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      <invstOrSec>
        <name>Comstock Resources, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Peabody Energy Corp.</name>
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          <isin value="US7045511000"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cactus, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SM Energy Co.</name>
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      <invstOrSec>
        <name>Par Pacific Holdings, Inc.</name>
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          <isin value="US69888T2078"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Archrock, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Magnolia Oil &amp; Gas Corp.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Dorian LPG Ltd.</name>
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        <assetCat>EC</assetCat>
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        <invCountry>MH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Core Laboratories Inc.</name>
        <lei>984500040P5J07V43135</lei>
        <title>Core Laboratories Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Core Natural Resources, Inc.</name>
        <lei>549300YJCTPJBTK7IJ81</lei>
        <title>Core Natural Resources, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Invesco Private Prime Fund</name>
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        <cusip>N/A</cusip>
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        <assetCat>STIV</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kodiak Gas Services, Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>REX American Resources Corp.</name>
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        <name>Noble Corp. PLC</name>
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        <name>Kinetik Holdings Inc.</name>
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        <name>Tidewater Inc.</name>
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        <name>Liberty Energy Inc.</name>
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        <name>Invesco Government &amp; Agency Portfolio</name>
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        <name>Bristow Group Inc.</name>
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        <name>Helmerich &amp; Payne, Inc.</name>
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        <name>Patterson-UTI Energy, Inc.</name>
        <lei>254900XGFBKIXD6G0697</lei>
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        <name>Crescent Energy Co.</name>
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        <name>Talos Energy Inc.</name>
        <lei>549300OKFHZ84SFJFT95</lei>
        <title>Talos Energy Inc.</title>
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      <invstOrSec>
        <name>Invesco Private Government Fund</name>
        <lei>N/A</lei>
        <title>Invesco Private Government Fund</title>
        <cusip>N/A</cusip>
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        <balance>3760066.56000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3760066.56000000</valUSD>
        <pctVal>3.168399646457</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="3760066.56000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>International Seaways, Inc.</name>
        <lei>549300YUFDGFRNGBWF46</lei>
        <title>International Seaways, Inc.</title>
        <cusip>Y41053102</cusip>
        <identifiers>
          <isin value="MHY410531021"/>
        </identifiers>
        <balance>52418.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4046145.42000000</valUSD>
        <pctVal>3.409462442665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Oceaneering International, Inc.</name>
        <lei>549300L6PH74701W0R30</lei>
        <title>Oceaneering International, Inc.</title>
        <cusip>675232102</cusip>
        <identifiers>
          <isin value="US6752321025"/>
        </identifiers>
        <balance>129137.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4936907.51000000</valUSD>
        <pctVal>4.160058275477</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="4895185.05000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CVR Energy, Inc.</name>
        <lei>529900SOYZIXZBTXB558</lei>
        <title>CVR Energy, Inc.</title>
        <cusip>12662P108</cusip>
        <identifiers>
          <isin value="US12662P1084"/>
        </identifiers>
        <balance>39033.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1296676.26000000</valUSD>
        <pctVal>1.092637201548</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1043665.66000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Atlas Energy Solutions Inc.</name>
        <lei>254900IYAISQ4C8AVO27</lei>
        <title>Atlas Energy Solutions Inc.</title>
        <cusip>642045108</cusip>
        <identifiers>
          <isin value="US6420451089"/>
        </identifiers>
        <balance>99484.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1660387.96000000</valUSD>
        <pctVal>1.399116888357</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1669474.78000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RPC, Inc.</name>
        <lei>549300ZDXAFBC3SB4918</lei>
        <title>RPC, Inc.</title>
        <cusip>749660106</cusip>
        <identifiers>
          <isin value="US7496601060"/>
        </identifiers>
        <balance>115690.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>765867.80000000</valUSD>
        <pctVal>0.645354338289</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="767371.10000000"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Invesco Exchange-Traded Fund Trust II</ncom:nameOfApplicant>
      <ncom:signature>Adrien Deberghes</ncom:signature>
      <ncom:signerName>Adrien Deberghes</ncom:signerName>
      <ncom:title>Vice President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
