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      <invstOrSec>
        <name>Patterson Cos., Inc.</name>
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      <invstOrSec>
        <name>CSG Systems International, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MGE Energy, Inc.</name>
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      <invstOrSec>
        <name>ARMOUR Residential REIT, Inc.</name>
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      <invstOrSec>
        <name>World Kinect Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>California Resources Corp.</name>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kennedy-Wilson Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cable One, Inc.</name>
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        <name>Cal-Maine Foods, Inc.</name>
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        <name>Kennametal Inc.</name>
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        <name>John Wiley &amp; Sons, Inc.</name>
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        <name>AdvanSix Inc.</name>
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        <name>Interparfums, Inc.</name>
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        <name>Ethan Allen Interiors Inc.</name>
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        <name>Ellington Financial Inc.</name>
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        <name>SpartanNash Co.</name>
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        <name>Highwoods Properties, Inc.</name>
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        <name>Northwest Natural Holding Co.</name>
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        <name>HNI Corp.</name>
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        <name>KKR Real Estate Finance Trust Inc.</name>
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        <name>Blackstone Mortgage Trust, Inc.</name>
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        <name>Ready Capital Corp.</name>
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        <title>Ready Capital Corp.</title>
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        <name>American States Water Co.</name>
        <lei>529900L26LIS2V8PWM23</lei>
        <title>American States Water Co.</title>
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        <name>Archrock, Inc.</name>
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        <title>Archrock, Inc.</title>
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      <invstOrSec>
        <name>Bloomin' Brands, Inc.</name>
        <lei>E1UJ2GO305B5FXGV7N04</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sensient Technologies Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Apollo Commercial Real Estate Finance, Inc.</name>
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      <invstOrSec>
        <name>Chesapeake Utilities Corp.</name>
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        <title>Chesapeake Utilities Corp.</title>
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      <invstOrSec>
        <name>Robert Half Inc.</name>
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        <title>Robert Half Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Easterly Government Properties, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Invesco Private Prime Fund</name>
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        <name>Clearway Energy, Inc.</name>
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        <title>Clearway Energy, Inc., Class C</title>
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      <invstOrSec>
        <name>National HealthCare Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Two Harbors Investment Corp.</name>
        <lei>549300ZUIBT6KH4HU823</lei>
        <title>Two Harbors Investment Corp.</title>
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        <name>SJW Group</name>
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        <name>Global Net Lease, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SunCoke Energy, Inc.</name>
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        <name>Deluxe Corp.</name>
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        <title>Deluxe Corp.</title>
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        <name>Unitil Corp.</name>
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        <title>Unitil Corp.</title>
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        <name>Fresh Del Monte Produce Inc.</name>
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        <name>Avista Corp.</name>
        <lei>Q0IK63NITJD6RJ47SW96</lei>
        <title>Avista Corp.</title>
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        <name>Invesco Private Government Fund</name>
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        <name>New York Mortgage Trust, Inc.</name>
        <lei>549300JFGR0M7ULHWG48</lei>
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        <name>Premier, Inc.</name>
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        <name>CVR Energy, Inc.</name>
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        <name>California Water Service Group</name>
        <lei>529900QABDOBU6UVRQ36</lei>
        <title>California Water Service Group</title>
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        <name>Cogent Communications Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Cogent Communications Holdings, Inc.</title>
        <cusip>19239V302</cusip>
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        <name>Scholastic Corp.</name>
        <lei>N/A</lei>
        <title>Scholastic Corp.</title>
        <cusip>807066105</cusip>
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          <isin value="US8070661058"/>
        </identifiers>
        <balance>15924.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>420075.12000000</valUSD>
        <pctVal>0.710622366138</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="35035.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Trinity Industries, Inc.</name>
        <lei>R1JB4KXN77XFCXOQKV49</lei>
        <title>Trinity Industries, Inc.</title>
        <cusip>896522109</cusip>
        <identifiers>
          <isin value="US8965221091"/>
        </identifiers>
        <balance>24354.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>918145.80000000</valUSD>
        <pctVal>1.553186346423</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="3745.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Universal Corp.</name>
        <lei>549300BZXZ66F6DTIF20</lei>
        <title>Universal Corp.</title>
        <cusip>913456109</cusip>
        <identifiers>
          <isin value="US9134561094"/>
        </identifiers>
        <balance>27503.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1570971.36000000</valUSD>
        <pctVal>2.657542262867</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>Sealed Air Corp.</name>
        <lei>Q0M0CZB4YN6JZ65WXI09</lei>
        <title>Sealed Air Corp.</title>
        <cusip>81211K100</cusip>
        <identifiers>
          <isin value="US81211K1007"/>
        </identifiers>
        <balance>13926.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>509691.60000000</valUSD>
        <pctVal>0.862222572936</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2024-12-30</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>
