazioni Generali S.p.A.(b)		172,786		2,594,045
Atlantia S.p.A.		55,894		1,247,384
Azimut Holding S.p.A.		10,842		174,666
Banco BPM S.p.A.(b)		271,473		821,298
BPER Banca		209,459		387,643
Coca-Cola HBC AG(a)		14,601		319,827
Enel S.p.A.		1,153,430		5,151,630
Eni S.p.A.(b)		458,376		6,004,543
Ferrari N.V.		1,955		385,479
FinecoBank Banca Fineco S.p.A.(b)		18,434		248,511
Hera S.p.A.(b)		100,418		239,387
Intesa Sanpaolo S.p.A.(b)		2,572,190		4,903,954
Italgas S.p.A.(b)		51,953		267,779
Leonardo S.p.A.		107,410		863,283
Mediobanca Banca di Credito Finanziario S.p.A.(b)		76,721		695,488
Moncler S.p.A.(b)		4,135		178,554
Pirelli & C. S.p.A.(d)		53,837		203,155
Poste Italiane S.p.A.(b)(d)		64,105		558,819
Prysmian S.p.A.		22,759		742,073
Saipem S.p.A.(a)		144,103		140,145
Snam S.p.A.		194,556		865,688
Telecom Italia S.p.A.(a)(b)		3,616,562		708,095
Telecom Italia S.p.A., RSP(a)(b)		2,014,131		385,194
Terna Rete Elettrica Nazionale S.p.A.(b)		100,311		665,048
UniCredit S.p.A.		354,275		4,393,657
Unipol Gruppo S.p.A.		78,986		340,055
				33,760,954
Japan-19.16%
Advantest Corp.		4,904		259,329
Aeon Co. Ltd.		55,993		1,045,949
AGC, Inc.		25,619		804,068
Aisin Corp.		17,865		458,539
Ajinomoto Co., Inc.		29,556		814,488
Alps Alpine Co. Ltd.		49,522		426,469
Amada Co. Ltd.		31,953		225,080
ANA Holdings, Inc.(a)		19,184		373,135
Aozora Bank Ltd.(b)		15,335		263,811
Asahi Group Holdings Ltd.		36,216		1,014,589
Asahi Kasei Corp.		85,286		547,687
Astellas Pharma, Inc.		85,325		1,174,808
Bandai Namco Holdings, Inc.		10,643		704,736
Bridgestone Corp.		34,947		1,260,711

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

  50  

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

October 31, 2022

	Shares		Value
Japan-(continued)
Brother Industries Ltd.		16,098	$	274,121
Canon, Inc.(b)		103,332		2,192,681
Casio Computer Co. Ltd.		24,245		211,074
Central Japan Railway Co.		14,213		1,650,940
Chiba Bank Ltd. (The)		50,098		274,025
Chubu Electric Power Co., Inc.		45,761		372,837
Chugai Pharmaceutical Co. Ltd.		16,272		377,693
COMSYS Holdings Corp.		12,281		201,606
Concordia Financial Group Ltd.		77,860		237,297
Credit Saison Co. Ltd.		21,764		232,817
Dai Nippon Printing Co. Ltd.		15,597		313,021
Daifuku Co. Ltd.		4,051		185,877
Dai-ichi Life Holdings, Inc.		93,084		1,476,405
Daiichi Sankyo Co. Ltd.		65,092		2,087,621
Daikin Industries Ltd.		11,460		1,725,920
Daito Trust Construction Co. Ltd.		5,447		539,075
Daiwa House Industry Co. Ltd.		33,956		688,098
Daiwa House REIT Investment Corp.		96		193,763
Daiwa Securities Group, Inc.		141,686		552,884
Denso Corp.		38,604		1,919,356
Dentsu Group, Inc.		16,150		503,618
Disco Corp.		918		220,490
Dowa Holdings Co. Ltd.		6,801		216,656
East Japan Railway Co.		33,155		1,793,428
Ebara Corp.		8,228		268,205
Eisai Co. Ltd.		19,004		1,147,387
Electric Power Development Co. Ltd.		20,644		287,226
ENEOS Holdings, Inc.		380,098		1,252,545
FANUC Corp.		9,719		1,283,574
Fast Retailing Co. Ltd.		1,681		938,582
Fuji Electric Co. Ltd.		10,935		423,760
FUJIFILM Holdings Corp.		24,438		1,121,154
Fujitsu Ltd.		13,693		1,577,641
Fukuoka Financial Group, Inc.		14,925		253,444
GLP J-Reit		148		153,442
Hankyu Hanshin Holdings, Inc.		11,901		353,503
Hino Motors Ltd.		39,618		164,725
Hirose Electric Co. Ltd.		1,785		231,899
Hitachi Construction Machinery Co. Ltd.		13,692		268,433
Hitachi Ltd.		86,994		3,956,534
Hitachi Metals Ltd.(a)		3,957		57,824
Honda Motor Co. Ltd.		119,067		2,702,008
Hoya Corp.		7,376		688,546
Hulic Co. Ltd.		35,063		254,772
Ibiden Co. Ltd.		5,401		182,777
Idemitsu Kosan Co. Ltd.		25,322		553,682
IHI Corp.		26,895		600,743
Iida Group Holdings Co. Ltd.		15,281		212,403
Inpex Corp.		152,297		1,555,400
Isetan Mitsukoshi Holdings Ltd.		55,092		489,262
Isuzu Motors Ltd.		54,059		634,298
ITOCHU Corp.(b)		66,260		1,715,846
J. Front Retailing Co. Ltd.		41,730		337,467
Japan Airlines Co. Ltd.(a)		20,490		382,546
Japan Exchange Group, Inc.		29,499		387,703
Japan Metropolitan Fund Investment Corp.		470		346,251
Japan Post Bank Co. Ltd.(b)		84,084		560,051
Japan Post Holdings Co. Ltd.		388,832		2,614,973
Japan Post Insurance Co. Ltd.(b)		26,387		390,031
Japan Real Estate Investment Corp.		74		310,169

	Shares		Value
Japan-(continued)
Japan Tobacco, Inc.		128,833	$	2,135,732
JFE Holdings, Inc.		132,317		1,213,362
JGC Holdings Corp.		31,442		379,077
JSR Corp.		11,912		227,124
JTEKT Corp.		29,319		207,118
Kajima Corp.		27,784		261,886
Kansai Electric Power Co., Inc. (The)		49,756		377,266
Kansai Paint Co. Ltd.		12,681		165,514
Kao Corp.		37,594		1,413,869
Kawasaki Heavy Industries Ltd.		41,092		698,344
Kawasaki Kisen Kaisha Ltd.(b)		20,999		319,432
KDDI Corp.		104,532		3,090,915
Keio Corp.		7,206		253,072
Keisei Electric Railway Co. Ltd.(b)		9,001		239,203
Keyence Corp.		2,526		957,139
Kikkoman Corp.		4,862		264,305
Kintetsu Group Holdings Co. Ltd.		10,257		347,110
Kirin Holdings Co. Ltd.		58,898		867,610
Kobe Steel Ltd.		103,172		423,419
Koito Manufacturing Co. Ltd.		20,004		284,512
Komatsu Ltd.		81,673		1,564,939
Konica Minolta, Inc.		134,334		409,414
Kubota Corp.		74,772		1,044,600
Kuraray Co. Ltd.		42,291		291,073
Kurita Water Industries Ltd.		7,152		262,724
Kyocera Corp.		24,991		1,251,105
Kyowa Kirin Co. Ltd.		11,764		277,410
Kyushu Electric Power Co., Inc.		40,495		200,793
Kyushu Railway Co.		19,541		408,871
Lawson, Inc.		6,989		223,351
Lion Corp.		21,276		215,286
Lixil Corp.		23,256		352,200
Makita Corp.		16,566		303,155
Marubeni Corp.		130,428		1,143,389
Marui Group Co. Ltd.		16,545		273,162
MatsukiyoCocokara & Co.		8,687		316,773
Mazda Motor Corp.		104,724		706,685
Mebuki Financial Group, Inc.		121,376		235,999
MEIJI Holdings Co. Ltd.		11,086		456,463
MINEBEA MITSUMI, Inc.		30,484		452,025
MISUMI Group, Inc.		9,125		195,227
Mitsubishi Chemical Group Corp.		142,981		646,534
Mitsubishi Corp.		111,273		3,017,738
Mitsubishi Electric Corp.		122,760		1,081,950
Mitsubishi Estate Co. Ltd.		84,782		1,068,367
Mitsubishi Gas Chemical Co., Inc.		28,903		367,911
Mitsubishi HC Capital, Inc.		55,698		239,078
Mitsubishi Heavy Industries Ltd.		44,374		1,528,542
Mitsubishi Materials Corp.		20,260		265,254
Mitsubishi Motors Corp.(a)		164,623		553,783
Mitsubishi UFJ Financial Group, Inc.		1,470,159		6,918,803
Mitsui & Co. Ltd.		96,788		2,144,333
Mitsui Chemicals, Inc.		23,291		431,707
Mitsui Fudosan Co. Ltd.		67,295		1,290,121
Mitsui Mining & Smelting Co. Ltd.		12,214		247,345
Mitsui OSK Lines Ltd.(b)		29,508		585,852
Mizuho Financial Group, Inc.		226,652		2,448,973
MS&AD Insurance Group Holdings, Inc.		31,260		828,847
Murata Manufacturing Co. Ltd.		28,562		1,402,783
Nabtesco Corp.		10,522		224,053

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

  51  

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

October 31, 2022

	Shares		Value
Japan-(continued)
Nagoya Railroad Co. Ltd.		14,436	$	221,248
NEC Corp.		24,368		807,430
NGK Insulators Ltd.		23,817		278,334
NGK Spark Plug Co. Ltd.		20,879		380,678
NH Foods Ltd.		11,618		277,094
Nichirei Corp.		11,592		180,468
Nidec Corp.		13,332		738,918
Nikon Corp.		48,310		467,710
Nintendo Co. Ltd.		42,776		1,746,899
Nippon Building Fund, Inc.		82		364,665
Nippon Electric Glass Co. Ltd.		14,053		243,742
Nippon Prologis REIT, Inc.		74		155,085
Nippon Steel Corp.		158,023		2,171,507
Nippon Telegraph & Telephone Corp.		134,857		3,714,499
Nippon Yusen K.K.(b)		35,096		637,293
Nissan Chemical Corp.		5,357		241,477
Nissan Motor Co. Ltd.		411,087		1,312,071
Nissin Foods Holdings Co. Ltd.		3,965		256,891
Nitori Holdings Co. Ltd.		3,436		312,889
Nitto Denko Corp.		13,862		730,242
Nomura Holdings, Inc.		285,156		924,332
Nomura Real Estate Holdings, Inc.		13,268		300,379
Nomura Real Estate Master Fund, Inc.		292		332,990
Nomura Research Institute Ltd.		8,546		190,026
NSK Ltd.		101,411		536,274
NTT Data Corp.		43,524		631,623
Obayashi Corp.		52,767		339,035
Odakyu Electric Railway Co. Ltd.		17,694		210,588
Oji Holdings Corp.		72,159		250,507
Olympus Corp.		29,023		613,128
Omron Corp.		10,278		481,002
Ono Pharmaceutical Co. Ltd.		22,157		521,148
Oriental Land Co. Ltd.		1,994		267,637
ORIX Corp.		98,605		1,449,537
ORIX JREIT, Inc.		166		222,808
Osaka Gas Co. Ltd.		22,576		334,459
Otsuka Corp.		8,641		272,947
Otsuka Holdings Co. Ltd.		20,869		669,167
Pan Pacific International Holdings Corp.		25,280		415,168
Panasonic Holdings Corp.		152,309		1,090,813
Persol Holdings Co. Ltd.		14,825		297,827
Rakuten Group, Inc.(b)		55,934		250,628
Recruit Holdings Co. Ltd.		39,004		1,204,483
Renesas Electronics Corp.(a)		43,781		367,161
Resona Holdings, Inc.		244,987		922,523
Ricoh Co. Ltd.		67,390		494,198
Rohm Co. Ltd.		6,961		490,340
Ryohin Keikaku Co. Ltd.		19,293		181,851
Santen Pharmaceutical Co. Ltd.		28,903		197,956
SBI Holdings, Inc.		26,499		479,223
Secom Co. Ltd.		12,936		738,989
Sega Sammy Holdings, Inc.		14,255		182,701
Seibu Holdings, Inc.		29,219		261,847
Seiko Epson Corp.		30,154		411,020
Sekisui Chemical Co. Ltd.		22,349		279,673
Sekisui House Ltd.		48,142		801,638
Seven & i Holdings Co. Ltd.		49,159		1,836,910
SG Holdings Co. Ltd.		19,475		258,383
Sharp Corp.(b)		36,398		218,190
Shimadzu Corp.		10,689		282,264

	Shares		Value
Japan-(continued)
Shimamura Co. Ltd.		3,073	$	248,718
Shimano, Inc.		2,271		352,564
Shimizu Corp.		55,208		275,975
Shin-Etsu Chemical Co. Ltd.		19,010		1,987,522
Shionogi & Co. Ltd.		12,544		581,479
Shiseido Co. Ltd.		14,001		485,586
Shizuoka Financial Group, Inc.		43,096		271,969
Showa Denko K.K		37,695		550,836
Skylark Holdings Co. Ltd.(a)(b)		20,419		218,017
SMC Corp.		1,859		751,930
SoftBank Corp.		262,091		2,584,145
SoftBank Group Corp.		217,027		9,344,857
Sojitz Corp.		28,892		426,475
Sompo Holdings, Inc.		29,016		1,208,976
Sony Group Corp.		68,177		4,581,370
Stanley Electric Co. Ltd.		14,736		250,631
Subaru Corp.		65,599		1,021,929
SUMCO Corp.		20,316		258,196
Sumitomo Chemical Co. Ltd.		183,686		619,145
Sumitomo Corp.		71,114		906,897
Sumitomo Electric Industries Ltd.		52,738		551,383
Sumitomo Forestry Co. Ltd.		14,348		224,919
Sumitomo Heavy Industries Ltd.		12,639		240,050
Sumitomo Metal Mining Co. Ltd.		18,960		533,459
Sumitomo Mitsui Financial Group, Inc.		177,154		4,973,685
Sumitomo Mitsui Trust Holdings, Inc.		25,749		740,932
Sumitomo Realty & Development Co. Ltd.		26,213		602,263
Sumitomo Rubber Industries Ltd.		29,097		249,792
Suntory Beverage & Food Ltd.		11,031		369,592
Suzuki Motor Corp.		35,877		1,211,710
Sysmex Corp.		5,760		311,106
T&D Holdings, Inc.		78,948		779,202
Taisei Corp.		17,729		483,675
Taiyo Yuden Co. Ltd.		6,535		178,285
Takashimaya Co. Ltd.(b)		26,905		332,703
Takeda Pharmaceutical Co. Ltd.		183,730		4,843,100
TDK Corp.		31,151		975,597
Teijin Ltd.		22,528		204,614
Terumo Corp.		25,609		779,460
THK Co. Ltd.		11,475		200,572
TIS, Inc.		15,462		417,667
Tobu Railway Co. Ltd.		11,180		258,749
Toho Gas Co. Ltd.		12,393		231,376
Tohoku Electric Power Co., Inc.		75,956		319,390
Tokio Marine Holdings, Inc.		123,774		2,240,898
Tokyo Electric Power Co. Holdings, Inc.(a)(b)		295,543		964,365
Tokyo Electron Ltd.		4,182		1,111,092
Tokyo Gas Co. Ltd.		39,089		698,755
Tokyu Corp.		25,422		293,498
Tokyu Fudosan Holdings Corp.		54,087		274,738
Toppan, Inc.		21,894		326,860
Toray Industries, Inc.		145,515		709,292
Toshiba Corp.		35,039		1,221,361
Tosoh Corp.		21,256		231,530
TOTO Ltd.		10,586		302,691
Toyo Suisan Kaisha Ltd.		7,321		274,842
Toyota Industries Corp.		8,904		458,873
Toyota Motor Corp.		879,723		12,189,521
Toyota Tsusho Corp.		16,872		567,565

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

  52  

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

October 31, 2022

	Shares		Value
Japan-(continued)
Trend Micro, Inc.		6,580	$	332,464
Tsuruha Holdings, Inc.		4,273		248,673
Unicharm Corp.		12,616		384,672
United Urban Investment Corp.		220		232,677
West Japan Railway Co.		30,982		1,230,025
Yakult Honsha Co. Ltd.		6,523		361,621
Yamada Holdings Co. Ltd.		188,247		606,656
Yamaha Corp.		8,169		308,876
Yamaha Motor Co. Ltd.		38,852		802,473
Yamato Holdings Co. Ltd.		28,696		425,512
Yaskawa Electric Corp.		9,682		269,026
Yokogawa Electric Corp.		20,215		338,787
Z Holdings Corp.		151,782		392,743
				216,667,232
Jordan-0.01%
Hikma Pharmaceuticals PLC		9,896		142,308
Luxembourg-0.25%
Aperam S.A.		5,403		141,245
ArcelorMittal S.A.		110,788		2,480,664
Eurofins Scientific SE		3,133		200,591
				2,822,500
Macau-0.07%
Galaxy Entertainment Group Ltd.		92,712		423,413
Sands China Ltd.(a)		202,700		353,763
				777,176
Mongolia-0.04%
Turquoise Hill Resources Ltd.(a)		15,084		424,194
Netherlands-5.45%
Aalberts N.V.		5,452		189,567
ABN AMRO Bank N.V., CVA(d)		106,119		1,044,213
Aegon N.V.		514,242		2,381,158
Akzo Nobel N.V.		16,213		1,000,547
ASM International N.V.(b)		771		171,302
ASML Holding N.V.(b)		4,296		2,029,567
ASR Nederland N.V.		19,023		838,354
EXOR N.V.(a)		11,913		800,647
Heineken Holding N.V.		6,063		414,073
Heineken N.V.(b)		12,981		1,085,400
ING Groep N.V.		602,334		5,925,788
Koninklijke Ahold Delhaize N.V.		124,609		3,479,197
Koninklijke DSM N.V.		7,474		881,261
Koninklijke KPN N.V.		330,149		923,764
Koninklijke Philips N.V.(b)		80,775		1,023,313
Koninklijke Vopak N.V.		7,212		147,549
NN Group N.V.		35,375		1,498,161
PostNL N.V.(b)		72,138		113,149
Randstad N.V.(b)		15,982		796,741
SBM Offshore N.V.		19,776		267,775
Shell PLC		1,276,468		35,330,666
Universal Music Group N.V.(b)		13,258		260,132
Wolters Kluwer N.V.		9,017		958,481
				61,560,805
Norway-0.69%
Aker BP ASA		21,154		674,285
DNB Bank ASA		52,132		922,615
Equinor ASA		91,901		3,362,032
Gjensidige Forsikring ASA		12,518		228,643

	Shares		Value
Norway-(continued)
Mowi ASA		36,792	$	548,685
Norsk Hydro ASA		109,807		696,852
Orkla ASA		53,195		358,970
Storebrand ASA		50,713		394,120
Telenor ASA		65,913		599,103
				7,785,305
Poland-0.13%
Bank Polska Kasa Opieki S.A.		18,178		298,843
KGHM Polska Miedz S.A.		11,700		234,571
Polski Koncern Naftowy ORLEN S.A.		26,673		307,016
Powszechna Kasa Oszczednosci Bank Polski S.A.(b)		62,834		343,316
Powszechny Zaklad Ubezpieczen S.A.(b)		49,427		277,625
				1,461,371
Portugal-0.29%
Banco Comercial Portugues S.A., Class R(b)		1,335,947		190,664
EDP - Energias de Portugal S.A.		380,746		1,665,174
Galp Energia SGPS S.A.		90,274		916,760
Jeronimo Martins SGPS S.A.		25,020		518,805
				3,291,403
Russia-0.00%
Evraz PLC(c)		48,360		0
Raspadskaya OJSC(c)		546		0
				0
Singapore-0.80%
CapitaLand Ascendas REIT		211,340		391,287
CapitaLand Integrated Commercial Trust		290,840		386,389
CapitaLand Investment Ltd.		123,005		261,639
ComfortDelGro Corp. Ltd.		238,747		214,267
DBS Group Holdings Ltd.		105,520		2,550,197
Genting Singapore Ltd.		465,472		264,791
Oversea-Chinese Banking Corp. Ltd.		132,478		1,135,579
Singapore Airlines Ltd.(a)(b)		124,651		463,334
Singapore Technologies Engineering Ltd.		95,506		222,719
Singapore Telecommunications Ltd.		621,241		1,097,521
STMicroelectronics N.V.		19,747		616,736
United Overseas Bank Ltd.		60,921		1,195,087
Venture Corp. Ltd.		21,639		243,594
				9,043,140
South Africa-0.22%
Anglo American PLC		81,653		2,452,282
South Korea-3.88%
Amorepacific Corp.		1,612		104,905
Amorepacific Corp., Preference Shares		561		14,493
Celltrion, Inc.		1,880		253,403
CJ CheilJedang Corp.		764		222,048
CJ CheilJedang Corp., Preference Shares		117		13,594
Doosan Enerbility Co. Ltd.(a)		28,163		261,968
E-MART, Inc.		2,566		152,398
GS Engineering & Construction Corp.		12,392		188,779
Hana Financial Group, Inc.		24,957		722,718
Hanwha Solutions Corp.(a)		12,508		414,460
Hyundai Engineering & Construction Co. Ltd.		17,665		432,805
Hyundai Glovis Co. Ltd.		2,657		324,559
Hyundai Mobis Co. Ltd.		7,088		1,089,734

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

  53  

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

October 31, 2022

	Shares		Value
South Korea-(continued)
Hyundai Motor Co.		13,875	$	1,602,329
Hyundai Motor Co., First Pfd		2,241		123,342
Hyundai Motor Co., Second Pfd		3,567		199,829
Hyundai Steel Co.		14,174		279,609
Industrial Bank of Korea		31,238		229,167
KB Financial Group, Inc.		35,955		1,212,846
Kia Corp.		34,605		1,610,665
Korea Electric Power Corp.(a)(b)		31,575		371,288
Korea Gas Corp.(b)		8,967		219,068
Korea Investment Holdings Co. Ltd.		4,447		154,691
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		6,587		336,182
Korea Zinc Co. Ltd.		940		422,338
Korean Air Lines Co. Ltd.(a)(b)		17,193		278,815
KT&G Corp.		9,500		638,246
LG Chem Ltd.		2,854		1,254,241
LG Chem Ltd., Preference Shares		391		79,328
LG Corp.		8,794		488,950
LG Display Co. Ltd.		72,194		646,196
LG Electronics, Inc.		18,856		1,080,171
LG Electronics, Inc., Preference Shares		3,022		84,118
LG H&H Co. Ltd.		388		138,917
LG H&H Co. Ltd., Preference Shares		94		18,510
LG Innotek Co. Ltd.		1,018		211,897
LG Uplus Corp.		26,502		213,028
LOTTE Chemical Corp.		2,598		269,932
Meritz Fire & Marine Insurance Co. Ltd.		9,502		209,792
NAVER Corp.		2,120		252,266
NCSoft Corp.		693		189,736
POSCO Holdings, Inc.		9,053		1,582,503
Posco International Corp.		21,939		318,046
Samsung C&T Corp.		6,524		542,732
Samsung Electro-Mechanics Co. Ltd.		3,896		330,946
Samsung Electronics Co. Ltd.		323,615		13,494,844
Samsung Electronics Co. Ltd., Preference Shares		55,726		2,085,153
Samsung Engineering Co. Ltd.(a)(b)		15,522		259,890
Samsung Fire & Marine Insurance Co. Ltd.		2,035		285,724
Samsung Fire & Marine Insurance Co. Ltd., Preference Shares		151		16,961
Samsung Heavy Industries Co. Ltd.(a)		72,219		261,103
Samsung Life Insurance Co. Ltd.		6,483		306,753
Samsung SDI Co. Ltd.		1,567		810,754
Samsung SDI Co. Ltd., Preference Shares		36		8,618
Samsung SDS Co. Ltd.		2,209		193,847
Samsung Securities Co. Ltd.		8,348		186,071
Shinhan Financial Group Co. Ltd.		32,395		825,539
Shinsegae, Inc.		1,253		186,923
SK Hynix, Inc.		39,002		2,264,359
SK Innovation Co. Ltd.(a)		8,684		1,054,675
SK Telecom Co. Ltd.		9,930		349,253
SK, Inc.		3,962		595,225
S-Oil Corp.		6,457		391,649
Woori Financial Group, Inc.		66,267		546,623
				43,909,552
Spain-3.20%
Acciona S.A.(b)		2,365		425,650
Acerinox S.A.		26,823		234,936

	Shares		Value
Spain-(continued)
ACS Actividades de Construccion y Servicios S.A.(b)		47,577	$	1,220,241
Aena SME S.A.(a)(d)		3,680		433,364
Amadeus IT Group S.A.(a)		13,795		719,073
Banco Bilbao Vizcaya Argentaria S.A.(b)		1,008,721		5,193,218
Banco de Sabadell S.A.		1,328,957		1,045,001
Banco Santander S.A.(b)		2,223,966		5,763,310
Bankinter S.A.		61,599		372,351
CaixaBank S.A.		415,441		1,376,747
Cellnex Telecom S.A.(b)(d)		11,692		382,497
Enagas S.A.		29,555		479,786
Endesa S.A.(b)		47,127		786,470
Ferrovial S.A.		25,474		622,130
Grifols S.A.(a)(b)		29,927		254,551
Grifols S.A., Class B, Preference Shares(a)		22,456		140,047
Iberdrola S.A.		639,493		6,494,246
Industria de Diseno Textil S.A.(b)		58,486		1,326,039
Inmobiliaria Colonial SOCIMI S.A.		30,915		163,010
Mapfre S.A.(b)		131,979		226,316
Merlin Properties SOCIMI S.A.		35,099		297,294
Naturgy Energy Group S.A.(b)		38,234		980,992
Red Electrica Corp. S.A.		40,170		649,129
Repsol S.A.		292,115		3,968,348
Telefonica S.A.		772,535		2,660,921
				36,215,667
Sweden-2.37%
Alfa Laval AB		15,258		375,704
Alleima AB(a)		10,850		36,938
Assa Abloy AB, Class B		38,402		774,959
Atlas Copco AB, Class A(b)		88,009		940,105
Atlas Copco AB, Class B(b)		51,754		500,846
Billerud AB(b)		20,708		267,225
Boliden AB(b)		21,867		636,393
Castellum AB(b)		18,515		211,615
Dometic Group AB(b)(d)		26,068		149,230
Electrolux AB, Class B(b)		33,976		418,949
Epiroc AB, Class A		18,660		285,461
Epiroc AB, Class B		11,187		150,183
Essity AB, Class B		47,394		1,001,023
Fabege AB		17,800		129,153
Fastighets AB Balder, Class B(a)(b)		27,661		103,868
Getinge AB, Class B		7,541		153,066
H & M Hennes & Mauritz AB, Class B(b)		89,027		895,873
Hexagon AB, Class B(b)		51,657		510,472
Holmen AB, Class B		5,984		216,931
Husqvarna AB, Class A		1,676		9,995
Husqvarna AB, Class B(b)		28,450		168,891
Industrivarden AB, Class A		19,601		443,798
Industrivarden AB, Class C(b)		14,743		331,004
Investor AB, Class A(b)		37,160		631,862
Investor AB, Class B(b)		129,303		2,110,420
Kinnevik AB, Class A(a)		1,108		13,877
Kinnevik AB, Class B(a)		17,946		221,677
Orron Energy AB		11,156		23,159
Saab AB, Class B		11,129		392,974
Sandvik AB(b)		54,310		848,283
Securitas AB, Class B(b)		61,570		503,349
Skandinaviska Enskilda Banken AB, Class A		143,529		1,513,163
Skandinaviska Enskilda Banken AB, Class C		2,170		24,743

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

  54  

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

October 31, 2022

	Shares		Value
Sweden-(continued)
Skanska AB, Class B(b)		28,386	$	441,314
SKF AB, Class B(b)		42,415		613,361
SSAB AB, Class A		32,115		154,436
SSAB AB, Class B(b)		87,307		405,625
Svenska Cellulosa AB S.C.A., Class A		1,213		14,621
Svenska Cellulosa AB S.C.A., Class B(b)		33,665		396,957
Svenska Handelsbanken AB, Class A		175,388		1,629,217
Svenska Handelsbanken AB, Class B(b)		4,281		46,799
Swedbank AB, Class A		118,780		1,769,804
Swedish Match AB		64,478		662,842
Tele2 AB, Class B(b)		42,017		344,183
Telefonaktiebolaget LM Ericsson, Class A		2,020		11,992
Telefonaktiebolaget LM Ericsson, Class B		174,421		969,142
Telia Co. AB(b)		386,573		1,023,240
Trelleborg AB, Class B		19,002		418,371
Volvo AB, Class A		21,245		362,592
Volvo AB, Class B		155,836		2,549,683
				26,809,368
Switzerland-3.90%
ABB Ltd.		94,123		2,618,421
Accelleron Industries AG(a)		4,707		79,865
Adecco Group AG(b)		23,998		751,534
Alcon, Inc.		15,922		969,560
Baloise Holding AG		3,980		544,056
Barry Callebaut AG		173		327,416
Chocoladefabriken Lindt & Spruengli AG		3		291,681
Chocoladefabriken Lindt & Spruengli AG, PC		34		326,155
Cie Financiere Richemont S.A		18,773		1,837,250
Clariant AG(a)		19,067		306,939
Credit Suisse Group AG(b)		468,394		1,933,018
Dufry AG(a)(b)		7,507		247,620
Geberit AG		1,160		516,161
Georg Fischer AG		4,944		273,939
Givaudan S.A.		272		812,671
Helvetia Holding AG		3,165		314,365
Holcim AG		67,550		3,069,872
Julius Baer Group Ltd.		15,431		739,670
Kuehne + Nagel International AG, Class R(b)		2,602		554,851
Logitech International S.A., Class R(b)		4,786		238,403
Lonza Group AG		1,367		704,024
Novartis AG		117,765		9,520,049
Partners Group Holding AG(b)		439		394,541
PSP Swiss Property AG		2,596		277,564
Schindler Holding AG		1,040		163,781
Schindler Holding AG, PC		2,125		346,646
SGS S.A.		285		629,093
SIG Group AG(b)		17,666		339,639
Sika AG		2,944		664,257
Sonova Holding AG, Class A		1,279		302,512
Swatch Group AG (The)		3,697		154,567
Swatch Group AG (The), BR(b)		2,423		545,735
Swiss Life Holding AG		3,793		1,837,847
Swiss Prime Site AG		3,695		298,332
Swisscom AG		2,322		1,146,904
UBS Group AG		324,670		5,155,140
Zurich Insurance Group AG		11,312		4,829,995
				44,064,073

	Shares		Value
Turkey-0.01%
Eldorado Gold Corp.(a)		22,957	$	128,077
United Kingdom-11.48%
3i Group PLC		57,685		770,753
abrdn PLC(b)		137,588		251,875
Admiral Group PLC		13,044		302,917
Ashtead Group PLC		17,222		902,199
Associated British Foods PLC		32,208		500,431
AstraZeneca PLC		51,583		6,089,860
Aviva PLC		231,068		1,112,314
B&M European Value Retail S.A.		57,468		213,451
BAE Systems PLC		274,792		2,576,613
Barclays PLC		2,158,381		3,671,913
Barratt Developments PLC		101,675		440,393
Beazley PLC		39,481		283,876
Bellway PLC		8,461		180,706
Berkeley Group Holdings PLC		11,429		456,741
BP PLC		3,954,471		21,845,202
British American Tobacco PLC		267,628		10,579,765
British Land Co. PLC (The)		82,997		349,649
BT Group PLC(b)		867,527		1,296,478
Bunzl PLC		22,292		729,168
Burberry Group PLC		20,683		432,213
Centrica PLC		631,012		556,656
CNH Industrial N.V.		83,443		1,080,782
Compass Group PLC		118,995		2,516,095
Croda International PLC		4,348		338,410
DCC PLC		10,976		611,641
Derwent London PLC		7,612		189,655
Diageo PLC		76,886		3,185,047
Direct Line Insurance Group PLC		182,338		423,649
Drax Group PLC		37,058		222,294
DS Smith PLC		122,105		407,979
easyJet PLC(a)(b)		36,515		146,473
Entain PLC		20,984		305,140
Experian PLC		26,609		849,850
Haleon PLC(a)		425,247		1,312,150
Halma PLC		8,667		211,051
Hays PLC		154,315		195,260
Hiscox Ltd.		22,890		236,979
Howden Joinery Group PLC		25,926		153,429
HSBC Holdings PLC		2,116,190		10,898,356
IG Group Holdings PLC		26,147		239,480
IMI PLC		15,043		212,687
Imperial Brands PLC		63,281		1,547,516
Inchcape PLC		22,747		194,852
Informa PLC		87,181		557,688
InterContinental Hotels Group PLC		7,634		412,751
Intermediate Capital Group PLC		12,936		158,173
International Consolidated Airlines Group S.A.(a)(b)		200,895		281,169
International Distributions Services PLC		128,979		300,415
Intertek Group PLC		7,199		302,864
Investec PLC		73,908		373,137
ITV PLC		343,434		264,927
J Sainsbury PLC		169,998		380,494
Johnson Matthey PLC(b)		41,239		918,511
Just Eat Takeaway.com N.V.(a)(b)(d)		12,863		220,700
Kingfisher PLC		261,820		659,866
Land Securities Group PLC		65,596		430,789

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

  55  

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

October 31, 2022

	Shares		Value
United Kingdom-(continued)
Legal & General Group PLC		464,016	$	1,244,256
Lloyds Banking Group PLC		7,267,029		3,515,769
London Stock Exchange Group PLC		5,990		521,796
M&G PLC(b)		211,355		426,338
Man Group PLC		115,206		287,436
Marks & Spencer Group PLC(a)		313,274		380,526
Melrose Industries PLC		278,017		374,191
Micro Focus International PLC		61,625		368,808
National Grid PLC		291,852		3,186,850
NatWest Group PLC		603,558		1,631,641
Next PLC		7,074		401,450
Pearson PLC		80,812		893,584
Pennon Group PLC		34,160		329,390
Persimmon PLC		35,658		535,766
Phoenix Group Holdings PLC		67,325		420,439
Quilter PLC(d)		169,543		188,684
Reckitt Benckiser Group PLC		31,267		2,080,758
RELX PLC		67,821		1,827,987
Rentokil Initial PLC(b)		61,274		384,062
Rolls-Royce Holdings PLC(a)(b)		526,555		473,784
RS GROUP PLC		18,725		206,643
Sage Group PLC (The)		55,115		461,203
Schroders PLC(b)		44,497		200,675
Segro PLC		44,328		400,641
Severn Trent PLC		16,814		484,551
Smith & Nephew PLC		57,393		680,618
Smiths Group PLC		29,295		526,338
Spectris PLC		7,498		260,711
Spirax-Sarco Engineering PLC		1,675		207,315
SSE PLC		97,159		1,740,604
SSP Group PLC(a)		72,006		167,715
St James’s Place PLC		36,387		446,173
Standard Chartered PLC		253,538		1,518,521
Subsea 7 S.A.(b)		41,795		418,077
Tate & Lyle PLC		38,526		310,942
Taylor Wimpey PLC		526,872		568,883
Tesco PLC		659,602		1,633,540
Travis Perkins PLC		26,858		254,434
Unilever PLC		177,130		8,105,542
United Utilities Group PLC		49,781		538,421
Virgin Money UK PLC		125,833		197,179
Vodafone Group PLC		4,233,281		4,953,922
Weir Group PLC (The)		15,481		271,371
Whitbread PLC(b)		14,335		424,498
WPP PLC		124,125		1,094,701
				129,830,165

Investment Abbreviations:

BR-Bearer Shares

CDI-CREST Depository Interest

CVA-Dutch Certificates

PC-Participation Certificate

Pfd.-Preferred

REIT-Real Estate Investment Trust

RSP-Registered Savings Plan Shares

	Shares		Value
United States-3.75%
Amcor PLC, CDI		112,483	$	1,301,165
Bausch Health Cos., Inc.(a)		34,350		223,116
Carnival PLC(b)		15,189		121,751
Computershare Ltd.		22,752		367,648
Ferguson PLC		12,732		1,394,070
GSK PLC		340,205		5,596,539
Nestle S.A.		124,108		13,522,594
QIAGEN N.V.(a)		6,397		276,292
Roche Holding AG		32,433		10,777,511
Roche Holding AG, BR(b)		1,203		488,292
Signify N.V.		13,216		366,521
Stellantis N.V.		267,228		3,607,811
Swiss Re AG		38,625		2,871,546
Tenaris S.A.		38,089		591,219
Waste Connections, Inc.		6,919		912,067
				42,418,142
Zambia-0.04%
First Quantum Minerals Ltd.		23,199		408,689
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.66% (Cost $1,251,414,909)				1,126,624,577
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-7.34%
Invesco Private Government Fund, 3.18%(e)(f)(g)		23,289,157		23,289,157
Invesco Private Prime Fund, 3.28%(e)(f)(g)		59,722,272		59,722,272
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $83,012,447)				83,011,429
TOTAL INVESTMENTS IN SECURITIES-107.00% (Cost $1,334,427,356)				1,209,636,006
OTHER ASSETS LESS LIABILITIES-(7.00)%				(79,098,247	)
NET ASSETS-100.00%			$	1,130,537,759

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

  56  

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

October 31, 2022

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b)  All or a portion of this security was out on loan at October 31, 2022.

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

^(d)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $7,383,003, which represented less than 1% of the Fund’s Net Assets.

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

	Value October 31, 2021			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)			Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-	$	99,834,166	$	(99,834,166	)		$	-		$	-			$	-	$	7,994
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			26,101,909		238,161,734		(240,974,486	)			-			-				23,289,157		290,797	*
Invesco Private Prime Fund			60,862,717		456,531,914		(457,662,819	)			(1,019	)		(8,521	)			59,722,272		793,060	*
Total		$	86,964,626	$	794,527,814	$	(798,471,471	)		$	(1,019	)	$	(8,521	)		$	83,011,429	$	1,091,851

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

^(f)  The rate shown is the 7-day SEC standardized yield as of October 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 2J.

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

  57  

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

October 31, 2022

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.63%
Australia-6.82%
Abacus Property Group		107,245	$	192,018
Adbri Ltd.		142,619		143,636
ALS Ltd.		86,720		634,384
Alumina Ltd.		213,507		184,312
Ansell Ltd.		47,394		855,541
ARB Corp. Ltd.		5,818		107,927
Atlas Arteria Ltd.		127,264		536,288
AUB Group Ltd.		10,152		134,248
Austal Ltd.		133,323		212,281
Bapcor Ltd.(a)		85,052		360,039
Beach Energy Ltd.		674,974		686,264
Bega Cheese Ltd.		85,893		176,307
Blackmores Ltd.		3,164		137,579
Boral Ltd.(a)		222,552		409,855
Breville Group Ltd.(a)		14,233		180,661
Brickworks Ltd.		15,658		221,577
BWP Trust		106,159		276,964
carsales.com Ltd.		32,542		422,839
Centuria Industrial REIT		72,845		141,140
Centuria Office REIT		106,192		102,196
Challenger Ltd.		96,705		434,103
Champion Iron Ltd.		74,638		223,364
Charter Hall Group		51,241		423,993
Charter Hall Long Wale REIT		69,981		194,660
Charter Hall Retail REIT		141,885		363,821
Charter Hall Social Infrastructure REIT		66,074		146,611
Cleanaway Waste Management Ltd.		258,413		446,154
Cochlear Ltd.		6,347		810,541
Collins Foods Ltd.		28,373		170,545
Coronado Global Resources, Inc.,CDI(b)		297,626		353,990
Corporate Travel Management Ltd.		10,318		115,264
Costa Group Holdings Ltd.		140,009		227,403
Credit Corp. Group Ltd.		8,620		102,414
Cromwell Property Group		342,770		153,429
CSR Ltd.		163,519		484,123
Domino’s Pizza Enterprises Ltd.		5,312		216,543
Downer EDI Ltd.		225,233		646,674
Eagers Automotive Ltd.		41,634		329,857
EBOS Group Ltd.		13,620		296,720
Elders Ltd.		38,974		323,985
EVT Ltd.(c)		17,720		169,286
Flight Centre Travel Group Ltd.(a)(c)		43,881		467,194
Genworth Mortgage Insurance Australia Ltd.		86,853		150,508
GrainCorp Ltd., Class A		101,379		542,601
Growthpoint Properties Australia Ltd.		76,020		161,389
GUD Holdings Ltd.		24,063		123,712
Harvey Norman Holdings Ltd.(a)		258,967		688,881
Healius Ltd.		177,230		388,721
HomeCo Daily Needs REIT(b)		243,616		199,399
IGO Ltd.		49,958		488,449
Iluka Resources Ltd.		50,547		279,588
Ingenia Communities Group		49,940		125,182
Inghams Group Ltd.(a)		104,919		169,739
Insignia Financial Ltd.(a)		216,335		435,757
InvoCare Ltd.(a)		24,163		157,910
IPH Ltd.		28,191		179,186
IRESS Ltd.		47,099		305,692

	Shares		Value
Australia-(continued)
Link Administration Holdings Ltd.		166,346	$	364,849
Magellan Financial Group Ltd.(a)		34,981		222,120
Mineral Resources Ltd.		23,855		1,115,531
Monadelphous Group Ltd.		39,845		348,551
National Storage REIT		193,001		322,112
NEXTDC Ltd.(c)		43,561		231,754
nib holdings Ltd.		55,198		235,427
Nine Entertainment Co. Holdings Ltd.		326,153		429,631
Northern Star Resources Ltd.		127,868		714,628
NRW Holdings Ltd.		140,594		229,252
Nufarm Ltd.		93,480		332,951
OceanaGold Corp.(c)		246,243		357,436
oOh!media Ltd.		166,507		134,688
Orora Ltd.		253,486		491,138
OZ Minerals Ltd.		53,869		832,573
Pendal Group Ltd.		196,166		615,902
Perpetual Ltd.(a)		14,856		236,542
Perseus Mining Ltd.(a)		206,707		241,226
Platinum Asset Management Ltd.		208,862		239,067
Premier Investments Ltd.		13,997		224,028
Qube Holdings Ltd.		383,864		667,656
Ramelius Resources Ltd.		191,098		89,815
REA Group Ltd.		2,954		229,676
Reece Ltd.(a)		33,591		333,581
Regis Resources Ltd.(a)		344,251		335,700
Sandfire Resources Ltd.		72,196		160,657
SEEK Ltd.		46,034		635,533
Seven Group Holdings Ltd.		30,252		354,781
Shopping Centres Australasia Property Group		264,778		460,530
Sierra Rutile Holdings Ltd.(a)(c)		50,547		6,788
Silver Lake Resources Ltd.(c)		170,499		121,018
SmartGroup Corp. Ltd.		28,968		91,136
St Barbara Ltd.(a)(c)		428,031		139,589
Star Entertainment Group Ltd. (The)(c)		367,237		690,400
Steadfast Group Ltd.		119,902		387,957
Super Retail Group Ltd.(a)		64,686		425,217
TPG Telecom Ltd.(a)		158,877		497,810
United Malt Grp Ltd.		95,410		189,741
Viva Energy Group Ltd.(b)		331,734		600,320
Washington H Soul Pattinson & Co. Ltd.		46,303		827,260
Waypoint REIT Ltd.		215,700		376,547
Webjet Ltd.(a)(c)		58,595		197,834
				33,352,396
Austria-0.51%
AT&S Austria Technologie & Systemtechnik AG		6,364		196,558
CA Immobilien Anlagen AG		7,231		228,339
EVN AG		9,364		155,853
IMMOFINANZ AG(a)(c)		13,919		164,257
Kontron AG(a)		15,468		223,966
Lenzing AG(a)		3,935		188,235
Mayr Melnhof Karton AG		920		130,937
Oesterreichische Post AG(a)		10,546		300,708
S IMMO AG(a)		1,951		43,868
UNIQA Insurance Group AG		29,762		192,964

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

  58  

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

October 31, 2022

	Shares		Value
Austria-(continued)
Verbund AG		6,676	$	522,910
Vienna Insurance Group AG Wiener Versicherung Gruppe(a)		6,165		138,011
				2,486,606
Belgium-1.08%
Ackermans & van Haaren N.V.		4,781		666,741
Aedifica S.A.(a)		4,814		367,311
Barco N.V.		17,357		375,004
Bekaert S.A.		11,570		322,473
bpost S.A.(a)		76,059		375,865
Cie d’Entreprises CFE(c)		2,479		26,314
Deme Group N.V.(c)		2,479		275,884
D’Ieteren Group(a)		4,107		683,156
Fagron(a)		11,260		140,223
Galapagos N.V.(a)(c)		9,121		416,391
KBC Ancora(a)		8,038		285,838
Melexis N.V.(a)		3,545		244,558
Montea N.V.		1,710		116,784
Ontex Group N.V.(a)(c)		35,114		207,189
Recticel S.A.(a)		11,262		155,609
Shurgard Self Storage S.A.(a)		3,881		168,967
Warehouses De Pauw C.V.A.		17,144		440,213
				5,268,520
Burkina Faso-0.09%
Endeavour Mining PLC		25,720		448,929
Cambodia-0.02%
NagaCorp Ltd.(c)		217,196		99,054
Canada-8.64%
Advantage Energy Ltd.(c)		58,663		442,967
Aecon Group, Inc.		43,077		305,065
Ag Growth International, Inc.		9,053		231,626
Alamos Gold, Inc., Class A		108,382		854,152
Altus Group Ltd.		5,335		189,339
Aritzia, Inc.(c)		5,083		196,903
Artis REIT		53,243		372,765
ATS Automation Tooling Systems, Inc.(c)		9,279		293,189
Aurora Cannabis, Inc.(c)		86,858		124,806
AutoCanada, Inc.(c)		16,166		251,962
Badger Infrastructure Solutions Ltd.		8,606		181,577
Ballard Power Systems, Inc.(a)(c)		18,743		106,078
Baytex Energy Corp.(c)		60,846		330,091
Birchcliff Energy Ltd.		94,182		731,196
BlackBerry Ltd.(c)		68,414		317,481
Boardwalk REIT, Class E		13,010		462,391
Boralex, Inc., Class A		14,716		416,758
Boyd Group Services, Inc.		3,556		505,382
Brookfield Infrastructure Corp., Class A		13,649		588,166
BRP, Inc.		5,871		392,060
Canaccord Genuity Group, Inc.		34,570		176,899
Canadian Western Bank(a)		34,050		591,610
Canfor Corp.(c)		34,891		523,602
Canopy Growth Corp.(c)		51,643		192,708
Capstone Copper Corp.(c)		48,885		113,248
Cargojet, Inc.		1,320		128,511
Cascades, Inc.		38,353		248,554
Celestica, Inc.(c)		81,796		896,485
Centerra Gold, Inc.		77,672		360,444
CES Energy Solutions Corp.		91,132		191,744

	Shares		Value
Canada-(continued)
Chartwell Retirement Residences		69,230	$	400,951
Chemtrade Logistics Income Fund		53,504		289,084
Choice Properties REIT(a)		60,872		584,153
Chorus Aviation, Inc.(a)(c)		60,764		114,931
Cineplex, Inc.(c)		47,995		325,819
Cogeco Communications, Inc.		3,729		189,942
Cogeco, Inc.		2,763		117,524
Colliers International Group, Inc.		3,287		308,109
Corus Entertainment, Inc., Class B(a)		162,677		256,410
Crew Energy, Inc.(c)		80,749		356,372
Crombie REIT(a)		26,993		295,052
Cronos Group, Inc.(c)		55,499		185,126
CT REIT(a)		18,207		206,890
Descartes Systems Group, Inc. (The)(c)		5,004		344,838
Doman Building Materials Group Ltd.(a)		42,968		174,197
Dorel Industries, Inc., Class B		45,526		179,060
Dream Industrial REIT		33,949		272,528
Dream Office REIT		19,993		225,866
DREAM Unlimited Corp.		5,444		99,178
Dundee Precious Metals, Inc.		43,398		196,620
ECN Capital Corp.		51,670		155,686
Enerflex Ltd.		33,146		171,070
Enerplus Corp.		42,308		732,609
Enghouse Systems Ltd.		5,684		126,219
EQB, Inc.		5,708		202,032
Equinox Gold Corp.(c)		54,946		180,864
Exchange Income Corp.		12,245		408,451
Extendicare, Inc.(a)		37,080		190,558
Fiera Capital Corp.		33,465		212,706
First Majestic Silver Corp.		19,385		162,862
First National Financial Corp.(a)		5,677		142,336
FirstService Corp.		3,511		438,370
Fortuna Silver Mines, Inc.(c)		84,487		234,746
Freehold Royalties Ltd.(a)		16,797		208,723
GFL Environmental, Inc.		17,450		470,391
goeasy Ltd.		1,533		124,220
Granite REIT		11,480		585,930
Home Capital Group, Inc.		16,401		316,706
Hudbay Minerals, Inc.		85,958		325,797
Innergex Renewable Energy, Inc.		28,267		310,843
Interfor Corp.(c)		21,583		382,910
International Petroleum Corp.(c)		38,174		380,327
InterRent REIT		29,950		251,843
Ivanhoe Mines Ltd., Class A(c)		28,326		196,240
Kelt Exploration Ltd.(c)		46,247		199,696
Killam Apartment REIT		29,866		345,723
Labrador Iron Ore Royalty Corp.		8,174		169,227
Laurentian Bank of Canada		28,354		631,913
Lightspeed Commerce, Inc.(c)		14,144		270,738
Maple Leaf Foods, Inc.		24,632		364,591
Martinrea International, Inc.		48,145		308,131
Mullen Group Ltd.		45,929		460,957
New Gold, Inc.(c)		136,546		123,127
NFI Group, Inc.(a)		48,530		313,085
North West Co., Inc. (The)		17,620		457,922
NorthWest Healthcare Properties REIT(a)		53,323		419,845
Nuvei Corp.(b)(c)		3,640		109,409
NuVista Energy Ltd.(c)		59,283		587,158
Obsidian Energy Ltd.(c)		23,708		215,346
Osisko Gold Royalties Ltd.		26,582		284,713

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

  59  

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

October 31, 2022

	Shares		Value
Canada-(continued)
Pan American Silver Corp.		38,868	$	619,757
Paramount Resources Ltd., Class A		14,316		302,892
Pason Systems, Inc.		25,052		265,754
Peyto Exploration & Development Corp.		103,135		961,752
PrairieSky Royalty Ltd.		40,370		626,245
Precision Drilling Corp.(c)		12,148		895,036
Premium Brands Holdings Corp.		7,227		425,816
Richelieu Hardware Ltd.		6,552		175,658
Ritchie Bros. Auctioneers, Inc.		16,402		1,070,179
Russel Metals, Inc.		24,090		498,383
Sandstorm Gold Ltd.		27,968		137,579
Secure Energy Services, Inc.		85,222		446,712
ShawCor Ltd.(c)		52,017		379,054
Sienna Senior Living, Inc.		27,556		237,369
Sierra Wireless, Inc.(c)		12,564		372,761
Silvercorp Metals, Inc.		49,754		121,098
Slate Grocery REIT, Class U		14,265		148,083
Sleep Country Canada Holdings, Inc.(b)		9,826		161,504
Spin Master Corp.(b)		5,749		177,437
Stelco Holdings, Inc.		12,606		317,079
Stella-Jones, Inc.		21,691		652,455
Summit Industrial Income REIT		20,892		266,654
Superior Plus Corp.		90,715		688,983
Torex Gold Resources, Inc.(c)		40,592		276,158
Toromont Industries Ltd.		11,957		917,780
TransAlta Corp.		94,980		835,571
TransAlta Renewables, Inc.		25,255		270,870
Transcontinental, Inc., Class A		32,334		368,604
Tricon Residential, Inc.		32,320		272,009
Uni-Select, Inc.(c)		16,381		443,736
Western Forest Products, Inc.		188,462		169,941
Westshore Terminals Investment Corp.		10,497		187,538
Whitecap Resources, Inc.		38,514		298,162
Winpak Ltd.		9,054		275,593
				42,278,631
China-1.06%
BeiGene Ltd., (Acquired 03/18/2022 - 10/25/2022; Cost $338,902)(c)(d)		24,000		302,681
Budweiser Brewing Co. APAC Ltd.(b)		242,167		509,640
CapitaLand China Trust		417,430		286,133
China Travel International Investment Hong Kong Ltd.(a)(c)		844,000		131,172
Chow Tai Fook Jewellery Group Ltd.		441,819		756,454
ESR Group Ltd.(b)		136,289		232,651
FIH Mobile Ltd.(a)(c)		1,417,774		115,591
Jinchuan Group International Resources Co. Ltd.		1,977,000		130,963
Kerry Logistics Network Ltd.		116,708		185,250
Lee & Man Paper Manufacturing Ltd.		334,969		101,559
Minth Group Ltd.		155,131		306,315
MMG Ltd.(a)(c)		1,332,023		263,016
Nexteer Automotive Group Ltd.(a)		477,788		258,680
Powerlong Real Estate Holdings Ltd.(a)		351,000		28,617
SITC International Holdings Co. Ltd.		140,123		229,556
TI Fluid Systems PLC(b)		54,778		87,539
Towngas Smart Energy Co. Ltd.(c)		559,000		195,832
Uni-President China Holdings Ltd.		352,349		260,339

	Shares		Value
China-(continued)
Want Want China Holdings Ltd.		785,444	$	516,302
Wharf Holdings Ltd. (The)		107,048		306,150
				5,204,440
Colombia-0.15%
Frontera Energy Corp.(c)		19,200		160,463
Parex Resources, Inc.		37,022		563,995
				724,458
Denmark-1.62%
Alm Brand A/S		263,823		360,751
Bavarian Nordic A/S(c)		9,441		300,806
D/S Norden A/S		17,022		883,127
Demant A/S(c)		11,797		322,467
Dfds A/S		9,128		277,262
FLSmidth & Co. A/S(a)		31,153		720,660
GN Store Nord A/S(a)		14,145		300,832
H Lundbeck A/S		109,597		409,867
H Lundbeck A/S, Class A(c)		27,384		93,067
Matas A/S		13,265		126,970
NKT A/S(c)		13,650		682,088
Per Aarsleff Holding A/S		4,951		138,358
Ringkjoebing Landbobank A/S		4,048		440,669
ROCKWOOL A/S, Class B(a)		1,181		235,179
Royal Unibrew A/S		6,789		387,824
Scandinavian Tobacco Group A/S(b)		15,727		263,698
Schouw & Co. A/S		3,148		199,766
SimCorp A/S(a)		4,327		258,498
Spar Nord Bank A/S		15,924		192,799
Sydbank A/S		23,203		707,252
Topdanmark A/S		13,357		617,087
				7,919,027
Egypt-0.16%
Centamin PLC		783,979		800,817
Faroe Islands-0.09%
Bakkafrost P/F(a)		8,351		417,275
Finland-1.08%
Cargotec OYJ, Class B(a)		23,210		873,541
Citycon OYJ(a)		33,760		210,377
Finnair OYJ(a)(c)		523,013		221,759
Kemira OYJ		22,913		302,552
Kojamo OYJ(a)		44,117		574,252
Konecranes OYJ		27,480		691,491
Metsa Board OYJ		47,989		360,942
Metso Outotec OYJ(a)		79,725		605,313
Terveystalo OYJ(a)(b)		15,712		97,211
TietoEVRY OYJ(a)		34,420		821,220
Tokmanni Group Corp.		18,092		218,866
Uponor OYJ(a)		13,540		179,858
YIT OYJ(a)		59,304		148,760
				5,306,142
France-3.01%
ALD S.A.(b)		23,990		256,074
Alten S.A.		4,898		572,684
BioMerieux		5,041		446,113
Casino Guichard Perrachon S.A.(a)(c)		42,253		406,750
Cie Plastic Omnium S.A.		26,795		375,792
Coface S.A.(c)		42,470		473,061
Dassault Aviation S.A.		6,039		897,685

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

  60  

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

October 31, 2022

	Shares		Value
France-(continued)
Derichebourg S.A.		36,740	$	160,572
Elior Group S.A.(a)(b)(c)		93,293		207,464
Eramet S.A.(a)		2,836		185,977
Fnac Darty S.A.(a)		6,776		209,484
Gaztransport Et Technigaz S.A., (Acquired 03/15/2018 - 10/25/2022; Cost $397,064)(a)(d)		4,339		504,751
ICADE		12,309		458,157
Imerys S.A.(a)		16,038		657,190
Ipsen S.A.		6,083		625,262
Ipsos		9,839		476,495
JCDecaux S.A.(c)		14,311		180,623
Korian S.A.		24,009		226,852
La Francaise des Jeux SAEM(b)		14,523		473,676
Lagardere S.A.		12,653		221,224
Maisons du Monde S.A.(a)(b)		17,891		175,411
Mercialys S.A.(a)		45,896		397,592
Metropole Television S.A.(a)		12,555		129,920
Nexans S.A.		10,880		1,017,258
Nexity S.A.(a)		13,254		265,660
Remy Cointreau S.A.(a)		2,515		385,532
Sartorius Stedim Biotech		721		228,887
SMCP S.A.(b)(c)		41,942		263,851
Societe BIC S.A.		9,767		560,852
SOITEC(a)(c)		1,565		201,003
Somfy S.A.		1,020		108,675
Sopra Steria Group SACA		3,859		511,082
Television Francaise 1(a)		32,581		206,733
Trigano S.A.(a)		1,914		195,981
Vallourec S.A.(c)		62,282		663,271
Verallia S.A.(b)		21,201		600,961
Virbac S.A.		558		136,772
Wendel SE		8,283		649,190
				14,714,517
Germany-4.26%
1&1 AG		13,730		181,025
ADLER Group S.A.(a)(b)(c)		77,316		114,776
ADVA Optical Networking SE(c)		5,110		104,646
Amadeus Fire AG		1,012		102,222
Auto1 Group SE(b)(c)		17,568		118,331
Bechtle AG		17,321		599,173
Bilfinger SE		14,615		407,342
CANCOM SE		8,258		204,371
Carl Zeiss Meditec AG, BR		2,493		301,958
CECONOMY AG(a)		126,147		205,593
CompuGroup Medical SE & Co. KGaA		3,989		126,161
Corestate Capital Holding S.A.(a)(c)		13,950		12,891
CTS Eventim AG& Co. KGaA(c)		6,067		289,862
Deutsche EuroShop AG		4,558		97,756
Deutsche Pfandbriefbank AG(b)		61,388		457,777
Deutsche Wohnen SE		14,630		295,264
Deutz AG		64,287		242,970
DIC Asset AG		11,740		80,991
Draegerwerk AG& Co. KGaA		1,325		47,865
Draegerwerk AG& Co. KGaA, Preference Shares		3,901		157,114
Duerr AG		22,618		598,654
DWS Group GmbH & Co. KGaA(b)		16,948		458,966
ElringKlinger AG		21,890		156,746

	Shares		Value
Germany-(continued)
Encavis AG		18,556	$	345,706
Evotec SE(c)		11,506		219,649
Fielmann AG		5,594		178,360
Fraport AG Frankfurt Airport Services Worldwide(c)		12,103		466,997
Fuchs Petrolub SE		8,399		202,548
Fuchs Petrolub SE, Preference Shares		17,625		505,171
Gerresheimer AG		10,485		601,046
Grand City Properties S.A.		44,938		437,483
GRENKE AG		6,906		140,879
Heidelberger Druckmaschinen AG(a)(c)		203,271		280,862
Hella GmbH & Co. KGaA		7,810		610,188
HelloFresh SE(c)		9,951		199,259
Hornbach Holding AG& Co. KGaA		4,178		284,924
Instone Real Estate Group SE(b)		14,449		105,249
Jenoptik AG		11,407		250,511
Jungheinrich AG, Preference Shares		13,339		331,963
Kloeckner & Co. SE(a)		57,426		450,367
Krones AG		4,758		440,866
Leoni AG(a)(c)		22,571		159,168
METRO AG(c)		62,258		475,648
MorphoSys AG(c)		7,183		135,988
Nemetschek SE		2,155		103,002
Nordex SE(a)(c)		54,486		509,325
Norma Group SE		8,514		135,058
Rational AG		282		159,146
Sartorius AG		61		17,996
Sartorius AG, Preference Shares		768		271,058
Schaeffler AG, Preference Shares(a)		87,700		451,161
Scout24 SE(b)		17,903		917,988
Siltronic AG		5,945		370,466
Sirius Real Estate Ltd.		197,299		160,148
Sixt SE		3,216		301,961
Sixt SE, Preference Shares		4,158		242,464
Software AG		15,351		336,519
Softwareone Holding AG(a)(c)		36,063		406,125
Stabilus SE		3,647		200,231
Stroeer SE & Co. KGaA		6,226		253,892
Suedzucker AG		40,544		516,925
Synlab AG		15,424		198,633
Talanx AG		15,681		589,246
TeamViewer AG(b)(c)		13,142		126,434
Traton SE		21,624		269,930
Vantage Towers AG		12,695		357,342
Vitesco Technologies Group AG(c)		20,172		1,080,586
Wacker Chemie AG		4,545		529,613
Wacker Neuson SE		9,107		143,745
				20,834,280
Ghana-0.05%
Tullow Oil PLC(a)(c)		486,455		226,832
Hong Kong-1.42%
ASMPT Ltd.		99,658		548,447
Bank of East Asia Ltd. (The)		129,797		124,343
Cathay Pacific Airways Ltd.(c)		369,307		334,970
CK Infrastructure Holdings Ltd.		125,263		595,210
Cowell e Holdings, Inc.(c)		311,550		381,011
DFI Retail Group Holdings Ltd.		60,088		134,597
Hang Lung Properties Ltd.		399,862		502,766
Huabao International Holdings Ltd.		497,692		229,513

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

  61  

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

October 31, 2022

	Shares		Value
Hong Kong-(continued)
Hysan Development Co. Ltd.		102,937	$	224,499
Kerry Properties Ltd.		93,684		148,227
Man Wah Holdings Ltd.		338,698		188,984
Melco International Development Ltd.(a)(c)		189,406		98,927
Orient Overseas International Ltd.(a)		30,500		445,658
Pacific Basin Shipping Ltd.		957,375		231,726
PCCW Ltd.		463,311		177,065
Singamas Container Holdings Ltd.		1,184,000		90,499
Sino Land Co. Ltd.		373,667		399,379
Swire Pacific Ltd., Class A		81,000		536,055
Swire Pacific Ltd., Class B		140,000		144,283
Swire Properties Ltd.		213,050		409,281
Truly International Holdings Ltd.		1,156,000		141,373
United Energy Group Ltd.		2,224,000		215,321
Vinda International Holdings Ltd.(a)		64,000		120,013
Vitasoy International Holdings Ltd.(a)(c)		194,545		332,096
VTech Holdings Ltd.		33,468		178,002
				6,932,245
Iraq-0.03%
Gulf Keystone Petroleum Ltd.		70,364		169,319
Ireland-0.44%
AIB Group PLC		354,218		1,025,768
C&C Group PLC(a)(c)		107,410		202,195
Dalata Hotel Group PLC		38,475		123,397
Glanbia PLC(a)		52,720		609,117
Glenveagh Properties PLC(b)(c)		136,186		133,254
Greencore Group PLC(a)(c)		108,486		83,687
				2,177,418
Israel-2.39%
Airport City Ltd.(c)		15,602		259,553
Alony Hetz Properties & Investments Ltd.		22,858		269,529
Amot Investments Ltd.		28,961		176,095
Ashtrom Group Ltd.		7,130		155,890
Azrieli Group Ltd.		6,045		450,176
Big Shopping Centers Ltd.		1,086		122,378
Clal Insurance Enterprises Holdings Ltd.(c)		15,499		268,673
Delek Group Ltd.(c)		4,665		716,550
El Al Israel Airlines(a)(c)		168,996		194,949
Elbit Systems Ltd.		4,882		992,075
Elco Ltd.		2,008		116,389
Electra Ltd.		256		149,658
FIBI Holdings Ltd.		3,733		176,812
First International Bank of Israel Ltd. (The)		15,236		661,042
Formula Systems 1985 Ltd.		2,125		173,285
G City Ltd.		43,151		140,015
Harel Insurance Investments & Financial Services Ltd.		35,484		343,195
Isracard Ltd.		45,510		135,256
Israel Corp. Ltd. (The)		864		375,844
Matrix IT Ltd.		6,031		130,696
Melisron Ltd.(a)		3,485		259,828
Migdal Insurance & Financial Holdings Ltd.		108,918		131,184
Mivne Real Estate KD Ltd.		97,177		303,721
Nice Ltd.(c)		4,049		770,570
Norstar Holdings, Inc.(a)		16,284		84,948
Nova Ltd.(c)		1,499		110,524
Oil Refineries Ltd.		1,116,859		418,247
Partner Communications Co. Ltd.(c)		34,884		264,145

	Shares		Value
Israel-(continued)
Paz Oil Co. Ltd.(c)		2,516	$	301,891
Phoenix Holdings Ltd. (The)		39,693		432,061
Plus500 Ltd.		39,188		814,400
Reit 1 Ltd.		30,408		160,270
Shikun & Binui Ltd.(c)		49,187		196,078
Shufersal Ltd.		52,352		358,930
Strauss Group Ltd.		8,130		204,388
Tower Semiconductor Ltd.(c)		20,095		863,294
				11,682,539
Italy-2.86%
ACEA S.p.A.		16,575		208,869
Amplifon S.p.A.(a)		10,434		259,255
Anima Holding S.p.A.(b)		103,435		320,593
Autogrill S.p.A.(a)(c)		83,760		524,024
Banca Generali S.p.A.(a)		18,694		559,091
Banca IFIS S.p.A.		19,104		225,633
Banca Mediolanum S.p.A.		102,029		764,371
Banca Monte dei Paschi di Siena S.p.A.(a)(c)		2,914		5,500
Banca Popolare di Sondrio S.p.A.		102,793		368,792
BFF Bank S.p.A.(b)		59,389		419,098
Brembo S.p.A.(a)		45,327		473,973
Buzzi Unicem S.p.A.(a)		42,728		709,257
Danieli & C. Officine Meccaniche S.p.A.		3,986		81,352
Danieli & C. Officine Meccaniche S.p.A., RSP		13,037		179,103
Davide Campari-Milano N.V.(a)		48,962		440,074
De’ Longhi S.p.A.(a)		17,804		307,413
DiaSorin S.p.A.(a)		2,375		310,552
Enav S.p.A.(a)(b)		72,183		278,948
ERG S.p.A.		24,505		768,728
Esprinet S.p.A.		34,378		229,178
Infrastrutture Wireless Italiane S.p.A.(b)		68,151		601,634
Interpump Group S.p.A.(a)		10,653		412,522
Iren S.p.A.		260,914		387,843
Maire Tecnimont S.p.A.(a)		94,762		294,274
MFE-MediaForEurope N.V., Class A(a)		458,820		160,802
MFE-MediaForEurope N.V., Class B(a)		265,355		132,443
Nexi S.p.A.(a)(b)(c)		31,551		273,479
OVS S.p.A.(a)(b)		164,489		307,263
Piaggio & C S.p.A.		85,285		219,158
PRADA S.p.A.		79,213		360,754
Recordati Industria Chimica e Farmaceutica S.p.A.(a)		16,303		612,781
Reply S.p.A.(a)		1,905		207,297
Salvatore Ferragamo S.p.A.(a)		14,151		208,114
Saras S.p.A.(c)		896,539		1,083,694
Sesa S.p.A.(a)		1,209		131,082
Technogym S.p.A.(a)(b)		28,399		195,355
Unieuro S.p.A.(a)(b)		22,780		245,860
UnipolSai Assicurazioni S.p.A.(a)		179,349		404,507
Webuild S.p.A.(a)		216,748		294,985
Webuild S.p.A., Wts., expiring 08/02/2030(c)		6,553		0
				13,967,651
Japan-30.36%
77 Bank Ltd. (The)		20,340		246,458
ABC-Mart, Inc.		10,428		465,150
Acom Co. Ltd.		176,348		385,596
Activia Properties, Inc.		217		643,109
Adastria Co. Ltd.		19,325		262,893
ADEKA Corp.		21,285		318,770

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

  62  

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

October 31, 2022

	Shares		Value
Japan-(continued)
Advance Residence Investment Corp.		293	$	682,060
Aeon Delight Co. Ltd.(a)		6,757		135,199
AEON Financial Service Co. Ltd.		67,500		661,217
Aeon Mall Co. Ltd.		63,883		694,983
AEON REIT Investment Corp.		457		491,943
Aica Kogyo Co. Ltd.		11,144		239,922
Aichi Financial Group, Inc.		16,216		207,289
Aiful Corp.		109,174		297,477
Ain Holdings, Inc.		9,751		410,023
Air Water, Inc.		58,511		654,649
Alconix Corp.		23,290		214,512
Alfresa Holdings Corp.		56,281		647,874
Alpen Co. Ltd.(a)		11,152		151,935
Amano Corp.		10,465		179,328
Anritsu Corp.		36,755		370,678
Aoyama Trading Co. Ltd.		52,032		363,368
Arclands Corp.		14,708		145,957
Ariake Japan Co. Ltd.		4,347		150,618
As One Corp.		3,438		147,110
Asahi Holdings, Inc.		28,504		364,175
Asahi Intecc Co. Ltd.		12,969		221,102
Asanuma Corp.		11,364		209,259
Asics Corp.		48,882		751,145
ASKUL Corp.		19,713		206,235
Autobacs Seven Co. Ltd.		23,216		221,016
Avex, Inc.		19,506		218,767
Azbil Corp.		27,178		739,631
Bank of Kyoto Ltd. (The)		19,605		706,986
Bell System24 Holdings, Inc.		16,174		150,494
Benesse Holdings, Inc.		20,235		298,689
Bic Camera, Inc.(a)		56,779		441,977
BIPROGY, Inc.		21,936		474,479
BML, Inc.		7,417		167,916
Calbee, Inc.		26,577		533,739
Canon Marketing Japan, Inc.		12,318		260,225
Capcom Co. Ltd.		17,199		479,630
Chiyoda Corp.(a)(c)		102,360		254,118
Chugin Financial Group, Inc.		27,217		164,069
Chugoku Electric Power Co., Inc. (The)(a)		119,663		561,946
Citizen Watch Co. Ltd.		171,502		721,154
CKD Corp.		21,525		264,582
CMK Corp.		33,014		119,053
Coca-Cola Bottlers Japan Holdings, Inc.		47,721		431,507
Colowide Co. Ltd.(a)		22,532		276,657
Comforia Residential REIT, Inc.		147		312,029
Cosmo Energy Holdings Co. Ltd.(a)		35,005		900,825
Cosmos Pharmaceutical Corp.		4,530		438,874
CyberAgent, Inc.		65,403		538,590
Daicel Corp.		76,412		435,950
Daido Steel Co. Ltd.		10,876		282,446
Daihen Corp.(a)		5,335		138,010
Daiichikosho Co. Ltd.		7,177		206,182
Daiki Aluminium Industry Co. Ltd.		16,050		138,542
Daio Paper Corp.		16,772		123,899
Daiseki Co. Ltd.		8,108		250,929
Daiwa Office Investment Corp.		76		358,946
Daiwa Securities Living Investments Corp.		479		371,895
Daiwabo Holdings Co. Ltd.		21,976		284,320
DCM Holdings Co. Ltd.		28,002		218,349
DeNA Co. Ltd.		35,800		467,506

	Shares		Value
Japan-(continued)
Denka Co. Ltd.		33,446	$	775,197
Descente Ltd.		7,597		182,980
Dexerials Corp.(a)		9,725		227,365
DIC Corp.		22,792		383,049
Digital Garage, Inc.		4,998		120,045
DMG Mori Co. Ltd.		63,847		740,983
Doutor Nichires Holdings Co. Ltd.		14,471		161,616
DTS Corp.		8,037		191,415
Duskin Co. Ltd.		7,656		146,903
DyDo Group Holdings, Inc.(a)		3,941		120,376
Earth Corp.		3,867		133,986
EDION Corp.		38,548		306,288
Elecom Co. Ltd.(a)		15,187		141,004
en Japan, Inc.		6,616		115,241
Exedy Corp.		11,984		140,533
EXEO Group, Inc.		28,160		412,828
Ezaki Glico Co. Ltd.		14,416		324,429
Fancl Corp.		8,770		166,449
FCC Co. Ltd.		15,368		149,508
Financial Products Group Co. Ltd.		23,341		182,475
Food & Life Cos. Ltd.		12,944		218,498
FP Corp.(a)		11,248		268,269
Frontier Real Estate Investment Corp.		118		416,793
Fuji Corp.		33,273		440,551
Fuji Media Holdings, Inc.		40,994		285,456
Fuji Oil Holdings, Inc.		18,579		292,619
Fuji Seal International, Inc.		13,606		159,554
Fuji Soft, Inc.		4,513		245,940
Fujikura Ltd.		150,290		889,798
Fujimi, Inc.		2,956		123,701
Fujitec Co. Ltd.		13,036		259,431
Fujitsu General Ltd.(a)		18,336		419,433
Fukuoka REIT Corp.		134		156,507
Fukuyama Transporting Co. Ltd.		4,784		104,444
Furukawa Electric Co. Ltd.		48,651		751,523
Fuyo General Lease Co. Ltd.		2,652		147,378
Gakken Holdings Co. Ltd.		19,463		128,457
Global One Real Estate Investment Corp.		244		188,456
GLOBERIDE, Inc.		8,626		135,453
Glory Ltd.		10,853		167,576
GMO Internet Group, Inc.		15,077		260,793
GOLDWIN, Inc.		5,095		266,688
GS Yuasa Corp.(a)		40,687		620,563
GungHo Online Entertainment, Inc.		9,119		135,158
Gunma Bank Ltd. (The)		177,632		484,011
H.I.S. Co. Ltd.(a)(c)		27,744		384,330
H.U. Group Holdings, Inc.		32,278		601,541
H2O Retailing Corp.		41,016		344,939
Hachijuni Bank Ltd. (The)(a)		105,830		337,494
Hakuhodo DY Holdings, Inc.		56,709		479,204
Hamamatsu Photonics K.K		15,481		702,001
Hanwa Co. Ltd.		8,026		194,393
Haseko Corp.		62,963		648,968
Hazama Ando Corp.(a)		55,350		321,371
Heiwa Corp.(a)		13,253		213,995
Heiwa Real Estate Co. Ltd.		8,169		226,985
Heiwa Real Estate REIT, Inc.		180		186,618
Hikari Tsushin, Inc.		7,316		884,506
Hirata Corp.		4,092		120,033
Hirogin Holdings, Inc.(a)		56,627		233,541

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

  63  

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

October 31, 2022

	Shares		Value
Japan-(continued)
Hisamitsu Pharmaceutical Co., Inc.		28,086	$	693,481
Hitachi Transport System Ltd.		12,627		755,233
Hitachi Zosen Corp.		130,335		753,240
Hokkaido Electric Power Co., Inc.(a)		63,617		193,888
Hokkoku Financial Holdings, Inc.(a)		11,409		348,484
Hokuetsu Corp.		36,014		187,054
Hokuhoku Financial Group, Inc.		39,582		237,809
Hokuriku Electric Power Co.(a)		47,717		159,875
Horiba Ltd.		11,260		463,627
Hoshino Resorts REIT, Inc.(a)		48		227,995
Hoshizaki Corp.		20,912		600,058
Hosiden Corp.		31,561		333,372
House Foods Group, Inc.(a)		17,191		321,879
Hulic Reit, Inc.		307		359,597
Ichigo Office REIT Investment Corp.(a)		301		169,905
Idec Corp.		8,925		191,548
IDOM, Inc.		47,470		237,933
Iino Kaiun Kaisha Ltd.		27,407		136,634
Inabata & Co. Ltd.		10,338		170,892
Industrial & Infrastructure Fund Investment Corp.		360		380,260
INFRONEER Holdings, Inc.		52,846		366,919
Internet Initiative Japan, Inc.		25,086		394,598
Invincible Investment Corp.		1,712		537,898
IRISO Electronics Co. Ltd.		5,741		166,859
Ishihara Sangyo Kaisha Ltd.		25,889		178,707
Ito En Ltd.(a)		12,055		425,800
Itochu Techno-Solutions Corp.		28,827		669,110
Itoham Yonekyu Holdings, Inc.		32,604		145,872
Iwatani Corp.		16,592		611,728
Iyogin Holdings, Inc.		47,994		225,060
Izumi Co. Ltd.(a)		12,895		260,182
J Trust Co. Ltd.		57,727		254,001
Jaccs Co. Ltd.		7,597		184,514
JAFCO Group Co. Ltd.		43,134		662,528
Japan Airport Terminal Co. Ltd.(c)		9,213		395,458
Japan Aviation Electronics Industry Ltd.		25,574		399,005
Japan Display, Inc.(a)(c)		1,082,677		364,207
Japan Excellent, Inc.		365		337,656
Japan Hotel REIT Investment Corp.		1,399		736,985
Japan Lifeline Co. Ltd.		22,053		148,964
Japan Logistics Fund, Inc.		181		387,853
Japan Petroleum Exploration Co. Ltd.		27,707		719,541
Japan Prime Realty Investment Corp.		248		673,247
Japan Securities Finance Co. Ltd.(a)		25,265		151,452
Japan Steel Works Ltd. (The)		19,540		404,249
Jeol Ltd.		4,365		160,345
Joyful Honda Co. Ltd.(a)		15,194		185,434
Juki Corp.		29,459		144,684
JVCKenwood Corp.		187,875		273,025
Kadokawa Corp.		16,374		294,354
Kagome Co. Ltd.		18,014		360,438
Kakaku.com, Inc.		16,542		280,569
Kaken Pharmaceutical Co. Ltd.		7,287		186,544
Kamigumi Co. Ltd.		27,214		517,786
Kanamoto Co. Ltd.(a)		13,526		195,471
Kaneka Corp.		14,026		348,208
Kanematsu Corp.		21,172		209,533
Kanto Denka Kogyo Co. Ltd.		16,168		103,338
Keihan Holdings Co. Ltd.		34,024		875,580

	Shares		Value
Japan-(continued)
Keikyu Corp.		78,210	$	803,490
Kenedix Office Investment Corp.(a)		236		537,464
Kenedix Residential Next Investment Corp.		212		310,651
Kenedix Retail REIT Corp.		161		289,537
Kewpie Corp.		34,089		538,736
KH Neochem Co. Ltd.		13,338		227,841
Kinden Corp.		22,032		224,419
Kobayashi Pharmaceutical Co. Ltd.(a)		7,328		389,486
Koei Tecmo Holdings Co. Ltd.(a)		19,057		288,224
Kohnan Shoji Co. Ltd.(a)		7,781		163,069
Kokuyo Co. Ltd.		16,583		205,956
Komeri Co. Ltd.		8,266		144,315
Konami Group Corp.		17,221		756,572
Kose Corp.		5,748		575,051
K’s Holdings Corp.		79,864		626,511
Kumagai Gumi Co. Ltd.		15,711		265,735
Kureha Corp.		8,297		533,652
Kusuri no Aoki Holdings Co. Ltd.		5,099		246,314
KYB Corp.		11,422		250,134
Kyoritsu Maintenance Co. Ltd.(a)		6,929		285,766
Kyudenko Corp.		8,843		188,003
Kyushu Financial Group, Inc.		71,094		179,846
LaSalle Logiport REIT		251		267,997
Lasertec Corp.		1,171		167,730
Leopalace21 Corp.(a)(c)		98,389		187,332
Life Corp.		8,850		132,064
Lintec Corp.		13,604		204,287
M3, Inc.		16,018		479,134
Mabuchi Motor Co. Ltd.		19,073		518,417
Macnica Holdings, Inc.		15,568		311,915
Makino Milling Machine Co. Ltd.		10,832		334,868
Mandom Corp.		16,854		170,882
Maruha Nichiro Corp., Class C		9,774		150,784
Maruichi Steel Tube Ltd.		12,120		229,215
Matsuda Sangyo Co. Ltd.		8,758		131,044
Matsui Securities Co. Ltd.(a)		31,966		170,330
Maxell Ltd.		24,189		200,985
MCJ Co. Ltd.		20,432		129,216
Medipal Holdings Corp.		46,140		572,734
Megachips Corp.		5,355		91,943
Megmilk Snow Brand Co. Ltd.		10,734		116,992
Meidensha Corp.(a)		9,697		129,241
Meiko Electronics Co. Ltd.		6,973		123,993
Meitec Corp.(a)		18,707		315,779
Menicon Co. Ltd.		7,882		135,065
Mirai Corp.(a)		492		158,555
MIRAIT ONE Corp.		20,328		195,437
Mitsubishi Estate Logistics REIT Investment Corp.(a)		55		162,815
Mitsubishi Logistics Corp.		20,452		449,260
Mitsui E&S Holdings Co. Ltd.(c)		137,080		384,582
Mitsui Fudosan Logistics Park, Inc.		81		268,665
Mitsui Matsushima Holdings Co. Ltd.(a)		12,136		195,878
Miura Co. Ltd.		18,411		375,937
Mixi, Inc.		28,414		445,800
Monex Group, Inc.		59,653		207,894
MonotaRO Co. Ltd.		10,810		164,948
Mori Hills REIT Investment Corp.		363		397,350
Mori Trust Sogo Reit, Inc.		205		204,538
Morinaga & Co. Ltd.(a)		12,370		309,593

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

  64  

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

October 31, 2022

	Shares		Value
Japan-(continued)
Morinaga Milk Industry Co. Ltd.		13,688	$	388,626
Musashi Seimitsu Industry Co. Ltd.		20,490		236,696
Nachi-Fujikoshi Corp.		5,645		148,118
Nagase & Co. Ltd.		14,265		194,634
Namura Shipbuilding Co. Ltd.(a)(c)		71,131		260,816
Nankai Electric Railway Co. Ltd.		19,870		402,386
NEC Networks & System Integration Corp.		24,027		257,672
NET One Systems Co. Ltd.		22,977		473,035
Nexon Co. Ltd.		46,751		785,395
NHK Spring Co. Ltd.		75,225		417,031
Nichias Corp.		13,892		214,593
Nichicon Corp.(a)		27,721		261,292
Nichi-iko Pharmaceutical Co. Ltd.(a)(c)		33,349		104,556
Nifco, Inc.		23,969		557,156
Nihon Kohden Corp.		22,221		498,584
Nihon M&A Center Holdings, Inc.		17,722		200,667
Nikkiso Co. Ltd.		30,021		200,362
Nippon Accommodations Fund, Inc.		97		413,099
Nippon Carbon Co. Ltd.		5,284		149,844
Nippon Chemi-Con Corp.(c)		17,893		225,596
Nippon Denko Co. Ltd.(a)		58,505		133,829
Nippon Gas Co. Ltd.		30,973		450,316
Nippon Kayaku Co. Ltd.		24,999		198,801
Nippon Light Metal Holdings Co. Ltd.		28,792		281,072
Nippon Paint Holdings Co. Ltd.(a)		109,147		697,613
Nippon Paper Industries Co. Ltd.(a)		61,018		355,512
NIPPON REIT Investment Corp.		131		323,457
Nippon Sanso Holdings Corp.		51,415		820,509
Nippon Sheet Glass Co. Ltd.(a)(c)		88,102		328,971
Nippon Shinyaku Co. Ltd.		8,266		458,249
Nippon Shokubai Co. Ltd.		6,240		224,184
Nippon Steel Trading Corp.		4,806		165,551
Nippon Suisan Kaisha Ltd.		145,183		517,691
Nippon Television Holdings, Inc.		21,433		160,061
Nippon Yakin Kogyo Co. Ltd.(a)		10,543		200,880
Nipro Corp.		43,154		325,756
Nishimatsu Construction Co. Ltd.(a)		16,074		391,482
Nishimatsuya Chain Co. Ltd.(a)		20,707		190,164
Nishi-Nippon Financial Holdings, Inc.		42,753		218,029
Nishi-Nippon Railroad Co. Ltd.(a)		9,929		194,993
Nissha Co. Ltd.		22,518		265,577
Nisshin Seifun Group, Inc.		64,407		696,784
Nisshinbo Holdings, Inc.		98,769		685,771
Nissin Electric Co. Ltd.		19,027		176,912
Nitto Boseki Co. Ltd.(a)		6,416		95,354
NOF Corp.		18,558		639,264
Nojima Corp.		17,992		150,100
NOK Corp.		26,623		217,806
Nomura Co. Ltd.		24,737		181,240
Noritz Corp.		12,238		125,809
NS Solutions Corp.		7,316		168,583
NS United Kaiun Kaisha Ltd.		6,169		153,566
NSD Co. Ltd.		9,783		167,443
NTN Corp.(a)		486,202		866,845
NTT UD REIT Investment Corp.(a)		369		361,465
Obic Co. Ltd.		5,383		810,157
Okamura Corp.		19,835		182,690
Oki Electric Industry Co. Ltd.(a)		32,337		160,342
OKUMA Corp.		12,288		412,535
Okumura Corp.		8,013		151,597

	Shares		Value
Japan-(continued)
One REIT, Inc.		72	$	120,085
Onward Holdings Co. Ltd.(a)		106,819		222,787
Open House Group Co. Ltd.		19,337		689,515
Organo Corp.		9,996		173,174
Orient Corp.(a)		42,999		348,598
OSG Corp.(a)		20,773		264,563
Outsourcing, Inc.		45,126		353,697
Paltac Corp.		7,299		207,722
Park24 Co. Ltd.(c)		46,917		626,570
Pasona Group, Inc.(a)		11,647		160,794
Penta-Ocean Construction Co. Ltd.		102,279		509,210
Pigeon Corp.		28,060		367,752
Pilot Corp.		4,650		181,138
Pola Orbis Holdings, Inc.		28,806		318,807
Press Kogyo Co. Ltd.		77,304		216,359
Pressance Corp.		11,052		113,617
Prima Meat Packers Ltd.		8,126		107,538
Raito Kogyo Co. Ltd.		13,200		180,192
Relo Group, Inc.(a)		30,795		435,504
Rengo Co. Ltd.		71,007		394,125
Resorttrust, Inc.		25,585		394,185
Rinnai Corp.		12,177		830,725
Rohto Pharmaceutical Co. Ltd.		18,014		560,533
Round One Corp.		63,477		270,333
Royal Holdings Co. Ltd.(a)(c)		11,547		184,740
Saizeriya Co. Ltd.(a)		8,027		149,917
Sakai Chemical Industry Co. Ltd.		10,810		142,911
Sakata Seed Corp.		6,796		224,041
SAMTY Co. Ltd.		12,585		199,060
San-In Godo Bank Ltd. (The)		29,906		142,453
Sanken Electric Co. Ltd.		8,838		303,846
Sankyo Co. Ltd.		20,185		667,469
Sankyu, Inc.		15,747		470,921
Sanoh Industrial Co. Ltd.(a)		29,887		136,531
Sanrio Co. Ltd.(a)		8,355		222,879
Sanwa Holdings Corp.		35,155		303,217
Sanyo Chemical Industries Ltd.		4,982		141,280
Sanyo Denki Co. Ltd.		4,369		160,198
Sanyo Special Steel Co. Ltd.(a)		15,336		197,381
Sapporo Holdings Ltd.(a)		23,013		507,839
Sawai Group Holdings Co. Ltd.		8,339		240,405
SBS Holdings, Inc.		7,590		148,088
SCREEN Holdings Co. Ltd.		8,740		481,586
SCSK Corp.		37,777		558,388
Seiko Holdings Corp.		8,734		185,098
Seino Holdings Co. Ltd.		33,483		257,709
Seiren Co. Ltd.(a)		14,480		227,281
Sekisui House REIT, Inc.(a)		969		522,198
Senko Group Holdings Co. Ltd.		33,681		225,242
Senshu Ikeda Holdings, Inc.		160,221		229,603
Seven Bank Ltd.(a)		363,039		654,586
Shibaura Machine Co. Ltd.		10,812		210,370
Shiga Bank Ltd. (The)		10,543		178,536
Shikoku Electric Power Co., Inc.		49,240		237,197
Shindengen Electric Manufacturing Co. Ltd.(a)		7,854		194,454
Shinko Electric Industries Co. Ltd.		8,388		202,314
Shinsei Bank Ltd.(a)		41,682		619,755
Ship Healthcare Holdings, Inc.(a)		22,757		436,507
SHO-BOND Holdings Co. Ltd.		6,958		301,474

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

  65  

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

October 31, 2022

	Shares		Value
Japan-(continued)
Shochiku Co. Ltd.(c)		2,168	$	172,261
Siix Corp.		19,380		149,814
SKY Perfect JSAT Holdings, Inc.(a)		61,088		214,128
Sodick Co. Ltd.		31,958		166,203
Sohgo Security Services Co. Ltd.		26,902		671,487
Sotetsu Holdings, Inc.(a)		14,604		221,367
Square Enix Holdings Co. Ltd.		17,150		766,145
Star Micronics Co. Ltd.		16,011		183,663
Starts Corp., Inc.		7,665		135,627
Sugi Holdings Co. Ltd.		14,284		573,724
Sumitomo Bakelite Co. Ltd.		13,237		358,900
Sumitomo Mitsui Construction Co. Ltd.		54,231		159,444
Sumitomo Osaka Cement Co. Ltd.		19,473		414,654
Sumitomo Pharma Co. Ltd.		93,322		651,091
Sumitomo Warehouse Co. Ltd. (The)(a)		14,487		196,786
Sundrug Co. Ltd.		26,087		607,266
Suruga Bank Ltd.		198,219		525,437
Suzuken Co. Ltd.		18,433		410,490
SWCC Showa Holdings Co. Ltd.(a)		15,674		188,655
Tadano Ltd.		27,070		165,733
Taiheiyo Cement Corp.		50,904		692,145
Taisho Pharmaceutical Holdings Co. Ltd.		14,957		539,372
Taiyo Holdings Co. Ltd.		9,942		175,516
Takara Holdings, Inc.		44,236		308,329
Takasago Thermal Engineering Co. Ltd.		12,921		157,345
Takeuchi Manufacturing Co. Ltd.		13,955		281,663
Takuma Co. Ltd.		16,527		137,433
Tama Home Co. Ltd.(a)		8,758		137,585
Tamura Corp.(a)		42,865		213,409
TBS Holdings, Inc.		24,416		253,137
TechnoPro Holdings, Inc.		16,143		385,017
Toagosei Co. Ltd.		19,658		151,170
Tocalo Co. Ltd.		17,833		142,774
Toda Corp.(a)		30,036		150,145
Toei Co. Ltd.(a)		1,341		165,195
Toho Co. Ltd.		22,923		817,384
Toho Holdings Co. Ltd.		12,260		166,783
Toho Zinc Co. Ltd.(a)		12,308		176,710
Tokai Carbon Co. Ltd.		95,111		621,339
Tokai Rika Co. Ltd.		15,565		162,525
Tokai Tokyo Financial Holdings, Inc.(a)		73,457		168,526
Token Corp.		2,499		131,982
Tokuyama Corp.		44,790		522,829
Tokyo Century Corp.		12,238		417,443
Tokyo Ohka Kogyo Co. Ltd.		9,104		393,230
Tokyo Seimitsu Co. Ltd.		12,999		392,239
Tokyo Steel Manufacturing Co. Ltd.(a)		29,185		250,547
Tokyo Tatemono Co. Ltd.		51,792		713,976
Tokyu Construction Co. Ltd.		27,674		116,181
Tokyu REIT, Inc.		225		320,466
Tomy Co. Ltd.		23,492		206,415
Topcon Corp.		35,653		391,227
Towa Pharmaceutical Co. Ltd.		7,471		112,340
Toyo Ink SC Holdings Co. Ltd.		11,409		146,993
Toyo Seikan Group Holdings Ltd.		56,283		644,111
Toyo Tire Corp.		57,521		674,532
Toyobo Co. Ltd.		29,176		204,145
Toyoda Gosei Co. Ltd.		45,525		727,738
Toyota Boshoku Corp.		49,823		634,876
Transcosmos, Inc.		9,054		208,632

	Shares		Value
Japan-(continued)
Trusco Nakayama Corp.		8,143	$	109,297
TS Tech Co. Ltd.		32,424		339,216
Tsubaki Nakashima Co. Ltd.		28,129		233,533
Tsugami Corp.		17,935		134,782
Tsumura & Co.		10,178		212,619
TV Asahi Holdings Corp.		17,389		163,086
UACJ Corp.		20,324		290,021
UBE Corp.		42,457		547,583
Ulvac, Inc.		16,626		657,724
United Arrows Ltd.(a)		19,339		263,214
Ushio, Inc.		36,951		384,339
USS Co. Ltd.		44,203		668,242
V Technology Co. Ltd.(a)		6,765		127,440
Wacoal Holdings Corp.		12,565		202,464
Wacom Co. Ltd.		32,044		139,486
Welcia Holdings Co. Ltd.		31,224		653,323
Yamaguchi Financial Group, Inc.(a)		76,224		401,030
Yamato Kogyo Co. Ltd.		12,486		362,899
Yamazaki Baking Co. Ltd.		62,097		632,939
Yaoko Co. Ltd.(a)		4,651		202,455
Yokohama Rubber Co. Ltd. (The)		50,611		792,696
Yokowo Co. Ltd.(a)		7,482		102,186
Yoshinoya Holdings Co. Ltd.(a)		18,426		289,837
Zenkoku Hosho Co. Ltd.(a)		11,721		387,191
Zensho Holdings Co. Ltd.(a)		28,175		703,261
Zeon Corp.		73,194		617,521
ZOZO, Inc.		9,598		204,378
				148,507,193
Luxembourg-0.23%
Global Fashion Group S.A.(c)		56,646		95,512
RTL Group S.A.(a)		8,282		281,091
SES S.A., FDR		107,458		762,348
				1,138,951
Macau-0.16%
MGM China Holdings Ltd.(c)		243,089		97,857
SJM Holdings Ltd.(c)		1,074,668		335,412
Wynn Macau Ltd.(a)(c)		869,842		346,836
				780,105
Mexico-0.11%
Fresnillo PLC(a)		64,036		537,476
Netherlands-1.99%
Adyen N.V.(a)(b)(c)		444		637,441
AMG Advanced Metallurgical Group N.V.		6,449		201,797
Arcadis N.V.		19,246		653,970
Argenx SE(a)(c)		1,362		531,454
Basic-Fit N.V.(a)(b)(c)		6,112		154,040
BE Semiconductor Industries N.V.		8,908		455,355
Corbion N.V.(a)		13,421		357,615
Eurocommercial Properties N.V.		12,169		267,726
Euronext N.V.(b)		9,963		633,158
Flow Traders(a)(b)		14,065		338,632
Fugro N.V.(c)		62,650		814,250
Heijmans N.V., CVA		11,462		116,230
IMCD N.V.(a)		6,442		835,981
Intertrust N.V.(a)(b)(c)		25,999		512,895
JDE Peet’s N.V.		32,275		924,434
Koninklijke BAM Groep N.V.(c)		232,509		507,859
OCI N.V.(a)		25,027		957,757

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

  66  

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

October 31, 2022

	Shares		Value
Netherlands-(continued)
TKH Group N.V., CVA(a)		9,084	$	321,958
TomTom N.V.(a)(c)		22,592		176,956
Van Lanschot Kempen N.V., CVA		8,196		176,996
Wereldhave N.V.(a)		14,982		183,613
				9,760,117
New Zealand-1.11%
a2 Milk Co. Ltd. (The)(c)		111,898		377,041
Auckland International Airport Ltd.(c)		181,849		813,468
Chorus Ltd.		57,346		276,849
Contact Energy Ltd.		79,946		350,657
Fisher & Paykel Healthcare Corp. Ltd.		50,656		576,212
Fletcher Building Ltd.		165,159		493,179
Goodman Property Trust		102,521		123,288
Infratil Ltd.		37,756		191,706
Mainfreight Ltd.		5,836		257,808
Mercury NZ Ltd.		47,031		159,018
Meridian Energy Ltd.		120,346		341,185
Ryman Healthcare Ltd.		43,213		210,377
SKYCITY Entertainment Group Ltd.(c)		92,554		155,931
Spark New Zealand Ltd.		325,645		968,619
Xero Ltd.(c)		2,789		139,232
				5,434,570
Nigeria-0.07%
Airtel Africa PLC(a)(b)		259,904		338,441
Norway-1.66%
Aker ASA, Class A(a)		7,191		506,635
Aker Solutions ASA, Class A		136,423		522,239
Atea ASA		14,266		158,620
Austevoll Seafood ASA		24,424		180,651
Borregaard ASA		10,829		145,611
BW Offshore Ltd.		65,193		166,042
Crayon Group Holding ASA(a)(b)(c)		10,862		90,004
DNO ASA		315,984		412,119
Elkem ASA(b)(c)		117,798		391,797
Entra ASA(b)		17,099		155,500
Europris ASA(b)		43,732		260,368
Frontline Ltd.		83,559		1,044,000
Grieg Seafood ASA		16,377		113,414
Kongsberg Gruppen ASA		12,806		458,939
Leroy Seafood Group ASA		69,299		318,605
Norske Skog ASA(b)(c)		39,739		244,622
Norwegian Air Shuttle ASA(c)		143,510		114,870
Salmar ASA(a)		9,657		327,137
Schibsted ASA, Class A		9,975		153,604
Schibsted ASA, Class B		12,326		182,931
SpareBank 1 Nord Norge		20,731		172,080
SpareBank 1 SMN		28,486		307,413
SpareBank 1 SR-Bank ASA, Class B(a)		28,122		286,174
TGS ASA		61,356		837,999
TOMRA Systems ASA		18,926		305,857
Wallenius Wilhelmsen ASA(a)		40,293		286,593
				8,143,824
Peru-0.03%
Hochschild Mining PLC		220,393		135,375
Poland-0.65%
Alior Bank S.A.(c)		35,680		219,852
Allegro.eu S.A.(a)(b)(c)		44,232		215,072

	Shares		Value
Poland-(continued)
Bank Millennium S.A.(a)(c)		91,866	$	83,946
CCC S.A.(a)(c)		13,917		107,483
CD Projekt S.A.(a)		4,458		118,753
Cyfrowy Polsat S.A.		48,100		180,450
Dino Polska S.A.(b)(c)		3,977		260,224
Jastrzebska Spolka Weglowa S.A.(a)(c)		43,505		378,760
KRUK S.A.		3,442		200,835
LPP S.A.(a)		103		178,958
mBank S.A.(c)		4,284		240,267
Orange Polska S.A.(a)		156,615		197,995
PGE Polska Grupa Energetyczna S.A.(c)		214,647		245,177
Santander Bank Polska S.A.(a)		6,669		355,300
Tauron Polska Energia S.A.(a)(c)		455,253		185,007
				3,168,079
Portugal-0.32%
CTT-Correios de Portugal S.A.(a)		47,805		147,650
Navigator Co. S.A. (The)		92,005		350,820
NOS, SGPS S.A.		106,743		418,200
REN - Redes Energeticas Nacionais SGPS S.A.		83,137		215,282
Sonae SGPS S.A.		447,018		430,103
				1,562,055
Singapore-2.15%
AIMS APAC REIT		166,740		144,930
BOC Aviation Ltd.(a)(b)		47,782		319,872
BW LPG Ltd.(b)		55,536		449,230
CapitaLand Ascott Trust		451,136		304,455
City Developments Ltd.		164,001		884,268
ESR-LOGOS REIT		564,848		135,714
Frasers Centrepoint Trust		197,116		289,733
Frasers Logistics & Commercial Trust(b)		534,299		415,327
IGG, Inc.(c)		262,311		68,169
Jardine Cycle & Carriage Ltd.		20,549		431,862
Keppel Corp. Ltd.		214,565		1,056,828
Keppel DC REIT		211,728		263,332
Keppel REIT		518,349		327,837
Mapletree Industrial Trust		364,977		567,415
Mapletree Logistics Trust(a)		630,784		677,543
Mapletree Pan Asia Commercial Trust		618,588		695,043
NetLink NBN Trust(b)		651,630		393,713
Olam Group Ltd.		173,060		163,876
Raffles Medical Group Ltd.		175,073		164,545
SATS Ltd.(c)		114,373		220,647
Sembcorp Industries Ltd.		255,764		525,951
Sembcorp Marine Ltd.(c)		2,972,710		266,790
Singapore Exchange Ltd.		138,845		826,143
Suntec REIT		569,170		518,853
UOL Group Ltd.		94,157		411,866
				10,523,942
South Africa-0.03%
Scatec ASA(b)		17,900		126,715
South Korea-8.03%
Amorepacific Group		11,105		192,561
Asiana Airlines, Inc.(a)(c)		47,932		348,272
BGF retail Co. Ltd.		3,021		395,533
BNK Financial Group, Inc.		131,549		591,968
Celltrion Healthcare Co. Ltd.		6,434		313,920
Cheil Worldwide, Inc.		25,967		445,711

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

  67  

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

October 31, 2022

	Shares		Value
South Korea-(continued)
Chong Kun Dang Pharmaceutical Corp.		2,276	$	134,216
CJ CGV Co. Ltd.(c)		8,272		78,397
CJ Corp.		6,721		338,775
CJ ENM Co. Ltd.		6,151		316,953
CJ Logistics Corp.(c)		3,446		212,646
Com2uSCorp.		2,950		147,246
Cosmax, Inc.		2,131		68,518
Coway Co. Ltd.		14,968		581,088
Daewoo Engineering & Construction Co. Ltd.(c)		158,846		468,916
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)(c)		37,039		475,842
Daishin Securities Co. Ltd.		11,855		116,099
Daishin Securities Co. Ltd., Preference Shares		11,294		104,658
DB HiTek Co. Ltd.		5,810		180,485
DB Insurance Co. Ltd.		15,377		607,761
Delivery Hero SE(b)(c)		7,441		245,267
DGB Financial Group, Inc.		48,358		230,511
DL Holdings Co. Ltd.		7,580		327,263
Dongkuk Steel Mill Co. Ltd.(a)		61,402		493,561
Dongsuh Cos., Inc.		7,024		100,593
Doosan Bobcat, Inc.		13,512		317,773
Doosan Co. Ltd.(a)		7,691		417,904
Fila Holdings Corp.(a)		24,964		573,079
Gradiant Corp.		13,487		129,241
Green Cross Corp.		1,174		105,083
GS Holdings Corp.		19,434		627,585
GS Retail Co. Ltd.		20,462		364,867
Handsome Co. Ltd.		6,313		111,240
Hankook Tire & Technology Co. Ltd.		20,310		521,135
Hanmi Pharm Co. Ltd.		943		167,488
Hanon Systems		66,566		364,502
Hansol Chemical Co. Ltd.		1,325		172,549
Hanssem Co. Ltd.		2,977		78,268
Hanwha Aerospace Co. Ltd.		19,682		916,085
Hanwha Corp.		26,449		471,624
Hanwha Corp., 3rd Preference Shares		12,817		125,970
Hanwha Investment & Securities Co. Ltd.		41,207		71,164
Hanwha Life Insurance Co. Ltd.		251,287		385,455
HD Hyundai Co. Ltd.		18,952		810,261
HDC Hyundai Development Co-Engineering & Construction, Class E(a)		67,811		476,050
Hite Jinro Co. Ltd.		11,759		211,744
HL Mando Co. Ltd.		23,221		806,121
HMM Co. Ltd.		35,996		482,659
Hotel Shilla Co. Ltd.		9,250		422,093
Hyosung Advanced Materials Corp.(a)		1,077		241,190
Hyosung Chemical Corp.(c)		1,119		79,735
Hyosung Corp.		5,490		264,007
Hyosung Heavy Industries Corp.(c)		3,855		155,342
Hyosung TNC Corp.		1,816		333,381
Hyundai Construction Equipment Co. Ltd.		11,219		338,669
Hyundai Department Store Co. Ltd.		8,054		305,887
Hyundai Doosan Infracore Co. Ltd.(c)		103,609		403,686
Hyundai Electric & Energy System Co. Ltd.(c)		16,521		398,397
Hyundai Elevator Co. Ltd.(a)		11,578		204,827
Hyundai Heavy Industries Co. Ltd.(c)		5,176		396,071
Hyundai Marine & Fire Insurance Co. Ltd.		42,930		1,003,594
Hyundai Mipo Dockyard Co. Ltd.(c)		6,881		443,452

	Shares		Value
South Korea-(continued)
Hyundai Rotem Co. Ltd.(a)(c)		30,284	$	517,684
Hyundai Wia Corp.(a)		17,895		767,584
IS Dongseo Co. Ltd.		6,629		146,825
JB Financial Group Co. Ltd.		35,278		177,820
Kakao Corp.		12,938		460,498
KakaoBank Corp.(c)		4,229		50,768
Kangwon Land, Inc.(c)		33,605		542,606
KCC Corp.		2,895		495,897
KCC Glass Corp.		6,137		166,732
KEPCO Plant Service & Engineering Co. Ltd.(a)		11,227		251,424
KG Chemical Corp.		9,403		151,826
KIWOOM Securities Co. Ltd.		6,664		378,006
Kolmar Korea Co. Ltd.		5,526		132,869
Kolon Industries, Inc.		16,188		494,351
Korea Aerospace Industries Ltd.		17,915		595,511
Korea Line Corp.(c)		84,185		116,427
Korea Petrochemical Ind Co. Ltd.		2,829		235,345
Korea Real Estate Investment & Trust Co. Ltd.		94,301		90,365
Korean Reinsurance Co.		25,297		130,530
Krafton, Inc.(c)		2,465		307,162
Kumho Petrochemical Co. Ltd.		7,119		654,701
Kyeryong Construction Industrial Co. Ltd.		5,756		69,099
LIG Nex1 Co. Ltd.		3,965		282,528
LOTTE Chilsung Beverage Co. Ltd.		1,914		188,787
LOTTE Corp.		12,151		278,088
LOTTE Fine Chemical Co. Ltd.		7,063		278,167
LOTTE Shopping Co. Ltd.		7,161		439,378
LS Corp.		9,309		434,588
LS Electric Co. Ltd.(a)		8,986		346,962
LX Hausys Ltd.		6,561		148,313
LX International Corp.		25,298		721,937
Meritz Financial Group, Inc.(a)		19,718		300,383
Meritz Securities Co. Ltd.		151,421		393,315
Mirae Asset Securities Co. Ltd.		95,070		423,809
Mirae Asset Securities Co. Ltd., Second Pfd		35,987		91,455
MK Electron Co. Ltd.		12,436		88,177
Netmarble Corp.(b)		3,221		100,851
NH Investment & Securities Co. Ltd.		82,955		522,382
NHN Corp.(c)		11,580		186,571
NongShim Co. Ltd.		1,572		333,282
OCI Co. Ltd.(a)		9,232		661,072
Orion Corp.		6,192		441,214
Pan Ocean Co. Ltd.		71,353		215,394
Paradise Co. Ltd.(a)(c)		11,146		111,112
Partron Co. Ltd.		17,382		100,061
Poongsan Corp.		14,316		262,310
S-1 Corp.		5,324		233,225
Samsung Biologics Co. Ltd.(b)(c)		366		225,337
Samsung Card Co. Ltd.		13,944		302,481
Seah Besteel Holdings Corp.		18,558		218,222
Sebang Global Battery Co. Ltd.		4,740		129,610
Seoul Semiconductor Co. Ltd.		21,833		160,170
Seoyon Co. Ltd.		19,526		71,554
SFA Engineering Corp.		9,564		256,146
SK Chemicals Co. Ltd.(a)		3,438		213,359
SKC Co. Ltd.		4,174		303,281
SL Corp.(a)		8,968		193,595
SSANGYONG C&E Co. Ltd.		38,528		153,631

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

  68  

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

October 31, 2022

	Shares		Value
South Korea-(continued)
Sungwoo Hitech Co. Ltd.(a)		39,522	$	143,721
TKG Huchems Co. Ltd.		12,902		188,850
WONIK IPS Co. Ltd.		6,487		125,236
Youngone Corp.		14,000		464,881
Yuhan Corp.		9,203		386,352
				39,268,755
Spain-1.76%
Almirall S.A.		21,071		196,489
Applus Services S.A.		40,215		238,082
Befesa S.A.(b)		5,640		195,881
Cia de Distribucion Integral Logista Holdings S.A.		36,571		756,876
CIE Automotive S.A.(a)		18,168		462,197
Construcciones y Auxiliar de Ferrocarriles S.A.(a)		4,745		123,809
Corp.ACCIONA Energias Renovables S.A.		7,881		309,698
Ebro Foods S.A.(a)		9,353		145,871
EDP Renovaveis S.A.(a)		35,523		748,177
Ence Energia y Celulosa S.A.		80,804		276,644
Faes Farma S.A.		57,200		215,676
Fluidra S.A.(a)		12,911		175,203
Gestamp Automocion S.A.(b)		106,908		375,736
Indra Sistemas S.A.(a)		73,549		657,864
Linea Directa Aseguradora S.A. Cia de Seguros y Reaseguros(a)		132,535		124,245
Mediaset Espana Comunicacion S.A.(a)(c)		27,072		84,123
Melia Hotels International S.A.(c)		39,804		184,899
Obrascon Huarte Lain S.A.(a)(c)		422,505		179,394
Prosegur Cia de Seguridad S.A.(a)		79,925		149,062
Sacyr S.A.(a)		318,975		782,473
Siemens Gamesa Renewable Energy S.A., Class R(a)(c)		52,613		933,922
Tecnicas Reunidas S.A.(a)(c)		41,648		297,401
Unicaja Banco S.A.(b)		451,294		399,649
Viscofan S.A.		9,945		592,206
				8,605,577
Sweden-3.77%
AAK AB(a)		36,236		527,942
AddTech AB, Class B		18,982		229,493
AFRY AB		27,200		365,031
Arjo AB, Class B		45,578		181,727
Atrium Ljungberg AB, Class B		10,561		141,158
Avanza Bank Holding AB(a)		8,031		160,250
Axfood AB		34,910		863,711
Beijer Alma AB, Class B(a)		7,036		98,309
Beijer Ref AB(a)		22,218		344,415
Betsson AB, Class B		77,838		566,328
BHG Group AB(a)(c)		19,512		32,701
Bilia AB, Class A(a)		25,436		269,311
Bonava AB, Class B(a)		45,203		132,208
Bravida Holding AB(b)		23,586		220,910
Bure Equity AB		9,834		189,909
Byggmax Group AB(a)		30,848		128,970
Catena AB(a)		4,027		136,803
Cibus Nordic Real Estate AB		8,016		109,427
Clas Ohlson AB, Class B		22,767		151,946
Cloetta AB, Class B		104,766		191,321
Coor Service Management Holding AB(b)		27,868		147,909
Corem Property Group AB, Class B		55,309		34,435

	Shares		Value
Sweden-(continued)
Corem Property Group AB, Preference Shares		866	$	16,927
Dios Fastigheter AB		24,819		162,945
Dustin Group AB(a)(b)		27,314		113,701
Electrolux Professional AB, Class B(a)		46,766		176,476
Elekta AB, Class B(a)		92,948		471,871
EQT AB(a)		9,266		182,462
Evolution AB(a)(b)		7,642		714,377
Granges AB		31,931		215,706
Hexpol AB		72,320		713,354
Hufvudstaden AB, Class A(a)		36,245		431,642
Indutrade AB(a)		31,319		547,989
Intrum AB(a)		36,349		457,551
Investment AB Latour, Class B(a)		12,675		214,205
Inwido AB		16,643		149,404
JM AB(a)		25,721		387,312
L E Lundbergforetagen AB, Class B		17,303		683,010
Lifco AB, Class B(a)		17,139		247,458
Lindab International AB		14,623		155,487
Loomis AB(a)		17,920		500,442
MEKO AB		19,328		182,428
Modern Times Group MTG AB, Class B(a)(c)		17,488		130,894
Mycronic AB		12,822		201,431
NCC AB, Class A(a)		1,191		12,718
NCC AB, Class B(a)		29,703		247,425
New Wave Group AB, Class B		12,873		178,817
Nibe Industrier AB, Class B		92,407		736,717
Nobia AB(a)		57,343		95,533
Nolato AB, Class B		28,021		118,165
Nordnet AB publ		10,931		135,519
Nyfosa AB		31,520		188,114
Pandox AB(a)(c)		32,415		396,591
Peab AB, Class B		38,671		200,521
Ratos AB, Class B(a)		99,221		371,458
Resurs Holding AB, Class A(b)		123,998		269,306
Sagax AB, Class B		14,101		259,805
Sagax AB, Class D		8,754		21,072
Samhallsbyggnadsbolaget i Norden AB, Class B(a)		170,815		234,649
Samhallsbyggnadsbolaget i Norden AB, Class D(a)		8,103		13,316
Scandic Hotels Group AB(b)(c)		76,044		241,060
Stillfront Group AB(a)(c)		73,310		142,700
Sweco AB, Class B(a)		35,959		270,088
Swedish Orphan Biovitrum AB, Class B(c)		36,663		674,505
Thule Group AB(a)(b)		16,903		332,846
Viaplay Group AB, Class B(c)		16,293		297,243
VNV Global AB(a)(c)		33,511		71,871
Wallenstam AB, Class B(a)		61,486		216,889
Wihlborgs Fastigheter AB(a)		69,345		454,332
				18,462,546
Switzerland-3.37%
Allreal Holding AG		2,806		402,079
ALSO Holding AG(a)		1,598		251,337
Arbonia AG(a)		12,421		151,423
Aryzta AG(a)(c)		411,120		421,493
Autoneum Holding AG(a)		1,647		157,500
Banque Cantonale Vaudoise		9,699		863,533
Belimo Holding AG		793		323,301

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

  69  

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

October 31, 2022

	Shares		Value
Switzerland-(continued)
BKW AG		5,943	$	693,622
Bucher Industries AG		1,668		562,361
Burckhardt Compression Holding AG		580		250,952
Bystronic AG		130		74,694
Cembra Money Bank AG		11,891		862,640
Daetwyler Holding AG, BR		724		128,631
DKSH Holding AG		9,539		687,723
dormakaba Holding AG		1,008		320,304
Emmi AG		379		302,594
EMS-Chemie Holding AG		866		544,738
Flughafen Zurich AG(c)		4,446		690,391
Forbo Holding AG		217		262,807
Galenica AG(a)(b)		12,970		931,844
Huber + Suhner AG		4,193		373,735
Inficon Holding AG		211		167,830
Interroll Holding AG, Class R(a)		38		80,120
IWG PLC(c)		216,764		329,434
Komax Holding AG, Class R		717		168,369
Kongsberg Automotive ASA(c)		767,179		201,593
Landis+Gyr Group AG(a)(c)		7,796		449,492
Mediclinic International PLC		154,801		884,022
Mobilezone Holding AG		16,265		258,095
Mobimo Holding AG		1,017		237,291
OC Oerlikon Corp. AG		72,365		467,489
Rieter Holding AG		1,098		91,395
SFS Group AG		3,149		284,771
Siegfried Holding AG(c)		465		276,932
Stadler Rail AG(a)		14,307		421,740
Straumann Holding AG		4,077		388,573
Sulzer AG(a)		5,516		367,917
Tecan Group AG, Class R(a)		981		360,149
Temenos AG		5,239		312,534
u-blox Holding AG(c)		2,638		270,456
Valiant Holding AG		2,000		196,053
VAT Group AG(a)(b)		2,004		458,172
Vontobel Holding AG, Class R		4,763		268,432
Wizz Air Holdings PLC(a)(b)(c)		6,669		131,684
Zehnder Group AG		2,445		131,931
Zur Rose Group AG(a)(c)		1,019		27,553
				16,489,729
Ukraine-0.04%
Ferrexpo PLC		177,672		208,859
United Arab Emirates-0.15%
Borr Drilling Ltd.(c)		93,957		458,179
Network International Holdings PLC(a)(b)(c)		73,964		276,765
				734,944
United Kingdom-7.01%
888 Holdings PLC		78,418		83,786
Ascential PLC(c)		62,197		137,492
Ashmore Group PLC(a)		141,453		336,147
Assura PLC		608,164		391,767
Aston Martin Lagonda Global Holdings PLC(a)(b)(c)		61,328		74,564
Auto Trader Group PLC(b)		66,367		398,563
AVEVA Group PLC(a)		21,487		771,859
Babcock International Group PLC(c)		121,436		385,331
Balanced Commercial Property Trust Ltd.		134,680		129,478
Balfour Beatty PLC		137,495		472,698

	Shares		Value
United Kingdom-(continued)
Biffa PLC(b)		63,663	$	301,550
Big Yellow Group PLC		29,541		382,976
Bodycote PLC		25,823		147,348
Britvic PLC(a)		75,776		634,705
Capita PLC(c)		497,700		139,246
Capital & Counties Properties PLC		177,027		218,291
Capricorn Energy PLC(a)(c)		123,948		353,344
Civitas Social Housing PLC(b)		202,138		138,708
Clarkson PLC		4,945		157,423
Close Brothers Group PLC(a)		31,717		358,601
CMC Markets PLC(a)(b)		56,073		158,494
Computacenter PLC		15,228		317,343
ConvaTec Group PLC(b)		412,635		1,035,690
Countryside Partnerships PLC(b)(c)		169,575		415,081
Cranswick PLC		9,376		321,045
Crest Nicholson Holdings PLC		59,353		138,039
Currys PLC(a)		439,224		329,717
Dechra Pharmaceuticals PLC		7,302		220,268
Diploma PLC		11,968		342,555
Domino’s Pizza Group PLC		80,719		210,221
Dr. Martens PLC		48,005		137,513
Dunelm Group PLC		25,107		250,623
Elementis PLC(c)		115,775		123,300
EnQuest PLC(a)(c)		1,255,819		390,390
Essentra PLC(a)		39,987		103,588
Euromoney Institutional Investor PLC		15,944		265,811
Firstgroup PLC		234,742		284,324
Frasers Group PLC(c)		67,253		501,371
Games Workshop Group PLC		4,345		320,167
Genuit Group PLC		43,156		126,952
Genus PLC		7,232		212,660
Grafton Group PLC		61,882		491,610
Grainger PLC		142,901		373,481
Great Portland Estates PLC		53,082		314,136
Greggs PLC		15,451		358,992
Halfords Group PLC		78,137		158,605
Hammerson PLC(a)		1,406,671		309,743
Harbour Energy PLC		89,908		391,185
Hargreaves Lansdown PLC(a)		51,443		452,035
Hill & Smith Holdings PLC		13,327		151,599
HomeServe PLC		74,829		1,021,791
Ibstock PLC(b)		124,574		223,031
Indivior PLC(c)		17,034		325,365
IP Group PLC		300,284		203,982
J D Wetherspoon PLC(c)		33,483		173,863
JD Sports Fashion PLC		371,555		416,838
John Wood Group PLC(c)		333,905		537,834
Jupiter Fund Management PLC		147,342		176,089
Kier Group PLC(c)		134,850		92,845
Lancashire Holdings Ltd.		87,967		501,543
LondonMetric Property PLC		155,660		334,961
LXI REIT PLC(b)		134,073		188,017
Marshalls PLC		23,565		68,480
Marston’s PLC		222,401		89,775
Mitchells & Butlers PLC(c)		94,874		126,929
Moneysupermarket.com Group PLC		164,504		347,363
Morgan Sindall Group PLC		6,418		113,796
National Express Group PLC(c)		171,172		333,458
NCC Group PLC		71,309		163,382
Ninety One PLC(a)		60,112		140,911

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

  70  

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

October 31, 2022

	Shares		Value
United Kingdom-(continued)
Ocado Group PLC(a)(c)		37,349	$	203,140
OSB Group PLC		83,728		399,868
Oxford Instruments PLC		6,835		150,622
PageGroup PLC		81,175		394,592
Paragon Banking Group PLC		67,925		334,719
Pepco Group N.V.(b)(c)		21,404		150,638
Petrofac Ltd.(a)(c)		458,805		568,920
Pets at Home Group PLC		140,066		464,121
Playtech PLC(c)		111,321		665,199
Premier Foods PLC(a)		124,297		148,261
Primary Health Properties PLC		292,266		373,852
Provident Financial PLC		64,239		120,779
QinetiQ Group PLC		157,021		649,745
Reach PLC		109,285		115,571
Redde Northgate PLC		48,156		184,630
Redrow PLC		97,637		470,567
Renewi PLC(c)		31,669		192,885
Renishaw PLC		3,900		157,249
Restaurant Group PLC (The)(c)		238,434		87,298
Rightmove PLC(a)		56,029		317,255
Rotork PLC		163,849		483,315
S4 Capital PLC(c)		44,299		89,613
Safestore Holdings PLC		28,595		297,458
Saga PLC(a)(c)		56,405		55,785
Savills PLC		23,303		221,481
Serco Group PLC		331,048		622,803
Shaftesbury PLC		59,978		253,849
Softcat PLC		15,220		196,264
Spire Healthcare Group PLC(b)(c)		77,194		192,864
Spirent Communications PLC		99,034		296,459
SThree PLC		58,418		250,206
Synthomer PLC		143,482		185,848
Telecom Plus PLC		13,134		321,339
THG PLC(a)(c)		311,499		190,799
TP ICAP Group PLC		172,947		366,386
Tritax Big Box REIT PLC		315,846		510,200
Tritax EuroBox PLC(a)(b)		135,716		92,191
Tyman PLC		51,990		115,048
UK Commercial Property REIT Ltd.		225,458		158,344
UNITE Group PLC (The)		62,218		638,265
Vesuvius PLC		38,623		150,838
Victrex PLC		22,176		422,050
Vistry Group PLC		55,673		386,518
Watches of Switzerland Group PLC(b)(c)		19,426		173,226
WH Smith PLC(c)		28,807		390,375
Wickes Group PLC		87,364		127,544
Workspace Group PLC		33,129		156,158
				34,295,805

Investment Abbreviations:

BR-Bearer Shares

CDI-CREST Depository Interest

CVA-Dutch Certificates

FDR-Fiduciary Depositary Receipt

Pfd.-Preferred

REIT-Real Estate Investment Trust

RSP-Registered Savings Plan Shares

Wts.-Warrants

	Shares		Value
United Republic of Tanzania-0.03%
Helios Towers PLC(a)(c)		87,601	$	126,579
United States-0.82%
Argonaut Gold, Inc.(c)		131,993		38,706
Brookfield Renewable Corp., Class A		12,814		397,652
Diversified Energy Co. PLC(a)(b)		183,624		265,961
JS Global Lifestyle Co. Ltd.(b)		268,074		215,829
Oracle Corp.		9,362		500,113
Primo Water Corp.		50,406		733,890
Reliance Worldwide Corp. Ltd.		134,414		275,903
RHI Magnesita N.V.		5,890		125,593
Samsonite International S.A.(b)(c)		404,505		869,831
Sims Ltd.		63,504		496,225
Sinch AB(a)(b)(c)		33,782		79,469
				3,999,172
Total Common Stocks & Other Equity Interests (Cost $583,663,688)				487,359,905
Money Market Funds-0.12%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(e)(f) (Cost $599,917)		599,917		599,917
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.75% (Cost $584,263,605)				487,959,822
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-15.93%
Invesco Private Government Fund, 3.18%(e)(f)(g)		22,006,479		22,006,479
Invesco Private Prime Fund, 3.28%(e)(f)(g)		55,915,444		55,915,444
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $77,923,950)				77,921,923
TOTAL INVESTMENTS IN SECURITIES-115.68% (Cost $662,187,555)				565,881,745
OTHER ASSETS LESS LIABILITIES-(15.68)%				(76,719,566	)
NET ASSETS-100.00%			$	489,162,179

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

  71  

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

October 31, 2022

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at October 31, 2022.

^(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $26,137,293, which represented 5.34% of the Fund’s Net Assets.

^(c)  Non-income producing security.

^(d)  Restricted security. The value of this security at October 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 October 31, 2022.

	Value October 31, 2021			Purchases at Cost		Proceeds from  Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)			Value October 31, 2022			Dividend Income
Invesco Office J-Reit, Inc.		$	58,080	$	-	$	(58,488	)		$	(10,828	)	$	11,236			$	-	$	-
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-		38,122,360		(37,522,443	)			-			-				599,917		5,436
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			12,012,523		74,010,518		(64,016,562	)			-			-				22,006,479		221,784	*
Invesco Private Prime Fund			28,084,570		165,160,340		(137,314,145	)			(2,027	)		(13,294	)			55,915,444		600,212	*
Total		$	40,155,173	$	277,293,218	$	(238,911,638	)		$	(12,855	)	$	(2,058	)		$	78,521,840	$	827,432

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

^(f)  The rate shown is the 7-day SEC standardized yield as of October 31, 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 2J.

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

  72  

Invesco FTSE RAFI Emerging Markets ETF (PXH)

October 31, 2022

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.78%
Brazil-17.94%
Ambev S.A.		2,128,544	$	6,490,391
B3 S.A. - Brasil, Bolsa, Balcao		1,538,955		4,411,050
Banco Bradesco S.A.		1,537,016		4,874,162
Banco Bradesco S.A., Preference Shares		5,243,706		19,846,587
Banco do Brasil S.A.		1,423,458		10,042,673
Banco Santander Brasil S.A.		454,700		2,580,583
Braskem S.A., Class A, Preference Shares		183,809		1,180,847
BRF S.A.(a)		893,600		2,138,952
CCR S.A.		875,400		2,162,120
Centrais Eletricas Brasileiras S.A.		623,450		5,919,344
Centrais Eletricas Brasileiras S.A., Class B, Preference Shares		272,200		2,765,964
Cia de Saneamento Basico do Estado de Sao Paulo		295,192		3,381,017
Cia Energetica de Minas Gerais		302,505		996,772
Cia Energetica de Minas Gerais, Preference Shares		1,109,268		2,403,617
Cia Paranaense de Energia		292,000		390,094
Cia Paranaense de Energia, Class B, Preference Shares		1,211,980		1,709,210
Cia Siderurgica Nacional S.A.		339,082		793,545
Cielo S.A.		3,346,722		3,794,939
Cogna Educacao(a)		4,497,600		2,819,973
Cosan S.A.		437,865		1,406,909
Embraer S.A.(a)		539,667		1,414,154
Energisa S.A.		161,700		1,494,275
Equatorial Energia S.A.		459,500		2,629,717
Gerdau S.A., Preference Shares		719,692		3,531,768
Hapvida Participacoes e Investimentos S.A.(b)		612,000		909,734
Itau Unibanco Holding S.A.		433,400		2,099,581
Itau Unibanco Holding S.A., Preference Shares		4,636,375		26,860,889
Itausa S.A., Preference Shares		1,479,685		3,028,599
Klabin S.A.		361,400		1,489,060
Lojas Renner S.A.		304,710		1,794,376
Metalurgica Gerdau S.A., Preference Shares		1,327,700		2,846,562
Natura & Co. Holding S.A.		454,400		1,294,636
Petroleo Brasileiro S.A.		2,776,262		17,597,498
Petroleo Brasileiro S.A., Preference Shares		4,193,547		23,823,838
Rumo S.A.		567,300		2,393,639
Sul America S.A.		378,155		1,718,084
Suzano S.A.		176,468		1,789,146
Telefonica Brasil S.A.		379,343		2,986,452
TIM S.A.		590,766		1,486,133
Ultrapar Participacoes S.A.		1,232,292		3,149,275
Usinas Siderurgicas de Minas Gerais S.A. Usiminas		121,800		171,538
Usinas Siderurgicas de Minas Gerais S.A. Usiminas, Class A, Preference Shares		354,100		487,902
Vale S.A.		1,990,438		25,464,406

	Shares		Value
Brazil-(continued)
Via S/A(a)		2,499,900	$	1,491,198
Vibra Energia S.A.		1,264,019		4,396,274
				216,457,483
Canada-0.14%
Canadian Solar, Inc.(a)(c)		48,803		1,654,422
Chile-0.82%
Banco de Chile		23,549,057		2,153,015
Banco Santander Chile		48,863,397		1,749,901
Cencosud S.A.		756,957		1,018,563
Enel Americas S.A.		15,692,514		1,554,263
Falabella S.A.		641,976		1,254,819
Sociedad Quimica y Minera de Chile S.A., Class A		2,644		215,674
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares		20,639		1,963,714
				9,909,949
China-31.24%
Agricultural Bank of China Ltd., A Shares		12,102,700		4,576,693
Agricultural Bank of China Ltd., H Shares		38,539,754		10,997,541
Alibaba Group Holding Ltd.(a)		3,729,228		29,193,050
Aluminum Corp. of China Ltd., A Shares		745,300		394,166
Aluminum Corp. of China Ltd., H Shares		2,926,126		834,987
Anhui Conch Cement Co. Ltd., A Shares		176,200		586,158
Anhui Conch Cement Co. Ltd., H Shares		776,539		1,998,266
ANTA Sports Products Ltd.		109,410		961,711
Baidu, Inc., A Shares(a)		723,614		6,922,860
Bank of Beijing Co. Ltd., A Shares		2,077,500		1,149,960
Bank of China Ltd., A Shares		3,546,100		1,462,440
Bank of China Ltd., H Shares		50,596,706		16,307,275
Bank of Communications Co. Ltd., A Shares		4,136,093		2,521,801
Bank of Communications Co. Ltd., H Shares		10,912,353		5,324,218
Baoshan Iron & Steel Co. Ltd., A Shares		1,364,300		899,115
BYD Co. Ltd., A Shares		10,700		361,627
BYD Co. Ltd., H Shares		69,361		1,552,479
CGN Power Co. Ltd., A Shares		282,400		102,148
CGN Power Co. Ltd., H Shares(b)		6,229,128		1,261,720
China CITIC Bank Corp. Ltd., A Shares		480,001		284,768
China CITIC Bank Corp. Ltd., H Shares		6,616,564		2,494,956
China Coal Energy Co. Ltd., A Shares		292,800		353,834
China Coal Energy Co. Ltd., H Shares		1,683,540		1,239,624
China Conch Environment Protection Holdings Ltd.(a)		430,702		126,744
China Conch Venture Holdings Ltd.		426,320		628,902
China Construction Bank Corp., A Shares		318,000		232,664
China Construction Bank Corp., H Shares		46,418,241		24,658,314

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

  73  

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

October 31, 2022

	Shares		Value
China-(continued)
China Everbright Bank Co. Ltd., A Shares		4,389,600	$	1,635,891
China Everbright Bank Co. Ltd., H Shares		4,701,740		1,215,887
China Everbright Environment Group Ltd.		2,448,328		814,046
China Gas Holdings Ltd.		1,539,929		1,365,364
China Hongqiao Group Ltd.(c)		1,632,402		1,158,300
China Life Insurance Co. Ltd., H Shares .		3,726,430		4,058,801
China Longyuan Power Group Corp. Ltd., H Shares		680,967		778,139
China Mengniu Dairy Co. Ltd.		539,120		1,727,277
China Merchants Bank Co. Ltd., A Shares		573,500		2,107,427
China Merchants Bank Co. Ltd., H Shares		1,489,705		4,896,194
China Minsheng Banking Corp. Ltd., A Shares		4,802,645		2,171,475
China Minsheng Banking Corp. Ltd., H Shares(c)		12,506,665		3,632,579
China National Building Material Co. Ltd., H Shares		2,875,863		1,670,597
China Overseas Land & Investment Ltd.		3,357,320		6,406,830
China Pacific Insurance (Group) Co. Ltd., A Shares		369,600		963,676
China Pacific Insurance (Group) Co. Ltd., H Shares		2,128,043		3,432,043
China Petroleum & Chemical Corp., A Shares		3,184,900		1,776,031
China Petroleum & Chemical Corp., H Shares		35,750,184		14,118,177
China Power International Development Ltd.(c)		4,448,770		1,286,484
China Railway Group Ltd., A Shares		2,320,400		1,586,441
China Railway Group Ltd., H Shares		6,362,445		2,763,867
China Resources Cement Holdings Ltd.		1,580,244		571,717
China Resources Gas Group Ltd.		356,221		912,125
China Resources Land Ltd.		1,860,060		5,829,089
China Resources Power Holdings Co. Ltd.		1,977,494		2,876,868
China Shenhua Energy Co. Ltd., A Shares		387,100		1,486,643
China Shenhua Energy Co. Ltd., H Shares		2,634,723		6,930,964
China State Construction Engineering Corp. Ltd., A Shares		5,377,237		3,499,558
China Tower Corp. Ltd., H Shares(b)		17,541,867		1,586,620
China United Network Communications Ltd., A Shares		2,794,400		1,286,436
China Vanke Co. Ltd., A Shares		753,600		1,395,976
China Vanke Co. Ltd., H Shares		2,098,132		2,694,213
Chongqing Rural Commercial Bank Co. Ltd., A Shares		486,600		232,679
Chongqing Rural Commercial Bank Co. Ltd., H Shares		3,365,727		1,020,457
CIFI Holdings Group Co. Ltd.(c)		2,664,738		166,079
CITIC Ltd.		1,786,868		1,600,245
CITIC Securities Co. Ltd., A Shares		238,300		561,908
CITIC Securities Co. Ltd., H Shares		782,031		1,169,582

	Shares		Value
China-(continued)
COSCO SHIPPING Holdings Co. Ltd., A Shares		189,780	$	292,005
COSCO SHIPPING Holdings Co. Ltd., H Shares		725,232		782,526
Country Garden Holdings Co. Ltd.		4,825,035		620,813
CRRC Corp. Ltd., A Shares		1,332,300		867,074
CRRC Corp. Ltd., H Shares		3,164,420		959,422
CSPC Pharmaceutical Group Ltd.		1,585,730		1,630,202
ENN Energy Holdings Ltd.		222,698		2,214,256
Geely Automobile Holdings Ltd.		2,158,332		2,320,595
GF Securities Co. Ltd., A Shares		163,600		305,520
GF Securities Co. Ltd., H Shares		609,133		620,008
Great Wall Motor Co. Ltd., A Shares		44,900		179,388
Great Wall Motor Co. Ltd., H Shares		633,388		691,495
Greentown China Holdings Ltd.		844,048		803,205
Guangzhou Automobile Group Co. Ltd., A Shares		95,300		147,939
Guangzhou Automobile Group Co. Ltd., H Shares		1,253,088		763,041
Haier Smart Home Co. Ltd., A Shares		137,500		391,856
Haier Smart Home Co. Ltd., H Shares		756,807		1,893,500
Haitong Securities Co. Ltd., A Shares		370,800		428,788
Haitong Securities Co. Ltd., H Shares		1,929,515		943,883
Hengan International Group Co. Ltd.		286,145		1,109,972
Huaneng Power International, Inc., A Shares(a)		505,600		464,133
Huaneng Power International, Inc., H Shares(a)(c)		4,784,481		1,712,694
Huatai Securities Co. Ltd., A Shares		235,500		386,230
Huatai Securities Co. Ltd., H Shares(b)		738,148		723,117
Huaxia Bank Co. Ltd., A Shares		1,786,092		1,172,195
Industrial & Commercial Bank of China Ltd., A Shares		3,372,012		1,917,333
Industrial & Commercial Bank of China Ltd., H Shares		50,110,437		21,768,134
Industrial Bank Co. Ltd., A Shares		1,169,200		2,407,732
JD.com, Inc., A Shares		334,326		6,179,825
Jiangxi Copper Co. Ltd., A Shares		149,300		315,022
Jiangxi Copper Co. Ltd., H Shares		1,195,391		1,306,580
JinkoSolar Holding Co. Ltd., ADR(a)(c)		33,345		1,583,221
JOYY, Inc., ADR(c)		38,051		960,027
Kunlun Energy Co. Ltd.		1,997,971		1,193,715
Kweichow Moutai Co. Ltd., A Shares		6,700		1,239,279
Longfor Group Holdings Ltd.(b)		936,823		1,193,428
Lufax Holding Ltd., ADR		326,442		519,043
Meituan, B Shares(a)(b)		198,143		3,150,155
Metallurgical Corp. of China Ltd., A Shares		1,195,900		471,898
Metallurgical Corp. of China Ltd., H Shares		3,005,839		478,646
NetEase, Inc.		286,152		3,120,392
New China Life Insurance Co. Ltd., A Shares		113,400		363,105
New China Life Insurance Co. Ltd., H Shares		748,414		1,187,951
New Oriental Education & Technology Group, Inc.(a)		1,533,342		3,754,318
People’s Insurance Co. Group of China Ltd. (The), H Shares		7,933,707		2,193,181
PetroChina Co. Ltd., H Shares		24,925,332		9,525,787

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

  74  

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

October 31, 2022

	Shares		Value
China-(continued)
PICC Property & Casualty Co. Ltd., H Shares		2,707,968	$	2,497,588
Ping An Bank Co. Ltd., A Shares		883,800		1,252,088
Ping An Insurance (Group) Co. of China Ltd., A Shares		578,900		2,867,294
Ping An Insurance (Group) Co. of China Ltd., H Shares		4,521,187		18,085,094
Poly Developments and Holdings Group Co. Ltd., A Shares		644,600		1,218,793
Postal Savings Bank of China Co. Ltd., A Shares		1,040,300		553,033
Postal Savings Bank of China Co. Ltd., H Shares(b)(c)		6,787,559		3,147,412
SAIC Motor Corp. Ltd., A Shares		975,856		1,838,438
Shanghai Pharmaceuticals Holding Co. Ltd., A Shares		143,900		346,609
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares		944,653		1,280,420
Shanghai Pudong Development Bank Co. Ltd., A Shares		3,043,952		2,769,277
Shenzhou International Group Holdings Ltd.		114,992		796,903
Sino Biopharmaceutical Ltd.		2,086,147		1,012,532
Sinopharm Group Co. Ltd., H Shares		580,848		1,106,962
Sunny Optical Technology Group Co. Ltd.		66,390		575,532
TAL Education Group, ADR(a)		525,561		2,475,392
Tencent Holdings Ltd.		687,664		18,011,009
Trip.com Group Ltd., ADR(a)		186,718		4,225,428
Vipshop Holdings Ltd., ADR(a)(c)		346,570		2,415,593
Weichai Power Co. Ltd., A Shares		262,400		326,445
Weichai Power Co. Ltd., H Shares		1,104,992		1,058,560
Xiaomi Corp., B Shares(a)(b)		3,728,398		4,184,435
Yangzijiang Shipbuilding Holdings Ltd.		1,395,474		1,183,357
Yankuang Energy Group Co. Ltd., A Shares		45,400		252,547
Yankuang Energy Group Co. Ltd., H Shares		1,069,529		3,011,088
Zhongsheng Group Holdings Ltd.		223,254		847,528
Zijin Mining Group Co. Ltd., A Shares		298,000		323,372
Zijin Mining Group Co. Ltd., H Shares		1,152,015		1,100,672
				376,830,736
India-14.48%
Axis Bank Ltd.		595,309		6,515,659
Bank of Baroda		1,024,115		1,827,330
Bharat Petroleum Corp. Ltd.		807,690		2,962,823
Bharti Airtel Ltd.		467,267		4,696,519
Coal India Ltd.		1,872,195		5,562,700
GAIL (India) Ltd.		2,193,929		2,419,809
Grasim Industries Ltd.		154,905		3,221,889
HCL Technologies Ltd.		203,382		2,558,076
Hero MotoCorp Ltd.		65,425		2,115,707
Hindalco Industries Ltd.		744,599		3,648,897
Hindustan Petroleum Corp. Ltd.		590,963		1,526,712
Hindustan Unilever Ltd.		103,603		3,192,415
Housing Development Finance Corp. Ltd.		396,434		11,828,247
ICICI Bank Ltd.		302,479		3,320,500
Indiabulls Housing Finance Ltd.(a)		886,180		1,384,765

	Shares		Value
India-(continued)
Indian Oil Corp. Ltd.		2,467,533	$	2,034,480
Indus Towers Ltd.		463,608		1,038,921
Infosys Ltd.		567,862		10,548,434
ITC Ltd.		1,026,637		4,324,706
Jindal Steel & Power Ltd.		298,143		1,656,260
JSW Steel Ltd.		339,131		2,761,105
Larsen & Toubro Ltd.		213,980		5,229,717
Mahindra & Mahindra Ltd.		410,635		6,690,011
Maruti Suzuki India Ltd.		26,502		3,050,351
NTPC Ltd.		2,066,023		4,320,360
Oil & Natural Gas Corp. Ltd.		2,617,337		4,238,519
Piramal Enterprises Ltd.		51,965		533,225
Power Grid Corp. of India Ltd.		1,503,926		4,145,096
REC Ltd.		1,088,844		1,348,929
Reliance Industries Ltd.		790,690		24,353,758
Shriram Transport Finance Co. Ltd.		101,572		1,508,227
State Bank of India		849,471		5,888,393
Sun Pharmaceutical Industries Ltd.		173,742		2,134,375
Tata Consultancy Services Ltd.		152,911		5,898,556
Tata Motors Ltd.(a)		1,475,979		7,359,613
Tata Motors Ltd., Class A(a)		270,583		768,821
Tata Power Co. Ltd. (The)		626,700		1,711,023
Tata Steel Ltd.		4,809,207		5,899,852
Tech Mahindra Ltd.		131,779		1,692,897
UltraTech Cement Ltd.		17,803		1,444,188
UPL Ltd.		193,060		1,703,028
Vedanta Ltd.		897,788		3,045,500
Wipro Ltd.		175,306		818,635
Yes Bank Ltd.(a)		9,552,949		1,794,550
				174,723,578
Indonesia-1.97%
PT Adaro Energy Indonesia Tbk		9,541,205		2,434,621
PT Astra International Tbk		5,429,097		2,314,698
PT Bank Central Asia Tbk		7,896,455		4,455,124
PT Bank Mandiri (Persero) Tbk		4,998,766		3,381,118
PT Bank Negara Indonesia (Persero) Tbk		3,529,740		2,127,235
PT Bank Rakyat Indonesia (Persero) Tbk		16,960,577		5,056,367
PT Telkom Indonesia (Persero) Tbk		14,118,405		3,973,701
				23,742,864
Malaysia-0.53%
CIMB Group Holdings Bhd		1,224,100		1,429,152
Malayan Banking Bhd		845,600		1,536,316
Petronas Chemicals Group Bhd		912,800		1,683,506
Public Bank Bhd		1,869,400		1,767,390
				6,416,364
Mexico-3.70%
America Movil S.A.B. de C.V., Series L		12,259,563		11,580,775
Arca Continental S.A.B. de C.V		221,508		1,811,101
Cemex S.A.B. de C.V., Series CPO(a)(c)(d)		12,782,093		4,958,543
Fomento Economico Mexicano S.A.B. de C.V., Series CPO(e)		1,016,390		7,283,045
Grupo Financiero Banorte S.A.B. de C.V., Class O		936,756		7,600,612
Grupo Mexico S.A.B. de C.V., Class B(c) .		777,382		2,813,207
Grupo Televisa S.A.B., Series CPO(f)		1,302,040		1,378,854

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

  75  

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

October 31, 2022

	Shares		Value
Mexico-(continued)
Sitios Latinoamerica S.A.B. de C.V.(c)		590,770	$	172,032
Wal-Mart de Mexico S.A.B. de C.V., Series V		1,833,696		7,070,016
				44,668,185
Russia-0.00%
Aeroflot PJSC(a)(g)		1,684,800		0
Alrosa PJSC(g)		1,976,600		0
Gazprom PJSC(g)		9,643,940		0
Inter RAO UES PJSC(g)		29,081,146		0
Lukoil PJSC(g)		261,775		0
Magnit PJSC(g)		55,179		0
MMC Norilsk Nickel PJSC(g)		20,152		0
Mobile TeleSystems PJSC(g)		921,186		0
Moscow Exchange MICEX-RTS PJSC(a)(g)		550,555		0
Novatek PJSC(g)		298,686		0
Novolipetsk Steel PJSC(g)		795,328		0
Rosneft Oil Co. PJSC(g)		1,054,960		0
Sberbank of Russia PJSC(a)(g)		7,562,894		0
Severstal PAO(g)		147,196		0
Sistema PJSFC(a)(g)		3,408,447		0
Surgutneftegas PJSC(g)		3,493,738		0
Surgutneftegas PJSC, Preference Shares(g)		3,804,484		0
Tatneft PJSC(g)		753,855		0
Tatneft PJSC, Preference Shares(g)		74,068		0
VTB Bank PJSC(a)(g)		3,563,458,267		0
				0
Saudi Arabia-3.59%
Al Rajhi Bank(a)		288,315		6,537,355
Alinma Bank		210,556		2,101,329
Etihad Etisalat Co.		161,530		1,573,365
Riyad Bank		258,213		2,470,428
Saudi Arabian Mining Co.(a)		148,680		3,311,870
Saudi Arabian Oil Co.(b)		646,051		6,000,500
Saudi Basic Industries Corp.		266,863		6,278,211
Saudi Electricity Co.		425,338		3,056,280
Saudi Kayan Petrochemical Co.(a)		308,023		1,078,784
Saudi National Bank (The)		309,314		4,889,689
Saudi Telecom Co.		473,289		5,088,655
Yanbu National Petrochemical Co., Class A		81,046		964,127
				43,350,593
Singapore-0.03%
Yangzijiang Financial Holding Ltd.(a)		1,406,624		308,143
South Africa-4.31%
Absa Group Ltd.		265,770		2,888,581
Aspen Pharmacare Holdings Ltd.		152,944		1,258,839
Bid Corp. Ltd.		96,623		1,553,960
Bidvest Group Ltd. (The)		99,677		1,152,462
Capitec Bank Holdings Ltd.		12,337		1,275,872
Discovery Ltd.(a)		137,209		897,579
Exxaro Resources Ltd.		113,932		1,267,929
FirstRand Ltd.(c)		1,318,216		4,615,818
Foschini Group Ltd. (The)		160,421		1,003,073
Gold Fields Ltd.		267,410		2,160,670
Impala Platinum Holdings Ltd.		125,009		1,279,510
Kumba Iron Ore Ltd.(c)		29,545		556,239

	Shares		Value
South Africa-(continued)
Mr Price Group Ltd.		91,336	$	878,893
MTN Group Ltd.		572,063		4,041,717
Naspers Ltd., Class N		39,751		4,109,965
Nedbank Group Ltd.		182,426		2,159,630
Old Mutual Ltd.		1,769,861		1,005,433
Remgro Ltd.		151,577		1,127,579
Sanlam Ltd.		506,069		1,471,600
Sasol Ltd.		340,022		5,717,883
Shoprite Holdings Ltd.		172,409		2,194,339
Sibanye Stillwater Ltd.		892,030		2,093,498
Standard Bank Group Ltd.		346,323		3,234,735
Steinhoff International Holdings N.V.(a)		10,820,434		1,112,808
Vodacom Group Ltd.		171,899		1,172,122
Woolworths Holdings Ltd.		507,771		1,743,179
				51,973,913
Taiwan-12.25%
Acer, Inc.		1,987,000		1,362,796
ASE Technology Holding Co. Ltd.		1,830,362		4,567,029
Asustek Computer, Inc.		311,641		2,282,482
AUO Corp.		5,486,615		2,877,610
Catcher Technology Co. Ltd.		320,000		1,683,296
Cathay Financial Holding Co. Ltd.		3,049,339		3,577,159
Chailease Holding Co. Ltd.		288,609		1,334,556
China Development Financial Holding Corp.		6,532,000		2,381,907
China Steel Corp.		5,230,653		4,358,539
Chunghwa Telecom Co. Ltd.		1,086,599		3,743,114
Compal Electronics, Inc.		1,956,000		1,280,832
CTBC Financial Holding Co. Ltd.		4,750,838		3,007,746
Delta Electronics, Inc.		582,506		4,654,986
E.Sun Financial Holding Co. Ltd.		2,367,073		1,704,278
Evergreen Marine Corp. Taiwan Ltd.		118,200		504,384
First Financial Holding Co. Ltd.		1,941,466		1,491,234
Formosa Chemicals & Fibre Corp.		461,920		996,305
Formosa Petrochemical Corp.		417,000		1,074,125
Formosa Plastics Corp.		1,265,280		3,263,085
Foxconn Technology Co. Ltd.		699,000		980,520
Fubon Financial Holding Co. Ltd.		2,588,762		4,097,350
Hon Hai Precision Industry Co. Ltd.		3,237,064		10,297,124
Innolux Corp.		6,732,705		2,475,989
Largan Precision Co. Ltd.		44,000		2,526,185
Lite-On Technology Corp.		609,313		1,210,211
MediaTek, Inc.		240,091		4,396,111
Mega Financial Holding Co. Ltd.		2,356,357		2,186,518
Micro-Star International Co. Ltd.		292,000		992,288
Nan Ya Plastics Corp.		1,024,940		2,172,501
Novatek Microelectronics Corp.		116,000		867,593
Pegatron Corp.		720,260		1,318,810
Powertech Technology, Inc.		543,200		1,257,591
President Chain Store Corp.		157,000		1,305,796
Quanta Computer, Inc.		1,186,000		2,517,570
Realtek Semiconductor Corp.		86,000		680,580
Shin Kong Financial Holding Co. Ltd.		11,664,998		2,896,113
Sino-American Silicon Products, Inc.		195,000		750,407
SinoPac Financial Holdings Co. Ltd.		2,433,350		1,215,825
Synnex Technology International Corp.		639,000		1,043,103
Taishin Financial Holding Co. Ltd.		2,724,008		1,120,121
Taiwan Cement Corp.		1,821,292		1,709,802

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

  76  

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

October 31, 2022

	Shares		Value
Taiwan-(continued)
Taiwan Cooperative Financial Holding Co. Ltd.		1,737,950	$	1,348,398
Taiwan Semiconductor Manufacturing Co. Ltd.		3,394,000		41,078,749
Unimicron Technology Corp.		157,000		606,610
Uni-President Enterprises Corp.		730,941		1,485,814
United Microelectronics Corp.		3,479,491		4,222,146
Walsin Technology Corp.		271,000		664,412
Wistron Corp.		1,539,875		1,244,899
Yageo Corp.		124,347		1,416,257
Yuanta Financial Holding Co. Ltd.		2,460,404		1,504,227
				147,735,083
Thailand-4.64%
Advanced Info Service PCL, NVDR		432,521		2,170,560
Bangkok Bank PCL, NVDR		829,095		3,169,557
Bangkok Dusit Medical Services PCL, NVDR		2,273,387		1,762,084
Banpu PCL, NVDR		5,311,206		1,744,353
Charoen Pokphand Foods PCL, NVDR		4,183,155		2,775,214
CP ALL PCL, NVDR		1,922,963		3,031,471
Indorama Ventures PCL, NVDR		1,080,643		1,192,512
IRPC PCL, NVDR		12,217,340		1,007,947
Kasikornbank PCL, NVDR		1,196,535		4,589,966
Krung Thai Bank PCL, NVDR		7,776,638		3,575,701
Land & Houses PCL, NVDR		5,104,383		1,233,850
PTT Exploration & Production PCL, NVDR		867,815		4,138,424
PTT Global Chemical PCL, NVDR		2,190,836		2,503,977
PTT PCL, NVDR		10,493,372		9,925,417
SCB X PCL, NVDR		1,758,024		4,896,231
Siam Cement PCL (The), NVDR		565,855		4,817,052
Thai Oil PCL, NVDR		1,528,414		2,188,612
TMBThanachart Bank PCL, NVDR		33,954,253		1,213,289
TMBThanachart Bank PCL, Wts.,expiring 10/25/2025(a)		351,453		4,709
				55,940,926
Turkey-3.62%
Akbank T.A.S.		6,468,541		5,083,620
BIM Birlesik Magazalar A.S.		399,487		2,877,576
Eregli Demir ve Celik Fabrikalari TAS		1,301,384		2,077,692
Haci Omer Sabanci Holding A.S.		2,329,113		4,199,262
KOC Holding A.S.		1,371,613		4,099,451

Investment Abbreviations:

ADR-American Depositary Receipt

CPO-Certificates of Ordinary Participation

NVDR-Non-Voting Depositary Receipt

Wts.-Warrants

	Shares		Value
Turkey-(continued)
Turk Hava Yollari AO(a)		1,363,419	$	7,424,345
Turkcell Iletisim Hizmetleri A.S.		2,179,170		3,003,506
Turkiye Garanti Bankasi A.S.		1,347,539		1,702,270
Turkiye Halk Bankasi A.S.(a)		3,722,324		1,648,772
Turkiye Is Bankasi A.S., Class C		9,065,227		4,541,653
Turkiye Petrol Rafinerileri A.S.(a)		228,074		4,646,590
Yapi ve Kredi Bankasi A.S.		4,684,220		2,319,083
				43,623,820
United Republic of Tanzania-0.17%
AngloGold Ashanti Ltd.		155,276		2,038,549
United States-0.35%
JBS S.A.		893,140		4,248,468
Total Common Stocks & Other Equity Interests (Cost $1,425,588,990)				1,203,623,076
Money Market Funds-0.71%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(h)(i) (Cost $8,531,729)		8,531,729		8,531,729
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.49% (Cost $1,434,120,719)				1,212,154,805
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.00%
Invesco Private Government Fund, 3.18%(h)(i)(j)		3,383,737		3,383,737
Invesco Private Prime Fund, 3.28%(h)(i)(j)		8,698,849		8,698,849
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,082,818)				12,082,586
TOTAL INVESTMENTS IN SECURITIES-101.49% (Cost $1,446,203,537)				1,224,237,391
OTHER ASSETS LESS LIABILITIES-(1.49)%				(17,996,804	)
NET ASSETS-100.00%			$	1,206,240,587

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

  77  

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

October 31, 2022

Notes to Schedule of Investments:

^(a)  Non-income producing security.

^(b) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $22,157,121, which represented 1.84% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at October 31, 2022.

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

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

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

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

^(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 October 31, 2022.

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31,  2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	2,123,231		$	276,545,353		$	(270,136,855	)		$	-			$	-			$	8,531,729		$	55,295
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			10,330,294			67,546,943			(74,493,500	)			-				-				3,383,737			65,024	*
Invesco Private Prime Fund			24,104,019			123,209,886			(138,612,989	)			(232	)			(1,835	)			8,698,849			175,622	*
Total		$	36,557,544		$	467,302,182		$	(483,243,344	)		$	(232	)		$	(1,835	)		$	20,614,315		$	295,941

* 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 October 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 2J.

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

  78  

Invesco Global Clean Energy ETF (PBD)

October 31, 2022

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Austria-0.77%
Verbund AG		21,434	$	1,678,857
Belgium-0.84%
Elia Group S.A./N.V.		14,422		1,823,086
Canada-4.99%
Ballard Power Systems, Inc.(a)(b)		264,925		1,499,374
Boralex, Inc., Class A		55,034		1,558,567
Canadian Solar, Inc.(a)(b)		48,838		1,655,608
Innergex Renewable Energy, Inc.		127,908		1,406,562
Li-Cycle Holdings Corp.(a)(b)		313,524		1,868,603
Lithium Americas Corp.(a)(b)		64,956		1,616,105
NFI Group, Inc.		186,950		1,206,085
				10,810,904
Chile-0.82%
Sociedad Quimica y Minera de Chile S.A., ADR		18,868		1,767,554
China-8.75%
BYD Co. Ltd., H Shares		71,093		1,591,246
China Datang Corp. Renewable Power Co. Ltd., H Shares(b)		7,067,835		1,908,802
Flat Glass Group Co. Ltd., H Shares		671,582		1,572,473
Ganfeng Lithium Group Co. Ltd., H Shares(b)(c)		235,178		1,590,852
JinkoSolar Holding Co. Ltd., ADR(a)(b)		33,954		1,612,136
JL Mag Rare-Earth Co. Ltd., H Shares(b)(c)		516,800		1,501,053
NIO, Inc., ADR(a)(b)		91,681		886,555
ReneSola Ltd., ADR(a)(b)		324,353		1,466,076
Tianqi Lithium Corp.(a)		181,400		1,478,958
Xinyi Energy Holdings Ltd.		5,109,114		1,301,710
Xinyi Solar Holdings Ltd.		1,575,053		1,563,044
XPeng, Inc., ADR(a)(b)		127,148		841,720
Yadea Group Holdings Ltd.(c)		1,086,652		1,658,387
				18,973,012
Denmark-3.32%
NKT A/S(a)		36,496		1,823,698
Novozymes A/S, Class B		37,049		1,946,258
Orsted A/S(c)		20,749		1,711,695
Vestas Wind Systems A/S		87,081		1,715,597
				7,197,248
France-2.78%
McPhy Energy S.A.(a)(b)		216,475		2,460,462
Neoen S.A.(b)(c)		47,438		1,655,992
Nexans S.A.		20,435		1,910,631
				6,027,085
Germany-7.36%
CropEnergies AG		128,951		2,057,024
Encavis AG		91,172		1,698,572
Energiekontor AG		22,548		2,003,452
Nordex SE(a)		212,420		1,985,664
PNE AG(b)		116,056		2,209,200
SFC Energy AG, Class BR(a)(b)		91,130		1,682,478
SMA Solar Technology AG(a)(b)		36,809		1,784,085
VERBIO Vereinigte BioEnergie AG		32,133		2,531,166
				15,951,641

	Shares		Value
Hong Kong-0.51%
Polestar Automotive Holding UK PLC, ADR(a)(b)		246,817	$	1,100,804
India-0.76%
ReNew Energy Global PLC, Class A(a)(b)		283,751		1,648,593
Ireland-0.81%
Kingspan Group PLC		34,858		1,760,494
Israel-1.52%
Energix-Renewable Energies Ltd.		456,417		1,602,874
Enlight Renewable Energy Ltd.(a)		831,788		1,693,354
				3,296,228
Italy-1.77%
Prysmian S.p.A.		61,559		2,007,174
Terna Rete Elettrica Nazionale S.p.A.(b)		277,256		1,838,168
				3,845,342
Japan-3.33%
Abalance Corp.		140,300		2,001,117
GS Yuasa Corp.(b)		113,564		1,732,093
RENOVA, Inc.(a)(b)		74,644		1,642,183
West Holdings Corp.		61,681		1,848,749
				7,224,142
Netherlands-1.88%
Alfen Beheer B.V.(b)(c)		18,517		1,968,304
Fugro N.V.(a)		161,585		2,100,090
				4,068,394
New Zealand-0.85%
Mercury NZ Ltd.		548,394		1,854,191
Norway-2.47%
Aker Horizons ASA(a)		1,306,140		1,640,079
FREYR Battery S.A.(a)		135,724		1,806,487
NEL ASA(a)(b)		1,557,106		1,902,791
				5,349,357
South Africa-0.63%
Scatec ASA(c)		193,304		1,368,412
South Korea-12.23%
Bumhan Fuel Cell Co. Ltd.(a)		80,362		1,599,398
CS Wind Corp.		44,400		1,832,792
DaeMyoung Energy Co. Ltd.(a)		87,528		1,345,686
Dongkuk Structures & Construction Co. Ltd.		406,564		1,487,029
Doosan Fuel Cell Co. Ltd.(a)(b)		80,716		1,544,112
Ecopro BM Co. Ltd.		26,529		2,143,626
Hyundai Energy Solutions Co. Ltd.(a)		32,525		1,344,886
Iljin Hysolus Co. Ltd.(a)(b)		71,201		1,524,540
Iljin Materials Co. Ltd.		40,838		1,737,360
L&F Co. Ltd.(a)		11,949		1,887,413
LG Energy Solution Ltd.(a)		5,378		1,993,460
Samsung SDI Co. Ltd.		4,469		2,312,228
Sebitchem Co. Ltd.(a)		16,627		1,467,243
SK IE Technology Co. Ltd.(a)(c)		34,702		1,266,807
Sungeel Hitech Co. Ltd.(a)		16,447		1,548,347
Unison Co. Ltd.(a)		1,120,323		1,462,881
				26,497,808
Spain-3.89%
Acciona S.A.		9,709		1,747,413

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

  79  

Invesco Global Clean Energy ETF (PBD)–(continued)

October 31, 2022

	Shares		Value
Spain-(continued)
Corp. ACCIONA Energias Renovables S.A.		47,404	$	1,862,827
EDP Renovaveis S.A.		81,125		1,708,635
Grenergy Renovables S.A.		52,250		1,611,210
Solaria Energia y Medio Ambiente S.A.(a)		94,854		1,499,984
				8,430,069
Sweden-2.20%
Nibe Industrier AB, Class B		189,650		1,511,989
OX2 AB(a)		238,453		1,644,288
PowerCell Sweden AB(a)(b)		145,804		1,603,119
				4,759,396
Switzerland-0.93%
Landis+Gyr Group AG(a)(b)		34,828		2,008,070
Taiwan-3.08%
Motech Industries, Inc.		2,177,684		1,598,331
Sino-American Silicon Products, Inc.		374,000		1,439,243
Teco Electric and Machinery Co. Ltd.		2,136,000		1,889,239
United Renewable Energy Co. Ltd.(a)		2,675,141		1,743,439
				6,670,252
United Kingdom-1.25%
Ceres Power Holdings PLC(a)(b)		326,892		1,233,731
ITM Power PLC(a)(b)		1,542,639		1,468,139
				2,701,870
United States-32.27%
Altus Power, Inc.(a)		159,038		1,584,019
Ameresco, Inc., Class A(a)(b)		26,758		1,618,324
Archer Aviation, Inc., Class A(a)(b)		622,104		1,772,996
Arcosa, Inc.		34,610		2,221,962
Array Technologies, Inc.(a)(b)		109,499		1,981,932
Bloom Energy Corp., Class A(a)(b)		76,230		1,426,263
Brookfield Renewable Corp., Class A(b)		48,838		1,515,443
Canoo, Inc.(a)(b)		704,310		964,905
ChargePoint Holdings, Inc.(a)(b)		102,445		1,432,181
Enphase Energy, Inc.(a)		6,317		1,939,319
EVgo, Inc.(a)(b)		194,484		1,441,126
First Solar, Inc.(a)		14,938		2,174,525
Fisker, Inc.(a)(b)		215,527		1,756,545
FTC Solar, Inc.(a)(b)		523,095		1,082,807
FuelCell Energy, Inc.(a)(b)		464,016		1,447,730
Gevo, Inc.(a)(b)		788,828		1,774,863
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		51,490		1,399,498
Itron, Inc.(a)(b)		40,246		1,967,627
Joby Aviation, Inc.(a)(b)		342,373		1,650,238
Livent Corp.(a)(b)		59,186		1,868,502

Investment Abbreviations:

ADR-American Depositary Receipt

BR-Bearer Shares

	Shares		Value
United States-(continued)
Lordstown Motors Corp., Class A(a)(b)		908,788	$	1,644,906
Lucid Group, Inc.(a)(b)		119,592		1,708,970
Maxeon Solar Technologies Ltd.(a)(b)		79,776		1,378,529
MP Materials Corp.(a)(b)		61,493		1,847,250
Navitas Semiconductor Corp.(a)(b)		333,120		1,402,435
Ormat Technologies, Inc.(b)		20,752		1,877,018
Piedmont Lithium, Inc.(a)(b)		32,830		2,042,683
Plug Power, Inc.(a)(b)		67,306		1,075,550
Proterra, Inc.(a)(b)		333,683		2,082,182
QuantumScape Corp.(a)(b)		165,859		1,381,605
REC Silicon ASA(a)		983,617		1,890,252
Rivian Automotive, Inc., Class A(a)(b)		49,687		1,737,554
Shoals Technologies Group, Inc., Class A(a)(b)		79,583		1,839,163
Signify N.V.(c)		66,251		1,837,347
SolarEdge Technologies, Inc.(a)		6,296		1,448,269
Solid Power, Inc.(a)(b)		315,027		1,767,301
Stem, Inc.(a)(b)		116,141		1,579,518
Sunnova Energy International, Inc.(a)(b)		71,245		1,320,882
SunPower Corp.(a)(b)		74,390		1,375,471
Sunrun, Inc.(a)(b)		52,786		1,188,213
TPI Composites, Inc.(a)(b)		131,559		1,310,328
Universal Display Corp.		19,435		1,850,601
Wolfspeed, Inc.(a)(b)		16,860		1,327,725
				69,934,557
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $280,728,846)				216,747,366
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-32.89%
Invesco Private Government Fund, 3.18%(d)(e)(f)		19,922,611		19,922,611
Invesco Private Prime Fund, 3.28%(d)(e)(f)		51,352,081		51,352,081
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $71,275,607)				71,274,692
TOTAL INVESTMENTS IN SECURITIES-132.90% (Cost $352,004,453)				288,022,058
OTHER ASSETS LESS LIABILITIES-(32.90)%				(71,294,087	)
NET ASSETS-100.00%			$	216,727,971

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

  80  

Invesco Global Clean Energy ETF (PBD)–(continued)

October 31, 2022

Notes to Schedule of Investments:

^(a) Non-income producing security.

^(b)  All or a portion of this security was out on loan at October 31, 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 October 31, 2022 was $14,558,849, which represented 6.72% of the Fund’s Net Assets.

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

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	5,789,576		$	(5,789,576	)		$	-			$	-			$	-		$	714
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			38,817,582			92,102,708			(110,997,679	)			-				-				19,922,611			220,057	*
Invesco Private Prime Fund			90,917,942			170,990,176			(210,528,439	)			(916	)			(26,682	)			51,352,081			609,760	*
Total		$	129,735,524		$	268,882,460		$	(327,315,694	)		$	(916	)		$	(26,682	)		$	71,274,692		$	830,531

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

^(e) The rate shown is the 7-day SEC standardized yield as of October 31, 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 2J.

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

  81  

Invesco Global Water ETF (PIO)

October 31, 2022

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.81%
Brazil-3.50%
Cia de Saneamento Basico do Estado de Sao Paulo		785,541	$	8,997,287
Canada-1.01%
Stantec, Inc.		53,414		2,610,298
China-1.21%
Beijing Enterprises Water Group Ltd.		4,847,976		1,019,021
China Water Affairs Group Ltd.		665,272		471,208
Guangdong Investment Ltd.(a)		2,554,165		1,610,619
				3,100,848
France-4.11%
Veolia Environnement S.A.		473,339		10,568,166
India-0.01%
VA Tech Wabag Ltd.(b)		7,830		24,953
Italy-1.25%
ACEA S.p.A.		40,555		511,053
Hera S.p.A.(a)		1,135,315		2,706,480
				3,217,533
Japan-7.20%
Ebara Corp.		144,976		4,725,729
Ebara Jitsugyo Co. Ltd.		6,116		89,579
Kurita Water Industries Ltd.(a)		101,652		3,734,113
METAWATER Co. Ltd.		24,241		310,851
Miura Co. Ltd.		180,310		3,681,776
Nomura Micro Science Co. Ltd.		18,190		457,091
Organo Corp.		49,110		850,797
Torishima Pump Manufacturing Co. Ltd.		22,065		191,353
TOTO Ltd.		156,774		4,482,723
				18,524,012
Netherlands-1.61%
Aalberts N.V.		79,548		2,765,899
Arcadis N.V.(a)		40,878		1,389,014
				4,154,913
South Korea-0.60%
Coway Co. Ltd.		39,785		1,544,533
Spain-2.84%
Acciona S.A.		40,609		7,308,754
Switzerland-6.94%
Belimo Holding AG(a)		4,816		1,963,455
Geberit AG		35,715		15,891,971
				17,855,426

	Shares		Value
United Kingdom-13.59%
Genuit Group PLC		176,674	$	519,722
Halma PLC		312,631		7,612,895
Pennon Group PLC		369,578		3,563,677
Severn Trent PLC		264,512		7,622,785
Spirax-Sarco Engineering PLC		54,121		6,698,564
United Utilities Group PLC		826,496		8,939,201
				34,956,844
United States-55.94%
A.O. Smith Corp.		98,773		5,410,785
American Water Works Co., Inc.		71,435		10,382,363
Danaher Corp.		78,579		19,775,977
Ecolab, Inc.		64,730		10,167,141
Essential Utilities, Inc.		97,678		4,319,321
Ferguson PLC		182,526		19,985,392
IDEX Corp.		36,194		8,046,288
Pentair PLC		417,917		17,949,535
Roper Technologies, Inc.		52,682		21,838,796
Tetra Tech, Inc.		43,036		6,080,126
Waters Corp.(b)		35,514		10,624,724
Xylem, Inc.		91,213		9,342,948
				143,923,396
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.81% (Cost $256,199,110)				256,786,963
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.21%
Invesco Private Government Fund, 3.18%(c)(d)(e)		875,923		875,923
Invesco Private Prime Fund, 3.28%(c)(d)(e)		2,251,823		2,251,823
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,127,741)				3,127,746
TOTAL INVESTMENTS IN SECURITIES-101.02% (Cost $259,326,851)				259,914,709
OTHER ASSETS LESS LIABILITIES-(1.02)%				(2,629,372	)
NET ASSETS-100.00%			$	257,285,337

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

  82  

Invesco Global Water ETF (PIO)–(continued)

October 31, 2022

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at October 31, 2022.

^(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 October 31, 2022.

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October  31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	46,598		$	10,014,967		$	(10,061,565	)		$	-		$	-			$	-		$	2,413
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			2,705,012			29,677,719			(31,506,808	)			-			-				875,923			23,909	*
Invesco Private Prime Fund			6,311,696			68,221,243			(72,278,858	)			5			(2,263	)			2,251,823			66,577	*
Total		$	9,063,306		$	107,913,929		$	(113,847,231	)		$	5		$	(2,263	)		$	3,127,746		$	92,899

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

^(d) The rate shown is the 7-day SEC standardized yield as of October 31, 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 2J.

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

  83  

Invesco International BuyBack Achievers^TM ETF (IPKW)

October 31, 2022

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.51%
Australia-1.63%
Boral Ltd.(a)		153,780	$	283,204
Eclipx Group Ltd.(b)		105,972		127,396
Orora Ltd.		466,488		903,836
				1,314,436
Brazil-4.52%
Vale S.A.		285,700		3,655,065
Canada-28.02%
Artis REIT		36,970		258,835
Canaccord Genuity Group, Inc.		57,614		294,818
CGI, Inc., Class A(b)		50,273		4,044,543
CI Financial Corp.		104,248		1,042,442
Dollarama, Inc.		65,925		3,912,341
Dream Office REIT		16,308		184,235
Element Fleet Management Corp.		160,367		2,133,838
Fairfax Financial Holdings Ltd.		4,144		2,032,703
Home Capital Group, Inc.		19,182		370,407
Imperial Oil Ltd.		43,705		2,374,530
Interfor Corp.(b)		31,827		564,652
Real Matters, Inc.(b)		37,187		125,951
Stelco Holdings, Inc.		27,066		680,792
Suncor Energy, Inc.		134,395		4,616,949
				22,637,036
Colombia-1.23%
Parex Resources, Inc.		65,267		994,280
Denmark-1.98%
Jyske Bank A/S(b)		29,659		1,601,753
Finland-0.26%
Citycon OYJ(a)		34,157		212,851
France-2.72%
Carrefour S.A.(a)		136,610		2,198,778
Germany-2.25%
Scout24 SE(c)		35,405		1,815,414
Hong Kong-1.89%
WH Group Ltd.		3,017,183		1,525,917
Ireland-0.39%
Glenveagh Properties PLC(b)(c)		319,360		312,483
Japan-29.66%
Dai-ichi Life Holdings, Inc.		240,319		3,811,700
Fukuyama Transporting Co. Ltd.		15,201		331,868
Gree, Inc.		22,480		126,590
GungHo Online Entertainment, Inc.		24,610		364,758
Hazama Ando Corp.(a)		54,099		314,108
Hogy Medical Co. Ltd.		9,795		217,469
Inabata & Co. Ltd.		14,451		238,881
Inpex Corp.		202,645		2,069,601
JAFCO Group Co. Ltd.		16,616		255,218
Japan Post Holdings Co. Ltd.		575,166		3,868,106
Japan Post Insurance Co. Ltd.(a)		68,314		1,009,761
K’s Holdings Corp.		70,246		551,060
Marui Group Co. Ltd.		63,065		1,041,219
Mebuki Financial Group, Inc.		357,923		695,931
Megachips Corp.		5,856		100,545
Mitsubishi Shokuhin Co. Ltd.		7,174		145,280

	Shares		Value
Japan-(continued)
Morinaga Milk Industry Co. Ltd.		14,990	$	425,592
Nishimatsu Construction Co. Ltd.(a)		16,995		413,913
Nitto Kogyo Corp.(a)		10,285		170,361
Ricoh Co. Ltd.		171,859		1,260,311
Sega Sammy Holdings, Inc.		63,450		813,215
SoftBank Group Corp.		112,401		4,839,818
Starts Corp., Inc.		12,552		222,100
Sumitomo Osaka Cement Co. Ltd.		9,918		211,192
Suruga Bank Ltd.		76,285		202,216
Tokushu Tokai Paper Co. Ltd.(a)		4,926		96,939
Yamazen Corp.		26,345		163,953
				23,961,705
Luxembourg-2.61%
ArcelorMittal S.A.		93,971		2,104,113
Netherlands-2.54%
Akzo Nobel N.V.		33,297		2,054,845
Poland-0.40%
Cyfrowy Polsat S.A.		85,528		320,863
South Korea-1.15%
Meritz Fire & Marine Insurance Co. Ltd.		23,133		510,747
Meritz Securities Co. Ltd.		159,783		415,035
				925,782
Switzerland-0.93%
Forbo Holding AG		621		752,088
Turkey-0.76%
Arcelik A.S		145,229		614,004
United Kingdom-9.00%
Balanced Commercial Property Trust Ltd.		383,058		368,263
Firstgroup PLC		344,248		416,960
NatWest Group PLC		754,399		2,039,420
Pennon Group PLC		151,573		1,461,551
Quilter PLC(c)		701,419		780,606
Victoria PLC(a)(b)		34,872		202,356
WPP PLC		227,226		2,003,984
				7,273,140
United States-7.57%
JBS S.A.		409,700		1,948,852
RHI Magnesita N.V.		15,015		320,165
Roche Holding AG		11,577		3,847,046
				6,116,063
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.51% (Cost $91,288,305)				80,390,616
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.77%
Invesco Private Government Fund, 3.18%(d)(e)(f)		1,081,717		1,081,717

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

  84  

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

October 31, 2022

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 3.28%(d)(e)(f)		2,768,002	$	2,768,002
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,849,681)				3,849,719
TOTAL INVESTMENTS IN SECURITIES-104.28% (Cost $95,137,986)				84,240,335
OTHER ASSETS LESS LIABILITIES-(4.28)%				(3,454,995	)
NET ASSETS-100.00%			$	80,785,340

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at October 31, 2022.

^(b)  Non-income producing security.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $2,908,503, which represented 3.60% of the Fund’s Net Assets.

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

	Value October 31, 2021			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain   (Loss)				Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	354,727	$	31,092,641	$	(31,447,368	)		$	-		$	-			$	-		$	1,823
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,468,349		30,546,574		(32,933,206	)			-			-				1,081,717			19,942	*
Invesco Private Prime Fund			8,092,804		60,235,892		(65,559,501	)			38			(1,231	)			2,768,002			54,887	*
Total		$	11,915,880	$	121,875,107	$	(129,940,075	)		$	38		$	(1,231	)		$	3,849,719		$	76,652

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

^(e)  The rate shown is the 7-day SEC standardized yield as of October 31, 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 2J.

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

  85  

Invesco MSCI Global Timber ETF (CUT)

October 31, 2022

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.00%
Austria-4.05%
Mondi PLC		146,027	$	2,458,875
Brazil-5.59%
Dexco S.A.		102,796		189,832
Klabin S.A.		224,834		926,373
Suzano S.A.		224,553		2,276,663
				3,392,868
Canada-4.32%
Canfor Corp.(a)		18,910		283,778
Cascades, Inc.		20,461		132,602
Interfor Corp.(a)		17,160		304,440
Stella-Jones, Inc.		17,321		521,008
West Fraser Timber Co. Ltd.		18,421		1,381,389
				2,623,217
Chile-0.89%
Empresas CMPC S.A.		339,384		538,302
China-0.49%
Chengxin Lithium Group Co. Ltd., A Shares		15,300		90,602
Greatview Aseptic Packaging Co. Ltd.		183,243		25,678
Lee & Man Paper Manufacturing Ltd.		385,042		116,741
Shandong Sun Paper Industry JSC Ltd., A Shares		45,800		65,826
				298,847
Finland-11.48%
Huhtamaki OYJ(b)		28,793		1,034,433
Metsa Board OYJ		53,762		404,363
Stora Enso OYJ, Class R		165,470		2,157,124
UPM-Kymmene OYJ		100,447		3,366,479
				6,962,399
Germany-0.30%
Mercer International, Inc.(b)		13,569		182,096
Hong Kong-0.48%
Nine Dragons Paper Holdings Ltd.		492,716		291,869
Indonesia-1.20%
PT Indah Kiat Pulp & Paper Corp. Tbk		828,337		509,827
PT Pabrik Kertas Tjiwi Kimia Tbk		431,738		215,904
				725,731
Ireland-4.04%
Smurfit Kappa Group PLC		73,851		2,447,378
Japan-2.99%
Daiken Corp.		3,491		46,786
Daio Paper Corp.		25,130		185,641
Hokuetsu Corp.		37,537		194,965
Nippon Paper Industries Co. Ltd.(b)		29,375		171,149
Oji Holdings Corp.		244,269		848,002
Rengo Co. Ltd.		56,012		310,895
Tokushu Tokai Paper Co. Ltd.(b)		2,732		53,764
				1,811,202
Malaysia-0.09%
Ta Ann Holdings Bhd		63,500		53,051
Norway-0.13%
Elopak ASA		34,637		78,123

	Shares		Value
Portugal-0.70%
Altri SGPS S.A.		21,338	$	118,839
Navigator Co. S.A. (The)		64,081		244,345
Semapa-Sociedade de Investimento e Gestao		4,843		61,651
				424,835
Russia-0.00%
Segezha Group PJSC(c)(d)		1,310,077		0
Saudi Arabia-0.19%
Middle East Paper Co.		8,313		115,263
South Africa-0.87%
Sappi Ltd.(a)		171,808		529,704
South Korea-0.20%
Dongwha Enterprise Co. Ltd.(a)		1,592		73,428
Kuk-il Paper Manufacturing Co. Ltd.(a)		28,857		50,747
				124,175
Spain-0.32%
Ence Energia y Celulosa S.A.		41,974		143,704
Miquel y Costas & Miquel S.A.		4,576		48,483
				192,187
Sweden-6.65%
Billerud AB(b)		66,634		859,875
Holmen AB, Class B		28,279		1,025,168
Svenska Cellulosa AB S.C.A., Class B		182,066		2,146,809
				4,031,852
Switzerland-2.89%
SIG Group AG		91,265		1,754,623
Taiwan-1.11%
Cheng Loong Corp.		219,000		178,068
Chung Hwa Pulp Corp.		121,000		62,523
Longchen Paper & Packaging Co. Ltd.		217,000		100,006
Shihlin Paper Corp.(a)		47,000		69,795
YFY, Inc.		330,000		261,665
				672,057
Thailand-0.92%
Polyplex Thailand PCL, NVDR		61,211		37,956
SCG Packaging PCL, NVDR		382,102		522,052
				560,008
United Kingdom-2.25%
DS Smith PLC		407,998		1,363,210
United States-46.85%
Amcor PLC		273,501		3,167,142
Avery Dennison Corp.		17,529		2,972,042
Clearwater Paper Corp.(a)		5,165		229,739
Glatfelter Corp.(b)		13,606		38,505
Graphic Packaging Holding Co.		92,416		2,121,871
International Paper Co.		77,881		2,617,581
Louisiana-Pacific Corp.(b)		24,991		1,415,740
Packaging Corp. of America		23,745		2,854,387
Pactiv Evergreen, Inc.		13,134		143,292
PotlatchDeltic Corp.(b)		23,830		1,060,197
Ranpak Holdings Corp.(a)(b)		12,955		49,229
Rayonier, Inc.		43,364		1,461,367
Resolute Forest Products, Inc.(a)		13,962		290,182
Sealed Air Corp.		43,981		2,094,375

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

  86  

Invesco MSCI Global Timber ETF (CUT)–(continued)

October 31, 2022

	Shares		Value
United States-(continued)
Sonoco Products Co.		29,091	$	1,805,969
Sylvamo Corp.		12,072		581,508
WestRock Co.		77,037		2,623,880
Weyerhaeuser Co.		93,539		2,893,161
				28,420,167
Total Common Stocks & Other Equity Interests (Cost $60,017,662)				60,052,039
Exchange-Traded Funds-0.64%
India-0.64%
Invesco India ETF(e) (Cost $403,496)		15,752		384,979
Money Market Funds-0.11%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(e)(f) (Cost $67,536)		67,536		67,536
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.75% (Cost $60,488,694)				60,504,554

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.54%
Invesco Private Government Fund, 3.18%(e)(f)(g)		1,110,750	$	1,110,750
Invesco Private Prime Fund, 3.28%(e)(f)(g)		2,855,522		2,855,522
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,966,260)				3,966,272
TOTAL INVESTMENTS IN SECURITIES-106.29% (Cost $64,454,954)				64,470,826
OTHER ASSETS LESS LIABILITIES-(6.29)%				(3,814,371	)
NET ASSETS-100.00%			$	60,656,455

Investment Abbreviations:

ETF-Exchange-Traded Fund

NVDR-Non-Voting Depositary Receipt

Notes to Schedule of Investments:

^(a) Non-income producing security.

^(b)  All or a portion of this security was out on loan at October 31, 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 value of this security at October 31, 2022 represented less than 1% of the Fund’s Net Assets.

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

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

	Value October 31, 2021	Purchases at Cost	Proceeds from Sales	Change in Unrealized Appreciation (Depreciation)	Realized Gain (Loss)	Value October 31, 2022	Dividend Income
Invesco India ETF	$260,608	$263,514	$(96,265)	$(46,619)	$21,338	$384,979	$3,325
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	223,357	4,051,573	(4,207,394)	-	-	67,536	473

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

  87  

Invesco MSCI Global Timber ETF (CUT)–(continued)

October 31, 2022

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	1,598,882		$	28,002,957		$	(28,491,089	)		$	-			$	-			$	1,110,750		$	13,727	*
Invesco Private Prime Fund			3,730,724			57,538,802			(58,413,722	)			12				(294	)			2,855,522			37,872	*
Total		$	5,813,571		$	89,856,846		$	(91,208,470	)		$	(46,607	)		$	21,044	**		$	4,418,787		$	55,397

* 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 India ETF		$	17,597

^(f)  The rate shown is the 7-day SEC standardized yield as of October 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 2J.

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

  88  

Invesco MSCI Green Building ETF (GBLD)

October 31, 2022

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.74%
Australia-2.90%
Centuria Office REIT		8,345	$	8,031
Cromwell Property Group		30,959		13,858
GDI Property Group		10,409		5,258
Growthpoint Properties Australia Ltd.		5,804		12,322
Vicinity Ltd.		83,169		103,440
				142,909
Austria-0.59%
CA Immobilien Anlagen AG		916		28,925
Canada-1.50%
First Capital REIT		2,329		27,063
RioCan REIT		3,300		46,958
				74,021
China-0.26%
Guangzhou R&F Properties Co. Ltd., H Shares(a)		36,476		4,972
SOHO China Ltd.		44,538		6,525
Yuzhou Group Holdings Co. Ltd.(a)(b)		49,338		1,282
				12,779
Finland-0.23%
Citycon OYJ(a)		1,806		11,254
France-7.85%
Carmila S.A.		1,234		17,270
Covivio		1,018		54,533
Gecina S.A.		988		88,128
Klepierre S.A.		4,624		93,002
Mercialys S.A.(a)		1,614		13,982
Unibail-Rodamco-Westfield(a)(b)		2,535		119,962
				386,877
Germany-0.12%
Deutsche EuroShop AG		266		5,705
Hong Kong-9.84%
Champion REIT		57,220		17,130
Henderson Land Development Co. Ltd.		31,214		76,426
Sun Hung Kai Properties Ltd.		31,101		334,590
Swire Properties Ltd.		25,117		48,251
Yuexiu REIT		49,978		8,595
				484,992
Israel-0.10%
Property & Building Corp. Ltd.(b)		64		4,766
Japan-27.31%
Activia Properties, Inc.		15		44,455
AEON REIT Investment Corp.		35		37,676
CRE Logistics REIT, Inc.		12		16,518
Daiwa House REIT Investment Corp.		47		94,863
Daiwa Office Investment Corp.		7		33,061
Frontier Real Estate Investment Corp.		10		35,321
Fukuoka REIT Corp.		14		16,352
Global One Real Estate Investment Corp.		20		15,447
GLP J-Reit		92		95,383
Hulic Reit, Inc.		28		32,797
Isetan Mitsukoshi Holdings Ltd.		7,217		64,093
Itochu Advance Logistics Investment Corp.		14		13,695
Japan Excellent, Inc.		26		24,052
Japan Metropolitan Fund Investment Corp.		150		110,506

	Shares		Value
Japan-(continued)
Japan Real Estate Investment Corp.		27	$	113,170
LaSalle Logiport REIT		38		40,573
Mitsubishi Estate Logistics REIT Investment Corp.		10		29,603
Mori Hills REIT Investment Corp.		33		36,123
Nippon Building Fund, Inc.		33		146,756
Nippon Prologis REIT, Inc.		46		96,404
Nomura Real Estate Master Fund, Inc.		91		103,774
One REIT, Inc.		5		8,339
ORIX JREIT, Inc.		56		75,164
Sekisui House REIT, Inc.		90		48,501
SOSiLA Logistics REIT, Inc.		14		13,422
				1,346,048
Netherlands-0.58%
Eurocommercial Properties N.V.		917		20,174
Wereldhave N.V.(a)		692		8,481
				28,655
Singapore-10.08%
CapitaLand India Trust		19,952		15,791
CapitaLand Integrated Commercial Trust		113,976		151,420
City Developments Ltd.		8,775		47,314
Frasers Centrepoint Trust		21,990		32,322
Frasers Logistics & Commercial Trust(c)		63,444		49,317
Keppel REIT		39,979		25,285
Lendlease Global Commercial REIT		36,166		17,890
Manulife US REIT(c)		36,064		13,163
Mapletree Pan Asia Commercial Trust		50,614		56,870
OUE Commercial REIT, (Acquired 04/20/2021 - 08/18/2022; Cost $14,207)(d)		46,875		10,766
Prime US REIT(c)		13,904		6,535
SPH REIT		24,014		13,830
Starhill Global REIT		31,261		11,377
Suntec REIT		49,347		44,985
				496,865
Spain-2.09%
Inmobiliaria Colonial SOCIMI S.A.		6,379		33,635
Lar Espana Real Estate SOCIMI S.A.		1,169		4,558
Merlin Properties SOCIMI S.A.		7,068		59,867
Neinor Homes S.A.(a)(c)		602		4,802
				102,862
Sweden-1.26%
Atrium Ljungberg AB, Class B		972		12,992
Fabege AB		5,688		41,271
Platzer Fastigheter Holding AB, Class B		1,289		7,990
				62,253
United Kingdom-4.22%
Berkeley Group Holdings PLC		2,393		95,632
Crest Nicholson Holdings PLC		5,522		12,843
Land Securities Group PLC		15,141		99,436
				207,911
United States-30.81%
Alexandria Real Estate Equities, Inc.		3,344		485,883
Boston Properties, Inc.		3,211		233,440
Brandywine Realty Trust		3,684		24,167
Cousins Properties, Inc.		3,197		75,961

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

  89  

Invesco MSCI Green Building ETF (GBLD)–(continued)

October 31, 2022

	Shares		Value
United States-(continued)
Douglas Emmett, Inc.		3,778	$	66,455
Empire State Realty Trust, Inc., Class A, (Acquired 04/20/2021 - 08/18/2022; Cost $30,980)(a)(d)		3,043		22,427
Equity Commonwealth		2,422		63,360
Franklin Street Properties Corp.		2,217		6,385
Highwoods Properties, Inc.		2,260		63,800
Hudson Pacific Properties, Inc.		3,109		34,323
JBG SMITH Properties		2,390		47,035
KB Home		1,714		49,397
Kilroy Realty Corp.		2,258		96,507
Meritage Homes Corp.(b)		789		60,090
Paramount Group, Inc.(a)		3,767		24,372
Piedmont Office Realty Trust, Inc., Class A		2,651		27,703
SL Green Realty Corp.		1,378		54,679
Vornado Realty Trust		3,503		82,636
				1,518,620
Total Common Stocks & Other Equity Interests (Cost $6,811,965)				4,915,442
Money Market Funds-0.66%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(e)(f) (Cost $32,365)		32,365		32,365
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.40% (Cost $6,844,330)				4,947,807

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.34%
Invesco Private Government Fund, 3.18%(e)(f)(g)		32,360	$	32,360
Invesco Private Prime Fund, 3.28%(e)(f)(g)		83,181		83,181
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $115,538)				115,541
TOTAL INVESTMENTS IN SECURITIES-102.74% (Cost $6,959,868)				5,063,348
OTHER ASSETS LESS LIABILITIES-(2.74)%				(135,219	)
NET ASSETS-100.00%			$	4,928,129

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at October 31, 2022.

^(b) Non-income producing security.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $73,817, which represented 1.50% of the Fund’s Net Assets.

^(d)  Restricted security. The value of this security at October 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 period ended October 31, 2022.

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2022			Dividend Income
Invesco Office J-Reit, Inc.		$	9,945		$	-		$	(10,015	)		$	371		$	(301	)		$	-		$	-
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			409,299			(376,934	)			-			-				32,365			248
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			57,646			859,534			(884,820	)			-			-				32,360			562	*
Invesco Private Prime Fund			134,510			1,982,306			(2,033,610	)			3			(28	)			83,181			1,523	*
Total		$	202,101		$	3,251,139		$	(3,305,379	)		$	374		$	(329	)		$	147,906		$	2,333

* 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.

  90  

Invesco MSCI Green Building ETF (GBLD)–(continued)

October 31, 2022

^(f)  The rate shown is the 7-day SEC standardized yield as of October 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 2J.

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

  91  

Invesco S&P Global Water Index ETF (CGW)

October 31, 2022

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Austria-0.90%
Wienerberger AG		366,867	$	8,390,409
Brazil-2.50%
Cia de Saneamento Basico do Estado de Sao Paulo, ADR(a)		2,014,451		23,287,053
Canada-2.03%
Stantec, Inc.		387,500		18,936,806
China-1.09%
Beijing Enterprises Water Group Ltd.(a)		34,348,466		7,219,879
China Lesso Group Holdings Ltd.		3,597,000		2,918,895
				10,138,774
France-4.28%
Veolia Environnement S.A.		1,789,236		39,947,994
Italy-1.01%
Interpump Group S.p.A.(a)		242,761		9,400,576
Japan-3.85%
Ebara Corp.		245,100		7,989,434
Kurita Water Industries Ltd.(a)		680,791		25,008,368
Organo Corp.		168,500		2,919,148
				35,916,950
Netherlands-1.17%
Aalberts N.V.		314,419		10,932,406
South Korea-0.70%
Coway Co. Ltd.		168,587		6,544,885
Switzerland-6.82%
Belimo Holding AG		28,252		11,518,177
Geberit AG(a)		78,541		34,948,096
Georg Fischer AG		250,792		13,895,995
Sulzer AG(a)		49,256		3,285,374
				63,647,642
United Kingdom-15.28%
Pennon Group PLC		2,193,305		21,149,070
Severn Trent PLC(a)		2,052,978		59,163,325
United Utilities Group PLC(a)		5,754,415		62,238,506
				142,550,901
United States-60.37%
Advanced Drainage Systems, Inc.(a)		365,835		42,392,960
American States Water Co.(a)		258,528		23,386,443
American Water Works Co., Inc.(a)		526,997		76,593,744

	Shares		Value
United States-(continued)
Badger Meter, Inc.(a)		170,225	$	19,146,908
California Water Service Group		397,413		24,663,451
Core & Main, Inc., Class A(a)(b)		263,009		6,201,752
Ecolab, Inc.(a)		236,269		37,110,772
Energy Recovery, Inc.(a)(b)		374,133		9,626,442
Essential Utilities, Inc.		1,263,661		55,879,089
Evoqua Water Technologies Corp.(b)		759,537		29,758,660
Franklin Electric Co., Inc.		164,098		13,446,190
Lindsay Corp.		63,807		10,802,525
Middlesex Water Co.(a)		136,138		12,180,267
Montrose Environmental Group, Inc.(a)(b)		110,907		4,855,508
Mueller Water Products, Inc., Class A		901,367		10,545,994
Pentair PLC		490,822		21,080,805
Reliance Worldwide Corp. Ltd.(a)		2,521,319		5,175,348
Select Energy Services, Inc., Class A(b)		473,845		4,572,604
SJW Group(a)		189,399		13,386,721
Tetra Tech, Inc.		187,329		26,465,841
TETRA Technologies, Inc.(a)(b)		424,355		2,096,314
Valmont Industries, Inc.		57,871		18,473,580
Watts Water Technologies, Inc., Class A(a)		119,225		17,449,771
Xylem, Inc.(a)		761,341		77,984,159
				563,275,848
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $809,680,309)				932,970,244
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-10.08%
Invesco Private Government Fund, 3.18%(c)(d)(e)		26,467,571		26,467,571
Invesco Private Prime Fund, 3.28%(c)(d)(e)		67,629,085		67,629,085
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $94,095,062)				94,096,656
TOTAL INVESTMENTS IN SECURITIES-110.08% (Cost $903,775,371)				1,027,066,900
OTHER ASSETS LESS LIABILITIES-(10.08)%				(94,073,162	)
NET ASSETS-100.00%			$	932,993,738

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

  92  

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

October 31, 2022

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at October 31, 2022.

^(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 October 31, 2022.

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	198,686		$	29,391,900		$	(29,590,586	)		$	-		$	-			$	-		$	1,104
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			9,367,167			132,981,516			(115,881,112	)			-			-				26,467,571			112,171	*
Invesco Private Prime Fund			21,856,724			314,701,566			(268,930,095	)			1,594			(704	)			67,629,085			306,510	*
Total		$	31,422,577		$	477,074,982		$	(414,401,793	)		$	1,594		$	(704	)		$	94,096,656		$	419,785

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

^(d)  The rate shown is the 7-day SEC standardized yield as of October 31, 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 2J.

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

  93  

Invesco S&P International Developed Quality ETF (IDHQ)

October 31, 2022

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.76%
Australia-12.05%
AGL Energy Ltd.		14,244	$	62,028
ALS Ltd.		9,414		68,866
Aristocrat Leisure Ltd.		12,457		295,286
ASX Ltd.		5,522		239,052
Bendigo & Adelaide Bank Ltd.(a)		13,827		79,663
BHP Group Ltd.		125,958		3,009,119
BlueScope Steel Ltd.		10,818		108,813
Charter Hall Group		10,541		87,221
Cochlear Ltd.		1,463		186,832
CSL Ltd.		8,468		1,518,761
Domino’s Pizza Enterprises Ltd.		1,311		53,443
Fortescue Metals Group Ltd.		45,691		429,492
Goodman Group		34,661		376,788
James Hardie Industries PLC, CDI		9,497		206,477
JB Hi-Fi Ltd.(a)		2,720		74,634
Lynas Rare Earths Ltd.(b)		18,440		98,223
Rio Tinto PLC		27,777		1,450,980
SEEK Ltd.		9,679		133,626
Sonic Healthcare Ltd.		10,436		218,684
South32 Ltd.		83,171		191,461
Stockland		49,266		113,411
Transurban Group		66,961		567,770
Wesfarmers Ltd.		22,564		655,922
WiseTech Global Ltd.		3,136		116,629
Woolworths Group Ltd.		36,571		772,184
				11,115,365
Belgium-0.49%
KBC Group N.V.		6,496		325,510
Umicore S.A.(a)		3,772		124,331
				449,841
Brazil-0.42%
Wheaton Precious Metals Corp.		7,968		260,353
Yara International ASA		2,977		132,860
				393,213
Canada-6.20%
Canadian National Railway Co.		11,196		1,324,756
Canadian Natural Resources Ltd.		24,027		1,439,277
CGI, Inc., Class A(b)		4,557		366,618
Fairfax Financial Holdings Ltd.		571		280,085
Gildan Activewear, Inc.		4,277		134,796
Imperial Oil Ltd.		4,007		217,704
Manulife Financial Corp.		35,671		590,485
Suncor Energy, Inc.		26,616		914,355
Toromont Industries Ltd.		1,722		132,175
Tourmaline Oil Corp.		5,668		318,959
				5,719,210
China-0.62%
BOC Hong Kong Holdings Ltd.		93,525		290,708
Budweiser Brewing Co. APAC Ltd.(c)		29,815		62,746
Chow Tai Fook Jewellery Group Ltd.		47,618		81,528
ENN Energy Holdings Ltd.		13,714		136,356
				571,338
Denmark-5.91%
AP Moller - Maersk A/S, Class B		167		349,406

	Shares		Value
Denmark-(continued)
Chr. Hansen Holding A/S		2,907	$	161,471
Coloplast A/S, Class B		2,169		241,878
Demant A/S(b)		1,837		50,214
Novo Nordisk A/S, Class B		38,104		4,143,482
Novozymes A/S, Class B		4,067		213,648
Orsted A/S(c)		3,550		292,859
				5,452,958
Finland-1.95%
Elisa OYJ		2,975		143,812
Kesko OYJ, Class B		5,327		103,719
Kone OYJ, Class B		11,380		466,206
Metso Outotec OYJ(a)		13,147		99,819
Neste OYJ		7,862		344,540
Orion OYJ, Class B		2,332		107,290
Sampo OYJ, Class A		11,760		537,913
				1,803,299
France-5.50%
Airbus SE		15,145		1,640,256
BioMerieux		936		82,833
Bollore SE		21,450		107,378
Hermes International		790		1,023,235
Kering S.A.		1,444		661,783
L’Oreal S.A.		4,457		1,401,256
Sartorius Stedim Biotech		495		157,142
				5,073,883
Germany-1.44%
adidas AG		3,660		358,047
Hapag-Lloyd AG(c)		216		39,046
Mercedes-Benz Group AG		16,145		935,076
				1,332,169
Hong Kong-2.62%
AIA Group Ltd.		224,059		1,696,887
Hong Kong Exchanges & Clearing Ltd.		27,026		719,559
				2,416,446
Israel-0.78%
Check Point Software Technologies Ltd.(b)		2,470		319,198
Clal Insurance Enterprises Holdings Ltd.(b)		2,709		46,960
ICL Group Ltd.		13,824		125,376
Israel Corp. Ltd. (The)		121		52,636
Kornit Digital Ltd.(b)		1,315		35,137
Maytronics Ltd.(a)		2,952		31,990
Phoenix Holdings Ltd. (The)		5,249		57,136
Strauss Group Ltd.		2,136		53,699
				722,132
Italy-0.68%
Ferrari N.V.		2,763		544,797
Recordati Industria Chimica e Farmaceutica S.p.A.		2,115		79,497
				624,294
Japan-13.96%
Advantest Corp.		4,559		241,085
Astellas Pharma, Inc.		34,859		479,961
BayCurrent Consulting, Inc.		5,250		147,997
Benefit One, Inc.		3,914		54,351

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

  94  

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

October 31, 2022

	Shares		Value
Japan-(continued)
BIPROGY, Inc.		2,546	$	55,070
Casio Computer Co. Ltd.		5,706		49,676
Chugai Pharmaceutical Co. Ltd.		14,406		334,381
CyberAgent, Inc.		11,715		96,472
Daito Trust Construction Co. Ltd.		1,439		142,414
Disco Corp.		729		175,095
Fast Retailing Co. Ltd.		1,160		647,683
GMO Payment Gateway, Inc.		1,294		93,414
Hoshizaki Corp.		2,456		70,474
Hoya Corp.		7,682		717,111
Iida Group Holdings Co. Ltd.		3,899		54,195
Japan Exchange Group, Inc.		11,048		145,203
Japan Tobacco, Inc.		19,537		323,875
Kakaku.com, Inc.		3,807		64,571
Kawasaki Kisen Kaisha Ltd.(a)		6,855		104,277
Kewpie Corp.		3,403		53,780
Kobayashi Pharmaceutical Co. Ltd.		1,160		61,654
Konami Group Corp.		2,063		90,634
Kyowa Kirin Co. Ltd.		4,619		108,922
Lawson, Inc.		1,685		53,848
M3, Inc.		10,277		307,408
MISUMI Group, Inc.		5,473		117,093
Mitsui OSK Lines Ltd.(a)		10,501		208,487
Murata Manufacturing Co. Ltd.		12,029		590,788
Nexon Co. Ltd.		8,853		148,726
Nifco, Inc.		2,307		53,626
Nihon M&A Center Holdings, Inc.		10,351		117,205
Nintendo Co. Ltd.		26,550		1,084,257
Nippon Shinyaku Co. Ltd.		1,321		73,233
Nippon Yusen K.K.(a)		15,837		287,577
Nissan Chemical Corp.		2,934		132,256
NOF Corp.		1,543		53,151
Obic Co. Ltd.		1,335		200,921
Otsuka Corp.		2,500		78,969
Persol Holdings Co. Ltd.		3,772		75,778
Pola Orbis Holdings, Inc.		4,539		50,235
Rakus Co. Ltd.		4,769		53,358
Recruit Holdings Co. Ltd.		36,323		1,121,691
Ryohin Keikaku Co. Ltd.		5,087		47,949
SCREEN Holdings Co. Ltd.		942		51,906
SCSK Corp.		3,287		48,586
Sega Sammy Holdings, Inc.		3,745		47,998
SG Holdings Co. Ltd.		11,149		147,918
Shimadzu Corp.		5,521		145,793
Shimano, Inc.		1,549		240,476
Shinko Electric Industries Co. Ltd.		1,523		36,734
Shiseido Co. Ltd.		7,606		263,793
Square Enix Holdings Co. Ltd.		2,099		93,769
Sumitomo Metal Mining Co. Ltd.		5,193		146,110
Tokio Marine Holdings, Inc.		39,435		713,961
Tokyo Electron Ltd.		3,700		983,032
Tosoh Corp.		6,456		70,322
Trend Micro, Inc.		4,230		213,727
USS Co. Ltd.		4,619		69,828
Workman Co. Ltd.(a)		1,544		52,874
Yakult Honsha Co. Ltd.		3,188		176,736
Yamato Holdings Co. Ltd.		7,380		109,433
ZOZO, Inc.		4,799		102,189
				12,884,036

	Shares		Value
Luxembourg-0.34%
ArcelorMittal S.A.		12,099	$	270,910
RTL Group S.A.(a)		1,182		40,117
				311,027
Netherlands-6.97%
ASM International N.V.		687		152,639
ASML Holding N.V.(a)		9,635		4,551,879
Koninklijke DSM N.V.		3,244		382,501
Koninklijke KPN N.V.		65,953		184,538
Universal Music Group N.V.		29,264		574,181
Wolters Kluwer N.V.		5,496		584,209
				6,429,947
New Zealand-0.26%
Fisher & Paykel Healthcare Corp. Ltd.		11,161		126,956
Spark New Zealand Ltd.		39,667		117,988
				244,944
Norway-1.60%
Aker BP ASA		3,991		127,213
Equinor ASA		24,395		892,447
Gjensidige Forsikring ASA		4,717		86,157
Kongsberg Gruppen ASA		1,945		69,704
Nordic Semiconductor ASA(b)		3,493		49,354
Norsk Hydro ASA		26,727		169,614
TOMRA Systems ASA		4,883		78,912
				1,473,401
Singapore-1.06%
Kenon Holdings Ltd.		989		38,076
Singapore Exchange Ltd.		15,978		95,071
Singapore Technologies Engineering Ltd.		29,180		68,048
Singapore Telecommunications Ltd.		196,343		346,871
STMicroelectronics N.V.		13,857		432,780
				980,846
South Africa-1.01%
Anglo American PLC		31,063		932,914
South Korea-0.58%
BGF retail Co. Ltd.		377		49,360
Cheil Worldwide, Inc.		2,786		47,820
Daewoo Engineering & Construction Co. Ltd.(b)		10,661		31,471
F&F Co. Ltd.		687		70,173
Kumho Petrochemical Co. Ltd.		443		40,741
LEENO Industrial, Inc.		473		45,426
Meritz Fire & Marine Insurance Co. Ltd.		1,874		41,376
Samsung Electro-Mechanics Co. Ltd.		1,051		89,277
Samsung Engineering Co. Ltd.(b)		4,128		69,116
S-Oil Corp.		842		51,072
				535,832
Spain-0.90%
Industria de Diseno Textil S.A.(a)		20,065		454,929
Telefonica S.A.		108,456		373,566
				828,495
Sweden-1.81%
Atlas Copco AB, Class A(a)		51,314		548,132
Boliden AB		5,434		158,145
Epiroc AB, Class A		11,114		170,022
Evolution AB(c)		3,555		332,323
Getinge AB, Class B		3,922		79,608

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

  95  

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

October 31, 2022

	Shares		Value
Sweden-(continued)
H & M Hennes & Mauritz AB, Class B(a)		14,777	$	148,700
Kinnevik AB, Class B(b)		5,814		71,817
SSAB AB, Class A		9,009		43,323
Sweco AB, Class B		4,620		34,701
Tele2 AB, Class B		9,778		80,097
				1,666,868
Switzerland-10.05%
ABB Ltd.		44,716		1,243,960
EMS-Chemie Holding AG		164		103,161
Geberit AG		958		426,278
Kuehne + Nagel International AG, Class R(a)		1,681		358,456
Lonza Group AG		1,747		899,729
Novartis AG		63,054		5,097,246
Partners Group Holding AG		568		510,476
Schindler Holding AG, PC		821		133,928
Sonova Holding AG, Class A		1,069		252,843
Straumann Holding AG		2,600		247,802
				9,273,879
United Kingdom-8.49%
Admiral Group PLC		7,005		162,675
Ashtead Group PLC		9,178		480,803
Auto Trader Group PLC(c)		29,390		176,500
Barratt Developments PLC		20,809		90,132
Burberry Group PLC		9,356		195,512
Diageo PLC		55,275		2,289,798
Halma PLC		8,427		205,206
Hargreaves Lansdown PLC(a)		15,158		133,195
Imperial Brands PLC		25,010		611,611
JD Sports Fashion PLC		48,639		54,567
Melrose Industries PLC		78,184		105,230
Next PLC		3,358		190,567
Persimmon PLC		6,794		102,081
RELX PLC		47,869		1,290,218
Rightmove PLC		29,013		164,281
Sage Group PLC (The)		27,975		234,095
Schroders PLC		21,379		96,416

	Shares		Value
United Kingdom-(continued)
Smiths Group PLC		10,863	$	195,174
Spirax-Sarco Engineering PLC		1,484		183,675
SSE PLC		24,363		436,463
St James’s Place PLC		10,420		127,769
Wise PLC, Class A(b)		13,627		104,335
WPP PLC		22,979		202,660
				7,832,963
United States-14.07%
Ferguson PLC		5,861		641,741
GSK PLC		73,120		1,202,860
Nestle S.A.		48,170		5,248,521
Oracle Corp.		1,014		54,167
Roche Holding AG		16,944		5,630,504
Spotify Technology S.A.(b)		2,509		202,175
				12,979,968
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.76% (Cost $105,807,874)				92,049,268
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-7.55%
Invesco Private Government Fund, 3.18%(d)(e)(f)		1,950,330		1,950,330
Invesco Private Prime Fund, 3.28%(d)(e)(f)		5,013,788		5,013,788
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,964,096)				6,964,118
TOTAL INVESTMENTS IN SECURITIES-107.31% (Cost $112,771,970)				99,013,386
OTHER ASSETS LESS LIABILITIES-(7.31)%				(6,747,725	)
NET ASSETS-100.00%			$	92,265,661

Investment Abbreviations:

CDI-CREST Depository Interest

PC-Participation Certificate

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at October 31, 2022.

^(b)  Non-income producing security.

^(c)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2022 was $903,474, 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 October 31, 2022.

	Value October 31, 2021	Purchases at Cost	Proceeds from Sales	Change in Unrealized Appreciation	Realized Gain (Loss)	Value October 31, 2022	Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$            -	$  3,975,859	$  (3,975,859)	$    -	$        -	$            -	$  920

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

  96  

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

October 31, 2022

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	1,212,403		$	26,535,657		$	(25,797,730	)		$	-		$	-			$	1,950,330		$	17,560	*
Invesco Private Prime Fund			2,828,941			48,737,501			(46,551,283	)			22			(1,393	)			5,013,788			49,217	*
Total		$	4,041,344		$	79,249,017		$	(76,324,872	)		$	22		$	(1,393	)		$	6,964,118		$	67,697

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

^(e)  The rate shown is the 7-day SEC standardized yield as of October 31, 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 2J.

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

  97  

Statements of Assets and Liabilities

October 31, 2022

	Invesco China Technology ETF (CQQQ)			Invesco DWA Developed Markets Momentum ETF (PIZ)				Invesco DWA Emerging Markets Momentum ETF (PIE)				Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)			Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)
Assets:
Unaffiliated investments in securities, at value(a)	$	702,755,163			$	101,485,535			$	125,204,959		$	1,126,624,577			$	487,359,905
Affiliated investments in securities, at value		50,208,432				6,785,854				1,422,989			83,011,429				78,521,840
Cash		-				-				-			-				-
Foreign currencies, at value		344				-				760,453			100,741				-
Deposits with brokers:
Cash segregated as collateral		-				-				-			143,031				330,085
Receivable for:
Dividends		32,621				299,056				176,331			3,230,110				1,438,108
Securities lending		13,048				1,928				1,459			30,811				54,703
Investments sold		-				88,499				396,589			400,245				426,902
Fund shares sold		-				-				-			15,099,446				208,113
Foreign tax reclaims		-				404,593				3,266			2,142,747				372,026
Other assets		-				-				-			-				-
Total assets		753,009,608				109,065,465				127,966,046			1,230,783,137				568,711,682
Liabilities:
Due to custodian		-				609,214				524,032			1,172,531				10,000
Due to foreign custodian		-				649				-			-				488,347
Payable for:
Investments purchased		-				-				-			15,429,776				608,019
Collateral upon return of securities loaned		49,931,090				6,785,724				1,422,978			83,012,447				77,923,950
Collateral upon receipt of securities in-kind		-				-				-			143,031				330,085
Fund shares repurchased		-				86,965				322,235			78,933				-
Accrued unitary management fees		468,867				68,915				103,764			408,660				189,102
Accrued advisory fees		-				-				-			-				-
Accrued trustees’ and officer’s fees		-				-				-			-				-
Accrued expenses		-				-				-			-				-
Accrued tax expenses		-				-				-			-				-
Total liabilities		50,399,957				7,551,467				2,373,009			100,245,378				79,549,503
Net Assets	$	702,609,651			$	101,513,998			$	125,593,037		$	1,130,537,759			$	489,162,179
Net assets consist of:
Shares of beneficial interest	$	1,670,169,086			$	273,346,291			$	289,079,899		$	1,417,184,134			$	655,526,434
Distributable earnings (loss)		(967,559,435	)			(171,832,293	)			(163,486,862	)		(286,646,375	)			(166,364,255	)
Net Assets	$	702,609,651			$	101,513,998			$	125,593,037		$	1,130,537,759			$	489,162,179
Shares outstanding (unlimited amount authorized, $0.01 par value)		21,850,000				3,900,000				7,900,000			30,050,000				18,350,000
Net asset value	$	32.16			$	26.03			$	15.90		$	37.62			$	26.66
Market price	$	31.96			$	26.00			$	15.85		$	37.71			$	26.68
Unaffiliated investments in securities, at cost	$	1,084,595,653			$	103,698,305			$	131,309,627		$	1,251,414,909			$	583,663,688
Affiliated investments in securities, at cost	$	50,208,007			$	6,785,724			$	1,422,978		$	83,012,447			$	78,523,867
Foreign currencies (due to foreign custodian), at cost	$	341			$	(1,053	)		$	762,347		$	102,724			$	(500,692	)
(a) Includes securities on loan with an aggregate value of:	$	49,340,453			$	6,402,321			$	1,350,747		$	77,667,523			$	70,094,584

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

  98  

Invesco FTSE RAFI Emerging Markets ETF (PXH)			Invesco Global Clean Energy ETF (PBD)			Invesco Global Water ETF (PIO)			Invesco International BuyBack  AchieversTM ETF (IPKW)				Invesco MSCI Global Timber ETF (CUT)			Invesco MSCI Green Building ETF (GBLD)			Invesco S&P Global Water Index ETF (CGW)				Invesco S&P International Developed Quality ETF (IDHQ)
$	1,203,623,076		$	216,747,366		$	256,786,963			$	80,390,616		$	60,052,039		$	4,915,442			$	932,970,244			$	92,049,268
	20,614,315			71,274,692			3,127,746				3,849,719			4,418,787			147,906				94,096,656				6,964,118
	-			-			-				-			1,602			-				-				-
	2,057,597			83,885			7,126				-			63,622			-				-				6,756
	-			-			41,818				57,465			-			-				-				76,657
	823,641			49,822			622,559				208,746			71,625			18,135				401,563				173,422
	3,375			157,756			1,021				2,171			767			62				5,523				1,304
	16,485,622			-			-				2,879,896			74,657			-				-				11,797
	-			-			38,840				49,194			656			-				-				66,542
	-			77,285			261,585				125,041			160,862			-				1,341,624				312,458
	4,546			-			-				-			14,378			-				17,260				-
	1,243,612,172			288,390,806			260,887,658				87,562,848			64,858,995			5,081,545				1,028,832,870				99,662,322
	-			251,484			238,124				329,850			-			-				791,226				255,708
	-			-			-				89,014			-			36,284				29				-
	3,046,076			-			38,840				2,415,003			104			-				-				66,549
	12,082,818			71,275,607			3,127,741				3,849,681			3,966,260			115,538				94,095,062				6,964,096
	-			-			41,817				57,465			-			-				-				76,658
	17,424,394			-			-				-			74,657			-				-				11,797
	512,117			135,744			155,799				36,495			-			1,594				-				21,853
	-			-			-				-			18,557			-				370,442				-
	-			-			-				-			5,629			-				15,045				-
	-			-			-				-			137,333			-				567,328				-
	4,306,180			-			-				-			-			-				-				-
	37,371,585			71,662,835			3,602,321				6,777,508			4,202,540			153,416				95,839,132				7,396,661
$	1,206,240,587		$	216,727,971		$	257,285,337			$	80,785,340		$	60,656,455		$	4,928,129			$	932,993,738			$	92,265,661
$	1,724,731,854		$	455,671,148		$	325,253,601			$	156,455,823		$	79,712,589		$	7,058,969			$	850,758,176			$	130,764,306
	(518,491,267	)		(238,943,177	)		(67,968,264	)			(75,670,483	)		(19,056,134	)		(2,130,840	)			82,235,562				(38,498,645	)
$	1,206,240,587		$	216,727,971		$	257,285,337			$	80,785,340		$	60,656,455		$	4,928,129			$	932,993,738			$	92,265,661
	76,150,000			11,425,000			8,350,000				2,650,000			2,050,000			300,001				20,440,000				4,150,000
$	15.84		$	18.97		$	30.81			$	30.49		$	29.59		$	16.43			$	45.65			$	22.23
$	15.85		$	18.89		$	30.89			$	30.48		$	29.53		$	16.44			$	45.66			$	22.23
$	1,425,588,990		$	280,728,846		$	256,199,110			$	91,288,305		$	60,017,662		$	6,811,965			$	809,680,309			$	105,807,874
$	20,614,547		$	71,275,607		$	3,127,741			$	3,849,681		$	4,437,292		$	147,903			$	94,095,062			$	6,964,096
$	2,057,493		$	83,550		$	6,765			$	(89,320	)	$	65,471		$	(37,074	)		$	(39	)		$	6,772
$	11,420,585		$	68,990,447		$	2,856,988			$	3,461,360		$	3,731,075		$	110,162			$	92,297,929			$	6,556,473

  99  

Statements of Operations

For the year ended October 31, 2022

	Invesco China Technology ETF (CQQQ)			Invesco DWA Developed Markets Momentum ETF (PIZ)				Invesco DWA Emerging Markets Momentum ETF (PIE)				Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)			Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)
Investment income:
Unaffiliated dividend income	$	6,395,518			$	3,731,817			$	8,163,218		$	44,810,465			$	15,349,806
Affiliated dividend income		36,486				473				1,531			7,994				5,436
Non-cash dividend income		-				103,576				-			694,309				552,708
Securities lending income, net		325,597				26,198				56,231			590,559				573,033
Foreign withholding tax		(361,975	)			(416,327	)			(1,424,645	)		(4,545,836	)			(1,727,051	)
Total investment income		6,395,626				3,445,737				6,796,335			41,557,491				14,753,932
Expenses:
Unitary management fees		7,959,167				1,367,819				1,718,178			5,068,212				2,381,922
Advisory fees		-				-				-			-				-
Sub-licensing fees		-				-				-			-				-
Accounting & administration fees		-				-				-			-				-
Professional fees		-				-				-			-				-
Custodian & transfer agent fees		-				-				-			-				-
Trustees’ and officer’s fees		-				-				-			-				-
Tax expenses		-				-				-			-				-
Other expenses		-				-				-			-				-
Total expenses		7,959,167				1,367,819				1,718,178			5,068,212				2,381,922
Less: Waivers		(1,468	)			(38	)			(75	)		(608	)			(271	)
Net expenses		7,957,699				1,367,781				1,718,103			5,067,604				2,381,651
Net investment income (loss)		(1,562,073	)			2,077,956				5,078,232			36,489,887				12,372,281
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(463,852,058	)			(47,666,491	)			(44,489,154	)		(18,472,470	)			(17,923,053	)
Affiliated investment securities		(63,900	)			(1,858	)			(4,051	)		(8,521	)			(2,058	)
Unaffiliated in-kind redemptions		1,238,557				4,526,592				479,739			30,608,247				19,915,699
Affiliated in-kind redemptions		-				-				-			-				-
Foreign currencies		(289,163	)			(169,489	)			(714,584	)		(652,096	)			(437,054	)
Distributions of underlying fund shares		-				-				-			-				-
Net realized gain (loss)		(462,966,564	)			(43,311,246	)			(44,728,050	)		11,475,160				1,553,534
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(376,606,191	)			(33,202,269	)			(34,871,275	)		(265,275,944	)			(164,581,202	)
Affiliated investment securities		423				130				11			(1,019	)			(12,855	)
Foreign currencies		2				(72,521	)			(215	)		(327,561	)			(43,747	)
Change in net unrealized appreciation (depreciation)		(376,605,766	)			(33,274,660	)			(34,871,479	)		(265,604,524	)			(164,637,804	)
Net realized and unrealized gain (loss)		(839,572,330	)			(76,585,906	)			(79,599,529	)		(254,129,364	)			(163,084,270	)
Net increase (decrease) in net assets resulting from operations	$	(841,134,403	)		$	(74,507,950	)		$	(74,521,297	)	$	(217,639,477	)		$	(150,711,989	)

^(a)  Net of foreign taxes of $2,010,910.

^(b)  Net of change of deferred foreign taxes of $2,739,086.

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

  100  

Invesco FTSE RAFI Emerging Markets ETF (PXH)			Invesco Global  Clean Energy ETF (PBD)			Invesco Global Water ETF (PIO)			Invesco International BuyBack  AchieversTM ETF (IPKW)				Invesco MSCI Global  Timber ETF (CUT)			Invesco MSCI Green Building ETF (GBLD)			Invesco S&P Global Water Index ETF (CGW)				Invesco S&P International Developed Quality ETF (IDHQ)
$	83,560,018		$	1,782,911		$	5,109,008			$	3,847,174		$	2,132,069		$	196,679			$	19,053,718			$	3,900,641
	55,295			714			2,413				1,823			3,798			248				1,104				920
	2,490,594			-			-				-			40,890			1,204				116,685				50,734
	105,462			3,479,425			19,798				219,125			12,231			1,518				68,506				31,471
	(6,609,693	)		(242,363	)		(276,065	)			(381,606	)		(92,243	)		(14,034	)			(795,009	)			(344,676	)
	79,601,676			5,020,687			4,855,154				3,686,516			2,096,745			185,615				18,445,004				3,639,090
	6,633,814			2,048,041			2,196,437				558,907			-			19,106				-				335,922
	-			-			-				-			403,416			-				5,220,552				-
	-			-			-				-			48,409			-				459,417				-
	-			-			-				-			20,833			-				64,782				-
	-			-			-				-			30,792			-				34,427				-
	-			-			-				-			24,218			-				37,325				-
	-			-			-				-			3,482			-				10,044				-
	2,729			1,288			-				-			1,091			-				-				-
	-			-			-				-			23,041			-				73,822				-
	6,636,543			2,049,329			2,196,437				558,907			555,282			19,106				5,900,369				335,922
	(2,552	)		(67	)		(133	)			(97	)		(65,125	)		(11	)			(58	)			(73	)
	6,633,991			2,049,262			2,196,304				558,810			490,157			19,095				5,900,311				335,849
	72,967,685			2,971,425			2,658,850				3,127,706			1,606,588			166,520				12,544,693				3,303,241
	(79,494,358	)(a)		(80,299,927	)		(18,298,262	)			(26,251,740	)		999,073			(232,261	)			(35,509,814	)			(17,271,513	)
	(1,835	)		(26,682	)		(2,263	)			(1,231	)		(294	)		(329	)			(704	)			(1,393	)
	5,597,848			3,644,886			2,227,312				68,421			5,258,046			-				18,467,894				3,082,437
	-			-			-				-			3,741			-				-				-
	(3,332,193	)		16,633			(52,366	)			(226,407	)		(21,179	)		(2,196	)			216,283				(57,079	)
	-			-			-				-			17,597			-				-				-
	(77,230,538	)		(76,665,090	)		(16,125,579	)			(26,410,957	)		6,256,984			(234,786	)			(16,826,341	)			(14,247,548	)
	(368,899,788	)(b)		(71,089,336	)		(72,792,470	)			(4,090,342	)		(22,024,979	)		(1,652,361	)			(254,424,658	)			(26,297,245	)
	(232	)		(916	)		5				38			(46,607	)		374				1,594				22
	15,609			(12,258	)		(33,788	)			(17,142	)		(25,916	)		339				(123,015	)			(37,695	)
	(368,884,411	)		(71,102,510	)		(72,826,253	)			(4,107,446	)		(22,097,502	)		(1,651,648	)			(254,546,079	)			(26,334,918	)
	(446,114,949	)		(147,767,600	)		(88,951,832	)			(30,518,403	)		(15,840,518	)		(1,886,434	)			(271,372,420	)			(40,582,466	)
$	(373,147,264	)	$	(144,796,175	)	$	(86,292,982	)		$	(27,390,697	)	$	(14,233,930	)	$	(1,719,914	)		$	(258,827,727	)		$	(37,279,225	)

  101  

Statements of Changes in Net Assets

For the years ended October 31, 2022 and 2021

	Invesco China Technology ETF (CQQQ)						Invesco DWA Developed Markets Momentum ETF (PIZ)
	2022			2021			2022			2021
Operations:
Net investment income (loss)	$	(1,562,073	)	$	(3,007,211	)	$	2,077,956		$	1,214,869
Net realized gain (loss)		(462,966,564	)		31,255,498			(43,311,246	)		40,842,745
Change in net unrealized appreciation (depreciation)		(376,605,766	)		(228,330,434	)		(33,274,660	)		12,793,382
Net increase (decrease) in net assets resulting from operations		(841,134,403	)		(200,082,147	)		(74,507,950	)		54,850,996
Distributions to Shareholders from:
Distributable earnings		-			(6,502,078	)		(3,925,843	)		(964,301	)
Shareholder Transactions:
Proceeds from shares sold		172,945,075			934,478,610			28,274,301			171,884,702
Value of shares repurchased		(149,431,932	)		(251,717,877	)		(100,277,950	)		(128,862,593	)
Transaction fees		892,716			-			-			-
Net increase (decrease) in net assets resulting from share transactions		24,405,859			682,760,733			(72,003,649	)		43,022,109
Net increase (decrease) in net assets		(816,728,544	)		476,176,508			(150,437,442	)		96,908,804
Net assets:
Beginning of year		1,519,338,195			1,043,161,687			251,951,440			155,042,636
End of year	$	702,609,651		$	1,519,338,195		$	101,513,998		$	251,951,440
Changes in Shares Outstanding:
Shares sold		3,000,000			11,100,000			750,000			4,550,000
Shares repurchased		(3,200,000	)		(3,150,000	)		(3,150,000	)		(3,450,000	)
Shares outstanding, beginning of year		22,050,000			14,100,000			6,300,000			5,200,000
Shares outstanding, end of year		21,850,000			22,050,000			3,900,000			6,300,000

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

  102  

Invesco DWA Emerging  Markets Momentum ETF (PIE)						Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)								Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)								Invesco FTSE RAFI Emerging Markets ETF (PXH)
2022			2021			2022				2021				2022				2021				2022				2021
$	5,078,232		$	1,722,180			$	36,489,887			$	35,112,659			$	12,372,281			$	7,065,857			$	72,967,685			$	55,658,353
	(44,728,050	)		44,078,965				11,475,160				27,602,304				1,553,534				32,710,580				(77,230,538	)			33,864,949
	(34,871,479	)		1,750,161				(265,604,524	)			316,656,880				(164,637,804	)			65,895,115				(368,884,411	)			225,062,252
	(74,521,297	)		47,551,306				(217,639,477	)			379,371,843				(150,711,989	)			105,671,552				(373,147,264	)			314,585,554
	(6,385,828	)		(2,586,314	)			(56,137,305	)			(27,603,102	)			(16,160,202	)			(7,594,401	)			(87,622,863	)			(40,406,081	)
	33,108,779			145,789,480				343,704,424				85,097,681				305,752,400				111,750,049				520,451,725				326,988,438
	(41,730,730	)		(131,467,700	)			(139,666,614	)			(108,096,381	)			(84,459,440	)			(83,278,298	)			(214,644,247	)			(210,835,982	)
	178,579			167,645				88,225				15,729				81,683				4,510				700,528				326,816
	(8,443,372	)		14,489,425				204,126,035				(22,982,971	)			221,374,643				28,476,261				306,508,006				116,479,272
	(89,350,497	)		59,454,417				(69,650,747	)			328,785,770				54,502,452				126,553,412				(154,262,121	)			390,658,745
	214,943,534			155,489,117				1,200,188,506				871,402,736				434,659,727				308,106,315				1,360,502,708				969,843,963
$	125,593,037		$	214,943,534			$	1,130,537,759			$	1,200,188,506			$	489,162,179			$	434,659,727			$	1,206,240,587			$	1,360,502,708
	1,450,000			6,100,000				8,300,000				1,800,000				9,500,000				3,000,000				27,050,000				14,650,000
	(2,150,000	)		(5,450,000	)			(3,150,000	)			(2,400,000	)			(2,550,000	)			(2,250,000	)			(11,550,000	)			(9,400,000	)
	8,600,000			7,950,000				24,900,000				25,500,000				11,400,000				10,650,000				60,650,000				55,400,000
	7,900,000			8,600,000				30,050,000				24,900,000				18,350,000				11,400,000				76,150,000				60,650,000

  103  

Statements of Changes in Net Assets–(continued)

For the years ended October 31, 2022 and 2021

	Invesco Global Clean Energy ETF (PBD)						Invesco Global Water ETF (PIO)
	2022			2021			2022			2021
Operations:
Net investment income	$	2,971,425		$	1,961,935		$	2,658,850		$	4,145,969
Net realized gain (loss)		(76,665,090	)		41,827,373			(16,125,579	)		46,218,048
Change in net unrealized appreciation (depreciation)		(71,102,510	)		(32,979,658	)		(72,826,253	)		24,908,830
Net increase (decrease) in net assets resulting from operations		(144,796,175	)		10,809,650			(86,292,982	)		75,272,847
Distributions to Shareholders from:
Distributable earnings		(3,615,255	)		(1,855,153	)		(3,609,219	)		(3,106,732	)
Return of capital		-			-			-			-
Total distributions to shareholders		(3,615,255	)		(1,855,153	)		(3,609,219	)		(3,106,732	)
Shareholder Transactions:
Proceeds from shares sold		7,715,450			424,488,613			31,091,667			155,139,410
Value of shares repurchased		(42,210,220	)		(158,049,668	)		(6,934,994	)		(111,547,704	)
Transaction fees		14,718			48,283			2,911			8,130
Net increase (decrease) in net assets resulting from share transactions		(34,480,052	)		266,487,228			24,159,584			43,599,836
Net increase (decrease) in net assets		(182,891,482	)		275,441,725			(65,742,617	)		115,765,951
Net assets:
Beginning of year		399,619,453			124,177,728			323,027,954			207,262,003
End of year	$	216,727,971		$	399,619,453		$	257,285,337		$	323,027,954
Changes in Shares Outstanding:
Shares sold		350,000			12,400,000			800,000			3,950,000
Shares repurchased		(1,700,000	)		(5,050,000	)		(200,000	)		(2,850,000	)
Shares outstanding, beginning of year		12,775,000			5,425,000			7,750,000			6,650,000
Shares outstanding, end of year		11,425,000			12,775,000			8,350,000			7,750,000

^(a)  For the period April 20, 2021 (commencement of investment operations) through October 31, 2021.

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

  104  

Invesco International  BuyBack AchieversTM ETF (IPKW)						Invesco MSCI Global Timber ETF (CUT)						Invesco MSCI Green Building ETF (GBLD)						Invesco S&P Global Water Index ETF (CGW)
2022			2021			2022			2021			2022			2021(a)			2022			2021
$	3,127,706		$	7,296,457		$	1,606,588		$	1,518,965		$	166,520		$	87,786		$	12,544,693		$	19,796,650
	(26,410,957	)		38,109,597			6,256,984			7,132,006			(234,786	)		3,150			(16,826,341	)		45,148,590
	(4,107,446	)		(8,019,452	)		(22,097,502	)		15,142,417			(1,651,648	)		(244,921	)		(254,546,079	)		258,398,968
	(27,390,697	)		37,386,602			(14,233,930	)		23,793,388			(1,719,914	)		(153,985	)		(258,827,727	)		323,344,208
	(9,566,307	)		(2,099,827	)		(1,454,000	)		(1,493,991	)		(174,785	)		(82,156	)		(20,088,093	)		(11,646,987	)
	-			-			-			-			(26,115	)		-			-			-
	(9,566,307	)		(2,099,827	)		(1,454,000	)		(1,493,991	)		(200,900	)		(82,156	)		(20,088,093	)		(11,646,987	)
	14,961,759			66,429,753			5,213,349			11,405,740			2,085,059			5,000,025			55,189,956			270,538,311
	(21,886,121	)		(69,533,806	)		(20,907,491	)		(16,774,336	)		-			-			(42,623,484	)		(93,778,162	)
	6,640			6,881			3,660			3,017			-			-			1,588			13,469
	(6,917,722	)		(3,097,172	)		(15,690,482	)		(5,365,579	)		2,085,059			5,000,025			12,568,060			176,773,618
	(43,874,726	)		32,189,603			(31,378,412	)		16,933,818			164,245			4,763,884			(266,347,760	)		488,470,839
	124,660,066			92,470,463			92,034,867			75,101,049			4,763,884			-			1,199,341,498			710,870,659
$	80,785,340		$	124,660,066		$	60,656,455		$	92,034,867		$	4,928,129		$	4,763,884		$	932,993,738		$	1,199,341,498
	400,000			1,500,000			150,000			300,000			100,000			200,001			960,000			5,040,000
	(600,000	)		(1,600,000	)		(650,000	)		(450,000	)		-			-			(880,000	)		(1,840,000	)
	2,850,000			2,950,000			2,550,000			2,700,000			200,001			-			20,360,000			17,160,000
	2,650,000			2,850,000			2,050,000			2,550,000			300,001			200,001			20,440,000			20,360,000

  105  

Statements of Changes in Net Assets–(continued)

For the years ended October 31, 2022 and 2021

	Invesco S&P International Developed Quality ETF (IDHQ)
	2022			2021
Operations:
Net investment income	$	3,303,241		$	2,236,083
Net realized gain (loss)		(14,247,548	)		12,964,294
Change in net unrealized appreciation (depreciation)		(26,334,918	)		10,136,928
Net increase (decrease) in net assets resulting from operations		(37,279,225	)		25,337,305
Distributions to Shareholders from:
Distributable earnings		(3,802,505	)		(2,252,111	)
Shareholder Transactions:
Proceeds from shares sold		49,580,715			67,242,044
Value of shares repurchased		(30,759,251	)		(75,829,640	)
Transaction fees		3,973			3,343
Net increase (decrease) in net assets resulting from share transactions		18,825,437			(8,584,253	)
Net increase (decrease) in net assets		(22,256,293	)		14,500,941
Net assets:
Beginning of year		114,521,954			100,021,013
End of year	$	92,265,661		$	114,521,954
Changes in Shares Outstanding:
Shares sold		1,650,000			2,200,000
Shares repurchased		(1,150,000	)		(2,550,000	)
Shares outstanding, beginning of year		3,650,000			4,000,000
Shares outstanding, end of year		4,150,000			3,650,000

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

  106  

Financial Highlights

Invesco China Technology ETF (CQQQ)

													Two Months Ended				Year Ended August  31, 2018
	Years Ended October 31,												October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of period	$	68.90		$	73.98		$	47.88		$	40.55			$	49.32		$	55.00
Net investment income (loss)(a)		(0.07	)		(0.15	)		(0.06	)		0.04				0.03			0.31
Net realized and unrealized gain (loss) on investments		(36.71	)		(4.54	)		26.17			7.46				(8.80	)		(5.13	)
Total from investment operations		(36.78	)		(4.69	)		26.11			7.50				(8.77	)		(4.82	)
Distributions to shareholders from:
Net investment income		-			(0.39	)		(0.01	)		(0.17	)			-			(0.86	)
Transaction fees(a)		0.04			-			-			-				-			-
Net asset value at end of period	$	32.16		$	68.90		$	73.98		$	47.88			$	40.55		$	49.32
Market price at end of period(b)	$	31.96		$	68.25		$	74.34		$	47.67			$	40.81		$	49.36
Net Asset Value Total Return(c)		(53.32	)%		(6.41	)%		54.53	%		18.59	%			(17.78	)%		(9.05	)%
Market Price Total Return(c)		(53.17	)%		(7.75	)%		55.97	%		17.32	%			(17.32	)%		(9.33	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	702,610		$	1,519,338		$	1,043,162		$	509,964			$	405,541		$	384,689
Ratio to average net assets of:
Expenses		0.70	%		0.70	%		0.70	%		0.70	%			0.70	%(d)		0.65	%
Net investment income (loss)		(0.14	)%		(0.19	)%		(0.09	)%		0.09	%			0.39	%(d)		0.52	%
Portfolio turnover rate(e)		58	%		54	%		38	%		80	%			4	%		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)  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.

  107  

Financial Highlights–(continued)

Invesco DWA Developed Markets Momentum ETF (PIZ)

	Years Ended October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	39.99		$	29.82		$	27.18		$	24.53		$	27.30
Net investment income(a)		0.40			0.22	(b)		0.13			0.30			0.24
Net realized and unrealized gain (loss) on investments		(13.59	)		10.12			2.77			2.70			(2.68	)
Total from investment operations		(13.19	)		10.34			2.90			3.00			(2.44	)
Distributions to shareholders from:
Net investment income		(0.77	)		(0.17	)		(0.26	)		(0.35	)		(0.33	)
Net asset value at end of year	$	26.03		$	39.99		$	29.82		$	27.18		$	24.53
Market price at end of year(c)	$	26.00		$	40.09		$	29.77		$	27.10		$	24.47
Net Asset Value Total Return(d)		(33.25	)%		34.70	%		10.82	%		12.31	%		(9.09	)%
Market Price Total Return(d)		(33.49	)%		35.26	%		10.96	%		12.25	%		(9.48	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	101,514		$	251,951		$	155,043		$	175,327		$	223,182
Ratio to average net assets of:
Expenses		0.80	%		0.80	%		0.80	%		0.81	%		0.80	%
Net investment income		1.22	%		0.59	%(b)		0.47	%		1.18	%		0.88	%
Portfolio turnover rate(e)		152	%		161	%		115	%		106	%		94	%

^(a)  Based on average shares outstanding.

^(b)  Net investment income per share and the ratio of net investment income to average net assets includes income received from foreign withholding tax claims. Net investment income per share and the ratio of net investment income to average net assets excluding the foreign withholding tax claims are $0.16 and 0.44%, 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)  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.

  108  

Financial Highlights–(continued)

Invesco DWA Emerging Markets Momentum ETF (PIE)

	Years Ended October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	24.99		$	19.56		$	18.59		$	16.12		$	19.48
Net investment income(a)		0.57	(b)		0.19			0.23			0.36	(c)		0.40
Net realized and unrealized gain (loss) on investments		(8.97	)		5.52			1.07			2.51			(3.29	)
Total from investment operations		(8.40	)		5.71			1.30			2.87			(2.89	)
Distributions to shareholders from:
Net investment income		(0.71	)		(0.30	)		(0.34	)		(0.41	)		(0.49	)
Transaction fees(a)		0.02			0.02			0.01			0.01			0.02
Net asset value at end of year	$	15.90		$	24.99		$	19.56		$	18.59		$	16.12
Market price at end of year(d)	$	15.85		$	24.81		$	19.60		$	18.51		$	16.08
Net Asset Value Total Return(e)		(34.05	)%		29.35	%		7.08	%		18.23	%		(15.11	)%
Market Price Total Return(e)		(33.79	)%		28.17	%		7.77	%		18.03	%		(15.58	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	125,593		$	214,944		$	155,489		$	168,210		$	192,660
Ratio to average net assets of:
Expenses		0.90	%		0.90	%		0.90	%		0.91	%(f)		0.90	%
Net investment income		2.66	%(b)		0.79	%		1.25	%		2.13	%(c)(f)		2.01	%
Portfolio turnover rate(g)		169	%		198	%		155	%		158	%		163	%

^(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 $0.48 and 2.24%, respectively.

^(c)  Net Investment income per share and the ratio of net investment income to average net assets include a non-cash taxable distribution received during the year. Net investment income per share and the ratio of net investment income to average net assets excluding the non-cash taxable distribution are $0.24 and 1.39%, respectively.

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

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

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

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

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

  109  

Financial Highlights–(continued)

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

	Years Ended October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	48.20		$	34.17		$	40.99		$	40.04		$	44.66
Net investment income(a)		1.40			1.42			0.94			1.45			1.34
Net realized and unrealized gain (loss) on investments		(9.83	)		13.72			(6.85	)		1.10			(4.56	)
Total from investment operations		(8.43	)		15.14			(5.91	)		2.55			(3.22	)
Distributions to shareholders from:
Net investment income		(2.15	)		(1.11	)		(0.92	)		(1.60	)		(1.40	)
Transaction fees(a)		0.00	(b)		0.00	(b)		0.01			0.00	(b)		0.00	(b)
Net asset value at end of year	$	37.62		$	48.20		$	34.17		$	40.99		$	40.04
Market price at end of year(c)	$	37.71		$	48.22		$	34.25		$	40.86		$	39.98
Net Asset Value Total Return(d)		(17.95	)%		44.49	%		(14.26	)%		6.58	%		(7.45	)%
Market Price Total Return(d)		(17.81	)%		44.22	%		(13.80	)%		6.41	%		(7.92	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,130,538		$	1,200,189		$	871,403		$	1,246,076		$	1,275,422
Ratio to average net assets of:
Expenses		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Net investment income		3.24	%		3.09	%		2.57	%		3.64	%		3.02	%
Portfolio turnover rate(e)		16	%		17	%		11	%		15	%		10	%

^(a)  Based on average shares outstanding.

^(b)  Amount represents less than $0.005.

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

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

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

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

  110  

Financial Highlights–(continued)

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

	Years Ended October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	38.13		$	28.93		$	30.67		$	29.48		$	33.33
Net investment income(a)		0.81			0.65			0.60			0.70			0.75
Net realized and unrealized gain (loss) on investments		(11.23	)		9.25			(1.70	)		1.24			(3.66	)
Total from investment operations		(10.42	)		9.90			(1.10	)		1.94			(2.91	)
Distributions to shareholders from:
Net investment income		(1.06	)		(0.70	)		(0.64	)		(0.75	)		(0.94	)
Transaction fees(a)		0.01			0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)
Net asset value at end of year	$	26.66		$	38.13		$	28.93		$	30.67		$	29.48
Market price at end of year(c)	$	26.68		$	38.41		$	28.94		$	30.42		$	29.48
Net Asset Value Total Return(d)		(27.72	)%		34.34	%		(3.36	)%		6.72	%		(9.05	)%
Market Price Total Return(d)		(28.21	)%		35.26	%		(2.53	)%		5.85	%		(9.36	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	489,162		$	434,660		$	308,106		$	328,155		$	291,863
Ratio to average net assets of:
Expenses		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Net investment income		2.55	%		1.77	%		2.09	%		2.36	%		2.25	%
Portfolio turnover rate(e)		32	%		31	%		26	%		27	%		21	%

^(a)  Based on average shares outstanding.

^(b)  Amount represents less than $0.005.

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

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

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

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

  111  

Financial Highlights–(continued)

Invesco FTSE RAFI Emerging Markets ETF (PXH)

	Years Ended October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	22.43		$	17.51		$	20.95		$	20.02		$	21.66
Net investment income(a)		1.06	(b)		0.92			0.59			0.72			0.73
Net realized and unrealized gain (loss) on investments		(6.37	)		4.63			(3.40	)		0.92			(1.66	)
Total from investment operations		(5.31	)		5.55			(2.81	)		1.64			(0.93	)
Distributions to shareholders from:
Net investment income		(1.29	)		(0.64	)		(0.63	)		(0.71	)		(0.71	)
Transaction fees(a)		0.01			0.01			0.00	(c)		0.00	(c)		0.00	(c)
Net asset value at end of year	$	15.84		$	22.43		$	17.51		$	20.95		$	20.02
Market price at end of year(d)	$	15.85		$	22.34		$	17.51		$	20.93		$	20.03
Net Asset Value Total Return(e)		(24.47	)%		31.79	%		(13.44	)%		8.31	%		(4.44	)%
Market Price Total Return(e)		(24.14	)%		31.28	%		(13.36	)%		8.14	%		(4.22	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,206,241		$	1,360,503		$	969,844		$	1,277,150		$	1,129,333
Ratio to average net assets of:
Expenses, after Waivers		0.49	%		0.49	%(f)		0.49	%(f)		0.49	%(f)		0.48	%
Expenses, prior to Waivers		0.49	%		0.49	%(f)		0.49	%(f)		0.49	%(f)		0.49	%
Net investment income		5.39	%(b)		4.11	%		3.14	%		3.48	%		3.30	%
Portfolio turnover rate(g)		36	%		34	%		22	%		29	%		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 $0.63 and 3.19%, respectively.

^(c)  Amount represents less than $0.005.

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

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

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

^(g)  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.

  112  

Financial Highlights–(continued)

Invesco Global Clean Energy ETF (PBD)

	Years Ended October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	31.28		$	22.89		$	12.66		$	10.97		$	13.08
Net investment income(a)		0.25			0.16			0.19			0.21			0.18
Net realized and unrealized gain (loss) on investments		(12.25	)		8.37			10.30			1.72			(2.07	)
Total from investment operations		(12.00	)		8.53			10.49			1.93			(1.89	)
Distributions to shareholders from:
Net investment income		(0.31	)		(0.14	)		(0.26	)		(0.24	)		(0.22	)
Transaction fees(a)		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)
Net asset value at end of year	$	18.97		$	31.28		$	22.89		$	12.66		$	10.97
Market price at end of year(c)	$	18.89		$	31.31		$	22.92		$	12.56		$	10.95
Net Asset Value Total Return(d)		(38.52	)%		37.31	%		84.06	%		17.86	%		(14.69	)%
Market Price Total Return(d)		(38.83	)%		37.26	%		85.77	%		17.16	%		(14.78	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	216,728		$	399,619		$	124,178		$	49,675		$	49,661
Ratio to average net assets of:
Expenses		0.75	%		0.75	%		0.75	%		0.77	%(e)		0.75	%
Net investment income		1.09	%		0.52	%		1.20	%		1.74	%(e)		1.43	%
Portfolio turnover rate(f)		67	%		74	%		56	%		59	%		46	%

^(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)  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.

  113  

Financial Highlights–(continued)

Invesco Global Water ETF (PIO)

	Years Ended October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	41.68		$	31.17		$	28.94		$	23.73		$	25.27
Net investment income(a)		0.32			0.58	(b)		0.25			0.38			0.45
Net realized and unrealized gain (loss) on investments		(10.75	)		10.35			2.27			5.25			(1.54	)
Total from investment operations		(10.43	)		10.93			2.52			5.63			(1.09	)
Distributions to shareholders from:
Net investment income		(0.44	)		(0.42	)		(0.29	)		(0.42	)		(0.45	)
Transaction fees(a)		0.00	(c)		0.00	(c)		0.00	(c)		0.00	(c)		0.00	(c)
Net asset value at end of year	$	30.81		$	41.68		$	31.17		$	28.94		$	23.73
Market price at end of year(d)	$	30.89		$	41.72		$	31.18		$	28.84		$	23.69
Net Asset Value Total Return(e)		(25.14	)%		35.17	%		8.76	%		23.90	%		(4.45	)%
Market Price Total Return(e)		(25.02	)%		35.26	%		9.16	%		23.68	%		(4.53	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	257,285		$	323,028		$	207,262		$	195,314		$	164,916
Ratio to average net assets of:
Expenses		0.75	%		0.75	%		0.75	%		0.76	%(f)		0.75	%
Net investment income		0.91	%		1.52	%(b)		0.86	%		1.45	%(f)		1.77	%
Portfolio turnover rate(g)		35	%		31	%		30	%		32	%		34	%

^(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 $0.35 and 0.92%, respectively.

^(c)  Amount represents less than $0.005.

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

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

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

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

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

  114  

Financial Highlights–(continued)

Invesco International BuyBack Achievers^TM ETF (IPKW)

	Years Ended October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	43.74		$	31.35		$	32.20		$	31.00		$	35.31
Net investment income(a)		1.12			2.55	(b)		0.57			0.76			0.69
Net realized and unrealized gain (loss) on investments		(10.90	)		10.57			(0.82	)		1.38			(4.28	)
Total from investment operations		(9.78	)		13.12			(0.25	)		2.14			(3.59	)
Distributions to shareholders from:
Net investment income		(3.47	)		(0.73	)		(0.61	)		(0.94	)		(0.73	)
Transaction fees(a)		0.00	(c)		0.00	(c)		0.01			0.00	(c)		0.01
Net asset value at end of year	$	30.49		$	43.74		$	31.35		$	32.20		$	31.00
Market price at end of year(d)	$	30.48		$	43.78		$	31.42		$	32.05		$	30.96
Net Asset Value Total Return(e)		(23.55	)%		41.90	%		(0.30	)%		7.10	%		(10.40	)%
Market Price Total Return(e)		(23.65	)%		41.72	%		0.37	%		6.74	%		(10.96	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	80,785		$	124,660		$	92,470		$	141,692		$	243,373
Ratio to average net assets of:
Expenses		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Net investment income		3.08	%		5.98	%(b)		1.86	%		2.44	%		1.90	%
Portfolio turnover rate(f)		101	%		113	%		88	%		99	%		121	%

^(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 $0.63 and 1.47%, respectively.

^(c)  Amount represents less than $0.005.

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

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

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

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

  115  

Financial Highlights–(continued)

Invesco MSCI Global Timber ETF (CUT)

	Years Ended October 31,												Five Months Ended October 31,				Years Ended May 31,
	2022			2021			2020			2019			2018				2018
Per Share Operating Performance:
Net asset value at beginning of period	$	36.09		$	27.82		$	27.65		$	27.98			$	33.50			$	27.57
Net investment income(a)		0.68			0.55			0.53			0.72				0.20				0.63
Net realized and unrealized gain (loss) on investments		(6.60	)		8.27			0.40			(0.23	)			(5.72	)			5.80
Total from investment operations		(5.92	)		8.82			0.93			0.49				(5.52	)			6.43
Distributions to shareholders from:
Net investment income		(0.58	)		(0.55	)		(0.77	)		(0.82	)			-				(0.50	)
Transaction fees(a)		0.00	(b)		0.00	(b)		0.01			0.00	(b)			0.00	(b)			-
Net asset value at end of period	$	29.59		$	36.09		$	27.82		$	27.65			$	27.98			$	33.50
Market price at end of period(c)	$	29.53		$	36.09		$	27.81		$	27.56			$	27.94			$	33.54
Net Asset Value Total Return(d)		(16.65	)%		31.90	%		3.29	%		2.32	%			(16.48	)%			23.42	%
Market Price Total Return(d)		(16.82	)%		31.95	%		3.60	%		2.14	%			(16.70	)%			23.79	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	60,656		$	92,035		$	75,101		$	134,093			$	173,463			$	236,190
Ratio to average net assets of:
Expenses, after Waivers		0.61	%		0.60	%		0.55	%		0.56	%(e)			0.55	%(f)			0.55	%
Expenses, prior to Waivers		0.69	%		0.68	%		0.72	%		0.68	%(e)			0.64	%(f)			0.67	%
Net investment income		1.99	%		1.51	%		2.00	%		2.70	%(e)			1.50	%(f)			2.02	%
Portfolio turnover rate(g)		15	%		14	%		10	%		18	%			4	%			10	%

^(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.

  116  

Financial Highlights–(continued)

Invesco MSCI Green Building ETF (GBLD)

	Years Ended October 31, 2022				For the Period April 20,  2021(a) Through October 31, 2021
Per Share Operating Performance:
Net asset value at beginning of period		$	23.82			$	25.00
Net investment income(b)			0.69				0.44
Net realized and unrealized gain (loss) on investments			(7.21	)			(1.21	)
Total from investment operations			(6.52	)			(0.77	)
Distributions to shareholders from:
Net investment income			(0.76	)			(0.41	)
Return of capital			(0.11	)			-
Total distributions			(0.87	)			(0.41	)
Net asset value at end of period		$	16.43			$	23.82
Market price at end of period(c)		$	16.44			$	23.89
Net Asset Value Total Return(d)			(28.05	)%			(3.13	)%(e)
Market Price Total Return(d)			(28.22	)%			(2.84	)%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	4,928			$	4,764
Ratio to average net assets of:
Expenses			0.39	%			0.39	%
Net investment income			3.40	%			3.34	%(f)
Portfolio turnover rate(g)			17	%			25	%

^(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 (April 22, 2021, the first day of trading on the exchange) to October 31, 2021 was (2.74)%. The market price total return from Fund Inception to October 31, 2021 was (2.30)%.

^(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.

  117  

Financial Highlights–(continued)

Invesco S&P Global Water Index ETF (CGW)

	Years Ended October 31,												Two Months Ended October 31,				Years Ended August 31,
	2022			2021			2020			2019			2018				2018
Per Share Operating Performance:
Net asset value at beginning of year	$	58.91		$	41.43		$	39.55		$	32.32			$	35.28			$	33.38
Net investment income(a)		0.61			1.08	(b)		0.63			0.64				0.04				0.59
Net realized and unrealized gain (loss) on investments		(12.91	)		17.06			1.86			7.26				(3.00	)			1.92
Total from investment operations		(12.30	)		18.14			2.49			7.90				(2.96	)			2.51
Distributions to shareholders from:
Net investment income		(0.96	)		(0.66	)		(0.61	)		(0.67	)			-				(0.61	)
Transaction fees(a)		0.00	(c)		0.00	(c)		0.00	(c)		0.00	(c)			0.00	(c)			-
Net asset value at end of year	$	45.65		$	58.91		$	41.43		$	39.55			$	32.32			$	35.28
Market price at end of year(d)	$	45.66		$	59.04		$	41.54		$	39.54			$	32.27			$	35.23
Net Asset Value Total Return(e)		(21.21	)%		44.25	%		6.31	%		25.10	%			(8.39	)%			7.51	%
Market Price Total Return(e)		(21.37	)%		44.18	%		6.62	%		25.27	%			(8.40	)%			7.09	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	932,994		$	1,199,341		$	710,871		$	741,918			$	531,298			$	594,105
Ratio to average net assets of:
Expenses		0.57	%		0.57	%		0.57	%		0.59	%			0.60	%(f)			0.62	%
Net investment income		1.20	%		2.08	%(b)		1.61	%		1.82	%			0.67	%(f)			1.71	%
Portfolio turnover rate(g)		35	%		15	%		15	%		13	%			5	%			13	%

^(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 $0.62 and 1.18%, respectively.

^(c)  Amount represents less than $0.005.

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

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

^(f)  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.

  118  

Financial Highlights–(continued)

Invesco S&P International Developed Quality ETF (IDHQ)

	Years Ended October 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	31.38		$	25.01		$	24.47		$	21.36		$	23.50
Net investment income(a)		0.76			0.63			0.46			0.54			0.58
Net realized and unrealized gain (loss) on investments		(9.05	)		6.39			0.55			3.16			(2.18	)
Total from investment operations		(8.29	)		7.02			1.01			3.70			(1.60	)
Distributions to shareholders from:
Net investment income		(0.86	)		(0.65	)		(0.47	)		(0.59	)		(0.54	)
Transaction fees(a)		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)
Net asset value at end of year	$	22.23		$	31.38		$	25.01		$	24.47		$	21.36
Market price at end of year(c)	$	22.23		$	31.53		$	25.00		$	24.53		$	21.31
Net Asset Value Total Return(d)		(26.69	)%		28.19	%		4.42	%		17.58	%		(7.00	)%
Market Price Total Return(d)		(27.04	)%		28.85	%		4.09	%		18.14	%		(8.05	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	92,266		$	114,522		$	100,021		$	47,726		$	32,039
Ratio to average net assets of:
Expenses		0.29	%		0.29	%		0.29	%		0.31	%(e)		0.29	%
Net investment income		2.85	%		2.09	%		1.83	%		2.38	%(e)		2.47	%
Portfolio turnover rate(f)		62	%		61	%		42	%		54	%		54	%

^(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)  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

October 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 China Technology ETF (CQQQ)	“China Technology ETF”
Invesco DWA Developed Markets Momentum ETF (PIZ)	“DWA Developed Markets Momentum ETF”
Invesco DWA Emerging Markets Momentum ETF (PIE)	“DWA Emerging Markets Momentum ETF”
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)	“FTSE RAFI Developed Markets ex-U.S. ETF”
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)	“FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF”
Invesco FTSE RAFI Emerging Markets ETF (PXH)	“FTSE RAFI Emerging Markets ETF”
Invesco Global Clean Energy ETF (PBD)	“Global Clean Energy ETF”
Invesco Global Water ETF (PIO)	“Global Water ETF”
Invesco International BuyBack AchieversTM ETF (IPKW)	“International BuyBack AchieversTM ETF”
Invesco MSCI Global Timber ETF (CUT)	“MSCI Global Timber ETF”
Invesco MSCI Green Building ETF (GBLD)	“MSCI Green Building ETF”
Invesco S&P Global Water Index ETF (CGW)	“S&P Global Water Index ETF”
Invesco S&P International Developed Quality ETF (IDHQ)	“S&P International Developed Quality ETF”

Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. The shares of the Funds are referred to herein as “Shares” or “Fund’s Shares.” Each Fund’s Shares are listed and traded on the following exchanges:

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

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

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

Fund	Underlying Index
China Technology ETF	FTSE China Incl A 25% Technology Capped Index
DWA Developed Markets Momentum ETF	Dorsey Wright® Developed Markets Technical Leaders Index
DWA Emerging Markets Momentum ETF	Dorsey Wright® Emerging Markets Technical Leaders Index
FTSE RAFI Developed Markets ex-U.S. ETF	FTSE RAFITM Developed ex U.S. 1000 Index
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	FTSE RAFITM Developed ex U.S. Mid-Small 1500 Index
FTSE RAFI Emerging Markets ETF	FTSE RAFITM Emerging Index
Global Clean Energy ETF	WilderHill New Energy Global Innovation Index
Global Water ETF	Nasdaq OMX Global Water IndexSM
International BuyBack AchieversTM ETF	Nasdaq International BuyBack AchieversTM Index
MSCI Global Timber ETF	MSCI ACWI IMI Timber Select Capped Index
MSCI Green Building ETF	MSCI Global Green Building Index
S&P Global Water Index ETF	S&P Global Water Index
S&P International Developed Quality ETF	S&P Quality Developed ex-U.S. LargeMidCap Index

NOTE 2–Significant Accounting Policies

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

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

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

A security listed or traded on an exchange 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 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

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per

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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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Dividends and Distributions to Shareholders

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

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. Foreign Withholding Taxes - Each Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Each Fund may file withholding tax refunds in certain jurisdictions to recover a portion of amounts previously withheld. Each Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Foreign tax reclaims on the Statements of Assets and Liabilities.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received. These tax refund payments are reflected as Foreign withholding tax claims in the Statements of Operations, and any related interest is included in Unaffiliated interest income. Each Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as Professional fees, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the fiscal year ended October 31, 2022, the Funds did not enter into any closing agreements.

G. Expenses - Each Fund (except for MSCI Global Timber ETF and S&P Global Water Index ETF) has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, 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).

MSCI Global Timber ETF and S&P Global Water Index ETF are responsible for all of their expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, licensing fees related to its

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respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust’s Board members and officers who are not “interested persons” (as defined in the 1940 Act) of the Trust (the “Independent Trustees”) or the Adviser, expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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

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

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

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

J. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of 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.

Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also serves as a lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the fiscal year ended October 31, 2022, each Fund (except for DWA Developed Markets Momentum ETF, FTSE RAFI Developed Markets ex-U.S. ETF, FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF and International BuyBack AchieversTM ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services,

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which are included in Securities lending income on the Statements of Operations, were incurred by each applicable Fund as listed below:

	Amount
China Technology ETF		$2,870
DWA Emerging Markets Momentum ETF		1,179
FTSE RAFI Emerging Markets ETF		343
Global Clean Energy ETF		114,013
Global Water ETF		59
MSCI Global Timber ETF		435
MSCI Green Building ETF		8
S&P Global Water Index ETF		1,026
S&P International Developed Quality ETF		24

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

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

L. Other Risks

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

AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

China Investment Risk. Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military

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conflicts, either internal or with other countries; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China’s dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs or other trade barriers (or the threat thereof), including as a result of trade tensions between China and the United States, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by a Fund. Further, health events, such as the recent coronavirus outbreak, may cause uncertainty and volatility in the Chinese economy, especially in the consumer discretionary (leisure, retail, gaming, tourism), industrials, and commodities sectors. Additionally, the inability of the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China.

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

Emerging Markets Investment Risk. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging 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, 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.

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

Green Building Investing Risk. Companies involved in “green building” face many of the risk factors associated generally with the building and construction industry, including that such companies maybe significantly affected by changes in government spending or regulation, zoning laws, economic conditions and world events, interest rates, taxation, real estate values and overbuilding. Such companies may be impacted by the supply and demand both for their specific products or services and for industrial sector products in general. In addition, such companies face risks specific to sustainable or “green” building, including: building costs may be more expensive for green buildings as compared to conventional buildings; green construction materials may not be readily available; the costs associated with obtaining third-party certification; and the failure to continue to meet certification standards. The technology and methods for green building are relatively new, and there is uncertainty surrounding the longevity and warranty of new products and/or the use of relatively untested materials. Moreover, there remains uncertainty about how the regulatory environment might evolve with respect to green building.

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 Disruption Risks Related to Russia-Ukraine Conflict. Following Russia’s invasion of Ukraine in late February 2022, various countries, including the United States, as well as NATO and the European Union, issued broad-ranging economic sanctions against Russia and Belarus. The resulting responses to the military actions (and potential further sanctions in response to continued military activity), the potential for military escalation and other corresponding events, have had, and could continue to have, severe negative effects on regional and global economic and financial markets, including increased volatility, reduced liquidity and overall uncertainty. The negative impacts may be particularly acute in certain sectors including, but not limited to, energy and financials. Russia may take additional counter measures or retaliatory actions (including cyberattacks), which could exacerbate negative consequences on global financial markets. The duration of ongoing hostilities and corresponding sanctions and related events cannot be predicted. The foregoing may result in a negative impact on Fund performance and the value of an investment in each Fund, even beyond any direct investment exposure each Fund may have to Russian issuers or the adjoining geographic regions.

Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, 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 China Technology ETF, Global Water ETF, International BuyBack AchieversTM ETF, MSCI Global Timber ETF, MSCI Green Building ETF and S&P Global Water Index ETF are non-diversified, and to the extent certain Funds become non-diversified, and can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund’s performance.

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

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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.

REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT’s shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.

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

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

Thematic Investing Risk. Certain Funds rely on the index provider for their respective Underlying Index to identify securities that provide exposure to specific environmental themes, as set forth in the Underlying Index methodology. A Fund’s performance may suffer if such securities are not correctly identified. Performance may also suffer if the securities included in an Underlying Index do not benefit from the development of the applicable environmental theme. Further, to the extent that an index provider evaluates environmental, social and governance (“ESG”) factors as part of an Underlying Index’s methodology, there is a risk that information used by the index provider to evaluate these ESG factors may not be readily available, complete or accurate. This could negatively impact the index provider’s ability to apply its ESG standards when compiling the Underlying Index, and which may negatively impact a Fund’s performance. Performance may also be impacted by the inclusion of non-theme relevant exposures in an Underlying Index. There is no guarantee that an Underlying Index will reflect complete exposure to any particular environmental theme.

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 Agreements and Other Agreements

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

Pursuant to an Investment Advisory Agreement, each Fund listed below accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser has agreed to pay for substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, 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)
China Technology ETF	0.70%
DWA Developed Markets Momentum ETF	0.80%
DWA Emerging Markets Momentum ETF	0.90%
FTSE RAFI Developed Markets ex-U.S. ETF	0.45%
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	0.49%
FTSE RAFI Emerging Markets ETF	0.49%

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	Unitary Management Fees (as a % of average daily net assets)
Global Clean Energy ETF	0.75%
Global Water ETF	0.75%
International BuyBack AchieversTM ETF	0.55%
MSCI Green Building ETF	0.39%
S&P International Developed Quality ETF	0.29%

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

	Management Fees (as a % of average daily net assets)
MSCI Global Timber ETF	0.50%
S&P Global Water Index ETF	0.50%

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the “Expense Agreement”) with the Adviser on behalf of each of MSCI Global Timber ETF and S&P Global Water Index ETF, pursuant to which the Adviser has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) of each such Fund from exceeding the percentage of the Fund’s average daily net assets per year (the “Expense Cap”) shown in the table below through at least August 31, 2024. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2024. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for S&P Global Water Index ETF.

	Expense Cap
MSCI Global Timber ETF	0.55%
S&P Global Water Index ETF	0.63%

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. This waiver does not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date. This agreement is not subject to recapture by the Adviser.

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

China Technology ETF	$	1,468
DWA Developed Markets Momentum ETF		38
DWA Emerging Markets Momentum ETF		75
FTSE RAFI Developed Markets ex-U.S. ETF		608
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		271
FTSE RAFI Emerging Markets ETF		2,552
Global Clean Energy ETF		67
Global Water ETF		133
International BuyBack AchieversTM ETF		97
MSCI Global Timber ETF		65,125
MSCI Green Building ETF		11
S&P Global Water Index ETF		58
S&P International Developed Quality ETF		73

The fees waived and/or expenses borne by the Adviser for MSCI Global Timber ETF and S&P Global Water Index ETF, pursuant to the Expense Cap, are subject to recapture by the Adviser up to three years from the date the fees were waived or the expense were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.

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    For the following Fund, the amounts available for potential recapture by the Adviser and the expiration schedule as of October 31, 2022 are as follows:

	Total
	Potential
	Recapture	Potential Recapture Amounts Expiring
	Amounts	10/31/23	10/31/24	10/31/25
MSCI Global Timber ETF	$303,574	$159,364	$81,775	$62,435

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

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

Fund	Licensor
China Technology ETF	FTSE International Ltd.
DWA Developed Markets Momentum ETF	Dorsey Wright & Associates, LLC
DWA Emerging Markets Momentum ETF	Dorsey Wright & Associates, LLC
FTSE RAFI Developed Markets ex-U.S. ETF	FTSE International Ltd.
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	FTSE International Ltd.
FTSE RAFI Emerging Markets ETF	FTSE International Ltd.
Global Clean Energy ETF	WilderHill New Energy Finance, LLC
Global Water ETF	Nasdaq, Inc.
International BuyBack AchieversTM ETF	Nasdaq, Inc.
MSCI Global Timber ETF	MSCI, Inc.
MSCI Green Building ETF	MSCI, Inc.
S&P Global Water Index ETF	S&P Dow Jones Indices LLC
S&P International Developed Quality ETF	S&P Dow Jones Indices LLC

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

    The Trust has entered into service agreements whereby 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 October 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:

China Technology ETF	$	20,870
DWA Developed Markets Momentum ETF		4
DWA Emerging Markets Momentum ETF		4,339
FTSE RAFI Emerging Markets ETF		17,930
Global Clean Energy ETF		26,353
Global Water ETF		868
MSCI Global Timber ETF		1,789
MSCI Green Building ETF		93
S&P Global Water Index ETF		6,901
S&P International Developed Quality ETF		2

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

NOTE 4–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market

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prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

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

    The following is a summary of the tiered valuation input levels, as of October 31, 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
China Technology ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	702,755,163		$	-		$	0		$	702,755,163
Money Market Funds			276,917			49,931,515			-			50,208,432
Total Investments		$	703,032,080		$	49,931,515		$	0		$	752,963,595
DWA Developed Markets Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	101,485,535		$	-		$	-		$	101,485,535
Money Market Funds			-			6,785,854			-			6,785,854
Total Investments		$	101,485,535		$	6,785,854		$	-		$	108,271,389
DWA Emerging Markets Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	125,204,959		$	-		$	0		$	125,204,959
Money Market Funds			-			1,422,989			-			1,422,989
Total Investments		$	125,204,959		$	1,422,989		$	0		$	126,627,948
FTSE RAFI Developed Markets ex-U.S. ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,126,623,868		$	-		$	709		$	1,126,624,577
Money Market Funds			-			83,011,429			-			83,011,429
Total Investments		$	1,126,623,868		$	83,011,429		$	709		$	1,209,636,006
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	487,359,905		$	0		$	-		$	487,359,905
Money Market Funds			599,917			77,921,923			-			78,521,840
Total Investments		$	487,959,822		$	77,921,923		$	-		$	565,881,745
FTSE RAFI Emerging Markets ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,203,456,997		$	166,079		$	0		$	1,203,623,076
Money Market Funds			8,531,729			12,082,586			-			20,614,315
Total Investments		$	1,211,988,726		$	12,248,665		$	0		$	1,224,237,391
Global Clean Energy ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	216,747,366		$	-		$	-		$	216,747,366
Money Market Funds			-			71,274,692			-			71,274,692
Total Investments		$	216,747,366		$	71,274,692		$	-		$	288,022,058

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	Level 1			Level 2			Level 3			Total
Global Water ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	256,786,963		$	-		$	-		$	256,786,963
Money Market Funds			-			3,127,746			-			3,127,746
Total Investments		$	256,786,963		$	3,127,746		$	-		$	259,914,709
International BuyBack AchieversTM ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	80,390,616		$	-		$	-		$	80,390,616
Money Market Funds			-			3,849,719			-			3,849,719
Total Investments		$	80,390,616		$	3,849,719		$	-		$	84,240,335
MSCI Global Timber ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	60,052,039		$	-		$	0		$	60,052,039
Exchange-Traded Funds			384,979			-			-			384,979
Money Market Funds			67,536			3,966,272			-			4,033,808
Total Investments		$	60,504,554		$	3,966,272		$	0		$	64,470,826
MSCI Green Building ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	4,915,442		$	-		$	-		$	4,915,442
Money Market Funds			32,365			115,541			-			147,906
Total Investments		$	4,947,807		$	115,541		$	-		$	5,063,348
S&P Global Water Index ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	932,970,244		$	-		$	-		$	932,970,244
Money Market Funds			-			94,096,656			-			94,096,656
Total Investments		$	932,970,244		$	94,096,656		$	-		$	1,027,066,900
S&P International Developed Quality ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	92,049,268		$	-		$	-		$	92,049,268
Money Market Funds			-			6,964,118			-			6,964,118
Total Investments		$	92,049,268		$	6,964,118		$	-		$	99,013,386

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

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

	2022				2021
	Ordinary		Return of		Ordinary
	Income*		Capital		Income*
China Technology ETF	$	-	$	-	$	6,502,078
DWA Developed Markets Momentum ETF		3,925,843		-		964,301
DWA Emerging Markets Momentum ETF		6,385,828		-		2,586,314
FTSE RAFI Developed Markets ex-U.S. ETF		56,137,305		-		27,603,102
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		16,160,202		-		7,594,401
FTSE RAFI Emerging Markets ETF		87,622,863		-		40,406,081
Global Clean Energy ETF		3,615,255		-		1,855,153
Global Water ETF		3,609,219		-		3,106,732
International BuyBack AchieversTM ETF		9,566,307		-		2,099,827
MSCI Global Timber ETF		1,454,000		-		1,493,991
MSCI Green Building ETF		174,785		26,115		82,156
S&P Global Water Index ETF		20,088,093		-		11,646,987
S&P International Developed Quality ETF		3,802,505		-		2,252,111

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

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Tax Components of Net Assets at Fiscal Year-End:

	Undistributed Ordinary Income		Temporary Book/Tax Differences			Net Unrealized Appreciation (Depreciation)- Investments			Net Unrealized Appreciation (Depreciation)- Foreign Currencies and Foreign Taxes			Capital Loss Carryforwards			Shares of Beneficial Interest		Total Net Assets
China Technology ETF	$	660,382	$	-		$	(470,991,582	)	$	2		$	(497,228,237	)	$	1,670,169,086	$	702,609,651
DWA Developed Markets Momentum ETF		-		-			(2,315,916	)		(50,612	)		(169,465,765	)		273,346,291		101,513,998
DWA Emerging Markets Momentum ETF		189,068		-			(6,774,908	)		(327	)		(156,900,695	)		289,079,899		125,593,037
FTSE RAFI Developed Markets ex-U.S. ETF		-		-			(170,147,140	)		(240,088	)		(116,259,147	)		1,417,184,134		1,130,537,759
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		-		-			(115,065,987	)		(53,642	)		(51,244,626	)		655,526,434		489,162,179
FTSE RAFI Emerging Markets ETF		-		-			(310,483,101	)		(4,306,043	)		(203,702,123	)		1,724,731,854		1,206,240,587
Global Clean Energy ETF		2,984,807		-			(73,511,888	)		(14,566	)		(168,401,530	)		455,671,148		216,727,971
Global Water ETF		365,078		-			(3,451,830	)		(21,673	)		(64,859,839	)		325,253,601		257,285,337
International BuyBack AchieversTM ETF		-		-			(11,292,352	)		(19,703	)		(64,358,428	)		156,455,823		80,785,340
MSCI Global Timber ETF		1,424,246		(5,603	)		(1,232,818	)		(28,596	)		(19,213,363	)		79,712,589		60,656,455
MSCI Green Building ETF		-		-			(1,926,500	)		(49	)		(204,291	)		7,058,969		4,928,129
S&P Global Water Index ETF		10,580,908		(9,778	)		116,724,411			(72,162	)		(44,987,817	)		850,758,176		932,993,738
S&P International Developed Quality ETF		-		-			(14,716,431	)		(31,493	)		(23,750,721	)		130,764,306		92,265,661

    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 October 31, 2022, as follows:

	No expiration
	Short-Term		Long-Term		Total*
China Technology ETF	$	217,640,677	$	279,587,560	$	497,228,237
DWA Developed Markets Momentum ETF		169,465,765		-		169,465,765
DWA Emerging Markets Momentum ETF		156,900,695		-		156,900,695
FTSE RAFI Developed Markets ex-U.S. ETF		1,017,717		115,241,430		116,259,147
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		8,184,414		43,060,212		51,244,626
FTSE RAFI Emerging Markets ETF		16,665,721		187,036,402		203,702,123
Global Clean Energy ETF		66,912,051		101,489,479		168,401,530
Global Water ETF		50,900,586		13,959,253		64,859,839
International BuyBack AchieversTM ETF		56,476,910		7,881,518		64,358,428
MSCI Global Timber ETF		11,902,078		7,311,285		19,213,363
MSCI Green Building ETF		70,993		133,298		204,291
S&P Global Water Index ETF		34,455,780		10,532,037		44,987,817
S&P International Developed Quality ETF		19,447,843		4,302,878		23,750,721

* 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.

  133  

NOTE 6–Investment Transactions

For the fiscal year ended October 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
China Technology ETF	$	702,397,961	$	667,632,669
DWA Developed Markets Momentum ETF		260,990,263		265,433,506
DWA Emerging Markets Momentum ETF		322,264,409		326,282,883
FTSE RAFI Developed Markets ex-U.S. ETF		182,177,509		186,038,112
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		184,960,767		156,151,152
FTSE RAFI Emerging Markets ETF		729,115,313		489,678,250
Global Clean Energy ETF		184,518,419		188,620,312
Global Water ETF		102,918,543		102,310,775
International BuyBack AchieversTM ETF		101,931,816		108,419,777
MSCI Global Timber ETF		11,636,490		12,466,509
MSCI Green Building ETF		949,606		858,417
S&P Global Water Index ETF		361,507,926		367,751,505
S&P International Developed Quality ETF		72,381,017		71,530,165

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

	In-kind		In-kind
	Purchases		Sales
China Technology ETF	$	38,380,987	$	47,051,396
DWA Developed Markets Momentum ETF		27,530,867		96,715,350
DWA Emerging Markets Momentum ETF		8,354,252		14,183,043
FTSE RAFI Developed Markets ex-U.S. ETF		324,082,091		131,335,155
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		268,971,655		81,396,426
FTSE RAFI Emerging Markets ETF		100,871,526		52,771,487
Global Clean Energy ETF		6,718,749		37,849,888
Global Water ETF		29,196,536		6,526,703
International BuyBack AchieversTM ETF		13,170,468		19,426,286
MSCI Global Timber ETF		4,832,965		19,222,332
MSCI Green Building ETF		1,960,255		-
S&P Global Water Index ETF		54,345,711		42,301,999
S&P International Developed Quality ETF		47,746,082		30,122,861

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

    As of October 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
China Technology ETF	$	67,365,495	$	(538,357,077	)	$	(470,991,582	)	$	1,223,955,177
DWA Developed Markets Momentum ETF		5,359,909		(7,675,825	)		(2,315,916	)		110,587,305
DWA Emerging Markets Momentum ETF		8,942,637		(15,717,545	)		(6,774,908	)		133,402,856
FTSE RAFI Developed Markets ex-U.S. ETF		70,882,819		(241,029,959	)		(170,147,140	)		1,379,783,146
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		21,416,951		(136,482,938	)		(115,065,987	)		680,947,732
FTSE RAFI Emerging Markets ETF		144,294,218		(454,777,319	)		(310,483,101	)		1,534,720,492
Global Clean Energy ETF		15,894,401		(89,406,289	)		(73,511,888	)		361,533,946
Global Water ETF		28,615,792		(32,067,622	)		(3,451,830	)		263,366,539
International BuyBack AchieversTM ETF		877,400		(12,169,752	)		(11,292,352	)		95,532,687
MSCI Global Timber ETF		8,090,144		(9,322,962	)		(1,232,818	)		65,703,644
MSCI Green Building ETF		16,187		(1,942,687	)		(1,926,500	)		6,989,848

  134  

						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost
S&P Global Water Index ETF	$	151,757,742	$	(35,033,331	)	$	116,724,411		$	910,342,489
S&P International Developed Quality ETF		2,876,359		(17,592,790	)		(14,716,431	)		113,729,817

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of in-kind transactions, wash sales, passive foreign investment companies, foreign currency transactions, distributions, foreign capital gains taxes, REITs, return of capital, taxable spinoff and partnerships, amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and Shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund. For the fiscal year ended October 31, 2022, the reclassifications were as follows:

	Undistributed Net		Undistributed Net		Shares of
	Investment Income (Loss)		Realized Gain (Loss)		Beneficial Interest
China Technology ETF		$  4,089,261		$  19,224,537		$(23,313,798)
DWA Developed Markets Momentum ETF		998,240		(4,100,854)		3,102,614
DWA Emerging Markets Momentum ETF		481,227		(910,995)		429,768
FTSE RAFI Developed Markets ex-U.S. ETF		7,285,437		(31,290,660)		24,005,223
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		2,352,888		(18,423,447)		16,070,559
FTSE RAFI Emerging Markets ETF		(3,762,660)		2,665,570		1,097,090
Global Clean Energy ETF		1,751,433		(3,448,894)		1,697,461
Global Water ETF		(50,452)		(2,143,840)		2,194,292
International BuyBack AchieversTM ETF		660,102		218,443		(878,545)
MSCI Global Timber ETF		(22,096)		(4,928,306)		4,950,402
MSCI Green Building ETF		(4,440)		4,439		1
S&P Global Water Index ETF		217,901		(17,503,460)		17,285,559
S&P International Developed Quality ETF		430,973		(3,045,945)		2,614,972

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 each Fund except MSCI Global Timber ETF and S&P Global Water Index 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 APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

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

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

  135  

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

  136  

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 thirteen 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 (thirteen of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements 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 in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations for the year then ended, and the changes in each of their net assets and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Fund Name	Fund Name
Invesco China Technology ETF (1)	Invesco Global Water ETF (2)
Invesco DWA Developed Markets Momentum ETF (2)	Invesco International BuyBack AchieversTM ETF (2)
Invesco DWA Emerging Markets Momentum ETF (2)	Invesco MSCI Global Timber ETF (3)
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (2)	Invesco MSCI Green Building ETF (4)
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (2)	Invesco S&P Global Water Index ETF (1)
Invesco FTSE RAFI Emerging Markets ETF (2)	Invesco S&P International Developed Quality ETF (2)
Invesco Global Clean Energy ETF (2)

⁽¹⁾ Statement of changes in net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the four years in the period ended October 31, 2022, for the period September 1, 2018 through October 31, 2018 and for the year ended August 31, 2018

⁽²⁾ Statement of changes in net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022

⁽³⁾ Statement of changes in net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the four years in the period ended October 31, 2022, for the period June 1, 2018 through October 31, 2018 and for the year ended May 31, 2018

⁽⁴⁾ Statement of changes in net assets and the financial highlights for the year ended October 31, 2022 and for the period April 20, 2021 (commencement of investment operations) through October 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 October 31, 2022 by correspondence with the

  137  

Report of Independent Registered Public Accounting Firm–(continued)

custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

December 23, 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.

  138  

Calculating your ongoing Fund expenses

Example

As a shareholder of Invesco MSCI Global Timber ETF and Invesco S&P Global Water Index ETF, you incur advisory fees and other Fund expenses. As a shareholder of the Invesco China Technology ETF, Invesco DWA Developed Markets Momentum ETF, Invesco DWA Emerging Markets Momentum ETF, Invesco FTSE RAFI Developed Markets ex-U.S. ETF, Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF, Invesco FTSE RAFI Emerging Markets ETF, Invesco Global Clean Energy ETF, Invesco Global Water ETF, Invesco International BuyBack Achievers™ ETF, Invesco MSCI Green Building ETF and Invesco S&P International Developed Quality 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 May 1, 2022 through October 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 May 1, 2022		Ending Account Value October 31, 2022		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period(1)
Invesco China Technology ETF (CQQQ)
Actual		$1,000.00		$   737.60		0.70%		$3.07
Hypothetical (5% return before expenses)		1,000.00		1,021.68		0.70		3.57
Invesco DWA Developed Markets Momentum ETF (PIZ)
Actual		1,000.00		849.50		0.80		3.73
Hypothetical (5% return before expenses)		1,000.00		1,021.17		0.80		4.08
Invesco DWA Emerging Markets Momentum ETF (PIE)
Actual		1,000.00		753.80		0.90		3.98
Hypothetical (5% return before expenses)		1,000.00		1,020.67		0.90		4.58
Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)
Actual		1,000.00		887.10		0.45		2.14
Hypothetical (5% return before expenses)		1,000.00		1,022.94		0.45		2.29

  139  

Calculating your ongoing Fund expense–(continued)

	Beginning Account Value May 1, 2022		Ending Account Value October 31, 2022		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period(1)
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)
Actual		$1,000.00		$   840.70		0.49%		$2.27
Hypothetical (5% return before expenses)		1,000.00		1,022.74		0.49		2.50
Invesco FTSE RAFI Emerging Markets ETF (PXH)
Actual		1,000.00		845.20		0.49		2.28
Hypothetical (5% return before expenses)		1,000.00		1,022.74		0.49		2.50
Invesco Global Clean Energy ETF (PBD)
Actual		1,000.00		894.40		0.75		3.58
Hypothetical (5% return before expenses)		1,000.00		1,021.42		0.75		3.82
Invesco Global Water ETF (PIO)
Actual		1,000.00		906.50		0.75		3.60
Hypothetical (5% return before expenses)		1,000.00		1,021.42		0.75		3.82
Invesco International BuyBack AchieversTM ETF (IPKW)
Actual		1,000.00		857.30		0.55		2.57
Hypothetical (5% return before expenses)		1,000.00		1,022.43		0.55		2.80
Invesco MSCI Global Timber ETF (CUT)
Actual		1,000.00		837.80		0.60		2.78
Hypothetical (5% return before expenses)		1,000.00		1,022.18		0.60		3.06
Invesco MSCI Green Building ETF (GBLD)
Actual		1,000.00		792.00		0.39		1.76
Hypothetical (5% return before expenses)		1,000.00		1,023.24		0.39		1.99
Invesco S&P Global Water Index ETF (CGW)
Actual		1,000.00		945.90		0.57		2.80
Hypothetical (5% return before expenses)		1,000.00		1,022.33		0.57		2.91
Invesco S&P International Developed Quality ETF (IDHQ)
Actual		1,000.00		858.00		0.29		1.36
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 October 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.

  140  

Tax Information

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

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

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

	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*
Invesco China Technology ETF		0	%		0	%		0	%		0	%		0	%
Invesco DWA Developed Markets Momentum ETF		0	%		84	%		0	%		0	%		0	%
Invesco DWA Emerging Markets Momentum ETF		0	%		32	%		0	%		0	%		0	%
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		0	%		78	%		0	%		0	%		0	%
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		0	%		71	%		0	%		0	%		0	%
Invesco FTSE RAFI Emerging Markets ETF		0	%		52	%		0	%		0	%		0	%
Invesco Global Clean Energy ETF		0	%		32	%		1	%		0	%		0	%
Invesco Global Water ETF		0	%		100	%		44	%		0	%		0	%
Invesco International BuyBack AchieversTM ETF		0	%		78	%		0	%		0	%		0	%
Invesco MSCI Global Timber ETF		0	%		97	%		42	%		0	%		0	%
Invesco MSCI Green Building ETF		16	%		28	%		1	%		0	%		0	%
Invesco S&P Global Water Index ETF		0	%		100	%		28	%		0	%		0	%
Invesco S&P International Developed Quality ETF		0	%		85	%		0	%		0	%		0	%

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

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

	Foreign Taxes Per Share	Foreign Source Income Per Share
Invesco DWA Developed Markets Momentum ETF	$0.0857	$0.9829
Invesco DWA Emerging Markets Momentum ETF	0.1669	1.1526
Invesco FTSE RAFI Developed Markets ex-U.S. ETF	0.0940	1.6406
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF	0.0723	0.8623
Invesco FTSE RAFI Emerging Markets ETF	0.0828	1.1276
Invesco Global Water ETF	0.0214	0.4927
Invesco International BuyBack AchieversTM ETF	0.1114	1.6153
Invesco MSCI Global Timber ETF	0.0381	0.7484
Invesco MSCI Green Building ETF	0.0272	0.4988
Invesco S&P International Developed Quality ETF	0.0591	1.0132

  141  

Trustees and Officers

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

As of October 31, 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).	234	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.	234	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.

  142  

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).	234	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.

  143  

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).	234	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.

  144  

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).	234	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).	234	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.

  145  

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.	234	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.

  146  

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.	234	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).	234	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.

  147  

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).	234	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.

  148  

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.

  149  

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.

  150  

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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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-PS-AR-8	invesco.com/ETFs

	Invesco Annual Report to Shareholders October 31, 2022
	BLKC	Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
	SATO	Invesco Alerian Galaxy Crypto Economy ETF

Table of Contents

The Market Environment	3
Management’s Discussion of Fund Performance	4
Consolidated Schedules of Investments
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)	11
Invesco Alerian Galaxy Crypto Economy ETF (SATO)	13
Consolidated Statements of Assets and Liabilities	15
Consolidated Statements of Operations	16
Consolidated Statements of Changes in Net Assets	17
Consolidated Financial Highlights	18
Notes to Consolidated Financial Statements	20
Report of Independent Registered Public Accounting Firm	32
Fund Expenses	33
Tax Information	34
Trustees and Officers	35

2

The Market Environment

Digital Assets

The digital asset market was extremely challenged during the fiscal year ended October 31, 2022, with the price of Bitcoin, for example, falling from over $60,000 in October 2021 to just over $20,000 in October 2022. While market pressure and tightening interest rates contributed to adverse returns across risk assets, digital assets had unique challenges, including the collapse of several prominent coins like UST and LUNA. Since many blockchain related companies are exposed to either digital asset prices directly or generate revenues from activity in the space, the challenges in the digital asset markets have contributed to related struggles for equity investments in companies in the industry.

Domestic Equity

The fiscal year ended October 31, 2022 began with continued volatility in equity markets in the fourth quarter of 2021 amid substantial 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,¹ causing higher gas prices for consumers, and the Consumer Price Index (CPI) reported for November 2021 increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.² To combat inflation, the US Federal Reserve (the Fed) announced the potential for three or more 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 inflation 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 2008.¹ Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and the Fed indicated it would “taper” its asset purchase program quickly.³

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 into 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 40-year high to 8.6% for the 12 months ended May 2022.² 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.¹ 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 an economic policy symposium held in Jackson Hole, Wyoming sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.³

After experiencing a sharp drop in September 2022, US equity markets rebounded in October with strong gains, despite mixed data on the economy and corporate earnings. Inflation data reported in October came in higher than expected; however, the labor market remained strong, with payroll employment gains and a decline in the unemployment rate to a near record low of 3.5% in September.² The initial estimate of third quarter real gross domestic product showed an increase of 2.6% (annualized) after falling in the prior two quarters, but the headline number masked a drop in demand and investment. Corporate earnings were generally in line with expectations, but many companies’ forward earnings guidance was weaker than expected.

In this environment, US stocks had negative double-digit returns for the fiscal year ended October 31, 2022 of -14.61%, as measured by the S&P 500 Index.⁴

¹  Source: Bloomberg LP

²  Source: US Bureau of Labor Statistics

³  Source: US Federal Reserve

⁴  Source: Lipper Inc.

Global Equity

At the beginning of the fiscal year ended October 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 half of 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.

Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the

3

The Market Environment (continued)

Bank of England all raised interest rates. In contrast, the People’s Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

During October 2022, developed market equities rebounded and were in positive territory. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with no signs of the country’s zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, at the end of the fiscal year, trailing one-year returns for developed market equities and emerging market equities were both in negative territory.

4

BLKC	Management’s Discussion of Fund Performance
	Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)

As an index fund, the Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Alerian Galaxy Global Blockchain Equity, Trusts and ETPs Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, GKD Index Partners, LLC d/b/a Alerian (the “Index Provider or Alerian”) maintains the Index, which is comprised of two different components: (i) stocks of companies that are materially engaged in the development of blockchain technology, cryptocurrency mining, cryptocurrency buying, or enabling technologies (the “Equity Component”); and (ii) exchange-traded products (“ETPs”) and private investment trusts traded over-the-counter that invest at least 75% of their assets in Bitcoin (the “ETP and Trust Component”).

The Equity Component of the Index is primarily comprised of exchange-listed equity securities of companies that are principally or materially engaged in one of the following four business activities (each, a “Business Segment”): cryptocurrency miners, cryptocurrency enabling technologies, cryptocurrency buyers and blockchain users.

To be eligible for inclusion in the Equity Component, a company’s stock must be listed on an approved and globally recognized exchange and such company must have: (i) a minimum full market capitalization value of $50 million, (ii) a minimum free float factor of 20%, and (iii) a minimum average daily trading value (“ADTV”) for the previous three months of $1 million. Companies may be located in the U.S. or in foreign jurisdictions, including in emerging markets.

The ETP and Trust Component of the Index is represented by exchange-traded products and open-ended private investment trusts that trade on an approved U.S. exchange (in accordance with the Index Provider’s methodology) and invest at least 75% of their assets in Bitcoin. To be eligible for inclusion in the ETP and Trust Component, an ETP or private trust must also: (i) have a minimum full market capitalization of $1 billion ($500 million for current Index constituents), (ii) have a minimum ADTV for the previous three months of $15 million ($7.5 million for current Index constituents), and (iii) have an open-end structure. Currently, the only security in the ETP and Trust Component that the Fund will hold is the Grayscale Bitcoin Trust.

The Fund will not invest directly in cryptocurrencies or crypto assets. The Fund also will not invest in initial coin offerings or futures contracts on cryptocurrencies. Because the Fund will not invest directly in any cryptocurrency, it will not track price movements of any cryptocurrency. The Fund may, however, have indirect exposure to crypto assets by virtue of (i) its investments

in companies that use one or more crypto assets as part of their business activities or that hold crypto assets as proprietary investments and (ii) its investments in the ETP and Trust Component.

The Fund will allocate its assets in the same proportion as the Index (i.e., under normal circumstances, the Fund will invest approximately 85% of its assets in securities of the Equity Component and 15% in the ETP and Trust Component). The Fund generally invests in all of the securities comprising the Equity Component in proportion to their weightings in the Equity Component. However, due to the practical difficulties and expense of, or other restrictions on, purchasing all of the securities in the Index (particularly constituents of the ETP and Trust Components and otherwise where necessary), the Fund will also utilize a sampling methodology from time to time.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (63.66)%. On a net asset value (“NAV”) basis, the Fund returned (63.88)%. During the same time period, the Index returned (64.25)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to income from securities lending, which were partially offset by fees and expenses incurred by the Fund during the period.

During this same time period, the MSCI All Country World Index (Net) (the “Benchmark Index”) returned (19.96)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 3,000 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 global stocks.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a stock selection methodology within a specific sector whereas the Benchmark Index selects and weights stocks across all sectors based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the software industry and most underweight in the pharmaceuticals industry during the fiscal year ended October 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s stock selection in the software and IT services industries, respectively.

For the fiscal year ended October 31, 2022, the industrial conglomerates industry was the only contributing industry. The software industry detracted most significantly from the Fund’s return, followed by the IT services industry.

5

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC) (continued)

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022 included Applied Blockchain, Inc., a software company (portfolio average weight of 0.52%), and Wells Fargo & Co., a banks company (portfolio average weight of 0.65%). Positions that detracted most significantly from the Fund’s return included Grayscale Bitcoin Trust BTC (portfolio average weight of 14.64%), and Greenidge Generation Holdings Inc., Class A, a software company (portfolio average weight of 1.21%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Information Technology	49.13
Investment Companies	15.11
Financials	14.80
Communication Services	6.44
Industrials	4.52
Consumer Discretionary	3.96
Consumer Staples	3.01
Sector Types Each Less Than 3%	2.90
Money Market Funds Plus Other Assets Less Liabilities	0.13

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Grayscale Bitcoin Trust BTC	15.11
MicroStrategy, Inc., Class A	1.73
Oracle Corp.	1.71
Hut 8 Mining Corp.	1.68
Applied Blockchain, Inc.	1.66
Marathon Digital Holdings, Inc.	1.65
JPMorgan Chase & Co.	1.63
Honeywell International, Inc.	1.63
Cleanspark, Inc.	1.63
International Business Machines Corp.	1.61
Total	30.04

* Excluding money market fund holdings.

6

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of October 31, 2022

	1 Year			Fund Inception
Index				Average Annualized			Cumulative
Alerian Galaxy Global Blockchain Equity, Trusts & ETPs Index (Net)		(64.25	)%		(58.41	)%		(60.70	)%
MSCI All Country World Index (Net)		(19.96	)		(15.93	)		(16.87	)
Fund
NAV Return		(63.88	)		(57.81	)		(60.09	)
Market Price Return		(63.66	)		(57.97	)		(60.26	)

Fund Inception: October 7, 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 0.60% 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 Index and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

7

SATO	Management’s Discussion of Fund Performance
	Invesco Alerian Galaxy Crypto Economy ETF (SATO)

As an index fund, the Invesco Alerian Galaxy Crypto Economy ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the Alerian Galaxy Global Cryptocurrency-Focused Blockchain Equity, Trusts and ETPs Index (the “Index”). The Fund generally will invest at least 80% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, GKD Index Partners, LLC d/b/a Alerian (the “Index Provider” or “Alerian”) maintains the Index, which is comprised of two different components: (i) stocks of digital asset companies, which are companies that are materially engaged in cryptocurrency, cryptocurrency mining, cryptocurrency buying, or cryptocurrency enabling technologies (the “Equity Component”); and (ii) exchange-traded products (“ETPs”) and private investment trusts traded over-the-counter that invest at least 75% of their assets in Bitcoin (the “ETP and Trust Component”).

The Equity Component of the Index is primarily comprised of exchange-listed equity securities of companies that are principally engaged in one of the following three business activities (each, a “Business Segment”): cryptocurrency miners, cryptocurrency enabling technologies and cryptocurrency buyers.

To be eligible for inclusion in the Equity Component of the Index, a company’s stock must be listed on a globally recognized exchange and such company must have: (i) a minimum full market capitalization value of $50 million, (ii) a minimum free float factor of 20%, and (iii) a minimum average daily trading value (“ADTV”) for the previous three months of $1 million. Companies may be located in the U.S. or in foreign jurisdictions, including in emerging markets.

The ETP and Trust Component of the Index is represented by exchange-traded products (including exchange-traded notes (“ETNs”) and exchange-traded funds listed outside of the U.S.) and open-ended private investment trusts that trade on an approved U.S. exchange (in accordance with the Index Provider’s methodology) and invest at least 75% of their assets in Bitcoin. To be eligible for inclusion in the ETP and Trust Component, an ETP or private trust must: (i) have a minimum full market capitalization of $1 billion ($500 million for current constituents), (ii) have a minimum ADTV for the previous three months of $15 million ($7.5 million for current constituents), and (iii) have an open-end structure. Currently, the only security in the ETP and Trust Component that the Fund will hold is the Grayscale Bitcoin Trust.

The Fund will not invest directly in cryptocurrencies or crypto assets. The Fund also will not invest in initial coin offerings or futures contracts on cryptocurrencies. Because the Fund will not invest directly in any cryptocurrency, it will not track price movements of any cryptocurrency. The Fund may, however, have indirect exposure to crypto assets by virtue of (i) its investments

in companies that use one or more crypto assets as part of their business activities or that hold crypto assets as proprietary investments and (ii) its investments in the ETP and Trust Component.

The Fund will allocate its assets in the same proportion as the Index (i.e., under normal circumstances, the Fund will invest approximately 85% of its assets in securities of the Equity Component and 15% in the ETP and Trust Component). The Fund generally invests in all of the securities comprising the Equity Component in proportion to their weightings in the Equity Component. However, due to the practical difficulties and expense of, or other restrictions on, purchasing all of the securities in the Index (particularly constituents of the ETP and Trust Components and otherwise where necessary), the Fund will also utilize a sampling methodology from time to time.

For the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (78.27)%. On a net asset value (“NAV”) basis, the Fund returned (78.47)%. During the same time period, the Index returned (78.20)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses the Fund incurred during the period, partially offset by the Fund having a lower weight to the Grayscale Bitcoin Trust relative to the Index.

During this same time period, the MSCI All Country World Index (Net) (the “Benchmark Index”) returned (19.96)%. The Benchmark Index is an unmanaged index weighted by market capitalization and based on the average performance of approximately 3,000 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 global stocks.

The performance of the Fund differed from the Benchmark Index because the Fund seeks to track an Index that employs a stock selection methodology within a specific sector whereas the Benchmark Index selects and weights stocks across all sectors based on market capitalization.

Relative to the Benchmark Index, the Fund was most overweight in the software industry and most underweight in the pharmaceuticals industry during the fiscal year ended October 31, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the Fund’s security selection and overweight allocation in the software industry.

For the fiscal year ended October 31, 2022, no industry positively contributed to the Fund’s return. The software industry detracted most significantly from the Fund’s return during the period, followed by the IT services and capital markets industries, respectively.

8

Invesco Alerian Galaxy Crypto Economy ETF (SATO) (continued)

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022 included Applied Blockchain, Inc., a software company (portfolio average weight of 1.21%), and Marathon Digital Holdings, Inc., a software company (portfolio average weight of 3.02%). Positions that detracted most significantly from the Fund’s return included Grayscale Bitcoin Trust BTC (portfolio average weight of 14.98%), and Core Scientific, Inc., an IT services company (portfolio average weight of 1.87%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Information Technology	60.69
Financials	17.96
Investment Companies	15.36
Communication Services	3.05
Sector Types Each Less Than 3%	2.68
Money Market Funds Plus Other Assets Less Liabilities	0.26

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Grayscale Bitcoin Trust BTC	15.36
MicroStrategy, Inc., Class A	4.46
Hut 8 Mining Corp.	4.35
Marathon Digital Holdings, Inc.	4.29
Applied Blockchain, Inc.	4.29
Cleanspark, Inc.	4.21
Riot Blockchain, Inc.	3.97
Galaxy Digital Holdings Ltd.	3.94
Block, Inc., Class A	3.93
Bit Digital, Inc.	3.64
Total	52.44

* Excluding money market fund holdings.

9

Invesco Alerian Galaxy Crypto Economy ETF (SATO) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of October 31, 2022

	1 Year			Fund Inception
Index				Average Annualized			Cumulative
Alerian Galaxy Global Cryptocurrency-Focused Blockchain Equity, Trusts & ETPs Index (Net)		(78.20	)%		(72.67	)%		(74.86	)%
MSCI All Country World Index (Net)		(19.96	)		(15.93	)		(16.87	)
Fund
NAV Return		(78.47	)		(72.78	)		(74.97	)
Market Price Return		(78.27	)		(73.12	)		(75.30	)

Fund Inception: October 7, 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 0.60% 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 Index and Fund Performance History:

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

- Net returns reflect reinvested dividends net of withholding taxes.

10

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)

October 31, 2022

Consolidated Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-84.76%
Australia-2.71%
BHP Group Ltd.		1,142	$	27,282
Iris Energy Ltd.(b)(c)		7,663		25,939
				53,221
Canada-4.37%
Bitfarms Ltd.(b)(c)		27,965		26,816
Hive Blockchain Technologies Ltd.(b)(c)		8,315		25,907
Hut 8 Mining Corp.(b)(c)		14,761		33,114
				85,837
China-6.48%
Alibaba Group Holding Ltd., ADR(b)(c)		373		23,715
Bit Digital, Inc.(b)(c)		26,138		27,706
Canaan, Inc., ADR(b)(c)		8,502		24,656
Meitu, Inc.(b)(d)		322,830		27,966
Tencent Holdings Ltd.		894		23,415
				127,458
Netherlands-1.51%
Shell PLC		1,076		29,782
Norway-1.54%
Aker ASA, Class A		431		30,366
South Korea-1.54%
Samsung Electronics Co. Ltd.		727		30,316
Taiwan-1.32%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		420		25,851
United States-65.29%
Accenture PLC, Class A		108		30,661
Advanced Micro Devices, Inc.(b)		475		28,529
Alphabet, Inc., Class A(b)		282		26,652
Amazon.com, Inc.(b)		248		25,405
Applied Blockchain, Inc.(b)(c)		14,496		32,616
Bakkt Holdings, Inc.(b)		13,007		27,705
Bank of America Corp.		878		31,643
BitNile Holdings, Inc.(b)		155,630		26,535
Block, Inc., Class A(b)		498		29,915
Cisco Systems, Inc.		686		31,165
Citigroup, Inc.		648		29,717
Cleanspark, Inc.(b)(c)		9,201		32,020
Coinbase Global, Inc., Class A(b)(c)		404		26,765
Core Scientific, Inc.(b)		22,552		4,510
Galaxy Digital Holdings Ltd., (Acquired 10/05/2021 - 10/21/2022; Cost $55,978)(b)(c)(e)		6,165		29,965
Goldman Sachs Group, Inc. (The)		90		31,006
Greenidge Generation Holdings, Inc.(b)(c)		22,933		22,296
Honeywell International, Inc.		157		32,031
Intel Corp.		1,060		30,136
International Business Machines Corp.		229		31,668
Intuit, Inc.		70		29,925
JPMorgan Chase & Co.		255		32,099
Investment Abbreviations:
ADR-American Depositary Receipt

	Shares		Value
United States-(continued)
Marathon Digital Holdings, Inc.(b)(c)		2,480	$	32,513
Mastercard, Inc., Class A		94		30,849
Meta Platforms, Inc., Class A(b)		215		20,029
Micron Technology, Inc.		511		27,645
Microsoft Corp.		119		27,624
MicroStrategy, Inc., Class A(b)(c)		127		33,974
Nestle S.A.		267		29,092
NVIDIA Corp.		234		31,583
Oracle Corp.		430		33,570
PayPal Holdings, Inc.(b)		331		27,665
Phunware, Inc.(b)(c)		23,901		27,964
QUALCOMM, Inc.		247		29,062
Riot Blockchain, Inc.(b)(c)		4,380		30,178
SAI.TECH Global Corp., Class C(b)(c)		7,814		17,972
salesforce.com, inc.(b)		192		31,217
Signature Bank		181		28,694
Silvergate Capital Corp., Class A(b)(c)		408		23,158
Tesla, Inc.(b)		126		28,670
Texas Instruments, Inc.		180		28,913
Verizon Communications, Inc.		765		28,588
Visa, Inc., Class A(c)		151		31,281
Walmart, Inc.		211		30,032
Wells Fargo & Co.		657		30,216
				1,283,453
Total Common Stocks & Other Equity Interests (Cost $2,365,512)				1,666,284
Mutual Fund-15.11%
United States-15.11%
Grayscale Bitcoin Trust BTC (Cost $728,447)		24,752		297,024
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.87% (Cost $3,093,959)				1,963,308
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-21.73%
Invesco Private Government Fund, 3.18%(f)(g)(h)		117,081		117,081
Invesco Private Prime Fund, 3.28%(f)(g)(h)		310,156		310,156
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $427,235)				427,237
TOTAL INVESTMENTS IN SECURITIES-121.60% (Cost $3,521,194)				2,390,545
OTHER ASSETS LESS LIABILITIES-(21.60)%				(424,688	)
NET ASSETS-100.00%			$	1,965,857

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

  11  

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)–(continued)

October 31, 2022

Notes to Consolidated Schedule of Investments:

^(a)  The Consolidated Schedule of Investments includes the accounts of the wholly-owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidations.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at October 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 October 31, 2022 represented 1.42% of the Fund’s Net Assets.

^(e)  Restricted security. The value of this security at October 31, 2022 represented 1.52% of the Fund’s Net Assets.

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

	Value October 31, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	398,568		$	(398,568	)		$	-		$	-			$	-		$	41
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			2,688,047			(2,570,966	)			-			-				117,081			1,202	*
Invesco Private Prime Fund			-			4,382,494			(4,072,262	)			2			(78	)			310,156			3,401	*
Total		$	-		$	7,469,109		$	(7,041,796	)		$	2		$	(78	)		$	427,237		$	4,644

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

^(g)  The rate shown is the 7-day SEC standardized yield as of October 31, 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 Consolidated Financial Statements which are an integral part of the consolidated financial statements.

  12  

Invesco Alerian Galaxy Crypto Economy ETF (SATO)

October 31, 2022

Consolidated Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-84.38%
Australia-3.41%
Iris Energy Ltd.(b)(c)		27,889	$	94,404
Canada-11.29%
Bitfarms Ltd.(b)		101,795		97,611
Hive Blockchain Technologies Ltd.(b)(c)		30,258		94,276
Hut 8 Mining Corp.(b)(c)		53,728		120,529
				312,416
China-8.49%
Bit Digital, Inc.(b)(c)		95,143		100,851
Canaan, Inc., ADR(b)(c)		30,941		89,729
Meitu, Inc.(b)(d)		279,097		24,177
Tencent Holdings Ltd.		771		20,194
				234,951
Norway-0.95%
Aker ASA, Class A		372		26,209
South Korea-0.95%
Samsung Electronics Co. Ltd.		632		26,355
Taiwan-0.81%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		363		22,343
United States-58.48%
Advanced Micro Devices, Inc.(b)		410		24,625
Alphabet, Inc., Class A(b)		242		22,871
Applied Blockchain, Inc.(b)		52,744		118,674
Bakkt Holdings, Inc.(b)		47,347		100,849
BitNile Holdings, Inc.(b)		134,538		22,939
Block, Inc., Class A(b)		1,810		108,727
Cleanspark, Inc.(b)(c)		33,485		116,528
Coinbase Global, Inc., Class A(b)(c)		1,470		97,388
Core Scientific, Inc.(b)		82,097		16,419
Galaxy Digital Holdings Ltd., (Acquired 01/25/2022 - 10/21/2022; Cost $114,338)(b)(c)(e)		22,429		109,017
Goldman Sachs Group, Inc. (The)		78		26,872
Greenidge Generation Holdings, Inc.(b)(c)		83,439		81,119
JPMorgan Chase & Co.		221		27,819
Marathon Digital Holdings, Inc.(b)(c)		9,067		118,868
Meta Platforms, Inc., Class A(b)		185		17,235
Micron Technology, Inc.		441		23,858
Investment Abbreviations:
ADR-American Depositary Receipt

	Shares		Value
United States-(continued)
Microsoft Corp.		103	$	23,909
MicroStrategy, Inc., Class A(b)(c)		461		123,322
NVIDIA Corp.		202		27,264
PayPal Holdings, Inc.(b)		288		24,071
Phunware, Inc.(b)(c)		20,664		24,177
Riot Blockchain, Inc.(b)(c)		15,931		109,765
SAI.TECH Global Corp., Class C(b)(c)		28,404		65,329
Signature Bank		157		24,889
Silvergate Capital Corp., Class A(b)(c)		1,483		84,175
Tesla, Inc.(b)		109		24,802
Visa, Inc., Class A		131		27,138
Wells Fargo & Co.		571		26,260
				1,618,909
Total Common Stocks & Other Equity Interests (Cost $4,038,449)				2,335,587
Mutual Fund-15.36%
United States-15.36%
Grayscale Bitcoin Trust BTC (Cost $975,206)		35,435		425,220
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.74% (Cost $5,013,655)				2,760,807
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-31.16%
Invesco Private Government Fund, 3.18%(f)(g)(h)		221,063		221,063
Invesco Private Prime Fund, 3.28%(f)(g)(h)		641,624		641,624
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $862,688)				862,687
TOTAL INVESTMENTS IN SECURITIES-130.90% (Cost $5,876,343)				3,623,494
OTHER ASSETS LESS LIABILITIES-(30.90)%				(855,417	)
NET ASSETS-100.00%			$	2,768,077

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

  13  

Invesco Alerian Galaxy Crypto Economy ETF (SATO)–(continued)

October 31, 2022

Notes to Consolidated Schedule of Investments:

^(a)  The Consolidated Schedule of Investments includes the accounts of the wholly-owned subsidiary. All inter-company accounts and transactions have been eliminated in consolidations.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at October 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 October 31, 2022 represented less than 1% of the Fund’s Net Assets.

^(e)  Restricted security. The value of this security at October 31, 2022 represented 3.94% of the Fund’s Net Assets.

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

	Value October 31, 2021		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$413,001		$	312,912		$	(725,913	)		$	-			$	-			$	-		$	28
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-			7,512,908			(7,291,845	)			-				-				221,063			3,185	*
Invesco Private Prime Fund		-			11,892,213			(11,250,289	)			(1	)			(299	)			641,624			9,269	*
Total		$413,001		$	19,718,033		$	(19,268,047	)		$	(1	)		$	(299	)		$	862,687		$	12,482

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

^(g)  The rate shown is the 7-day SEC standardized yield as of October 31, 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 Consolidated Financial Statements which are an integral part of the consolidated financial statements.

  14  

Consolidated Statements of Assets and Liabilities

October 31, 2022

	Invesco
	Alerian Galaxy				Invesco
	Blockchain Users				Alerian Galaxy
	and Decentralized				Crypto Economy
	Commerce ETF (BLKC)				ETF (SATO)
Assets:
Unaffiliated investments in securities, at value(a)		$	1,963,308			$	2,760,807
Affiliated investments in securities, at value			427,237				862,687
Receivable for:
Dividends			1,183				2,372
Securities lending			3,128				6,899
Investments sold			-				64,846
Total assets			2,394,856				3,697,611
Liabilities:
Due to custodian			728				65,212
Due to foreign custodian			36				171
Payable for:
Collateral upon return of securities loaned			427,235				862,688
Accrued unitary management fees			1,000				1,463
Total liabilities			428,999				929,534
Net Assets		$	1,965,857			$	2,768,077
Net assets consist of:
Shares of beneficial interest		$	4,880,126			$	10,677,914
Distributable earnings (loss)			(2,914,269	)			(7,909,837	)
Net Assets		$	1,965,857			$	2,768,077
Shares outstanding (unlimited amount authorized, $0.01 par value)			200,001				450,001
Net asset value		$	9.83			$	6.15
Market price		$	9.82			$	6.14
Unaffiliated investments in securities, at cost		$	3,093,959			$	5,013,655
Affiliated investments in securities, at cost		$	427,235			$	862,688
Foreign currencies (due to foreign custodian), at cost		$	(36	)		$	(178	)
(a)Includes securities on loan with an aggregate value of:		$	384,229			$	744,880

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

  15  

Consolidated Statements of Operations

For the year ended October 31, 2022

	Invesco
	Alerian Galaxy				Invesco
	Blockchain Users				Alerian Galaxy
	and Decentralized				Crypto Economy
	Commerce ETF (BLKC)				ETF (SATO)
Investment income:
Unaffiliated dividend income		$	29,208			$	8,901
Affiliated dividend income			41				28
Non-cash dividend income			-				2,283
Securities lending income, net			57,920				191,334
Foreign withholding tax			(1,343	)			(890	)
Total investment income			85,826				201,656
Expenses:
Unitary management fees			20,226				38,066
Tax expenses			192				577
Total expenses			20,418				38,643
Net investment income			65,408				163,013
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(1,893,240	)			(6,978,216	)
Affiliated investment securities			(78	)			(299	)
In-kind redemptions			-				(112,682	)
Foreign currencies			444				(772	)
Net realized gain (loss)			(1,892,874	)			(7,091,969	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(1,711,143	)			(3,653,806	)
Affiliated investment securities			2				(1	)
Foreign currencies			3				9
Change in net unrealized appreciation (depreciation)			(1,711,138	)			(3,653,798	)
Net realized and unrealized gain (loss)			(3,604,012	)			(10,745,767	)
Net increase (decrease) in net assets resulting from operations		$	(3,538,604	)		$	(10,582,754	)

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

  16  

Statements of Changes in Net Assets

For the years ended October 31, 2022 and 2021

	Invesco
	Alerian Galaxy							Invesco
	Blockchain Users							Alerian Galaxy
	and Decentralized							Crypto Economy
	Commerce ETF (BLKC)							ETF (SATO)
	2022				2021(a)			2022				2021(a)
Operations:
Net investment income (loss)		$	65,408			$	981		$	163,013			$	(3,186	)
Net realized gain (loss)			(1,892,874	)			4,712			(7,091,969	)			1,428
Change in net unrealized appreciation (depreciation)			(1,711,138	)			580,491			(3,653,798	)			1,400,958
Net increase (decrease) in net assets resulting from operations			(3,538,604	)			586,184			(10,582,754	)			1,399,200
Distributions to Shareholders from:
Distributable earnings			(81,748	)			-			(174,368	)			-
Shareholder Transactions:
Proceeds from shares sold			-				5,000,025			2,453,318				10,363,314
Value of shares repurchased			-				-			(690,633	)			-
Net increase in net assets resulting from share transactions			-				5,000,025			1,762,685				10,363,314
Net increase (decrease) in net assets			(3,620,352	)			5,586,209			(8,994,437	)			11,762,514
Net assets:
Beginning of period			5,586,209				-			11,762,514				-
End of period		$	1,965,857			$	5,586,209		$	2,768,077			$	11,762,514
Changes in Shares Outstanding:
Shares sold			-				200,001			150,000				400,001
Shares repurchased			-				-			(100,000	)			-
Shares outstanding, beginning of period			200,001				-			400,001				-
Shares outstanding, end of period			200,001				200,001			450,001				400,001

^(a) For the period October 5, 2021 (commencement of investment operations) through October 31, 2021.

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

  17  

Consolidated Financial Highlights

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)

					For the Period
					October 5, 2021(a)
	Year Ended				Through
	October 31,				October 31,
	2022				2021
Per Share Operating Performance:
Net asset value at beginning of period		$	27.93			$	25.00
Net investment income(b)			0.33				0.01
Net realized and unrealized gain (loss) on investments			(18.02	)			2.92
Total from investment operations			(17.69	)			2.93
Distributions to shareholders from:
Net investment income			(0.41	)			-
Net asset value at end of period		$	9.83			$	27.93
Market price at end of period(c)		$	9.82			$	27.73
Net Asset Value Total Return(d)			(63.88	)%			11.72	%(e)
Market Price Total Return(d)			(63.66	)%			10.92	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,966			$	5,586
Ratio to average net assets of:
Expenses			0.61	%			0.60	%(f)
Net investment income			1.94	%			0.27	%(f)
Portfolio turnover rate(g)			124	%			12	%

^(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 7, 2021, the first day of trading on the exchange) to October 31, 2021 was 10.48%. The market price total return from Fund Inception to October 31, 2021 was 9.34%.

^(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 Consolidated Financial Statements which are an integral part of the consolidated financial statements.

  18  

Consolidated Financial Highlights–(continued)

Invesco Alerian Galaxy Crypto Economy ETF (SATO)

					For the Period
					October 5, 2021(a)
	Year Ended				Through
	October 31,				October 31,
	2022				2021
Per Share Operating Performance:
Net asset value at beginning of period		$	29.41			$	25.00
Net investment income (loss)(b)			0.36				(0.01	)
Net realized and unrealized gain (loss) on investments			(23.23	)			4.42
Total from investment operations			(22.87	)			4.41
Distributions to shareholders from:
Net investment income			(0.36	)			-
Net realized gains			(0.03	)			-
Total distributions			(0.39	)			-
Net asset value at end of period		$	6.15			$	29.41
Market price at end of period(c)		$	6.14			$	29.09
Net Asset Value Total Return(d)			(78.47	)%			17.64	%(e)
Market Price Total Return(d)			(78.27	)%			16.36	%(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,768			$	11,763
Ratio to average net assets of:
Expenses			0.61	%			0.60	%(f)
Net investment income (loss)			2.57	%			(0.60	)%(f)
Portfolio turnover rate(g)			149	%			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 7, 2021, the first day of trading on the exchange) to October 31, 2021 was 16.25%. The market price total return from Fund Inception to October 31, 2021 was 13.63%.

^(f)  Annualized.

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

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

  19  

Notes to Consolidated Financial Statements

Invesco Exchange-Traded Fund Trust II

October 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 and their respective wholly-owned subsidiaries (each, a “Subsidiary”) organized under the laws of the Cayman Islands:

Full Name	Short Name	Subsidiary
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)	“Alerian Galaxy Blockchain Users and Decentralized Commerce ETF”	Invesco GBE Cayman Ltd.
Invesco Alerian Galaxy Crypto Economy ETF (SATO)	“Alerian Galaxy Crypto Economy ETF”	Invesco GCE Cayman Ltd.

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 cash and/or the deposit or delivery of a basket of securities (“Deposit Securities”). Except when aggregated in Creation Units by authorized participants (“APs”), the Shares are not individually redeemable securities of the Funds.

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

Fund	Underlying Index
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF	Alerian Galaxy Global Blockchain Equity, Trusts and ETPs Index
Alerian Galaxy Crypto Economy ETF	Alerian Galaxy Global Cryptocurrency-Focused Blockchain Equity, Trusts and ETPs Index

Each Fund’s investment in its respective Subsidiary is expected to provide the Fund with exposure to exchange-traded products and private investment trusts traded over-the-counter that are linked to cryptocurrencies. Each Fund may invest up to 25% of its respective total assets in its Subsidiary.

NOTE 2–Significant Accounting Policies

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

  20  

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 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 consolidated 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

  21  

withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to a Fund’s investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Consolidated 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 Consolidated Statements of Operations and the Consolidated Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights. Transaction costs are included in the calculation of a Fund’s NAV and, accordingly, they reduce a Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Consolidated Statements of Operations and the Consolidated 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 Consolidated 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 Consolidated Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund’s Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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 consolidated 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 consolidated 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.

Each Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, each Fund is required to increase its taxable income by its share of its Subsidiary’s income. Net investment losses of each Subsidiary cannot be deducted by each Fund in the current period nor carried forward to offset taxable income in future periods.

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 consolidated 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 consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. All inter-company accounts and transactions have been eliminated in consolidation. 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 consolidated 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. Also, under each Subsidiary’s organizational documents, the directors and officers of the Subsidiary are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund and/or the Subsidiary, respectively. 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 Consolidated 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 Consolidated Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Consolidated Statements of Assets and Liabilities.

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

	Amount
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF		$1,747
Alerian Galaxy Crypto Economy ETF		6,967

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

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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 Consolidated 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.

AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

Blockchain Company Investments Risk. Companies engaged in the development, enablement and acquisition of blockchain technologies are subject to a number of risks. Blockchain technology is new and many of its uses may be untested. The mechanics of using distributed ledger technology to transact in other types of assets, such as securities or derivatives, is less clear. There is no assurance that widespread adoption will occur. Furthermore, the development and acceptance of competing platforms or technologies may cause consumers or investors to use an alternative to blockchains. A lack of expansion in the usage of blockchain technology could adversely affect the underlying holdings of the Funds. Moreover, the extent to which companies held by the Funds utilize blockchain technology may vary, and it is possible that even widespread adoption of blockchain technology may not result in a material impact on the stock price of such companies.

Furthermore, companies that are developing applications of blockchain technology applications may not in fact do so or may not be able to capitalize on those blockchain technologies. A proliferation of recent startups attempting to apply blockchain technology in different contexts means the possibility of conflicting intellectual property claims could be a risk to an issuer, its operations or its business. This could also pose a risk to blockchain platforms that permit transactions in digital securities. Regardless of the merit of any intellectual property or other legal action, any threatened action that reduces confidence in the viability of blockchain may adversely affect an investment in the Funds. Additionally, blockchain technology is new, and as such may be subject to future laws or regulations. Any such regulatory changes affecting blockchain technology may adversely impact an investment in companies utilizing this technology.

Transacting on a blockchain depends in part specifically on the use of cryptographic keys that are required to access a user’s account (or “wallet”). The theft, loss or destruction of these keys impairs the value of ownership claims users have over the relevant assets being represented by the ledger (whether “smart contracts,” securities, currency or other digital assets). The theft, loss or destruction of private or public keys needed to transact on a blockchain could also adversely affect a company’s business or operations if it were dependent on the ledger.

In addition, because blockchain functionality relies on the Internet, a significant disruption of Internet connectivity affecting large numbers of users or geographic areas could impede the functionality of blockchain technologies and adversely affect the

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Funds. In addition, certain features of blockchain technology, such as decentralization, open source protocol, and reliance on peer-to-peer connectivity, may increase the risk of fraud or cyber-attack by potentially reducing the likelihood of a coordinated response.

Cryptocurrency Risk. Cryptocurrencies (also referred to as “virtual currencies” and “digital currencies”) are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies. While the Funds will not invest directly in cryptocurrencies, the value of the Funds’ investments in cryptocurrency-linked assets (including private trusts and ETPs) is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile. The value of cryptocurrencies is determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The price of a digital currency could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in a digital currency network or a change in user preference to competing cryptocurrencies. Cryptocurrency is a new technological innovation with a limited history; it is a highly speculative asset, and the Funds’ exposure to cryptocurrency-linked assets could result in substantial losses to the Funds.

Cryptocurrencies trade on exchanges, which are largely unregulated and, therefore, are more exposed to fraud and failure than established, regulated exchanges for securities, derivatives and other currencies. Cryptocurrency exchanges have in the past, and may in the future, cease operating temporarily or even permanently, resulting in the potential loss of users’ cryptocurrency or other market disruptions. Cryptocurrency exchanges are more exposed to the risk of market manipulation than exchanges for traditional assets. Cryptocurrency exchanges that are regulated typically must comply with minimum net capital, cybersecurity, and anti-money laundering requirements, but are not typically required to protect customers or their markets to the same extent that regulated securities exchanges or futures exchanges are required to do so. Furthermore, many cryptocurrency exchanges lack certain safeguards established by traditional exchanges to enhance the stability of trading on the exchange, such as measures designed to prevent sudden drops in value of items traded on the exchange (i.e., “flash crashes”). As a result, the prices of cryptocurrencies on exchanges may be subject to larger and more frequent sudden declines than assets traded on traditional exchanges. In addition, cryptocurrency exchanges are also subject to the risk of cybersecurity threats and have been breached, resulting in the theft and/or loss of cryptocurrencies. A cyber or other security breach or a business failure of a cryptocurrency exchange or custodian may affect the price of a particular cryptocurrency or cryptocurrencies generally. A risk also exists with respect to malicious actors or previously unknown vulnerabilities, which may adversely affect the value of a digital currency.

Currently, there is relatively limited use of cryptocurrency in the retail and commercial marketplace, which contributes to price volatility. A lack of expansion by cryptocurrencies into retail and commercial markets, or a contraction of such use, may result in increased volatility or a reduction in the value of cryptocurrencies, either of which could adversely impact a Fund’s investment in cryptocurrency. In addition, to the extent market participants develop a preference for one cryptocurrency over another, the value of the less preferred cryptocurrency would likely be adversely affected.

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.

Digital Asset Company Investments Risk. Companies engaged in the development, enablement and acquisition of digital assets and cryptocurrencies are subject to a number of risks. The technology relating to digital assets, including blockchain, is developing and the risks associated with digital assets may not fully emerge until the technology is widely used. Cryptocurrencies and blockchain technology are new and many of their uses may be untested. The mechanics of using distributed ledger technology to transact in other types of assets, such as securities or derivatives, is less clear. There is no assurance that widespread adoption will occur. Furthermore, the development and acceptance of competing platforms or technologies may cause consumers or investors to use an alternative to cryptocurrencies. A lack of expansion in the usage of cryptocurrencies could adversely affect an investment in the Funds.

Currently, there are relatively few companies for which digital assets represents an attributable and significant revenue stream. Therefore, the values of the companies included in an Underlying Index may not be a reflection of their connection to digital assets, but may be based on other business operations. Furthermore, companies that are developing applications of digital assets and cryptocurrencies may not in fact do so or may not be able to capitalize on those digital assets. Blockchain technology also may never be implemented to a scale that provides identifiable economic benefit to the companies included in an Underlying Index, which could adversely affect an investment in the Funds. A proliferation of recent startups attempting to apply blockchain technology in different contexts means the possibility of conflicting intellectual property claims could be a risk to an issuer, its operations or its business. This could also pose a risk to blockchain platforms that permit transactions in digital securities. Regardless of the merit of any intellectual property or other legal action, any threatened action that reduces confidence in the viability of blockchain and/or cryptocurrencies may adversely affect an investment in the Funds.

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There may be risks posed by the lack of regulation for digital assets and any future regulatory developments could affect the viability and expansion of the use of digital assets.

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, 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 each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index.

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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.

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

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.

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.

Subsidiary Investment Risk. By investing in its Subsidiary, each Fund is indirectly exposed to the risks associated with its respective Subsidiary’s investments. Each Subsidiary is not registered under the 1940 Act; therefore each Fund will not receive all of the protections offered to investors in registered investment companies. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of a Fund and/or its Subsidiary to operate as intended, which may negatively affect the Fund and its shareholders.

Valuation Risk. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater 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

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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)
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF	0.60%
Alerian Galaxy Crypto Economy ETF	0.60%

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

For the fiscal year ended October 31, 2022, no fees were waived.

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 GKD Index Partners, LLC d/b/a Alerian (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 October 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:

Alerian Galaxy Blockchain Users and Decentralized Commerce ETF	$	5,151
Alerian Galaxy Crypto Economy ETF		11,395

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

NOTE 4–Additional Valuation Information

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

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

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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 October 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 consolidated financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2			Level 3			Total
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,666,284		$	-		$	-		$	1,666,284
Mutual Fund			297,024			-			-			297,024
Money Market Funds			-			427,237			-			427,237
Total Investments		$	1,963,308		$	427,237		$	-		$	2,390,545
Alerian Galaxy Crypto Economy ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	2,335,587		$	-		$	-		$	2,335,587
Mutual Fund			425,220			-			-			425,220
Money Market Funds			-			862,687			-			862,687
Total Investments		$	2,760,807		$	862,687		$	-		$	3,623,494

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

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

	2022			2021
	Ordinary Income*			Ordinary Income*
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF		$	81,748		$	-
Alerian Galaxy Crypto Economy ETF			174,368			-

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

Tax Components of Net Assets at Fiscal Year-End:

	Undistributed Ordinary Income			Net Unrealized Appreciation (Depreciation)- Investments				Net Unrealized Appreciation- Foreign Currencies			Capital Loss Carryforwards				Shares of Beneficial Interest			Total Net Assets
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF		$	22,138		$	(1,562,950	)		$	2		$	(1,373,459	)		$	4,880,126		$	1,965,857
Alerian Galaxy Crypto Economy ETF			39,942			(3,525,400	)			9			(4,424,388	)			10,677,914			2,768,077

    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 October 31, 2022, as follows:

	No expiration
	Short-Term			Long-Term			Total
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF		$	1,321,543		$	51,916		$	1,373,459
Alerian Galaxy Crypto Economy ETF			4,211,426			212,962			4,424,388

  29  

NOTE 6–Investment Transactions

For the fiscal year ended October 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
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF	$	4,255,354	$	4,265,170
Alerian Galaxy Crypto Economy ETF		10,199,445		9,820,364

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

	In-kind Purchases		In-kind Sales
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF	$	-	$	-
Alerian Galaxy Crypto Economy ETF		2,032,214		585,050

    Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of October 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
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF		$	50,100		$	(1,613,050	)		$	(1,562,950	)		$	3,953,495
Alerian Galaxy Crypto Economy ETF			111,956			(3,637,356	)			(3,525,400	)			7,148,894

NOTE 7–Reclassification of Permanent Differences

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

	Undistributed Net			Undistributed Net			Shares of
	Investment Income			Realized Gain			Beneficial Interest
Alerian Galaxy Blockchain Users and Decentralized Commerce ETF		$	26,007		$	93,892		$	(119,899	)
Alerian Galaxy Crypto Economy ETF			37,555			1,410,530			(1,448,085	)

NOTE 8–Trustees’ and Officer’s Fees

The Adviser, as a result of each Fund’s unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. The 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 APs are permitted to purchase or redeem Creation Units from the Funds. Such transactions are principally permitted in exchange for Deposit Securities, with a balancing cash component to equate the transaction to the NAV per Share of a Fund on the transaction date. However, for all Funds, cash in an amount equivalent to the value of certain securities may be substituted, generally when the securities are not available in sufficient quantity for delivery, not eligible for trading by the AP or as a result of other market circumstances.

    To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust’s Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which

  30  

undertaking shall be secured by the AP’s delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

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

  31  

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Invesco Exchange-Traded Fund Trust II and Shareholders of Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF

Opinions on the Consolidated Financial Statements

We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF and each of their subsidiaries (two of the funds constituting Invesco Exchange-Traded Fund Trust II, hereafter collectively referred to as the “Funds”) as of October 31, 2022, the related consolidated statements of operations for the year ended October 31, 2022, and the consolidated statements of changes in net assets and the consolidated financial highlights for the year ended October 31, 2022 and for the period October 5, 2021 (commencement of investment operations) through October 31, 2021, including the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations for the year then ended, and the changes in each of their net assets and each of the financial highlights for the year ended October 31, 2022 and for the period October 5, 2021 (commencement of investment operations) through October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These consolidated financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated financial statements. Our procedures included confirmation of securities owned as of October 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

December 23, 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.

  32  

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 May 1, 2022 through October 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 May 1, 2022		Ending Account Value October 31, 2022		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six-Month Period(1)
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)
Actual		$1,000.00		$   626.60		0.60%		$2.46
Hypothetical (5% return before expenses)		1,000.00		1,022.18		0.60		3.06
Invesco Alerian Galaxy Crypto Economy ETF (SATO)
Actual		1,000.00		483.50		0.60		2.24
Hypothetical (5% return before expenses)		1,000.00		1,022.18		0.60		3.06

⁽¹⁾  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 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 Consolidated Financial Highlights.

  33  

Tax Information

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

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

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

	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*			Qualified Short Term Gains
Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF		0	%		29	%		16	%		0	%		0	%		$	-
Invesco Alerian Galaxy Crypto Economy ETF		0	%		3	%		1	%		0	%		0	%			11,130

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

  34  

Trustees and Officers

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

As of October 31, 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).	234	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.	234	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.

  35  

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).	234	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.

  36  

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).	234	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, Board Source (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.

  37  

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).	234	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).	234	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.

  38  

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.	234	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.

  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
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.	234	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).	234	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.

  40  

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).	234	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.

  41  

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.

  42  

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.

  43  

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.

  44  

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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-PS-AR-11	invesco.com/ETFs

Item 2. Code of Ethics.

The Registrant has adopted a Code of Ethics that applies to the Registrant’s principal executive officer and principal financial officer. This Code is filed as an exhibit to this report on Form N-CSR under Item 13(a)(1). No substantive amendments to this Code were made during the reporting period. There were no waivers for the fiscal year ended October 31, 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	$	477,990	$	453,660
Audit-Related Fees	$	0	$	0
Tax Fees(1)	$	358,074	$	363,393
All Other Fees	$	0	$	0
Total Fees	$	1,761,90	$	817,053

⁽¹⁾ Tax Fees for the fiscal years ended October 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	$	760,000
Tax Fees	$	0	$	0
All Other Fees	$	0	$	0
Total Fees	$	760,000	$	760,000

⁽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 $7,434,000 for the fiscal year ended October 31, 2022 and $5,910,000 for the fiscal year ended October 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 $8,579,074 for the fiscal year ended October 31, 2022 and $7,033,393 for the fiscal year ended October 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 $19 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: January 5, 2023    

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By	/s/ Anna Paglia
Name:	Anna Paglia
Title:	President

Date:     January 5, 2023

By	/s/ Kelli Gallegos
Name:	Kelli Gallegos
Title:	Treasurer

Date:    January 5, 2023