N-CSRS

N-CSRS 1 d821933dncsrs.htm N-CSRS N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21977

Invesco Exchange-Traded Fund Trust II

(Exact name of registrant as specified in charter)

3500 Lacey Road

Downers Grove, IL 60515

(Address of principal executive offices) (Zip code)

Brian Hartigan

President

3500 Lacey Road

Downers Grove, IL 60515

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2024

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


		Invesco Semi-Annual Report to Shareholders April 30, 2024 BLKC Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF SATO Invesco Alerian Galaxy Crypto Economy ETF

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

Table of Contents


Liquidity Risk Management Program			3

Consolidated Schedules of Investments

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF(BLKC)			4

Invesco Alerian Galaxy Crypto Economy ETF(SATO)			7

Consolidated Statements of Assets andLiabilities			9

Consolidated Statements of Operations			10

Consolidated Statements of Changes			11

Consolidated Financial Highlights			12

Notes to Consolidated Financial Statements			14

Fund Expenses			26

Approval of Investment Advisory and Sub-Advisory Contracts			27


		2

Liquidity Risk Management Program

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

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

At a meeting held on March 14, 2024, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from January 1, 2023 through December 31, 2023 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the end of an aggressive rate hike cycle, signs that inflation was abating and market liquidity was reverting to normal, and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

●

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

●

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

●

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

●

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

●

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


		3

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)

April 30, 2024

(Unaudited)

Consolidated Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-87.26%
Australia-1.30%
Iris Energy Ltd.^(b)(c)		8,096	$	35,137


Canada-4.09%
Bitfarms Ltd.^(b)		21,066		37,708
Hive Digital Technologies Ltd.^(b)(c)		13,413		34,069
Hut 8 Corp.^(b)		4,961		38,994

				110,771


China-6.99%
Alibaba Group Holding Ltd., ADR^(c)		538		40,269
Bit Digital, Inc.^(b)(c)		17,883		36,392
Canaan, Inc., ADR^(b)		31,935		27,943
Meitu, Inc.^(c)(d)		96,136		40,071
Tencent Holdings Ltd.		1,001		44,437

				189,112


Germany-4.64%
Bitcoin Group SE		636		37,402
Northern Data AG^(b)(c)		1,741		48,308
SAP SE		220		39,919

				125,629


Japan-2.71%
Rakuten Group, Inc.^(b)		7,017		34,045
SBI Holdings, Inc.		1,605		39,287

				73,332


Norway-1.42%
Aker ASA, Class A		685		38,289


South Korea-1.35%
Samsung Electronics Co. Ltd.		653		36,616


Switzerland-1.45%
Nestle S.A.		390		39,206


Taiwan-1.37%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		269		36,945


United Kingdom-1.36%
Argo Blockchain PLC, ADR^(b)(c)		26,471		36,795


United States-60.58%
Accenture PLC, Class A		124		37,313
Advanced Micro Devices, Inc.^(b)		236		37,378
Alphabet, Inc., Class A^(b)		252		41,021
Amazon.com, Inc.^(b)		213		37,275
Applied Digital Corp.^(b)(c)		13,107		35,454
Bakkt Holdings, Inc.^(b)(c)		2,965		19,895
Bank of America Corp.		1,107		40,970
Bitdeer Technologies Group^(b)		6,124		33,621
Block, Inc., Class A^(b)		503		36,719
Cipher Mining, Inc.^(b)(c)		9,696		36,069
Cisco Systems, Inc.		812		38,148
Citigroup, Inc.		663		40,662
CleanSpark, Inc.^(b)(c)		2,535		41,523
Coinbase Global, Inc., Class A^(b)(c)		153		31,201
Core Scientific, Inc.^(b)		13,413		39,300
Galaxy Digital Holdings Ltd., Class H^(b)		4,074		35,881
Goldman Sachs Group, Inc. (The)		101		43,098
Honeywell International, Inc.		204		39,317
Intel Corp.		1,069		32,572


	Shares		Value
United States-(continued)
International Business Machines Corp.		217	$	36,065
Intuit, Inc.		64		40,040
JPMorgan Chase & Co.		206		39,498
Marathon Digital Holdings, Inc.^(b)(c)		2,286		36,713
Mastercard, Inc., Class A		86		38,803
Micron Technology, Inc.		315		35,582
Microsoft Corp.		94		36,597
MicroStrategy, Inc., Class A^(b)(c)		26		27,691
NVIDIA Corp.		44		38,017
Oracle Corp.		326		37,083
PayPal Holdings, Inc.^(b)		611		41,499
QUALCOMM, Inc.		228		37,814
Riot Platforms, Inc.^(b)(c)		4,127		41,724
Robinhood Markets, Inc., Class A^(b)(c)		2,118		34,926
Salesforce, Inc.		134		36,038
Shell PLC, ADR		554		67,700
SoFi Technologies, Inc.^(b)(c)		5,267		35,710
Stronghold Digital Mining, Inc., Class A^(b)(c)		11,869		37,150
Terawulf, Inc.^(b)		18,802		40,800
Tesla, Inc.^(b)		231		42,338
Texas Instruments, Inc.		235		41,459
Verizon Communications, Inc.		1,002		39,569
Visa, Inc., Class A		145		38,948
Walmart, Inc.		668		39,646

				1,638,827

Total Common Stocks & Other Equity Interests (Cost $2,116,538)				2,360,659


Exchange-Traded Funds-8.19%
United States-8.19%
Bitwise Bitcoin ETF^(b)		447		14,389
Fidelity Wise Origin Bitcoin Fund^(b)		1,316		68,011
ARK 21Shares Bitcoin ETF^(b)		354		20,914
Ishares Bitcoin Trust^(b)		3,523		118,267

Total Exchange-Traded Funds (Cost $241,855)				221,581


Private Fund-5.42%
United States-5.42%
Grayscale Bitcoin Trust BTC^(b) (Cost $22,398)		2,790		146,503


Money Market Funds-9.12%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%^(e)(f)(Cost $246,692)		246,692		246,692

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-109.99% (Cost $2,627,483)				2,975,435


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-20.04%
Invesco Private Government Fund, 5.29%^(e)(f)(g)		151,749		151,749

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


		4

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)–(continued)

April 30, 2024

(Unaudited)


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.46%^(e)(f)(g)		390,217	$	390,334

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $542,103)				542,083

TOTAL INVESTMENTS IN SECURITIES-130.03% (Cost $3,169,586)				3,517,518
OTHER ASSETS LESS LIABILITIES-(30.03)%				(812,318	)

NET ASSETS-100.00%			$	2,705,200

Investment Abbreviations:

ADR-American Depositary Receipt

ETF-Exchange-Traded Fund

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 April 30, 2024.

^(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 April 30, 2024 represented 1.48% of the Fund’s Net Assets.

^(e)

Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended April 30, 2024.


	Value October 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	368,137		$	(121,445	)		$	-			$	-		$	246,692		$	379

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			181,380			1,764,127			(1,793,758	)			-				-			151,749			5,430	*

Invesco Private Prime Fund			466,235			3,198,937			(3,274,965	)			(20	)			147			390,334			14,753	*


Total		$	647,615		$	5,331,201		$	(5,190,168	)		$	(20	)		$	147		$	788,775		$	20,562

*	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.

^(f)	The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

^(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 Consolidated Financial Statements which are an integral part of the consolidated financial statements.


		5

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)–(continued)

April 30, 2024

(Unaudited)

Portfolio Composition

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

as of April 30, 2024



Information Technology	46.69

Financials	20.50

Exchange-Traded Funds	8.19

Communication Services	6.10

Consumer Discretionary	5.69

Investment Companies	5.42

Sector Types Each Less Than 3%	8.28

Money Market Funds Plus Other Assets Less Liabilities	(0.87	)

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


		6

Invesco Alerian Galaxy Crypto Economy ETF (SATO)

April 30, 2024

(Unaudited)

Consolidated Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-86.92%
Australia-3.01%
Iris Energy Ltd.^(b)(c)		54,234	$	235,375


Canada-9.49%
Bitfarms Ltd.^(b)		141,122		252,609
Hive Digital Technologies Ltd.^(b)(c)		89,847		228,211
Hut 8 Corp.^(b)(c)		33,236		261,235

				742,055

China-7.50%
Bit Digital, Inc.^(b)(c)		119,797		243,787
Canaan, Inc., ADR^(b)		213,922		187,182
Meitu, Inc.^(c)(d)		177,099		73,817
Tencent Holdings Ltd.		1,844		81,859

				586,645

Germany-8.42%
Bitcoin Group SE		4,253		335,114
Northern Data AG^(b)(c)		11,656		323,419

				658,533

Japan-1.73%
Rakuten Group, Inc.^(b)		12,925		62,709
SBI Holdings, Inc.		2,956		72,358

				135,067

Norway-0.90%
Aker ASA, Class A		1,261		70,485


South Korea-0.86%
Samsung Electronics Co. Ltd.		1,202		67,401


Taiwan-0.88%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		503		69,082


United Kingdom-3.15%
Argo Blockchain PLC, ADR^(b)		177,330		246,489


United States-50.98%
Advanced Micro Devices, Inc.^(b)		437		69,212
Alphabet, Inc., Class A^(b)		468		76,181
Applied Digital Corp.^(b)(c)		87,799		237,496
Bakkt Holdings, Inc.^(b)(c)		19,863		133,282
Bitdeer Technologies Group^(b)(c)		41,026		225,233
Block, Inc., Class A^(b)		925		67,525
Cipher Mining, Inc.^(b)(c)		64,951		241,618
CleanSpark, Inc.^(b)(c)		16,984		278,198
Coinbase Global, Inc., Class A^(b)(c)		1,025		209,028
Core Scientific, Inc.^(b)		89,847		263,252
Galaxy Digital Holdings Ltd., Class H^(b)		27,288		240,335
Goldman Sachs Group, Inc. (The)		187		79,795
JPMorgan Chase & Co.		379		72,669
Marathon Digital Holdings, Inc.^(b)(c)		15,315		245,959
Micron Technology, Inc.		582		65,743
Microsoft Corp.		174		67,743
MicroStrategy, Inc., Class A^(b)(c)		174		185,315
NVIDIA Corp.		82		70,850

Investment Abbreviations:

ADR-American Depositary Receipt

ETF-Exchange-Traded Fund


	Shares		Value
United States-(continued)
PayPal Holdings, Inc.^(b)		1,126	$	76,478
Riot Platforms, Inc.^(b)(c)		27,645		279,491
Robinhood Markets, Inc., Class A^(b)(c)		3,903		64,360
SoFi Technologies, Inc.^(b)(c)		9,702		65,780
Stronghold Digital Mining, Inc., Class A^(b)(c)		79,512		248,873
Terawulf, Inc.^(b)		125,954		273,320
Tesla, Inc.^(b)		427		78,261
Visa, Inc., Class A		271		72,793

				3,988,790

Total Common Stocks & Other Equity Interests (Cost $6,010,111)				6,799,922


Exchange-Traded Funds-8.43%
United States-8.43%
Bitwise Bitcoin ETF^(b)		1,341		43,167
Fidelity Wise Origin Bitcoin Fund^(b)		3,914		202,275
ARK 21Shares Bitcoin ETF^(b)		1,054		62,270
Ishares Bitcoin Trust^(b)		10,482		351,881

Total Exchange-Traded Funds (Cost $719,944)				659,593


Private Fund-5.57%
United States-5.57%
Grayscale Bitcoin Trust BTC^(b) (Cost $91,778)		8,307		436,201


Money Market Funds-8.83%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%^(e)(f) (Cost $691,049)		691,049		691,049

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-109.75% (Cost $7,512,882)				8,586,765


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-28.33%
Invesco Private Government Fund, 5.29%^(e)(f)(g)		614,506		614,506
Invesco Private Prime Fund, 5.46%^(e)(f)(g)		1,601,188		1,601,668

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,216,250)				2,216,174

TOTAL INVESTMENTS IN SECURITIES-138.08% (Cost $9,729,132)				10,802,939
OTHER ASSETS LESS LIABILITIES-(38.08)%				(2,979,375	)

NET ASSETS-100.00%			$	7,823,564

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


		7

Invesco Alerian Galaxy Crypto Economy ETF (SATO)–(continued)

April 30, 2024

(Unaudited)

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 April 30, 2024.

^(d)

^(e)


	Value October 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	1,055,947		$	(364,898	)		$	-			$	-		$	691,049		$	1,113

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			449,463			5,846,713			(5,681,670	)			-				-			614,506			16,351	*

Invesco Private Prime Fund			979,154			8,640,122			(8,017,581	)			(109	)			82			1,601,668			44,992	*


Total		$	1,428,617		$	15,542,782		$	(14,064,149	)		$	(109	)		$	82		$	2,907,223		$	62,456

*	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.

^(f)	The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

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

Portfolio Composition

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

as of April 30, 2024



Information Technology	62.23

Financials	19.03

Exchange-Traded Funds	8.43

Investment Companies	5.57

Sector Types Each Less Than 3%	5.66

Money Market Funds Plus Other Assets Less Liabilities	(0.92	)

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


		8

Consolidated Statements of Assets and Liabilities

April 30, 2024

(Unaudited)


	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)		$	2,728,743			$	7,895,716
Affiliated investments in securities, at value			788,775				2,907,223
Foreign currencies, at value			3,714				50,179
Receivable for:
Dividends			1,309				1,101
Securities lending			2,814				15,379
Foreign tax reclaims			255				-

Total assets			3,525,610				10,869,598


Liabilities:
Due to custodian			248,909				730,025
Payable for:
Investments purchased			28,000				95,583
Collateral upon return of securities loaned			542,103				2,216,250
Accrued unitary management fees			1,398				4,176

Total liabilities			820,410				3,046,034

Net Assets		$	2,705,200			$	7,823,564


Net assets consist of:
Shares of beneficial interest		$	3,536,923			$	12,317,921
Distributable earnings (loss)			(831,723	)			(4,494,357	)

Net Assets		$	2,705,200			$	7,823,564

Shares outstanding (unlimited amount authorized, $0.01 par value)			150,001				650,001
Net asset value		$	18.03			$	12.04

Market price		$	17.97			$	11.96

Unaffiliated investments in securities, at cost		$	2,380,791			$	6,821,833

Affiliated investments in securities, at cost		$	788,795			$	2,907,299

Foreign currencies, at cost		$	3,758			$	50,723

^(a)Includes securities on loan with an aggregate value of:		$	481,315			$	1,983,433

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


		9

Consolidated Statements of Operations

For the six months ended April 30, 2024

(Unaudited)


	Invesco
	Alerian Galaxy				Invesco
	Blockchain Users				Alerian Galaxy
	and Decentralized				Crypto Economy
	Commerce ETF (BLKC)				ETF (SATO)
Investment income:
Unaffiliated dividend income		$	15,637			$	6,830
Affiliated dividend income			379				1,113
Securities lending income, net			23,375				110,384
Foreign withholding tax			(817	)			(905	)

Total investment income			38,574				117,422


Expenses:
Unitary management fees			9,955				22,661
Tax expenses			-				147

Total expenses			9,955				22,808

Less: Waivers			(6	)			(18	)

Net expenses			9,949				22,790

Net investment income			28,625				94,632


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			815,184				1,853,318
Affiliated investment securities			147				82
In-kind redemptions			285,070				-
Foreign currencies			(46	)			(300	)

Net realized gain			1,100,355				1,853,100

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			58,147				380,232
Affiliated investment securities			(20	)			(109	)
Foreign currencies			(55	)			(566	)

Change in net unrealized appreciation			58,072				379,557

Net realized and unrealized gain			1,158,427				2,232,657

Net increase in net assets resulting from operations		$	1,187,052			$	2,327,289

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


		10

Consolidated Statements of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)


	Invesco
	Alerian Galaxy								Invesco
	Blockchain Users								Alerian Galaxy
	and Decentralized								Crypto Economy
	Commerce ETF (BLKC)								ETF (SATO)
	Six Months Ended				Year Ended				Six Months Ended				Year Ended
	April 30,				October 31,				April 30,				October 31,
	2024				2023				2024				2023
Operations:
Net investment income		$	28,625			$	40,665			$	94,632			$	67,108
Net realized gain (loss)			1,100,355				(776,033	)			1,853,100				(2,058,417	)
Change in net unrealized appreciation			58,072				1,420,454				379,557				2,946,533

Net increase in net assets resulting from operations			1,187,052				685,086				2,327,289				955,224


Distributions to Shareholders from:
Distributable earnings			(59,093	)			(61,014	)			(194,435	)			(102,622	)


Shareholder Transactions:
Proceeds from shares sold			-				-				1,335,144				734,887
Value of shares repurchased			(1,012,688	)			-				-				-

Net increase (decrease) in net assets resulting from share transactions			(1,012,688	)			-				1,335,144				734,887

Net increase in net assets			115,271				624,072				3,467,998				1,587,489


Net assets:
Beginning of period			2,589,929				1,965,857				4,355,566				2,768,077

End of period		$	2,705,200			$	2,589,929			$	7,823,564			$	4,355,566


Changes in Shares Outstanding:
Shares sold			-				-				100,000				100,000
Shares repurchased			(50,000	)			-				-				-
Shares outstanding, beginning of period			200,001				200,001				550,001				450,001

Shares outstanding, end of period			150,001				200,001				650,001				550,001

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


		11

Consolidated Financial Highlights

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)


													For the Period
	Six Months Ended												October 5, 2021^(a)
	April 30,												Through
	2024				Years Ended October 31,								October 31,
	(Unaudited)				2023				2022				2021
Per Share Operating Performance:
Net asset value at beginning of period		$	12.95			$	9.83			$	27.93			$	25.00

Net investment income^(b)			0.15				0.20				0.33				0.01
Net realized and unrealized gain (loss) on investments			5.23				3.23				(18.02	)			2.92

Total from investment operations			5.38				3.43				(17.69	)			2.93

Distributions to shareholders from:
Net investment income			(0.30	)			(0.31	)			(0.41	)			-

Net asset value at end of period		$	18.03			$	12.95			$	9.83			$	27.93

Market price at end of period^(c)		$	17.97			$	12.94			$	9.82			$	27.73

Net Asset Value Total Return^(d)			41.52	%			35.88	%			(63.88	)%			11.72	%^(e)
Market Price Total Return^(d)			41.16	%			35.92	%			(63.66	)%			10.92	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,705			$	2,590			$	1,966			$	5,586
Ratio to average net assets of:
Expenses			0.60	%^(f)			0.60	%			0.61	%			0.60	%^(f)
Net investment income			1.73	%^(f)			1.78	%			1.94	%			0.27	%^(f)
Portfolio turnover rate^(g)			56	%			90	%			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.


		12

Consolidated Financial Highlights–(continued)

Invesco Alerian Galaxy Crypto Economy ETF (SATO)


													For the Period
	Six Months Ended												October 5, 2021^(a)
	April 30,												Through
	2024				Years Ended October 31,								October 31,
	(Unaudited)				2023				2022				2021
Per Share Operating Performance:
Net asset value at beginning of period		$	7.92			$	6.15			$	29.41			$	25.00

Net investment income (loss)^(b)			0.15				0.14				0.36				(0.01	)
Net realized and unrealized gain (loss) on investments			4.30				1.85				(23.23	)			4.42

Total from investment operations			4.45				1.99				(22.87	)			4.41

Distributions to shareholders from:
Net investment income			(0.33	)			(0.22	)			(0.36	)			-
Net realized gains.			-				-				(0.03	)			-

Total distributions			(0.33	)			(0.22	)			(0.39	)			-

Net asset value at end of period		$	12.04			$	7.92			$	6.15			$	29.41

Market price at end of period^(c)		$	11.96			$	7.96			$	6.14			$	29.09

Net Asset Value Total Return^(d)			55.91	%			34.34	%			(78.47	)%			17.64	%(^e)
Market Price Total Return^(d)			54.08	%			35.23	%			(78.27	)%			16.36	%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	7,824			$	4,356			$	2,768			$	11,763
Ratio to average net assets of:
Expenses			0.60	%^(f)			0.60	%			0.61	%			0.60	%^(f)
Net investment income (loss)			2.51	%^(f)			1.93	%			2.57	%			(0.60	)%^(f)
Portfolio turnover rate^(g)			81	%			131	%			149	%			10	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(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.


		13

Notes to Consolidated Financial Statements

Invesco Exchange-Traded Fund Trust II

April 30, 2024

(Unaudited)

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust II (the “Trust”) was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. Each portfolio (each, a “Fund”, and collectively, the “Funds”) represents a separate series of the Trust. 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 Funds 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.

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 or ask 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. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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.


		14

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.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask 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/ask 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.


		15

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.

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.

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.

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.


		16

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. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.

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 by investment companies. Any 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 six months ended April 30, 2024, the Funds did not enter into any closing agreements.

Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays 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 the Adviser (an “Interested Trustee”), 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 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.

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.

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 or the Adviser (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.

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


		17

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 securities 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 six months ended April 30, 2024, 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		$1,657

Alerian Galaxy Crypto Economy ETF		8,136

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 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.

The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Consolidated Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

L.	Other Risks

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


		18

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 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 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


		19

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.

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. 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 market 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


		20

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. To the extent 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. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.

Index Risk. Unlike many investment companies that are “actively managed”, each Fund is a “passive” investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective 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. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. 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. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

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, military conflicts, acts of terrorism, economic crises 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 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.


		21

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. A Fund’s use of a representative sampling methodology 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.

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 pays 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 an Interested Trustee, 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%


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(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 six months ended April 30, 2024, the Adviser waived fees for each Fund in the following amounts:



Alerian Galaxy Blockchain Users and Decentralized Commerce ETF	$	6

Alerian Galaxy Crypto Economy ETF		18

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 on behalf of each Fund with VettaFi, LLC (the “Licensor”).

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

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

For the six months ended April 30, 2024, the 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	$	2,891

Alerian Galaxy Crypto Economy ETF		14,220

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.

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 April 30, 2024. 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		$	2,360,659		$	-		$	-		$	2,360,659

Exchange-Traded Funds			221,581			-			-			221,581

Private Fund			146,503			-			-			146,503

Money Market Funds			246,692			542,083			-			788,775


Total Investments		$	2,975,435		$	542,083		$	-		$	3,517,518


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	Level 1			Level 2			Level 3			Total

Alerian Galaxy Crypto Economy ETF

Investments in Securities

Common Stocks & Other Equity Interests		$	6,799,922		$	-		$	-		$	6,799,922

Exchange-Traded Funds			659,593			-			-			659,593

Private Fund			436,201			-			-			436,201

Money Market Funds			691,049			2,216,174			-			2,907,223


Total Investments		$	8,586,765		$	2,216,174		$	-		$	10,802,939

NOTE 5–Tax Information

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

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

The Funds had capital loss carryforwards as of October 31, 2023, as follows:


	No expiration
	Short-Term		Long-Term		Total

Alerian Galaxy Blockchain Users and Decentralized Commerce ETF	$	1,517,386	$	394,761	$	1,912,147

Alerian Galaxy Crypto Economy ETF		5,160,155		1,004,675		6,164,830

NOTE 6–Investment Transactions

For the six months ended April 30, 2024, 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	$	1,800,911	$	2,027,124

Alerian Galaxy Crypto Economy ETF		6,134,177		6,007,177

For the six months ended April 30, 2024, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales

Alerian Galaxy Blockchain Users and Decentralized Commerce ETF	$	-	$	812,534

Alerian Galaxy Crypto Economy ETF		1,108,987		-

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

As of April 30, 2024, 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		$	567,028		$	(587,979	)		$	(20,951	)		$	3,538,469

Alerian Galaxy Crypto Economy ETF			2,012,426			(2,196,565	)			(184,139	)			10,987,078

NOTE 7–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. Interested Trustees do not receive any Trustees’ fees.


		24

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

NOTE 8–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. Only 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 Consolidated Statements of Changes in Net Assets.


		25

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 an Interested Trustee, 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 November 1, 2023 through April 30, 2024.

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 transaction 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 transaction 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
	November 1, 2023			April 30, 2024			Six-Month Period			Six-Month Period⁽¹⁾

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)

Actual		$	1,000.00		$	1,415.20		0.60	%		$	3.60

Hypothetical (5% return before expenses)			1,000.00			1,021.88		0.60				3.02

Invesco Alerian Galaxy Crypto Economy ETF (SATO)

Actual			1,000.00			1,559.10		0.60				3.82

Hypothetical (5% return before expenses)			1,000.00			1,021.88		0.60				3.02

⁽¹⁾

Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended April 30, 2024. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 182/366.


		26

Approval of Investment Advisory Contracts

At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for the following series (each, a “Fund” and collectively, the “Funds”):

Invesco 0-5 Yr US TIPS ETF

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF

Invesco Alerian Galaxy Crypto Economy ETF

Invesco California AMT-Free Municipal Bond ETF

Invesco CEF Income Composite ETF

Invesco China Technology ETF

Invesco Dorsey Wright Developed Markets Momentum ETF

Invesco Dorsey Wright Emerging Markets Momentum ETF

Invesco Dorsey Wright SmallCap Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco Equal Weight 0-30 Year Treasury ETF

Invesco ESG NASDAQ 100 ETF

Invesco ESG NASDAQ Next Gen 100 ETF

Invesco ESG S&P 500 Equal Weight ETF

Invesco Floating Rate Municipal Income ETF

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

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

Invesco FTSE RAFI Emerging Markets ETF

Invesco Fundamental High Yield^® Corporate Bond ETF

Invesco Fundamental Investment Grade Corporate Bond ETF

Invesco Global Clean Energy ETF

Invesco Global ex-US High Yield Corporate Bond ETF

Invesco Global Water ETF

Invesco International BuyBack Achievers^™ ETF

Invesco International Corporate Bond ETF

Invesco KBW Bank ETF

Invesco KBW High Dividend Yield Financial ETF

Invesco KBW Premium Yield Equity REIT ETF

Invesco KBW Property & Casualty Insurance ETF

Invesco KBW Regional Banking ETF

Invesco MSCI Green Building ETF

Invesco MSCI USA ETFInvesco NASDAQ 100 ETF

Invesco Nasdaq Biotechnology ETF

Invesco NASDAQ Future Gen 200 ETF

Invesco NASDAQ Metaverse ETF

Invesco NASDAQ Next Gen 100 ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

Invesco PHLX Semiconductor ETF

Invesco Preferred ETF

Invesco Russell 1000 Equal Weight ETF

Invesco S&P 500^® Enhanced Value ETF

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

Invesco S&P 500^® High Beta ETF

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

Invesco S&P 500^® Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500^® Momentum ETF

Invesco S&P 500 QVM Multi-factor ETF

Invesco S&P 500 Revenue ETF

Invesco S&P Emerging Markets Low Volatility ETF

Invesco S&P Emerging Markets Momentum ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

Invesco S&P International Developed Quality ETF

Invesco S&P MidCap 400 QVM Multi-factor ETF

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap Low Volatility ETF

Invesco S&P SmallCap 600 QVM Multi-factor ETF

Invesco S&P SmallCap 600 Revenue ETF

Invesco S&P SmallCap Consumer Discretionary ETF

Invesco S&P SmallCap Consumer Staples ETF

Invesco S&P SmallCap Energy ETF

Invesco S&P SmallCap Financials ETF

Invesco S&P SmallCap Health Care ETF

Invesco S&P SmallCap High Dividend Low Volatility ETF

Invesco S&P SmallCap Industrials ETF

Invesco S&P SmallCap Information Technology ETF

Invesco S&P SmallCap Low Volatility ETF

Invesco S&P SmallCap Materials ETF

Invesco S&P SmallCap Quality ETF

Invesco S&P SmallCap Utilities & Communication Services ETF

Invesco S&P Ultra Dividend Revenue ETF

Invesco Senior Loan ETF

Invesco Short Term Treasury ETF

Invesco Taxable Municipal Bond ETF

Invesco Variable Rate Preferred ETF

Also at the April 18, 2024 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF (the “Sub-Advisory Agreement”): Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”).


		27

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

Investment Advisory Agreement

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

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds (except Invesco NASDAQ Metaverse ETF, which had not yet commenced operations as of December 31, 2023) and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds (“ETFs”) businesses of Guggenheim Capital LLC (“Guggenheim”) on May 18, 2018 and Massachusetts Mutual Life Insurance Company (“Oppenheimer”) on May 24, 2019 (each, a “Transaction”), and that each such Fund’s performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year period for Invesco Floating Rate Municipal Income ETF, was within the targeted range set forth in the Trust’s registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Floating Rate Municipal Income ETF’s correlation to its underlying index. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust’s registration statement. The Board concluded that each Fund’s correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund’s particular circumstances.

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

Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Adviser to the Funds under the Investment Advisory Agreement were or were expected to be appropriate and reasonable.

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

●

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

●

0.07% of the Fund’s average daily net assets for Invesco 0-5 Yr US TIPS ETF;

●

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

●

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

●

0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF;


		28

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

●

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

●

0.15% of the Fund’s average daily net assets for Invesco Equal Weight 0-30 Year Treasury ETF, Invesco NASDAQ 100 ETF, Invesco NASDAQ Next Gen 100 ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF and Invesco S&P SmallCap 600 QVM Multi-factor ETF;

●

0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF;

●

0.20% of the Fund’s average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF, Invesco NASDAQ Future Gen 200 ETF and Invesco Russell 1000 Equal Weight ETF;

●

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

●

0.25% of the Fund’s average daily net assets for Invesco Floating Rate Municipal Income ETF, Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500^® High Beta ETF, Invesco S&P 500^® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF and Invesco S&P SmallCap Low Volatility ETF;

●

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

●

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

●

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

●

0.35% of the Fund’s average daily net assets for Invesco Global ex-US High Yield Corporate Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco NASDAQ Metaverse ETF;

●

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

●

0.45% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. ETF;

●

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

●

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

●

0.55% of the Fund’s average daily net assets for Invesco International BuyBack AchieversTM ETF;

●

0.60% of the Fund’s average daily net assets for Invesco Dorsey Wright SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF;

●

0.65% of the Fund’s average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF;

●

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

●

0.80% of the Fund’s average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and

●

0.90% of the Fund’s average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF.

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


		29

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

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


		Equal to/Lower	Lower than
	Equal to/Lower	than Open-End	Open-End
	than ETF	Index Fund	Active Fund
Invesco Fund	Peer Median*	Peer Median*	Peer Median

Invesco 0-5 Yr US TIPS ETF	X		X

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF	X	N/A	X

Invesco Alerian Galaxy Crypto Economy ETF	X	N/A	X

Invesco California AMT-Free Municipal Bond ETF		N/A	X

Invesco CEF Income Composite ETF	X	N/A	X

Invesco China Technology ETF		N/A	X

Invesco Dorsey Wright Developed Markets Momentum ETF			X

Invesco Dorsey Wright Emerging Markets Momentum ETF			X

Invesco Dorsey Wright SmallCap Momentum ETF			X

Invesco Emerging Markets Sovereign Debt ETF			X

Invesco Equal Weight 0-30 Year Treasury ETF			X

Invesco ESG NASDAQ 100 ETF			X

Invesco ESG NASDAQ Next Gen 100 ETF	X		X

Invesco ESG S&P 500 Equal Weight ETF	X		X

Invesco Floating Rate Municipal Income ETF		N/A	X

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

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

Invesco FTSE RAFI Emerging Markets ETF			X

Invesco Fundamental High Yield^®Corporate Bond ETF		N/A	X

Invesco Fundamental Investment Grade Corporate Bond ETF			X

Invesco Global Clean Energy ETF		X	X

Invesco Global ex-US High Yield Corporate Bond ETF	X	N/A	X

Invesco Global Water ETF		X	X

Invesco International BuyBack Achievers^TMETF		X	X

Invesco International Corporate Bond ETF			X

Invesco KBW Bank ETF	X		X

Invesco KBW High Dividend Yield Financial ETF	X		X

Invesco KBW Premium Yield Equity REIT ETF	X		X

Invesco KBW Property & Casualty Insurance ETF	X		X

Invesco KBW Regional Banking ETF	X		X

Invesco MSCI Green Building ETF	X	N/A	X

Invesco MSCI USA ETF	X	X	X

Invesco NASDAQ 100 ETF	X		X

Invesco Nasdaq Biotechnology ETF	X		X

Invesco NASDAQ Future Gen 200 ETF	X		X

Invesco NASDAQ Metaverse ETF	X		X

Invesco NASDAQ Next Gen 100 ETF	X	X	X

Invesco National AMT-Free Municipal Bond ETF			X

Invesco New York AMT-Free Municipal Bond ETF		N/A	X

Invesco PHLX Semiconductor ETF	X	X	X

Invesco Preferred ETF		N/A	X

Invesco Russell 1000 Equal Weight ETF	X		X

Invesco S&P 500 Enhanced Value ETF	X		X


		30

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


		Equal to/Lower	Lower than
	Equal to/Lower	than Open-End	Open-End
	than ETF	Index Fund	Active Fund
Invesco Fund	Peer Median*	Peer Median*	Peer Median

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

Invesco S&P 500^®High Beta ETF	X	X	X

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

Invesco S&P 500^®Low Volatility ETF	X		X

Invesco S&P 500 Minimum Variance ETF	X	X	X

Invesco S&P 500^®Momentum ETF	X		X

Invesco S&P 500 QVM Multi-factor ETF	X	X	X

Invesco S&P 500 Revenue ETF			X

Invesco S&P Emerging Markets Low Volatility ETF	X		X

Invesco S&P Emerging Markets Momentum ETF	X		X

Invesco S&P International Developed Low Volatility ETF	X	X	X

Invesco S&P International Developed Momentum ETF	X		X

Invesco S&P International Developed Quality ETF	X		X

Invesco S&P MidCap 400 QVM Multi-factor ETF	X	X	X

Invesco S&P MidCap 400 Revenue ETF			X

Invesco S&P MidCap Low Volatility ETF			X

Invesco S&P SmallCap 600 QVM Multi-factor ETF	X	X	X

Invesco S&P SmallCap 600 Revenue ETF			X

Invesco S&P SmallCap Consumer Discretionary ETF	X		X

Invesco S&P SmallCap Consumer Staples ETF	X		X

Invesco S&P SmallCap Energy ETF	X		X

Invesco S&P SmallCap Financials ETF	X		X

Invesco S&P SmallCap Health Care ETF	X		X

Invesco S&P SmallCap High Dividend Low Volatility ETF	X	X	X

Invesco S&P SmallCap Industrials ETF	X		X

Invesco S&P SmallCap Information Technology ETF	X		X

Invesco S&P SmallCap Low Volatility ETF			X

Invesco S&P SmallCap Materials ETF	X		X

Invesco S&P SmallCap Quality ETF			X

Invesco S&P SmallCap Utilities & Communication Services ETF	X	X	X

Invesco S&P Ultra Dividend Revenue ETF		X	X

Invesco Senior Loan ETF	N/A	N/A	X

Invesco Short Term Treasury ETF	X		X

Invesco Taxable Municipal Bond ETF		X	X

Invesco Variable Rate Preferred ETF		X	X

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

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco California AMT-Free Municipal Bond ETF’s, Invesco National AMT-Free Municipal Bond ETF’s, Invesco New York AMT-Free Municipal Bond ETF’s, Invesco Taxable Municipal Bond ETF’s and Invesco Floating Rate Municipal Income ETF’s advisory fees and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.


		31

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

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

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

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco NASDAQ Metaverse ETF because the Fund had not yet commenced operations as of December 31, 2023. With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Trustees reviewed each Fund’s asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

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

Investment Sub-Advisory Agreement

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF at a meeting held on April 18, 2024. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services provided or to be provided to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement. The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided or to be provided by each Sub-Adviser, the


		32

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

investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF’s and Invesco Short Term Treasury ETF’s assets, and the experience and skills of the investment personnel responsible for the day-to-day management of the Funds.

Based on its review, the Board concluded that the nature, extent and quality of services provided or to be provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement were appropriate and reasonable.

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

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 14 and April 18, 2024 Board meetings, and Invesco Advisers, Inc., in connection with the April 18, 2024 meeting, and they noted the net income generated by each firm. The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.

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

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

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


		33

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.

©2024 Invesco Capital Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-PS-SAR-11

invesco.com/ETFs


		Invesco Semi-Annual Report to Shareholders April 30, 2024
		PBTP		Invesco 0-5 Yr US TIPS ETF

		PCY		Invesco Emerging Markets Sovereign Debt ETF

		PGHY		Invesco Global ex-US High Yield Corporate Bond ETF

		PICB		Invesco International Corporate Bond ETF

Table of Contents


Liquidity Risk Management Program			3

Schedules of Investments

Invesco 0-5 Yr US TIPS ETF (PBTP)			4

Invesco Emerging Markets Sovereign Debt ETF(PCY)			5

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)			9

Invesco International Corporate Bond ETF(PICB)			19

Statements of Assets and Liabilities			28

Statements of Operations			29

Statements of Changes in Net Assets			30

Financial Highlights			32

Notes to Financial Statements			36

Fund Expenses			47

Approval of Investment Advisory and Sub-Advisory Contracts			48


		2

Liquidity Risk Management Program

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

•

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

•

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

•

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

•

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

•

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


		3

Invesco 0-5 Yr US TIPS ETF (PBTP)

April 30, 2024

(Unaudited)

Schedule of Investments


	Principal Amount		Value
U.S. Treasury Securities-99.82%
U.S. Treasury Inflation – Indexed Bonds-19.95%^(a)
2.38%, 01/15/2025	$	2,257,105	$	2,253,649
2.00%, 01/15/2026		1,524,911		1,509,923
2.38%, 01/15/2027		1,233,980		1,231,595
1.75%, 01/15/2028		1,134,372		1,110,028
3.63%, 04/15/2028		1,571,358		1,645,281
2.50%, 01/15/2029		1,002,529		1,012,724
3.88%, 04/15/2029		1,798,819		1,932,227

				10,695,427

U.S. Treasury Inflation – Indexed Notes-79.87%^(a)
0.13%, 07/15/2024		2,626,145		2,628,538
0.13%, 10/15/2024		2,078,957		2,069,380
0.25%, 01/15/2025		2,631,406		2,587,344
0.13%, 04/15/2025		2,086,248		2,032,844
0.38%, 07/15/2025		2,627,931		2,567,363
0.13%, 10/15/2025		1,999,951		1,936,907
0.63%, 01/15/2026		2,708,685		2,619,580
0.13%, 04/15/2026		2,305,581		2,197,909
0.13%, 07/15/2026		2,329,187		2,220,023
0.13%, 10/15/2026		2,130,934		2,019,093
0.38%, 01/15/2027		2,418,796		2,288,310
0.13%, 04/15/2027		2,118,405		1,978,368


	Principal Amount		Value
U.S. Treasury Inflation – Indexed Notes-(continued)
0.38%, 07/15/2027	$	2,291,744	$	2,158,568
1.63%, 10/15/2027		2,048,981		2,005,589
0.50%, 01/15/2028		2,389,597		2,232,672
1.25%, 04/15/2028		2,020,347		1,934,983
0.75%, 07/15/2028		2,216,403		2,086,126
2.38%, 10/15/2028		2,087,920		2,100,453
0.88%, 01/15/2029		2,173,855		2,039,035
2.13%, 04/15/2029		1,133,718		1,125,549

				42,828,634

Total U.S. Treasury Securities (Cost $55,898,451)				53,524,061


	Shares

Money Market Funds-0.18%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%^(b)(c) (Cost $97,585)		97,585		97,585

TOTAL INVESTMENTS IN SECURITIES-100.00% (Cost $55,996,036)				53,621,646
OTHER ASSETS LESS LIABILITIES-(0.00)%				(542	)

NET ASSETS-100.00%			$	53,621,104

Notes to Schedule of Investments:

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

^(b)


	Value October 31, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value April 30, 2024		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$96,987		$762,676		$(762,078)		$-		$-		$97,585		$1,190

^(c)	The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

Portfolio Composition

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

as of April 30, 2024

Maturing in 0-5 Years

99.82

Money Market Funds Plus Other Assets

Less Liabilities

0.18

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


		4

Invesco Emerging Markets Sovereign Debt ETF (PCY)

April 30, 2024

(Unaudited)

Schedule of Investments


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-98.26%

Angola-3.26%
Angolan Government International Bond
8.75%, 04/14/2032^(a)	$	17,123,000	$	15,531,366
9.38%, 05/08/2048^(a)		18,652,000		15,911,369
9.13%, 11/26/2049^(a)		18,713,000		15,622,922

				47,065,657


Bahrain-3.11%
Bahrain Government International Bond
6.00%, 09/19/2044^(a)		18,558,000		14,812,253
7.50%, 09/20/2047^(a)		16,024,000		14,862,260
6.25%, 01/25/2051^(a)(b)		18,934,000		15,225,341

				44,899,854


Brazil-3.08%
Brazilian Government International Bond
5.63%, 02/21/2047		18,332,000		14,963,237
4.75%, 01/14/2050		20,768,000		14,688,975
7.13%, 05/13/2054		15,498,000		14,834,620

				44,486,832


Chile-3.05%
Chile Government International Bond
4.34%, 03/07/2042^(b)		17,540,000		14,627,964
4.00%, 01/31/2052^(b)		19,663,000		14,628,201
5.33%, 01/05/2054		16,218,615		14,756,255

				44,012,420


China-3.02%
China Government International Bond
4.00%, 10/19/2048^(a)(b)		17,097,000		14,814,680
2.25%, 10/21/2050^(a)(b)		23,977,000		14,376,158
2.50%, 10/26/2051^(a)(b)		22,860,000		14,427,452

				43,618,290


Colombia-3.09%
Colombia Government International Bond
6.13%, 01/18/2041		18,091,000		14,898,272
5.63%, 02/26/2044		19,919,000		15,026,157
8.75%, 11/14/2053		14,228,000		14,713,621

				44,638,050


Costa Rica-3.12%
Costa Rica Government International Bond
5.63%, 04/30/2043^(a)		16,977,000		15,007,691
7.00%, 04/04/2044^(a)		14,741,000		15,005,884
7.16%, 03/12/2045^(a)(b)		14,564,000		15,059,342

				45,072,917


Dominican Republic-3.10%
Dominican Republic International Bond
7.45%, 04/30/2044^(a)		14,488,000		14,789,429
6.85%, 01/27/2045^(a)		15,705,000		14,978,948
6.50%, 02/15/2048^(a)		16,342,000		14,986,002

				44,754,379


Egypt-3.14%
Egypt Government International Bond
6.59%, 02/21/2028^(a)		17,302,000		15,606,317


	Principal Amount		Value

Egypt-(continued)
7.60%, 03/01/2029^(a)	$	16,556,000	$	14,939,141
8.88%, 05/29/2050^(a)		18,690,000		14,745,943

				45,291,401


El Salvador-3.09%
El Salvador Government International Bond
8.63%, 02/28/2029^(a)		17,852,000		15,722,061
8.25%, 04/10/2032^(a)		17,998,000		14,482,973
9.50%, 07/15/2052^(a)		18,241,000		14,455,315

				44,660,349


Guatemala-3.06%
Guatemala Government Bond
7.05%, 10/04/2032^(a)		14,420,000		14,746,253
3.70%, 10/07/2033^(a)		18,708,000		14,885,750
4.65%, 10/07/2041^(a)		19,001,000		14,466,886

				44,098,889


Hungary-3.05%
Hungary Government International Bond
7.63%, 03/29/2041		13,233,000		14,722,374
3.13%, 09/21/2051^(a)		24,387,000		14,553,552
6.75%, 09/25/2052^(a)		14,303,000		14,735,380

				44,011,306


Indonesia-3.03%
Indonesia Government International Bond
6.75%, 01/15/2044^(a)		13,341,000		14,955,281
4.45%, 04/15/2070		18,308,000		14,463,903
3.35%, 03/12/2071		23,206,000		14,319,255

				43,738,439


Jordan-3.16%
Jordan Government International Bond
7.50%, 01/13/2029^(a)		15,585,000		15,396,344
5.85%, 07/07/2030^(a)		16,924,000		15,238,031
7.38%, 10/10/2047^(a)		17,461,000		14,937,274

				45,571,649


Kazakhstan-3.16%
Kazakhstan Government International Bond
4.88%, 10/14/2044^(a)(b)		24,390,000		22,609,530
6.50%, 07/21/2045^(a)		20,903,000		22,932,681

				45,542,211


Kenya-3.32%
Republic of Kenya Government International Bond
7.25%, 02/28/2028^(a)		25,160,000		23,759,141
8.25%, 02/28/2048^(a)		28,583,000		24,142,917

				47,902,058


Kuwait-1.57%
Kuwait International Government Bond,
3.50%, 03/20/2027^(a)		23,711,000		22,630,964


Mexico-3.02%
Mexico Government International Bond
6.34%, 05/04/2053		15,681,000		14,626,158

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


		5

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

April 30, 2024

(Unaudited)


	Principal Amount		Value
Mexico-(continued)
3.75%, 04/19/2071	$	24,194,000	$	14,421,121
5.75%, 10/12/2110		17,599,000		14,587,786

				43,635,065

Morocco-3.11%
Morocco Government International Bond
6.50%, 09/08/2033^(a)		14,722,000		14,765,489
5.50%, 12/11/2042^(a)		17,627,000		15,058,041
4.00%, 12/15/2050^(a)		22,720,000		14,986,839

				44,810,369

Nigeria-3.12%
Nigeria Government International Bond
7.70%, 02/23/2038^(a)		19,189,000		15,179,075
7.63%, 11/28/2047^(a)		19,566,000		14,589,486
9.25%, 01/21/2049^(a)(b)		17,039,000		15,200,355

				44,968,916

Oman-3.16%
Oman Government International Bond
6.50%, 03/08/2047^(a)		15,351,000		14,953,041
6.75%, 01/17/2048^(a)		15,405,000		15,280,681
7.00%, 01/25/2051^(a)		14,970,000		15,315,807

				45,549,529

Pakistan-3.51%
Pakistan Government International Bond
6.88%, 12/05/2027^(a)		19,735,000		16,994,795
7.38%, 04/08/2031^(a)		20,959,000		16,685,020
8.88%, 04/08/2051^(a)		22,080,000		16,944,479

				50,624,294

Panama-3.21%
Panama Government International Bond
3.30%, 01/19/2033^(b)		20,535,000		15,365,163
6.40%, 02/14/2035		16,845,000		15,499,160
6.88%, 01/31/2036		16,450,000		15,531,715

				46,396,038

Peru-2.98%
Peruvian Government International Bond
5.63%, 11/18/2050		15,455,000		14,398,342
3.55%, 03/10/2051^(b)		21,144,000		14,222,511
3.60%, 01/15/2072		23,554,000		14,403,271

				43,024,124

Philippines-3.04%
Philippine Government International Bond
3.20%, 07/06/2046		21,604,000		14,709,059
4.20%, 03/29/2047		18,190,000		14,493,676
5.95%, 10/13/2047^(b)		14,349,000		14,598,971

				43,801,706

Qatar-3.06%
Qatar Government International Bond
4.63%, 06/02/2046^(a)		16,899,000		14,754,601
5.10%, 04/23/2048^(a)		15,921,000		14,741,334
4.82%, 03/14/2049^(a)		16,496,000		14,620,603

				44,116,538


	Principal Amount		Value
Romania-3.14%
Romanian Government International Bond
5.13%, 06/15/2048^(a)	$	18,522,000	$	15,120,472
4.00%, 02/14/2051^(a)		22,406,000		15,039,019
7.63%, 01/17/2053^(a)		14,162,000		15,146,967

				45,306,458

Saudi Arabia-3.08%
Saudi Government International Bond
5.00%, 04/17/2049^(a)		17,168,000		14,875,901
5.75%, 01/16/2054^(a)		15,960,000		14,962,500
3.45%, 02/02/2061^(a)		23,685,000		14,679,489

				44,517,890

South Africa-3.06%
Republic of South Africa Government
International Bond
6.30%, 06/22/2048		19,323,000		14,877,937
5.75%, 09/30/2049		20,618,000		14,631,358
7.30%, 04/20/2052		17,267,000		14,630,674

				44,139,969

Turkey-3.14%
Turkey Government International Bond 6.88%, 03/17/2036		16,148,000		15,007,386
6.63%, 02/17/2045		18,194,000		15,256,651
Turkiye Government International Bond, 5.75%, 05/11/2047		20,223,000		15,018,611

				45,282,648

United Arab Emirates-3.12%
Finance Department Government of Sharjah
3.63%, 03/10/2033^(a)		18,296,000		15,070,232
4.00%, 07/28/2050^(a)		24,344,000		15,183,109
4.38%, 03/10/2051^(a)		22,150,000		14,821,540

				45,074,881

Uzbekistan-3.10%
Republic of Uzbekistan International Bond
5.38%, 02/20/2029^(a)(b)		16,520,000		15,170,646
3.70%, 11/25/2030^(a)(b)		18,355,000		14,894,624
3.90%, 10/19/2031^(a)		18,420,000		14,726,698

				44,791,968

Total U.S. Dollar Denominated Bonds & Notes (Cost $1,644,853,616)				1,418,036,058

	Shares
Money Market Funds-0.35%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%^(c)(d)(Cost $5,058,421)		5,058,421		5,058,421

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.61% (Cost $1,649,912,037)				1,423,094,479

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


		6

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

April 30, 2024

(Unaudited)


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.01%
Invesco Private Government Fund, 5.29%^(c)(d)(e)		16,207,954	$	16,207,954
Invesco Private Prime Fund, 5.46%^(c)(d)(e)		41,676,007		41,688,510

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $57,902,894)				57,896,464

TOTAL INVESTMENTS IN SECURITIES-102.62% (Cost $1,707,814,931)				1,480,990,943

OTHER ASSETS LESS LIABILITIES-(2.62)%				(37,843,948	)


NET ASSETS-100.00%			$	1,443,146,995

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2024 was $975,113,674, which represented 67.57% of the Fund’s Net Assets.

^(b)	All or a portion of this security was out on loan at April 30, 2024.

^(c)


	Value October 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value April 30, 2024			Dividend Income

Investments in Affiliated Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class			$3,890,597		$	61,325,148			$(60,157,324)			$ -			$	-		$	5,058,421		$	122,556

Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			15,584,874			62,609,631			(61,986,551	)		-				-			16,207,954			272,862	*
Invesco Private Prime Fund			40,084,270			121,146,201			(119,545,778	)		(7,253	)			11,070			41,688,510			740,554	*

Total		$	59,559,741		$	245,080,980		$	(241,689,653	)		$(7,253	)		$	11,070		$	62,954,885		$	1,135,972

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

^(d)	The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

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

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


		7

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

April 30, 2024

(Unaudited)


Portfolio Composition
Country Breakdown (% of the Fund’s Net Assets) as of April 30, 2024
Pakistan			3.51
Kenya			3.32
Angola			3.26
Panama			3.21
Jordan			3.16
Oman			3.16
Kazakhstan			3.16
Romania			3.14
Egypt			3.14
Turkey			3.14
United Arab Emirates			3.12
Costa Rica			3.12
Nigeria			3.12
Bahrain			3.11
Morocco			3.11
Uzbekistan			3.10
Dominican Republic			3.10
El Salvador			3.09
Colombia			3.09
Saudi Arabia			3.08
Brazil			3.08
South Africa			3.06
Qatar			3.06
Guatemala			3.06
Chile			3.05
Hungary			3.05
Philippines			3.04
Indonesia			3.03
Mexico			3.02
China			3.02
Peru			2.98
Kuwait			1.57
Money Market Funds Plus Other Assets Less Liabilities			1.74

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


		8

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)

April 30, 2024

(Unaudited)

Schedule of Investments


	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-97.70%
Argentina-1.45%
MSU Energy S.A./UGEN S.A./UENSA S.A., 6.88%, 02/01/2025^(a)	$	120,000	$	93,126
Pampa Energia S.A., 7.50%, 01/24/2027^(a)		140,000		133,349
Provincia de Cordoba, 6.88%, 12/10/2025^(a)(b)		147		135
YPF S.A. 8.50%, 07/28/2025^(a)		433,000		422,005
9.00%, 02/12/2026^(a)		218,961		220,820
6.95%, 07/21/2027^(a)		260,000		235,961
9.00%, 06/30/2029^(a)		285,942		283,159
9.50%, 01/17/2031^(a)		270,000		273,126
7.00%, 09/30/2033^(a)		160,000		139,463
7.00%, 12/15/2047^(a)		205,000		149,273

				1,950,417

Australia-1.47%
FMG Resources (August 2006) Pty. Ltd. 4.50%, 09/15/2027^(a)		232,000		219,022
5.88%, 04/15/2030^(a)		269,000		258,849
4.38%, 04/01/2031^(a)		552,000		486,567
6.13%, 04/15/2032^(a)		311,000		301,819
Mineral Resources Ltd. 8.13%, 05/01/2027^(a)		210,000		212,398
8.00%, 11/01/2027^(a)		243,000		246,360
8.50%, 05/01/2030^(a)		250,000		256,405

				1,981,420

Austria-0.17%
Benteler International AG, 10.50%, 05/15/2028^(a)		220,000		234,449

Azerbaijan-0.11%
State Oil Co. of the Azerbaijan Republic (The), 6.95%, 03/18/2030^(a)		140,000		141,700

Bahrain-0.33%
BBK BSC, 5.50%, 07/09/2024^(a)		220,000		219,557
GFH Sukuk Ltd., 7.50%, 01/28/2025^(a)		220,000		220,676

				440,233

Belgium-0.28%
Telenet Finance Luxembourg Notes S.a.r.l., 5.50%, 03/01/2028^(a)		400,000		376,900

Brazil-13.42%
3R Lux S.a.r.l., 9.75%, 02/05/2031^(a)		200,000		210,421
Acu Petroleo (Luxembourg) S.a.r.l., 7.50%, 01/13/2032^(a)		261,819		250,839
Adecoagro S.A., 6.00%, 09/21/2027^(a)		70,000		67,783
Aegea Finance S.a.r.l. 6.75%, 05/20/2029^(a)		220,000		212,990
9.00%, 01/20/2031^(a)		200,000		209,664
Amaggi (Luxembourg) International S.a.r.l., 5.25%, 01/28/2028^(a)		340,000		320,842
Ambipar Lux S.a.r.l., 9.88%, 02/06/2031^(a)		450,000		445,755
Azul Secured Finance LLP 11.93%, 08/28/2028^(a)		200,000		198,828
10.88%, 05/28/2030^(a)		85,000		69,244


	Principal Amount		Value
Brazil-(continued)
B3 S.A. - Brasil, Bolsa, Balcao, 4.13%, 09/20/2031^(a)	$	290,000	$	249,393
Banco Bradesco S.A.
3.20%, 01/27/2025^(a)		160,000		156,263
4.38%, 03/18/2027^(a)		220,000		211,446
Banco BTG Pactual S.A.
4.50%, 01/10/2025^(a)		250,000		246,652
2.75%, 01/11/2026^(a)		220,000		207,348
Banco do Brasil S.A.
4.63%, 01/15/2025^(a)		250,000		247,425
3.25%, 09/30/2026^(a)		340,000		320,241
4.88%, 01/11/2029^(a)		220,000		206,297
6.25%, 04/18/2030^(a)		340,000		337,893
Banco Votorantim S.A., 4.38%, 07/29/2025^(a)		240,000		233,048
Braskem America Finance Co., 7.13%, 07/22/2041^(a)		200,000		179,002
Braskem Netherlands Finance B.V.
4.50%, 01/10/2028^(a)		450,000		402,135
4.50%, 01/31/2030^(a)		540,000		455,690
8.50%, 01/12/2031^(a)		300,000		305,151
7.25%, 02/13/2033^(a)		360,000		341,537
5.88%, 01/31/2050^(a)		270,000		202,283
8.50%, 01/23/2081^(a)(c)(d)		270,000		264,930
BRF S.A.
4.88%, 01/24/2030^(a)		260,000		229,178
5.75%, 09/21/2050^(a)		300,000		227,144
Cemig Geracao e Transmissao S.A., 9.25%, 12/05/2024^(a)		50,559		50,724
Centrais Eletricas Brasileiras S.A.
3.63%, 02/04/2025^(a)		220,000		215,302
4.63%, 02/04/2030^(a)		340,000		305,406
Cosan (Luxembourg) S.A.
5.50%, 09/20/2029^(a)		340,000		319,818
7.50%, 06/27/2030^(a)		250,000		253,428
7.25%, 06/27/2031^(a)		200,000		200,794
CSN Inova Ventures, 6.75%, 01/28/2028^(a)		380,000		364,061
CSN Resources S.A.
8.88%, 12/05/2030^(a)		200,000		200,628
4.63%, 06/10/2031^(a)		180,000		141,673
5.88%, 04/08/2032^(a)		220,000		183,993
Embraer Netherlands Finance B.V.
5.40%, 02/01/2027		178,000		174,883
7.00%, 07/28/2030^(a)		200,000		204,799
FS (Luxembourg) S.a.r.l., 8.88%,
02/12/2031^(a)		200,000		190,511
Globo Comunicacao e Participacoes S.A.,
4.88%, 01/22/2030^(a)		235,000		205,157
Itau Unibanco Holding S.A., 3.25%,
01/24/2025^(a)		100,000		97,775
Klabin Austria GmbH
5.75%, 04/03/2029^(a)		330,000		321,845
3.20%, 01/12/2031^(a)		220,000		179,913
7.00%, 04/03/2049^(a)		110,000		107,239
MARB BondCo PLC, 3.95%, 01/29/2031^(a)		360,000		290,004
MC Brazil Downstream Trading S.a.r.l., 7.25%, 06/30/2031^(a)		608,481		527,573

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

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)–(continued)

April 30, 2024

(Unaudited)


	Principal Amount		Value
Brazil-(continued)
MercadoLibre, Inc., 3.13%, 01/14/2031	$	290,000	$	238,081
Minerva (Luxembourg) S.A.
4.38%, 03/18/2031^(a)		370,000		301,264
8.88%, 09/13/2033^(a)		340,000		348,813
MV24 Capital B.V., 6.75%, 06/01/2034^(a)		233,844		215,277
NBM US Holdings, Inc., 7.00%, 05/14/2026^(a)		200,000		198,926
Petrobras Global Finance B.V. 5.30%, 01/27/2025		97,000		96,350
7.38%, 01/17/2027		185,000		190,471
6.00%, 01/27/2028		298,000		297,648
5.09%, 01/15/2030		150,000		140,734
5.60%, 01/03/2031^(c)		277,000		262,511
6.50%, 07/03/2033^(c)		250,000		246,834
6.88%, 01/20/2040		183,000		176,581
6.75%, 01/27/2041		133,000		126,792
7.25%, 03/17/2044		196,000		192,528
6.90%, 03/19/2049		153,000		141,980
5.50%, 06/10/2051		181,000		138,841
6.85%, 06/05/2115^(c)		350,000		304,258
Rede D’or Finance S.a.r.l.
4.95%, 01/17/2028^(a)		220,000		206,923
4.50%, 01/22/2030^(a)		340,000		299,076
Rumo Luxembourg S.a.r.l.
5.25%, 01/10/2028^(a)		220,000		209,304
4.20%, 01/18/2032^(a)		200,000		165,869
Samarco Mineracao S.A., 9.00% PIK Rate, 0.50% Cash Rate, 06/30/2031^(a)(e)		1,250,000		1,141,671
Simpar Europe S.A., 5.20%, 01/26/2031^(a)		280,000		224,090
StoneCo Ltd., 3.95%, 06/16/2028^(a)		220,000		188,987
Usiminas International S.a.r.l., 5.88%, 07/18/2026^(a)		340,000		334,391
XP, Inc., 3.25%, 07/01/2026^(a)		140,000		130,227

				18,063,375


Burkina Faso-0.15%
Endeavour Mining PLC, 5.00%, 10/14/2026^(a)		220,000		207,350


Canada-10.55%
1011778 BC ULC/New Red Finance, Inc.
5.75%, 04/15/2025^(a)		195,000		194,281
3.88%, 01/15/2028^(a)		598,000		552,546
4.38%, 01/15/2028^(a)		287,000		267,485
3.50%, 02/15/2029^(a)		287,000		256,765
4.00%, 10/15/2030^(a)		1,112,000		961,027
Air Canada, 3.88%, 08/15/2026^(a)		463,000		439,657
Algonquin Power & Utilities Corp., 4.75%, 01/18/2082^(d)		292,000		253,541
Baffinland Iron Mines Corp./Baffinland Iron
Mines L.P., 8.75%, 07/15/2026^(a)		220,000		202,513
Baytex Energy Corp., 8.50%, 04/30/2030^(a)		275,000		287,265
Bombardier, Inc.
7.13%, 06/15/2026^(a)		463,000		468,229
7.88%, 04/15/2027^(a)		404,000		404,302
6.00%, 02/15/2028^(a)		292,000		284,889
7.50%, 02/01/2029^(a)		287,000		293,833
8.75%, 11/15/2030^(a)		300,000		319,541
7.45%, 05/01/2034^(a)		130,000		147,225


	Principal Amount		Value
Canada-(continued)
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC
6.25%, 09/15/2027^(a)	$	240,000	$	230,982
4.88%, 02/15/2030^(a)		190,000		164,617
Emera, Inc., Series 16-A, 6.75%, 06/15/2076^(c)(d)		420,000		416,786
Enerflex Ltd., 9.00%, 10/15/2027^(a)		240,000		245,986
Garda World Security Corp.
4.63%, 02/15/2027^(a)		218,000		207,991
9.50%, 11/01/2027^(a)		234,000		233,597
6.00%, 06/01/2029^(a)		200,000		177,011
6.00%, 06/01/2029^(a)		196,000		173,302
Hudbay Minerals, Inc.
4.50%, 04/01/2026^(a)		182,000		176,225
6.13%, 04/01/2029^(a)(c)		182,000		178,344
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 09/15/2028^(a)		268,000		256,117
Jones Deslauriers Insurance Management, Inc., 8.50%, 03/15/2030^(a)		276,000		283,912
Kronos Acquisition Holdings, Inc/KIK Custom Products, Inc., 7.00%, 12/31/2027^(a)		199,000		192,693
Mattamy Group Corp.
5.25%, 12/15/2027^(a)		190,000		181,832
4.63%, 03/01/2030^(a)		230,000		206,200
MEG Energy Corp., 5.88%, 02/01/2029^(a)		232,000		224,384
Methanex Corp.
5.13%, 10/15/2027		229,000		220,474
5.25%, 12/15/2029^(c)		265,000		251,437
Northriver Midstream Finance L.P., 5.63%, 02/15/2026^(a)		200,000		195,973
NOVA Chemicals Corp.
5.00%, 05/01/2025^(a)		198,000		194,618
5.25%, 06/01/2027^(a)		407,000		383,339
4.25%, 05/15/2029^(a)		220,000		184,414
9.00%, 02/15/2030^(a)		225,000		232,121
Open Text Corp.
3.88%, 02/15/2028^(a)(c)		342,000		312,487
3.88%, 12/01/2029^(a)		331,000		290,038
Open Text Holdings, Inc.
4.13%, 02/15/2030^(a)(c)		342,000		300,787
4.13%, 12/01/2031^(a)		253,000		217,031
Parkland Corp.
5.88%, 07/15/2027^(a)		190,000		185,950
4.50%, 10/01/2029^(a)		309,000		280,267
4.63%, 05/01/2030^(a)		309,000		279,544
Ritchie Bros. Holdings, Inc.
6.75%, 03/15/2028^(a)		210,000		212,248
7.75%, 03/15/2031^(a)		308,000		319,819
Rogers Communications, Inc., 5.25%, 03/15/2082^(a)(d)		252,000		239,878
Strathcona Resources Ltd., 6.88%, 08/01/2026^(a)		195,000		193,295
Superior Plus L.P./Superior General Partner, Inc., 4.50%, 03/15/2029^(a)		230,000		208,241
Telesat Canada/Telesat LLC, 5.63%, 12/06/2026^(a)		190,000		92,107
Videotron Ltd. 5.38%, 06/15/2024^(a)		182,000		181,708

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


		10

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)–(continued)

April 30, 2024

(Unaudited)


	Principal Amount		Value
Canada-(continued)
5.13%, 04/15/2027^(a)	$	182,000	$	176,302
3.63%, 06/15/2029^(a)		195,000		173,499

				14,208,655

Cayman Islands-0.53%
Global Aircraft Leasing Co. Ltd., 7.25% PIK Rate, 6.50% Cash Rate, 09/15/2024^(a)(e)		749,209		708,296

Chile-0.55%
AES Andes S.A., 7.13%, 03/26/2079^(a)(d)		230,000		227,625
Agrosuper S.A., 4.60%, 01/20/2032^(a)		70,000		58,999
Falabella S.A., 3.38%, 01/15/2032^(a)		240,000		183,309
LATAM Airlines Group S.A., 13.38%, 10/15/2029^(a)		230,000		264,468

				734,401

China-4.35%
Bank of Communications Co. Ltd., 3.80%^(a)(d)(f)		850,000		823,944
China Hongqiao Group Ltd., 6.25%, 06/08/2024^(a)		220,000		219,748
ENN Clean Energy International Investment Ltd., 3.38%, 05/12/2026^(a)		120,000		113,256
Fortune Star (BVI) Ltd.
6.85%, 07/02/2024^(a)(c)		270,000		268,379
5.95%, 10/19/2025^(a)		310,000		290,326
5.00%, 05/18/2026^(a)		220,000		196,272
5.05%, 01/27/2027^(a)		220,000		187,704
Franshion Brilliant Ltd.
4.25%, 07/23/2029^(a)		200,000		137,430
6.00%^(a)(d)(f)		220,000		186,402
Fuqing Investment Management Ltd., 3.25%, 06/23/2025^(a)		200,000		178,498
Huarong Finance 2017 Co. Ltd., 4.25%, 11/07/2027^(a)		300,000		273,468
Industrial and Commercial Bank of China Ltd., 3.20%^(a)(d)(f)		2,082,000		1,966,267
Longfor Group Holdings Ltd.
4.50%, 01/16/2028^(a)		200,000		134,199
3.95%, 09/16/2029^(a)		300,000		180,770
RKPF Overseas 2020 (A) Ltd.
5.20%, 01/12/2026^(a)		200,000		41,184
5.13%, 07/26/2026^(a)		225,000		41,690
West China Cement Ltd., 4.95%, 07/08/2026^(a)		270,000		220,327
Yankuang Group (Cayman) Ltd., 2.90%, 11/30/2024^(a)		220,000		216,104
Yanlord Land (HK) Co. Ltd., 5.13%, 05/20/2026^(a)		220,000		177,704

				5,853,672


Colombia-4.10%
ABRA Global Finance, 5.50% PIK Rate, 6.00% Cash Rate, 03/02/2028^(a)(e)		352,817		319,663
AI Candelaria (Spain) S.A., 5.75%, 06/15/2033^(a)		270,000		209,063
Banco de Bogota S.A., 6.25%, 05/12/2026^(a)		490,000		481,427
Canacol Energy Ltd., 5.75%, 11/24/2028^(a)		220,000		103,747
Colombia Telecomunicaciones S.A. E.S.P., 4.95%, 07/17/2030^(a)		220,000		155,652


	Principal Amount		Value
Colombia-(continued)
Ecopetrol S.A.
5.38%, 06/26/2026	$	355,000	$	346,357
8.63%, 01/19/2029		289,000		300,844
6.88%, 04/29/2030^(c)		370,000		353,202
4.63%, 11/02/2031		260,000		210,111
8.88%, 01/13/2033^(c)		410,000		419,892
8.38%, 01/19/2036		350,000		340,470
7.38%, 09/18/2043		208,000		183,320
5.88%, 05/28/2045		420,000		298,214
5.88%, 11/02/2051		130,000		88,148
Empresas Publicas de Medellin E.S.P.
4.25%, 07/18/2029^(a)		250,000		213,375
4.38%, 02/15/2031^(a)		260,000		211,874
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A., 5.38%, 12/30/2030^(a)		320,000		261,928
GeoPark Ltd., 5.50%, 01/17/2027^(a)		220,000		197,912
Gran Tierra Energy, Inc., 9.50%, 10/15/2029^(a)		200,000		188,349
Grupo Aval Ltd., 4.38%, 02/04/2030^(a)		250,000		208,066
Grupo de Inversiones Suramericana S.A., 5.50%, 04/29/2026^(a)		200,000		194,965
SierraCol Energy Andina LLC, 6.00%, 06/15/2028^(a)		270,000		233,979

				5,520,558


Costa Rica-0.14%
Instituto Costarricense de Electricidad, 6.38%, 05/15/2043^(a)		220,000		192,280


Czech Republic-0.24%
Allwyn Entertainment Financing (UK) PLC, 7.88%, 04/30/2029^(a)(c)		310,000		317,359


Finland-0.18%
Amer Sports Co., 6.75%, 02/16/2031^(a)		250,000		246,409


France-2.42%
Altice France S.A.
8.13%, 02/01/2027^(a)		560,000		422,132
5.50%, 01/15/2028^(a)		480,000		326,419
5.13%, 07/15/2029^(a)(c)		900,000		588,848
5.50%, 10/15/2029^(a)		670,000		439,366
Calderys Financing LLC, 11.25%, 06/01/2028^(a)		210,000		223,236
CGG S.A., 8.75%, 04/01/2027^(a)		220,000		205,445
Electricite de France S.A., 9.13%^(a)(d)(f)		470,000		511,526
Iliad Holding S.A.S.U.
6.50%, 10/15/2026^(a)		340,000		338,669
7.00%, 10/15/2028^(a)		200,000		195,723

				3,251,364

Georgia-0.15%
Georgian Railway JSC, 4.00%, 06/17/2028^(a)		220,000		199,453

Germany-1.47%
Cerdia Finanz GmbH, 10.50%, 06/01/2024^(a)(g)		273,000		283,062
Cheplapharm Arzneimittel GmbH, 5.50%, 01/15/2028^(a)		220,000		207,033
Mercer International, Inc., 5.13%, 02/01/2029^(c)		330,000		288,567

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


		11

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)–(continued)

April 30, 2024

(Unaudited)


	Principal Amount		Value
Germany-(continued)
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/2027^(a)	$	680,000	$	651,202
ZF North America Capital, Inc.
4.75%, 04/29/2025^(a)		306,000		301,428
6.88%, 04/14/2028^(a)		120,000		120,929
7.13%, 04/14/2030^(a)		120,000		122,593

				1,974,814

Ghana-0.59%
Kosmos Energy Ltd., 7.13%, 04/04/2026^(a)(c)		290,000		281,070
Tullow Oil PLC, 10.25%, 05/15/2026^(a)		520,000		507,026

				788,096

Guatemala-0.61%
Central American Bottling Corp./CBC Bottling Holdco S.L./Beliv Holdco S.L., 5.25%, 04/27/2029^(a)		379,000		354,222
CT Trust, 5.13%, 02/03/2032^(a)		200,000		173,919
Investment Energy Resources Ltd., 6.25%, 04/26/2029^(a)		310,000		297,048

				825,189

Hong Kong-2.60%
Bank of Communications (Hong Kong) Ltd., 3.73%^(a)(d)(f)		250,000		245,437
Bank of East Asia Ltd. (The)
5.83%^(a)(d)(f)		290,000		279,125
5.88%^(a)(d)(f)		290,000		286,094
CAS Capital No. 1 Ltd., 4.00%^(a)(d)(f)		340,000		308,618
China CITIC Bank International Ltd.
3.25%^(a)(d)(f)		270,000		254,483
4.80%^(a)(d)(f)		270,000		262,932
FWD Group Holdings Ltd., 5.75%, 07/09/2024^(a)		200,000		199,148
Melco Resorts Finance Ltd.
4.88%, 06/06/2025^(a)		250,000		243,678
5.25%, 04/26/2026^(a)		220,000		211,317
5.63%, 07/17/2027^(a)		270,000		255,545
5.75%, 07/21/2028^(a)		180,000		167,071
5.38%, 12/04/2029^(a)		320,000		285,460
Nanyang Commercial Bank Ltd., 6.50%^(a)(d)(f)		290,000		290,501
Seaspan Corp., 5.50%, 08/01/2029^(a)		237,000		204,152

				3,493,561

Hungary-0.22%
OTP Bank Nyrt., 8.75%, 05/15/2033^(a)(d)		290,000		299,425

India-3.47%
Adani Green Energy Ltd., 4.38%, 09/08/2024^(a)		340,000		336,854
CA Magnum Holdings, 5.38%, 10/31/2026^(a)		250,000		236,291
Delhi International Airport Ltd.
6.13%, 10/31/2026^(a)		200,000		197,702
6.45%, 06/04/2029^(a)		220,000		214,494
Greenko Dutch B.V., 3.85%, 03/29/2026^(a)		412,230		385,435
Greenko Power II Ltd., 4.30%, 12/13/2028^(a)		225,000		201,131
Greenko Solar Mauritius Ltd.
5.55%, 01/29/2025^(a)		220,000		217,525
5.95%, 07/29/2026^(a)(c)		240,000		231,300


	Principal Amount		Value
India-(continued)
Greenko Wind Projects Mauritius Ltd., 5.50%, 04/06/2025^(a)	$	150,000	$	147,947
JSW Hydro Energy Ltd., 4.13%, 05/18/2031^(a)(c)		257,600		225,005
JSW Steel Ltd.
3.95%, 04/05/2027^(a)		220,000		202,897
5.05%, 04/05/2032^(a)		220,000		188,376
Network i2i Ltd., 5.65%^(a)(d)(f)		250,000		249,238
Periama Holdings LLC, 5.95%, 04/19/2026^(a)		140,000		138,162
ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/2028^(a)		260,000		231,864
Shriram Finance Ltd., 6.63%, 04/22/2027^(a)		200,000		198,745
UPL Corp. Ltd., 4.63%, 06/16/2030(a)		200,000		160,319
Vedanta Resources Finance II PLC
9.25%, 04/23/2026^(a)		270,000		218,118
13.88%, 01/21/2027^(a)		117,500		110,224
13.88%, 12/09/2028^(a)		336,000		305,958
Vedanta Resources Ltd., 13.88%, 12/09/2028^(a)		305,500		271,221

				4,668,806

Indonesia-0.64%
Indika Energy Capital IV Pte. Ltd., 8.25%, 10/22/2025^(a)		250,000		252,030
Medco Bell Pte. Ltd., 6.38%, 01/30/2027^(a)		60,000		58,463
PT Adaro Indonesia, 4.25%, 10/31/2024^(a)		340,000		335,304
PT Cikarang Listrindo Tbk, 4.95%, 09/14/2026^(a)		230,000		220,688

				866,485

Ireland-0.30%
AerCap Global Aviation Trust, 6.50%, 06/15/2045^(a)(c)(d)		220,000		218,926
AerCap Holdings N.V., 5.88%, 10/10/2079^(d)		190,000		187,953

				406,879

Israel-2.80%
Energian Israel Finance Ltd.
4.88%, 03/30/2026^(a)		220,000		207,400
5.38%, 03/30/2028^(a)		220,000		195,766
5.88%, 03/30/2031^(a)		220,000		188,137
8.50%, 09/30/2033^(a)		280,000		270,173
Leviathan Bond Ltd.
6.13%, 06/30/2025^(a)		210,000		204,761
6.50%, 06/30/2027^(a)		210,000		197,562
6.75%, 06/30/2030^(a)		200,000		179,085
Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/2036^(c)		220,000		209,189
Teva Pharmaceutical Finance Netherlands III B.V.
3.15%, 10/01/2026		845,000		783,576
4.75%, 05/09/2027^(c)		320,000		306,433
6.75%, 03/01/2028		200,000		203,191
5.13%, 05/09/2029^(c)		320,000		303,364
7.88%, 09/15/2029		200,000		210,225
4.10%, 10/01/2046		461,000		307,742

				3,766,604

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


		12

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)–(continued)

April 30, 2024

(Unaudited)


	Principal Amount		Value
Italy-3.05%
F-Brasile S.p.A./F-Brasile U.S. LLC, 7.38%, 08/15/2026^(a)	$	300,000	$	298,808
Intesa Sanpaolo S.p.A.
5.71%, 01/15/2026^(a)		470,000		463,283
4.20%, 06/01/2032^(a)(d)		340,000		278,840
4.95%, 06/01/2042^(a)(d)		340,000		244,689
Kedrion S.p.A., 6.50%, 09/01/2029^(a)		200,000		180,900
Telecom Italia Capital S.A.
6.38%, 11/15/2033		336,000		297,152
6.00%, 09/30/2034^(c)		336,000		283,315
7.20%, 07/18/2036^(c)		386,000		350,014
7.72%, 06/04/2038^(c)		336,000		312,731
Telecom Italia S.p.A., 5.30%, 05/30/2024^(a)		470,000		469,258
UniCredit S.p.A.
5.86%, 06/19/2032^(a)(d)		250,000		241,722
7.30%, 04/02/2034^(a)(d)		200,000		201,852
5.46%, 06/30/2035^(a)(d)		530,000		487,560

				4,110,124

Jamaica-0.06%
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./Difl US, 9.00% PIK Rate, 1.50% Cash Rate, 05/25/2027^(e)		89,331		86,715

Japan-2.93%
Rakuten Group, Inc.
10.25%, 11/30/2024^(a)		100,000		101,997
11.25%, 02/15/2027^(a)		600,000		625,188
5.13%^(a)(d)(f)		340,000		283,224
6.25%^(a)(d)(f)		280,000		202,985
SoftBank Group Corp.
4.75%, 09/19/2024^(a)		150,000		148,847
6.00%, 07/30/2025^(a)		200,000		198,278
4.00%, 07/06/2026^(a)		300,000		283,236
5.13%, 09/19/2027^(a)		550,000		522,016
4.63%, 07/06/2028^(a)		360,000		327,615
5.25%, 07/06/2031^(a)		410,000		370,695
6.88%^(a)(d)(f)		590,000		573,138
Universal Entertainment Corp., 8.75%, 12/11/2024^(a)		289,000		312,330

				3,949,549

Kuwait-0.28%
Kuwait Projects Co. S.P.C Ltd.
4.23%, 10/29/2026^(a)		220,000		198,026
4.50%, 02/23/2027^(a)		200,000		175,974

				374,000

Luxembourg-1.63%
Albion Financing 1 S.a.r.l./Aggreko Holdings, Inc., 6.13%, 10/15/2026^(a)		250,000		245,647
Altice Financing S.A.
5.00%, 01/15/2028^(a)(c)		540,000		426,574
5.75%, 08/15/2029^(a)		720,000		536,736
Altice France Holding S.A.
10.50%, 05/15/2027^(a)		600,000		213,564
6.00%, 02/15/2028^(a)		516,000		151,028
ARD Finance S.A., 7.25% PIK Rate, 6.50% Cash Rate, 06/30/2027^(a)(e)		400,000		99,051


	Principal Amount		Value
Luxembourg-(continued)
INEOS Finance PLC, 7.50%, 04/15/2029^(a)	$	250,000	$	251,734
Petrorio Luxembourg Trading S.a.r.l., 6.13%, 06/09/2026^(a)		270,000		264,252

				2,188,586

Macau-1.90%
Champion Path Holdings Ltd.
4.50%, 01/27/2026^(a)		220,000		208,275
4.85%, 01/27/2028^(a)		220,000		197,263
MGM China Holdings Ltd.
5.38%, 05/15/2024^(a)		340,000		339,880
5.88%, 05/15/2026^(a)		340,000		334,042
4.75%, 02/01/2027^(a)		140,000		132,248
Studio City Finance Ltd.
6.50%, 01/15/2028^(a)		220,000		205,618
5.00%, 01/15/2029^(a)		290,000		245,941
Wynn Macau Ltd.
4.88%, 10/01/2024^(a)		270,000		268,293
5.50%, 01/15/2026^(a)		250,000		243,401
5.63%, 08/26/2028^(a)		410,000		378,448

				2,553,409

Mexico-4.32%
Alsea S.A.B. de C.V., 7.75%, 12/14/2026^(a)		220,000		222,450
Borr IHC Ltd./Borr Finance LLC, 10.00%, 11/15/2028^(a)		350,000		363,208
Braskem Idesa S.A.P.I.
7.45%, 11/15/2029^(a)		200,000		158,141
6.99%, 02/20/2032^(a)		340,000		255,714
CEMEX S.A.B. de C.V.
5.45%, 11/19/2029^(a)		340,000		328,303
5.20%, 09/17/2030^(a)(c)		320,000		303,181
3.88%, 07/11/2031^(a)(c)		300,000		262,006
5.13%^(a)(d)(f)		450,000		433,037
9.13%^(a)(d)(f)		250,000		268,440
Grupo Aeromexico S.A.B. de C.V., 8.50%, 03/17/2027^(a)		340,000		333,597
Nemak S.A.B. de C.V., 3.63%, 06/28/2031^(a)		220,000		172,281
Petroleos Mexicanos
6.88%, 10/16/2025		60,000		59,184
4.50%, 01/23/2026		70,000		65,815
6.88%, 08/04/2026		134,000		130,143
6.49%, 01/23/2027		100,000		93,843
6.50%, 03/13/2027		270,000		253,039
5.35%, 02/12/2028		100,000		87,488
6.50%, 01/23/2029		80,000		70,919
8.75%, 06/02/2029		90,000		86,966
6.84%, 01/23/2030		160,000		138,773
5.95%, 01/28/2031		175,000		138,187
6.70%, 02/16/2032		450,000		368,251
10.00%, 02/07/2033		110,000		107,843
6.63%, 06/15/2035		136,000		100,566
6.50%, 06/02/2041		70,000		46,291
5.50%, 06/27/2044		50,000		29,305
6.38%, 01/23/2045		40,000		24,816
6.75%, 09/21/2047		370,000		236,454
6.35%, 02/12/2048		70,000		43,286

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


		13

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)–(continued)

April 30, 2024

(Unaudited)


	Principal Amount		Value
Mexico-(continued)
7.69%, 01/23/2050	$	490,000	$	341,452
6.95%, 01/28/2060		230,000		146,500
Total Play Telecomunicaciones S.A. de C.V., 6.38%, 09/20/2028^(a)		282,000		150,647

				5,820,126

Moldova-0.13%
Aragvi Finance International DAC, 8.45%, 04/29/2026^(a)		220,000		180,312

Morocco-0.42%
OCP S.A.
3.75%, 06/23/2031^(a)		140,000		116,755
6.88%, 04/25/2044^(a)		220,000		202,731
5.13%, 06/23/2051^(a)		340,000		246,122

				565,608

Netherlands-1.48%
Sunrise FinCo I B.V., 4.88%, 07/15/2031^(a)		360,000		313,270
Trivium Packaging Finance B.V.
5.50%, 08/15/2026^(a)		270,000		265,268
8.50%, 08/15/2027^(a)		310,000		307,279
VZ Secured Financing B.V., 5.00%, 01/15/2032^(a)		480,000		404,776
Ziggo B.V., 4.88%, 01/15/2030^(a)(c)		440,000		385,400
Ziggo Bond Co. B.V.
6.00%, 01/15/2027^(a)		130,000		127,989
5.13%, 02/28/2030^(a)		220,000		182,752

				1,986,734

Nigeria-0.74%
Access Bank PLC, 6.13%, 09/21/2026^(a)		20,000		18,600
IHS Holding Ltd. 5.63%, 11/29/2026^(a)		220,000		202,798
6.25%, 11/29/2028^(a)		220,000		190,619
IHS Netherlands Holdco B.V., 8.00%, 09/18/2027^(a)		420,000		396,795
Seplat Energy PLC, 7.75%, 04/01/2026^(a)		200,000		193,735

				1,002,547

Norway-0.23%
Seadrill Finance Ltd., 8.38%, 08/01/2030^(a)		300,000		312,776

Oman-1.33%
Bank muscat SAOG, 4.75%, 03/17/2026^(a)		220,000		214,003
Lamar Funding Ltd., 3.96%, 05/07/2025^(a)		250,000		243,702
Mazoon Assets Co. SAOC 5.20%, 11/08/2027^(a)		220,000		215,969
5.50%, 02/14/2029^(a)		200,000		197,030
OmGrid Funding Ltd., 5.20%, 05/16/2027^(a)		220,000		214,668
OQ SAOC, 5.13%, 05/06/2028^(a)		340,000		330,043
Oryx Funding Ltd., 5.80%, 02/03/2031^(a)		270,000		266,691
Oztel Holdings SPC Ltd., 6.63%, 04/24/2028^(a)		110,000		111,910

				1,794,016

Pakistan-0.13%
Pakistan Water & Power Development Authority, 7.50%, 06/04/2031^(a)		235,000		173,970

Panama-0.52%
AES Panama Generation Holdings S.R.L., 4.38%, 05/31/2030^(a)		392,838		330,646


	Principal Amount		Value
Panama-(continued)
Empresa de Transmision Electrica S.A., 5.13%, 05/02/2049^(a)	$	200,000	$	137,873
Telecomunicaciones Digitales S.A., 4.50%, 01/30/2030^(a)		270,000		237,634

				706,153

Paraguay-0.17%
Telefonica Celular del Paraguay S.A., 5.88%, 04/15/2027^(a)		230,000		226,934

Peru-0.75%
Cia de Minas Buenaventura S.A.A., 5.50%, 07/23/2026^(a)		50,000		47,987
Peru LNG S.r.l., 5.38%, 03/22/2030^(a)		220,000		187,921
Petroleos del Peru S.A.
4.75%, 06/19/2032^(a)		450,000		337,452
5.63%, 06/19/2047^(a)		700,000		433,042

				1,006,402

Poland-0.13%
Canpack S.A./Canpack US LLC, 3.88%, 11/15/2029^(a)		200,000		175,479

Puerto Rico-0.57%
C&W Senior Finance Ltd, 6.88%, 09/15/2027^(a)		350,000		331,818
LCPR Senior Secured Financing DAC
6.75%, 10/15/2027^(a)		320,000		297,287
5.13%, 07/15/2029^(a)		170,000		141,925

				771,030

Russia-0.03%
Chelyabinsk Pipe Plant Via Chelpipe Finance DAC, 4.50%, 09/19/2024^(a)(h)(i)		300,000		0
O1 Properties Finance PLC, 0.50%, 09/27/2028^(a)		500,000		37,500

				37,500

Saudi Arabia-0.55%
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/2026^(a)		390,000		365,531
Dar Al-Arkan Sukuk Co. Ltd.
6.75%, 02/15/2025^(a)		70,000		69,680
8.00%, 02/25/2029^(a)		300,000		306,453

				741,664

Singapore-0.37%
GLP Pte. Ltd.
3.88%, 06/04/2025^(a)		350,000		305,921
4.50%^(a)(d)(f)		399,000		192,577
Puma International Financing S.A., 5.00%, 01/24/2026^(a)		200,000		0

				498,498

South Africa-2.10%
Bidvest Group UK PLC (The), 3.63%, 09/23/2026^(a)		160,000		147,980
Eskom Holdings SOC Ltd.
7.13%, 02/11/2025^(a)		413,000		411,100
8.45%, 08/10/2028^(a)		20,000		19,737
Liquid Telecommunications Financing PLC, 5.50%, 09/04/2026^(a)		280,000		165,363

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


		14

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)–(continued)

April 30, 2024

(Unaudited)


	Principal Amount		Value
South Africa-(continued)
MTN (Mauritius) Investments Ltd., 6.50%, 10/13/2026^(a)	$	220,000	$	219,875
Sasol Financing USA LLC
4.38%, 09/18/2026^(c)		290,000		273,354
6.50%, 09/27/2028^(c)		340,000		323,162
8.75%, 05/03/2029^(a)		250,000		251,588
5.50%, 03/18/2031		380,000		316,183
Stillwater Mining Co.
4.00%, 11/16/2026^(a)		300,000		268,758
4.50%, 11/16/2029^(a)		240,000		189,271
Transnet SOC Ltd., 8.25%, 02/06/2028^(a)		250,000		246,410

				2,832,781

South Korea-0.18%
Woori Bank, 4.25%^(a)(c)(d)(f)		250,000		246,462

Spain-0.08%
Codere Finance 2 (Luxembourg) S.A., 11.63% PIK Rate, 2.00% Cash Rate, 11/30/2027, (Acquired 03/01/2019 - 10/31/2022; Cost $200,755)^(a)(e)(j)		209,644		14,675
Grifols S.A., 4.75%, 10/15/2028^(a)		120,000		97,055

				111,730

Switzerland-0.61%
Consolidated Energy Finance S.A.
5.63%, 10/15/2028^(a)		90,000		76,151
12.00%, 02/15/2031^(a)		200,000		207,251
Oriflame Investment Holding PLC, 5.13%, 05/04/2026^(a)		260,000		70,200
VistaJet Malta Finance PLC/Vista Management Holding, Inc.
7.88%, 05/01/2027^(a)		195,000		173,554
6.38%, 02/01/2030^(a)		380,000		294,672

				821,828

Tanzania-0.18%
HTA Group Ltd., 7.00%, 12/18/2025^(a)		240,000		239,868

Thailand-0.47%
Bangkok Bank PCL, 3.73%, 09/25/2034^(a)(d)		340,000		295,737
Kasikornbank PCL, 3.34%, 10/02/2031^(a)(d)		360,000		332,810

				628,547

Trinidad-0.37%
Heritage Petroleum Co. Ltd., 9.00%, 08/12/2029^(a)		220,000		231,110
Trinidad Generation Unlimited, 5.25%, 11/04/2027^(a)		270,000		262,208

				493,318

Turkey-5.88%
Akbank T.A.S.
5.13%, 03/31/2025^(a)		220,000		218,420
6.80%, 06/22/2031^(a)(d)		240,000		235,046
Anadolu Efes Biracilik ve Malt Sanayii A.S., 3.38%, 06/29/2028^(a)		220,000		190,936
Aydem Yenilenebilir Enerji A.S., 7.75%, 02/02/2027^(a)		310,000		300,018
Eldorado Gold Corp., 6.25%, 09/01/2029^(a)		195,000		184,440
KOC Holding A.S., 6.50%, 03/11/2025^(a)		340,000		340,921


	Principal Amount		Value
Turkey-(continued)
Mersin Uluslararasi Liman Isletmeciligi AS, 8.25%, 11/15/2028^(a)	$	200,000	$	205,680
QNB Finansbank A.S., 6.88%, 09/07/2024^(a)		290,000		291,279
T.C. Ziraat Bankasi A.S.
5.38%, 03/02/2026^(a)		270,000		263,111
9.50%, 08/01/2026^(a)		220,000		230,966
8.00%, 01/16/2029^(a)		200,000		202,053
Turk Telekomunikasyon A.S.
4.88%, 06/19/2024^(a)		220,000		219,461
6.88%, 02/28/2025^(a)		213,000		213,320
Turkiye Ihracat Kredi Bankasi A.S.
6.13%, 05/03/2024^(a)		200,000		199,909
9.38%, 01/31/2026^(a)		220,000		229,720
5.75%, 07/06/2026^(a)		340,000		331,608
7.50%, 02/06/2028^(a)		200,000		199,614
Turkiye Is Bankasi A.S., 7.75%, 01/22/2030^(a)(d)		140,000		139,724
Turkiye Petrol Rafinerileri A.S., 4.50%, 10/18/2024^(a)		310,000		307,752
Turkiye Sise ve Cam Fabrikalari A.S., 6.95%, 03/14/2026^(a)		310,000		312,914
Turkiye Vakiflar Bankasi T.A.O.
5.25%, 02/05/2025^(a)		300,000		296,961
6.50%, 01/08/2026^(a)		340,000		339,097
5.50%, 10/01/2026^(a)		235,000		227,010
9.00%, 10/12/2028^(a)		270,000		282,854
Ulker Biskuvi Sanayi A.S., 6.95%, 10/30/2025^(a)		200,000		199,409
WE Soda Investments Holding PLC
9.50%, 10/06/2028^(a)		350,000		362,225
9.38%, 02/14/2031^(a)		200,000		204,139
Yapi ve Kredi Bankasi A.S.
5.85%, 06/21/2024^(a)		226,000		226,126
8.25%, 10/15/2024^(a)		100,000		101,004
9.25%, 10/16/2028^(a)		290,000		308,171
7.88%, 01/22/2031^(a)(d)		100,000		99,927
9.25%, 01/17/2034^(a)(d)		220,000		225,592
Ziraat Katilim Varlik Kiralama A.S., 9.38%, 11/12/2026^(a)		210,000		221,815

				7,911,222

Ukraine-0.09%
Ukraine Railways Via Rail Capital Markets PLC, 8.25%, 07/09/2026^(a)(h)		200,000		127,000

United Arab Emirates-1.39%
DIB Tier 1 Sukuk (3) Ltd., 6.25%^(a)(d)(f)		340,000		338,521
DP World Salaam, 6.00%^(a)(d)(f)		470,000		466,877
Emirates NBD Bank PJSC, 6.13%^(a)(d)(f)		250,000		248,331
GEMS MENASA Cayman Ltd./GEMS Education
Delaware LLC, 7.13%, 07/31/2026^(a)		400,000		397,843
MAF Global Securities Ltd., 7.88%^(a)(d)(f)		220,000		226,303
Shelf Drilling Holdings Ltd., 9.63%, 04/15/2029^(a)		200,000		189,410

				1,867,285

United Kingdom-6.80%
180 Medical, Inc., 3.88%, 10/15/2029^(a)		220,000		194,983
Ardonagh Finco Ltd., 7.75%, 02/15/2031^(a)		250,000		246,215

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


		15

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)–(continued)

April 30, 2024

(Unaudited)


	Principal Amount		Value
United Kingdom-(continued)
Ardonagh Group Finance Ltd., 8.88%, 02/15/2032^(a)	$	300,000	$	292,481
Avianca Midco 2 PLC, 9.00%, 12/01/2028^(a)		400,000		378,017
British Telecommunications PLC, 4.25%, 11/23/2081^(a)(d)		240,000		226,482
Celtic Resources Holdings DAC, 4.13%, 10/09/2024^(a)(h)(i)		300,000		0
Connect Finco S.a.r.l./Connect US Finco LLC, 6.75%, 10/01/2026^(a)		703,000		681,523
Drax Finco PLC, 6.63%, 11/01/2025^(a)		235,000		235,000
eG Global Finance PLC, 12.00%, 11/30/2028^(a)		200,000		206,856
Harbour Energy PLC, 5.50%, 10/15/2026^(a)		235,000		230,546
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC
7.25%, 02/15/2031^(a)		325,000		321,095
8.13%, 02/15/2032^(a)		200,000		196,999
Ithaca Energy (North Sea) PLC, 9.00%, 07/15/2026^(a)		280,000		282,792
Jaguar Land Rover Automotive PLC
7.75%, 10/15/2025^(a)		310,000		311,892
4.50%, 10/01/2027^(a)		220,000		204,997
Mclaren Finance PLC, 7.50%, 08/01/2026^(a)		280,000		245,566
Petrofac Ltd., 9.75%, 11/15/2026^(a)(c)		270,000		51,519
Rolls-Royce PLC
3.63%, 10/14/2025^(a)		450,000		435,058
5.75%, 10/15/2027^(a)		450,000		446,112
Standard Chartered PLC, 7.01%^(a)(d)(f)		200,000		202,790
Virgin Media Finance PLC, 5.00%, 07/15/2030^(a)		220,000		180,451
Virgin Media Secured Finance PLC
5.50%, 05/15/2029^(a)		440,000		400,403
4.50%, 08/15/2030^(a)		410,000		346,465
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/2028^(a)		220,000		196,064
VMED O2 UK Financing I PLC
4.25%, 01/31/2031^(a)		410,000		336,541
4.75%, 07/15/2031^(a)		430,000		359,270
Vodafone Group PLC
6.25%, 10/03/2078^(a)(d)		440,000		439,525
7.00%, 04/04/2079^(d)		771,000		783,472
3.25%, 06/04/2081^(d)		188,000		174,849
4.13%, 06/04/2081^(d)		380,000		318,585
5.13%, 06/04/2081^(d)		313,000		229,801

				9,156,349

United States-3.14%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
5.25%, 04/30/2025^(a)		110,000		109,133
4.13%, 08/15/2026^(a)		350,000		292,163
5.25%, 08/15/2027^(a)		160,000		81,766
5.25%, 08/15/2027^(a)		250,000		127,760
CITGO Petroleum Corp., 7.00%, 06/15/2025^(a)		100,000		99,972
CNG Holdings, Inc., 14.50%, 06/30/2026^(a)		300,000		254,267
Constellium SE, 3.75%, 04/15/2029^(a)		250,000		221,924
Dresdner Funding Trust I, 8.15%, 06/30/2031^(a)		350,000		377,972


	Principal Amount		Value
United States-(continued)
GFL Environmental, Inc.
4.25%, 06/01/2025^(a)	$	195,000	$	192,380
3.75%, 08/01/2025^(a)		292,000		284,262
5.13%, 12/15/2026^(a)		195,000		190,545
4.00%, 08/01/2028^(a)		287,000		260,462
3.50%, 09/01/2028^(a)		287,000		258,742
4.75%, 06/15/2029^(a)		286,000		264,175
4.38%, 08/15/2029^(a)		210,000		190,162
6.75%, 01/15/2031^(a)		200,000		201,867
Mohegan Tribal Gaming Authority, 7.88%, 10/15/2024^(a)		500,000		498,135
OPENLANE, Inc., 5.13%, 06/01/2025^(a)		86,000		85,140
Playtika Holding Corp., 4.25%, 03/15/2029^(a)		231,000		198,989
Wesco Aircraft Holdings, Inc., 8.50%, 11/15/2024^(a)(h)		296,000		37,000
WeWork Cos. LLC/WW Co-Obligor, Inc., 5.00%, 07/10/2025^(a)(h)(k)		200,000		3,875
WeWork Cos. US LLC, 7.88%, 05/01/2025^(a)(h)(k)		100,000		2,000

				4,232,691

Uruguay-0.10%
Navios South American Logistics, Inc./Navios Logistics Finance US, Inc., 10.75%, 07/01/2025^(a)		135,000		136,041

Uzbekistan-0.19%
Uzbekneftegaz JSC, 4.75%, 11/16/2028^(a)		310,000		260,245

Vietnam-0.20%
Mong Duong Finance Holdings B.V., 5.13%, 05/07/2029^(a)		276,687		264,131

Zambia-0.91%
First Quantum Minerals Ltd.
6.88%, 10/15/2027^(a)		670,000		645,127
9.38%, 03/01/2029^(a)		200,000		206,885
8.63%, 06/01/2031^(a)		380,000		368,276

				1,220,288

Total U.S. Dollar Denominated Bonds & Notes (Cost $131,750,361)				131,530,068


	Shares
Common Stocks & Other Equity Interests-0.20%
United States-0.20%
Cumulus Media, Inc., Class A^(l)		3		8
Hornbeck Offshore Services, Inc.^(l)(m)		323		16,473
Hornbeck Offshore Services, Inc., Wts., TBA^(l)(m)		3,246		165,546
Hornbeck Offshore Services, Inc., Wts., TBA^(l)(m)		2,673		70,834
PetroQuest Energy, Inc.^(i)(l)		290		0
Premier Brands Group Holdings Co.^(l)(n)		3,222		4,833
TRU Taj LLC/TRU Taj Finance, Inc.^(l)		2,156		5,929
Venator Materials PLC^(l)		9		5,760

Total Common Stocks & Other Equity Interests (Cost $331,148)				269,383

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


		16

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)–(continued)

April 30, 2024

(Unaudited)


	Shares		Value
Preferred Stocks-0.11%
Guitar Center Holdings, Inc., Series A, Pfd., 0.00%^(i)(o)(Cost $220,500)		2,000	$	150,000


Money Market Funds-0.64%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%^(p)(q)(Cost $854,633)		854,633		854,633

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.65% (Cost $133,156,642)				132,804,084


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.46%^(p)(q)(r)		6,135,316	$	6,137,157

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $8,529,136)				8,528,293

TOTAL INVESTMENTS IN SECURITIES-104.98% (Cost $141,685,778)				141,332,377
OTHER ASSETS LESS LIABILITIES-(4.98)%				(6,701,970	)

NET ASSETS-100.00%			$	134,630,407

Investments Purchased with Cash Collateral from Securities on Loan


Money Market Funds-6.33%
Invesco Private Government Fund, 5.29%^(p)(q)(r)	2,391,136	2,391,136

Investment Abbreviations:

DAC-Designated Activity Co.

Pfd.-Preferred

PIK-Pay-in-Kind

TBA-To Be Announced

Wts.-Warrants

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2024 was $116,000,086, which represented 86.16% 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 April 30, 2024.

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

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

^(f)	Perpetual bond with no specified maturity date.

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

^(h)	Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at April 30, 2024 was $169,875, which represented less than 1% of the Fund’s Net Assets.

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

^(j)	Restricted security. The value of this security at April 30, 2024 represented less than 1% of the Fund’s Net Assets.

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

^(l)	Non-income producing security.

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

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

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

^(p)


	Value October 31, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value April 30, 2024		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$1,053,548	$	11,725,589	$	(11,924,504	)		$ -		$ -	$	854,633	$	19,165

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


		17

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)–(continued)

April 30, 2024

(Unaudited)


	Value October 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2024			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	1,358,201		$	11,350,852		$	(10,317,917	)		$	-			$	-		$	2,391,136		$	46,690	*
Invesco Private Prime Fund			3,493,247			19,187,825			(16,543,429	)			(950	)			464			6,137,157			129,294	*

Total		$	5,904,996		$	42,264,266		$	(38,785,850	)		$	(950	)		$	464		$	9,382,926		$	195,149

*	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.

^(q)	The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

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

Portfolio Composition

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

as of April 30, 2024



Financials			17.41

Energy			15.97

Materials			15.73

Communication Services			14.07

Industrials			11.09

Consumer Discretionary			9.50

Utilities			6.84

Sector Types Each Less Than 3%			7.40

Money Market Funds Plus Other Assets Less Liabilities			1.99

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


		18

Invesco International Corporate Bond ETF (PICB)

April 30, 2024

(Unaudited)

Schedule of Investments


	Principal Amount			Value
Non-U.S. Dollar Denominated Bonds & Notes-98.26%^(a)
Australia-2.67%
APA Infrastructure Ltd., 3.50%, 03/22/2030^(b)		GBP	300,000	$	332,612
Australia & New Zealand Banking Group Ltd., 0.75%, 09/29/2026^(b)		EUR	100,000		100,050
Australia and New Zealand Banking Group Ltd.
3.65%, 01/20/2026^(b)		EUR	100,000		106,910
4.95%, 02/05/2029		AUD	300,000		194,058
BHP Billiton Finance Ltd., Series 12, 4.30%, 09/25/2042		GBP	350,000		372,121
Commonwealth Bank of Australia
4.20%, 08/18/2025		AUD	350,000		225,432
4.90%, 08/17/2028		AUD	300,000		193,964
Glencore Finance (Europe) Ltd., 3.13%, 03/26/2026^(b)		GBP	146,000		174,755
National Australia Bank Ltd.
2.90%, 02/25/2027		AUD	500,000		307,111
2.13%, 05/24/2028^(b)		EUR	100,000		101,553
1.38%, 08/30/2028^(b)		EUR	200,000		195,426
4.85%, 03/22/2029		AUD	400,000		256,879
NBN Co. Ltd., 1.00%, 12/03/2025^(b)		AUD	450,000		274,247
Sydney Airport Finance Co. Pty. Ltd., 4.38%, 05/03/2033^(b)		EUR	100,000		110,156
Westpac Banking Corp.
3.70%, 01/16/2026^(b)		EUR	100,000		107,059
5.00%, 01/15/2029		AUD	400,000		259,323

					3,311,656

Belgium-0.18%
Belfius Bank S.A., 4.13%, 09/12/2029		EUR	200,000		217,452

Canada-19.07%
Bank of Montreal
3.65%, 04/01/2027		CAD	720,000		506,115
4.31%, 06/01/2027		CAD	900,000		643,485
4.71%, 12/07/2027		CAD	800,000		578,683
5.04%, 05/29/2028		CAD	700,000		512,116
4.54%, 12/18/2028		CAD	700,000		501,650
Bank of Nova Scotia (The)
5.50%, 12/29/2025		CAD	400,000		293,042
1.85%, 11/02/2026		CAD	750,000		507,119
2.95%, 03/08/2027		CAD	800,000		552,130
Bell Canada
3.00%, 03/17/2031		CAD	400,000		256,086
5.85%, 11/10/2032		CAD	450,000		340,704
3.50%, 09/30/2050		CAD	450,000		231,182
Brookfield Finance II, Inc., 5.43%, 12/14/2032^(b)		CAD	400,000		289,499
Canadian Imperial Bank of Commerce
1.10%, 01/19/2026		CAD	500,000		341,791
5.00%, 12/07/2026		CAD	400,000		291,339
2.25%, 01/07/2027		CAD	600,000		407,612
4.95%, 06/29/2027		CAD	700,000		509,573
5.50%, 01/14/2028		CAD	400,000		296,551
CPPIB Capital, Inc.
4.45%, 09/01/2027^(b)		AUD	450,000		290,039
4.20%, 05/02/2028^(b)		AUD	500,000		318,283


	Principal Amount			Value
Canada-(continued)
Federation des caisses Desjardins du Quebec
5.20%, 10/01/2025		CAD	300,000	$	218,343
1.09%, 01/21/2026		CAD	300,000		204,918
4.41%, 05/19/2027		CAD	400,000		286,724
5.47%, 11/17/2028		CAD	500,000		371,602
National Bank of Canada
5.30%, 11/03/2025		CAD	400,000		291,738
2.24%, 11/04/2026		CAD	325,000		221,776
5.22%, 06/14/2028		CAD	550,000		404,598
Ontario Teachers’ Finance Trust, 0.90%, 05/20/2041^(b)		EUR	200,000		141,698
Original Wempi, Inc., 7.79%, 10/04/2027		CAD	400,000		307,425
Rogers Communications, Inc.
3.65%, 03/31/2027		CAD	500,000		350,209
3.25%, 05/01/2029		CAD	400,000		268,402
4.25%, 04/15/2032		CAD	300,000		203,660
6.75%, 11/09/2039		CAD	520,000		414,842
Royal Bank of Canada
3.37%, 09/29/2025		CAD	1,000,000		710,653
5.34%, 06/23/2026		CAD	400,000		293,258
5.24%, 11/02/2026		CAD	600,000		439,786
2.33%, 01/28/2027		CAD	800,000		544,880
3.63%, 06/14/2027^(b)		GBP	200,000		238,102
4.61%, 07/26/2027		CAD	750,000		541,593
4.64%, 01/17/2028		CAD	700,000		506,052
5.00%, 01/24/2028^(b)		GBP	200,000		248,027
4.63%, 05/01/2028		CAD	950,000		686,004
2.13%, 04/26/2029^(b)		EUR	200,000		199,307
5.23%, 06/24/2030		CAD	400,000		296,166
Suncor Energy, Inc., 5.60%, 11/17/2025		CAD	400,000		292,835
TELUS Corp., 5.25%, 11/15/2032		CAD	400,000		290,853
Toronto-Dominion Bank (The)
2.67%, 09/09/2025		CAD	1,250,000		880,673
1.13%, 12/09/2025		CAD	600,000		412,019
4.34%, 01/27/2026		CAD	500,000		359,672
5.42%, 07/10/2026		CAD	600,000		440,611
2.26%, 01/07/2027		CAD	650,000		442,323
0.50%, 01/18/2027^(b)		EUR	100,000		98,301
2.88%, 04/05/2027^(b)		GBP	300,000		350,647
4.21%, 06/01/2027		CAD	900,000		642,476
2.55%, 08/03/2027^(b)		EUR	200,000		206,303
5.38%, 10/21/2027		CAD	700,000		517,623
4.48%, 01/18/2028		CAD	700,000		503,189
5.49%, 09/08/2028		CAD	500,000		372,824
3.63%, 12/13/2029^(b)		EUR	250,000		265,839
1.95%, 04/08/2030^(b)		EUR	200,000		193,885
3.13%, 08/03/2032^(b)		EUR	100,000		102,439
TransCanada PipeLines Ltd.
3.80%, 04/05/2027		CAD	750,000		529,168
5.28%, 07/15/2030^(b)		CAD	400,000		294,309
4.18%, 07/03/2048^(b)		CAD	400,000		232,110
4.34%, 10/15/2049^(b)		CAD	300,000		177,718

					23,662,579

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


		19

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

April 30, 2024

(Unaudited)


	Principal Amount			Value
China-0.07%
Prosus N.V., 1.29%, 07/13/2029^(b)		EUR	100,000	$	90,908

Denmark-0.63%
Orsted A/S
4.88%, 01/12/2032^(b)		GBP	300,000		361,900
5.75%, 04/09/2040^(b)		GBP	150,000		187,182
5.38%, 09/13/2042^(b)		GBP	200,000		237,874

					786,956

Finland-0.93%
Nordea Bank Abp
1.13%, 02/16/2027^(b)		EUR	130,000		129,881
4.13%, 05/05/2028^(b)		EUR	200,000		217,292
0.50%, 11/02/2028^(b)		EUR	100,000		93,392
2.50%, 05/23/2029^(b)		EUR	300,000		303,888
OP Corporate Bank PLC
0.50%, 08/12/2025^(b)		EUR	100,000		102,734
2.88%, 12/15/2025^(b)		EUR	200,000		211,343
0.10%, 11/16/2027^(b)		EUR	100,000		95,401

					1,153,931

France-24.61%
Action Logement Services
4.13%, 10/03/2038^(b)		EUR	100,000		111,691
0.75%, 07/19/2041^(b)		EUR	100,000		66,888
3.63%, 05/25/2043^(b)		EUR	200,000		208,033
Aeroports de Paris S.A., 2.75%, 04/02/2030^(b)		EUR	200,000		205,165
Airbus SE
1.63%, 06/09/2030^(b)		EUR	200,000		193,451
2.38%, 06/09/2040^(b)		EUR	200,000		177,491
ALD S.A., 4.88%, 10/06/2028^(b)		EUR	100,000		111,115
Banque Federative du Credit Mutuel S.A. 0.75%, 07/17/2025^(b)		EUR	200,000		206,473
3.00%, 09/11/2025^(b)		EUR	100,000		105,508
1.25%, 12/05/2025^(b)		GBP	200,000		234,464
1.63%, 01/19/2026^(b)		EUR	100,000		103,327
5.00%, 01/19/2026^(b)		GBP	200,000		248,701
2.38%, 03/24/2026^(b)		EUR	100,000		103,796
0.01%, 05/11/2026^(b)		EUR	200,000		198,511
0.75%, 06/08/2026^(b)		EUR	200,000		201,015
1.00%, 07/16/2026^(b)		GBP	200,000		228,190
1.25%, 05/26/2027^(b)		EUR	200,000		198,833
3.13%, 09/14/2027^(b)		EUR	200,000		210,218
3.88%, 01/26/2028^(b)		EUR	200,000		214,086
5.38%, 05/25/2028^(b)		GBP	200,000		251,245
0.25%, 07/19/2028^(b)		EUR	100,000		92,126
0.63%, 11/03/2028^(b)		EUR	200,000		185,532
4.13%, 03/13/2029^(b)		EUR	200,000		218,287
1.75%, 03/15/2029^(b)		EUR	100,000		97,014
1.88%, 06/18/2029^(b)		EUR	100,000		96,282
2.63%, 11/06/2029^(b)		EUR	100,000		100,300
0.75%, 01/17/2030^(b)		EUR	100,000		89,710
4.38%, 05/02/2030^(b)		EUR	200,000		218,557
1.25%, 06/03/2030^(b)		EUR	200,000		183,365
0.63%, 02/21/2031^(b)		EUR	100,000		86,400
4.75%, 11/10/2031^(b)		EUR	200,000		223,715
1.13%, 01/19/2032^(b)		EUR	200,000		175,713
5.13%, 01/13/2033^(b)		EUR	200,000		224,486
3.75%, 02/01/2033^(b)		EUR	200,000		214,021


	Principal Amount			Value
France-(continued)
4.13%, 06/14/2033^(b)		EUR	200,000	$	220,663
4.38%, 01/11/2034^(b)		EUR	100,000		104,745
BNP Paribas S.A.
1.50%, 11/17/2025^(b)		EUR	100,000		103,338
3.38%, 01/23/2026^(b)		GBP	300,000		362,367
1.13%, 06/11/2026^(b)		EUR	200,000		202,229
0.13%, 09/04/2026^(b)		EUR	100,000		98,832
2.25%, 01/11/2027^(b)		EUR	100,000		102,635
1.88%, 12/14/2027^(b)		GBP	300,000		333,596
1.50%, 05/23/2028^(b)		EUR	100,000		98,552
1.38%, 05/28/2029^(b)		EUR	200,000		189,970
3.63%, 09/01/2029^(b)		EUR	200,000		211,805
1.63%, 07/02/2031^(b)		EUR	100,000		90,162
1.25%, 07/13/2031^(b)		GBP	400,000		378,477
2.10%, 04/07/2032^(b)		EUR	200,000		187,329
5.75%, 06/13/2032^(b)		GBP	300,000		379,271
0.63%, 12/03/2032^(b)		EUR	200,000		162,643
4.13%, 05/24/2033^(b)		EUR	200,000		222,015
4.10%, 02/13/2034^(b)		EUR	200,000		214,776
2.00%, 09/13/2036^(b)		GBP	200,000		173,875
Bouygues S.A.
2.25%, 06/29/2029^(b)		EUR	100,000		100,764
0.50%, 02/11/2030^(b)		EUR	100,000		90,736
3.88%, 07/17/2031^(b)		EUR	100,000		108,804
4.63%, 06/07/2032^(b)		EUR	200,000		227,738
3.25%, 06/30/2037^(b)		EUR	100,000		101,108
5.38%, 06/30/2042^(b)		EUR	100,000		123,217
BPCE S.A.
0.25%, 01/15/2026^(b)		EUR	200,000		201,638
0.38%, 02/02/2026^(b)		EUR	100,000		100,875
3.63%, 04/17/2026^(b)		EUR	100,000		106,716
0.50%, 02/24/2027^(b)		EUR	100,000		97,621
1.75%, 04/26/2027^(b)		EUR	100,000		101,323
3.50%, 01/25/2028^(b)		EUR	200,000		212,749
4.38%, 07/13/2028^(b)		EUR	100,000		108,533
1.00%, 10/05/2028^(b)		EUR	100,000		95,529
5.25%, 04/16/2029^(b)		GBP	300,000		362,653
0.25%, 01/14/2031^(b)		EUR	200,000		171,554
0.75%, 03/03/2031^(b)		EUR	100,000		87,296
1.00%, 01/14/2032^(b)		EUR	100,000		86,536
4.00%, 11/29/2032^(b)		EUR	200,000		218,210
4.50%, 01/13/2033^(b)		EUR	200,000		221,436
3.88%, 01/25/2036^(b)		EUR	200,000		213,748
Capgemini SE, 2.38%, 04/15/2032^(b)		EUR	200,000		196,603
Carrefour S.A., 2.63%, 12/15/2027^(b)		EUR	100,000		103,562
Cie de Saint-Gobain S.A.
3.75%, 11/29/2026^(b)		EUR	100,000		107,177
3.88%, 11/29/2030^(b)		EUR	200,000		216,261
1.88%, 03/15/2031^(b)		EUR	200,000		191,396
Coentreprise de Transport d’Electricite S.A.
1.50%, 07/29/2028^(b)		EUR	200,000		195,492
2.13%, 07/29/2032^(b)		EUR	100,000		94,501
Credit Agricole Assurances S.A.
2.00%, 07/17/2030^(b)		EUR	200,000		186,056
1.50%, 10/06/2031^(b)		EUR	200,000		175,022
Credit Agricole S.A.
1.00%, 09/18/2025^(b)		EUR	200,000		206,400
0.38%, 10/21/2025^(b)		EUR	200,000		203,713

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


		20

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

April 30, 2024

(Unaudited)


	Principal Amount			Value
France-(continued)
1.25%, 04/14/2026^(b)		EUR	300,000	$	306,871
1.88%, 12/20/2026^(b)		EUR	200,000		204,071
1.38%, 05/03/2027^(b)		EUR	300,000		300,333
3.38%, 07/28/2027^(b)		EUR	200,000		212,061
0.13%, 12/09/2027		EUR	300,000		282,501
0.38%, 04/20/2028^(b)		EUR	200,000		187,751
1.13%, 02/24/2029^(b)		EUR	300,000		287,005
1.75%, 03/05/2029^(b)		EUR	300,000		291,926
2.00%, 03/25/2029^(b)		EUR	100,000		97,905
1.00%, 07/03/2029^(b)		EUR	200,000		188,497
2.50%, 08/29/2029^(b)		EUR	200,000		202,600
4.88%, 10/23/2029^(b)		GBP	300,000		370,891
4.13%, 03/07/2030^(b)		EUR	100,000		109,935
3.88%, 04/20/2031^(b)		EUR	200,000		216,492
0.88%, 01/14/2032^(b)		EUR	200,000		171,954
1.13%, 07/12/2032^(b)		EUR	200,000		175,671
4.00%, 01/18/2033^(b)		EUR	200,000		219,047
4.38%, 11/27/2033^(b)		EUR	200,000		221,279
3.75%, 01/22/2034^(b)		EUR	200,000		214,165
3.88%, 11/28/2034^(b)		EUR	200,000		217,178
Credit Mutuel Arkea S.A., 3.38%, 09/19/2027^(b)		EUR	200,000		211,705
Electricite de France S.A.
1.00%, 10/13/2026^(b)		EUR	200,000		200,343
4.13%, 03/25/2027^(b)		EUR	100,000		107,858
6.25%, 05/30/2028^(b)		GBP	200,000		258,796
4.38%, 10/12/2029^(b)		EUR	100,000		109,822
4.63%, 04/26/2030^(b)		EUR	200,000		223,313
2.00%, 10/02/2030^(b)		EUR	100,000		96,043
5.88%, 07/18/2031		GBP	200,000		255,641
4.25%, 01/25/2032^(b)		EUR	100,000		108,789
1.00%, 11/29/2033^(b)		EUR	300,000		246,197
6.13%, 06/02/2034^(b)		GBP	500,000		636,103
4.75%, 10/12/2034^(b)		EUR	200,000		226,066
5.50%, 03/27/2037^(b)		GBP	200,000		236,498
5.50%, 10/17/2041^(b)		GBP	500,000		573,998
4.63%, 01/25/2043^(b)		EUR	100,000		108,493
2.00%, 12/09/2049^(b)		EUR	200,000		138,472
5.13%, 09/22/2050^(b)		GBP	300,000		317,559
5.63%, 01/25/2053^(b)		GBP	200,000		225,642
6.00%, 01/23/2114^(b)		GBP	500,000		580,394
ENGIE S.A.
2.38%, 05/19/2026^(b)		EUR	200,000		208,575
3.63%, 01/11/2030^(b)		EUR	100,000		106,995
4.00%, 01/11/2035^(b)		EUR	100,000		107,700
5.63%, 04/03/2053^(b)		GBP	300,000		361,112
5.00%, 10/01/2060^(b)		GBP	350,000		386,551
EssilorLuxottica S.A., 0.38%, 01/05/2026^(b)		EUR	200,000		203,177
Holding d’Infrastructures de Transport S.A.S.U., 1.48%, 01/18/2031^(b)		EUR	100,000		90,912
Kering S.A.
3.63%, 09/05/2031^(b)		EUR	100,000		106,407
3.88%, 09/05/2035^(b)		EUR	200,000		213,683
La Banque Postale S.A., 4.00%, 05/03/2028^(b)		EUR	200,000		216,396
Orange S.A.
8.13%, 01/28/2033		EUR	150,000		215,244


	Principal Amount			Value
France-(continued)
0.63%, 12/16/2033^(b)		EUR	200,000	$	163,774
5.38%, 11/22/2050^(b)		GBP	150,000		184,621
RTE Reseau de Transport d’Electricite SADIR
1.63%, 11/27/2025^(b)		EUR	100,000		103,830
3.75%, 07/04/2035^(b)		EUR	100,000		107,340
Societe Generale S.A.
0.13%, 02/24/2026^(b)		EUR	200,000		200,917
4.25%, 09/28/2026^(b)		EUR	200,000		216,325
0.75%, 01/25/2027^(b)		EUR	200,000		196,365
4.13%, 06/02/2027^(b)		EUR	200,000		216,338
0.25%, 07/08/2027^(b)		EUR	200,000		191,787
4.00%, 11/16/2027^(b)		EUR	200,000		215,761
0.13%, 02/18/2028^(b)		EUR	100,000		93,708
2.13%, 09/27/2028^(b)		EUR	200,000		200,010
1.75%, 03/22/2029^(b)		EUR	100,000		96,628
2.63%, 05/30/2029^(b)		EUR	100,000		101,890
1.25%, 06/12/2030^(b)		EUR	200,000		182,258
4.25%, 11/16/2032^(b)		EUR	200,000		222,164
5.63%, 06/02/2033^(b)		EUR	100,000		112,905
6.25%, 06/22/2033^(b)		GBP	200,000		262,835
Suez S.A.
2.88%, 05/24/2034^(b)		EUR	100,000		96,745
6.63%, 10/05/2043^(b)		GBP	300,000		400,985
TotalEnergies Capital Canada Ltd., 2.13%, 09/18/2029^(b)		EUR	200,000		199,333
TotalEnergies Capital International S.A.
2.50%, 03/25/2026^(b)		EUR	200,000		210,059
1.62%, 05/18/2040^(b)		EUR	100,000		79,790
Unibail-Rodamco-Westfield SE
0.63%, 05/04/2027^(b)		EUR	200,000		194,688
1.38%, 12/04/2031^(b)		EUR	100,000		88,358

					30,531,987

Germany-8.44%
Amprion GmbH, 3.97%, 09/22/2032^(b)		EUR	100,000		108,164
Aroundtown S.A., 0.38%, 04/15/2027^(b)		EUR	200,000		180,747
BASF SE, 1.50%, 03/17/2031^(b)		EUR	100,000		93,367
Bayer AG
0.75%, 01/06/2027^(b)		EUR	200,000		196,164
0.38%, 01/12/2029^(b)		EUR	100,000		90,268
0.63%, 07/12/2031^(b)		EUR	200,000		166,203
1.38%, 07/06/2032^(b)		EUR	100,000		85,383
4.63%, 05/26/2033^(b)		EUR	200,000		217,458
Bayer Capital Corp. B.V.
1.50%, 06/26/2026^(b)		EUR	200,000		202,712
2.13%, 12/15/2029^(b)		EUR	300,000		288,374
BMW US Capital LLC
3.00%, 11/02/2027^(b)		EUR	100,000		105,420
3.38%, 02/02/2034^(b)		EUR	100,000		104,652
Commerzbank AG
1.00%, 03/04/2026^(b)		EUR	145,000		147,966
0.50%, 12/04/2026^(b)		EUR	139,000		137,734
Deutsche Bahn Finance GmbH
0.63%, 04/15/2036^(b)		EUR	200,000		154,980
0.63%, 12/08/2050^(b)		EUR	100,000		54,271
1.13%, 05/29/2051^(b)		EUR	100,000		62,636

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


		21

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

April 30, 2024

(Unaudited)


	Principal Amount			Value
Germany-(continued)
Deutsche Bank AG, 1.63%, 01/20/2027^(b)		EUR	200,000	$	200,966
Deutsche Boerse AG
3.88%, 09/28/2026^(b)		EUR	100,000		107,580
3.88%, 09/28/2033^(b)		EUR	200,000		219,636
Deutsche Lufthansa AG, 3.00%, 05/29/2026^(b)		EUR	100,000		104,820
E.ON International Finance B.V.
6.25%, 06/03/2030^(b)		GBP	200,000		262,880
6.38%, 06/07/2032		GBP	400,000		531,701
4.75%, 01/31/2034^(b)		GBP	200,000		235,379
5.88%, 10/30/2037^(b)		GBP	300,000		380,304
6.75%, 01/27/2039^(b)		GBP	250,000		341,085
6.13%, 07/06/2039^(b)		GBP	350,000		451,355
E.ON SE, 3.88%, 01/12/2035^(b)		EUR	166,000		178,737
Grand City Properties S.A., 0.13%, 01/11/2028^(b)		EUR	100,000		90,246
Heidelberg Materials Finance (Luxembourg) S.A., 1.63%, 04/07/2026^(b)		EUR	100,000		103,151
Landesbank Baden-Wuerttemberg, 0.38%, 02/18/2027^(b)		EUR	100,000		96,579
Mercedes-Benz Group AG, 2.13%, 07/03/2037^(b)(c)		EUR	150,000		137,744
Robert Bosch GmbH
3.63%, 06/02/2030^(b)		EUR	100,000		107,038
4.00%, 06/02/2035^(b)		EUR	200,000		217,239
4.38%, 06/02/2043^(b)		EUR	200,000		218,981
RWE AG
2.50%, 08/24/2025^(b)		EUR	200,000		210,485
2.13%, 05/24/2026^(b)		EUR	133,000		138,140
2.75%, 05/24/2030^(b)		EUR	100,000		101,368
Siemens Financieringsmaatschappij N.V.
3.00%, 11/22/2028^(b)		EUR	100,000		105,903
3.13%, 05/22/2032^(b)		EUR	200,000		210,363
3.38%, 02/22/2037^(b)		EUR	100,000		104,737
3.63%, 02/22/2044^(b)		EUR	200,000		210,661
Traton Finance Luxembourg S.A., 0.75%, 03/24/2029^(b)		EUR	200,000		184,332
Volkswagen Bank GmbH, 4.25%, 01/07/2026^(b)		EUR	100,000		107,382
Volkswagen Financial Services AG
0.13%, 02/12/2027^(b)		EUR	100,000		96,978
0.88%, 01/31/2028^(b)		EUR	130,000		124,592
Volkswagen Financial Services N.V., 2.13%, 01/18/2028^(b)		GBP	200,000		222,152
Volkswagen International Finance N.V.
4.13%, 11/15/2025^(b)		EUR	100,000		107,290
3.88%, 03/29/2026^(b)		EUR	100,000		106,951
1.88%, 03/30/2027^(b)		EUR	300,000		304,109
0.88%, 09/22/2028^(b)		EUR	300,000		283,849
1.63%, 01/16/2030^(b)		EUR	75,000		71,449
3.25%, 11/18/2030^(b)		EUR	100,000		103,569
4.13%, 11/16/2038^(b)		EUR	100,000		107,662
Volkswagen Leasing GmbH, 0.38%, 07/20/2026^(b)		EUR	200,000		198,538
Vonovia SE
0.38%, 06/16/2027^(b)		EUR	100,000		95,538
0.25%, 09/01/2028^(b)		EUR	200,000		180,844


	Principal Amount			Value
Germany-(continued)
0.63%, 12/14/2029^(b)		EUR	100,000	$	87,831
0.75%, 09/01/2032^(b)		EUR	200,000		161,401
1.00%, 06/16/2033^(b)		EUR	100,000		80,169
Wintershall Dea Finance B.V.
0.84%, 09/25/2025^(b)		EUR	100,000		102,004
1.33%, 09/25/2028^(b)		EUR	200,000		188,685
1.82%, 09/25/2031^(b)		EUR	100,000		88,821

					10,467,723

Ireland-0.17%
Smurfit Kappa Acquisitions ULC, 2.88%, 01/15/2026^(b)		EUR	200,000		210,257

Italy-5.44%
Assicurazioni Generali S.p.A., 4.13%, 05/04/2026^(b)		EUR	100,000		107,676
ASTM S.p.A.
1.50%, 01/25/2030^(b)		EUR	125,000		116,568
2.38%, 11/25/2033^(b)		EUR	200,000		179,524
Autostrade per l’Italia S.p.A.
2.00%, 12/04/2028^(b)		EUR	100,000		97,720
2.00%, 01/15/2030^(b)		EUR	200,000		190,921
Enel Finance International N.V.
1.50%, 07/21/2025^(b)		EUR	100,000		104,184
1.38%, 06/01/2026^(b)		EUR	50,000		51,075
0.38%, 06/17/2027^(b)		EUR	100,000		96,675
3.88%, 03/09/2029^(b)		EUR	200,000		215,523
2.88%, 04/11/2029^(b)		GBP	300,000		337,983
0.88%, 09/28/2034^(b)		EUR	320,000		254,338
3.88%, 01/23/2035^(b)		EUR	100,000		104,967
0.88%, 06/17/2036^(b)		EUR	100,000		75,168
5.75%, 09/14/2040^(b)		GBP	450,000		559,633
Enel S.p.A., 5.75%, 06/22/2037^(b)		GBP	180,000		225,610
Eni S.p.A.
3.75%, 09/12/2025^(b)		EUR	100,000		107,068
1.50%, 02/02/2026^(b)		EUR	150,000		154,823
1.25%, 05/18/2026^(b)		EUR	100,000		101,887
0.38%, 06/14/2028^(b)		EUR	200,000		187,959
3.63%, 01/29/2029^(b)		EUR	100,000		107,278
0.63%, 01/23/2030^(b)		EUR	100,000		90,745
2.00%, 05/18/2031^(b)		EUR	150,000		143,391
4.25%, 05/19/2033^(b)		EUR	200,000		219,204
3.88%, 01/15/2034^(b)		EUR	100,000		106,192
Intesa Sanpaolo S.p.A.
0.63%, 02/24/2026^(b)		EUR	250,000		251,742
4.00%, 05/19/2026^(b)		EUR	200,000		214,603
1.00%, 11/19/2026^(b)		EUR	202,000		201,378
4.75%, 09/06/2027^(b)		EUR	150,000		164,296
0.75%, 03/16/2028^(b)		EUR	200,000		191,026
1.75%, 03/20/2028^(b)		EUR	150,000		148,852
1.75%, 07/04/2029^(b)		EUR	100,000		96,671
4.88%, 05/19/2030^(b)		EUR	100,000		112,776
5.13%, 08/29/2031^(b)		EUR	200,000		228,871
6.63%, 05/31/2033^(b)		GBP	300,000		386,858
Ryanair DAC, 0.88%, 05/25/2026^(b)		EUR	100,000		100,732
Snam S.p.A., 0.88%, 10/25/2026^(b)		EUR	209,000		208,078
UniCredit S.p.A. 0.33%, 01/19/2026^(b)		EUR	150,000		151,264

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


		22

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

April 30, 2024

(Unaudited)


	Principal Amount			Value
Italy-(continued)
2.13%, 10/24/2026^(b)		EUR	159,000	$	163,877
0.85%, 01/19/2031^(b)		EUR	213,000		187,050

					6,744,186

Japan-2.01%
Mizuho Financial Group, Inc.
5.63%, 06/13/2028^(b)		GBP	200,000		252,958
0.69%, 10/07/2030^(b)		EUR	100,000		88,247
NTT Finance Corp.
Series 16, 0.18%, 12/19/2025		JPY	100,000,000		632,814
Series 18, 0.38%, 09/20/2030		JPY	100,000,000		614,977
Sumitomo Mitsui Financial Group, Inc. 1.55%, 06/15/2026^(b)		EUR	200,000		204,443
0.63%, 10/23/2029^(b)		EUR	125,000		113,853
Takeda Pharmaceutical Co. Ltd.
2.25%, 11/21/2026^(b)		EUR	200,000		206,674
3.00%, 11/21/2030^(b)		EUR	200,000		205,933
1.38%, 07/09/2032		EUR	100,000		89,836
2.00%, 07/09/2040		EUR	100,000		81,949

					2,491,684

Luxembourg-0.08%
Logicor Financing S.a.r.l., 1.63%, 07/15/2027^(b)		EUR	100,000		97,615

Netherlands-3.82%
ABN AMRO Bank N.V.
0.60%, 01/15/2027^(b)		EUR	200,000		196,789
4.00%, 01/16/2028^(b)		EUR	200,000		215,177
5.13%, 02/22/2028^(b)		GBP	200,000		248,017
4.38%, 10/20/2028^(b)		EUR	200,000		218,518
0.50%, 09/23/2029^(b)		EUR	100,000		90,243
4.25%, 02/21/2030^(b)		EUR	100,000		109,377
1.00%, 06/02/2033^(b)		EUR	100,000		87,141
1.25%, 01/20/2034^(b)		EUR	200,000		171,006
4.50%, 11/21/2034^(b)		EUR	200,000		225,543
Cooperatieve Rabobank U.A.
4.63%, 05/23/2029^(b)		GBP	400,000		470,107
4.00%, 01/10/2030^(b)		EUR	200,000		217,072
1.13%, 05/07/2031^(b)		EUR	200,000		180,118
3.82%, 07/26/2034^(b)		EUR	100,000		107,070
ING Bank N.V., 4.13%, 10/02/2026^(b)		EUR	100,000		107,997
ING Groep N.V.
2.13%, 01/10/2026^(b)		EUR	200,000		208,236
3.00%, 02/18/2026^(b)		GBP	400,000		480,444
1.38%, 01/11/2028^(b)		EUR	100,000		99,077
2.00%, 09/20/2028^(b)		EUR	200,000		199,241
2.50%, 11/15/2030^(b)		EUR	200,000		199,667
Koninklijke KPN N.V.
5.75%, 09/17/2029^(b)		GBP	214,000		274,834
3.88%, 02/16/2036^(b)		EUR	100,000		105,159
LeasePlan Corp. N.V.
0.25%, 02/23/2026^(b)		EUR	100,000		100,051
0.25%, 09/07/2026^(b)		EUR	200,000		196,794
TenneT Holding B.V., 4.50%, 10/28/2034^(b)		EUR	200,000		229,665

					4,737,343

New Zealand-0.17%
Bank of New Zealand, 5.87%, 09/01/2028^(b)		NZD	350,000		210,254


	Principal Amount			Value
Norway-1.37%
Equinor ASA
1.38%, 05/22/2032^(b)		EUR	100,000	$	91,494
1.63%, 02/17/2035^(b)		EUR	100,000		88,454
Norway Government Bond
Series 478, 1.50%, 02/19/2026^(b)		NOK	2,600,000		224,798
Series 479, 1.75%, 02/17/2027^(b)		NOK	5,000,000		426,448
Series 480, 2.00%, 04/26/2028^(b)		NOK	3,800,000		320,473
Series 481, 1.75%, 09/06/2029^(b)		NOK	1,000,000		81,481
Series 482, 1.38%, 08/19/2030^(b)		NOK	700,000		54,816
Series 483, 1.25%, 09/17/2031^(b)		NOK	400,000		30,280
Series 484, 2.13%, 05/18/2032^(b)		NOK	700,000		55,840
Series 486, 3.00%, 08/15/2033^(b)		NOK	1,000,000		84,596
Series 487, 3.63%, 04/13/2034^(b)		NOK	400,000		35,527
SpareBank 1 SR-Bank ASA, 3.75%, 11/23/2027^(b)		EUR	100,000		107,295
Telenor ASA, 0.75%, 05/31/2026^(b)		EUR	100,000		100,944

					1,702,446

Portugal-0.16%
EDP Finance B.V., 1.88%, 09/21/2029^(b)		EUR	200,000		195,156

Spain-6.25%
Abertis Infraestructuras S.A.
2.38%, 09/27/2027^(b)		EUR	200,000		204,010
3.00%, 03/27/2031^(b)		EUR	100,000		100,839
Banco Bilbao Vizcaya Argentaria S.A.
0.75%, 06/04/2025^(b)		EUR	100,000		103,550
1.75%, 11/26/2025^(b)		EUR	200,000		207,546
1.00%, 06/21/2026^(b)		EUR	200,000		201,997
0.38%, 11/15/2026^(b)		EUR	100,000		98,419
0.50%, 01/14/2027^(b)		EUR	100,000		98,103
3.50%, 02/10/2027^(b)		EUR	100,000		105,795
3.38%, 09/20/2027^(b)		EUR	200,000		212,347
4.38%, 10/14/2029^(b)		EUR	200,000		222,183
3.88%, 01/15/2034^(b)		EUR	200,000		215,735
Banco de Sabadell S.A., 0.88%, 07/22/2025^(b)		EUR	200,000		206,608
Banco Santander S.A.
1.38%, 01/05/2026^(b)		EUR	200,000		205,676
3.75%, 01/16/2026^(b)		EUR	200,000		214,030
3.25%, 04/04/2026^(b)		EUR	200,000		210,295
1.50%, 04/14/2026^(b)		GBP	300,000		347,528
0.30%, 10/04/2026^(b)		EUR	100,000		98,718
3.13%, 01/19/2027^(b)		EUR	100,000		104,702
0.50%, 02/04/2027^(b)		EUR	200,000		195,740
1.75%, 02/17/2027^(b)		GBP	200,000		225,626
1.13%, 06/23/2027^(b)		EUR	100,000		99,038
3.88%, 01/16/2028^(b)		EUR	200,000		215,404
2.13%, 02/08/2028^(b)		EUR	200,000		200,302
0.20%, 02/11/2028^(b)		EUR	200,000		187,978
5.13%, 01/25/2030^(b)		GBP	200,000		246,548
4.25%, 06/12/2030^(b)		EUR	100,000		110,160
1.63%, 10/22/2030^(b)		EUR	100,000		90,874
5.38%, 01/17/2031^(b)		GBP	200,000		247,563
4.88%, 10/18/2031^(b)		EUR	200,000		224,393
1.00%, 11/04/2031^(b)		EUR	200,000		179,572
3.75%, 01/09/2034^(b)		EUR	200,000		213,031
CaixaBank S.A.
1.13%, 03/27/2026^(b)		EUR	100,000		101,719

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


		23

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

April 30, 2024

(Unaudited)


	Principal Amount			Value
Spain-(continued)
1.38%, 06/19/2026^(b)		EUR	100,000	$	101,327
3.75%, 09/07/2029^(b)		EUR	100,000		108,257
4.25%, 09/06/2030^(b)		EUR	200,000		220,120
4.38%, 11/29/2033^(b)		EUR	200,000		223,247
Cellnex Finance Co. S.A.
2.25%, 04/12/2026^(b)		EUR	100,000		103,512
1.00%, 09/15/2027^(b)		EUR	100,000		97,021
1.50%, 06/08/2028^(b)		EUR	100,000		97,137
2.00%, 02/15/2033^(b)		EUR	200,000		180,214
Cellnex Telecom S.A., 1.75%, 10/23/2030^(b)		EUR	100,000		92,768
Naturgy Finance B.V.
1.25%, 01/15/2026^(b)		EUR	100,000		102,489
1.38%, 01/19/2027^(b)		EUR	100,000		100,553
Santander Consumer Finance S.A., 3.75%, 01/17/2029^(b)		EUR	100,000		107,028
Telefonica Emisiones S.A.
5.38%, 02/02/2026^(b)		GBP	195,000		243,822
0.66%, 02/03/2030^(b)		EUR	200,000		182,238
2.59%, 05/25/2031^(b)		EUR	100,000		100,133

					7,755,895

Sweden-3.45%
Skandinaviska Enskilda Banken AB
3.25%, 11/24/2025^(b)		EUR	100,000		106,191
4.00%, 11/09/2026^(b)		EUR	200,000		214,602
1.75%, 11/11/2026^(b)		EUR	100,000		102,302
4.13%, 06/29/2027^(b)		EUR	100,000		108,742
3.75%, 02/07/2028^(b)		EUR	200,000		213,891
3.88%, 05/09/2028^(b)		EUR	100,000		108,025
0.38%, 06/21/2028^(b)		EUR	200,000		186,670
0.63%, 11/12/2029^(b)		EUR	200,000		182,400
Svenska Handelsbanken AB
3.75%, 05/05/2026^(b)		EUR	179,000		191,729
0.13%, 11/03/2026^(b)		EUR	100,000		98,177
3.38%, 02/17/2028^(b)		EUR	100,000		106,741
0.05%, 09/06/2028^(b)		EUR	100,000		92,675
1.38%, 02/23/2029^(b)		EUR	130,000		125,739
0.50%, 02/18/2030^(b)		EUR	200,000		179,527
Swedbank AB
3.75%, 11/14/2025^(b)		EUR	100,000		106,919
0.25%, 11/02/2026^(b)		EUR	100,000		98,678
2.10%, 05/25/2027^(b)		EUR	200,000		204,977
4.13%, 11/13/2028^(b)		EUR	100,000		109,369
Sweden Government Bond
Series 1056, 2.25%, 06/01/2032^(b)		SEK	500,000		44,798
Series 1058, 2.50%, 05/12/2025^(b)		SEK	5,000,000		451,931
Series 1059, 1.00%, 11/12/2026^(b)		SEK	5,000,000		435,323
Series 1060, 0.75%, 05/12/2028^(b)		SEK	4,000,000		338,825
Series 1061, 0.75%, 11/12/2029^(b)		SEK	1,500,000		124,649
Vattenfall AB, 6.88%, 04/15/2039^(b)		GBP	250,000		352,232

					4,285,112

Switzerland-2.32%
Credit Suisse AG
1.13%, 12/15/2025^(b)		GBP	200,000		233,942
0.25%, 01/05/2026^(b)		EUR	125,000		126,013
7.75%, 03/10/2026^(b)		GBP	300,000		390,533
1.50%, 04/10/2026^(b)		EUR	150,000		153,459
0.25%, 09/01/2028^(b)		EUR	220,000		203,100


	Principal Amount			Value
Switzerland-(continued)
Holcim Finance (Luxembourg) S.A.
2.25%, 05/26/2028^(b)		EUR	200,000	$	202,999
0.50%, 09/03/2030^(b)		EUR	100,000		87,740
Richemont International Holding S.A., 2.00%, 03/26/2038^(b)		EUR	200,000		178,653
Sika Capital B.V., 3.75%, 11/03/2026^(b)		EUR	100,000		107,058
UBS AG
0.01%, 03/31/2026^(b)		EUR	200,000		199,435
0.50%, 03/31/2031^(b)		EUR	200,000		172,392
UBS Group AG
1.25%, 09/01/2026^(b)		EUR	200,000		201,838
0.65%, 09/10/2029^(b)		EUR	100,000		90,907
0.88%, 11/03/2031^(b)		EUR	200,000		171,625
0.63%, 01/18/2033^(b)		EUR	248,000		198,867
0.63%, 02/24/2033^(b)		EUR	200,000		160,537

					2,879,098

United Kingdom-13.64%
ABP Finance PLC, 6.25%, 12/14/2026^(b)		GBP	200,000		254,867
Anglian Water Services Financing PLC, 6.00%, 06/20/2039^(b)		GBP	200,000		251,104
Annington Funding PLC
3.18%, 07/12/2029^(b)		GBP	250,000		275,873
3.69%, 07/12/2034^(b)		GBP	200,000		206,285
3.94%, 07/12/2047^(b)		GBP	300,000		273,251
B.A.T. International Finance PLC
2.25%, 06/26/2028^(b)		GBP	227,000		249,313
2.25%, 01/16/2030^(b)		EUR	200,000		193,630
6.00%, 11/24/2034^(b)		GBP	150,000		186,123
2.25%, 09/09/2052^(b)		GBP	200,000		112,182
Barclays PLC
3.00%, 05/08/2026^(b)		GBP	200,000		238,034
3.25%, 02/12/2027^(b)		GBP	450,000		528,632
Blend Funding PLC
3.46%, 09/21/2047^(b)		GBP	200,000		181,313
2.92%, 04/05/2054^(b)		GBP	200,000		155,576
British Telecommunications PLC
1.75%, 03/10/2026^(b)		EUR	200,000		205,846
1.50%, 06/23/2027^(b)		EUR	100,000		100,158
5.75%, 12/07/2028^(b)		GBP	150,000		193,479
3.13%, 11/21/2031^(b)		GBP	200,000		215,749
6.38%, 06/23/2037^(b)		GBP	200,000		261,235
Cadent Finance PLC
2.13%, 09/22/2028^(b)		GBP	250,000		275,346
2.63%, 09/22/2038^(b)		GBP	200,000		171,079
2.75%, 09/22/2046^(b)		GBP	300,000		224,361
CCEP Finance (Ireland) DAC, 0.88%, 05/06/2033^(b)		EUR	100,000		84,463
Centrica PLC
4.38%, 03/13/2029^(b)		GBP	150,000		180,518
7.00%, 09/19/2033^(b)		GBP	272,000		372,387
4.25%, 09/12/2044^(b)		GBP	250,000		251,791
Clarion Funding PLC, 3.13%, 04/19/2048^(b)		GBP	130,000		109,712
Connect Plus (M25) Issuer PLC, 2.61%, 03/31/2039^(b)		GBP	253,224		258,628

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


		24

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

April 30, 2024

(Unaudited)


	Principal Amount			Value
United Kingdom-(continued)
easyJet FinCo B.V., 1.88%, 03/03/2028^(b)		EUR	200,000	$	198,466
Heathrow Funding Ltd.
6.75%, 12/03/2026^(b)		GBP	200,000		257,379
6.45%, 12/10/2031^(b)		GBP	300,000		395,702
5.88%, 05/13/2041^(b)		GBP	300,000		374,380
4.63%, 10/31/2046^(b)		GBP	300,000		313,901
High Speed Rail Finance 1 PLC, 4.38%, 11/01/2038^(b)		GBP	250,000		285,125
Housing & Care 21, 3.29%, 11/08/2049^(b)		GBP	200,000		171,313
HSBC Holdings PLC
3.00%, 06/30/2025^(b)		EUR	200,000		211,269
2.50%, 03/15/2027^(b)		EUR	200,000		207,185
2.63%, 08/16/2028^(b)		GBP	400,000		448,383
7.00%, 04/07/2038^(b)		GBP	250,000		331,159
Imperial Brands Finance Netherlands B.V., 1.75%, 03/18/2033^(b)		EUR	100,000		84,850
Imperial Brands Finance PLC
5.50%, 09/28/2026^(b)		GBP	150,000		187,057
4.88%, 06/07/2032^(b)		GBP	200,000		230,304
Lloyds Bank Corporate Markets PLC, 2.38%, 04/09/2026^(b)		EUR	100,000		104,269
Lloyds Banking Group PLC, 1.50%, 09/12/2027^(b)		EUR	100,000		99,795
Motability Operations Group PLC
3.88%, 01/24/2034^(b)		EUR	100,000		106,986
3.63%, 03/10/2036^(b)		GBP	200,000		214,494
2.13%, 01/18/2042^(b)		GBP	300,000		237,989
5.63%, 01/24/2054^(b)		GBP	100,000		126,605
National Grid Electricity Distribution (West Midlands) PLC, 5.75%, 04/16/2032^(b)		GBP	225,000		284,878
National Grid PLC, 4.28%, 01/16/2035^(b)		EUR	100,000		108,160
Nationwide Building Society
0.25%, 07/22/2025^(b)		EUR	200,000		205,083
4.50%, 11/01/2026^(b)		EUR	100,000		108,769
6.13%, 08/21/2028^(b)		GBP	200,000		257,262
NatWest Markets PLC
0.13%, 11/12/2025^(b)		EUR	100,000		101,123
0.13%, 06/18/2026^(b)		EUR	200,000		198,373
6.63%, 06/22/2026^(b)		GBP	200,000		256,075
1.38%, 03/02/2027^(b)		EUR	100,000		100,265
6.38%, 11/08/2027^(b)		GBP	255,000		328,984
Places For People Treasury PLC, 6.25%, 12/06/2041^(b)		GBP	200,000		259,940
Sanctuary Capital PLC, 2.38%, 04/14/2050^(b)		GBP	200,000		144,172
Santander UK Group Holdings PLC, 3.63%, 01/14/2026^(b)		GBP	150,000		182,061
Scottish Hydro Electric Transmission PLC, 5.50%, 01/15/2044^(b)		GBP	100,000		120,967
Scottish Widows Ltd., 7.00%, 06/16/2043^(b)		GBP	150,000		200,023
Severn Trent Utilities Finance PLC, 3.63%, 01/16/2026^(b)		GBP	200,000		242,982
Sky Ltd., 2.50%, 09/15/2026^(b)		EUR	100,000		104,131
SSE PLC, 8.38%, 11/20/2028^(b)		GBP	183,000		258,414


	Principal Amount			Value
United Kingdom-(continued)
Standard Chartered PLC
5.13%, 06/06/2034^(b)		GBP	200,000	$	231,485
4.38%, 01/18/2038^(b)		GBP	200,000		220,328
T.H.F.C. (Funding No.3) PLC, 5.20%, 10/11/2043^(b)		GBP	300,000		359,192
Thames Water Utilities Finance PLC 4.38%, 01/18/2031^(b)		EUR	100,000		93,011
5.13%, 09/28/2037^(b)		GBP	200,000		208,802
5.50%, 02/11/2041^(b)		GBP	200,000		206,382
7.75%, 04/30/2044^(b)		GBP	200,000		237,579
Vodafone Group PLC
1.88%, 09/11/2025^(b)		EUR	100,000		104,416
1.13%, 11/20/2025^(b)		EUR	100,000		102,881
1.63%, 11/24/2030^(b)		EUR	200,000		188,862
1.60%, 07/29/2031^(b)		EUR	151,000		140,487
3.38%, 08/08/2049^(b)		GBP	300,000		254,225
5.13%, 12/02/2052^(b)		GBP	200,000		222,986
3.00%, 08/12/2056^(b)		GBP	400,000		295,432

					16,925,276

United States-2.78%
BG Energy Capital PLC, 5.00%, 11/04/2036^(b)		GBP	250,000		303,759
BP Capital Markets PLC
2.52%, 04/07/2028^(b)		EUR	100,000		102,935
1.23%, 05/08/2031^(b)		EUR	100,000		90,740
2.82%, 04/07/2032^(b)		EUR	100,000		100,445
Medtronic Global Holdings S.C.A.
3.13%, 10/15/2031		EUR	100,000		104,335
3.38%, 10/15/2034		EUR	100,000		104,881
1.38%, 10/15/2040		EUR	200,000		152,055
1.63%, 10/15/2050		EUR	100,000		69,781
Shell International Finance B.V.
2.50%, 03/24/2026		EUR	150,000		157,566
1.63%, 01/20/2027^(b)		EUR	200,000		205,109
0.50%, 11/08/2031^(b)		EUR	100,000		86,168
1.88%, 04/07/2032^(b)		EUR	100,000		94,747
1.25%, 11/11/2032^(b)		EUR	100,000		89,334
0.88%, 11/08/2039^(b)		EUR	200,000		142,646
1.75%, 09/10/2052^(b)		GBP	200,000		118,829
Stellantis N.V.
3.88%, 01/05/2026^(b)		EUR	100,000		107,119
2.75%, 05/15/2026^(b)		EUR	100,000		104,795
0.63%, 03/30/2027^(b)		EUR	100,000		98,214
4.50%, 07/07/2028^(b)		EUR	200,000		220,811
0.75%, 01/18/2029^(b)		EUR	100,000		93,489
4.38%, 03/14/2030^(b)		EUR	200,000		221,044
4.25%, 06/16/2031^(b)		EUR	200,000		219,130
2.75%, 04/01/2032^(b)		EUR	100,000		98,895
1.25%, 06/20/2033^(b)		EUR	200,000		170,826
Toyota Motor Credit Corp., 0.13%, 11/05/2027^(b)		EUR	200,000		190,642

					3,448,295

Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $133,412,129)					121,905,809

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


		25

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

April 30, 2024

(Unaudited)


	Shares		Value
Money Market Funds-0.15%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%^(d)(e)(Cost $183,894)		183,894	$	183,894

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.41% (Cost $133,596,023)				122,089,703


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.12%
Invesco Private Government Fund, 5.29%^(d)(e)(f)	41,795	41,795


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.46%^(d)(e)(f)		104,406	$	104,437

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $146,234)				146,232

TOTAL INVESTMENTS IN SECURITIES-98.53% (Cost $133,742,257)				122,235,935
OTHER ASSETS LESS LIABILITIES-1.47%				1,820,644

NET ASSETS-100.00%.			$	124,056,579

Investment Abbreviations:

AUD-Australian Dollar

CAD-Canadian Dollar

EUR-Euro GBP-British Pound Sterling

JPY-Japanese Yen

NOK-Norwegian Krone

NZD-New Zealand Dollar

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 April 30, 2024 was $96,570,115, which represented 77.84% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at April 30, 2024.

^(d)


	Value October 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	51,669		$	4,304,851		$	(4,172,626	)		$	-			$	-		$	183,894		$	3,637
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			36,733			135,400			(130,338	)			-				-			41,795			1,125	*
Invesco Private Prime Fund			93,585			288,603			(277,769	)			(5	)			23			104,437			2,989	*

Total		$	181,987		$	4,728,854		$	(4,580,733	)		$	(5	)		$	23		$	330,126		$	7,751

*	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 April 30, 2024.

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

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


		26

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

April 30, 2024

(Unaudited)

Portfolio Composition

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

as of April 30, 2024



Financials			53.78

Utilities			13.77

Industrials			6.63

Communication Services			6.37

Energy			4.27

Consumer Discretionary			3.94

Sector Types Each Less Than 3%			9.50

Money Market Funds Plus Other Assets Less Liabilities			1.74

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


		27

Statements of Assets and Liabilities

April 30, 2024

(Unaudited)


	Invesco 0-5 Yr US TIPS ETF (PBTP)				Invesco Emerging Markets Sovereign Debt ETF (PCY)				Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)				Invesco International Corporate Bond ETF (PICB)
Assets:
Unaffiliated investments in securities, at value^(a)		$	53,524,061			$	1,418,036,058			$	131,949,451			$	121,905,809
Affiliated investments in securities, at value			97,585				62,954,885				9,382,926				330,126
Cash			-				-				141,485				-
Foreign currencies, at value			-				98,621				22,395				24,850
Deposits with brokers:
Cash segregated as collateral			-				1,266,047				-				-
Receivable for:
Dividends and interest			89,621				20,543,250				2,199,389				1,836,398
Securities lending			-				29,500				9,003				40
Investments sold			2,977,757				-				623,888				3,231,598
Fund shares sold			-				1,208,491				-				-
Foreign tax reclaims			-				-				-				4,245
Investments matured, at value			-				-				124,640				-

Total assets			56,689,024				1,504,136,852				144,453,177				127,333,066


Liabilities:
Due to custodian			-				9,969				-				-
Payable for:
Investments purchased			3,064,392				1,208,491				1,255,166				3,079,294
Collateral upon return of securities loaned			-				57,902,894				8,529,136				146,234
Collateral upon receipt of securities in-kind			-				1,266,047				-				-
Accrued unitary management fees			3,528				602,456				38,468				50,959

Total liabilities			3,067,920				60,989,857				9,822,770				3,276,487

Net Assets		$	53,621,104			$	1,443,146,995			$	134,630,407			$	124,056,579


Net assets consist of:
Shares of beneficial interest		$	57,336,438			$	2,685,520,017			$	180,436,138			$	145,451,085
Distributable earnings (loss)			(3,715,334	)			(1,242,373,022	)			(45,805,731	)			(21,394,506	)

Net Assets		$	53,621,104			$	1,443,146,995			$	134,630,407			$	124,056,579

Shares outstanding (unlimited amount authorized, $0.01 par value)			2,140,001				73,100,000				6,950,000				5,700,000
Net asset value		$	25.06			$	19.74			$	19.37			$	21.76

Market price		$	25.05			$	19.63			$	19.35			$	21.74

Unaffiliated investments in securities, at cost		$	55,898,451			$	1,644,853,616			$	132,302,009			$	133,412,129

Affiliated investments in securities, at cost		$	97,585			$	62,961,315			$	9,383,769			$	330,128

Foreign currencies, at cost		$	-			$	98,086			$	20,810			$	24,842

Investments matured, at cost		$	-			$	-			$	5,728,037			$	-

^(a)Includes securities on loan with an aggregate value of:		$	-			$	55,250,593			$	8,148,858			$	135,908

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

Statements of Operations

For the six months ended April 30, 2024

(Unaudited)


	Invesco 0-5 Yr US TIPS ETF (PBTP)				Invesco Emerging Markets Sovereign Debt ETF (PCY)				Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)				Invesco International Corporate Bond ETF (PICB)
Investment income:
Unaffiliated interest income		$	580,131			$	51,546,795			$	5,321,032			$	2,170,543
Unaffiliated dividend income			-				165				42				975
Affiliated dividend income			1,190				122,556				19,165				3,637
Securities lending income, net			-				163,909				22,067				93
Foreign withholding tax			-				-				-				(1,129	)

Total investment income			581,321				51,833,425				5,362,306				2,174,119


Expenses:
Unitary management fees			24,193				3,623,488				233,052				315,389

Less: Waivers			(22	)			(2,278	)			(355	)			(66	)

Net expenses			24,171				3,621,210				232,697				315,323

Net investment income			557,150				48,212,215				5,129,609				1,858,796


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(382,681	)			(26,143,071	)			(2,870,491	)			(1,025,226	)
Affiliated investment securities			-				11,070				464				23
In-kind redemptions			(401,686	)			54,984				131,770				27,218
Foreign currencies			-				148				(657	)			(5,138	)

Net realized gain (loss)			(784,367	)			(26,076,869	)			(2,738,914	)			(1,003,123	)

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			2,289,056				159,412,591				8,445,151				6,814,619
Affiliated investment securities			-				(7,253	)			(950	)			(5	)
Foreign currencies			-				444				1,164				19,084

Change in net unrealized appreciation			2,289,056				159,405,782				8,445,365				6,833,698

Net realized and unrealized gain			1,504,689				133,328,913				5,706,451				5,830,575

Net increase in net assets resulting from operations		$	2,061,839			$	181,541,128			$	10,836,060			$	7,689,371

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

Statements of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)


								Invesco Emerging
	Invesco 0-5 Yr US							Markets Sovereign
	TIPS ETF (PBTP)							Debt ETF (PCY)
	Six Months Ended April 30, 2024				Year Ended October 31, 2023			Six Months Ended April 30, 2024				Year Ended October 31, 2023
Operations:
Net investment income		$	557,150		$	2,289,939			$	48,212,215		$	107,478,960
Net realized gain (loss)			(784,367	)		(3,324,374	)			(26,076,869	)		(151,216,714	)
Change in net unrealized appreciation			2,289,056			3,642,001				159,405,782			221,762,865

Net increase in net assets resulting from operations			2,061,839			2,607,566				181,541,128			178,025,111


Distributions to Shareholders from:
Distributable earnings			(468,807	)		(2,729,272	)			(49,638,648	)		(106,197,876	)
Return of capital			-			-				-			-

Total distributions to shareholders			(468,807	)		(2,729,272	)			(49,638,648	)		(106,197,876	)


Shareholder Transactions:
Proceeds from shares sold			6,643,106			8,165,188				158,590,279			251,632,488
Value of shares repurchased			(23,708,638	)		(60,585,301	)			(131,577,314	)		(468,608,044	)
Transaction fees			-			-				-			-

Net increase (decrease) in net assets resulting from share transactions			(17,065,532	)		(52,420,113	)			27,012,965			(216,975,556	)

Net increase (decrease) in net assets			(15,472,500	)		(52,541,819	)			158,915,445			(145,148,321	)


Net assets:
Beginning of period			69,093,604			121,635,423				1,284,231,550			1,429,379,871

End of period		$	53,621,104		$	69,093,604			$	1,443,146,995		$	1,284,231,550


Changes in Shares Outstanding:
Shares sold			270,000			330,000				7,900,000			13,300,000
Shares repurchased			(950,000	)		(2,460,000	)			(6,600,000	)		(25,000,000	)
Shares outstanding, beginning of period			2,820,001			4,950,001				71,800,000			83,500,000

Shares outstanding, end of period			2,140,001			2,820,001				73,100,000			71,800,000

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



Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)							Invesco International Corporate Bond ETF (PICB)
Six Months Ended April 30, 2024				Year Ended October 31, 2023			Six Months Ended April 30, 2024				Year Ended October 31, 2023

	$	5,129,609		$	12,557,612			$	1,858,796		$	2,649,044
		(2,738,914	)		(9,429,798	)			(1,003,123	)		(5,441,321	)
		8,445,365			6,286,325				6,833,698			9,420,565

		10,836,060			9,414,139				7,689,371			6,628,288


		(5,368,342	)		(12,537,741	)			(1,818,825	)		(1,278,167	)
		-			(118,421	)			-			(1,282,836	)

		(5,368,342	)		(12,656,162	)			(1,818,825	)		(2,561,003	)


		3,911,078			42,370,320				9,992,132			31,217,252
		(4,904,440	)		(95,776,785	)			(7,737,669	)		(16,989,753	)
		-			-				16,710			10,978

		(993,362	)		(53,406,465	)			2,271,173			14,238,477

		4,474,356			(56,648,488	)			8,141,719			18,305,762


		130,156,051			186,804,539				115,914,860			97,609,098

	$	134,630,407		$	130,156,051			$	124,056,579		$	115,914,860


		200,000			2,200,000				450,000			1,450,000
		(250,000	)		(5,000,000	)			(350,000	)		(800,000	)
		7,000,000			9,800,000				5,600,000			4,950,000

		6,950,000			7,000,000				5,700,000			5,600,000

Financial Highlights

Invesco 0-5 Yr US TIPS ETF (PBTP)


	Six Months Ended April 30, 2024				Years Ended October 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	24.50			$	24.57			$	26.68			$	25.74			$	24.89			$	24.40

Net investment income^(a)			0.20				0.61				1.58				1.12				0.35				0.59
Net realized and unrealized gain (loss) on investments			0.52				0.04				(2.29	)			0.53				0.71				0.39

Total from investment operations			0.72				0.65				(0.71	)			1.65				1.06				0.98

Distributions to shareholders from:
Net investment income			(0.16	)			(0.71	)			(1.39	)			(0.69	)			(0.21	)			(0.49	)
Net realized gains			-				(0.01	)			(0.01	)			(0.02	)			-				-

Total distributions			(0.16	)			(0.72	)			(1.40	)			(0.71	)			(0.21	)			(0.49	)

Net asset value at end of period		$	25.06			$	24.50			$	24.57			$	26.68			$	25.74			$	24.89

Market price at end of period^(b)		$	25.05			$	24.51			$	24.59			$	26.70			$	25.75			$	24.90

Net Asset Value Total Return^(c)			2.94	%			2.66	%			(2.79	)%			6.46	%			4.28	%			4.04	%
Market Price Total Return^(c)			2.86	%			2.62	%			(2.78	)%			6.50	%			4.28	%			4.07	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	53,621			$	69,094			$	121,635			$	52,826			$	12,870			$	7,467
Ratio to average net assets of:
Expenses			0.07	%^(d)			0.07	%			0.07	%			0.07	%			0.07	%			0.20	%^(e)
Net investment income			1.61	%^(d)			2.47	%			6.14	%			4.26	%			1.40	%			2.39	%^(e)
Portfolio turnover rate^(f)			19	%			33	%			27	%			28	%			29	%			30	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

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

^(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.


		32

Financial Highlights–(continued)

Invesco Emerging Markets Sovereign Debt ETF (PCY)


	Six Months Ended April 30, 2024				Years Ended October 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	17.89			$	17.12			$	26.76			$	26.89			$	29.12			$	26.20

Net investment income^(a)			0.66				1.30				1.25				1.23				1.28				1.41
Net realized and unrealized gain (loss) on investments			1.87				0.76				(9.61	)			(0.10	)			(2.20	)			2.93

Total from investment operations			2.53				2.06				(8.36	)			1.13				(0.92	)			4.34

Distributions to shareholders from:
Net investment income			(0.68	)			(1.29	)			(1.28	)			(1.26	)			(1.31	)			(1.42	)

Net asset value at end of period		$	19.74			$	17.89			$	17.12			$	26.76			$	26.89			$	29.12

Market price at end of period^(b)		$	19.63			$	17.83			$	16.88			$	26.73			$	26.81			$	29.13

Net Asset Value Total Return^(c)			14.19	%			11.89	%			(31.97	)%			4.17	%			(3.07	)%			16.91	%
Market Price Total Return^(c)			13.93	%			13.12	%			(32.83	)%			4.38	%			(3.38	)%			17.28	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,443,147			$	1,284,232			$	1,429,380			$	2,723,916			$	2,675,446			$	3,535,387
Ratio to average net assets of:
Expenses			0.50	%^(d)			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%
Net investment income			6.65	%^(d)			6.84	%			5.73	%			4.47	%			4.63	%			5.03	%
Portfolio turnover rate^(e)			19	%			32	%			40	%			41	%			28	%			28	%

^(a)	Based on average shares outstanding.

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

^(c)

^(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.


		33

Financial Highlights–(continued)

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)


	Six Months Ended April 30, 2024				Years Ended October 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	18.59			$	19.06			$	21.59			$	21.58			$	22.82			$	23.14

Net investment income^(a)			0.75				1.39				0.86				0.96				1.18				1.20
Net realized and unrealized gain (loss) on investments			0.81				(0.43	)			(2.40	)			0.18				(1.20	)			(0.32	)

Total from investment operations.			1.56				0.96				(1.54	)			1.14				(0.02	)			0.88

Distributions to shareholders from:
Net investment income			(0.78	)			(1.42	)			(0.87	)			(0.96	)			(1.19	)			(1.20	)
Return of capital			-				(0.01	)			(0.12	)			(0.17	)			(0.03	)			-

Total distributions			(0.78	)			(1.43	)			(0.99	)			(1.13	)			(1.22	)			(1.20	)

Net asset value at end of period		$	19.37			$	18.59			$	19.06			$	21.59			$	21.58			$	22.82

Market price at end of period^(b)		$	19.35			$	18.55			$	18.96			$	21.62			$	21.59			$	22.81

Net Asset Value Total Return^(c)			8.44	%			5.06	%			(7.26	)%			5.33	%			0.02	%			3.90	%
Market Price Total Return^(c)			8.55	%			5.40	%			(7.87	)%			5.42	%			0.15	%			4.36	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	134,630			$	130,156			$	186,805			$	236,363			$	196,355			$	230,477
Ratio to average net assets of:
Expenses			0.35	%^(d)			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%
Net investment income			7.70	%^(d)			7.22	%			4.29	%			4.36	%			5.39	%			5.21	%
Portfolio turnover rate^(e)			11	%			141	%			58	%			59	%			54	%			57	%

^(a)	Based on average shares outstanding.

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

^(c)

^(d)	Annualized.

^(e)

Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended October 31, 2023, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund’s portfolio holdings due to the underlying index change.

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


		34

Financial Highlights–(continued)

Invesco International Corporate Bond ETF (PICB)


	Six Months Ended April 30, 2024				Years Ended October 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	20.70			$	19.72			$	28.27			$	28.10			$	26.96			$	25.31

Net investment income^(a)			0.32				0.50				0.26				0.29				0.34				0.39
Net realized and unrealized gain (loss) on investments			1.06				0.97				(8.39	)			0.20				1.13				1.65

Total from investment operations			1.38				1.47				(8.13	)			0.49				1.47				2.04

Distributions to shareholders from:
Net investment income			(0.32	)			(0.25	)			(0.14	)			(0.29	)			(0.34	)			(0.23	)
Net realized gains			-				-				(0.09	)			(0.03	)			-				-
Return of capital			-				(0.24	)			(0.19	)			-				-				(0.16	)

Total distributions			(0.32	)			(0.49	)			(0.42	)			(0.32	)			(0.34	)			(0.39	)

Transaction fees^(a)			0.00	^(b)			0.00	^(b)			0.00	^(b)			0.00	^(b)			0.01				0.00	^(b)

Net asset value at end of period		$	21.76			$	20.70			$	19.72			$	28.27			$	28.10			$	26.96

Market price at end of period^(c)		$	21.74			$	20.75			$	19.73			$	28.31			$	28.15			$	26.84

Net Asset Value Total Return^(d)			6.64	%			7.38	%			(29.02	)%			1.73	%			5.57	%			8.12	%
Market Price Total Return^(d)			6.28	%			7.58	%			(29.09	)%			1.69	%			6.24	%			7.77	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	124,057			$	115,915			$	97,609			$	122,979			$	118,025			$	111,878
Ratio to average net assets of:
Expenses			0.50	%^(e)			0.50	%			0.50	%			0.50	%			0.50	%			0.51	%^(f)
Net investment income			2.95	%^(e)			2.36	%			1.08	%			0.99	%			1.27	%			1.49	%^(f)
Portfolio turnover rate^(g)			15	%			34	%			28	%			22	%			22	%			23	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

^(e)	Annualized.

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

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

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


		35

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

April 30, 2024

(Unaudited)

NOTE 1–Organization

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


Full Name		Short Name

Invesco 0-5 Yr US TIPS ETF (PBTP)		“0-5 Yr US TIPS ETF”

Invesco Emerging Markets Sovereign Debt ETF (PCY)		“Emerging Markets Sovereign Debt ETF”

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)		“Global ex-US High Yield Corporate 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 the following exchanges:


Fund		Exchange

0-5 Yr US TIPS ETF		Cboe BZX Exchange, Inc.

Emerging Markets Sovereign Debt ETF		NYSE Arca, Inc.

Global ex-US High Yield Corporate Bond ETF		NYSE Arca, Inc.

International Corporate Bond 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.

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

0-5 Yr US TIPS ETF		ICE BofA 0-5 Year US Inflation-Linked Treasury Index^SM

Emerging Markets Sovereign Debt ETF		DBIQ Emerging Market USD Liquid Balanced Index

Global ex-US High Yield Corporate Bond ETF		ICE USD Global High Yield Excluding US Issuers Constrained 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.

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

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.


		36

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.

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.


		37

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.

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.

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.

Dividends and Distributions to Shareholders - Each Fund (except 0-5 Yr US TIPS ETF) declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. 0-5 Yr US TIPS ETF 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.

Foreign Withholding Taxes - Certain Funds are subject to foreign withholding tax imposed by certain foreign countries in which the Funds 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. Certain Funds may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. Certain Funds will record a receivable for such tax


		38

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. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.

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 by investment companies. Any 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. Certain Funds 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 six months ended April 30, 2024, the Funds did not enter into any closing agreements.

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.

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.

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 or the Adviser (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.

Treasury Inflation-Protected Securities - 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.


		39

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 securities 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 six months ended April 30, 2024, there were no affiliated securities lending transactions with Invesco.

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.

The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

M.	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.


		40

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 Fixed-Income Market Conditions Risk. Increases in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility and reduced liquidity for certain fixed-income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of a Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal redemptions by APs which could potentially increase a Fund’s portfolio turnover rate and transaction costs.

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

Emerging Markets Sovereign Debt Risk. Government obligors in emerging market countries are among the world’s largest debtors to commercial banks, other governments, international financial organizations and other financial institutions. Historically, certain issuers of the government debt securities in which Emerging Markets Sovereign Debt ETF may invest have experienced substantial difficulties in meeting their external debt obligations, resulting in defaults on certain obligations and the restructuring of certain indebtedness. Such restructuring arrangements have included obtaining additional credit to finance outstanding obligations and the reduction and rescheduling of payments of interest and principal through the negotiation of new or amended credit agreements.

Financial Markets Regulatory Risk. Policy changes by the U.S. Government or its regulatory agencies and other governmental actions and political events within the U.S. and abroad, changes to the monetary policy by the Federal Reserve or other regulatory actions, the U.S. government’s inability at times to agree on a long-term budget and deficit reduction plan or other legislation aimed at addressing financial or economic conditions, the threat of a federal government shutdown, and threats not to increase or suspend the federal government’s debt limit, may affect investor and consumer confidence, increase volatility in the financial markets, perhaps suddenly and to a significant degree, result in higher interest rates, and even raise concerns about the U.S. Government’s credit rating and ability to service its debt. Such changes and events may adversely impact the Funds, including by adversely impacting the Funds’ operations, universe of potential investment options, and return potential.

Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

Foreign Fixed-Income Investment Risk. For certain Funds, investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs.

Geographic Concentration Risk. A Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on a Fund’s investment performance. For example, a natural or other disaster could occur in a country or geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact the Fund’s investments in the affected region.


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Index Risk. Unlike many investment companies that are “actively managed”, each Fund is a “passive” investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective 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. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security’s current market value.

An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. 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. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund’s performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

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. 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, military conflicts, acts of terrorism, economic crises 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 methodology 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” or “high yield 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.

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.

Restricted Securities Risk. Certain Funds may invest in restricted securities, including those that may be resold only in accordance with Regulation S under the Securities Act of 1933. Regulation S securities are securities of U.S. and non-U.S.


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issuers initially offered and sold outside the United States without registration with the SEC. Accordingly, the liquidity of the market for specific Regulation S securities may vary. Delay or difficulty in selling such securities may result in a loss to the Funds.

Sampling Risk. Certain Funds’ use of a representative sampling methodology 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.

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 U.S. 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, which may be negatively affected by an actual or threatened failure of the U.S. Government to pay its obligation. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate.

Valuation Risk. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater 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.

NOTE 3–Investment Advisory Agreement and Other Agreements


		Unitary Management Fees
		(as a % of average daily net assets)

0-5 Yr US TIPS ETF		0.07%

Emerging Markets Sovereign Debt ETF		0.50%

Global ex-US High Yield Corporate Bond ETF		0.35%

International Corporate Bond ETF		0.50%

Through at least August 31, 2026, 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.


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For the six months ended April 30, 2024, the Adviser waived fees for each Fund in the following amounts:



0-5 Yr US TIPS ETF	$	22

Emerging Markets Sovereign Debt ETF		2,278

Global ex-US High Yield Corporate Bond ETF		355

International Corporate Bond ETF		66

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


Fund		Licensor

0-5 Yr US TIPS ETF		ICE Data Indices, LLC

Emerging Markets Sovereign Debt ETF		Deutsche Bank Securities Inc.

Global ex-US High Yield Corporate Bond ETF		ICE Data Indices, LLC

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.

NOTE 4–Additional Valuation Information


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 April 30, 2024. 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

0-5 Yr US TIPS ETF

Investments in Securities

U.S. Treasury Securities		$	-		$	53,524,061		$	-		$	53,524,061

Money Market Funds			97,585			-			-			97,585

Total Investments		$	97,585		$	53,524,061		$	-		$	53,621,646


Emerging Markets Sovereign Debt ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	1,418,036,058		$	-		$	1,418,036,058

Money Market Funds			5,058,421			57,896,464			-			62,954,885

Total Investments		$	5,058,421		$	1,475,932,522		$	-		$	1,480,990,943


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	Level 1			Level 2			Level 3			Total

Global ex-US High Yield Corporate Bond ETF

Investments in Securities

U.S. Dollar Denominated Bonds & Notes		$	-		$	131,530,068		$	0		$	131,530,068

Common Stocks & Other Equity Interests			5,768			263,615			0			269,383

Preferred Stocks			-			-			150,000			150,000

Money Market Funds			854,633			8,528,293			-			9,382,926

Total Investments in Securities			860,401			140,321,976			150,000			141,332,377

Other Investments - Assets

Investments Matured			-			122,610			2,030			124,640

Total Investments		$	860,401		$	140,444,586		$	152,030		$	141,457,017


International Corporate Bond ETF

Investments in Securities

Non-U.S. Dollar Denominated Bonds & Notes		$	-		$	121,905,809		$	-		$	121,905,809

Money Market Funds			183,894			146,232			-			330,126

Total Investments		$	183,894		$	122,052,041		$	-		$	122,235,935

NOTE 5–Tax Information

The Funds had capital loss carryforwards as of October 31, 2023, as follows:


	No expiration
	Short-Term		Long-Term		Total*

0-5 Yr US TIPS ETF	$	120,926	$	593,772	$	714,698

Emerging Markets Sovereign Debt ETF		322,072,748		662,968,648		985,041,396

Global ex-US High Yield Corporate Bond ETF		9,658,718		27,191,373		36,850,091

International Corporate Bond ETF		3,042,107		5,458,811		8,500,918

*	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


	Purchases		Sales

0-5 Yr US TIPS ETF	$	-	$	-

Emerging Markets Sovereign Debt ETF		273,452,584		268,259,226

Global ex-US High Yield Corporate Bond ETF		13,728,517		14,210,844

International Corporate Bond ETF		24,862,438		18,902,378

For the six months ended April 30, 2024, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales

0-5 Yr US TIPS ETF	$	5,409,977	$	21,886,881

Emerging Markets Sovereign Debt ETF		142,090,111		128,704,994

Global ex-US High Yield Corporate Bond ETF		3,844,746		4,904,587

International Corporate Bond ETF		3,157,989		7,528,761

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


		45


	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)			Cost

0-5 Yr US TIPS ETF	$	688	$	(2,590,729	)	$	(2,590,041	)	$	56,211,687

Emerging Markets Sovereign Debt ETF		31,759,180		(262,868,834	)		(231,109,654	)		1,712,100,597

Global ex-US High Yield Corporate Bond ETF		3,490,702		(9,470,687	)		(5,979,985	)		147,437,002

International Corporate Bond ETF		1,328,890		(13,240,219	)		(11,911,329	)		134,147,264

NOTE 7–Trustees’ and Officer’s Fees

The Trust has adopted a deferred compensation plan (the “Plan”). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a “Participating Trustee”) may defer receipt of all or a portion of their compensation (“Deferral Fees”). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

NOTE 8–Capital

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.


		46

Calculating your ongoing Fund expenses

Example

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2023 through April 30, 2024.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value November 1, 2023		Ending Account Value April 30, 2024		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period⁽¹⁾
Invesco 0-5 Yr US TIPS ETF (PBTP)

Actual		$1,000.00		$1,029.40		0.07	%		$0.35

Hypothetical (5% return before expenses)		1,000.00		1,024.52		0.07			0.35

Invesco Emerging Markets Sovereign Debt ETF (PCY)

Actual		1,000.00		1,141.90		0.50			2.66

Hypothetical (5% return before expenses)		1,000.00		1,022.38		0.50			2.51
Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)

Actual		1,000.00		1,084.40		0.35			1.81

Hypothetical (5% return before expenses)		1,000.00		1,023.12		0.35			1.76

Invesco International Corporate Bond ETF (PICB)

Actual		1,000.00		1,066.40		0.50			2.57

Hypothetical (5% return before expenses)		1,000.00		1,022.38		0.50			2.51

⁽¹⁾

Approval of Investment Advisory and Sub-Advisory Contracts


Invesco 0-5 Yr US TIPS ETF		Invesco PHLX Semiconductor ETF
Invesco Alerian Galaxy Blockchain Users and Decentralized		Invesco Preferred ETF
Commerce ETF		Invesco Russell 1000 Equal Weight ETF
Invesco Alerian Galaxy Crypto Economy ETF		Invesco S&P 500^® Enhanced Value ETF
Invesco California AMT-Free Municipal Bond ETF		Invesco S&P 500^® ex-Rate Sensitive Low Volatility ETF
Invesco CEF Income Composite ETF		Invesco S&P 500^® High Beta ETF
Invesco China Technology ETF		Invesco S&P 500^® High Dividend Low Volatility ETF
Invesco Dorsey Wright Developed Markets Momentum ETF		Invesco S&P 500^® Low Volatility ETF
Invesco Dorsey Wright Emerging Markets Momentum ETF		Invesco S&P 500 Minimum Variance ETF
Invesco Dorsey Wright SmallCap Momentum ETF		Invesco S&P 500^® Momentum ETF
Invesco Emerging Markets Sovereign Debt ETF		Invesco S&P 500 QVM Multi-factor ETF
Invesco Equal Weight 0-30 Year Treasury ETF		Invesco S&P 500 Revenue ETF
Invesco ESG NASDAQ 100 ETF		Invesco S&P Emerging Markets Low Volatility ETF
Invesco ESG NASDAQ Next Gen 100 ETF		Invesco S&P Emerging Markets Momentum ETF
Invesco ESG S&P 500 Equal Weight ETF		Invesco S&P International Developed Low Volatility ETF
Invesco Floating Rate Municipal Income ETF		Invesco S&P International Developed Momentum ETF
Invesco FTSE RAFI Developed Markets ex-U.S. ETF		Invesco S&P International Developed Quality ETF
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		Invesco S&P MidCap 400 QVM Multi-factor ETF
Invesco FTSE RAFI Emerging Markets ETF		Invesco S&P MidCap 400 Revenue ETF
Invesco Fundamental High Yield^® Corporate Bond ETF		Invesco S&P MidCap Low Volatility ETF
Invesco Fundamental Investment Grade Corporate Bond ETF		Invesco S&P SmallCap 600 QVM Multi-factor ETF
Invesco Global Clean Energy ETF		Invesco S&P SmallCap 600 Revenue ETF
Invesco Global ex-US High Yield Corporate Bond ETF		Invesco S&P SmallCap Consumer Discretionary ETF
Invesco Global Water ETF		Invesco S&P SmallCap Consumer Staples ETF
Invesco International BuyBack Achievers^™ ETF		Invesco S&P SmallCap Energy ETF
Invesco International Corporate Bond ETF		Invesco S&P SmallCap Financials ETF
Invesco KBW Bank ETF		Invesco S&P SmallCap Health Care ETF
Invesco KBW High Dividend Yield Financial ETF		Invesco S&P SmallCap High Dividend Low Volatility ETF
Invesco KBW Premium Yield Equity REIT ETF		Invesco S&P SmallCap Industrials ETF
Invesco KBW Property & Casualty Insurance ETF		Invesco S&P SmallCap Information Technology ETF
Invesco KBW Regional Banking ETF		Invesco S&P SmallCap Low Volatility ETF
Invesco MSCI Green Building ETF		Invesco S&P SmallCap Materials ETF
Invesco MSCI USA ETFInvesco NASDAQ 100 ETF		Invesco S&P SmallCap Quality ETF
Invesco Nasdaq Biotechnology ETF		Invesco S&P SmallCap Utilities & Communication Services ETF
Invesco NASDAQ Future Gen 200 ETF		Invesco S&P Ultra Dividend Revenue ETF
Invesco NASDAQ Metaverse ETF		Invesco Senior Loan ETF
Invesco NASDAQ Next Gen 100 ETF		Invesco Short Term Treasury ETF
Invesco National AMT-Free Municipal Bond ETF		Invesco Taxable Municipal Bond ETF
Invesco New York AMT-Free Municipal Bond ETF		Invesco Variable Rate Preferred ETF


		48

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

Investment Advisory Agreement

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed or to be performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

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

•

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

•

0.07% of the Fund’s average daily net assets for Invesco 0-5 Yr US TIPS ETF;

•

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

•

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

•

0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF;


		49

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

•

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

•

0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF;

•

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

•

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

•

0.45% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. ETF;

•

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

•

0.55% of the Fund’s average daily net assets for Invesco International BuyBack AchieversTM ETF;

•

0.65% of the Fund’s average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF;

•

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

•

0.80% of the Fund’s average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and

•

0.90% of the Fund’s average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF.


		50

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

Invesco Fund

Equal to/Lower
than ETF
Peer Median*

Equal to/Lower
than Open-End
Index Fund
Peer Median*

Lower than
Open-End
Active Fund
Peer Median

Invesco 0-5 Yr US TIPS ETF

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF

N/A

Invesco Alerian Galaxy Crypto Economy ETF

N/A

Invesco California AMT-Free Municipal Bond ETF

N/A

Invesco CEF Income Composite ETF

N/A

Invesco China Technology ETF

N/A

Invesco Dorsey Wright Developed Markets Momentum ETF

Invesco Dorsey Wright Emerging Markets Momentum ETF

Invesco Dorsey Wright SmallCap Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco Equal Weight 0-30 Year Treasury ETF

Invesco ESG NASDAQ 100 ETF

Invesco ESG NASDAQ Next Gen 100 ETF

Invesco ESG S&P 500 Equal Weight ETF

Invesco Floating Rate Municipal Income ETF

N/A

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

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

Invesco FTSE RAFI Emerging Markets ETF

Invesco Fundamental High Yield^® Corporate Bond ETF

N/A

Invesco Fundamental Investment Grade Corporate Bond ETF

Invesco Global Clean Energy ETF

Invesco Global ex-US High Yield Corporate Bond ETF

N/A

Invesco Global Water ETF

Invesco International BuyBack Achievers^TM ETF

Invesco International Corporate Bond ETF

Invesco KBW Bank ETF

Invesco KBW High Dividend Yield Financial ETF

Invesco KBW Premium Yield Equity REIT ETF

Invesco KBW Property & Casualty Insurance ETF

Invesco KBW Regional Banking ETF

Invesco MSCI Green Building ETF

N/A

Invesco MSCI USA ETF

Invesco NASDAQ 100 ETF

Invesco Nasdaq Biotechnology ETF

Invesco NASDAQ Future Gen 200 ETF

Invesco NASDAQ Metaverse ETF

Invesco NASDAQ Next Gen 100 ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

N/A

Invesco PHLX Semiconductor ETF

Invesco Preferred ETF

N/A

Invesco Russell 1000 Equal Weight ETF

Invesco S&P 500 Enhanced Value ETF


		51

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

Invesco Fund

Equal to/Lower
than ETF
Peer Median*

Equal to/Lower
than Open-End
Index Fund
Peer Median*

Lower than
Open-End
Active Fund
Peer Median

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

Invesco S&P 500^® High Beta ETF

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

Invesco S&P 500^® Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500^® Momentum ETF

Invesco S&P 500 QVM Multi-factor ETF

Invesco S&P 500 Revenue ETF

Invesco S&P Emerging Markets Low Volatility ETF

Invesco S&P Emerging Markets Momentum ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

Invesco S&P International Developed Quality ETF

Invesco S&P MidCap 400 QVM Multi-factor ETF

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap Low Volatility ETF

Invesco S&P SmallCap 600 QVM Multi-factor ETF

Invesco S&P SmallCap 600 Revenue ETF

Invesco S&P SmallCap Consumer Discretionary ETF

Invesco S&P SmallCap Consumer Staples ETF

Invesco S&P SmallCap Energy ETF

Invesco S&P SmallCap Financials ETF

Invesco S&P SmallCap Health Care ETF

Invesco S&P SmallCap High Dividend Low Volatility ETF

Invesco S&P SmallCap Industrials ETF

Invesco S&P SmallCap Information Technology ETF

Invesco S&P SmallCap Low Volatility ETF

Invesco S&P SmallCap Materials ETF

Invesco S&P SmallCap Quality ETF

Invesco S&P SmallCap Utilities & Communication Services ETF

Invesco S&P Ultra Dividend Revenue ETF

Invesco Senior Loan ETF

N/A

Invesco Short Term Treasury ETF

Invesco Taxable Municipal Bond ETF

Invesco Variable Rate Preferred ETF

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


		52

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

Investment Sub-Advisory Agreement


		53

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

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

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

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


		54

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-PS-SAR-9

invesco.com/ETFs

LOGO

Invesco Semi-Annual Report to Shareholders

April 30, 2024

EELV Invesco S&P Emerging Markets Low Volatility ETF

EEMO Invesco S&P Emerging Markets Momentum ETF

IDLV Invesco S&P International Developed Low Volatility ETF

IDMO Invesco S&P International Developed Momentum ETF

Table of Contents


Liquidity Risk Management Program			3

Schedules of Investments

Invesco S&P Emerging Markets Low Volatility ETF(EELV)			4

Invesco S&P Emerging Markets Momentum ETF(EEMO)			8

Invesco S&P International Developed Low Volatility ETF (IDLV)			12

Invesco S&P International Developed Momentum ETF(IDMO)			16

Statements of Assets and Liabilities			20

Statements of Operations			21

Statements of Changes in Net Assets			22

Financial Highlights			24

Notes to Financial Statements			28

Fund Expenses			39

Approval of Investment Advisory and Sub-Advisory Contracts			40


		2

Liquidity Risk Management Program

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

●

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

●

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

●

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

●

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

●

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


		3

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

April 30, 2024

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.41%
Brazil-6.62%
Ambev S.A.		740,500	$	1,735,848
Banco do Brasil S.A.		296,600		1,569,094
Banco Santander Brasil S.A.		314,600		1,754,151
BB Seguridade Participacoes S.A.		292,400		1,816,534
Caixa Seguridade Participacoes S.A.		605,600		1,829,734
CCR S.A.		610,200		1,451,596
Cia de Transmissao de Energia Eletrica Paulista, Preference Shares		382,600		1,843,206
Cia Paranaense de Energia, Class B, Preference Shares		877,000		1,538,062
CPFL Energia S.A.		258,700		1,592,200
ENGIE Brasil Energia S.A.		296,600		2,340,480
Equatorial Energia S.A.		267,200		1,576,980
Itau Unibanco Holding S.A., Preference Shares		272,300		1,647,533
Itausa S.A., Preference Shares		964,850		1,779,623
Klabin S.A.		403,300		1,792,756
Raia Drogasil S.A.		331,800		1,637,523
Telefonica Brasil S.A.		191,100		1,745,418
TIM S.A.		520,000		1,766,742

				29,417,480

Chile-1.18%
Banco de Chile		15,819,931		1,762,182
Banco de Credito e Inversiones S.A.		62,149		1,820,138
Banco Santander Chile		36,086,412		1,641,836

				5,224,156

China-2.57%
Bank of China Ltd., H Shares		4,561,746		2,058,886
CGN Power Co. Ltd., H Shares^(a)		5,565,085		1,871,346
Chongqing Rural Commercial Bank Co. Ltd., H Shares.		4,866,402		2,090,614
Nongfu Spring Co. Ltd., H Shares^(a)		343,078		2,026,569
Want Want China Holdings Ltd.		3,272,664		1,870,405
Zhejiang Expressway Co. Ltd., H Shares		2,277,254		1,493,673

				11,411,493

Czech Republic-0.53%
Komercni banka A.S.		63,649		2,350,507

Greece-0.81%
Hellenic Telecommunications Organization S.A.		125,370		1,914,262
OPAP S.A.		101,043		1,686,509

				3,600,771

Hungary-0.96%
MOL Hungarian Oil & Gas PLC^(b)		276,168		2,273,952
Richter Gedeon Nyrt		78,347		2,001,753

				4,275,705

India-1.37%
Dr. Reddy’s Laboratories Ltd., ADR^(b)		27,722		2,036,735
ICICI Bank Ltd., ADR^(b)		80,837		2,225,443
Reliance Industries Ltd., GDR^(a)		25,734		1,819,394

				6,081,572

Indonesia-3.03%
PT Astra International Tbk		5,279,176		1,672,064


	Shares		Value
Indonesia-(continued)
PT Bank Central Asia Tbk		3,932,279	$	2,370,008
PT Bank Mandiri (Persero) Tbk		3,917,868		1,662,564
PT Bank Negara Indonesia (Persero) Tbk		5,100,228		1,646,753
PT Bank Rakyat Indonesia (Persero) Tbk		4,789,848		1,455,218
PT Capital Financial Indonesia Tbk^(c)		30,626,100		970,015
PT Indofood Sukses Makmur Tbk		5,308,782		2,040,583
PT Telkom Indonesia (Persero) Tbk		8,472,349		1,651,743

				13,468,948

Kuwait-3.82%
Agility Public Warehousing Co. K.S.C.P.		971,997		997,244
Boubyan Bank K.S.C.P.		1,238,168		2,367,795
Burgan Bank SAK		3,047,786		1,791,069
Gulf Bank K.S.C.P.		2,600,191		2,178,082
Kuwait Finance House K.S.C.P.		1,223,921		2,861,114
Mabanee Co. K.P.S.C.		790,591		2,022,681
Mobile Telecommunications Co. K.S.C.P.		1,495,429		2,369,381
National Bank of Kuwait S.A.K.P.		853,919		2,398,182

				16,985,548

Malaysia-12.65%
CIMB Group Holdings Bhd		2,093,800		2,899,951
Gamuda Bhd		1,574,900		1,752,272
Genting Bhd		2,019,500		1,912,654
Genting Malaysia Bhd		3,937,200		2,177,938
Hong Leong Bank Bhd		940,700		3,804,193
IHH Healthcare Bhd		2,513,547		3,333,840
Kuala Lumpur Kepong Bhd		409,600		1,985,991
Malayan Banking Bhd		2,165,792		4,415,538
Malaysia Airports Holdings Bhd		1,397,500		2,928,235
Nestle Malaysia Bhd		118,600		3,161,010
Petronas Chemicals Group Bhd		1,172,200		1,665,273
Petronas Gas Bhd		1,009,700		3,808,193
Press Metal Aluminium Holdings Bhd		2,071,500		2,330,845
Public Bank Bhd		3,610,500		3,116,870
QL Resources Bhd		2,286,800		3,076,219
RHB Bank Bhd		3,222,400		3,713,609
Sime Darby Bhd		3,775,300		2,214,948
Sunway Bhd		2,804,400		2,068,410
Telekom Malaysia Bhd		2,264,000		2,936,440
Tenaga Nasional Bhd		1,170,472		2,933,231

				56,235,660

Mexico-3.01%
America Movil S.A.B. de C.V., Class B		2,002,811		1,917,179
Arca Continental S.A.B. de C.V.		176,800		1,734,121
Coca-Cola FEMSA S.A.B. de C.V.		185,375		1,849,017
El Puerto de Liverpool S.A.B. de C.V., Class C-1		272,361		2,184,835
Fomento Economico Mexicano S.A.B. de C.V., Series CPO^(d)		146,514		1,723,325
Grupo Elektra S.A.B. de C.V.		35,794		2,322,676
Wal-Mart de Mexico S.A.B. de C.V., Series V		437,728		1,642,138

				13,373,291

Philippines-0.39%
SM Investments Corp.		106,050		1,743,987

Poland-0.44%
Orange Polska S.A.^(b)		997,115		1,936,911

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


		4

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

April 30, 2024

(Unaudited)


	Shares		Value
Qatar-1.59%
Commercial Bank P.S.Q.C. (The)		1,232,015	$	1,405,262
Qatar Fuel Q.S.C.		532,263		2,113,849
Qatar International Islamic Bank Q.S.C.		630,141		1,741,065
Qatar National Bank Q.P.S.C., Class B		476,557		1,815,393

				7,075,569

Romania-0.44%
NEPI Rockcastle N.V.^(b)		291,179		1,963,284

Russia-0.25%
Mobile TeleSystems PJSC, ADR^(c)(e)		206,291		0
X5 Retail Group N.V., GDR^(a)(c)(e)		51,546		1,130,348

				1,130,348

Saudi Arabia-6.65%
Advanced Petrochemical Co.		215,060		2,448,425
Al Rajhi Bank		86,064		1,833,444
Bank Al-Jazira^(c)		448,720		1,938,160
Jarir Marketing Co.		570,066		2,057,989
Nahdi Medical Co.		44,906		1,654,671
Rabigh Refining & Petrochemical Co.^(c)		782,410		1,572,914
SABIC Agri-Nutrients Co.		57,700		1,781,491
Sahara International Petrochemical Co.		216,749		1,982,214
Saudi Arabian Oil Co.^(a)		328,864		2,639,259
Saudi Basic Industries Corp.		110,337		2,485,863
Saudi Electricity Co.		336,425		1,670,195
Saudi Investment Bank (The)		467,497		2,104,023
Saudi Kayan Petrochemical Co.^(c)		652,797		1,630,861
Saudi Telecom Co.		168,976		1,696,248
Yanbu National Petrochemical Co., Class A		199,968		2,066,005

				29,561,762

South Africa-3.80%
Bid Corp. Ltd.		70,080		1,605,738
Clicks Group Ltd.		111,979		1,733,162
Discovery Ltd.		302,765		1,932,743
Nedbank Group Ltd.		144,187		1,751,082
Old Mutual Ltd.^(b)		2,754,771		1,611,708
OUTsurance Group Ltd.^(b)		882,949		1,901,779
Remgro Ltd.		241,958		1,578,871
Sanlam Ltd.^(b)		429,896		1,552,913
Shoprite Holdings Ltd.		119,062		1,591,337
Vodacom Group Ltd.		341,136		1,638,157

				16,897,490

South Korea-4.54%
BNK Financial Group, Inc.		381,554		2,316,213
Cheil Worldwide, Inc.		147,254		2,015,806
Industrial Bank of Korea		230,020		2,321,669
Korean Air Lines Co. Ltd.		102,301		1,550,688
KT&G Corp.		33,683		2,178,757
LG Uplus Corp.		323,893		2,308,332
NH Investment & Securities Co. Ltd.		228,088		2,061,225
Samsung Electronics Co. Ltd.		36,341		2,037,789
Samsung Securities Co. Ltd.		54,816		1,511,099
Woori Financial Group, Inc.		184,107		1,895,552

				20,197,130

Taiwan-30.02%
Asia Cement Corp.		1,992,872		2,674,544
Catcher Technology Co. Ltd.		359,615		2,407,594
Cathay Financial Holding Co. Ltd.		1,866,198		2,894,263


	Shares		Value
Taiwan-(continued)
Chang Hwa Commercial Bank Ltd.		7,171,667	$	4,019,499
Cheng Shin Rubber Industry Co. Ltd.		1,204,046		1,743,467
China Development Financial Holding Corp.^(c)		6,372,768		2,671,466
China Steel Corp.		3,572,689		2,726,532
Chunghwa Telecom Co. Ltd.		1,062,137		4,044,745
CTBC Financial Holding Co. Ltd.		2,558,730		2,679,587
E.Sun Financial Holding Co. Ltd.		4,168,411		3,507,600
Far Eastern New Century Corp.		2,616,000		2,611,019
Far EasTone Telecommunications Co. Ltd.		964,810		2,394,099
First Financial Holding Co. Ltd.		4,084,200		3,430,467
Formosa Chemicals & Fibre Corp.		1,455,271		2,480,423
Formosa Petrochemical Corp.		1,020,831		2,263,497
Formosa Plastics Corp.		1,323,542		2,784,308
Foxconn Technology Co. Ltd.		1,203,000		2,275,806
Fubon Financial Holding Co. Ltd.		1,296,147		2,750,561
Highwealth Construction Corp.		3,063,550		4,167,903
Hon Hai Precision Industry Co. Ltd.		660,017		3,162,049
Hua Nan Financial Holdings Co. Ltd.		4,649,650		3,377,072
Mega Financial Holding Co. Ltd.		2,035,177		2,500,064
Nan Ya Plastics Corp.		1,345,930		2,343,659
Pegatron Corp.		645,061		1,935,460
Pou Chen Corp.		2,661,426		2,954,688
President Chain Store Corp.		400,000		3,365,887
Radiant Opto-Electronics Corp.		370,028		2,261,396
Ruentex Industries Ltd.		964,000		1,782,225
Shanghai Commercial & Savings Bank Ltd. (The)		1,793,902		2,559,018
Shin Kong Financial Holding Co. Ltd.^(c)		8,906,532		2,360,524
Simplo Technology Co. Ltd.		126,000		1,694,859
SinoPac Financial Holdings Co. Ltd.		4,733,470		3,190,826
Synnex Technology International Corp.		956,021		2,342,930
TA Chen Stainless Pipe		2,040,232		2,305,772
Taichung Commercial Bank Co. Ltd.		6,412,000		3,485,425
Taishin Financial Holding Co. Ltd.		6,045,036		3,332,363
Taiwan Business Bank		5,817,537		3,028,292
Taiwan Cement Corp.		2,431,900		2,393,661
Taiwan Cooperative Financial Holding Co. Ltd.		4,384,870		3,528,149
Taiwan Fertilizer Co. Ltd.		1,141,677		2,293,031
Taiwan High Speed Rail Corp.		3,553,000		3,262,536
Taiwan Mobile Co. Ltd.		1,265,800		4,042,847
Taiwan Secom Co. Ltd.		555,000		2,190,206
Taiwan Semiconductor Manufacturing Co. Ltd.		79,000		1,916,651
Uni-President Enterprises Corp.		1,133,181		2,662,255
United Microelectronics Corp.		1,078,000		1,678,478
Yuanta Financial Holding Co. Ltd.		3,238,230		3,048,085
Yulon Finance Corp.		439,657		1,998,318
Zhen Ding Technology Holding Ltd.		539,000		1,920,152

				133,444,258

Thailand-9.75%
Advanced Info Service PCL, NVDR		431,384		2,298,930
Airports of Thailand PCL, NVDR		1,163,226		2,048,044
Bangkok Bank PCL, NVDR		574,799		2,124,864
Bangkok Dusit Medical Services PCL, NVDR		2,380,474		1,862,756
Bangkok Expressway & Metro PCL, NVDR		8,307,800		1,860,624
Bumrungrad Hospital PCL, NVDR		264,013		1,745,364
Central Pattana PCL, NVDR		955,145		1,636,582
CP ALL PCL, NVDR		1,246,640		1,934,209

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


		5

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

April 30, 2024

(Unaudited)


	Shares		Value
Thailand-(continued)
Home Product Center PCL, NVDR		5,966,865	$	1,674,458
Intouch Holdings PCL, NVDR		1,114,035		2,014,041
Kasikornbank PCL, NVDR		571,632		2,012,897
Kiatnakin Phatra Bank PCL, NVDR		1,245,482		1,747,573
Kiatnakin Phatra Bank PCL, Wts., expiring 03/17/2026^(c)		191,544		8,786
Krung Thai Bank PCL, NVDR		4,110,188		1,863,226
Land & Houses PCL, NVDR		11,322,957		2,276,202
PTT Oil & Retail Business PCL, NVDR		3,534,668		1,783,548
PTT PCL, NVDR		2,306,365		2,100,373
Ratch Group PCL, NVDR		2,260,699		1,753,780
SCB X PCL, NVDR		697,558		2,004,585
Siam Cement PCL (The), NVDR		310,923		2,089,040
Thai Beverage PCL^(b)		5,114,501		1,856,409
Thai Union Group PCL, NVDR		4,223,131		1,697,913
Tisco Financial Group PCL, NVDR		1,118,932		2,936,215

				43,330,419

United Arab Emirates-4.99%
Abu Dhabi Commercial Bank PJSC		944,529		2,147,300
Abu Dhabi National Oil Co. for Distribution PJSC		1,936,287		1,839,865
Abu Dhabi Ports Co. PJSC^(c)		1,475,811		2,334,521
Agility Global PLC^(c)(e)		1,980,366		48,235
Borouge PLC		4,180,820		2,788,807
Dubai Electricity and Water Authority PJSC		3,445,140		2,204,274
Dubai Islamic Bank PJSC		1,312,764		1,987,249
Emirates NBD Bank PJSC		371,529		1,719,620
Emirates Telecommunications Group Co. PJSC		389,228		1,801,540
Fertiglobe PLC.		2,354,322		1,788,385
First Abu Dhabi Bank PJSC		516,485		1,754,944
Salik Co. PJSC		1,847,121		1,740,052

				22,154,792

Total Common Stocks & Other Equity Interests (Cost $432,647,359)				441,861,081


	Shares		Value
Money Market Funds-0.17%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%^(f)(g)(Cost $742,038)		742,038	$	742,038

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.58% (Cost $433,389,397)				442,603,119


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.95%
Invesco Private Government Fund, 5.29%^(f)(g)(h)		2,430,289		2,430,289
Invesco Private Prime Fund, 5.46%^(f)(g)(h)		6,248,800		6,250,675

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $8,681,252)				8,680,964

TOTAL INVESTMENTS IN SECURITIES-101.53% (Cost $442,070,649)				451,284,083
OTHER ASSETS LESS LIABILITIES-(1.53)%				(6,815,792	)

NET ASSETS-100.00%.			$	444,468,291

Investment Abbreviations:

ADR-American Depositary Receipt

CPO-Certificates of Ordinary Participation

GDR-Global Depositary Receipt

NVDR-Non-Voting Depositary Receipt

Wts.-Warrants

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


		6

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

April 30, 2024

(Unaudited)

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2024 was $9,486,916, which represented 2.13% of the Fund’s Net Assets.

^(b)	All or a portion of this security was out on loan at April 30, 2024.

^(c)	Non-income producing security.

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

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

^(f)


	Value October 31, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value April 30, 2024		Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$ -		$ 23,335,429		$(22,593,391)			$ -			$ -		$ 742,038		$ 26,893

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		4,448,834		28,335,659		(30,354,204	)		-			-		2,430,289		96,794	*

Invesco Private Prime Fund		11,443,704		62,522,707		(67,719,415	)		(209	)		3,888		6,250,675		253,436	*


Total	$	15,892,538	$	114,193,795	$	(120,667,010	)	$	(209	)	$	3,888	$	9,423,002	$	377,123

*	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.

^(g)	The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

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

Portfolio Composition

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

as of April 30, 2024



Financials			38.31

Consumer Staples			10.33

Materials			10.09

Communication Services			9.11

Industrials			7.64

Information Technology			5.32

Utilities			5.20

Consumer Discretionary			4.90

Energy			3.33

Sector Types Each Less Than 3%			5.18

Money Market Funds Plus Other Assets Less Liabilities			0.59

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


		7

Invesco S&P Emerging Markets Momentum ETF (EEMO)

April 30, 2024

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Brazil-8.93%
Banco BTG Pactual S.A., Series CPO		4,494	$	28,959
Banco do Brasil S.A.		11,872		62,806
Caixa Seguridade Participacoes S.A.		3,285		9,925
NU Holdings Ltd., Class A^(a)		9,225		100,184
Petroleo Brasileiro S.A.		16,359		139,694
Petroleo Brasileiro S.A., Preference Shares		24,544		198,981
TIM S.A.		3,641		12,371
Ultrapar Participacoes S.A.		4,595		22,917

				575,837

Chile-0.40%
Banco Santander Chile		215,782		9,818
Enel Chile S.A.		102,197		6,093
LATAM Airlines Group S.A.^(a)		701,964		9,537

				25,448

China-1.06%
Jinan Acetate Chemical Co. Ltd.		259		6,514
PetroChina Co. Ltd., H Shares		65,700		61,994

				68,508

Egypt-0.40%
Commercial International Bank Egypt S.A.E.		17,363		26,090

Greece-1.05%
JUMBO S.A.		494		15,413
Mytilineos S.A.		424		17,319
National Bank of Greece S.A.^(a)		1,762		14,243
Piraeus Financial Holdings S.A.^(a)		2,751		11,104
Public Power Corp. S.A.^(a)		820		9,855

				67,934

Hungary-0.69%
OTP Bank Nyrt		894		44,509

India-51.03%
ABB India Ltd.		225		17,639
Adani Ports & Special Economic Zone Ltd.		2,835		45,018
Adani Power Ltd.^(a)		3,738		27,438
AIA Engineering Ltd.		142		6,462
Alkem Laboratories Ltd.		172		9,963
Apollo Hospitals Enterprise Ltd.		412		29,366
Aurobindo Pharma Ltd.		2,259		31,231
Bajaj Auto Ltd.		495		52,822
Bank of Baroda.		3,550		11,977
Bank of Maharashtra		4,018		3,376
Bharat Electronics Ltd.		21,780		61,018
Bharat Heavy Electricals Ltd.		9,099		30,720
Bharat Petroleum Corp. Ltd.		3,888		28,302
Bharti Airtel Ltd.		12,572		199,241
Bosch Ltd.		35		12,314
Canara Bank		1,475		10,995
Central Bank of India Ltd.^(a)		2,386		1,923
CG Power and Industrial Solutions Ltd.		2,084		13,836
Cholamandalam Investment and Finance Co. Ltd.		1,724		24,657
Coal India Ltd.		13,795		75,112
Colgate-Palmolive (India) Ltd.		840		28,439
Cummins India Ltd.		596		23,397
Dixon Technologies India Ltd.^(b)		200		19,996
DLF Ltd.		4,337		46,358


	Shares		Value
India-(continued)
Dr. Reddy’s Laboratories Ltd.		479	$	35,618
Fertilisers and Chemicals Travancore Ltd. (The)		322		2,760
GAIL (India) Ltd.		14,459		36,236
General Insurance Corp. of India^(b)		969		4,017
GlaxoSmithKline Pharmaceuticals Ltd.		252		6,303
GMR Airports Infrastructure Ltd.^(a)		11,825		12,068
Godrej Properties Ltd.^(a)		601		19,071
Grasim Industries Ltd.		1,467		42,402
HCL Technologies Ltd.		4,158		68,104
HDFC Asset Management Co. Ltd.^(b)		524		24,459
Hero MotoCorp Ltd.		665		36,209
Hindustan Aeronautics Ltd.^(b)		1,326		62,606
Hindustan Petroleum Corp. Ltd.		2,916		17,314
IDBI Bank Ltd.		1,840		1,993
IDFC First Bank Ltd.^(a)		11,338		11,163
Indian Hotels Co. Ltd. (The)		3,899		26,952
Indian Oil Corp. Ltd.		23,742		48,047
Indian Railway Finance Corp. Ltd.^(b)		14,696		27,697
InterGlobe Aviation Ltd.^(a)(b)		397		18,948
ITC Ltd.		9,871		51,540
Jindal Stainless Ltd.		1,872		15,861
JSW Energy Ltd.		1,768		13,340
KPIT Technologies Ltd.		735		13,163
L&T Finance Holdings Ltd.		4,432		8,852
L&T Technology Services Ltd.^(b)		127		7,063
Larsen & Toubro Ltd.		3,637		156,676
Linde India Ltd.		80		7,916
Lupin Ltd.		1,543		30,438
Macrotech Developers Ltd.^(b)		975		14,474
MakeMyTrip Ltd.^(a)		262		17,347
Max Healthcare Institute Ltd.		2,965		29,861
Mazagon Dock Shipbuilders Ltd.		185		5,208
MRF Ltd.		12		19,131
Nestle India Ltd.		1,287		38,677
NHPC Ltd.		14,982		17,274
NMDC Ltd.		5,660		17,258
NTPC Ltd.		30,970		134,813
Oberoi Realty Ltd.		457		8,125
Oil & Natural Gas Corp. Ltd.		22,315		75,648
Oil India Ltd.		1,777		13,208
Oracle Financial Services Software Ltd.		126		11,475
PB Fintech Ltd.^(a)		1,805		27,364
Persistent Systems Ltd.		500		20,187
Phoenix Mills Ltd. (The)		393		14,845
Poonawalla Fincorp Ltd.		1,103		6,486
Power Finance Corp. Ltd.		11,648		61,642
Power Grid Corp. of India Ltd.		24,007		86,851
Punjab National Bank.		12,557		21,228
Rail Vikas Nigam Ltd.^(b)		4,399		15,100
REC Ltd.		9,930		60,357
Shriram Finance Ltd.		1,445		44,192
Siemens Ltd.		299		20,934
Solar Industries India Ltd.		88		9,459
Sun Pharmaceutical Industries Ltd.		4,406		79,321
Sundaram Finance Ltd.		293		16,666
Supreme Industries Ltd.		230		13,954
Suzlon Energy Ltd.^(a)		80,583		40,177
Tata Communications Ltd.		362		7,505

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


		8

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

April 30, 2024

(Unaudited)


	Shares		Value
India-(continued)
Tata Consumer Products Ltd.		3,045	$	40,449
Tata Motors Ltd.		11,668		140,948
Tata Power Co. Ltd. (The)		8,821		47,495
Thermax Ltd.		147		8,227
Titan Co. Ltd.		2,136		91,886
Torrent Pharmaceuticals Ltd.		481		15,234
Torrent Power Ltd.		1,042		18,747
Trent Ltd.		1,453		76,796
TVS Motor Co. Ltd.		1,532		37,824
UltraTech Cement Ltd.		485		57,965
Union Bank of India Ltd.		6,286		11,617
United Spirits Ltd.		1,103		15,560
Varun Beverages Ltd.		3,013		53,425
Zomato Ltd.^(a)		39,148		90,625
Zydus Lifesciences Ltd.		1,420		16,228

				3,290,209

Indonesia-2.31%
PT Bank Mandiri (Persero) Tbk		156,943		66,599
PT Bank Rakyat Indonesia (Persero) Tbk		221,596		67,324
PT Bank Syariah Indonesia Tbk		16,550		2,687
PT Chandra Asri Petrochemical Tbk		26,720		12,448

				149,058

Malaysia-0.92%
IJM Corp. Bhd		8,846		4,486
Sunway Bhd		10,745		7,925
YTL Corp. Bhd		40,730		26,456
YTL Power International Bhd		20,970		20,212

				59,079

Mexico-1.56%
Fomento Economico Mexicano S.A.B. de C.V.,
Series CPO^(c)		7,126		83,817
Grupo Carso S.A.B. de C.V., Series A1		2,084		16,479

				100,296

Poland-2.45%
Alior Bank S.A.^(a)		396		10,159
Bank Polska Kasa Opieki S.A.		717		29,947
Budimex S.A.^(d)		85		14,442
InPost S.A.^(a)		727		11,761
Powszechna Kasa Oszczednosci Bank Polski S.A.		3,279		49,189
Powszechny Zaklad Ubezpieczen S.A.		1,785		22,622
Santander Bank Polska S.A.^(d)		145		20,096

				158,216

Romania-0.20%
NEPI Rockcastle N.V.		1,882		12,690

Russia-0.00%
Alrosa PJSC^(e)		11,439		0
Gazprom PJSC^(a)(e)		43,562		0
Severstal PAO^(a)(e)		1,045		0

				0

Saudi Arabia-1.22%
Company for Cooperative Insurance (The)		273		10,845
Elm Co.		166		40,480
Etihad Etisalat Co.		1,331		18,454
Saudi Aramco.Base Oil Co.		213		8,609

				78,388


	Shares		Value
South Korea-4.06%
Ecopro Co. Ltd.^(a)		490	$	37,651
Hanmi Semiconductor Co. Ltd.		357		34,871
Hanwha Aerospace Co. Ltd.		108		16,527
HLB, Inc.^(a)		439		35,321
Hyundai Motor Co., First Pfd		82		9,398
Hyundai Motor Co., Preference Shares		11		1,230
Kia Corp.		919		78,462
Kum Yang Co. Ltd.^(a)		119		8,102
Meritz Financial Group, Inc.		398		22,865
Posco DX Co. Ltd.		415		12,236
Posco International Corp.		143		4,790

				261,453

Taiwan-18.09%
Accton Technology Corp.		2,353		33,349
Acer, Inc.		13,468		18,674
Alchip Technologies Ltd.		629		60,269
Asia Vital Components Co. Ltd.		2,586		51,939
ASMedia Technology, Inc.		114		6,827
Asustek Computer, Inc.		2,628		34,704
Bora Pharmaceuticals Co. Ltd.		237		5,568
Chicony Electronics Co. Ltd.		4,383		27,257
Compal Electronics, Inc.		14,994		16,485
Compeq Manufacturing Co. Ltd.		3,949		9,362
Elite Material Co. Ltd.		1,732		21,915
Evergreen Marine Corp. Taiwan Ltd.		4,114		23,942
Faraday Technology Corp.		990		8,939
Gigabyte Technology Co. Ltd.		2,640		24,242
Global Unichip Corp.		293		12,328
Gold Circuit Electronics Ltd.		1,760		10,648
International Games System Co. Ltd.		605		18,580
Inventec Corp.		13,342		21,757
Jentech Precision Industrial Co. Ltd.		361		10,832
King Slide Works Co. Ltd.		356		13,448
King Yuan Electronics Co. Ltd.		6,275		18,461
Lite-On Technology Corp.		7,473		22,950
Makalot Industrial Co.Ltd.		916		11,027
MediaTek, Inc.		5,957		181,480
Novatek Microelectronics Corp.		2,114		40,122
Powertech Technology, Inc.		3,902		20,911
Qisda Corp.		6,326		8,043
Quanta Computer, Inc.		20,868		166,626
Radiant Opto-Electronics Corp.		1,957		11,960
Sanyang Motor Co. Ltd.		2,595		6,726
Simplo Technology Co. Ltd.		770		10,357
Taichung Commercial Bank Co. Ltd.		16,214		8,814
Teco Electric and Machinery Co. Ltd.		5,393		9,209
Tripod Technology Corp.		1,983		12,028
Wistron Corp.		21,150		73,722
Wiwynn Corp.		604		43,776
WPG Holdings Ltd.		11,585		31,416
WT Microelectronics Co. Ltd.		3,048		14,041
Yuanta Financial Holding Co. Ltd.		46,502		43,771

				1,166,505

Turkey-4.71%
AG Anadolu Grubu Holding A.S.		615		6,169
Akbank T.A.S.		14,731		27,049
Akcansa Cimento Sanayi ve Ticaret A.S.		238		1,112
Anadolu Efes Biracilik ve Malt Sanayii A.S.		1,126		6,347
Aselsan Elektronik Sanayi Ve Ticaret A.S.		3,761		7,057

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


		9

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

April 30, 2024

(Unaudited)


	Shares		Value
Turkey-(continued)
Astor Transformator Enerji Turizm Insaat Ve Petrol
Sanayi Ticaret A.S.		1,511	$	4,378
BIM Birlesik Magazalar A.S.		3,377		40,366
Borusan Birlesik Boru Fabrikalari Sanayi Ve Ticaret
A.S.^(a)		307		5,704
Borusan Yatirim ve Pazarlama A.S.		29		2,895
Coca-Cola Icecek A.S.		536		12,003
Dogus Otomotiv Servis ve Ticaret A.S.		113		990
Enerjisa Enerji A.S.^(b)		754		1,585
Europower Enerji VE Otomasyon Teknolojileri
Sanayi Ticaret A.S.^(a)		299		1,376
Ford Otomotiv Sanayi A.S.		254		8,740
Haci Omer Sabanci Holding A.S.		5,430		15,480
Is Yatirim Menkul Degerler A.S.		2,415		2,788
KOC Holding A.S.		5,483		38,290
Migros Ticaret A.S.		644		8,792
Otokar Otomotiv ve Savunma Sanayi A.S.		176		2,846
Oyak Cimento Fabrikalari A.S.^(a)		1,674		3,133
Sok Marketler Ticaret A.S.		1,563		2,814
Turk Hava Yollari AO^(a)		2,677		26,955
Turk Traktor ve Ziraat Makineleri A.S.		143		4,072
Turkcell Iletisim Hizmetleri A.S.		4,306		10,746
Turkiye Garanti Bankasi A.S.		3,192		8,129
Turkiye Is Bankasi A.S., Class C		41,063		17,388
Turkiye Petrol Rafinerileri A.S.		3,135		18,959
Turkiye Sigorta A.S.		1,773		3,628
Yapi ve Kredi Bankasi A.S.		13,945		13,903

				303,694

United Arab Emirates-0.85%
Emaar Development PJSC		3,170		7,215


	Shares		Value
United Arab Emirates-(continued)
Emirates NBD Bank PJSC		8,975	$	41,541
Salik Co. PJSC		6,707		6,318

				55,074

Total Common Stocks & Other Equity Interests (Cost $5,583,711)				6,442,988

Money Market Funds-1.25%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%^(f)(g)(Cost $80,825)		80,825		80,825

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-101.18% (Cost $5,664,536)				6,523,813

Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.42%
Invesco Private Government Fund, 5.29%^(f)(g)(h)		7,602		7,602
Invesco Private Prime Fund, 5.46%^(f)(g)(h)		19,548		19,554

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $27,158)				27,156

TOTAL INVESTMENTS IN SECURITIES-101.60% (Cost $5,691,694)				6,550,969
OTHER ASSETS LESS LIABILITIES-(1.60)%				(103,204	)

NET ASSETS-100.00%			$	6,447,765

Investment Abbreviations:

CPO-Certificates of Ordinary Participation

Pfd.-Preferred

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2024 was $195,945, which represented 3.04% of the Fund’s Net Assets.

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

^(d)	All or a portion of this security was out on loan at April 30, 2024.

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

^(f)


	Value October 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value April 30, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	5,499		$	424,854		$	(349,528	)		$	-		$	-		$	80,825		$	1,150

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


		10

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

April 30, 2024

(Unaudited)


	Value October 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2024			Dividend Income

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund		$	15,924		$	313,720		$	(322,042	)		$	-			$	-		$	7,602		$	387	*

Invesco Private Prime Fund			41,945			664,978			(687,392	)			(3	)			26			19,554			969	*


Total		$	63,368		$	1,403,552		$	(1,358,962	)		$	(3	)		$	26		$	107,981		$	2,506

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

^(g)	The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

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

Portfolio Composition

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

as of April 30, 2024



Information Technology			19.22

Financials			18.24

Industrials			12.67

Consumer Discretionary			11.71

Energy			10.86

Utilities			6.92

Consumer Staples			5.93

Health Care			5.03

Communication Services			4.14

Materials			3.31
Real Estate			1.90

Money Market Funds Plus Other Assets Less Liabilities			0.07

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


		11

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

April 30, 2024

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.68%
Australia-11.99%
ANZ Group Holdings Ltd.		112,047	$	2,048,858
APA Group		401,167		2,167,342
ASX Ltd.		41,839		1,728,167
Aurizon Holdings Ltd.		810,585		2,015,934
Bendigo & Adelaide Bank Ltd.		290,348		1,843,897
Brambles Ltd.		202,364		1,921,143
Coles Group Ltd.		201,556		2,122,881
Commonwealth Bank of Australia		29,152		2,168,226
CSL Ltd.		9,883		1,776,115
Lottery Corp. Ltd. (The)		575,005		1,822,093
Medibank Pvt. Ltd.		731,639		1,691,320
National Australia Bank Ltd.		85,744		1,881,913
Orica Ltd.		184,516		2,168,661
Origin Energy Ltd.		335,472		2,123,928
Qube Holdings Ltd.		866,767		1,874,242
Sonic Healthcare Ltd.		98,197		1,706,969
Steadfast Group Ltd.^(a)		542,258		1,996,494
Suncorp Group Ltd.		181,424		1,957,964
Telstra Group Ltd.		1,044,623		2,489,457
Transurban Group.		256,143		2,085,735
Washington H Soul Pattinson & Co. Ltd.^(a)		83,661		1,774,807
Wesfarmers Ltd.		50,152		2,175,097
Westpac Banking Corp.^(a)		114,702		1,933,547
Woolworths Group Ltd.		104,150		2,157,391

				47,632,181

Austria-0.45%
CA Immobilien Anlagen AG		54,370		1,773,122

Belgium-1.58%
Ackermans & van Haaren N.V.		13,019		2,248,173
Anheuser-Busch InBev S.A./N.V.		30,044		1,804,115
Groupe Bruxelles Lambert N.V.		29,579		2,209,171

				6,261,459

Canada-17.88%
Alimentation Couche-Tard, Inc.		28,857		1,602,642
Bank of Montreal^(a)		20,769		1,858,983
Bank of Nova Scotia (The)		39,066		1,795,981
BCE, Inc.^(a)		62,887		2,070,371
Canadian Imperial Bank of Commerce		37,393		1,749,008
Canadian National Railway Co.		16,369		1,990,826
Canadian Pacific Kansas City Ltd.		20,566		1,616,718
Canadian Utilities Ltd., Class A^(a)		85,662		1,919,188
CGI,Inc.,Class A^(b)		17,252		1,751,633
Choice Properties REIT.		188,729		1,788,588
Descartes Systems Group, Inc. (The)^(b)		20,839		1,936,995
Dollarama, Inc.		25,993		2,172,753
Emera, Inc.^(a)		51,136		1,728,169
Enbridge, Inc.^(a)		58,573		2,086,944
FirstService Corp.		11,607		1,708,291
Fortis, Inc.		52,179		2,053,206
George Weston Ltd.		13,859		1,827,590
Great-West Lifeco, Inc.		76,287		2,260,541
Hydro One Ltd.^(c)		67,679		1,899,554
Intact Financial Corp.		12,176		2,005,360
Keyera Corp.		76,965		1,978,676
Loblaw Cos. Ltd.		18,678		2,052,357


	Shares		Value
Canada-(continued)
Manulife Financial Corp.		74,692	$	1,745,722
Metro, Inc.		39,539		2,026,667
National Bank of Canada		22,949		1,846,477
Pembina Pipeline Corp.^(a)		62,597		2,207,081
Power Corp. of Canada		74,892		1,999,518
Restaurant Brands International, Inc.		22,844		1,736,600
Royal Bank of Canada^(a)		23,174		2,246,639
Stantec, Inc.		21,561		1,720,203
Sun Life Financial, Inc.		44,471		2,275,260
TELUS Corp.		111,505		1,794,501
Thomson Reuters Corp.		11,743		1,777,284
TMX Group Ltd.		89,455		2,373,356
Toromont Industries Ltd.		19,647		1,801,887
Toronto-Dominion Bank (The)		32,008		1,902,750
WSP Global, Inc.		11,460		1,742,460

				71,050,779

China-0.43%
Wilmar International Ltd.		729,500		1,727,798

Denmark-0.93%
Carlsberg A/S, Class B		14,210		1,921,462
Tryg A/S.		88,393		1,755,099

				3,676,561

Finland-1.00%
Elisa OYJ		46,408		2,099,994
Sampo OYJ		46,224		1,874,197

				3,974,191

France-5.46%
Air Liquide S.A.		9,250		1,818,678
Bureau Veritas S.A.		60,257		1,766,666
Danone S.A.		39,464		2,475,270
ENGIE S.A.^(a)		122,447		2,130,174
EssilorLuxottica S.A.		8,065		1,731,600
Legrand S.A.		17,789		1,842,364
Orange S.A.		221,617		2,470,351
Safran S.A.		8,404		1,834,937
Sodexo S.A.		21,329		1,864,394
Veolia Environnement S.A.		58,290		1,819,314
Vinci S.A.		16,472		1,941,800

				21,695,548

Germany-4.10%
Allianz SE		7,279		2,074,968
Beiersdorf AG		16,087		2,417,605
Brenntag SE.		20,611		1,649,789
Deutsche Boerse AG		8,910		1,725,820
Deutsche Telekom AG		88,206		2,026,815
E.ON SE		151,690		2,011,213
Henkel AG& Co. KGaA, Preference Shares		32,160		2,560,463
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		4,099		1,806,614

				16,273,287

Hong Kong-1.79%
Cathay Pacific Airways Ltd.		1,664,180		1,797,975
HKT Trust & HKT Ltd.		1,646,264		1,822,821

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


		12

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

April 30, 2024

(Unaudited)


	Shares		Value
Hong Kong-(continued)
Jardine Matheson Holdings Ltd.		45,979	$	1,764,214
Power Assets Holdings Ltd.		298,107		1,717,092

				7,102,102

Italy-2.48%
Assicurazioni Generali S.p.A.		84,871		2,078,137
Enel S.p.A.		289,880		1,915,828
Poste Italiane S.p.A.^(c)		150,506		1,918,269
Snam S.p.A.		415,026		1,909,085
Terna S.p.A.^(a)		253,438		2,038,919

				9,860,238

Japan-23.51%
Activia Properties, Inc.^(a)		872		2,174,944
Advance Residence Investment Corp.		929		2,016,036
AEON Co. Ltd.		81,130		1,702,356
AEON Mall Co. Ltd.		184,305		2,112,249
AGC, Inc.		55,500		2,057,201
ANA Holdings, Inc.		94,809		1,807,435
Asahi Kasei Corp.		250,103		1,749,044
Bridgestone Corp.		44,274		1,963,513
Central Japan Railway Co.		74,890		1,721,330
Daiwa House REIT Investment Corp.		1,266		2,132,727
Daiwa Office Investment Corp.^(a)		543		1,987,532
East Japan Railway Co.		95,913		1,763,266
GLP J-Reit		2,418		1,974,473
Haseko Corp.		160,261		1,939,549
Hulic Co. Ltd.^(a)		180,199		1,669,559
Japan Metropolitan Fund Investment Corp.		3,383		2,050,889
Japan Prime Realty Investment Corp.^(a)		997		2,166,771
Japan Real Estate Investment Corp.		583		1,985,753
Japan Tobacco, Inc.		87,469		2,359,520
Kamigumi Co. Ltd.		86,028		1,862,532
Kao Corp.		47,084		1,952,296
KDDI Corp.		66,044		1,846,622
Keikyu Corp.		218,109		1,739,439
Kewpie Corp.		113,551		2,294,616
Kintetsu Group Holdings Co. Ltd.		60,329		1,554,565
Kirin Holdings Co. Ltd.^(a)		161,435		2,359,999
Kyushu Railway Co.		92,989		2,002,604
McDonald’s Holdings Co. (Japan) Ltd.^(a)		50,321		2,219,221
Nagoya Railroad Co. Ltd.		129,945		1,698,992
NH Foods Ltd.		55,988		1,844,742
Nippon Accommodations Fund, Inc.		536		2,241,210
Nippon Building Fund, Inc.		547		2,096,025
Nippon Telegraph & Telephone Corp.		1,720,163		1,867,021
Nomura Real Estate Master Fund, Inc.		2,428		2,326,708
ORIX JREIT, Inc.		1,923		2,034,630
SECOM Co. Ltd.		23,902		1,667,740
Sekisui Chemical Co. Ltd.		125,193		1,830,977
Sekisui House Ltd.		80,396		1,852,482
Sekisui House REIT, Inc.^(a)		3,786		1,948,756
Shionogi & Co. Ltd.		35,745		1,674,983
SHO-BOND Holdings Co. Ltd.		47,292		1,832,897
SoftBank Corp.		214,673		2,606,934
Sohgo Security Services Co. Ltd.		320,012		1,784,657
Takeda Pharmaceutical Co. Ltd.		66,005		1,741,930
Tokyu Corp.^(a)		143,022		1,698,196
United Urban Investment Corp.^(a)		2,089		2,011,143


	Shares		Value
Japan-(continued)
USS Co. Ltd.		214,218	$	1,641,705
Yamada Holdings Co. Ltd.		640,801		1,835,281

				93,403,050

Netherlands-3.22%
EXOR N.V.		17,593		1,931,923
Heineken N.V.^(a)		19,381		1,892,023
JDE Peet’s N.V.^(a)		89,039		1,982,168
Koninklijke Ahold Delhaize N.V.		65,710		1,998,207
Koninklijke KPN N.V.		849,395		3,095,201
Wolters Kluwer N.V.		12,721		1,914,473

				12,813,995

New Zealand-1.55%
Auckland International Airport Ltd.		411,859		1,913,183
Infratil Ltd.		291,207		1,881,753
Spark New Zealand Ltd.		837,193		2,363,101

				6,158,037

Norway-1.80%
DNB Bank ASA		87,302		1,530,169
Orkla ASA		245,329		1,679,220
Storebrand ASA		203,136		1,960,895
Telenor ASA		172,275		1,989,676

				7,159,960

Singapore-5.15%
CapitaLand Ascendas REIT		888,785		1,694,475
CapitaLand Integrated Commercial Trust		1,236,807		1,777,556
DBS Group Holdings Ltd.		104,168		2,665,784
Mapletree Industrial Trust		1,210,187		2,014,390
Oversea-Chinese Banking Corp. Ltd.		273,368		2,856,458
Singapore Exchange Ltd.		378,989		2,601,164
Singapore Technologies Engineering Ltd.		770,570		2,277,101
Singapore Telecommunications Ltd.		1,106,540		1,931,120
United Overseas Bank Ltd.		119,189		2,656,899

				20,474,947

Spain-1.67%
Iberdrola S.A.		175,637		2,161,578
Naturgy Energy Group S.A.^(a)		90,718		2,300,846
Redeia Corp. S.A.		130,152		2,177,934

				6,640,358

Sweden-1.95%
Essity AB, Class B		77,902		1,948,987
Industrivarden AB, Class C^(a)		59,500		1,934,743
Investor AB, Class B		83,484		2,071,527
L E Lundbergforetagen AB, Class B^(a)		36,032		1,798,990

				7,754,247

Switzerland-3.08%
Chocoladefabriken Lindt & Spruengli AG, PC^(a)		161		1,862,520
EMS-Chemie Holding AG^(a)		2,564		2,060,370
Nestle S.A.		21,269		2,138,147
Novartis AG		18,188		1,765,950
Swisscom AG^(a)		4,452		2,444,074
Zurich Insurance Group AG		4,035		1,954,257

				12,225,318

United Kingdom-6.83%
Bunzl PLC.		59,641		2,295,650

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


		13

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

April 30, 2024

(Unaudited)


	Shares		Value
United Kingdom-(continued)
Coca-Cola Europacific Partners PLC		27,935	$	2,011,879
Compass Group PLC		81,516		2,278,211
Haleon PLC		435,294		1,850,458
Imperial Brands PLC		87,894		2,012,385
Intertek Group PLC		30,540		1,890,620
London Stock Exchange Group PLC		20,846		2,309,014
National Grid PLC		149,130		1,956,965
RELX PLC		47,415		1,961,016
Smiths Group PLC.		105,725		2,139,321
SSE PLC		84,204		1,757,093
Tesco PLC		545,706		2,024,637
Unilever PLC		50,748		2,630,729

				27,117,978

United States-2.83%
Ferrovial SE^(a)		57,358		2,072,957
GSK PLC		89,693		1,878,933
Holcim AG		21,351		1,796,729
Qiagen N.V.^(a)(b)		40,692		1,700,369
Roche Holding AG		7,671		1,845,088
Waste Connections, Inc.		12,001		1,949,720

				11,243,796

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.68% (Cost $406,752,957)				396,018,952


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-10.11%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		11,157,439	$	11,157,439
Invesco Private Prime Fund, 5.46%^(d)(e)(f)		29,007,704		29,016,406

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $40,176,828)				40,173,845

TOTAL INVESTMENTS IN SECURITIES-109.79% (Cost $446,929,785)				436,192,797
OTHER ASSETS LESS LIABILITIES-(9.79)%				(38,890,020	)

NET ASSETS-100.00%.			$	397,302,777

Investment Abbreviations:

PC-Participation Certificate

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at April 30, 2024.

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2024 was $3,817,823, which represented less than 1% of the Fund’s Net Assets.

^(d)


	Value October 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	5,800,459		$	(5,800,459	)		$	-			$	-		$	-		$	3,720

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			9,336,181			63,306,872			(61,485,614	)			-				-			11,157,439			315,136	*

Invesco Private Prime Fund			24,014,475			140,717,759			(135,726,395	)			(3,202	)			13,769			29,016,406			838,959	*


Total		$	33,350,656		$	209,825,090		$	(203,012,468	)		$	(3,202	)		$	13,769		$	40,173,845		$	1,157,815

*	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.


		14

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

April 30, 2024

(Unaudited)

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

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

Portfolio Composition

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

as of April 30, 2024



Financials			21.34

Industrials			19.35

Consumer Staples			15.41

Real Estate			11.00

Utilities			9.01

Communication Services			8.29

Consumer Discretionary			6.38

Health Care			3.98

Sector Types Each Less Than 3%			4.92

Money Market Funds Plus Other Assets Less Liabilities			0.32

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


		15

Invesco S&P International Developed Momentum ETF (IDMO)

April 30, 2024

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.50%
Australia-2.08%
Brambles Ltd.		36,834	$	349,684
CAR Group Ltd.		14,507		318,683
Cochlear Ltd.		2,519		531,770
Fortescue Ltd.		47,989		811,761
James Hardie Industries PLC, CDI^(a)		18,921		666,043
Medibank Pvt. Ltd.		90,266		208,667
NEXTDC Ltd.^(a)		15,640		169,501
Pro Medicus Ltd.		1,793		129,713
REA Group Ltd.		1,810		211,135
Reece Ltd.		7,635		138,074
Seven Group Holdings Ltd.^(b)		7,564		186,890

				3,721,921

Belgium-0.06%
Lotus Bakeries N.V.^(b)		11		110,913

Canada-3.97%
Alimentation Couche-Tard, Inc.		21,302		1,183,057
Cameco Corp.^(b)		15,836		723,994
CGI,Inc.,Class A^(a)		6,707		680,976
Constellation Software, Inc.		941		2,427,607
Fairfax Financial Holdings Ltd.		1,004		1,093,785
Great-West Lifeco, Inc.		11,228		332,709
Stantec, Inc.		4,987		397,878
TMX Group Ltd.		9,323		247,351

				7,087,357

Denmark-9.03%
Danske Bank A/S.		17,712		512,924
Demant A/S^(a)		3,144		151,625
Novo Nordisk A/S, Class B		119,523		15,466,100

				16,130,649

Finland-0.16%
Wartsila OYJ Abp		15,788		293,060

France-3.76%
Credit Agricole S.A.		33,661		523,684
Danone S.A.		20,929		1,312,714
Dassault Systemes SE		19,483		771,417
ENGIE S.A.^(b)		46,965		817,036
Publicis Groupe S.A.		8,510		944,964
Safran S.A.		10,748		2,346,729

				6,716,544

Germany-5.85%
Beiersdorf AG		2,840		426,804
E.ON SE		76,530		1,014,689
Heidelberg Materials AG		4,181		423,092
Rheinmetall AG^(a)		1,421		785,836
SAP SE		42,125		7,643,658
Talanx AG		2,019		152,628

				10,446,707

Israel-0.17%
Camtek Ltd.		1,658		137,928
Nova Ltd.^(a)		997		172,905

				310,833

Italy-3.74%
Assicurazioni Generali S.p.A.		29,710		727,474


	Shares		Value
Italy-(continued)
Enel S.p.A.		210,271	$	1,389,689
Ferrari N.V.		4,333		1,793,922
Leonardo S.p.A.		18,078		418,106
Mediobanca Banca di Credito Finanziario S.p.A.		19,506		278,438
UniCredit S.p.A.		55,946		2,068,586

				6,676,215

Japan-55.10%
Advantest Corp.		38,106		1,209,783
AEON Co. Ltd.		29,817		625,652
Aisin Corp.^(b)		5,814		221,417
Ajinomoto Co., Inc.		14,677		547,945
Alfresa Holdings Corp.		8,614		127,870
Amada Co. Ltd.		11,097		121,819
Bridgestone Corp.		20,666		916,519
Canon Marketing Japan, Inc.^(b)		2,281		63,039
Canon, Inc.^(b)		38,965		1,059,767
Cellebrite DI Ltd.^(a)		1,188		12,842
Chubu Electric Power Co., Inc.		22,573		290,473
Chugai Pharmaceutical Co. Ltd.		27,113		870,083
COMSYS Holdings Corp.		3,582		83,993
Cosmo Energy Holdings Co. Ltd.		2,758		132,655
Dai Nippon Printing Co. Ltd.		7,894		231,054
Daito Trust Construction Co. Ltd.		2,126		228,522
Daiwa House Industry Co. Ltd.		28,817		813,062
Daiwa Securities Group, Inc.		73,051		539,416
Denso Corp.		56,575		967,633
Disco Corp.		5,447		1,585,312
Ebara Corp.		3,420		284,918
Fast Retailing Co. Ltd.		6,958		1,837,161
Fuji Electric Co. Ltd.		4,287		268,937
FUJIFILM Holdings Corp.		42,447		910,898
Haseko Corp.^(b)		7,417		89,764
Hikari Tsushin, Inc.		798		130,477
Hitachi Construction Machinery Co. Ltd.		2,773		79,966
Hitachi Ltd.		44,235		4,109,654
Honda Motor Co. Ltd.		193,317		2,225,974
Hulic Co. Ltd.^(b)		31,622		292,980
ITOCHU Corp.^(b)		63,212		2,866,462
Japan Exchange Group, Inc.		26,536		625,101
Japan Post Bank Co. Ltd.		45,811		466,800
Japan Tobacco, Inc.		66,461		1,792,819
JFE Holdings, Inc.		15,299		229,536
JTEKT Corp.		6,957		54,112
Kajima Corp.		20,837		401,605
Kamigumi Co. Ltd.		3,110		67,332
Kansai Electric Power Co., Inc. (The)		32,646		489,280
Kawasaki Kisen Kaisha Ltd.		42,957		603,552
Keisei Electric Railway Co. Ltd.		8,169		305,912
Kobe Steel Ltd.		23,824		292,719
Komatsu Ltd.		26,577		803,061
Konami Group Corp.		3,168		192,337
Kuraray Co. Ltd.^(b)		11,733		130,180
Kyocera Corp.^(b)		41,682		511,870
Kyoto Financial Group, Inc.		12,625		225,600
Kyushu Electric Power Co., Inc.		14,786		137,792
Lawson, Inc.		2,078		136,341

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


		16

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

April 30, 2024

(Unaudited)


	Shares		Value
Japan-(continued)
Marubeni Corp.		65,768	$	1,180,242
Mazda Motor Corp.		21,965		251,802
McDonald’s Holdings Co. (Japan) Ltd.^(b)		3,012		132,833
Medipal Holdings Corp.		7,350		115,366
Mitsubishi Corp.		210,396		4,839,917
Mitsubishi Electric Corp.		79,769		1,405,646
Mitsubishi HC Capital, Inc.		49,134		319,567
Mitsubishi Heavy Industries Ltd.		166,390		1,498,795
Mitsubishi UFJ Financial Group, Inc.		393,417		3,948,795
Mitsui & Co. Ltd.		56,515		2,743,419
Mitsui Chemicals, Inc.^(b)		6,435		184,178
Mitsui Fudosan Co. Ltd.		111,266		1,140,483
Mitsui OSK Lines Ltd.^(b)		16,520		523,845
Mizuho Financial Group, Inc.		69,584		1,349,540
MS&AD Insurance Group Holdings, Inc.		53,203		962,364
NEC Corp.		16,221		1,185,407
NH Foods Ltd.		3,383		111,466
Nichirei Corp.		3,904		98,143
Nintendo Co. Ltd.		44,756		2,195,636
Nippon Sanso Holdings Corp.		9,799		292,977
Nippon Steel Corp.^(b)		24,935		561,083
Nippon Yusen K.K		20,352		577,587
Nissin Foods Holdings Co. Ltd.		7,973		213,049
Niterra Co. Ltd.^(b)		7,761		255,075
Nitto Denko Corp.		5,441		451,904
Nomura Holdings, Inc.		101,049		577,918
Nomura Real Estate Holdings, Inc.		4,013		113,047
Nomura Research Institute Ltd.		15,052		366,819
NS Solutions Corp.		1,405		45,981
Obayashi Corp.		21,629		242,178
Osaka Gas Co. Ltd.		16,477		366,470
Otsuka Corp.		8,775		175,539
Otsuka Holdings Co. Ltd.		19,577		838,739
Renesas Electronics Corp.		51,173		854,753
Ryohin Keikaku Co. Ltd.		8,754		142,159
Santen Pharmaceutical Co. Ltd.^(b)		13,064		126,560
Sanwa Holdings Corp.		11,203		184,421
SBI Holdings, Inc.		7,575		185,422
SCREEN Holdings Co. Ltd.		5,733		604,394
SCSK Corp.		5,484		100,208
SECOM Co. Ltd.		7,711		538,028
Seibu Holdings, Inc.		8,972		140,197
Sekisui House Ltd.		25,606		590,013
Shimizu Corp.		17,956		111,537
Shin-Etsu Chemical Co. Ltd.		75,200		2,960,404
Shinko Electric Industries Co. Ltd.		1,777		63,124
Skylark Holdings Co. Ltd.		10,339		147,794
Socionext, Inc.		5,347		159,392
SoftBank Corp.		156,117		1,895,845
Sojitz Corp.^(b)		5,862		151,202
Sompo Holdings, Inc.		32,903		652,352
Subaru Corp.		17,658		396,327
Sumitomo Corp.		46,201		1,219,872
Sumitomo Forestry Co. Ltd.		8,887		275,875
Sumitomo Mitsui Financial Group, Inc.		38,633		2,204,584
Sumitomo Mitsui Trust Holdings, Inc.		19,226		405,375
Sumitomo Realty & Development Co. Ltd.		15,245		532,047
Suzuken Co. Ltd.		2,133		63,191
Suzuki Motor Corp.		57,251		669,775
TBS Holdings, Inc.^(b)		2,029		53,173


	Shares		Value
Japan-(continued)
TDK Corp.		14,864	$	669,123
Tobu Railway Co. Ltd.		5,734		114,232
Toei Animation Co. Ltd.		2,053		34,220
Tokio Marine Holdings, Inc.		67,232		2,132,335
Tokyo Century Corp.		6,644		66,328
Tokyo Electric Power Co. Holdings, Inc.^(a)		23,132		145,100
Tokyo Electron Ltd.		20,241		4,517,294
Tokyo Tatemono Co. Ltd.		7,316		122,363
Tokyu Fudosan Holdings Corp.		22,706		167,447
TOPPAN Holdings, Inc.		16,978		404,369
Toyo Seikan Group Holdings Ltd.		4,901		76,085
Toyo Suisan Kaisha Ltd.		3,205		200,428
Toyota Industries Corp.		6,043		577,170
Toyota Motor Corp.		491,527		11,363,233
Toyota Tsusho Corp.		11,014		705,501
Trend Micro, Inc.		3,995		198,271
USS Co. Ltd.		14,562		111,599
Yamaha Motor Co. Ltd.		26,681		250,254
Yamato Kogyo Co. Ltd.^(b)		2,406		129,699
Yamazaki Baking Co. Ltd.		10,060		243,757
Yokohama Rubber Co. Ltd. (The)		5,592		147,009
Zensho Holdings Co. Ltd.		4,571		178,204

				98,459,851

Netherlands-1.47%
ASM International N.V.		1,549		985,811
EXOR N.V.		2,504		274,969
Wolters Kluwer N.V.		9,073		1,365,460

				2,626,240

Norway-0.18%
Frontline PLC		5,676		135,773
Kongsberg Gruppen ASA		2,572		182,551

				318,324

Singapore-0.26%
Hafnia Ltd.		9,699		73,745
Keppel Ltd.		52,548		265,100
Sembcorp Industries Ltd.		32,311		127,230

				466,075

Spain-2.03%
Banco Bilbao Vizcaya Argentaria S.A.^(b)		159,395		1,734,158
Industria de Diseno Textil S.A.^(b)		41,277		1,891,204

				3,625,362

Sweden-1.66%
Saab AB, Class B^(b)		2,663		213,168
Spotify Technology S.A.^(a)		6,017		1,687,408
Volvo AB, Class B		41,006		1,058,783

				2,959,359

Switzerland-0.26%
Kuehne + Nagel International AG, Class R^(b)		1,760		467,657

United Kingdom-6.25%
3i Group PLC		46,938		1,690,325
BAE Systems PLC		109,628		1,829,820
Centrica PLC		163,912		262,608
InterContinental Hotels Group PLC		5,361		527,088
Melrose Industries PLC		61,754		488,542
RELX PLC		75,033		3,103,257

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


		17

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

April 30, 2024

(Unaudited)


	Shares		Value
United Kingdom-(continued)
Rolls-Royce Holdings PLC^(a)		512,146	$	2,649,145
Sage Group PLC (The)		42,525		620,869

				11,171,654

United States-3.47%
CRH PLC		27,994		2,185,888
CyberArk Software Ltd.^(a)(b)		1,275		305,044
Ferrovial SE		18,179		657,001
Holcim AG		14,208		1,195,632
Stellantis N.V.		82,928		1,851,446

				6,195,011

TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.50% (Cost $164,553,244)				177,783,732


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.70%
Invesco Private Government Fund, 5.29%^(c)(d)(e)		2,849,656	$	2,849,656
Invesco Private Prime Fund, 5.46%^(c)(d)(e)		7,327,188		7,329,386

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $10,179,700)				10,179,042

TOTAL INVESTMENTS IN SECURITIES-105.20% (Cost $174,732,944)				187,962,774
OTHER ASSETS LESS LIABILITIES-(5.20)%				(9,287,760	)

NET ASSETS-100.00%.			$	178,675,014

Investment Abbreviations:

CDI-CREST Depository Interest

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	All or a portion of this security was out on loan at April 30, 2024.

^(c)


	Value October 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2024			Dividend Income

Investments in Affiliated Money Market Funds:

Invesco Government & Agency Portfolio, Institutional Class		$	-		$	5,394,232		$	(5,394,232	)		$	-			$	-			$	-		$	2,468

Investments Purchased with Cash Collateral from Securities on Loan:

Invesco Private Government Fund			1,058,661			12,688,436			(10,897,441	)			-				-				2,849,656			36,523	*

Invesco Private Prime Fund			2,722,975			25,154,368			(20,546,674	)			(719	)			(564	)			7,329,386			97,503	*


Total		$	3,781,636		$	43,237,036		$	(36,838,347	)		$	(719	)		$	(564	)		$	10,179,042		$	136,494

*	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 April 30, 2024.

^(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.


		18

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

April 30, 2024

(Unaudited)

Portfolio Composition

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

as of April 30, 2024



Industrials			25.02

Information Technology			15.79

Consumer Discretionary			15.27

Financials			13.71

Health Care			10.31

Materials			5.93

Communication Services			4.22

Consumer Staples			3.92

Sector Types Each Less Than 3%			5.33

Money Market Funds Plus Other Assets Less Liabilities			0.50

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


		19

Statements of Assets and Liabilities

April 30, 2024

(Unaudited)


	Invesco S&P			Invesco S&P			Invesco S&P			Invesco S&P
	Emerging			Emerging			International			International
	Markets			Markets			Developed Low			Developed
	Low Volatility			Momentum			Volatility			Momentum
	ETF (EELV)			ETF (EEMO)			ETF (IDLV)			ETF (IDMO)
Assets:
Unaffiliated investments in securities, at value^(a)	$	441,861,081		$	6,442,988		$	396,018,952		$	177,783,732
Affiliated investments in securities, at value		9,423,002			107,981			40,173,845			10,179,042
Foreign currencies, at value		486,258			7,188			58,614			-
Deposits with brokers:
Cash segregated as collateral		-			-			-			5,970
Receivable for:
Dividends		1,632,286			18,498			1,758,717			1,026,069
Securities lending		5,553			3			10,928			3,042
Investments sold		2,877			-			221			2,016
Fund shares sold		-			-			-			5,686
Foreign tax reclaims		3,324			136			786,204			40,611
Other assets		-13						-			-

Total assets		453,414,381			6,576,807			438,807,481			189,046,168


Liabilities:
Due to custodian		-			-			1,226,906			143,406
Due to foreign custodian		-			-			-			539
Payable for:
Investments purchased		133,307			-			4,331			5,686
Collateral upon return of securities loaned		8,681,252			27,158			40,176,828			10,179,700
Collateral upon receipt of securities in-kind		-			-			-			5,970
Expenses recaptured		24,360			488			13,204			110
Accrued unitary management fees		107,171			1,514			83,435			35,743
Accrued tax expenses		-			99,421			-			-
Other payables		-			461			-			-

Total liabilities		8,946,090			129,042			41,504,704			10,371,154

Net Assets	$	444,468,291		$	6,447,765		$	397,302,777		$	178,675,014


Net assets consist of:
Shares of beneficial interest	$	604,501,807		$	8,162,397		$	637,823,711		$	161,407,917
Distributable earnings (loss)		(160,033,516	)		(1,714,632	)		(240,520,934	)		17,267,097

Net Assets	$	444,468,291		$	6,447,765		$	397,302,777		$	178,675,014

Shares outstanding (unlimited amount authorized, $0.01 par value)		18,750,000			400,000			14,500,000			4,450,000
Net asset value	$	23.70		$	16.12		$	27.40		$	40.15

Market price	$	23.54		$	16.19		$	27.25		$	39.91

Unaffiliated investments in securities, at cost	$	432,647,359		$	5,583,711		$	406,752,957		$	164,553,244

Affiliated investments in securities, at cost	$	9,423,290		$	107,983		$	40,176,828		$	10,179,700

Foreign currencies (due to foreign custodian), at cost	$	485,407		$	7,229		$	58,966		$	(539	)

^(a)Includes securities on loan with an aggregate value of:	$	7,964,346		$	25,672		$	38,089,843		$	8,928,936

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


		20

Statements of Operations

For the six months ended April 30, 2024

(Unaudited)


	Invesco S&P			Invesco S&P			Invesco S&P			Invesco S&P
	Emerging			Emerging			International			International
	Markets			Markets			Developed Low			Developed
	Low Volatility			Momentum			Volatility			Momentum
	ETF (EELV)			ETF (EEMO)			ETF (IDLV)			ETF (IDMO)
Investment income:
Unaffiliated dividend income	$	11,603,529		$	76,025		$	8,555,952		$	2,175,556
Affiliated dividend income		26,893			1,150			3,720			2,468
Securities lending income, net		60,281			62			135,020			12,772
Foreign withholding tax		(883,158	)		(9,324	)		(854,260	)		(224,215	)

Total investment income		10,807,545			67,913			7,840,432			1,966,581


Expenses:
Unitary management fees		960,416			7,980			628,717			149,971

Less: Waivers		(510	)		(21	)		(71	)		(47	)

Net expenses		959,906			7,959			628,646			149,924

Net investment income		9,847,639			59,954			7,211,786			1,816,657


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		13,147,128			114,545	^(a)		208,525			6,818,625
Affiliated investment securities		3,888			26			13,769			(564	)
In-kind redemptions		(1,724,816	)		-			7,883,957			-
Foreign currencies		(176,385	)		(6,783	)		(17,890	)		(640	)

Net realized gain		11,249,815			107,788			8,088,361			6,817,421

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		47,145,523			980,028	^(b)		31,186,350			14,378,487
Affiliated investment securities		(209	)		(3	)		(3,202	)		(719	)
Foreign currencies		18,889			91			8,382			(27,845	)

Change in net unrealized appreciation		47,164,203			980,116			31,191,530			14,349,923

Net realized and unrealized gain		58,414,018			1,087,904			39,279,891			21,167,344

Net increase in net assets resulting from operations	$	68,261,657		$	1,147,858		$	46,491,677		$	22,984,001

^(a)	Net of foreign taxes of $4,476.

^(b)	Net of foreign taxes of $(84,775).

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


		21

Statements of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)


	Invesco S&P Emerging Markets								Invesco S&P Emerging Markets
	Low Volatility ETF (EELV)								Momentum ETF (EEMO)
	Six Months Ended				Year Ended				Six Months Ended				Year Ended
	April 30,				October 31,				April 30,				October 31,
	2024				2023				2024				2023
Operations:
Net investment income		$	9,847,639			$	29,262,803			$	59,954			$	205,124
Net realized gain (loss)			11,249,815				9,140,650				107,788				(293,921	)
Change in net unrealized appreciation (depreciation)			47,164,203				42,743,735				980,116				(64,940	)

Net increase (decrease) in net assets resulting from operations			68,261,657				81,147,188				1,147,858				(153,737	)


Distributions to Shareholders from:
Distributable earnings			(14,510,723	)			(25,734,498	)			(50,602	)			(234,874	)


Shareholder Transactions:
Proceeds from shares sold			-				159,947,585				796,700				-
Value of shares repurchased			(305,051,642	)			(425,129,689	)			-				-
Transaction fees			376,513				764,961				538				-

Net increase (decrease) in net assets resulting from share transactions			(304,675,129	)			(264,417,143	)			797,238				-

Net increase (decrease) in net assets			(250,924,195	)			(209,004,453	)			1,894,494				(388,611	)


Net assets:
Beginning of period			695,392,486				904,396,939				4,553,271				4,941,882

End of period		$	444,468,291			$	695,392,486			$	6,447,765			$	4,553,271


Changes in Shares Outstanding:
Shares sold			-				7,000,000				50,000				-
Shares repurchased			(12,750,000	)			(17,950,000	)			-				-
Shares outstanding, beginning of period			31,500,000				42,450,000				350,000				350,000

Shares outstanding, end of period			18,750,000				31,500,000				400,000				350,000

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


		22


Invesco S&P International								Invesco S&P International
Developed Low Volatility ETF (IDLV)								Developed Momentum ETF (IDMO)
Six Months Ended				Year Ended				Six Months Ended				Year Ended
April 30,				October 31,				April 30,				October 31,
2024				2023				2024				2023

	$	7,211,786			$	18,834,768			$	1,816,657			$	1,261,366
		8,088,361				(13,931,147	)			6,817,421				772,210
		31,191,530				22,728,707				14,349,923				(870,624	)

		46,491,677				27,632,328				22,984,001				1,162,952



		(7,234,767	)			(19,375,414	)			(1,458,368	)			(1,219,860	)



		-				150,677,569				91,711,134				56,800,297
		(178,916,717	)			(53,131,341	)			-				-
		-				-				-				-

		(178,916,717	)			97,546,228				91,711,134				56,800,297

		(139,659,807	)			105,803,142				113,236,767				56,743,389



		536,962,584				431,159,442				65,438,247				8,694,858

	$	397,302,777			$	536,962,584			$	178,675,014			$	65,438,247



		-				5,650,000				2,400,000				1,750,000
		(6,500,000	)			(1,950,000	)			-				-
		21,000,000				17,300,000				2,050,000				300,000

		14,500,000				21,000,000				4,450,000				2,050,000


		23

Financial Highlights

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


	Six Months Ended
	April 30,
	2024				Years Ended October 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	22.08			$	21.30			$	25.05			$	19.94			$	23.23			$	23.02

Net investment income^(a)			0.35				0.80				1.05				0.74				0.72				0.74
Net realized and unrealized gain (loss) on investments			1.73				0.70				(3.69	)			5.03				(3.33	)			0.58

Total from investment operations			2.08				1.50				(2.64	)			5.77				(2.61	)			1.32

Distributions to shareholders from:
Net investment income			(0.47	)			(0.74	)			(1.17	)			(0.67	)			(0.72	)			(1.12	)

Transaction fees^(a)			0.01				0.02				0.06				0.01				0.04				0.01

Net asset value at end of period		$	23.70			$	22.08			$	21.30			$	25.05			$	19.94			$	23.23

Market price at end of period^(b)		$	23.54			$	22.00			$	21.40			$	25.08			$	19.82			$	23.12

Net Asset Value Total Return^(c)			9.48	%			7.01	%			(10.68	)%			29.21	%			(10.92	)%			5.87	%
Market Price Total Return^(c)			9.15	%			6.13	%			(10.40	)%			30.16	%			(11.03	)%			5.32	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	444,468			$	695,392			$	904,397			$	360,698			$	269,207			$	335,632
Ratio to average net assets of:
Expenses, after Waivers			0.29	%^(d)			0.29	%			0.29	%			0.29	%			0.29	%			0.29	%
Expenses, prior to Waivers			0.29	%^(d)			0.29	%			0.29	%			0.29	%			0.38	%			0.45	%
Net investment income			2.97	%^(d)			3.44	%			4.42	%			3.13	%			3.42	%			3.14	%
Portfolio turnover rate^(e)			40	%			71	%			136	%			92	%			114	%			67	%

^(a)	Based on average shares outstanding.

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

^(c)

^(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.


		24

Financial Highlights–(continued)

Invesco S&P Emerging Markets Momentum ETF (EEMO)


	Six Months Ended
	April 30,
	2024				Years Ended October 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	13.01			$	14.12			$	17.90			$	16.49			$	16.97			$	17.23

Net investment income^(a)			0.17				0.59				0.43	^(b)			0.27	^(c)			0.32				0.40
Net realized and unrealized gain (loss) on investments			3.07				(1.03	)			(3.78	)			1.32				(0.46	)			1.61

Total from investment operations			3.24				(0.44	)			(3.35	)			1.59				(0.14	)			2.01

Distributions to shareholders from:
Net investment income			(0.13	)			(0.67	)			(0.44	)			(0.19	)			(0.34	)			(0.43	)
Net realized gains			-				-				-				-				-				(1.85	)

Total distributions			(0.13	)			(0.67	)			(0.44	)			(0.19	)			(0.34	)			(2.28	)

Transaction fees^(a)			0.00	^(d)			-				0.01				0.01				0.00	^(d)			0.01

Net asset value at end of period		$	16.12			$	13.01			$	14.12			$	17.90			$	16.49			$	16.97

Market price at end of period^(e)		$	16.19			$	13.03			$	14.07			$	17.72			$	16.51			$	16.92

Net Asset Value Total Return^(f)			24.98	%			(3.27	)%			(18.82	)%			9.66	%			0.20	%			13.60	%
Market Price Total Return^(f)			25.33	%			(2.76	)%			(18.28	)%			8.44	%			0.59	%			13.66	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	6,448			$	4,553			$	4,942			$	6,263			$	5,770			$	5,941
Ratio to average net assets of:
Expenses, after Waivers			0.29	%^(g)			0.29	%			0.29	%			0.29	%			0.29	%			0.36	%^(h)(i)
Expenses, prior to Waivers			0.29	%^(g)			0.29	%			0.29	%			0.29	%			0.37	%			0.53	%^(h)(i)
Net investment income			2.18	%^(g)			4.23	%			2.64	%^(b)			1.43	%^(c)			2.10	%			2.42	%⁽ⁱ⁾
Portfolio turnover rate^(j)			52	%			115	%			114	%			166	%			172	%			114	%

^(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)

^(d)	Amount represents less than $0.005.

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

^(f)

^(g)	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.


		25

Financial Highlights–(continued)

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


	Six Months Ended
	April 30,
	2024				Years Ended October 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	25.57			$	24.92			$	31.63			$	27.37			$	34.58			$	30.83

Net investment income^(a)			0.39				0.94				0.98				0.83				0.83				1.15
Net realized and unrealized gain (loss) on investments			1.84				0.70				(6.32	)			4.17				(6.40	)			3.79

Total from investment operations.			2.23				1.64				(5.34	)			5.00				(5.57	)			4.94

Distributions to shareholders from:
Net investment income			(0.40	)			(0.99	)			(1.37	)			(0.74	)			(1.64	)			(1.19	)

Net asset value at end of period		$	27.40			$	25.57			$	24.92			$	31.63			$	27.37			$	34.58

Market price at end of period^(b)		$	27.25			$	25.75			$	24.92			$	31.69			$	27.43			$	34.57

Net Asset Value Total Return^(c)			8.70	%			6.42	%			(17.33	)%			18.34	%			(16.49	)%			16.33	%
Market Price Total Return^(c)			7.35	%			7.17	%			(17.50	)%			18.31	%			(16.28	)%			16.56	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	397,303			$	536,963			$	431,159			$	700,694			$	774,564			$	989,052
Ratio to average net assets of:
Expenses, after Waivers			0.25	%^(d)			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%
Expenses, prior to Waivers.			0.25	%^(d)			0.25	%			0.25	%			0.25	%			0.30	%			0.35	%
Net investment income			2.87	%^(d)			3.47	%			3.29	%			2.69	%			2.77	%			3.51	%
Portfolio turnover rate^(e)			36	%			67	%			78	%			81	%			99	%			59	%

^(a)	Based on average shares outstanding.

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

^(c)

^(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.


		26

Financial Highlights–(continued)

Invesco S&P International Developed Momentum ETF (IDMO)


	Six Months Ended
	April 30,
	2024				Years Ended October 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	31.92			$	28.98			$	37.11			$	28.96			$	26.85			$	24.86

Net investment income^(a)			0.58				1.13				0.97				0.50				0.04				0.61
Net realized and unrealized gain (loss) on investments			8.08				2.87	^(b)			(7.84	)			8.25				2.58				2.12

Total from investment operations			8.66				4.00				(6.87	)			8.75				2.62				2.73

Distributions to shareholders from:
Net investment income			(0.43	)			(1.06	)			(1.26	)			(0.60	)			(0.51	)			(0.74	)

Net asset value at end of period		$	40.15			$	31.92			$	28.98			$	37.11			$	28.96			$	26.85

Market price at end of period^(c)		$	39.91			$	32.41			$	29.21			$	37.16			$	28.92			$	26.79

Net Asset Value Total Return^(d)			27.16	%			13.82	%			(18.73	)%			30.43	%			10.14	%			11.30	%
Market Price Total Return^(d)			24.49	%			14.62	%			(18.21	)%			30.80	%			10.24	%			11.42	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	178,675			$	65,438			$	8,695			$	16,701			$	298,237			$	2,685
Ratio to average net assets of:
Expenses, after Waivers			0.25	%^(e)			0.25	%			0.25	%			0.25	%			0.25	%			0.53	%^(f)
Expenses, prior to Waivers			0.25	%^(e)			0.25	%			0.25	%			0.25	%			0.26	%			0.63	%^(f)
Net investment income			3.03	%^(e)			3.47	%			2.93	%			1.42	%			0.13	%			2.39	%^(f)
Portfolio turnover rate^(g)			61	%			131	%			106	%			29	%			15	%			104	%

^(a)	Based on average shares outstanding.

^(b)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

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

^(d)

^(e)	Annualized.

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

^(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.


		27

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

April 30, 2024

(Unaudited)

NOTE 1—Organization


Full Name		Short Name

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 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”

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

S&P Emerging Markets Low Volatility ETF		S&P BMI Emerging Markets Low Volatility Index^TM

S&P Emerging Markets Momentum ETF		S&P Momentum Emerging Plus LargeMidCap Index

S&P International Developed Low Volatility ETF		S&P BMI International Developed Low Volatility^TMIndex

S&P International Developed Momentum ETF		S&P World Ex-U.S. Momentum Index*

*	Prior to the close of business on May 31, 2024, the name of the Underlying Index was S&P Momentum Developed ex-U.S. & South Korea LargeMidCap Index. No change was made to the Underlying Index’s methodology.

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.

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

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


		28

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.

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.

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


		29

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.

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.

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 seek 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. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.


		30

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 six months ended April 30, 2024, the Funds did not enter into any closing agreements.

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 or the Adviser (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.

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.


		31

laws. For the six months ended April 30, 2024, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:


	Amount

S&P Emerging Markets Low Volatility ETF		$449

S&P Emerging Markets Momentum ETF		1

S&P International Developed Low Volatility ETF		50

S&P International Developed Momentum ETF		4

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.

The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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.


		32

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 market 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.

Geographic Concentration Risk. A Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on a Fund’s investment performance. For example, a natural or other disaster could occur in a country or geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact the Fund’s investments in the affected region.


		33

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 methodology 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.

Sampling Risk. Certain Funds’ use of a representative sampling methodology 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.


		34

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.

Valuation Time Risk. Because foreign exchanges may be open on days when a Fund does not price its Shares, the value of the non-U.S. securities in a Fund’s portfolio may change on days when you will not be able to purchase or sell your Shares. As a result, trading spreads and the resulting premium or discount on the Shares may widen, and, therefore, increase the difference between the market price of the Shares and the NAV of such Shares.

NOTE 3–Investment Advisory Agreement and Other Agreements


		Unitary Management Fees
		(as a % of average daily net assets)

S&P Emerging Markets Low Volatility ETF		0.29%

S&P Emerging Markets Momentum ETF		0.29%

S&P International Developed Low Volatility ETF		0.25%

S&P International Developed Momentum ETF		0.25%

For the six months ended April 30, 2024, the Adviser waived fees for each Fund in the following amounts:



S&P Emerging Markets Low Volatility ETF	$	510

S&P Emerging Markets Momentum ETF		21

S&P International Developed Low Volatility ETF		71

S&P International Developed Momentum ETF		47

The Adviser has entered into a licensing agreement on behalf of each Fund with S&P Dow Jones Indices LLC (the “Licensor”). Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust’s sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.



S&P Emerging Markets Low Volatility ETF	$	1,748

S&P Emerging Markets Momentum ETF		84

S&P International Developed Low Volatility ETF		7,515

S&P International Developed Momentum ETF		4,881

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.


		35

NOTE 4–Additional Valuation Information


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 April 30, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total

S&P Emerging Markets Low Volatility ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	438,880,958	$	1,801,540	$	1,178,583	$	441,861,081

Money Market Funds		742,038		8,680,964		-		9,423,002


Total Investments	$	439,622,996	$	10,482,504	$	1,178,583	$	451,284,083


S&P Emerging Markets Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	6,442,988	$	-	$	0	$	6,442,988

Money Market Funds		80,825		27,156		-		107,981


Total Investments	$	6,523,813	$	27,156	$	0	$	6,550,969


S&P International Developed Low Volatility ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	396,018,952	$	-	$	-	$	396,018,952

Money Market Funds		-		40,173,845		-		40,173,845


Total Investments	$	396,018,952	$	40,173,845	$	-	$	436,192,797


S&P International Developed Momentum ETF

Investments in Securities

Common Stocks & Other Equity Interests	$	177,783,732	$	-	$	-	$	177,783,732

Money Market Funds		-		10,179,042		-		10,179,042


Total Investments	$	177,783,732	$	10,179,042	$	-	$	187,962,774

NOTE 5–Tax Information


		36

The Funds had capital loss carryforwards as of October 31, 2023, as follows:


	No expiration
	Short-Term		Long-Term		Total*

S&P Emerging Markets Low Volatility ETF	$	120,854,722	$	43,261,304	$	164,116,026

S&P Emerging Markets Momentum ETF		2,572,388		18,769		2,591,157

S&P International Developed Low Volatility ETF		130,716,253		105,934,120		236,650,373

S&P International Developed Momentum ETF		2,866,147		330,059		3,196,206

*	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


	Purchases		Sales

S&P Emerging Markets Low Volatility ETF	$	256,705,217	$	490,452,139

S&P Emerging Markets Momentum ETF		3,330,767		2,861,829

S&P International Developed Low Volatility ETF		181,423,030		183,348,029

S&P International Developed Momentum ETF		76,612,257		75,029,813

For the six months ended April 30, 2024, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales

S&P Emerging Markets Low Volatility ETF	$	-	$	77,056,058

S&P Emerging Markets Momentum ETF		247,569		-

S&P International Developed Low Volatility ETF		-		176,824,551

S&P International Developed Momentum ETF		89,619,274		-

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of April 30, 2024, the aggregate cost of investments, including any derivatives, on a tax basis includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:


						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost

S&P Emerging Markets Low Volatility ETF	$	41,734,799	$	(51,545,433	)	$	(9,810,634	)	$	461,094,717

S&P Emerging Markets Momentum ETF		1,238,194		(383,307	)		854,887			5,696,082

S&P International Developed Low Volatility ETF		20,022,485		(33,419,036	)		(13,396,551	)		449,589,348

S&P International Developed Momentum ETF		16,649,316		(3,571,485	)		13,077,831			174,884,943

NOTE 7–Trustees’ and Officer’s Fees

NOTE 8–Capital


		37

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.


		38

Calculating your ongoing Fund expenses

Example

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2023 through April 30, 2024.

Actual Expenses

Hypothetical Example for Comparison Purposes


							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	November 1, 2023			April 30, 2024			Six-Month Period			Six-Month Period⁽¹⁾

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

Actual		$	1,000.00		$	1,094.80		0.29	%		$	1.51

Hypothetical (5% return before expenses)			1,000.00			1,023.42		0.29				1.46

Invesco S&P Emerging Markets Momentum ETF (EEMO)

Actual			1,000.00			1,249.80		0.29				1.62

Hypothetical (5% return before expenses)			1,000.00			1,023.42		0.29				1.46

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

Actual			1,000.00			1,087.00		0.25				1.30

Hypothetical (5% return before expenses)			1,000.00			1,023.62		0.25				1.26

Invesco S&P International Developed Momentum ETF (IDMO)

Actual			1,000.00			1,271.60		0.25				1.41

Hypothetical (5% return before expenses)			1,000.00			1,023.62		0.25				1.26

⁽¹⁾


		39

Approval of Investment Advisory and Sub-Advisory Contracts

Invesco 0-5 Yr US TIPS ETF

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF

Invesco Alerian Galaxy Crypto Economy ETF

Invesco California AMT-Free Municipal Bond ETF

Invesco CEF Income Composite ETF

Invesco China Technology ETF

Invesco Dorsey Wright Developed Markets Momentum ETF

Invesco Dorsey Wright Emerging Markets Momentum ETF

Invesco Dorsey Wright SmallCap Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco Equal Weight 0-30 Year Treasury ETF

Invesco ESG NASDAQ 100 ETF

Invesco ESG NASDAQ Next Gen 100 ETF

Invesco ESG S&P 500 Equal Weight ETF

Invesco Floating Rate Municipal Income ETF

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

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

Invesco FTSE RAFI Emerging Markets ETF

Invesco Fundamental High Yield^® Corporate Bond ETF

Invesco Fundamental Investment Grade Corporate Bond ETF

Invesco Global Clean Energy ETF

Invesco Global ex-US High Yield Corporate Bond ETF

Invesco Global Water ETF

Invesco International BuyBack Achievers^™ ETF

Invesco International Corporate Bond ETF

Invesco KBW Bank ETF

Invesco KBW High Dividend Yield Financial ETF

Invesco KBW Premium Yield Equity REIT ETF

Invesco KBW Property & Casualty Insurance ETF

Invesco KBW Regional Banking ETF

Invesco MSCI Green Building ETF

Invesco MSCI USA ETFInvesco NASDAQ 100 ETF

Invesco Nasdaq Biotechnology ETF

Invesco NASDAQ Future Gen 200 ETF

Invesco NASDAQ Metaverse ETF

Invesco NASDAQ Next Gen 100 ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

Invesco PHLX Semiconductor ETF

Invesco Preferred ETF

Invesco Russell 1000 Equal Weight ETF

Invesco S&P 500^® Enhanced Value ETF

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

Invesco S&P 500^® High Beta ETF

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

Invesco S&P 500^® Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500^® Momentum ETF

Invesco S&P 500 QVM Multi-factor ETF

Invesco S&P 500 Revenue ETF

Invesco S&P Emerging Markets Low Volatility ETF

Invesco S&P Emerging Markets Momentum ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

Invesco S&P International Developed Quality ETF

Invesco S&P MidCap 400 QVM Multi-factor ETF

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap Low Volatility ETF

Invesco S&P SmallCap 600 QVM Multi-factor ETF

Invesco S&P SmallCap 600 Revenue ETF

Invesco S&P SmallCap Consumer Discretionary ETF

Invesco S&P SmallCap Consumer Staples ETF

Invesco S&P SmallCap Energy ETF

Invesco S&P SmallCap Financials ETF

Invesco S&P SmallCap Health Care ETF

Invesco S&P SmallCap High Dividend Low Volatility ETF

Invesco S&P SmallCap Industrials ETF

Invesco S&P SmallCap Information Technology ETF

Invesco S&P SmallCap Low Volatility ETF

Invesco S&P SmallCap Materials ETF

Invesco S&P SmallCap Quality ETF

Invesco S&P SmallCap Utilities & Communication Services ETF

Invesco S&P Ultra Dividend Revenue ETF

Invesco Senior Loan ETF

Invesco Short Term Treasury ETF

Invesco Taxable Municipal Bond ETF

Invesco Variable Rate Preferred ETF


		40

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

Investment Advisory Agreement

●

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

●

0.07% of the Fund’s average daily net assets for Invesco 0-5 Yr US TIPS ETF;

●

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

●

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

●

0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF;


		41

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

●

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

●

0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF;

●

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

●

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

●

0.45% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. ETF;

●

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

●

0.55% of the Fund’s average daily net assets for Invesco International BuyBack AchieversTM ETF;

●

0.65% of the Fund’s average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF;

●

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

●

0.80% of the Fund’s average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and

●

0.90% of the Fund’s average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF.


		42

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


		Equal to/Lower	Lower than
	Equal to/Lower	than Open-End	Open-End
	than ETF	Index Fund	Active Fund
Invesco Fund	Peer Median*	Peer Median*	Peer Median

Invesco 0-5 Yr US TIPS ETF	X		X

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF	X	N/A	X

Invesco Alerian Galaxy Crypto Economy ETF	X	N/A	X

Invesco California AMT-Free Municipal Bond ETF		N/A	X

Invesco CEF Income Composite ETF	X	N/A	X

Invesco China Technology ETF		N/A	X

Invesco Dorsey Wright Developed Markets Momentum ETF			X

Invesco Dorsey Wright Emerging Markets Momentum ETF			X

Invesco Dorsey Wright SmallCap Momentum ETF			X

Invesco Emerging Markets Sovereign Debt ETF			X

Invesco Equal Weight 0-30 Year Treasury ETF			X

Invesco ESG NASDAQ 100 ETF			X

Invesco ESG NASDAQ Next Gen 100 ETF	X		X

Invesco ESG S&P 500 Equal Weight ETF	X		X

Invesco Floating Rate Municipal Income ETF		N/A	X

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

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

Invesco FTSE RAFI Emerging Markets ETF			X

Invesco Fundamental High Yield^®Corporate Bond ETF		N/A	X

Invesco Fundamental Investment Grade Corporate Bond ETF			X

Invesco Global Clean Energy ETF		X	X

Invesco Global ex-US High Yield Corporate Bond ETF	X	N/A	X

Invesco Global Water ETF		X	X

Invesco International BuyBack Achievers^TMETF		X	X

Invesco International Corporate Bond ETF			X

Invesco KBW Bank ETF	X		X

Invesco KBW High Dividend Yield Financial ETF	X		X

Invesco KBW Premium Yield Equity REIT ETF	X		X

Invesco KBW Property & Casualty Insurance ETF	X		X

Invesco KBW Regional Banking ETF	X		X

Invesco MSCI Green Building ETF	X	N/A	X

Invesco MSCI USA ETF	X	X	X

Invesco NASDAQ 100 ETF	X		X

Invesco Nasdaq Biotechnology ETF	X		X

Invesco NASDAQ Future Gen 200 ETF	X		X

Invesco NASDAQ Metaverse ETF	X		X

Invesco NASDAQ Next Gen 100 ETF	X	X	X

Invesco National AMT-Free Municipal Bond ETF			X

Invesco New York AMT-Free Municipal Bond ETF		N/A	X

Invesco PHLX Semiconductor ETF	X	X	X

Invesco Preferred ETF		N/A	X

Invesco Russell 1000 Equal Weight ETF	X		X

Invesco S&P 500 Enhanced Value ETF	X		X


		43

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


		Equal to/Lower	Lower than
	Equal to/Lower	than Open-End	Open-End
	than ETF	Index Fund	Active Fund
Invesco Fund	Peer Median*	Peer Median*	Peer Median

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

Invesco S&P 500^®High Beta ETF	X	X	X

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

Invesco S&P 500^®Low Volatility ETF	X		X

Invesco S&P 500 Minimum Variance ETF	X	X	X

Invesco S&P 500^®Momentum ETF	X		X

Invesco S&P 500 QVM Multi-factor ETF	X	X	X

Invesco S&P 500 Revenue ETF			X

Invesco S&P Emerging Markets Low Volatility ETF	X		X

Invesco S&P Emerging Markets Momentum ETF	X		X

Invesco S&P International Developed Low Volatility ETF	X	X	X

Invesco S&P International Developed Momentum ETF	X		X

Invesco S&P International Developed Quality ETF	X		X

Invesco S&P MidCap 400 QVM Multi-factor ETF	X	X	X

Invesco S&P MidCap 400 Revenue ETF			X

Invesco S&P MidCap Low Volatility ETF			X

Invesco S&P SmallCap 600 QVM Multi-factor ETF	X	X	X

Invesco S&P SmallCap 600 Revenue ETF			X

Invesco S&P SmallCap Consumer Discretionary ETF	X		X

Invesco S&P SmallCap Consumer Staples ETF	X		X

Invesco S&P SmallCap Energy ETF	X		X

Invesco S&P SmallCap Financials ETF	X		X

Invesco S&P SmallCap Health Care ETF	X		X

Invesco S&P SmallCap High Dividend Low Volatility ETF	X	X	X

Invesco S&P SmallCap Industrials ETF	X		X

Invesco S&P SmallCap Information Technology ETF	X		X

Invesco S&P SmallCap Low Volatility ETF			X

Invesco S&P SmallCap Materials ETF	X		X

Invesco S&P SmallCap Quality ETF			X

Invesco S&P SmallCap Utilities & Communication Services ETF	X	X	X

Invesco S&P Ultra Dividend Revenue ETF		X	X

Invesco Senior Loan ETF	N/A	N/A	X

Invesco Short Term Treasury ETF	X		X

Invesco Taxable Municipal Bond ETF		X	X

Invesco Variable Rate Preferred ETF		X	X

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


		44

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

Investment Sub-Advisory Agreement


		45

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


		46

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums

©2024 Invesco Capital Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

P-PS-SAR-12

invesco.com/ETFs


		Invesco Semi-Annual Report to Shareholders April 30, 2024

		CQQQ		Invesco China Technology ETF

		PIZ		Invesco Dorsey Wright Developed Markets Momentum ETF

		PIE		Invesco Dorsey Wright 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 Achievers^TM 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



Liquidity Risk Management Program			3

Schedules of Investments

Invesco China Technology ETF (CQQQ)			4

Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)			8

Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)			11

Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)			14

Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)			25

Invesco FTSE RAFI Emerging Markets ETF (PXH)			40

Invesco Global Clean Energy ETF (PBD)			46

Invesco Global Water ETF (PIO)			49

Invesco International BuyBack Achievers^TMETF (IPKW)			51

Invesco MSCI Global Timber ETF (CUT)			54

Invesco MSCI Green Building ETF (GBLD)			57

Invesco S&P Global Water Index ETF (CGW)			60

Invesco S&P International Developed Quality ETF (IDHQ)			62

Statements of Assets and Liabilities			66

Statements of Operations.			69

Statements of Changes in Net Assets			71

Financial Highlights.			76

Notes to Financial Statements			89

Fund Expenses			105

Approval of Investment Advisory and Sub-Advisory Contracts.			107

Liquidity Risk Management Program

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

●

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

●

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

●

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

●

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

●

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

Invesco China Technology ETF (CQQQ)

April 30, 2024

(Unaudited)

Schedule of Investments^(a)


	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Broadline Retail-9.41%
PDD Holdings, Inc., ADR (China)^(b)(c)		486,033	$	60,841,611

Capital Markets-0.54%
Hithink RoyalFlush Information Network Co. Ltd., A Shares (China)		209,000		3,489,635

Consumer Staples Distribution & Retail-0.16%
Dada Nexus Ltd., ADR (China)^(b)(c)		500,702		1,016,425

Electrical Equipment-0.94%
China XD Electric Co. Ltd., A Shares (China)		1,990,501		1,943,360
Qingdao TGOOD Electric Co. Ltd., A Shares (China)		412,118		1,104,065
Sieyuan Electric Co. Ltd., A Shares (China)		299,120		2,690,696
YunengTechnology Co. Ltd. (China)		35,594		343,087

				6,081,208

Electronic Equipment, Instruments & Components-12.54%
Avary Holding Shenzhen Co. Ltd., A Shares (China)		323,556		1,078,594
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., A Shares (China)		81,086		381,831
BOE Technology Group Co. Ltd., A Shares (China)		14,589,474		8,784,106
BOE Technology Group Co. Ltd., B Shares (China)		3,842,960		1,257,860
Chaozhou Three-Circle (Group) Co. Ltd., A Shares (China)		744,790		2,871,579
China Zhenhua (Group) Science & Technology Co. Ltd., A Shares (China)		215,259		1,387,598
Everdisplay Optronics (Shanghai) Co. Ltd., A Shares (China)^(b)		4,438,400		1,366,793
Guangzhou Shiyuan Electronic Technology Co. Ltd., A Shares (China)		97,560		451,728
Hengdian Group DMEGC Magnetics Co. Ltd., A Shares (China)		631,600		1,256,833
Holitech Technology Co. Ltd., A Shares (China)^(b)		1,131,000		199,914
Huagong Tech Co. Ltd., A Shares (China)		390,700		1,814,976
IRICO Display Devices Co. Ltd. (China)^(b)		1,393,700		1,558,927
Kingboard Laminates Holdings Ltd. (China)		5,801,705		5,007,097
Lens Technology Co. Ltd., A Shares (China)		1,933,900		3,821,599
Leyard Optoelectronic Co. Ltd., A Shares (China)		987,300		683,059
Lingyi iTech Guangdong Co., A Shares (China)		2,734,500		1,967,375
Maxscend Microelectronics Co. Ltd., A Shares (China)		185,246		2,322,002
Raytron Technology Co. Ltd., A Shares (China)		174,571		797,942
Shanghai BOCHU Electronic Technology Corp. Ltd., A Shares (China)		52,090		2,329,394
Shengyi Technology Co. Ltd., A Shares (China)		908,519		2,440,198
Shennan Circuits Co. Ltd., A Shares (China)		72,264		932,252
Shenzhen Everwin Precision Technology Co. Ltd., A Shares (China)^(b)		468,780		685,546
Shenzhen Huaqiang Industry Co. Ltd., A Shares (China)		379,075		510,389


	Shares		Value
Electronic Equipment, Instruments & Components-(continued)
Shenzhen Kaifa Technology Co. Ltd., A Shares (China)		605,717	$	1,159,323
Shenzhen Kinwong Electronic Co. Ltd., A Shares (China)		139,020		451,145
Sunny Optical Technology Group Co. Ltd. (China)		3,617,585		17,761,375
TCL Technology Group Corp., A Shares (China)^(b)		7,302,010		4,819,942
Tianma Microelectronics Co. Ltd., A Shares (China)^(b)		900,852		1,011,383
Tunghsu Optoelectronic Technology Co. Ltd., A Shares (China)^(b)		2,101,000		414,891
Unisplendour Corp. Ltd., A Shares (China)^(b)		515,558		1,491,534
Universal Scientific Industrial Shanghai Co. Ltd., A Shares (China)		324,900		663,574
WUS Printed Circuit Kunshan Co. Ltd., A Shares (China)		740,910		3,427,534
Xiamen Faratronic Co. Ltd., A Shares (China)		87,800		1,194,269
Zhejiang Crystal-Optech Co. Ltd., A Shares (China)		542,770		1,081,568
Zhejiang Dahua Technology Co. Ltd., A Shares (China)		1,292,700		3,211,444
Zhuzhou Hongda Electronics Corp. Ltd., A Shares (China)		155,700		484,634

				81,080,208

Entertainment-5.51%
Bilibili, Inc., Z Shares (China)^(b)(c)		1,484,379		19,510,326
Hangzhou Shunwang Technology Co. Ltd., A Shares (China)		271,100		436,141
Kingsoft Corp. Ltd. (China)		4,770,651		15,706,575

				35,653,042

Hotels, Restaurants & Leisure-10.58%
Meituan, B Shares (China)^(b)(d)		4,401,880		61,628,121
TravelSky Technology Ltd., H Shares (China)		5,183,789		6,786,938

				68,415,059

Interactive Media & Services-28.20%
Autohome, Inc., ADR (China)^(c)		333,555		8,572,363
Baidu, Inc., A Shares (China)^(b)		3,391,232		45,397,380
JOYY, Inc., ADR (China)		155,914		5,085,915
Kuaishou Technology (China)^(b)(d)		5,988,025		42,836,138
Tencent Holdings Ltd. (China)		1,726,035		76,622,430
Visual China Group Co. Ltd., A Shares (China)		214,100		405,050
Weibo Corp., ADR (China)^(c)		394,934		3,404,331

				182,323,607

IT Services-2.08%
Beijing Sinnet Technology Co. Ltd., A Shares (China)^(b)		701,600		908,791
China TransInfo Technology Co. Ltd., A Shares (China)^(b)		396,571		537,231
DHC Software Co. Ltd., A Shares (China)		1,251,200		945,117
Digital China Information Service Co. Ltd., A Shares (China)		233,500		435,626
GDS Holdings Ltd., A Shares (China)^(b)(c)		4,028,683		4,151,688

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

Invesco China Technology ETF (CQQQ)–(continued)

April 30, 2024

(Unaudited)


	Shares		Value
IT Services-(continued)
iSoftStone Information Technology (Group) Co. Ltd., A Shares (China)^(b)		370,500	$	2,156,539
Kingsoft Cloud Holdings Ltd., H shares (China)^(b)(c)		8,741,766		1,866,561
Taiji Computer Corp. Ltd., A Shares (China)		241,973		784,244
Wangsu Science & Technology Co. Ltd., A Shares (China)		946,045		1,235,875
Wonders Information Co. Ltd., A Shares (China)^(b)		563,200		451,867

				13,473,539

Media-1.53%
China Literature Ltd. (China)^(b)^(c)(d)		2,210,197		7,983,182
NanJi E-Commerce Co. Ltd., A Shares (China)^(b)		958,168		406,211
People.cn Co. Ltd., A Shares (China)		429,500		1,476,249

				9,865,642

Semiconductors & Semiconductor Equipment-14.81%
3Peak, Inc., A Shares (China)		51,715		662,729
ACM Research (Shanghai), Inc., A Shares (China)		91,400		1,035,105
Advanced Micro-Fabrication Equipment, Inc., A Shares (China)		239,849		4,692,316
All Winner Technology Co. Ltd., A Shares (China)		210,953		592,236
Amlogic Shanghai Co. Ltd., A Shares (China)		161,215		1,295,019
ASR Microelectronics Co. Ltd., A Shares (China)^(b)		163,400		924,237
Bestechnic (Shanghai) Co. Ltd. (China)^(b)		46,800		789,296
Cambricon Technologies Corp. Ltd. (China)^(b)		161,400		3,819,975
China Resources Microelectronics Ltd., A Shares (China)		375,073		1,889,997
GalaxyCore, Inc., A Shares (China)		1,010,200		2,314,330
GigaDevice Semiconductor, Inc., A Shares (China)		259,264		2,819,449
Goke Microelectronics Co. Ltd., A Shares (China)		84,800		600,386
Guobo Electronics Co. Ltd., A Shares (China)		155,333		1,573,386
Hangzhou Chang Chuan Technology Co. Ltd., A Shares (China)		243,302		986,110
Hangzhou Lion Microelectronics Co. Ltd., A Shares (China)		264,212		806,336
Hangzhou Silan Microelectronics Co. Ltd., A Shares (China)		646,500		1,712,335
Hoyuan Green Energy Co. Ltd., A Shares (China)		239,735		727,332
Hua Hong Semiconductor Ltd. (China)^(b)(c)(d)		3,287,766		6,557,709
Hwatsing Technology Co. Ltd., A Shares (China)		49,335		1,162,811
Hygon Information Technology Co. Ltd., A Shares (China)		277,253		3,034,220
Ingenic Semiconductor Co. Ltd., A Shares (China)		150,900		1,331,354
JCET Group Co. Ltd., A Shares (China)		691,500		2,460,810
Jiangsu Pacific Quartz Co. Ltd., A Shares (China)		125,300		1,354,482
Loongson Technology Corp. Ltd., A Shares (China)^(b)		155,919		1,868,703
Montage Technology Co. Ltd., A Shares (China)		441,489		3,103,805


	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
National Silicon Industry Group Co. Ltd., A Shares (China)^(b)		1,061,000	$	1,944,275
NAURA Technology Group Co. Ltd., A Shares (China)		205,757		9,063,935
Piotech, Inc., A Shares (China)		56,832		1,425,764
Rockchip Electronics Co. Ltd., A Shares (China)		59,308		472,973
Sanan Optoelectronics Co. Ltd., A Shares (China)		1,938,900		3,354,887
SG Micro Corp., A Shares (China)		180,820		1,919,441
Shanghai Awinic Technology Co. Ltd., A Shares (China)^(b)		90,800		727,378
Shanghai Fudan Microelectronics Group Co. Ltd., A Shares (China)		111,617		498,627
Shanghai Fudan Microelectronics Group Co. Ltd., H Shares (China)^(c)		1,577,433		2,190,319
Shenzhen Goodix Technology Co. Ltd., A Shares (China)^(b)		177,900		1,511,591
Shenzhen SC New Energy Technology Corp., A Shares (China)		121,318		1,150,942
SICC Co. Ltd., A Shares (China)^(b)		166,800		1,279,303
StarPower Semiconductor Ltd., A Shares (China)		59,200		1,139,446
Suzhou Maxwell Technologies Co. Ltd., A Shares (China)		108,112		1,710,921
Suzhou Novosense Microelectronics Co. Ltd., A Shares (China)		44,400		590,508
Tianshui Huatian Technology Co. Ltd., A Shares (China)		1,244,700		1,407,732
TongFu Microelectronics Co. Ltd., A Shares (China)		587,900		1,703,258
Unigroup Guoxin Microelectronics Co. Ltd., A Shares (China)^(b)		330,259		2,667,977
Vanchip (Tianjin) Technology Co. Ltd., A Shares (China)^(b)		143,400		1,074,683
Verisilicon Microelectronics (Shanghai) Co. Ltd. (China)^(b)		194,600		886,268
Will Semiconductor Co. Ltd., A Shares (China)		472,749		6,632,783
Wuxi Autowell Technology Co. Ltd., A Shares (China)		66,777		830,943
Yangzhou Yangjie Electronic Technology Co. Ltd., A Shares (China)		210,845		1,105,542
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., A Shares (China)		508,500		2,381,871

				95,785,835

Software-11.65%
360 Security Technology, Inc., A Shares (China)^(b)		2,777,200		3,271,355
Beijing E-Hualu Information Technology Co. Ltd., A Shares (China)^(b)		282,300		859,199
Beijing Kingsoft Office Software, Inc., A Shares (China)		179,436		7,681,442
Beijing Orient National Communication Science & Technology Co. Ltd., A Shares (China)^(b)		449,700		464,511
Beijing Shiji Information Technology Co. Ltd., A Shares (China)^(b)		1,065,325		1,059,220

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

Invesco China Technology ETF (CQQQ)–(continued)

April 30, 2024

(Unaudited)


	Shares		Value
Software-(continued)
China National Software & Service Co. Ltd., A Shares (China)		333,930	$	1,392,163
Empyrean Technology Co. Ltd., A Shares (China)		101,785		1,099,163
Hundsun Technologies, Inc., A Shares (China)		738,525		2,101,913
Iflytek Co. Ltd., A Shares (China)		903,850		5,630,418
Kingdee International Software Group Co. Ltd. (China)^(b)		16,252,237		17,371,848
Longshine Technology Group Co. Ltd., A Shares (China)		428,067		589,357
Neusoft Corp., A Shares (China)^(b)		477,500		557,188
Newland Digital Technology Co. Ltd., A Shares (China)		402,900		945,284
NSFOCUS Technologies Group Co. Ltd., A Shares (China)		289,900		268,222
Qi An Xin Technology Group, Inc. (China)^(b)		265,800		1,134,188
Sangfor Technologies, Inc., A Shares (China)^(b)		57,614		435,516
SenseTime Group, Inc., B Shares (China)^(b)(c)(d)		85,541,475		13,343,298
Shanghai Baosight Software Co. Ltd., A Shares (China)		429,017		2,430,790
Shanghai Baosight Software Co. Ltd., B Shares (China)		3,351,408		7,175,364
Shanghai Stonehill Technology Co. Ltd., A Shares (China)		1,297,600		532,192
Shenzhen Infogem Technologies Co. Ltd., A Shares (China)^(b)		276,100		397,669
Shenzhen Kingdom Sci-Tech Co. Ltd., A Shares (China)		367,300		590,906
Sinosoft Co. Ltd., A Shares (China)		82,820		330,296
Thunder Software Technology Co. Ltd., A Shares (China)		159,387		1,072,118
Topsec Technologies Group, Inc., A Shares (China)^(b)		462,500		397,897
Tuya, Inc., ADR (China)^(b)		1,192,174		2,086,304
Yonyou Network Technology Co. Ltd., A Shares (China)		1,334,304		2,144,763

				75,362,584

Investment Abbreviations:

ADR-American Depositary Receipt


	Shares		Value
Technology Hardware, Storage & Peripherals-1.79%
China Greatwall Technology Group Co. Ltd., A Shares (China)		1,252,946	$	1,692,165
IEIT Systems Co. Ltd., A Shares (China)		568,958		3,214,261
Legend Holdings Corp., H Shares (China)^(c)(d)		2,863,706		2,032,114
Ninestar Corp., A Shares (China)		550,250		1,923,956
Shenzhen Longsys Electronics Co. Ltd., A Shares (China)^(b)		120,900		1,607,270
Tsinghua Tongfang Co. Ltd., A Shares (China)^(b)		1,300,300		1,093,534

				11,563,300

Textiles, Apparel & Luxury Goods-0.10%
Shijiazhuang Changshan BeiMing Technology Co. Ltd., A Shares (China)^(b)		624,000		635,934

Trading Companies & Distributors-0.16%
Beijing United Information Technology Co. Ltd., A Shares (China)		282,279		1,014,279

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $734,264,674)				646,601,908


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-4.47%
Invesco Private Government Fund, 5.29%^(e)(f)(g)		8,090,687		8,090,687
Invesco Private Prime Fund, 5.46%^(e)(f)(g)		20,802,615		20,808,856

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $28,902,455)				28,899,543

TOTAL INVESTMENTS IN SECURITIES-104.47% (Cost $763,167,129)				675,501,451
OTHER ASSETS LESS LIABILITIES-(4.47)%				(28,881,369	)

NET ASSETS-100.00%			$	646,620,082

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

Invesco China Technology ETF (CQQQ)–(continued)

April 30, 2024

(Unaudited)

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at April 30, 2024.

^(d)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2024 was $134,380,562, which represented 20.78% of the Fund’s Net Assets.

^(e)


	Value October 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	81,383,223		$	(81,383,223	)		$	-			$	-		$	-		$	41,436
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			7,228,670			62,659,917			(61,797,900	)			-				-			8,090,687			213,145	*
Invesco Private Prime Fund			18,593,579			122,948,088			(120,748,239	)			(2,850	)			18,278			20,808,856			579,950	*

Total		$	25,822,249		$	266,991,228		$	(263,929,362	)		$	(2,850	)		$	18,278		$	28,899,543		$	834,531

*	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.

^(f)	The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

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


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

China	100.00	%

Portfolio Composition

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

as of April 30, 2024


Interactive Media & Services			28.20
Semiconductors & Semiconductor Equipment			14.81
Electronic Equipment, Instruments & Components			12.54
Software			11.65
Hotels, Restaurants & Leisure			10.58
Broadline Retail			9.41
Entertainment			5.51
Industry Types Each Less Than 3%			7.30
Money Market Funds Plus Other Assets Less Liabilities			0.00

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

Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)

April 30, 2024

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.64%
Australia-4.64%
CAR Group Ltd.		29,614	$	650,546
REA Group Ltd.^(a)		25,169		2,935,946
Wesfarmers Ltd.		20,050		869,570
WiseTech Global Ltd.		21,256		1,280,742

				5,736,804

Canada-12.44%
Celestica, Inc.^(b)		44,761		1,942,136
CGI,Inc.,Class A^(b)		17,820		1,809,304
Constellation Software, Inc.		1,379		3,557,566
Dollarama, Inc.		32,906		2,750,610
Element Fleet Management Corp.		61,426		982,297
Fairfax Financial Holdings Ltd.		676		736,453
Stantec, Inc.		8,670		691,719
Thomson Reuters Corp.		5,305		802,903
TMX Group Ltd.		31,108		825,335
WSP Global, Inc.		8,428		1,281,454

				15,379,777

Denmark-4.14%
Novo Nordisk A/S, Class B		26,666		3,450,541
Ringkjoebing Landbobank A/S		9,886		1,669,552

				5,120,093

France-6.10%
Dassault Systemes SE		28,941		1,145,900
Hermes International S.C.A.		846		2,036,223
Legrand S.A.		6,700		693,903
L’Oreal S.A.		1,969		925,619
Publicis Groupe S.A.		6,466		717,996
Rexel S.A.		25,949		677,834
Schneider Electric SE		2,987		686,997
Veolia Environnement S.A.		21,288		664,429

				7,548,901

Germany-4.78%
Allianz SE		2,319		661,059
Brenntag SE		7,778		622,583
Hannover Rueck SE		6,048		1,502,891
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class R		1,980		872,675
Rheinmetall AG^(b)		2,867		1,585,498
SAP SE		3,672		666,291

				5,910,997

Greece-1.73%
National Bank of Greece S.A.^(b)		154,520		1,249,068
Piraeus Financial Holdings S.A.^(b)		219,145		884,561

				2,133,629

Ireland-0.71%
AIB Group PLC		169,642		882,643

Israel-1.90%
Mizrahi Tefahot Bank Ltd.^(a)		64,076		2,346,767

Italy-2.53%
BPER Banca		156,674		819,359
Brunello Cucinelli S.p.A.^(a)		6,325		649,925


	Shares		Value
Italy-(continued)
Leonardo S.p.A.		33,269	$	769,442
UniCredit S.p.A.		24,150		892,938

				3,131,664

Japan-12.61%
Advantest Corp.		15,500		492,092
ASICS Corp.		18,600		799,009
Chugai Pharmaceutical Co. Ltd.		17,400		558,383
Disco Corp.		2,469		718,585
Ebara Corp.		8,600		716,462
Fujikura Ltd.		67,100		1,163,212
Hitachi Ltd.		7,955		739,059
Isetan Mitsukoshi Holdings Ltd.		43,700		617,185
ITOCHU Corp.		27,719		1,256,968
Marubeni Corp.		41,750		749,226
Mitsubishi Corp.		33,126		762,025
Mitsubishi Heavy Industries Ltd.		94,620		852,311
Mitsui & Co. Ltd.		16,247		788,681
Mitsui OSK Lines Ltd.^(a)		42,821		1,357,842
Nippon Steel Corp.^(a)		27,384		616,190
Sanrio Co. Ltd.		44,200		749,798
SCREEN Holdings Co. Ltd.		6,411		675,871
Shin-Etsu Chemical Co. Ltd.		16,212		638,219
Sojitz Corp.		25,400		655,156
Tokio Marine Holdings, Inc.		21,800		691,410

				15,597,684

Netherlands-7.80%
Arcadis N.V.		12,861		799,657
ASM International N.V.		5,579		3,550,576
ASML Holding N.V.^(a)		3,396		3,023,679
IMCD N.V.^(a)		5,737		872,603
Wolters Kluwer N.V.		9,325		1,403,385

				9,649,900

Norway-0.92%
Kongsberg Gruppen ASA		16,027		1,137,534

Singapore-0.99%
Oversea-Chinese Banking Corp. Ltd.		117,333		1,226,028

South Korea-5.18%
Alteogen, Inc.^(b)		7,014		897,747
Hanmi Semiconductor Co. Ltd.		24,140		2,357,934
Hanwha Aerospace Co. Ltd.		11,004		1,683,920
HLB, Inc.^(b)		9,743		783,895
Meritz Financial Group, Inc.		11,864		681,573

				6,405,069

Spain-1.50%
Banco de Sabadell S.A.		598,752		1,149,828
CaixaBank S.A.		132,010		698,983

				1,848,811

Sweden-8.09%
Assa Abloy AB, Class B^(a)		35,873		964,161
Atlas Copco AB, Class A		100,397		1,787,789
Hexagon AB, Class B^(a)		188,720		2,007,403
Industrivarden AB, Class A		19,719		641,736
Investor AB, Class B		77,738		1,928,948
Saab AB, Class B^(a)		8,867		709,787

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

Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)–(continued)

April 30, 2024

(Unaudited)


	Shares		Value
Sweden-(continued)
SSAB AB, Class B^(a)		92,932	$	527,489
Swedbank AB, Class A^(a)		74,149		1,434,893

				10,002,206

Switzerland-11.52%
ABB Ltd.		26,592		1,301,548
Chocoladefabriken Lindt & Spruengli AG		23		2,668,266
Flughafen Zureich AG		13,868		2,785,243
Georg Fischer AG		8,551		601,362
Schindler Holding AG, PC^(a)		8,979		2,251,725
Siegfried Holding AG		1,082		1,040,532
Swiss Life Holding AG^(a)		2,006		1,358,258
VAT Group AG^(c)		3,241		1,635,077
Zurich Insurance Group AG		1,243		602,018

				14,244,029

United Kingdom-9.49%
3i Group PLC		58,373		2,102,121
Ashtead Group PLC		9,928		726,240
BAE Systems PLC		41,710		696,189
Diploma PLC		61,393		2,788,964
InterContinental Hotels Group PLC		35,400		3,480,490
RELX PLC		18,963		784,283
Rolls-Royce Holdings PLC^(b)		224,280		1,160,119

				11,738,406

United States-2.57%
Experian PLC		24,198		982,918


	Shares		Value
United States-(continued)
Ferrovial SE		24,247	$	876,303
Samsonite International S.A.^(b)(c)		189,900		674,988
Tenaris S.A.		38,609		647,106

				3,181,315

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.64% (Cost $106,417,339)				123,222,257


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-9.35%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		3,236,715		3,236,715
Invesco Private Prime Fund, 5.46%^(d)(e)(f)		8,322,688		8,325,185

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,562,908)				11,561,900

TOTAL INVESTMENTS IN SECURITIES-108.99% (Cost $117,980,247)				134,784,157
OTHER ASSETS LESS LIABILITIES-(8.99)%				(11,118,183	)

NET ASSETS-100.00%			$	123,665,974

Investment Abbreviations:

PC-Participation Certificate

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at April 30, 2024.

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2024 was $2,310,065, which represented 1.87% of the Fund’s Net Assets.

^(d)


	Value October 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	4,598,310		$	(4,598,310	)		$	-			$	-		$	-		$	1,320
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,378,573			10,020,578			(10,162,436	)			-				-			3,236,715			71,457	*
Invesco Private Prime Fund			8,689,974			25,047,204			(25,413,055	)			(1,014	)			2,076			8,325,185			190,015	*

Total		$	12,068,547		$	39,666,092		$	(40,173,801	)		$	(1,014	)		$	2,076		$	11,561,900		$	262,792

*	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.

Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)–(continued)

April 30, 2024

(Unaudited)

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

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

Portfolio Composition

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

as of April 30, 2024



Industrials			35.41
Financials			20.91
Information Technology			18.78
Consumer Discretionary			10.21
Health Care			5.44
Communication Services			3.48
Sector Types Each Less Than 3%			5.41
Money Market Funds Plus Other Assets Less Liabilities			0.36

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

Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)

April 30, 2024

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.80%
Brazil-4.08%
Banco do Brasil S.A.		118,918	$	629,108
Inter & Co, Inc.		121,577		611,532
Marcopolo S.A., Preference Shares		536,577		682,226
NU Holdings Ltd., Class A^(a)		53,976		586,179
PRIO S.A.		291,583		2,700,312

				5,209,357

China-8.78%
China Coal Energy Co. Ltd., H Shares		1,062,079		1,072,780
China Nonferrous Mining Corp. Ltd.		792,945		724,896
China Shenhua Energy Co. Ltd., H Shares		269,219		1,125,590
Hisense Home Appliances Group Co. Ltd., H Shares		237,620		1,004,109
Jinan Acetate Chemical Co. Ltd.		88,596		2,228,368
New Oriental Education & Technology Group, Inc.^(a)		232,025		1,855,619
PetroChina Co. Ltd., H Shares		992,395		936,413
Shougang Fushan Resources Group Ltd.		1,851,593		707,853
Zijin Mining Group Co. Ltd., H Shares		700,147		1,548,681

				11,204,309

Hungary-0.54%
Magyar Telekom Telecommunications PLC		268,724		680,705

Indonesia-2.62%
PT AKR Corporindo Tbk		9,401,282		968,459
PT Bank Mandiri (Persero) Tbk		1,399,311		593,804
PT Bank Negara Indonesia (Persero) Tbk		1,720,860		555,628
PT BFI Finance Indonesia Tbk		10,569,333		682,521
PT Mitra Adiperkasa Tbk		5,579,047		540,406

				3,340,818

Malaysia-6.38%
Frontken Corp. Bhd.		4,650,283		3,839,102
QL Resources Bhd.		1,042,900		1,402,916
YTL Corp. Bhd.		1,745,000		1,133,473
YTL Power International Bhd.		1,828,200		1,762,121

				8,137,612

Mexico-11.68%
Alsea S.A.B. de C.V.^(a)		261,686		1,102,127
Arca Continental S.A.B. de C.V.		62,417		612,209
Banco del Bajio S.A.^(b)		403,545		1,495,901
CEMEX S.A.B. de C.V., Series CPO^(a)		789,666		628,915
Corp. Inmobiliaria Vesta SAB de C.V.^(c)		201,598		717,132
El Puerto de Liverpool S.A.B. de C.V., Class C-1		84,545		678,206
Gentera S.A.B. de C.V.		1,235,503		1,991,916
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B		21,110		729,065
Grupo Comercial Chedraui S.A. de C.V.		184,448		1,370,167
Grupo Financiero Banorte S.A.B. de C.V., Class O		74,444		740,792
Grupo Financiero Inbursa S.A.B. de C.V., Class O^(a)		262,476		731,269
Grupo Mexico S.A.B. de C.V., Class B		116,005		720,670
Grupo Traxion S.A.B. de C.V.^(a)(b)		369,120		624,136


	Shares		Value
Mexico-(continued)
Qualitas Controladora S.A.B. de C.V.		145,860	$	1,917,748
Regional S.A.B. de C.V.^(c)		93,394		848,075

				14,908,328

Philippines-0.56%
International Container Terminal Services, Inc.		125,080		716,679

South Africa-3.11%
Clicks Group Ltd.		150,985		2,336,880
Harmony Gold Mining Co. Ltd.		87,807		768,769
Investec Ltd.		136,073		866,618

				3,972,267

Taiwan-49.65%
Asia Vital Components Co. Ltd.		196,799		3,952,661
ASMedia Technology, Inc.		9,702		581,012
Chicony Electronics Co. Ltd.		129,861		807,593
Chicony Power Technology Co. Ltd.^(a)		220,964		1,177,362
China Motor Corp.		491,504		2,166,047
Chung-Hsin Electric and Machinery Manufacturing Corp.		171,110		966,901
Delpha Construction Co. Ltd.		511,006		805,068
Evergreen Steel Corp.		191,728		874,381
Fortune Electric Co. Ltd.		156,940		4,082,310
Getac Holdings Corp.		168,949		544,796
Goldsun Building Materials Co. Ltd.		790,413		1,166,370
Great Wall Enterprise Co. Ltd.		437,613		768,732
Inventec Corp.		363,220		592,316
Jentech Precision Industrial Co. Ltd.		33,546		1,006,524
Kaori Heat Treatment Co. Ltd.		195,813		2,603,864
King Slide Works Co. Ltd.		24,259		916,362
King Yuan Electronics Co. Ltd.		206,327		607,030
Kings Town Bank Co. Ltd.		892,748		1,538,086
L&K Engineering Co. Ltd.		327,593		2,736,481
Lien Hwa Industrial Holdings Corp.		1,250,024		2,549,032
Lotus Pharmaceutical Co. Ltd.		99,695		988,928
Mega Financial Holding Co. Ltd.		567,684		697,358
Mitac Holdings Corp.		519,086		723,743
Powertech Technology, Inc.		186,095		997,284
Quanta Computer, Inc.		156,380		1,248,658
Shihlin Electric & Engineering Corp.		293,587		2,632,744
Shiny Chemical Industrial Co. Ltd.		529,726		2,830,671
Sigurd Microelectronics Corp.		764,576		1,742,262
SinoPac Financial Holdings Co. Ltd.		1,063,488		716,896
Supreme Electronics Co. Ltd.		1,078,049		2,920,088
Taichung Commercial Bank Co. Ltd.		1,202,157		653,467
Taishin Financial Holding Co. Ltd.		1,129,353		622,563
Taiwan Hon Chuan Enterprise Co. Ltd.		141,490		690,895
Taiwan Semiconductor Manufacturing Co. Ltd.		130,246		3,159,951
Tatung Co. Ltd.^(a)		431,909		867,479
Tong Yang Industry Co. Ltd.		207,679		758,977
Topco Scientific Co. Ltd.		506,145		3,878,238
Tripod Technology Corp.		174,987		1,061,358
TXC Corp.		203,858		704,319
Uni-President Enterprises Corp.		671,669		1,577,995
Wistron Corp.		587,748		2,048,689

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

Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)–(continued)

April 30, 2024

(Unaudited)


	Shares		Value
Taiwan-(continued)
Wiwynn Corp.		9,874	$	715,639
WPG Holdings Ltd.		249,126		675,567

				63,356,697

Thailand-0.49%
Bangchak Corp. PCL, NVDR		545,594		618,320

Turkey-11.38%
AG Anadolu Grubu Holding A.S.		95,068		953,572
Akbank T.A.S.		554,594		1,018,350
BIM Birlesik Magazalar A.S.		56,218		671,980
Dogus Otomotiv Servis ve Ticaret A.S.		108,221		948,457
Ford Otomotiv Sanayi A.S.		26,638		916,552
KOC Holding A.S.		119,668		835,697
Migros Ticaret A.S.		91,541		1,249,707
Pegasus Hava Tasimaciligi A.S.^(a)		40,261		1,285,805
TAV Havalimanlari Holding A.S.^(a)		123,921		841,667
Turk Hava Yollari AO^(a)		191,975		1,933,002
Turk Traktor ve Ziraat Makineleri A.S.		96,043		2,727,643
Yapi ve Kredi Bankasi A.S.		1,143,779		1,140,370

				14,522,802

United States-0.53%
GCC S.A.B. de C.V.		58,949		674,583

Total Common Stocks & Other Equity Interests (Cost $106,507,561)				127,342,477


	Shares		Value
Money Market Funds-0.11%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%^(d)(e)(Cost $142,826)		142,826	$	142,826

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $106,650,387)				127,485,303


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-0.63%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		225,722		225,722
Invesco Private Prime Fund, 5.46%^(d)(e)(f)		580,401		580,575

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $806,352)				806,297

TOTAL INVESTMENTS IN SECURITIES-100.54% (Cost $107,456,739)				128,291,600
OTHER ASSETS LESS LIABILITIES-(0.54)%				(688,926	)

NET ASSETS-100.00%			$	127,602,674

Investment Abbreviations:

CPO-Certificates of Ordinary Participation

NVDR-Non-Voting Depositary Receipt

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2024 was $2,120,037, which represented 1.66% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at April 30, 2024.

^(d)


	Value October 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	5,456,459		$	(5,313,633	)		$	-			$	-		$	142,826		$	1,075
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,213,235			4,328,147			(5,315,660	)			-				-			225,722			31,466	*
Invesco Private Prime Fund			3,120,675			7,793,509			(10,334,657	)			(129	)			1,177			580,575			84,288	*

Total		$	4,333,910		$	17,578,115		$	(20,963,950	)		$	(129	)		$	1,177		$	949,123		$	116,829

*	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.

Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)–(continued)

April 30, 2024

(Unaudited)

^(e)	The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

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


Portfolio Composition Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2024
Industrials			23.70
Information Technology			22.64
Financials			14.61
Materials			10.63
Consumer Staples			9.83
Consumer Discretionary			7.81
Energy			5.82
Sector Types Each Less Than 3%			4.76
Money Market Funds Plus Other Assets Less Liabilities			0.20

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

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

April 30, 2024

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.56%
Australia-5.98%
AGL Energy Ltd.		86,588	$	531,897
Ampol Ltd.		22,010		526,096
ANZ Group Holdings Ltd.		201,165		3,678,443
APA Group		87,438		472,392
Aristocrat Leisure Ltd.		22,106		573,033
ASX Ltd.		9,593		396,240
Aurizon Holdings Ltd.		158,792		394,917
Bank of Queensland Ltd.^(a)		93,760		374,431
Bendigo & Adelaide Bank Ltd.		52,636		334,273
BHP Group Ltd.		526,310		14,705,912
BlueScope Steel Ltd.		56,027		832,764
Brambles Ltd.		88,149		836,843
Coles Group Ltd.		96,718		1,018,678
Commonwealth Bank of Australia		72,752		5,411,045
Computershare Ltd.		29,329		518,590
CSL Ltd.		13,436		2,414,640
Dexus		128,296		593,160
Endeavour Group Ltd.		154,018		536,062
Evolution Mining Ltd.		182,156		480,229
Fortescue Ltd.		176,631		2,987,815
Glencore PLC		1,451,121		8,498,217
Goodman Group		53,358		1,097,996
GPT Group (The)		202,787		555,689
Incitec Pivot Ltd.		215,165		391,209
Insurance Australia Group Ltd.		217,656		910,197
James Hardie Industries PLC, CDI^(b)		12,472		439,030
JB Hi-Fi Ltd.		11,877		470,838
Lendlease Corp. Ltd.		88,302		370,983
Macquarie Group Ltd.		24,642		2,999,761
Medibank Pvt. Ltd.		233,974		540,875
Metcash Ltd.		130,022		332,653
Mineral Resources Ltd.		10,675		500,408
Mirvac Group		444,210		594,203
National Australia Bank Ltd.		148,432		3,257,791
Northern Star Resources Ltd.		59,185		574,171
Orica Ltd.		34,057		400,280
Origin Energy Ltd.		153,424		971,353
Orora Ltd.		174,011		247,457
Qantas Airways Ltd.^(b)		85,024		325,741
QBE Insurance Group Ltd.		120,086		1,382,548
Ramsay Health Care Ltd.		17,629		598,126
Rio Tinto Ltd.		41,880		3,548,648
Rio Tinto PLC		171,074		11,721,601
Santos Ltd.		334,876		1,674,379
Scentre Group		451,612		932,549
Sonic Healthcare Ltd.		37,268		647,834
South32 Ltd.		819,345		1,910,030
Stockland		269,992		780,171
Suncorp Group Ltd.		95,627		1,032,026
Telstra Group Ltd.		508,519		1,211,859
Transurban Group		171,480		1,396,336
Treasury Wine Estates Ltd.		55,103		432,594
Vicinity Ltd.		396,006		495,007
Viva Energy Group Ltd.^(c)		161,329		359,323
Washington H Soul Pattinson & Co. Ltd.		12,944		274,598
Wesfarmers Ltd.		46,730		2,026,685
Westpac Banking Corp.		218,410		3,681,766


	Shares		Value
Australia-(continued)
Whitehaven Coal Ltd.		94,092	$	471,682
Woodside Energy Group Ltd.		204,452		3,747,842
Woolworths Group Ltd.		67,227		1,392,558
Worley Ltd.		40,393		395,799

				101,210,273

Austria-0.39%
ams-OSRAM AG^(a)(b)		162,030		197,249
ANDRITZ AG		5,836		320,743
BAWAG Group AG^(b)(c)		11,538		693,340
Erste Group Bank AG		38,752		1,817,780
Mondi PLC^(a)		78,989		1,502,385
OMV AG		19,760		944,016
Raiffeisen Bank International AG		22,490		417,945
voestalpine AG		10,483		281,569
Wienerberger AG		12,867		461,720

				6,636,747

Belgium-0.72%
Ageas S.A./N.V.		18,894		871,532
Anheuser-Busch InBev S.A./N.V.^(a)		75,786		4,550,882
Cofinimmo S.A.^(a)		4,392		292,570
Colruyt Group N.V.		7,290		338,452
Elia Group S.A./N.V.^(a)		2,953		285,280
Groupe Bruxelles Lambert N.V.		9,158		683,985
KBC Group N.V.^(a)		33,762		2,523,393
Proximus SADP		33,494		247,650
Syensqo S.A.^(b)		6,489		604,956
UCB S.A.^(a)		7,419		988,027
Umicore S.A.^(a)		32,325		720,995

				12,107,722

Brazil-0.05%
Yara International ASA		30,618		877,830

Burkina Faso-0.02%
Endeavour Mining PLC		17,576		374,793

Canada-9.50%
Agnico Eagle Mines Ltd.		27,483		1,743,981
Air Canada^(b)		23,432		346,572
Algonquin Power & Utilities Corp.^(a)		128,909		789,114
Alimentation Couche-Tard, Inc.		49,408		2,743,990
Allied Properties REIT^(a)		28,062		345,809
AltaGas Ltd.^(a)		33,886		744,389
ARC Resources Ltd.		41,612		755,095
B2Gold Corp.		165,964		420,391
Bank of Montreal^(a)		74,277		6,648,355
Bank of Nova Scotia (The)^(a)		187,685		8,628,442
Barrick Gold Corp.^(a)		200,669		3,341,927
BCE, Inc.^(a)		43,574		1,434,547
Bombardier, Inc., Class B^(a)(b)		13,214		603,255
Brookfield Corp.		163,088		6,555,097
CAE, Inc.^(b)		17,984		347,676
Cameco Corp.^(a)		6,979		319,068
Canadian Apartment Properties REIT		15,493		483,222
Canadian Imperial Bank of Commerce		117,573		5,499,320
Canadian National Railway Co.		23,267		2,829,773
Canadian Natural Resources Ltd.^(a)		90,932		6,904,703
Canadian Pacific Kansas City Ltd.^(a)		29,249		2,299,299

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

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

April 30, 2024

(Unaudited)


	Shares		Value
Canada-(continued)
Canadian Tire Corp. Ltd., Class A^(a)		9,532	$	922,707
Capital Power Corp.		13,371		349,689
Celestica, Inc.^(b)		11,103		481,748
Cenovus Energy, Inc.		103,346		2,127,325
CGI,Inc.,Class A^(b)		9,003		914,094
CI Financial Corp.		24,881		294,475
Constellation Software, Inc.		177		456,627
Crescent Point Energy Corp.		68,593		606,121
Dollarama, Inc.		4,121		344,474
Element Fleet Management Corp.		18,920		302,560
Emera, Inc.^(a)		35,602		1,203,189
Enbridge, Inc.^(a)		266,527		9,496,304
Fairfax Financial Holdings Ltd.		1,949		2,123,294
Finning International, Inc.		14,540		457,097
First Capital REIT		24,384		262,325
Fortis, Inc.		54,691		2,152,051
Franco-Nevada Corp.		5,611		676,824
George Weston Ltd.		5,432		716,319
Gibson Energy, Inc.		24,247		398,513
Gildan Activewear, Inc.		10,253		356,133
Great-West Lifeco, Inc.		36,284		1,075,170
Hydro One Ltd.^(c)		23,489		659,268
iA Financial Corp., Inc.		10,336		627,902
Imperial Oil Ltd.		14,912		1,027,347
Intact Financial Corp.		9,144		1,505,996
Keyera Corp.		25,837		664,238
Kinross Gold Corp.		141,652		915,580
Loblaw Cos. Ltd.		12,816		1,408,235
Magna International, Inc.		49,056		2,349,518
Manulife Financial Corp.		230,997		5,398,925
MEG Energy Corp.^(b)		25,422		579,367
Methanex Corp.		9,125		437,835
Metro, Inc.		19,867		1,018,331
National Bank of Canada		28,937		2,328,272
Northland Power, Inc.^(a)		28,883		441,702
Nutrien Ltd.		80,914		4,275,246
Onex Corp.		5,548		394,419
Open Text Corp.		16,800		594,423
Parkland Corp.		21,653		668,416
Pembina Pipeline Corp.		57,516		2,027,933
Power Corp. of Canada		103,365		2,759,710
Restaurant Brands International, Inc.		11,095		843,441
RioCan REIT		38,016		482,585
Royal Bank of Canada^(a)		129,123		12,518,028
Saputo, Inc.		23,653		455,723
Shopify, Inc., Class A^(b)		6,815		479,434
SmartCentres REIT		16,448		266,741
SNC-Lavalin Group, Inc.		13,344		513,421
SSR Mining, Inc.^(a)		68,723		369,164
Stantec, Inc.		3,577		285,384
Sun Life Financial, Inc.		58,226		2,979,005
Suncor Energy, Inc.^(a)		179,570		6,865,969
TC Energy Corp.^(a)		120,824		4,337,475
Teck Resources Ltd., Class B		44,935		2,213,961
TELUS Corp.		55,857		898,932
TFI International, Inc.		3,607		470,694
Thomson Reuters Corp.		4,108		621,739
TMX Group Ltd.		13,168		349,364
Toromont Industries Ltd.		3,556		326,132
Toronto-Dominion Bank (The)		197,599		11,746,486


	Shares		Value
Canada-(continued)
Tourmaline Oil Corp.^(a)		25,256	$	1,236,833
Vermilion Energy, Inc.^(a)		40,971		472,977
West Fraser Timber Co. Ltd.		11,827		907,697
Wheaton Precious Metals Corp.		14,121		737,168
WSP Global, Inc.		4,358		662,622

				160,624,702

Chile-0.09%
Antofagasta PLC^(a)		27,799		769,269
Lundin Mining Corp.		68,145		779,735

				1,549,004

China-0.32%
BOC Hong Kong (Holdings) Ltd.		304,727		940,924
Lenovo Group Ltd.		1,784,591		2,037,590
Prosus N.V.^(b)		39,188		1,320,326
SITC International Holdings Co. Ltd.		233,972		509,753
Wilmar International Ltd.		136,066		322,268
Xinyi Glass Holdings Ltd.		316,113		340,315

				5,471,176

Denmark-1.03%
A.P. Moller - Maersk A/S, Class A^(a)		993		1,417,890
A.P. Moller - Maersk A/S, Class B		1,758		2,568,189
Carlsberg A/S, Class B		6,255		845,795
Coloplast A/S, Class B^(a)		3,891		472,140
Danske Bank A/S		60,953		1,765,145
DSV A/S^(a)		8,760		1,253,088
Genmab A/S^(b)		1,519		426,061
ISS A/S		23,627		444,402
Jyske Bank A/S		4,097		333,911
Novo Nordisk A/S, Class B^(a)		36,423		4,713,083
Orsted A/S^(a)(b)(c)		17,721		979,878
Pandora A/S		2,980		456,910
Svitzer A/S^(b)		5,502		185,245
Tryg A/S		22,824		453,185
Vestas Wind Systems A/S^(b)		38,797		1,047,884

				17,362,806

Finland-1.24%
Elisa OYJ		12,297		556,448
Fortum OYJ^(a)		105,795		1,400,442
Huhtamaki OYJ^(a)		6,927		266,345
Kesko OYJ, Class B^(a)		30,656		525,447
Kone OYJ, Class B		23,644		1,157,886
Konecranes OYJ		6,110		323,520
Mandatum OYJ^(a)(b)		74,937		348,710
Metso OYJ^(a)		32,707		373,326
Neste OYJ		43,368		989,563
Nokia OYJ		743,221		2,711,083
Nordea Bank Abp		463,853		5,458,206
Orion OYJ, Class B		6,950		265,966
Outokumpu OYJ^(a)		76,776		312,363
Sampo OYJ		32,029		1,298,647
Stora Enso OYJ, Class R^(a)		105,219		1,411,944
TietoEVRY OYJ^(a)		13,514		256,340
UPM-Kymmene OYJ		66,904		2,355,003
Valmet OYJ^(a)		17,588		441,188
Wartsila OYJ Abp		32,260		598,816

				21,051,243

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

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

April 30, 2024

(Unaudited)


	Shares		Value
France-8.81%
Accor S.A.		9,148	$	404,074
Air France-KLM^(a)(b)		57,990		597,612
Air Liquide S.A.		25,825		5,077,551
Airbus SE		24,115		3,988,420
Alstom S.A.^(a)		82,172		1,306,954
Amundi S.A.^(a)(c)		7,111		499,926
Arkema S.A.		9,202		954,899
Atos SE^(a)(b)		198,060		428,634
AXA S.A.^(a)		202,503		7,024,118
BNP Paribas S.A.		184,531		13,340,120
Bollore SE		52,276		340,966
Bouygues S.A.^(a)		41,788		1,546,439
Bureau Veritas S.A.		15,852		464,762
Capgemini SE		7,784		1,647,131
Carrefour S.A.^(a)		101,025		1,705,652
Cie de Saint-Gobain S.A.		59,934		4,784,546
Cie Generale des Etablissements Michelin S.C.A.		82,673		3,198,245
Covivio S.A.		8,261		413,918
Credit Agricole S.A.		229,259		3,566,719
Danone S.A.		56,367		3,535,464
Dassault Systemes SE		11,248		445,357
Edenred SE		7,459		354,592
Eiffage S.A.		11,585		1,242,443
Elis S.A.^(a)		18,084		408,383
ENGIE S.A.^(a)		294,966		5,131,437
EssilorLuxottica S.A.		14,065		3,019,833
Eurazeo SE		6,296		570,874
Forvia SE^(b)		76,369		1,224,864
Gecina S.A.		6,678		685,484
Getlink SE		17,075		292,119
Hermes International S.C.A.		331		796,678
Kering S.A.		5,029		1,774,496
Klepierre S.A.		28,669		774,329
Legrand S.A.		13,401		1,387,909
L’Oreal S.A.		6,148		2,890,150
LVMH Moet Hennessy Louis Vuitton SE		7,425		6,148,105
Nexans S.A.		3,268		350,829
Orange S.A.		318,714		3,552,685
Pernod Ricard S.A.		12,043		1,828,532
Publicis Groupe S.A.		16,812		1,866,832
Renault S.A.		53,521		2,674,807
Rexel S.A.		36,945		965,070
Safran S.A.		10,224		2,232,318
Schneider Electric SE		22,548		5,185,945
SCOR SE		20,739		679,448
SEB S.A.		2,507		298,084
Societe Generale S.A.		201,527		5,471,110
Sodexo S.A.		11,291		986,960
Sopra Steria Group		1,228		270,486
SPIE S.A.^(a)		13,059		477,267
Technip Energies N.V.		17,549		417,318
Teleperformance SE		5,220		477,106
Thales S.A.		6,240		1,053,862
TotalEnergies SE		344,174		25,241,685
Ubisoft Entertainment S.A.^(b)		13,255		314,214
Unibail-Rodamco-Westfield SE^(a)(b)		15,417		1,293,714
Valeo SE^(a)		102,655		1,310,581
Veolia Environnement S.A.		91,393		2,852,506
Vinci S.A.		46,530		5,485,183


	Shares		Value
France-(continued)
Vivendi SE^(a)		82,257	$	841,362
Wendel SE		3,415		350,726
Worldline S.A.^(b)(c)		58,613		614,436

				149,066,269

Germany-9.08%
adidas AG		10,081		2,440,392
Allianz SE		44,622		12,720,045
Aroundtown S.A.^(a)(b)		288,033		601,330
Aurubis AG		8,424		677,354
BASF SE		147,876		7,772,216
Bayer AG		235,178		6,877,546
Bayerische Motoren Werke AG		54,865		6,010,171
Bayerische Motoren Werke AG Preference Shares		9,951		1,026,771
Beiersdorf AG		2,986		448,745
Brenntag SE		12,653		1,012,798
Commerzbank AG		167,867		2,505,707
Continental AG		22,151		1,440,993
Covestro AG^(b)(c)		33,586		1,687,139
Daimler Truck Holding AG		77,765		3,518,088
Deutsche Bank AG		447,306		7,179,016
Deutsche Boerse AG		7,496		1,451,936
Deutsche Lufthansa AG^(b)		122,586		880,039
Deutsche Post AG		137,259		5,761,965
Deutsche Telekom AG		422,982		9,719,363
E.ON SE		340,329		4,512,322
Evonik Industries AG		49,069		1,025,469
Freenet AG		15,797		439,840
Fresenius Medical Care AG		32,786		1,388,235
Fresenius SE & Co. KGaA		70,211		2,099,796
FUCHS SE		2,123		77,975
FUCHS SE, Preference Shares		4,412		206,722
GEA Group AG		13,787		558,713
Hannover Rueck SE		5,024		1,248,433
Heidelberg Materials AG		21,776		2,203,598
HelloFresh SE^(b)		24,349		164,959
Henkel AG& Co. KGaA		10,887		781,688
Henkel AG& Co. KGaA, Preference Shares		17,832		1,419,720
HOCHTIEF AG		4,175		440,609
HUGO BOSS AG		4,093		221,185
Infineon Technologies AG		54,695		1,913,553
K+S AG^(a)		56,525		847,662
KION Group AG		12,591		584,022
Knorr-Bremse AG		6,032		448,578
LANXESS AG^(a)		28,156		798,707
LEG Immobilien SE^(b)		9,727		831,216
Mercedes-Benz Group AG		148,736		11,282,017
Merck KGaA		6,681		1,064,049
MTU Aero Engines AG		2,393		579,805
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen, Class R		13,312		5,867,198
ProSiebenSat.1 Media SE		60,476		472,047
Puma SE		8,190		381,287
Rheinmetall AG^(b)		1,560		862,706
RWE AG		88,921		3,102,422
SAP SE		37,374		6,781,580
Siemens AG		51,488		9,683,923
Siemens Energy AG, Class A^(a)(b)		93,719		1,934,035
Siemens Healthineers AG^(c)		13,016		725,095

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

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

April 30, 2024

(Unaudited)


	Shares		Value
Germany-(continued)
Symrise AG		5,401	$	581,545
TAG Immobilien AG^(b)		24,733		354,109
Talanx AG		8,755		661,843
thyssenkrupp AG		167,166		841,519
TUI AG^(b)		108,111		766,202
United Internet AG		13,110		317,365
Volkswagen AG^(a)		7,314		1,038,562
Volkswagen AG, Preference Shares		53,641		6,604,505
Vonovia SE		93,340		2,712,668
Wacker Chemie AG		2,596		279,243
Zalando SE^(b)(c)		26,832		707,499

				153,545,840

Hong Kong-1.12%
AIA Group Ltd.		777,533		5,746,101
CK Asset Holdings Ltd.		115,257		495,883
CK Hutchison Holdings Ltd.		135,438		662,367
CLP Holdings Ltd.		61,006		481,265
Hang Seng Bank Ltd.		43,822		582,149
Henderson Land Development Co. Ltd.		99,869		303,902
Hong Kong & China Gas Co. Ltd. (The)		424,476		324,007
Hong Kong Exchanges & Clearing Ltd.		38,806		1,248,349
Jardine Matheson Holdings Ltd.		9,131		350,356
Link REIT		298,211		1,290,651
MTR Corp. Ltd.		98,109		324,262
New World Development Co. Ltd.		268,096		287,251
Orient Overseas International Ltd.		31,769		464,276
Power Assets Holdings Ltd.		59,800		344,447
Prudential PLC		305,218		2,679,076
Sun Hung Kai Properties Ltd.		117,445		1,092,431
Swire Pacific Ltd., Class A		29,572		251,437
Swire Pacific Ltd., Class B		64,450		87,843
Techtronic Industries Co. Ltd.		80,341		1,123,780
WH Group Ltd.		626,877		458,464
Wharf Real Estate Investment Co. Ltd.		93,481		292,233

				18,890,530

Ireland-0.31%
AIB Group PLC		131,703		685,247
Bank of Ireland Group PLC		102,252		1,098,250
Flutter Entertainment PLC^(a)(b)		3,995		746,600
Kerry Group PLC, Class A		9,815		847,971
Kingspan Group PLC		5,666		507,995
Smurfit Kappa Group PLC^(a)		31,147		1,361,127

				5,247,190

Israel-0.28%
Bank Hapoalim B.M.		76,120		690,545
Bank Leumi le-Israel B.M.		99,715		782,770
ICL Group Ltd.		78,662		371,344
Israel Discount Bank Ltd., Class A		98,164		507,067
Mizrahi Tefahot Bank Ltd.		12,230		447,921
Nice Ltd.^(b)		1,621		363,682
Teva Pharmaceutical Industries Ltd.^(a)(b)		97,238		1,373,464
Tower Semiconductor Ltd.^(b)		8,184		267,943

				4,804,736

Italy-3.34%
A2A S.p.A.		308,134		611,336
Assicurazioni Generali S.p.A.		158,281		3,875,643
Azimut Holding S.p.A.		11,318		299,761


	Shares		Value
Italy-(continued)
Banca Monte dei Paschi di Siena S.p.A.^(b)		132,919	$	646,663
Banca Popolare di Sondrio S.p.A.^(a)		39,502		331,987
Banco BPM S.p.A.^(a)		212,831		1,407,291
BPER Banca		161,716		845,727
Coca-Cola HBC AG		15,952		517,335
Enel S.p.A.		1,488,904		9,840,222
Eni S.p.A.^(a)		521,396		8,438,365
Ferrari N.V.		1,372		568,027
FinecoBank Banca Fineco S.p.A.^(a)		28,709		443,266
Hera S.p.A.		121,531		440,521
Intesa Sanpaolo S.p.A.		2,526,860		9,526,710
Italgas S.p.A.		69,260		385,093
Iveco Group N.V.		59,985		757,161
Leonardo S.p.A.		41,770		966,052
Mediobanca Banca di Credito Finanziario S.p.A.		78,618		1,122,232
Moncler S.p.A.		5,773		395,799
Nexi S.p.A.^(a)(b)(c)		83,482		488,984
Pirelli & C. S.p.A.^(c)		71,382		455,509
Poste Italiane S.p.A.^(c)		69,042		879,972
Prysmian S.p.A.		20,417		1,117,305
Saras S.p.A.^(a)		197,867		374,478
Snam S.p.A.		230,957		1,062,383
Telecom Italia S.p.A.^(a)(b)		4,162,331		992,033
Telecom Italia S.p.A., RSP^(a)(b)		2,373,795		587,081
Terna S.p.A.		109,984		884,826
UniCredit S.p.A.		208,980		7,726,969
Unipol Gruppo S.p.A.		53,059		477,695

				56,466,426

Japan-22.17%
Advantest Corp.		12,998		412,659
AEON Co. Ltd.		58,155		1,220,270
AGC, Inc.		32,899		1,219,457
Aisin Corp.^(a)		28,117		1,070,792
Ajinomoto Co., Inc.		27,962		1,043,922
Amada Co. Ltd.		39,693		435,736
ANA Holdings, Inc.		14,442		275,322
Aozora Bank Ltd.^(a)		28,675		447,167
Asahi Group Holdings Ltd.		59,670		2,049,480
Asahi Kasei Corp.		144,464		1,010,279
Astellas Pharma, Inc.		183,865		1,768,955
Bandai Namco Holdings, Inc.		43,963		827,493
Bridgestone Corp.		60,563		2,685,916
Brother Industries Ltd.		31,829		566,739
Canon, Inc.^(a)		102,597		2,790,425
Central Japan Railway Co.		83,658		1,922,861
Chiba Bank Ltd. (The)		65,719		557,525
Chubu Electric Power Co., Inc.		71,978		926,225
Chugai Pharmaceutical Co. Ltd.		21,690		696,054
Chugoku Electric Power Co., Inc. (The)		72,339		498,993
Coca-Cola Bottlers Japan Holdings, Inc.		24,170		339,361
Concordia Financial Group Ltd.		122,655		663,841
Cosmo Energy Holdings Co. Ltd.		16,560		796,509
Credit Saison Co. Ltd.		23,876		444,019
CyberAgent, Inc.		41,449		260,681
Dai Nippon Printing Co. Ltd.		21,125		618,319
Daicel Corp.		29,486		275,626
Daifuku Co. Ltd.		15,378		318,769
Dai-ichi Life Holdings, Inc.		105,050		2,435,913

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

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

April 30, 2024

(Unaudited)


	Shares		Value
Japan-(continued)
Daiichi Sankyo Co. Ltd.		44,218	$	1,507,231
Daikin Industries Ltd.		17,490		2,416,802
Daito Trust Construction Co. Ltd.		6,014		646,439
Daiwa House Industry Co. Ltd.		56,817		1,603,072
Daiwa House REIT Investment Corp.		205		345,347
Daiwa Securities Group, Inc.		150,056		1,108,030
Denso Corp.		182,807		3,126,648
Dentsu Group, Inc.		27,275		739,917
Disco Corp.		1,316		383,013
East Japan Railway Co.		104,013		1,912,176
Ebara Corp.		6,642		553,342
Eisai Co. Ltd.		22,834		943,454
Electric Power Development Co. Ltd.		22,352		380,878
ENEOS Holdings, Inc.		473,813		2,200,679
FANUC Corp.		66,732		1,962,120
Fast Retailing Co. Ltd.		3,960		1,045,582
Fuji Electric Co. Ltd.		10,459		656,126
FUJIFILM Holdings Corp.		107,784		2,313,008
Fujikura Ltd.		32,650		566,004
Fujitsu Ltd.		145,530		2,252,333
Fukuoka Financial Group, Inc.		21,894		583,923
Furukawa Electric Co. Ltd.		16,348		351,861
GLP J-Reit		338		276,002
Hakuhodo DY Holdings, Inc.		32,766		306,703
Hankyu Hanshin Holdings, Inc.		16,231		426,391
Haseko Corp.^(a)		26,954		326,209
Hikari Tsushin, Inc.		1,950		318,835
Hirose Electric Co. Ltd.		2,760		294,214
Hitachi Construction Machinery Co. Ltd.		15,629		450,700
Hitachi Ltd.		68,612		6,374,400
Honda Motor Co. Ltd.		621,052		7,151,185
Hoya Corp.		8,814		1,034,503
Hulic Co. Ltd.^(a)		40,516		375,384
IBIDEN Co. Ltd.		6,766		262,015
Idemitsu Kosan Co. Ltd.		174,590		1,192,114
IHI Corp.		33,012		794,436
Iida Group Holdings Co. Ltd.		25,976		333,191
Inpex Corp.		161,490		2,455,214
Isetan Mitsukoshi Holdings Ltd.		33,653		475,289
Isuzu Motors Ltd.		86,537		1,099,550
ITOCHU Corp.^(a)		104,086		4,719,968
Iwatani Corp.		5,616		320,012
J. Front Retailing Co. Ltd.^(a)		36,351		317,969
Japan Airlines Co. Ltd.^(a)		15,516		276,027
Japan Exchange Group, Inc.		21,396		504,019
Japan Metropolitan Fund Investment Corp.		499		302,511
Japan Post Bank Co. Ltd.		234,680		2,391,316
Japan Post Holdings Co. Ltd.		330,877		3,177,042
Japan Post Insurance Co. Ltd.		39,327		737,608
Japan Real Estate Investment Corp.		111		378,076
Japan Tobacco, Inc.		124,670		3,363,036
JFE Holdings, Inc.		128,149		1,922,663
JGC Holdings Corp.		32,454		313,785
JSR Corp.^(a)(b)		2,974		81,888
JTEKT Corp.		33,598		261,328
Kajima Corp.		51,746		997,335
Kansai Electric Power Co., Inc. (The)		106,842		1,601,289
Kansai Paint Co. Ltd.		18,754		246,097
Kao Corp.		45,570		1,889,520


	Shares		Value
Japan-(continued)
Kawasaki Heavy Industries Ltd.		31,423	$	977,844
Kawasaki Kisen Kaisha Ltd.^(a)		59,638		837,922
KDDI Corp.		131,433		3,674,929
Keio Corp.		11,206		275,085
Keyence Corp.		3,443		1,538,099
Kikkoman Corp.		35,930		430,959
Kintetsu Group Holdings Co. Ltd.		17,564		452,591
Kirin Holdings Co. Ltd.		84,772		1,239,272
Kobe Steel Ltd.^(a)		74,914		920,447
Koito Manufacturing Co. Ltd.		38,396		518,730
Komatsu Ltd.		107,253		3,240,797
Konami Group Corp.		4,396		266,892
Konica Minolta, Inc.		99,740		332,752
Kubota Corp.		122,004		1,973,509
Kuraray Co. Ltd.		53,008		588,136
Kurita Water Industries Ltd.		8,248		329,941
Kyocera Corp.		127,375		1,564,212
Kyoto Financial Group, Inc.		22,401		400,290
Kyowa Kirin Co. Ltd.		16,492		277,618
Kyushu Electric Power Co., Inc.		58,865		548,569
Kyushu Financial Group, Inc.^(a)		44,636		300,381
Kyushu Railway Co.		18,736		403,497
Lawson, Inc.		4,875		319,857
Lion Corp.		32,622		293,228
Lixil Corp.^(a)		72,954		786,725
LY Corp.		270,459		658,424
Makita Corp.		22,462		657,024
Marubeni Corp.		185,693		3,332,361
Marui Group Co. Ltd.		16,702		256,742
MatsukiyoCocokara & Co.		25,508		364,226
Mazda Motor Corp.		145,979		1,673,473
Mebuki Financial Group, Inc.		121,658		431,928
MEIJI Holdings Co. Ltd.		29,119		652,270
MINEBEA MITSUMI, Inc.		41,219		780,952
MISUMI Group, Inc.		23,876		391,902
Mitsubishi Chemical Group Corp.		162,413		951,060
Mitsubishi Corp.		386,386		8,888,363
Mitsubishi Electric Corp.		171,108		3,015,172
Mitsubishi Estate Co. Ltd.		124,354		2,297,979
Mitsubishi Gas Chemical Co., Inc.		25,823		458,567
Mitsubishi HC Capital, Inc.		84,346		548,585
Mitsubishi Heavy Industries Ltd.		291,610		2,626,741
Mitsubishi Materials Corp.		24,822		487,875
Mitsubishi Motors Corp.		163,188		516,842
Mitsubishi UFJ Financial Group, Inc.		1,290,953		12,957,521
Mitsui & Co. Ltd.		118,695		5,761,835
Mitsui Chemicals, Inc.^(a)		27,647		791,295
Mitsui Fudosan Co. Ltd.		270,640		2,774,075
Mitsui Mining & Smelting Co. Ltd.		13,022		411,103
Mitsui OSK Lines Ltd.^(a)		47,757		1,514,361
Mizuho Financial Group, Inc.		376,613		7,304,184
MS&AD Insurance Group Holdings, Inc.		113,018		2,044,328
Murata Manufacturing Co. Ltd.		112,058		2,067,553
Nabtesco Corp.		18,145		302,100
NEC Corp.		30,445		2,224,875
Nexon Co. Ltd.		16,046		252,011
NGK Insulators Ltd.		39,783		544,041
NH Foods Ltd.		12,331		406,293
Nichirei Corp.		12,391		311,497
Nidec Corp.		37,824		1,772,162

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

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

April 30, 2024

(Unaudited)


	Shares		Value

Japan-(continued)
Nikon Corp.^(a)		50,576	$	527,406
Nintendo Co. Ltd.		52,323		2,566,858
Nippon Building Fund, Inc.		120		459,823
Nippon Electric Glass Co. Ltd.		14,025		348,207
Nippon Express Holdings, Inc.		11,958		612,927
Nippon Paint Holdings Co. Ltd.		58,602		378,168
Nippon Prologis REIT, Inc.		160		277,165
Nippon Sanso Holdings Corp.		13,696		409,492
Nippon Steel Corp.^(a)		176,100		3,962,572
Nippon Telegraph & Telephone Corp.^(a)		3,921,230		4,256,004
Nippon Yusen K.K.^(a)		80,057		2,272,008
Nissan Chemical Corp.		8,130		279,085
Nissan Motor Co. Ltd.		866,328		3,202,383
Nisshin Seifun Group, Inc.		28,043		366,386
Nissin Foods Holdings Co. Ltd.		11,571		309,192
Niterra Co. Ltd.^(a)		21,213		697,192
Nitori Holdings Co. Ltd.		3,788		511,397
Nitto Denko Corp.		11,289		937,611
Nomura Holdings, Inc.		442,987		2,533,526
Nomura Real Estate Holdings, Inc.		17,212		484,865
Nomura Real Estate Master Fund, Inc.		319		305,692
Nomura Research Institute Ltd.		18,918		461,033
NSK Ltd.		63,522		350,417
NTN Corp.		141,216		281,777
NTT DATA Group Corp.		59,810		940,298
Obayashi Corp.		75,448		844,784
Odakyu Electric Railway Co. Ltd.		25,327		285,676
Oji Holdings Corp.		174,420		685,754
Olympus Corp.		57,435		803,137
Omron Corp.		19,443		674,602
Ono Pharmaceutical Co. Ltd.^(a)		37,106		536,671
Open House Group Co. Ltd.		9,428		288,654
Oriental Land Co. Ltd.		9,131		253,102
ORIX Corp.		110,276		2,271,182
Osaka Gas Co. Ltd.		40,158		893,166
Otsuka Corp.		16,542		330,914
Otsuka Holdings Co. Ltd.		33,879		1,451,480
Pan Pacific International Holdings Corp.		22,222		526,160
Panasonic Holdings Corp.		303,842		2,668,380
Persol Holdings Co. Ltd.		278,591		388,061
Rakuten Group, Inc.^(b)		97,169		471,442
Recruit Holdings Co. Ltd.		48,724		2,137,026
Renesas Electronics Corp.		71,403		1,192,659
Resona Holdings, Inc.		304,342		1,935,922
Resonac Holdings Corp.		40,467		881,009
Ricoh Co. Ltd.		56,680		492,188
Rohm Co. Ltd.		33,020		481,456
Ryohin Keikaku Co. Ltd.		20,905		339,483
Santen Pharmaceutical Co. Ltd.^(a)		29,519		285,970
Sanwa Holdings Corp.		18,454		303,785
SBI Holdings, Inc.^(a)		35,850		877,541
SCREEN Holdings Co. Ltd.		2,306		243,107
SECOM Co. Ltd.		14,930		1,041,727
Seibu Holdings, Inc.		19,108		298,583
Seiko Epson Corp.		33,563		555,384
Seino Holdings Co. Ltd.		17,952		241,277
Sekisui Chemical Co. Ltd.		43,117		630,596
Sekisui House Ltd.		84,435		1,945,549
Seven & i Holdings Co. Ltd.		247,616		3,209,968
SG Holdings Co. Ltd.		38,346		449,460


	Shares		Value

Japan-(continued)
Sharp Corp.^(b)		65,854	$	347,756
Shimadzu Corp.		16,843		461,412
Shimano, Inc.		4,889		802,018
Shimizu Corp.		90,130		559,858
Shin-Etsu Chemical Co. Ltd.		95,732		3,768,689
Shionogi & Co. Ltd.		17,953		841,263
Shiseido Co. Ltd.		33,274		891,240
Shizuoka Financial Group, Inc.		46,271		432,968
SMC Corp.		2,232		1,184,613
SoftBank Corp.		281,500		3,418,463
SoftBank Group Corp.		113,934		5,730,547
Sojitz Corp.		43,055		1,110,541
Sompo Holdings, Inc.		100,131		1,985,249
Sony Group Corp.		93,358		7,762,777
Stanley Electric Co. Ltd.		21,743		386,597
Subaru Corp.		84,294		1,891,948
SUMCO Corp.		38,943		589,967
Sumitomo Chemical Co. Ltd.		514,433		1,102,648
Sumitomo Corp.		102,222		2,699,027
Sumitomo Electric Industries Ltd.		67,202		1,042,418
Sumitomo Forestry Co. Ltd.		21,820		677,347
Sumitomo Heavy Industries Ltd.		10,844		303,961
Sumitomo Metal Mining Co. Ltd.		40,312		1,361,281
Sumitomo Mitsui Financial Group, Inc.		174,144		9,937,490
Sumitomo Mitsui Trust Holdings, Inc.		84,995		1,792,097
Sumitomo Realty & Development Co. Ltd.		40,571		1,415,918
Sumitomo Rubber Industries Ltd.		32,594		396,331
Suntory Beverage & Food Ltd.		15,816		515,190
Suzuken Co. Ltd.		9,126		270,361
Suzuki Motor Corp.		235,200		2,751,585
Sysmex Corp.		25,138		404,710
T&D Holdings, Inc.		73,765		1,207,971
Taiheiyo Cement Corp.		15,846		364,217
Taisei Corp.		21,630		793,368
Taiyo Yuden Co. Ltd.		16,302		386,611
Takashimaya Co. Ltd.^(a)		21,713		308,382
Takeda Pharmaceutical Co. Ltd.		157,989		4,169,468
TDK Corp.		30,437		1,370,163
Terumo Corp.		53,388		913,803
THK Co. Ltd.		14,864		327,005
TIS, Inc.		17,286		370,842
Tobu Railway Co. Ltd.		13,201		262,988
Tohoku Electric Power Co., Inc.		74,454		576,508
Tokai Carbon Co. Ltd.		42,624		284,133
Tokio Marine Holdings, Inc.		120,688		3,827,750
Tokyo Electric Power Co. Holdings, Inc.^(b).		845,863		5,305,826
Tokyo Electron Ltd.		12,822		2,861,555
Tokyo Gas Co. Ltd.		47,929		1,077,881
Tokyo Tatemono Co. Ltd.		29,048		485,841
Tokyu Corp.		38,140		452,862
Tokyu Fudosan Holdings Corp.		96,540		711,941
TOPPAN Holdings, Inc.		34,320		817,408
Toray Industries, Inc.		170,396		782,004
Tosoh Corp.		54,342		752,635
TOTO Ltd.		19,648		536,133
Toyo Suisan Kaisha Ltd.		5,657		353,767
Toyoda Gosei Co. Ltd.		13,940		270,535
Toyota Industries Corp.		15,929		1,521,386
Toyota Motor Corp.		979,653		22,647,842
Toyota Tsusho Corp.		27,198		1,742,165

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

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

April 30, 2024

(Unaudited)


	Shares		Value

Japan-(continued)
Trend Micro, Inc.^(a)		7,481	$	371,281
Tsuruha Holdings, Inc.		5,312		336,445
UBE Corp.		17,150		314,959
Unicharm Corp.		15,541		463,865
West Japan Railway Co.		57,000		1,084,472
Yakult Honsha Co. Ltd.		17,759		348,262
Yamada Holdings Co. Ltd.		115,203		329,946
Yamaha Corp.		17,313		367,130
Yamaha Motor Co. Ltd.		137,796		1,292,453
Yamato Holdings Co. Ltd.		38,897		515,858
Yamazaki Baking Co. Ltd.		11,934		289,164
Yaskawa Electric Corp.		12,542		524,426
Yokogawa Electric Corp.		18,210		406,287
Yokohama Rubber Co. Ltd. (The)		17,852		469,315

				374,927,581


Jordan-0.02%
Hikma Pharmaceuticals PLC		11,662		280,954


Luxembourg-0.28%
Aperam S.A.		9,365		274,771
ArcelorMittal S.A.		154,959		3,908,627
Eurofins Scientific SE^(a)		7,768		478,422

				4,661,820


Macau-0.03%
Galaxy Entertainment Group Ltd.		78,576		356,150
Sands China Ltd.^(b)		93,089		222,332

				578,482


Netherlands-2.30%
Aalberts N.V.		9,882		474,640
ABN AMRO Bank N.V., CVA^(a)(c)		82,655		1,333,638
Adyen N.V.^(b)(c)		299		361,332
Aegon Ltd.^(a)		353,946		2,216,244
Akzo Nobel N.V.		19,964		1,326,473
ASM International N.V.		605		385,033
ASML Holding N.V.		4,188		3,728,848
ASR Nederland N.V.^(a)		18,444		926,307
BE Semiconductor Industries N.V.^(a)		1,596		214,169
Euronext N.V.^(c)		4,406		398,796
EXOR N.V.		8,523		935,928
Heineken Holding N.V.		8,673		700,621
Heineken N.V.^(a)		19,216		1,875,915
IMCD N.V.^(a)		2,298		349,528
ING Groep N.V.		578,120		9,187,021
Koninklijke Ahold Delhaize N.V.		137,621		4,184,984
Koninklijke KPN N.V.		368,898		1,344,266
Koninklijke Philips N.V.^(a)(b)		109,166		2,947,327
NN Group N.V.		59,104		2,739,589
OCI N.V.^(a)		11,264		304,714
Randstad N.V.^(a)		21,652		1,092,747
SBM Offshore N.V.^(a)		26,106		389,398
Universal Music Group N.V.^(a)		18,726		554,631
Wolters Kluwer N.V.		6,470		973,716

				38,945,865


New Zealand-0.02%
Fisher & Paykel Healthcare Corp. Ltd.		18,476		311,267


Norway-0.71%
Aker BP ASA		37,838		929,366
DNB Bank ASA		88,489		1,550,974


	Shares		Value

Norway-(continued)
Equinor ASA		190,168	$	5,133,642
Mowi ASA		41,353		731,715
Norsk Hydro ASA		237,641		1,478,530
Orkla ASA		48,113		329,322
Schibsted ASA, Class A		3,927		112,695
Schibsted ASA, Class B		4,962		139,440
Storebrand ASA		43,192		416,937
Telenor ASA		70,336		812,340
Var Energi ASA		115,567		379,652

				12,014,613


Poland-0.21%
Bank Polska Kasa Opieki S.A.		12,418		518,657
KGHM Polska Miedz S.A.		16,721		581,224
ORLEN S.A.		59,098		970,386
Powszechna Kasa Oszczednosci Bank Polski S.A.		48,725		730,941
Powszechny Zaklad Ubezpieczen S.A.		56,938		721,593

				3,522,801


Portugal-0.26%
Banco Comercial Portugues S.A., Class R^(a)(b)		968,950		340,446
EDP - Energias de Portugal S.A.		465,526		1,755,116
Galp Energia SGPS S.A.		81,393		1,757,996
Jeronimo Martins SGPS S.A.		27,447		567,878

				4,421,436


Russia-0.00%
Evraz PLC^(b)(d)		48,360		0
Raspadskaya OJSC^(b)(d)		546		0

				0


Singapore-0.71%
CapitaLand Ascendas REIT		263,563		502,485
CapitaLand Integrated Commercial Trust		402,178		578,016
CapitaLand Investment Ltd.		226,965		442,696
DBS Group Holdings Ltd.		112,216		2,871,742
Genting Singapore Ltd.		371,051		248,954
Keppel Ltd.		92,063		464,450
Mapletree Logistics Trust		240,712		238,285
Oversea-Chinese Banking Corp. Ltd.		128,777		1,345,607
Singapore Airlines Ltd.^(a)		109,574		525,473
Singapore Exchange Ltd.		39,522		271,256
Singapore Technologies Engineering Ltd.		97,525		288,195
Singapore Telecommunications Ltd.		747,851		1,305,141
STMicroelectronics N.V.		28,045		1,128,866
United Overseas Bank Ltd.		69,264		1,543,997
UOL Group Ltd.		65,396		281,005

				12,036,168


South Africa-0.49%
Anglo American PLC		250,343		8,256,729


South Korea-4.10%
DB Insurance Co. Ltd.		3,791		266,887
Delivery Hero SE^(b)(c)		12,452		351,498
Doosan Enerbility Co. Ltd.^(b)		61,871		752,068
Hana Financial Group, Inc.		21,543		914,966
Hankook Tire & Technology Co. Ltd.		7,302		312,241
Hanwha Solutions Corp.		18,919		350,428
HD Hyundai Co. Ltd.		7,254		353,751

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

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

April 30, 2024

(Unaudited)


	Shares		Value

South Korea-(continued)
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.^(b)		4,615	$	439,094
HMM Co. Ltd.		52,662		603,931
Hyundai Engineering & Construction Co. Ltd.		14,924		382,791
Hyundai Mobis Co. Ltd.		3,462		572,366
Hyundai Motor Co.		10,665		1,936,846
Hyundai Motor Co., First Pfd.		1,553		177,987
Hyundai Motor Co., Second Pfd.		2,392		275,181
Industrial Bank of Korea		27,213		274,670
Kakao Corp.		9,392		330,259
KB Financial Group, Inc.		31,331		1,713,786
Kia Corp.		33,885		2,893,011
Korea Electric Power Corp.^(b)		28,738		439,772
Korea Zinc Co. Ltd.		1,063		356,487
Korean Air Lines Co. Ltd.		22,371		339,102
KT&G Corp.		6,692		432,866
LG Chem Ltd.		5,744		1,672,788
LG Chem Ltd., Preference Shares		895		173,547
LG Corp.		6,704		385,137
LG Display Co. Ltd.^(b)		57,847		441,146
LG Electronics, Inc.		15,004		1,008,517
LG Electronics, Inc., Preference Shares		2,347		73,020
LG Energy Solution Ltd.^(b)		1,243		349,849
LG H&H Co. Ltd.		1,522		462,514
LG H&H Co. Ltd., Preference Shares		317		42,959
LG Innotek Co. Ltd.		3,029		486,534
LOTTE Chemical Corp.		2,959		230,152
LS Corp.		4,545		454,138
Meritz Financial Group, Inc.		6,777		389,331
NAVER Corp.		7,229		964,494
NCSoft Corp.		1,722		219,408
POSCO Holdings, Inc.^(a)		15,873		4,651,302
Posco International Corp.		7,083		237,279
Samsung C&T Corp.		5,078		551,485
Samsung Electro-Mechanics Co. Ltd.		6,706		756,433
Samsung Electronics Co. Ltd.		459,042		25,740,362
Samsung Electronics Co. Ltd., Preference Shares		75,661		3,569,277
Samsung Engineering Co. Ltd.^(b)		17,763		339,940
Samsung Fire & Marine Insurance Co. Ltd.		1,974		442,761
Samsung Fire & Marine Insurance Co. Ltd., Preference Shares		162		28,600
Samsung Heavy Industries Co. Ltd.^(b)		55,631		380,373
Samsung Life Insurance Co. Ltd.		6,122		387,580
Samsung SDI Co. Ltd.		3,456		1,085,235
Samsung SDI Co. Ltd., Preference Shares		88		15,536
Samsung SDS Co. Ltd.		3,839		444,703
Shinhan Financial Group Co. Ltd.		25,740		868,802
SK hynix, Inc.		46,360		5,843,218
SK Innovation Co. Ltd.^(b)		12,055		969,040
SK, Inc.		3,109		373,413
S-Oil Corp.		6,881		361,948
Woori Financial Group, Inc.		50,677		521,767

				69,392,576


Spain-3.09%
Acciona S.A.^(a)		3,773		438,526
Acerinox S.A.		41,854		452,894


	Shares		Value

Spain-(continued)
ACS Actividades de Construccion y Servicios S.A.		30,293	$	1,217,247
Aena SME S.A.^(a)(c)		2,981		546,964
Amadeus IT Group S.A.^(a)		12,926		825,951
Banco Bilbao Vizcaya Argentaria S.A.		810,406		8,816,913
Banco de Sabadell S.A.		1,066,352		2,047,795
Banco Santander S.A.^(a)		2,272,621		11,112,396
Bankinter S.A.^(a)		77,814		617,364
CaixaBank S.A.		371,353		1,966,288
Cellnex Telecom S.A.^(a)(c)		21,725		721,275
Cia de Distribucion Integral Logista Holdings S.A.		10,616		290,136
Enagas S.A.^(a)		41,433		609,599
Endesa S.A.		60,061		1,098,166
Grifols S.A.^(a)(b)		39,917		369,022
Grifols S.A., Class B, Preference Shares^(b)		31,823		204,331
Iberdrola S.A.		682,433		8,398,753
Industria de Diseno Textil S.A.^(a)		46,984		2,152,684
Mapfre S.A.^(a)		144,271		348,940
Merlin Properties SOCIMI S.A.		47,357		537,253
Naturgy Energy Group S.A.^(a)		18,771		476,082
Redeia Corp. S.A.		55,891		935,267
Repsol S.A.		268,178		4,222,386
Telefonica S.A.^(a)		781,143		3,513,009
Unicaja Banco S.A.^(a)(c)		285,533		374,611

				52,293,852


Sweden-2.32%
Alfa Laval AB^(a)		15,108		651,896
Assa Abloy AB, Class B^(a)		46,659		1,254,057
Atlas Copco AB, Class A		73,434		1,307,654
Atlas Copco AB, Class B^(a)		44,001		671,486
Boliden AB^(a)		41,168		1,380,656
Castellum AB^(a)(b)		42,817		520,004
Electrolux AB, Class B^(a)(b)		75,179		666,590
Embracer Group AB^(a)(b)		197,736		506,235
Epiroc AB, Class A^(a)		24,438		460,443
Epiroc AB, Class B		14,618		245,855
Essity AB, Class B		62,952		1,574,961
Evolution AB^(c)		3,348		375,799
Fastighets AB Balder, Class B^(a)(b)		54,051		349,247
Getinge AB, Class B		16,987		363,701
H & M Hennes & Mauritz AB, Class B^(a)		75,067		1,208,839
Hexagon AB, Class B^(a)		87,129		926,786
Holmen AB, Class B^(a)		7,866		309,311
Husqvarna AB, Class B^(a)		43,742		361,385
Industrivarden AB, Class A		8,364		272,198
Industrivarden AB, Class C^(a)		9,901		321,948
Investor AB, Class A^(a)		29,543		728,892
Investor AB, Class B		114,768		2,847,791
Kinnevik AB, Class B^(a)(b)		27,877		295,891
NIBE Industrier AB, Class B^(a)		52,400		246,343
Saab AB, Class B^(a)		3,809		304,903
Sandvik AB^(a)		67,456		1,368,676
Securitas AB, Class B^(a)		69,819		708,947
Skandinaviska Enskilda Banken AB, Class A		160,505		2,124,780
Skandinaviska Enskilda Banken AB, Class C		1,913		25,586
Skanska AB, Class B^(a)		35,745		624,794

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

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

April 30, 2024

(Unaudited)


	Shares		Value

Sweden-(continued)
SKF AB, Class B		43,871	$	919,317
SSAB AB, Class A		35,596		202,564
SSAB AB, Class B^(a)		96,979		550,460
Svenska Cellulosa AB S.C.A., Class B^(a)		52,659		777,466
Svenska Handelsbanken AB, Class A		170,416		1,493,327
Svenska Handelsbanken AB, Class B^(a)		4,086		44,226
Swedbank AB, Class A^(a)		116,360		2,251,739
Tele2 AB, Class B^(a)		107,721		1,011,856
Telefonaktiebolaget LM Ericsson, Class B^(a)		439,186		2,249,568
Telia Co. AB^(a)		595,460		1,370,395
Trelleborg AB, Class B		12,108		433,756
Volvo AB, Class A		20,257		540,389
Volvo AB, Class B		148,815		3,842,434
Volvo Car AB, Class B^(a)		163,460		520,200

				39,213,351


Switzerland-4.01%
ABB Ltd.		66,506		3,255,143
Adecco Group AG		25,036		880,075
Alcon, Inc.^(a)		18,867		1,462,622
Avolta AG^(b)		8,592		327,698
Baloise Holding AG^(a)		4,032		610,196
Barry Callebaut AG^(a)		299		483,799
Chocoladefabriken Lindt & Spruengli AG		3		348,035
Chocoladefabriken Lindt & Spruengli AG, PC^(a)		28		323,916
Cie Financiere Richemont S.A.		20,230		2,821,149
Clariant AG^(a)(b)		27,092		407,052
DSM-Firmenich AG		3,817		431,396
Galenica AG^(c)		3,375		258,511
Geberit AG		1,375		740,010
Georg Fischer AG		5,563		391,227
Givaudan S.A.		266		1,144,454
Helvetia Holding AG^(a)		3,278		429,966
Julius Baer Group Ltd.		20,256		1,095,677
Kuehne + Nagel International AG, Class R^(a)		3,407		905,289
Logitech International S.A., Class R		5,265		413,668
Lonza Group AG		2,334		1,298,886
Nestle S.A.		149,298		15,008,751
Novartis AG		118,411		11,497,028
Partners Group Holding AG		536		695,167
PSP Swiss Property AG		3,046		378,280
Sandoz Group AG^(b)		39,906		1,355,364
Schindler Holding AG		912		223,239
Schindler Holding AG, PC		1,974		495,034
SGS S.A.^(a)		9,424		832,917
SIG Group AG^(a)(b)		19,681		394,843
Sika AG^(b)		3,999		1,148,053
Sonova Holding AG, Class A		1,624		452,237
Swatch Group AG (The)^(a)		5,691		237,034
Swatch Group AG (The), BR^(a)		3,118		658,345
Swiss Life Holding AG^(a)		3,150		2,132,857
Swiss Prime Site AG^(a)		5,755		533,992
Swisscom AG		2,502		1,373,556
UBS Group AG^(b)		242,924		6,428,355
Zurich Insurance Group AG		12,115		5,867,615

				67,741,436


	Shares		Value

Thailand-0.02%
Thai Beverage PCL		816,524	$	296,374

United Kingdom-9.03% 3i Group PLC		57,226		2,060,815
abrdn PLC^(a)		284,716		522,284
Admiral Group PLC		24,529		838,186
Ashtead Group PLC		21,106		1,543,918
Associated British Foods PLC		31,112		1,034,696
AstraZeneca PLC		58,947		8,903,030
Aviva PLC		243,690		1,421,022
B&M European Value Retail S.A.		109,773		713,378
BAE Systems PLC		195,055		3,255,698
Barclays PLC		4,077,884		10,350,121
Barratt Developments PLC		186,435		1,061,474
Beazley PLC		50,266		417,296
Bellway PLC		13,051		413,448
Berkeley Group Holdings PLC (The)		9,424		556,265
British American Tobacco PLC		341,168		10,043,330
British Land Co. PLC (The)		113,394		550,907
BT Group PLC^(a)		964,342		1,238,897
Bunzl PLC		23,935		921,285
Burberry Group PLC		37,243		536,523
Centrica PLC		828,409		1,327,217
Compass Group PLC		90,057		2,516,915
Croda International PLC		8,295		478,822
DCC PLC		8,011		550,199
Diageo PLC		113,811		3,955,326
Direct Line Insurance Group PLC		154,513		359,474
Drax Group PLC		80,530		522,329
DS Smith PLC		162,954		714,967
Entain PLC		50,876		501,099
Haleon PLC		506,995		2,155,263
Halma PLC		11,126		307,467
Harbour Energy PLC		113,162		409,360
Hiscox Ltd.		25,689		395,648
Howden Joinery Group PLC		32,577		357,332
HSBC Holdings PLC		1,878,519		16,361,834
IG Group Holdings PLC		48,556		454,780
IMI PLC		14,275		313,161
Imperial Brands PLC		97,548		2,233,419
Inchcape PLC		34,608		346,676
Informa PLC		71,723		714,692
InterContinental Hotels Group PLC		4,950		486,679
Intermediate Capital Group PLC		17,657		464,294
International Consolidated Airlines Group S.A.^(a)(b)		168,401		369,222
Intertek Group PLC		10,034		621,168
Investec PLC		47,908		306,839
ITV PLC		450,737		396,767
J Sainsbury PLC		251,588		829,779
JD Sports Fashion PLC		227,636		329,500
Johnson Matthey PLC^(a)		29,134		640,592
Just Eat Takeaway.com N.V.^(a)(b)(c)		33,557		497,667
Kingfisher PLC		306,401		951,862
Land Securities Group PLC		80,690		657,240
Legal & General Group PLC^(a)		585,631		1,730,585
Lloyds Banking Group PLC		7,122,553		4,628,709
London Stock Exchange Group PLC		19,158		2,122,042
M&G PLC		200,208		504,139
Man Group PLC		103,457		333,705

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

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

April 30, 2024

(Unaudited)


	Shares		Value

United Kingdom-(continued)
Marks & Spencer Group PLC		308,386	$	987,761
Melrose Industries PLC		84,068		665,070
National Grid PLC		393,344		5,161,675
NatWest Group PLC		1,252,912		4,761,416
Next PLC		6,447		727,182
Pearson PLC		61,919		754,851
Pennon Group PLC		36,384		303,190
Persimmon PLC		54,551		890,712
Phoenix Group Holdings PLC		101,362		621,657
Reckitt Benckiser Group PLC		42,224		2,362,269
RELX PLC		55,320		2,287,955
Rentokil Initial PLC		117,708		600,017
Rolls-Royce Holdings PLC^(b)		199,391		1,031,377
RS Group PLC		33,976		313,543
Sage Group PLC (The)		34,393		502,141
Schroders PLC		76,297		337,049
Segro PLC		79,306		842,090
Severn Trent PLC^(a)		18,624		575,306
Smith & Nephew PLC		65,924		808,133
Smiths Group PLC		26,975		545,833
Spectris PLC		6,157		256,726
Spirax-Sarco Engineering PLC		2,442		270,458
SSE PLC		128,646		2,684,469
St. James’s Place PLC^(a)		78,023		425,566
Standard Chartered PLC		301,562		2,604,694
Subsea 7 S.A.		24,612		400,490
Tate & Lyle PLC		46,204		381,261
Taylor Wimpey PLC		585,207		966,521
Tesco PLC		868,434		3,221,998
Tritax Big Box REIT PLC		139,089		264,027
Unilever PLC		201,627		10,452,155
United Utilities Group PLC		62,320		815,066
Virgin Money UK PLC		149,323		399,753
Vistry Group PLC		33,426		501,416
Vodafone Group PLC		5,213,418		4,416,837
Weir Group PLC (The)		15,232		390,992
Whitbread PLC		11,689		463,535
WPP PLC		141,923		1,436,245

				152,660,778


United States-7.43%
Amcor PLC, CDI		172,448		1,547,552
Bausch Health Cos., Inc.^(b)		75,911		665,813


	Shares		Value

United States-(continued)
BP PLC		3,306,720	$	21,547,234
Brookfield Renewable Corp., Class A		11,746		273,419
CRH PLC		47,678		3,722,897
Experian PLC		26,726		1,085,605
Ferguson PLC		10,575		2,245,758
Ferrovial SE		19,190		693,539
GSK PLC		360,346		7,548,705
Holcim AG		54,435		4,580,814
Qiagen N.V.^(a)(b)		9,789		409,046
Roche Holding AG		51,468		12,379,481
Roche Holding AG, BR^(a)		2,133		560,024
Sanofi S.A.		114,455		11,391,230
Shell PLC		1,219,683		43,724,530
Signify N.V.		22,781		627,477
Stellantis N.V.		341,390		7,621,857
Swiss Re AG		31,549		3,433,704
Tenaris S.A.		37,397		626,793
Waste Connections, Inc.		6,062		984,852

				125,670,330


Zambia-0.08%
First Quantum Minerals Ltd.		104,070		1,324,121

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.56% (Cost $1,448,298,234)				1,683,837,821


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-9.03%
Invesco Private Government Fund, 5.29%^(e)(f)(g)		42,760,187		42,760,187
Invesco Private Prime Fund, 5.46%^(e)(f)(g)		109,952,320		109,985,306

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $152,758,049)				152,745,493

TOTAL INVESTMENTS IN SECURITIES-108.59% (Cost $1,601,056,283)				1,836,583,314
OTHER ASSETS LESS LIABILITIES-(8.59)%				(145,230,315	)

NET ASSETS-100.00%			$	1,691,352,999

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

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

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

April 30, 2024

(Unaudited)

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at April 30, 2024.

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2024 was $13,970,460, which represented less than 1% of the Fund’s Net Assets.

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

^(e)


	Value October 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	18,677,616		$	(18,677,616	)		$	-			$	-		$	-		$	12,863
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			33,489,437			113,123,716			(103,852,966	)			-				-			42,760,187			856,563	*
Invesco Private Prime Fund			86,337,423			258,534,131			(234,896,627	)			(14,812	)			25,191			109,985,306			2,293,585	*

Total		$	119,826,860		$	390,335,463		$	(357,427,209	)		$	(14,812	)		$	25,191		$	152,745,493		$	3,163,011

*	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 April 30, 2024.

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

Portfolio Composition

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

as of April 30, 2024


Financials			25.25
Industrials			13.81
Consumer Discretionary			10.46
Energy			10.10
Materials			9.87
Consumer Staples			6.93
Health Care			6.32
Information Technology			5.81
Utilities			4.65
Communication Services			4.05
Real Estate			2.31
Money Market Funds Plus Other Assets Less Liabilities			0.44

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

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

April 30, 2024

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.36%
Australia-6.72%
Accent Group Ltd.^(a)		97,121	$	119,194
Adbri Ltd.^(b)		79,553		162,722
ALS Ltd.		78,696		669,938
Altium Ltd.		3,783		162,153
Alumina Ltd.^(b)		233,143		246,011
AMP Ltd.		860,250		614,464
Ansell Ltd.		21,612		359,124
ARB Corp. Ltd.		8,558		214,617
Atlas Arteria Ltd.		136,303		459,358
AUB Group Ltd.		8,164		149,974
Bapcor Ltd.^(a)		103,093		386,933
Beach Energy Ltd.		550,061		575,063
Bega Cheese Ltd.		71,589		192,453
Boral Ltd.^(a)		78,605		292,472
Breville Group Ltd.		15,333		257,375
Brickworks Ltd.		12,696		221,108
BWP Trust		88,784		205,817
CAR Group Ltd.		18,789		412,748
Centuria Capital Group		138,290		156,250
Centuria Industrial REIT^(a)		127,789		264,706
Challenger Ltd.		94,844		415,712
Champion Iron Ltd.		84,555		393,126
Charter Hall Group		98,740		768,761
Charter Hall Long Wale REIT^(a)		173,996		383,017
Charter Hall Retail REIT		124,858		270,796
Cleanaway Waste Management Ltd.		426,005		746,891
Cochlear Ltd.		3,171		669,410
Collins Foods Ltd.		28,760		187,500
Coronado Global Resources, Inc., CDI^(a)(c)		287,131		232,128
Corporate Travel Management Ltd.		10,651		106,302
Credit Corp. Group Ltd.		13,553		145,035
CSR Ltd.		156,535		903,633
Data# 3 Ltd.		31,726		157,600
Deterra Royalties Ltd.		44,746		143,826
Domino’s Pizza Enterprises Ltd.		14,146		362,284
Downer EDI Ltd.		106,677		326,958
Eagers Automotive Ltd.		28,418		233,249
EBOS Group Ltd.^(a)		11,278		233,982
Elders Ltd.^(a)		62,487		344,490
Flight Centre Travel Group Ltd.^(a)		16,465		226,768
GrainCorp Ltd., Class A		70,350		391,493
Growthpoint Properties Australia Ltd.		108,673		168,655
GUD Holdings Ltd.		33,077		221,444
Harvey Norman Holdings Ltd.^(a)		243,367		725,360
Healius Ltd.^(a)(b)		220,470		172,510
Helia Group Ltd.		100,449		260,906
HomeCo Daily Needs REIT^(c)		353,522		282,358
IDP Education Ltd.^(a)		17,263		182,719
IGO Ltd.		101,533		521,510
Iluka Resources Ltd.		106,705		532,139
Ingenia Communities Group		70,297		212,717
Inghams Group Ltd.		176,949		422,839
Insignia Financial Ltd.^(a)		192,900		308,139
IPH Ltd.		31,692		129,443
IRESS Ltd.^(b)		50,863		283,379
Johns Lyng Group Ltd.		39,112		142,733
Kelsian Group Ltd.		31,599		114,085


	Shares		Value
Australia-(continued)
Link Administration Holdings Ltd.		147,167	$	215,017
Lottery Corp. Ltd. (The)		191,823		607,854
Lynas Rare Earths Ltd.^(b)		88,720		377,924
Magellan Financial Group Ltd.		75,957		440,452
McMillan Shakespeare Ltd.		17,035		204,862
Monadelphous Group Ltd.		18,569		162,660
National Storage REIT		247,422		347,033
New Hope Corp. Ltd.		158,856		469,347
NEXTDC Ltd.^(b)		26,847		290,959
nib holdings Ltd.		82,733		400,234
Nine Entertainment Co. Holdings Ltd.		263,083		260,520
NRW Holdings Ltd.		82,248		149,542
Nufarm Ltd.		106,070		356,781
OceanaGold Corp.		197,759		428,956
Perpetual Ltd.		24,207		374,579
Perseus Mining Ltd.		247,371		371,056
PEXA Group Ltd.^(a)(b)		17,713		141,014
Pilbara Minerals Ltd.^(a)		100,828		265,819
Premier Investments Ltd.		14,693		288,135
Qube Holdings Ltd.		277,576		600,213
Ramelius Resources Ltd.		199,024		270,104
REA Group Ltd.^(a)		2,124		247,763
Reece Ltd.		24,261		438,746
Region RE Ltd.		324,297		463,281
Regis Resources Ltd.^(b)		319,327		460,328
Resolute Mining Ltd.^(b)		860,356		238,832
Sandfire Resources Ltd.^(b)		99,884		619,410
SEEK Ltd.		37,361		588,799
Seven Group Holdings Ltd.^(a)		17,774		439,156
Sigma Healthcare Ltd.		284,872		234,002
Silver Lake Resources Ltd.^(b)		371,644		352,338
SmartGroup Corp. Ltd.		22,031		137,193
Star Entertainment Group Ltd. (The)^(a)(b)		1,527,192		401,631
Steadfast Group Ltd.		102,921		378,936
Super Retail Group Ltd.		51,175		487,491
Tabcorp Holdings Ltd.		789,579		376,844
Technology One Ltd.		12,990		137,070
TPG Telecom Ltd.		94,588		277,008
Ventia Services Group Pty. Ltd.		178,878		421,641
Waypoint REIT Ltd.		134,385		205,068
Webjet Ltd.^(a)(b)		33,806		180,664
West African Resources Ltd.^(b)		334,643		291,183
Westgold Resources Ltd.		118,017		172,427
Yancoal Australia Ltd.^(a)(c)		208,098		749,963

				33,769,212

Austria-0.57%
AT&S Austria Technologie & Systemtechnik AG^(a)		12,555		280,034
CA Immobilien Anlagen AG		8,410		274,268
EVN AG		11,520		355,368
Immofinanz AG^(b)		7,941		197,414
Kontron AG		9,514		192,063
Lenzing AG^(a)(b)		7,429		241,084
Schoeller-Bleckmann Oilfield Equipment AG		3,015		147,327
Telekom Austria AG		21,535		185,362

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

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

April 30, 2024

(Unaudited)


	Shares		Value
Austria-(continued)
UNIQA Insurance Group AG		20,315	$	179,205
Verbund AG		10,395		795,824

				2,847,949

Belgium-1.38%
Ackermans & van Haaren N.V.		3,439		593,860
Aedifica S.A.^(a)		11,496		739,370
Azelis Group N.V.		16,895		408,991
Barco N.V.^(a)		15,852		221,703
Bekaert S.A.		6,780		341,162
Deme Group N.V.		1,144		182,749
D’Ieteren Group		2,558		555,781
Euronav N.V.^(b)		5,706		95,178
Fagron		7,082		138,121
Galapagos N.V.^(a)(b)		9,477		269,343
KBC Ancora		4,863		235,809
Lotus Bakeries N.V.^(a)		16		161,329
Melexis N.V.^(a)		3,219		271,223
Montea N.V.^(a)		2,553		220,022
Shurgard Self Storage Ltd.^(a)		3,019		124,281
Sofina S.A.^(a)		2,818		665,303
Solvay S.A., Class A^(a)		23,870		776,155
Warehouses De Pauw C.V.A.^(a)		25,546		681,238
Xior Student Housing N.V.^(a)(c)		8,389		251,158

				6,932,776

Bermuda-0.03%
Conduit Holdings Ltd.		25,928		162,654

Brazil-0.05%
ERO Copper Corp.^(b)		12,426		253,883

Canada-9.06%
Advantage Energy Ltd.^(b)		47,732		373,142
Aecon Group, Inc.		39,403		484,991
Ag Growth International, Inc.		4,520		174,404
Alamos Gold, Inc., Class A^(a)		51,796		763,452
Algoma Steel Group, Inc.		60,807		465,618
Altus Group Ltd.		4,673		171,838
Aritzia, Inc.^(b)		10,285		266,810
Artis REIT^(a)		42,986		203,377
ATCO Ltd., Class I		28,580		781,563
Athabasca Oil Corp.^(b)		89,700		313,397
ATS Corp.^(b)		8,848		291,681
Badger Infrastructure Solutions Ltd.		4,456		145,793
Ballard Power Systems, Inc.^(a)(b)		52,112		137,312
Baytex Energy Corp.		224,565		833,629
Birchcliff Energy Ltd.		117,493		484,049
Bird Construction, Inc.^(a)		12,040		165,897
BlackBerry Ltd.^(a)(b)		78,522		220,046
Boardwalk REIT, Class E		6,742		347,786
Boralex, Inc., Class A		16,431		330,450
Boyd Group Services, Inc.		1,721		322,478
Brookfield Asset Management Ltd., Class A		6,512		249,275
Brookfield Business Corp., Class A		7,501		153,640
Brookfield Infrastructure Corp., Class A		18,537		565,885
BRP, Inc.		7,143		481,555
Canada Goose Holdings, Inc.^(b)		11,253		127,286
Canadian Western Bank		33,571		645,347
Canfor Corp.^(b)		31,366		331,274
Capstone Copper Corp.^(b)		107,292		744,254
Cardinal Energy Ltd.^(a)		36,620		188,184


	Shares		Value
Canada-(continued)
Cascades, Inc.		26,056	$	175,243
Centerra Gold, Inc.		95,650		583,431
CES Energy Solutions Corp.		49,423		203,973
Chartwell Retirement Residences		54,122		492,036
Chemtrade Logistics Income Fund^(a)		40,453		258,821
Choice Properties REIT		53,103		503,258
Cineplex, Inc.^(a)(b)		39,125		247,477
Cogeco Communications, Inc.		5,656		224,659
Cogeco, Inc.		4,735		176,910
Colliers International Group, Inc.		2,910		303,656
Converge Technology Solutions Corp.		60,787		236,715
Crew Energy, Inc.^(b)		46,554		153,164
Crombie REIT		28,353		265,193
CT REIT^(a)		17,580		171,852
Definity Financial Corp.		9,592		320,397
dentalcorp Holdings Ltd.^(b)		30,819		140,652
Descartes Systems Group, Inc. (The)^(b)		3,745		348,100
Dream Industrial REIT^(a)		55,244		499,020
Dundee Precious Metals, Inc.		45,614		345,961
Enerflex Ltd.		56,716		332,324
Enerplus Corp.		37,935		743,596
Enghouse Systems Ltd.		7,128		154,664
EQB, Inc.		4,651		281,359
Equinox Gold Corp.^(b)		108,290		587,226
Exchange Income Corp.		7,221		243,775
Fiera Capital Corp.		38,801		193,744
First Majestic Silver Corp.		53,310		356,215
FirstService Corp.		3,097		455,809
Fortuna Silver Mines, Inc.^(b)		117,222		533,273
Freehold Royalties Ltd.^(a)		17,425		179,723
goeasy Ltd.		1,705		218,472
Granite REIT		14,040		695,434
H&R REIT		91,396		598,729
Hudbay Minerals, Inc.		65,880		555,773
IAMGOLD Corp.^(b)		255,579		909,693
IGM Financial, Inc.		23,632		591,897
Innergex Renewable Energy, Inc.		74,818		437,303
Interfor Corp.^(b)		33,745		429,104
International Petroleum Corp.^(b)		28,945		358,586
InterRent REIT		31,908		278,238
Ivanhoe Mines Ltd., Class A^(a)(b)		20,641		280,352
Kelt Exploration Ltd.^(b)		48,669		221,408
Killam Apartment REIT		28,802		360,379
Labrador Iron Ore Royalty Corp.		10,600		232,006
Laurentian Bank of Canada		20,344		381,010
Lightspeed Commerce, Inc.^(b)		28,226		370,430
Linamar Corp.		14,978		706,790
Lundin Gold, Inc.		11,308		154,000
Major Drilling Group International, Inc.^(b)		22,123		153,944
Maple Leaf Foods, Inc.		18,356		325,607
Martinrea International, Inc.		20,697		172,494
Mattr Corp.^(b)		17,843		211,828
MTY Food Group, Inc.		3,822		137,429
Mullen Group Ltd.		26,318		244,819
New Gold, Inc.^(b)		230,802		399,832
NFI Group, Inc.^(b)		21,611		177,752
North West Co., Inc. (The)		10,653		302,566
NorthWest Healthcare Properties REIT^(a)		154,187		566,761
Nuvei Corp.^(c)		8,330		267,693
NuVista Energy Ltd.^(b)		60,286		545,880

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

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

April 30, 2024

(Unaudited)


	Shares		Value
Canada-(continued)
Obsidian Energy Ltd.^(b)		49,282	$	423,642
Osisko Gold Royalties Ltd.^(a)		17,958		276,458
Pan American Silver Corp.		55,852		1,032,196
Paramount Resources Ltd., Class A		16,488		374,441
Park Lawn Corp.		9,443		113,067
Pason Systems, Inc.		15,467		176,190
Peyto Exploration & Development Corp.^(a)		48,206		540,008
PrairieSky Royalty Ltd.		28,372		541,688
Precision Drilling Corp.^(b)		6,781		476,400
Premium Brands Holdings Corp.		6,633		435,489
Primaris REIT		18,197		174,837
Quebecor, Inc., Class B		15,034		311,765
RB Global, Inc.		11,041		791,599
Richelieu Hardware Ltd.		7,701		217,770
Russel Metals, Inc.		18,546		523,367
Sandstorm Gold Ltd.		52,247		285,983
Secure Energy Services, Inc.		51,653		438,384
Sienna Senior Living, Inc.^(a)		28,642		279,363
Silvercorp Metals, Inc.		55,758		177,357
Slate Grocery REIT, Class U		19,303		153,148
Sleep Country Canada Holdings, Inc.^(c)		7,345		146,114
Stelco Holdings, Inc.		24,705		717,674
Stella-Jones, Inc.		9,419		548,336
SunOpta, Inc.^(b)		23,207		152,703
Superior Plus Corp.		74,416		505,369
Tamarack Valley Energy Ltd.		115,927		314,742
Taseko Mines Ltd.^(b)		88,675		219,453
Topaz Energy Corp.		13,844		229,650
Torex Gold Resources, Inc.^(b)		32,220		454,975
TransAlta Corp.		81,459		541,341
Transcontinental, Inc., Class A		26,360		262,094
Trican Well Service Ltd.		43,617		132,707
Tricon Residential, Inc.		60,409		678,027
Westshore Terminals Investment Corp.		10,693		206,100
Whitecap Resources, Inc.		96,494		733,266
Winpak Ltd.		5,625		175,524

				45,524,075

China-0.95%
AAC Technologies Holdings, Inc.		309,036		987,815
BOC Aviation Ltd.^(c)		28,480		227,587
Budweiser Brewing Co. APAC Ltd.^(c)		311,155		437,619
Chow Tai Fook Jewellery Group Ltd.		393,871		541,867
CITIC Telecom International Holdings Ltd.		400,278		136,135
ESR Group Ltd.^(a)(c)		427,739		472,519
Jinchuan Group International Resources Co. Ltd.		2,309,444		227,366
MMG Ltd.^(a)(b)		1,169,823		535,463
Nexteer Automotive Group Ltd.		637,657		339,162
Powerlong Real Estate Holdings Ltd.^(a)(b)		1,545,392		130,409
VSTECS Holdings Ltd.		414,014		264,674
Wharf (Holdings) Ltd. (The)^(a)		142,248		460,144

				4,760,760

Colombia-0.17%
Aris Mining Corp.^(b)		48,283		196,105
Parex Resources, Inc.		37,926		662,535

				858,640

Denmark-1.65%
Alm Brand A/S^(a)		154,073		268,372


	Shares		Value
Denmark-(continued)
Bavarian Nordic A/S^(a)(b)		6,939	$	152,700
D/S Norden A/S		15,093		639,175
Demant A/S^(b)		7,303		352,202
Dfds A/S		10,109		310,428
FLSmidth & Co. A/S^(a)		16,057		808,910
GN Store Nord A/S^(a)(b)		24,463		668,446
H Lundbeck A/S, Class A		11,142		47,042
H. Lundbeck A/S		78,316		382,185
Matas A/S		10,905		176,660
NKT A/S^(b)		6,671		558,519
Novozymes A/S, Class B		12,119		675,155
Ringkjoebing Landbobank A/S		2,370		400,247
ROCKWOOL A/S, Class B		1,650		543,112
Royal Unibrew A/S^(a)		9,797		741,585
Scandinavian Tobacco Group A/S^(c)		9,316		150,651
Spar Nord Bank A/S		11,972		212,825
Sydbank A/S		14,832		758,255
Topdanmark A/S^(a)		10,904		455,835

				8,302,304

Egypt-0.15%
Centamin PLC		488,202		740,899

Faroe Islands-0.10%
Bakkafrost P/F		8,325		510,439

Finland-0.63%
Cargotec OYJ, Class B		10,021		792,907
Citycon OYJ^(a)		37,802		155,131
Kemira OYJ		15,230		332,533
Kojamo OYJ^(a)(b)		55,599		618,273
Metsa Board OYJ^(a)		47,338		341,406
Nokian Renkaat OYJ^(a)		84,299		739,122
Tokmanni Group Corp.^(a)		11,119		169,299

				3,148,671

France-3.25%
Aeroports de Paris S.A.^(a)		5,530		706,598
ALD S.A.^(c)		115,951		769,300
Alten S.A.		4,414		522,468
ARGAN S.A.		1,720		135,726
Beneteau S.A.^(a)		14,436		188,624
bioMerieux^(a)		4,813		514,630
CGG S.A.^(a)(b)		1,745,803		740,707
Cie Plastic Omnium SE^(a)		27,919		342,706
Clariane SE^(a)		93,360		224,607
Coface S.A.		36,109		557,908
Dassault Aviation S.A.		3,703		796,638
Derichebourg S.A.		37,016		157,922
Elior Group S.A.^(a)(b)(c)		101,248		279,743
Eramet S.A.^(a)		5,938		580,000
Euroapi S.A.^(a)(b)		27,021		85,290
Eutelsat Communications SACA^(a)(b)		52,287		211,667
Fnac Darty S.A.^(a)		5,444		192,384
Gaztransport Et Technigaz S.A.		3,024		423,577
ICADE^(a)		15,979		427,139
ID Logistics Group SACA^(a)(b)		501		185,350
Imerys S.A.^(a)		14,112		456,903
Ipsen S.A.		5,300		646,608
Ipsos S.A.		7,329		492,918
JCDecaux SE^(b)		14,271		299,387
La Francaise des Jeux SAEM^(c)		14,536		551,142

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

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

April 30, 2024

(Unaudited)


	Shares		Value
France-(continued)
Mercialys S.A.^(a)		39,905	$	433,511
Mersen S.A.		5,604		208,524
Metropole Television S.A.^(a)		9,760		138,380
Neoen S.A.^(a)(c)		6,726		206,836
Nexity S.A.^(a)		23,040		259,659
Remy Cointreau S.A.		3,357		320,899
Rubis S.C.A.		28,906		1,004,502
Sartorius Stedim Biotech		1,155		250,702
Societe BIC S.A.		4,589		323,848
SOITEC^(b)		2,315		229,214
Solutions 30 SE^(a)(b)		58,408		119,847
Television Francaise 1 S.A.^(a)		17,465		160,227
Trigano S.A.		2,101		322,372
Vallourec SACA^(a)(b)		52,344		910,333
Verallia S.A.^(c)		20,017		774,795
Virbac SACA		487		180,692

				16,334,283

Georgia-0.12%
Bank of Georgia Group PLC		5,659		381,223
TBC Bank Group PLC		5,483		237,548

				618,771

Germany-3.23%
1&1 AG		11,041		194,792
AIXTRON SE		5,500		128,556
Auto1 Group SE^(b)(c)		74,953		383,086
Bechtle AG		15,556		753,487
Bilfinger SE		6,710		313,533
CANCOM SE		12,091		378,799
Carl Zeiss Meditec AG, BR		2,801		296,802
CompuGroup Medical SE & Co. KGaA		5,295		159,206
CTS Eventim AG& Co. KGaA		3,861		343,481
Deutsche Pfandbriefbank AG^(a)(c)		114,186		543,560
Deutsche Wohnen SE		8,438		160,056
Deutz AG		58,142		339,128
Duerr AG		24,847		640,281
DWS Group GmbH & Co. KGaA^(c)		14,951		633,699
Encavis AG^(b)		16,878		304,991
Evotec SE^(b)		22,263		231,858
Fielmann Group AG		4,466		209,396
flatexDEGIRO AG^(b)		15,214		199,847
Fraport AG Frankfurt Airport Services Worldwide^(b)		9,850		495,852
Gerresheimer AG		6,442		695,699
Grand City Properties S.A.^(a)(b)		30,476		340,529
Hamburger Hafen und Logistik AG^(b)		9,890		176,601
Hensoldt AG		4,370		172,233
Jenoptik AG		9,273		250,259
Krones AG		3,264		431,368
METRO AG^(a)		30,302		162,650
Mutares SE & Co. KGaA		6,059		273,073
Nemetschek SE		1,899		169,649
Nordex SE^(a)(b)		42,093		596,806
Rational AG		307		263,921
SAF-Holland SE		9,947		192,296
Salzgitter AG		9,293		240,464
Sartorius AG		115		27,052
Sartorius AG, Preference Shares		1,228		370,671
Scout24 SE^(c)		7,878		582,068
SGL Carbon SE^(a)(b)		19,081		137,308


	Shares		Value
Germany-(continued)
Siltronic AG		7,396	$	578,088
Sirius Real Estate Ltd.		287,148		350,204
Sixt SE		3,615		347,881
Sixt SE, Preference Shares		4,479		311,296
Softwareone Holding AG^(b)		22,688		387,389
Stabilus SE		4,054		252,282
Stroeer SE & Co. KGaA		8,022		515,938
Suedzucker AG		28,440		407,487
Synlab AG		5,169		58,033
TeamViewer SE^(b)(c)		12,283		162,988
Traton SE		17,684		630,603
Varta AG^(a)(b)		8,932		89,441
Vitesco Technologies Group AG		4,644		317,054

				16,201,741

Ghana-0.04%
Tullow Oil PLC^(a)(b)		463,793		210,808

Hong Kong-1.23%
ASMPT Ltd.		57,513		723,582
Cathay Pacific Airways Ltd.		360,569		389,558
CK Infrastructure Holdings Ltd.		115,798		655,891
Cowell e Holdings, Inc.^(a)(b)		119,092		272,255
DFI Retail Group Holdings Ltd.^(a)		71,307		139,049
Hang Lung Properties Ltd.		570,002		634,777
Hongkong Land Holdings Ltd.		140,882		452,231
Hysan Development Co. Ltd.		94,807		148,371
Kerry Properties Ltd.		98,257		191,710
Man Wah Holdings Ltd.		498,290		365,059
Melco International Development Ltd.^(a)(b)		232,279		176,113
Pacific Basin Shipping Ltd.		1,138,085		395,795
PCCW Ltd.		461,051		231,080
Sino Land Co. Ltd.		359,171		386,210
Swire Properties Ltd.		177,718		370,378
United Energy Group Ltd.		4,546,515		325,532
United Laboratories International Holdings Ltd. (The)		289,250		341,351

				6,198,942

Indonesia-0.07%
Nickel Industries Ltd.		539,146		332,590

Iraq-0.03%
Gulf Keystone Petroleum Ltd.^(a)(b)		103,727		153,131

Ireland-0.28%
Cairn Homes PLC		138,486		234,257
Dalata Hotel Group PLC		40,625		183,310
Glanbia PLC^(a)		42,543		811,526
Greencore Group PLC^(a)(b)		105,414		173,968

				1,403,061

Israel-1.44%
Airport City Ltd.^(a)(b)		11,043		171,128
Alony Hetz Properties & Investments Ltd.^(a)		47,740		311,066
Amot Investments Ltd.		43,193		182,379
Ashtrom Group Ltd.^(a)(b)		10,750		149,192
Azrieli Group Ltd.		6,422		416,554
Bezeq The Israeli Telecommunication Corp. Ltd.		383,906		478,076
Big Shopping Centers Ltd.^(a)(b)		2,671		276,657
Clal Insurance Enterprises Holdings Ltd.^(b)		8,311		139,546
Delek Group Ltd.		3,750		445,083

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

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

April 30, 2024

(Unaudited)


	Shares		Value
Israel-(continued)
El Al Israel Airlines^(a)(b)		97,390	$	136,857
Elbit Systems Ltd.		3,521		720,718
Energean PLC^(a)		11,798		163,093
Enlight Renewable Energy Ltd.^(b)		9,497		153,557
Fattal Holdings 1998 Ltd.^(a)(b)		1,188		144,758
First International Bank of Israel Ltd. (The)		14,803		591,335
Harel Insurance Investments & Financial Services Ltd.^(a)		27,392		251,944
Israel Corp. Ltd.^(a)		654		156,927
Melisron Ltd.^(a)		4,633		319,256
Mivne Real Estate KD Ltd.^(a)		94,420		228,306
Nova Ltd.^(b)		1,231		213,486
Oil Refineries Ltd.		382,148		111,498
Perion Network Ltd.^(b)		6,952		87,709
Phoenix Holdings Ltd. (The)^(a)		25,448		244,836
Plus500 Ltd.		26,012		704,184
Shikun & Binui Ltd.^(b)		63,744		137,429
Shufersal Ltd.^(a)		22,554		149,375
Strauss Group Ltd.		8,309		153,159

				7,238,108

Italy-2.89%
ACEA S.p.A.		24,399		424,723
Amplifon S.p.A.^(a)		11,571		388,861
Anima Holding S.p.A.^(c)		78,810		370,946
Ariston Holding N.V.^(a)		27,189		140,650
Banca Generali S.p.A.^(a)		14,815		583,264
Banca IFIS S.p.A.		13,470		301,595
Banca Mediolanum S.p.A.		71,086		773,769
BFF Bank S.p.A.^(a)(c)		41,294		532,051
Brembo N.V.		37,722		482,882
Brunello Cucinelli S.p.A.		1,279		131,424
Buzzi S.p.A.		23,058		834,811
Credito Emiliano S.p.A.		17,888		189,737
Danieli & C. Officine Meccaniche S.p.A.^(a)		3,592		124,440
Danieli & C. Officine Meccaniche S.p.A., RSP		11,510		297,216
Davide Campari-Milano N.V.^(a)		43,429		437,432
De’ Longhi S.p.A.		14,792		488,093
DiaSorin S.p.A.^(a)		2,939		298,352
doValue S.p.A.^(a)(c)		74,867		167,148
Enav S.p.A.^(a)(c)		68,211		281,819
ERG S.p.A.^(a)		13,745		371,830
F.I.L.A - Fabbrica Italiana Lapis ed Affini - Societa per Azioni		15,950		150,251
Fincantieri S.p.A.^(a)(b)		383,331		291,422
Illimity Bank S.p.A.^(a)		27,290		152,465
Infrastrutture Wireless Italiane S.p.A.^(a)(c)		44,971		484,699
Interpump Group S.p.A.^(a)		10,413		457,389
Iren S.p.A.		234,742		472,880
Maire Tecnimont S.p.A.		58,941		490,947
MFE-MediaForEurope N.V., Class A^(a)		73,046		215,412
MFE-MediaForEurope N.V., Class B		24,349		98,205
OVS S.p.A.^(a)(c)		111,987		293,847
Piaggio & C S.p.A.^(a)		70,512		206,884
Prada S.p.A.		58,794		483,360
Recordati Industria Chimica e Farmaceutica S.p.A.		11,754		629,027
Reply S.p.A.^(a)		2,218		291,707
Saipem S.p.A.^(a)(b)		418,669		968,741
Salvatore Ferragamo S.p.A.^(a)		14,683		146,479


	Shares		Value
Italy-(continued)
Sesa S.p.A.^(a)		1,397	$	146,312
Technogym S.p.A.^(a)(c)		18,301		173,473
UnipolSai Assicurazioni S.p.A.		140,497		403,508
Webuild S.p.A.		123,358		311,549
Webuild S.p.A., Wts., expiring 08/31/2030^(b)		6,553		0

				14,489,600

Japan-32.05%
77 Bank Ltd. (The)		25,259		716,687
ABC-MART, Inc.		18,900		379,045
ACOM Co. Ltd.		114,966		298,072
Activia Properties, Inc.^(a)		164		409,049
Adastria Co. Ltd.		8,279		181,768
ADEKA Corp.		18,887		394,747
Advance Residence Investment Corp.		270		585,931
AEON Financial Service Co. Ltd.		71,041		592,968
AEON Hokkaido Corp.		22,174		130,904
AEON Mall Co. Ltd.^(a)		46,552		533,515
AEON REIT Investment Corp.		431		378,236
Ahresty Corp.^(a)		32,182		130,065
Aica Kogyo Co. Ltd.		14,001		325,102
Aichi Financial Group, Inc.		12,113		229,151
Aichi Steel Corp.		6,374		140,956
Aiful Corp.		95,848		279,568
Ain Holdings, Inc.^(a)		13,134		498,268
Air Water, Inc.		35,058		528,549
Aisan Industry Co. Ltd.		20,898		195,481
Alfresa Holdings Corp.		39,460		585,763
Alps Alpine Co. Ltd.		109,094		989,967
Amano Corp.		10,957		264,865
Anritsu Corp.		52,324		401,495
Aoyama Trading Co. Ltd.^(a)		33,048		341,894
Arata Corp.		6,280		139,675
Arclands Corp.		23,816		293,907
Arcs Co. Ltd.		7,544		148,133
ARE Holdings, Inc.		27,873		361,686
Ariake Japan Co. Ltd.		4,010		131,233
artience Co. Ltd.		14,080		261,710
As One Corp.		8,358		138,756
Asahi Intecc Co. Ltd.		11,926		176,505
Asanuma Corp.^(a)		6,410		152,954
ASICS Corp.		18,518		795,486
ASKUL Corp.		15,789		240,199
Autobacs Seven Co. Ltd.		17,311		175,349
Azbil Corp.		21,143		594,796
Bank of Nagoya Ltd. (The)^(a)		6,768		303,639
BayCurrent Consulting, Inc.		9,642		206,608
Bell System24 Holdings, Inc.		12,681		124,824
Benesse Holdings, Inc.^(a)		5,449		89,683
Bic Camera, Inc.^(a)		45,527		442,931
BIPROGY, Inc.		14,344		419,113
BML, Inc.		7,591		141,000
Bunka Shutter Co. Ltd.		12,166		131,583
Calbee, Inc.		17,546		384,671
Canon Marketing Japan, Inc.^(a)		13,642		377,016
Capcom Co. Ltd.		21,140		352,165
Casio Computer Co. Ltd.		95,852		802,802
Central Glass Co. Ltd.		12,043		214,281
Chiba Kogyo Bank Ltd. (The)		25,155		173,758
Chiyoda Corp.^(a)(b)		90,984		252,661

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

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

April 30, 2024

(Unaudited)


	Shares		Value
Japan-(continued)
Chugin Financial Group, Inc.		38,368	$	323,787
Chugoku Marine Paints Ltd.		10,790		141,933
Citizen Watch Co. Ltd.		79,674		530,603
CKD Corp.		17,193		326,565
Colowide Co. Ltd.^(a)		15,524		212,097
Comforia Residential REIT, Inc.		150		326,470
COMSYS Holdings Corp.		34,367		805,860
Cosmos Pharmaceutical Corp.^(a)		4,532		419,030
Create SD Holdings Co. Ltd.		8,224		178,470
Dai-Dan Co. Ltd.		14,324		254,776
Daido Steel Co. Ltd.		45,404		502,902
Daihen Corp.		5,697		349,716
Daiichikosho Co. Ltd.		18,654		218,469
Daio Paper Corp.		29,474		212,208
Daiseki Co. Ltd.		7,999		152,747
Daishi Hokuetsu Financial Group, Inc.		10,539		303,047
Daiwa Office Investment Corp.^(a)		73		267,200
Daiwa Securities Living Investments Corp.		411		279,720
Daiwabo Holdings Co. Ltd.		25,140		438,850
DCM Holdings Co. Ltd.		32,785		304,381
DeNA Co. Ltd.^(a)(b)		36,630		371,502
Denka Co. Ltd.		40,226		597,773
Descente Ltd.		6,119		138,816
Dexerials Corp.		5,643		213,542
DIC Corp.		29,870		560,994
Digital Garage, Inc.		5,928		105,213
DMG Mori Co. Ltd.^(a)		32,758		882,206
Doutor Nichires Holdings Co. Ltd.		10,435		140,048
Dowa Holdings Co. Ltd.		15,994		601,382
DTS Corp.		6,398		175,842
Duskin Co. Ltd.		7,994		166,570
DyDo Group Holdings, Inc.		7,378		128,136
Earth Corp.^(a)		7,687		214,932
EDION Corp.^(a)		24,017		248,770
Elecom Co. Ltd.		12,476		118,604
eRex Co. Ltd.^(a)(b)		33,007		175,349
Exedy Corp.		11,738		215,941
EXEO Group, Inc.		51,918		567,629
Ezaki Glico Co. Ltd.		15,547		402,593
Fancl Corp.		12,291		143,909
FCC Co. Ltd.		12,854		183,459
Ferrotec Holdings Corp.^(a)		22,133		424,756
First Bank of Toyama Ltd. (The)^(a)		27,960		165,594
Food & Life Cos. Ltd.		18,317		349,311
FP Corp.^(a)		14,842		239,562
Frontier Real Estate Investment Corp.^(a)		127		370,432
Fuji Co. Ltd.^(a)		11,350		138,625
Fuji Corp.		18,916		319,504
Fuji Media Holdings, Inc.		24,289		289,866
Fuji Oil Co. Ltd.^(a)		76,818		235,289
Fuji Oil Holdings, Inc.		17,544		258,759
Fuji Soft, Inc.		6,958		273,695
Fujimi, Inc.		7,682		168,173
Fujitec Co. Ltd.^(a)		17,767		439,532
Fujitsu General Ltd.^(a)		21,233		275,119
Fukuda Denshi Co. Ltd.		3,140		130,696
Fukuoka REIT Corp.		151		162,836
Fukuyama Transporting Co. Ltd.^(a)		7,744		187,984
Futaba Industrial Co. Ltd.		40,226		237,473
Fuyo General Lease Co. Ltd.		3,650		314,981


	Shares		Value
Japan-(continued)
Geo Holdings Corp.^(a)		19,646	$	247,814
Global One Real Estate Investment Corp.		240		163,798
Glory Ltd.		17,981		325,650
GMO Internet Group, Inc.		16,172		268,069
GMO Payment Gateway, Inc.		2,746		127,942
Godo Steel Ltd.		4,396		148,056
GOLDWIN, Inc.		3,948		240,846
GS Yuasa Corp.		35,795		677,959
GungHo Online Entertainment, Inc.		9,244		136,664
Gunma Bank Ltd. (The)		121,343		740,403
Gunze Ltd.		4,582		156,067
H.I.S. Co. Ltd.^(a)(b)		19,185		214,691
H.U. Group Holdings, Inc.		21,047		321,326
H2O Retailing Corp.		37,256		422,597
Hachijuni Bank Ltd. (The)		112,043		750,442
Hagiwara Electric Holdings Co. Ltd.		5,786		160,309
Hamamatsu Photonics K.K.		16,943		625,652
Hanwa Co. Ltd.		9,986		387,091
Happinet Corp.		6,374		123,944
Harmonic Drive Systems, Inc.^(a)		5,664		143,971
Hazama Ando Corp.		71,315		533,848
Heiwa Corp.		24,662		309,832
Heiwa Real Estate Co. Ltd.		5,658		157,122
Heiwa Real Estate REIT, Inc.		227		204,403
Heiwado Co. Ltd.		10,402		160,493
Hino Motors Ltd.^(b)		225,964		661,530
Hirogin Holdings, Inc.		68,809		496,943
Hisamitsu Pharmaceutical Co., Inc.		14,902		362,027
Hitachi Zosen Corp.		64,445		502,078
Hokkaido Electric Power Co., Inc.^(a)		115,027		820,133
Hokkoku Financial Holdings, Inc.		6,615		213,543
Hokuetsu Corp.^(a)		49,840		424,716
Hokuhoku Financial Group, Inc.		36,459		449,120
Hokuriku Electric Power Co.		105,184		619,414
Horiba Ltd.		7,178		707,012
Hoshino Resorts REIT, Inc.^(a)		63		221,390
Hoshizaki Corp.		19,030		659,184
Hosiden Corp.		12,701		159,322
House Foods Group, Inc.		15,788		311,717
Hulic Reit, Inc.		287		275,209
Hyakugo Bank Ltd. (The)		47,992		198,232
Hyakujushi Bank Ltd. (The)		7,750		142,525
Ichigo Office REIT Investment Corp.^(a)		291		149,601
Idec Corp.		8,643		153,181
IDOM, Inc.		39,461		350,062
Iino Kaiun Kaisha Ltd.^(a)		30,430		244,616
Inaba Denki Sangyo Co. Ltd.		6,989		163,661
Inabata & Co. Ltd.		29,348		600,518
Industrial & Infrastructure Fund Investment Corp.		469		389,231
INFRONEER Holdings, Inc.^(a)		62,437		554,480
Internet Initiative Japan, Inc.		17,528		298,733
Invincible Investment Corp.		1,080		485,902
IRISO Electronics Co. Ltd.		7,340		144,127
Ishihara Sangyo Kaisha Ltd.		21,495		249,692
ITO EN Ltd.^(a)		16,433		399,952
Itochu Enex Co. Ltd.		13,148		127,499
Itoham Yonekyu Holdings, Inc.		7,341		191,963
Itoki Corp.		11,672		139,962
Iyogin Holdings, Inc.		88,183		675,809

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

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

April 30, 2024

(Unaudited)


	Shares		Value
Japan-(continued)
Izumi Co. Ltd.		10,926	$	254,395
J Trust Co. Ltd.^(a)		49,382		141,526
Jaccs Co. Ltd.		9,117		329,073
JAFCO Group Co. Ltd.		27,299		309,828
Japan Airport Terminal Co. Ltd.		6,841		242,618
Japan Aviation Electronics Industry Ltd.		13,566		218,966
Japan Excellent, Inc.		278		227,891
Japan Hotel REIT Investment Corp.		815		429,860
Japan Lifeline Co. Ltd.		19,328		143,088
Japan Logistics Fund, Inc.		176		314,611
Japan Petroleum Exploration Co. Ltd.		12,197		518,527
Japan Prime Realty Investment Corp.		190		412,925
Japan Securities Finance Co. Ltd.		18,101		184,386
Japan Steel Works Ltd. (The)		27,274		667,270
Jeol Ltd.		5,879		235,511
Juroku Financial Group, Inc.		10,072		303,699
JVCKenwood Corp.		94,043		480,479
Kadokawa Corp.		16,258		298,629
Kaga Electronics Co. Ltd.		8,338		331,157
Kagome Co. Ltd.		14,590		373,824
Kakaku.com, Inc.		22,379		259,321
Kaken Pharmaceutical Co. Ltd.		10,355		225,373
Kamigumi Co. Ltd.		18,760		406,160
Kanamoto Co. Ltd.^(a)		12,713		214,812
Kandenko Co. Ltd.		33,794		377,744
Kaneka Corp.		14,479		376,409
Kanematsu Corp.		30,217		493,296
Katitas Co. Ltd.^(a)		11,205		136,284
KDX Realty Investment Corp.		521		516,150
Keihan Holdings Co. Ltd.		20,283		425,599
Keikyu Corp.		65,392		521,507
Keisei Electric Railway Co. Ltd.		13,288		497,609
Keiyo Bank Ltd. (The)		43,185		213,229
Kewpie Corp.		39,788		804,028
KH Neochem Co. Ltd.		12,492		192,423
Kinden Corp.		31,320		599,671
Kissei Pharmaceutical Co. Ltd.		7,062		162,678
Ki-Star Real Estate Co. Ltd.		5,886		142,881
Kobayashi Pharmaceutical Co. Ltd.^(a)		11,718		416,700
Kobe Bussan Co. Ltd.		11,586		252,166
Koei Tecmo Holdings Co. Ltd.^(a)		20,865		195,570
Kohnan Shoji Co. Ltd.		7,937		224,948
Kokuyo Co. Ltd.		22,758		390,400
Komeri Co. Ltd.^(a)		7,402		179,447
Komori Corp.		16,288		127,621
KOSE Corp.		9,095		471,149
KPP Group Holdings Co. Ltd.		34,446		163,075
K’s Holdings Corp.		64,316		619,189
Kumagai Gumi Co. Ltd.		12,135		320,407
Kumiai Chemical Industry Co. Ltd.^(a)		36,442		186,187
Kureha Corp.		21,895		391,526
Kusuri no Aoki Holdings Co. Ltd.		11,339		212,708
KYB Corp.^(a)		10,872		372,383
Kyoritsu Maintenance Co. Ltd.^(a)		8,044		172,366
Kyudenko Corp.		13,955		581,026
LaSalle Logiport REIT		378		380,246
Lasertec Corp.		1,047		230,205
Leopalace21 Corp.		125,618		418,288
Life Corp.		8,672		217,399
Lintec Corp.		15,759		315,450


	Shares		Value
Japan-(continued)
M3, Inc.		40,570	$	436,083
Mabuchi Motor Co. Ltd.		28,280		439,570
Macnica Holdings, Inc.		14,152		632,935
Makino Milling Machine Co. Ltd.		9,814		396,639
Mandom Corp.		15,899		131,342
Marubun Corp.		16,676		154,611
Maruha Nichiro Corp., Class C		15,521		303,092
Maruichi Steel Tube Ltd.		13,066		337,932
Maruwa Co. Ltd.		720		153,503
Matsui Securities Co. Ltd.		26,371		135,403
Max Co. Ltd.		7,162		160,657
Maxell Ltd.		14,027		139,232
McDonald’s Holdings Co. (Japan) Ltd.^(a)		10,610		467,915
Medipal Holdings Corp.		43,993		690,514
Megachips Corp.^(b)		4,779		112,061
Megmilk Snow Brand Co. Ltd.		12,157		196,687
Meidensha Corp.		12,733		284,007
Meiko Electronics Co. Ltd.		7,233		238,089
MEITEC Group Holdings, Inc.		15,492		290,564
Menicon Co. Ltd.		14,206		138,029
Mirai Corp.^(a)		492		141,317
MIRAIT ONE Corp.		20,295		248,650
Mitsuba Corp.		25,020		231,653
Mitsubishi Estate Logistics REIT Investment Corp.		96		246,764
Mitsubishi Logisnext Co. Ltd.		25,702		255,934
Mitsubishi Logistics Corp.		20,100		669,170
Mitsubishi Paper Mills Ltd.		42,678		156,213
Mitsubishi Shokuhin Co. Ltd.		8,486		301,444
Mitsuboshi Belting Ltd.		4,952		152,464
Mitsui E&S Co. Ltd.^(a)		61,229		666,899
Mitsui Fudosan Logistics Park, Inc.		113		325,288
Mitsui High-Tec, Inc.		2,992		136,286
Mitsui Matsushima Holdings Co. Ltd.^(a)		8,826		178,074
Mitsui-Soko Holdings Co. Ltd.		7,894		233,261
Miura Co. Ltd.		19,099		303,055
Mixi, Inc.		20,097		307,780
Mizuho Leasing Co. Ltd.		44,082		316,262
Mizuno Corp.		6,180		301,214
Modec, Inc.		12,838		254,941
Monex Group, Inc.		35,392		184,421
MonotaRO Co. Ltd.		18,894		229,444
Mori Hills REIT Investment Corp.		301		262,812
Mori Trust REIT, Inc.		386		179,552
Morinaga & Co. Ltd.		21,134		342,194
Morinaga Milk Industry Co. Ltd.		37,162		729,000
Musashi Seimitsu Industry Co. Ltd.		26,868		285,984
Nachi-Fujikoshi Corp.^(a)		8,189		177,711
Nagase & Co. Ltd.		18,896		327,752
Nagoya Railroad Co. Ltd.		43,289		565,991
Nakanishi, Inc.		12,642		194,653
Nankai Electric Railway Co. Ltd.		21,222		370,524
Nanto Bank Ltd. (The)		8,664		167,372
NEC Networks & System Integration Corp.		17,799		296,452
NET One Systems Co. Ltd.		24,951		419,140
NEXTAGE Co. Ltd.^(a)		11,107		196,780
NHK Spring Co. Ltd.		29,744		302,893
Nichias Corp.		9,996		275,682
Nichicon Corp.		28,458		241,603
Nichiha Corp.		6,280		146,859

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

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

April 30, 2024

(Unaudited)


	Shares		Value
Japan-(continued)
Nifco, Inc.		27,393	$	665,307
Nihon Kohden Corp.		16,841		460,180
Nihon M&A Center Holdings, Inc.^(a)		32,174		177,446
Nikkon Holdings Co. Ltd.		11,622		228,947
Nippn Corp.		15,794		244,390
Nippon Accommodations Fund, Inc.		91		380,504
Nippon Carbon Co. Ltd.		4,122		145,900
Nippon Chemi-Con Corp.^(b)		21,251		215,798
Nippon Gas Co. Ltd.		24,080		392,955
Nippon Kayaku Co. Ltd.		23,671		193,441
Nippon Light Metal Holdings Co. Ltd.		22,040		262,746
Nippon Paper Industries Co. Ltd.^(a)		62,675		438,902
NIPPON REIT Investment Corp.^(a)		92		208,420
Nippon Seiki Co. Ltd.		16,088		147,216
Nippon Sheet Glass Co. Ltd.^(a)(b)		117,521		393,566
Nippon Shinyaku Co. Ltd.		13,364		370,607
Nippon Shokubai Co. Ltd.		38,176		364,014
Nippon Soda Co. Ltd.		5,910		217,449
Nippon Yakin Kogyo Co. Ltd.		8,655		257,398
Nipro Corp.		44,187		358,292
Nishimatsu Construction Co. Ltd.		11,377		330,252
Nishimatsuya Chain Co. Ltd.^(a)		12,177		170,083
Nishi-Nippon Financial Holdings, Inc.		57,726		732,557
Nishi-Nippon Railroad Co. Ltd.		11,464		179,028
Nisshin Oillio Group Ltd. (The)		5,692		183,024
Nisshinbo Holdings, Inc.		54,956		418,373
Nissui Corp.		123,345		743,291
Nitto Boseki Co. Ltd.^(a)		5,870		213,739
Nitto Kogyo Corp.		7,238		195,019
NOF Corp.		34,643		467,366
Nojima Corp.		24,716		296,061
NOK Corp.		35,206		511,876
Nomura Co. Ltd.		27,078		146,605
Noritake Co. Ltd.		9,038		238,923
Noritsu Koki Co. Ltd.		9,296		183,126
North Pacific Bank Ltd.		142,818		412,939
Npr-Riken Corp.^(a)		10,990		203,018
NS Solutions Corp.		7,459		244,107
NS United Kaiun Kaisha Ltd.^(a)		6,141		185,949
NSD Co. Ltd.		10,601		208,160
NTT UD REIT Investment Corp.^(a)		316		242,977
OBIC Co. Ltd.		4,555		589,329
Ogaki Kyoritsu Bank Ltd. (The)		9,395		135,106
Okamura Corp.		16,265		247,233
Okasan Securities Group, Inc.		55,232		265,692
Oki Electric Industry Co. Ltd.		39,734		285,573
Okinawa Electric Power Co., Inc. (The)		22,170		165,819
OKUMA Corp.^(a)		9,625		434,750
Okumura Corp.		13,810		433,085
Onward Holdings Co. Ltd.		59,084		227,903
Organo Corp.		3,252		151,890
Orient Corp.		35,819		234,673
ORIX JREIT, Inc.		608		643,294
Osaka Soda Co. Ltd.^(a)		2,948		173,847
OSG Corp.		27,274		353,740
Outsourcing, Inc.^(a)(b)		8,003		88,922
Pacific Industrial Co. Ltd.		15,306		158,152
PALTAC Corp.		8,369		253,413
Park24 Co. Ltd.^(b)		36,838		398,426
Pasona Group, Inc.		10,965		154,757


	Shares		Value
Japan-(continued)
Penta-Ocean Construction Co. Ltd.		114,048	$	574,135
PHC Holdings Corp.^(a)		17,564		127,239
Pigeon Corp.^(a)		38,975		356,029
Pilot Corp.		10,410		279,492
Piolax, Inc.		7,858		133,975
Pola Orbis Holdings, Inc.^(a)		29,345		269,833
Press Kogyo Co. Ltd.^(a)		36,298		179,685
Prima Meat Packers Ltd.		10,252		150,361
Raito Kogyo Co. Ltd.		17,947		234,138
Rakuten Bank Ltd.^(b)		15,894		323,708
Relo Group, Inc.		34,629		303,346
Rengo Co. Ltd.		74,149		558,362
Resorttrust, Inc.		16,632		276,751
Ricoh Leasing Co. Ltd.		5,004		170,759
Rinnai Corp.		30,585		665,673
Rohto Pharmaceutical Co. Ltd.		25,714		503,773
Round One Corp.		37,096		164,305
Ryobi Ltd.		19,916		347,279
Saizeriya Co. Ltd.		3,961		134,160
Sakata Seed Corp.		7,218		166,730
SAMTY Co. Ltd.		11,389		194,973
San-A Co. Ltd.		7,372		221,818
Sangetsu Corp.		14,726		313,956
San-In Godo Bank Ltd. (The)		33,945		265,753
Sanken Electric Co. Ltd.		5,696		251,744
Sanki Engineering Co. Ltd.		10,496		147,870
Sankyo Co. Ltd.		38,377		418,607
Sankyu, Inc.		14,251		495,455
Sanyo Denki Co. Ltd.		4,103		194,245
Sanyo Special Steel Co. Ltd.		12,066		164,392
Sapporo Holdings Ltd.		13,316		482,410
Sawai Group Holdings Co. Ltd.		13,742		513,649
Sbi Sumishin Net Bank Ltd.		10,990		165,376
SCSK Corp.		26,804		489,784
Sega Sammy Holdings, Inc.		56,847		749,579
Seiko Group Corp.		12,498		331,580
Seiren Co. Ltd.		11,570		193,808
Sekisui House REIT, Inc.^(a)		783		403,031
Senko Group Holdings Co. Ltd.		33,032		242,862
Senshu Ikeda Holdings, Inc.		161,766		413,243
Seria Co. Ltd.		15,693		268,556
Seven Bank Ltd.		251,097		449,650
Shibaura Machine Co. Ltd.^(a)		9,758		219,821
Shiga Bank Ltd. (The)		10,436		270,574
Shikoku Electric Power Co., Inc.		60,266		501,882
SHIMAMURA Co. Ltd.		13,724		680,335
Shinko Electric Industries Co. Ltd.		10,352		367,729
Shinmaywa Industries Ltd.		18,834		144,099
Ship Healthcare Holdings, Inc.		21,699		324,316
SHO-BOND Holdings Co. Ltd.		6,276		243,239
Siix Corp.		18,540		192,628
Sinfonia Technology Co. Ltd.^(a)		8,144		174,146
SKY Perfect JSAT Holdings, Inc.		45,463		268,678
Skylark Holdings Co. Ltd.		48,110		687,722
Socionext, Inc.		16,000		476,955
Sohgo Security Services Co. Ltd.		90,439		504,364
SOSiLA Logistics REIT, Inc.		171		135,070
Sotetsu Holdings, Inc.		13,718		219,502
Square Enix Holdings Co. Ltd.		14,930		542,495
Star Asia Investment Corp.		441		172,348

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

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

April 30, 2024

(Unaudited)


	Shares		Value
Japan-(continued)
Star Micronics Co. Ltd.		13,657	$	162,723
Starts Corp., Inc.		6,968		158,077
Sugi Holdings Co. Ltd.		35,474		523,211
Sumida Corp.		23,819		189,656
Sumitomo Bakelite Co. Ltd.		17,736		509,432
Sumitomo Mitsui Construction Co. Ltd.		53,174		137,188
Sumitomo Osaka Cement Co. Ltd.		17,021		424,214
Sumitomo Pharma Co. Ltd.^(a)(b)		235,556		597,254
Sumitomo Riko Co. Ltd.		19,128		160,205
Sumitomo Seika Chemicals Co. Ltd.		4,170		133,289
Sumitomo Warehouse Co. Ltd. (The)		15,075		250,412
Sun Frontier Fudousan Co. Ltd.		12,066		150,667
Sundrug Co. Ltd.		21,721		633,555
Suruga Bank Ltd.		61,581		376,455
SWCC Corp.		9,363		248,407
Tachi-S Co. Ltd.		19,128		243,468
Tadano Ltd.		21,553		174,078
Taikisha Ltd.		7,042		208,309
Taiyo Holdings Co. Ltd.		9,347		191,852
Takara Holdings, Inc.		67,029		441,493
Takasago Thermal Engineering Co. Ltd.^(a)		10,790		362,718
Takeuchi Manufacturing Co. Ltd.		7,716		295,176
Takuma Co. Ltd.		15,206		191,132
Tama Home Co. Ltd.^(a)		5,824		161,546
Tamura Corp.^(a)		34,363		142,156
TBS Holdings, Inc.^(a)		9,102		238,532
TechnoPro Holdings, Inc.		19,367		332,291
Teijin Ltd.		90,990		890,443
Toa Corp.		20,398		141,936
TOA ROAD Corp.^(a)		16,700		137,747
Toagosei Co. Ltd.		20,119		203,089
Toda Corp.		70,916		464,842
Toei Co. Ltd.		7,585		181,232
Toho Bank Ltd. (The)		82,568		177,870
Toho Co. Ltd.		18,566		623,645
Toho Co. Ltd.		8,144		166,125
Toho Gas Co. Ltd.		25,973		668,450
Toho Holdings Co. Ltd.		24,070		577,105
Tokai Rika Co. Ltd.		19,311		263,837
Tokai Tokyo Financial Holdings, Inc.^(a)		81,041		298,178
Token Corp.^(a)		2,452		168,593
Tokuyama Corp.		31,600		654,631
Tokyo Century Corp.		41,710		416,398
Tokyo Electron Device Ltd.^(a)		3,040		110,886
Tokyo Kiraboshi Financial Group, Inc.		12,731		380,640
Tokyo Ohka Kogyo Co. Ltd.		15,856		425,809
Tokyo Seimitsu Co. Ltd.		6,893		459,928
Tokyo Steel Manufacturing Co. Ltd.		22,213		236,718
Tokyu Construction Co. Ltd.		31,200		168,525
Tokyu REIT, Inc.		213		219,950
TOMONY Holdings, Inc.		111,252		294,806
Tomy Co. Ltd.		22,565		362,640
Topcon Corp.		32,620		384,313
TORIDOLL Holdings Corp.^(a)		5,166		124,583
Toshiba TEC Corp.		8,180		165,300
Towa Pharmaceutical Co. Ltd.		10,990		198,129
Toyo Construction Co. Ltd.		25,702		208,896
Toyo Engineering Corp.		29,630		177,368
Toyo Seikan Group Holdings Ltd.		39,302		610,141
Toyo Tire Corp.		39,752		754,294


	Shares		Value
Japan-(continued)
Toyobo Co. Ltd.		30,897	$	220,097
Toyota Boshoku Corp.		46,470		688,937
Transcosmos, Inc.		9,324		202,341
Trusco Nakayama Corp.		9,771		162,183
TS Tech Co. Ltd.		32,655		403,090
TSI Holdings Co. Ltd.^(a)		32,476		181,609
Tsubaki Nakashima Co. Ltd.		32,043		173,079
Tsubakimoto Chain Co.		7,944		274,619
Tsugami Corp.		19,089		166,065
Tsumura & Co.		13,898		335,604
TV Asahi Holdings Corp.		11,281		148,607
UACJ Corp.		11,044		339,675
Ulvac, Inc.		10,842		657,899
United Arrows Ltd.		14,399		166,623
United Super Markets Holdings, Inc.^(a)		26,196		149,653
United Urban Investment Corp.^(a)		556		535,278
Universal Entertainment Corp.^(a)		12,142		127,774
Ushio, Inc.		33,264		439,779
USS Co. Ltd.		70,092		537,165
UT Group Co. Ltd.		6,374		134,880
V Technology Co. Ltd.		7,456		121,151
Valor Holdings Co. Ltd., Class C		8,283		127,589
Valqua Ltd.		4,416		124,315
Wacoal Holdings Corp.		13,644		299,125
Wacom Co. Ltd.		46,707		180,459
Warabeya Nichiyo Holdings Co. Ltd.^(a)		10,696		163,602
Welcia Holdings Co. Ltd.^(a)		38,017		560,960
Workman Co. Ltd.^(a)		8,252		204,511
Yamae Group Holdings Co. Ltd.^(a)		10,496		173,549
Yamaguchi Financial Group, Inc.		54,432		551,878
Yamato Kogyo Co. Ltd.^(a)		7,639		411,792
Yamazen Corp.		35,222		310,443
Yaoko Co. Ltd.		4,167		226,191
Yellow Hat Ltd.		14,718		191,825
Yokogawa Bridge Holdings Corp.		13,362		243,609
Yoshinoya Holdings Co. Ltd.^(a)		11,466		210,500
Zenkoku Hosho Co. Ltd.		10,528		371,238
Zensho Holdings Co. Ltd.		12,137		473,171
Zeon Corp.		61,475		614,887
ZOZO, Inc.		11,196		242,254

				160,945,798

Luxembourg-0.17%
L’Occitane International S.A.		56,630		233,871
RTL Group S.A.		9,019		279,181
SES S.A., FDR		71,191		347,264

				860,316

Macau-0.11%
SJM Holdings Ltd.^(a)(b)		623,723		230,471
Wynn Macau Ltd.^(b)		325,643		304,359

				534,830

Mexico-0.12%
Borr Drilling Ltd.^(a)		23,225		123,841
Fresnillo PLC		69,188		483,417

				607,258

Mongolia-0.03%
Mongolian Mining Corp.^(b)		105,954		136,012

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

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

April 30, 2024

(Unaudited)


	Shares		Value
Netherlands-1.42%
AMG Critical Materials N.V.^(a)		13,480	$	318,827
Arcadis N.V.		13,446		836,031
argenx SE^(b)		1,217		456,488
Basic-Fit N.V.^(a)(b)^(c)		8,885		196,276
Corbion N.V.^(a)		19,005		417,395
CTP N.V.^(a)^(c)		14,645		249,920
Eurocommercial Properties N.V.^(a)		6,216		142,234
Flow Traders Ltd.^(a)		17,750		366,109
Fugro N.V.^(a)		30,244		739,256
JDE Peet’s N.V.^(a)		25,904		576,670
Koninklijke BAM Groep N.V.		107,518		440,771
Koninklijke Vopak N.V.^(a)		20,289		809,621
PostNL N.V.^(a)		331,871		448,889
TKH Group N.V., CVA^(a)		10,887		472,156
Van Lanschot Kempen N.V., CVA^(a)		14,603		520,736
Wereldhave N.V.^(a)		9,216		128,696

				7,120,075

New Zealand-0.67%
a2 Milk Co. Ltd. (The)^(b)		100,960		399,681
Auckland International Airport Ltd.		142,131		660,232
Contact Energy Ltd.		37,074		190,207
Fletcher Building Ltd.		133,818		301,702
Infratil Ltd.		42,939		277,468
Mainfreight Ltd.^(a)		3,213		129,288
Mercury NZ Ltd.		40,084		151,332
Meridian Energy Ltd.		78,883		280,074
Ryman Healthcare Ltd.^(a)(b)		50,828		122,415
Spark New Zealand Ltd.		226,608		639,635
Xero Ltd.^(b)		2,901		229,970

				3,382,004

Nigeria-0.09%
Airtel Africa PLC^(c)		310,535		431,220

Norway-2.16%
Aker ASA, Class A		3,929		219,615
Aker Solutions ASA, Class A		86,622		329,306
Austevoll Seafood ASA		37,196		299,438
Borregaard ASA		8,451		145,300
Crayon Group Holding ASA^(a)(b)^(c)		25,041		186,663
DNO ASA		297,569		279,723
Elkem ASA^(c)		221,266		390,018
Entra ASA^(b)^(c)		19,924		184,592
Europris ASA^(c)		29,852		189,234
FLEX LNG Ltd.		7,448		195,849
Frontline PLC		24,221		579,380
Gjensidige Forsikring ASA		46,473		749,920
Golden Ocean Group Ltd.		57,641		816,405
Grieg Seafood ASA^(a)		24,341		158,256
Hoegh Autoliners ASA		16,690		176,634
Kongsberg Gruppen ASA		7,685		545,451
Leroy Seafood Group ASA		100,289		445,562
MPC Container Ships ASA^(a)		271,231		438,779
Nordic Semiconductor ASA^(b)		23,306		259,911
Norske Skog ASA^(a)^(c)		43,138		145,531
Odfjell Drilling Ltd.		31,800		147,024
PGS ASA^(b)		675,064		524,853
Protector Forsikring ASA		8,159		166,508
SalMar ASA		10,214		647,013
Seadrill Ltd.^(a)(b)		6,151		301,880


	Shares		Value
Norway-(continued)
Solstad Offshore ASA^(b)		42,479	$	166,093
SpareBank 1 SMN		13,946		184,265
SpareBank 1 SR-Bank ASA, Class B		16,932		206,105
Stolt-Nielsen Ltd.		8,355		358,368
TGS ASA^(a)		61,684		708,515
TOMRA Systems ASA		26,957		335,193
Wallenius Wilhelmsen ASA		36,156		367,628

				10,849,012

Peru-0.07%
Hochschild Mining PLC^(b)		189,317		369,329

Poland-1.11%
Alior Bank S.A.^(b)		18,743		480,815
Allegro.eu S.A.^(a)(b)^(c)		40,458		340,108
Asseco Poland S.A.^(a)		8,703		172,068
Bank Millennium S.A.^(a)(b)		77,390		177,395
Budimex S.A.		1,793		304,646
CCC S.A.^(a)(b)		11,236		262,552
CD Projekt S.A.^(a)		5,763		168,775
Cyfrowy Polsat S.A.^(a)(b)		101,320		251,779
Dino Polska S.A.^(a)(b)^(c)		3,052		294,090
Grupa Kety S.A.		1,288		268,499
Jastrzebska Spolka Weglowa S.A.^(a)(b)		41,252		312,986
KRUK S.A.		2,330		267,072
LPP S.A.^(a)		120		466,500
mBank S.A.^(a)(b)		1,938		328,468
Orange Polska S.A.^(a)		147,656		286,824
PGE Polska Grupa Energetyczna S.A.^(b)		202,869		305,234
Santander Bank Polska S.A.^(a)		5,463		757,149
Tauron Polska Energia S.A.^(a)(b)		188,971		136,137

				5,581,097

Portugal-0.31%
CTT-Correios de Portugal S.A.		32,967		155,452
Mota-Engil SGPS S.A.^(a)		28,329		123,344
Navigator Co. S.A. (The)		86,090		382,199
NOS, SGPS S.A.		55,720		193,035
REN - Redes Energeticas Nacionais SGPS S.A.^(a)		177,605		430,133
Sonae SGPS S.A.		261,296		262,628

				1,546,791

Singapore-1.86%
AEM Holdings Ltd.		65,340		113,072
BW LPG Ltd.^(a)^(c)		34,269		498,525
CapitaLand Ascott Trust		642,838		428,951
CapitaLand India Trust^(a)		216,333		158,631
City Developments Ltd.^(a)		148,794		671,005
ComfortDelGro Corp. Ltd.		482,085		526,714
ESR-LOGOS REIT		934,791		198,782
Frasers Centrepoint Trust		214,299		340,993
Frasers Logistics & Commercial Trust^(c)		659,167		480,932
Hafnia Ltd.		59,515		452,510
Jardine Cycle & Carriage Ltd.^(a)		31,788		617,695
Keppel DC REIT		243,056		304,767
Keppel REIT		621,942		401,326
Lendlease Global Commercial REIT		438,328		175,171
Mapletree Industrial Trust		371,885		619,013
Mapletree Pan Asia Commercial Trust		550,687		508,792
NetLink NBN Trust^(c)		401,719		251,857
SATS Ltd.^(b)		150,677		278,428

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

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

April 30, 2024

(Unaudited)


	Shares		Value
Singapore-(continued)
Seatrium Ltd.^(a)(b)		6,167,243	$	443,182
Sembcorp Industries Ltd.		157,834		621,499
Sheng Siong Group Ltd.		123,518		140,387
Suntec REIT		447,120		354,090
Venture Corp. Ltd.		72,990		777,133

				9,363,455

South Africa-0.04%
Scatec ASA^(b)^(c)		30,459		224,300

South Korea-8.34%
Amorepacific Corp.		6,427		788,204
Amorepacific Corp., Preference Shares		2,155		72,504
AMOREPACIFIC Group		11,961		291,215
Asiana Airlines, Inc.^(b)		14,844		117,927
BGF retail Co. Ltd.		4,535		430,170
BH Co. Ltd.		10,253		129,452
BNK Financial Group, Inc.		60,319		366,165
Celltrion, Inc.		4,917		672,392
Cheil Worldwide, Inc.		21,387		292,773
Chong Kun Dang Pharmaceutical Corp.		1,842		139,006
CJ CheilJedang Corp.		1,782		434,508
CJ CheilJedang Corp., Preference Shares		284		30,288
CJ Corp.		8,913		823,522
CJ ENM Co. Ltd.^(b)		6,521		358,582
CJ Logistics Corp.		5,496		487,526
Com2uSCorp.		4,076		117,965
Cosmax, Inc.		1,796		182,056
Coway Co. Ltd.		12,285		495,098
Daeduck Electronics Co. Ltd.		10,954		185,460
Daesang Corp.		20,741		329,401
Daesang Holdings Co. Ltd.		21,507		134,604
Daewoo Engineering & Construction Co. Ltd.^(a)(b)		84,755		235,175
Daishin Securities Co. Ltd.		6,852		77,836
Daishin Securities Co. Ltd., Preference Shares		4,720		50,919
Daou Data Corp.		13,477		121,596
DB HiTek Co. Ltd.		10,317		309,040
DGB Financial Group, Inc.		38,323		235,134
DL E&C Co. Ltd.^(a)		13,749		372,052
DL Holdings Co. Ltd.		4,793		185,187
Dongjin Semichem Co. Ltd.		4,780		150,099
Doosan Bobcat, Inc.		20,181		762,208
Doosan Co. Ltd.		9,955		1,096,988
Ecopro BM Co. Ltd.^(b)		959		165,488
Ecopro Co. Ltd.^(b)		2,855		219,377
E-MART, Inc.		9,579		441,489
F&F Co. Ltd.		4,632		220,859
Fila Holdings Corp.^(a)		8,370		248,296
Green Cross Corp.		1,787		147,785
GS Engineering & Construction Corp.^(b)		41,548		495,414
GS Holdings Corp.		9,690		314,797
GS Retail Co. Ltd.		14,059		202,732
Hanjin Kal Corp.		3,164		136,898
Hankook & Co. Co. Ltd.		13,650		159,996
Hanmi Pharm Co. Ltd.		647		148,163
Hanon Systems		63,035		254,493
Hansol Chemical Co. Ltd.		1,435		201,218
Hanwha Aerospace Co. Ltd.		5,907		903,936
Hanwha Corp.		13,069		258,619


	Shares		Value
South Korea-(continued)
Hanwha Corp., Third Pfd.		6,513	$	69,979
Hanwha Investment & Securities Co. Ltd.^(b)		40,643		99,542
Hanwha Life Insurance Co. Ltd.		115,936		247,458
Hanwha Ocean Co. Ltd.^(b)		16,384		379,934
Hanwha Systems Co. Ltd.		11,923		169,774
Harim Holdings Co. Ltd., Class C		37,642		179,481
HD Hyundai Construction Equipment Co. Ltd.		7,664		304,985
HD Hyundai Electric Co. Ltd.		1,644		293,805
HD Hyundai Heavy Industries Co. Ltd.^(b)		3,961		394,638
HD Hyundai Infracore Co. Ltd.^(b)		69,085		415,880
HDC Hyundai Development Co-Engineering & Construction, Class E		26,547		338,056
Hite Jinro Co. Ltd.		15,238		232,082
HK inno.N Corp.		4,475		125,466
HL Mando Co. Ltd.^(a)		19,758		563,248
Hotel Shilla Co. Ltd.		9,343		402,896
HYBE Co. Ltd.		1,878		274,478
Hyosung Advanced Materials Corp.		1,437		382,098
Hyosung Heavy Industries Corp.		3,076		696,612
Hyosung TNC Corp.		1,236		329,099
Hyundai Department Store Co. Ltd.		6,342		241,364
Hyundai Elevator Co. Ltd.		6,900		202,192
Hyundai Glovis Co. Ltd.		5,067		667,241
Hyundai Marine & Fire Insurance Co. Ltd.		26,937		610,034
Hyundai Mipo Dockyard Co. Ltd.^(b)		5,018		272,666
Hyundai Rotem Co. Ltd.		14,753		398,153
Hyundai Steel Co.		24,005		561,871
Hyundai Wia Corp.^(a)		8,409		353,493
ITCEN Co. Ltd.^(b)		18,870		69,904
JB Financial Group Co. Ltd.		30,719		295,832
Kakao Games Corp.^(b)		9,456		149,150
KakaoBank Corp.		14,519		263,676
Kangwon Land, Inc.		26,419		293,417
KCC Corp.		1,443		263,104
KEPCO Plant Service & Engineering Co. Ltd.		6,548		167,005
KG Chemical Corp.		38,869		161,146
KG Dongbu Steel		35,000		180,305
KG Eco Solution Co. Ltd.		19,125		125,646
KIWOOM Securities Co. Ltd.		3,375		323,312
Kolmar Korea Co. Ltd.		5,280		191,778
Kolon Industries, Inc.		7,194		208,725
Korea Aerospace Industries Ltd.		9,794		367,071
Korea Electric Terminal Co. Ltd.		3,033		141,325
Korea Gas Corp.^(b)		10,891		217,489
Korea Investment Holdings Co. Ltd.		8,225		401,103
Korea Line Corp.^(b)		144,395		186,801
Korea Petrochemical Ind Co. Ltd.		1,841		181,689
Korean Reinsurance Co.		26,110		154,722
Krafton, Inc.^(b)		4,366		756,571
Kumho Petrochemical Co. Ltd.		5,372		537,161
L&F Co. Ltd.^(b)		1,553		184,167
LG Uplus Corp.		68,639		489,179
LIG Nex1 Co. Ltd.		1,660		193,132
LOTTE Chilsung Beverage Co. Ltd.^(a)		1,795		164,811
LOTTE Corp.		10,628		213,006
LOTTE Fine Chemical Co. Ltd.		7,356		240,304
LOTTE Shopping Co. Ltd.		4,640		233,998
LS Electric Co. Ltd.		5,658		722,960
LX International Corp.		22,484		455,504
LX Semicon Co. Ltd.		4,197		224,107

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

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

April 30, 2024

(Unaudited)


	Shares		Value
South Korea-(continued)
Mirae Asset Securities Co. Ltd.		50,525	$	277,465
Netmarble Corp.^(b)^(c)		4,877		197,254
NH Investment & Securities Co. Ltd.		36,469		329,569
NongShim Co. Ltd.		1,098		316,188
OCI Holdings Co. Ltd.		4,526		310,772
Orion Corp.		5,423		364,515
Pan Ocean Co. Ltd.		148,417		441,353
Poongsan Corp.		11,758		552,977
POSCO Future M Co. Ltd.		855		175,380
S-1 Corp.		3,713		160,652
Samsung Biologics Co. Ltd.^(b)^(c)		658		371,824
Samsung Card Co. Ltd.		4,922		139,245
Samsung Securities Co. Ltd.		17,021		469,214
SD Biosensor, Inc.^(b)		21,346		162,786
Seah Besteel Holdings Corp.		9,733		156,336
Sebang Global Battery Co. Ltd.		2,745		203,179
Seegene, Inc.		9,942		159,334
Seoul Semiconductor Co. Ltd.		20,312		144,613
Seoyon E-Hwa Co. Ltd.		8,597		114,826
SFA Engineering Corp.		6,988		130,700
Shinsegae, Inc.^(a)		3,006		361,694
Simmtech Co. Ltd.		6,616		146,958
SK IE Technology Co. Ltd.^(b)^(c)		2,812		120,244
SK Networks Co. Ltd.		41,351		151,091
SK Square Co. Ltd.^(b)		14,510		803,137
SKC Co. Ltd.^(b)		4,888		390,446
SL Corp.		6,579		160,179
SOLUM Co. Ltd.^(b)		6,554		124,716
Soulbrain Co. Ltd.		781		170,655
Sungwoo Hitech Co. Ltd.		41,245		282,905
UNID Co. Ltd.		2,408		167,607
WONIK IPS Co. Ltd.^(b)		7,726		209,347
Wooree Bio Co. Ltd.^(b)		62,222		115,251
Youngone Corp.		7,327		203,572
Yuhan Corp.		6,119		320,538

				41,865,759

Spain-1.40%
Almirall S.A.		19,102		175,041
Applus Services S.A.		26,894		364,631
Atresmedia Corp. de Medios de Comunicacion S.A.		36,508		184,251
Befesa S.A.^(a)^(c)		12,744		367,916
CIE Automotive S.A.		6,647		176,972
Construcciones y Auxiliar de Ferrocarriles S.A.		4,539		156,035
Corp ACCIONA Energias Renovables S.A.^(a)		13,052		265,999
EDP Renovaveis S.A.^(a)		42,207		580,821
Ence Energia y Celulosa S.A.^(a)		65,171		233,302
Fluidra S.A.^(a)		23,736		505,057
Gestamp Automocion S.A.^(c)		76,324		230,139
Indra Sistemas S.A.		32,024		617,377
Inmobiliaria Colonial SOCIMI S.A.		138,911		816,176
Melia Hotels International S.A.^(b)		28,534		222,876
Obrascon Huarte Lain S.A.^(a)(b)		363,656		131,739
Prosegur Cia de Seguridad S.A.^(a)		80,848		143,329
Sacyr S.A.^(a)		181,578		634,490
Tecnicas Reunidas S.A.^(b)		28,645		285,153


	Shares		Value
Spain-(continued)
Vidrala S.A.^(a)		3,582	$	378,792
Viscofan S.A.		8,760		559,188

				7,029,284

Sweden-4.25%
AAK AB		25,572		663,070
AddLife AB, Class B^(a)		19,175		179,243
Addtech AB, Class B		15,078		319,806
AFRY AB		22,981		367,247
Alleima AB		68,440		430,248
Arjo AB, Class B^(a)		58,881		250,633
Atrium Ljungberg AB, Class B^(a)		8,181		145,643
Avanza Bank Holding AB^(a)		13,723		298,318
Axfood AB^(a)		26,745		695,435
Beijer Ref AB^(a)		24,833		358,493
Betsson AB, Class B		30,984		345,807
Billerud AB		83,301		700,885
Bravida Holding AB^(c)		32,597		223,186
Bure Equity AB^(a)		4,507		143,062
Catena AB^(a)		5,462		242,349
Cibus Nordic Real Estate AB (publ)^(a)		17,470		230,235
Cint Group AB^(a)(b)		119,349		128,528
Clas Ohlson AB, Class B^(a)		10,028		122,427
Cloetta AB, Class B^(a)		78,700		117,879
Corem Property Group AB, Class B^(a)		165,169		124,525
Corem Property Group AB, Preference Shares^(a)		2,626		56,104
Dios Fastigheter AB^(a)		23,010		177,985
Dometic Group AB^(a)^(c)		71,343		516,747
Dustin Group AB^(b)^(c)		176,803		202,964
Elekta AB, Class B		80,967		584,242
EQT AB^(a)		26,904		740,994
Fabege AB^(a)		80,191		623,210
Granges AB		15,246		181,826
Hexpol AB		55,105		632,589
Hufvudstaden AB, Class A^(a)		21,788		255,479
Indutrade AB^(a)		21,103		496,433
Instalco AB^(a)^(c)		46,935		167,284
Intrum AB^(a)		196,022		467,200
Investment AB Latour, Class B^(a)		11,327		278,121
JM AB^(a)		40,016		690,516
L E Lundbergforetagen AB, Class B^(a)		12,979		648,010
Lagercrantz Group AB, Class B^(a)		12,735		190,168
Lifco AB, Class B^(a)		13,002		319,841
Lindab International AB		14,363		292,078
Loomis AB		14,711		380,645
Modern Times Group MTG AB, Class B^(a)(b)		29,748		257,343
Munters Group AB^(c)		9,991		202,990
Mycronic AB		5,660		199,979
NCAB Group AB (publ)^(a)		36,887		243,821
NCC AB, Class B^(a)		31,140		383,296
New Wave Group AB, Class B^(a)		15,935		147,940
Nolato AB, Class B^(a)		42,463		210,847
Nordnet AB publ^(a)		13,983		253,775
Nyfosa AB^(a)		42,266		372,565
Pandox AB^(a)		12,739		200,093
Peab AB, Class B^(a)		53,627		332,485
Ratos AB, Class B		52,510		184,667
Sagax AB, Class B^(a)		13,528		342,887
Sagax AB, Class D^(a)		7,916		22,105

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

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

April 30, 2024

(Unaudited)


	Shares		Value
Sweden-(continued)
Samhallsbyggnadsbolaget i Norden AB, Class B^(a)		1,913,290	$	701,627
Samhallsbyggnadsbolaget i Norden AB, Class D^(a)		251,554		132,700
Scandic Hotels Group AB^(a)(b)^(c)		53,879		285,449
Stillfront Group AB^(a)(b)		148,189		143,114
Storskogen Group AB, Class B^(a)		589,625		323,072
Sweco AB, Class B^(a)		32,154		348,026
Swedish Orphan Biovitrum AB, Class B^(b)		25,058		651,569
Thule Group AB^(a)^(c)		19,324		552,824
Vitrolife AB^(a)		7,539		114,226
Wallenstam AB, Class B^(a)		66,859		300,430
Wihlborgs Fastigheter AB^(a)		54,294		460,039

				21,357,324

Switzerland-2.97%
Accelleron Industries AG		7,846		306,774
Allreal Holding AG^(a)		2,567		415,915
ALSO Holding AG		1,124		278,197
Arbonia AG^(a)		11,875		157,185
Aryzta AG^(a)(b)		265,547		505,239
Bachem Holding AG^(a)		2,208		192,958
Banque Cantonale Vaudoise^(a)		4,796		503,053
Belimo Holding AG		785		365,132
BKW AG		3,804		565,322
Bucher Industries AG^(a)		1,522		589,118
Burckhardt Compression Holding AG		379		242,157
Cembra Money Bank AG^(a)		8,923		684,925
Comet Holding AG		480		153,345
Daetwyler Holding AG, BR^(a)		791		164,729
DKSH Holding AG		9,413		614,773
DocMorris AG^(a)(b)		1,511		135,177
dormakaba Holding AG^(b)		549		293,610
EFG International AG^(b)		19,219		223,801
Emmi AG		283		276,165
EMS-Chemie Holding AG		963		773,844
Flughafen Zureich AG^(a)		2,654		533,028
Forbo Holding AG		133		154,295
Huber + Suhner AG^(a)		2,279		182,638
Implenia AG^(a)		4,474		164,638
Inficon Holding AG		132		185,086
Interroll Holding AG, Class R^(a)		51		165,153
IWG PLC^(b)		186,119		433,238
Kardex Holding AG		493		131,158
Komax Holding AG, Class R^(a)		870		150,636
Landis+Gyr Group AG^(b)		5,573		414,413
Mobilezone Holding AG		9,833		141,735
Mobimo Holding AG		762		213,525
OC Oerlikon Corp. AG^(a)		62,371		271,477
SFS Group AG^(a)		2,826		337,092
Siegfried Holding AG^(a)		279		268,307
Stadler Rail AG^(a)		14,103		419,792
Straumann Holding AG^(a)		3,978		533,494
Sulzer AG		4,103		499,258
Swissquote Group Holding S.A.		651		177,452
Tecan Group AG, Class R^(b)		1,068		380,784
Temenos AG^(a)		5,897		369,708
u-blox Holding AG^(a)		1,473		136,676
Valiant Holding AG		1,817		212,774
VAT Group AG^(c)		1,266		638,694


	Shares		Value
Switzerland-(continued)
Vontobel Holding AG, Class R^(a)		3,778	$	213,379
Zehnder Group AG		2,155		126,412

				14,896,261

Turkey-0.19%
Eldorado Gold Corp.^(b)		65,970		942,120

Ukraine-0.02%
Ferrexpo PLC^(b)		130,311		83,053

United Arab Emirates-0.04%
Network International Holdings PLC^(b)^(c)		40,885		201,296

United Kingdom-6.95%
4imprint Group PLC		2,587		203,429
888 Holdings PLC, (Acquired 03/15/2019 - 08/01/2023; Cost $87,259)^(a)(b)^(d)		110,701		117,545
AJ Bell PLC		33,817		136,983
Allfunds Group PLC		39,663		251,914
Ascential PLC^(a)(b)		48,542		190,126
Ashmore Group PLC		80,448		194,818
ASOS PLC^(a)(b)		67,300		281,798
Assura PLC		800,416		413,124
Aston Martin Lagonda Global Holdings PLC^(a)(b)^(c)		71,216		132,155
Auto Trader Group PLC^(c)		49,688		434,523
Babcock International Group PLC		57,960		368,317
Balfour Beatty PLC		103,989		473,704
Big Yellow Group PLC		39,618		535,763
Bodycote PLC		25,756		224,463
Breedon Group PLC		68,063		308,515
Britvic PLC		59,742		661,659
Chemring Group PLC		42,399		199,087
Clarkson PLC		3,986		193,903
Close Brothers Group PLC		78,638		448,417
Computacenter PLC		12,990		419,974
ConvaTec Group PLC^(c)		243,337		761,737
Cranswick PLC		8,328		449,443
Crest Nicholson Holdings PLC		86,569		201,511
Currys PLC^(a)(b)		184,840		143,150
Deliveroo PLC^(b)^(c)		165,305		276,948
Derwent London PLC		28,416		731,548
Diploma PLC		9,388		426,479
Domino’s Pizza Group PLC		63,006		257,034
Dowlais Group PLC		387,559		396,476
Dr. Martens PLC^(a)		179,547		170,863
Dunelm Group PLC		21,850		277,699
easyJet PLC		94,147		634,936
Elementis PLC^(b)		79,545		140,439
Essentra PLC		64,519		142,671
Firstgroup PLC		152,214		309,145
Frasers Group PLC^(b)		37,934		387,830
Future PLC		32,463		269,500
Games Workshop Group PLC^(a)		3,668		455,155
Genuit Group PLC		38,828		212,220
Genus PLC		11,135		251,526
Grafton Group PLC		45,551		539,910
Grainger PLC		123,679		397,228
Great Portland Estates PLC		56,638		278,004
Greggs PLC		15,284		521,316
Halfords Group PLC^(a)		70,389		133,088
Hammerson PLC		865,636		295,256

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

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

April 30, 2024

(Unaudited)


	Shares		Value
United Kingdom-(continued)
Hargreaves Lansdown PLC		72,003	$	733,711
Hays PLC		316,965		365,336
Hill & Smith PLC		9,258		219,097
Hunting PLC		36,171		162,144
Ibstock PLC^(c)		66,356		123,136
Indivior PLC^(b)		10,360		187,060
International Distributions Services PLC^(b)		204,625		693,335
J D Wetherspoon PLC^(b)		25,218		228,774
John Wood Group PLC^(b)		220,662		410,032
Just Group PLC		178,090		231,023
Kier Group PLC		110,704		186,026
Lancashire Holdings Ltd.		46,329		353,867
Liontrust Asset Management PLC		22,652		191,455
LondonMetric Property PLC		364,980		898,482
Marshalls PLC^(a)		53,631		180,645
Mitie Group PLC		208,143		304,933
Mobico Group PLC^(a)		226,283		156,971
Moneysupermarket.com Group PLC		99,978		269,654
Ninety One PLC		83,890		177,207
Ocado Group PLC^(a)(b)		82,401		364,323
OSB Group PLC		108,325		556,935
Oxford Instruments PLC		5,760		163,000
PageGroup PLC		44,631		249,358
Paragon Banking Group PLC		72,190		646,760
Pepco Group N.V.^(a)(b)^(c)		51,933		247,581
Petershill Partners PLC^(a)^(c)		73,899		192,931
Petrofac Ltd.^(a)(b)		859,925		113,059
Pets at Home Group PLC		98,641		360,906
Pinewood Technologies Group PLC		27,341		114,003
Playtech PLC^(b)		34,550		229,288
Primary Health Properties PLC		354,406		407,159
QinetiQ Group PLC		103,351		444,657
Quilter PLC^(a)^(c)		367,580		505,372
Redde Northgate PLC		52,368		252,127
Redrow PLC		60,023		483,265
Renewi PLC^(a)(b)		19,569		137,954
Renishaw PLC		3,337		173,405
Rightmove PLC		47,031		303,283
Rotork PLC		123,900		501,728
S4 Capital PLC^(b)		262,170		160,659
Safestore Holdings PLC		45,912		444,676
Savills PLC		21,896		296,653
Senior PLC^(a)		72,597		149,625
Serco Group PLC		325,101		745,763
Shaftesbury Capital PLC		117,258		197,773
Softcat PLC		14,566		286,167
Spirent Communications PLC		155,201		378,371
SSP Group PLC		149,183		367,809
Supermarket Income REIT PLC		243,684		220,303
Telecom Plus PLC		12,162		264,370

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 Kingdom-(continued)
THG PLC^(a)(b)		340,722	$	270,914
TORM PLC, Class A		6,438		222,804
TP ICAP Group PLC		130,589		339,298
Travis Perkins PLC		60,259		568,164
UK Commercial Property REIT Ltd.		195,800		165,000
Unite Group PLC (The)		55,194		641,352
Urban Logistics REIT PLC		95,600		138,619
Vesuvius PLC		30,393		182,862
Victrex PLC		12,057		191,130
Watches of Switzerland Group PLC^(a)(b)^(c)		64,037		271,663
WH Smith PLC		21,611		296,851
Wise PLC, Class A^(b)		16,110		156,637
Workspace Group PLC		25,423		158,371

				34,887,145

United States-0.95%
Carnival PLC^(b)		22,231		302,027
Diversified Energy Co. PLC^(a)^(c)		20,290		286,073
Galaxy Digital Holdings Ltd., Class H^(b)		14,001		123,312
GFL Environmental, Inc.^(a)		19,169		612,945
MDA Ltd.^(b)		18,389		190,335
Oracle Corp.		5,826		440,379
Primo Water Corp.		39,256		741,774
Reliance Worldwide Corp. Ltd.		160,943		541,353
Samsonite International S.A.^(b)^(c)		198,604		705,926
Sims Ltd.		38,421		300,881
Sinch AB^(a)(b)^(c)		217,242		505,108

				4,750,113

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.36% (Cost $493,563,781)				498,957,149


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-16.97%
Invesco Private Government Fund, 5.29%^(e)(f)(g)		23,863,354		23,863,354
Invesco Private Prime Fund, 5.46%^(e)(f)(g)		61,359,336		61,377,744

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $85,253,025)				85,241,098

TOTAL INVESTMENTS IN SECURITIES-116.33% (Cost $578,816,806)				584,198,247
OTHER ASSETS LESS LIABILITIES-(16.33)%				(81,995,147	)

NET ASSETS-100.00%			$	502,203,100

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

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

April 30, 2024

(Unaudited)

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at April 30, 2024.

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2024 was $23,194,220, which represented 4.62% of the Fund’s Net Assets.

^(d)	Restricted security. The value of this security at April 30, 2024 represented less than 1% of the Fund’s Net Assets.

^(e)


	Value October 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	4,939,076		$	(4,939,076	)		$	-			$	-		$	-		$	4,045
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			20,432,049			49,826,731			(46,395,426	)			-				-			23,863,354			592,326	*
Invesco Private Prime Fund			52,552,988			108,782,080			(99,964,559	)			(14,772	)			22,007			61,377,744			1,584,967	*

Total		$	72,985,037		$	163,547,887		$	(151,299,061	)		$	(14,772	)		$	22,007		$	85,241,098		$	2,181,338

*	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 April 30, 2024.

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

Portfolio Composition

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

as of April 30, 2024



Industrials			23.08
Consumer Discretionary			12.24
Materials			11.95
Financials			10.61
Real Estate			10.31
Consumer Staples			7.23
Information Technology			7.04
Health Care			4.90
Energy			4.86
Communication Services			4.06
Utilities			3.08
Money Market Funds Plus Other Assets Less Liabilities			0.64

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

Invesco FTSE RAFI Emerging Markets ETF (PXH)

April 30, 2024

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.82%
Brazil-13.65%
Ambev S.A.		1,290,877	$	3,026,018
B3 S.A. - Brasil, Bolsa, Balcao		1,066,782		2,220,790
Banco Bradesco S.A.		930,116		2,218,023
Banco Bradesco S.A., Preference Shares		3,266,806		8,823,925
Banco BTG Pactual S.A., Series CPO		159,400		1,027,177
Banco do Brasil S.A.		946,296		5,006,162
Banco Santander Brasil S.A.		262,700		1,464,766
Braskem S.A., Class A, Preference Shares^(a)		303,509		1,246,102
BRF S.A.^(a)		470,400		1,531,970
CCR S.A.		446,800		1,062,886
Centrais Eletricas Brasileiras S.A.		430,162		3,142,122
Centrais Eletricas Brasileiras S.A., Class B, Preference Shares		91,600		734,482
Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR		78,392		1,222,365
Cia Energetica de Minas Gerais		34,067		75,191
Cia Energetica de Minas Gerais, Preference Shares		846,908		1,596,399
Cia Paranaense de Energia		351,500		556,096
Cia Paranaense de Energia, Class B, Preference Shares		604,380		1,059,948
Cia Siderurgica Nacional S.A.		399,582		1,073,138
Cosan S.A.		345,465		966,457
Embraer S.A.^(a)		191,967		1,235,187
Energisa S.A.		82,800		720,472
Equatorial Energia S.A.		224,900		1,327,331
Gerdau S.A., Preference Shares		1,014,554		3,574,263
Hapvida Participacoes e Investimentos S.A.^(a)^(b)		1,690,700		1,203,659
Itau Unibanco Holding S.A.		159,500		840,721
Itau Unibanco Holding S.A., Preference Shares		1,731,405		10,475,750
Itausa S.A., Preference Shares		837,795		1,545,276
Klabin S.A.		272,800		1,212,655
Localiza Rent a Car S.A.		113,900		1,077,447
Lojas Renner S.A.		351,310		1,039,066
Marfrig Global Foods S.A.^(a)		698,500		1,273,528
Metalurgica Gerdau S.A., Preference Shares		846,300		1,727,509
Natura & Co. Holding S.A.		365,000		1,168,287
Petroleo Brasileiro S.A.		2,869,019		24,499,389
Petroleo Brasileiro S.A., Preference Shares		4,323,345		35,049,865
Sendas Distribuidora S.A.		533,500		1,350,451
Suzano S.A.		212,768		2,399,803
Telefonica Brasil S.A.		187,043		1,708,363
TIM S.A.		273,366		928,783
Ultrapar Participacoes S.A.		423,692		2,113,106
Usinas Siderurgicas de Minas Gerais S.A. Usiminas		119,500		172,457
Usinas Siderurgicas de Minas Gerais S.A. Usiminas, Class A, Preference Shares		343,600		524,373


	Shares		Value
Brazil-(continued)
Vale S.A.		2,529,561	$	30,888,062
Vibra Energia S.A.		870,498		3,940,090

				170,049,910

Canada-0.06%
Canadian Solar, Inc.^(a)^(c)		49,138		796,527

Chile-0.35%
Banco de Chile		9,257,105		1,031,149
Banco Santander Chile		22,295,036		1,014,365
Sociedad Quimica y Minera de Chile S.A., Class B, Preference Shares		50,297		2,306,791

				4,352,305

China-39.75%
Agricultural Bank of China Ltd., A Shares		4,671,811		2,838,634
Agricultural Bank of China Ltd., H Shares		21,669,327		9,724,766
Alibaba Group Holding Ltd.		5,217,204		49,595,857
Aluminum Corp. of China Ltd., A Shares		492,900		505,050
Aluminum Corp. of China Ltd., H Shares		2,105,501		1,407,939
Anhui Conch Cement Co. Ltd., A Shares		267,500		848,878
Anhui Conch Cement Co. Ltd., H Shares		1,137,958		2,656,768
ANTA Sports Products Ltd.		162,757		1,866,632
Baidu, Inc., A Shares^(a)		684,363		9,161,357
Bank of Beijing Co. Ltd., A Shares		1,343,800		1,035,477
Bank of China Ltd., A Shares		1,912,600		1,212,295
Bank of China Ltd., H Shares		51,450,733		23,221,640
Bank of Communications Co. Ltd., A Shares		2,531,893		2,405,499
Bank of Communications Co. Ltd., H Shares		6,562,492		4,749,106
Bank of Shanghai Co. Ltd., A Shares		912,600		919,972
Baoshan Iron & Steel Co. Ltd., A Shares		1,122,400		1,077,219
BYD Co. Ltd., A Shares		14,400		434,496
BYD Co. Ltd., H Shares		110,810		3,054,600
CGN Power Co. Ltd., A Shares		173,800		98,642
CGN Power Co. Ltd., H Shares^(b)		3,606,850		1,212,859
China CITIC Bank Corp. Ltd., A Shares		623,401		592,280
China CITIC Bank Corp. Ltd., H Shares		8,104,584		4,766,671
China Coal Energy Co. Ltd., A Shares		157,900		256,425
China Coal Energy Co. Ltd., H Shares		961,693		971,382
China Construction Bank Corp., A Shares		308,500		303,324
China Construction Bank Corp., H Shares		43,021,826		28,053,408
China Energy Engineering Corp. Ltd., A Shares		1,906,200		579,112
China Energy Engineering Corp. Ltd., H Shares		3,976,746		401,681
China Everbright Bank Co. Ltd., A Shares		3,669,500		1,596,206
China Everbright Bank Co. Ltd., H Shares^(c)		3,416,916		1,039,771

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

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

April 30, 2024

(Unaudited)


	Shares		Value
China-(continued)
China Everbright Environment Group Ltd.		2,286,000	$	932,381
China Hongqiao Group Ltd.^(c)		2,101,132		2,928,238
China Life Insurance Co. Ltd., H Shares		2,355,442		3,138,100
China Mengniu Dairy Co. Ltd.		1,088,180		2,284,549
China Merchants Bank Co. Ltd., A Shares		770,249		3,649,416
China Merchants Bank Co. Ltd., H Shares		1,970,598		8,654,687
China Minsheng Banking Corp. Ltd., A Shares		3,662,245		1,997,634
China Minsheng Banking Corp. Ltd., H Shares		9,210,286		3,379,727
China Overseas Land & Investment Ltd.		1,659,002		3,092,652
China Pacific Insurance (Group) Co. Ltd., A Shares		299,200		1,065,989
China Pacific Insurance (Group) Co. Ltd., H Shares		1,564,523		3,456,625
China Petroleum & Chemical Corp., A Shares		2,401,100		2,105,501
China Petroleum & Chemical Corp., H Shares		25,092,591		15,143,076
China Power International Development Ltd.		3,142,529		1,269,676
China Railway Group Ltd., A Shares		1,944,100		1,763,825
China Railway Group Ltd., H Shares		5,263,115		2,610,966
China Resources Beer (Holdings) Co. Ltd.		259,141		1,192,793
China Resources Gas Group Ltd.		401,548		1,270,689
China Resources Land Ltd.		980,915		3,568,127
China Resources Power Holdings Co. Ltd.		1,054,269		2,628,528
China Shenhua Energy Co. Ltd., A Shares		184,000		1,012,044
China Shenhua Energy Co. Ltd., H Shares		1,271,955		5,317,973
China State Construction Engineering Corp. Ltd., A Shares		4,673,622		3,459,313
China Tower Corp. Ltd., H Shares^(b)		12,050,958		1,417,542
China United Network Communications Ltd., A Shares		1,692,500		1,096,158
China Vanke Co. Ltd., A Shares		1,167,700		1,194,871
China Vanke Co. Ltd., H Shares^(c)		3,859,545		2,284,776
China Yangtze Power Co. Ltd., A Shares		312,000		1,111,162
Chongqing Rural Commercial Bank Co. Ltd., A Shares		335,700		215,100
Chongqing Rural Commercial Bank Co. Ltd., H Shares		2,264,240		972,721
CITIC Ltd.		1,123,486		1,073,037
CITIC Securities Co. Ltd., A Shares		238,500		626,097
CITIC Securities Co. Ltd., H Shares		655,315		1,052,365
COSCO SHIPPING Holdings Co. Ltd., A Shares		870,980		1,415,651
COSCO SHIPPING Holdings Co. Ltd., H Shares		3,004,403		3,902,820
Country Garden Holdings Co. Ltd.^(a)^(c)(d)		18,570,488		914,136
Country Garden Services Holdings Co. Ltd.^(c)		1,499,654		1,012,399


	Shares		Value
China-(continued)
CRRC Corp. Ltd., A Shares		855,600	$	825,885
CRRC Corp. Ltd., H Shares		2,032,470		1,127,822
CSPC Pharmaceutical Group Ltd.		2,146,497		1,778,410
Daqo New Energy Corp., ADR^(a)(c)		60,691		1,165,267
ENN Energy Holdings Ltd.		310,402		2,684,843
GCL Technology Holdings Ltd.		9,701,008		1,451,207
Geely Automobile Holdings Ltd.		2,766,982		3,371,521
Guangdong Investment Ltd.		1,402,784		735,362
Haier Smart Home Co. Ltd., A Shares		130,700		546,155
Haier Smart Home Co. Ltd., H Shares		684,332		2,559,289
Haitong Securities Co. Ltd., A Shares		352,000		407,827
Haitong Securities Co. Ltd., H Shares		1,763,498		847,792
Huaneng Power International, Inc., A Shares^(a)		259,900		335,934
Huaneng Power International, Inc., H Shares^(a)		2,407,344		1,535,908
Huatai Securities Co. Ltd., A Shares		206,400		392,478
Huatai Securities Co. Ltd., H Shares^(b)		556,674		661,928
Huaxia Bank Co. Ltd., A Shares		1,271,492		1,178,169
Industrial & Commercial Bank of China Ltd., A Shares		4,062,412		3,046,178
Industrial & Commercial Bank of China Ltd., H Shares		58,827,297		31,816,021
Industrial Bank Co. Ltd., A Shares		1,257,426		2,925,862
Inner Mongolia Yitai Coal Co. Ltd., B Shares		458,680		893,509
JD.com, Inc., A Shares		1,180,271		17,324,082
Jiangxi Copper Co. Ltd., A Shares		158,800		573,009
Jiangxi Copper Co. Ltd., H Shares		1,314,963		2,706,861
JinkoSolar Holding Co. Ltd., ADR^(c)		50,496		1,217,964
KE Holdings, Inc., ADR^(c)		110,709		1,673,920
Kuaishou Technology^(a)(b)		252,773		1,808,245
Kunlun Energy Co. Ltd.		916,000		893,607
Kweichow Moutai Co. Ltd., A Shares		6,600		1,553,960
Li Ning Co. Ltd.		515,009		1,372,927
Longfor Group Holdings Ltd.^(b)^(c)		1,687,146		2,545,431
Lufax Holding Ltd., ADR^(c)		426,250		1,871,238
Meituan, B Shares^(a)(b)		589,055		8,247,011
Metallurgical Corp. of China Ltd., A Shares		1,374,500		620,675
Metallurgical Corp. of China Ltd., H Shares		3,692,046		722,246
NetEase, Inc.		206,830		3,974,652
New China Life Insurance Co. Ltd., A Shares		111,600		485,452
New China Life Insurance Co. Ltd., H Shares		552,093		1,067,310
New Oriental Education & Technology Group, Inc.^(a)		130,374		1,042,665
PDD Holdings, Inc., ADR^(a)		16,674		2,087,251
People’s Insurance Co. (Group) of China Ltd. (The), A Shares		507,300		367,786
People’s Insurance Co. (Group) of China Ltd. (The), H Shares		5,434,333		1,792,638
PetroChina Co. Ltd., A Shares		1,010,500		1,433,106
PetroChina Co. Ltd., H Shares		12,084,270		11,402,587
PICC Property & Casualty Co. Ltd., H Shares		2,767,767		3,457,409
Ping An Bank Co. Ltd., A Shares		1,159,900		1,728,277

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

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

April 30, 2024

(Unaudited)


	Shares		Value
China-(continued)
Ping An Insurance (Group) Co. of China Ltd., A Shares		631,044	$	3,604,223
Ping An Insurance (Group) Co. of China Ltd., H Shares		5,277,549		24,258,156
Poly Developments and Holdings Group Co. Ltd., A Shares		794,500		977,559
Postal Savings Bank of China Co. Ltd., A Shares		1,093,200		724,623
Postal Savings Bank of China Co. Ltd., H Shares^(b)		6,876,638		3,596,053
Power Construction Corp. of China Ltd., A Shares		1,345,100		943,604
Qifu Technology, Inc., ADR		67,748		1,239,111
SAIC Motor Corp. Ltd., A Shares		628,556		1,289,835
Shaanxi Coal Industry Co. Ltd., A Shares		239,100		809,932
Shanghai Pharmaceuticals Holding Co. Ltd., A Shares		145,500		360,058
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares		596,988		850,310
Shanghai Pudong Development Bank Co. Ltd., A Shares		2,571,105		2,733,896
Shenzhou International Group Holdings Ltd.		151,772		1,517,487
Sino Biopharmaceutical Ltd.		3,131,941		1,081,195
Sinopharm Group Co. Ltd., H Shares		524,215		1,329,774
Sunny Optical Technology Group Co. Ltd.		179,401		880,811
Tencent Holdings Ltd.		831,633		36,917,989
Tencent Music Entertainment Group, ADR^(a)^(c)		86,111		1,080,693
Trip.com Group Ltd.^(a)		74,713		3,681,582
Vipshop Holdings Ltd., ADR^(c)		141,878		2,133,845
Weichai Power Co. Ltd., A Shares		195,600		469,721
Weichai Power Co. Ltd., H Shares		849,824		1,749,369
Wuxi Biologics (Cayman), Inc.^(a)(b)		582,970		1,024,141
Xiaomi Corp., B Shares^(a)(b)		3,954,901		8,758,104
Xinyi Solar Holdings Ltd.		1,871,435		1,306,454
Yankuang Energy Group Co. Ltd., A Shares		67,600		215,640
Yankuang Energy Group Co. Ltd., H Shares		1,106,841		2,411,468
Yum China Holdings, Inc.		78,442		2,952,658
Zijin Mining Group Co. Ltd., A Shares		274,600		667,777
Zijin Mining Group Co. Ltd., H Shares		1,089,196		2,409,233

				495,032,267

India-12.32%
Axis Bank Ltd.		335,918		4,693,964
Bajaj Finance Ltd.		14,228		1,180,641
Bank of Baroda		318,609		1,074,934
Bharat Petroleum Corp. Ltd.		556,369		4,049,927
Bharti Airtel Ltd.		214,529		3,399,862
Bharti Airtel Ltd.		11,238		126,130
Canara Bank		124,470		927,824
Coal India Ltd.		589,289		3,208,605
Dr. Reddy’s Laboratories Ltd.		11,565		859,971
GAIL (India) Ltd.		840,201		2,105,632
Grasim Industries Ltd.		86,817		2,509,368
HCL Technologies Ltd.		149,085		2,441,859


	Shares		Value
India-(continued)
HDFC Bank Ltd.		560,045	$	10,203,292
Hero MotoCorp Ltd.		21,714		1,182,313
Hindalco Industries Ltd.		595,673		4,600,539
Hindustan Petroleum Corp. Ltd.		419,789		2,492,483
Hindustan Unilever Ltd.		77,851		2,081,143
ICICI Bank Ltd.		169,386		2,335,456
Indiabulls Housing Finance Ltd.		455,939		930,061
Indian Oil Corp. Ltd.		2,129,862		4,310,203
Infosys Ltd.		411,915		7,013,089
ITC Ltd.		442,468		2,310,281
Jindal Steel & Power Ltd.		95,058		1,059,140
Jio Financial Services Ltd.^(a)		394,321		1,781,708
JSW Steel Ltd.		188,259		1,990,527
Larsen & Toubro Ltd.		83,085		3,579,169
Mahindra & Mahindra Ltd.		139,379		3,602,150
Maruti Suzuki India Ltd.		12,129		1,863,260
NTPC Ltd.		1,167,191		5,080,810
Oil & Natural Gas Corp. Ltd.		1,995,588		6,765,070
Petronet LNG Ltd.		286,060		1,064,716
Power Finance Corp. Ltd.		449,412		2,378,317
Power Grid Corp. of India Ltd.		899,266		3,253,303
Punjab National Bank		624,611		1,055,913
REC Ltd.		295,615		1,796,835
Reliance Industries Ltd.		417,826		14,692,672
Shriram Finance Ltd.		48,541		1,484,511
State Bank of India		415,736		4,116,938
Steel Authority of India Ltd.		827,231		1,627,965
Sun Pharmaceutical Industries Ltd.		72,211		1,300,012
Tata Consultancy Services Ltd.		117,834		5,395,766
Tata Motors Ltd.		321,690		3,885,977
Tata Motors Ltd., Class A		86,849		710,156
Tata Power Co. Ltd. (The)		213,282		1,148,385
Tata Steel Ltd.		3,489,191		6,900,077
Tech Mahindra Ltd.		124,909		1,891,534
UltraTech Cement Ltd.		9,387		1,121,884
Union Bank of India Ltd.		478,789		884,858
UPL Ltd.		237,077		1,441,024
Vedanta Ltd.		1,146,097		5,464,947
Wipro Ltd.		169,562		939,705
Yes Bank Ltd.^(a)		3,541,005		1,109,797

				153,424,703

Indonesia-1.26%
PT Astra International Tbk		5,200,722		1,647,215
PT Bank Central Asia Tbk		5,666,685		3,415,345
PT Bank Mandiri (Persero) Tbk		7,733,496		3,281,742
PT Bank Negara Indonesia (Persero) Tbk		4,063,738		1,312,093
PT Bank Rakyat Indonesia (Persero) Tbk		11,733,214		3,564,703
PT GoTo Gojek Tokopedia Tbk^(a)		176,313,791		683,135
PT Telkom Indonesia (Persero) Tbk		8,899,514		1,735,022

				15,639,255

Malaysia-0.59%
CIMB Group Holdings Bhd.		1,767,100		2,447,466
Malayan Banking Bhd.		853,700		1,740,493
Public Bank Bhd.		1,535,900		1,325,910

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

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

April 30, 2024

(Unaudited)


	Shares		Value
Malaysia-(continued)
Tenaga Nasional Bhd.		392,900	$	984,617
Top Glove Corp. Bhd.^(a)		4,813,100		887,486

				7,385,972

Mexico-2.79%
America Movil S.A.B. de C.V., Class B		8,166,289		7,817,130
Arca Continental S.A.B. de C.V.		89,966		882,420
CEMEX S.A.B. de C.V., Series CPO^(a)(e)		5,487,919		4,370,752
Coca-Cola FEMSA S.A.B. de C.V.		110,538		1,102,558
Fibra Uno Administracion S.A. de C.V.		668,590		964,911
Fomento Economico Mexicano S.A.B. de C.V., Series CPO^(c)(f)		372,975		4,387,001
Grupo Bimbo S.A.B. de C.V., Series A^(c)		224,716		946,686
Grupo Financiero Banorte S.A.B. de C.V., Class O		592,657		5,897,526
Grupo Mexico S.A.B. de C.V., Class B		608,507		3,780,290
Grupo Televisa S.A.B., Series CPO^(c)(g)		1,772,931		1,054,071
Wal-Mart de Mexico S.A.B. de C.V., Series V		948,713		3,559,101

				34,762,446

Romania-0.08%
NEPI Rockcastle N.V.^(c)		145,977		984,255

Russia-0.00%
Aeroflot PJSC^(a)(d)		1,684,800		0
Alrosa PJSC^(d)		1,976,600		0
Gazprom PJSC^(a)(d)		9,643,940		0
GMK Norilskiy Nickel PAO^(d)		2,015,200		0
Inter RAO UES PJSC^(d)		29,081,146		0
Lukoil PJSC^(d)		261,775		0
Magnit PJSC^(d)		55,179		0
Mobile TeleSystems PJSC^(d)		921,186		0
Moscow Exchange MICEX-RTS PJSC^(d)		550,555		0
Novatek PJSC^(d)		298,686		0
Novolipetsk Steel PJSC^(a)(d)		795,328		0
Rosneft Oil Co. PJSC^(d)		1,054,960		0
Sberbank of Russia PJSC^(d)		7,562,894		0
Severstal PAO^(a)(d)		147,196		0
Sistema AFK PAO^(d)		3,408,447		0
Surgutneftegas PJSC^(d)		3,493,738		0
Surgutneftegas PJSC, Preference Shares^(d)		3,804,484		0
Tatneft PJSC^(d)		753,855		0
Tatneft PJSC, Preference Shares^(d)		74,068		0
VTB Bank PJSC^(a)(d)		3,563,458,267		0

				0

Saudi Arabia-2.70%
Al Rajhi Bank		212,397		4,524,748
Alinma Bank		145,446		1,293,293
Arab National Bank		140,143		1,154,594
Banque Saudi Fransi		80,532		786,940
Etihad Etisalat Co.		74,687		1,035,494
Riyad Bank		204,951		1,513,663
SABIC Agri-Nutrients Co.		49,616		1,531,897
Sahara International Petrochemical Co.		138,711		1,268,540
Saudi Arabian Mining Co.^(a)		129,015		1,740,564
Saudi Arabian Oil Co.^(b)		610,747		4,901,478
Saudi Awwal Bank		106,460		1,158,099
Saudi Basic Industries Corp.		120,273		2,709,718
Saudi National Bank (The)		542,290		5,436,491


	Shares		Value
Saudi Arabia-(continued)
Saudi Telecom Co.		357,164	$	3,585,353
Yanbu National Petrochemical Co., Class A		96,209		994,001

				33,634,873

South Africa-3.56%
Absa Group Ltd.		251,578		1,942,834
Anglo American Platinum Ltd.^(c)		32,379		1,137,549
Bid Corp. Ltd.		78,788		1,805,264
Bidvest Group Ltd. (The)^(c)		94,515		1,235,602
Capitec Bank Holdings Ltd.^(c)		11,684		1,444,002
Discovery Ltd.		126,782		809,331
FirstRand Ltd.		1,366,895		4,728,633
Foschini Group Ltd. (The)^(c)		159,586		843,697
Gold Fields Ltd.		162,321		2,677,536
Growthpoint Properties Ltd.^(c)		1,791,891		1,040,754
Impala Platinum Holdings Ltd.^(c)		536,012		2,411,473
MTN Group Ltd.		506,109		2,433,861
Naspers Ltd.		29,889		5,724,288
Nedbank Group Ltd.^(c)		115,058		1,397,325
Northam Platinum Holdings Ltd.		163,922		1,088,975
Remgro Ltd.		104,590		682,491
Sanlam Ltd.^(c)		401,667		1,450,941
Sasol Ltd.		346,592		2,452,097
Shoprite Holdings Ltd.		116,009		1,550,531
Sibanye Stillwater Ltd.^(c)		3,479,059		4,021,051
Standard Bank Group Ltd.^(c)		266,632		2,506,835
Woolworths Holdings Ltd.		315,319		1,006,944

				44,392,014

Taiwan-17.05%
Acer, Inc.		1,191,000		1,651,423
ASE Technology Holding Co. Ltd.		1,407,884		6,399,080
Asustek Computer, Inc.		309,706		4,089,846
AUO Corp.		4,568,244		2,567,375
Catcher Technology Co. Ltd.		178,000		1,191,696
Cathay Financial Holding Co. Ltd.		1,445,919		2,242,458
Chailease Holding Co. Ltd.		359,141		1,902,580
Cheng Shin Rubber Industry Co. Ltd.		580,000		839,844
Chicony Electronics Co. Ltd.		185,000		1,150,498
China Airlines Ltd.		1,319,000		848,629
China Development Financial Holding Corp.^(a)		3,038,000		1,273,531
China Steel Corp.		2,474,632		1,888,539
Chunghwa Telecom Co. Ltd.		746,039		2,841,006
Compal Electronics, Inc.		4,341,000		4,772,674
CTBC Financial Holding Co. Ltd.		3,886,663		4,070,242
Delta Electronics, Inc.		410,791		4,043,318
E.Sun Financial Holding Co. Ltd.		1,426,903		1,200,698
Eva Airways Corp.		918,000		1,002,239
Evergreen Marine Corp. Taiwan Ltd.		1,293,381		7,527,047
Far EasTone Telecommunications Co. Ltd.		361,000		895,793
First Financial Holding Co. Ltd.		1,024,139		860,211
Formosa Plastics Corp.		586,280		1,233,345
Fubon Financial Holding Co. Ltd.		1,119,496		2,375,689
Globalwafers Co. Ltd.		52,457		840,936
Hon Hai Precision Industry Co. Ltd.		2,780,635		13,321,634
Innolux Corp.		6,142,369		2,688,065
Inventec Corp.		1,166,000		1,901,437
Largan Precision Co. Ltd.		26,000		1,744,672

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

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

April 30, 2024

(Unaudited)


	Shares		Value
Taiwan-(continued)
Lite-On Technology Corp.		593,313	$	1,822,102
MediaTek, Inc.		354,049		10,786,088
Mega Financial Holding Co. Ltd.		1,426,287		1,752,088
Micro-Star International Co. Ltd.		217,000		1,062,941
Nan Ya Plastics Corp.		546,940		952,383
Nanya Technology Corp.		500,000		1,014,987
Novatek Microelectronics Corp.		149,000		2,827,898
Pegatron Corp.		728,260		2,185,093
Powerchip Semiconductor Manufacturing Corp.^(a)		1,119,000		785,245
Powertech Technology, Inc.		295,000		1,580,907
Qisda Corp.		653,000		830,238
Quanta Computer, Inc.		687,000		5,485,535
Radiant Opto-Electronics Corp.		200,000		1,222,284
Realtek Semiconductor Corp.		107,000		1,702,168
Simplo Technology Co. Ltd.		77,000		1,035,747
Sino-American Silicon Products, Inc.		181,000		1,086,712
SinoPac Financial Holdings Co. Ltd.		1,431,024		964,651
Taiwan Cement Corp.		1,647,136		1,621,237
Taiwan Mobile Co. Ltd.		286,000		913,457
Taiwan Semiconductor Manufacturing Co. Ltd.		2,671,807		64,821,802
Tripod Technology Corp.		134,000		812,757
Unimicron Technology Corp.		235,000		1,313,494
Uni-President Enterprises Corp.		678,941		1,595,080
United Microelectronics Corp.		4,001,925		6,231,116
Walsin Lihwa Corp.		1,062,000		1,203,483
Wan Hai Lines Ltd.		843,000		1,312,576
Winbond Electronics Corp.		1,123,000		896,689
Wistron Corp.		1,230,875		4,290,409
Wiwynn Corp.		12,000		869,725
WPG Holdings Ltd.		708,000		1,919,919
WT Microelectronics Co. Ltd.		180,000		829,187
Yageo Corp.		124,786		2,395,162
Yang Ming Marine Transport Corp.		2,595,136		4,160,251
Yuanta Financial Holding Co. Ltd.		1,464,750		1,378,742
Zhen Ding Technology Holding Ltd.		354,000		1,261,102

				212,287,760

Thailand-3.16%
Advanced Info Service PCL, NVDR		304,544		1,622,975
Bangchak Corp. PCL, NVDR		839,131		950,985
Bangkok Bank PCL, NVDR		437,710		1,618,086
Bangkok Dusit Medical Services PCL, NVDR		1,566,101		1,225,497
Banpu PCL, NVDR		10,090,324		1,511,098
Charoen Pokphand Foods PCL, NVDR		2,713,342		1,449,654
CP ALL PCL, NVDR		1,807,833		2,804,922
Indorama Ventures PCL, NVDR		1,784,737		1,150,977
Kasikornbank PCL, NVDR		1,222,710		4,305,549
Krung Thai Bank PCL, NVDR		4,172,595		1,891,516
PTT Exploration & Production PCL, NVDR		577,079		2,436,936
PTT Global Chemical PCL, NVDR		1,806,030		1,790,923
PTT PCL, NVDR		8,942,922		8,144,188


	Shares		Value
Thailand-(continued)
SCB X PCL, NVDR		1,113,735	$	3,200,561
Siam Cement PCL (The), NVDR		335,226		2,252,328
Thai Oil PCL, NVDR		802,755		1,180,522
TMBThanachart Bank PCL, NVDR		17,782,751		868,505
True Corp. PCL, NVDR^(a)		4,711,304		978,873

				39,384,095

Turkey-1.97%
Akbank T.A.S.		1,829,854		3,359,993
BIM Birlesik Magazalar A.S.		124,251		1,485,186
Eregli Demir ve Celik Fabrikalari T.A.S.		1,650,621		2,195,288
Haci Omer Sabanci Holding A.S.		1,044,673		2,978,189
KOC Holding A.S.		496,905		3,470,116
Turk Hava Yollari AO^(a)		273,205		2,750,910
Turkcell Iletisim Hizmetleri A.S.		565,963		1,412,438
Turkiye Is Bankasi A.S., Class C		4,439,750		1,880,036
Turkiye Petrol Rafinerileri A.S.		348,877		2,109,867
Turkiye Sise ve Cam Fabrikalari A.S.		507,334		789,759
Yapi ve Kredi Bankasi A.S.		2,143,529		2,137,140

				24,568,922

United Kingdom-0.23%
AngloGold Ashanti PLC		124,291		2,881,063

United States-0.30%
JBS S.A		812,622		3,674,994

Total Common Stocks & Other Equity Interests (Cost $1,170,371,564)				1,243,251,361

Money Market Funds-0.71%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%^(h)(i)(Cost $8,812,686)		8,812,686		8,812,686

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.53% (Cost $1,179,184,250)				1,252,064,047


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-2.56%
Invesco Private Government Fund, 5.29%^(h)(i)(j)		8,932,012		8,932,012
Invesco Private Prime Fund, 5.46%^(h)(i)(j)		22,966,902		22,973,792

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $31,908,364)				31,905,804

TOTAL INVESTMENTS IN SECURITIES-103.09% (Cost $1,211,092,614)				1,283,969,851
OTHER ASSETS LESS LIABILITIES-(3.09)%				(38,512,131	)

NET ASSETS-100.00%			$	1,245,457,720

Investment Abbreviations:

ADR-American Depositary Receipt

CPO-Certificates of Ordinary Participation

NVDR-Non-Voting Depositary Receipt

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

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

April 30, 2024

(Unaudited)

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2024 was $35,376,451, which represented 2.84% of the Fund’s Net Assets.

^(c)	All or a portion of this security was out on loan at April 30, 2024.

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

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

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

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

^(h)


	Value October 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	36,372,542		$	(27,559,856	)		$	-			$	-		$	8,812,686		$	101,245
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			4,807,946			22,452,208			(18,328,142	)			-				-			8,932,012			138,067	*
Invesco Private Prime Fund			12,366,493			48,522,782			(37,916,208	)			(2,645	)			3,370			22,973,792			366,891	*

Total		$	17,174,439		$	107,347,532		$	(83,804,206	)		$	(2,645	)		$	3,370		$	40,718,490		$	606,203

*	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 April 30, 2024.

^(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.

Portfolio Composition

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

as of April 30, 2024


Financials			29.23
Information Technology			15.94
Energy			13.08
Materials			10.56
Consumer Discretionary			10.31
Communication Services			7.06
Industrials			4.65
Consumer Staples			3.45
Sector Types Each Less Than 3%			5.54
Money Market Funds Plus Other Assets Less Liabilities			0.18

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

Invesco Global Clean Energy ETF (PBD)

April 30, 2024

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.87%
Austria-1.06%
Verbund AG		16,230	$	1,242,542

Belgium-0.80%
Elia Group S.A./N.V.^(a)		9,677		934,864

Canada-4.09%
Ballard Power Systems, Inc.^(a)(b)		338,639		892,290
Boralex, Inc., Class A		48,299		971,359
Canadian Solar, Inc.^(a)(b)		46,930		760,735
Innergex Renewable Energy, Inc.		198,982		1,163,028
NFI Group, Inc.^(b)		122,833		1,010,309

				4,797,721

Chile-1.05%
Sociedad Quimica y Minera de Chile S.A., ADR^(a)		26,963		1,231,939

China-10.11%
China Datang Corp. Renewable Power Co. Ltd., H Shares^(a)		5,129,534		1,095,269
Flat Glass Group Co. Ltd., H Shares^(a)		594,493		1,445,719
Ganfeng Lithium Group Co. Ltd., H Shares^(a)^(c)		434,046		1,287,509
JinkoSolar Holding Co. Ltd., ADR		39,926		963,015
NIO, Inc., ADR^(a)(b)		181,536		856,850
Tianneng Power International Ltd.^(a)		1,427,862		1,100,855
Xinyi Energy Holdings Ltd.^(a)		8,349,480		1,174,299
Xinyi Solar Holdings Ltd.		2,229,822		1,556,645
XPeng, Inc., ADR^(a)(b)		121,158		985,015
Yadea Group Holdings Ltd.^(c)		722,114		1,394,149

				11,859,325

Denmark-3.92%
NKT A/S^(a)(b)		15,807		1,323,416
Novozymes A/S, Class B^(a)		20,684		1,152,315
Orsted A/S^(a)(b)^(c)		18,815		1,040,370
Vestas Wind Systems A/S^(b)		40,200		1,085,778

				4,601,879

Finland-0.78%
Kempower OYJ^(a)(b)		44,719		919,498

France-4.14%
Neoen S.A.^(a)^(c)		41,331		1,270,996
Nexans S.A.		11,711		1,257,208
Rexel S.A.		42,686		1,115,035
SPIE S.A.		33,093		1,209,449

				4,852,688

Germany-5.11%
Encavis AG^(b)		83,482		1,508,548
Nordex SE^(a)(b)		94,903		1,345,559
SMA Solar Technology AG^(b)		18,624		984,136
Verbio SE		49,011		1,028,187
Wacker Chemie AG		10,508		1,130,310

				5,996,740

Ireland-0.96%
Kingspan Group PLC		12,525		1,122,950


	Shares		Value
Israel-1.86%
Energix-Renewable Energies Ltd.		307,233	$	1,153,220
Enlight Renewable Energy Ltd.^(a)(b)		63,201		1,021,897

				2,175,117

Italy-2.10%
Prysmian S.p.A.		24,778		1,355,957
Terna S.p.A.		137,810		1,108,687

				2,464,644

Japan-5.05%
GS Yuasa Corp.		64,232		1,216,557
RENOVA, Inc.^(a)(b)		136,745		1,293,023
Takaoka Toko Co. Ltd.		69,902		984,354
Toyo Tanso Co. Ltd.		31,118		1,550,314
West Holdings Corp.^(a)		51,932		877,166

				5,921,414

Netherlands-1.88%
Alfen N.V.^(a)(b)^(c)		16,045		699,284
Fugro N.V.^(a)		61,535		1,504,104

				2,203,388

New Zealand-0.85%
Mercury NZ Ltd.		264,493		998,557

Norway-1.62%
Aker Horizons ASA^(a)(b)		2,983,253		766,681
NEL ASA^(b)		2,387,955		1,131,212

				1,897,893

South Africa-1.03%
Scatec ASA^(b)^(c)		163,603		1,204,772

South Korea-7.91%
CS Wind Corp.		24,650		936,347
Doosan Fuel Cell Co. Ltd.^(b)		68,122		982,325
Ecopro BM Co. Ltd.^(b)		5,971		1,030,376
Iljin Hysolus Co. Ltd.^(b)		58,409		988,909
Lotte Energy Materials Corp.		41,493		1,365,988
LS Electric Co. Ltd.		21,837		2,790,257
Samsung SDI Co. Ltd.		3,762		1,181,324

				9,275,526

Spain-3.30%
Acciona S.A.^(a)		9,226		1,072,315
Corp ACCIONA Energias Renovables S.A.^(a)		48,104		980,356
EDP Renovaveis S.A.^(a)		72,854		1,002,562
Solaria Energia y Medio Ambiente S.A.^(a)(b)		80,029		819,343

				3,874,576

Sweden-2.18%
NIBE Industrier AB, Class B^(a)		174,712		821,358
OX2 AB^(a)(b)		248,598		908,695
PowerCell Sweden AB^(a)(b)		329,651		821,132

				2,551,185

Switzerland-1.52%
Landis+Gyr Group AG^(b)		14,485		1,077,116
Meyer Burger Technology AG^(b)		55,774,873		699,352

				1,776,468

Taiwan-11.48%
AcBel Polytech, Inc.		818,000		998,572

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

Invesco Global Clean Energy ETF (PBD)–(continued)

April 30, 2024

(Unaudited)


	Shares		Value
Taiwan-(continued)
Chung-Hsin Electric and Machinery Manufacturing Corp.		279,000	$	1,576,562
Motech Industries, Inc.		1,344,684		1,102,606
Phihong Technology Co. Ltd.^(b)		608,124		999,159
Shihlin Electric & Engineering Corp.		280,000		2,510,902
Sino-American Silicon Products, Inc.		178,000		1,068,700
Ta Ya Electric Wire & Cable Co. Ltd.		989,000		1,728,214
Teco Electric and Machinery Co. Ltd.		732,000		1,249,899
United Renewable Energy Co. Ltd.		2,658,141		987,762
Voltronic Power Technology Corp.		26,000		1,237,639

				13,460,015

United Kingdom-2.82%
Ceres Power Holdings PLC^(a)(b)		491,462		1,100,924
ITM Power PLC^(a)(b)		1,365,089		870,887
Subsea 7 S.A.		82,325		1,339,603

				3,311,414

United States-24.25%
Ameresco, Inc., Class A^(a)(b)		46,036		963,534
Archer Aviation, Inc., Class A^(a)(b)		199,486		774,006
Array Technologies, Inc.^(a)(b)		72,516		894,847
Atkore, Inc.^(a)		7,520		1,318,256
Bloom Energy Corp., Class A^(a)(b)		93,014		1,035,246
Brookfield Renewable Corp., Class A		43,238		1,004,851
ChargePoint Holdings, Inc.^(a)(b)		469,484		624,414
Core & Main, Inc., Class A^(b)		24,969		1,409,999
Enphase Energy, Inc.^(b)		8,275		899,989
EVgo, Inc.^(a)(b)		414,145		749,602
First Solar, Inc.^(b)		6,883		1,213,473
FuelCell Energy, Inc.^(a)(b)		775,234		719,262
Gevo, Inc.^(a)(b)		1,142,196		752,479
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		44,513		1,113,270
Hubbell, Inc.		3,025		1,120,823
Itron, Inc.^(b)		14,386		1,325,238
Lucid Group, Inc.^(a)(b)		315,711		805,063
Ormat Technologies, Inc.		16,668		1,063,918


	Shares		Value
United States-(continued)
Plug Power, Inc.^(a)(b)		257,494	$	594,811
QuantumScape Corp.^(a)(b)		142,008		769,683
REC Silicon ASA^(a)(b)		971,268		953,363
Rivian Automotive, Inc., Class A^(a)(b)		70,089		623,792
Shoals Technologies Group, Inc., Class A^(b)		67,070		566,742
Signify N.V.		39,891		1,098,754
SolarEdge Technologies, Inc.^(b)		13,183		773,183
Stem, Inc.^(a)(b)		327,087		601,840
Sunnova Energy International, Inc.^(a)(b)		93,413		393,269
SunPower Corp.^(a)(b)		255,380		526,083
Sunrun, Inc.^(b)		64,716		665,928
TPI Composites, Inc.^(a)(b)		350,227		1,113,722
Universal Display Corp.		5,943		938,875
Wolfspeed, Inc.^(a)(b)		38,139		1,030,897

				28,439,212

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.87% (Cost $166,754,467)				117,114,327


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-32.99%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		10,837,102		10,837,102
Invesco Private Prime Fund, 5.46%^(d)(e)(f)		27,846,797		27,855,151

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $38,697,509)				38,692,253

TOTAL INVESTMENTS IN SECURITIES-132.86% (Cost $205,451,976)				155,806,580
OTHER ASSETS LESS LIABILITIES-(32.86)%				(38,535,259	)

NET ASSETS-100.00%.			$	117,271,321

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at April 30, 2024.

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2024 was $6,897,080, which represented 5.88% of the Fund’s Net Assets.

^(d)


	Value October 31, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value April 30, 2024		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	-	$	2,099,653	$	(2,099,653	)	$	-	$	-	$	-	$	2,015

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

Invesco Global Clean Energy ETF (PBD)–(continued)

April 30, 2024

(Unaudited)


	Value October 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2024			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	11,689,928		$	30,059,613		$	(30,912,439	)		$	-			$	-		$	10,837,102		$	292,324	*
Invesco Private Prime Fund			30,067,649			55,815,963			(58,035,420	)			(6,140	)			13,099			27,855,151			785,881	*

Total		$	41,757,577		$	87,975,229		$	(91,047,512	)		$	(6,140	)		$	13,099		$	38,692,253		$	1,080,220

*	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 April 30, 2024.

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

Portfolio Composition

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

as of April 30, 2024


Electrical Components & Equipment			27.63
Renewable Electricity			15.36
Heavy Electrical Equipment			10.50
Semiconductors			6.56
Semiconductor Materials & Equipment			6.55
Electric Utilities			5.45
Specialty Chemicals			3.04
Sub-Industry Types Each Less Than 3%			24.78
Money Market Funds Plus Other Assets Less Liabilities			0.13

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

Invesco Global Water ETF (PIO)

April 30, 2024

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.80%
Brazil-3.98%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR		717,241	$	11,183,928

Canada-2.70%
Stantec, Inc.		95,208		7,595,989

Chile-0.13%
Aguas Andinas S.A., Class A		1,252,603		358,972

China-0.46%
China Lesso Group Holdings Ltd.		1,696,896		715,972
China Water Affairs Group Ltd.		909,388		566,245

				1,282,217

France-4.09%
Veolia Environnement S.A.		368,581		11,503,938

Japan-18.80%
Ebara Corp.		102,746		8,559,718
Kurita Water Industries Ltd.		206,089		8,244,084
METAWATER Co. Ltd.		37,394		466,697
Miura Co. Ltd.		80,644		1,279,624
Nomura Micro Science Co. Ltd.^(a)		717,196		23,380,139
Organo Corp.		79,024		3,690,951
TOTO Ltd.		264,640		7,221,200

				52,842,413

Mexico-0.05%
Grupo Rotoplas, S.A.B. de C.V.^(a)		87,879		149,727

Netherlands-1.65%
Aalberts N.V.		47,865		2,298,991
Arcadis N.V.^(a)		37,352		2,322,432

				4,621,423

South Korea-0.65%
Coway Co. Ltd.		45,079		1,816,728

Spain-1.57%
Acciona S.A.^(a)		37,892		4,404,094

Switzerland-6.67%
Belimo Holding AG^(a)		4,714		2,192,654
Geberit AG		24,887		13,393,908
Georg Fischer AG^(a)		44,916		3,158,788

				18,745,350

United Kingdom-7.80%
Genuit Group PLC		134,905		737,342
Halma PLC		217,427		6,008,591
Severn Trent PLC		312,620		9,657,011
Spirax-Sarco Engineering PLC		49,868		5,523,020

				21,925,964


	Shares		Value
United States-51.25%
A.O. Smith Corp.		63,649	$	5,272,683
Advanced Drainage Systems, Inc.^(a)		29,462		4,625,534
American Water Works Co., Inc.		92,638		11,331,480
Consolidated Water Co. Ltd.^(a)		43,259		1,100,942
Danaher Corp.		90,387		22,291,242
Ecolab, Inc.		50,824		11,493,848
Ferguson PLC		34,213		7,265,639
IDEX Corp.		26,930		5,936,988
Pentair PLC		294,133		23,262,979
Roper Technologies, Inc.		42,004		21,483,366
Veralto Corp.^(a)		110,938		10,392,672
Waters Corp.^(a)(b)		28,337		8,757,266
Xylem, Inc.		82,942		10,840,519

				144,055,158

Total Common Stocks & Other Equity Interests (Cost $220,150,549)				280,485,901


Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 5.23%^(c)(d) (Cost $87,057)		87,057		87,057

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.83% (Cost $220,237,606)				280,572,958


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-14.65%
Invesco Private Government Fund, 5.29%^(c)(d)(e)		11,530,269		11,530,269
Invesco Private Prime Fund, 5.46%^(c)(d)(e)		29,643,963		29,652,856

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $41,185,075)				41,183,125

TOTAL INVESTMENTS IN SECURITIES-114.48% (Cost $261,422,681)				321,756,083
OTHER ASSETS LESS LIABILITIES-(14.48)%				(40,692,249	)

NET ASSETS-100.00%			$	281,063,834

Investment Abbreviations:

ADR-American Depositary Receipt

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

Invesco Global Water ETF (PIO)–(continued)

April 30, 2024

(Unaudited)

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at April 30, 2024.

^(b)	Non-income producing security.

^(c)


	Value October 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	690,716		$	(603,659	)		$	-			$	-		$	87,057		$	832
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,640,696			64,355,655			(54,466,082	)			-				-			11,530,269			119,811	*
Invesco Private Prime Fund			3,721,053			120,232,649			(94,300,053	)			(1,937	)			1,144			29,652,856			302,695	*

Total		$	5,361,749		$	185,279,020		$	(149,369,794	)		$	(1,937	)		$	1,144		$	41,270,182		$	423,338

*	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 April 30, 2024.

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

Portfolio Composition

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

as of April 30, 2024


Industrials			56.40
Utilities			17.83
Health Care			11.05
Information Technology			9.78
Materials			4.09
Consumer Discretionary			0.65
Money Market Funds Plus Other Assets Less Liabilities			0.20

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

Invesco International BuyBack Achievers^TM ETF (IPKW)

April 30, 2024

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.86%
Australia-1.28%
AMP Ltd.		173,386	$	123,847
BlueScope Steel Ltd.		29,904		444,482
Helia Group Ltd.		17,464		45,361
Qube Holdings Ltd.		101,099		218,610
Waypoint REIT Ltd.		45,232		69,023
Whitehaven Coal Ltd.		56,322		282,341

				1,183,664

Austria-0.60%
BAWAG Group AG^(a)(b)		5,277		317,105
Wienerberger AG		6,695		240,244

				557,349

Belgium-0.51%
Groupe Bruxelles Lambert N.V.		6,321		472,097

Brazil-2.55%
Vale S.A.		193,040		2,357,180

Canada-13.96%
Advantage Energy Ltd.^(b)		9,582		74,907
ARC Resources Ltd.		40,244		730,271
Artis REIT^(c)		4,033		19,081
Canadian Natural Resources Ltd.		55,496		4,213,955
Centerra Gold, Inc.		14,496		88,420
CI Financial Corp.		9,150		108,294
Gildan Activewear, Inc.		9,873		342,934
H&R REIT		18,492		121,140
Imperial Oil Ltd.		10,822		745,571
Interfor Corp.^(b)		3,511		44,646
Linamar Corp.		2,777		131,043
MEG Energy Corp.^(b)		18,319		417,489
Methanex Corp.		2,858		137,132
Nutrien Ltd.		33,297		1,759,311
Onex Corp.		4,518		321,195
Sleep Country Canada Holdings, Inc.^(a)		2,009		39,965
Stelco Holdings, Inc.		2,264		65,769
Stella-Jones, Inc.		3,324		193,510
Suncor Energy, Inc.^(c)		63,512		2,428,420
TFI International, Inc.		4,438		579,135
Trican Well Service Ltd.		13,939		42,410
West Fraser Timber Co. Ltd.		4,171		320,115

				12,924,713

China-0.24%
Great Wall Motor Co. Ltd., H Shares		148,546		226,773

Colombia-0.12%
Parex Resources, Inc.		6,188		108,099

Denmark-3.70%
A.P. Moller - Maersk A/S, Class B		362		528,831
D/S Norden A/S		1,603		67,886
DSV A/S^(c)		11,205		1,602,837
Jyske Bank A/S		3,115		253,876
Pandora A/S		5,992		918,727
Scandinavian Tobacco Group A/S^(a)		3,456		55,888

				3,428,045


	Shares		Value
Finland-4.03%
Nordea Bank Abp		210,046	$	2,461,021
Sampo OYJ		31,405		1,273,346

				3,734,367

Germany-3.41%
adidas AG		10,421		2,522,698
Bilfinger SE		2,532		118,311
CANCOM SE		1,729		54,168
Scout24 SE^(a)(c)		4,646		343,271
TeamViewer SE^(a)(b)		8,787		116,598

				3,155,046

Hong Kong-0.10%
Bank of East Asia Ltd. (The)		76,537		96,880

Ireland-0.31%
Glanbia PLC^(c)		12,624		240,808
Glenveagh Properties PLC^(a)(b)		35,861		48,928

				289,736

Israel-0.15%
Plus500 Ltd.		5,270		142,667

Italy-6.78%
Anima Holding S.p.A.^(a)		17,727		83,438
Eni S.p.A.		148,307		2,400,226
UniCredit S.p.A.		102,594		3,793,381

				6,277,045

Japan-14.02%
artience Co. Ltd.		3,192		59,331
Central Glass Co. Ltd.		1,729		30,764
Citizen Watch Co. Ltd.		15,363		102,313
DCM Holdings Co. Ltd.		8,803		81,728
DeNA Co. Ltd.^(b)		5,862		59,453
en Japan, Inc.		2,804		46,880
ENEOS Holdings, Inc.		204,136		948,133
Geo Holdings Corp.		1,729		21,810
Glory Ltd.		3,717		67,318
Gree, Inc.		4,644		13,782
H2O Retailing Corp.		6,762		76,702
Hazama Ando Corp.		12,206		91,371
Hokkoku Financial Holdings, Inc.		1,729		55,815
Inpex Corp.		66,139		1,005,545
JAFCO Group Co. Ltd.		3,317		37,646
Japan Post Holdings Co. Ltd.		156,146		1,499,295
Kansai Paint Co. Ltd.		11,775		154,516
Kawasaki Kisen Kaisha Ltd.^(c)		26,958		378,764
Marui Group Co. Ltd.		14,053		216,021
Maxell Ltd.		3,333		33,083
Morinaga & Co. Ltd.		5,830		94,397
Nikkiso Co. Ltd.		4,655		37,361
Nikon Corp.		20,101		209,613
Nippon Ceramic Co. Ltd.		1,596		27,454
Nisshinbo Holdings, Inc.		9,386		71,454
Nitto Boseki Co. Ltd.		2,385		86,843
Pan Pacific International Holdings Corp.		38,438		910,113
Renesas Electronics Corp.		109,582		1,830,371
Santen Pharmaceutical Co. Ltd.		23,028		223,088
SoftBank Group Corp.		61,744		3,105,543
Suzuken Co. Ltd.		5,242		155,296

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

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

April 30, 2024

(Unaudited)


	Shares		Value
Japan-(continued)
Taisei Corp.		12,426	$	455,774
Takashimaya Co. Ltd.		11,348		161,172
Toho Holdings Co. Ltd.		5,181		124,220
Transcosmos, Inc.		2,383		51,714
TSI Holdings Co. Ltd.		5,608		31,360
Wacoal Holdings Corp.		3,952		86,642
Yamada Holdings Co. Ltd.		60,585		173,518
Yamaguchi Financial Group, Inc.		15,823		160,427

				12,976,630

Luxembourg-1.04%
Aperam S.A.		3,257		95,561
ArcelorMittal S.A.		34,449		868,929

				964,490

Mexico-0.26%
Grupo Elektra S.A.B. de C.V.^(c)		3,733		242,235

Netherlands-0.88%
NN Group N.V.		16,884		782,608
PostNL N.V.^(c)		21,566		29,170

				811,778

Singapore-0.04%
Yangzijiang Financial Holding Ltd.		144,346		33,341

South Africa-2.29%
Barloworld Ltd.		8,172		37,442
Motus Holdings Ltd.		6,482		28,790
Naspers Ltd.		9,516		1,822,487
Resilient REIT Ltd.^(c)		18,686		43,889
Tiger Brands Ltd.^(c)		8,863		96,730
Truworths International Ltd.		22,001		88,176

				2,117,514

South Korea-0.24%
Douzone Bizon Co. Ltd.		1,248		54,088
Genexine, Inc.^(b)		2,235		12,144
Hanssem Co. Ltd.		951		38,946
Humasis Co. Ltd.^(b)		8,014		10,739
SKC Co. Ltd.^(b)		1,326		105,919

				221,836

Spain-7.87%
Acerinox S.A.		12,590		136,234
ACS Actividades de Construccion y Servicios S.A.		14,046		564,386
Applus Services S.A.		6,083		82,474
Banco Bilbao Vizcaya Argentaria S.A.		359,951		3,916,132
CaixaBank S.A.		257,585		1,363,894
Repsol S.A.		77,833		1,225,458

				7,288,578

Sweden-0.69%
JM AB^(c)		3,083		53,200
NCC AB, Class B^(c)		5,944		73,164
Trelleborg AB, Class B		14,341		513,751

				640,115

Switzerland-9.43%
Novartis AG		48,374		4,696,838
UBS Group AG^(b)		152,359		4,031,786

				8,728,624


	Shares		Value
Taiwan-0.06%
FLEXium Interconnect, Inc.		20,000	$	56,139

Turkey-0.14%
Arcelik A.S.		18,652		99,665
Aygaz A.S.		4,292		25,969

				125,634

United Kingdom-14.40%
abrdn PLC^(c)		106,575		195,501
Balanced Commercial Property Trust Ltd.		44,965		43,804
Balfour Beatty PLC		34,166		155,637
Barclays PLC		1,013,789		2,573,109
Capricorn Energy PLC		3,840		8,174
Domino’s Pizza Group PLC		12,972		52,920
Firstgroup PLC		35,638		72,381
Forterra PLC^(a)		11,751		24,219
Frasers Group PLC^(b)		6,800		69,522
Grafton Group PLC		11,658		138,181
Howden Joinery Group PLC		36,939		405,178
Informa PLC		87,216		869,074
Kingfisher PLC^(c)		116,096		360,662
Lloyds Banking Group PLC		3,588,217		2,331,862
M&G PLC		138,787		349,476
Man Group PLC		80,950		261,108
Melrose Industries PLC		65,597		518,944
NatWest Group PLC		411,842		1,565,115
Paragon Banking Group PLC		12,917		115,725
Pearson PLC.		45,981		560,552
Smiths Group PLC		21,758		440,268
Spectris PLC		5,828		243,008
Standard Chartered PLC		135,482		1,170,204
Travis Perkins PLC		13,448		126,797
WPP PLC		66,573		673,711

				13,325,132

United States-10.76%
BP PLC		749,349		4,882,905
Shell PLC		141,505		5,072,826

				9,955,731

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.86% (Cost $88,344,673)				92,441,438


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-3.98%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		1,029,984		1,029,984
Invesco Private Prime Fund, 5.46%^(d)(e)(f)		2,648,430		2,649,225

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,679,616)				3,679,209

TOTAL INVESTMENTS IN SECURITIES-103.84% (Cost $92,024,289)				96,120,647
OTHER ASSETS LESS LIABILITIES-(3.84)%				(3,553,101	)

NET ASSETS-100.00%			$	92,567,546

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

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

April 30, 2024

(Unaudited)

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2024 was $1,029,412, which represented 1.11% of the Fund’s Net Assets.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at April 30, 2024.

^(d)


	Value October 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	489,801		$	(489,801	)		$	-			$	-		$	-		$	120
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			854,461			7,594,416			(7,418,893	)			-				-			1,029,984			21,878	*
Invesco Private Prime Fund			2,576,371			15,966,546			(15,893,481	)			(407	)			196			2,649,225			59,694	*

Total		$	3,430,832		$	24,050,763		$	(23,802,175	)		$	(407	)		$	196		$	3,679,209		$	81,692

*	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 April 30, 2024.

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

Portfolio Composition

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


as of April 30, 2024
Financials			32.83
Energy			26.56
Consumer Discretionary			9.81
Industrials			8.20
Materials			7.67
Health Care			5.64
Communication Services			5.47
Sector Types Each Less Than 3%			3.68
Money Market Funds Plus Other Assets Less Liabilities			0.14

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

Invesco MSCI Global Timber ETF (CUT)

April 30, 2024

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.04%
Austria-3.96%
Mondi PLC		106,497	$	2,025,592

Brazil-6.13%
Dexco S.A.		101,295		141,298
Irani Papel e Embalagem S.A.		33,200		57,713
Klabin S.A.		177,134		787,399
Suzano S.A.		190,653		2,150,368

				3,136,778

Canada-4.32%
Canfor Corp.^(a)		14,565		153,829
Cascades, Inc.		19,217		129,246
Interfor Corp.^(a)		12,468		158,544
Stella-Jones, Inc.		12,504		727,933
West Fraser Timber Co. Ltd.		13,541		1,039,242

				2,208,794

Chile-1.06%
Empresas CMPC S.A.		272,672		540,724

China-0.82%
Lee & Man Paper Manufacturing Ltd.^(b)		315,578		95,627
Nine Dragons Paper Holdings Ltd.^(a)		392,620		174,694
Shandong Sun Paper Industry JSC Ltd., A Shares		46,200		99,207
ShenZhen YUTO Packaging Technology Co. Ltd., A Shares		13,900		51,347

				420,875

Finland-11.47%
Huhtamaki OYJ^(b)		23,176		891,123
Metsa Board OYJ^(b)		38,414		277,045
Stora Enso OYJ, Class R^(b)		140,536		1,885,866
UPM-Kymmene OYJ		79,971		2,814,958

				5,868,992

Germany-0.20%
Mercer International, Inc.^(b)		10,144		102,759

Indonesia-1.00%
PT Indah Kiat Pulp & Paper Tbk		594,660		342,862
PT Pabrik Kertas Tjiwi Kimia Tbk		349,453		168,172

				511,034

Ireland-5.13%
Smurfit Kappa Group PLC		60,248		2,625,123

Japan-3.37%
Daio Paper Corp.		20,328		146,358
Hokuetsu Corp.^(b)		22,985		195,869
Nippon Paper Industries Co. Ltd.^(b)		24,192		169,412
Oji Holdings Corp.		207,490		815,773
Rengo Co. Ltd.		43,387		326,715
Tokushu Tokai Paper Co. Ltd.		3,025		72,086

				1,726,213

Portugal-0.78%
Altri SGPS S.A.		18,146		100,409
Navigator Co. S.A. (The)		51,769		229,830
Semapa-Sociedade de Investimento e Gestao		4,050		68,854

				399,093


	Shares		Value
Russia-0.00%
Segezha Group PJSC^(a)(c)(d)		1,310,077	$	0

Saudi Arabia-0.25%
Middle East Paper Co.		11,221		127,450

South Africa-0.72%
Sappi Ltd.		136,090		366,748

South Korea-0.15%
Dongwha Enterprise Co. Ltd.^(a)(d)		1,937		78,904

Spain-0.24%
Ence Energia y Celulosa S.A.^(b)		35,008		125,323

Sweden-6.50%
Billerud AB^(b)		53,168		447,350
Holmen AB, Class B^(b)		18,435		724,910
Svenska Cellulosa AB S.C.A., Class B^(b)		145,704		2,151,198

				3,323,458

Switzerland-2.86%
SIG Group AG^(a)(b)		72,883		1,462,190

Taiwan-1.29%
Cheng Loong Corp.		172,000		154,241
Chung Hwa Pulp Corp.		103,000		73,228
Longchen Paper & Packaging Co. Ltd.		213,000		102,045
Shihlin Paper Corp.^(a)		39,000		78,570
YFY, Inc.		266,000		253,649

				661,733

Thailand-0.52%
SCG Packaging PCL, NVDR		304,551		267,078

United Kingdom-2.82%
DS Smith PLC		328,397		1,440,854

United States-45.45%
Amcor PLC		274,184		2,451,205
Avery Dennison Corp.		11,916		2,589,109
Clearwater Paper Corp.^(a)		4,284		192,951
Graphic Packaging Holding Co.		73,503		1,900,053
International Paper Co.		69,559		2,430,391
Louisiana-Pacific Corp.		15,759		1,153,401
Packaging Corp. of America		14,833		2,565,812
Pactiv Evergreen, Inc.		10,891		165,979
PotlatchDeltic Corp.		18,703		748,307
Ranpak Holdings Corp.^(a)(b)		10,693		77,417
Rayonier, Inc.^(b)		33,453		992,216
Resolute Forest Products, Inc.^(a)(d)		13,637		19,365
Sealed Air Corp.		34,697		1,092,262
Sonoco Products Co.		23,526		1,318,632
Sylvamo Corp.^(b)		9,107		569,188
WestRock Co.		57,040		2,735,638
Weyerhaeuser Co.		74,559		2,249,445

				23,251,371

Total Common Stocks & Other Equity Interests (Cost $48,710,965)				50,671,086

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

Invesco MSCI Global Timber ETF (CUT)–(continued)

April 30, 2024

(Unaudited)


	Shares		Value
Exchange-Traded Funds-0.79%
India-0.79%
Invesco India ETF^(b)(e)(Cost $384,570)		14,891	$	404,142

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.83% (Cost $49,095,535)				51,075,228


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-15.20%
Invesco Private Government Fund, 5.29%^(e)(f)(g)		2,176,915		2,176,915


	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.46%^(e)(f)(g)		5,596,689	$	5,598,368

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,776,027)				7,775,283

TOTAL INVESTMENTS IN SECURITIES-115.03% (Cost $56,871,562)				58,850,511
OTHER ASSETS LESS LIABILITIES-(15.03)%				(7,687,958	)

NET ASSETS-100.00%			$	51,162,553

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 April 30, 2024.

^(c)

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

^(e)


	Value October 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain				Value April 30, 2024			Dividend Income
Invesco India ETF		$	341,676		$	87,732		$	(84,764	)		$	59,167			$	11,332			$	404,142		$	-
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			1,481,499			(1,481,499	)			-				-				-			1,323
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,727,307			9,868,055			(11,418,447	)			-				-				2,176,915			78,562	*
Invesco Private Prime Fund			9,241,907			24,181,559			(27,826,664	)			(840	)			2,406				5,598,368			209,099	*

Total		$	13,310,890		$	35,618,845		$	(40,811,374	)		$	58,327			$	13,738	**		$	8,179,425		$	288,984

*	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		$11,001

^(f)	The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

^(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.

Invesco MSCI Global Timber ETF (CUT)–(continued)

April 30, 2024

(Unaudited)

Portfolio Composition

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

as of April 30, 2024


Materials			91.24
Real Estate			7.80
Exchange-Traded Fund			0.79
Money Market Funds Plus Other Assets Less Liabilities			0.17

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

Invesco MSCI Green Building ETF (GBLD)

April 30, 2024

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-97.94%
Australia-2.39%
Centuria Office REIT		10,080	$	7,756
Cromwell Property Group		32,864		8,643
Growthpoint Properties Australia Ltd.		6,261		9,717
Vicinity Ltd.		86,623		108,279

				134,395

Austria-0.49%
CA Immobilien Anlagen AG		845		27,557

Canada-1.24%
First Capital REIT		2,428		26,121
RioCan REIT^(a)		3,459		43,909

				70,030

China-0.15%
Guangzhou R&F Properties Co. Ltd., H Shares^(b)		36,358		4,463
SOHO China Ltd.^(b)		38,170		3,709

				8,172

Finland-0.14%
Citycon OYJ		1,901		7,801

France-10.14%
Carmila S.A.		1,699		28,631
Covivio S.A.		1,118		56,017
Gecina S.A.		1,039		106,651
Klepierre S.A.		4,850		130,995
Mercialys S.A.^(a)		2,295		24,932
Unibail-Rodamco-Westfield SE^(a)(b)		2,668		223,885

				571,111

Hong Kong-3.09%
Fortune REIT		38,772		19,135
Henderson Land Development Co. Ltd.		31,467		95,755
Swire Properties Ltd.		25,278		52,681
Yuexiu REIT		55,757		6,202

				173,773

Japan-30.54%
Activia Properties, Inc.		17		42,401
Advance Logistics Investment Corp.		16		12,384
AEON REIT Investment Corp.		40		35,103
CRE Logistics REIT, Inc.		15		14,412
Daiwa House Industry Co. Ltd.		13,193		372,236
Daiwa House REIT Investment Corp.		52		87,600
Daiwa Office Investment Corp.		7		25,622
Frontier Real Estate Investment Corp.		12		35,001
Fukuoka REIT Corp.		17		18,333
Global One Real Estate Investment Corp.		26		17,745
GLP J-Reit		106		86,557
Hulic Reit, Inc.		31		29,726
Isetan Mitsukoshi Holdings Ltd.		6,697		94,583
Japan Excellent, Inc.		28		22,953
Japan Logistics Fund, Inc.		21		37,539
Japan Metropolitan Fund Investment Corp.		157		95,179
Japan Prime Realty Investment Corp.		19		41,292
Japan Real Estate Investment Corp.		29		98,777
LaSalle Logiport REIT		43		43,255
Mitsubishi Estate Logistics REIT Investment Corp.		11		28,275
Mori Hills REIT Investment Corp.		37		32,306


	Shares		Value
Japan-(continued)
Nippon Building Fund, Inc.		35	$	134,115
Nippon Prologis REIT, Inc.		50		86,614
Nomura Real Estate Master Fund, Inc.		96		91,995
One REIT, Inc.		6		10,131
ORIX JREIT, Inc.		59		62,425
Sekisui House REIT, Inc.		95		48,899
SOSiLA Logistics REIT, Inc.		19		15,008

				1,720,466

Netherlands-0.63%
Eurocommercial Properties N.V.		1,023		23,408
Wereldhave N.V.		866		12,093

				35,501

Singapore-10.91%
CapitaLand Ascendas REIT		84,404		160,917
CapitaLand India Trust		36,088		26,462
CapitaLand Integrated Commercial Trust		120,322		172,928
City Developments Ltd.		10,716		48,325
Digital Core REIT Management Pte. Ltd.		21,010		12,816
Frasers Centrepoint Trust		24,903		39,626
Frasers Logistics & Commercial Trust^(a)(c)		68,238		49,787
Keppel REIT		58,111		37,498
Lendlease Global Commercial REIT		43,238		17,279
Mapletree Pan Asia Commercial Trust		52,608		48,606

				614,244

South Africa-0.57%
Redefine Properties Ltd.		153,358		32,242

Spain-2.35%
Inmobiliaria Colonial SOCIMI S.A.		5,960		35,018
Lar Espana Real Estate SOCIMI S.A.		1,317		9,618
Merlin Properties SOCIMI S.A.		7,385		83,781
Neinor Homes S.A.^(c)		372		4,177

				132,594

Sweden-1.23%
Atrium Ljungberg AB, Class B		1,153		20,527
Fabege AB		5,099		39,627
Platzer Fastigheter Holding AB, Class B		1,129		9,268

				69,422

United Kingdom-6.42%
Berkeley Group Holdings PLC (The)		2,344		138,358
Crest Nicholson Holdings PLC		4,918		11,448
Land Securities Group PLC		15,988		130,226
Tritax Big Box REIT PLC		43,109		81,832

				361,864

United States-27.65%
Alexandria Real Estate Equities, Inc.^(a)		3,718		430,805
American Assets Trust, Inc.		1,183		25,257
Beazer Homes USA, Inc.^(b)		594		16,650
Boston Properties, Inc.^(a)		3,375		208,879
Brandywine Realty Trust^(a)		3,833		17,402
Cousins Properties, Inc.^(a)		3,424		78,546
Douglas Emmett, Inc.^(a)		3,767		51,646
Empire State Realty Trust, Inc., Class A^(a)		3,124		28,428
Equity Commonwealth^(b)		2,920		54,662
Highwoods Properties, Inc.^(a)		2,385		62,487

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

Invesco MSCI Green Building ETF (GBLD)–(continued)

April 30, 2024

(Unaudited)


	Shares		Value
United States-(continued)
Hudson Pacific Properties, Inc.^(a)		2,797	$	16,223
JBG SMITH Properties, (Acquired 04/20/2021 - 01/08/2024; Cost $58,620)^(d)		2,227		33,427
KB Home		1,729		111,970
Kilroy Realty Corp.^(a)		2,502		84,568
Meritage Homes Corp.		808		133,918
Paramount Group, Inc.		3,691		17,126
Piedmont Office Realty Trust, Inc., Class A		2,797		19,271
SL Green Realty Corp.		1,439		71,705
Vornado Realty Trust^(a)		3,625		94,359

				1,557,329

Total Common Stocks & Other Equity Interests (Cost $7,057,476)				5,516,501


Exchange-Traded Funds-1.53%
India-1.53%
Invesco India ETF^(e) (Cost $81,828)		3,175		86,170

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.47% (Cost $7,139,304)				5,602,671


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-13.14%
Invesco Private Government Fund, 5.29%^(e)(f)(g)		207,255	$	207,255
Invesco Private Prime Fund, 5.46%^(e)(f)(g)		532,928		533,088

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $740,379)				740,343

TOTAL INVESTMENTS IN SECURITIES-112.61% (Cost $7,879,683)				6,343,014
OTHER ASSETS LESS LIABILITIES-(12.61)%				(710,256	)

NET ASSETS-100.00%			$	5,632,758

Investment Abbreviations:

ETF-Exchange-Traded Fund

REIT-Real Estate Investment Trust

Notes

to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at April 30, 2024.

^(b)	Non-income producing security.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2024 was $53,964, which represented less than 1% of the Fund’s Net Assets.

^(d)	Restricted security. The value of this security at April 30, 2024 represented less than 1% of the Fund’s Net Assets.

^(e)


	Value October 31, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value April 30, 2024		Dividend Income
Invesco India ETF		$ 57,331		$ 55,688		$ (37,372	)		$5,788		$6,407		$ 86,170		$ -
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		-		346,630		(346,630	)		-		-		-		256

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

Invesco MSCI Green Building ETF (GBLD)–(continued)

April 30, 2024

(Unaudited)


											Change in
											Unrealized
	Value			Purchases			Proceeds				Appreciation				Realized				Value			Dividend
	October 31, 2023			at Cost			from Sales				(Depreciation)				Gain				April 30, 2024			Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	360,532		$	2,281,718		$	(2,434,995	)		$	-			$	-			$	207,255		$	7,632	*
Invesco Private Prime Fund			927,328			5,074,913			(5,469,285	)			(56	)			188				533,088			20,831	*

Total		$	1,345,191		$	7,758,949		$	(8,288,282	)		$	5,732			$	6,595	**		$	826,513		$	28,719

*	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		$1,672

^(f)	The rate shown is the 7-day SEC standardized yield as of April 30, 2024.

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

Portfolio Composition

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

as of April 30, 2024


Real Estate			88.86
Consumer Discretionary			9.08
Exchange-Traded Fund			1.53
Money Market Funds Plus Other Assets Less Liabilities			0.53

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

Invesco S&P Global Water Index ETF (CGW)

April 30, 2024

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Austria-1.02%
Wienerberger AG		272,716	$	9,786,154

Brazil-4.31%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR		1,943,000		30,297,170
Cia de Saneamento de Minas Gerais COPASA MG		1,075,900		4,064,386
Cia de Saneamento do Parana, Series CPO		1,415,300		7,025,847

				41,387,403

Canada-2.85%
Stantec, Inc.		343,017		27,366,957

China-1.37%
Beijing Capital Eco-environment Protection
Group Co. Ltd., A Shares		3,894,500		1,559,628
Beijing Enterprises Water Group Ltd.^(a)		20,479,378		5,184,520
Beijing Originwater Technology Co. Ltd., A Shares		2,622,200		1,774,326
Chengdu Xingrong Environment Co. Ltd., A Shares		1,858,200		1,829,589
China Lesso Group Holdings Ltd.		2,387,219		1,007,240
Chongqing Water Group Co. Ltd., A Shares		863,700		607,089
Jingjin Equipment, Inc., A Shares		79,100		253,635
Xi’An Shaangu Power Co. Ltd., A Shares		140,600		170,471
Zhongshan Public Utilities Group Co. Ltd., A Shares		698,400		745,513

				13,132,011

Italy-0.75%
Interpump Group S.p.A.^(a)		163,286		7,172,307

Japan-2.96%
Kurita Water Industries Ltd.		457,784		18,312,524
Nomura Micro Science Co. Ltd.^(a)		139,063		4,533,366
Organo Corp.		119,565		5,584,487

				28,430,377

Mexico-0.35%
Orbia Advance Corp. S.A.B. de C.V.		2,020,091		3,336,289

Netherlands-0.99%
Aalberts N.V.		197,630		9,492,314

Saudi Arabia-4.74%
ACWA Power Co.		383,303		40,879,121
Power and Water Utility Co. for Jubail and Yanbu		271,346		4,702,578

				45,581,699

South Korea-0.49%
Coway Co. Ltd.		117,621		4,740,243

Switzerland-6.61%
Belimo Holding AG^(a)		20,582		9,573,441
Geberit AG^(a)		67,990		36,591,467
Georg Fischer AG		173,723		12,217,340
Sulzer AG		41,994		5,109,884

				63,492,132

Taiwan-0.26%
Kuo Toong International Co. Ltd.		978,000		2,507,923


	Shares		Value
Thailand-0.24%
Amata Corp. PCL, NVDR		3,821,637	$	2,340,830

United Kingdom-11.47%
Pennon Group PLC		1,504,059		12,533,425
Severn Trent PLC^(a)		1,558,300		48,136,781
United Utilities Group PLC^(a)		3,788,632		49,550,461

				110,220,667

United States-61.50%
Advanced Drainage Systems, Inc.		287,202		45,090,714
American States Water Co.		211,382		14,974,301
American Water Works Co., Inc.		628,309		76,854,757
Badger Meter, Inc.^(a)		128,409		23,488,574
California Water Service Group		320,287		15,732,497
Consolidated Water Co. Ltd.^(a)		77,229		1,965,478
Core & Main, Inc., Class A^(b)		552,160		31,180,475
Ecolab, Inc.		173,222		39,174,155
Energy Recovery, Inc.^(b)		199,725		2,975,903
Essential Utilities, Inc.		1,035,487		37,878,114
Franklin Electric Co., Inc.		181,092		17,433,727
Hawkins, Inc.^(a)		52,649		3,989,215
Lindsay Corp.^(a)		47,870		5,560,101
Middlesex Water Co.^(a)		94,366		4,786,244
Montrose Environmental Group, Inc.^(a)(b)		71,196		3,091,330
Mueller Water Products, Inc., Class A		677,300		10,728,432
Pentair PLC		348,613		27,571,802
Select Water Solutions, Inc., Class A		462,432		4,272,872
SJW Group		163,558		8,905,733
Tetra Tech, Inc.		150,356		29,277,320
TETRA Technologies, Inc.^(a)(b)		317,787		1,363,306
Valmont Industries, Inc.		44,589		9,131,827
Veralto Corp.		650,922		60,978,373
Watts Water Technologies, Inc., Class A		87,308		17,327,146
Xylem, Inc.		595,373		77,815,251
Zurn Elkay Water Solutions Corp.^(a)		614,303		19,215,398

				590,763,045

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $783,552,015)				959,750,351


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.66%
Invesco Private Government Fund, 5.29%^(c)(d)(e)		4,457,350		4,457,350
Invesco Private Prime Fund, 5.46%^(c)(d)(e)		11,452,558		11,455,994

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $15,913,710)				15,913,344

TOTAL INVESTMENTS IN SECURITIES-101.57% (Cost $799,465,725)				975,663,695
OTHER ASSETS LESS LIABILITIES-(1.57)%				(15,038,067	)

NET ASSETS-100.00%			$	960,625,628

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

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

April 30, 2024

(Unaudited)

Investment Abbreviations:

ADR-American Depositary Receipt

CPO-Certificates of Ordinary Participation

NVDR-Non-Voting Depositary Receipt

Notes

to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at April 30, 2024.

^(b)	Non-income producing security.

^(c)


											Change in
											Unrealized				Realized
	Value			Purchases			Proceeds				Appreciation				Gain				Value			Dividend
	October 31, 2023			at Cost			from Sales				(Depreciation)				(Loss)				April 30, 2024			Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	18,831,525		$	(18,831,525	)		$	-			$	-			$	-		$	14,667
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			7,786,794			44,478,157			(47,807,601	)			-				-				4,457,350			123,973	*
Invesco Private Prime Fund			20,028,606			79,832,756			(88,403,864	)			(1,343	)			(161	)			11,455,994			340,477	*

Total		$	27,815,400		$	143,142,438		$	(155,042,990	)		$	(1,343	)		$	(161	)		$	15,913,344		$	479,117

*	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 April 30, 2024.

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

Portfolio Composition

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

as of April 30, 2024


Water Utilities			33.58
Machinery			23.12
Building Products			11.61
Commercial Services & Supplies			9.90
Chemicals			4.85
Independent Power and Renewable Electricity Producers			4.25
Construction & Engineering			4.06
Trading Companies & Distributors			3.25
Industry Types Each Less Than 3%			5.29
Money Market Funds Plus Other Assets Less Liabilities			0.09

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

Invesco S&P International Developed Quality ETF (IDHQ)

April 30, 2024

(Unaudited)

Schedule of Investments


	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Australia-4.92%
BHP Group Ltd.		205,580	$	5,744,222
Cochlear Ltd.		2,676		564,914
Coles Group Ltd.		53,726		565,867
Fortescue Ltd.		82,176		1,390,054
IGO Ltd.		39,447		202,614
JB Hi-Fi Ltd.		6,264		248,323
Medibank Pvt. Ltd.		152,504		352,541
Pilbara Minerals Ltd.^(a)		254,154		670,042
Pro Medicus Ltd.		3,507		253,711
REA Group Ltd.^(a)		2,465		287,540
SEEK Ltd.		16,063		253,149
Wesfarmers Ltd.		57,584		2,497,424
Whitehaven Coal Ltd.		70,578		353,806
Yancoal Australia Ltd.^(a)(b)		39,935		143,921

				13,528,128

Austria-0.17%
ANDRITZ AG		3,486		191,589
Verbund AG		3,454		264,432

				456,021

Belgium-0.05%
Ackermans & van Haaren N.V.		835		144,191

Cameroon-0.06%
Golar LNG Ltd.		6,149		150,773

Canada-7.08%
ARC Resources Ltd.		34,250		621,503
Brookfield Asset Management Ltd., Class A		17,479		669,084
Canadian National Railway Co.		24,194		2,942,516
Canadian Natural Resources Ltd.		55,349		4,202,793
Cenovus Energy, Inc.		64,187		1,321,257
CGI, Inc., Class A^(c)		8,955		909,221
iA Financial Corp., Inc.		4,230		256,968
Imperial Oil Ltd.		9,663		665,723
Manulife Financial Corp.		100,941		2,359,221
Sun Life Financial, Inc.		24,400		1,248,372
Suncor Energy, Inc.		64,977		2,484,435
TFI International, Inc.		3,582		467,432
Thomson Reuters Corp.		6,897		1,043,850
Toromont Industries Ltd.		3,031		277,982

				19,470,357

China-1.01%
Budweiser Brewing Co. APAC Ltd.^(b)		77,603		109,144
Chow Tai Fook Jewellery Group Ltd.		99,815		137,320
ENN Energy Holdings Ltd.		32,936		284,882
Prosus N.V.^(c)		66,259		2,232,404

				2,763,750

Denmark-6.97%
Carlsberg A/S, Class B		5,329		720,582
DSV A/S^(a)		7,636		1,092,304
Novo Nordisk A/S, Class B^(a)		130,550		16,892,977
Novozymes A/S, Class B		7,842		436,882

				19,142,745

Finland-0.73%
Elisa OYJ		7,001		316,800


	Shares		Value
Finland-(continued)
Kone OYJ, Class B		28,039	$	1,373,117
Metso OYJ^(a)		28,889		329,746

				2,019,663

France-13.45%
Airbus SE		30,221		4,998,302
Bollore SE		36,173		235,936
Bureau Veritas S.A.		12,078		354,113
Christian Dior SE		173		135,128
Hermes International S.C.A.		1,785		4,296,286
L’Oreal S.A.		9,207		4,328,174
LVMH Moet Hennessy Louis Vuitton SE		11,489		9,513,209
Safran S.A.		21,491		4,692,366
Thales S.A.		3,792		640,424
TotalEnergies SE		106,013		7,774,982

				36,968,920

Germany-3.33%
BioNTech SE, ADR^(a)(c)		4,693		416,832
Dr. Ing. h.c. F. Porsche AG, Preference Shares^(a)(b)		5,727		512,545
Hannover Rueck SE		2,455		610,053
SAP SE		41,920		7,606,460

				9,145,890

Hong Kong-1.24%
CK Infrastructure Holdings Ltd.		26,460		149,872
Hong Kong Exchanges & Clearing Ltd.		67,503		2,171,502
Prudential PLC		124,487		1,092,695

				3,414,069

Israel-0.44%
Check Point Software Technologies Ltd.^(c)		5,542		828,086
First International Bank of Israel Ltd. (The)		3,243		129,548
Perion Network Ltd.^(c)		4,661		58,682
Plus500 Ltd.		6,631		179,511

				1,195,827

Italy-1.57%
Ferrari N.V.		7,018		2,905,549
FinecoBank Banca Fineco S.p.A.		31,145		480,878
Prada S.p.A.		23,670		194,597
Ryanair Holdings PLC, ADR^(a)		5,468		744,742

				4,325,766

Japan-10.59%
ANA Holdings, Inc.		6,221		118,597
Azbil Corp.		5,236		147,299
BayCurrent Consulting, Inc.		9,091		194,801
Calbee, Inc.		6,588		144,432
Capcom Co. Ltd.		13,974		232,789
COMSYS Holdings Corp.		5,747		134,760
Daito Trust Construction Co. Ltd.		2,725		292,907
Disco Corp.		4,321		1,257,597
Fancl Corp.		8,113		94,991
GOLDWIN, Inc.		2,037		124,267
Hamamatsu Photonics K.K.		5,947		219,604
Hirose Electric Co. Ltd.		1,244		132,610
Hitachi Ltd.		41,499		3,855,466
Hoya Corp.		15,079		1,769,829

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

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

April 30, 2024

(Unaudited)


	Shares		Value
Japan-(continued)
Japan Exchange Group, Inc.		23,055	$	543,100
JGC Holdings Corp.		11,375		109,980
Kakaku.com, Inc.		10,765		124,742
Kansai Paint Co. Ltd.		10,198		133,822
Kobayashi Pharmaceutical Co. Ltd.		2,820		100,281
Kobe Bussan Co. Ltd.		5,473		119,118
Koei Tecmo Holdings Co. Ltd.^(a)		10,609		99,439
Lasertec Corp.^(a)		4,445		977,327
Marubeni Corp.		65,042		1,167,214
Mitsubishi Motors Corp.		39,019		123,579
Nexon Co. Ltd.		18,379		288,652
Nintendo Co. Ltd.^(a)		50,720		2,488,218
Nissan Chemical Corp.		5,270		180,908
Nisshin Seifun Group, Inc.		10,846		141,705
NOF Corp.		9,584		129,297
Nomura Research Institute Ltd.		18,426		449,043
NS Solutions Corp.		4,077		133,426
OBIC Business Consultants Co. Ltd.		2,740		112,933
OBIC Co. Ltd.		2,740		354,503
Olympus Corp.		56,732		793,307
Ono Pharmaceutical Co. Ltd.^(a)		18,395		266,050
Persol Holdings Co. Ltd.		89,253		124,324
Rakus Co. Ltd.		7,106		72,905
Recruit Holdings Co. Ltd.		72,932		3,198,784
Sanrio Co. Ltd.		9,478		160,782
Santen Pharmaceutical Co. Ltd.		15,471		149,878
SCREEN Holdings Co. Ltd.		4,288		452,057
Sega Sammy Holdings, Inc.		8,969		118,264
SG Holdings Co. Ltd.		26,438		309,884
Shinko Electric Industries Co. Ltd.		3,594		127,668
Shionogi & Co. Ltd.		11,205		525,058
SHO-BOND Holdings Co. Ltd.		3,151		122,123
Square Enix Holdings Co. Ltd.		3,675		133,534
TBS Holdings, Inc.^(a)		6,321		165,652
TechnoPro Holdings, Inc.		5,473		93,903
TIS, Inc.		9,857		211,465
Tokyo Electron Ltd.		23,616		5,270,511
USS Co. Ltd.		20,023		153,451
ZOZO, Inc.		7,124		154,146

				29,100,982

Netherlands-8.32%
Adyen N.V.^(b)(c)		1,440		1,740,192
ASML Holding N.V.		18,306		16,299,020
EXOR N.V.		4,172		458,136
Koninklijke KPN N.V.		170,142		619,999
Universal Music Group N.V.^(a)		48,860		1,447,147
Wolters Kluwer N.V.		15,384		2,315,246

				22,879,740

New Zealand-0.25%
Fisher & Paykel Healthcare Corp. Ltd.		22,713		382,649
Spark New Zealand Ltd.		107,501		303,437

				686,086

Norway-0.79%
Equinor ASA		50,325		1,358,538
Gjensidige Forsikring ASA		10,425		168,225
Schibsted ASA, Class A		5,075		145,640


	Shares		Value
Norway-(continued)
Telenor ASA		31,723	$	366,382
Var Energi ASA		44,082		144,815

				2,183,600

Portugal-0.27%
Galp Energia SGPS S.A.		22,337		482,454
Jeronimo Martins SGPS S.A.		12,145		251,280

				733,734

Singapore-0.64%
Genting Singapore Ltd.		221,653		148,717
Keppel Ltd.		83,746		422,491
Singapore Airlines Ltd.^(a)		61,495		294,906
Singapore Exchange Ltd.		51,186		351,311
Singapore Telecommunications Ltd.		311,670		543,923

				1,761,348

South Korea-1.22%
Alteogen, Inc.^(c)		2,287		292,721
BGF retail Co. Ltd.		1,233		116,957
Cheil Worldwide, Inc.		8,335		114,100
F&F Co. Ltd.		2,073		98,843
Hanmi Semiconductor Co. Ltd.		3,937		384,556
Hansol Chemical Co. Ltd.		805		112,878
Hanwha Aerospace Co. Ltd.		1,342		205,364
Hyundai Autoever Corp.		953		106,188
Hyundai Rotem Co. Ltd.		5,629		151,915
JYP Entertainment Corp.		1,979		95,506
Kia Corp.		10,961		935,821
Korea Aerospace Industries Ltd.		3,507		131,440
KT&G Corp.		4,200		271,674
NCSoft Corp.		640		81,545
Orion Corp.		1,452		97,598
Samsung Engineering Co. Ltd.^(c)		7,742		148,163

				3,345,269

Spain-1.55%
Aena SME S.A.^(a)(b)		2,840		521,093
Amadeus IT Group S.A.		18,810		1,201,929
Industria de Diseno Textil S.A.^(a)		55,551		2,545,202

				4,268,224

Sweden-1.33%
Axfood AB		4,921		127,958
Evolution AB^(b)		8,420		945,110
Fortnox AB		24,180		144,033
Industrivarden AB, Class C^(a)		7,722		251,094
Investor AB, Class B		79,359		1,969,171
Tele2 AB, Class B^(a)		23,725		222,856

				3,660,222

Switzerland-13.94%
ABB Ltd.		85,814		4,200,175
Chocoladefabriken Lindt & Spruengli AG, PC^(a)		52		601,559
Cie Financiere Richemont S.A.^(a)		21,001		2,928,668
DSM-Firmenich AG		9,068		1,024,863
EMS-Chemie Holding AG		394		316,609
Geberit AG^(a)		2,097		1,128,582
Kuehne + Nagel International AG, Class R^(a)		4,077		1,083,318
Nestle S.A.		112,682		11,327,788
Novartis AG		102,101		9,913,421

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

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

April 30, 2024

(Unaudited)


	Shares		Value
Switzerland-(continued)
Partners Group Holding AG		1,760	$	2,282,637
Sonova Holding AG, Class A		2,207		614,586
Zurich Insurance Group AG		5,970		2,891,429

				38,313,635

United Kingdom-10.02%
3i Group PLC		52,293		1,883,169
Admiral Group PLC		15,946		544,894
Auto Trader Group PLC^(b)		41,465		362,612
B&M European Value Retail S.A.		48,313		313,970
Burberry Group PLC		17,258		248,619
Centrica PLC		415,931		666,375
Coca-Cola Europacific Partners PLC		9,145		658,623
Diageo PLC		121,841		4,234,396
Imperial Brands PLC		36,822		843,061
National Grid PLC		143,421		1,882,049
Next PLC		6,879		775,909
Reckitt Benckiser Group PLC		30,244		1,692,035
RELX PLC		100,874		4,172,003
Rightmove PLC		55,988		361,043
Smiths Group PLC		13,557		274,323
St. James’s Place PLC		30,683		167,356
Tesco PLC		280,977		1,042,460
Unilever PLC		139,254		7,218,797
Wise PLC, Class A^(c)		19,797		192,485

				27,534,179

United States-10.01%
BP PLC		1,056,837		6,886,557


	Shares		Value
United States-(continued)
GSK PLC		295,157	$	6,183,094
Holcim AG		24,368		2,050,616
Oracle Corp.		2,326		175,819
Roche Holding AG		42,066		10,118,039
Stellantis N.V.		93,956		2,097,657

				27,511,782

TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $247,202,909)				274,704,901

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-6.27%
Invesco Private Government Fund, 5.29%^(d)(e)(f)		4,824,105		4,824,105
Invesco Private Prime Fund, 5.46%^(d)(e)(f)		12,404,042		12,407,763

Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $17,232,948)				17,231,868

TOTAL INVESTMENTS IN SECURITIES-106.22% (Cost $264,435,857)				291,936,769
OTHER ASSETS LESS LIABILITIES-(6.22)%				(17,089,541	)

NET ASSETS-100.00%			$	274,847,228

Investment Abbreviations:

ADR-American Depositary Receipt

PC-Participation Certificate

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at April 30, 2024.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at April 30, 2024 was $4,334,617, which represented 1.58% of the Fund’s Net Assets.

^(c)	Non-income producing security.

^(d)


	Value October 31, 2023			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value April 30, 2024			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	1,269,808		$	(1,269,808)		$	-		$	-		$	-		$	1,022

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

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

April 30, 2024

(Unaudited)


	Value October 31, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value April 30, 2024			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	1,488,540		$	21,288,221		$	(17,952,656	)		$	-			$	-		$	4,824,105		$	56,604	*
Invesco Private Prime Fund			3,828,581			46,911,696			(38,332,298	)			(1,137	)			921			12,407,763			144,878	*

Total		$	5,317,121		$	69,469,725		$	(57,554,762	)		$	(1,137	)		$	921		$	17,231,868		$	202,504

*	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 April 30, 2024.

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

Portfolio Composition

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

as of April 30, 2024


Health Care			17.88
Industrials			15.93
Information Technology			13.23
Consumer Discretionary			13.01
Consumer Staples			12.66
Energy			9.67
Financials			8.37
Materials			4.51
Communication Services			3.40
Sector Types Each Less Than 3%			1.29
Money Market Funds Plus Other Assets Less Liabilities			0.05

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

Statements of Assets and Liabilities

April 30, 2024

(Unaudited)


	Invesco China Technology ETF (CQQQ)				Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)				Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)				Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF)
Assets:
Unaffiliated investments in securities, at value^(a)		$	646,601,908			$	123,222,257			$	127,342,477			$	1,683,837,821
Affiliated investments in securities, at value			28,899,543				11,561,900				949,123				152,745,493
Cash			14,428				-				-				-
Foreign currencies, at value			456				203,506				26,683				968,504
Deposits with brokers:
Cash segregated as collateral			-				-				-				-
Receivable for:
Dividends			316,653				293,620				188,006				8,018,048
Securities lending			13,309				3,699				-				63,859
Investments sold			-				68				-				13,209
Investments sold - affiliated broker			-				-				-				-
Fund shares sold			-				-				-				-
Foreign tax reclaims			-				357,983				-				2,378,614
Other assets			-				-				-				-

Total assets			675,846,297				135,643,033				128,506,289				1,848,025,548


Liabilities:
Due to custodian			-				332,585				-				741,715
Payable for:
Investments purchased			-				-				-				2,321,250
Investments purchased - affiliated broker			-				-				-				227,644
Collateral upon return of securities loaned			28,902,455				11,562,908				806,352				152,758,049
Collateral upon receipt of securities in-kind			-				-				-				-
Fund shares repurchased			-				-				-				-
Accrued unitary management fees			323,760				81,566				97,263				623,891
Accrued advisory fees			-				-				-				-
Accrued trustees’ and officer’s fees			-				-				-				-
Accrued expenses			-				-				-				-
Accrued tax expenses			-				-				-				-
Other payables			-				-				-				-

Total liabilities			29,226,215				11,977,059				903,615				156,672,549

Net Assets		$	646,620,082			$	123,665,974			$	127,602,674			$	1,691,352,999


Net assets consist of:
Shares of beneficial interest		$	1,560,749,951			$	267,853,363			$	253,791,636			$	1,607,907,471
Distributable earnings (loss)			(914,129,869	)			(144,187,389	)			(126,188,962	)			83,445,528

Net Assets		$	646,620,082			$	123,665,974			$	127,602,674			$	1,691,352,999

Shares outstanding (unlimited amount authorized, $0.01par value)			18,950,000				3,700,000				6,000,000				34,600,000
Net asset value		$	34.12			$	33.42			$	21.27			$	48.88

Market price		$	33.65			$	33.20			$	21.01			$	48.58

Unaffiliated investments in securities, at cost		$	734,264,674			$	106,417,339			$	106,507,561			$	1,448,298,234

Affiliated investments in securities, at cost		$	28,902,455			$	11,562,908			$	949,178			$	152,758,049

Foreign currencies, at cost		$	456			$	207,701			$	26,682			$	970,829

^(a)Includes securities on loan with an aggregate value of:		$	26,176,120			$	10,781,645			$	738,719			$	141,411,315

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


Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)				Invesco FTSE RAFI Emerging Markets ETF (PXH)				Invesco Global Clean Energy ETF (PBD)				Invesco Global Water ETF (PIO)				Invesco International BuyBack Achievers^TM ETF (IPKW)				Invesco MSCI Global Timber ETF (CUT)				Invesco MSCI Green Building ETF (GBLD)

	$	498,957,149			$	1,243,251,361			$	117,114,327			$	280,485,901			$	92,441,438			$	50,671,086			$	5,516,501
		85,241,098				40,718,490				38,692,253				41,270,182				3,679,209				8,179,425				826,513
		-				-				-				-				-				-				-
		560,171				3,911,384				49,993				6,636				180,924				50,086				328
		-				-				-				-				91,956				-				-
		2,942,389				9,481,888				56,610				728,012				367,398				184,618				34,583
		77,433				19,120				86,989				9,245				2,448				5,143				318
		373				-				-				-				2,562,174				431,874				1
		-				-				-				-				20,420				-				-
		-				-				-				-				87,165				774				-
		393,189				-				48,272				191,893				107,256				137,843				326
		-				2,009				-				-				-				7,746				-


		588,171,802				1,297,384,252				156,048,444				322,691,869				99,540,388				59,668,595				6,378,570


		393,515				3,045,731				7,105				-				118,913				242,927				3,685
		119,027				4,647,583				-				267,653				2,984,289				-				-
		-				-				-				-				49,884				-				-
		85,253,025				31,908,364				38,697,509				41,185,075				3,679,616				7,776,027				740,379
		-				-				-				-				91,956				-				-
		-				-				-				-				10,792				431,811				-
		203,135				489,162				72,509				175,307				37,392				-				1,748
		-				-				-				-				-				17,773				-
		-				-				-				-				-				9,712				-
		-				-				-				-				-				27,792				-
		-				6,401,986				-				-				-				-				-
		-				5,433,706				-				-				-				-				-


		85,968,702				51,926,532				38,777,123				41,628,035				6,972,842				8,506,042				745,812


	$	502,203,100			$	1,245,457,720			$	117,271,321			$	281,063,834			$	92,567,546			$	51,162,553			$	5,632,758

	$	577,882,424			$	1,480,982,106			$	410,087,761			$	284,524,285			$	149,965,103			$	67,626,046			$	8,189,898
		(75,679,324	)			(235,524,386	)			(292,816,440	)			(3,460,451	)			(57,397,557	)			(16,463,493	)			(2,557,140	)


	$	502,203,100			$	1,245,457,720			$	117,271,321			$	281,063,834			$	92,567,546			$	51,162,553			$	5,632,758

		15,550,000				62,450,000				8,625,000				6,900,000				2,350,000				1,600,000				350,001
	$	32.30			$	19.94			$	13.60			$	40.73			$	39.39			$	31.98			$	16.09

	$	31.99			$	19.76			$	13.48			$	40.65			$	39.29			$	31.96			$	16.01

	$	493,563,781			$	1,170,371,564			$	166,754,467			$	220,150,549			$	88,344,673			$	48,710,965			$	7,057,476

	$	85,253,025			$	40,721,050			$	38,697,509			$	41,272,132			$	3,679,616			$	8,160,597			$	822,207

	$	562,907			$	3,918,446			$	50,744			$	6,736			$	181,176			$	50,108			$	330

	$	77,654,551			$	29,051,134			$	36,042,962			$	32,054,982			$	3,094,914			$	7,278,284			$	705,008

Statements of Assets and Liabilities–(continued)

April 30, 2024

(Unaudited)


	Invesco S&P Global Water Index ETF (CGW)			Invesco S&P International Developed Quality ETF (IDHQ)
Assets:
Unaffiliated investments in securities, at value^(a)		$	959,750,351		$	274,704,901
Affiliated investments in securities, at value			15,913,344			17,231,868
Cash			-			-
Foreign currencies, at value			505,164			78,370
Cash segregated as collateral			-			-
Receivable for:
Dividends			916,611			517,277
Securities lending			2,386			2,115
Investments sold			-			131
Investments sold - affiliated broker			-			-
Fund shares sold			-			-
Foreign tax reclaims			1,479,361			610,493
Other assets			-			-

Total assets			978,567,217			293,145,155


Liabilities:
Due to custodian			1,448,790			661,340
Payable for:
Investments purchased			-			339,392
Investments purchased - affiliated broker			-			-
Collateral upon return of securities loaned			15,913,710			17,232,948
Collateral upon receipt of securities in-kind			-			-
Fund shares repurchased			-			-
Accrued unitary management fees			-			64,247
Accrued advisory fees			396,922			-
Accrued trustees’ and officer’s fees			20,009			-
Accrued expenses			162,158			-
Accrued tax expenses			-			-
Other payables			-			-

Total liabilities			17,941,589			18,297,927

Net Assets		$	960,625,628		$	274,847,228


Net assets consist of:
Shares of beneficial interest		$	784,664,114		$	272,619,661
Distributable earnings			175,961,514			2,227,567

Net Assets		$	960,625,628		$	274,847,228

Shares outstanding (unlimited amount authorized, $0.01 par value)			17,480,000			9,350,000
Net asset value		$	54.96		$	29.40

Market price		$	54.83		$	29.28

Unaffiliated investments in securities, at cost		$	783,552,015		$	247,202,909

Affiliated investments in securities, at cost		$	15,913,710		$	17,232,948

Foreign currencies, at cost		$	509,685		$	78,369

^(a)Includes securities on loan with an aggregate value of:		$	13,239,455		$	16,374,701

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

Statements of Operations

For the six months ended April 30, 2024

(Unaudited)


	Invesco China Technology ETF (CQQQ)			Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)			Invesco Dorsey Wright 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	$	894,112		$	1,333,569		$	1,461,207		$	32,259,191		$	8,484,940
Affiliated dividend income		41,436			1,320			1,075			12,863			4,045
Securities lending income, net		93,474			16,236			15,351			359,686			327,145
Foreign withholding tax		(28,756	)		(155,314	)		(137,349	)		(3,318,103	)		(917,732	)

Total investment income		1,000,266			1,195,811			1,340,284			29,313,637			7,898,398


Expenses:
Unitary management fees		2,088,291			501,988			577,299			3,701,247			1,244,223
Advisory fees		-			-			-			-			-
Sub-licensing fees		-			-			-			-			-
Accounting & administration fees		-			-			-			-			-
Custodian & transfer agent fees		-			-			-			-			-
Trustees’ and officer’s fees		-			-			-			-			-
Tax expenses		-			-			-			-			-
Other expenses		-			-			-			-			-

Total expenses		2,088,291			501,988			577,299			3,701,247			1,244,223

Less: Waivers		(798	)		(24	)		(47	)		(244	)		(77	)

Net expenses		2,087,493			501,964			577,252			3,701,003			1,244,146

Net investment income (loss)		(1,087,227	)		693,847			763,032			25,612,634			6,654,252


Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(45,417,581	)		3,319,138			4,324,757			14,890,718			1,473,620
Affiliated investment securities		18,278			2,076			1,177			25,191			22,007
In-kind redemptions		1,918,955			3,343,514			1,489,228			18,480,111			5,877,448
Foreign currencies		(128,016	)		(42,192	)		(43,489	)		(30,317	)		(44,067	)
Distributions of underlying fund shares		-			-			-			-			-

Net realized gain (loss)		(43,608,364	)		6,622,536			5,771,673			33,365,703			7,329,008

Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		43,684,208			17,535,827			18,660,502			216,559,573			60,227,131
Affiliated investment securities		(2,850	)		(1,014	)		(129	)		(14,812	)		(14,772	)
Foreign currencies		-			(4,419	)		835			(105,557	)		(41,784	)

Change in net unrealized appreciation		43,681,358			17,530,394			18,661,208			216,439,204			60,170,575

Net realized and unrealized gain		72,994			24,152,930			24,432,881			249,804,907			67,499,583

Net increase (decrease) in net assets resulting from operations	$	(1,014,233	)	$	24,846,777		$	25,195,913		$	275,417,541		$	74,153,835

^(a)	Net of foreign taxes of $4,722,399.

^(b)	Net of foreign taxes of $(2,730,490).

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


Invesco FTSE RAFI Emerging Markets ETF (PXH)				Invesco Global Clean Energy ETF (PBD)				Invesco Global Water ETF (PIO)				Invesco International BuyBack Achievers^TMETF (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)

	$	18,462,354			$	524,450			$	2,154,564			$	1,922,517			$	1,130,201			$	134,678			$	9,076,822			$	4,080,705
		101,245				2,015				832				120				1,323				256				14,667				1,022
		90,734				456,398				27,716				10,660				19,552				1,841				15,890				14,984
		(1,230,555	)			(72,742	)			(149,725	)			(172,335	)			(37,564	)			(12,272	)			(364,526	)			(478,489	)


		17,423,778				910,121				2,033,387				1,760,962				1,113,512				124,503				8,742,853				3,618,222




		2,896,795				489,678				1,026,088				198,146				-				12,302				-				338,908
		-				-				-				-				134,750				-				2,347,513				-
		-				-				-				-				51,480				-				193,542				-
		-				-				-				-				7,547				-				34,962				-
		-				-				-				-				16,952				-				35,668				-
		-				-				-				-				5,721				-				10,409				-
		-				-				-				-				846				-				-				-
		-				-				-				-				24,085				-				57,621				-


		2,896,795				489,678				1,026,088				198,146				241,381				12,302				2,679,715				338,908


		(1,851	)			(38	)			(15	)			(2	)			(42,376	)			(286	)			(279	)			(19	)


		2,894,944				489,640				1,026,073				198,144				199,005				12,016				2,679,436				338,889


		14,528,834				420,481				1,007,314				1,562,818				914,507				112,487				6,063,417				3,279,333





		25,194,880	^(a)			(25,060,524	)			7,131,509				(473,470	)			(426,157	)			(148,324	)			17,897,569				1,761,587
		3,370				13,099				1,144				196				2,737				4,923				(161	)			921
		638,154				148,572				6,065,449				2,093,053				2,415,392				(31,522	)			43,410,285				-
		60,229				1,566				(6,780	)			(6,344	)			(8,229	)			(653	)			(359,948	)			18,349
		-				-				-				-				11,001				1,672				-				-


		25,896,633				(24,897,287	)			13,191,322				1,613,435				1,994,744				(173,904	)			60,947,745				1,780,857




		143,234,438	^(b)			28,978,591				49,682,374				9,811,247				3,301,960				621,742				123,627,504				29,184,652
		(2,645	)			(6,140	)			(1,937	)			(407	)			58,327				5,732				(1,343	)			(1,137	)
		(221,243	)			5,251				(13,891	)			4,971				9,887				(188	)			(18,309	)			(12,570	)


		143,010,550				28,977,702				49,666,546				9,815,811				3,370,174				627,286				123,607,852				29,170,945


		168,907,183				4,080,415				62,857,868				11,429,246				5,364,918				453,382				184,555,597				30,951,802



	$	183,436,017			$	4,500,896			$	63,865,182			$	12,992,064			$	6,279,425			$	565,869			$	190,619,014			$	34,231,135

Statements of Changes in Net Assets

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)


	Invesco China Technology ETF (CQQQ)								Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)
	Six Months Ended April 30, 2024				Year Ended October 31, 2023				Six Months Ended April 30, 2024				Year Ended October 31, 2023


Operations:
Net investment income (loss)		$	(1,087,227	)		$	(1,850,746	)		$	693,847			$	2,284,410
Net realized gain (loss)			(43,608,364	)			(190,010,957	)			6,622,536				6,114,792
Change in net unrealized appreciation			43,681,358				250,493,027				17,530,394				1,519,305

Net increase (decrease) in net assets resulting from operations			(1,014,233	)			58,631,324				24,846,777				9,918,507


Distributions to Shareholders from:
Distributable earnings			(3,679,038	)			(670,073	)			(831,261	)			(2,199,157	)


Shareholder Transactions:
Proceeds from shares sold			43,337,060				103,484,499				11,827,654				32,883,352
Value of shares repurchased			(77,187,929	)			(179,557,792	)			(20,710,456	)			(33,583,440	)
Transaction fees.			113,178				553,435				-				-

Net increase (decrease) in net assets resulting from share transactions			(33,737,691	)			(75,519,858	)			(8,882,802	)			(700,088	)

Net increase (decrease) in net assets			(38,430,962	)			(17,558,607	)			15,132,714				7,019,262


Net assets:
Beginning of period			685,051,044				702,609,651				108,533,260				101,513,998

End of period		$	646,620,082			$	685,051,044			$	123,665,974			$	108,533,260


Changes in Shares Outstanding:
Shares sold			1,400,000				2,200,000				400,000				1,150,000
Shares repurchased			(2,200,000	)			(4,300,000	)			(650,000	)			(1,100,000	)
Shares outstanding, beginning of period			19,750,000				21,850,000				3,950,000				3,900,000

Shares outstanding, end of period			18,950,000				19,750,000				3,700,000				3,950,000

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


Invesco Dorsey Wright 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)
Six Months Ended				Year Ended				Six Months Ended				Year Ended				Six Months Ended				Year Ended				Six Months Ended				Year Ended
April 30,				October 31,				April 30,				October 31,				April 30,				October 31,				April 30,				October 31,
2024				2023				2024				2023				2024				2023				2024				2023

	$	763,032			$	4,054,931			$	25,612,634			$	51,705,367			$	6,654,252			$	14,145,160			$	14,528,834			$	58,207,681
		5,771,673				5,809,329				33,365,703				(19,477,289	)			7,329,008				(5,800,733	)			25,896,633				(32,756,042	)
		18,661,208				8,275,771				216,439,204				143,931,854				60,170,575				41,496,195				143,010,550				149,169,351


		25,195,913				18,140,031				275,417,541				176,159,932				74,153,835				49,840,622				183,436,017				174,620,990




		(577,215	)			(3,777,465	)			(25,363,149	)			(50,508,745	)			(7,265,943	)			(15,381,159	)			(14,914,355	)			(59,342,500	)




		10,481,575				22,859,588				19,622,828				246,714,932				-				14,192,205				7,649,553				10,977,479
		(25,579,831	)			(44,907,905	)			(56,806,162	)			(24,507,745	)			(40,159,249	)			(62,362,283	)			(25,319,505	)			(238,230,978	)
		52,138				122,808				5,416				80,392				8,210				14,683				37,011				303,421


		(15,046,118	)			(21,925,509	)			(37,177,918	)			222,287,579				(40,151,039	)			(48,155,395	)			(17,632,941	)			(226,950,078	)


		9,572,580				(7,562,943	)			212,876,474				347,938,766				26,736,853				(13,695,932	)			150,888,721				(111,671,588	)




		118,030,094				125,593,037				1,478,476,525				1,130,537,759				475,466,247				489,162,179				1,094,568,999				1,206,240,587


	$	127,602,674			$	118,030,094			$	1,691,352,999			$	1,478,476,525			$	502,203,100			$	475,466,247			$	1,245,457,720			$	1,094,568,999




		550,000				1,250,000				400,000				5,850,000				-				500,000				400,000				600,000
		(1,300,000	)			(2,400,000	)			(1,150,000	)			(550,000	)			(1,300,000	)			(2,000,000	)			(1,350,000	)			(13,350,000	)
		6,750,000				7,900,000				35,350,000				30,050,000				16,850,000				18,350,000				63,400,000				76,150,000


		6,000,000				6,750,000				34,600,000				35,350,000				15,550,000				16,850,000				62,450,000				63,400,000

Statements of Changes in Net Assets–(continued)

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)


	Invesco Global								Invesco Global
	Clean Energy ETF (PBD)								Water ETF (PIO)
	Six Months Ended				Year Ended				Six Months Ended				Year Ended
	April 30,				October 31,				April 30,				October 31,
	2024				2023				2024				2023
Operations:
Net investment income		$	420,481			$	3,092,080			$	1,007,314			$	2,416,151
Net realized gain (loss)			(24,897,287	)			(38,066,946	)			13,191,322				2,281,677
Change in net unrealized appreciation (depreciation)			28,977,702				(14,629,249	)			49,666,546				10,088,774

Net increase (decrease) in net assets resulting from operations			4,500,896				(49,604,115	)			63,865,182				14,786,602


Distributions to Shareholders from:
Distributable earnings			(1,905,239	)			(6,009,522	)			(651,440	)			(2,520,644	)


Shareholder Transactions:
Proceeds from shares sold			-				-				-				-
Value of shares repurchased			(17,026,561	)			(29,435,232	)			(16,755,879	)			(34,948,695	)
Transaction fees			8,840				14,283				1,015				2,356

Net increase (decrease) in net assets resulting from share transactions			(17,017,721	)			(29,420,949	)			(16,754,864	)			(34,946,339	)

Net increase (decrease) in net assets			(14,422,064	)			(85,034,586	)			46,458,878				(22,680,381	)


Net assets:
Beginning of period			131,693,385				216,727,971				234,604,956				257,285,337

End of period		$	117,271,321			$	131,693,385			$	281,063,834			$	234,604,956


Changes in Shares Outstanding:
Shares sold			-				-				-				-
Shares repurchased			(1,200,000	)			(1,600,000	)			(450,000	)			(1,000,000	)
Shares outstanding, beginning of period			9,825,000				11,425,000				7,350,000				8,350,000

Shares outstanding, end of period			8,625,000				9,825,000				6,900,000				7,350,000

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


Invesco International BuyBack								Invesco MSCI Global								Invesco MSCI Green								Invesco S&P Global
Achievers^TM ETF (IPKW)								Timber ETF (CUT)								Building ETF (GBLD)								Water Index ETF (CGW)
Six Months Ended				Year Ended				Six Months Ended				Year Ended				Six Months Ended				Year Ended				Six Months Ended				Year Ended
April 30,				October 31,				April 30,				October 31,				April 30,				October 31,				April 30,				October 31,
2024				2023				2024				2023				2024				2023				2024				2023


	$	1,562,818			$	2,302,394			$	914,507			$	1,445,638			$	112,487			$	250,508			$	6,063,417			$	14,718,009
		1,613,435				1,990,912				1,994,744				534,721				(173,904	)			(450,485	)			60,947,745				72,422,001
		9,815,811				5,193,767				3,370,174				(1,386,741	)			627,286				(268,256	)			123,607,852				(70,625,250	)


		12,992,064				9,487,073				6,279,425				593,618				565,869				(468,233	)			190,619,014				16,514,760




		(994,290	)			(2,221,342	)			(1,329,995	)			(1,560,660	)			(286,532	)			(253,373	)			(14,833,390	)			(13,784,941	)




		36,586,067				29,985,637				5,107,181				-				2,613,226				1,730,816				54,503,621				101,720,488
		(34,365,896	)			(39,692,142	)			(11,032,906	)			(7,552,564	)			(3,197,144	)			-				(109,751,824	)			(197,367,725	)
		2,197				2,838				1,604				395				-				-				5,245				6,642


		2,222,368				(9,703,667	)			(5,924,121	)			(7,552,169	)			(583,918	)			1,730,816				(55,242,958	)			(95,640,595	)


		14,220,142				(2,437,936	)			(974,691	)			(8,519,211	)			(304,581	)			1,009,210				120,542,666				(92,910,776	)




		78,347,404				80,785,340				52,137,244				60,656,455				5,937,339				4,928,129				840,082,962				932,993,738


	$	92,567,546			$	78,347,404			$	51,162,553			$	52,137,244			$	5,632,758			$	5,937,339			$	960,625,628			$	840,082,962




		950,000				850,000				150,000				-				150,000				100,000				1,040,000				2,000,000
		(950,000	)			(1,150,000	)			(350,000	)			(250,000	)			(200,000	)			-				(2,080,000	)			(3,920,000	)
		2,350,000				2,650,000				1,800,000				2,050,000				400,001				300,001				18,520,000				20,440,000


		2,350,000				2,350,000				1,600,000				1,800,000				350,001				400,001				17,480,000				18,520,000

Statements of Changes in Net Assets–(continued)

For the six months ended April 30, 2024 and the year ended October 31, 2023

(Unaudited)


	Invesco S&P International
	Developed Quality ETF (IDHQ)
	Six Months Ended				Year Ended
	April 30,				October 31,
	2024				2023
Operations:
Net investment income		$	3,279,333			$	3,882,309
Net realized gain (loss)			1,780,857				(2,980,142	)
Change in net unrealized appreciation			29,170,945				12,105,810

Net increase in net assets resulting from operations			34,231,135				13,007,977


Distributions to Shareholders from:
Distributable earnings			(2,627,163	)			(3,884,122	)


Shareholder Transactions:
Proceeds from shares sold			67,119,806				74,722,150
Transaction fees			4,538				7,246

Net increase in net assets resulting from share transactions			67,124,344				74,729,396

Net increase in net assets			98,728,316				83,853,251


Net assets:
Beginning of period			176,118,912				92,265,661

End of period		$	274,847,228			$	176,118,912


Changes in Shares Outstanding:
Shares sold			2,350,000				2,850,000
Shares outstanding, beginning of period			7,000,000				4,150,000

Shares outstanding, end of period			9,350,000				7,000,000

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

Financial Highlights

Invesco China Technology ETF (CQQQ)


	Six Months Ended April 30, 2024				Years Ended October 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	34.69			$	32.16			$	68.90			$	73.98			$	47.88			$	40.55

Net investment income (loss)^(a)			(0.06	)			(0.09	)			(0.07	)			(0.15	)			(0.06	)			0.04
Net realized and unrealized gain (loss) on investments			(0.32	)^(b)			2.62				(36.71	)			(4.54	)			26.17				7.46

Total from investment operations			(0.38	)			2.53				(36.78	)			(4.69	)			26.11				7.50

Distributions to shareholders from:
Net investment income			(0.20	)			(0.03	)			-				(0.39	)			(0.01	)			(0.17	)

Transaction fees^(a)			0.01				0.03				0.04				-				-				-

Net asset value at end of period		$	34.12			$	34.69			$	32.16			$	68.90			$	73.98			$	47.88

Market price at end of period^(c)		$	33.65			$	34.67			$	31.96			$	68.25			$	74.34			$	47.67

Net Asset Value Total Return^(d)			(1.10	)%			7.95	%			(53.32	)%			(6.41	)%			54.53	%			18.59	%
Market Price Total Return^(d)			(2.40	)%			8.56	%			(53.17	)%			(7.75	)%			55.97	%			17.32	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	646,620			$	685,051			$	702,610			$	1,519,338			$	1,043,162			$	509,964
Ratio to average net assets of:
Expenses			0.67	%^(e)			0.70	%			0.70	%			0.70	%			0.70	%			0.70	%
Net investment income (loss)			(0.35	)%^(e)			(0.21	)%			(0.14	)%			(0.19	)%			(0.09	)%			0.09	%
Portfolio turnover rate^(f)			24	%			58	%			58	%			54	%			38	%			80	%

^(a)	Based on average shares outstanding.

^(b)	Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

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

^(d)

^(e)	Annualized.

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

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

Financial Highlights–(continued)

Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)


	Six Months Ended April 30, 2024				Years Ended October 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	27.48			$	26.03			$	39.99			$	29.82			$	27.18			$	24.53

Net investment income^(a)			0.18				0.54				0.40				0.22	^(b)			0.13				0.30
Net realized and unrealized gain (loss) on investments			5.96				1.42				(13.59	)			10.12				2.77				2.70

Total from investment operations			6.14				1.96				(13.19	)			10.34				2.90				3.00

Distributions to shareholders from:
Net investment income			(0.20	)			(0.51	)			(0.77	)			(0.17	)			(0.26	)			(0.35	)

Net asset value at end of period		$	33.42			$	27.48			$	26.03			$	39.99			$	29.82			$	27.18

Market price at end of period^(c)		$	33.20			$	27.65			$	26.00			$	40.09			$	29.77			$	27.10

Net Asset Value Total Return^(d)			22.38	%			7.40	%			(33.25	)%			34.70	%			10.82	%			12.31	%
Market Price Total Return^(d)			20.83	%			8.18	%			(33.49	)%			35.26	%			10.96	%			12.25	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	123,666			$	108,533			$	101,514			$	251,951			$	155,043			$	175,327
Ratio to average net assets of:
Expenses			0.80	%^(e)			0.80	%			0.80	%			0.80	%			0.80	%			0.81	%
Net investment income			1.11	%^(e)			1.83	%			1.22	%			0.59	%^(b)			0.47	%			1.18	%
Portfolio turnover rate^(f)			67	%			144	%			152	%			161	%			115	%			106	%

^(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)

^(e)	Annualized.

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

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

Financial Highlights–(continued)

Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)


	Six Months Ended April 30, 2024				Years Ended October 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	17.49			$	15.90			$	24.99			$	19.56			$	18.59			$16.12

Net investment income^(a)			0.12				0.51				0.57	^(b)			0.19				0.23			0.36	^(c)
Net realized and unrealized gain (loss) on investments			3.74				1.56				(8.97	)			5.52				1.07			2.51

Total from investment operations			3.86				2.07				(8.40	)			5.71				1.30			2.87

Distributions to shareholders from:
Net investment income			(0.09	)			(0.50	)			(0.71	)			(0.30	)			(0.34	)		(0.41	)

Transaction fees^(a)			0.01				0.02				0.02				0.02				0.01			0.01

Net asset value at end of period		$	21.27			$	17.49			$	15.90			$	24.99			$	19.56			$18.59

Market price at end of period^(d)		$	21.01			$	17.46			$	15.81			$	24.81			$	19.60			$18.51

Net Asset Value Total Return^(e)			22.14	%			12.98	%			(34.05	)%			29.35	%			7.08	%		18.23	%
Market Price Total Return^(e)			20.85	%			13.16	%			(33.79	)%			28.17	%			7.77	%		18.03	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	127,603			$	118,030			$	125,593			$	214,944			$	155,489			$168,210
Ratio to average net assets of:
Expenses			0.90	%^(f)			0.90	%			0.90	%			0.90	%			0.90	%		0.91	%^(g)
Net investment income			1.19	%^(f)			2.76	%			2.66	%^(b)			0.79	%			1.25	%		2.13	%^(c)(g)
Portfolio turnover rate^(h)			77	%			150	%			169	%			198	%			155	%		158	%

^(a)	Based on average shares outstanding.

^(b)

^(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)

^(f)	Annualized.

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

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

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

Financial Highlights–(continued)

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


	Six Months Ended April 30, 2024				Years Ended October 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	41.82			$	37.62			$	48.20			$	34.17			$	40.99			$	40.04

Net investment income^(a)			0.73				1.54				1.40				1.42				0.94				1.45
Net realized and unrealized gain (loss) on investments			7.05				4.15				(9.83	)			13.72				(6.85	)			1.10

Total from investment operations			7.78				5.69				(8.43	)			15.14				(5.91	)			2.55

Distributions to shareholders from:
Net investment income			(0.72	)			(1.49	)			(2.15	)			(1.11	)			(0.92	)			(1.60	)

Transaction fees^(a)			0.00	^(b)			0.00	^(b)			0.00	^(b)			0.00	^(b)			0.01				0.00	^(b)

Net asset value at end of period		$	48.88			$	41.82			$	37.62			$	48.20			$	34.17			$	40.99

Market price at end of period^(c)		$	48.58			$	42.17			$	37.71			$	48.22			$	34.25			$	40.86

Net Asset Value Total Return^(d)			18.67	%			15.00	%			(17.95	)%			44.49	%			(14.26	)%			6.58	%
Market Price Total Return^(d)			16.96	%			15.68	%			(17.81	)%			44.22	%			(13.80	)%			6.41	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,691,353			$	1,478,477			$	1,130,538			$	1,200,189			$	871,403			$	1,246,076
Ratio to average net assets of:
Expenses			0.45	%^(e)			0.45	%			0.45	%			0.45	%			0.45	%			0.45	%
Net investment income			3.11	%^(e)			3.52	%			3.24	%			3.09	%			2.57	%			3.64	%
Portfolio turnover rate^(f)			11	%			12	%			16	%			17	%			11	%			15	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

^(e)	Annualized.

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

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

Financial Highlights–(continued)

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


	Six Months Ended April 30, 2024				Years Ended October 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	28.22			$	26.66			$	38.13			$	28.93			$	30.67			$	29.48

Net investment income^(a)			0.41				0.79				0.81				0.65				0.60				0.70
Net realized and unrealized gain (loss) on investments			4.12				1.63				(11.23	)			9.25				(1.70	)			1.24

Total from investment operations			4.53				2.42				(10.42	)			9.90				(1.10	)			1.94

Distributions to shareholders from:
Net investment income			(0.45	)			(0.86	)			(1.06	)			(0.70	)			(0.64	)			(0.75	)

Transaction fees^(a)			0.00	^(b)			0.00	^(b)			0.01				0.00	^(b)			0.00	^(b)			0.00	^(b)

Net asset value at end of period		$	32.30			$	28.22			$	26.66			$	38.13			$	28.93			$	30.67

Market price at end of period^(c)		$	31.99			$	28.42			$	26.68			$	38.41			$	28.94			$	30.42

Net Asset Value Total Return^(d)			16.08	%			8.88	%			(27.72	)%			34.34	%			(3.36	)%			6.72	%
Market Price Total Return^(d)			14.15	%			9.58	%			(28.21	)%			35.26	%			(2.53	)%			5.85	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	502,203			$	475,466			$	489,162			$	434,660			$	308,106			$	328,155
Ratio to average net assets of:
Expenses			0.49	%^(e)			0.49	%			0.49	%			0.49	%			0.49	%			0.49	%
Net investment income			2.62	%^(e)			2.58	%			2.55	%			1.77	%			2.09	%			2.36	%
Portfolio turnover rate^(f)			26	%			31	%			32	%			31	%			26	%			27	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

^(e)	Annualized.

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

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

Financial Highlights–(continued)

Invesco FTSE RAFI Emerging Markets ETF (PXH)


	Six Months Ended April 30, 2024				Years Ended October 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	17.26			$	15.84			$	22.43			$	17.51			$	20.95			$	20.02

Net investment income^(a)			0.23				0.84				1.06	^(b)			0.92				0.59				0.72
Net realized and unrealized gain (loss) on investments			2.69				1.45				(6.37	)			4.63				(3.40	)			0.92

Total from investment operations			2.92				2.29				(5.31	)			5.55				(2.81	)			1.64

Distributions to shareholders from:
Net investment income			(0.24	)			(0.87	)			(1.29	)			(0.64	)			(0.63	)			(0.71)

Transaction fees^(a)			0.00	^(c)			0.00	^(c)			0.01				0.01				0.00	^(c)			0.00^(c)

Net asset value at end of period		$	19.94			$	17.26			$	15.84			$	22.43			$	17.51			$	20.95

Market price at end of period^(d)		$	19.76			$	17.25			$	15.85			$	22.34			$	17.51			$	20.93

Net Asset Value Total Return^(e)			16.99	%			14.21	%			(24.47	)%			31.79	%			(13.44	)%			8.31%
Market Price Total Return^(e)			16.00	%			14.09	%			(24.14	)%			31.28	%			(13.36	)%			8.14%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	1,245,458			$	1,094,569			$	1,206,241			$	1,360,503			$	969,844			$	1,277,150
Ratio to average net assets of:
Expenses			0.49	%^(f)			0.49	%			0.49	%			0.49	%^(g)			0.49	%^(g)			0.49%^(g)
Net investment income			2.46	%^(f)			4.57	%			5.39	%^(b)			4.11	%			3.14	%			3.48%
Portfolio turnover rate^(h)			19	%			21	%			36	%			34	%			22	%			29%

^(a)	Based on average shares outstanding.

^(b)

^(c)	Amount represents less than $0.005.

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

^(e)

^(f)	Annualized.

^(g)

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

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

Financial Highlights–(continued)

Invesco Global Clean Energy ETF (PBD)


	Six Months Ended April 30, 2024				Years Ended October 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	13.40			$	18.97			$	31.28			$	22.89			$	12.66			$	10.97

Net investment income^(a)			0.05				0.29				0.25				0.16				0.19				0.21
Net realized and unrealized gain (loss) on investments			0.35				(5.30	)			(12.25	)			8.37				10.30				1.72

Total from investment operations			0.40				(5.01	)			(12.00	)			8.53				10.49				1.93

Distributions to shareholders from:
Net investment income			(0.20	)			(0.56	)			(0.31	)			(0.14	)			(0.26	)			(0.24)

Transaction fees^(a)			0.00	^(b)			0.00	^(b)			0.00	^(b)			0.00	^(b)			0.00	^(b)			0.00^(b)

Net asset value at end of period		$	13.60			$	13.40			$	18.97			$	31.28			$	22.89			$	12.66

Market price at end of period^(c)		$	13.48			$	13.41			$	18.89			$	31.31			$	22.92			$	12.56

Net Asset Value Total Return^(d)			2.81	%			(27.24	)%			(38.52	)%			37.31	%			84.06	%			17.86	%
Market Price Total Return^(d)			1.83	%			(26.86	)%			(38.83	)%			37.26	%			85.77	%			17.16	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	117,271			$	131,693			$	216,728			$	399,619			$	124,178			$	49,675
Ratio to average net assets of:
Expenses			0.75	%^(e)			0.75	%			0.75	%			0.75	%			0.75	%			0.77	%^(f)
Net investment income			0.64	%^(e)			1.56	%			1.09	%			0.52	%			1.20	%			1.74	%^(f)
Portfolio turnover rate^(g)			22	%			64	%			67	%			74	%			56	%			59	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

^(e)	Annualized.

^(f)	Ratios include non-recurring costs associated with a proxy statement of 0.02%.

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

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

Financial Highlights–(continued)

Invesco Global Water ETF (PIO)


	Six Months Ended April 30, 2024				Years Ended October 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	31.92			$	30.81			$	41.68			$	31.17			$	28.94			$	23.73

Net investment income^(a)			0.14				0.31				0.32				0.58	^(b)			0.25				0.38
Net realized and unrealized gain (loss) on investments			8.76				1.12				(10.75	)			10.35				2.27				5.25

Total from investment operations			8.90				1.43				(10.43	)			10.93				2.52				5.63

Distributions to shareholders from:
Net investment income			(0.09	)			(0.32	)			(0.44	)			(0.42	)			(0.29	)			(0.42	)

Transaction fees^(a)			0.00	^(c)			0.00	^(c)			0.00	^(c)			0.00	^(c)			0.00	^(c)			0.00	^(c)

Net asset value at end of period		$	40.73			$	31.92			$	30.81			$	41.68			$	31.17			$	28.94

Market price at end of period^(d)		$	40.65			$	31.94			$	30.89			$	41.72			$	31.18			$	28.84

Net Asset Value Total Return^(e)			27.90	%			4.57	%			(25.14	)%			35.17	%			8.76	%			23.90	%
Market Price Total Return^(e)			27.57	%			4.37	%			(25.02	)%			35.26	%			9.16	%			23.68	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	281,064			$	234,605			$	257,285			$	323,028			$	207,262			$	195,314
Ratio to average net assets of:
Expenses			0.75	%^(f)			0.75	%			0.75	%			0.75	%			0.75	%			0.76	%^(g)
Net investment income			0.74	%^(f)			0.89	%			0.91	%			1.52	%^(b)			0.86	%			1.45	%^(g)
Portfolio turnover rate^(h)			26	%			40	%			35	%			31	%			30	%			32	%

^(a)	Based on average shares outstanding.

^(b)

^(c)	Amount represents less than $0.005.

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

^(e)

^(f)	Annualized.

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

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

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

Financial Highlights–(continued)

Invesco International BuyBack Achievers^TM ETF (IPKW)


	Six Months Ended April 30, 2024				Years Ended October 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	33.34			$	30.49			$	43.74			$	31.35			$	32.20			$	31.00

Net investment income^(a)			0.80				0.98				1.12				2.55	^(b)			0.57				0.76
Net realized and unrealized gain (loss) on investments			5.79				2.79				(10.90	)			10.57				(0.82	)			1.38

Total from investment operations			6.59				3.77				(9.78	)			13.12				(0.25	)			2.14

Distributions to shareholders from:
Net investment income			(0.54	)			(0.92	)			(3.47	)			(0.73	)			(0.61	)			(0.94	)

Transaction fees^(a)			0.00	^(c)			0.00	^(c)			0.00	^(c)			0.00	^(c)			0.01				0.00	^(c)

Net asset value at end of period		$	39.39			$	33.34			$	30.49			$	43.74			$	31.35			$	32.20

Market price at end of period^(d)		$	39.29			$	33.48			$	30.48			$	43.78			$	31.42			$	32.05

Net Asset Value Total Return^(e)			19.81	%			12.35	%			(23.55	)%			41.90	%			(0.30	)%			7.10	%
Market Price Total Return^(e)			19.01	%			12.85	%			(23.65	)%			41.72	%			0.37	%			6.74	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	92,568			$	78,347			$	80,785			$	124,660			$	92,470			$	141,692
Ratio to average net assets of:
Expenses			0.55	%^(f)			0.55	%			0.55	%			0.55	%			0.55	%			0.55	%
Net investment income			4.34	%^(f)			2.85	%			3.08	%			5.98	%^(b)			1.86	%			2.44	%
Portfolio turnover rate^(g)			14	%			97	%			101	%			113	%			88	%			99	%

^(a)	Based on average shares outstanding.

^(b)

^(c)	Amount represents less than $0.005.

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

^(e)

^(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.

Financial Highlights–(continued)

Invesco MSCI Global Timber ETF (CUT)


	Six Months Ended April 30, 2024				Years Ended October 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	28.97			$	29.59			$	36.09			$	27.82			$	27.65			$	27.98

Net investment income^(a)			0.54				0.75				0.68				0.55				0.53				0.72
Net realized and unrealized gain (loss) on investments			3.25				(0.59	)			(6.60	)			8.27				0.40				(0.23	)

Total from investment operations			3.79				0.16				(5.92	)			8.82				0.93				0.49

Distributions to shareholders from:
Net investment income			(0.78	)			(0.78	)			(0.58	)			(0.55	)			(0.77	)			(0.82	)

Transaction fees^(a)			0.00	^(b)			0.00	^(b)			0.00	^(b)			0.00	^(b)			0.01				0.00	^(b)

Net asset value at end of period		$	31.98			$	28.97			$	29.59			$	36.09			$	27.82			$	27.65

Market price at end of period^(c)		$	31.96			$	29.03			$	29.53			$	36.09			$	27.81			$	27.56

Net Asset Value Total Return^(d)			13.12	%			0.44	%			(16.65	)%			31.90	%			3.29	%			2.32	%
Market Price Total Return^(d)			12.82	%			0.85	%			(16.82	)%			31.95	%			3.60	%			2.14	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	51,163			$	52,137			$	60,656			$	92,035			$	75,101			$	134,093
Ratio to average net assets of:
Expenses, after Waivers			0.74	%^(e)			0.67	%			0.61	%			0.60	%			0.55	%			0.56	%^(f)
Expenses, prior to Waivers			0.90	%^(e)			0.82	%			0.69	%			0.68	%			0.72	%			0.68	%^(f)
Net investment income			3.39	%^(e)			2.48	%			1.99	%			1.51	%			2.00	%			2.70	%^(f)
Portfolio turnover rate^(g)			5	%			10	%			15	%			14	%			10	%			18	%

^(a)	Based on average shares outstanding.

^(b)	Amount represents less than $0.005.

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

^(d)

^(e)	Annualized.

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

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

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

Financial Highlights–(continued)

Invesco MSCI Green Building ETF (GBLD)


	Six Months Ended April 30, 2024				Years Ended October 31,								For the Period April 20, 2021^(a) Through October 31,
	(Unaudited)				2023				2022				2021
Per Share Operating Performance:
Net asset value at beginning of period		$	14.84			$	16.43			$	23.82			$	25.00

Net investment income^(b)			0.29				0.70				0.69				0.44
Net realized and unrealized gain (loss) on investments			1.78				(1.59	)			(7.21	)			(1.21	)

Total from investment operations			2.07				(0.89	)			(6.52	)			(0.77	)

Distributions to shareholders from:
Net investment income			(0.82	)			(0.70	)			(0.76	)			(0.41	)
Return of capital			-				-				(0.11	)			-

Total distributions			(0.82	)			(0.70	)			(0.87	)			(0.41	)

Net asset value at end of period		$	16.09			$	14.84			$	16.43			$	23.82

Market price at end of period^(c)		$	16.01			$	14.93			$	16.44			$	23.89

Net Asset Value Total Return^(d)			13.74	%			(5.79	)%			(28.05	)%			(3.13	)%^(e)
Market Price Total Return^(d)			12.50	%			(5.28	)%			(28.22	)%			(2.84	)%^(e)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	5,633			$	5,937			$	4,928			$	4,764
Ratio to average net assets of:
Expenses, after Waivers			0.38	%^(f)			0.38	%			0.39	%			0.39	%
Expenses, prior to Waivers			0.39	%^(f)			0.39	%			0.39	%			0.39	%
Net investment income			3.57	%^(f)			4.14	%			3.40	%			3.34	%^(f)
Portfolio turnover rate^(g)			5	%			23	%			17	%			25	%

^(a)	Commencement of investment operations.

^(b)	Based on average shares outstanding.

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

^(d)

^(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.

Financial Highlights–(continued)

Invesco S&P Global Water Index ETF (CGW)


	Six Months Ended April 30, 2024				Years Ended October 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	45.36			$	45.65			$	58.91			$	41.43			$	39.55			$	32.32

Net investment income^(a)			0.34				0.75				0.61				1.08	^(b)			0.63				0.64
Net realized and unrealized gain (loss) on investments			10.08				(0.36	)^(c)			(12.91	)			17.06				1.86				7.26

Total from investment operations			10.42				0.39				(12.30	)			18.14				2.49				7.90

Distributions to shareholders from:
Net investment income			(0.82	)			(0.68	)			(0.96	)			(0.66	)			(0.61	)			(0.67	)

Transaction fees^(a)			0.00	^(d)			0.00	^(d)			0.00	^(d)			0.00	^(d)			0.00	^(d)			0.00	^(d)

Net asset value at end of period		$	54.96			$	45.36			$	45.65			$	58.91			$	41.43			$	39.55

Market price at end of period^(e)		$	54.83			$	45.37			$	45.66			$	59.04			$	41.54			$	39.54

Net Asset Value Total Return^(f)			23.08	%			0.81	%			(21.21	)%			44.25	%			6.31	%			25.10	%
Market Price Total Return^(f)			22.76	%			0.81	%			(21.37	)%			44.18	%			6.62	%			25.27	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	960,626			$	840,083			$	932,994			$	1,199,341			$	710,871			$	741,918
Ratio to average net assets of:
Expenses			0.57	%^(g)			0.56	%			0.57	%			0.57	%			0.57	%			0.59	%
Net investment income			1.29	%^(g)			1.53	%			1.20	%			2.08	%^(b)			1.61	%			1.82	%
Portfolio turnover rate^(h)			25	%			36	%			35	%			15	%			15	%			13	%

^(a)	Based on average shares outstanding.

^(b)

^(c)	Net gains (losses) on securities (both realized and unrealized) per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(d)	Amount represents less than $0.005.

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

^(f)

^(g)	Annualized.

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

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

Financial Highlights–(continued)

Invesco S&P International Developed Quality ETF (IDHQ)


	Six Months Ended April 30, 2024				Years Ended October 31,
	(Unaudited)				2023				2022				2021				2020				2019
Per Share Operating Performance:
Net asset value at beginning of period		$	25.16			$	22.23			$	31.38			$	25.01			$	24.47			$	21.36

Net investment income^(a)			0.40				0.69				0.76				0.63				0.46				0.54
Net realized and unrealized gain (loss) on investments			4.15				2.91				(9.05	)			6.39				0.55				3.16

Total from investment operations			4.55				3.60				(8.29	)			7.02				1.01				3.70

Distributions to shareholders from:
Net investment income			(0.31	)			(0.67	)			(0.86	)			(0.65	)			(0.47	)			(0.59	)

Transaction fees^(a)			0.00	^(b)			0.00	^(b)			0.00	^(b)			0.00	^(b)			0.00	^(b)			0.00	^(b)

Net asset value at end of period		$	29.40			$	25.16			$	22.23			$	31.38			$	25.01			$	24.47

Market price at end of period^(c)		$	29.28			$	25.35			$	22.23			$	31.53			$	25.00			$	24.53

Net Asset Value Total Return^(d)			18.10	%			16.13	%			(26.69	)%			28.19	%			4.42	%			17.58	%
Market Price Total Return^(d)			16.73	%			17.00	%			(27.04	)%			28.85	%			4.09	%			18.14	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	274,847			$	176,119			$	92,266			$	114,522			$	100,021			$	47,726
Ratio to average net assets of:
Expenses			0.29	%^(e)			0.29	%			0.29	%			0.29	%			0.29	%			0.31	%^(f)
Net investment income			2.81	%^(e)			2.64	%			2.85	%			2.09	%			1.83	%			2.38	%^(f)
Portfolio turnover rate^(g)			20	%			50	%			62	%			61	%			42	%			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)

^(e)	Annualized.

^(f)	Ratios include non-recurring costs associated with a proxy statement of 0.02%.

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

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

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust II

April 30, 2024

(Unaudited)

NOTE 1–Organization


Full Name		Short Name
Invesco China Technology ETF (CQQQ)		“China Technology ETF”
Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)		“Dorsey Wright Developed Markets Momentum ETF”
Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)		“Dorsey Wright 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 Achievers^TM ETF (IPKW)		“International BuyBack Achievers^TM 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”


Fund		Exchange
China Technology ETF		NYSE Arca, Inc.
Dorsey Wright Developed Markets Momentum ETF		The Nasdaq Stock Market LLC
Dorsey Wright Emerging Markets Momentum ETF		The Nasdaq Stock Market LLC
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 LLC
International BuyBack Achievers^TM ETF		The Nasdaq Stock Market LLC
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.

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
Dorsey Wright Developed Markets Momentum ETF		Dorsey Wright^® Developed Markets Technical Leaders Index
Dorsey Wright Emerging Markets Momentum ETF		Dorsey Wright^® Emerging Markets Technical Leaders Index
FTSE RAFI Developed Markets ex-U.S. ETF		FTSE RAFI^TM Developed ex U.S. 1000 Index
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		FTSE RAFI^TM Developed ex U.S. Mid-Small 1500 Index
FTSE RAFI Emerging Markets ETF		FTSE RAFI^TM Emerging Index
Global Clean Energy ETF		WilderHill New Energy Global Innovation Index
Global Water ETF		Nasdaq OMX Global Water Index^SM
International BuyBack Achievers^TM ETF		Nasdaq International BuyBack Achievers^TM 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.

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

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.

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.

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.

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.

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.

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.

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 by investment companies. Any 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 six months ended April 30, 2024, the Funds did not enter into any closing agreements.

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 pays 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 the Adviser (an “Interested Trustee”), 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 own 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 their 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 or the Adviser (the “Independent Trustees”), expenses incurred in connection with the Board members’ services, including travel expenses and legal fees of counsel for the Independent 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 an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are directly identifiable to a specific Fund, including expenses that are excluded from a Fund’s unitary management fee (if applicable), are applied to that Fund. Expenses of the Trust that are not readily identifiable to a specific Fund, including expenses that are excluded from a Fund’s unitary management fee (if applicable), 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.

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.

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.

act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2024, each Fund (except for Dorsey Wright 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, 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		$693
Dorsey Wright Emerging Markets Momentum ETF		22
FTSE RAFI Emerging Markets ETF		381
Global Clean Energy ETF		14,098
Global Water ETF		144
MSCI Global Timber ETF		346
MSCI Green Building ETF		104
S&P Global Water Index ETF		547
S&P International Developed Quality ETF		125

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.

The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

L.	Other Risks

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; lack of willingness or ability of the Chinese government to support the economies and markets of the Greater China region; lack of publicly available information and 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 and the risk of war, either internal or with other countries; public health emergencies resulting in market closures, travel restrictions, quarantines or other interventions; 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, sanctions, capital controls, embargoes, trade wars 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 may cause uncertainty and volatility in the Chinese economy, especially in the consumer discretionary (leisure, retail, gaming, tourism), industrials, and commodities sectors. Additionally, any difficulties 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.

depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company’s common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company’s common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company’s products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

ESG Investing Strategy Risk. The stocks of companies with favorable ESG attributes may underperform the stock market as a whole. As a result, the Fund may underperform other funds that do not screen companies based on ESG attributes. The criteria used to select companies for investment may result in such Funds investing in securities, industries or sectors that underperform the market as a whole or underperform other funds screened for ESG standards.

Non-Diversified Fund Risk. Because China Technology ETF, Global Water ETF, International BuyBack Achievers^TM 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.

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.

Risk of Green Building Investing. Companies involved in “green building” face many of the risk factors associated generally with the building and construction industry, including that such companies may be 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.

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

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.

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 pays 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 an Interested Trustee, 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*		0.65	%
Dorsey Wright Developed Markets Momentum ETF		0.80	%
Dorsey Wright Emerging Markets Momentum ETF		0.90	%
FTSE RAFI Developed Markets ex-U.S. ETF		0.45	%
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		0.49	%
FTSE RAFI Emerging Markets ETF		0.49	%
Global Clean Energy ETF		0.75	%
Global Water ETF		0.75	%
International BuyBack Achievers^TM ETF		0.55	%
MSCI Green Building ETF		0.39	%
S&P International Developed Quality ETF		0.29	%

*	Effective January 5, 2024, the Fund’s unitary management fee was reduced from 0.70% to 0.65%.

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 an Interested Trustee, 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, 2026. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2026. 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, 2026, 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 waiver is not subject to recapture by the Adviser.

For the six months ended April 30, 2024, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:


China Technology ETF	$	798
Dorsey Wright Developed Markets Momentum ETF		24
Dorsey Wright Emerging Markets Momentum ETF		47
FTSE RAFI Developed Markets ex-U.S. ETF		244
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		77
FTSE RAFI Emerging Markets ETF		1,851
Global Clean Energy ETF		38
Global Water ETF		15
International BuyBack Achievers^TM ETF		2
MSCI Global Timber ETF		42,376
MSCI Green Building ETF		286
S&P Global Water Index ETF		279
S&P International Developed Quality ETF		19

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 for up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.

For the following Fund, the amounts available for potential recapture by the Adviser and the expiration schedule as of April 30, 2024 are as follows:


	Total
	Potential
	Recapture	Potential Recapture Amounts Expiring
	Amounts	10/31/24	10/31/25	10/31/26	10/31/26
MSCI Global Timber ETF	$216,811	$34,286	$62,435	$79,259	$40,831

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


Fund		Licensor
China Technology ETF		FTSE International Ltd.
Dorsey Wright Developed Markets Momentum ETF		Dorsey Wright & Associates, LLC
Dorsey Wright 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 Achievers^TM 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


China Technology ETF	$	3,809
Dorsey Wright Developed Markets Momentum ETF		8,235
Dorsey Wright Emerging Markets Momentum ETF		1,620
FTSE RAFI Developed Markets ex-U.S. ETF		5,704
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		8,783
FTSE RAFI Emerging Markets ETF		5,465
Global Clean Energy ETF		24,682
Global Water ETF		1,571
International BuyBack Achievers^TM ETF		1,361
MSCI Global Timber ETF		624
MSCI Green Building ETF		43
S&P Global Water Index ETF		3,391
S&P International Developed Quality ETF		4,445

NOTE 4–Additional Valuation Information

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 April 30, 2024. 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	$	646,401,994	$	199,914	$	-	$	646,601,908
Money Market Funds		-		28,899,543		-		28,899,543

Total Investments	$	646,401,994	$	29,099,457	$	-	$	675,501,451

Dorsey Wright Developed Markets Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	123,222,257	$	-	$	-	$	123,222,257
Money Market Funds		-		11,561,900		-		11,561,900

Total Investments	$	123,222,257	$	11,561,900	$	-	$	134,784,157

Dorsey Wright Emerging Markets Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	127,342,477	$	-	$	-	$	127,342,477
Money Market Funds		142,826		806,297		-		949,123

Total Investments	$	127,485,303	$	806,297	$	-	$	128,291,600

100


	Level 1		Level 2		Level 3		Total
FTSE RAFI Developed Markets ex-U.S. ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	1,683,837,821	$	-	$	0	$	1,683,837,821
Money Market Funds		-		152,745,493		-		152,745,493

Total Investments	$	1,683,837,821	$	152,745,493	$	0	$	1,836,583,314

FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	498,570,216	$	386,933	$	-	$	498,957,149
Money Market Funds		-		85,241,098		-		85,241,098

Total Investments	$	498,570,216	$	85,628,031	$	-	$	584,198,247

FTSE RAFI Emerging Markets ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	1,242,337,225	$	-	$	914,136	$	1,243,251,361
Money Market Funds		8,812,686		31,905,804		-		40,718,490

Total Investments	$	1,251,149,911	$	31,905,804	$	914,136	$	1,283,969,851

Global Clean Energy ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	117,114,327	$	-	$	-	$	117,114,327
Money Market Funds		-		38,692,253		-		38,692,253

Total Investments	$	117,114,327	$	38,692,253	$	-	$	155,806,580

Global Water ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	280,485,901	$	-	$	-	$	280,485,901
Money Market Funds		87,057		41,183,125		-		41,270,182

Total Investments	$	280,572,958	$	41,183,125	$	-	$	321,756,083

International BuyBack Achievers^TM ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	92,441,438	$	-	$	-	$	92,441,438
Money Market Funds		-		3,679,209		-		3,679,209

Total Investments	$	92,441,438	$	3,679,209	$	-	$	96,120,647

MSCI Global Timber ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	50,572,817	$	-	$	98,269	$	50,671,086
Exchange-Traded Funds		404,142		-		-		404,142
Money Market Funds		-		7,775,283		-		7,775,283

Total Investments	$	50,976,959	$	7,775,283	$	98,269	$	58,850,511

MSCI Green Building ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	5,516,501	$	-	$	-	$	5,516,501
Exchange-Traded Funds		86,170		-		-		86,170
Money Market Funds		-		740,343		-		740,343

Total Investments	$	5,602,671	$	740,343	$	-	$	6,343,014

S&P Global Water Index ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	959,750,351	$	-	$	-	$	959,750,351
Money Market Funds		-		15,913,344		-		15,913,344

Total Investments	$	959,750,351	$	15,913,344	$	-	$	975,663,695

S&P International Developed Quality ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	274,704,901	$	-	$	-	$	274,704,901
Money Market Funds		-		17,231,868		-		17,231,868

Total Investments	$	274,704,901	$	17,231,868	$	-	$	291,936,769

101

NOTE 5–Tax Information

The Funds had capital loss carryforwards as of October 31, 2023, as follows:


	No expiration
	Short-Term		Long-Term		Total*
China Technology ETF	$	250,255,375	$	464,012,378	$	714,267,753
Dorsey Wright Developed Markets Momentum ETF		167,615,567		-		167,615,567
Dorsey Wright Emerging Markets Momentum ETF		153,045,284		-		153,045,284
FTSE RAFI Developed Markets ex-U.S. ETF		495,642		130,086,361		130,582,003
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		11,810,449		59,994,406		71,804,855
FTSE RAFI Emerging Markets ETF		23,179,953		225,437,453		248,617,406
Global Clean Energy ETF		73,925,130		134,614,401		208,539,531
Global Water ETF		49,266,573		25,772,826		75,039,399
International BuyBack Achievers^TM ETF		55,841,579		7,347,237		63,188,816
MSCI Global Timber ETF		12,088,511		8,183,304		20,271,815
MSCI Green Building ETF		168,590		554,426		723,016
S&P Global Water Index ETF		38,094,072		16,893,581		54,987,653
S&P International Developed Quality ETF		18,797,270		7,647,711		26,444,981

*	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


	Purchases		Sales
China Technology ETF	$	154,069,762	$	174,984,705
Dorsey Wright Developed Markets Momentum ETF		84,254,597		84,842,630
Dorsey Wright Emerging Markets Momentum ETF		98,441,658		107,970,150
FTSE RAFI Developed Markets ex-U.S. ETF		182,775,890		189,338,418
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		131,663,013		138,530,578
FTSE RAFI Emerging Markets ETF		222,464,098		244,994,195
Global Clean Energy ETF		28,532,111		33,284,380
Global Water ETF		70,168,831		71,269,202
International BuyBack Achievers^TM ETF		10,053,784		10,033,709
MSCI Global Timber ETF		2,856,705		3,804,400
MSCI Green Building ETF		281,012		400,935
S&P Global Water Index ETF		236,213,556		246,651,303
S&P International Developed Quality ETF		47,891,303		46,020,637

For the six months ended April 30, 2024, in-kind transactions associated with creations and redemptions were as follows:


	In-kind		In-kind
	Purchases		Sales
China Technology ETF	$	5,524,142	$	23,904,214
Dorsey Wright Developed Markets Momentum ETF		11,681,852		20,373,216
Dorsey Wright Emerging Markets Momentum ETF		3,699,761		9,350,313
FTSE RAFI Developed Markets ex-U.S. ETF		18,451,280		53,333,052
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		-		36,447,230

102


	In-kind		In-kind
	Purchases		Sales
FTSE RAFI Emerging Markets ETF	$	1,243,897	$	3,892,195
Global Clean Energy ETF		-		13,713,483
Global Water ETF		-		15,761,875
International BuyBack Achievers^TM ETF		35,305,455		32,638,885
MSCI Global Timber ETF		4,596,845		9,973,018
MSCI Green Building ETF		2,525,370		3,166,919
S&P Global Water Index ETF		51,180,898		105,242,225
S&P International Developed Quality ETF		66,033,838		-

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


						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost
China Technology ETF	$	55,736,238		$(210,854,622	)		$(155,118,384	)	$	830,619,835
Dorsey Wright Developed Markets Momentum ETF		19,362,001		(2,833,736	)		16,528,265			118,255,892
Dorsey Wright Emerging Markets Momentum ETF		23,446,011		(2,826,533	)		20,619,478			107,672,122
FTSE RAFI Developed Markets ex-U.S. ETF		326,566,275		(151,805,013	)		174,761,262			1,661,822,052
FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF		63,044,441		(75,629,800	)		(12,585,359	)		596,783,606
FTSE RAFI Emerging Markets ETF		303,422,564		(312,848,436	)		(9,425,872	)		1,293,395,723
Global Clean Energy ETF		13,931,568		(73,265,404	)		(59,333,836	)		215,140,416
Global Water ETF		65,309,257		(7,663,740	)		57,645,517			264,110,566
International BuyBack Achievers^TM ETF		6,599,069		(3,025,337	)		3,573,732			92,546,915
MSCI Global Timber ETF		8,011,549		(7,096,451	)		915,098			57,935,413
MSCI Green Building ETF		123,220		(1,780,837	)		(1,657,617	)		8,000,631
S&P Global Water Index ETF		195,568,525		(28,407,720	)		167,160,805			808,502,890
S&P International Developed Quality ETF		40,313,777		(14,320,413	)		25,993,364			265,943,405

NOTE 7–Trustees’ and Officer’s Fees

Trustees’ and Officer’s Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for each Fund except MSCI Global Timber ETF and S&P Global Water Index ETF. Interested Trustees do not receive any Trustees’ fees.

NOTE 8–Capital

103

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.

104

Calculating your ongoing Fund expenses

Example

As a shareholder of a Fund of the Invesco Exchange-Traded Fund Trust II (excluding Invesco MSCI Global Timber ETF and Invesco S&P Global Water Index ETF), you incur a unitary management fee. As a shareholder of the Invesco MSCI Global Timber ETF and Invesco S&P Global Water Index ETF you incur advisory fees and other Fund expenses. 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 an Interested Trustee, 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 November 1, 2023 through April 30, 2024.

Actual Expenses

Hypothetical Example for Comparison Purposes


							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	November 1, 2023			April 30, 2024			Six-Month Period			Six-Month Period⁽¹⁾
Invesco China Technology ETF (CQQQ)

Actual		$	1,000.00		$	989.00		0.67	%		$	3.31

Hypothetical (5% return before expenses)			1,000.00			1,021.53		0.67				3.37

Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)

Actual			1,000.00			1,223.80		0.80				4.42

Hypothetical (5% return before expenses)			1,000.00			1,020.89		0.80				4.02
Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)

Actual			1,000.00			1,221.40		0.90				4.97

Hypothetical (5% return before expenses)			1,000.00			1,020.39		0.90				4.52

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

Actual			1,000.00			1,186.70		0.45				2.45

Hypothetical (5% return before expenses)			1,000.00			1,022.63		0.45				2.26
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)

Actual			1,000.00			1,160.80		0.49				2.63

Hypothetical (5% return before expenses)			1,000.00			1,022.43		0.49				2.46

105

Calculating your ongoing Fund expenses–(continued)


							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	November 1, 2023			April 30, 2024			Six-Month Period			Six-Month Period⁽¹⁾

Invesco FTSE RAFI Emerging Markets ETF (PXH)

Actual		$	1,000.00		$	1,169.90		0.49	%		$	2.64

Hypothetical (5% return before expenses)			1,000.00			1,022.43		0.49				2.46

Invesco Global Clean Energy ETF (PBD)

Actual			1,000.00			1,028.10		0.75				3.78

Hypothetical (5% return before expenses)			1,000.00			1,021.13		0.75				3.77

Invesco Global Water ETF (PIO)

Actual			1,000.00			1,279.00		0.75				4.25

Hypothetical (5% return before expenses)			1,000.00			1,021.13		0.75				3.77

Invesco International BuyBack Achievers^TM ETF (IPKW)

Actual			1,000.00			1,198.10		0.55				3.01

Hypothetical (5% return before expenses)			1,000.00			1,022.13		0.55				2.77

Invesco MSCI Global Timber ETF (CUT)

Actual			1,000.00			1,131.20		0.74				3.92

Hypothetical (5% return before expenses)			1,000.00			1,021.18		0.74				3.72

Invesco MSCI Green Building ETF (GBLD)

Actual			1,000.00			1,137.40		0.38				2.02

Hypothetical (5% return before expenses)			1,000.00			1,022.97		0.38				1.91

Invesco S&P Global Water Index ETF (CGW)

Actual			1,000.00			1,230.80		0.57				3.16

Hypothetical (5% return before expenses)			1,000.00			1,022.03		0.57				2.87

Invesco S&P International Developed Quality ETF (IDHQ)

Actual			1,000.00			1,181.00		0.29				1.57

Hypothetical (5% return before expenses)			1,000.00			1,023.42		0.29				1.46

⁽¹⁾

106

Approval of Investment Advisory Contracts

Invesco 0-5 Yr US TIPS ETF

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF

Invesco Alerian Galaxy Crypto Economy ETF

Invesco California AMT-Free Municipal Bond ETF

Invesco CEF Income Composite ETF

Invesco China Technology ETF

Invesco Dorsey Wright Developed Markets Momentum ETF

Invesco Dorsey Wright Emerging Markets Momentum ETF

Invesco Dorsey Wright SmallCap Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco Equal Weight 0-30 Year Treasury ETF

Invesco ESG NASDAQ 100 ETF

Invesco ESG NASDAQ Next Gen 100 ETF

Invesco ESG S&P 500 Equal Weight ETF

Invesco Floating Rate Municipal Income ETF

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

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

Invesco FTSE RAFI Emerging Markets ETF

Invesco Fundamental High Yield^® Corporate Bond ETF

Invesco Fundamental Investment Grade Corporate Bond ETF

Invesco Global Clean Energy ETF

Invesco Global ex-US High Yield Corporate Bond ETF

Invesco Global Water ETF

Invesco International BuyBack Achievers^™ ETF

Invesco International Corporate Bond ETF

Invesco KBW Bank ETF

Invesco KBW High Dividend Yield Financial ETF

Invesco KBW Premium Yield Equity REIT ETF

Invesco KBW Property & Casualty Insurance ETF

Invesco KBW Regional Banking ETF

Invesco MSCI Green Building ETF

Invesco MSCI USA ETFInvesco NASDAQ 100 ETF

Invesco Nasdaq Biotechnology ETF

Invesco NASDAQ Future Gen 200 ETF

Invesco NASDAQ Metaverse ETF

Invesco NASDAQ Next Gen 100 ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

Invesco PHLX Semiconductor ETF

Invesco Preferred ETF

Invesco Russell 1000 Equal Weight ETF

Invesco S&P 500^® Enhanced Value ETF

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

Invesco S&P 500^® High Beta ETF

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

Invesco S&P 500^® Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500^® Momentum ETF

Invesco S&P 500 QVM Multi-factor ETF

Invesco S&P 500 Revenue ETF

Invesco S&P Emerging Markets Low Volatility ETF

Invesco S&P Emerging Markets Momentum ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

Invesco S&P International Developed Quality ETF

Invesco S&P MidCap 400 QVM Multi-factor ETF

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap Low Volatility ETF

Invesco S&P SmallCap 600 QVM Multi-factor ETF

Invesco S&P SmallCap 600 Revenue ETF

Invesco S&P SmallCap Consumer Discretionary ETF

Invesco S&P SmallCap Consumer Staples ETF

Invesco S&P SmallCap Energy ETF

Invesco S&P SmallCap Financials ETF

Invesco S&P SmallCap Health Care ETF

Invesco S&P SmallCap High Dividend Low Volatility ETF

Invesco S&P SmallCap Industrials ETF

Invesco S&P SmallCap Information Technology ETF

Invesco S&P SmallCap Low Volatility ETF

Invesco S&P SmallCap Materials ETF

Invesco S&P SmallCap Quality ETF

Invesco S&P SmallCap Utilities & Communication Services ETF

Invesco S&P Ultra Dividend Revenue ETF

Invesco Senior Loan ETF

Invesco Short Term Treasury ETF

Invesco Taxable Municipal Bond ETF

Invesco Variable Rate Preferred ETF

107

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

Investment Advisory Agreement

●

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

●

0.07% of the Fund’s average daily net assets for Invesco 0-5 Yr US TIPS ETF;

●

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

●

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

●

0.11% of the Fund’s average daily net assets for Invesco S&P 500 QVM Multi-factor ETF;

108

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

●

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

●

0.19% of the Fund’s average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF;

●

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

●

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

●

0.45% of the Fund’s average daily net assets for Invesco FTSE RAFI Developed Markets ex-U.S. ETF;

●

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

●

0.55% of the Fund’s average daily net assets for Invesco International BuyBack AchieversTM ETF;

●

0.65% of the Fund’s average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF;

●

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

●

0.80% of the Fund’s average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and

●

0.90% of the Fund’s average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF.

109

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

Equal to/Lower

Lower than

Equal to/Lower

than Open-End

Open-End

than ETF

Index Fund

Active Fund

Invesco Fund

Peer Median*

Peer Median

Invesco 0-5 Yr US TIPS ETF

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF

N/A

Invesco Alerian Galaxy Crypto Economy ETF

N/A

Invesco California AMT-Free Municipal Bond ETF

N/A

Invesco CEF Income Composite ETF

N/A

Invesco China Technology ETF

N/A

Invesco Dorsey Wright Developed Markets Momentum ETF

Invesco Dorsey Wright Emerging Markets Momentum ETF

Invesco Dorsey Wright SmallCap Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco Equal Weight 0-30 Year Treasury ETF

Invesco ESG NASDAQ 100 ETF

Invesco ESG NASDAQ Next Gen 100 ETF

Invesco ESG S&P 500 Equal Weight ETF

Invesco Floating Rate Municipal Income ETF

N/A

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

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

Invesco FTSE RAFI Emerging Markets ETF

Invesco Fundamental High Yield^® Corporate Bond ETF

N/A

Invesco Fundamental Investment Grade Corporate Bond ETF

Invesco Global Clean Energy ETF

Invesco Global ex-US High Yield Corporate Bond ETF

N/A

Invesco Global Water ETF

Invesco International BuyBack Achievers^TM ETF

Invesco International Corporate Bond ETF

Invesco KBW Bank ETF

Invesco KBW High Dividend Yield Financial ETF

Invesco KBW Premium Yield Equity REIT ETF

Invesco KBW Property & Casualty Insurance ETF

Invesco KBW Regional Banking ETF

Invesco MSCI Green Building ETF

N/A

Invesco MSCI USA ETF

Invesco NASDAQ 100 ETF

Invesco Nasdaq Biotechnology ETF

Invesco NASDAQ Future Gen 200 ETF

Invesco NASDAQ Metaverse ETF

Invesco NASDAQ Next Gen 100 ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

N/A

Invesco PHLX Semiconductor ETF

Invesco Preferred ETF

N/A

Invesco Russell 1000 Equal Weight ETF

Invesco S&P 500 Enhanced Value ETF

110

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

Equal to/Lower

Lower than

Equal to/Lower

than Open-End

Open-End

than ETF

Index Fund

Active Fund

Invesco Fund

Peer Median*

Peer Median

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

Invesco S&P 500^® High Beta ETF

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

Invesco S&P 500^® Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500^®Momentum ETF

Invesco S&P 500 QVM Multi-factor ETF

Invesco S&P 500 Revenue ETF

Invesco S&P Emerging Markets Low Volatility ETF

Invesco S&P Emerging Markets Momentum ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

Invesco S&P International Developed Quality ETF

Invesco S&P MidCap 400 QVM Multi-factor ETF

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap Low Volatility ETF

Invesco S&P SmallCap 600 QVM Multi-factor ETF

Invesco S&P SmallCap 600 Revenue ETF

Invesco S&P SmallCap Consumer Discretionary ETF

Invesco S&P SmallCap Consumer Staples ETF

Invesco S&P SmallCap Energy ETF

Invesco S&P SmallCap Financials ETF

Invesco S&P SmallCap Health Care ETF

Invesco S&P SmallCap High Dividend Low Volatility ETF

Invesco S&P SmallCap Industrials ETF

Invesco S&P SmallCap Information Technology ETF

Invesco S&P SmallCap Low Volatility ETF

Invesco S&P SmallCap Materials ETF

Invesco S&P SmallCap Quality ETF

Invesco S&P SmallCap Utilities & Communication Services ETF

Invesco S&P Ultra Dividend Revenue ETF

Invesco Senior Loan ETF

N/A

Invesco Short Term Treasury ETF

Invesco Taxable Municipal Bond ETF

Invesco Variable Rate Preferred ETF

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

111

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

Investment Sub-Advisory Agreement

112

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

113

Approval of Investment Advisory Contracts

At a meeting held on April 18, 2024, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the “Trust”), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the “Adviser”) and the Trust for Invesco MSCI Global Timber ETF, Invesco S&P Global Water Index ETF and Invesco Solar ETF (each, a “Fund” and collectively, the “Funds”).

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

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Invesco Ltd. (“Invesco”), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser’s execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund’s performance and the performance of its underlying index, as well as the Adviser’s analysis of the tracking error between Invesco Solar ETF and its underlying index. In reviewing the tracking error reports, the Trustees considered information provided by Invesco’s independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that the Funds were created in connection with the purchase by Invesco of the exchange-traded funds (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018, and on May 18, 2018 for the Invesco Solar ETF, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust’s registration statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund’s particular circumstances.

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

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

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s contractual advisory fee, net advisory fee and gross and net expense ratios. The Trustees noted that the annual contractual advisory fee charged to each Fund is 0.50% of the Fund’s average daily net assets and that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an “Expense Cap”) to the extent necessary to prevent the annual operating expenses of each Fund (excluding interest expenses, licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding the percentage of that Fund’s average daily net assets, until at least August 31, 2026, as set forth below:

●

0.55% for Invesco MSCI Global Timber ETF;

●

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

●

0.65% for Invesco Solar ETF.

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

114

Approval of Investment Advisory Contracts–(continued)

below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees of their open-end actively-managed peer funds.


	Equal
	to/Lower	Equal to/Lower	Lower than
	than ETF	than Open-End	Open-End
	Peer	Index Fund	Active Fund
Invesco Fund	Median	Peer Median	Peer Median

Invesco MSCI Global Timber ETF			X
Invesco S&P Global Water Index ETF	X	X	X

Invesco Solar ETF		X	X

The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their open-end index and open-end actively managed peer funds, as illustrated in the table below. The Trustees noted that a significant component of the non-advisory fee expenses was the sub-licensing fees paid by the Funds, and noted that each Fund’s sub-license fees are not subject to the Expense Cap.


	Equal
	to/Lower	Equal to/Lower	Lower than
	than ETF	than Open-End	Open-End
	Peer	Index Fund	Active Fund
Invesco Fund	Median	Peer Median	Peer Median

Invesco MSCI Global Timber ETF
Invesco S&P Global Water Index ETF		X	X

Invesco Solar ETF		X	X

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding Invesco MSCI Global Timber ETF’s advisory fee and total expenses and the Lipper peer data. The Adviser explained its view that the advisory fee and total expenses for the Fund are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser’s statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including a product that has an investment strategy comparable to that of Invesco Solar ETF. The Trustees considered the Adviser’s explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser’s statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. With respect to the Adviser’s profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser’s. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

115

Approval of Investment Advisory Contracts–(continued)

provides that the Adviser is entitled to be reimbursed by each Fund for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the flat advisory fee rates were reasonable and appropriate.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture, or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser’s relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds’ securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

116

Proxy Voting Policies and Procedures

Quarterly Portfolios

Frequency Distribution of Discounts and Premiums


©2024 Invesco Capital Management LLC 3500 Lacey Road, Suite 700
Downers Grove, IL 60515	P-PS-SAR-8	invesco.com/ETFs

(b)	Not applicable.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

(a)	The Schedules of Investments are included as a part of the report to shareholders filed under Item 1 of this Form N-CSR.

(b)	Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that would require disclosure herein.

Item 11. Controls and Procedures.

(a)

Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the Registrant’s President (principal executive officer) and Treasurer (principal financial officer) have concluded that such disclosure controls and procedures are effective.

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 14. Exhibits.


(a)(1)		Not applicable.

(a)(2)		Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.

(a)(3)		Not applicable.

(a)(4)		Not applicable.

(b)		Certifications of the Registrant’s President and Treasurer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant) Invesco Exchange-Traded Fund Trust II

By:		/s/ Brian Hartigan


Name:		Brian Hartigan
Title:		President

Date: July 5, 2024

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/ Brian Hartigan


Name:		Brian Hartigan
Title:		President

Date: July 5, 2024



By:		/s/ Kelli Gallegos


Name:		Kelli Gallegos
Title:		Treasurer

Date: July 5, 2024