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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Landstar System, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Gentex Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Carlisle Cos., Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Flowers Foods, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PS Business Parks, Inc.</name>
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          <isin value="US69360J1079"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Life Storage, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Choice Hotels International, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UGI Corp.</name>
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        <title>UGI Corp.</title>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Camden Property Trust</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Healthcare Realty Trust, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EastGroup Properties, Inc.</name>
        <lei>31TIGQQZC4P6JMHKSW85</lei>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mercury General Corp.</name>
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        <title>Mercury General Corp.</title>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Knight-Swift Transportation Holdings, Inc.</name>
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        <name>Stericycle, Inc.</name>
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        <name>Globus Medical, Inc.</name>
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        <name>Genpact Ltd.</name>
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        <name>NorthWestern Corp.</name>
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        <name>NewMarket Corp.</name>
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        <name>Lennox International, Inc.</name>
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        <name>Ashland Global Holdings, Inc.</name>
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        <name>Lincoln Electric Holdings, Inc.</name>
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        <name>Invesco Private Government Fund</name>
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        <name>Royal Gold, Inc.</name>
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        <title>Royal Gold, Inc.</title>
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        <name>Watsco, Inc.</name>
        <lei>549300F1Y3LN5BX5WN75</lei>
        <title>Watsco, Inc.</title>
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      <invstOrSec>
        <name>Encompass Health Corp.</name>
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      <invstOrSec>
        <name>Valvoline, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sensient Technologies Corp.</name>
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        <name>MDU Resources Group, Inc.</name>
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      <invstOrSec>
        <name>Neogen Corp.</name>
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        <name>Hawaiian Electric Industries, Inc.</name>
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        <name>Sonoco Products Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Chemed Corp.</name>
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      <invstOrSec>
        <name>Black Hills Corp.</name>
        <lei>3MGELCRSTNSAMJ962671</lei>
        <title>Black Hills Corp.</title>
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        <name>American Campus Communities, Inc.</name>
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        <name>AptarGroup, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Casey's General Stores, Inc.</name>
        <lei>549300CAFWSI86V66Q65</lei>
        <title>Casey's General Stores, Inc.</title>
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        <name>First Industrial Realty Trust, Inc.</name>
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        <name>Hanover Insurance Group, Inc. (The)</name>
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        <name>MSA Safety, Inc.</name>
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        <name>Invesco Private Prime Fund</name>
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        <name>Post Holdings, Inc.</name>
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        <name>Rexford Industrial Realty, Inc.</name>
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        <name>Physicians Realty Trust</name>
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        <name>RenaissanceRe Holdings Ltd.</name>
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        <name>RPM International, Inc.</name>
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        <title>RPM International, Inc.</title>
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        <name>Vontier Corp.</name>
        <lei>549300VVSQLG4P5K4639</lei>
        <title>Vontier Corp.</title>
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        <name>CDK Global, Inc.</name>
        <lei>5493000L10CYRTHIJ385</lei>
        <title>CDK Global, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>MSC Industrial Direct Co., Inc.</name>
        <lei>0XVKH0LN6YGOWO2EGO17</lei>
        <title>MSC Industrial Direct Co., Inc.</title>
        <cusip>553530106</cusip>
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      <invstOrSec>
        <name>Masimo Corp.</name>
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      <invstOrSec>
        <name>Spire, Inc.</name>
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      <invstOrSec>
        <name>Commerce Bancshares, Inc.</name>
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      <invstOrSec>
        <name>First American Financial Corp.</name>
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      <invstOrSec>
        <name>Hubbell, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Nordson Corp.</name>
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          <isCashCollateral>N</isCashCollateral>
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        <name>FactSet Research Systems, Inc.</name>
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        <name>Selective Insurance Group, Inc.</name>
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      <invstOrSec>
        <name>Graco, Inc.</name>
        <lei>4T5VJ4S81BRT6Q7GGT78</lei>
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        <name>Rayonier, Inc.</name>
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        <name>MAXIMUS, Inc.</name>
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      <invstOrSec>
        <name>SEI Investments Co.</name>
        <lei>5LJTIFADGZ6XH1RVOC11</lei>
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        <assetCat>EC</assetCat>
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        <name>Lancaster Colony Corp.</name>
        <lei>529900X4O13HED1ZAS58</lei>
        <title>Lancaster Colony Corp.</title>
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        <name>Arrow Electronics, Inc.</name>
        <lei>549300YNNLBXT8N8R512</lei>
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        <name>Donaldson Co., Inc.</name>
        <lei>OZE6KXY9QQPR8EJ8WL20</lei>
        <title>Donaldson Co., Inc.</title>
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        <name>IDACORP, Inc.</name>
        <lei>N134NUJDWN8UEFA8B673</lei>
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        <name>Essential Utilities, Inc.</name>
        <lei>549300ILTEOF3E3QY357</lei>
        <title>Essential Utilities, Inc.</title>
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        <name>CACI International, Inc.</name>
        <lei>SYRPI2D1O9WRTS2WX210</lei>
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        <name>Medical Properties Trust, Inc.</name>
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        <name>CoreSite Realty Corp.</name>
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        <name>Toro Co. (The)</name>
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        <name>ONE Gas, Inc.</name>
        <lei>549300HXDWI0LATTX840</lei>
        <title>ONE Gas, Inc.</title>
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        <name>Alleghany Corp.</name>
        <lei>549300DCJE6AYX159479</lei>
        <title>Alleghany Corp.</title>
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        <name>Silgan Holdings, Inc.</name>
        <lei>KAF673KJXD92C8KSLU49</lei>
        <title>Silgan Holdings, Inc.</title>
        <cusip>827048109</cusip>
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        <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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>National Fuel Gas Co.</name>
        <lei>8JB38FFW1Y3C1HM8E841</lei>
        <title>National Fuel Gas Co.</title>
        <cusip>636180101</cusip>
        <identifiers>
          <isin value="US6361801011"/>
        </identifiers>
        <balance>289552.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16739001.12000000</valUSD>
        <pctVal>1.266910696429</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="1888100.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>National Storage Affiliates Trust</name>
        <lei>N/A</lei>
        <title>National Storage Affiliates Trust</title>
        <cusip>637870106</cusip>
        <identifiers>
          <isin value="US6378701063"/>
        </identifiers>
        <balance>267232.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16402700.16000000</valUSD>
        <pctVal>1.241457368576</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Graham Holdings Co.</name>
        <lei>529900BOSCEEEMAFQJ29</lei>
        <title>Graham Holdings Co., Class B</title>
        <cusip>384637104</cusip>
        <identifiers>
          <isin value="US3846371041"/>
        </identifiers>
        <balance>27239.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15431438.28000000</valUSD>
        <pctVal>1.167946287719</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Service Corp. International</name>
        <lei>549300RKVM2ME20JHZ15</lei>
        <title>Service Corp. International</title>
        <cusip>817565104</cusip>
        <identifiers>
          <isin value="US8175651046"/>
        </identifiers>
        <balance>254283.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16823363.28000000</valUSD>
        <pctVal>1.273295744265</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FTI Consulting, Inc.</name>
        <lei>549300K17GM8EQD0FQ48</lei>
        <title>FTI Consulting, Inc.</title>
        <cusip>302941109</cusip>
        <identifiers>
          <isin value="US3029411093"/>
        </identifiers>
        <balance>140776.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20565965.84000000</valUSD>
        <pctVal>1.556558955837</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="1765614.22000000"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-12-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Invesco Exchange-Traded Fund Trust II</ncom:nameOfApplicant>
      <ncom:signature>Sheri Morris</ncom:signature>
      <ncom:signerName>Sheri Morris</ncom:signerName>
      <ncom:title>Vice President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
